蘋果 (AAPL) 2022 Q1 法說會逐字稿

Good day, and welcome to the Apple Q1 FY 2022 Earnings Conference Call. Today's call is being recorded.

美好的一天，歡迎參加 Apple 2022 財年第一季財報電話會議。今天的通話正在錄音。

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，我想將電話轉給投資者關係和公司財務總監 Tejas Gala 進行開場白和介紹。請繼續。

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

謝謝。下午好，感謝您加入我們。今天首先發言的是蘋果執行長庫克；緊隨其後的是財務長 Luca Maestri。之後，我們將開始接受分析師提問。

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

請注意，您在今天的討論中將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、其他收入和費用、稅收、資本配置和未來業務的資訊展望，包括COVID-19 對公司業務和營運績效的潛在影響。這些陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。

For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

欲了解更多信息，請參閱 Apple 最近向 SEC 提交的 10-K 表格年度報告和今天向 SEC 提交的 8-K 表格中討論的風險因素以及相關新聞稿。蘋果公司不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊截至其各自日期。

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

我現在想將電話轉給蒂姆進行介紹性發言。

Thank you, Tejas, and good afternoon. Today, we are proud to announce Apple's biggest quarter ever. Through the busy holiday season, we set an all-time revenue record of nearly $124 billion, up 11% from last year and better than we had expected at the beginning of the quarter. And we are pleased to see that our active installed base of devices is now at a new record with more than 1.8 billion devices.

謝謝你，Tejas，下午好。今天，我們很自豪地宣布蘋果有史以來最大的季度業績。在繁忙的假期期間，我們創造了近 1,240 億美元的歷史收入記錄，比去年增長 11%，比我們在本季初的預期好。我們很高興看到，我們的活躍設備安裝基數現在已突破 18 億台，創下新紀錄。

We set all-time records for both developed and emerging markets and saw revenue growth across all of our product categories, except for iPad, which we said would be supply constrained. As expected, in the aggregate, we experienced supply constraints that were higher than the September quarter.

我們在已開發市場和新興市場都創下了歷史記錄，所有產品類別的收入都實現了成長，但 iPad 除外，我們認為 iPad 的供應將受到限制。正如預期的那樣，總體而言，我們經歷了比九月份季度更高的供應限制。

Before I discuss our results in greater detail, I want to first acknowledge the toll that COVID continues to have on communities around the world. In many places, case counts are higher and health systems more strained than at any point throughout the pandemic. On behalf of all of us at Apple, I want to extend our deep gratitude to the scientists, doctors, nurses and so many others on the front lines of combating COVID-19.

在更詳細地討論我們的結果之前，我想先承認新冠疫情繼續對世界各地的社區造成的損失。在許多地方，病例數比整個大流行期間的任何時候都要高，衛生系統也更加緊張。我謹代表 Apple 全體員工，向奮戰在對抗 COVID-19 前線的科學家、醫生、護士和其他許多人致以深切的謝意。

This is our eighth quarter reporting results in the shadow of the pandemic. And while I can't say it gets any easier, I can say I'm incredibly proud of the way our teams have come together and continue to innovate on behalf of our customers.

這是我們在大流行的陰影下報告的第八季度業績。雖然我不能說事情變得更容易，但我可以說我對我們的團隊團結起來並代表客戶繼續創新的方式感到非常自豪。

A few weeks ago, we marked the 15th anniversary of the day Steve revealed iPhone to the world. We knew that we had the beginnings of something fundamentally transformative, though none of us could have predicted the incredible and meaningful impact it would have on all of our lives. The creative spirit that made the first iPhone possible has thrived at Apple every day since. We never stop creating. We never stop innovating. You can see that spirit reflected throughout our products, from the incredible performance and capability of our M1 chips to our powerful yet easy-to-use operating systems, to our unrivaled iPhone camera systems, to the beauty and magic of AirPods. That's why each of our major products leads the industry in customer satisfaction for their respective category.

幾週前，我們紀念了 Steve 向全世界發布 iPhone 的 15 週年紀念日。我們知道我們已經開始了一些根本性的變革，儘管我們沒有人能夠預測到它會對我們所有人的生活產生令人難以置信和有意義的影響。自那以後，讓第一部 iPhone 成為可能的創意精神在 Apple 不斷發揚光大。我們從未停止創造。我們從未停止創新。您可以在我們的產品中看到這種精神的體現，從M1 晶片令人難以置信的性能和功能，到功能強大且易於使用的操作系統，到無與倫比的iPhone 相機系統，再到AirPods 的美麗和魔力。這就是為什麼我們的每個主要產品在各自類別的客戶滿意度方面都處於行業領先地位。

People expect Apple to solve hard problems with easy-to-use products, and iPhone has never been more popular. During the December quarter, we set an all-time revenue record for iPhone, thanks to the strength of our incredible iPhone 13 lineup. This is the best iPhone lineup we've ever had, and the reaction from the press and our users have been off the charts.

人們期望蘋果能夠用易於使用的產品解決難題，而 iPhone 也從未如此受歡迎。在 12 月季度，我們創造了 iPhone 的歷史收入記錄，這要歸功於我們令人難以置信的 iPhone 13 系列的實力。這是我們擁有過的最好的 iPhone 系列，媒體和用戶的反應都非常好。

This past quarter, we also set another all-time revenue record for Mac, with customers eager to get their hands on an M1-powered MacBook Air, iMac or MacBook Pro. We've been thrilled with the response from Pro users to the M1 Pro and M1 Max chips and to see how Apple silicon is blowing them away with its power, performance and efficiency.

上個季度，我們也創下了 Mac 的另一項歷史收入記錄，客戶渴望獲得配備 M1 的 MacBook Air、iMac 或 MacBook Pro。我們對 Pro 用戶對 M1 Pro 和 M1 Max 晶片的反應感到非常興奮，並看到 Apple 晶片如何以其強大的功能、性能和效率讓他們驚嘆不已。

Despite the constraints I mentioned earlier, our iPad lineup continues to be indispensable to tens of millions of people, from teachers and students to artists and creators. Customers are eager to get their hands on our ninth generation iPad, which features a beautiful display and double the storage capacity as well as the new iPad mini with its ultra-portable design.

儘管存在我之前提到的限制，我們的 iPad 系列仍然是數以千萬計的人不可或缺的，從教師和學生到藝術家和創作者。客戶渴望獲得我們的第九代 iPad，它具有漂亮的顯示器和雙倍的儲存容量，以及超便攜設計的新款 iPad mini。

Wearables, Home, and Accessories, meanwhile, set an all-time revenue record. Customers are loving the Apple Watch Series 7 with its cutting-edge health and fitness tracking features. Nearly every day, I get notes from customers who share how a heart alert led to a life-saving appointment with the cardiologist. And more recently, I've been hearing from people who tell me that their Apple Watch saved their lives by calling 911 when they couldn't. As I've said, we're still in the early innings with our health work, but every day, I am encouraged by our positive impact.

同時，穿戴式裝置、家居和配件創下了歷史收入紀錄。顧客喜歡 Apple Watch Series 7 及其先進的健康和健身追蹤功能。幾乎每天，我都會收到顧客的留言，他們分享了心臟警報如何導致與心臟科醫生的挽救生命的預約。最近，有人告訴我，他們的 Apple Watch 在他們無法撥打 911 的情況下救了他們的命。正如我所說，我們的衛生工作仍處於初期階段，但每一天，我都為我們的正面影響感到鼓舞。

We are also making great advancements in audio and are seeing strong demand from customers as a result. The HomePod mini continues to earn praise for combining the intelligence of Siri with an immersive, room-filling audio experience. And our customers have responded with a lot of excitement to the magic of spatial audio on AirPods, which packs the acoustics of a concert hall.

我們在音訊方面也取得了巨大進步，因此看到了客戶的強勁需求。 HomePod mini 將 Siri 的智慧與沉浸式、充滿房間的音訊體驗相結合，繼續贏得讚譽。我們的客戶對 AirPods 上的空間音訊魔力感到非常興奮，它具有音樂廳的音響效果。

As always, the deep integration of hardware, software and services is a hallmark of everything Apple makes. It's a principle you can see at work in the introduction of SharePlay, a feature that offers a whole new way to create shared experiences by letting users watch and listen to their favorite content together on FaceTime.

一如既往，硬體、軟體和服務的深度整合是蘋果產品的標誌。您可以在 SharePlay 的推出中看到這項原則，該功能提供了一種全新的方式來創建共享體驗，讓用戶在 FaceTime 上一起觀看和收聽自己喜歡的內容。

And we continue to invest in innovation across our services business, which set another all-time revenue record last quarter and performed even better than we had anticipated.

我們繼續投資於整個服務業務的創新，該業務上季度創下了另一個歷史收入記錄，並且表現甚至比我們預期的還要好。

The App Store continues to be an economic miracle for developers around the world and a safe and trusted place for consumers to discover their favorite apps. Since its launch, we have paid developers selling digital goods and services more than $260 billion, with 2021 setting a new record for their earnings.

App Store 仍然是世界各地開發者的經濟奇蹟，也是消費者發現自己喜愛的應用程式的安全且值得信賴的地方。自推出以來，我們已向銷售數位產品和服務的開發商支付了超過 2,600 億美元的費用，2021 年創下了他們的收入新紀錄。

I'm also happy to report that in its first 2 years, Apple TV+ shows and movies have earned 200 award wins and more than 890 nominations. Among the powerful lineup are feature films like The Tragedy of Macbeth, CODA and Swan Song, along with many gripping new series coming up, including Severance and The Afterparty. Each one is a tremendous credit to all the storytellers in front of the cameras and behind them who touched audiences all over the world.

我還很高興地向大家報告，在推出的頭兩年裡，Apple TV+ 節目和電影已獲得 200 項獎項和超過 890 項提名。強大的陣容包括《馬克白的悲劇》、《CODA》和《絕唱》等長片，以及即將上映的許多扣人心弦的新劇集，包括《遣散費》和《餘興派對》。每一部都是對鏡頭前和幕後所有感動全世界觀眾的故事講述者的巨大讚譽。

Fitness+, meanwhile, continues to inspire customers to reach their health and fitness goals. We recently introduced Time to Run, an extension of our popular series Time to Walk as well as new collections of workouts and meditations to help users make more intentional training choices.

同時，Fitness+ 繼續激勵客戶實現他們的健康和健身目標。我們最近推出了“跑步時間”，這是我們受歡迎的“步行時間”系列的延伸，以及新的鍛煉和冥想系列，以幫助用戶做出更有針對性的訓練選擇。

Despite the pandemic, our retail businesses saw its highest revenue in Apple's history, and we also earned our highest ever customer satisfaction scores. That is a testament to the incredible adaptability our teams have shown as we've reimagined retail experience. I also want to take a moment to thank our retail employees and AppleCare teams for the deep care you've given to our customers as they look to get the most out of our products, learn new skills or track down the perfect gift. We have always led with our values and with compassion and care, and never has that been more needed than during the pandemic.

儘管發生了新冠疫情，我們的零售業務仍創下了蘋果史上最高的收入，我們也獲得了有史以來最高的客戶滿意度分數。這證明了我們的團隊在重新構想零售體驗時所表現出的令人難以置信的適應能力。我還想花點時間感謝我們的零售員工和 AppleCare 團隊對我們的客戶給予的深切關懷，因為他們希望充分利用我們的產品、學習新技能或尋找完美的禮物。我們始終以我們的價值觀、同情心和關懷來領導，這一點在疫情期間比以往任何時候都更需要。

Last quarter, we celebrated 10 years of our Employee Giving program, which we started to help our employees identify and support the causes they care most deeply about. We pledged to match their contributions to organizations doing important work at every level, from their local food pantry to global humanitarian nonprofits. In the last decade, this program has contributed nearly $725 million to charitable organizations.

上個季度，我們慶祝了員工捐贈計畫十週年，該計畫旨在幫助員工識別並支持他們最關心的事業。我們承諾將他們的捐款捐給在各個層面進行重要工作的組織，從當地的食品儲藏室到全球人道非營利組織。在過去十年中，該計劃已向慈善組織捐贈了近 7.25 億美元。

We also celebrated 15 years of Apple's partnership with a global fund on (PRODUCT)RED, supporting their life-saving work to expand health care services in sub-Saharan Africa for people living with HIV/AIDS. With the support of our customers, we've now raised nearly $270 million to fund prevention, testing and counseling services for people impacted by HIV/AIDS.

我們也慶祝了 Apple 與 (Product)RED 全球基金合作 15 週年，支持他們的救生工作，為撒哈拉以南非洲地區的愛滋病毒/愛滋病患者擴大醫療保健服務。在客戶的支持下，我們現在已籌集近 2.7 億美元，為受愛滋病毒/愛滋病影響的人們提供預防、檢測和諮詢服務。

And in keeping with our abiding belief in and commitment to education, we also launched a new partnership with the Boys & Girls Clubs of America. This initiative will help young people across the U.S. learn to code on iPad using our Everyone Can Code curriculum.

為了秉承我們對教育的堅定信念和承諾，我們也與美國男孩女孩俱樂部建立了新的合作關係。該計劃將幫助美國各地的年輕人使用我們的「人人能程式設計」課程在 iPad 上學習程式設計。

And we are continuing to drive innovations to help combat climate change. We are already carbon neutral across our own operations, and we are working intensely to meet our 2030 goal of carbon neutrality across our supply chain and the life cycle of our products.

我們正在繼續推動創新，以幫助應對氣候變遷。我們在自己的營運中已經實現了碳中和，並且正在加緊努力，以實現我們的 2030 年整個供應鏈和產品生命週期中的碳中和目標。

To celebrate Black History Month, we will be releasing a special edition Apple Watch Black Unity Braided Solo Loop and a matching Unity Lights watch face. And through our racial equity and justice initiative, we are continuing to support organizations blazing trails to a more equitable world in our economies, our classrooms and our criminal justice system.

為了慶祝黑人歷史月，我們將發布特別版 Apple Watch Black Unity Braided Solo Loop 和配套的 Unity Lights 錶盤。透過我們的種族平等和正義倡議，我們將繼續支持那些在我們的經濟、我們的課堂和我們的刑事司法系統中為建立一個更公平的世界開闢道路的組織。

We recognize, as ever, that it takes all of us to confront our most profound challenges. And at Apple, we are determined to do our part. That includes our own work in inclusion and diversity, which we are advancing every day.

我們一如既往地認識到，需要我們所有人共同應對最深刻的挑戰。在 Apple，我們決心盡自己的一份心力。這包括我們每天都在推動的包容性和多元化工作。

Let me close by saying that despite the uncertainty of the world, there is one thing of which I am certain: Apple will continue to [enter] every day and in every way to deliver on the promise of technology at its best.

最後我要說的是，儘管世界充滿不確定性，但有一件事我確信：蘋果將繼續每天以各種方式兌現技術的最佳承諾。

I will now turn it over to Luca to go over our quarterly results in more detail.

我現在將把它交給盧卡，以更詳細地審查我們的季度業績。

Thank you, Tim, and good afternoon, everyone. We are very pleased to report record financial results for the December quarter. We set an all-time revenue record of $123.9 billion, an 11% increase from a year ago. We reached new all-time records in the Americas, Europe, Greater China and the rest of Asia Pacific. And it was also an all-time record quarter for both products and services.

謝謝蒂姆，大家下午好。我們非常高興地報告 12 月份季度創紀錄的財務業績。我們創造了 1,239 億美元的歷史收入記錄，比一年前成長 11%。我們在美洲、歐洲、大中華區和亞太地區其他地區創下了新的歷史記錄。這也是產品和服務創歷史新高的季度。

On the product side, revenue was $104.4 billion, up 9% over a year ago, despite significant supply constraints. We grew in each of our product categories except iPad, where supply constraints were particularly pronounced, and set all-time records for iPhone, Mac and Wearables, Home and Accessories.

在產品方面，儘管供應受到嚴重限制，但營收仍達 1,044 億美元，較上年同期成長 9%。我們在每個產品類別上都實現了成長，但 iPad 除外（供應限制尤為明顯），並在 iPhone、Mac 和可穿戴設備、家居和配件方面創下了歷史記錄。

The strong level of sales performance, the unmatched loyalty of our customers and the strength of our ecosystem have driven our current installed base of active devices to a new all-time record of 1.8 billion devices. The growth in the installed base were broad-based as we set all-time records in each major product category and in each geographic segment.

強勁的銷售業績、無與倫比的客戶忠誠度以及強大的生態系統，推動我們目前的活躍設備安裝量達到 18 億台，創下歷史新高。安裝基礎的成長是廣泛的，因為我們在每個主要產品類別和每個地理區域都創下了歷史記錄。

Our Services set an all-time revenue record of $19.5 billion, up 24% over a year ago, with December quarter records in every geographic segment.

我們的服務創下了 195 億美元的歷史收入記錄，比一年前成長了 24%，每個地理區域的 12 月季度收入均創歷史新高。

Company gross margin was 43.8%, up 160 basis points from last quarter due to volume leverage and favorable mix, partially offset by higher cost structures. Products gross margin was 38.4%, up 410 basis points sequentially, driven by leverage and mix. Services gross margin was 72.4%, up 190 basis points sequentially, mainly due to a different mix.

由於銷售槓桿和有利的組合，該公司毛利率為 43.8%，較上季度增長 160 個基點，但部分被較高的成本結構所抵消。在槓桿和組合的推動下，產品毛利率為 38.4%，較上季上升 410 個基點。服務毛利率為 72.4%，比上一季成長 190 個基點，主要是由於不同的組合。

Net income of $34.6 billion and diluted earnings per share of $2.10 both grew more than 20% year-over-year and were all-time records. Operating cash flow of $47 billion was also an all-time record.

淨利潤為 346 億美元，稀釋後每股收益為 2.10 美元，年增超過 20%，創下歷史記錄。 470 億美元的營運現金流也創歷史紀錄。

Let me get into more detail for each of our revenue categories. iPhone revenue grew 9% year-over-year to an all-time record of $71.6 billion despite supply constraints, thanks to a remarkable customer response to our new iPhone 13 family. We set all-time records in both developed and emerging markets, reached new all-time high in the iPhone active installed base, and the latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 98%.

讓我更詳細地介紹我們每個收入類別。儘管供應有限，但由於客戶對我們的新 iPhone 13 系列的熱烈反響，iPhone 收入仍同比增長 9%，達到 716 億美元的歷史最高紀錄。我們在已開發市場和新興市場都創下了歷史記錄，iPhone 活躍安裝量創下歷史新高，451 Research 對美國消費者的最新調查顯示，iPhone 客戶滿意度高達 98%。

For Mac, revenue of $10.9 billion was an all-time record with growth of 25% year-over-year, driven by strong demand for our newly redesigned MacBook Pro powered by M1, despite supply constraints.

對於 Mac 來說，儘管供應有限，但由於對由 M1 驅動的全新設計的 MacBook Pro 的強勁需求，其收入仍創下了 109 億美元的歷史紀錄，同比增長 25%。

We are 1 year into our transition to Apple silicon. And already, the vast majority of our Mac sales are from M1-powered devices, which helped drive a record number of upgraders during the December quarter. Our momentum in this category is very impressive as the last 6 quarters have been the best 6 quarters ever for Mac.

我們向 Apple 晶片過渡已經一年了。我們的 Mac 銷量絕大多數來自 M1 驅動的設備，這有助於推動 12 月所在季度的升級者數量達到創紀錄的水平。我們在這一類別中的勢頭非常令人印象深刻，因為過去 6 個季度是 Mac 有史以來最好的 6 個季度。

iPad generated $7.2 billion in revenue, down 14% year-over-year due to very significant supply constraints, but customer demand was very strong across all models. Despite the supply shortages, our installed base of iPads reached a new all-time high during the quarter, thanks to a high number of customers that are new to iPad. In fact, around half of the customers purchasing an iPad during the quarter were new to the product.

由於嚴重的供應限制，iPad 的營收為 72 億美元，年減 14%，但所有型號的客戶需求都非常強勁。儘管供應短缺，但由於大量新使用 iPad 的客戶，我們的 iPad 安裝量在本季創下了歷史新高。事實上，本季購買 iPad 的客戶中約有一半是該產品的新手。

Wearables, Home and Accessories set a new all-time record of $14.7 billion, up 13% year-over-year. And we set all-time revenue records in each geographic segment. We also continue to improve and expand our product offerings in this category to create unique experiences showcasing our deep integration of hardware, software and services.

穿戴式裝置、家居及配件創下 147 億美元的歷史新紀錄，年增 13%。我們在每個地理區域都創下了歷史收入記錄。我們也持續改進和擴展該類別的產品系列，以創造獨特的體驗，展示我們的硬體、軟體和服務的深度整合。

In addition to an outstanding level of sales performance globally, Apple Watch continues to extend its reach, with over 2/3 of customers purchasing an Apple Watch during the quarter being new to the product.

除了在全球範圍內取得出色的銷售業績外，Apple Watch 還繼續擴大其覆蓋範圍，本季購買 Apple Watch 的客戶中有超過 2/3 是該產品的新手。

Turning to Services. As I mentioned, we reached an all-time revenue record of $19.5 billion, up 24%, with all-time records for cloud services, for music, video, advertising and payment services and a December quarter record for the App Store. These impressive results reflect the positive momentum we are seeing on many fronts. First, as I mentioned before, our installed base has continued to grow and has reached an all-time high across each geographic segment and major product category.

轉向服務。正如我所提到的，我們創下了 195 億美元的歷史收入記錄，成長了 24%，雲端服務、音樂、影片、廣告和支付服務也創下了歷史記錄，App Store 也創下了 12 月季度的記錄。這些令人印象深刻的結果反映了我們在許多方面看到的積極勢頭。首先，正如我之前提到的，我們的安裝基礎持續成長，並且在每個地理區域和主要產品類別中都達到了歷史最高水準。

Next, we continue to see increased customer engagement with our services. The number of paid accounts on our digital content stores grew double digits and reached a new all-time high during the December quarter in every geographic segment. Also, paid subscriptions continue to show very strong growth. We now have more than 785 million paid subscriptions across the services on our platform, which is up 165 million during the last 12 months alone.

接下來，我們繼續看到客戶對我們服務的參與度不斷增加。我們的數位內容商店的付費帳戶數量在 12 月的季度中在每個地理區域都實現了兩位數增長並達到了歷史新高。此外，付費訂閱繼續顯示出非常強勁的成長。目前，我們平台上的各項服務付費訂閱量已超過 7.85 億，僅在過去 12 個月就增加了 1.65 億。

And finally, we're adding new services that we think our customers will love, and we continue to improve the breadth and quality of our current service offerings. Just in this last quarter, we have added incredible new content on Apple TV+, on Fitness+ and Apple Arcade, and a brand-new way to listen to music with Apple Music Voice.

最後，我們正在添加我們認為客戶會喜歡的新服務，並且我們將繼續提高當前服務產品的廣度和品質。就在上個季度，我們在 Apple TV+、Fitness+ 和 Apple Arcade 上添加了令人難以置信的新內容，以及透過 Apple Music Voice 聽音樂的全新方式。

We also announced in November the beta program for Apple Business Essentials, a new service offering that brings together device management, 24/7 support and iCloud storage to help small businesses manage the end-to-end life cycle of their employees' Apple devices. We are very excited that many thousands of small business customers are already actively participating in the beta program.

我們還在11 月宣布了Apple Business Essentials 的測試版計劃，這是一項新的服務產品，它將設備管理、24/7 支援和iCloud 儲存結合在一起，幫助小型企業管理員工Apple 設備的端到端生命週期。我們非常高興成千上萬的小型企業客戶已經積極參與測試計畫。

This announcement is just one of many ways we are expanding our support for enterprise and business customers. With the latest MacBook Pros that we've introduced last October, the new M1-powered Mac lineup has quickly become the preferred choice of Macs among enterprise customers.

這項公告只是我們擴大對企業和商業客戶支援的眾多方式之一。憑藉我們去年 10 月推出的最新 MacBook Pro，配備 M1 的全新 Mac 系列已迅速成為企業客戶的 Mac 首選。

Shopify, for example, is upgrading its entire global workforce to M1-powered MacBook Pro and MacBook Air. By standardizing on M1 Max, Shopify continues its commitment to providing the best tools to help its employees work productively and securely from anywhere. And Deloitte Consulting is expanding the deployment of the Mac Employee Choice program, including offering the new M1 MacBook Pro to empower their professionals to choose devices that work best for them in delivering consulting services.

例如，Shopify 正在將其全球員工全部升級為配備 M1 的 MacBook Pro 和 MacBook Air。透過對 M1 Max 進行標準化，Shopify 繼續致力於提供最佳工具來幫助員工在任何地方高效、安全地工作。德勤諮詢正在擴大 Mac 員工選擇計畫的部署，包括提供新款 M1 MacBook Pro，讓他們的專業人員能夠選擇最適合他們提供諮詢服務的裝置。

Let me now turn to our cash position. Due to our strong operating performance and holiday quarter seasonality, we ended the quarter with $203 billion in cash plus marketable securities. We decreased commercial paper by $1 billion, leaving us with total debt of $123 billion. As a result, net cash was $80 billion at the end of the quarter.

現在讓我談談我們的現金狀況。由於我們強勁的經營業績和假期季度的季節性，我們在本季結束時擁有 2,030 億美元的現金和有價證券。我們減少了 10 億美元的商業票據，使我們的債務總額達到 1,230 億美元。結果，本季末淨現金為 800 億美元。

Our business continues to generate very strong cash flow, and we were able to return nearly $27 billion to shareholders during the December quarter. This included $3.7 billion in dividends and equivalents and $14.4 billion through open market repurchases of 93 million Apple shares. We also began $6 billion accelerated share repurchase program in November, resulting in the initial delivery and retirement of 30 million shares.

我們的業務繼續產生非常強勁的現金流，在 12 月所在季度向股東返還近 270 億美元。其中包括 37 億美元的股息和等價物，以及透過公開市場回購 9,300 萬股蘋果股票獲得的 144 億美元。我們還在 11 月啟動了 60 億美元的加速股票回購計劃，最終交付並退役了 3,000 萬股股票。

As we move ahead 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 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前景，其中包括 Tejas 在電話會議開始時提到的前瞻性資訊類型。鑑於短期內全球範圍內持續存在的不確定性，我們不會提供收入指引，但我們會分享一些方向性見解，前提是假設新冠病毒對我們業務的相關影響不會比我們今天預測的情況更糟。

We expect to achieve solid year-over-year revenue growth and set a March quarter revenue record despite significant supply constraints, which we estimate to be less than what we experienced during the December quarter. We expect our revenue growth rate to decelerate from the December quarter, primarily due to 2 factors. First, during the March quarter a year ago, we grew revenue by 54%. Remember that last year, we launched our new iPhones during the December quarter, while this year, we launched them during the September quarter. Due to the later launch a year ago, some of the associated channel inventory fill occurred during the March quarter last year. As a result of the different launch timing, we will face a more challenging year-over-year compare.

儘管存在嚴重的供應限制，但我們預計將實現穩健的同比收入成長，並創下 3 月季度的收入記錄，我們估計供應限制將低於 12 月季度的情況。我們預計我們的營收成長率將較 12 月所在季度有所放緩，這主要是由於兩個因素。首先，去年第三季度，我們的營收成長了 54%。請記住，去年，我們在 12 月季度推出了新款 iPhone，而今年，我們在 9 月季度推出了它們。由於一年前推出較晚，一些相關的通路庫存填充發生在去年三月的季度。由於發佈時間不同，我們將面臨更具挑戰性的同比比較。

Second, we expect foreign exchange to be a 3-point headwind when compared to the December quarter growth rate. We currently expect FX to have a negative impact on growth of 2 points in the March quarter, while it represented a 1 point benefit during the December quarter.

其次，我們預期與 12 月季度成長率相比，外匯交易將成為 3 個百分點的阻力。我們目前預計外匯將對 3 月季度的成長產生 2 個百分點的負面影響，而對 12 月季度的成長產生 1 個百分點的好處。

Specifically related to Services, we expect to grow strong double digits but decelerate from the December quarter performance. This is due to a more challenging compare because a higher level of lockdowns around the world last year led to increased usage of digital content and services.

特別是與服務相關，我們預計將實現兩位數的強勁成長，但較 12 月季度的業績有所放緩。這是由於更具挑戰性的比較，因為去年世界各地更高程度的封鎖導致數位內容和服務的使用增加。

We expect gross margin to be between 42.5% and 43.5%. We expect OpEx to be between $12.5 billion and $12.7 billion. We expect OI&E to be around negative $150 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42.5%至43.5%之間。我們預計營運支出將在 125 億美元至 127 億美元之間。我們預計 OI&E 約為負 1.5 億美元，不包括少數股權投資按市值計價的任何潛在影響，我們的稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.22 per share of common stock payable on February 10, 2022, to shareholders of record as of February 7, 2022.

最後，今天，我們的董事會宣佈於 2022 年 2 月 10 日向截至 2022 年 2 月 7 日登記在冊的股東派發每股普通股 0.22 美元的現金股利。

And with that, let's open the call to questions.

接下來，讓我們開始提問。

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

謝謝你，盧卡。 （接線生指示）接線員，請問第一個問題可以嗎？

We'll take our first question from Katy Huberty with Morgan Stanley. We'll take our next question from Wamsi Mohan with Bank of America.

我們將回答摩根士丹利凱蒂·休伯蒂提出的第一個問題。我們將回答美國銀行 Wamsi Mohan 提出的下一個問題。

Yes. Your margins have clearly been very impressive. So I have one question each on product and one on services gross margins. On product gross margins, that's clearly benefiting from a very strong mix. So Tim, I'm curious, how sustainable do you think these mix trends are from the data that you see? And can you share any thoughts across how the Pro and Pro Max mix compared to prior cycles?

是的。你們的利潤顯然非常可觀。因此，我有一個關於產品的問題和一個關於服務毛利率的問題。就產品毛利率而言，這顯然受益於非常強大的組合。提姆，我很好奇，根據您看到的數據，您認為這些混合趨勢的可持續性如何？您能否分享一下與之前的周期相比，Pro 和 Pro Max 的搭配有何想法？

And on the Services side, if I could just ask that, too. When you look at the gross margins there, that's been really impressive. Can you give us some sense of where within Services you're seeing particularly favorable mix trends? And how should investors think about the trajectory of these margins, given some of the sizable investments you're making to drive very successful areas, like content for TV+ as an example?

在服務方面，我也可以問一下嗎？當你看看那裡的毛利率時，你會發現這確實令人印象深刻。您能否讓我們了解您在服務領域的哪些地方看到了特別有利的組合趨勢？考慮到您為推動非常成功的領域（例如 TV+ 的內容）而進行的一些大規模投資，投資者應該如何考慮這些利潤的軌跡？

Wamsi, it's Tim. In terms of the mix, we don't comment directly on mix. But what I would tell you is that we saw strong demand across the iPhone 13 family. And in fact, we had several of the top-selling models in various markets, including the top 5 in the U.S. and Australia, the top 4 in urban China, 2 of the top 3 in the U.K., 3 of the top 4 in France and Germany, and 4 of the top 6 in Japan. And certainly, based on some external data that I've seen, it does seem to say that we are gaining share as well. So we feel quite good about the momentum of iPhone. And I should add that we were constrained during the quarter.

瓦姆西，我是提姆。在混音方面，我們不直接評論混音。但我要告訴你的是，我們看到 iPhone 13 系列的需求強勁。事實上，我們在各個市場都有幾款最暢銷的車型，包括美國和澳大利亞前五名，中國城市前四名，英國前三名中的兩輛，法國前四名中的三名和德國，前六名中有四名是日本。當然，根據我看到的一些外部數據，我們似乎也正在獲得份額。所以我們對iPhone的勢頭感覺很好。我應該補充一點，我們在本季度受到了限制。

Wamsi, on the Services side, you were asking about gross margin there. As you know, our Services business in aggregate is accretive to overall company margin. And as you know, our Services portfolio is very broad and it contains businesses with very different margin profiles. The difference in margin profile is due in part to the nature of those businesses and in part to the way that we account for them; in some cases, we account on a net basis as opposed to a gross basis. And so as a result, the Services gross margin percentage over time will be influenced by the relative growth of the different businesses within the portfolio.

Wamsi，在服務方面，您問的是那裡的毛利率。如您所知，我們的服務業務總體上增加了公司的整體利潤。如您所知，我們的服務組合非常廣泛，其中包含利潤狀況截然不同的業務。利潤狀況的差異部分是由於這些業務的性質，部分是由於我們對它們的核算方式；在某些情況下，我們會以淨額而非毛額進行會計處理。因此，隨著時間的推移，服務毛利率百分比將受到投資組合中不同業務相對成長的影響。

We do not guide at the product and services level, but I think you've seen the guidance that we provided for the March quarter at the total company level, 42.5% to 43.5%, obviously very strong compared to our recent history. And so we're very pleased with that.

我們不會在產品和服務層面提供指導，但我認為您已經看到了我們為整個公司層面為 3 月份季度提供的指導，即 42.5% 至 43.5%，與我們最近的歷史相比，顯然非常強勁。我們對此非常滿意。

We'll take our next question from Kyle McNealy with Jefferies.

我們將回答凱爾·麥克尼利和傑弗里斯提出的下一個問題。

Congrats on the solid iPhone result. That's very good. I assume that you may have prioritized iPhone to the extent there may be similar components that are used for iPhone and iPad. Can you just level set me on that if that's not the case? And if it is, should we see a recovery in iPad as you move past your prime iPhone selling season and you may have better access to components or better supply as we move through the next few months of the year?

恭喜 iPhone 取得了不錯的成績。那很好。我假設您可能優先考慮 iPhone，因為 iPhone 和 iPad 可能使用類似的組件。如果情況並非如此，你能告訴我嗎？如果是這樣，那麼當你度過iPhone 的黃金銷售季節時，我們是否應該看到iPad 的複蘇，並且在今年接下來的幾個月裡，你可能會更好地獲得零件或更好的供應？

Yes. Kyle, it's Tim. From a supply constraint point of view, as you recall, we said that in Q1, the December quarter, that we would have constraints more than 6, and we clearly did have constraints more than 6. On March, we're saying that where we will have -- we will do better or have less constraints than we had in the December quarter.

是的。凱爾，是提姆。從供應限制的角度來看，您還記得，我們​​說過在第一季（即12 月份的季度），我們的限制將超過6 個，而且我們顯然確實有超過6 個限制。說，在哪裡與去年第四季相比，我們將做得更好或受到的限制更少。

If you look at the commonality between different products, there is some. But generally, the challenge is on legacy nodes. And these legacy nodes are by supplier. And so it's much more focused on the supplier than anything else and versus us behind the curtain finding a place to take it. There's not none of that, but there -- there is some of that. But largely, we have to take it where the shortages are.

如果你看看不同產品之間的共通性，你會發現一些共通性。但一般來說，挑戰在於遺留節點。這些遺留節點是由供應商提供的。因此，它比其他任何事情都更關注供應商，而不是我們在幕後尋找一個地方來佔據它。並非沒有這些，但確實有一些。但在很大程度上，我們必須在短缺的地方採取行動。

Okay. Great. Can you give us any other color on kind of the trajectory of iPad and what's impacting this quarter and where it might go in the March and the June quarter?

好的。偉大的。您能否給我們提供有關 iPad 發展軌蹟的任何其他信息，以及本季度的影響以及 3 月和 6 月季度的走勢？

Yes. The issue with iPad, and it was a very significant constraint in the December quarter, was very much on these legacy nodes that I had talked about. Virtually all of the problem was in that area. And so overall, we're not guiding by product constraint -- by product level. But at the -- but overall, we do see an improvement in the March quarter in terms of the constraints going down versus what they were in the December quarter.

是的。 iPad 的問題在 12 月的季度中是一個非常重要的限制，很大程度上與我談到的這些遺留節點有關。事實上所有的問題都在那個區域。因此總體而言，我們不是透過產品限制——產品層級來指導的。但總體而言，我們確實看到 3 月季度的限制有所改善，與 12 月季度相比有所下降。

We'll take our next question from Shannon Cross with Cross Research.

我們將回答來自 Cross Research 的 Shannon Cross 的下一個問題。

Tim, could you talk a bit about the Mac business? Looking back, it's up about 50% from the calendar 2019 revenue. You did almost $11 billion this quarter and you're still working through the M1 transition. So can you talk about where you see the opportunity to gain share? What are really sort of the target markets that you think you can go after in order to grow this beyond, I think it was about $37 billion in the last 12 months? And then I have a follow-up.

Tim，您能談談 Mac 業務嗎？回顧過去，它比 2019 年的收入增長了約 50%。本季您的收入接近 110 億美元，並且仍在經歷 M1 過渡。那麼您能談談您在哪裡看到了獲得份額的機會嗎？您認為為了擴大規模，您可以追求哪些真正的目標市場？然後我有一個後續行動。

Yes. Shannon, thank you for the question. Mac set an all-time revenue record at $10.9 billion for the quarter. That was up 25%. And as you point out, the last 6 quarters for the Mac have been the top 6 revenue quarters of all time. And what's further very good about this is, we set all-time revenue records in Americas, in Europe and the rest of Asia Pacific. And we set a December quarter record in Greater China. And so it's not narrowed to a particular geographic area that we're doing well in. It's almost across the board.

是的。香農，謝謝你的提問。 Mac 本季營收達 109 億美元，創下歷史新高。上漲了 25%。正如您所指出的，Mac 的過去 6 個季度是有史以來收入最高的 6 個季度。更棒的是，我們在美洲、歐洲和亞太其他地區創造了歷史收入記錄。我們在大中華區創下了 12 月季度的記錄。因此，它並沒有縮小到我們表現良好的特定地理區域。

The response is very much because of M1. And we got even more response with the MacBook Pro that we launched in the -- during the Q1 time frame. The -- both the upgraders, which we had a record number of upgraders for the December quarter, but also in markets like China, 6 out of the -- 6 out of 10 sales are to people new to the Mac. And so it's powered by both upgraders and switchers.

反應很大程度是因為M1。我們在第一季推出的 MacBook Pro 得到了更多的迴響。 - 無論是升級者，我們在 12 月季度的升級者數量都創下了紀錄，而且在中國等市場，十分之六的銷量是針對 Mac 新手的。因此它由升級器和切換器提供支援。

Customer satisfaction is off the charts. And so what I see this as is a -- that will -- a product that will be very successful in a number of different markets from education to business, to the creative industry and in all geographic markets. We're not limiting ourselves.

客戶滿意度高得驚人。因此，我認為這是一款將在教育、商業、創意產業以及所有地理市場等許多不同市場中取得非常成功的產品。我們不限制自己。

Great. And then, Luca, can you talk a bit more on Services? Just obviously outperformed your guidance or your expectations as well as certainly where we were at. Where were the -- what were the things that really outperformed? And maybe what trends are you seeing that is driving the extra revenue?

偉大的。 Luca，可以多談談服務嗎？顯然超出了您的指導或您的期望，當然也超越了我們所處的位置。真正表現出色的東西在哪裡？也許您認為哪些趨勢正在推動額外收入？

Yes, Shannon. It was -- I mean it was really great on all fronts. We set December quarter records in every geographic segment. And then, as I mentioned earlier, an all-time record for cloud, for music, for video, for advertising, for payment services. December quarter record in the App Store. So we've done, as you said, better than we were expecting at the beginning of the quarter. This overperformance has been spread around the world and spread around our services categories.

是的，香農。我的意思是它在各方面都非常棒。我們在每個地理區域都創下了 12 月季度記錄。然後，正如我之前提到的，雲端、音樂、影片、廣告、支付服務的歷史記錄。 App Store 12 月季度記錄。因此，正如您所說，我們的表現比本季初的預期要好。這種超強的表現已經蔓延到世界各地，並蔓延到我們的服務類別。

And the reality is, this combination of factors, the fact that the installed base is growing, the fact that we continue to have more and more engagement of our customers on all the services -- paid subscriptions is a phenomenal story, right? We now have 785 million paid subs. We just -- we've increased 165 million in the last 12 months alone, right? And so all these things combined are really powering the business. Very, very pleased with the performance.

現實是，這些因素的結合，安裝基礎不斷增長，我們的客戶繼續越來越多地參與所有服務——付費訂閱是一個非凡的故事，對吧？我們現在有 7.85 億付費訂閱者。僅在過去 12 個月內，我們就增加了 1.65 億，對嗎？因此，所有這些因素結合起來確實為業務提供了動力。對錶演非常非常滿意。

We'll hear next from Katy Huberty with Morgan Stanley.

接下來我們將聽取凱蒂·休伯蒂 (Katy Huberty) 與摩根士丹利 (Morgan Stanley) 的對話。

Can you hear me okay?

你聽得到我說話嗎？

Now we can.

現在我們可以了。

Yes.

是的。

Okay. Good. So first question, just as it relates to some of the disruption you've seen on the component side, manufacturing and logistics over the past couple of years. Are you starting to rethink your broader supply chain strategy or the manufacturing footprint on the back of the significant disruption? Are you happy with the overall geographic exposure that you see in the supply chain today?

好的。好的。第一個問題，就像它與過去幾年在組件、製造和物流方面看到的一些破壞有關一樣。在重大中斷的背景下，您是否開始重新考慮更廣泛的供應鏈策略或製造足跡？您對目前供應鏈中的整體地理分佈感到滿意嗎？

Katy, if you sort of step back and look at how we've done, our largest issue by far has been the chip shortage. That is industry-wide and on these legacy nodes, as I had mentioned earlier. And I think our supply chain actually does very good considering the shortages because it's a fast-moving supply chain. The cycle times are very short. There's very little distance between a chip being fabricated and packaged and a product being -- going out of factory. And so no, I don't see that it makes a fundamental change in the supply chain.

凱蒂，如果你退一步看看我們的表現，我們迄今為止最大的問題是晶片短缺。正如我之前提到的，這是整個產業以及這些遺留節點上的情況。我認為考慮到短缺問題，我們的供應鏈實際上做得非常好，因為它是一個快速移動的供應鏈。循環時間非常短。晶片的製造和封裝與產品出廠之間的距離非常小。所以不，我不認為它會對供應鏈產生根本性的改變。

Okay. And how are you thinking about the metaverse opportunity and Apple's role in that market?

好的。您如何看待虛擬世界的機會以及蘋果在該市場中的角色？

Well, that's a big question. But we're a company in the business of innovation. So we're always exploring new and emerging technologies. And I -- you've spoken at length about how this area is very interesting to us. Right now, we have over 14,000 AR kit apps in the App Store, which provide incredible AR experiences for millions of people today. And so we see a lot of potential in this space and are investing accordingly.

嗯，這是一個大問題。但我們是一家致力於創新的公司。因此，我們一直在探索新興技術。我——你已經詳細地談到了這個領域對我們來說非常有趣。目前，我們的 App Store 中有超過 14,000 個 AR 套件應用程序，它們為當今數百萬人提供了令人難以置信的 AR 體驗。因此，我們看到了這個領域的巨大潛力，並進行了相應的投資。

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

我們將接受 Evercore 的 Amit Daryanani 提出的下一個問題。

I have 2 as well. I guess both up on the supply chain side, I think things continue to be fairly volatile. I'd love to get your perspective if you feel if things or supply chain issues are starting to alleviate or they still remain challenging. And then maybe I missed this, but could you perhaps tell us how much revenue was left on the table in December because of the supply chain issues? And how does that number shape up in March?

我也有2個。我想在供應鏈方面，情況仍然相當不穩定。如果您覺得事情或供應鏈問題是否開始緩解或仍然具有挑戰性，我很想聽聽您的看法。然後也許我錯過了這一點，但您能否告訴我們由於供應鏈問題，12 月份還剩多少收入？三月這個數字如何？

Yes. Amit, what we've said in terms of December and March was that it's very difficult to estimate with great precision the constraints. But we said that they would be more than the Q4 or more than the September quarter, and we're saying that March will be less than the December quarter. And so that's the kind of verbiage that we placed around it.

是的。阿米特，我們就 12 月和 3 月所說的是，很難精確地估計限制因素。但我們說它們將超過第四季度或超過 9 月的季度，我們說 3 月將低於 12 月的季度。這就是我們圍繞它放置的那種措辭。

In terms of is it still challenging, yes, it is challenging. And for us, we pride ourselves on getting products to customers who really want them and try to do that in a fast basis. And so it's frustrating that we can't always do that at the speed that we would like. However, March is better than December. And so there's some encouraging sign there. We're not predicting (inaudible) overall, obviously, because of the number of variables that go into such a prediction.

就它是否仍然具有挑戰性而言，是的，它具有挑戰性。對我們來說，我們為能夠將產品提供給真正需要的客戶並努力快速做到這一點而感到自豪。因此，令人沮喪的是我們不能總是以我們想要的速度做到這一點。然而，三月比十二月好。因此，這裡出現了一些令人鼓舞的跡象。顯然，我們不是在整體上進行預測（聽不清楚），因為這種預測涉及的變數數量很多。

Fair enough. Tim, I think one of the topics investors can struggle a fair bit with Apple is really just sort of understand visibility around your product road map, and I think some of your tech peers tend to be more vocal about their initiatives. Some of them go change their name when they find an initiative that's attractive, I feel. You folks are spending, I think, $23 billion on R&D in '21. So you're really spending a fair amount. And maybe without telling us the road map, could you just talk about how do you think about where to focus your R&D resources on? And to some extent, is the way to think about this R&D spend, how much of it is really done on things that are more evolutionary in products that are out in the marketplace versus things that we haven't seen yet or on potential new offerings?

很公平。提姆，我認為投資人在蘋果身上可能會遇到的一個問題實際上就是了解你的產品路線圖的可見性，而且我認為你的一些技術同行往往會更直言不諱地談論他們的舉措。我覺得，當他們發現一項有吸引力的舉措時，他們中的一些人就會改名。我想，你們在 21 年的研發上花了 230 億美元。所以你確實花了相當多的錢。也許在不告訴我們路線圖的情況下，您能否談談您如何考慮將研發資源集中在哪裡？在某種程度上，這是思考研發支出的方式，其中有多少真正用於市場上產品中更具進化性的事物，而不是我們尚未見過的事物或潛在的新產品？

We have a little different model. We try to announce things when they're ready or close to ready and try to maintain an element of surprise in there. And so that explains hopefully what we do with our road map. And I think that's proven successful for us, and other people can do it differently, of course, but it's plainly been good for us over time to do that. So we're going to continue to do that.

我們有一個有點不同的模型。我們嘗試在事情準備好或接近準備好時宣布事情，並嘗試保持驚喜的元素。這有望解釋我們如何處理我們的路線圖。我認為這對我們來說是成功的，當然其他人也可以採取不同的做法，但隨著時間的推移，這樣做顯然對我們有好處。所以我們將繼續這樣做。

In terms of deciding where we invest in, we look at areas that are sort of at the intersection of hardware, software and services, and because we think that, that's where the magic really happens and it brings out the best in Apple. And so there are areas that have more than piqued our interest, and we are investing in those. And you can tell through time that we've ramped our R&D spend even more than we were before. And so there's quite a bit of investment going into things that are not on the market at this point, as there always are.

在決定投資方向時，我們著眼於硬體、軟體和服務交叉的領域，因為我們認為，這才是真正發生魔法的地方，它能發揮蘋果最好的一面。因此，有些領域已經引起了我們的興趣，我們正在投資這些領域。隨著時間的推移，你可以看出我們的研發支出比以前更多。因此，像往常一樣，目前有相當多的投資進入了市場上尚未上市的產品。

We'll hear next from David Vogt with UBS.

接下來我們將聽到瑞銀集團 (UBS) 的大衛沃格特 (David Vogt) 的演講。

I just wanted to dive in and get your perspective on China and sort of the macro climate there and how that sort of pertains to your business as we think about it going forward. And the reason why I'm asking is we've heard some concerns that current policies might have caused a pause in this market and smartphone inventory. Maybe more specifically, the local vendors could be a little bit elevated going into Chinese New Year. So we just want to get your thoughts on what you're seeing in this market around this sort of potential development and then maybe touch on sell-in versus sell-through in that market. And then I have a follow-up.

我只是想深入了解您對中國和那裡的宏觀氣候的看法，以及在我們考慮未來發展時這與您的業務有何關係。我之所以問這個問題，是因為我們聽到了一些擔憂，認為目前的政策可能會導致這個市場和智慧型手機庫存的停滯。也許更具體地說，進入農曆新年，當地供應商的價格可能會提高。因此，我們只是想了解您對這個市場中這種潛在發展的看法，然後可能會涉及該市場的賣出與賣出。然後我有一個後續行動。

Well, I can only comment on for us. Our sales grew 21% there in the last quarter, and we're very proud of that. I'll stay away and let other people be the economist and make the macro determinations. But what we're seeing there was super impressive, with all-time revenue records and a record number of upgraders and strong double-digit growth in switchers on iPhone, which is very important to us. And as I've mentioned before, we had the top 4 selling phones in urban China. And so there's a lot of good there.

好吧，我只能為我們評論一下。上個季度我們的銷售額成長了 21%，我們對此感到非常自豪。我會離開，讓其他人成為經濟學家並做出宏觀決策。但我們所看到的情況非常令人印象深刻，收入創歷史新高，升級者數量創歷史新高，iPhone 切換者數量強勁兩位數增長，這對我們來說非常重要。正如我之前提到的，我們擁有中國城市中銷售排名前四的手機。所以那裡有很多好處。

And I would remind you that iPhone was constrained in the quarter. And so I'm not sure where the statements are coming around about inventory, and I can't comment on whether other people have more or not. I don't know the answer to that. Thanks for the question.

我想提醒大家的是，iPhone 在本季受到了限制。因此，我不確定有關庫存的說法來自哪裡，我也無法評論其他人是否有更多庫存。我不知道答案。謝謝你的提問。

That's helpful, Tim. And then maybe just on the supply chain. Obviously, you've been managing it incredibly well over the last 12 to 18 months. And gross margins have actually performed relatively well, mix driven both between products and services. Can you help us think about sort of the quantifiable impact or maybe the costs that you're carrying due to the supply chain that may be sort of -- I don't want to use the word transitory, but we'd expect over the longer term that might be sort of -- abate a little bit and you'll get a little bit of a benefit as we get past some of these supply chain issues over the next 12 months or so?

這很有幫助，蒂姆。然後也許只是在供應鏈上。顯然，在過去 12 到 18 個月裡，您的管理得非常好。由於產品和服務之間的混合驅動，毛利率實際上表現相對較好。您能否幫助我們考慮一下可量化的影響，或者您因供應鏈而承擔的成本，這可能是——我不想使用“暫時性”這個詞，但我們預計從長遠來看，這可能是——稍微減弱一點，當我們在未來12 個月左右解決其中一些供應鏈問題時，您就會獲得一點好處？

We're seeing inflation, and it's factored into our gross margin and OpEx that Luca reviewed with you earlier. Logistics, as I've mentioned on a previous call, is very elevated in terms of the cost of moving things around. I would hope that at least a portion of that is transitory, but the world is -- the world has changed, and so we'll see.

我們看到了通貨膨脹，盧卡之前與您討論過，它已計入我們的毛利率和營運支出。正如我在之前的電話會議中提到的，物流在運輸物品的成本方面非常高。我希望其中至少有一部分是暫時的，但世界已經改變了，所以我們拭目以待。

We'll take the question from Samik Chatterjee with JPMorgan.

我們將回答摩根大通 Samik Chatterjee 的問題。

I had a couple. The first question that I had was really on Apple TV+, and I know some of the other players in this market have talked about slowing subscriber growth as we exit the pandemic. So curious if you can share what trends you're seeing in Apple TV and Apple TV+, and how similar or dissimilar they are and how your content is maybe helping you on that aspect? And I have a follow-up.

我有一對。我的第一個問題實際上是關於 Apple TV+ 的，我知道這個市場上的其他一些參與者已經談到了隨著我們擺脫大流行而放緩的用戶成長。很好奇您是否可以分享您在 Apple TV 和 Apple TV+ 中看到的趨勢，它們有多相似或不同，以及您的內容在這方面如何幫助您？我有一個後續行動。

We don't give out subscriber numbers for Apple TV+. What we do, do is give out a subscriber number for -- our subscription number for the total number of subscriptions that we had. And I think Luca mentioned earlier we ended the quarter at 785 million. And so we were incredibly pleased with that. That's a huge growth on a year-over-year basis of 165 million. And it counts, as you recall, both Apple-branded and third-party.

我們不會透露 Apple TV+ 的訂戶數量。我們所做的就是給出一個訂閱者號碼——我們的訂閱號碼是我們訂閱的總數。我想盧卡之前提到過，我們本季末的銷售額為 7.85 億。所以我們對此感到非常滿意。年比增長 1.65 億，這是一個巨大的增長。正如你所記得的，它既包括蘋果品牌的產品，也包括第三方品牌的產品。

In terms of how we're doing with TV+, we've been honored with 200 wins and 890 nominations. We're doing exactly like we had wanted to, giving storytellers a place to tell original stories, and feel really good about where we are competitively and strategic position of the product.

就我們在 TV+ 方面的表現而言，我們已獲得 200 項勝利和 890 項提名。我們正在做的正是我們想要做的，為講故事的人提供了一個講述原創故事的地方，讓我們對我們產品的競爭和戰略地位感到非常滿意。

And if I can just follow up, and similarly on Apple Pay, can you just help us think about when you think about the next few years, where are the biggest opportunities, either be it in terms of like geographies or either segments -- customer segments that you may not be tapping into currently and have an opportunity in?

如果我可以跟進，就像在Apple Pay 上一樣，您能否幫助我們思考一下，當您考慮未來幾年時，最大的機會在哪裡，無論是在類似的地理位置還是在任何一個細分市場（客戶）方面您目前可能沒有涉足但有機會涉足的細分市場？

Well, putting aside any kind of thing that sits on our road map for a second in that area, which we obviously wouldn't talk about in the call, I would say that I think Apple Card has a great runway ahead of us. It was rated the #1 midsized credit card in customer sat by J.D. Power and is getting -- has fast become people's main credit card for many, many people. And the growth of Apple Pay has just been stunning. It's been absolutely stunning. And there's still obviously a lot more there to go, and because there's still a lot of cash in the environment. And so I think that both of these and whatever else we might do have a great future ahead.

好吧，拋開我們路線圖上在該領域的任何事情（我們顯然不會在電話中談論這些事情），我想說的是，我認為 Apple Card 前面有一個很好的跑道。它被 J.D. Power 評為客戶排名第一的中型信用卡，並迅速成為許多人的主要信用卡。 Apple Pay 的成長令人驚嘆。這絕對是令人驚嘆的。顯然還有很多事情要做，因為環境中仍然有大量現金。所以我認為無論是這些還是我們可能做的其他事情都有著美好的未來。

We'll take our next question from Chris Caso with Raymond James.

我們將回答克里斯·卡索和雷蒙德·詹姆斯提出的下一個問題。

First question is just a little bit of help in interpreting the guidance. And if you could speak to the March quarter, perhaps in terms of seasonality and seasonal performance. And Luca, as you mentioned last year, because of the later launch of the phone, that some of that came into the March quarter, and that was better than seasonal performance in March. Should we interpret, because the supply constraints are easing somewhat as you go into the March quarter, that we should see something similar, that March quarter would -- we should get some better than seasonal performance? Is that the correct way to interpret your guidance?

第一個問題只是對解釋指南有一點幫助。如果您可以談談三月季度，也許可以從季節性和季節性表現的角度來談談。盧卡，正如您去年提到的，由於手機推出較晚，其中一些進入了三月份季度，這比三月份的季節性表現要好。由於進入三月季度時供應限制有所緩解，我們是否應該解釋為我們應該看到類似的情況，即三月季度我們應該獲得比季節性表現更好的表現？這是解釋您的指導的正確方法嗎？

Well, and we talked about it on a year-over-year basis because that's probably how most people look at it. And so just to recap what we said. First of all, we expect a record for the March quarter. We expect solid growth on a year-over-year basis. And -- but as Tim was saying, we still expect significant supply constraints but less than what we've seen in December. So I think on that basis, you can do the math around sequential. But given where we are in the environment, given the difficult compare both on iPhone, and as I mentioned on -- during my prepared remarks, on Services, we're very, very happy with the way we're guiding and the way the business is going right now.

好吧，我們逐年討論它，因為這可能是大多數人的看法。回顧一下我們所說的。首先，我們預計三月季度將創下歷史新高。我們預計同比將實現穩健成長。但正如蒂姆所說，我們仍然預計供應會受到嚴重限制，但會比 12 月的情況要少。所以我認為在此基礎上，你可以圍繞順序進行數學計算。但考慮到我們所處的環境，考慮到 iPhone 上的困難比較，正如我在準備好的演講中提到的，關於服務，我們對我們的指導方式和服務方式感到非常非常滿意。中。

Okay. As a follow-up, a follow-up question is on perhaps the sustainability and repeatability of the growth in iPhone after 2 very good years, well-received product and the 5G upgrade cycle. And I think there was a point in time when perhaps there's a view from some that iPhone was ex growth, and that's been proven wrong. Off of these very strong results, maybe you can speak to your level of confidence that iPhone continues to grow in the future. And kind of what are the avenues for that growth?

好的。作為後續的後續問題，也許是 iPhone 在經歷了 2 年的良好表現、廣受好評的產品和 5G 升級週期之後，成長的可持續性和可重複性。我認為在某個時間點，也許有些人認為 iPhone 已經過時了，但事實證明這是錯誤的。從這些非常強勁的業績中，也許你可以說出你對 iPhone 未來持續成長的信心程度。這種成長的途徑是什麼？

Yes. Chris, it's Tim. What I would say is that the iPhone has become an integral part of so many people's lives, now more than ever. And the active installed base of iPhone continues to grow and is now at an all-time high. And during December, as we had mentioned, we had a record number of upgraders and grew switchers strong double digit, which I think speaks to the strength of the product. And that's all an inducement to some -- an enormous customer satisfaction rating of 98% and our doing well throughout the geographies. And I've mentioned some of the geos that we track and how many units that we have on the top-selling model charts.

是的。克里斯，是蒂姆。我想說的是，iPhone 已經成為許多人生活中不可或缺的一部分，現在比以往任何時候都更重要。 iPhone 的活躍安裝量持續成長，目前已達到歷史最高水準。正如我們所提到的，在 12 月期間，我們的升級者數量達到了創紀錄的水平，切換者數量也增長了兩位數，我認為這說明了產品的實力。這對某些人來說都是一個誘因——高達 98% 的客戶滿意度以及我們在各個地區的良好表現。我已經提到了我們追蹤的一些地理區域以及我們在最暢銷車型排行榜上擁有的單位數量。

And so -- and even though this is the second product announcement that has 5G in it, we're still really in the early innings of 5G, meaning if you look at the installed base and look at how many people are on 5G versus not, and we don't release those exact numbers, but you can do some math and estimate those. We maintain a very optimistic view on iPhone long term.

因此，儘管這是第二個包含 5G 的產品發布，但我們仍然處於 5G 的早期階段，這意味著如果你看看安裝基礎，看看有多少人使用 5G，而不是使用 5G。公佈這些確切的數字，但您可以做一些數學計算並估計這些數字。我們對 iPhone 的長期前景保持非常樂觀的看法。

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

我們將回答克利夫蘭研究中心的 Ben Bollin 提出的下一個問題。

Tim, I'm interested in how you think about the relationship between the total iOS installed base and then the subsequent performance you see within the Services or the paid subscriptions. And a second part to that is, how do you look at the existing Services business in terms of the growth you get from customers who are already subscribers versus completely net new or greenfield subscribers?

提姆，我感興趣的是您如何看待 iOS 總安裝基數與您在服務或付費訂閱中看到的後續效能之間的關係。第二部分是，您如何看待現有服務業務的成長，即從已經訂閱的客戶與完全淨新或綠地訂閱的客戶那裡獲得的成長？

I think I'll let Luca comment on the second part of that. But if you back up and sort of look at how we're doing, even though we have 785 million subs, relative to the total number of products offered and the customers it's offered in, there's still a lot of room to grow there. And so I -- the way that I look at it is that we -- there's a lot more greenfield in front of us.

我想我會讓盧卡評論第二部分。但如果你回過頭來看看我們的表現，即使我們有 7.85 億訂閱者，相對於所提供的產品總數和所提供的客戶而言，仍然有很大的成長空間。所以我——我的看法是——我們面前還有很多未開發的領域。

And Ben, on the Services engagement and how we think about customers, right, obviously, it's important for us that customers are engaged on our Services platforms. And the ones that we have, we know that the more engaged they are, they're more likely to stay with Apple for the long term. So we just obviously track all those metrics, and they're very important for us. And that's why we continue to improve the quality of our offerings and the quantity over time. As you've seen, we launched a lot of new services. We obviously care a lot about new customers as well, and that's why we keep track of the installed base and a lot of other metrics on that front.

Ben，關於服務參與度以及我們如何看待客戶，顯然，客戶參與我們的服務平台對我們來說很重要。我們知道，我們所擁有的員工越積極參與，就越有可能長期留在蘋果公司。因此，我們顯然只是追蹤所有這些指標，它們對我們來說非常重要。這就是為什麼我們不斷提高產品品質和數量的原因。正如您所看到的，我們推出了許多新服務。顯然，我們也非常關心新客戶，這就是為什麼我們追蹤安裝基礎和這方面的許多其他指標。

It's very similar to what we do with products. I mean also for products, we care a lot about upgraders, we care a lot about switchers. It's obviously the combination of the 2 that when you put it together provides the level of growth that you've actually seen in our Services business. I mean the last 12 months, we've done over $72 billion of revenue on Services. It's the size of a Fortune 50 company. It couldn't happen with our contribution from both existing and new customers.

這與我們對產品所做的非常相似。我的意思是，對於產品來說，我們非常關心升級者，我們非常關心切換者。顯然，這兩者的結合可以提供您在我們的服務業務中實際看到的成長水準。我的意思是，過去 12 個月，我們的服務收入超過 720 億美元。這是財富 50 強公司的規模。憑藉我們現有客戶和新客戶的貢獻，這是不可能實現的。

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

我們將回答 Harsh Kumar 和 Piper Sandler 提出的下一個問題。

First of all, congratulations on a stellar quarter in December and all the records that the Apple community has set. Tim, I had a question on the content on Apple TV. When we look at the Apple content that you guys put out on TV, original content, it's typically very socially responsible and healthy, for example, at Ted Lasso. Has this, in effect, created a constraint or a hesitancy of some sort for Apple to go and purchase studios when they come up? Or have those decisions been primarily financial or otherwise?

首先，恭喜 12 月份的出色季度業績以及 Apple 社群創下的所有記錄。提姆，我對 Apple TV 上的內容有疑問。當我們看到你們在電視上發布的蘋果內容時，原創內容，通常是非常有社會責任感和健康的，例如，在 Ted Lasso。實際上，這是否對蘋果在工作室出現時購買工作室產生了某種限製或猶豫？還是這些決定主要是財務方面的還是其他方面的？

We don't make purely financial decisions about the content. We try to find great content that has a reason for being. And we love shows like Ted Lasso and several of the other shows as well that have a reason for existing and may have a good message and may make people feel better at the end of it. But we're -- but I don't view that we've narrowed our universe of things we're selecting from. There's plenty to pick from out there. And I think that we're doing a pretty good job of it as we speak.

我們不會對內容做出純粹的財務決策。我們試圖找到有存在理由的精彩內容。我們喜歡像《泰德拉索》（Ted Lasso）這樣的節目以及其他幾個節目，它們都有存在的理由，可能有一個好的信息，可能會讓人們在結束時感覺更好。但我們——但我不認為我們已經縮小了我們選擇的範圍。那裡有很多可供選擇的。我認為我們在這方面做得非常好。

Fair enough. And then my follow-up was the Apple vision of health care in the future. So you guys have sort of cautiously approached health care with iWatch and iPhone. It's mostly a preventative sort of approach. It provides you updates. But do you see a situation down the line where Apple perhaps plays a more active role, either through the Watch or some other device where perhaps a doctor or a hospital mandates that the Watch be worn for -- effectively for critical and vital monitoring? And I was curious if you could just give us some color on how you guys think about health care and iWatch in that confluence?

很公平。然後我的後續內容是蘋果對未來醫療保健的願景。所以你們對 iWatch 和 iPhone 的醫療保健持謹慎態度。這主要是一種預防性方法。它為您提供更新。但你是否認為蘋果可能會透過 Watch 或其他設備發揮更積極的作用，醫生或醫院可能會強制佩戴 Watch，以有效地進行關鍵和重要的監測？我很好奇你們能否給我們一些關於你們如何看待醫療保健和 iWatch 的看法？

Well, the -- with the Apple Watch, there's literally not days that go by without me getting notes about someone that's received a health alert. Maybe it's to do with their cardiovascular health. Or more recently, a lot of people have told me that they fell and was knocked unconscious and couldn't respond, and the Watch responded for them to emergency contacts and emergency personnel.

嗯，有了 Apple Watch，我幾乎每天都會收到有關收到健康警報的人的記錄。也許這與他們的心血管健康有關。或者最近，很多人告訴我，他們跌倒了，被撞昏了，無法做出反應，手錶為他們回覆了緊急聯絡人和急救人員。

And so there's a lot that we're doing today. My sense has always been that there's more here. I don't want to get into a road map discussion in the call. But we continue to kind of pull the string and see where it takes us. But we're really satisfied with how we're doing in this area because we are fundamentally changing people's lives and, in some cases, saving people's lives. So it's an area of great interest.

所以我們今天要做很多事。我一直覺得這裡還有更多。我不想在電話中討論路線圖。但我們會繼續拉動繩索，看看它會把我們帶到何處。但我們對我們在這一領域的表現感到非常滿意，因為我們正在從根本上改變人們的生活，在某些情況下甚至拯救了人們的生命。所以這是一個非常有趣的領域。

Thank you. A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone. The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 3599903. 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.

謝謝。今天的電話會議將在 Apple 播客、apple.com/investor 上以網路廣播形式以及透過電話進行兩週重播。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 3599903。今天太平洋時間。如有其他問題，請聯絡喬許‧羅森斯托克 (Josh Rosenstock)，電話 (408) 862-1142。如有其他問題，金融分析師可以致電 (669) 227-2402 與我聯絡。再次感謝您加入我們。

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

今天的會議到此結束。我們非常感謝您的參與。