蘋果 (AAPL) 2022 Q3 法說會逐字稿

Good day, and welcome to the Apple Q3 FY 2022 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I'd like to turn the call over to Tejas Gala, Director of Investor Relations and Corporate Finance. Please go ahead.

美好的一天，歡迎參加 Apple 2022 財年第三季度收益電話會議。今天的電話正在錄音。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和公司財務總監 Tejas Gala。請繼續。

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

謝謝你。下午好，感謝您加入我們。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。在那之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during the 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, including the potential impact of COVID-19 on the company's business and results of operation. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

請注意，您將在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、其他收入和支出、稅收、資本分配和未來業務的陳述前景，包括 COVID-19 對公司業務和經營業績的潛在影響。這些陳述涉及可能導致實際結果或趨勢與我們的預測產生重大差異的風險和不確定性。

For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K 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 Apple 最近提交的關於表格 10-K 的年度報告和今天向美國證券交易委員會提交的表格 8-K 中討論的風險因素，以及相關的新聞稿。 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, Tejas. Good afternoon, everyone, and thank you for joining us. Today, Apple is reporting another record June quarter with revenue of $83 billion, which was better than we expected despite supply constraints, strong foreign exchange headwinds and the impact of our business in Russia. We set June quarter records in the Americas, in Europe and in the rest of Asia Pacific region. We also saw June quarter revenue records in both developed and emerging markets with very strong double-digit growth in Brazil, Indonesia and Vietnam and a near doubling of revenue in India.

謝謝你，光輝。大家下午好，感謝您加入我們。今天，Apple 公佈了另一個創紀錄的 6 月季度收入，達到 830 億美元，儘管供應受限、外匯逆風以及我們在俄羅斯的業務受到影響，但仍好於我們的預期。我們在美洲、歐洲和亞太地區其他地區創造了 6 月份的季度記錄。我們還看到了發達市場和新興市場的 6 月季度收入記錄，巴西、印度尼西亞和越南實現了兩位數的強勁增長，印度的收入幾乎翻了一番。

We saw great enthusiasm for our products and services, resulting in an all-time record for our installed base of active devices. Our supply constraints were less than we anticipated at the beginning of the quarter, coming in slightly below the range we discussed during our last call. We know that this is a time of significant challenge around the world for all of us confronting new variants of COVID-19 to those experiencing a prolonged humanitarian crisis in Ukraine and everyone dealing with the consequences of an uncertain economic environment. We know that much of the world is living through uneasy times, and it is all the more reason why we are working hard to help our customers navigate the world as it is while empowering them to create the world as it can be.

我們看到了對我們的產品和服務的極大熱情，從而為我們的有源設備安裝基礎創造了歷史記錄。我們的供應限制低於我們在本季度初的預期，略低於我們在上次電話會議中討論的範圍。我們知道，對於我們所有人來說，無論是面對 COVID-19 的新變種，還是在烏克蘭經歷長期人道主義危機的人，以及應對不確定經濟環境後果的每個人，現在都是一個重大挑戰的時期。我們知道，世界上大部分地區都生活在不安的時期，這也是我們努力幫助我們的客戶駕馭世界的原因，同時賦予他們創造世界的能力。

Turning to iPhone. We set a June quarter record for both revenue and switchers to iPhone. With its advanced performance, capability and ease of use, customers continue to find that iPhone remains the gold standard for smartphones. And they've been raving about the iPhone 13 lineup's extraordinary camera quality with features like cinematic mode and macro photography to create eye-catching content. We were also proud to celebrate the 15th anniversary of iPhone, a device that continues to change the world in profound ways with each new innovation.

轉向 iPhone。我們創造了 6 月季度收入和 iPhone 轉換率的記錄。憑藉其先進的性能、功能和易用性，客戶繼續發現 iPhone 仍然是智能手機的黃金標準。他們一直對 iPhone 13 系列非凡的相機質量贊不絕口，它具有電影模式和微距攝影等功能，可創造引人注目的內容。我們還為慶祝 iPhone 誕生 15 週年而感到自豪，這款設備通過每一項新的創新都繼續以深刻的方式改變世界。

Last month, Apple unleashed a wave of innovation, including the completely redesigned MacBook Air and a new 13-inch MacBook Pro. Both of these systems are powered by M2, our next generation of Apple silicon for Mac. M2 delivers a faster CPU, GPU and neural engine along with higher memory bandwidth and new capabilities like ProRes acceleration. And it continues the tremendous pace of innovation in Apple silicon for the Mac. We continue to have supply constraints with Mac, but we're encouraged by the strong response from customers to our incredible lineup.

上個月，Apple 掀起了一波創新浪潮，包括完全重新設計的 MacBook Air 和全新的 13 英寸 MacBook Pro。這兩個系統均由我們用於 Mac 的下一代 Apple 芯片 M2 提供支持。 M2 提供更快的 CPU、GPU 和神經引擎，以及更高的內存帶寬和 ProRes 加速等新功能。它延續了蘋果在 Mac 芯片方面的巨大創新步伐。我們繼續面臨 Mac 的供應限制，但我們對客戶對我們令人難以置信的產品陣容的強烈反應感到鼓舞。

iPad, like Mac, continued to see strong demand during the June quarter despite ongoing supply constraints. Customers and developers have been especially excited about the new features we're bringing to iPad with iPadOS 16. This update was one of the many announcements we made at a truly extraordinary WWDC, where we shared a range of new features that give customers more control of their experience than ever before. This includes the ability to edit or delete sent messages, a new way of organizing apps on iPad and Mac, and an all-new customizable lock screen on iPhone and so much more. Today, iOS 16, iPadOS 16, macOS Ventura and watchOS 9 are all in public beta, and we couldn't be more excited to see what our community of developers creates with them.

iPad 和 Mac 一樣，儘管供應持續受限，但在 6 月季度的需求依然強勁。客戶和開發者對我們在 iPadOS 16 中為 iPad 帶來的新功能感到特別興奮。這次更新是我們在真正非凡的 WWDC 上發布的眾多公告之一，我們分享了一系列新功能，讓客戶擁有更多控制權他們的經驗比以往任何時候。這包括編輯或刪除已發送消息的能力、在 iPad 和 Mac 上組織應用程序的新方式以及 iPhone 上全新的可自定義鎖屏等等。今天，iOS 16、iPadOS 16、macOS Ventura 和 watchOS 9 都處於公測階段，我們非常興奮地看到我們的開發者社區使用它們創造了什麼。

We unveiled new innovations and accessibility such as door detection and live captions that support users with disabilities with navigation, health, communication and more. We also announced Apple Pay Later, which gives customers more flexibility to make purchases with their Apple devices. And with our next generation of CarPlay, we're improving the driving experience with deeper integration into vehicle hardware, allowing drivers to control their music, change the temperature and monitor their fuel levels, all from a single integrated platform.

我們推出了新的創新和可訪問性，例如門檢測和實時字幕，為殘障用戶提供導航、健康、通信等方面的支持。我們還發布了 Apple Pay Later，讓客戶可以更靈活地使用 Apple 設備進行購買。借助我們的下一代 CarPlay，我們正在通過更深入地集成到車輛硬件中來改善駕駛體驗，使駕駛員能夠控制他們的音樂、改變溫度和監控他們的燃料水平，所有這些都來自一個單一的集成平台。

In the Wearables, Home and Accessories category, the innovation infused across our products continues to win over new customers. Apple Watch remains a great way for health-conscious customers to track their overall wellness and fitness. And we're bringing them even more data about their workouts, sleep cycles and medications with updates soon to arrive on watchOS 9. We were also pleased to get FDA approval for a new feature that will let users with irregular heart rhythms track the time they spend in AFib.

在可穿戴設備、家居和配件類別中，我們產品中註入的創新繼續贏得新客戶的青睞。對於注重健康的客戶來說，Apple Watch 仍然是一種很好的方式來跟踪他們的整體健康狀況。我們正在為他們帶來更多關於他們的鍛煉、睡眠週期和藥物的數據，更新很快就會出現在 watchOS 9 上。我們也很高興獲得 FDA 批准的一項新功能，該功能可以讓心律不齊的用戶跟踪他們的時間在 AFib 上花費。

Turning to Services. Customers continue to engage enthusiastically with our content across news, fitness, music, gaming and more. Services revenue rose to $19.6 billion, a June quarter record and a 12% increase year-over-year, which was in line with our expectations. We're proud of how Apple TV+ productions like Severance and Black Bird have captured the popular imagination, and we're looking forward to more exceptional content developed by extraordinary creators throughout the year.

轉向服務。客戶繼續熱情地參與我們的新聞、健身、音樂、遊戲等內容。服務收入增至 196 億美元，創下 6 月季度記錄，同比增長 12%，符合我們的預期。我們為 Severance 和 Black Bird 等 Apple TV+ 作品如何抓住了大眾的想像力而感到自豪，我們期待著全年由非凡的創作者開發出更多非凡的內容。

In 2.5 years since launch, Apple TV+ has now earned 250 wins and over 1,100 award nominations and counting. Just this month, we learned that Apple TV+ earned 52 Emmy Award nominations across 13 titles. In our last call, I mentioned Friday Night Baseball on Apple TV+, which is already delighting baseball fans. And last month, we announced a 10-year deal to present Major League Soccer matches around the world, giving global soccer fans a whole new way of viewing their favorite sport.

自推出以來的 2.5 年裡，Apple TV+ 現已贏得 250 場胜利和超過 1,100 項獎項提名，而且還在不斷增加。就在本月，我們了解到 Apple TV+ 在 13 部影片中獲得了 52 項艾美獎提名。在我們上次的電話會議中，我提到了 Apple TV+ 上的周五晚上棒球，這已經讓棒球迷高興了。上個月，我們宣布了一項為期 10 年的協議，將在全球範圍內展示美國職業足球大聯盟的比賽，讓全球球迷以全新的方式觀看他們喜愛的運動。

One of the best parts of WWDC was welcoming developers to Apple Park while continuing to connect with developers all over the world. This year, we had an incredible group of developers and more opportunities to learn from one another than ever before. It was a truly special experience and a reminder of the economic miracle the App Store represents.

WWDC 最好的部分之一是歡迎開發者來到 Apple Park，同時繼續與世界各地的開發者保持聯繫。今年，我們擁有了一批令人難以置信的開發人員，並且比以往任何時候都擁有更多相互學習的機會。這是一次真正特別的體驗，提醒人們 App Store 所代表的經濟奇蹟。

We are proud of the fact that the iOS app economy supports more than 2.2 million jobs here in the United States and many more around the world. It's been wonderful to see earnings by small developers more than double over the past 2 years. And as we're supporting developers, we're also doing our part to protect customers. In 2021, we prevented nearly $1.5 billion in fraudulent transactions by stopping over 1.6 million risky and vulnerable apps and app updates.

我們為 iOS 應用經濟在美國和世界各地支持超過 220 萬個工作崗位而感到自豪。看到小型開發商的收入在過去 2 年翻了一番以上，真是太好了。在支持開發人員的同時，我們也在儘自己的一份力量保護客戶。 2021 年，我們阻止了超過 160 萬個有風險和易受攻擊的應用程序和應用程序更新，防止了近 15 億美元的欺詐交易。

Now I want to turn to retail. This quarter, we opened the doors to Apple's first store in the Hubei province in China, welcoming the community to a beautiful new space. And earlier today, we opened Apple Brompton Road, our fifth store in Central London. We also expanded today at Apple Creative Studios to reach even more young creatives from underrepresented communities to help them realize their potential and bring their best ideas to life.

現在我想轉向零售。本季度，我們在中國湖北省開設了 Apple 的第一家門店，歡迎社區來到一個美麗的新空間。今天早些時候，我們在倫敦市中心開設了第五家 Apple Brompton Road 店。今天，我們還在 Apple Creative Studios 進行了擴展，以接觸更多來自代表性不足的社區的年輕創意人員，幫助他們發揮潛力並將最佳創意變為現實。

I'd like to take this opportunity to express my appreciation to our team members working in Apple Stores, customer care centers and channel partner stores and to our Apple Care teams for their incredible work supporting customers wherever they are.

我想藉此機會向在 Apple Store 零售店、客戶服務中心和渠道合作夥伴商店工作的團隊成員以及我們的 Apple Care 團隊表示感謝，感謝他們出色的工作，無論他們身在何處都為客戶提供支持。

Creating innovative products and services that enrich people's lives is our mission. Leading with our values and everything we do gives that mission purpose. That includes a commitment to the environment where we continue our aggressive pursuit of our 2030 goals. It includes our focus on diversity and inclusion, where we are committed as ever to making progress. And it includes our work to promote racial equity and justice. We recently announced that the Global Equity Innovation Hub, in partnership with Cal State Northridge, will provide new community grants to Hispanic-serving institutions to help the next generation of creators and innovators build skills and pursue high-demand careers in STEM. We also celebrated the graduation of the inaugural class of our Developer Academy in Detroit from a program designed to give students the skills they need to pursue jobs in the thriving iOS app economy.

創造豐富人們生活的創新產品和服務是我們的使命。以我們的價值觀和我們所做的一切為主導，實現了使命目標。這包括對我們繼續積極追求 2030 年目標的環境的承諾。它包括我們對多樣性和包容性的關注，我們一如既往地致力於取得進展。它包括我們促進種族平等和正義的工作。我們最近宣布，全球股權創新中心將與加州州立大學北嶺分校合作，向服務於西班牙裔的機構提供新的社區資助，以幫助下一代創造者和創新者培養技能並在 STEM 領域追求高需求的職業。我們還慶祝了底特律開發者學院首屆課程的畢業典禮，該課程旨在為學生提供在蓬勃發展的 iOS 應用經濟中尋求工作所需的技能。

Leading with our values also means leading with a steadfast commitment to privacy and security. Last month, we announced the introduction of passkey, a next-generation credential that's intended to replace passwords. A passkey can't be phished nor can it be stolen by hackers in a data breach because the information is stored on your device and your device alone. And as part of our effort to combat targeted attacks against the highest risk targets like journalists and human rights activists, we introduced Lockdown Mode, which is designed to protect those most at risk of sophisticated digital attacks.

以我們的價值觀為先導也意味著以對隱私和安全的堅定承諾進行領導。上個月，我們宣布推出 passkey，這是一種旨在替代密碼的下一代憑證。密鑰不能被釣魚，也不能在數據洩露中被黑客竊取，因為信息存儲在您的設備上，並且僅存儲在您的設備上。作為我們努力打擊針對記者和人權活動家等最高風險目標的針對性攻擊的一部分，我們引入了鎖定模式，該模式旨在保護那些最容易受到復雜數字攻擊的人。

And we're committed to doing our part to address the housing crisis across California. To date, we have deployed more than $1.3 billion to a number of initiatives, including ones that provide financial assistance to low and moderate income first-time home buyers develop new affordable housing and help support vulnerable populations.

我們致力於儘自己的一份力量來解決整個加州的住房危機。迄今為止，我們已為多項舉措部署了超過 13 億美元，其中包括為中低收入首次購房者提供財政援助的舉措，開發新的經濟適用房並幫助支持弱勢群體。

This quarter has ultimately been a reflection of our resilience and our optimism. As we look forward, we're clear-eyed about the uncertainty in the macro environment. Yet we remain ever focused on the same vision that has guided us from the beginning. We strive every day to be a place where imagination ignites innovation like nowhere else, where good people come together to achieve great things, where customers are the center of everything we do. And we'll continue to execute on that vision as we always have, led by a focus on excellence and a desire to leave the world better than we found it.

本季度最終反映了我們的韌性和樂觀情緒。展望未來，我們對宏觀環境的不確定性保持清醒。然而，我們始終專注於從一開始就指導我們的同一個願景。我們每天都在努力成為一個想像力激發創新的地方，在這裡，優秀的人才聚集在一起實現偉大的事業，客戶是我們所做一切的中心。我們將一如既往地繼續執行這一願景，以追求卓越和讓世界變得比我們發現的更好的願望為首。

And with that, I'll turn it over to Luca.

有了這個，我會把它交給盧卡。

Thank you, Tim, and good afternoon, everyone. We are very pleased to report June quarter financial results that continue to demonstrate our ability to innovate across hardware, software and services while operating our business effectively during very challenging economic circumstances. We set a June quarter revenue record of $83 billion, up 2% year-over-year, despite supply constraints, over 300 basis points of foreign exchange headwinds and the impact of our business in Russia. Around the world, we set new June quarter records in the Americas, in Europe and rest of Asia Pacific.

謝謝蒂姆，大家下午好。我們非常高興地報告 6 月季度財務業績，這些業績繼續證明我們有能力在硬件、軟件和服務方面進行創新，同時在極具挑戰性的經濟環境中有效地運營我們的業務。儘管供應受限、超過 300 個基點的外匯逆風以及我們在俄羅斯的業務的影響，我們 6 月季度的收入創下了 830 億美元的記錄，同比增長 2%。在全球範圍內，我們在美洲、歐洲和亞太其他地區創造了新的 6 月季度記錄。

On the product side, revenue was $63.4 billion with a June quarter revenue record for iPhone. During the quarter, our installed base of active devices continue to grow well, thanks to our unmatched levels of customer satisfaction and loyalty and reached an all-time high for all major product categories and geographic segments. Our Services set a June quarter revenue record of $19.6 billion, up 12% over a year ago, with all-time revenue records in the Americas and the rest of Asia Pacific and June quarter records in Europe and Greater China.

在產品方面，iPhone 的收入為 634 億美元，創下了 iPhone 6 月季度的收入記錄。在本季度，由於我們無與倫比的客戶滿意度和忠誠度水平，我們的有源設備安裝基數繼續保持良好增長，並且在所有主要產品類別和地理區域都達到了歷史新高。我們的服務在 6 月季度創下 196 億美元的收入記錄，比一年前增長 12%，在美洲和亞太其他地區創下歷史收入記錄，在歐洲和大中華區創下 6 月季度收入記錄。

We also achieved June quarter revenue records in each major Services category, including all-time revenue records for Music, Cloud Services, Apple Care and Payment Services. Company gross margin was 43.3%, down 40 basis points from last quarter as seasonal loss of leverage and unfavorable foreign exchange were partially offset by favorable mix. Products gross margin was 34.5%, down 190 basis points sequentially, mainly driven by seasonal loss of leverage, mix and FX. Services gross margin was 71.5%, down 110 basis points sequentially due to a different mix and foreign exchange. Net income was $19.4 billion and diluted earnings per share were $1.20, while operating cash flow of $22.9 billion was a June quarter record.

我們還在每個主要服務類別中實現了 6 月季度的收入記錄，包括音樂、雲服務、Apple Care 和支付服務的歷史收入記錄。公司毛利率為 43.3%，比上一季度下降 40 個基點，原因是槓桿的季節性損失和不利的匯率被有利的組合部分抵消。產品毛利率為 34.5%，環比下降 190 個基點，主要受槓桿、組合和外匯季節性損失的推動。由於不同的組合和外匯，服務毛利率為 71.5%，環比下降 110 個基點。淨收入為 194 億美元，攤薄後每股收益為 1.20 美元，而 229 億美元的經營現金流為 6 月份的季度記錄。

Let me now get into more detail for each of our revenue categories. iPhone revenue grew 3% year-over-year to a June quarter record of $40.7 billion despite foreign exchange headwinds as customer response to our iPhone 13 family continue to be strong. We set June quarter records in both developed and emerging markets. And the iPhone active installed base reached a new all-time high across all geographies as a result of this level of sales performance combined with unmatched customer loyalty. In fact, the latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 98%. We also attracted a record number of switchers for the June quarter, with strong double-digit year-over-year growth.

現在讓我更詳細地了解我們的每個收入類別。儘管存在外匯逆風，但由於客戶對我們的 iPhone 13 系列的反應持續強勁，iPhone 收入同比增長 3% 至 6 月季度創紀錄的 407 億美元。我們在發達市場和新興市場都創造了 6 月份的季度記錄。由於這種銷售業績水平以及無與倫比的客戶忠誠度，iPhone 活躍安裝基數在所有地區都達到了歷史新高。事實上，451 Research 對美國消費者的最新調查表明，iPhone 的客戶滿意度為 98%。我們還在 6 月季度吸引了創紀錄的切換者數量，實現了強勁的兩位數同比增長。

For Mac, we generated revenue of $7.4 billion despite supply constraints and negative effects. We continue to be excited about our long-term opportunity with Mac and redefining the PC experience with our relentless innovation. Our investment focus on Mac has helped drive significant growth in our installed base, which reached an all-time high during the June quarter as nearly half of the customers purchasing a Mac were new to the product.

對於 Mac，儘管供應受限和負面影響，我們仍創造了 74 億美元的收入。我們繼續對 Mac 的長期機會感到興奮，並通過我們不懈的創新重新定義 PC 體驗。我們對 Mac 的投資重點幫助推動了我們安裝基礎的顯著增長，該基礎在 6 月季度達到了歷史新高，因為購買 Mac 的近一半客戶是該產品的新手。

iPad revenue was $7.2 billion, down 2% year-over-year due to supply constraints and negative foreign exchange. Customer response to our iPad lineup continue to be strong across consumer, education and enterprise markets around the world. And the iPad installed base reached a new all-time high, with over half of the customers during the quarter being new to the product.

由於供應限制和負匯率，iPad 收入為 72 億美元，同比下降 2%。客戶對我們的 iPad 產品線的反應在全球消費者、教育和企業市場繼續保持強勁。 iPad 安裝基數達到了歷史新高，本季度超過一半的客戶是該產品的新用戶。

Wearables, Home and Accessories revenue was $8.1 billion, down 8% year-over-year as we faced foreign exchange headwinds, different launch timing for Home and Accessories products and supply constraints as well as the overall macroeconomic environment. Despite this, our installed base of devices in the category hit a new all-time record, thanks to very strong customer loyalty and high new tool rates. For example, Apple Watch continues to extend its reach, with over 2/3 of customers purchasing an Apple Watch during the quarter being new to the product.

可穿戴設備、家居和配飾收入為 81 億美元，同比下降 8%，原因是我們面臨外匯逆風、家居和配飾產品的不同發佈時間、供應限制以及整體宏觀經濟環境。儘管如此，由於非常強大的客戶忠誠度和高新工具率，我們在該類別中的設備安裝量創下了新的歷史記錄。例如，Apple Watch 繼續擴大其覆蓋範圍，在本季度購買 Apple Watch 的客戶中有超過 2/3 是該產品的新手。

Services had a June quarter revenue record of $19.6 billion, up 12% despite almost 500 basis points of FX headwinds as well as impacts from our business in Russia and the macroeconomic environment. We set June quarter revenue records in both developed and emerging markets and set all-time records in many countries around the world, including the U.S., Mexico, Brazil, Korea and India.

儘管受到近 500 個基點的外匯逆風以及我們在俄羅斯的業務和宏觀經濟環境的影響，但服務業的 6 月季度收入達到 196 億美元，增長 12%。我們在發達市場和新興市場創造了 6 月季度收入記錄，並在全球許多國家創造了歷史記錄，包括美國、墨西哥、巴西、韓國和印度。

The record level of performance of our Services portfolio during the June quarter reflects the strength of our ecosystem on many fronts. First, our installed base has continued to grow, reaching an all-time high across each geographic segment and major product category. We also saw increased customer engagement with our Services during the quarter. Our transacting accounts, paid accounts and accounts with paid subscriptions all grew double digits year-over-year.

我們服務組合在 6 月季度創紀錄的業績水平反映了我們生態系統在許多方面的實力。首先，我們的安裝基礎持續增長，在每個地理區域和主要產品類別中都達到了歷史最高水平。我們還看到本季度客戶對我們服務的參與度有所提高。我們的交易賬戶、付費賬戶和付費訂閱賬戶均同比增長兩位數。

And paid subscriptions showed very strong growth. We now have more than 860 million paid subscriptions across the services on our platform, which is up more than 160 million during the last 12 months alone. And finally, we continue to improve the breadth and the quality of our current Services offerings, from a constant flow of new content on Apple TV+ and Apple Arcade to great new features we recently announced for iCloud and Apple Music, which we believe our customers will love.

付費訂閱顯示出非常強勁的增長。現在，我們平台上服務的付費訂閱量已超過 8.6 億，僅在過去 12 個月內就增加了 1.6 億多。最後，我們將繼續提高我們當前服務產品的廣度和質量，從 Apple TV+ 和 Apple Arcade 上不斷湧現的新內容到我們最近宣布的 iCloud 和 Apple Music 的新功能，我們相信我們的客戶會愛。

In the enterprise market, our customers are increasingly investing in Apple products as a strategy to attract and retain talent. Bank of America is providing iPhones to all of its Merrill financial advisers so they can instantly access client information and provide timely wealth management advice from anywhere. Wipro, another large global enterprise customer, is investing in MacBook Air with M1 as a competitive advantage when recruiting new graduates globally, thanks to its superior performance and lower total cost of ownership. And with the new M2 chip powering MacBook Air and the 13-inch MacBook Pro, we expect more customers to make Mac available to their entire workforce.

在企業市場，我們的客戶越來越多地投資於 Apple 產品，以此作為吸引和留住人才的戰略。美國銀行正在為其所有美林財務顧問提供 iPhone，以便他們可以隨時隨地訪問客戶信息並及時提供財富管理建議。另一家大型全球企業客戶 Wipro 正在投資配備 M1 的 MacBook Air，作為在全球招聘應屆畢業生時的競爭優勢，這要歸功於其卓越的性能和較低的總擁有成本。隨著新的 M2 芯片為 MacBook Air 和 13 英寸 MacBook Pro 提供動力，我們希望更多的客戶能夠將 Mac 提供給他們的所有員工。

Let me now turn to our cash position. We ended the quarter with $179 billion in cash and marketable securities. We repaid $3 billion in maturing debt while increasing commercial paper by $4 billion, leaving us with total debt of $120 billion. As a result, net cash was nearly $60 billion at the end of the quarter. We returned over $28 billion to shareholders during the June quarter. This included $3.8 billion in dividends and equivalents and $21.7 billion through open market repurchases of 143 million Apple shares. We continue to believe there is great value in our stock and maintain our target of reaching a net cash neutral position over time.

現在讓我談談我們的現金狀況。我們在本季度末擁有 1790 億美元的現金和有價證券。我們償還了 30 億美元的到期債務，同時將商業票據增加了 40 億美元，使我們的總債務達到 1200 億美元。因此，本季度末的淨現金接近 600 億美元。我們在 6 月季度向股東返還了超過 280 億美元。這包括 38 億美元的股息和等價物，以及通過公開市場回購 1.43 億股蘋果股票的 217 億美元。我們仍然相信我們的股票具有很大的價值，並保持我們隨著時間的推移達到淨現金中性頭寸的目標。

As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Tejas referred to at the beginning of the call. Given the continued uncertainty around the world in the near term, we are not providing revenue guidance but we are sharing some directional insights based on the assumption that the macroeconomic outlook and COVID-related impacts to our business do not worsen from what we are projecting today for the current quarter.

隨著我們進入 9 月季度，我想回顧一下我們的前景，其中包括 Tejas 在電話會議開始時提到的前瞻性信息類型。鑑於短期內全球範圍內的持續不確定性，我們不提供收入指導，但我們基於假設宏觀經濟前景和 COVID 相關對我們業務的影響不會比我們今天的預測惡化這一假設，分享一些方向性見解對於當前季度。

Overall, we believe our year-over-year revenue growth will accelerate during the September quarter compared to the June quarter despite approximately 600 basis points of negative year-over-year impact from foreign exchange. On the product side, we expect supply constraints to be lower than what we experienced during the June quarter. Specifically related to Services, we expect revenue to grow but decelerate from the June quarter due to macroeconomic factors and foreign exchange.

總體而言，儘管外匯對同比的負面影響約為 600 個基點，但我們認為，與 6 月季度相比，9 月季度的收入同比增長將加速。在產品方面，我們預計供應限制將低於我們在 6 月季度所經歷的情況。具體與服務相關，由於宏觀經濟因素和外匯，我們預計收入將增長，但從 6 月季度開始放緩。

We expect gross margin to be between 41.5% and 42.5%. We expect OpEx to be between $12.9 billion and $13.1 billion. We expect OI&E to be around negative (inaudible) impact from the mark-to-market of minority investments and our tax rate to be around 16%. Finally, today, our Board of Directors has declared a cash dividend of $0.23 per share of common stock, payable on August 11, 2022, to shareholders of record as of August 8, 2022.

我們預計毛利率在 41.5% 至 42.5% 之間。我們預計運營支出將在 129 億美元至 131 億美元之間。我們預計 OI&E 將受到少數股權投資按市值計價的負面（聽不清）影響，我們的稅率約為 16%。最後，今天，我們的董事會宣布向截至 2022 年 8 月 8 日在冊的股東派發每股普通股 0.23 美元的現金股息，將於 2022 年 8 月 11 日支付。

With that, let's open the call to questions.

有了這個，讓我們打開問題的電話。

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

謝謝你，盧卡。 （操作員說明）操作員，請問第一個問題好嗎？

We'll take our first question from Amit Daryanani with Evercore.

我們將回答來自 Evercore 的 Amit Daryanani 的第一個問題。

I guess 2 from my side. Maybe to start on the gross margin discussion, Luca. You said that -- implying gross margin will be down I think, 130, 140 basis points sequentially and down a bit year-over-year as well in September. Maybe just what other puts and takes in your -- and then very specifically, you actually just call it that the FX headwinds are embedded in the September quarter gross margin, that would be helpful.

我猜我這邊有 2 個。也許從毛利率討論開始，盧卡。你說過 - 我認為這意味著毛利率將下降 130、140 個基點，並且在 9 月份也會同比下降一點。也許正是其他人的投入和接受——然後非常具體地說，你實際上只是稱外匯逆風嵌入在 9 月季度的毛利率中，這將是有幫助的。

Yes, Amit. We're guiding 41.5% to 42.5%. On a sequential basis, the decline is expected to be driven by, as you mentioned, foreign exchange but also mix, which will be partially offset by better leverage. We expect the foreign exchange impact on a sequential basis to be 50 basis points.

是的，阿米特。我們將 41.5% 引導至 42.5%。正如您所提到的，按順序計算，預計下降將受到外匯以及混合因素的推動，這將部分被更好的槓桿所抵消。我們預計外匯對連續的影響為 50 個基點。

If you look at it from a year-over-year standpoint, we are in the ballpark of a year ago in spite of the fact that foreign exchange is going to be 130 basis points negative to a year ago. So clearly, foreign exchange is something that is affecting us but we think we're navigating that fairly well.

如果從同比的角度來看，儘管外匯匯率將比一年前下降 130 個基點，但我們仍處於一年前的水平。很明顯，外匯是影響我們的東西，但我們認為我們在這方面做得很好。

Fair enough. And then if I could just ask Tim the question. There's a lot of macro worries and high inflation impacting consumer demand. Certainly doesn't seem to be very visible in your performance and your expectations. So I'm wondering if you talk about, are you seeing any implications from recession fears or inflation fears to your end demand? And really just related to that, variables decline was notable. Is that where you would typically see initial signs of consumer softening perhaps?

很公平。然後如果我可以問蒂姆這個問題。有很多宏觀擔憂和高通脹影響消費需求。當然，在你的表現和期望中似乎不是很明顯。所以我想知道如果您談論，您是否看到衰退擔憂或通脹擔憂對您的最終需求有任何影響？真的只是與此相關，變量下降是顯著的。你通常會在哪裡看到消費者疲軟的初步跡象？

Thanks for the question. If you -- I'm not an economist and so I'll sort of narrow my comments to what we saw in the business. And if you look at the June quarter, we do believe that we saw macroeconomic headwinds that impacted our business and our results. And so one of those is clearly the FX, which Luca has mentioned, that was over 300 basis points on year-over-year growth rates.

謝謝你的問題。如果你——我不是經濟學家，所以我會將我的評論範圍縮小到我們在業務中看到的內容。如果您查看 6 月季度，我們確實相信我們看到了影響我們業務和業績的宏觀經濟逆風。因此，其中之一顯然是盧卡提到的外匯，其同比增長率超過 300 個基點。

When you look at the product categories, on iPhone, there was no obvious evidence of macroeconomic impact during the June quarter besides FX, obviously. Mac and iPad were so gated by supply that we didn't have enough product to test the demand. And Wearables, Home and Accessories, as you mentioned and as Luca mentioned, we did see some impact there that we would attribute to macroeconomic environment.

當您查看產品類別時，在 iPhone 上，除了外匯之外，顯然沒有明顯的證據表明六月季度的宏觀經濟影響。 Mac 和 iPad 受到供應的限制，以至於我們沒有足夠的產品來測試需求。和可穿戴設備、家居和配飾，正如你和盧卡提到的，我們確實看到了一些影響，我們將其歸因於宏觀經濟環境。

When you then look at Services, there were some Services that were impacted, for example, like digital advertising was clearly impacted by the macroeconomic environment. And so it's a mixed bag in terms of what we believe that we saw. Overall, we are very happy with the results. And when you think about the number of challenges in the quarter, we feel really good about the growth that we put up for the quarter.

當您查看服務時，有一些服務受到了影響，例如，數字廣告明顯受到宏觀經濟環境的影響。因此，就我們相信我們所看到的而言，情況好壞參半。總的來說，我們對結果非常滿意。當您考慮本季度的挑戰數量時，我們對本季度的增長感到非常滿意。

We'll take our next question from Harsh Kumar with Piper Sandler.

我們將帶著 Piper Sandler 向 Harsh Kumar 提出下一個問題。

Yes. First of all, congratulations. As these are tough times, you guys are putting up tremendous results so we appreciate that as investors. My question is, when I look at your Services business, I see a $20 billion business on a quarterly basis. And you keep adding -- as a company, you keep adding very interesting and transformative features such as payments, something like that every year.

是的。首先，恭喜。由於這是艱難的時期，你們正在取得巨大的成果，所以作為投資者，我們對此表示感謝。我的問題是，當我查看你們的服務業務時，我看到每季度都有 200 億美元的業務。而且你不斷添加 - 作為一家公司，你不斷添加非常有趣和變革性的功能，例如支付，每年都有類似的東西。

So I'm struggling to find a good way to think about how to model the growth of this business, considering that you add innovative features. So now that it's fairly matured as a business, what would be a good way for us to think about as investors to model the Services business? And I do have a follow-up.

因此，考慮到您添加了創新功能，我正在努力尋找一種好的方法來思考如何為這項業務的增長建模。因此，既然它作為一項業務已經相當成熟，那麼作為投資者來考慮為服務業務建模的好方法是什麼？我確實有後續行動。

Well, as you know, we don't provide guidance past the current quarter. But I think the way to think about it, certainly the way we think about it is that there's a number of levers in our Services business to take into account. The first one is installed base. Installed base is the engine for our company and it continues to grow. As I mentioned, it has reached an all-time high across every geographic segment, across every product category. And so that's very important.

好吧，如您所知，我們不提供當前季度之後的指導。但我認為思考它的方式，當然我們思考它的方式是，我們的服務業務中有許多槓桿需要考慮。第一個是安裝基礎。安裝基數是我們公司的引擎，並且還在繼續增長。正如我所提到的，它在每個地理區域、每個產品類別中都達到了歷史最高水平。所以這非常重要。

Then the second lever is the customer engagement. And we know that our customers are getting more and more engaged over time. Transacting accounts, paid accounts, paid subscriptions are growing, so the level of engagement continues to grow.

然後第二個槓桿是客戶參與度。我們知道，隨著時間的推移，我們的客戶參與度越來越高。交易賬戶、付費賬戶、付費訂閱都在增長，因此參與度也在不斷提高。

And then as you mentioned, the breadth and the quality of the services that we offer tends to grow over time. So these are all things that tend to help us over the long term. If you go back and you look at our growth rates over a number of quarters now, they've always been very good. Of course, the macro environment can have an impact on this business. Tim has mentioned, for example, digital advertising can be affected at times.

然後正如您所提到的，我們提供的服務的廣度和質量往往會隨著時間的推移而增長。因此，從長遠來看，這些都是有助於我們的事情。如果你回過頭來看看我們現在幾個季度的增長率，它們一直都非常好。當然，宏觀環境也會對這項業務產生影響。蒂姆提到，例如，數字廣告有時會受到影響。

During COVID, some of the compares have been a bit lumpy because there have been lockdowns and reopenings and so on. So it's very difficult to talk about a steady state growth rate for our Services business. But when we look at the entirety of what we are doing in the Services space, we feel very good about the future of the business.

在 COVID 期間，由於出現了封鎖和重新開放等情況，一些比較有點混亂。因此，很難談論我們的服務業務的穩定增長速度。但是，當我們審視我們在服務領域所做的全部工作時，我們對業務的未來感覺非常好。

Luca, very helpful. And for my follow-up, valuations have come down in the last 18 months or so for things and companies and targets that you might look at. I guess, particularly in the Services area, would there be an appetite on behalf of Apple to accelerate the growth of its Services business by looking at external products to acquire?

盧卡，很有幫助。在我的後續行動中，在過去 18 個月左右的時間裡，你可能會關注的事物、公司和目標的估值已經下降。我想，尤其是在服務領域，蘋果是否有興趣通過尋找外部產品來加速其服務業務的增長？

We always look and we ask ourselves if it's -- how strategic it is, and we never buy just to buy or buy just for revenue purposes. But we would buy something that is strategic for us. To date, we have concentrated on smaller IP and people acquisitions. But I wouldn't rule anything out for the future, and obviously, we are constantly surveilling the market.

我們總是看著並問自己它是否具有戰略意義，我們從不只是為了購買或僅僅為了收入目的而購買。但我們會購買對我們來說具有戰略意義的東西。迄今為止，我們專注於較小的知識產權和人員收購。但我不排除未來的任何事情，顯然，我們一直在監視市場。

We'll take our next question from Erik Woodring with Morgan Stanley.

我們將向摩根士丹利的 Erik Woodring 提出下一個問題。

I have 2 as well. Maybe Tim, if I start with you, I think there's a debate in the market that if you look back over time, there's been a 3-year cadence to iPhone cycles. We're 2 years into your 5G iPhone evolution. You're on track to grow units in '21 and '22. That implies there could be some pressure next year as upgrade rates slow. But your comments really suggest no slowdown. You're seeing double-digit growth in customers new to iPhone. So can you just walk us through some of the various factors you believe are driving this continued iPhone strength? And then I have a follow-up.

我也有2個。也許蒂姆，如果我從你開始，我認為市場上有一個爭論，如果你回顧過去，iPhone 週期有 3 年的節奏。我們已經為您的 5G iPhone 演進了 2 年。您有望在 21 年和 22 年增長單位。這意味著隨著升級速度放緩，明年可能會有一些壓力。但是您的評論確實表明沒有放緩。您會看到 iPhone 新用戶的兩位數增長。那麼，您能否簡單介紹一下您認為推動 iPhone 持續走強的各種因素？然後我有一個跟進。

Today, the product and the innovation within the product that is driving it. And of course, the other key variables are some things that Luca mentioned earlier where the size of the installed base has been growing significantly. We also, just in this quarter, the June quarter, set a June quarter record for switchers with strong double-digit growth. And so this is fueling the additional installed base even more.

今天，產品和驅動它的產品中的創新。當然，其他關鍵變量是 Luca 之前提到的一些已安裝基礎規模顯著增長的事情。我們還在本季度，即 6 月季度，以兩位數的強勁增長創下了 6 月季度切換者的記錄。因此，這進一步推動了額外的安裝基礎。

And we continue to execute across some significant geographies where there's very low penetration of iPhone. Some of those were called out in the opening remarks between Indonesia and Vietnam and India, where we did quite well, and iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products. And so we're really looking at all of these things from the installed base to the number of switchers to the geographic distribution.

我們繼續在 iPhone 滲透率非常低的一些重要地區開展業務。其中一些是在印度尼西亞、越南和印度之間的開場白中提到的，我們在這方面做得很好，iPhone 往往是這些市場的引擎，特別是在為蘋果產品創造市場之初。所以我們真的在關注所有這些東西，從安裝基數到切換器的數量再到地理分佈。

Of course, the most important thing for us is to maintain an incredible customer satisfaction and loyalty from the customers. And we're really pleased that it's currently at 98% for the latest iPhones. And so those are the things that underpin it. 5G has been an accelerant. And the 5G penetration, particularly if you look at it globally, is still quite low. In some geographies, it's obviously higher, but around the world, 5G penetration is still low. And so I think there's reason to be optimistic.

當然，對我們來說最重要的是保持令人難以置信的客戶滿意度和客戶忠誠度。我們真的很高興最新款 iPhone 的支持率目前為 98%。所以這些是支撐它的東西。 5G一直是促進劑。而且 5G 的普及率，尤其是從全球範圍來看，仍然很低。在某些地區，它顯然更高，但在全球範圍內，5G 普及率仍然很低。所以我認為有理由保持樂觀。

Okay, that's helpful. And then maybe, Luca, for you. As we move from the June to the September quarter, maybe can you dig a level deeper and kind of help us understand some of the moving pieces in the Services business? Meaning where do you think we could see an acceleration or maybe a deceleration? And should we still expect double-digit growth? If you could just frame that for us, that would be great.

好的，這很有幫助。然後也許，盧卡，為你。隨著我們從 6 月季度到 9 月季度，也許您能更深入地挖掘一個層次並幫助我們了解服務業務中的一些動態部分嗎？意思是你認為我們可以在哪裡看到加速或減速？我們還應該期待兩位數的增長嗎？如果您可以為我們構圖，那就太好了。

Yes, Erik. I mentioned in my prepared remarks that we expect some deceleration from the 12% that we've had in the June quarter. Keep in mind, we're going to see, on a year-over-year basis, 600 basis points, 6% impact from foreign exchange so that is a big element for us. Also keep in mind that we're still lapping the impact of our business in Russia in these numbers.

是的，埃里克。我在準備好的講話中提到，我們預計與 6 月季度的 12% 相比會有所放緩。請記住，我們將看到，與去年同期相比，600 個基點，6% 的外匯影響，所以這對我們來說是一個重要因素。另請記住，我們仍在以這些數字衡量我們在俄羅斯的業務的影響。

And Tim mentioned that there are some pockets of weakness, primarily in digital advertising that we will need to work through. But at the same time, our Services business a year ago grew a lot. And so, also, the compare is a bit challenging. So we don't have a very specific number to give out today. Of course, we expect to grow. We will see how the quarter develops.

蒂姆提到有一些弱點，主要是我們需要克服的數字廣告。但與此同時，一年前我們的服務業務增長了很多。因此，比較也有點挑戰性。所以我們今天沒有一個非常具體的數字要給出。當然，我們希望增長。我們將看到本季度的發展情況。

We'll take our next question from Richard Kramer with Arete Research.

我們將向 Arete Research 的 Richard Kramer 提出下一個問題。

Tim, you cited growth in Apple App Store ads in the past, and clearly, the privacy policies you've taken have really reshaped the mobile ad market. Can you give us a sense of how you see Apple's role as an ad network and perhaps helping developers to monetize not just app sales but also growing ad monetization over time?

蒂姆，您過去提到了 Apple App Store 廣告的增長，很明顯，您採取的隱私政策確實重塑了移動廣告市場。您能否讓我們了解一下您如何看待 Apple 作為廣告網絡的角色，並可能幫助開發人員不僅通過應用程序銷售獲利，而且隨著時間的推移不斷增長的廣告貨幣化？

Yes. Richard, we view privacy as a fundamental human right. And so what we try to do with all of our features on privacy is put the decision back at the user where we believe it belongs as to whether they want to share their data or not. And so that was what was behind application tracking transparency and a number of other features. We're trying to empower the user to own their data and make their own choices.

是的。理查德，我們將隱私視為一項基本人權。因此，我們嘗試使用我們所有關於隱私的功能做的事情是將決定權交還給我們認為它屬於的用戶，即他們是否想要共享他們的數據。這就是應用程序跟踪透明度和許多其他功能背後的原因。我們試圖讓用戶擁有自己的數據並做出自己的選擇。

In terms of us selling ads, we have a search ad business across the App Store that we believe represents a great way for discovery for small and large developers. And so I see that we play a role in that.

就我們銷售廣告而言，我們在 App Store 中擁有搜索廣告業務，我們認為這代表了小型和大型開發人員發現的絕佳方式。所以我看到我們在其中發揮了作用。

And then maybe my follow-up for Luca. Can you give us a sense, especially now that you're launching Pay Later, what steps you might be taking to improve affordability of Apple products? We know that it's going to be a tight time economically for people around the world. And how do you see the evolution of various payment plans out of the -- you see in the U.S. now into other markets, especially emerging markets?

然後也許是我對盧卡的跟進。您能否告訴我們，尤其是在您推出“稍後付款”的情況下，您可能會採取哪些措施來提高 Apple 產品的可負擔性？我們知道，對於世界各地的人們來說，這將是一個經濟緊張的時期。您如何看待各種付款計劃的演變 - 您現在在美國看到的其他市場，尤其是新興市場？

Yes. I mean, obviously, affordability is a very important topic for us. It's been for many years. Buy now, pay later is the latest that we are doing on this front. Fundamentally, we are working on 2 major initiatives for affordability. One is installment plans. And installment plans have become more widespread around the world not only here in the United States, but in most markets, particularly in emerging markets, incredibly important in terms of reducing the affordability threshold.

是的。我的意思是，顯然，負擔能力對我們來說是一個非常重要的話題。已經很多年了。現在購買，稍後付款是我們在這方面所做的最新舉措。從根本上說，我們正在製定兩項主要的可負擔性舉措。一是分期付款計劃。分期付款計劃在全球範圍內變得越來越普遍，不僅在美國，而且在大多數市場，尤其是新興市場，這對於降低負擔能力門檻非常重要。

And trading programs. Trade-in programs are available in a number of markets. We can do better in other markets. They're incredibly important because the residual value of our products is a huge differentiator for our users. After they use our devices, they can bring them back and they retain much more value than other platforms. And therefore, it's important for us to raise that awareness. And so we will continue to expand those programs around the world. So installments and trade-ins, very, very important on affordability.

和交易程序。許多市場都提供以舊換新計劃。我們可以在其他市場做得更好。它們非常重要，因為我們產品的剩餘價值對我們的用戶來說是一個巨大的差異化因素。在他們使用我們的設備後，他們可以將它們帶回來，並且它們比其他平台保留了更多的價值。因此，提高這種意識對我們來說很重要。因此，我們將繼續在全球範圍內擴展這些計劃。因此，分期付款和以舊換新對負擔能力非常非常重要。

We'll take our next question from David Vogt with UBS.

我們將向瑞銀的 David Vogt 提出我們的下一個問題。

I just wanted to circle back on sort of the macro and sort of the demand signals that you're seeing versus sort of the supply chains that you're facing. I know that there's been a couple of U.S. carriers that have talked about some of their customers having some difficulty paying bills. And you mentioned in your prepared remarks that you saw sort of the record number of switchers in the quarter.

我只是想回顧一下你所看到的宏觀和需求信號與你所面臨的供應鏈。我知道有幾家美國運營商談到他們的一些客戶在支付賬單方面遇到了一些困難。您在準備好的評論中提到，您在本季度看到了創紀錄的切換人數。

So just wanted to kind of get a sense for what you're seeing in that particular channel without naming a specific customer. And are you seeing any sort of issues from a spin-down effect maybe because customers are having some difficulty because of inflation? And then I have a follow-up on Macs.

因此，只是想了解您在該特定渠道中看到的內容，而無需指定特定客戶。您是否看到減速效應帶來的任何問題，可能是因為客戶因通貨膨脹而遇到一些困難？然後我對 Mac 進行了跟進。

On the -- from an aggregate point of view, looking at it worldwide, looking at the data on iPhone for the June quarter, there's not obvious evidence in there that there's a macroeconomic headwind. I'm not saying that there's not one. I'm saying that the data doesn't show it where we can clearly see that in the Wearables, Home and Accessories area. And so I would differentiate those 2.

從總體的角度來看，從全球範圍來看，看看 iPhone 6 月季度的數據，沒有明顯的證據表明存在宏觀經濟逆風。我不是說沒有。我是說數據沒有顯示出我們在可穿戴設備、家居和配件領域可以清楚地看到的地方。所以我會區分這兩個。

Great. And then on the Mac business, I know that you are severely supply chain constrained. But is there a way to kind of think about the impact of the market overall on the Mac business versus the supply chain? It sounds like -- I guess, it sounds like it's almost effectively 100% supply chain constrained, but we're obviously hearing, like I'm sure you guys are seeing anecdotal evidence and some quantifiable evidence that the broader PC market is slowing.

偉大的。然後在 Mac 業務上，我知道你們的供應鏈受到嚴重限制。但是，有沒有辦法考慮整體市場對 Mac 業務與供應鏈的影響？聽起來 - 我猜，這聽起來幾乎是 100% 供應鏈受限，但我們顯然聽到了，就像我相信你們看到的軼事證據和一些可量化的證據表明更廣泛的 PC 市場正在放緩。

And I think about 90 days ago, you were pretty confident with the new M2 chip that you could continue to grow throughout a potential drawdown in that particular market. Do you still feel that way? And if you can kind of share how you're thinking about the different sort of components of your growth versus the market.

而且我認為大約 90 天前，您對新的 M2 芯片非常有信心，您可以在該特定市場的潛在縮減中繼續增長。你還有這種感覺嗎？如果您可以分享您如何看待您的增長與市場的不同組成部分。

Yes, I wouldn't want to project into this quarter. But for last quarter, what we saw was the -- when the COVID restrictions hit in the Shanghai corridor, we lost the primary source of supply for Mac units. And that was either running at a reduced rate or down completely for the majority of the quarter. And so it was a very big impact to the Mac business.

是的，我不想預測到本季度。但在上個季度，我們看到的是——當 COVID 限制在上海走廊襲來時，我們失去了 Mac 設備的主要供應來源。在本季度的大部分時間裡，這要么以較低的速度運行，要么完全下降。因此，這對 Mac 業務產生了非常大的影響。

We felt good, frankly, that we were able to, by the end of the quarter, get this back to where we were down 10 points. But the negative 10 I would classify as being driven by supply. And of course, FX feeds into this as well because of the translation issues around the world. There's also some impact because of the business in Russia. But those are the 3 kind of reasons that I would tell you.

坦率地說，我們感覺很好，我們能夠在本季度末將這一點恢復到下降 10 分的水平。但負 10 我會歸類為受供應驅動。當然，由於世界各地的翻譯問題，FX 也參與其中。由於在俄羅斯的業務，也有一些影響。但這是我要告訴你的三種原因。

In terms of testing the demand, you can't really test the demand unless you have the supply. And we were so far from that last quarter that we have an estimate of what we believe demand was. But it is an estimate. We recognize how the industry is doing. We think that we've got a great story with the Mac with getting M1 out and now M2 out. We have a very, very strong offering for the back-to-school season and we'll see how we do this quarter. We'll report back in October.

在測試需求方面，除非您有供應，否則您無法真正測試需求。而且我們離上個季度還很遠，以至於我們對我們認為的需求有一個估計。但這是一個估計。我們認識到該行業的表現。我們認為 Mac 有一個很棒的故事，推出 M1，現在推出 M2。我們為返校季提供了非常非常強大的產品，我們將看看本季度的表現。我們將在 10 月份報告。

We'll take our next question from Ben Bollin with Cleveland Research.

我們將向克利夫蘭研究中心的 Ben Bollin 提出我們的下一個問題。

Tim, I was hoping you could share a little bit more about how you're thinking about the supply headwinds. You said less severe or less worse supply challenges into September. I'm interested when you think you find balance across products. And also, any thoughts on how or when that might influence replenishment of supply into your retail channels?

蒂姆，我希望你能分享更多關於你對供應逆風的看法。您說 9 月份的供應挑戰不太嚴重或不太嚴重。當您認為您在產品之間找到平衡時，我很感興趣。此外，您有沒有想過這會如何或何時會影響您的零售渠道的供應補充？

To give you a little more color on what we saw in the June quarter, we came in slightly below, from a constraint point of view, the $4 billion number that we had put at the -- the 4 to 8 are the low end of that range. And the majority of that constraint last quarter was coming out of the COVID restrictions that occurred, that resulted in plant closures and plants running at less than full utilization for some amount of the quarter, in some cases, the majority of the quarter.

為了讓您更了解我們在 6 月季度看到的情況，從約束的角度來看，我們的數字略低於 40 億美元——4 到 8 是低端那個範圍。上個季度的大部分限制來自於發生的 COVID 限制，這導致工廠關閉，工廠在本季度的某些時間（在某些情況下，在本季度的大部分時間）的利用率低於全負荷。

And then the other component that is the minority part of it is the silicon shortage that has affected our results for several quarters now. If you look into the future, the silicon shortage, we're not forecasting when that will end. We think that in the aggregate, our constraint numbers for the September quarter will be less than they were in the June quarter. But of the 2 -- there are these 2 components, and of course, we're optimistic about the COVID restriction piece of this.

然後是其中少數的另一個組成部分是矽短缺，它已經影響了我們幾個季度的業績。如果你展望未來，矽短缺，我們不會預測何時會結束。我們認為，總體而言，我們對 9 月季度的約束數量將少於 6 月季度。但是在這 2 個中——有這 2 個組成部分，當然，我們對其中的 COVID 限制部分持樂觀態度。

Okay. The other item. Tim, any thoughts on how you're thinking strategy is evolving with respect to progress in AR, VR in your existing products? Anything you're learning about content or how you're thinking about that opportunity?

好的。另一個項目。蒂姆，您對現有產品的 AR、VR 進展有何想法？您正在學習有關內容的任何內容或您如何看待這個機會？

We're thrilled right now to have over 14,000 ARKit apps in the App Store. And they're providing incredible AR experiences for millions of people. And that's utilizing iPhone and iPad. And of course, we are in the business of innovation so we're always exploring new and emerging technologies. But I wouldn't want to say anything beyond that.

現在，我們很高興在 App Store 中擁有超過 14,000 個 ARKit 應用程序。他們正在為數百萬人提供令人難以置信的 AR 體驗。那就是利用 iPhone 和 iPad。當然，我們從事創新業務，因此我們一直在探索新興技術。但除此之外我不想多說什麼。

We'll take our next question from Wamsi Mohan with Bank of America.

我們將向美國銀行的 Wamsi Mohan 提出我們的下一個問題。

Luca, you mentioned revenues to accelerate year-over-year overall in September versus your June growth rate. Would you say that it would be reasonable to assume normal quarter-on-quarter seasonality of about $7 billion or so? Or would you say there are additional puts and takes this time around that could drive upside and downside to that? I know you noted 600 bps year-over-year on FX as potentially one of those. But maybe help us think through, on a sequential basis, how much of a normal versus abnormal seasonality we should expect. And I have a follow-up.

盧卡，您提到 9 月份的總體收入與 6 月份的增長率相比，整體同比增長。您認為假設正常的季度環比季節性約為 70 億美元左右是否合理？或者你會說有額外的看跌期權和需要這段時間可以推動上行和下行嗎？我知道你注意到 600 bps 的 FX 可能是其中之一。但也許可以幫助我們按順序思考我們應該預期的正常季節性和異常季節性。我有一個後續行動。

Yes, Wamsi, as you know, as we said earlier, we're not providing guidance because of all the uncertainty out there. But we have given a few data points. So one of them, which you've mentioned, approximately 600 basis points of negative foreign exchange. I mean, you do a rough math, it's around $5 billion. That's a big number right there that is going to affect us, that we are having some impact from the situation in Russia and that is obviously different from normal seasonality as well.

是的，Wamsi，正如您所知，正如我們之前所說，由於存在所有不確定性，我們不提供指導。但是我們給出了一些數據點。因此，您提到的其中之一是大約 600 個基點的負外匯。我的意思是，你粗略算一下，大約是 50 億美元。這是一個很大的數字，會影響我們，我們正受到俄羅斯局勢的一些影響，這顯然也不同於正常的季節性。

Our supply constraints, as Tim just said, are going to be lower than what we've seen in the June quarter but they're still going to be there. So when you look at those 3 headwinds and you combine them with the acceleration that we talked about, we feel that, that is pretty remarkable.

正如蒂姆剛剛所說，我們的供應限制將低於我們在 6 月季度看到的情況，但它們仍然會存在。因此，當您查看這 3 個逆風並將它們與我們談到的加速度結合起來時，我們覺得這非常了不起。

Okay, thank you, Luca. And Tim, I wanted to follow up on your comment about the macro impact that you've seen on wearables. Your wearables portfolio is probably at the lowest ASP range across your product portfolio. As you're giving this guidance or directional guidance here, how much of an impact are you assuming in potentially any macro-related slowdowns across the rest of the portfolio? Why would investors not think that it would be prudent to assume some sort of creep-up of some of these -- some of the hesitation maybe that the macro environment is driving, particularly as it pertains to your higher ASP products?

好的，謝謝你，盧卡。蒂姆，我想跟進你關於你在可穿戴設備上看到的宏觀影響的評論。您的可穿戴設備產品組合可能在您的產品組合中處於最低的 ASP 範圍內。當您在此處提供此指導或方向指導時，您假設對其他投資組合可能出現的與宏觀相關的放緩有多大影響？為什麼投資者不認為謹慎地假設其中一些產品出現某種程度的上升——一些猶豫可能是宏觀環境正在推動，尤其是與你的更高 ASP 產品有關的情況下？

Yes. Let me expand a little bit on Wearables, Home and Accessories so that I clearly communicate what we saw. We saw sort of a cocktail of headwinds on Wearables, Home and Accessories. We saw FX, which we've talked about. We saw supply constraints, which we've talked about. Of course, there was an impact from the business in Russia.

是的。讓我稍微擴展一下可穿戴設備、家居和配飾，以便我清楚地傳達我們所看到的。我們在可穿戴設備、家居和配飾方面看到了一股逆風。我們看到了我們已經討論過的FX。我們看到了我們已經討論過的供應限制。當然，俄羅斯的業務也產生了影響。

But in addition to those things, which -- those things affected all the products to some degree. We also had a different launch timing for certain home and accessory products. Like in the year-ago quarter, I think, had AirTag in it. That's just one example of something that announced last year that didn't announce this -- that we didn't have a comparable announcement this year.

但除了那些東西之外，這些東西在一定程度上影響了所有產品。對於某些家居和配件產品，我們也有不同的發佈時間。我認為，就像去年同期一樣，裡面有 AirTag。這只是去年宣布但沒有宣布這一點的一個例子——我們今年沒有類似的公告。

And in -- so in addition to those 4 items, we believe, based on the data, that there was also a macroeconomic environment hit. And whether or not that is because they're lower ASPs versus the higher ASPs of a phone, I can't tell you that. I can just tell you that looking at the numbers, there does appear to be headwinds in addition to the 4 items that we can articulate and we believe those to be macroeconomic headwinds.

而且，除了這四項之外，我們認為，根據數據，宏觀經濟環境也受到了影響。不管這是否是因為它們的平均售價低於手機的平均售價，我不能告訴你。我只能告訴你，看看這些數字，除了我們可以闡明的 4 個項目之外，似乎確實存在逆風，我們認為這些是宏觀經濟逆風。

We'll take our next question from Samik Chatterjee with JPMorgan.

我們將向摩根大通的 Samik Chatterjee 提出下一個問題。

Great. And congrats on the results in this tough macro. I guess I wanted to start with China smartphone market here a bit. And Tim, I thought you said in response to earlier question that you haven't really seen a material impact from the macro on iPhone yet. But wondering, did you see an impact of the COVID lockdowns there on demand itself? Or was there a snapback fall in that? If you can comment about the sort of exit run rate that you saw in that market, following the COVID shutdowns ending there. And I have a follow-up.

偉大的。並祝賀這個艱難的宏的結果。我想我想先從中國智能手機市場開始。還有蒂姆，我想你在回答之前的問題時說過，你還沒有真正看到宏對 iPhone 的實質性影響。但是想知道，您是否看到那裡的 COVID 鎖定對需求本身的影響？或者有沒有回落？如果您可以評論您在該市場看到的那種退出運行率，那麼在 COVID 關閉之後結束。我有一個後續行動。

Yes, both things are true. We did see a lower demand based on the COVID lockdowns in the cities the COVID lockdowns affected. And we did see a rebound in those same cities toward the end of the quarter in the June time frame. And in particular, in the run-up to June 18, which as you know, is a major shopping holiday in China. We think that the net of that was still a negative, but some of it did rebound by June time frame. The restrictions begin to come off toward the beginning of June, if my memory is correct.

是的，這兩件事都是真的。根據受 COVID 封鎖影響的城市的 COVID 封鎖，我們確實看到了較低的需求。在 6 月份的季度末，我們確實看到了這些城市的反彈。特別是在 6 月 18 日之前，如您所知，這是中國的一個重要購物假期。我們認為淨值仍然是負數，但其中一些確實在 6 月時間框架內反彈。如果我沒記錯的話，限制在 6 月初開始解除。

Okay. And for my follow-up, I know you said you don't want to sort of predict the macro here or be an economist. But if I go back and look at the sort of OpEx for the last few years, you've been increasing that by a double-digit percentage. And just given the uncertainty that you've talked about in the macro further on this call a lot, how are you thinking about sort of that investment base going forward? Are you trying to look at areas that where you can sort of pull back? I mean just in terms of how you're preparing for the uncertainty is, I guess, the question.

好的。對於我的後續行動，我知道你說過你不想在這裡預測宏觀或成為經濟學家。但如果我回過頭來看看過去幾年的那種運營支出，你一直在以兩位數的百分比增加它。考慮到您在本次電話會議中進一步談到的宏觀不確定性，您如何看待未來的投資基礎？您是否正在嘗試查看可以退縮的區域？我的意思是，就你如何為不確定性做準備而言，我想，這是個問題。

We believe in investing through the downturn. And so we'll continue to hire people and invest in areas, but we are being more deliberate in doing so in recognition of the realities of the environment.

我們相信在低迷時期進行投資。因此，我們將繼續招聘人員並在各個領域進行投資，但我們在這樣做時會更加謹慎，以認識到環境的現實。

We'll take our next question from Jim Suva with Citigroup.

我們將向花旗集團的 Jim Suva 提出下一個問題。

While I'm calling you on my iPhone 13 Max Pro and loving it, I just wanted to ask you, though, with replacement cycles. Have you noticed any change now that we've been through like 2.5 years of COVID where people upgrading at a different rate and kind of post COVID, hopefully, upgrade cycles or replacement cycles, how we should kind of think about that? Obviously when I drop and break my phone, I replace it immediately. But a normal replacement, have they changed at all? Any insights from that would be great.

雖然我在我的 iPhone 13 Max Pro 上給你打電話並喜歡它，但我只是想問你更換週期。您是否注意到現在我們已經經歷了像 2.5 年的 COVID 以來的任何變化，人們以不同的速度和類型的 COVID 後升級，希望是升級週期或更換週期，我們應該如何考慮這一點？顯然，當我摔壞手機時，我會立即更換它。但是一個正常的替換，他們有沒有改變？從中得到的任何見解都會很棒。

It's challenging to measure the replacement cycle at any point in time with exact precision, and so I'm going to punt on the question a bit. However, our key task is to make a product that everybody loves and that they want to trade in their current phone to get. And so that's what we are focused on is innovating like crazy and giving somebody something that they really want and see themselves using.

在任何時間點以精確的精度測量更換週期是一項挑戰，因此我將稍微討論一下這個問題。然而，我們的關鍵任務是製造一款每個人都喜歡的產品，並且他們想用現有的手機進行交易來獲得。所以這就是我們所關注的，就是瘋狂地創新，給人們他們真正想要並看到自己使用的東西。

Okay, that makes sense. Well, then maybe I can ask Luca a question more on the gross margins. As you look ahead, the supply chain issues, expedited shipping and all of that, do you think probably the September quarter is kind of the worst of FX and all those headwinds and things? Or is there a little bit of timing delays due to your contractual purchase commitments that you do, that maybe your suppliers are looking at higher costs and you're benefiting from some lower contracts or maybe that has already caught up? If you could give us some insights on the kind of longer-term nature of the directions or the gross margin impacts.

好吧，這是有道理的。好吧，那麼也許我可以問盧卡更多關於毛利率的問題。展望未來，供應鏈問題、加急運輸以及所有這些，您是否認為 9 月季度可能是外彙和所有這些逆風和事情最糟糕的季度？還是由於您所做的合同採購承諾而導致時間延遲，也許您的供應商正在考慮更高的成本，而您正在從一些較低的合同中受益，或者可能已經趕上了？如果你能給我們一些關於方向的長期性質或毛利率影響的見解。

Jim, I would say we provide guidance for the current quarter. But if we look ahead, there's always a couple of elements in gross margin that are a bit outside of our control and we need to be mindful of that. One of them is the foreign exchange environment. That is having an impact already for the September quarter and had an impact on June. And obviously, strong dollar tends to be a headwind for us. As you know, we have a hedging program, and so we mitigate that impact. But over time, those hedges roll off and so it becomes more challenging for us. We'll see what happens with foreign exchange rates over time. That is going to be a variable that we need to track.

吉姆，我想說我們為當前季度提供指導。但是，如果我們展望未來，毛利率中總會有一些因素超出我們的控制範圍，我們需要注意這一點。其中之一是外匯環境。這已經對 9 月季度產生了影響，並在 6 月產生了影響。顯然，強勢美元往往對我們不利。如您所知，我們有一個對沖計劃，因此我們減輕了這種影響。但隨著時間的推移，這些對沖會逐漸消失，因此對我們來說變得更具挑戰性。我們將看到隨著時間的推移外匯匯率會發生什麼變化。這將是我們需要跟踪的一個變量。

The other one that has an impact on the aggregate gross margin is our mix of products and services. As you know, they have different margin profiles for very different reasons, different businesses, even different accounting treatment at times. And so that is also something that we will need to track over time. What matters to us, I think it goes back to Tim was saying earlier, is we want to make sure that people love our products and services, and we want all of them to be equally successful in the marketplace.

對總毛利率有影響的另一個因素是我們的產品和服務組合。如您所知，由於非常不同的原因、不同的業務，甚至有時不同的會計處理，他們有不同的利潤率概況。所以這也是我們需要隨著時間的推移跟踪的東西。對我們來說重要的是，蒂姆早些時候說過，我們希望確保人們喜歡我們的產品和服務，並且我們希望所有人都能在市場上同樣成功。

Certainly, as you've seen over the last year, we've had a significant expansion in gross margins in spite of very difficult economic circumstances from COVID to inflation, interest rates going up and our margins have expanded. From a commodity standpoint, I think you were asking a question around components. Commodities are behaving okay. We're seeing some price pressure on some silicon components. But other than that, we've -- actually commodities are behaving well.

當然，正如您在去年看到的那樣，儘管從 COVID 到通貨膨脹、利率上升和我們的利潤率已經擴大，但經濟環境非常困難，但我們的毛利率顯著增長。從商品的角度來看，我認為您是在詢問有關組件的問題。商品表現良好。我們看到一些矽組件的價格壓力。但除此之外，我們 - 實際上商品表現良好。

Congratulations to you and all your team members.

祝賀你和你所有的團隊成員。

Thank you.

謝謝你。

We'll take our next question from Krish Sankar with Cowen and Company.

我們將向 Cowen and Company 的 Krish Sankar 提出下一個問題。

And Tim, I apologize, it's also macro-related. You mentioned that it impacted digital advertising within Services. I'm just kind of curious, if the macro does worsen, do you worry about subscriber growth, App Store purchases, et cetera? And conversely, are there any parts of the Service business that you consider recession-proof, like maybe a buy now, pay later or something else? And then I have a quick follow-up for Luca.

蒂姆，我很抱歉，這也與宏觀有關。您提到它影響了服務中的數字廣告。我只是有點好奇，如果宏觀形勢惡化，你會擔心用戶增長、App Store 購買等等嗎？相反，您認為服務業務中是否有任何部分可以抵禦經濟衰退，例如現在購買、以後付款或其他方式？然後我對 Luca 進行了快速跟進。

We have incorporated all of our thoughts in the guidance that Luca gave, which says that we think in the aggregate, we're going to accelerate revenues in the September quarter as compared to the June quarter and will decelerate on the Services side. And so we see the digital advertising cloud, if you will, continuing in the current quarter.

我們已將我們所有的想法納入盧卡給出的指導中，這表明我們認為總體而言，與 6 月季度相比，我們將在 9 月季度加速收入，並將在服務方面減速。因此，如果您願意，我們會看到數字廣告雲在本季度繼續存在。

Got it. Got it. Very helpful. And then a quick follow-up on the lockdown in China during the June quarter. Do you actually see any noticeable negative effects on your App Store revenue for the region or any positive effects like maybe more gaming downloads?

知道了。知道了。非常有幫助。然後是對六月季度中國封鎖的快速跟進。您是否真的看到對該地區的 App Store 收入有任何明顯的負面影響，或者是否有任何積極影響，比如可能會增加遊戲下載量？

China had very good results on Services last quarter. And so they grew strong double digit better than the company average, and they set a new June quarter revenue record during the quarter.

中國上個季度在服務方面取得了非常好的成績。因此，他們的增長強勁兩位數，好於公司平均水平，並在本季度創下了新的 6 月季度收入記錄。

Thank you. 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. The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 8820355. These replays will be available by approximately 5 p.m. Pacific Time today.

謝謝你。今天電話會議的重播將在 Apple 播客、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。請輸入確認碼 8820355。這些回放將在下午 5 點左右提供。今天太平洋時間。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142. Financial analysts can contact me with additional questions at (669) 227-2402. Thank you again for joining us.

有其他問題的媒體成員可以致電 (408) 862-1142 聯繫 Josh Rosenstock。金融分析師可以致電 (669) 227-2402 與我聯繫以解決其他問題。再次感謝您加入我們。

This concludes today's conference. We appreciate your participation.

今天的會議到此結束。我們感謝您的參與。