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.

美好的一天，歡迎參加 Apple 2022 財年第四季度財報電話會議。供您參考，今天的電話正在錄音中。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。

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。在將電話轉給 Tim 之前，我想提醒您，大約每 6 年一次，我們會在 12 月季度增加一周，以重新調整我們的會計期間與 12 月日曆。因此，這個 12 月季度將跨越 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，您在我們今天的討論中聽到的一些信息將包括前瞻性陳述，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. I'd now like to turn the call over to Tim for introductory remarks.

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。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 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.

謝謝你，光輝。大家下午好，感謝您今天加入電話會議。在過去的一年裡，儘管世界面臨著一系列挑戰，但我們的團隊以令人難以置信的方式齊心協力，推動無與倫比的創新，並一次又一次地為我們的客戶提供服務。

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.

對於 9 月季度，我們報告了創紀錄的 901 億美元收入，儘管外匯逆風強於預期，但仍好於我們的預期。我們創造了 Mac 的歷史收入記錄和 iPhone 和可穿戴設備、家居和配件的 9 月季度記錄。服務也創下了 9 月份的季度記錄，收入為 192 億美元，付費訂閱量超過 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 上的升級者季度記錄和切換器的兩位數增長，我們的有源設備安裝基數再創紀錄。在幾乎每個地理區域，我們都創下了本季度的新收入記錄。我們繼續在新興市場表現出色，在印度、東南亞和拉丁美洲實現兩位數的強勁增長。

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.

我也很高興地報告，在本季度，與硅相關的供應限制並不嚴重。我想承認，我們仍然生活在前所未有的時代。從東歐的戰爭到 COVID-19 的持續存在，從世界各地的氣候災難到日益艱難的經濟環境，很多人和很多地方都在苦苦掙扎。通過這一切，我們的目標是幫助我們的客戶應對挑戰，同時為他們提供工具來推動他們自己和他們的社區取得進步。

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 Apple，創造力和協作一直是我們的核心。這種獨創性和團隊合作精神幫助我們在今年為客戶提供了令人難以置信的創新，並創造了另一個年度收入記錄。 2022 財年，蘋果實現收入 3940 億美元，年增長率為 8%。我們在 iPhone、Mac、可穿戴設備、家居和配件和服務方面創造了記錄，同時在新興市場實現了兩位數的增長，並在我們追踪的絕大多數市場中創造了記錄。

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.

客戶喜歡我們的 iPhone 14 系列。 iPhone 配備了可提供更清晰照片的相機升級、可提供更流暢視頻的動作模式以及新的安全功能，例如碰撞檢測和通過衛星發送的緊急 SOS，iPhone 在我們的日常生活中變得更加不可或缺。 iPhone 14 和 iPhone 14 Plus 配備全新的雙攝像頭系統、行業領先的耐用性、驚人的功率和驚人的電池續航時間。我們的 iPhone 14 Pro 機型包含更多突破性的創新，包括新的攝像頭系統、常亮顯示屏和動態島，它提供了與 iPhone 交互的全新方式。

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，我們最先進的 iPad 和 iPad Pro 登陸了商店。憑藉其全屏設計、先進的攝像頭和更快的無線連接，第 10 代 iPad 的外觀和性能比以往任何時候都更好。對於創意人士來說，iPad Pro 現在由速度極快的 M2 芯片加速，是創造驚人成果的完美設備。

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.

自從今年夏天我們最新的 MacBook Air 和 MacBook Pro 上市以來，我們的 Mac 客戶就已經對 M2 的強大功能贊不絕口。它們令人難以置信的超長電池續航時間、令人驚嘆的豐富顯示效果和閃電般的速度是 Mac 體驗的標誌性部分，並幫助 Mac 在 9 月季度創下了創紀錄的收入。

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.

在可穿戴設備、家居和配飾領域，創新浪潮推動 9 月季度的收入同比增長 10%。 Apple Watch Series 8 中的新功能，包括溫度感應功能、回顧性排卵估計和碰撞檢測，有助於讓客戶更健康、更安全。更新後的 Apple Watch SE 是用戶開啟 Apple Watch 旅程的絕佳方式，以全新的低價提供高級功能。

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 是有史以來最大、最明亮、最大膽的 Apple Watch，它突破了智能手錶的功能界限。 Apple Watch Ultra 融合了先進的導航工具和全新的 Oceanic+ 應用程序（將其變成潛水電腦）等創新，為運動員和陸地和海上冒險提供了一些東西。

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 芯片的第二代 AirPods Pro 因其提供無與倫比的無線耳塞音頻體驗而獲得好評如潮，同時消除的噪音是上一代機型的兩倍。沒有比 Apple Music 更適合探索 AirPods Pro 豐富的空間音頻功能的地方了，Apple Music 是世界上最大的音樂目錄，現在擁有超過 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.

沒有其他公司能夠將一流的硬件與尖端的軟件和服務融合在一起，從而創造出真正集成和無縫的體驗。在 iOS 16 中，我們通過可自定義的鎖屏和焦點過濾器為客戶提供了更多個性化 iPhone 的方式。 Messages 和 Mail 中的新功能使用戶能夠以前所未有的方式進行連接和協作。 iPadOS 16 和 MacOS Ventura 中的 Stage Manager 通過更流暢的多任務處理幫助用戶保持更高的工作效率。 watchOS 9 通過更新 Sleep 應用程序、一項新的 FDA 批准的 AFib 歷史功能和新的藥物應用程序，使客戶能夠過上更健康的一天。

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.

在我們的服務中，我們繼續看到訂閱者的熱情和強烈的參與。諸如 Severance、Bad Sisters 和 Black Bird 等 Apple TV+ 熱門歌曲已登上全球屏幕的中心舞台。本賽季棒球迷們都被粘在座位上觀看周五晚上的棒球比賽。與此同時，Apple TV+ 的作品繼續贏得讚譽。在 9 月舉行的第 74 屆黃金時段艾美獎頒獎典禮上，Apple 帶回了 9 座雕像，其中包括 Ted Lasso 連續第二次獲得最佳喜劇系列獎。很快，當全新的 Apple TV 4K 下週上市時，我們將為觀眾提供更好的娛樂體驗。

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.

我們還向 21 個國家/地區的 iPhone 用戶（包括沒有 Apple Watch 的用戶）提供了超過 3,000 種工作室式鍛煉和冥想的整個庫，從而將 Fitness+ 帶給更多的客戶。這些更新正好趕上一個新的藝術家聚焦系列，其中包含泰勒斯威夫特音樂的鍛煉和一個新的鍛煉計劃，每個跑步者的瑜伽，由世界頂級超級馬拉松運動員之一斯科特尤雷克 (Scott Jurek) 提供和設計。

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.

雖然 Fitness+ 可以幫助訂閱者保持活躍，但 Apple Card 的設計考慮了我們客戶的財務狀況。 Apple Card 連續第二年在 J.D. Power 的中型信用卡發卡機構客戶滿意度中排名最高。我們用戶最喜歡的 Apple Card 福利隨著即將添加的新高收益儲蓄賬戶的推出而變得更加出色，以幫助他們節省和增加每日現金獎勵。

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.

轉向零售。上個月，我們的團隊成員歡迎顧客來到韓國全新的 Apple Jamsil。直到今天，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、多元化的創意人士追求他們的激情並與當地導師建立聯繫。我們的零售團隊做了出色的工作，幫助客戶探索我們的最新產品和功能。隨著我們的產品陣容即將迎來假期，我想對我們的零售、AppleCare 和渠道團隊為支持客戶所做的工作表示感謝。

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 Apple，我們為能夠幫助客戶提高工作效率、保持健康、保持安全並釋放他們的創造潛力而感到自豪。我們也明白我們對我們所服務的社區負有重要責任。這就是我們繼續投資於教育、種族平等和正義以及環境的原因。我們正在朝著更具包容性和多元化的勞動力隊伍邁進。

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.

通過我們的社區教育計劃，我們與 150 多個合作夥伴合作，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一起支持美國各地的編碼學院，從納什維爾的 Codecademy 到 One Summer Chicago，再到隔壁的聖何塞女孩 Coding 5K 訓練營。

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.

我們還首次將我們的種族平等和正義倡議擴展到英國。除了南岸中心，我們還幫助有抱負的創意者發展自己的聲音，並為長期的職業生涯定位。

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，我們迎來了一批新的黑人、拉丁裔和土著企業家加入 Apple 的第二個 Impact Accelerator。這組創新者專注於使用綠色技術來減輕氣候變化的影響並為受其影響最嚴重的社區提供服務。

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 Apple，我們非常關心為子孫後代保護地球。為此，為了支持我們的 2030 年環境目標，我們已要求所有供應商在本世紀末之前在其與 Apple 相關的整個足跡中實現碳中和。我們還根據我們在自己的全球運營中實現淨零碳排放的經驗，為他們提供資源。

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.

在我們的整個產品系列中，我們還繼續通過回收利用來採購更多材料，同時減少從地球上獲取的材料。每部 iPhone 14 的所有磁鐵都採用 100% 回收的稀土元素製成，包括 MagSafe 中使用的那些。在 Apple Watch 和 iPad 上，我們首次在我們最新設備的多塊印刷電路板上使用回收黃金。在我們努力減少硬件佔用空間的同時，我們正在通過即將發布的 iPhone 清潔能源充電功能對我們的軟件進行更改，使其更加環保。

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 年目標反映了我們對 Apple 未來的不懈關注。隨著舊挑戰的發展和新的挑戰的出現，世界仍然無法預測。保持不變的是我們團隊創造出色產品、服務和體驗的能力，同時成為世界上的一股造福力量。無論新的一年面臨什麼樣的挑戰，我們都會一如既往地向前邁進，進行長期投資，為我們的客戶提供令人難以置信的創新，只有 Apple 才能做到。現在我將把它交給盧卡，了解更多關於我們表演的細節。

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。儘管宏觀經濟環境充滿挑戰和動盪，但我們非常高興地報告了 9 月季度創紀錄的財務業績，這為 Apple 又一個創紀錄的財年畫上了句號。儘管受到超過 600 個基點的負面外匯影響，我們在 9 月份的季度收入達到了 901 億美元，同比增長 8%，在美洲、歐洲、大中華區和亞太地區其他地區創下了新的 9 月份季度記錄。重要的是，以固定匯率計算，我們在每個地理區域都取得了不錯的增長，在美國以外實現了兩位數的強勁增長。

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.

產品收入為 710 億美元，比去年增長 9%，儘管存在外匯逆風和 9 月季度的創紀錄。這是 iPhone 和可穿戴設備、家居和配件的 9 月季度收入記錄，以及 Mac 的歷史收入記錄。總體而言，我們的有源設備安裝基數繼續良好增長。由於極強的客戶滿意度和忠誠度以及大量不熟悉我們產品的客戶，其在本季度末的所有主要產品類別和地理區域都達到了歷史新高。

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.

儘管外彙的負面影響超過 600 個基點，我們的服務在 9 月季度創下 192 億美元的收入記錄，比一年前增長 5%。我們在美洲、歐洲、大中華區和亞太地區其他地區以及許多服務類別達到了 9 月季度的收入記錄，包括雲服務和支付服務的歷史收入記錄。

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.

公司毛利率為 9 月季度創紀錄的 42.3%。由於不利的外彙和不同的組合，它比上一季度下降了 100 個基點，部分被槓桿抵消。產品毛利率為 34.6%，環比上升 10 個基點，槓桿改善和有利組合部分被外匯抵消。服務毛利率為 70.5%，環比下降 100 個基點，主要受外匯影響。 207 億美元的淨收入、1.29 美元的攤薄後每股收益和 241 億美元的經營現金流都是 9 月份的季度記錄。

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.

現在讓我更詳細地了解我們的每個收入類別。儘管存在重大外匯逆風，但 iPhone 收入同比增長 10% 至 9 月季度創紀錄的 426 億美元。我們在我們追踪的絕大多數市場創造了 9 月季度記錄，我們在幾個大型新興市場的表現尤其令人印象深刻，印度創下了新的歷史收入記錄，泰國、越南、印度尼西亞和墨西哥同比增長了一倍以上-年。

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 陣容，我們創造了升級者的季度記錄，並且切換器增長了兩位數。這種水平的銷售業績，以及無與倫比的客戶忠誠度，推動 iPhone 的活躍安裝基礎在所有地理區域創下歷史新高。 451 Research 對美國消費者的最新調查顯示，iPhone 的客戶滿意度為 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，這是一個很棒的季度。儘管存在重大的外匯逆風，我們仍實現了 115 億美元的歷史收入記錄，同比增長 25%。有 3 個關鍵項目有助於推動這一績效。首先，我們受益於搭載 M2 芯片的新款 MacBook Air 和 MacBook Pro 的推出。其次，我們能夠滿足因 6 月季度面臨的重大供應限製而被壓抑的需求。第三，隨著我們供應狀況的改善，我們能夠填補渠道。重要的是，我們對該類別的投資吸引了升級者和 Mac 新客戶，並幫助我們的安裝基數達到了歷史最高水平。事實上，我們為升級者創造了季度記錄，而在本季度購買 Mac 的客戶中有近一半是新設備。

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 收入為 72 億美元，同比下降 13%，原因是外匯顯著負增長以及一年前推出新 iPad 帶來的挑戰。儘管如此，由於令人難以置信的客戶忠誠度和大量新客戶，iPad 的安裝基數達到了歷史新高。事實上，在本季度購買 iPad 的客戶中，有超過一半是該產品的新手。

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.

在 Apple Watch 和新款 AirPods Pro 推出的推動下，可穿戴設備、家居和配件收入為 97 億美元，同比增長 10%。這種安全性能水平以及非常強勁的新費率使我們在該類別中的設備安裝基數創下了新的歷史記錄。例如，在本季度購買 Apple Watch 的客戶中有 2/3 是該產品的新手。

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.

轉向服務。正如我所提到的，儘管外匯逆風很大，但我們在大多數地區創造了 9 月份的季度總收入記錄，創造了 192 億美元的收入。重要的是要記住，我們在服務領域實現了兩位數的恆定貨幣增長，而一年前的第二季度增長了 26%。然而，某些服務受到宏觀經濟逆風的影響，包括外匯。數字廣告和遊戲是我們看到一些軟弱的領域。

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.

在整個季度中，我們繼續觀察到幾個趨勢，這些趨勢反映了我們生態系統的實力和我們在該類別中的長期機會。首先，我們在每個地理區域和每個主要產品類別的持續安裝基礎增長代表了我們生態系統未來擴展的良好基礎。其次，我們看到本季度客戶對我們服務的參與度有所提高。我們的交易賬戶和付費賬戶均同比增長兩位數，均創下歷史新高。為我們的服務付費的賬戶比例繼續增加，我們仍然看到很多機會擺在我們面前。

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，付費訂閱呈現非常強勁的增長。現在，我們平台上服務的付費訂閱量已超過 9 億，僅在過去 12 個月內就增加了超過 1.55 億，是 3 年前的兩倍。我們將繼續投資於我們的服務產品中的新內容和功能。例如，我們在 Apple Arcade 中添加了幾個流行的體育遊戲。我們還對與美國職業足球大聯盟的全球合作感到興奮，從下個賽季開始，球迷們可以通過 Apple TV 應用觀看每場 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.

這一勢頭幫助我們在 2022 財年實現了超過 780 億美元的服務收入，創下新紀錄，同比增長 14%。我們繼續充滿信心地進行投資，並堅信我們的服務業務的長期潛力，該業務本身已經是財富 50 強企業的規模，並且在過去 4 年中幾乎翻了一番。

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.

這不僅是服務業創紀錄的一年，也是我們整個公司創紀錄的一年。在過去的四個季度中，我們的業務增長了 8% 或 290 億美元，收入超過 3940 億美元。我們的每股攤薄收益增長了 9%，並產生了超過 1110 億美元的自由現金流，同比增長 20%。這對我們的企業業務來說也是強勁的一年，因為我們在 2022 財年創造了 iPhone、iPad 和 Mac 的新年度記錄，並且隨著我們的設備和服務繼續幫助越來越多的公司增強員工能力，實現了強勁的兩位數同比增長並為他們的客戶服務。

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，福特製造公司的員工正在使用 iPad 和 iPhone 來幫助進一步提高其改變遊戲規則的福特 F-150 Lightning 電動卡車的質量。 iPhone 強大的 A 系列芯片和先進的攝像頭系統，以及第三方 iOS 應用程序，使福特能夠實時自動化視覺質量檢測過程，幫助在問題影響客戶之前解決問題。

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.

思科將其 Mac 擴展為一項選擇計劃，現在將其提供給所有員工，以幫助吸引和留住頂尖人才。如果有這種選擇，員工選擇 Mac 的頻率是其他選項的兩倍。此外，許多企業客戶正在利用我們產品的高剩餘價值和簡單的以舊換新流程來標準化其 Apple 設備群的更新周期。這使員工可以定期升級到最新設備，同時使其對企業具有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。我們的業務繼續產生非常強勁的現金流，這使我們能夠在 9 月季度向股東返還超過 290 億美元。這包括 37 億美元的股息和等價物，以及通過公開市場回購 1.6 億股蘋果股票的 252 億美元。我們在本季度末擁有 1690 億美元的現金和有價證券。我們償還了 28 億美元的到期債務並減少了 10 億美元的商業票據，同時發行了 55 億美元的新債務，使我們的總債務達到 1200 億美元。因此，本季度末的淨現金為 490 億美元，因為我們繼續朝著我們隨著時間推移實現淨現金中性的目標取得進展。

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。但是，我們正在分享一些方向性的見解，前提是宏觀經濟前景和 COVID 對我們業務的相關影響不會比我們今天對本季度的預測更糟。

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.

總體而言，由於多種原因，我們認為與 9 月季度相比，12 月季度的公司總收入同比增長將放緩。首先，我們預計外匯對同比的負面影響將接近 10 個百分點。其次，在 Mac 上，除了增加 FX 逆風之外，與去年相比，我們遇到了一個非常具有挑戰性的問題，這得益於我們新設計的帶有 M1 的 MacBook Pro 的發布和相關的頻道填充。因此，我們預計 Mac 收入將在 12 月季度同比大幅下降。

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%.

特別是在服務方面，我們預計會增長，但會受到越來越多地影響外匯、數字廣告和遊戲的宏觀經濟環境的影響。我們預計毛利率在 42.5% 至 43.5% 之間。我們預計運營支出將在 147 億美元至 149 億美元之間。我們預計 O&E 約為負 3 億美元，不包括少數股權投資按市值計價的任何潛在影響以及我們的稅率約為 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 日在冊的股東。這樣，讓我們開始提問吧。

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

謝謝你，盧卡。 （操作員說明）操作員，我們可以問第一個問題嗎？

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

我們將繼續回答來自瑞士信貸的 Shannon Cross 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.

很高興再次在電話中與您交談。我想知道，你能談談你對這一代 iPhone 的看法嗎？從積極的方面來說，你提高了價格。好像混在一起了不利的一面是，投資者擔心價格上漲對需求的影響，這是華為在前幾年對您的意義與現在可能發生的情況。只是有一些壓力。

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.

所以我很好奇你是否可以談談你最初在 iPhone 需求中看到的情況，以及你認為它會如何發展。根據我理解的警告，那裡的事情非常不確定。然後我有一個跟進。

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，是蒂姆。歡迎回來。 iPhone 在第四季度增長 10% 至 426 億美元。客戶需求強勁且比我們預期的要好。請記住，這是在 21 財年 iPhone 收入增長 39% 的基礎上進行的，因此這也是一個艱難的比較。所以我們對此很滿意。

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.

就新產品而言，14 和 14 Pro 和 Pro Max，現在還為時過早。但從一開始，我們就一直受到 14 Pro 和 14 Pro Max 的限制，今天我們繼續受到限制。因此，我們正在努力滿足需求。在我們能夠滿足需求之前，很難說混合會是什麼，因為我們真的沒有——直到那時我們才能確定準確的混合。所以我們 - 但我們正在努力做到這一點。

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.

我們對上個季度 iPhone 的強勁表現感到非常滿意。我們擁有美國和英國前 4 名智能手機中的 3 部，中國城市前 3 名，澳大利亞前 6 名，德國前 5 名中的 4 部和日本前 2 名。 iPhone 的客戶滿意度仍然非常非常高，達到 98%。所以我們對我們在第四季度的表現感覺非常好。當然，這一代人的開始表明我們將在 14 Pro 和 14 Pro Max 上受限一段時間。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?

然後，盧卡，你能談談毛利率的看跌期權嗎？我們應該如何思考——我的意思是，下個季度的貨幣匯率為 10 個基點，我不想說是前所未有的，但也許是。所以我知道你有對沖，但我們如何看待它的流動？然後還有什麼其他 - 組件似乎非常有利。但是，在我們期待的過程中，我們還應該加入什麼？

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。好吧，讓我從第四季度的毛利率開始，然後再到第一季度。這是該公司 9 月份的季度記錄。我們做了 42.3%，儘管正如你提到的那樣，外匯負值非常顯著——例如，對於第四季度，外匯連續負 70 個基點，同比下降負 170 個基點。基本上，世界各地的每一種貨幣都對美元貶值。

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.

現在我們已經將第一季度的利率引導至 42.5% 至 43.5%，儘管事實上我們有 330 個基點的同比負匯率。因此，它是不利的 120 個基點。很明顯，強勢美元在許多領域都變得困難。顯然，我們在新興市場的定價使其變得困難，並且將收入轉換回美元受到影響。但從積極的方面來看，我們看到大宗商品的表現對我們相當有利。

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.

所以我們相信我們可以抵消外匯——我們看到的負外匯。我認為我們提供的指導反映了這一點。當然，它考慮到了 FX。它考慮了一定程度的通脹壓力。但我認為結果是，我認為，是一個好的結果。

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

我們的下一個問題來自摩根士丹利的 Erik Woodring。

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2個。如果我們可以開始，Luca，我們可能會看到本季度 iPad 和 Mac 的性能存在很大差異。從供應的角度來看，兩者都相對受限。因此，也許您能否詳細說明一些導致業績差異的最重要因素，以及在我們度過 12 月季度之後，這些因素是否會逆轉或正常化？然後我有一個跟進。

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，埃里克，是蒂姆。我會回答你的問題。開——如果你看看 Mac，Mac，這是我們公司歷史上最好的季度。配備 M2 的 MacBook Air 的產品發布對此有所幫助。如果您還記得的話，在上一季度，在六月季度，我們在本季度的大部分時間裡失去了工廠的產量，這對我們有所幫助。因此，我們的第三季度積壓工作進入第四季度。我們能夠在第四季度滿足所有這些需求，並填補了 Mac 的渠道。這導致了一個令人難以置信的 Mac 季度。

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，從發布的角度來看，iPad 的情況正好相反。與一年前相比，我們在 9 月推出了 iPad。今年 10 月，我們推出了 iPad。要記住的另一點是，iPad Pro 剛剛在去年同期季度開始之前推出，所以這是我們第一個完整的 iPad Pro 季度。因此，一年前這是一個異常強勁的 iPad 季度，而此次發布對於這一表現來說確實是關鍵。這就是 iPad 在本季度收縮的原因。

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。然後也許，盧卡，如果我只是問你，顯然，Tejas 在電話開始時談到了 14 週的季度。也許您能否詳細說明一下您認為 14 週的季度如何影響不同的項目，無論是產品還是產品業務中的某些細分市場，還是獨立的服務？我們應該在哪裡看到 14 週的季度提供了更多的順風，而可能根本沒有影響？對我來說就是這樣。

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，我們在本季度還有幾天的時間——這將影響我們的收入和成本。並非每週都是平等的，因為很明顯，我們在本季度有一定的高峰。想想黑色星期五或聖誕假期。但總的來說，我們在成本方面增加了幾天的銷售和額外的運營支出。這就是我們大約每 6 年會發生的事情，因為我們需要將每週日曆與財政日曆保持一致。

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

下一個問題來自 Cleveland Research 的 Ben Bollin。

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.

蒂姆，我希望我們能談談投資組合中的服務部分。似乎最近在音樂、TV+ 和 One 捆綁包方面進行了一些價格調整。我很好奇您如何考慮平衡消費者價格與您自己的成本以及相關的後續行動。然後我有一個跟進。

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。如果你看一下你提到的價格上漲，Ben，在本週的星期一，我們宣布了 Apple Music 和 Apple TV+ 的價格上漲，然後是相應的 Apple One，即包含這兩者的綜合捆綁包。開——這裡真的有兩種不同的情況。有了音樂，許可成本增加了，因此我們為音樂支付了更多費用。這樣做的好處是，藝術家還將從他們在流媒體上欣賞的歌曲中獲得更多收益。所以那裡有一些好消息，我想。

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.

然後在 Apple TV+ 上，如果你看看我們第一次定價的時候，我們只有很少的節目。我們剛開始。我們非常專注於原創，所以一開始我們有 4 或 5 場左右的演出，而且定價相當低。我們現在有更多的內容並且正在推出——每個月都有更多的內容。所以我們提高了價格來代表服務的價值。當然，Apple One 只是這兩個價格變化的合併。

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。然後是另一個項目。關於 23 財年資本密集度的任何初步想法？過去幾年，資本支出相對穩定。你能談談資本支出數字的主要組成部分，也許還有任何動人的部分，以及我們如何考慮到 23 年？

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。因此，當我們查看我們的資本支出時，正如您所說的那樣，我的意思是，我們一直相當穩定，而且我認為我們的資本密集度非常好。我們在公司的資本支出中有 3 個主要部分。我們為製造設施提供了某些專用工具。我們在數據中心方面有一些支出，我們在世界各地的辦公設施方面也有支出。我們顯然監控所有這些。在接下來的 12 個月裡，我們沒有看到任何異常情況。

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

我們的下一個問題來自傑富瑞的凱爾麥克尼利（Kyle McNealy）。

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?

只是想看看您是否可以讓我們了解推動可穿戴設備結果的原因以及本季度的實力。是來自可能強勁的 iPhone 附加率還是本季度宣布的可用新產品？或者，也許您仍然可以從現在更願意進入商店並嘗試與大流行相比的客戶那裡獲得一些好處，而當時那是一種關閉？

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。凱爾，是蒂姆。 - 如果你看看可穿戴設備，我們增長了 10%，我們對此非常滿意。如果您查看其中的各個部分，Apple Watch 就是其中的一個貢獻者。特別值得一提的是，新產品陣容是一個貢獻者，包括 Apple Watch Ultra 和 Apple Watch Series 8 和 SE。到目前為止，Ultra 一直受到供應限制，並且在本季度繼續受到供應限制。因此，我們正在努力滿足那裡的需求並將這些產品提供給客戶。

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.

我們還在 9 月宣布並推出了 AirPods Pro。就噪音消除功能和音質而言，該產品的評論剛剛脫離圖表。我們從那裡得到了很棒的好評。反過來說，逆風顯然是影響可穿戴設備、家居和配件的逆風，就像它影響了我們的其他產品和服務一樣。顯然，我們也受到俄羅斯業務的影響，或者那裡的影響。所以這就是優點和缺點。

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.

我應該提到的另一件事是，我們銷售的大約 2/3 的 Apple Watch 是賣給以前沒有 Apple Watch 的客戶的。所以 - 我們仍然在這裡向新客戶銷售大量產品，這對未來非常非常有利。

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，太棒了。在 Mac 上再快一點。我想看看你是否可以量化有多少渠道填充以及有多少來自滿足 Mac 六月期間的延期交貨訂單。我們只是想了解基線在哪裡，如果有任何意義你可以給我們。如果沒有這些因素，它會成長什麼？你能給我們的任何東西都會很棒。

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。我只想說，我給出的所有三個原因都是實現 25% 的關鍵。 M2 MacBook Air、新產品的推出、滿足上一季度的缺貨訂單然後填補渠道，所有這些都是關鍵貢獻者。

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

下一個問題來自花旗集團的 Jim Suva 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.

很高興看到您談到您的供應商要實現碳中和，這是我真正銘記於心的一個小聲明。我的問題是關於服務的。 FX 對它的影響是否可能比產品影響更大，這意味著 Jim Suva 家族擁有 Apple One 和 TV+ 等等，我們通常按年支付，但是當我們去商店購買新手錶和 iPad 時，價格是調整得更快。

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?

那麼，服務業的增長會不會受到外彙的影響更大一些，並且在未來，我們可以看到增長再次加速？還是我只是對可能與服務與產品不同的外匯影響閱讀過多？

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。不，你是對的。顯然，外匯對我們業務的影響取決於我們所做銷售的地理組合。所以是的，它可以——服務和產品對外彙的影響可能略有不同。因此，如果我們以固定貨幣來看我們的服務業務，我們將增長兩位數。所以我們對此非常滿意。

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.

正如我所提到的，在某些領域我們可以看到數字廣告的一些軟弱。當然，你知道那部分，App Store 上的遊戲受到了影響。但我們對我們在客戶參與服務的行為方面所看到的感到非常滿意。我在準備好的發言中提到了一些事情。顯然，安裝基礎正在增長，這是一個積極的事實，它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.

我們看到更多的交易賬戶和更多的付費賬戶。他們都在增長兩位數。付費賬戶的增長速度快於交易賬戶，因此付費賬戶的滲透率正在增加。我們有一個很棒的訂閱業務，現在平台上有 9 億付費訂閱，並且增長非常快。我們在 3 年內翻了一番。因此，當我們查看所有這些動態時，這對我們來說真的很有趣，因為我們真的相信服務增長的引擎就在那裡，而外匯只是暫時的，而且——但基本面非常好。

Congratulations to your teams.

祝賀你的團隊。

The next question is coming from Amit Daryanani from Evercore.

下一個問題來自 Evercore 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2個。第一個確實是圍繞 iPhone 的軌跡。鑑於宏觀擔憂，人們對 iPhone 需求的變化有相當多的關注。不過，鑑於您所看到的實力，您認為現在 iPhone 的渠道庫存與從歷史角度來看的渠道庫存相比，這將是非常有幫助的？您是否看到該頻道在 12 月底季度達到最佳水平？因為現在均勻地考慮到交貨時間數據，看起來你在 iPhone 中的收入軌跡更多地是由你的供應與需求驅動的。因此，渠道庫存上的任何顏色都會有所幫助。

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。如果你看看我們在 9 月季度結束的地方，阿米特，我們在 iPhone 上的目標庫存範圍低於我們的目標庫存範圍。那就是 - 這本身在本季度並不太不尋常。我們開始斜坡，需求強勁，等等。所以我不會把它稱為過去的異常。

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?

知道了。然後我想，蒂姆，你們在過去幾個季度裡一直在談論數字廣告，我想。是否有任何指標，您可以談論的任何向量，讓我們了解這些業務有多大或您關注哪些向量？真的，如果你能談談，你認為蘋果可以在不犧牲消費者隱私的情況下大規模建立廣告業務嗎？

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.

所以我們——首先，我們關注隱私，所以我們不會做任何偏離隱私的事情。我們認為隱私是一項基本的基本人權，所以這就是我們看待它的鏡頭。我們的具體廣告業務並不大，而且——相對於其他業務等等。但是我們沒有公佈它的確切數字，但它顯然並不大。

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

我們現在將繼續討論來自 Piper Sandler 的 Harsh Kumar 先生。

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，各位小伙伴們，恭喜你們的出色表現。有很多大盤股公司正在被淘汰，所以我們很欣賞這裡的穩定節奏。蒂姆，我想問你關於美國和全球的通脹壓力和勞工問題。或許可以談談蘋果可以採取哪些措施來緩解這些問題。也許盧卡，在這方面，FX 正在成為一個非常重要的逆風。我很好奇，如果有的話，是否可以採取任何措施來緩解這種情況。

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.

我會讓盧卡談談 FX。在人員方面，我們專注於照顧我們的團隊並為他們提供最好的福利和最好的補償，以便我們能夠授權他們做他們一生中最好的工作。這就是我們在團隊方面關注的重點。

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.

在通貨膨脹方面，顯然存在工資上漲。還有與物流有關的通貨膨脹。如果將其與大流行前的水平進行比較，那無論如何都沒有恢復到大流行前的水平。還有某些矽組件——也有通脹壓力。因此，這並不是我們所看到的全部清單，但它為您提供了我們所看到的通貨膨脹壓力的一些要素。我們顯然在盧卡早些時候在電話會議中給出的毛利率指導中考慮了這一點。

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。在外匯方面，你是對的。我的意思是，這顯然是影響我們業績的一個非常重要的因素，包括收入和毛利率。對於這種情況，我們該怎麼辦，我們有一個非常強勢的美元？當然，我們對沖我們的風險敞口。我們試圖在世界各地盡可能多的地方對沖它們。例如，我認為我們可能是幾年前開始對沖我們在中國的風險敞口的第一家公司。

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.

可能有一些貨幣，很小的貨幣，我們不會對沖，因為成本太高或市場不存在。但總的來說，我們傾向於對沖，因為它為我們提供了顯著水平的保證金穩定性。顯然，隨著時間的推移，這種保護會減少，因為對沖會滾動，我們需要購買新合約。但這是我們用來抵消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，當我們推出新產品時，我們尤其會看外匯情況。在某些情況下，例如，國際市場的客戶不得不——當我們推出新產品時，他們看到了一些價格上漲，而這在美國客戶中是沒有的。不幸的是，這就是我們現在處於強勢美元的情況。這就是我們嘗試處理的方式。

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.

我不得不說，我們在本季度最欣賞的一件事是，儘管美元非常強勢和外匯環境艱難，但我們在許多國際市場上都看到了非常強勁的表現，尤其是一些非常大的新興市場，即使是報告的貨幣，也就是美元，我們在印度、印度尼西亞、墨西哥、越南等地看到了非常強勁的兩位數增長，我們在許多地方都做得非常好。顯然，以當地貨幣計算，這些增長率甚至更高。

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，以當地貨幣計算這些市場的表現非常重要，因為它確實讓我們能夠很好地了解客戶對我們產品的反應、與我們的生態系統的互動以及品牌的整體實力。我不得不說，在這方面，我們對我們在全球許多市場取得的進展感覺非常非常好。

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?

還有盧卡，我有一個跟進。盧卡，在你為指導準備的評論中，你提到 12 月季度的表現相對於 9 月會減速。因此，9 月份同比增長了 8%。我是否應該認為，當我們查看 12 月時，這個 8% 的數字會同比下降？也許你可以為你的想法提供一些顏色。我們還在尋找——我們在尋找一個正數嗎？或者我們是否認為增長率可能會同比出現負增長？

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.

我們所說的是，我們將從 9 月開始減速，所以 9 月為 8%，因此將低於 8%。由於我們已經解釋的原因，我們不提供指導。那裡有很多不確定性。因此，我們看到了本季度的進展情況。記住10個交換點。當然，在正常情況下，我們會談論非常不同的數字，但這就是我們現在所處的位置。

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 2 個。第一個，無論是蒂姆還是盧卡，關於現金和資本配置。鑑於對一些私營和上市公司有一些修正和估值，它是否會改變你在時間線上實現現金中性的思維過程？換句話說，你會更積極地進行收購嗎？或者您認為與您之前的投資目標相比，由於利息收入而持有更多現金變得更具吸引力？然後我有一個快速跟進。

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.

這是蒂姆。在收購方面，我相信，在整個 22 財年，我們平均每月大約 1 次。所以我們一直在尋找市場，看看有什麼，什麼東西可以協同工作，哪些東西可以提供我們需要的知識產權或人才，或者最好兩者兼而有之。因此，我們一直在關注各種規模的收購。

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.

顯然，在現金部署方面，我們喜歡長期關注資本回報計劃。我們已經做到了，自該計劃開始以來，我們以 47 美元的平均回購價格完成了超過 5500 億美元的回購。因此，該計劃取得了令人難以置信的成功。我們仍然處於擁有淨現金的位置，我們一直說，我們希望在某個時候達到現金中性。多年來，我們的現金產生非常非常強勁，尤其是去年。我想我在準備好的評論中提到，我們實現了 1110 億美元的自由現金流。這比去年同期增長了 20%。因此，我們會將這筆資金用於投資者。

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。非常有幫助，蒂姆和盧卡。然後是 Luca 對 12 月指南的快速跟進。謝謝你的顏色。我只是有點好奇，本季度的額外一周，這是否無助於抵消一些外匯？或者換句話說，如果這是一個為期 13 週的季度，來自外彙的 10 個百分點的負面影響會更高嗎？

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，因為這些是百分比。所以是的，不，這 10 點不會有什麼不同。 13 或 14 周是一樣的。

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.

謝謝你，克里希。今天電話會議的重播將在 Apple 播客上播放 2 週，作為 apple.com/investor 上的網絡廣播和通過電話播放。電話重播的號碼是 (866) 583-1035。請輸入確認碼 7086300，後跟井號。這些重播將在下午 5:00 左右提供。今天太平洋時間。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。

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

再次，今天的會議到此結束。我們非常感謝您的參與。