蘋果 (AAPL) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Apple Q1 Fiscal Year 2023 Earnings Conference Call. Today's call is being recorded.

大家好，歡迎參加 Apple 2023 財年第一季度收益電話會議。今天的通話正在錄音中。

And now at this time, for opening remarks and introductions, I would like to turn the call over to Tejas Gala, Director of Investor Relations and Corporate Finance. Please go ahead.

現在這個時候，關於開場白和介紹，我想把電話轉給投資者關係和公司財務總監 Tejas Gala。請繼續。

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

謝謝。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。之後，我們將打開分析師提問的電話。

Before turning the call over to Tim, I would like to remind everyone that the December quarter spanned 14 weeks, while the March quarter, as usual, has 13 weeks. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of COVID-19 on the company's business and results of operations.

在將電話轉給蒂姆之前，我想提醒大家，12 月季度跨越 14 週，而 3 月季度像往常一樣有 13 週。請注意，您在今天的討論中將聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營支出、其他收入和支出、稅收、資本分配和未來業務的信息前景，包括 COVID-19 對公司業務和經營業績的潛在影響。

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

這些陳述涉及可能導致實際結果或趨勢與我們的預測存在重大差異的風險和不確定性。有關更多信息，請參閱 Apple 最近提交的 10-K 表格年度報告和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。 Apple 沒有義務更新截至各自日期的任何前瞻性陳述或信息。

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

我現在想把電話轉給蒂姆，讓他做介紹性發言。

Thank you, Tejas. Good afternoon, everyone, and thanks for joining us.

謝謝你，光輝。大家下午好，感謝您加入我們。

Today, we're reporting revenue of $117.2 billion for the December quarter. We set all-time revenue records in a number of markets, including Canada, Indonesia, Mexico, Spain, Turkey and Vietnam, along with quarterly records in Brazil and India. As a result of a challenging environment, our revenue was down 5% year-over-year. But I'm proud of the way we have navigated circumstances, seen and unforeseen, over the past several years, and I remain incredibly confident in our team and our mission and in the work we do every day.

今天，我們報告 12 月季度的收入為 1172 億美元。我們在包括加拿大、印度尼西亞、墨西哥、西班牙、土耳其和越南在內的多個市場創造了歷史收入記錄，並在巴西和印度創造了季度記錄。由於環境充滿挑戰，我們的收入同比下降了 5%。但我為我們在過去幾年中應對可見和不可預見的環境的方式感到自豪，我對我們的團隊、我們的使命以及我們每天所做的工作仍然充滿信心。

Let me discuss the 3 factors that impacted our revenue performance during the quarter. The first was foreign exchange headwinds, which had a nearly 800 basis point impact. On a constant currency basis, we grew year-over-year and would have grown in the vast majority of the markets we track.

讓我討論影響我們本季度收入表現的 3 個因素。首先是外匯逆風，產生了近 800 個基點的影響。在固定匯率的基礎上，我們同比增長，並且在我們追踪的絕大多數市場中都會增長。

The second factor, which we described in a November 6 update was COVID-19-related challenges, which significantly impacted the supply of iPhone 14 Pro and iPhone 14 Pro Max and lasted through most of December. Because of these constraints, we had significantly less iPhone 14 Pro and iPhone 14 Pro Max supply than we planned, causing ship times to extend far beyond what we had anticipated. As we always have every step of the way throughout the pandemic, we continued to prioritize people and worked with our suppliers to ensure the health and safety of every worker. Production is now back where we want it to be.

我們在 11 月 6 日的更新中描述的第二個因素是與 COVID-19 相關的挑戰，它嚴重影響了 iPhone 14 Pro 和 iPhone 14 Pro Max 的供應，並持續了 12 月的大部分時間。由於這些限制，我們的 iPhone 14 Pro 和 iPhone 14 Pro Max 供應量比我們計劃的要少得多，導致發貨時間遠遠超出我們的預期。由於我們在整個大流行期間始終走好每一步，因此我們繼續以人為本，並與我們的供應商合作，以確保每位工人的健康和安全。生產現在回到了我們想要的狀態。

The third factor was a challenging macroeconomic environment as the world continues to face unprecedented circumstances, from inflation to war in Eastern Europe, to the enduring impacts of the pandemic. And we know that Apple is not immune to it. But whatever conditions we face, our approach is always the same. We are thoughtful and deliberate. We manage for the long term. We adapt quickly to circumstances outside our control while delivering with excellence in the things we can. We invest in innovation, in people and in the positive difference we can make in the world. And we do it all to provide our customers with technology that will enrich their lives and help unlock their full creative potential. It's a wonderful thing to be a part of, and it's so rewarding for all of us at Apple when we hear how much our customers are loving what we create.

第三個因素是充滿挑戰的宏觀經濟環境，因為世界繼續面臨前所未有的情況，從通貨膨脹到東歐戰爭，再到流行病的持久影響。我們知道蘋果也不能倖免。但無論我們面臨何種情況，我們的做法始終如一。我們深思熟慮。我們進行長期管理。我們迅速適應我們無法控制的環境，同時盡我們所能提供卓越服務。我們投資於創新、人才以及我們可以為世界帶來的積極影響。我們所做的一切都是為了向我們的客戶提供能夠豐富他們的生活並幫助釋放他們全部創造潛力的技術。能成為其中的一員是一件很棒的事情，當我們聽到我們的客戶多麼喜歡我們創造的產品時，這對我們所有 Apple 員工來說都是一種回報。

Let me talk now about what we saw across our product categories. Starting with iPhone. Revenue came in at $65.8 billion for the quarter, down 8% year-over-year. However, on a constant currency basis, iPhone revenue was roughly flat. Our customers continue to rave about the astounding camera capabilities and unprecedented battery life and the groundbreaking suite of health and safety features. The iPhone 14 lineup pushes the limits of what users can do with a smartphone.

現在讓我談談我們在產品類別中看到的情況。從 iPhone 開始。本季度收入為 658 億美元，同比下降 8%。然而，在固定匯率的基礎上，iPhone 收入大致持平。我們的客戶繼續對驚人的相機功能和前所未有的電池壽命以及開創性的健康和安全功能套件贊不絕口。 iPhone 14 系列突破了用戶使用智能手機可以做的事情的極限。

During the quarter, Mac revenue came in at $7.7 billion, which was in line with what we had expected. We had a difficult compare because this time last year, we had the extremely successful launch of the redesigned M1 MacBook Pros. We also faced a challenging macroeconomic environment and foreign exchange headwinds. We remain confident in and focused on the long-term opportunity for Mac.

本季度，Mac 收入為 77 億美元，符合我們的預期。我們進行了艱難的比較，因為去年這個時候，我們非常成功地推出了重新設計的 M1 MacBook Pro。我們還面臨著充滿挑戰的宏觀經濟環境和外匯逆風。我們對 Mac 的長期機遇充滿信心並專注於此。

Just last month, we introduced new MacBook Pro models powered by our latest developments in Apple silicon, M2 Pro and M2 Max. These chips enable unprecedented performance and do so with less energy, which is not only good for the environment but gives the newest MacBook Pro the longest battery life ever in a Mac. We also introduced the M2-powered Mac mini, which will supercharge productivity for users of all kinds and leave them stunned by just how powerful a Mac mini can be.

就在上個月，我們推出了由我們最新開發的 Apple 芯片、M2 Pro 和 M2 Max 提供支持的新款 MacBook Pro 機型。這些芯片以更少的能源實現前所未有的性能，這不僅有利於環境，而且讓最新的 MacBook Pro 擁有 Mac 有史以來最長的電池續航時間。我們還推出了採用 M2 技術的 Mac mini，它將大大提高各類用戶的工作效率，並讓他們驚嘆於 Mac mini 的強大功能。

During the quarter, iPad revenue grew 30% to a total of $9.4 billion. The very strong growth was due in part to a favorable compare to the December quarter a year ago when we experienced significant supply constraints. Customers continue to praise our new lineup for its versatility, whether it's the new iPad Pro now powered by the M2 or the newly designed iPad 10th Generation with its stunning liquid retina display and beautiful colors.

本季度，iPad 收入增長 30%，達到 94 億美元。非常強勁的增長部分是由於與一年前的 12 月季度相比有利，當時我們經歷了嚴重的供應限制。客戶繼續稱讚我們的新產品系列的多功能性，無論是現在由 M2 驅動的新款 iPad Pro 還是全新設計的具有令人驚嘆的液態視網膜顯示屏和美麗色彩的第 10 代 iPad。

Revenue for Wearables, Home and Accessories was $13.5 billion, which was down 8% year-over-year driven by foreign exchange headwinds and a challenging macroeconomic environment. We remain excited about the long-term opportunity in the category. As an example, a few weeks ago, we announced the next-generation HomePod, which is an indispensable addition to the smart home. This powerful smart speaker relies on advanced computational audio to produce an incredible listening experience. We're also helping users make their homes safer with sound recognition. This feature, arriving later this spring, allows HomePod to send a notification directly to a user's iPhone if a smoke or carbon monoxide alarm sound is identified.

可穿戴設備、家居和配件的收入為 135 億美元，在外匯逆風和充滿挑戰的宏觀經濟環境的推動下，同比下降 8%。我們仍然對該類別的長期機會感到興奮。例如，幾週前，我們發布了下一代 HomePod，這是智能家居不可或缺的補充。這款功能強大的智能揚聲器依靠先進的計算音頻來產生令人難以置信的聆聽體驗。我們還通過聲音識別幫助用戶讓他們的家更安全。這項功能將於今年春季晚些時候推出，如果識別出煙霧或一氧化碳警報聲，HomePod 可以直接向用戶的 iPhone 發送通知。

We continue to hear wide praise for Apple Watch Series 8 and Apple Watch Ultra, which has set a new standard for what's possible with a wearable. From a whole host of health and safety features to incredible new capabilities for extreme athletes, there is something for everyone in these amazing products. Customers are excited about some phenomenal new features we've made available across many of our products as well. One of the highlights is emergency SOS via satellite, which launched for iPhone 14 customers in the U.S. and Canada in November and for customers in France, Germany, Ireland and the U.K. in December. This is a feature we hope our users will never need, but it is incredibly heartening to get e-mails from people describing the life-saving impact our new safety features have had on them.

我們繼續聽到人們對 Apple Watch Series 8 和 Apple Watch Ultra 的廣泛讚譽，它們為可穿戴設備的可能性樹立了新標準。從一整套健康和安全功能到極限運動員令人難以置信的新功能，這些令人驚嘆的產品總能滿足每個人的需求。客戶也對我們在許多產品中提供的一些非凡的新功能感到興奮。亮點之一是通過衛星發出的緊急求救信號，該功能於 11 月面向美國和加拿大的 iPhone 14 客戶推出，並於 12 月面向法國、德國、愛爾蘭和英國的客戶推出。這是我們希望我們的用戶永遠不需要的功能，但是從人們那裡收到電子郵件描述我們的新安全功能對他們產生的挽救生命的影響是令人難以置信的振奮。

We're always looking for new ways to empower people to create and collaborate. In December, we released Freeform, a brand-new app that lets users take their ideas wherever they want, anywhere they are, all while collaborating in real time. Freeform has already received praise from reviewers for its flexibility and simplicity as it works seamlessly across iPhone, iPad and Mac.

我們一直在尋找新的方法來幫助人們創造和協作。 12 月，我們發布了 Freeform，這是一款全新的應用程序，讓用戶可以隨時隨地將他們的想法帶到他們想要的地方，同時實時協作。 Freeform 因其在 iPhone、iPad 和 Mac 上無縫運行的靈活性和簡單性而受到評論家的好評。

Today, we are very excited to announce that we've achieved a truly incredible milestone. Thanks to our deep commitment to innovation, incredible customer loyalty and satisfaction and a large number of switchers, we now have more than 2 billion active devices as part of our growing installed base, double what it was just 7 years ago. This is an incredible testament to our products and services and the strength of our ecosystem.

今天，我們非常高興地宣布，我們已經實現了一個真正令人難以置信的里程碑。由於我們對創新的堅定承諾、令人難以置信的客戶忠誠度和滿意度以及大量的切換器，作為我們不斷增長的安裝基礎的一部分，我們現在擁有超過 20 億台活動設備，是 7 年前的兩倍。這是對我們的產品和服務以及我們生態系統實力的難以置信的證明。

We set an all-time revenue record of $20.8 billion in services, which was better than what we had expected. We achieved double-digit revenue growth from App Store subscriptions and set all-time revenue records across a number of categories, including cloud and payment services. All told, Apple now has more than 935 million paid subscriptions.

我們創下了 208 億美元的服務收入歷史記錄，好於我們的預期。我們通過 App Store 訂閱實現了兩位數的收入增長，並在包括雲和支付服務在內的多個類別中創下了歷史收入記錄。總而言之，Apple 現在擁有超過 9.35 億的付費訂閱用戶。

Apple has also just begun a historic 10-year partnership with Major League Soccer. Just yesterday, we launched MLS Season Pass, which will give fans in more than 100 countries access to every live MLS regular season game as well as the playoffs and MLS Cup, all with no blackouts. And while we're providing more content to sports fans than ever before, Apple TV+ continues to showcase powerful characters and moving storytelling. We were thrilled to celebrate the holidays alongside our Apple TV+ subscribers with the hit movie Spirited. And we're delighted to see how much people are enjoying new and returning series like Shrinking, Slow Horses and Truth Be Told. And we have some great upcoming movies in Sharper and Tetris, along with Emmy Award winner Ted Lasso returning this spring.

Apple 還剛剛開始與美國職業足球大聯盟 (Major League Soccer) 建立具有歷史意義的 10 年合作夥伴關係。就在昨天，我們推出了 MLS Season Pass，讓 100 多個國家/地區的球迷可以觀看每場現場直播的 MLS 常規賽以及季后賽和 MLS 杯賽，所有這些都不會中斷。在我們為體育迷提供比以往更多的內容的同時，Apple TV+ 繼續展示強大的角色和感人的故事。我們很高興能與我們的 Apple TV+ 訂閱者一起慶祝熱門電影《千與千尋》的假期。我們很高興看到有多少人喜歡新的和回歸的系列，如《縮小》、《慢馬》和《真相大白》。我們還有一些即將上映的精彩電影《夏普》和《俄羅斯方塊》，艾美獎得主 Ted Lasso 將於今年春天回歸。

During the quarter, we made some great updates to Fitness+ as well, expanding our catalog of more than 3,500 workouts and meditations to include a new kickboxing category and a new sleep theme for meditations. Our latest artist spotlight series features the music of the incomparable Beyonce, and we're excited to take a stroll with guests appearing on our fifth season of Time to Walk. And we continue to build on our decades-long commitment to helping small businesses thrive when we announced Apple Business Connect. This new tool gives business owners even more control over how billions of people see and engage with their products and services every day. Businesses of all sizes can now customize key information for users across Apple Maps, Messages, Wallet, Siri and other apps.

在本季度，我們還對 Fitness+ 進行了一些重大更新，擴展了我們的 3,500 多種鍛煉和冥想目錄，以包括一個新的跆拳道類別和一個新的冥想睡眠主題。我們最新的藝術家聚光燈系列以無與倫比的碧昂斯的音樂為特色，我們很高興能與出現在我們第五季“走路時間”中的客人一起散步。當我們宣布推出 Apple Business Connect 時，我們將繼續履行我們數十年來幫助小型企業蓬勃發展的承諾。這個新工具讓企業主能夠更好地控制數十億人每天如何看待和參與他們的產品和服務。各種規模的企業現在都可以在 Apple 地圖、信息、錢包、Siri 和其他應用程序中為用戶自定義關鍵信息。

Meanwhile, in retail, we celebrated 25 years of the Apple online store and also opened Apple Pacific Centre in Vancouver and Apple American Dream in New Jersey. And I'm grateful to all the teams who helped our customers throughout the busy holiday season. At Apple, we spend a lot of time focused on creating an unparalleled experience for our customers and every product and service that we offer. We're also just as dedicated to leading with our values in everything we do. As part of that work, we strengthened our deep commitment to privacy and security, giving users 3 new tools to protect their most sensitive data: iMessage contact key verification, security keys for Apple ID and advanced data protection for iCloud.

與此同時，在零售方面，我們慶祝了 Apple 在線商店 25 週年，還在溫哥華開設了 Apple Pacific Center，在新澤西開設了 Apple American Dream。我很感謝在整個繁忙的假期期間為我們的客戶提供幫助的所有團隊。在 Apple，我們花費大量時間專注於為我們的客戶以及我們提供的每一種產品和服務創造無與倫比的體驗。我們也同樣致力於在我們所做的每一件事中引領我們的價值觀。作為這項工作的一部分，我們加強了對隱私和安全的堅定承諾，為用戶提供了 3 種新工具來保護他們最敏感的數據：iMessage 聯繫人密鑰驗證、Apple ID 安全密鑰和 iCloud 高級數據保護。

At Apple, we feel a deep sense of responsibility to leave the world better than we found it. We're also a year closer to 2030, and we were ever focused on the environmental commitments we set out for the end of the decade. As an example, the latest Mac mini and MacBook Pro models all use 100% recycled aluminum in the enclosure and recycled rare earth elements in all magnets. And in a first for HomePod, we're using 100% recycled gold in the plating of multiple printed circuit boards. In honor of Black History Month, we released the Black Unity collection, including the Special Edition Apple Watch Black Unity Sport Loop, a new matching watch face and iPhone wallpaper. Through our racial, equity and justice initiative, we're expanding our support of 5 organizations focused on lifting up communities of color through technology. And we are committed as ever to building on our progress around inclusion and diversity.

在 Apple，我們深感責任感，要讓這個世界比我們發現時更美好。我們也離 2030 年又近了一年，我們一直專注於我們為本十年末制定的環境承諾。例如，最新的 Mac mini 和 MacBook Pro 機型都在外殼中使用 100% 再生鋁，在所有磁鐵中使用再生稀土元素。在 HomePod 中，我們首次使用 100% 回收黃金來電鍍多塊印刷電路板。為紀念黑人歷史月，我們發布了 Black Unity 系列，包括特別版 Apple Watch Black Unity Sport Loop、全新匹配的錶盤和 iPhone 壁紙。通過我們的種族、公平和正義倡議，我們正在擴大對 5 個專注於通過技術提升有色人種社區的組織的支持。我們一如既往地致力於在包容性和多樣性方面取得進展。

During the quarter, we also announced that since the inception of our Giving program 11 years ago, we've donated more than $880 million to humanitarian efforts, disaster relief, childhood education and more. And over the last 16 years through our partnership with (RED), Apple-supported grants have helped more than 11 million people get the care and support services they need.

在本季度，我們還宣布，自 11 年前啟動“捐贈”計劃以來，我們已向人道主義工作、救災、兒童教育等捐贈了超過 8.8 億美元。在過去的 16 年裡，通過我們與 (RED) 的合作，Apple 支持的贈款已幫助超過 1100 萬人獲得了他們所需的護理和支持服務。

As we look ahead in 2023, we are excited about the year to come. At Apple, we are always looking forward, always focused on the next challenge, always determined to do great things with unmatched creativity and unrivaled innovation. And that makes me more confident about the future of Apple than I have ever been.

展望 2023 年，我們對即將到來的一年感到興奮。在 Apple，我們始終向前看，始終專注於下一個挑戰，始終決心以無與倫比的創造力和無與倫比的創新做偉大的事情。這讓我對 Apple 的未來比以往任何時候都更有信心。

With that, I'll turn it over to Luca.

有了這個，我會把它交給盧卡。

Thank you, Tim, and good afternoon, everyone. As Tim mentioned, revenue for the December quarter was $117.2 billion, down 5% from last year. A number of factors had a significant impact on our results. First, we faced a very difficult foreign exchange environment, which affected our performance by nearly 800 basis points. In other words, we grew revenue on a constant currency basis. And in fact, we did so in the vast majority of markets.

謝謝蒂姆，大家下午好。正如蒂姆提到的那樣，12 月季度的收入為 1172 億美元，比去年下降 5%。許多因素對我們的結果產生了重大影響。首先，我們面臨著非常困難的外匯環境，這對我們的業績造成了近 800 個基點的影響。換句話說，我們在固定貨幣基礎上增加了收入。事實上，我們在絕大多數市場都這樣做了。

Second, the macroeconomic environment this past quarter was markedly more challenging than 12 months ago. Third, we experienced significant supply shortages for iPhone 14 Pro and iPhone 14 Pro Max in November and through December. On the other hand, we had the positive impact of the 14th week in the quarter that Tejas just mentioned at the beginning of the call.

其次，上個季度的宏觀經濟環境明顯比 12 個月前更具挑戰性。第三，我們在 11 月和 12 月期間經歷了 iPhone 14 Pro 和 iPhone 14 Pro Max 的嚴重供應短缺。另一方面，Tejas 剛剛在電話會議開始時提到的那個季度的第 14 週對我們產生了積極影響。

Products revenue was $96.4 billion, down 8% from last year due to the factors I just called out. At the same time, however, our installed base of active devices grew double digits and achieved all-time records in each geographic segment and in each major product category. We're proud to now have over 2 billion active devices in our installed base. This continued growth in the installed base is due to extremely strong levels of customer satisfaction and loyalty and a high number of customers who are new to our products.

由於我剛才提到的因素，產品收入為 964 億美元，比去年下降 8%。然而，與此同時，我們的有源設備安裝基數增長了兩位數，並在每個地理區域和每個主要產品類別中創下了歷史記錄。我們很自豪現在在我們的安裝基礎上擁有超過 20 億台活躍設備。安裝基礎的持續增長是由於客戶滿意度和忠誠度極高，以及大量新客戶對我們的產品。

The installed base growth also helped our services set an all-time revenue record of $20.8 billion, up 6% over a year ago. We achieved this new milestone despite more than 700 basis points of negative impact from foreign exchange. We reached all-time services revenue records in the Americas, Europe and rest of Asia Pacific and a December quarter record in Greater China. We also set records in many Services categories, including all-time revenue records for cloud services, payment services and music and December quarter records for the App Store and AppleCare. Company gross margin was 43%, up 70 basis points from last quarter due to leverage and favorable mix, partially offset by foreign exchange. Products gross margin was 37%, up 240 basis points sequentially. And Services gross margin was 70.8%, up 30 basis points sequentially, both due to the same factors that impacted total company gross margin.

安裝基數的增長也幫助我們的服務創造了 208 億美元的歷史收入記錄，比一年前增長 6%。儘管外匯帶來了 700 多個基點的負面影響，我們還是實現了這一新的里程碑。我們在美洲、歐洲和亞太其他地區創下了歷史服務收入記錄，在大中華區創下了 12 月季度的記錄。我們還在許多服務類別中創造了記錄，包括雲服務、支付服務和音樂的歷史收入記錄以及 App Store 和 AppleCare 的 12 月季度記錄。公司毛利率為 43%，比上一季度上升 70 個基點，原因是槓桿率和有利的組合，部分被外匯抵消。產品毛利率為 37%，環比上升 240 個基點。服務毛利率為 70.8%，環比上升 30 個基點，這兩者都是由於影響公司總毛利率的相同因素造成的。

Operating expenses of $14.3 billion were significantly below the guidance range we provided at the beginning of the quarter and grew at a slower pace than in the past as we took actions to respond to the current macro environment. Net income was $30 billion. Diluted earnings per share were $1.88, and we generated very strong operating cash flow of $34 billion.

143 億美元的運營支出大大低於我們在本季度初提供的指導範圍，並且隨著我們採取行動應對當前的宏觀環境，其增長速度低於過去。淨收入為 300 億美元。每股攤薄收益為 1.88 美元，我們產生了 340 億美元的強勁運營現金流。

Let me now get into more detail for each of our revenue categories. iPhone revenue was $65.8 billion despite significant foreign exchange headwinds, supply constraints on iPhone 14 Pro and iPhone 14 Pro Max and a challenging macroeconomic environment. In spite of these circumstances, we set all-time iPhone revenue records in Canada, Italy and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam. Importantly, the installed base of active iPhones continues to grow nicely and is at an all-time high across all geographic segments.

現在讓我詳細介紹一下我們的每個收入類別。儘管存在重大的外匯逆風、iPhone 14 Pro 和 iPhone 14 Pro Max 的供應限制以及具有挑戰性的宏觀經濟環境，但 iPhone 的收入仍為 658 億美元。儘管存在這些情況，我們在加拿大、意大利和西班牙創造了 iPhone 收入的歷史記錄，並在幾個新興市場實現了強勁增長，包括印度和越南的 iPhone 收入歷史記錄。重要的是，活躍 iPhone 的安裝基數繼續良好增長，並且在所有地理區域都處於歷史最高水平。

In emerging markets, in particular, the installed base grew double digits, and we had record levels of switchers in India and in Mexico. Our customers continue to love their experience with our products with the latest survey of U.S. consumers from 451 Research indicating customer satisfaction of 98% for the iPhone 14 family.

尤其是在新興市場，安裝基數增長了兩位數，我們在印度和墨西哥的交換機數量創下歷史新高。 451 Research 對美國消費者的最新調查表明，我們的客戶繼續喜歡我們產品的體驗，表明 iPhone 14 系列的客戶滿意度為 98%。

Mac revenue was $7.7 billion, down 29% year-over-year and in line with our expectations. There were 3 key drivers for our Mac results. First, we had a challenging compare against last year's launch of the completely reimagined MacBook Pros, our first notebooks with M1 Pro and M1 Max. Second, we believe that the macro environment impacted our Mac performance. And third, we faced significant foreign exchange headwinds. At the same time, however, the installed base of active Macs reached an all-time high across all geographic segments, and we continue to see very strong upgraded activity to Apple silicon. Customer satisfaction with Mac remains very strong at 96% based on the latest survey of U.S. consumers from 451 Research.

Mac 收入為 77 億美元，同比下降 29%，符合我們的預期。我們的 Mac 結果有 3 個關鍵驅動因素。首先，我們與去年推出的完全重新設計的 MacBook Pro（我們的第一款配備 M1 Pro 和 M1 Max 的筆記本電腦）進行了比較。其次，我們認為宏觀環境影響了我們的 Mac 性能。第三，我們面臨著重大的外匯逆風。然而，與此同時，活躍 Mac 的安裝基數在所有地理區域都達到了歷史最高水平，我們繼續看到非常強勁的 Apple 芯片升級活動。根據 451 Research 對美國消費者的最新調查，客戶對 Mac 的滿意度仍然非常高，達到 96%。

iPad revenue was $9.4 billion, up 30% year-over-year despite significant FX headwinds. This performance was driven by 2 key items. First, during the December quarter a year ago, we experienced significant supply constraints, while this year, we had enough supply to meet demand. Second, we launched our new iPad and the iPad Pro powered by the M2 chip during the quarter. 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 94 億美元，同比增長 30%，儘管存在重大的外匯逆風。這一業績是由 2 個關鍵項目推動的。首先，在一年前的 12 月季度，我們經歷了嚴重的供應限制，而今年，我們有足夠的供應來滿足需求。其次，我們在本季度推出了搭載 M2 芯片的新款 iPad 和 iPad Pro。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，本季度購買 iPad 的客戶中有一半以上是該產品的新客戶。

Wearables, Home and Accessories revenue was $13.5 billion, down 8% year-over-year. The year-over-year decline was driven by significant FX headwinds and a challenging macroeconomic environment. However, our installed base of devices in the category set a new all-time record thanks to the largest number of customers new to our smartwatch that we've ever had in a given quarter. In fact, nearly 2/3 of customers purchasing an Apple Watch during the quarter were new to the product.

可穿戴設備、家居和配件收入為 135 億美元，同比下降 8%。同比下降是由重大的外匯逆風和充滿挑戰的宏觀經濟環境推動的。然而，我們在該類別中的設備安裝基數創下了新的歷史記錄，這要歸功於我們在給定季度內擁有的最大數量的智能手錶新客戶。事實上，本季度購買 Apple Watch 的顧客中有近 2/3 是該產品的新手。

Moving to Services. We generated $20.8 billion in revenue, a new all-time record in total and for many Services offerings in spite of a difficult foreign exchange environment, and macroeconomic headwinds impacting certain categories such as digital advertising and mobile gaming. In constant currency, we grew Services revenue double digits on top of growing 24% during the December quarter a year ago.

轉向服務。我們創造了 208 億美元的收入，創下了總收入和許多服務產品的歷史新高，儘管外匯環境艱難，宏觀經濟逆風影響了數字廣告和移動遊戲等某些類別。按固定匯率計算，我們的服務收入在一年前的 12 月季度增長了 24% 的基礎上實現了兩位數的增長。

We remain focused on the large long-term opportunity in this category, and we continue to observe several trends that reflect the strength of our ecosystem. For example, 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.

我們仍然關注這一類別的巨大長期機會，我們繼續觀察反映我們生態系統實力的幾個趨勢。例如，本季度我們看到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同比增長兩位數，均創下歷史新高。

Paid subscriptions also continued to grow nicely. We now have more than 935 million paid subscriptions across the services on our platform, up more than 150 million during the last 12 months alone and nearly 4x what we had just 5 years ago.

付費訂閱也繼續保持良好增長。現在，我們平台上所有服務的付費訂閱人數超過 9.35 億，僅在過去 12 個月內就增加了 1.5 億多，是 5 年前的近 4 倍。

And we continue to increase the reach and improve the quality of our offerings. For instance, Apple Pay is now available to millions of merchants in nearly 70 countries and regions. And we saw a record-breaking number of purchases made using Apple Pay globally during the holiday shopping season.

我們將繼續擴大覆蓋範圍並提高我們產品的質量。例如，Apple Pay現已面向近70個國家和地區的數百萬商戶開放。在假日購物季期間，我們在全球範圍內看到使用 Apple Pay 進行的購買數量創下歷史新高。

Finally, our installed base of over 2 billion active devices represents a great foundation for future expansion of our ecosystem, and it continues to grow even during difficult macroeconomic conditions, which speaks to the exceptionally high levels of customer loyalty and satisfaction and our ability to attract new customers to our platform. The growth is coming from every major product category and geographic segment, with strong double-digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand and Vietnam.

最後，我們超過 20 億台活躍設備的安裝基礎為我們的生態系統的未來擴展奠定了堅實的基礎，即使在困難的宏觀經濟條件下它也會繼續增長，這說明了極高的客戶忠誠度和滿意度以及我們吸引客戶的能力我們平台的新客戶。增長來自每個主要產品類別和地理區域，巴西、墨西哥、印度、印度尼西亞、泰國和越南等新興市場實現了兩位數的強勁增長。

Turning to the enterprise market. we are seeing continued adoption of our Services for business like Apple Business Essentials, AppleCare, Tap to Pay and Apple Financial Services. For example, Mars Incorporated has expanded its use of AppleCare for Enterprise to provide timely device support and assurance for iPads deployed across their manufacturing sites. Meanwhile, HCA Healthcare has leveraged Apple Financial Services to manage the annual refresh of its entire fleet of iPhones. This not only ensures that their staff stay current on the latest Apple technology, but also provides them with significant annual savings in the process.

轉向企業市場。我們看到 Apple Business Essentials、AppleCare、Tap to Pay 和 Apple Financial Services 等企業繼續採用我們的服務。例如，Mars Incorporated 擴大了 AppleCare for Enterprise 的使用範圍，以便為部署在其生產基地的 iPad 提供及時的設備支持和保障。與此同時，HCA Healthcare 利用 Apple Financial Services 管理其整個 iPhone 系列的年度更新。這不僅可以確保他們的員工掌握最新的 Apple 技術，還可以讓他們每年在此過程中節省大量資金。

Let me now turn to our capital return program and our cash position. We returned over $25 billion to shareholders during the December quarter as our business continues to generate very strong cash flow. This included $3.8 billion in dividends and equivalents and $19 billion through open market repurchases of 133 million Apple shares. We ended the quarter with $165 billion in cash and marketable securities. We repaid $1.4 billion in maturing debt and decreased commercial paper by $8.2 billion, leaving us with total debt of $111 billion. As a result, net cash was $54 billion at the end of the quarter, and we maintain our goal of becoming net cash-neutral over time.

現在讓我談談我們的資本回報計劃和我們的現金狀況。由於我們的業務繼續產生非常強勁的現金流，我們在 12 月季度向股東返還了超過 250 億美元。這包括 38 億美元的股息和等價物，以及通過公開市場回購 1.33 億股蘋果股票獲得的 190 億美元。本季度結束時，我們擁有 1650 億美元的現金和有價證券。我們償還了 14 億美元的到期債務，減少了 82 億美元的商業票據，使我們的債務總額達到 1110 億美元。因此，本季度末淨現金為 540 億美元，我們維持隨著時間的推移實現淨現金中性的目標。

As we move into the March 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.

隨著我們進入三月季度，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前瞻性信息類型。鑑於短期內全球持續存在不確定性，我們不會提供收入指導，但我們會根據宏觀經濟前景和 COVID 對我們業務的相關影響不會比我們預測的情況惡化的假設來分享一些方向性見解今天是本季度。

In total, we expect our March quarter year-over-year revenue performance to be similar to the December quarter. This represents an acceleration in our underlying year-over-year business performance as the December quarter benefited from an extra week. Foreign exchange will continue to be a headwind, and we expect a negative year-over-year impact of 5 percentage points.

總的來說，我們預計 3 月季度的同比收入表現將與 12 月季度相似。這代表著我們的基本同比業務表現有所加速，因為 12 月季度受益於額外的一周。外匯將繼續成為不利因素，我們預計同比將產生 5 個百分點的負面影響。

For Services, we expect revenue to grow year-over-year while continuing to face macroeconomic headwinds in areas such as digital advertising and mobile gaming. For iPhone, we expect our March quarter year-over-year revenue performance to accelerate relative to the December quarter year-over-year revenue performance. For Mac and iPad, we expect revenue for both product categories to decline double digits year-over-year because of challenging compares and macroeconomic headwinds.

對於服務，我們預計收入將同比增長，同時在數字廣告和移動遊戲等領域繼續面臨宏觀經濟逆風。對於 iPhone，我們預計 3 月季度的同比收入表現相對於 12 月季度的同比收入表現將有所加快。對於 Mac 和 iPad，我們預計這兩個產品類別的收入將同比下降兩位數，因為比較具有挑戰性和宏觀經濟逆風。

We expect gross margin to be between 43.5% and 44.5%. We expect OpEx to be between $13.7 billion and $13.9 billion. We expect OI&E to be around negative $100 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.

我們預計毛利率在 43.5%至 44.5%之間。我們預計 OpEx 將在 137 億美元至 139 億美元之間。我們預計 OI&E 約為負 1 億美元，不包括少數股權投資按市值計算的任何潛在影響，我們的稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.23 per share of common stock payable on February 16, 2023, to shareholders of record as of February 13, 2023.

最後，今天，我們的董事會宣布將於 2023 年 2 月 16 日向截至 2023 年 2 月 13 日登記在冊的股東派發每股 0.23 美元的現金股息。

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

有了這個，讓我們打開問題的電話。

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

謝謝你，盧卡。 （操作員說明）操作員，我們可以問第一個問題嗎？

Certainly. We will go ahead and take our first question from David Vogt with UBS.

當然。我們將繼續回答來自瑞銀的 David Vogt 的第一個問題。

So Tim, and maybe this is for Luca as well. You talked about the supply chain returning back to normal after a very difficult October, November, but we're still seeing some disruptions across tech products, whether it's enterprise or consumer-facing. How do you think about your supply chain and maybe the levels of inventory or builds that you might need as we go forward to sort of insulate your business from these sort of episodic disruptions? Have you changed your view? And if so, how does that affect ultimately margins and sort of your balance sheet and cash flow items going forward?

所以蒂姆，也許這也是給盧卡的。你談到供應鏈在經歷了非常艱難的 10 月、11 月後恢復正常，但我們仍然看到科技產品出現一些中斷，無論是面向企業還是面向消費者。您如何看待您的供應鏈，以及您可能需要的庫存水平或構建，以便我們繼續將您的業務與此類偶發性中斷隔離開來？你改變看法了嗎？如果是這樣，這將如何影響最終的利潤率以及您的資產負債表和未來現金流量項目的種類？

This is Tim, David. From a supply point of view, we did see disruption from early November through most of December. And from a supply chain point of view, we're now at a point where production is what we need it to be. And so the problem is behind us.

這是蒂姆，大衛。從供應的角度來看，我們確實看到了從 11 月初到 12 月大部分時間的中斷。從供應鏈的角度來看，我們現在正處於我們需要生產的地步。所以問題已經過去了。

In terms of going forward in the supply chain, we build our products everywhere. There are component parts coming from many different countries in the world, and the final assembly coming from 3 countries in the world on just iPhone. And so we continue to optimize it. We'll continue to optimize it over time and change it to continue to improve.

就供應鏈的發展而言，我們在各地生產我們的產品。零部件來自世界上許多不同的國家，最後的組裝來自世界上 3 個國家，僅在 iPhone 上。所以我們繼續優化它。隨著時間的推移，我們將繼續優化它並改變它以繼續改進。

I think when you sort of zoom out and back up from it, the last 3 years have been a pretty difficult time between COVID and silicon shortages and the like. And I think it's -- I think we have had a very resilient supply chain in the aggregate.

我認為當你縮小範圍並從中恢復時，過去 3 年是 COVID 和矽短缺等之間的一段相當困難的時期。我認為這是——我認為我們總體上擁有一個非常有彈性的供應鏈。

In terms of supply for this quarter, which I think was one of your points, I think we're in decent supply on most products for the quarter currently.

就本季度的供應而言，我認為這是你的觀點之一，我認為我們目前本季度的大多數產品供應充足。

Our next question is from Shannon Cross of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

Luca, I wanted to dig a bit more into the commentary on gross margins. The guidance, especially at 43.5% to 44.5%, is obviously quite strong. So I'm wondering what's helping you out there, assume mix and some other things. And then how should we think about what currency and hedge is going to do as we look forward? And then I have a follow-up.

盧卡，我想更深入地了解一下關於毛利率的評論。該指導，尤其是 43.5% 至 44.5%，顯然相當強勁。所以我想知道是什麼在幫助你，假設混合和其他一些東西。那麼我們應該如何考慮我們期待的貨幣和對沖將要做什麼？然後我有一個後續行動。

Shannon, yes, I mean, we've had good margin for the December quarter to start with. We reported 43%. Obviously, in December, we have the benefit of leverage because of the seasonality of the business, but we also had favorable mix across the board.

香農，是的，我的意思是，從 12 月季度開始，我們的利潤率很高。我們報告了 43%。顯然，在 12 月，由於業務的季節性，我們有槓桿優勢，但我們也有全面的有利組合。

Of course, foreign exchange is an issue right now. In the December quarter on a sequential basis, foreign exchange was a negative 110 basis points for us. And on a year-over-year basis, it's 300 basis points. So obviously, the FX environment has changed a lot during the last 12 months.

當然，目前外匯是個問題。在連續的 12 月季度，外匯對我們來說是負 110 個基點。與去年同期相比，它是 300 個基點。很明顯，過去 12 個月外匯環境發生了很大變化。

For March, yes, we've seen a margin expansion, 43.5% to 44.5%. We're doing a lot of work around cost, of course. Mix will continue to help, both within categories and services mix as we move away from the holiday season. But we're doing a lot of work on the cost structure, and that is paying off. Foreign exchange is still a negative, about 50 basis points sequentially, but it's mitigating. The last couple of weeks, the dollar has weakened a bit. And so hopefully, as we go through the year, hopefully, things will improve. But for now, as you correctly state, we are in a good position on margins.

對於 3 月份，是的，我們看到了利潤率的增長，從 43.5% 到 44.5%。當然，我們正在圍繞成本做很多工作。隨著我們遠離假期，在類別和服務組合方面，混合將繼續提供幫助。但我們在成本結構方面做了大量工作，並且正在取得成效。外匯仍然是負面的，連續下跌約 50 個基點，但正在緩解。過去幾週，美元有所走軟。因此，希望在我們度過這一年時，希望情況會有所改善。但就目前而言，正如您正確指出的那樣，我們在利潤率方面處於有利地位。

And then, Tim, can you talk a bit about China? What you're seeing -- obviously, you've had the issues with production, but I mean more on the demand side. As we've gotten through Chinese New Year and the opening, I'm just wondering, are you seeing the Chinese consumer come back? What are they buying? And how are you thinking about your position there?

然後，蒂姆，你能談談中國嗎？你所看到的——顯然，你在生產方面遇到了問題，但我的意思是更多的是在需求方面。在我們度過中國新年和開幕之際，我只是想知道，您是否看到中國消費者回來了？他們在買什麼？你如何看待你在那裡的職位？

Shannon, last quarter, we declined by 7% on a reported basis, but we actually grew on a constant currency basis. And that was despite some significant -- the supply constraints that we talked about earlier. And obviously, the sort of the COVID restrictions throughout China that happened in various different places throughout the country also impacted the demand during the quarter.

香農，上個季度，我們在報告的基礎上下降了 7%，但實際上我們在固定匯率的基礎上增長了。儘管有一些重要的 - 我們之前談到的供應限制。顯然，全國各地發生的 COVID 限制也影響了本季度的需求。

When you look at the opening that started happening in December, we saw a marked change in traffic in our stores as compared to November. And that followed through to demand as well. And I don't want to get into January. We've obviously -- January is included in the guidance, or the color rather, that Luca provided earlier. But we did see a marked change from December compared to November.

當您查看 12 月開始的開業時，我們發現與 11 月相比，我們商店的客流量發生了顯著變化。這也隨之而來。我不想進入一月份。我們顯然 - 1 月包含在 Luca 早些時候提供的指南中，或者更確切地說是顏色。但與 11 月相比，我們確實看到了 12 月的顯著變化。

Our next question is from Erik Woodring of Morgan Stanley.

我們的下一個問題來自摩根士丹利的埃里克伍德林。

Maybe, Tim, first one for you. That 2 billion installed base -- device installed base figure, that's up, I believe, 200 million units year-over-year. That implies the strongest annual gain in new devices in your installed base basically as far back as you've provided those data points. And so I guess my 2 questions are: one, do you -- can you provide the installed base for the iPhone at year-end? And then two, is there anything that you see in this new cohort of users that might look different or similar to past cohorts, either by demographic or regions or monetization ramp? And then I have a follow-up.

也許，蒂姆，第一個給你。那 20 億安裝基數——設備安裝基數，我相信，同比增長 2 億台。這意味著您的安裝基礎中新設備的年度增長最強勁，基本上可以追溯到您提供這些數據點時。所以我想我的兩個問題是：第一，你能在年底提供 iPhone 的安裝基數嗎？其次，您在這個新的用戶群體中是否看到任何與過去的群體不同或相似的東西，無論是在人口統計、地區還是貨幣化方面？然後我有一個後續行動。

Yes. The installed base is now over 2 billion active devices, as you mentioned. And we set records across each geographic segment and major product category. And so it was a broad-based change. Two -- I'll correct one thing you said, it's up over 150 million year-over-year. The last report we reported to be over 1.85. And so it's 150 million, which we're very proud of. We also saw strong double-digit in several of the emerging markets, which is very important to us. For example, India and Brazil as just 2 examples. So very, very strong. And obviously, it bodes well for the future.

是的。正如您提到的，安裝基礎現在超過 20 億台活躍設備。我們在每個地理區域和主要產品類別中都創造了記錄。因此，這是一個基礎廣泛的變化。二 - 我會糾正你說的一件事，它比去年同期增加了超過 1.5 億。我們報告的上次報告超過 1.85。所以它是 1.5 億，我們為此感到非常自豪。我們還在幾個新興市場看到了強勁的兩位數增長，這對我們來說非常重要。例如，印度和巴西僅舉兩個例子。非常非常強大。顯然，這預示著未來。

And then, Luca, obviously, the December quarter was negatively impacted by the production challenges. Can you just maybe unpackage where channel inventory levels are today kind of across the iPhone broadly? And then what the data that you're seeing so far this quarter is telling you about iPhone demand deferral versus kind of iPhone demand destruction and perhaps pushing some upgrades later into the year rather than into the March quarter? And that's it for me.

然後，盧卡，顯然，12 月季度受到生產挑戰的負面影響。你能不能解開目前整個 iPhone 渠道庫存水平的包裝？然後，您本季度到目前為止看到的數據告訴您 iPhone 需求延遲與 iPhone 需求破壞的關係，並且可能將一些升級推到今年晚些時候而不是 3 月季度？對我來說就是這樣。

Yes. Erik, I'll take that one as well. The channel inventory levels on iPhone, we obviously ended the December quarter below our target range given the supply challenges on iPhone 14 Pro and iPhone 14 Pro Max. But as you think about this, keep in mind that a year ago, we also exited the December quarter below our target inventory range because of supply challenges in the year ago quarter. Not related -- not the same issue, but just as a point. And so that hopefully gives you some flavor of that.

是的。埃里克，我也要那個。 iPhone 的渠道庫存水平，鑑於 iPhone 14 Pro 和 iPhone 14 Pro Max 的供應挑戰，我們顯然在 12 月季度結束時低於我們的目標範圍。但當你想到這一點時，請記住，一年前，由於去年同期的供應挑戰，我們也以低於目標庫存範圍的價格退出了 12 月季度。不相關 - 不是同一個問題，但只是一個問題。因此，希望能給你一些味道。

In terms of what we're seeing in January, we've included in our color that Luca provided kind of our thinking. It's very hard to estimate the recapture because you have to know exactly what would have happened and how many people bought down. And it takes a while to get that -- to get those reports in during the quarter. And so we've made our best guess at it.

就我們在 1 月份看到的情況而言，我們將 Luca 提供的某種想法包含在我們的顏色中。很難估計重新奪回的情況，因為你必須確切地知道會發生什麼以及有多少人買賬。並且需要一段時間才能獲得 - 在本季度獲得這些報告。所以我們已經做出了最好的猜測。

In terms of the sizing of the constraint in Q1, what we estimate, although not with precision, is that we would -- I thought we believe iPhone would have grown during the quarter had it not been for the supply shortages. So hopefully, that provides you a little bit of color.

就第一季度的限制規模而言，我們估計，雖然不是很精確，但我們會——我認為如果不是因為供應短缺，我們相信 iPhone 會在本季度實現增長。希望這能為您提供一點色彩。

Our next question comes from Aaron Rakers of Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I have 2 as well, if I can. I guess the first kind of question, just going back on the gross margin line. Pretty good guidance into this March quarter. I'm curious if you unpack that a little bit specific around what you're seeing as far as maybe benefits from component pricing in the guidance, if you're embedding any of that at this point.

如果可以的話，我也有2個。我猜是第一種問題，只是回到毛利率線上。對這個 3 月季度的指導非常好。我很好奇你是否圍繞你所看到的內容展開了一些具體的包裝，如果你在此時嵌入其中的任何一個，那麼指南中的組件定價可能會帶來好處。

Yes. Of course, with our guidance, we try to capture every aspect of our cost structure. And obviously, components are a big portion of that. So definitely, that's included. And keep in mind, again, that foreign exchange -- I mentioned earlier, I think to Shannon, that the sequential negative on FX is 50 basis points, versus a year ago, it's 270 basis points. Obviously, the U.S. dollar has moved a lot over the last 12 months. So obviously, we need to find offsets and more to the negative FX in order to be able to provide this kind of guidance. And so obviously, components are a big part of that.

是的。當然，在我們的指導下，我們試圖捕捉成本結構的各個方面。顯然，組件是其中的很大一部分。所以絕對包括在內。再次記住，外匯——我之前提到過，我認為對香農來說，外彙的連續負面影響是 50 個基點，而一年前是 270 個基點。顯然，美元在過去 12 個月內波動很大。所以很明顯，我們需要找到負外彙的抵消和更多，以便能夠提供這種指導。很明顯，組件是其中的重要組成部分。

Yes. And then kind of from a strategic perspective, given kind of the things that we're seeing out in some of your peer group, I'm curious, Tim, how you think about the role of AI in your strategy as far as particularly in the Services segment, whether you're not -- you see opportunities to excel monetization abilities within the paid subscriber base and whether or not AI, is it something that you're implementing a bit more strategically there.

是的。然後從戰略的角度來看，考慮到我們在您的一些同行中看到的一些事情，我很好奇，蒂姆，您如何看待人工智能在您的戰略中的作用，特別是在在服務領域，無論你是否——你都看到了在付費用戶群中超越貨幣化能力的機會，無論是否是 AI，你是否正在那裡更具戰略性地實施。

Yes. It is a major focus of ours. It's incredible in terms of how it can enrich customers' lives. And you can look no further than some of the things that we announced in the fall with crash detection and fall detection or back a ways with ECG. I mean these things have literally saved people's lives. And so we see an enormous potential in this space to affect virtually everything we do. It's obviously a horizontal technology, not a vertical. And so it will affect every product and every service that we have.

是的。這是我們的一個主要關注點。就如何豐富客戶的生活而言，這是令人難以置信的。你可以看看我們在秋季宣布的一些關於碰撞檢測和跌倒檢測的內容，或者通過 ECG 支持的方式。我的意思是這些東西確實拯救了人們的生命。因此，我們看到了這個領域的巨大潛力，它幾乎可以影響我們所做的一切。這顯然是橫向技術，而不是縱向技術。因此，它將影響我們擁有的每一種產品和每一種服務。

Our next question comes from Amit Daryanani of Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess the first one I have is, Tim, I think based on your earlier comments that iPhones would have grown ex the production issue that implied that maybe it's a $7 billion or so impact that you had in December quarter from the production challenges on the high-end models. I'm sure it's tough to see what happens this time around. But I think historically, when you've had production issues or things like this happen, what has the consumer behavior being typically? Do they tend to go down towards the lower end models and get the phone they want quickly? Or do they just defer the production? Just from a historical perspective, I think do you typically recover what's deferred out or no?

我想我的第一個是，蒂姆，我認為根據你之前的評論，iPhone 會在生產問題之前增長，這意味著你在 12 月季度因生產挑戰而產生的影響可能達到 70 億美元左右。高端機型。我敢肯定這一次很難看到會發生什麼。但我認為從歷史上看，當你遇到生產問題或類似的事情時，消費者的行為通常是什麼？他們是否傾向於轉向低端型號并快速獲得他們想要的手機？或者他們只是推遲生產？僅從歷史的角度來看，我認為您通常會恢復或不恢復推遲的內容嗎？

It's very hard to estimate is the real answer because you have to know a lot of data, and it's usually only in hindsight that you have a more reasonable view of it. And so we put our best views in the color that Luca provided. That's kind of what I would say.

很難估計是不是真正的答案，因為你必須知道很多數據，而且通常只有在事後才能對它有一個更合理的看法。因此，我們將最佳視圖置於 Luca 提供的顏色中。這就是我要說的。

All right. And then I guess maybe if I think about Services as you go forward. I know you had really good growth in Services, I think, over the last several years. But as you go forward in Services, what do you think drives the growth more so? Is it the expansion of your installed base? Or is it more going to be driven by ARPU going higher for you? I'm just curious, how do you think about those 2 buckets as you go forward?

好的。然後我想也許如果我在你前進的過程中考慮服務。我知道你在過去幾年中在服務方面取得了非常好的增長。但是隨著您在服務領域的發展，您認為是什麼推動了增長？這是您安裝基礎的擴展嗎？還是更多的是 ARPU 對你來說更高？我只是好奇，在你前進的過程中，你如何看待這兩個桶？

Amit, there's a number of things, and I've mentioned a few of them during the call. The first step is always the installed base. Installed base is the engine for Services growth. And the fact that the installed base is growing very nicely, and it's growing in a lot of emerging markets, it's growing even faster, that gives us a larger addressable pool of customers. So that's incredibly important.

阿米特，有很多事情，我在通話中提到了其中的一些。第一步始終是安裝基礎。安裝基礎是服務增長的引擎。事實上，安裝基礎增長非常好，它在許多新興市場中增長，增長速度更快，這為我們提供了更大的可尋址客戶群。所以這非常重要。

The second one is that we are seeing that the level of engagement of our customers already in our ecosystem continues to grow. We -- I mentioned that both transacting accounts and paid accounts grew double digits. And so that bodes very well for the future. And we have a lot of transacting accounts that kind of moved to paid accounts over time.

第二個是我們看到，已經在我們生態系統中的客戶的參與度在持續增長。我們 - 我提到交易賬戶和付費賬戶都增長了兩位數。所以這對未來來說是個好兆頭。隨著時間的推移，我們有很多交易賬戶都變成了付費賬戶。

The other aspect that is very important for us is to continue constantly to improve the reach and the quality of our services. And I give the example of Apple Pay, which it's a great example because we started off primarily in the United States. Now we've taken it to 70 markets, millions of merchants. And so obviously, payment services are -- continue to set new highs all the time for us.

對我們來說非常重要的另一個方面是繼續不斷提高我們服務的範圍和質量。我舉了 Apple Pay 的例子，這是一個很好的例子，因為我們主要在美國起步。現在我們已經將它帶到了 70 個市場，數以百萬計的商家。很明顯，支付服務一直在為我們創下新高。

And then as you've seen over the last few years, we also launched new services over time, and that obviously contributes to the growth. We're very excited. And when we look at the behavior of our installed base, we think it's very promising for the continued growth of our Services business.

然後正如您在過去幾年中看到的那樣，隨著時間的推移，我們還推出了新服務，這顯然有助於增長。我們非常興奮。當我們查看已安裝基礎的行為時，我們認為這對我們服務業務的持續增長非常有希望。

Our next question comes from Harsh Kumar of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

Tim, I had a quick question on emerging markets. Seems like you're making a lot of strides in India. Potentially wanted to understand the kind of share you have in China and India. And relative to that, what would be your aspirational but sort of achievable share in iPhones in those territories, whether it's units or revenues? And I was hoping to draw on your experience and maybe what you've seen in other countries where you've had some longer presence.

蒂姆，我有一個關於新興市場的快速問題。看起來你在印度取得了很大進步。可能想了解您在中國和印度的份額。相對於此，您在這些地區的 iPhone 中所期望但可以實現的份額是多少，無論是銷量還是收入？我希望藉鑑您的經驗，也許還有您在其他國家工作時間較長的國家所見所聞。

And looking at the business in India, we set a quarterly revenue record and grew very strong double digits year-over-year. And so we feel very good about how we performed, and that was -- that's despite the headwinds that we've talked about. Taking a step back, India is a hugely exciting market for us and is a major focus. We brought the online store there in 2020. We will soon bring Apple retail there. So we're putting a lot of emphasis on the market. There's been a lot done from a financing options and trade-ins to make products more affordable and give people more options to buy. And so there's a lot going on there.

看看印度的業務，我們創造了季度收入記錄，並且同比增長非常強勁的兩位數。因此，我們對自己的表現感覺非常好，那是——儘管我們已經談到了不利因素。退一步說，印度對我們來說是一個非常令人興奮的市場，也是我們的主要關注點。我們在 2020 年將在線商店帶到了那裡。我們很快將把 Apple 零售店帶到那裡。所以我們非常重視市場。融資選擇和以舊換新已經做了很多工作，使產品更實惠，並為人們提供更多購買選擇。所以那裡發生了很多事情。

We are, in essence, taking what we learned in China years ago and how we scale to China and bringing that to bear. And I don't have the exact market shares in front of me, but I think you would see that from a market share point of view that we grew around the world last quarter despite -- on iPhone despite the challenges that we've had on the supply side. And I wouldn't expect to have a difference in those 2 markets.

本質上，我們是在吸收多年前在中國學到的知識，以及我們如何將其擴展到中國，並將其付諸實踐。我面前沒有確切的市場份額，但我想你會從市場份額的角度看到，儘管我們在 iPhone 上遇到了挑戰，但上個季度我們在全球範圍內實現了增長在供給側。而且我不希望這兩個市場有所不同。

Understood. And for my follow-up, I had a sort of interesting theoretical question on pricing. Assuming we get the CHIPS Act passed, and there's a whole bunch of manufacturing that happens in U.S. and other territories that are potentially somewhat more expensive than the ones you might be now, have you -- has the company done any studies to gauge the elasticity of demand relative to small price increases in your products?

明白了。對於我的後續行動，我有一個關於定價的有趣的理論問題。假設我們通過了 CHIPS 法案，並且在美國和其他地區發生了一大堆製造業，這些製造業可能比你現在可能更昂貴，你有沒有 - 公司是否做過任何研究來衡量彈性相對於您的產品小幅漲價的需求？

We have experience in that, but I wouldn't necessarily draw the same conclusion that you have in terms of the cost of the product. I -- we don't know at this point exactly what that will be, but we're all in, in terms of being the largest customer for TSMC in Arizona. I'm very proud to take part in that. That's what I would say about that.

我們在這方面有經驗，但我不一定會得出與您在產品成本方面相同的結論。我——我們現在還不知道那會是什麼，但就成為台積電在亞利桑那州的最大客戶而言，我們全力以赴。我很自豪能參與其中。這就是我要說的。

Our next question comes from Wamsi Mohan of Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Tim, you've done a phenomenal job of driving consumer choice towards higher-end products within your portfolio. How would you compare this cycle for iPhones if you were to segment the Pro versus non-Pro models versus the cycles from the past few years? And do you think this move to higher ASPs is sustainable? Or do you think it reverses in a tighter consumer spending environment? And I have a follow-up.

蒂姆，你在推動消費者選擇你的產品組合中的高端產品方面做得非常出色。如果你要將 Pro 和非 Pro 型號與過去幾年的周期進行細分，你會如何比較 iPhone 的這個週期？您認為向更高 ASP 的轉變是否可持續？或者你認為它會在更緊縮的消費支出環境中逆轉嗎？我有一個後續行動。

The Pro has been a -- the 14 Pro and the 14 Pro Max have done extremely well up until the point where we had a supply shortage and couldn't provide them -- couldn't provide the total of the demand. And so it's definitely a strong Pro cycle. I think there's a number of reasons for that, but the most important one is always the product. And I think the innovations and the product speak for themselves. And we feel very good about the product that we announced back in September and are happy to now be at a point where we're shipping to the demand.

Pro 一直是 - 14 Pro 和 14 Pro Max 一直表現非常好，直到我們出現供應短缺且無法提供它們 - 無法提供全部需求。因此，這絕對是一個強大的專業周期。我認為這有很多原因，但最重要的始終是產品。我認為創新和產品不言自明。我們對我們在 9 月份宣布的產品感到非常滿意，並且很高興現在能夠滿足需求。

And Tim, do you think that this move to sort of higher ASPs that has happened over the last few years is sustainable? Or could it sustain in this very tough macro environment that you've cited?

蒂姆，你認為過去幾年發生的這種向更高平均售價的轉變是可持續的嗎？或者它能在你提到的這個非常艱難的宏觀環境中維持下去嗎？

I wouldn't want to predict, but I would say that the smartphone for us, the iPhone has become so integral into people's lives. It contains their contacts and their health information and their banking information and their smart home and so many different parts of their lives, their payment vehicle and -- for many people. And so I think people are willing to really stretch to get the best they can afford in that category.

我不想預測，但我會說對於我們來說，智能手機 iPhone 已經成為人們生活中不可或缺的一部分。它包含他們的聯繫方式、他們的健康信息、他們的銀行信息、他們的智能家居以及他們生活的許多不同部分、他們的支付工具以及——對許多人來說。因此，我認為人們願意真正努力去獲得該類別中他們能負擔得起的最好的。

Okay. Great. And Tim, you clearly emphasize the focus and importance of the installed base. If we think about the absolute grit of the installed base from 1 billion to 2 billion over 7 years from a device standpoint, how should we think about the penetration of services or the growth in paying customers on services or that time frame? Is that penetration rate increasing or decreasing? How fast is that growing relative to the growth of the overall installed base?

好的。偉大的。蒂姆，你清楚地強調了安裝基礎的重點和重要性。如果我們從設備的角度考慮安裝基數在 7 年內從 10 億增加到 20 億的絕對勇氣，我們應該如何考慮服務的滲透率或服務付費客戶的增長或那個時間框架？滲透率是增加還是減少？相對於整體安裝基數的增長速度有多快？

Wamsi, it's Luca. Yes, of course, we keep track of that. It's really important for us. Over the last 7 years, as we doubled the installed base, we've seen a growing engagement of our customers on the platform. That happens, first of all, by customers transacting on the platform and then moving to paid accounts. So starting to pay for some of the services. That percentage of paid accounts tends to grow over time. We've seen it in developed markets. We see it in emerging markets. And that is due to some of the reasons that I was explaining earlier, including the fact that we made it easier for our customers to get engaged on the platform. For example, we offer multiple payment methods in many countries. And we've made it easier to explore for more services because we've added a lot of services on the platform over the last 7 years. So to your question, of course, higher engagement means a higher percentage of paid accounts over time.

瓦姆西，是盧卡。是的，當然，我們會跟踪這一點。這對我們來說真的很重要。在過去的 7 年裡，隨著我們的安裝基數翻了一番，我們看到客戶在該平台上的參與度越來越高。這種情況首先發生在客戶在平台上進行交易，然後轉向付費賬戶的情況下。所以開始為一些服務付費。付費帳戶的百分比往往會隨著時間的推移而增長。我們已經在發達市場看到了它。我們在新興市場看到了這一點。這是由於我之前解釋過的一些原因，包括我們讓客戶更容易參與該平台這一事實。例如，我們在許多國家/地區提供多種付款方式。我們讓探索更多服務變得更容易，因為我們在過去 7 年裡在平台上添加了大量服務。所以對於你的問題，當然，更高的參與度意味著隨著時間的推移更高比例的付費賬戶。

Our next question comes from Richard Kramer of Arete Research LLP.

我們的下一個問題來自 Arete Research LLP 的 Richard Kramer。

Operator, can we move on to the next?

接線員，我們可以繼續下一步嗎？

Next, we'll hear from Jim Suva of Citigroup.

接下來，我們將聽取花旗集團的 Jim Suva 的講話。

Tim and Luca, you both mentioned earlier on the Q&A a little bit about India. I was wondering if we're now entering a situation of even more opportunity because we've exited COVID, we've exited countries with different COVID criteria. We've also seen India build out its higher speed transmissions. And your market is -- shares tremendously underrepresented there. And it appears with the supply chain, you're looking at diversifying kind of operational risk not specific to any country, but just overall. Now you look at potentially opening up stores and stuff. Am I right that, that's the way you look at it is it's even more prime for opportunity now than ever? And once you start opening up stores there, you could just see a complete green shoot of adoptions or any additional commentary on your view on India as now we've navigated COVID and supply chain and so many challenges over the past 2 years?

Tim 和 Luca，你們之前在問答環節都提到了一些關於印度的事情。我想知道我們現在是否正在進入一個機會更多的情況，因為我們已經退出了 COVID，我們已經退出了具有不同 COVID 標準的國家。我們還看到印度建立了更高速的傳輸系統。你的市場是——那裡的股票數量極少。它出現在供應鏈中，你正在尋找多樣化的運營風險，而不是特定於任何國家，而是整體。現在你看看有可能開店之類的。我是對的嗎，這就是你看待它的方式，它現在比以往任何時候都更適合機會？一旦你開始在那裡開設商店，你就可以看到收養的完全綠芽或對你對印度的看法的任何額外評論，因為現在我們已經在過去兩年中應對了 COVID 和供應鏈以及許多挑戰？

Yes. Jim, we actually did fairly well through COVID in India. And I'm even more bullish now on the other side of it, or hopefully, on the other side of it. And that's the reason why we're investing there. We're bringing retail there and bringing the online store there and putting a significant amount of energy there. I'm very bullish on India.

是的。吉姆，我們實際上在印度通過 COVID 做得相當好。而且我現在更加看好它的另一面，或者希望在它的另一面。這就是我們在那裡投資的原因。我們將零售業帶到那裡，將在線商店帶到那裡，並在那裡投入大量精力。我非常看好印度。

And then as my quick follow-up, you had mentioned that Services, not necessarily specific to India, but Services overall were better than expected. And of course, supply chain was more challenged than expected. So what was the bridge factor of Services being better than expected on upside? Was it like advertising or apps or paid monthly subscriptions? Or what were kind of the things that really surprised you to the upside on Services?

然後作為我的快速跟進，你提到了服務，不一定特定於印度，但服務總體上比預期的要好。當然，供應鏈面臨的挑戰比預期的要大。那麼，服務業好於預期的上行橋樑因素是什麼？是像廣告、應用程序還是付費的月度訂閱？或者在服務方面真正讓您感到驚訝的是什麼？

It was -- Jim, it's Luca. It's primarily the -- this level of engagement we saw, which then reflects into the, as you said, the paid subscriptions. We saw very good results in our cloud services business in payment services. Music was very strong. So we had a number of categories that set new records, all-time records. And they did a bit better than we were expecting at the beginning of the quarter.

是——吉姆，是盧卡。這主要是 - 我們看到的這種參與程度，然後反映到如您所說的付費訂閱中。我們在支付服務的雲服務業務中看到了非常好的結果。音樂非常強烈。所以我們有許多類別創造了新的記錄，歷史記錄。他們的表現比我們在本季度初的預期要好一些。

And so Tim mentioned that during, I think, his prepared remarks that when you look at it in constant currency, we grew services double digits. And that was on top of a 24% increase a year ago. So it's very sustained growth that we're seeing.

所以蒂姆提到，我認為，在他準備好的發言中，當你以不變的貨幣來看時，我們的服務增長了兩位數。這是在一年前 24% 的增幅之上。因此，我們看到的是非常持續的增長。

Our next question will come from Krish Sankar of Cowen and Company.

我們的下一個問題將來自 Cowen and Company 的 Krish Sankar。

I have 2. The first one, Tim and Luca, you mentioned how the macro did soften, and it has an impact. And as consumers tighten their belt, when you look across your hardware products and service businesses, where are you seeing the biggest impact and where are you seeing the least impact from the softening macro? And then I had a quick follow-up.

我有 2 個。第一個，蒂姆和盧卡，你提到宏觀是如何軟化的，它有影響。隨著消費者勒緊褲腰帶，當你審視你的硬件產品和服務業務時，你認為哪裡受到宏觀疲軟的影響最大，哪裡影響最小？然後我進行了快速跟進。

We think there were some impact across the products and in Services. Probably, the ones that we saw the most impact on were Mac and Wearables. You can see that in those numbers. And probably, the least would have been iPhone.

我們認為對產品和服務產生了一些影響。可能，我們看到影響最大的是 Mac 和可穿戴設備。你可以在這些數字中看到這一點。可能最少的是 iPhone。

Got it. Got it. Very helpful, Tim. And then just a quick follow-up on the Mac. The PC industry is expecting a decline in PC shipments this year also. How do you think about the Mac relative to kind of like where the PC industry as a whole is expecting the shipments to end up? Is there any color you can give on that?

知道了。知道了。非常有幫助，蒂姆。然後只是對 Mac 的快速跟進。 PC 行業預計今年 PC 出貨量也會下降。您如何看待 Mac 相對於整個 PC 行業預期出貨量的最終結果？你能給它上什麼顏色嗎？

The industry is very challenged, as you say. It's -- the industry is contracting. I think from us, though, is -- and I don't know how this year will play out, so I don't want to predict the year. But over the long run, we have a market that is a reasonable-sized market, a big market. And we have low share, and we have a competitive advantage with Apple silicon. And so strategically, I think we're well positioned in the market, albeit I think it will be a little rough in the short term.

正如您所說，這個行業充滿挑戰。這是——這個行業正在收縮。不過，我認為我們是——我不知道今年會如何，所以我不想預測這一年。但是從長遠來看，我們有一個市場，一個合理規模的市場，一個大市場。而且我們的份額很低，我們在 Apple silicon 方面具有競爭優勢。所以從戰略上講，我認為我們在市場上處於有利地位，儘管我認為短期內會有點艱難。

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 6541285, followed by the pound sign.

今天電話會議的重播將在 Apple 播客上、apple.com/investor 上的網絡廣播和電話重播，為期 2 週。電話重播號碼是 (866) 583-1035。請輸入確認碼 6541285，然後輸入井號。

These replays will be available by approximately 5 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.

這些重播將在下午 5 點左右提供。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。如果有其他問題，金融分析師可以致電 (669) 227-2402 與我聯繫。再次感謝您加入我們。

And once again, this does conclude today's conference. We do appreciate your participation.

再一次，今天的會議到此結束。我們非常感謝您的參與。