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 財年第一季財報電話會議。今天的電話會議正在錄音中。

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，我想把開場致詞和介紹環節交給投資者關係和企業財務總監 Tejas Gala。請您發言。

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執行長庫克，之後是財務長盧卡馬埃斯特里。之後，我們將開始回答分析師的提問。

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Tim之前，我想提醒大家，12月季度跨越14週，而3月季度則照例跨越13週。請注意，您在今天的討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅金、資本配置和未來業務展望的陳述，包括COVID-19對公司業務和營運績效的潛在影響。

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.

這些陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。更多信息，請參閱 Apple 最新提交給美國證券交易委員會 (SEC) 的 10-K 表格年度報告和 8-K 表格中討論的風險因素以及相關新聞稿。 Apple 不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊僅代表其各自日期的觀點。

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

現在我想將電話轉給提姆作介紹性發言。

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

謝謝你，Tejas。大家下午好，感謝你們加入我們。

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，我們公佈12月季度營收為1172億美元。我們在加拿大、印尼、墨西哥、西班牙、土耳其和越南等多個市場創下了歷史新高，並在巴西和印度創下了季度紀錄。由於充滿挑戰的環境，我們的營收年減了5%。但我為我們過去幾年應對各種情況（無論是可預見的還是不可預見的）的方式感到自豪，並且我對我們的團隊、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.

讓我來談談影響我們本季營收表現的三個因素。首先是外匯逆風，其影響接近800個基點。以固定匯率計算，我們的收入同比增長，並且在我們追蹤的絕大多數市場中都實現了成長。

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.

第二個因素，我們在 11 月 6 日的更新中提到過，是與新冠疫情相關的挑戰，這嚴重影響了 iPhone 14 Pro 和 iPhone 14 Pro Max 的供應，並持續了整個 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 供應量遠低於計劃，導致發貨時間遠遠超出了我們的預期。正如我們在疫情期間始終堅持的方針一樣，我們繼續以人為本，並與供應商合作，確保每位工人的健康和安全。目前，生產已恢復到我們預期的水平。

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，世界持續面臨前所未有的局勢，從通貨膨脹到東歐戰爭，再到疫情的持續影響。我們知道蘋果也無法倖免。但無論面臨何種情況，我們的方法始終如一。我們深思熟慮，從容應對。我們著眼長遠。我們能夠迅速適應不可控的形勢，同時在我們力所能及的領域提供卓越的服務。我們投資於創新、人才以及我們能為世界帶來的正面影響。我們竭盡全力為客戶提供能夠豐富他們生活並幫助他們充分釋放創造潛力的技術。能夠參與其中是一件非常美妙的事情，當我們聽到客戶如此喜愛我們創造的產品時，我們所有蘋果員工都感到非常欣慰。

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，我來談談我們各產品類別的表現。首先是 iPhone。本季營收為 658 億美元，年減 8%。然而，以固定匯率計算，iPhone 營收基本持平。我們的客戶持續對其驚人的拍照功能、前所未有的電池續航時間以及一系列突破性的健康和安全功能讚不絕口。 iPhone 14 系列突破了智慧型手機的極限。

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 營收達到 77 億美元，符合我們的預期。與去年同期相比，我們很難做出比較，因為去年同期我們推出了重新設計的 M1 MacBook Pro，取得了巨大的成功。我們也面臨嚴峻的宏觀經濟環境和外匯逆風。我們對 Mac 的長期發展前景充滿信心，並將繼續關注。

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，我們推出了搭載 Apple 最新晶片 M2 Pro 和 M2 Max 的全新 MacBook Pro 機種。這些晶片不僅實現了前所未有的性能，而且能耗更低，不僅有利於環保，還使新款 MacBook Pro 擁有 Mac 史上最長的電池續航力。我們也推出了搭載 M2 晶片的 Mac mini，它將為各類用戶帶來超強生產力，並讓他們驚嘆於 Mac mini 的強大效能。

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 營收成長 30%，達到 94 億美元。強勁成長的部分原因在於，與去年 12 月季度相比，iPad 營收表現良好，當時我們遭遇了嚴重的供應短缺。無論是搭載 M2 處理器的全新 iPad Pro，還是擁有驚人 Liquid Retina 顯示器和絢麗色彩的全新設計 iPad 第十代，我們的新產品陣容都因其多功能性而廣受好評。

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.

穿戴式裝置、家居及配件業務營收為135億美元，年減8%，受外匯逆風和充滿挑戰的宏觀經濟環境影響。我們仍然對該類別的長期發展機會充滿信心。例如，幾週前，我們發布了下一代HomePod，它是智慧家庭不可或缺的補充。這款功能強大的智慧音箱依靠先進的運算音訊技術，帶來非凡的聆聽體驗。我們也透過聲音辨識技術幫助使用者提升居家安全。該功能將於今年春季晚些時候推出，當HomePod識別到煙霧或一氧化碳警報聲時，它會直接向用戶的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.

我們持續聽到對 Apple Watch Series 8 和 Apple Watch Ultra 的廣泛讚譽，它們為穿戴式裝置的可能性樹立了新的標準。從一系列健康和安全功能到適合極限運動員的驚人新功能，這些令人驚嘆的產品適合每個人。客戶對我們在許多產品中提供的一些非凡新功能也感到興奮。其中一個亮點是透過衛星發出的緊急 SOS 功能，該功能於 11 月向美國和加拿大的 iPhone 14 用戶推出，並於 12 月向法國、德國、愛爾蘭和英國的用戶推出。我們希望我們的用戶永遠不需要這個功能，但收到人們的電子郵件，描述我們的新安全功能對他們產生的救生影響，還是令人無比欣慰的。

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.

我們始終致力於探索賦能人們創造和協作的新方式。去年 12 月，我們發布了全新的 Freeform app，讓使用者隨時隨地記錄創意，並進行即時協作。 Freeform 的靈活性和簡潔性已獲得許多評論家的一致好評，因為它能夠在 iPhone、iPad 和 Mac 上無縫運行。

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，我們非常興奮地宣布，我們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、卓越的客戶忠誠度和滿意度，以及大量的轉換用戶，我們目前擁有超過20億台活躍設備，這部分用戶基數正在不斷增長，是七年前的兩倍。這充分證明了我們的產品和服務以及我們生態系統的強大。

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.

我們服務業務創下了208億美元的歷史新高，超出了我們的預期。 App Store訂閱收入實現了兩位數成長，並在包括雲端服務和支付服務在內的多個類別創下了歷史新高。總而言之，Apple目前擁有超過9.35億付費訂閱用戶。

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 也剛與美國職業足球大聯盟 (Major League Soccer) 開啟了歷史性的十年合作。就在昨天，我們推出了 MLS Season Pass，讓超過 100 個國家的球迷可以隨時隨地觀看 MLS 常規賽、季後賽和 MLS 盃的直播。在我們為運動迷提供比以往更多內容的同時，Apple TV+ 也持續展現強大的角色和動人的故事。我們很高興能與 Apple TV+ 訂閱用戶一起觀看熱門電影《小精靈》(Spirited)。我們也很高興看到大家對《縮小》(Shrinking)、《慢馬》(Slow Horses) 和《真相大白》(Truth Be Told) 等新劇和回歸影集的喜愛。此外，我們即將上映的還有《Sharper》和《俄羅斯方塊》等精彩影片，艾美獎得主泰德·拉索 (Ted Lasso) 也將在今年春季回歸。

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，我們也對 Fitness+ 進行了一些重大更新，擴展了我們超過 3,500 種鍛鍊和冥想計畫目錄，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焦系列以無與倫比的碧昂絲的音樂為特色，我們很高興與出現在第五季《Time to Walk》中的嘉賓一起漫步。當我們宣布推出 Apple Business Connect 時，我們繼續秉承數十年來幫助小型企業蓬勃發展的承諾。這款新工具使企業主能夠更好地控制數十億人每天如何查看和使用他們的產品和服務。各種規模的企業現在都可以在 Apple 地圖、資訊、錢包、Siri 和其他應用程式中為用戶自訂關鍵資訊。

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.

同時，在零售方面，我們慶祝了 Apple 線上商店成立 25 週年，並在溫哥華開設了 Apple Pacific Centre，在新澤西州開設了 Apple American Dream。我還要感謝所有在繁忙的假期季節為顧客提供幫助的團隊。在 Apple，我們投入大量時間專注於為顧客以及我們提供的每一款產品和服務打造無與倫比的體驗。我們也同樣致力於在所做的每一件事中以我們的價值觀為先導。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資料：iMessage 聯絡人金鑰驗證、Apple ID 安全金鑰和 iCloud 高級資料保護。

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，我們深感責任重大，要讓世界變得比我們最初發現的更美好。距離 2030 年還有一年時間，我們始終致力於實現為本世紀末設定的環境承諾。例如，最新的 Mac mini 和 MacBook Pro 機型均採用 100% 再生鋁製造外殼，所有磁鐵均採用再生稀土元素。此外，我們首次在 HomePod 的多個印刷電路板電鍍層中使用 100% 再生金。為了紀念黑人歷史月，我們發布了「黑人團結」系列，包括特別版 Apple Watch Black Unity 運動錶帶、全新的配套錶盤和 iPhone 桌布。透過我們的種族、平等與正義倡議，我們正在擴大對 5 個致力於透過科技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.

本季度，我們也宣布，自11年前啟動捐贈計畫以來，我們已向人道工作、救災、兒童教育等領域捐贈了超過8.8億美元。過去16年來，透過與(RED)的合作，Apple支持的捐贈已幫助超過1,100萬人獲得了所需的照護和支援服務。

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，我們對未來充滿期待。在蘋果，我們始終展望未來，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成就偉業。這讓我對蘋果的未來比以往任何時候都更有信心。

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

說完這些，我就把它交給盧卡。

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。正如提姆所提到的，12月季度的營收為1,172億美元，較去年同期下降5%。許多因素對我們的業績產生了重大影響。首先，我們面臨著非常艱難的外匯環境，影響了我們的業績近800個基點。換句話說，以固定匯率計算，我們的收入實現了成長。事實上，我們在絕大多數市場都實現了成長。

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，本季的宏觀經濟環境比12個月前明顯更具挑戰性。第三，11月和12月，iPhone 14 Pro和iPhone 14 Pro Max的供應嚴重短缺。另一方面，正如Tejas在電話會議開始時所提到的，本季第14週帶來了正面的影響。

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.

產品營收為964億美元，年減8%，原因我剛才提到的那些。但同時，我們的活躍設備安裝基數實現了兩位數成長，並在各地區和各主要產品類別中創下了歷史新高。我們很自豪，我們的活躍設備安裝基數現已超過20億。安裝基數的持續成長得益於極高的顧客滿意度和忠誠度，以及大量新客戶。

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.

安裝基數的成長也幫助我們的服務創下了 208 億美元的歷史最高收入記錄，比去年同期成長 6%。儘管外匯帶來了超過 700 個基點的負面影響，我們仍然實現了這個新的里程碑。我們在美洲、歐洲和亞太其他地區的服務收入均創下歷史新高，在大中華區創下了 12 月季度的最高紀錄。我們還在許多服務類別中創下了紀錄，包括雲端服務、支付服務和音樂的歷史收入記錄以及 App Store 和 AppleCare 12 月季度的最高紀錄。該公司毛利率為 43%，比上一季上升 70 個基點，原因是槓桿率和有利的產品組合，但部分被外匯所抵消。產品毛利率為 37%，較上一季上升 240 個基點。服務毛利率為 70.8%，比上一季上升 30 個基點，這兩個因素都與影響公司總毛利率的因素相同。

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.

143億美元的營運費用遠低於我們本季初提供的指引範圍，且由於我們採取措施應對當前宏觀環境，營運費用成長低於以往。淨利為300億美元。每股攤薄收益為1.88美元，我們實現了非常強勁的340億美元營運現金流。

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，讓我更詳細地介紹我們每個收入類別。儘管面臨巨大的外匯逆風、iPhone 14 Pro 和 iPhone 14 Pro Max 的供應限制以及充滿挑戰的宏觀經濟環境，iPhone 收入仍達到 658 億美元。儘管如此，我們在加拿大、義大利和西班牙創下了 iPhone 收入的歷史新高，並在多個新興市場實現了強勁增長，其中印度和越南創下了 iPhone 收入的歷史新高。重要的是，活躍 iPhone 的用戶基數持續良好成長，在所有地區都創下了歷史新高。

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，我們的用戶基數實現了兩位數成長，印度和墨西哥的換機用戶數量也創下了歷史新高。我們的客戶持續喜愛我們的產品體驗，451 Research 最新的美國消費者調查顯示，iPhone 14 系列的客戶滿意度高達 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 營收為 77 億美元，年減 29%，符合我們的預期。 Mac 業績有三個關鍵驅動因素。首先，與去年推出的全新 MacBook Pro（我們的首款搭載 M1 Pro 和 M1 Max 的筆記型電腦）相比，我們面臨挑戰。其次，我們認為宏觀環境影響了 Mac 的表現。第三，我們面臨巨大的外匯逆風。然而，與此同時，所有地區的活躍 Mac 安裝基數都達到了歷史最高水平，而且我們繼續看到非常強勁的 Apple 晶片升級活動。根據 451 Research 對美國消費者的最新調查，Mac 的客戶滿意度仍然非常高，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 營收達 94 億美元，儘管面臨巨大的外匯不利因素，但年增 30%。這一業績主要得益於兩大因素。首先，去年第四季度，我們遭遇了嚴重的供應短缺，而今年，我們有充足的供應來滿足需求。其次，我們在本季推出了搭載 M2 晶片的新款 iPad 和 iPad Pro。由於客戶忠誠度和大量新用戶，iPad 的安裝基數創下歷史新高。事實上，本季購買 iPad 的客戶中，超過一半都是新用戶。

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.

穿戴式裝置、家居及配件業務營收為 135 億美元，較去年同期下降 8%。年比下降主要受重大外匯逆風和充滿挑戰的宏觀經濟環境影響。然而，由於我們智慧手錶新用戶數量創下歷史新高，該類別設備的安裝基數創下了歷史新高。事實上，本季購買 Apple Watch 的客戶中，近三分之二都是新用戶。

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.

轉向服務業務。儘管外匯環境嚴峻，宏觀經濟逆風影響了數位廣告和行動遊戲等特定類別，但我們仍創造了208億美元的總收入，創下歷史新高，多項服務業務也創下新高。以固定匯率計算，我們的服務收入在去年12月季度24%的成長基礎上，實現了兩位數成長。

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.

我們持續關注該領域巨大的長期機遇，並持續觀察到一些反映我們生態系統實力的趨勢。例如，本季度，我們服務的客戶互動度有所提升。我們的交易帳戶和付費帳戶均實現了兩位數的同比增長，均創下了歷史新高。

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.

付費訂閱量也持續維持良好成長動能。目前，我們平台各項服務的付費訂閱用戶已超過9.35億，光在過去12個月就成長了1.5億多，幾乎是五年前的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.

我們持續擴大覆蓋範圍，提升服務品質。例如，Apple Pay 現已覆蓋近 70 個國家和地區的數百萬商家。假期購物季期間，全球使用 Apple Pay 的購物數量創下了新高。

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數，為我們生態系統的未來擴張奠定了堅實的基礎。即使在艱難的宏觀經濟環境下，我們的安裝基數仍在持續成長，這反映了我們極高的客戶忠誠度和滿意度，以及我們吸引新用戶加入平台的能力。成長來自所有主要產品類別和地區細分市場，其中巴西、墨西哥、印度、印尼、泰國和越南等新興市場實現了強勁的兩位數成長。

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，我們為企業提供的服務（例如 Apple Business Essentials、AppleCare、Tap to Pay 和 Apple Financial Services）正在持續被採用。例如，瑪氏公司 (Mars Incorporated) 已擴大 AppleCare for Enterprise 的使用範圍，為其在各生產基地部署的 iPad 提供及時的設備支援和保障。同時，HCA Healthcare 也利用 Apple Financial Services 來管理其所有 iPhone 的年度更新。這不僅確保了他們的員工能夠掌握最新的 Apple 技術，還為他們帶來了顯著的年度節省。

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，我來談談我們的資本回報計劃和現金狀況。由於我們的業務持續產生強勁的現金流，我們在12月季度向股東返還了超過250億美元。這其中包括38億美元的股利及等價物，以及透過公開市場回購1.33億股蘋果股票所獲得的190億美元。本季末，我們持有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，並減少了82億美元的商業票據，使我們的總債務達到1,110億美元。因此，本季末的淨現金為540億美元，我們將繼續保持淨現金中立的目標。

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那些前瞻性資訊。鑑於近期全球持續存在的不確定性，我們不提供營收指引，但我們會分享一些方向性見解，這些見解基於以下假設：宏觀經濟前景和新冠疫情對我們業務的影響不會比我們今天對本季的預測更惡化。

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.

整體而言，我們預計3月季度的年比營收表現將與12月季持平。這意味著我們基本業務年比表現將有所加速，因為12月季度受益於額外一週的營業時間。外匯因素將持續構成不利因素，我們預期年比將出現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.

就服務業務而言，我們預計收入將年增，但數位廣告和行動遊戲等領域仍將面臨宏觀經濟逆風。就iPhone業務而言，我們預計3月份季度的年收入表現將較12月份季度有所加快。就Mac和iPad業務而言，由於競爭激烈和宏觀經濟逆風，我們預期這兩個產品類別的營收都將出現兩位數的年減。

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。我們預計營運支出在137億美元至139億美元之間。我們預計營運成本和費用（OI&E）約為負1億美元（不包括少數股權投資以市價計價的潛在影響），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，我們的董事會宣布向截至 2023 年 2 月 13 日登記在冊的股東派發每股普通股 0.23 美元的現金股息，派發日期為 2023 年 2 月 16 日。

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

現在，讓我們開始提問。

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

謝謝，盧卡。 （接線生指示）接線員，請問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。我們先來回答瑞銀的David Vogt提出的第一個問題。

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?

那麼，提姆，也許盧卡也一樣。您提到供應鏈在經歷了非常艱難的十月和十一月之後已經恢復正常，但我們仍然看到一些科技產品，無論是企業級還是面向消費者的產品，都出現了一些中斷。您如何看待您的供應鏈，以及未來您可能需要的庫存或生產水平，以保護您的業務免受這些偶發性中斷的影響？您改變了看法嗎？如果是，這最終會如何影響您的利潤率以及未來的資產負債表和現金流量項目？

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.

我是提姆大衛。從供應角度來看，從11月初到12月的大部分時間，我們確實看到了供應中斷。從供應鏈角度來看，我們現在的生產已經達到了我們所需的水平。所以問題已經解決了。

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.

就供應鏈而言，我們的產品在世界各地生產。零件來自世界各地，光是 iPhone 的最終組裝就來自全球 3 個國家。因此，我們會持續優化供應鏈。我們會隨著時間的推移不斷優化和改進，不斷提升。

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，如果你稍微拉遠視角，你會發現過去三年是一段相當艱難的時期，既有新冠疫情，也有矽片短缺等等。但我認為——總體而言，我們的供應鏈非常有韌性。

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.

就本季的供應而言，我認為這是您的觀點之一，我認為目前本季大多數產品的供應情況都不錯。

Our next question is from Shannon Cross of Credit Suisse.

下一個問題來自瑞士信貸的香農·克羅斯 (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，我想進一步談談關於毛利率的評論。 43.5% 到 44.5% 的指引顯然相當強勁。所以我想知道，是什麼在幫助你，假設組合和其他一些因素。然後，我們該如何看待未來貨幣和避險的走勢？然後我還有一個後續問題。

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.

Shannon，是的，我的意思是，我們12月季度的利潤率一開始就不錯。報告顯示為43%。顯然，由於業務的季節性，12月我們擁有槓桿優勢，但我們的整體產品組合也非常有利。

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，外匯目前是個問題。 12月季度，我們的外匯季減了110個基點。年比下降了300個基點。顯然，在過去12個月裡，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.

3月份，我們的利潤率確實有所提升，從43.5%上升到44.5%。當然，我們正在大力優化成本。隨著假期季節的結束，產品組合（包括產品類別和服務組合）將繼續帶來好處。我們正在大力優化成本結構，並且正在發揮成效。外匯匯率仍是負面影響，季減約50個基點，但逐漸緩解。過去幾週，美元略有走弱。因此，希望隨著今年的到來，情況會有所改善。但就目前而言，正如您所說，我們的利潤率處於良好水平。

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，提姆，你能談談中國的情況嗎？你看到的是——顯然，你們在生產方面遇到了問題，但我指的是需求方面的問題。隨著農曆新年和開學季的到來，我想知道，你看到中國消費者回升了嗎？他們在買什麼？你如何看待你們在中國的市場定位？

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.

Shannon，上個季度，我們的銷售額按報告基礎計算下降了7%，但以固定匯率計算實際上是成長的。這還是在經歷了我們之前提到的一些重大供應限制之後。顯然，中國各地實施的新冠疫情限制措施也影響了本季的需求。

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.

從12月開始的開幕情況來看，我們發現門市客流量與11月相比發生了顯著變化。需求也隨之成長。我不想談論1月的情況。顯然，1月的數據已經包含在Luca之前提供的業績指引（或更確切地說是「顏色」）。但我們確實看到12月與11月相比發生了顯著變化。

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艾瑞克‧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.

提姆，也許我先問你一個問題。 20億的安裝基數－設備安裝基數，我認為比去年同期成長了2億台。這意味著，自從你提供這些數據以來，新設備安裝基數的年度增幅達到了歷史最高。所以我想問兩個問題：第一，你能提供年底iPhone的安裝基數嗎？第二，你認為這群新用戶與先前的用戶群相比，在人口結構、地區或獲利能力方面，有哪些不同或相似之處？然後我還有一個後續問題。

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。正如您所說，現在的活躍設備安裝基數已超過20億台。我們在每個地理區域和主要產品類別都創下了紀錄。所以這是一個廣泛的變化。第二，我要修正您說的一件事，我們的活躍設備安裝基數比去年同期增加了1.5億多台。我們上一份報告稱，我們的活躍設備安裝基數超過1.85億台。所以，我們的活躍設備安裝基數是1.5億台，我們對此感到非常自豪。我們也看到幾個新興市場實現了強勁的兩位數成長，這對我們非常重要。例如，印度和巴西就是兩個例子。我們的成長非常非常強勁。顯然，這對未來來說是個好兆頭。

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月季度受到了生產挑戰的負面影響。您能否大致分析一下目前整個iPhone渠道的庫存水準？您看到的數據表明，本季iPhone需求是推遲了，還是出現了某種程度的iPhone需求下降，以及一些升級可能會推遲到今年晚些時候，而不是3月季度？我的回答就這些。

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。 Erik，我也想問這個問題。考慮到 iPhone 14 Pro 和 iPhone 14 Pro Max 的供應挑戰，iPhone 的通路庫存水準在 12 月季度結束時顯然低於目標範圍。但請記住，一年前，由於去年同期的供應挑戰，我們在 12 月季度結束時的庫存也低於目標範圍。這兩者無關——不是同一個問題，只是作為一個角度。希望以上內容能讓您對此有所了解。

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.

就我們一月份的預測而言，我們已經將盧卡提供的一些想法納入了我們的評估範圍。很難估算收回的金額，因為你必須確切知道會發生什麼，以及有多少人購買了股票。而這需要一段時間才能得到——在本季提交這些報告。所以我們只能做出最好的估計。

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.

關於第一季的限制因素，我們估計（雖然不是很精確），但我認為，如果不是因為供應短缺，iPhone 的銷量在本季應該會成長。希望以上資訊能提供給大家一些參考。

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，我也有兩個問題。我想先問第一個問題，回到毛利率方面。今年三月季度的業績指引相當不錯。我很好奇，您能否具體解釋一下，您在指引中看到的零件定價可能帶來哪些好處，如果您現在就把這些好處納入其中的話。

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，我們的指引涵蓋了成本結構的方方面面。顯然，零件佔了很大一部分。所以這肯定是包含在內了。再次提醒一下，外匯──我之前提到過，我記得跟Shannon說過，外匯的環比負值是50個基點，而一年前是270個基點。顯然，美元在過去12個月裡波動很大。因此，為了能夠提供這樣的指引，我們需要找到抵銷外匯負面影響的措施，甚至更多。顯然，零件是其中很重要的一部分。

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。從戰略角度來看，考慮到我們在你的一些同行中看到的情況，我很好奇，蒂姆，你如何看待人工智能在你的戰略中的作用，特別是在服務領域，你是否看到了在付費用戶群中提升盈利能力的機會，以及你是否在那裡更具戰略性地實施了人工智能。

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。這是我們的重點。它能夠極大地豐富客戶的生活，這一點令人難以置信。你只需看看我們去年秋天發布的碰撞檢測和跌倒檢測，以及心電圖（ECG）等功能就知道了。我的意思是，這些功能確實挽救了人們的生命。因此，我們看到這個領域蘊藏著巨大的潛力，幾乎可以影響我們所做的一切。這顯然是一項橫向技術，而非縱向技術。因此，它將影響我們的每一款產品和每項服務。

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?

我想問的第一個問題是，蒂姆，根據你先前的評論，iPhone 的銷量在生產問題之後會有所增長，這意味著 12 月季度高端機型的生產挑戰可能給你們帶來了 70 億美元左右的影響。我相信這次很難預測會發生什麼事。但我認為，從歷史上看，當你們遇到生產問題或類似情況時，消費者的行為通常是什麼樣的？他們會傾向於購買低階機型並快速拿到他們想要的手機嗎？還是他們只是延後生產？從歷史角度來看，我認為你們通常會收回被推遲的部分嗎？

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.

很難估計真正的答案，因為你必須掌握大量數據，而且通常只有事後才能得出更合理的看法。所以我們用盧卡提供的顏色來表達我們最好的觀點。我想說的就是這樣。

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。接下來我想談談你們未來的服務業務。我知道過去幾年你們的服務業務成長非常好。但隨著服務業務的發展，您認為什麼因素會進一步推動成長？是用戶基數的擴大嗎？還是ARPU值的成長會更推動成長？我很好奇，您如何看待這兩個面向？

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，我在電話會議中提到了其中幾件。第一步始終是客戶群。客戶群是服務成長的引擎。事實上，客戶群的成長非常強勁，而且在許多新興市場成長速度更快，這為我們帶來了更大的潛在客戶群。所以這一點非常重要。

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，我們看到我們生態系統中現有客戶的參與度持續成長。我之前提到過，交易帳戶和付費帳戶都實現了兩位數的成長。這對未來來說是一個好兆頭。而且，隨著時間的推移，我們有許多交易帳戶已經轉為付費帳戶。

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，另一個非常重要的方面是持續提升我們服務的覆蓋範圍和品質。我舉個例子，Apple Pay 就是一個很好的例子，因為我們最初主要在美國市場起步。現在，我們已經把它推廣到 70 個市場，服務了數百萬商家。顯然，支付服務一直在為我們創造新的高度。

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.

正如大家在過去幾年所看到的，我們也陸續推出了新的服務，這顯然促進了成長。我們非常興奮。從我們現有用戶群的表現來看，我們認為這對我們服務業務的持續成長非常有前景。

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.

提姆，我有個關於新興市場的簡短問題。看起來你們在印度市場取得了很大進展。我想了解一下你們在中國和印度的市佔率。相對於這些市場，你們在這些地區 iPhone 的預期份額（無論是出貨量還是收入）是多少？我希望藉鑒你的經驗，以及你們在其他一些長期運營的國家/地區的經驗。

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.

看看印度業務，我們創下了季度營收紀錄，並且同比增長了兩位數，非常強勁。因此，儘管面臨我們先前提到的不利因素，我們仍然對自己的表現感到非常滿意。退一步說，印度對我們來說是一個非常令人興奮的市場，也是我們關注的重點。我們在2020年將線上商店引入了印度。我們很快就會把蘋果零售店也引進印度。所以我們非常重視這個市場。我們已經做了很多工作，包括提供融資方案和以舊換新服務，以降低產品價格，並為人們提供更多購買選擇。所以，印度市場正在發生很多變化。

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，我們正​​在將多年前在中國學到的經驗以及我們在中國擴展業務的方式運用到實際中。我目前還沒有確切的市場份額，但我認為從市場份額的角度來看，儘管我們在iPhone上面臨供應方面的挑戰，但上個季度我們在全球仍然實現了成長。我預計這兩個市場不會有差異。

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。接下來，我有一個關於定價的有趣的理論問題。假設《晶片法案》獲得通過，美國和其他地區的大量製造成本可能會比你們現在的成本更高，你們公司有沒有做過任何研究來衡量產品價格小幅上漲對需求的彈性？

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，但就產品成本而言，我不一定會得出和你一樣的結論。我——我們目前還不知道具體成本是多少，但作為台積電在亞利桑那州最大的客戶，我們全力以赴。我很自豪能參與其中。這就是我想說的話。

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，您在推動消費者選擇您產品組合中的高端產品方面做得非常出色。如果您將 iPhone 的 Pro 和非 Pro 機型進行細分，您會如何比較這一輪 iPhone 的周期，並將其與過去幾年的周期進行比較？您認為這種提高平均售價的趨勢可持續嗎？或者，您認為在消費支出環境趨緊的情況下，這種情況會逆轉嗎？我還有一個後續問題。

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系列——iPhone 14 Pro和iPhone 14 Pro Max——一直表現非常出色，直到我們遭遇供應短缺，無法滿足全部需求。所以，這絕對是個強勁的Pro週期。我認為這其中有很多原因，但最重要的始終是產品。我認為創新和產品本身就說明了一切。我們對9月發布的產品非常滿意，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?

提姆，您認為過去幾年來這種平均售價上漲的趨勢可持續嗎？或者說，在您提到的這種非常嚴峻的宏觀環境下，這種趨勢還能持續下去嗎？

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，但我想說，對我們來說，智慧型手機，尤其是iPhone，已經融入了人們的生活。它包含了人們的通訊錄、健康資訊、銀行資訊、智慧家庭以及生活的方方面面，對許多人來說，它也是他們的支付工具。所以我認為人們願意付出巨大的努力，在他們能負擔的範圍內買到最好的產品。

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。太好了。 Tim，你明確強調了使用者基數的重點和重要性。如果我們從設備的角度來考慮用戶基數在7年內從10億增長到20億的絕對增長速度，那麼我們該如何看待服務的滲透率，或者說服務付費用戶的增長速度，或者說在這段時間內的增長速度？滲透率是在上升還是在下降？相對於整體用戶基數的成長速度，滲透率的成長速度有多快？

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.

Wamsi，我是 Luca。是的，我們當然會跟踪這一點。這對我們來說非常重要。在過去 7 年裡，隨著我們的用戶基數翻了一番，我們看到客戶在平台上的參與度也不斷提高。首先，客戶在平台上進行交易，然後轉為付費帳戶，也就是開始為某些服務付費。付費帳戶的比例往往會隨著時間的推移而增長。我們在已開發市場和新興市場都看到了這種情況。這源自於我之前解釋的一些原因，包括我們讓客戶更容易在平台上參與。例如，我們在許多國家/地區提供多種支付方式。而且，由於我們在過去 7 年在平台上增加了許多服務，我們也讓客戶更容易探索更多服務。所以，對於你的問題，更高的參與度當然意味著隨著時間的推移，付費帳戶的比例也會更高。

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，我們可以繼續下一個嗎？

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

接下來，我們來聽聽花旗集團的 Jim Suva 的演講。

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?

提姆和盧卡，你們之前在問答環節提到了一些關於印度的情況。我想知道，由於我們已經擺脫了新冠疫情，也擺脫了對新冠疫情標準不同的國家，我們現在是否正進入一個充滿機會的時期。我們也看到印度正在建造更高速的輸電線路。而你們的市佔率在那裡嚴重不足。從供應鏈來看，你們似乎正在考慮分散營運風險，這種分散並非針對某個國家，而是整體風險。現在，你們正在考慮開店之類的。我說得對嗎？你們是這樣看待印度的，現在比以往更有機會？一旦你們開始在印度開店，你們就能看到應用的全面復甦。或者，關於你們對印度的看法，你們有什麼補充評論嗎？畢竟，在過去的兩年裡，我們已經成功應對了新冠疫情、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，我們在印度疫情期間的表現其實相當不錯。現在我對疫情結束後的前景更加樂觀，或者說，希望如此。這就是我們在那裡投資的原因。我們把零售業務和線上商店帶到了那裡，並在那裡投入了大量精力。我對印度市場非常看好。

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，我快速跟進一下，您提到服務業（不一定是印度特有的）整體表現比預期好。當然，供應鏈面臨的挑戰也比預期更大。那麼，服務業比預期的橋樑因素好是什麼呢？是廣告、應用程式還是按月付費訂閱？或者說，哪些因素真正讓您對服務業的上漲感到驚訝？

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，我是盧卡。主要是——我們看到了這種參與度，正如你所說，這反映在付費訂閱上。我們的雲端服務業務在支付服務方面取得了非常好的成績。音樂業務表現非常強勁。所以我們有多個類別創下了新紀錄，甚至歷史新高。它們的表現比我們在本季初的預期要好一些。

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.

提姆在準備好的發言中提到，如果以固定匯率計算，我們的服務業務實現了兩位數成長。而且，這還是在去年24%的成長基礎上。所以，我們看到的是持續的成長。

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

我們的下一個問題來自 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.

我有兩個問題。第一個問題，提姆和盧卡，你們提到宏觀經濟確實疲軟，而且確實產生了影響。隨著消費者勒緊褲腰帶，縱觀你們的硬體產品和服務業務，宏觀經濟疲軟對哪些業務影響最大，哪些業務影響最小？然後我快速跟進。

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.

我們認為產品和服務都受到了一定影響。受影響最大的可能是 Mac 和穿戴式裝置。從這些數字中就能看出。受影響最小的可能是 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?

明白了。明白了。非常有幫助，蒂姆。然後我快速跟進Mac。 PC產業預計今年PC出貨量也會下降。您如何看待Mac相對於PC產業整體出貨量的預期？能具體解釋一下嗎？

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，這個行業面臨著巨大的挑戰。這個行業正在萎縮。不過，我認為就我們而言，我不知道今年的情況會如何，所以我不想預測。但從長遠來看，我們的市場規模合理，很大。我們的市佔率較低，而且我們憑藉蘋果晶片擁有競爭優勢。因此，從策略上講，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些艱難。

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.

今日電話會議的重播將在 Apple Podcasts、apple.com/investor 網路直播和電話直播中提供，重播將持續兩週。電話重播的電話號碼是 (866) 583-1035。請輸入確認碼 6541285，然後按井號鍵。

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.

重播將於今天太平洋時間下午5點左右提供。媒體如有其他疑問，請聯絡Josh Rosenstock，電話：(408) 862-1142。金融分析師如有其他疑問，請聯絡我，電話：(669) 227-2402。再次感謝您的收看。

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

今天的會議到此結束。非常感謝大家的參與。