蘋果 (AAPL) 2021 Q4 法說會逐字稿

Good day, and welcome to the Apple Q4 Fiscal Year 2021 Earnings Conference Call. Today's call is being recorded. 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.

大家好，歡迎參加 Apple 2021 財年第四季財報電話會議。今天的通話正在錄音。現在，為了致開幕詞和介紹，我想將電話轉給投資者關係和公司財務總監 Tejas Gala。請繼續。

Thank you. Good afternoon, and thank you for joining us. Speaking today first 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；隨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。

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. 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.

請注意，您在我們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、營業費用、其他收入和支出、稅收、資本配置和未來業務前景的陳述，包括 COVID-19 對公司業務和經營業績的潛在影響。這些聲明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。欲了解更多信息，請參閱蘋果公司最近提交的 10-K 表格年度報告和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素以及相關新聞稿。Apple 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期的觀點。

I'd like to now 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。

Thanks, Tejas, and good afternoon, everyone, and thank you for joining the call today. A year ago, I spoke to you about the atmosphere of uncertainty in which we were living and the way it had come to define our daily experience, both as people and as a company. Today, much has changed, profoundly so. And while we are still living through unprecedented times, we are encouraged by progress around the world. I'm grateful to our teams who have stayed resolutely focused on our customers and the pursuit of innovation on their behalf. We've aimed to help our customers navigate the world as it is while empowering them to create the world as it can be. Whether it's public health workers managing vaccination campaigns on iPhone or students returning to classrooms full of iPads or family staying connected over FaceTime, it is an honor to know that what we make matters and to see that reflected in the world and in our performance.

謝謝，Tejas，大家下午好，謝謝你們今天參加電話會議。一年前，我曾與你們談論過我們所處的不確定氛圍，以及它如何影響我們作為個人和作為公司的日常體驗。如今，很多事情都發生了深刻的變化。儘管我們仍處於前所未有的時期，但世界各地的進步令我們感到鼓舞。我感謝我們的團隊始終堅定地關注我們的客戶並為他們追求創新。我們的目標是幫助客戶探索現實世界，同時賦予他們創造世界的能力。無論是公共衛生工作者使用 iPhone 管理疫苗接種活動，還是學生回到擺滿 iPad 的教室，亦或家人透過 FaceTime 保持聯繫，我們都很榮幸知道我們所做的事情很重要，並且看到這一點在世界和我們的表現中得到體現。

This fiscal year, we reported $366 billion of revenue, which represents 33% annual growth. We also achieved more than 20% growth across all of our product categories and in every geographic segment. And today, Apple is reporting another very strong quarter. Demand was very robust, and we set a new September quarter record of $83.4 billion, up 29% from last year and in line with what we discussed on our last call despite larger-than-expected supply constraints.

本財年，我們的營收為 3,660 億美元，年增 33%。我們所有產品類別和每個地理區域都實現了超過 20% 的成長。今天，蘋果又公佈了非常強勁的季度財報。需求非常強勁，我們創下了 9 月季度的新紀錄，達到 834 億美元，比去年同期增長 29%，儘管供應限制超出預期，但仍與我們上次電話會議討論的情況一致。

We estimate these constraints had around a $6 billion revenue dollar impact, driven primarily by industry-wide silicon shortages and COVID-related manufacturing disruptions. Even so, we set an all-time record for Mac and quarterly records for iPhone, iPad, Wearables, Home and Accessories, representing 30% year-over-year growth in products. Our Services business performed better than we expected, where we hit an all-time record of $18.3 billion and grew 26% year-over-year.

我們估計，這些限制對收入造成了約 60 億美元的衝擊，主要原因是全行業的矽片短缺和與 COVID 相關的製造中斷。即便如此，我們還是創下了 Mac 的歷史最高紀錄，以及 iPhone、iPad、穿戴式裝置、家居和配件的季度紀錄，產品銷量較去年同期成長 30%。我們的服務業務表現優於我們的預期，創下了 183 億美元的歷史新高，年增 26%。

And we set quarterly records in every geographic segment with strong double-digit growth across the board. During fiscal 2021, we earned nearly 1/3 of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products. At the end of the September quarter, we introduced our iPhone 13 lineup as well as the Apple Watch Series 7, iPad and iPad mini, all of which represent significant advances. The iPhone 13 and iPhone 13 Mini, alongside the iPhone 13 Pro and Pro Max, are setting a new standard with their superfast performance, advanced camera systems, longer battery life and brilliant Super Retina displays.

我們在每個地理區域都創下了季度記錄，全面實現了強勁的兩位數成長。2021財年，我們近三分之一的收入來自新興市場，在印度和越南的業務翻了一番。我們對未來充滿樂觀，尤其是看到我們的新產品需求強勁。9 月底，我們推出了 iPhone 13 系列以及 Apple Watch Series 7、iPad 和 iPad mini，所有這些都代表著重大進步。iPhone 13 和 iPhone 13 Mini 以及 iPhone 13 Pro 和 Pro Max 憑藉其超快的性能、先進的相機系統、更長的電池壽命和絢麗的超級視網膜顯示器樹立了新的標準。

Customers are loving the ninth generation iPad, which features a beautifully sharp display and twice the storage of the previous generation as well as the new iPad mini, with its ultra portable design and impressive speed and performance. And we've been thrilled with the reviews that Apple Watch Series 7 has earned for its larger display, faster charging and refined design. And just last week, we introduced the completely reimagined MacBook Pro, powered by the extraordinary M1 PRO and M1 Max chips. These are our most powerful notebooks ever with game-changing performance and battery life and the world's best notebook display. We think customers are going to love MacBook Pro, whether they're editing video in Final Cut Pro or making music in Logic Pro and so much more. They'll be able to do things never before possible on a notebook.

消費者對第九代 iPad 情有獨鍾，它擁有清晰銳利的顯示器和上一代兩倍的儲存空間，而新款 iPad mini 則擁有超便攜的設計和令人印象深刻的速度和性能。我們對 Apple Watch Series 7 因其更大的顯示器、更快的充電速度和精緻的設計而獲得的評價感到非常高興。就在上週，我們推出了全新設計的 MacBook Pro，搭載非凡的 M1 PRO 和 M1 Max 晶片。這是我們迄今為止功能最強大的筆記型電腦，具有改變遊戲規則的性能和電池壽命以及世界上最好的筆記型電腦顯示器。我們認為客戶會喜歡 MacBook Pro，無論他們是在 Final Cut Pro 中編輯影片還是在 Logic Pro 中製作音樂等等。他們將能夠在筆記型電腦上完成以前不可能完成的事情。

We also announced our all-new AirPods that feature spatial audio and industry-leading sound, longer battery life and an all-new design. For the home, we added 3 new colors to our HomePod mini lineup, which offers seamless integration across Apple's products and services. We also announced a new subscription tier to Apple Music called Apple Music Voice, which offers subscribers access to the Services catalog of 90 million songs, all through the power of Siri.

我們還發布了全新的 AirPods，它具有空間音訊和業界領先的音質、更長的電池壽命和全新的設計。對於家居，我們為 HomePod mini 系列添加了 3 種新顏色，可與 Apple 的產品和服務無縫整合。我們還宣布了 Apple Music 的新訂閱級別，名為 Apple Music Voice，訂閱者可以透過 Siri 的強大功能存取包含 9000 萬首歌曲的服務目錄。

Across the board, teams at Apple continue to drive unmatched innovation through the seamlessly integrated hardware, software experience we've long prided ourselves on. iOS 15 and iPadOS 15 have created more ways than ever to stay productive, whether choosing Focus to avoid distractions or Quick Note to capture a thought. macOS Monterey offers new ways to connect with friends and family, get more done and work fluidly across Apple devices. And watchOS 8 has made Apple Watch even more powerful and more ways than ever to stay active and to track your health on the go.

總體而言，蘋果團隊繼續透過我們長期以來引以為傲的無縫整合硬體和軟體體驗推動無與倫比的創新。iOS 15 和 iPadOS 15 創造了比以往更多的保持高效的方式，無論是選擇「專注」來避免干擾，還是選擇「快速筆記」來捕捉想法。macOS Monterey 提供了與朋友和家人聯繫、完成更多工作以及在 Apple 裝置上流暢工作的全新方式。watchOS 8 讓 Apple Watch 更加強大，並提供比以往更多的方式讓您保持活躍並隨時隨地追蹤您的健康狀況。

We've never had a more diverse range of Services for our customers to choose from, and we've been very encouraged by our performance, which reflects growing customer enthusiasm and satisfaction. In just its first 2 years, Apple TV+ has already proved itself to fans around the world. And I want to congratulate the incredible actors, writers, storytellers, producers and everyone else whose behind-the-scenes work has made that success possible.

我們從未為客戶提供如此多樣化的服務選擇，我們的業績令我們深受鼓舞，反映出客戶日益增長的熱情和滿意度。光是推出兩年，Apple TV+ 就已經向全球粉絲證明了自己的實力。我要向那些出色的演員、編劇、說故事的人、製片人以及所有為這一成功做出幕後貢獻的人表示祝賀。

This quarter, Apple TV+ won 11 Emmy's, including the Award for Outstanding Comedy Series for Ted Lasso. That show has continued to bring light and laughter to fans all over the world with its boundless optimism and beloved cast of characters. We couldn't be more proud of our entire lineup of content from the gripping second seasons of The Morning Show and Truth Be Told to our newest programs, Swagger, which is out tomorrow. The response has been incredible.

本季度，Apple TV+ 榮獲 11 項艾美獎，其中包括泰德·拉索 (Ted Lasso) 榮獲的傑出喜劇類劇集獎。該劇以其無限的樂觀精神和深受喜愛的角色陣容，繼續為世界各地的粉絲帶來光明和歡笑。我們對我們的全部內容陣容感到無比自豪，從扣人心弦的《晨間秀》和《說實話》第二季到明天即將推出的最新節目《Swagger》。反響令人難以置信。

This quarter also saw major updates to Fitness+, including the addition of new activities like meditation and Pilates and the announcement of group workouts, a feature that brings fitness and friends together. We also shared that Fitness+ will soon be available in 15 new countries, bringing workouts for every age and skill level to millions more people around the world.

本季度，Fitness+ 也進行了重大更新，包括增加冥想和普拉提等新活動，並宣布團體鍛鍊功能，將健身和朋友聚集在一起。我們也宣布 Fitness+ 即將在 15 個新國家推出，為全球數百萬人提供適合各個年齡層和技能水平的鍛鍊方式。

And those are just 2 of the Services our customers are loving. This quarter, Apple Card won a J.D. Power award for customer satisfaction in its very first year of eligibility. The App Store continues to help people find the apps they depend on to stay productive, creative and entertained. And on Apple News, we launched a news partner program that expands Apple's support for journalism while creating an even better business opportunity for publishers.

而這些只是我們的客戶喜愛的兩項服務。本季度，Apple Card 在推出的第一年就榮獲了 J.D. Power 客戶滿意度獎。App Store 繼續幫助人們找到他們所依賴的應用程序，以保持高效、富有創造力和娛樂性。在 Apple News 上，我們推出了一項新聞合作夥伴計劃，擴大了 Apple 對新聞業的支持，同時為出版商創造了更好的商業機會。

And we continue to support our customers around the world. We're glad to report we've opened several new Apple Stores. This quarter, we opened a beautiful store in Changsha, which is our first store in the Hunan province of China. We also just opened our third store in Istanbul. And we recently added a store in the Bronx, which means we are now in all 5 boroughs in New York City. All of our stores are now open worldwide and have been for 7 weeks. As we enter our busiest time of year, I particularly want to share my gratitude for our retail teams. Customers have never relied on our products more, and our retail teams have truly answered the call. We meet our customers where they are with many ways to shop through our online and retail stores and can help them choose the best product for them and get it up and running.

我們將繼續為世界各地的客戶提供支援。我們很高興地報告我們已經開設了幾家新的 Apple Store。本季度，我們在長沙開設了一家漂亮的商店，這是我們在中國湖南省的第一家商店。我們還剛在伊斯坦堡開設了第三家店。我們最近在布朗克斯區開了一家店，這意味著我們現在的業務範圍已經涵蓋了紐約市的所有 5 個行政區。我們全球的所有商店現已開業七週。當我們進入一年中最繁忙的時刻時，我特別想向我們的零售團隊表達我的感激之情。客戶從未像現在這樣依賴我們的產品，我們的零售團隊也真正響應了他們的號召。我們透過網路和零售商店為顧客提供多種購物方式，幫助他們選擇最適合自己的產品並開始使用。

We are also excited about our education initiatives. This month, we introduced the Everyone Can Code Early Learners program, offering free resources, which helps students and elementary school learn coding. We see education not only as a fundamental good in its own right but is a great equalizing force. A world where all people can access a quality education isn't just a smarter world. It's a more equitable one.

我們對我們的教育舉措也感到興奮。本月，我們推出了「人人都能編碼早期學習者」計劃，提供免費資源，幫助學生和小學生學習程式設計。我們認為教育不僅本身就是一種基本福利，而且是一種強大的均衡力量。一個所有人都能接受優質教育的世界不僅僅是一個更智慧的世界。這是一個更公平的做法。

That desire to create a more just and equitable world is the guiding principle behind our Racial Equity and Justice Initiative. This quarter, Apple shared plans to expand our $100 million investment by an additional $30 million. Those funds will be used in a number of ways, including the creation of a new global Hispanic-serving institution equity and innovation hub. The hub will dramatically expand the technology and resources for students in the STEM fields. Those programs join our ever-expanding work with historically black colleges and universities, including the now 45 community coding centers and regional hubs, serving underrepresented communities across the United States.

創造一個更公正和平等的世界的願望是我們種族平等和正義倡議背後的指導原則。本季度，蘋果宣布計劃將我們的 1 億美元投資再增加 3,000 萬美元。這些資金將用於多種用途，包括創建一個新的全球西班牙裔服務機構股權和創新中心。該中心將大大擴展學生在 STEM 領域的技術和資源。這些計畫加入了我們與傳統黑人學院和大學不斷擴大的合作，包括現在的 45 個社區編碼中心和區域中心，為美國各地代表性不足的社區提供服務。

This month, we were also happy to welcome the inaugural class of developers and entrepreneurs to the Apple Developer Academy in Detroit. The Academy is Apple's first in the United States and is designed to help prepare students for jobs in the thriving iOS app economy, which supports more than 2.1 million jobs across all 50 states. In August, we shared our impact accelerators first cohort of black, Latinx and indigenous-owned businesses whose pioneering work in green technology and clean energy serves many of the communities most impacted by climate change.

本月，我們也很高興地歡迎首批開發人員和企業家來到底特律的蘋果開發者學院。該學院是 Apple 在美國成立的首個學院，旨在幫助學生為蓬勃發展的 iOS 應用經濟中的就業做好準備，該經濟為全美 50 個州提供了超過 210 萬個就業機會。8 月份，我們與大家分享了影響力加速器中首批由黑人、拉丁裔和原住民擁有的企業，這些企業在綠色技術和清潔能源領域的開創性工作服務於許多受氣候變遷影響最嚴重的社區。

More broadly, we are already carbon neutral as a company. And this quarter, we made new strides towards reaching our goal of carbon neutrality across our entire supply chain and the life cycle of our devices by 2030. We've made significant product advances in this area. iPad and iPad Mini now come with 100% recycled aluminum enclosure. The antenna on iPhone 13 is made up of upcycled plastic water bottles, which marks an industry-first. And as our customers are seeing when they purchase iPhone 13, we've redesigned the packaging to eliminate the outer plastic wrap, which will allow us to avoid using 600 metric tons of plastic. This brings us closer to removing all plastic in our packaging by 2025.

更廣泛地說，作為一家公司，我們已經實現了碳中和。本季度，我們朝著 2030 年實現整個供應鏈和設備生命週期碳中和的目標邁出了新的步伐。我們在這一領域的產品取得了重大進展。iPad 和 iPad Mini 現採用 100% 再生鋁外殼。iPhone 13 的天線由升級再造的塑膠水瓶製成，在業界尚屬首創。正如我們的客戶在購買 iPhone 13 時所看到的那樣，我們重新設計了包裝，去除了外面的塑膠包裝，這將使我們避免使用 600 公噸的塑膠。這使我們更接近 2025 年消除包裝中的所有塑料。

We've also made good progress toward our goal to 1 day make our products without taking anything from the earth. With Apple Watch Series 7, for example, 99% of the rare earth elements we use are recycled. Ahead of COP26, I'm also pleased to report that we have more than doubled the number of our suppliers who have committed to becoming carbon neutral by 2030. We're very encouraged to see the growth in this area, and we will continue to drive those changes in the supply chain in the months and years to come.

我們也朝著我們的目標邁出了一大步：有朝一日，我們的產品將不再需要地球上的任何東西。以 Apple Watch Series 7 為例，我們使用的稀土元素 99% 都是可回收的。在 COP26 召開之前，我很高興地報告，承諾到 2030 年實現碳中和的供應商數量增加了一倍以上。我們非常高興地看到這一領域的成長，並且我們將在未來的幾個月和幾年裡繼續推動供應鏈的變革。

We've never viewed our environmental work as a side project. Teams across Apple are pushing this work forward in the same spirit of innovation we bring to our products and services. We are determined to be a ripple in the pond that drives a far greater change. From the pandemic to climate change to inequity and injustice, global challenges won't abide solitary solutions, and we feel a deep sense of responsibility to help.

我們從未將環保工作視為副業。蘋果的各個團隊正以與我們為產品和服務帶來的創新精神推動這項工作。我們決心成為池塘裡的一縷漣漪，推動更大的改變。從疫情到氣候變化，再到不平等和不公正，全球挑戰無法透過單一解決方案來解決，我們深感有責任提供協助。

We are incredibly proud of the product lineup we have going into the holiday season, and we are encouraged by the customer response we've seen. And while we cannot know exactly which path the pandemic will take the world down in the months to come, we feel quite confident that this new year will be driven by the values that guide us and by the innovation that defines us.

我們對於即將進入假日季的產品陣容感到無比自豪，並且我們對所看到的客戶反應感到鼓舞。雖然我們無法確切知道未來幾個月疫情將把世界帶到何方，但我們非常有信心，新的一年將由指導我們的價值觀和定義我們的創新所驅動。

With that, I'll hand it over to Luca for a deeper dive on our performance this quarter. Luca?

說完這些，我將把任務交給 Luca，讓他更深入了解我們本季的表現。盧卡？

Thank you, Tim. Good afternoon, everyone. We are pleased to report very strong financial results for the September quarter, capping a record-setting fiscal year 2021. We set a September quarter revenue record of $83.4 billion, an increase of nearly $19 billion or 29% from a year ago despite larger-than-expected supply constraints.

謝謝你，提姆。大家下午好。我們很高興地報告 9 月季度的財務業績非常強勁，為創紀錄的 2021 財年畫上了圓滿的句號。我們創下了 9 月季度營收 834 億美元的紀錄，儘管供應限制超出預期，但仍比去年同期增長了近 190 億美元，增幅為 29%。

We also reached new Q4 records in every geographic segment with strong double-digit growth in each one of them. And it was a record September quarter for both products and services. On the products side, revenue was $65.1 billion, up 30% over a year ago as we experienced better-than-expected demand for our products despite supply constraints that we estimated at around $6 billion.

我們還在每個地理區域創下了第四季度新紀錄，每個區域都實現了強勁的兩位數成長。9 月季度的產品和服務均創下了紀錄。在產品方面，儘管我們估計供應限制約為 60 億美元，但我們的產品需求好於預期，因此營收為 651 億美元，比去年同期成長 30%。

We grew in each of our product categories with an all-time record for Mac and September quarter records for iPhone, for iPad and for Wearables, Home and Accessories. This level of sales performance, combined with the unmatched loyalty of our customers and the strength of our ecosystem, drove our installed base of active devices to a new all-time record.

我們在每個產品類別中都實現了成長，其中 Mac 產品創下了歷史新高，iPhone、iPad 以及穿戴式裝置、家居和配件在九月季度也創下了新高。這一銷售業績水平，加上我們客戶無與倫比的忠誠度和生態系統的強大，推動我們的活躍設備安裝基數創下了歷史新高。

Our Services set an all-time revenue record of $18.3 billion, up 26% over a year ago, with September quarter records in every geographic segment and in every Services category.

我們的服務業務創下了 183 億美元的歷史最高收入記錄，比去年同期增長 26%，並且 9 月份當季各地區和各服務類別均創下新高。

Company gross margin was 42.2%, down 110 basis points from last quarter due to higher costs and a different mix of products, partially offset by leverage. Products gross margin was 34.3%, down 170 basis points sequentially as higher cost structures were partially offset by leverage and mix. Services gross margin was 70.5%, up 70 basis points sequentially, mainly due to a different mix.

公司毛利率為 42.2%，較上一季下降 110 個基點，原因是成本上升和產品組合不同，但部分被槓桿率所抵銷。產品毛利率為 34.3%，比上一季下降 170 個基點，原因是較高的成本結構被槓桿和產品組合部分抵消。服務毛利率為 70.5%，較上一季上升 70 個基點，主要由於產品組合不同。

Net income of $20.6 billion and diluted earnings per share of $1.24, both grew over 60% year-over-year and were September quarter records.

淨收入 206 億美元，每股攤薄收益 1.24 美元，均比去年同期成長 60% 以上，創下 9 月季度紀錄。

Let me get into more detail for each of our revenue categories. iPhone revenue grew 47% year-over-year and set a September quarter record of $38.9 billion despite supply constraints as customer demand was very strong. The iPhone 12 family continued to perform very well, and we are seeing enthusiastic customer response to the launch of our iPhone 13 family.

讓我更詳細地介紹一下我們的每個收入類別。儘管供應受限，但由於客戶需求強勁，iPhone 營收仍年增 47%，創下 9 月季度 389 億美元的紀錄。iPhone 12 系列持續表現良好，我們看到客戶對 iPhone 13 系列的推出反應熱烈。

We also grew double digits in each geographic segment, setting September quarter records in both developed and emerging markets. The latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 98% for iPhone, and our active installed base of iPhones reached a new all-time high.

我們在每個地理區域也實現了兩位數的成長，在已開發市場和新興市場均創下了九月季度的記錄。451 Research 對美國消費者的最新調查顯示，iPhone 客戶滿意度高達 98%，iPhone 活躍安裝基數創歷史新高。

For Mac, we set an all-time revenue record of $9.2 billion despite supply constraints, driven by strong demand for our M1-powered MacBook Air. In fact, our last 5 quarters for Mac have been the best 5 quarters ever for the category. iPad performance was also strong with a September quarter revenue record of $8.3 billion, up 21%, in spite of significant supply constraints as customer demand for the iPad Pro, also powered by M1, was very strong.

對於 Mac，儘管供應受限，但由於市場對搭載 M1 晶片的 MacBook Air 需求強勁，我們仍創下了 92 億美元的歷史最高收入紀錄。事實上，我們 Mac 的過去 5 個季度是該類別有史以來最好的 5 個季度。iPad 的表現同樣強勁，9 月當季營收創紀錄，達到 83 億美元，成長 21%，儘管供應受到嚴重限制，但顧客對同樣搭載 M1 晶片的 iPad Pro 的需求非常強勁。

For both Mac and iPad, we continue to see a combination of high levels of customer satisfaction and first-time buyers. Around half of the customers purchasing Mac and iPad during the quarter were new to that product. And in the most recent survey of U.S. consumers from 451 Research, customer satisfaction was 97% for both Mac and iPad.

對於 Mac 和 iPad，我們繼續看到高水準的客戶滿意度和首次購買者的結合。本季購買 Mac 和 iPad 的客戶中約有一半是首次購買該產品。451 Research 最近對美國消費者的調查顯示，Mac 和 iPad 的客戶滿意度均為 97%。

Our continued investment in iPad and Mac is taking computing to the next level. We have redesigned and reengineered both products to provide customers an unmatched experience, which resulted in record fiscal years for both categories. We are carrying this momentum also in the enterprise market. For example, SAP has already deployed Macs to tens of thousands of their employees to date. Following the launch of our new M1 MacBook Pro last week, SAP is planning to add it to the growing list of M1 Mac offerings available to their global workforce.

我們對 iPad 和 Mac 的持續投資正在將運算提升到一個新的水平。我們對這兩款產品進行了重新設計和改造，為客戶提供無與倫比的體驗，從而使這兩個類別的財年均創下了紀錄。我們在企業市場也保持著這種勢頭。例如，SAP 迄今已為數萬名員工配備了 Mac。繼上週推出新款 M1 MacBook Pro 之後，SAP 計劃將其添加到其全球員工可用的 M1 Mac 產品清單中。

Another example is France's national railway company, SNCF, which equips all train drivers with iPads to manage their entire daily workflow and train operations, helping to lower energy and maintenance costs. In fact, the iPads have been so well received that 90% of the drivers choose to purchase them for personal use at the end of the corporate device refresh cycle.

另一個例子是法國國家鐵路公司 SNCF，它為所有火車司機配備 iPad 來管理他們的整個日常工作流程和火車運營，有助於降低能源和維護成本。事實上，iPad 的受歡迎程度如此之高，以至於 90% 的司機在公司設備更新週期結束時選擇購買 iPad 供個人使用。

Next, Wearables, Home and Accessories set a new September quarter record of $8.8 billion. We continue to improve and expand our product offerings in this category, which we believe improve the overall customer experience and showcase the integration between our products and services. Apple Watch, AirPods and HomePod mini are powerful devices in their own right, but paired with our other products, software and services, they create unique experiences, like switching audio seamlessly between devices on your AirPods.

接下來，穿戴式裝置、家居和配件創下了 9 月季度 88 億美元的新紀錄。我們將繼續改進和擴大此類別的產品供應，我們相信這可以改善整體客戶體驗並展示我們的產品和服務之間的整合。Apple Watch、AirPods 和 HomePod mini 本身就是功能強大的設備，但與我們的其他產品、軟體和服務搭配使用時，它們可以創造獨特的體驗，例如在 AirPods 上的設備之間無縫切換音訊。

Turning to Services. As I mentioned, we reached an all-time revenue record of $18.3 billion with all-time records for cloud services, music, video, advertising, AppleCare and payment services and a September quarter record for the App Store. Our continued investment and strong execution in Services has helped us deliver a record $68 billion in revenue during fiscal 2021, nearly tripling this category in 6 years. These impressive results reflect the positive momentum we are seeing on many fronts.

轉向服務。正如我所提到的，我們的收入達到了 183 億美元，創下了歷史新高，其中雲端服務、音樂、影片、廣告、AppleCare 和支付服務均創下了歷史新高，而 App Store 則創下了 9 月份季度的新高。我們對服務業的持續投資和強有力的執行幫助我們在 2021 財年實現了創紀錄的 680 億美元收入，在 6 年內幾乎增長了兩倍。這些令人印象深刻的成果反映了我們在許多方面看到的積極勢頭。

First, our installed base continues to grow and reached an all-time high across each geographic segment. 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 September quarter in each geographic segment. Also, paid subscriptions continued to show very strong growth. We now have more than 745 million paid subscriptions across the Services on our platform, which is up more than 160 million from last year and nearly 5x the number of paid subscriptions we had less than 5 years ago. And finally, as Tim mentioned earlier, we're adding new services that we think our customers will love. And we continue to improve the breadth and quality of our current services offerings.

首先，我們的安裝基數持續成長，並在每個地理區域達到了歷史最高水準。接下來，我們繼續看到客戶對我們服務的參與度不斷提高。9 月季度，我們數位內容商店的付費帳戶數量在每個地理區域均實現了兩位數成長，並創下歷史新高。此外，付費訂閱持續呈現強勁成長。目前，我們平台上的服務付費訂閱用戶已超過 7.45 億，比去年增加了 1.6 億多，幾乎是不到 5 年前付費訂閱用戶的 5 倍。最後，正如蒂姆之前提到的，我們正在添加我們認為客戶會喜歡的新服務。我們將繼續提高目前服務的廣度和品質。

Fiscal '21 was not only a big year for Services but for our entire company. During the past 12 months, we grew our business by 33% or $91 billion, reaching nearly $366 billion of revenue with record level performance across the board. Every product category and every geographic segment set a new annual revenue record and was up at least 20% over -- of fiscal 2020.

21 財年不僅對服務業來說是重要的一年，對我們整個公司也是如此。在過去的 12 個月中，我們的業務成長了 33%，即 910 億美元，營收達到近 3,660 億美元，全面創下歷史新高。每個產品類別和每個地理區域都創下了新的年度收入記錄，並且比 2020 財年增長了至少 20%。

Let me now turn to our cash position. We ended the quarter with $191 billion in cash plus marketable securities. We issued $6.5 billion of new term debt, retired $1.3 billion of term debt and decreased commercial paper by $2 billion, leaving us with total debt of $125 billion. As a result, net cash was $66 billion at the end of the quarter as we continue to make progress towards our goal of net cash neutral over time.

現在讓我來談談我們的現金狀況。本季末，我們擁有 1,910 億美元的現金和有價證券。我們發行了 65 億美元的新定期債務，償還了 13 億美元的定期債務，並減少了 20 億美元的商業票據，使我們的總債務達到 1,250 億美元。因此，隨著我們繼續朝著實現淨現金中立的目標邁進，本季末的淨現金為 660 億美元。

As our business continues to generate very strong cash flow, we were also able to return $24 billion to shareholders during the September quarter. This included $3.6 billion in dividends and equivalents and $20 billion through open market repurchases of 137 million Apple shares. We also retired an additional 5 million shares in the final settlement of our 17th ASR.

由於我們的業務持續產生非常強勁的現金流，我們也能夠在 9 月季度向股東返還 240 億美元。其中包括 36 億美元的股息和等價物，以及透過公開市場回購 1.37 億股蘋果股票獲得的 200 億美元。我們也在第 17 次 ASR 的最終結算中註銷了另外 500 萬股股票。

As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information that Tejas referred to at the beginning of the call. Given the continued uncertainty around the world in the near term, we are not providing revenue guidance but we are sharing some directional insights based on the assumption that the COVID-related impacts to our business do not worsen from what we are projecting today for the current quarter.

隨著我們進入 12 月季度，我想回顧一下我們的展望，其中包括 Tejas 在電話會議開始時提到的前瞻性資訊。鑑於短期內全球持續存在的不確定性，我們不會提供收入指導，但我們會基於以下假設分享一些方向性見解：COVID 對我們業務的影響不會比我們今天對本季的預測更糟。

As we mentioned earlier, during the September quarter, supply constraints impacted our revenue by around $6 billion. We estimate the impact from supply constraints will be larger during the December quarter. Despite this challenge, we are seeing high demand for our products and expect to achieve very solid year-over-year revenue growth and to set a new revenue record during the December quarter.

正如我們之前提到的，在 9 月季度，供應限制對我們的收入影響了約 60 億美元。我們估計，12 月季度供應限制的影響將會更大。儘管面臨這項挑戰，我們的產品需求仍然很高，我們預計 12 月季度的營收將實現非常穩健的年成長，並創下新的營收紀錄。

We expect revenue for each product category to grow on a year-over-year basis, except for iPad, which we expect to decline year-over-year due to supply constraints. For Services, we expect our growth rate to decelerate from the September quarter but to remain strong. We expect gross margin to be between 41.5% and 42.5%. We expect OpEx to be between $12.4 billion and $12.6 billion. We expect OI&E to be around negative $50 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%. Finally, today, our Board of Directors has declared a cash dividend of $0.22 per share of common stock payable on November 11, 2021, to shareholders of record as of November 8, 2021.

我們預計，除 iPad 外，其他各產品類別的收入都將同比增長，由於供應限制，我們預計 iPad 的收入將同比下降。對於服務業，我們預計成長率將從九月季度開始放緩，但仍將保持強勁。我們預計毛利率在41.5%至42.5%之間。我們預計營運支出將在 124 億美元至 126 億美元之間。我們預計 OI&E 約為負 5000 萬美元，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%。最後，今天，我們的董事會宣布向截至 2021 年 11 月 8 日登記在冊的股東派發每股普通股 0.22 美元的現金股息，派息日期為 2021 年 11 月 11 日。

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

現在，讓我們開始提問。

Thank you, Luca. We ask that you limit yourself to 2 questions. Operator, may we have the first question, please?

謝謝你，盧卡。我們要求您將問題限制在 2 個以內。接線員，我們可以問第一個問題嗎？

Our first question comes from Shannon Cross from Cross Research.

我們的第一個問題來自 Cross Research 的 Shannon Cross。

Tim, I'm wondering, can you talk a bit more about specific supply chain issues you saw and how you've seen improvements, I think, during the current quarter and how we should think about what products you expect to see most impacted going forward? Just any more color you can give us on what's going on out there because clearly, this is hitting everyone.

提姆，我想知道，您能否再多談談您所看到的具體供應鏈問題，以及我認為在本季度您看到了哪些改進，以及我們應該如何看待您預計未來哪些產品會受到最大影響？您能否向我們詳細介紹目前發生的情況，因為很明顯，這件事影響了每個人。

Sure. If you look at Q4 for a moment, we had about $6 billion in supply constraints, and it affected the iPhone, the iPad and the Mac. We had -- there were 2 causes of them for Q4. One was the chip shortages that you've heard a lot about from many different companies through the industry. And the second was COVID-related manufacturing disruptions in Southeast Asia. The second of those, the COVID disruptions, have improved materially across October to where we currently are.

當然。如果你看一下第四季度，我們面臨約 60 億美元的供應限制，這影響了 iPhone、iPad 和 Mac。我們有—第四季出現這種情況有兩個原因。一是晶片短缺問題，大家已經從業內許多不同的公司聽到很多這樣的消息。第二個是東南亞與新冠疫情相關的製造業中斷。第二個問題是新冠疫情造成的干擾，該問題在 10 月已得到實質改善，目前情況良好。

And so for this quarter, we think that the primary cause of supply-chain-related shortages will be the chip shortage. It will affect -- it is affecting, I should say, pretty much most of our products currently and -- but from a demand point of view, demand is very robust. And so part of this is the demand also is very strong. But we believe that by the time we finish the quarter that the constraints will be larger than the $6 billion that we experienced in Q4.

因此，就本季而言，我們認為供應鏈相關短缺的主要原因將是晶片短缺。它會影響——我應該說，它正在影響我們目前的大多數產品——但從需求的角度來看，需求非常強勁。部分原因是需求也非常強勁。但我們相信，到本季結束時，限制金額將大於第四季遇到的 60 億美元。

Okay. Great. So you'll sort of push forward in the next quarter as well. Can you -- just a different question because I'm curious, you're starting to sell more and more things on a ratable basis. And how are you thinking about that? I mean you have the new Macs and that we keep seeing, you can buy for a monthly the charge in that. How do you think that's driving sales? And how should we think about percent maybe of the portfolio that's now available? And I don't know if you want to tell us how much revenue is now under a recurring nature, but it definitely seems as you're shifting more and more to maybe sort of a bundled sale or offering from a consumer standpoint where you just pay one price every month and you get all of your Apple devices and Apple services.

好的。偉大的。因此，您也會在下一季取得進展。您能否——只是一個不同的問題，因為我很好奇，您開始按比例出售越來越多的東西。您對此有何看法？我的意思是，您擁有新款 Mac，而且我們不斷看到，您可以按月購買。您認為這會如何推動銷售？我們應該如何考慮現在可用的投資組合的百分比？我不知道您是否想告訴我們現在有多少收入屬於經常性收入，但從消費者的角度來看，您似乎越來越多地轉向捆綁銷售或提供產品，您只需每月支付一個價格，即可獲得所有 Apple 設備和 Apple 服務。

Yes. The first product, Shannon, that really sold on a monthly basis was iPhone. And that began to happen in the U.S., as an example, shortly after the subsidy kind of world changed markedly. And so I would say that predominantly, the mode of buying an iPhone in the United States is on a monthly kind of plan today. For the balance of the products, still the most popular would be buying them outright. But we are seeing more and more demand for monthly payments.

是的。Shannon，第一個真正實現每月銷售的產品是iPhone。以美國為例，在補貼世界發生顯著變化後不久，這種情況就開始發生。所以我想說，目前在美國購買 iPhone 的方式主要是按月付費。對於其他產品而言，最受歡迎的仍然是直接購買。但我們看到按月付款的需求越來越大。

And so we want to give the customer what they want. And so you will see us do more and more things like that, that will meet the customer where -- and provide the price that they want in a way that they want to pay for it. I don't know the percentage of products that are sold that way today, but it is increasing.

因此，我們希望滿足客戶的需求。因此，你會看到我們做越來越多這樣的事情，以滿足客戶的需求——並以他們願意支付的方式提供他們想要的價格。我不知道如今以這種方式銷售的產品比例是多少，但這個比例正在增加。

We will hear next from Amit Daryanani with Evercore.

接下來我們將聽取 Evercore 的 Amit Daryanani 的演講。

Perfect. Thanks a lot, and good afternoon, everyone. I have 2 as well. I guess when I think about the supply chain headwinds and you're talking about $6 billion in September and getting bigger in December, Tim, I would love to understand how do you guys comfort that this is really a demand that's getting deferred versus potentially getting destroyed at least somewhere else. And if you think about the supply chain bottlenecks, you were the COO. You managed a lot of the stuff. Do you feel comfortable that sort of peaks in December and alleviates from there? Or what does the trajectory look like for improvement?

完美的。非常感謝，大家下午好。我也有2個。我想，當我考慮供應鏈逆風時，你談到 9 月份的 60 億美元，12 月份的規模會更大，蒂姆，我很想了解你們如何安慰自己，這真的是一個被推遲的需求，而不是可能至少在其他地方被摧毀。如果你考慮供應鏈瓶頸，你就是營運長。你管理了很多事情。您是否覺得 12 月達到高峰然後逐漸緩解是合理的？或是改進的軌跡是什麼樣的？

Yes. What I feel comfortable on is I feel like we've made great progress on the COVID-related disruptions, and that happened across the month of October, and we're in a materially better position today. It is difficult to predict COVID. And so I'm not going to predict where it goes. But I can just tell you that as of today, we're in a materially better position than we were in September and in the first several weeks of October.

是的。讓我感到欣慰的是，我覺得我們在應對與新冠疫情相關的干擾方面取得了很大進展，這種情況在整個十月份都發生了，而今天我們的處境實際上有了更好的改善。很難預測 COVID。所以我不會預測它會走向何方。但我可以告訴你們，截至今天，我們的狀況比 9 月和 10 月前幾週有了實質的改善。

In terms of the chip shortage, the chip shortage is happening on legacy nodes. Primarily, we buy leading edge nodes, and we're not having issues on leading edge nodes. But on legacy nodes, we compete with many different companies for supply and it's difficult to forecast when those things will balance because you'd have to know how kind of how the economy is going to be in '22 and the accuracy of everyone else's demand projections.

就晶片短缺而言，晶片短缺發生在傳統節點上。首先，我們購買前沿節點，而且我們在前沿節點上沒有遇到問題。但在傳統節點上，我們與許多不同的公司競爭供應，很難預測這些事情何時會達到平衡，因為你必須知道 22 年的經濟狀況以及其他人的需求預測的準確性。

And so I don't feel comfortable in making a prediction. I think it would be subject to too much inaccuracy. But I do feel very comfortable with our operational team. I think we've got a world-class one, and I'm sure they're doing everything they can do to collapse cycle times and improve yields and do all the things that you can do, in addition to fundamental capacity investment to remedy the situation.

所以我不太願意做出預測。我認為它可能存在太多不準確性。但我對我們的營運團隊確實感到非常滿意。我認為我們已經擁有了世界一流的水平，而且我相信他們正在盡一切努力來縮短週期時間、提高產量，並盡一切努力，此外還進行基礎產能投資來補救這種情況。

Got it. And then Luca, if I may ask you a question on gross margins for December, you essentially guided gross margins to be flat to maybe down a little bit versus September. Maybe just touch about it. So I think historically, I would have expected gross margins to be up in December, given how much revenue leverage you end up with. So maybe what are the puts and takes on gross margins that are resulting in a more flattish guide versus historical seasonality?

知道了。然後盧卡，如果我可以問你一個關於 12 月毛利率的問題，你基本上預測毛利率與 9 月相比持平或略有下降。也許只是觸及它。因此，我認為，從歷史上看，考慮到最終的收入槓桿，我預計 12 月的毛利率會上升。那麼，與歷史季節性相比，毛利率的利弊可能是什麼，導致指導值更加平緩？

Well, as you know, typically, obviously with December being the holiday season, we do get leverage, as you say. But it's also the period of the year where we launch a lot of new products. And as you know, we launch essentially in every product category. We launch new products. Demand is very strong. But as you know, when we launch these new products, we tend to have higher cost structures at the beginning of the cycle. And so that's what balances this out.

嗯，正如你所知，通常，顯然 12 月是假期季節，我們確實可以獲得槓桿，正如你所說。但這也是我們一年中推出大量新產品的時期。如您所知，我們基本上涵蓋了每個產品類別。我們推出新產品。需求非常強勁。但如您所知，當我們推出這些新產品時，我們往往在週期開始時擁有更高的成本結構。這就是平衡的方法。

Obviously, from a year-over-year standpoint, it's actually a significant expansion, right? Because when you look at what we did a year ago in the December quarter, 39.8%, this clearly indicates a significant expansion.

顯然，從同比來看，這實際上是一個顯著的擴張，對嗎？因為當你看到我們去年 12 月季度的業績時，39.8% 的成長，這清楚地表明了顯著的擴張。

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

接下來我們來聽聽摩根士丹利的凱蒂休伯蒂 (Katy Huberty) 的發言。

Given the supply chain is blurring the demand picture for iPhone 13, what data points can you share that help investors understand whether demand is tracking to a product cycle that is flat, growing or down from the very strong iPhone 12?

鑑於供應鏈模糊了 iPhone 13 的需求前景，您可以分享哪些數據點來幫助投資者了解需求是否正在追蹤產品週期，即從非常強勁的 iPhone 12 開始持平、成長還是下降？

And maybe on that front, Luca, you can also comment on where you exited the quarter from a channel inventory standpoint for iPhone relative to a normal product cycle. And then I've got a follow-up.

或許在這方面，盧卡，您也可以從 iPhone 通路庫存的角度評論一下本季相對於正常產品週期的情況。然後我有一個後續行動。

Yes. Look, maybe I can take both of those. The channel inventory, as you would expect in a constrained environment, the iPhone channel inventory ended below the targeted range and is currently below it. And so that's that.

是的。瞧，也許我可以接受這兩個。渠道庫存，正如您在受限環境中所預料的那樣，iPhone 渠道庫存最終低於目標範圍，目前也低於該範圍。就是這樣。

In terms of the blurring of demand, we look at -- Katy, we look at a number of different data points. We look at demand across our online store, demand in retail. The -- we look through to back orders on the carrier channels, the ones that do take back orders there. We look at channel orders as well. And so we have a number of different data points that we use to conclude how strong demand is. And we feel very, very good about where demand is right now. We're -- and we're working feverishly on the supply side of that.

就需求模糊而言，我們看——凱蒂，我們看了許多不同的數據點。我們關注網上商店的需求和零售業的需求。我們查看承運商通路上的積壓訂單，也就是那些在那裡接受積壓訂單的訂單。我們也查看渠道訂單。因此，我們有許多不同的數據點可以用來判斷需求有多強勁。我們對目前的需求感到非常非常滿意。我們正在積極致力於解決供應方面的問題。

And Tim, as a follow-up. We recently surveyed 4,000 consumers in the U.S. and China, and the feedback is most of them don't want to pay for apps or services direct with the developer. They value the security, privacy, ease of transactions with the App Store. So how do you think about balancing the regulators push for more choice with a customer base that's happy with the existing experience? And just as a follow-on to that, how are you and Luca thinking about the potential impact of Services revenue growth rate as some of the changes to the App Store go into effect?

接下來是蒂姆。我們最近對美國和中國的 4,000 名消費者進行了調查，回饋顯示大多數人不願意直接向開發人員支付應用程式或服務的費用。他們重視 App Store 的安全性、隱私性和交易的便利性。那麼，您認為如何在監管機構要求更多選擇與對現有體驗感到滿意的客戶群之間取得平衡呢？接下來，您和 Luca 如何看待 App Store 的一些變更生效後對服務收入成長率的潛在影響？

The main thing that we're focused on, on the App Store is to keep our focus on privacy and security. And so these are the 2 major tenets that have produced over the years a very trusted environment where consumers and developers come together and consumers can trust the developers on the developers and the apps or what they say they are and the developers get a huge audience to sell their software to. And so that's sort of #1 on our list. Everything else is a distant second.

在 App Store 上，我們主要關注的是隱私和安全。因此，這兩個主要原則多年來創造了一個非常值得信賴的環境，在這個環境中，消費者和開發人員可以走到一起，消費者可以信任開發人員和應用程序，或者他們所說的開發人員，而開發人員可以獲得大量的受眾來銷售他們的軟體。所以這在我們的列表中排名第一。其他一切都遠遠落後。

And so what we're doing is working to explain the decisions that we've made that are key to keeping the privacy and security there, which is to not have sideloading and not have alternate ways on the iPhone, where it opens up the iPhone to unreviewed apps and also get by the privacy restrictions that we put on the App Store. And so we're very, very focused in discussing the privacy and security elements of the App Store with the regulators and legislators.

因此，我們正在努力解釋我們所做的決定，這些決定對於保護隱私和安全至關重要，即不在 iPhone 上進行側載，也不採用其他方式，這樣可以讓 iPhone 向未經審查的應用程式開放，同時也能避開我們在 App Store 上設定的隱私限制。因此，我們非常非常專注於與監管機構和立法者討論 App Store 的隱私和安全問題。

We'll take our next question from David Vogt with UBS.

我們將回答瑞銀的 David Vogt 提出的下一個問題。

Great. And I just have 2 quick questions, one big picture, theoretical. So you covered the supply chain in pretty extensive detail on the call. But maybe just a bigger picture on how you're thinking about it philosophically given what you just sort of went through over the last 12 to 8 months. So what I mean by that, is there sort of a recalibration needed or an adjustment around your supply chain philosophy either from a partner perspective or maybe a regional perspective? And how do you think about the current infrastructure and its ability to sort of rebound and sort of handle sort of these disruptions that seem to crop up from time to time? And then I have a follow-up.

偉大的。我只有兩個簡單的問題，一個是整體問題，一個是理論上的問題。所以您在電話中非常詳細地介紹了供應鏈。但也許這只是一個更大的圖景，基於您在過去 12 到 8 個月中所經歷的事情，您如何從哲學角度思考這個問題。所以我的意思是，從合作夥伴的角度或從區域的角度來看，是否需要重新調整或調整您的供應鏈理念？您如何看待當前的基礎設施及其反彈能力以及處理不時出現的中斷的能力？然後我有一個後續問題。

Yes. I don't see a fundamental error that we've made, if that's what you're picking out, in terms of creating the environment that we're in. It was created for a number of reasons. The pandemic came along. Some people in the industry and some people outside the industry thought that the pandemic would reduce demand. They pulled their orders down. Things reset. And what really happened was demand went up and went up even more than the -- than a straight trend would predict.

是的。如果您要指出的是，就創造我們所處的環境而言，我認為我們沒有犯下根本性的錯誤。它的創建有多種原因。疫情隨之而來。一些業內人士和一些業外人士認為，疫情會減少需求。他們撤回了訂單。一切重新開始。而實際情況是，需求上升，甚至比直線趨勢預測的還要高。

And so the industry is working through that now. I'm making it little overly simplistic. There's some other things like yields and things like that, that are happening as well. But those things are mainly manageable in the course of time. And so what we're doing is working with our partners on making sure that they have supply that we need and making sure that our demand statements are accurate as we see them and so forth.

因此，業界目前正在努力解決這個問題。我把它說得過於簡單了。還有一些其他的事情，像是收益等等，也在發生。但隨著時間的推移，這些事情基本上是可以解決的。因此，我們正在做的是與我們的合作夥伴合作，確保他們有我們所需的供應，並確保我們的需求聲明是準確的，等等。

And at the same time, we are reducing our lead times and cycle times so that when you get a chip off a fab that as quickly as possible, it's in a product and shipping and also helping the fab partners increase their yields. And so those things are things that we're doing. We also support the CHIPS Act and the investment there to put more investment in the ground. And so we're spending some time advocating for the CHIPS Act as well.

同時，我們正在縮短交貨時間和週期時間，以便當您從晶圓廠獲得晶片時，能夠盡快將其放入產品中並進行運輸，同時也幫助晶圓廠合作夥伴提高產量。這些就是我們正在做的事情。我們也支持《CHIPS法案》及其投資，以便在實地投入更多資金。因此我們也花了一些時間來倡導《CHIPS 法案》。

Great. And that's helpful. And I didn't mean to implicate that you guys had messed up, just maybe came off that way. And maybe just as a quick follow-up. When you think about purchasing devices ratably, you touched on that earlier. But maybe can you just touch on the partnerships that you have with carriers and the support that they have given you over the last couple of years? It's been a key component of your success, the tight relationships that you have globally. Do you think sort of this business model, as it's currently sort of put together globally, is sort of a permanent structure, meaning carriers are going to be integral part of driving demand for iPhones? Or is there a sense that maybe it's a little bit more transitory depending on the part of the cycle that we're in.

偉大的。這很有幫助。我並不是想暗示你們把事情搞砸了，只是可能表現得那樣而已。或許只是作為一個快速的後續行動。當您考慮按比例購買設備時，您之前已經提到過這一點。但您能否談談您與運營商的合作關係以及他們在過去幾年中給予您的支持？你們在全球範圍內建立的緊密關係是你們成功的關鍵因素。您是否認為這種商業模式（目前在全球範圍內實施）是一種永久性結構，即營運商將成為推動 iPhone 需求不可或缺的一部分？或者是否有一種感覺，即它可能更具短暫性，取決於我們所處的周期階段。

I think that 5G has provided a once-in-a-decade kind of upgrade potential, and it's a multiyear kind of thing. It's not a 1 year and done. And I think that we're motivated there. The carrier is motivated there. We have mutual interest and the customer benefits hugely from getting a new 5G phone that has 5G and a number of other features in it, too.

我認為 5G 提供了十年一次的升級潛力，而且這是多年的事情。這不是一年就能完成的事。我認為我們對此充滿動力。承運人在那裡受到激勵。我們有著共同的利益，客戶可以從擁有 5G 和許多其他功能的新型 5G 手機中受益匪淺。

And so I think everybody is aligned on purpose. The model that you paint is -- I wouldn't call it a global model because there are different variations around the world depending upon the country. But in general, I think that the marriage, if you will, or partnership between Apple and the carrier channel has never been stronger and that it's on very solid footing.

所以我認為每個人都是故意保持一致的。您描繪的模型是——我不會稱之為全球模型，因為世界各地根據國家不同存在不同的變化。但總的來說，我認為蘋果和營運商管道之間的聯姻或合作關係從未如此牢固，而且基礎非常穩固。

And so we'll take our next question from Krish Sankar with Cowen and Company.

接下來我們將回答 Cowen and Company 的 Krish Sankar 提出的下一個問題。

I had 2 of them, too, and Tim, I will give you a reprieve from the supply chain questions. I had 2 on Services. The first one is on your new ATT, the ad tracking transparency feature, and all the headlines that have gone there recently. I'm kind of curious, the feedback you've seen or received from your advertisers and users and how it has also impacted search ads, your own ad business. Can you let us know the feedback? And then I have a follow-up.

我也有兩個這樣的問題，提姆，我會讓你暫時不要回答供應鏈問題。我在服務方面有 2 個。第一個是關於您的新 ATT、廣告追蹤透明度功能以及最近出現的所有標題。我有點好奇，您從廣告商和用戶那裡看到或收到的反饋以及它如何影響搜尋廣告和您自己的廣告業務。您能告訴我們回饋嗎？然後我有一個後續問題。

The feedback from customers is overwhelmingly positive. Customers appreciate having the option of whether they want to be tracked or not. And so the -- there's an outpouring of customer satisfaction there on the customer side. And the reason that we did this is that, as you know, if you followed us for a while, we believe strongly that privacy is a basic human right. And we believe that for decades, not just in the last year or so.

來自客戶的反饋非常積極。客戶很高興能夠選擇是否被追蹤。因此，客戶方面表現出極大的滿意度。我們這樣做的原因是，正如你所知，如果你已經關注我們有一段時間了，你就會知道我們堅信隱私是一項基本人權。我們相信這種情況將持續數十年，而不僅僅是去年左右。

And we've historically rolled out more and more features over time for -- to place the decision of whether to share data and what data to share in the hands of the user where we believe that it belongs. We don't think that's Apple's role to decide, and we don't think that's another company's role to decide but rather the individual who owns the data itself. And so that's our motivation there. There's no other motivation.

隨著時間的推移，我們推出了越來越多的功能——將是否共享數據以及共享哪些數據的決定權交到我們認為屬於用戶手中。我們認為這不是蘋果應該決定的，我們也不認為這是其他公司應該決定的，而是擁有數據的個人應該決定的。這就是我們的動機。沒有其他動機。

Got it. Got it, Tim. And that's a very fair characterization. And then as a quick follow-up, I'm just kind of curious, on the mobile gaming in your App Store, there have been some recent actions by certain governments to limit game time. Kind of curious how that affects your App Store business in those geographies. And is there a way you can quantify that? Or is it too immaterial at this point?

知道了。明白了，提姆。這是一個非常公正的描述。然後作為一個快速的後續問題，我只是有點好奇，關於你們 App Store 中的手機遊戲，某些政府最近採取了一些行動來限制遊戲時間。有點好奇這會對您在這些地區的 App Store 業務產生什麼影響。有沒有什麼方法可以量化這一點？或者說，目前這已經不再重要了？

You mean limiting the time on games. Is that what you're getting at?

你的意思是限制遊戲時間。這就是你要表達的意思嗎？

Yes, exactly. Like you're trying to decide to limit game time and things like that.

是的，確實如此。就像您試圖決定限制遊戲時間之類的事情。

It's very difficult to measure the -- yes, with the policy that you're talking about. For those people that don't know is there's a policy to restrict kids below a certain age to, I think, it's 1 hour on Friday, Saturday, Sunday each. And it's very difficult to see the impact of it on the App Store at this point.

是的，根據您談論的政策，很難衡量。對於那些不知道的人來說，有一項政策限制一定年齡以下的孩子，我想，每週五、週六、週日各 1 小時。目前還很難看出它對 App Store 的影響。

We'll take our next question from Samik Chatterjee with JPMorgan.

我們將回答摩根大通的 Samik Chatterjee 提出的下一個問題。

I guess, Tim, I wanted to first to start off on your comment about strong demand across products. And just relative to iPhone 13, if you can give us a bit more insight about what are you seeing in terms of intent, in terms of either upgrades from the installed base or even switchers rate too, if you can compare to iPhone 12 because some of the feedback we are getting is, for example, like strong switching activity in China. So just wondering if you can get a bit more granular there in terms of the -- what's driving the demand and who is it coming from. And then I have a follow-up, please.

提姆，我想先談談你對各類產品強勁需求的評論。就 iPhone 13 而言，如果您能為我們提供更多見解，說明您在意向方面看到了什麼，無論是從已安裝基數的升級還是轉換率方面，如果您能將其與 iPhone 12 進行比較，因為我們收到的一些反饋是，例如，中國的轉換活動強勁。所以我只是想問一下您是否可以更詳細地了解一下——是什麼推動了需求，以及需求來自誰。然後我還有一個後續問題。

It's so early to talk about iPhone 13 because it's only been on the market for less than 30 days now. What I can tell you is going into the cycle, if you look at our results from last quarter, we grew on upgraders and switchers in the double digits. And so both were very meaningful for the iPhone results last quarter. And so there's significant momentum in iPhone. And I would clearly characterize the demand that we're seeing currently is robust as you can tell from the -- some of the quotes that we're quoting on the online store.

現在談論 iPhone 13 還為時過早，因為它上市才不到 30 天。我可以告訴你的是，進入這個週期，如果你看一下我們上個季度的業績，你會發現升級者和轉換者的數量都實現了兩位數的成長。因此，這兩項數據對於上個季度的 iPhone 業績都具有重要意義。因此，iPhone 的發展勢頭十分強勁。我可以清楚地表明，我們目前看到的需求是強勁的，正如您從我們在網上商店引用的一些報價中看到的那樣。

Okay. And as a follow-up, I guess back to the supply chain but I wanted to just ask more relative to cost implications there. And what we're hearing is not only delays but also component cost going up. So as we look through -- as I think about this upcoming cycle, how are you looking to manage component cost-related headwinds? And is that something you're seeing coming through the supply chain?

好的。作為後續問題，我想回到供應鏈，但我只想問更多關於那裡的成本影響的問題。我們聽到的不僅是延誤，而且零件成本也在上漲。因此，當我們回顧時——當我思考即將到來的週期時，您打算如何應對與組件成本相關的不利因素？您在供應鏈中看到了這種情況嗎？

We've put our current thoughts in the gross margin guidance that we gave you, the 41.5% to 42.5%. I would tell you that we are seeing a significant increase in freight costs. And I would assume that, that is pretty consistent across different companies. And so we're clearly seeing some inflation there.

我們已將目前的想法納入給您的毛利率指引中，即 41.5% 至 42.5%。我想告訴你，我們看到運費大幅上漲。我認為，不同公司的情況是相當一致的。因此我們顯然看到那裡存在一些通貨膨脹。

We'll take our next question from Jim Suva with Citigroup.

我們將回答花旗集團的 Jim Suva 提出的下一個問題。

And I'll ask both my questions at the same time. Probably the first one is for Tim. On the Services revenue, much better than expected. Can you give us some details about what drove that? Was it Apple Stores more open, so more AppleCare or more Apple One or Arcade or TV or Fitness?

我會同時問這兩個問題。第一個可能適合蒂姆。就服務收入而言，遠勝於預期。您能否向我們詳細介紹一下導致這現象的原因？是不是 Apple Store 比較開放，所以 AppleCare 或 Apple One 或 Arcade 或 TV 或 Fitness 會比較多？

And then probably for Luca on supply chain, when you mentioned supply chain headwind is going to get worse and you mentioned $6 billion this quarter, there's 2 ways to think about your terminology of worse. Is it the delta from $2 billion that you identified 3 months ago that went to $6 billion, so therefore, the delta of $4 billion gets worse? Or are you just saying -- and therefore, it's above $10 billion for December quarter. Are you just saying it just gets higher than the $6 billion that you just identified earlier in the call?

然後對於 Luca 來說，關於供應鏈，當您提到供應鏈逆風將會變得更糟，並且您提到本季度 60 億美元時，有兩種方式可以思考您所說的更糟的術語。您三個月前發現的 20 億美元差額是否上升到了 60 億美元，所以 40 億美元的差額變得更糟了？或者您只是說——因此，12 月季度的收入將超過 100 億美元。您是說這個數字會比您剛才在電話會議中提到的 60 億美元更高嗎？

Jim, I'm going to take the second question that you asked, and Luca could take the first one on Services, just in the reverse of the way you coined it. On the supply constraints, what we're saying is that the amount of -- the nominal amount of supply constraints for Q1, we estimate to be larger than $6 billion. And so it's important to know that we're getting a lot more supply in Q1 than we had in Q4, obviously, because our sequential growth is significant. And we have very solid growth year-over-year. And so the amount of supply is growing dramatically. It's just that the demand is so robust that we envision having supply constraints for the quarter.

吉姆，我將回答你提出的第二個問題，而盧卡可以回答有關服務的第一個問題，與你提出的方式相反。關於供應限制，我們所說的是，第一季供應限制的名目金額估計將超過 60 億美元。因此，重要的是要知道我們在第一季獲得的供應量比第四季度多得多，顯然，因為我們的連續成長非常顯著。我們的年復一年都保持著非常穩健的成長。因此供應量急遽成長。只是由於需求如此強勁，我們預計本季的供應將受到限制。

And Jim, on Services, the 26% growth rate that we had was better than what we were expecting at the beginning of the quarter. And it was really across the board. It's difficult to single out a specific area because we set all-time records on cloud. We set all-time records across the board, AppleCare, music, video, advertising, payment services, the App Store was a September quarter record. So it was strong across the board.

吉姆，就服務業而言，我們的成長率達到了 26%，這比我們在本季初的預期要好。這確實是全面的。由於我們在雲端領域創下了歷史新高，因此很難單獨挑出一個特定的領域。我們在各個領域都創下了歷史新高，AppleCare、音樂、影片、廣告、支付服務，App Store 更是創下了 9 月季度的新高。因此，它在各方面都表現強勁。

When we look at the Services business, we always think about some fundamental factors that allow us to have good visibility over the sustainability of the business, right? The fact that the installed base continues to grow, that's obviously a positive. The fact that the number of people that are actually paying on the platform continues to grow double digits. And so that obviously increases our opportunity. The number of subscriptions that we have on the platform, we mentioned during the call, 745 million paid subs right now. It's an increase of 160 million versus just 12 months ago, right?

當我們審視服務業務時，我們總是會考慮一些基本因素，這些因素使我們能夠很好地了解業務的可持續性，對嗎？安裝基數持續增長，這顯然是一個積極的方面。事實上，平台上實際付費的人數持續以兩位數成長。這顯然增加了我們的機會。我們在電話會議中提到，我們平台上的訂閱數量目前有 7.45 億付費訂閱用戶。與 12 個月前相比增加了 1.6 億，對嗎？

And obviously, the fact that we continue to launch new services, new offerings within the services that we already have, new features, that obviously gives us a lot of momentum going forward. We're very fortunate we have a very -- now it's a very large business, $68 billion in the last 12 months and very diversified. We sell a lot of different services and our customers seem to really enjoy the experience that they have on the platform.

顯然，我們不斷推出新服務、現有服務中的新產品和新功能，這顯然為我們未來的發展提供了巨大的動力。我們非常幸運，我們擁有非常大的業務，過去 12 個月的業務額達到 680 億美元，業務非常多元化。我們銷售許多不同的服務，我們的客戶似乎真的很享受他們在這個平台上的體驗。

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

我們將回答 Raymond James 的 Chris Caso 提出的下一個問題。

For my first question, it's a question about your ability to recapture sales that you weren't able to fill in Q4, Q1 and Q2. And you have some experience in that from last year when the iPhone, not all the models, launched the same time and some are late and you did recapture some of that as you went past the holidays. Do you think that we should expect similar behavior this year? And then with that also is will all product categories behave similarly? Meaning that there are the same -- some product categories where if you missed the holidays, you just missed the sale.

我的第一個問題是關於你們是否有能力重新獲得第四季、第一季和第二季未能完成的銷售額。您從去年 iPhone 發表會就體會到了這一點，當時並非所有型號的 iPhone 都是同時發布的，而且有些型號發布得比較晚，假期過後您確實重新體會到了這一點。您認為今年我們是否應該期待類似的行為？那麼所有產品類別的行為是否也會類似呢？意思是說，有些產品類別是相同的，如果你錯過了假期，你就錯過了促銷。

I think there are some products that people buy as gifts that if it's not there, that it's perishable. But I think that we have a lot of products as well that people will wait for and would expect those to be captured in a different time period. And so it's a combination for this certain quarter, the holiday quarter, I believe.

我認為人們購買的一些作為禮物的產品如果沒有保存，就會容易腐爛。但我認為我們也有很多產品是人們願意等待的，並期望它們在不同的時間段內被捕獲。所以我相信，這是針對這個特定季度（假期季度）的組合。

Okay. As a follow-up, could you speak to iPhone mix? And one of the things we noted is that the delivery time for all iPhones are a bit long because of the constraints. They're a bit longer on the Pro and the Max. Is that a function of supply or demand or perhaps both? And again, I would imagine you have a little better handle on that this year given that all the phones were launched at the same time.

好的。接下來，您可以談談 iPhone mix 嗎？我們注意到的一件事是，由於這些限制，所有 iPhone 的交貨時間都有點長。Pro 和 Max 的機身稍長一些。這是供給函數還是需求函數，還是兩者兼具？而且，由於所有手機都是同時推出的，我想今年你會對此有更好的把握。

Yes. It's really too early to make comments on mix at this point because it has been -- we have been in a constrained environment. And so the mix becomes more obvious once supply and demand are balanced.

是的。現在對混合發表評論還為時過早，因為我們一直處於受限的環境中。因此，一旦供需平衡，這種組合就會變得更加明顯。

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

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

Yes. Guys, first of all, great job managing through the supply constraints. It's obviously affecting everybody. So congratulations. And then Tim, one for you, a strategic question. When Apple thinks about strategic areas that as a company they want to own, for example, software is a high priority, but you're also one of the largest semiconductor companies if the company would stand alone. So curious about the kind of input, that thinking that goes into owning some piece of technology. For example, when we survey people, they say batteries and screens are very important. So why doesn't Apple -- for example, what pauses Apple from looking at areas like that?

是的。夥計們，首先，你們在克服供應限制方面做得很好。這顯然影響著每個人。恭喜你。然後提姆，我想問你一個戰略問題。例如，當蘋果考慮作為一家公司想要擁有的策略領域時，軟體是優先考慮的事項，但如果該公司能夠獨立發展，那麼它也是最大的半導體公司之一。我對擁有某項技術需要投入什麼樣的精力、需要什麼樣的思考感到好奇。例如，當我們對人們進行調查時，他們說電池和螢幕非常重要。那為什麼蘋果不——例如，是什麼讓蘋果不去關注這樣的領域呢？

We look at ones where we believe we can make a substantial difference and have a level of differentiation. And so we've put a lot of energy in the silicon space because we have felt that we could design and develop products that we could not if we were in the -- just buying what's available on the commercial market. And as you can see, more recently, we made that call on the Mac as well and have shifted to our own chips there. And so it really depends on whether we see a way to do something that's differentiated or not. And I wouldn't want to rule anything out. It's more of whether or not we see our way clearer to doing something that is materially better. We feel like we've done that in the chip area.

我們關注那些我們相信可以帶來實質改變並實現一定程度差異化的東西。因此，我們在矽片領域投入了大量精力，因為我們認為我們可以設計和開發如果我們僅僅購買商業市場上現有的產品就無法實現的產品。正如您所看到的，最近我們也在 Mac 上做出了這樣的決定，並在那裡轉向了我們自己的晶片。所以這實際上取決於我們是否找到了一種做差異化事情的方法。我不想排除任何可能性。這更多的是我們是否能夠更清楚地看到如何做一些在物質上更有益的事情。我們覺得我們在晶片領域已經做到了這一點。

And then I've got one for Luca. I want to go back to a question that Amit asked earlier in the call about the gross margin. So when I look at the September quarter, Services obviously grew much faster than the product business, margin was down and same thing for December. But I think you're effectively saying that there's a lot of new product launches. Would that not go into OpEx, for example, marketing, et cetera, as opposed to COGS? Or is there something that maybe needs to be clarified here?

然後我為盧卡也準備了一個。我想回到阿米特早些時候在電話中提出的有關毛利率的問題。因此，當我回顧九月季度時，服務業務的成長速度顯然比產品業務快得多，利潤率下降，十二月份的情況也是如此。但我認為你實際上是在說有很多新產品推出。這是否會涉及營運支出（OpEx），例如行銷等，而不是銷貨成本（COGS）？或者這裡可能需要澄清一些事情？

There is -- certainly, obviously, that we have launch expenses in marketing and advertising, of course, when we launch new products. But the reality, what happens, we always make our products better and -- which means adding new technology and new features to the product. So typically, when you move from one generation of products to the next one, the cost structures tend to be higher, particularly at the beginning of the cycle. And so when you make that transition, there is always some level of margin compression from the transition to a new product.

當然，顯然，當我們推出新產品時，我們在行銷和廣告方面會產生啟動費用。但事實上，我們總是不斷改進我們的產品——這意味著在產品中添加新技術和新功能。因此，通常情況下，當你從一代產品轉向下一代產品時，成本結構往往會更高，特別是在週期開始時。因此，當你進行這種轉變時，從過渡到新產品總是會出現一定程度的利潤壓縮。

The other aspect that you need to think about is the fact that the December quarter is the holiday season, and so the percentage of products business that we have in the holiday quarter is higher than what we have in the September quarter, for example. And therefore, as you know, because the Services margins are higher than the products margin, there's also a mix between the products and services business that plays into the gross margins for the company, right? And that's what you see as you move sequentially from September to December.

您需要考慮的另一個方面是，12 月季度是假日季，因此我們在假期季度的產品業務百分比高於 9 月季度的產品業務百分比。因此，如您所知，由於服務利潤率高於產品利潤率，產品和服務業務的混合也會影響公司的毛利率，對嗎？這就是您從九月到十二月依次看到的情況。

We'll hear next from Wamsi Mohan with Bank of America.

接下來我們來聽聽美國銀行的 Wamsi Mohan 的演講。

Yes. I had a question about -- broadly about pricing of new products. This year, Apple launched the iPhone 13 at a slightly lower price than where the 12 was launched last year in China. Can you maybe help us think through what are some of the things that you look at in deciding that? And is that an action that you could take more broadly in other regions? And I have a follow-up.

是的。我有一個關於新產品定價的問題。今年，蘋果在中國推出的 iPhone 13 的價格略低於去年推出的 12。您能否幫助我們思考一下，在做決定時會考慮哪些因素？您是否可以在其他地區更廣泛地採取此行動？我還有一個後續問題。

We look at a variety of things, including our costs, including competition, including local conditions and exchange rates and a number of different things. And so there's not a -- there's no formula for determining it. It's done by a level of judgment looking at a number of different points -- data points. And we do that region by region.

我們考慮各種因素，包括成本、競爭、當地條件、匯率等許多不同因素。因此，沒有公式可以確定它。它是透過觀察多個不同點（數據點）來進行一定程度的判斷。我們按地區進行這項工作。

But we shouldn't, as investors, think of that as something structural that you intend to use to flex demand curves more globally?

但身為投資者，我們不應該將其視為一種結構性因素，您打算用它來在全球範圍內更靈活地調整需求曲線嗎？

It's something we've always done. And so it's not something that is new to this year in this cycle.

這是我們一直在做的事情。所以，這並不是今年這個週期出現的新現象。

Okay. And as a follow-up, you've introduced a lot of new services over the past few years, and these have become a much more important part of the Apple story. Can you maybe share either some metrics on some of the new services like TV+ in terms of paid subs? And how are you measuring the success of these investments?

好的。另外，在過去幾年裡，你們推出了許多新服務，這些服務已經成為蘋果故事中更重要的一部分。您能否分享一些有關 TV+ 等新服務的付費訂閱指標？您如何衡量這些投資的成功？

Well, we look at a number of things internally that we don't share externally. And so you can bet that we're looking at subs and ARPUs and conversions and churn and all of the normal things you would look at with a subscription business. But we're not going to get into sharing those on an individual service basis. What we're trying to do is give you visibility to the aggregate number of subscriptions that we've had, which Luca covered earlier with the 745 million across both Apple-branded and third party. And so we're giving you an aggregated view of it instead of the -- at the individual service level. But you can bet that we're managing it at the individual service level.

嗯，我們內部研究了一些不會對外分享的事情。因此，您可以肯定，我們正在關注訂閱用戶數、ARPU、轉換率、流失率以及訂閱業務中您會關注的所有正常事物。但我們不會在單一服務的基礎上分享這些內容。我們試圖讓您了解我們的訂閱總數，Luca 之前曾介紹過，蘋果品牌和第三方的訂閱總數為 7.45 億。因此，我們向您提供的是它的匯總視圖，而不是單一服務等級的視圖。但你可以肯定，我們正在個人服務層面上進行管理。

Yes. Thank you, Wamsi. A replay of today's call will be available for 2 weeks on Apple Podcast, 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 7141415. These replays will be available by approximately 5:00 p.m. Pacific Time today.

是的。謝謝你，Wamsi。今天的電話會議重播將在 Apple Podcast 上提供兩週，並以網路廣播的形式在 apple.com/investor 上播出，也可以透過電話收聽。電話回放號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 7141415。這些重播將於下午 5:00 左右提供。今天太平洋時間。

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.

如有其他問題，媒體人士可致電 (408) 862-1142 聯絡 Josh Rosenstock。金融分析師如有任何疑問，可以撥打 (669) 227-2402 與我聯絡。再次感謝您的參與。

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

今天的會議到此結束。感謝您的參與。