蘋果 (AAPL) 2022 Q4 法說會逐字稿

Good day, and welcome to the Apple Q4 Fiscal Year 2022 Earnings Conference Call. For your information, 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.

各位好，歡迎參加蘋果2022財年第四季財報電話會議。請注意，本次電話會議正在錄音。現在，我將把電話會議交給投資者關係與企業財務總監Tejas Gala先生，請他致開幕詞並進行介紹。請開始吧。

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. Before turning the call over to Tim, I would like to remind you that approximately once every 6 years, we add a week to the December quarter to realign our fiscal periods with the December calendar. So this December quarter will span 14 weeks rather than the usual 13 and will end on December 31.

今天首先發言的是蘋果執行長提姆·庫克，接著是財務長盧卡·馬埃斯特里。之後，我們將開放分析師提問環節。在將電話會議交給蒂姆之前，我想提醒各位，大約每六年，我們會將12月季度延長一周，以使我們的財政年度與12月日曆保持一致。因此，今年的12月季度將持續14週，而不是通常的13週，並將於12月31日結束。

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 expense, 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 operations. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

請注意，您今天在討論中聽到的一些資訊包含前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述，包括新冠疫情對公司業務和經營業績的潛在影響。這些陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。

For more information, please refer to the risk factors discussed in Apple's most recently filed 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. I'd now like to turn the call over to Tim for introductory remarks.

更多信息，請參閱蘋果公司最新提交的10-K表格年度報告和今天提交給美國證券交易委員會（SEC）的8-K表格中討論的風險因素，以及相關的新聞稿。蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。現在，我謹將電話轉交給提姆，請他作開場白。

Thank you, Tejas. Good afternoon, everyone, and thank you for joining the call today. Over the past year, despite a range of challenges facing the world, our teams have come together in incredible ways to drive unparalleled innovation and deliver again and again for our customers.

謝謝 Tejas。大家下午好，感謝各位今天參加電話會議。過去一年，儘管世界面臨諸多挑戰，但我們的團隊以令人驚嘆的方式團結協作，推動了前所未有的創新，並一次又一次地為客戶創造價值。

For the September quarter, we reported record revenue of $90.1 billion, which was better than we anticipated despite stronger-than-expected foreign currency headwinds. We set an all-time revenue record for Mac and September quarter records for iPhone and Wearables, Home and Accessories. Services notched a September quarter record as well with revenue of $19.2 billion and more than 900 million paid subscriptions.

9 月季度，我們公佈了創紀錄的 901 億美元營收，儘管面臨超出預期的外匯匯率波動，但仍超出預期。 Mac 的營收創歷史新高，iPhone、穿戴式裝置、家居及配件的營收也都創下 9 月季度新高。服務業務同樣創下 9 月季度新高，營收達 192 億美元，付費訂閱用戶超過 9 億。

We reached another record on our installed base of active devices, thanks to a quarterly record of upgraders and double-digit growth in switchers on iPhone. Across nearly every geographic segment, we reached a new revenue record for the quarter. And we continue to perform incredibly well in emerging markets with very strong double-digit growth in India, Southeast Asia and Latin America.

由於iPhone用戶升級數量創季度新高，以及iPhone用戶轉換數量達到兩位數成長，我們的活躍設備裝置容量再創新高。幾乎在所有地區，我們的季度營收均創下新高。此外，我們在新興市場也持續表現優異，在印度、東南亞和拉丁美洲均實現了強勁的兩位數成長。

I'm also happy to report that during the quarter, silicon-related supply constraints were not significant. I want to acknowledge that we are still living through unprecedented times. From war in Eastern Europe to the persistence of COVID-19, from climate disasters around the world to an increasingly difficult economic environment, a lot of people and a lot of places are struggling. Through it all, we've aimed to help our customers navigate through the challenges while giving them the tools to drive progress for themselves and their communities.

我很高興地報告，本季矽晶片相關的供應限制並不嚴重。我想指出，我們仍然生活在一個前所未有的時代。從東歐的戰爭到新冠疫情的持續蔓延，從全球氣候災害到日益嚴峻的經濟環境，許多人和許多地方都在苦苦掙扎。在這一切之中，我們始終致力於幫助客戶應對挑戰，並為他們提供推動自身及其所在社區發展的工具。

At Apple, creativity and collaboration have always been at the core of who we are. That spirit of ingenuity and teamwork helped us provide our customers with incredible innovations this year and led to another yearly revenue record. In fiscal 2022, Apple achieved revenue of $394 billion, representing 8% annual growth. We set records for iPhone, Mac, Wearables, Home and Accessories and Services while growing double digits in emerging markets and setting records in the vast majority of markets we track.

在蘋果，創造力和協作精神始終是我們企業文化的核心。正是這種創新精神和團隊合作，幫助我們在今年為客戶帶來了許多令人矚目的創新，並再次刷新了年度營收紀錄。 2022財年，蘋果營收達3,940億美元，年增8%。我們在iPhone、Mac、穿戴式裝置、家居及配件和服務領域均創下歷史新高，新興市場實現了兩位數成長，並在我們追蹤的絕大多數市場都取得了突破性進展。

Customers are loving our iPhone 14 lineup. Loaded with camera upgrades for sharper photos, Action Mode for smoother videos and new safety features like Crash Detection and Emergency SOS via Satellite, iPhone is even more indispensable to our daily lives. iPhone 14 and iPhone 14 Plus come with a new dual-camera system, industry-leading durability, incredible power and amazing battery life. And our iPhone 14 Pro models are packed with even more groundbreaking innovations, including a new camera system as well as always-on display and the Dynamic Island, which offers a whole new way to interact with iPhone.

用戶對 iPhone 14 系列讚不絕口。 iPhone 搭載了多項升級，包括更清晰的相機、更流暢的影片拍攝模式以及碰撞偵測和衛星緊急 SOS 等全新安全功能，使其在我們的日常生活中更加不可或缺。 iPhone 14 和 iPhone 14 Plus 配備全新雙鏡頭系統、業界領先的耐用性、強勁的效能和超長的電池續航力。而 iPhone 14 Pro 機型則融合了更多突破性創新，包括全新的相機系統、息屏顯示功能以及動態島，後者為 iPhone 帶來了全新的互動方式。

Just yesterday, our most advanced iPad and iPad Pro ever landed in stores. With its all-screen design, advanced cameras and faster wireless connectivity, the 10th generation iPad looks and performs better than ever. For creatives, iPad Pro, now turbocharged by the blazingly fast M2 chip, is the perfect device to make something amazing.

就在昨天，我們迄今為止最先進的 iPad 和 iPad Pro 正式上市。第十代 iPad 採用全面螢幕設計，配備先進的攝影機和更快的無線連接，外觀和效能都比以往更加出色。對於創意人士而言，搭載速度驚人的 M2 晶片的 iPad Pro，是創作佳作的理想選擇。

Our Mac customers have already been raving about the power of M2 since the arrival of our newest MacBook Air and MacBook Pro this summer. Their incredible long battery life, stunningly rich display and lightning fast speeds are a signature part of the Mac experience and helped drive an all-time record revenue for Mac during the September quarter.

自從今年夏天新款 MacBook Air 和 MacBook Pro 發布以來，我們的 Mac 用戶就對 M2 處理器的強大效能讚不絕口。它們超長的電池續航力、驚人的顯示效果和閃電般的運行速度，都是 Mac 體驗的標誌性特徵，並幫助 Mac 在九月季度創下了歷史新高。

In Wearables, Home and Accessories, a wave of innovation spurred 10% year-over-year revenue growth during the September quarter. New features in Apple Watch Series 8, including temperature sensing capabilities, retrospective ovulation estimates and crash detection are helping to keep customers healthier and safer. And the updated Apple Watch SE is a great way for users to start their Apple Watch journey, delivering advanced features at a new low price.

在穿戴式裝置、家居和配件領域，一系列創新推動了9月季度營收年增10%。 Apple Watch Series 8的新功能，包括溫度感應、排卵期回溯預測和碰撞偵測，有助於提升使用者的健康與安全。而新款Apple Watch SE則是用戶開啟Apple Watch之旅的絕佳選擇，以更低的價格提供許多先進功能。

The biggest, brightest and boldest Apple Watch ever made, Apple Watch Ultra pushes the boundaries of what a smartwatch can do. Packed with innovations like advanced navigation tools and the new Oceanic+ app, which turns it into a dive computer, Apple Watch Ultra has something for athletes and adventures on land and sea.

Apple Watch Ultra 是迄今為止最大、最亮、最酷的 Apple Watch，它突破了智慧手錶功能的界限。 Apple Watch Ultra 搭載了許多創新功能，例如先進的導航工具和全新的 Oceanic+ app（可將其變成潛水電腦），無論陸地或海洋，都能滿足運動員和探險家的需求。

The second generation of AirPods Pro powered by the new H2 chip are receiving rave reviews for delivering an unmatched wireless earbud audio experience while canceling up to twice as much noise over the previous model. There's no better place to discover the rich spatial audio capabilities of AirPods Pro than Apple Music, the largest music catalog anywhere, now with more than 100 million songs.

搭載全新 H2 晶片的第二代 AirPods Pro 廣受好評，不僅帶來無與倫比的無線耳機音訊體驗，降噪效果比上一代提升高達兩倍。想要充分體驗 AirPods Pro 出色的空間音訊功能，Apple Music 無疑是最佳選擇。 Apple Music 擁有全球最大的音樂庫，目前已收錄超過 1 億首歌曲。

And there's no other company that fuses best-in-class hardware with cutting-edge software and services to create a truly integrated and seamless experience. With iOS 16, we're giving customers more ways to personalize their iPhones through a customizable lock screen and focus filters. New features in Messages and Mail enable users to connect and collaborate like never before. Stage Manager in iPadOS 16 and MacOS Ventura helps users stay more productive with smoother multitasking. And watchOS 9 is empowering customers to live a healthier day through updates to the Sleep App, a new FDA-cleared AFib history feature and the new Medications app.

沒有其他公司能像蘋果一樣，將一流的硬體與尖端的軟體和服務完美融合，打造真正無縫銜接的體驗。 iOS 16 為使用者提供了更多個人化 iPhone 的方式，例如可自訂的鎖定螢幕介面和專注濾鏡。資訊和郵件的新功能讓使用者能夠以前所未有的方式進行連接和協作。 iPadOS 16 和 macOS Ventura 中的舞台管理器可協助使用者更流暢地進行多工處理，進而提高工作效率。 watchOS 9 則透過睡眠 app 的更新、新增的 FDA 批准的房顫歷史記錄功能以及全新的藥物 app，助力用戶擁有更健康的生活方式。

Across our Services, we continue to see enthusiasm and strong engagement from our subscribers. Apple TV+ hits like Severance, Bad Sisters and Black Bird have taken center stage on screens around the world. And baseball fans were glued to their seats this season watching Friday Night Baseball. Meanwhile, Apple TV+ productions continue to earn accolades. At the 74th Primetime Emmy Awards in September, Apple brought home 9 statues, including a second consecutive win for Best Comedy Series for Ted Lasso. And soon, we're going to give audiences an even better entertainment experience when the all-new Apple TV 4K hit stores next week.

我們各項服務的用戶熱情高漲，參與度極高。 Apple TV+ 的熱門劇集，例如《離職》（Severance）、《壞姐妹》（Bad Sisters）和《黑鳥》（Black Bird），在全球各地的電視螢幕上大放異彩。棒球迷們也在本季守在電視機前，觀看周五晚間的棒球比賽。同時，Apple TV+ 的製作作品也屢獲殊榮。在 9 月舉行的第 74 屆黃金時段艾美獎頒獎典禮上，Apple 獲得 9 項大獎，其中包括《泰德拉索》（Ted Lasso）連續第二年榮膺最佳喜劇類劇集獎。此外，全新 Apple TV 4K 將於下週上市，屆時我們將為觀眾帶來更精彩的娛樂體驗。

We're also bringing Fitness+ to more customers than ever by making our entire library of over 3,000 studio-style workouts and meditations available to iPhone users in 21 countries, even those without an Apple Watch. These updates are arriving just in time for a new Artist Spotlight series with workouts featuring the music of Taylor Swift and a new workout program, Yoga for Every Runner, featuring and design with one of the world's top ultramarathon athletes, Scott Jurek.

我們也透過向21個國家的iPhone用戶（即使沒有Apple Watch）開放包含3000多個專業健身工作室級課程和冥想的完整課程庫，讓更多用戶能夠體驗Fitness+。這些更新恰逢其時，同時推出的還有全新的「藝術家聚焦」系列，該系列課程以泰勒·斯威夫特的音樂為背景音樂；以及全新的「適合所有跑者的瑜伽」課程，該課程由世界頂級超級馬拉松運動員之一斯科特·尤雷克設計並指導。

While Fitness+ helps subscribers stay active, Apple Card is designed with our customers' financial health in mind. For the second year in a row, Apple Card has been ranked highest in customer satisfaction for midsized credit card issuers by J.D. Power. And our users' favorite Apple Card benefit just got even better with the upcoming addition of a new high-yield savings account to help them save and grow their daily cash rewards.

Fitness+ 幫助訂閱用戶保持活力，而 Apple Card 的設計則以客戶的財務健康為核心。 Apple Card 連續第二年榮獲 J.D. Power 評選的中型信用卡發卡機構顧客滿意度最高獎。此外，我們用戶最愛的 Apple Card 權益即將迎來升級：新增的高收益儲蓄帳戶將幫助他們更好地儲蓄並增加每日現金獎勵。

Turning to retail. Last month, our team members welcomed customers to the all-new Apple Jamsil in South Korea. And through today at Apple Creative Studios, we partnered with nonprofits in cities around the world to help young, diverse, creatives pursue their passions and connect with local mentors. And our retail teams have done exceptional work, helping customers explore our latest products and features. As we approach the holiday season with our product lineup set, I'd like to share my gratitude to our retail, AppleCare and channel teams for the work they are doing to support customers.

回到零售方面。上個月，我們的團隊成員在韓國全新的 Apple Jamsil 門市熱情迎接了顧客。今天，在 Apple Creative Studios，我們與世界各地城市的非營利組織合作，幫助年輕、多元化的創意人才追求夢想，並與當地導師建立聯繫。我們的零售團隊也表現出色，幫助顧客探索我們最新的產品和功能。隨著假期季節的臨近，我們的產品陣容也已準備就緒，我衷心感謝我們的零售、AppleCare 和通路團隊為支援顧客所做的貢獻。

At Apple, we're proud of the ways we are able to help customers be productive, get healthy, stay safe and unlock their creative potential. We also understand we have important responsibilities to the communities we serve. That's why we continue to invest in education, racial equity and justice and the environment. And we are making important progress toward a more inclusive and diverse workforce.

在蘋果，我們為能夠幫助客戶提高工作效率、保持健康、保障安全並釋放創造潛能而感到自豪。我們也深知，我們對所服務的社區負有重要的責任。因此，我們持續投資於教育、種族平等與正義以及環境保護。同時，我們也正朝著打造更具包容性和多元化的員工隊伍邁出重要步伐。

Through our Community Education Initiative, we're working alongside more than 150 partners to help students around the world learn new science and technology skills. This summer, we joined with community partners to support coding academies across the United States from Codecademy in Nashville to One Summer Chicago to the Coding 5K Camp for Girls right next door in San Jose.

透過我們的社區教育計劃，我們與 150 多個合作夥伴攜手，幫助世界各地的學生學習新的科學和技術技能。今年夏天，我們與社區合作夥伴共同支持美國各地的編程學院，從納許維爾的 Codecademy 到芝加哥的 One Summer，再到毗鄰聖何塞的女子編程 5K 夏令營。

We've also just expanded our Racial Equity and Justice initiative into the U.K. for the first time. Alongside the Southbank Center, we're helping aspiring creatives develop their own voices and position themselves for long-lasting careers.

我們最近首次將種族平等與正義倡議擴展到了英國。我們與南岸中心合作，幫助有抱負的創意人士發展自己的藝術風格，並為他們的長期職業生涯做好準備。

Back in the U.S., we welcomed a new class of Black, Latino and indigenous entrepreneurs to Apple's second Impact Accelerator. This group of innovators is focused on using green technology to mitigate the effects of climate change and serve communities most affected by it.

回到美國，我們迎來了新一批黑人、拉丁裔和原住民企業家加入蘋果第二期影響力加速器計畫。這群創新者致力於利用綠色科技來緩解氣候變遷的影響，並服務受氣候變遷影響最嚴重的社區。

At Apple, we care deeply about protecting the planet for future generations. To that end, in support of our 2030 environmental goals, we have asked all of our suppliers to become carbon-neutral across their entire Apple-related footprint by the end of the decade. We are also providing them with resources based on what we learned achieving net-zero carbon in our own global operations.

在蘋果，我們深切關注保護地球，造福子孫後代。為此，為了支持我們2030年的環境目標，我們已要求所有供應商在本世紀末之前實現其所有與蘋果相關的業務環節的碳中和。我們還將根據自身在全球營運中實現淨零碳排放的經驗，為他們提供相應的資源。

Across our entire product lineup, we also continue to source more materials through recycling while taking less from the Earth. Every iPhone 14 is made with 100% recycled rare Earth elements in all magnets, including those used in MagSafe. And in a first for Apple Watch and iPad, we're using recycled gold in the plating of multiple printed circuit boards in our newest devices. While we're working to reduce the footprint of our hardware, we're making changes to our software to be more environmentally-friendly with the soon-to-be released Clean Energy charging feature for iPhone.

在我們的所有產品線中，我們都在持續增加可回收材料的使用，從而減少對地球的消耗。每部 iPhone 14 的所有磁鐵（包括 MagSafe 磁吸磁體）均採用 100% 回收稀土元素製成。此外，我們首次在 Apple Watch 和 iPad 的多個印刷電路板鍍層中使用了回收黃金。在努力減少硬體碳足跡的同時，我們也正在改進軟體，使其更加環保，即將推出的 iPhone 清潔能源充電功能便是例證。

Our 2030 goal is a reflection of our relentless focus on the future at Apple. The world continues to be unpredictable as old challenges evolve and new ones emerge. What remains constant is the ability of our teams to create great products, services and experiences while being a force for good in the world. Whatever challenges lie ahead in the new year, we're moving forward, as we always have, investing for the long term to deliver incredible innovations for our customers like only Apple can. And now I'll hand it over to Luca for more details on our performance.

我們的2030年目標體現了蘋果對未來始終如一的關注。世界瞬息萬變，舊挑戰不斷演變，新挑戰層出不窮。但不變的是，我們的團隊始終致力於創造卓越的產品、服務和體驗，同時為世界帶來正面的影響。無論新的一年面臨怎樣的挑戰，我們都將一如既往地勇往直前，進行長期投資，為我們的客戶帶來只有蘋果才能提供的非凡創新。現在，我將把發言權交給盧卡，讓他為我們詳細介紹我們的表現。

Thank you, Tim, and good afternoon, everyone. We are very pleased to report record financial results for the September quarter that capped another record fiscal year for Apple despite a challenging and volatile macroeconomic backdrop. We reached a September quarter revenue record of $90.1 billion, up 8% year-over-year despite over 600 basis points of negative foreign exchange impact, with new September quarter records in the Americas, Europe, Greater China and rest of Asia Pacific. Importantly, in constant currency, we grew nicely in each of our geographic segments, with strong double-digit growth outside the U.S.

謝謝蒂姆，大家下午好。我們非常高興地宣布，儘管面臨充滿挑戰且動蕩的宏觀經濟環境，蘋果仍取得了創紀錄的九月季度財務業績，為又一個創紀錄的財年畫上了圓滿的句號。九月季度營收達到創紀錄的901億美元，年增8%，儘管受到超過600個基點的匯率負面影響。美洲、歐洲、大中華區和亞太其他地區的九月季度營收均創下新紀錄。更重要的是，以固定匯率計算，我們所有地區的業務都實現了良好的成長，美國以外地區的成長更是達到了兩位數。

Products revenue was $71 billion, up 9% over last year despite FX headwinds and a record for the September quarter. And it was a September quarter revenue record for iPhone and Wearables, Home and Accessories and an all-time revenue record for Mac. Overall, our installed base of active devices continue to grow nicely. It reached an all-time high for all major product categories and geographic segments at the end of the quarter, thanks to extremely strong customer satisfaction and loyalty and a high number of customers that are new to our products.

儘管受到匯率波動的影響，產品收入仍達到 710 億美元，年增 9%，並創下 9 月季度營收新高。其中，iPhone 和穿戴式裝置、家居及配件的 9 月季度營收均創歷史新高，Mac 的營收也創下歷史新高。整體而言，我們的活躍設備裝置容量持續穩定成長。得益於極高的客戶滿意度和忠誠度，以及大量新客戶的加入，所有主要產品類別和地理區域的活躍設備裝機量在本季度末均達到歷史最高水平。

Our Services set a September quarter revenue record of $19.2 billion, up 5% over a year ago despite over 600 basis points of negative impact from foreign exchange. We reached September quarter revenue records in the Americas, Europe, Greater China and rest of Asia Pacific and also in many Services categories, including all-time revenue records for cloud services and payment services.

儘管受到超過600個基點的匯率負面影響，我們的服務業務在9月季度仍創下192億美元的營收紀錄，年增5%。我們在美洲、歐洲、大中華區和亞太其他地區以及多個服務類別中均創下季度營收紀錄，其中雲端服務和支付服務更是創下歷史新高。

Company gross margin was a September quarter record at 42.3%. It was down 100 basis points from last quarter due to unfavorable foreign exchange and a different mix, partially offset by leverage. Products gross margin was 34.6%, up 10 basis points sequentially, with improved leverage and favorable mix partially offset by foreign exchange. Services gross margin was 70.5%, down 100 basis points sequentially, primarily due to foreign exchange. Net income of $20.7 billion, diluted earnings per share of $1.29 and operating cash flow of $24.1 billion were all September quarter records.

公司毛利率9月創下季度新高，達42.3%。由於不利的匯率和產品組合的變化，毛利率較上季下降100個基點，部分被槓桿效應抵銷。產品毛利率為34.6%，季增10個基點，槓桿率的改善和有利的產品組合部分被匯率波動抵銷。服務毛利率為70.5%，季減100個基點，主要受匯率波動影響。淨利207億美元、稀釋後每股收益1.29美元以及經營現金流241億美元，均創下9月季度新高。

Let me now get into more detail for each of our revenue categories. iPhone revenue grew 10% year-over-year to a September quarter record of $42.6 billion despite significant foreign exchange headwinds. We set September quarter records in the vast majority of markets we track, and our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia and Mexico more than doubling year-over-year.

現在讓我更詳細地介紹一下我們各項收入類別。儘管面臨顯著的匯率波動，iPhone 的營收仍年增 10%，創下 9 月季度 426 億美元的新紀錄。在我們追蹤的絕大多數市場，9 月季度的營收都創下了歷史新高，尤其是在幾個大型新興市場，我們的表現特別亮眼。其中，印度的營收創下歷史新高，泰國、越南、印尼和墨西哥的營收年增均超過一倍。

Thanks to our strong iPhone lineup, we set a quarterly record for upgraders and grew switchers double digits. This level of sales performance, along with unmatched customer loyalty, drove the active installed base of iPhones to a new all-time high across all geographic segments. And the latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 98%.

由於我們強大的 iPhone 產品線，我們在季度升級用戶數量創下新高，換機用戶數量也實現了兩位數成長。如此強勁的銷售業績，加上無與倫比的客戶忠誠度，推動 iPhone 在所有地區市場的活躍用戶基數達到歷史新高。此外，451 Research 最新發布的美國消費者調查顯示，iPhone 用戶滿意度高達 98%。

It was a great quarter for Mac. We achieved an all-time revenue record of $11.5 billion, up 25% year-over-year, despite significant FX headwinds. There were 3 key items that helped drive this performance. First, we benefited from the launch of our new MacBook Air and MacBook Pro powered by the M2 chip. Second, we were able to satisfy pent-up demand that carried forward from the significant supply constraints we faced during the June quarter. Third, as our supply position improved, we were able to fill the channel. Importantly, our investment in the category has attracted both upgraders and customers new to Mac and helped our installed base reach an all-time high. In fact, we set a quarterly record for upgraders, while nearly half of customers buying Macs during the quarter were new to the device.

對於Mac來說，這是一個輝煌的季度。儘管面臨顯著的匯率波動，我們依然實現了115億美元的歷史最高營收，年增25%。推動這項業績的關鍵因素有三點。首先，我們受惠於搭載M2晶片的新款MacBook Air和MacBook Pro的發表。其次，我們滿足了先前因六月季度供應緊張而積壓的需求。第三，隨著供應狀況的改善，我們能夠更好地滿足通路需求。更重要的是，我們對Mac品類的投入吸引了許多升級用戶和Mac新用戶，並協助我們的Mac用戶基數達到歷史新高。事實上，我們創下了季度升級用戶數量的新紀錄，而本季購買Mac的用戶中，近一半是Mac新用戶。

iPad revenue was $7.2 billion, down 13% year-over-year due to significant negative foreign exchange and a challenging compare due to the launch of new iPads a year ago. Despite this, the iPad installed base reached a new all-time high, thanks to incredible customer loyalty and a high number of new customers. In fact, over half of the customers who purchased iPads during the quarter were new to the product.

iPad 營收為 72 億美元，年減 13%，主要原因是匯率波動帶來的負面影響以及去年同期新款 iPad 發布造成的基數較高。儘管如此，由於極高的客戶忠誠度和大量新客戶的加入，iPad 的裝機量仍創下歷史新高。事實上，本季購買 iPad 的客戶中，超過一半是首次購買該產品。

Wearables, Home and Accessories revenue was $9.7 billion, growing 10% year-over-year, driven by the launch of Apple Watch and new AirPods Pro. This level of safe performance along with very strong new to rates drove our installed base of devices in the category to a new all-time record. For instance, 2/3 of customers purchasing an Apple Watch during the quarter were new to the product.

穿戴式裝置、家居及配件業務營收達97億美元，年增10%，主要得益於Apple Watch和新款AirPods Pro的發表。這項穩健的業績表現，加上強勁的新用戶成長，推動該品類設備裝置容量創下歷史新高。例如，本季購買Apple Watch的客戶中，有三分之二是首次購買該產品。

Moving to Services. As I mentioned, we set a September quarter record in aggregate and in most geographic segments, generating $19.2 billion in revenue in spite of very large foreign exchange headwinds. It is important to remember that we achieved double-digit constant currency growth in Services on top of growing 26% during the September quarter a year ago. However, certain services were impacted by macroeconomic headwinds, including foreign exchange. Digital advertising and gaming are areas where we've seen some softness.

接下來談談服務業務。正如我之前提到的，儘管面臨巨大的外匯逆風，我們9月份季度的總收入和大多數地域板塊的收入均創下歷史新高，達到192億美元。值得注意的是，我們在服務業務方面實現了兩位數的固定匯率成長，而去年同期也實現了26%的成長。然而，部分服務受到宏觀經濟逆風的影響，包括外匯波動。數位廣告和遊戲領域出現了一些疲軟跡象。

Throughout the quarter, we continued to observe several trends that reflect the strength of our ecosystem and our long-term opportunity in the category. First, our continued installed base growth across each geographic segment and each major product category represents a great foundation for future expansion of our ecosystem. Second, we saw increased customer engagement with our Services during the quarter. Both our transacting accounts and paid accounts grew double digits year-over-year, each setting a new all-time record. The percentage of accounts that pay for our services continues to increase, and we still see plenty of opportunity ahead of us.

本季度，我們持續觀察到多項趨勢，這些趨勢反映了我們生態系統的強大實力以及我們在該領域的長期發展機會。首先，我們在各個地域細分市場和各個主要產品類別中的用戶基數持續成長，為我們生態系統的未來擴張奠定了堅實的基礎。其次，本季客戶對我們服務的參與度顯著提升。我們的交易帳戶和付費帳戶均實現了兩位數的同比增長，並創下歷史新高。付費帳戶的比例持續成長，我們仍然看到未來巨大的發展潛力。

Third, paid subscriptions showed very strong growth. We now have more than 900 million paid subscriptions across the Services on our platform, up more than 155 million during the last 12 months alone and double what we had just 3 years ago. We continue investing in new content and features across our service offerings. For example, we added several popular sports titles to Apple Arcade. We're also excited about our global partnership with Major League Soccer, where, starting next season, fans can stream every single MLS match through the Apple TV app.

第三，付費訂閱成長勢頭強勁。目前，我們平台上的各項服務付費訂閱用戶已超過9億，光是過去12個月就新增了超過1.55億，是三年前的兩倍。我們將繼續投資於各項服務的新內容和新功能。例如，我們在Apple Arcade中新增了多款熱門運動遊戲。此外，我們也很高興與美國職業足球大聯盟（MLS）達成全球合作，從下個賽季開始，球迷們可以透過Apple TV app觀看每一場MLS比賽。

This momentum helped us achieve over $78 billion in Services revenue during fiscal 2022, a new record and up 14% year-over-year. We continue to invest confidently and believe strongly in the long-term potential of our Services business, which is already the size of a Fortune 50 business on its own and has nearly doubled during the last 4 years.

這一成長勢頭助力我們在2022財年實現了超過780億美元的服務收入，創下新紀錄，年增14%。我們將繼續充滿信心地進行投資，並堅信服務業務的長期潛力。該業務的規模本身已相當於財富50強企業，並且在過去四年中增長了近一倍。

It was not only a record year for Services but also for our entire company. During the past 4 quarters, we grew our business by 8% or $29 billion, reaching more than $394 billion of revenue. We grew diluted earnings per share by 9% and generated over $111 billion of free cash flow, up 20% year-over-year. It was also a strong year for our enterprise business as we set new annual records for iPhone, iPad and Mac during fiscal 2022 and grew strong double digits year-over-year as our devices and services continue to help more and more companies empower their employees and serve their customers.

這不僅是服務業務創紀錄的一年，也是我們整個公司業績的巔峰之年。在過去的四個季度中，我們的業務成長了8%，即290億美元，營收超過3,940億美元。稀釋後每股收益成長了9%，自由現金流超過1,110億美元，較去年同期成長20%。對我們的企業業務而言，這也是強勁的一年。在2022財年，iPhone、iPad和Mac的銷量均創下年度新紀錄，並實現了兩位數的強勁年增長。我們的設備和服務持續幫助越來越多的企業賦能員工，更好地服務客戶。

For instance, Ford Manufacturing employees are using iPad and iPhone to help further improve the quality of its game-changing Ford F-150 Lightning electric trucks. iPhone's powerful A-series chip and advanced camera systems, along with third-party iOS apps, are enabling Ford to automate the visual quality inspection process in real time to help address issues before they impact customers.

例如，福特汽車製造公司的員工正在使用 iPad 和 iPhone 來進一步提升其顛覆性電動皮卡——福特 F-150 Lightning 的品質。 iPhone 強大的 A 系列晶片和先進的相機系統，以及第三方 iOS 應用，使福特能夠即時自動執行視覺品質檢測流程，從而在問題影響客戶之前將其解決。

And Cisco expanded its Macs as a choice program and is now offering it to all its employees to help attract and retain top talent. And when given this choice, employees have chosen Macs twice as often as other options. In addition, many enterprise customers are taking advantage of the high residual value of our products and simple trade-in process to standardize the refresh cycles for their fleets of Apple devices. This allows employees to upgrade to the latest devices regularly while making it highly predictable and cost effective for the business.

思科擴大了Mac電腦的自主選擇計劃，現在已將其推廣至所有員工，以吸引和留住頂尖人才。事實證明，員工選擇Mac電腦的頻率是其他選項的兩倍。此外，許多企業客戶正利用我們產品的高殘值和簡單的以舊換新流程，規範其蘋果設備群的更新週期。這使得員工能夠定期升級到最新設備，同時為企業帶來高度可預測性和成本效益。

Let me now turn to our cash position. Our business continues to generate very strong cash flow, which enabled us to return over $29 billion to shareholders during the September quarter. This included $3.7 billion in dividends and equivalents and $25.2 billion through open market repurchases of 160 million Apple shares. We ended the quarter with $169 billion in cash and marketable securities. We repaid $2.8 billion in maturing debt and decreased commercial paper by $1 billion while issuing $5.5 billion of new debt, leaving us with total debt of $120 billion. As a result, net cash was $49 billion at the end of the quarter as we continue to make progress toward our goal of becoming net-cash neutral over time.

現在讓我談談我們的現金狀況。我們的業務持續產生強勁的現金流，使我們能夠在9月份的季度中向股東返還超過290億美元。這其中包括37億美元的股利及等價物，以及透過公開市場回購1.6億股蘋果股票所獲得的252億美元。季度末，我們持有1690億美元的現金及有價證券。我們償還了28億美元的到期債務，減少了10億美元的商業票據，同時發行了55億美元的新債務，使我們的總債務降至1200億美元。因此，截至季末，我們的淨現金為490億美元，我們正朝著最終實現淨現金中立的目標穩步邁進。

As we move ahead into the December 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12月季度，我想回顧一下我們的展望，其中包括Tejas在電話會議開始時提到的那些前瞻性資訊。鑑於短期內全球情勢仍存在不確定性，我們不提供營收指引。但我們會分享一些方向性見解，這些見解基於以下假設：宏觀經濟前景以及新冠疫情對我們業務的影響不會比我們目前對本季的預測更糟。

Overall, we believe total company year-over-year revenue performance will decelerate during the December quarter as compared to the September quarter for a number of reasons. First, we expect nearly 10 percentage points of negative year-over-year impact from foreign exchange. Second, on Mac, in addition to increasing FX headwinds, we have a very challenging compare against last year, which had the benefit of the launch and associated channel fill of our newly redesigned MacBook Pro with M1. Therefore, we expect Mac revenue to decline substantially year-over-year during the December quarter.

整體而言，我們認為受多種因素影響，公司整體營收年增率在12月季度將較9月季度有所放緩。首先，我們預期匯率波動將對年收入造成近10個百分點的負面影響。其次，Mac業務方面，除了匯率波動帶來的不利影響外，與去年同期相比，今年的業績基數較高，去年得益於全新設計的搭載M1晶片的MacBook Pro的上市以及相應的渠道鋪貨。因此，我們預期Mac業務營收在12月季將較去年同期大幅下降。

Specifically on Services, we expect to grow but to be impacted by the macroeconomic environment increasingly affecting foreign exchange, digital advertising and gaming. We expect gross margin to be between 42.5% and 43.5%. We expect OpEx to be between $14.7 billion and $14.9 billion. We expect O&E to be around negative $300 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16.5%.

具體而言，服務業務預計將實現成長，但會受到宏觀經濟環境的影響，尤其是外匯、數位廣告和遊戲領域。我們預計毛利率將在 42.5% 至 43.5% 之間。營運支出預計在 147 億美元至 149 億美元之間。營運及費用預計約為負 3 億美元，不包括少數股權投資以市值計價可能帶來的影響，我們的稅率約為 16.5%。

Finally, today, our Board of Directors has declared a cash dividend of $0.23 per share of common stock, payable on November 10, 2022, to shareholders of record as of November 7, 2022. With that, let's open the call to questions.

最後，今天，我們的董事會宣布派發每股普通股0.23美元的現金股息，將於2022年11月10日支付給截至2022年11月7日登記在冊的股東。接下來，我們開始提問環節。

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

謝謝你，盧卡。 （操作員指示）操作員，請問第一個問題是什麼？

We'll go ahead and take our first question from Shannon Cross calling from Credit Suisse.

我們先來回答瑞士信貸的 Shannon Cross 提出的第一個問題。

It's great to talk to you on the call again. I'm wondering, can you just talk a bit about how you're thinking about this iPhone generation? On the positive side, you've raised prices. It seems to be mixing up. On the negative side, investors are concerned about impacted demand from the higher prices, what Huawei meant to you in prior years versus what could happen now. There are just some pressures out there.

很高興能再次與您通話。我想請您談談您對這一代iPhone的看法。積極的一面是，您提高了價格，這似乎正在改變市場格局。消極的一面是，投資者擔心價格上漲會影響需求，以及華為過去對您的重要性與現在可能出現的情況之間的差異。目前確實存在一些壓力。

So I'm curious if you can kind of talk to what you're seeing initially in iPhone demand and how you think it will sort of move through. With the caveat that I understand, things are pretty uncertain out there. And then I have a follow-up.

所以我很好奇，您能否談談您目前觀察到的iPhone需求情況，以及您認為這種需求會如何發展。當然，我也明白，目前市場情勢相當不明朗。我還有一個後續問題。

Shannon, it's Tim. Welcome back. iPhone grew 10% in the Q4 time frame to $42.6 billion. Customer demand was strong and better than we anticipated that it would be. And keep in mind that this is on top of a fiscal year of '21 that had iPhone revenue grow by 39%, and so it's a tough compare as well. And so we were happy with it.

香農，我是提姆，歡迎回來。 iPhone第四季營收成長10%，達426億美元。客戶需求強勁，超乎預期。要知道，2021財年iPhone營收成長了39%，所以今年的業績比較有一定的挑戰性。儘管如此，我們對這個結果還是很滿意的。

In terms of the new products, the 14 and the 14 Pro and Pro Max, the -- it's still very early. But since the beginning, we've been constrained on the 14 Pro and the 14 Pro Max and we continue to be constrained today. And so we're working very hard to fulfill the demand. It's difficult to say what the mix will be until we can satisfy the demand because we don't really -- we're not able to determine the accurate mix until then. And so we -- but we're working very hard to do that.

關於新款產品，如 iPhone 14、14 Pro 和 14 Pro Max，現在還處於非常早期的階段。但從一開始，我們就一直受到 iPhone 14 Pro 和 14 Pro Max 產能的限制，直到今天依然如此。因此，我們正在努力滿足市場需求。在能夠滿足市場需求之前，很難確定最終的產品組合，因為我們目前還無法確定準確的產品組合。所以，我們正在為此付出巨大的努力。

We were really pleased with the broadness of the iPhone strength last quarter. We had 3 of the top 4 smartphones in the U.S. and the U.K., the top 3 in Urban China, the top 6 in Australia, 4 out of the top 5 in Germany and the top 2 in Japan. And customer satisfaction for the iPhone remains very, very strong at 98%. And so we feel very good about how we performed in Q4. And certainly, the start of the -- of this generation would suggest that we're going to be constrained for a little while on the 14 Pro and 14 Pro Max. But we're working very hard to try to remedy that.

上個季度iPhone的強勁表現令我們非常滿意。在美國和英國，iPhone佔據了前四名中的三席；在中國城市地區，iPhone佔據了前三名；在澳大利亞，iPhone佔據了前六名；在德國，iPhone佔據了前五名中的四席；在日本，iPhone佔據了前兩名。 iPhone的用戶滿意度也高達98%，非常強勁。因此，我們對第四季度的業績感到非常滿意。當然，這一代iPhone的上市初期，iPhone 14 Pro和14 Pro Max的供應可能會受到一些限制。但我們正在努力解決這個問題。

And then, Luca, can you talk a bit about gross margin puts and takes? Just how we should think about -- I mean, 10 basis points of currency this coming quarter is, I don't want to say unprecedented, but maybe it is. So I know you have hedges, but how do we think about it flowing through? And then what other -- components seem to be very favorable. But what else should we sort of throw into the mix as we look forward?

盧卡，你能談談毛利率的買賣策略嗎？我們該如何看待——我的意思是，下個季度匯率波動10個基點，我不想說是史無前例，但也許確實如此。我知道你們有對沖措施，但我們該如何看待這種波動的影響？此外，還有哪些因素看起來非常有利？展望未來，我們還應該考慮哪些其他因素？

Yes. Well, let me start with gross margin in Q4 and then I'll get to Q1. It was a September quarter record for the company. We did 42.3%, and that is in spite of, as you mentioned, very significant negative FX in -- for example, for Q4, on a sequential basis, FX was negative 70 basis points and on a year-over-year basis was negative 170 basis points. Essentially every currency around the world has weakened against the dollar.

是的。那我先說說第四季的毛利率，然後再說第一季。該公司九月的季度毛利率創下了歷史新高，達到了42.3%。正如您所說，這還是在匯率波動非常嚴重的情況下取得的——例如，第四季度環比匯率波動造成了70個基點的負面影響，同比則造成了170個基點的負面影響。基本上，全球所有貨幣兌美元都出現了貶值。

Now we have guided Q1 to 42.5% to 43.5% in spite of the fact that we have, on a year-over-year basis, 330 basis points of negative exchange. Sequentially, it's 120 basis points unfavorable. So obviously, the strong dollar makes it difficult in a number of areas. Obviously, our pricing in emerging markets makes it difficult, and the translation of that revenue back into dollars is affected. But on the positive side, we are seeing commodities behave fairly favorably for us.

儘管我們年比面臨330個基點的匯率不利影響，但我們仍將第一季業績預期設定在42.5%至43.5%之間。環比來看，匯率不利影響為120個基點。顯然，強勢美元在許多方面都給我們帶來了挑戰。新興市場的定價顯然受到影響，收入折算成美元也受到影響。但正面的一面是，我們看到大宗商品價格走勢對我們相當有利。

And so we believe we can offset the foreign exchange -- the negative foreign exchange that we're seeing. And I think that the guidance that we provided reflects that. It takes into account, of course, FX. It takes into account some level of inflationary pressures. But I think the outcome is, I think, is a good one.

因此，我們相信能夠抵銷目前面臨的外匯負面影響。我認為我們提供的業績指引也反映了這一點。當然，其中也考慮到了外匯因素和一定程度的通膨壓力。但我認為最終結果會是正面的。

Our next question is coming from Erik Woodring with Morgan Stanley.

下一個問題來自摩根士丹利的艾瑞克‧伍德林。

I have 2 as well. Maybe if we could just start, Luca, we saw quite the divergence in iPad and Mac performance this quarter. Both were relatively constrained from a supply perspective. So maybe can you just elaborate on some of the most important factors that contributed to kind of the divergence in performance and whether after we get through the December quarter, those can reverse or normalize? And then I have a follow-up.

我也有兩個問題。盧卡，我們不妨先從這季iPad和Mac的業績表現差異說起。從供應角度來看，兩者都相對受限。所以，您能否詳細解釋一下導致這種業績差異的主要因素，以及在12月季度結束後，這些差異是否會逆轉或恢復正常？我還有一個後續問題。

Yes, Erik, it's Tim. I'll take your question. On -- if you look at the Mac, the Mac, it was the best quarter we've ever had in the history of the company. It was helped by the product launch of the MacBook Air with M2. It was helped that in the previous quarter, in the June quarter, if you remember, we lost output from the factory for a significant portion of the quarter. And so we had a backlog exiting our Q3 headed into Q4. We were able to satisfy all of that demand during Q4 and filled the channel for the Mac. And so that led to an incredible Mac quarter.

是的，Erik，我是Tim。我來回答你的問題。關於Mac——如果你看看Mac，你會發現這是我們公司史上業績最好的季度。這得歸功於搭載M2處理器的MacBook Air的發布。此外，如果你還記得的話，上個季度，也就是六月的那個季度，我們的工廠產能損失了相當一部分時間。因此，我們在第三季末到第四季初積壓了大量訂單。我們在第四季度滿足了所有這些需求，並填滿了Mac的銷售管道。所以，這造就了Mac一個令人矚目的季度業績。

If you look at iPad, iPad had sort of the opposite happening from a launch point of view. The comp from a year ago, we launched iPads in September. We launched iPads this year in October. The other point to remember is that the iPad Pro had just launched before the quarter started in the year-ago quarter so it was our first full quarter of iPad Pro. So it was an exceptionally strong iPad quarter a year ago and the launches were really key to that performance. And so that's the reason iPad contracted during this quarter.

如果你看看iPad，你會發現它的發布情況與去年正好相反。去年，我們在9月發布了iPad，而今年則是在10月。另一點要注意的是，去年iPad Pro是在本季開始前發布的，所以那才是iPad Pro的第一個完整銷售季度。因此，去年iPad的銷售表現異常強勁，新品發表是關鍵因素。而這正是iPad在本季銷售下滑的原因。

Okay, that's helpful. And then maybe, Luca, if I were just to ask you, obviously, Tejas at the beginning of the call talked about the 14-week quarter. Maybe can you just elaborate a little bit on how you think that 14-week quarter impacts different line items, whether it's products or certain segments within the product business or the Services stand-alone? Just where we should see that 14-week quarter provide a bit more of a tailwind versus maybe not have an impact at all? And that's it for me.

好的，這很有幫助。盧卡，如果我問你一個問題，很明顯，特哈斯在電話會議開始時提到了14週的季度。可以詳細解釋一下你認為這14週的季度會對不同的業務線產生什麼影響嗎？無論是產品、產品業務中的特定細分市場，還是獨立的服務業務？我們應該看到這14週的季度在哪些方面帶來更大的利好，還是完全沒有影響？我的問題就這些了。

In general, we have a few more days in the quarter that we're going to -- are going to affect both our revenues and our costs. Not every week is equal because obviously, we have certain peaks during the course of the quarter. Think about Black Friday or the Christmas holiday. But in general, we're adding a few days of sale and additional OpEx as well on the cost front. So that's what happens to us every approximately 6 years as we need to align our weekly calendar to the fiscal calendar.

總的來說，本季我們會有幾天時間，這些時間會對我們的收入和成本都產生影響。並非每週的情況都一樣，因為顯然，季度中會有一些銷售高峰，例如黑色星期五或聖誕節假期。但總的來說，我們會在銷售方面增加幾天，同時營運支出也會隨之增加。大約每六年，我們都會經歷一次這樣的調整，以便將每週的日程安排與財務日曆保持一致。

The next question is coming from Ben Bollin calling from Cleveland Research.

下一個問題來自克利夫蘭研究公司的本·博林。

Tim, I was hoping we could talk a little bit about Services pieces within the portfolio. It looks like there's been some price adjustments as of late with respect to Music, TV+ and the One bundle. I'm curious how you think about balancing the consumer price versus your own costs and kind of the associated follow-through. And then I have a follow-up.

提姆，我希望我們能聊聊產品組合中的服務部分。最近音樂、TV+ 和 One 套餐的價格似乎都做了一些調整。我很想知道你是如何平衡消費者價格和公司成本，以及後續的跟進工作。另外，我還有一個後續問題。

Yes. If you look at the price increase that you referenced, Ben, on Monday of this week, we announced a price increase on Apple Music and on Apple TV+ and then the corresponding Apple One, that is the consolidated bundle that includes both of those. On -- there's really 2 different situations here. With Music, the cost of licensing increased and so we are paying more for music. The good thing about that is the artist will also get more money for their songs that are enjoyed on streaming. And so there's some bit of good news there, I suppose.

是的。本，如果你看看你提到的價格上漲，我們本週一宣布了 Apple Music、Apple TV+ 以及包含這兩項服務的 Apple One 的漲價。這裡其實有兩種不同的情況。音樂方面，授權成本增加了，所以我們要為音樂支付更多費用。好處是，藝術家們也能從他們的歌曲在串流平台上的播放量中獲得更多。所以，這算是個好消息吧。

And then on Apple TV+, if you look at when we first priced it, we only had a very few shows. We were at the beginning. We are very focused on originals only, and so we had 4 or 5 shows or so in the beginning and priced it quite low. We now have a lot more content and are coming out on -- with more each and every month. And so we've increased the price to represent the value of the service. And of course, Apple One is just the consolidation of those 2 price changes.

至於 Apple TV+，如果你回顧我們最初的定價，你會發現當時我們只有寥寥幾部劇集。那時我們還處於起步階段，專注於原創內容，所以一開始只有四、五部劇集，定價也相當低。現在我們擁有了更多內容，而且每個月都會推出更多新劇。因此，我們提高了價格，以反映這項服務的價值。當然，Apple One 正是這兩個價格調整的整合。

Okay. And then another item. Any preliminary thoughts around capital intensity into fiscal '23? Last couple of years, CapEx has been relatively stable. Can you talk to the big constituents of the CapEx figure and maybe any moving pieces and how we could think about that to '23?

好的。還有一個問題。您對2023財年的資本密集度有什麼初步看法嗎？過去幾年，資本支出相對穩定。您能否談談資本支出的主要構成要素，以及可能的變化因素，並探討我們如何看待2023年的情況？

Yes, Ben. So when we look at our CapEx, as you correctly said, I mean, we've been fairly stable, and I think our capital intensity is really very good. We have 3 major buckets in CapEx for the company. We have certain dedicated tools for the manufacturing facilities. We had some spend around data centers, and we have spend around our office facilities around the world. We obviously monitor all of them. There is nothing unusual that we see for the next 12 months.

是的，本。正如你所說，我們審視一下資本支出，一直都相當穩定，我認為我們的資本密集度非常高。公司資本支出主要分為三大類：用於製造工廠的專用設備；資料中心方面的支出；以及全球辦公設施方面的支出。我們當然會密切關注所有這些支出。未來12個月內，我們預計不會有任何異常情況。

Our next question is coming from Kyle McNealy calling from Jefferies.

下一個問題來自傑富瑞集團的凱爾·麥克尼利。

Just wanted to see if you could give us a sense for what drove the Wearables result and the strength there this quarter. Was it from the maybe strong iPhone attach rates or the new products that you have available that were announced this quarter? Or maybe you're still getting some benefit from customers that are more willing to come into the store now and try things on versus the pandemic when that was kind of shut down?

我想了解是什麼因素推動了穿戴式裝置業務在本季的強勁成長。是得益於iPhone的強勁銷售率，還是本季發布的新產品？又或者，是因為疫情期間門市關閉，現在顧客更願意到店試戴產品，因而帶動了業績成長？

Yes. Kyle, it's Tim. The -- if you look at Wearables, we grew 10%, which we were very happy with. If you look at the individual pieces of that, Apple Watch was a contributor. And in particular, the new lineup was a contributor, including the Apple Watch Ultra and the Apple Watch Series 8 and the SE. The Ultra is -- was supply constrained and continues to be supply constrained during this quarter, thus far. And so we're working hard to satisfy the demand there and get those products to customers.

是的，Kyle，我是Tim。穿戴式裝置方面，我們成長了10%，我們對此非常滿意。具體來看，Apple Watch是成長的重要貢獻者。特別是新款產品線，包括Apple Watch Ultra、Apple Watch Series 8和SE。 Ultra的供應一直受限，而且在本季至今仍然如此。因此，我們正在努力滿足市場需求，並盡快將這些產品送到客戶手中。

We also announced and launched the AirPods Pro in September. And the reviews for the product have just been off the charts in terms of the noise cancellation features and the sound quality. We're getting great, great reviews from there. In terms of what played the other way, the headwinds, obviously, FX was a headwind that affected Wearables, Home and Accessories, just like it affected the rest of our products and services. And we also had effect from the business in Russia, obviously, or the impact there. So that's sort of the pro and the con.

我們在九月也發布並推出了 AirPods Pro。這款產品的評價簡直好到爆，尤其是在降噪功能和音質方面。我們收到了大量好評。另一方面，不利因素顯而易見，FX 事件對我們穿戴式裝置、家居和配件業務造成了衝擊，就像它對我們其他產品和服務一樣。此外，我們在俄羅斯的業務也受到了影響。這就是利弊權衡。

The other thing that I should mention is that about 2/3 of the Apple Watches that we sold were to customers that had not previously owned an Apple Watch. And so the -- we're still very much selling to new customers here, which is very, very good for the future.

我還想提一下，我們賣出的Apple Watch中，大約有三分之二是賣給了之前從未擁有過Apple Watch的顧客。所以，我們仍然在積極拓展新客戶，這對未來發展非常有利。

Okay, great. One more quick one on Mac. I wanted to see if you could quantify at all how much the channel fill and how much came from satisfying back orders from the June period for Mac. We're just trying to get a sense for where the baseline is, if there's any sense you can give us on that. What would it have grown if not for those factors? Anything you can give us would be great.

好的，太好了。關於Mac，我還有一個小問題。我想請您量化一下通路填充率，以及其中有多少來自滿足六月Mac的積壓訂單。我們只是想了解基準線在哪裡，如果您能提供一些相關資訊就太好了。如果沒有這些因素，成長幅度會是多少？任何信息都非常感謝。

Yes. I would just say that all 3 of the reasons that I gave were key in achieving the 25%. The M2 MacBook Air, the launch of the new product, the satisfying the back orders from the previous quarter and then filling the channel, all of those were key contributors.

是的。我想說，我提到的所有三個原因都是實現25%成長的關鍵。 M2 MacBook Air、新產品的發布、滿足上一季的積壓訂單並填補通路缺貨，所有這些都是重要的促成因素。

The next question is coming from Mr. Jim Suva calling from Citigroup.

下一個問題來自花旗集團的吉姆·蘇瓦先生。

It's great to see that you talked about your suppliers going carbon-neutral, something -- a small statement I really took to heart. My question is on the Services. Could it possibly be impacted more by FX than product, meaning the Jim Suva family has Apple One and TV+ and all that, and we pay typically on annual, but then when we go into the store to buy new Watches and iPad, the price is adjusted more quickly.

很高興看到您談到供應商實現碳中和，這雖然只是個小小的舉措，但我卻銘記於心。我的問題是關於服務方面的。服務受匯率波動的影響是否可能比產品本身更大？例如，像吉姆蘇瓦一家這樣的家庭用戶訂閱了 Apple One 和 Apple TV+ 等服務，我們通常按年付費，但當我們去商店購買新款 Apple Watch 和 iPad 時，價格調整的速度卻更快。

So could it be that Services growth was impacted a little bit more by FX and down the road, we could see growth reaccelerate? Or am I just reading too much into the FX impact that could be different from Services versus product?

所以，服務業的成長是否可能受匯率波動的影響更大，而未來我們可能會看到成長再次加速？或者我對匯率波動的影響解讀程度了，匯率波動對服務業和產品業的影響可能不同？

Jim, it's Luca. No, you're right. Obviously, the FX impact on our business depends on the geographic mix of the sales that we do. And so yes, it can be -- services and products can have slightly different effects on foreign exchange. And so if we look at our Services business in constant currency, we would have grown double digits. And so we're very pleased with that.

吉姆，我是盧卡。沒錯，你說得對。顯然，外匯對我們業務的影響取決於我們銷售的地域組成。所以，服務和產品對匯率的影響確實可能略有不同。如果我們以固定匯率計算來看我們的服務業務，我們會發現它實現了兩位數的成長。對此我們非常滿意。

As I mentioned, there were some areas that we could see some softness in digital advertising. Of course, you know that part, and gaming on the App Store was affected. But we were very happy with what we saw in terms of the behavior of our customers with the engagement with Services. And I mentioned a number of things during the prepared remarks. The fact that, obviously, that installed base is growing, that's a positive and it's a great foundation for the future.

正如我之前提到的，我們在數位廣告領域確實看到了一些疲軟的跡象。當然，您也知道這一點，App Store上的遊戲業務也受到了影響。但我們對客戶在使用我們服務方面的表現非常滿意。我在事先準備好的發言稿中也提到了一些內容。顯然，用戶基數正在成長，這是一個正面的訊號，也為未來奠定了良好的基礎。

We are seeing more transacting accounts and more paid accounts. They're both growing double digits. Paid accounts are growing faster than transacting accounts, so the penetration of paid accounts is increasing. We have a great subscription business, 900 million paid subs now on the platform and growing very fast. We doubled in 3 years. So when we look at all those dynamics, that's the part that is really interesting to us because we really believe that the engine for Services growth is there and foreign exchange is a temporary thing and -- but the fundamentals are very good.

我們看到交易帳戶和付費帳戶的數量都在增長，而且兩者都實現了兩位數的增長。付費帳戶的成長速度超過了交易帳戶，因此付費帳戶的滲透率正在不斷提高。我們的訂閱業務非常出色，目前平台上的付費用戶已達9億，並且還在快速成長。我們在短短三年內就實現了翻倍。因此，當我們審視所有這些動態時，這才是真正讓我們感興趣的部分，因為我們堅信服務業務的成長引擎依然存在，外匯波動只是暫時的，基本面依然非常強勁。

Congratulations to your teams.

祝賀你們的團隊。

The next question is coming from Amit Daryanani from Evercore.

下一個問題來自 Evercore 公司的 Amit Daryanani。

I have 2 as well. The first one really is around the iPhone trajectory. There's been a fair amount of focus in terms of what's going to happen to iPhone demand, given the macro worries. It would be really helpful to understand though, given the strength you're seeing, where do you think channel inventory is for iPhones today versus where it would be from a historical perspective? And do you see the channel getting to an optimal level by end of December quarter? Because evenly right now given the lead time data, it looks like your revenue trajectory in iPhones is more driven by the supply you have versus demand. So any color on the channel inventory would be helpful.

我也有兩個問題。第一個問題主要圍繞在iPhone的銷售軌跡。鑑於宏觀經濟的擔憂，大家對iPhone的需求走向給予了相當多的關注。鑑於目前iPhone的強勁銷售勢頭，如果您能了解一下您認為iPhone目前的通路庫存水準與歷史水準相比如何，那就非常有幫助了。您認為渠道庫存水準能在12月底達到最佳狀態嗎？因為就目前的交貨週期數據來看，iPhone的收入成長似乎更多是受到供應而非需求的驅動。所以，任何關於渠道庫存的資訊都將對我們大有幫助。

Yes. If you look at where we ended, Amit, in the September quarter, we exited below our target inventory range on iPhone. And that's -- that in and of itself is not too unusual in the quarter. We start the ramp and demand is robust and so forth. And so I wouldn't call it that abnormal from the past.

是的。阿米特，如果你看看我們九月季度的收官情況，你會發現我們的iPhone庫存低於目標範圍。這本身在這個季度並不算太異常。我們開始產能爬坡，需求也很強勁等等。所以，我不會說這和以往的情況有什麼不同。

Got it. And then I guess, Tim, you folks have been talking about digital advertising a fair bit over the last few quarters, I think. Is there any metrics, any vectors you can talk about kind of to give us a sense of how big those businesses or what vectors are you focused on? And really, if you could talk about, do you think Apple can build an advertising business at scale without sacrificing consumer privacy?

明白了。提姆，我想你們最近幾季一直在談論數位廣告。有沒有什麼指標或方向可以讓我們了解這些業務的規模，或是你們專注的重點是什麼？還有，你覺得蘋果能否在不犧牲消費者隱私的前提下，大規模地建立起廣告業務？

So our -- first and foremost, we focus on privacy and so we would not do anything that stepped away from that. We feel that privacy is a basic fundamental human right, and so that's sort of the lens that we look at it under. Our specific advertising business is not large and -- relative to others and so forth. But we don't release the exact numbers on it, but it's clearly not large.

所以，首先，我們非常重視隱私，絕對不會做任何有悖於此的事情。我們認為隱私是一項基本人權，這也是我們看待這個問題的起點。我們的廣告業務規模並不大，與其他公司相比也是如此。我們不會公佈具體數字，但顯然規模不大。

We'll now move on to Mr. Harsh Kumar calling from Piper Sandler.

接下來，我們將接聽來自 Piper Sandler 公司的 Harsh Kumar 先生的來電。

First of all, fellows, congratulations on stellar performance. There's a lot of large-cap companies that are getting ripped around, so we appreciate the steady cadence here. Tim, I wanted to ask you about inflation pressures and labor problems here in the U.S. and globally. And maybe talk about what steps can Apple take to mitigate those. And maybe Luca, on that end, FX is becoming a pretty significant headwind. I was curious what, if at all, if there's anything that can be done to mitigate that.

首先，各位，恭喜你們取得如此優異的成績。很多大型公司都遭受重創，所以我們很欣賞你們穩健的業績。提姆，我想問你關於美國乃至全球的通膨壓力和勞動力問題。或許可以談談蘋果可以採取哪些措施來緩解這些問題。盧卡，外匯波動正成為相當大的不利因素。我想知道是否有任何措施可以緩解這個問題。

I'll let Luca talk about FX. In terms of the people piece, we're focused on taking care of our teams and offering them the best benefits and best compensation so that we can empower them to do the best work of their lives. And so that's what we're focused on in terms of our teams.

我請盧卡來談談FX的事情。就人員方面而言，我們專注於關懷團隊成員，為他們提供最好的福利和薪酬，從而讓他們能夠發揮出職業生涯中最出色的水平。這就是我們在團隊建立方面關注的重點。

In terms of inflation, there's clearly wage inflation. There's inflation related to logistics as well. If you compare it to pre-pandemic kind of levels, that has not returned to pre-pandemic levels by any means. And there's certain silicon components that are -- have inflationary pressure as well. And so that's not an all-inclusive list of where we see it, but it gives you some ingredients of where we see inflation pressure. We've obviously taken that into consideration in the gross margin guidance that Luca gave earlier in the call.

就通膨而言，薪資通膨顯而易見。物流相關的通膨也不容忽視。如果與疫情前的水準相比，目前的通膨水準遠未恢復到疫情前的水準。此外，某些矽元件也面臨通膨壓力。以上並非我們認為通膨壓力來源的全部，但確實涵蓋了部分因素。顯然，我們在盧卡之前給出的毛利率預期中已經考慮到了這一點。

Yes. And on foreign exchange, you're right. I mean it's obviously a very significant factor that is affecting our results, both revenue and gross margin. What do we do about situation like this, one where we have a very strong dollar? Of course, we hedge our exposures. We try to hedge them in as many places as possible around the world. For example, I think we've been probably the first company that started hedging our exposure in China several years ago.

是的。關於外匯，您說得對。這顯然是影響我們業績（包括營收和毛利率）的重要因素。面對美元強勢這種局面，我們該如何應對？當然，我們會進行對沖。我們盡可能在全球範圍內進行對沖。例如，我認為我們可能是幾年前就開始對沖中國外匯風險的公司之一。

There may be a few currency, small ones, where we don't hedge because the cost is prohibitive or the market is not there. But in general, we tend to hedge because it gives us significant level of margin stability. Obviously, over time, that protection reduces because the hedges roll over and we need to buy new contracts. But that's the primary tool that we use to offset some of the FX pressure.

可能有些貨幣，尤其是小額貨幣，我們不做對沖，因為成本太高或市場行情不佳。但總的來說，我們傾向於做對沖，因為它能顯著提高我們的保證金穩定性。當然，隨著時間的推移，這種保護作用會減弱，因為對沖合約會到期，我們需要購買新的合約。但這仍然是我們用來抵銷部分外匯壓力的主要工具。

Of course, when we launch new products, in particular, we look at the FX situation. And in some cases, for example, customers in international markets had to -- they saw some price increases when we launched the new products, which is not something that, for example, U.S. customers have seen. And that's unfortunately the situation that we're in right now with the strong dollar. So that's the way we try to deal with that.

當然，尤其是在推出新產品時，我們會密切注意匯率狀況。例如，在某些情況下，國際市場的客戶在新產品上市時會遇到價格上漲，而美國客戶則不會遇到這種情況。不幸的是，目前美元走強，我們正面臨這樣的局面。這就是我們應對這種情況的方式。

I have to say that one of the things that we've really appreciated the most during the quarter was the fact that in spite of this very strong dollar and the difficult FX environment, we have seen very strong performance in many international markets, particularly some very large emerging markets where even in reported currencies, so in U.S. dollars, we're seeing very strong double-digit growth in places like India, Indonesia, Mexico, Vietnam, many places where we've done incredibly well. And obviously, in local currency, those growth rates are even higher.

我必須說，本季最令我們欣慰的一點是，儘管美元強勢，外匯市場環境艱難，但我們在許多國際市場，尤其是一些大型新興市場，都取得了非常強勁的業績。即使以報告貨幣（即美元）計價，我們在印度、印尼、墨西哥、越南等許多市場也實現了兩位數的強勁增長，表現非常出色。顯然，以當地貨幣計價，這些成長率甚至更高。

It's important for us to look at how these markets perform in local currency because it really gives us a good sense for the customer response to our products, the engagement with our ecosystem and in general, the strength of the brand. And I have to say, in that respect, we feel very, very good about the progress that we're making in a lot of markets around the world.

對我們來說，觀察這些市場以當地貨幣計價的表現至關重要，因為這能讓我們更了解顧客對我們產品的反應、他們與我們生態系統的互動情況，以及品牌的整體實力。我必須說，在這方面，我們對在全球許多市場的進展感到非常滿意。

And Luca, I had a follow-up. Luca, in your prepared remarks for the guidance, you mentioned that for the December quarter, you expect the performance to decelerate relative to September. So September was a year-over-year about, call it, 8%. Should I think that, that 8% number will go down on a year-over-year basis as we look at December? Maybe you could provide some color on what you're thinking. And are we still looking -- are we looking at a positive number? Or are we thinking maybe that the growth rate will be negative on a year-over-year basis?

盧卡，我有個後續問題。盧卡，你在為業績指引準備的發言稿中提到，你預計12月季度的業績將比9月放緩。 9月的年成長率大約是8%。我是否可以認為，12月的年成長率會進一步下降？能詳細解釋一下你的想法嗎？我們還能期待一個正成長嗎？還是說，我們預期年比成長率會是負成長？

What we said is that we're going to be decelerating from September, so September was 8% so it's going to be a lower percentage than 8%. We're not providing guidance for the reasons that we've explained. There's a lot of uncertainty there. And so we see how the quarter progresses. Keep in mind the 10 points of exchange. Certainly, in normal times, we will be talking about very different numbers, but that's where we are right now.

我們之前說過，成長率將從9月開始放緩，9月的成長速度是8%，所以成長速度會低於8%。由於我們已經解釋過的原因，我們不提供業績指引。目前存在許多不確定因素。所以我們會觀察本季的發展。請記住匯率有10個百分點的波動。當然，在正常情況下，我們討論的數字會大不相同，但這就是我們目前的狀況。

Next question is coming from Krish Sankar calling from Cowen & Company.

下一個問題來自 Cowen & Company 的 Krish Sankar。

I have 2 of them. First one, either for Tim or Luca, on cash and capital allocation. Given there's some correction and valuation for some of the private and public companies, does it change your thought process on the time line to get to cash-neutral? In other words, would you be more aggressive with acquisitions? Or you think holding on to more cash due to interest income becomes more attractive versus your prior investment goals? And then I have a quick follow-up.

我有兩個問題。第一個問題，是問提姆還是盧卡，關於現金和資本配置。鑑於一些私人和上市公司的估值有所調整，這是否會改變您實現現金中性目標的計劃？換句話說，您會更積極地進行收購嗎？還是您認為，相較於先前的投資目標，持有更多現金以獲得利息收入更具吸引力？最後，我還有一個後續問題。

This is Tim. In terms of acquisitions, we averaged about 1 per month, I believe, in across fiscal year '22. And so we're constantly looking in the market and what's out there and what things would be synergistic, and which things would provide either intellectual property or talent or preferably both that we would need. And so we're constantly looking at acquisitions of all sizes.

我是提姆。就收購而言，我相信在2022財年，我們平均每月完成一筆收購。因此，我們一直在關注市場動態，尋找合適的收購目標，以及哪些收購能夠產生協同效應，哪些收購能夠提供我們所需的智慧財產權或人才，或最好是兩者兼具。所以，我們一直在關注各種規模的收購機會。

In terms of cash deployment, obviously, we like to look at the capital return program over the long arc of time. And we have done, since the beginning of the program, we've done over $550 billion of buyback at an average repurchase price of $47. So the program has been incredibly successful. We are still in a position where we have net cash, and we said all along, we want to get to cash-neutral at some point. Our cash generation has been very, very strong over the years, particularly last year. I think I mentioned in the prepared remarks, we did $111 billion of free cash flow. That's up 20% year-over-year. And so we will put that capital to use for investors.

就現金配置而言，我們顯然更傾向於從長遠角度看待資本回報計畫。自計畫啟動以來，我們已完成超過5,500億美元的股票回購，平均回購價格為每股47美元。因此，該計劃取得了巨大的成功。我們目前仍持有淨現金，並且我們一直表示，希望最終能實現現金中立。多年來，我們的現金流一直非常強勁，尤其是在去年。我想我在事先準備好的演講稿中提到過，我們實現了1,110億美元的自由現金流，比去年同期成長20%。因此，我們將利用這些資金為投資者創造價值。

Got it, got it. Very helpful, Tim and Luca. And then a quick follow-up for Luca on the December guidance. Thanks for the color on that. I'm just kind of curious, the extra week in the quarter, is that not helping offset some of the FX? Or in other words, the 10 percentage point negative impact from FX will be much higher if that's a 13-week quarter?

明白了，明白了。 Tim 和 Luca 的幫助非常大。接下來我想快速問一下 Luca 關於 12 月業績指引的問題。謝謝你的詳細解釋。我有點好奇，季度中多出的一周，是不是可以抵銷一部分匯率波動的影響？或者換句話說，如果季度是 13 週，匯率波動帶來的 10 個百分點的負面影響會不會更大？

No, I wouldn't say that because those are percentages. So yes, no, the 10 points wouldn't be different. 13 or 14 weeks would be the same.

不，我不會這麼說，因為那些是百分比。所以，是的，10分不會有什麼不同。 13週或14周也是一樣的。

Thank you, Krish. 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 number for the telephone replay is (866) 583-1035. Please enter confirmation code 7086300 followed by the pound sign. These replays will be available by approximately 5:00 p.m. Pacific Time today. 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.

謝謝Krish。今天電話會議的錄音將在Apple Podcasts上提供兩週的回放，您也可以造訪apple.com/investor網站收聽網路直播，或撥打電話收聽。電話回放號碼是(866) 583-1035。請輸入確認碼7086300，然後按井號(#)鍵。重播將於太平洋時間今天下午5點左右上線。媒體如有其他問題，請洽Josh Rosenstock，電話是(408) 862-1142。金融分析師如有其他問題，請聯絡我，電話是(669) 227-2402。再次感謝您的參與。

Once again, this concludes today's conference. We do appreciate your participation.

今天的會議到此結束。感謝各位的參與。