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.

美好的一天，歡迎參加 Apple 2021 財年第四季度收益電話會議。

Today's call is being recorded.

正在錄製今天的通話。

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.

此時，對於開場白和介紹，我想把電話轉給投資者關係和企業財務總監 Tejas Gala。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Speaking today first is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri.

今天首先發言的是蘋果公司首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。

After that, we'll open the call to questions from analysts.

之後，我們將開放分析師提問的電話。

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.

請注意，您在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於關於收入、毛利率、運營費用、其他收入和費用、稅收、資本分配和未來業務的信息展望，包括 COVID-19 對公司業務和經營業績的潛在影響。

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

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存在重大差異。

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.

有關更多信息，請參閱 Apple 最近提交的關於今天向 SEC 提交的 Form 10-K 和 Form 8-K 的年度報告中討論的風險因素，以及相關的新聞稿。

Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

Apple 不承擔更新截至其各自日期的任何前瞻性陳述或信息的義務。

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

我現在想把電話轉給蒂姆做介紹性發言。

Thanks, Tejas, and good afternoon, everyone, and thank you for joining the call today.

謝謝，Tejas，大家下午好，感謝你們今天加入電話會議。

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.

一年前，我曾與您討論過我們所生活的不確定氣氛以及它定義我們作為人和公司的日常體驗的方式。

Today, much has changed, profoundly so.

今天，發生了很大的變化，深刻地如此。

And while we are still living through unprecedented times, we are encouraged by progress around the world.

雖然我們仍然生活在前所未有的時代，但我們對世界各地的進步感到鼓舞。

I'm grateful to our teams who have stayed resolutely focused on our customers and the pursuit of innovation on their behalf.

我感謝我們的團隊堅定地專注於我們的客戶並代表他們追求創新。

We've aimed to help our customers navigate the world as it is while empowering them to create the world as it can be.

我們的目標是幫助我們的客戶按原樣駕馭世界，同時賦予他們盡可能創造世界的能力。

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.

無論是在 iPhone 上管理疫苗接種活動的公共衛生工作者，還是帶著 iPad 回到教室的學生，還是通過 FaceTime 與家人保持聯繫，我們都很榮幸知道我們所做的事情很重要，並看到這反映在世界和我們的表現中。

This fiscal year, we reported $366 billion of revenue, which represents 33% annual growth.

本財年，我們報告了 3660 億美元的收入，年增長率為 33%。

We also achieved more than 20% growth across all of our product categories and in every geographic segment.

我們還在所有產品類別和每個地區實現了超過 20% 的增長。

And today, Apple is reporting another very strong quarter.

今天，Apple 報告了另一個非常強勁的季度。

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.

需求非常強勁，我們創造了 834 億美元的新季度記錄，比去年增長 29%，與我們在上次電話會議上討論的內容一致，儘管供應限制大於預期。

We estimate these constraints had around a $6 billion revenue dollar impact, driven primarily by industry-wide silicon shortages and COVID-related manufacturing disruptions.

我們估計這些限制因素對收入產生了大約 60 億美元的影響，主要是由於全行業的矽短缺和與 COVID 相關的製造中斷。

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.

即便如此，我們還是創造了 Mac 的歷史記錄和 iPhone、iPad、可穿戴設備、家居和配件的季度記錄，產品同比增長 30%。

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.

我們的服務業務表現好於我們的預期，創下 183 億美元的歷史記錄，同比增長 26%。

And we set quarterly records in every geographic segment with strong double-digit growth across the board.

我們在每個地區都創造了季度記錄，全面實現了強勁的兩位數增長。

During fiscal 2021, we earned nearly 1/3 of our revenue from emerging markets and doubled our business in India and Vietnam.

2021 財年，我們近 1/3 的收入來自新興市場，在印度和越南的業務翻了一番。

We are optimistic about the future, especially as we see strong demand for our new products.

我們對未來持樂觀態度，尤其是當我們看到對我們的新產品的強勁需求時。

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.

在 9 月季度末，我們推出了 iPhone 13 系列以及 Apple Watch Series 7、iPad 和 iPad mini，所有這些都代表了重大進步。

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.

iPhone 13 和 iPhone 13 Mini 以及 iPhone 13 Pro 和 Pro Max，以其超快的性能、先進的相機系統、更長的電池壽命和明亮的超級視網膜顯示屏，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.

客戶非常喜歡第九代 iPad，它擁有精美銳利的顯示屏和兩倍於上一代的存儲空間，以及具有超便攜設計和令人印象深刻的速度和性能的新款 iPad mini。

And we've been thrilled with the reviews that Apple Watch Series 7 has earned for its larger display, faster charging and refined design.

我們對 Apple Watch Series 7 因其更大的顯示屏、更快的充電速度和精緻的設計而贏得的評論感到非常興奮。

And just last week, we introduced the completely reimagined MacBook Pro, powered by the extraordinary M1 PRO and M1 Max chips.

就在上週，我們推出了完全重新設計的 MacBook Pro，由非凡的 M1 PRO 和 M1 Max 芯片提供支持。

These are our most powerful notebooks ever with game-changing performance and battery life and the world's best notebook display.

這些是我們有史以來最強大的筆記本電腦，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本電腦顯示屏。

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.

我們認為客戶會喜歡 MacBook Pro，無論他們是在 Final Cut Pro 中編輯視頻還是在 Logic Pro 中製作音樂等等。

They'll be able to do things never before possible on a notebook.

他們將能夠在筆記本上完成前所未有的事情。

We also announced our all-new AirPods that feature spatial audio and industry-leading sound, longer battery life and an all-new design.

我們還發布了全新的 AirPods，它具有空間音頻和行業領先的聲音、更長的電池壽命和全新的設計。

For the home, we added 3 new colors to our HomePod mini lineup, which offers seamless integration across Apple's products and services.

對於家庭，我們為 HomePod 迷你係列添加了 3 種新顏色，可無縫集成 Apple 的產品和服務。

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.

我們還宣布了 Apple Music 的新訂閱層，稱為 Apple Music Voice，訂閱者可以通過 Siri 的力量訪問包含 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.

全面而言，Apple 的團隊繼續通過我們一直引以為豪的無縫集成硬件和軟件體驗來推動無與倫比的創新。

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.

iOS 15 和 iPadOS 15 創造了比以往更多的方式來保持生產力，無論是選擇 Focus 以避免分心還是選擇 Quick Note 來捕捉想法。

macOS Monterey offers new ways to connect with friends and family, get more done and work fluidly across Apple devices.

macOS Monterey 提供了與朋友和家人聯繫、完成更多工作和跨 Apple 設備流暢工作的新方式。

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.

watchOS 8 使 Apple Watch 變得更加強大，而且比以往任何時候都更能保持活躍並在旅途中跟踪您的健康狀況。

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.

我們從未有過如此多樣化的服務供客戶選擇，我們對我們的表現感到非常鼓舞，這反映了客戶的熱情和滿意度不斷提高。

In just its first 2 years, Apple TV+ has already proved itself to fans around the world.

僅僅在頭兩年，Apple TV+ 就已經向世界各地的粉絲證明了自己。

And I want to congratulate the incredible actors, writers, storytellers, producers and everyone else whose behind-the-scenes work has made that success possible.

我要祝賀令人難以置信的演員、作家、講故事的人、製片人和其他所有人，他們的幕後工作使這一成功成為可能。

This quarter, Apple TV+ won 11 Emmy's, including the Award for Outstanding Comedy Series for Ted Lasso.

本季度，Apple TV+ 贏得了 11 項艾美獎，其中包括 Ted Lasso 的傑出喜劇系列獎。

That show has continued to bring light and laughter to fans all over the world with its boundless optimism and beloved cast of characters.

該節目以其無限的樂觀精神和深受喜愛的角色陣容繼續為全世界的粉絲帶來光明和歡笑。

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.

從《早間秀》和《真相大白》的扣人心弦的第二季到我們明天推出的最新節目 Swagger，我們為我們的整個內容陣容感到無比自豪。

The response has been incredible.

反應令人難以置信。

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.

本季度還見證了 Fitness+ 的重大更新，包括增加了冥想和普拉提等新活動，以及宣布了集體鍛煉，這是一項將健身和朋友聚集在一起的功能。

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.

我們還透露，Fitness+ 很快將在 15 個新國家/地區推出，為全球數百萬人帶來適合不同年齡和技能水平的鍛煉。

And those are just 2 of the Services our customers are loving.

而這些只是我們客戶喜愛的 2 項服務。

This quarter, Apple Card won a J.D. Power award for customer satisfaction in its very first year of eligibility.

本季度，Apple Card 在獲得資格的第一年就獲得了 J.D. Power 客戶滿意度獎。

The App Store continues to help people find the apps they depend on to stay productive, creative and entertained.

App Store 繼續幫助人們找到他們所依賴的應用程序，以保持生產力、創造力和娛樂性。

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.

在 Apple News 上，我們推出了新聞合作夥伴計劃，以擴大 Apple 對新聞業的支持，同時為出版商創造更好的商機。

And we continue to support our customers around the world.

我們將繼續為世界各地的客戶提供支持。

We're glad to report we've opened several new Apple Stores.

我們很高興地報告我們已經開設了幾家新的 Apple Store。

This quarter, we opened a beautiful store in Changsha, which is our first store in the Hunan province of China.

本季度，我們在長沙開設了一家漂亮的店，這是我們在中國湖南省的第一家店。

We also just opened our third store in Istanbul.

我們也剛剛在伊斯坦布爾開設了第三家門店。

And we recently added a store in the Bronx, which means we are now in all 5 boroughs in New York City.

我們最近在布朗克斯增加了一家商店，這意味著我們現在在紐約市的所有 5 個行政區。

All of our stores are now open worldwide and have been for 7 weeks.

我們所有的商店現在都在全球範圍內開放，並且已經營業了 7 週。

As we enter our busiest time of year, I particularly want to share my gratitude for our retail teams.

當我們進入一年中最繁忙的時期時，我特別想對我們的零售團隊表示感謝。

Customers have never relied on our products more, and our retail teams have truly answered the call.

客戶從未像現在這樣更加依賴我們的產品，我們的零售團隊也真正響應了號召。

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.

我們通過我們的在線和零售商店通過多種方式與客戶見面，並可以幫助他們選擇最適合他們的產品並使其正常運行。

We are also excited about our education initiatives.

我們也對我們的教育計劃感到興奮。

This month, we introduced the Everyone Can Code Early Learners program, offering free resources, which helps students and elementary school learn coding.

本月，我們推出了“每個人都可以編程的早期學習者”計劃，該計劃提供免費資源，幫助學生和小學學習編程。

We see education not only as a fundamental good in its own right but is a great equalizing force.

我們認為教育不僅是一種基本的善，而且是一種強大的平等力量。

A world where all people can access a quality education isn't just a smarter world.

一個所有人都能接受優質教育的世界不僅僅是一個更智能的世界。

It's a more equitable one.

這是一種更公平的做法。

That desire to create a more just and equitable world is the guiding principle behind our Racial Equity and Justice Initiative.

創建一個更加公正和公平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。

This quarter, Apple shared plans to expand our $100 million investment by an additional $30 million.

本季度，Apple 分享了將我們 1 億美元的投資再增加 3000 萬美元的計劃。

Those funds will be used in a number of ways, including the creation of a new global Hispanic-serving institution equity and innovation hub.

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。

The hub will dramatically expand the technology and resources for students in the STEM fields.

該中心將極大地擴展 STEM 領域學生的技術和資源。

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.

這些計劃加入了我們與歷史悠久的黑人學院和大學不斷擴大的合作，包括現在 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.

本月，我們也很高興地歡迎首屆開發者和企業家來到底特律的 Apple 開發者學院。

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.

該學院是 Apple 在美國開設的第一所學院，旨在幫助學生為蓬勃發展的 iOS 應用程序經濟中的工作做好準備，該經濟支持所有 50 個州的超過 210 萬個工作崗位。

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.

8 月，我們分享了我們的影響加速器第一批黑人、拉丁裔和土著企業，他們在綠色技術和清潔能源方面的開創性工作為許多受氣候變化影響最嚴重的社區提供服務。

More broadly, we are already carbon neutral as a company.

更廣泛地說，作為一家公司，我們已經實現了碳中和。

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.

本季度，我們朝著到 2030 年在整個供應鍊和設備生命週期中實現碳中和的目標邁出了新的步伐。

We've made significant product advances in this area.

我們在該領域取得了重大的產品進步。

iPad and iPad Mini now come with 100% recycled aluminum enclosure.

iPad 和 iPad Mini 現在配備 100% 再生鋁製外殼。

The antenna on iPhone 13 is made up of upcycled plastic water bottles, which marks an industry-first.

iPhone 13 上的天線由回收的塑料水瓶製成，這標誌著行業首創。

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.

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以消除外部塑料包裝，這將使我們避免使用 600 公噸塑料。

This brings us closer to removing all plastic in our packaging by 2025.

這使我們更接近於到 2025 年去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.

我們還朝著我們的目標取得了良好的進展，即 1 天製造我們的產品，而無需從地球上取走任何東西。

With Apple Watch Series 7, for example, 99% of the rare earth elements we use are recycled.

例如，在 Apple Watch Series 7 中，我們使用的 99% 的稀土元素都得到了回收利用。

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.

在 COP26 之前，我還高興地報告，我們承諾到 2030 年實現碳中和的供應商數量增加了一倍多。

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.

我們很高興看到這一領域的增長，我們將在未來幾個月和幾年繼續推動供應鏈的這些變化。

We've never viewed our environmental work as a side project.

我們從未將我們的環保工作視為副業。

Teams across Apple are pushing this work forward in the same spirit of innovation we bring to our products and services.

Apple 的各個團隊都本著我們為產品和服務帶來的同樣創新精神推動這項工作。

We are determined to be a ripple in the pond that drives a far greater change.

我們決心成為池塘中的漣漪，推動更大的變化。

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.

從大流行病到氣候變化，再到不平等和不公正，全球性挑戰不會單槍匹馬，我們深感提供幫助的責任感。

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.

我們為進入假日季節的產品陣容感到無比自豪，我們對所看到的客戶反應感到鼓舞。

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.

雖然我們無法確切知道未來幾個月大流行將把世界推向何方，但我們非常有信心，新的一年將受到指導我們的價值觀和定義我們的創新的推動。

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

有了這個，我將把它交給盧卡，以便更深入地了解我們本季度的表現。

Luca?

盧卡？

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

We are pleased to report very strong financial results for the September quarter, capping a record-setting fiscal year 2021.

我們很高興報告 9 月季度的非常強勁的財務業績，為創紀錄的 2021 財年畫上了句號。

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.

儘管供應限制超出預期，但我們還是創造了 9 月季度收入記錄，達到 834 億美元，比一年前增加了近 190 億美元或 29%。

We also reached new Q4 records in every geographic segment with strong double-digit growth in each one of them.

我們還在每個地理細分市場創造了新的第四季度記錄，每個細分市場都實現了兩位數的強勁增長。

And it was a record September quarter for both products and services.

這是產品和服務創紀錄的 9 月季度。

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.

在產品方面，收入為 651 億美元，比一年前增長 30%，因為儘管我們估計約 60 億美元的供應受到限制，但我們的產品需求好於預期。

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.

我們在每個產品類別中都有增長，Mac 創造了歷史記錄，iPhone、iPad 以及可穿戴設備、家居和配件創造了 9 月季度記錄。

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.

這種銷售業績水平，加上我們客戶無與倫比的忠誠度和我們生態系統的實力，推動我們有源設備的安裝基數創下歷史新高。

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.

我們的服務創下了 183 億美元的歷史收入記錄，比去年同期增長 26%，每個地理細分市場和每個服務類別的 9 月份季度都創下了記錄。

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.

由於成本上升和產品組合不同，公司毛利率為 42.2%，比上一季度下降 110 個基點，部分被槓桿抵消。

Products gross margin was 34.3%, down 170 basis points sequentially as higher cost structures were partially offset by leverage and mix.

產品毛利率為 34.3%，環比下降 170 個基點，因為更高的成本結構被槓桿和組合部分抵消。

Services gross margin was 70.5%, up 70 basis points sequentially, mainly due to a different mix.

服務毛利率為 70.5%，環比上升 70 個基點，主要是由於組合不同。

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.

淨收入為 206 億美元，每股攤薄收益為 1.24 美元，同比增長均超過 60%，均創下 9 月季度記錄。

Let me get into more detail for each of our revenue categories.

讓我更詳細地了解每個收入類別。

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.

儘管由於客戶需求非常強勁導致供應受限，但 iPhone 收入同比增長 47%，並創下 9 月季度的 389 億美元記錄。

The iPhone 12 family continued to perform very well, and we are seeing enthusiastic customer response to the launch of our iPhone 13 family.

iPhone 12 系列繼續表現出色，我們看到客戶對 iPhone 13 系列的發布反應熱烈。

We also grew double digits in each geographic segment, setting September quarter records in both developed and emerging markets.

我們在每個地理細分市場也實現了兩位數的增長，在發達市場和新興市場均創下了 9 月季度記錄。

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.

451 Research 對美國消費者的最新調查顯示，iPhone 客戶對 iPhone 的滿意度為 98%，我們的 iPhone 活躍安裝基數達到了歷史新高。

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.

在 Mac 方面，儘管供應受到限制，但由於對我們的 M1 驅動的 MacBook Air 的強勁需求，我們創造了 92 億美元的歷史收入記錄。

In fact, our last 5 quarters for Mac have been the best 5 quarters ever for the category.

事實上，我們過去 5 個季度的 Mac 是該類別有史以來最好的 5 個季度。

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.

iPad 的表現也很強勁，9 月份的季度收入創下了 83 億美元的記錄，增長了 21%，儘管由於客戶對同樣由 M1 提供支持的 iPad Pro 的需求非常強勁，供應受到嚴重限制。

For both Mac and iPad, we continue to see a combination of high levels of customer satisfaction and first-time buyers.

對於 Mac 和 iPad，我們繼續看到高水平的客戶滿意度和首次購買者。

Around half of the customers purchasing Mac and iPad during the quarter were new to that product.

在本季度購買 Mac 和 iPad 的客戶中，約有一半是該產品的新手。

And in the most recent survey of U.S. consumers from 451 Research, customer satisfaction was 97% for both Mac and iPad.

在 451 Research 對美國消費者的最新調查中，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.

我們對 iPad 和 Mac 的持續投資正在將計算提升到一個新的水平。

We have redesigned and reengineered both products to provide customers an unmatched experience, which resulted in record fiscal years for both categories.

我們重新設計和重新設計了這兩種產品，為客戶提供無與倫比的體驗，從而使這兩個類別的財年都創下歷史新高。

We are carrying this momentum also in the enterprise market.

我們也在企業市場中承載著這種勢頭。

For example, SAP has already deployed Macs to tens of thousands of their employees to date.

例如，迄今為止，SAP 已經為其數万名員工部署了 Mac。

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.

繼上週推出我們的新 M1 MacBook Pro 之後，SAP 計劃將其添加到其全球員工可用的不斷增長的 M1 Mac 產品列表中。

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.

另一個例子是法國的國家鐵路公司 SNCF，該公司為所有火車司機配備了 iPad 來管理他們的整個日常工作流程和火車運營，幫助降低能源和維護成本。

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.

事實上，iPad 非常受歡迎，以至於 90% 的司機選擇在公司設備更新周期結束時購買它們供個人使用。

Next, Wearables, Home and Accessories set a new September quarter record of $8.8 billion.

接下來，可穿戴設備、家居和配件創造了 88 億美元的新的 9 月季度記錄。

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.

我們將繼續改進和擴展我們在該類別中的產品供應，我們相信這可以改善整體客戶體驗並展示我們產品和服務之間的集成。

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.

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、軟件和服務搭配使用，它們會創造獨特的體驗，例如在 AirPods 上的設備之間無縫切換音頻。

Turning to Services.

轉向服務。

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.

正如我所提到的，我們創下了 183 億美元的歷史收入記錄，雲服務、音樂、視頻、廣告、AppleCare 和支付服務創下了歷史記錄，App Store 創下了 9 月份的季度記錄。

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.

我們在服務方面的持續投資和強大的執行力幫助我們在 2021 財年實現了創紀錄的 680 億美元的收入，在 6 年內幾乎是這一類別的兩倍。

These impressive results reflect the positive momentum we are seeing on many fronts.

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。

First, our installed base continues to grow and reached an all-time high across each geographic segment.

首先，我們的安裝基礎繼續增長，並在每個地理細分市場達到歷史最高水平。

Next, we continue to see increased customer engagement with our services.

接下來，我們繼續看到客戶對我們服務的參與度增加。

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.

我們數字內容商店的付費帳戶數量增長了兩位數，並在 9 月季度的每個地理細分市場中均創下歷史新高。

Also, paid subscriptions continued to show very strong growth.

此外，付費訂閱繼續顯示出非常強勁的增長。

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.

現在，我們平台上所有服務的付費訂閱量超過 7.45 億，比去年增加了 1.6 億多，是不到 5 年前付費訂閱數量的近 5 倍。

And finally, as Tim mentioned earlier, we're adding new services that we think our customers will love.

最後，正如 Tim 之前提到的，我們正在添加我們認為客戶會喜歡的新服務。

And we continue to improve the breadth and quality of our current services offerings.

我們將繼續改進我們當前服務產品的廣度和質量。

Fiscal '21 was not only a big year for Services but for our entire company.

21 財年不僅是服務的重要一年，也是我們整個公司的重要一年。

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.

在過去的 12 個月中，我們的業務增長了 33%，即 910 億美元，收入達到近 3660 億美元，全面實現創紀錄的業績。

Every product category and every geographic segment set a new annual revenue record and was up at least 20% over -- of fiscal 2020.

每個產品類別和每個地理細分市場都創造了新的年度收入記錄，並且比 2020 財年至少增長了 20%。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with $191 billion in cash plus marketable securities.

我們在本季度結束時擁有 1,910 億美元的現金和有價證券。

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.

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，並將商業票據減少了 20 億美元，我們的債務總額為 1250 億美元。

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.

因此，隨著時間的推移，我們繼續朝著實現淨現金中性的目標取得進展，本季度末的淨現金為 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.

隨著我們的業務繼續產生非常強勁的現金流，我們還能夠在 9 月季度向股東返還 240 億美元。

This included $3.6 billion in dividends and equivalents and $20 billion through open market repurchases of 137 million Apple shares.

這包括 36 億美元的股息和等價物，以及通過公開市場回購 1.37 億股蘋果股票的 200 億美元。

We also retired an additional 5 million shares in the final settlement of our 17th ASR.

我們還在第 17 次 ASR 的最終結算中淘汰了另外 500 萬股。

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.

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信息類型。

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.

鑑於短期內全球持續存在不確定性，我們不提供收入指導，但我們基於以下假設分享了一些定向見解，即與 COVID 相關的對我們業務的影響不會比我們今天對當前的預測惡化25美分硬幣。

As we mentioned earlier, during the September quarter, supply constraints impacted our revenue by around $6 billion.

正如我們之前提到的，在 9 月季度，供應限制影響了我們的收入約 60 億美元。

We estimate the impact from supply constraints will be larger during the December quarter.

我們估計 12 月季度供應限制的影響將更大。

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.

儘管面臨這一挑戰，我們仍看到對我們產品的高需求，並有望實現非常穩健的同比收入增長，並在 12 月季度創造新的收入記錄。

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.

我們預計每個產品類別的收入將同比增長，但 iPad 除外，我們預計由於供應限制，iPad 將同比下降。

For Services, we expect our growth rate to decelerate from the September quarter but to remain strong.

對於服務業，我們預計我們的增長率將從 9 月季度開始放緩，但仍將保持強勁。

We expect gross margin to be between 41.5% and 42.5%.

我們預計毛利率在 41.5% 至 42.5% 之間。

We expect OpEx to be between $12.4 billion and $12.6 billion.

我們預計運營支出將在 124 億美元至 126 億美元之間。

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%.

我們預計 OI&E 約為負 5000 萬美元，不包括少數股權投資按市值計算的任何潛在影響，我們的稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.22 per share of common stock payable on November 11, 2021, to shareholders of record as of November 8, 2021.

最後，今天，我們的董事會宣布將於 2021 年 11 月 11 日向截至 2021 年 11 月 8 日在冊的股東派發每股普通股 0.22 美元的現金股息。

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

有了這個，讓我們開始提問。

Thank you, Luca.

謝謝你，盧卡。

We ask that you limit yourself to 2 questions.

我們要求您將自己限制在 2 個問題內。

Operator, may we have the first question, please?

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?

蒂姆，我想知道，你能不能多談談你看到的具體供應鏈問題，我認為在本季度你如何看到改進，以及我們應該如何考慮你希望看到的哪些產品受到的影響最大向前？

Just any more color you can give us on what's going on out there because clearly, this is hitting everyone.

你可以給我們更多關於外面發生的事情的顏色，因為很明顯，這正在打擊每個人。

Sure.

當然。

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.

如果你看一下第四季度，我們有大約 60 億美元的供應限制，它影響了 iPhone、iPad 和 Mac。

We had -- there were 2 causes of them for Q4.

我們有 - 第 4 季度有兩個原因。

One was the chip shortages that you've heard a lot about from many different companies through the industry.

一個是芯片短缺，你從整個行業的許多不同公司那裡聽到了很多。

And the second was COVID-related manufacturing disruptions in Southeast Asia.

第二個是東南亞與 COVID 相關的製造中斷。

The second of those, the COVID disruptions, have improved materially across October to where we currently are.

其中第二個，即 COVID 中斷，在 10 月份已顯著改善至我們目前的狀況。

And so for this quarter, we think that the primary cause of supply-chain-related shortages will be the chip shortage.

因此，對於本季度，我們認為與供應鏈相關的短缺的主要原因將是芯片短缺。

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.

它會影響——我應該說，它正在影響我們目前的大部分產品——但從需求的角度來看，需求非常強勁。

And so part of this is the demand also is very strong.

這其中的一部分是需求也非常強勁。

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.

但我們相信，到本季度結束時，限制將超過我們在第四季度經歷的 60 億美元。

Okay.

好的。

Great.

偉大的。

So you'll sort of push forward in the next quarter as well.

所以你也會在下個季度繼續前進。

Can you -- just a different question because I'm curious, you're starting to sell more and more things on a ratable basis.

你能 - 只是一個不同的問題，因為我很好奇，你開始在可估價的基礎上銷售越來越多的東西。

And how are you thinking about that?

你是怎麼想的？

I mean you have the new Macs and that we keep seeing, you can buy for a monthly the charge in that.

我的意思是你有新的 Mac，我們一直在看到，你可以按月購買其中的費用。

How do you think that's driving sales?

您認為這如何推動銷售？

And how should we think about percent maybe of the portfolio that's now available?

我們應該如何考慮現在可用的投資組合的百分比？

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.

我不知道你是否想告訴我們現在有多少收入是經常性的，但從消費者的角度來看，你肯定會越來越多地轉向捆綁銷售或提供每月支付一個價格，即可獲得所有 Apple 設備和 Apple 服務。

Yes.

是的。

The first product, Shannon, that really sold on a monthly basis was iPhone.

第一個真正按月銷售的產品是 iPhone。

And that began to happen in the U.S., as an example, shortly after the subsidy kind of world changed markedly.

例如，在補貼類型發生顯著變化後不久，這種情況開始發生在美國。

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.

所以我要說的是，今天在美國購買 iPhone 的模式主要是按月計劃。

For the balance of the products, still the most popular would be buying them outright.

對於產品的平衡，仍然最受歡迎的是直接購買。

But we are seeing more and more demand for monthly payments.

但是我們看到越來越多的月供需求。

And so we want to give the customer what they want.

所以我們想給客戶他們想要的東西。

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.

所以你會看到我們做越來越多這樣的事情，這將滿足客戶的需求——並以他們願意支付的方式提供他們想要的價格。

I don't know the percentage of products that are sold that way today, but it is increasing.

我不知道今天以這種方式銷售的產品的百分比，但它正在增加。

We will hear next from Amit Daryanani with Evercore.

接下來我們將聽到 Amit Daryanani 與 Evercore 的對話。

Perfect.

完美的。

Thanks a lot, and good afternoon, everyone.

非常感謝，大家下午好。

I have 2 as well.

我也有2個。

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.

我想當我想到供應鏈的逆風時，你在談論 9 月的 60 億美元並且在 12 月變得更大，蒂姆，我很想知道你們如何安慰這真的是一個被推遲的需求而不是潛在的需求至少在其他地方被摧毀。

And if you think about the supply chain bottlenecks, you were the COO.

如果您考慮供應鏈瓶頸，您就是首席運營官。

You managed a lot of the stuff.

你管理了很多東西。

Do you feel comfortable that sort of peaks in December and alleviates from there?

你對十二月的那種高峰感到舒服並從那裡緩解嗎？

Or what does the trajectory look like for improvement?

或者改進的軌跡是什麼樣的？

Yes.

是的。

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.

讓我感到舒服的是，我覺得我們在與 COVID 相關的中斷方面取得了很大進展，這發生在整個 10 月份，而今天我們的處境要好得多。

It is difficult to predict COVID.

很難預測 COVID。

And so I'm not going to predict where it goes.

所以我不打算預測它的去向。

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.

但我可以告訴你，截至今天，我們的狀況比 9 月份和 10 月份的前幾週要好得多。

In terms of the chip shortage, the chip shortage is happening on legacy nodes.

在芯片短缺方面，芯片短缺發生在傳統節點上。

Primarily, we buy leading edge nodes, and we're not having issues on leading edge nodes.

首先，我們購買前沿節點，並且我們在前沿節點上沒有問題。

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.

但是在傳統節點上，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平衡，因為您必須知道 22 年的經濟狀況以及其他人需求的準確性預測。

And so I don't feel comfortable in making a prediction.

所以我對做出預測感到不自在。

I think it would be subject to too much inaccuracy.

我認為它會受到太多不准確的影響。

But I do feel very comfortable with our operational team.

但我對我們的運營團隊感到非常滿意。

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.

我認為我們擁有世界一流的設備，我相信他們正在盡其所能縮短週期時間並提高產量，並儘一切可能，除了基本的產能投資來補救情況。

Got it.

知道了。

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.

然後盧卡，如果我可以問你一個關於 12 月毛利率的問題，你基本上引導毛利率與 9 月持平，可能會下降一點。

Maybe just touch about it.

也許只是觸摸它。

So I think historically, I would have expected gross margins to be up in December, given how much revenue leverage you end up with.

因此，我認為從歷史上看，考慮到您最終獲得的收入槓桿有多少，我預計 12 月的毛利率會上升。

So maybe what are the puts and takes on gross margins that are resulting in a more flattish guide versus historical seasonality?

那麼，與歷史季節性相比，毛利率的看跌和承擔是什麼導致指南更加平坦？

Well, as you know, typically, obviously with December being the holiday season, we do get leverage, as you say.

嗯，如您所知，通常情況下，12 月是假日季節，我們確實獲得了槓桿作用，正如您所說。

But it's also the period of the year where we launch a lot of new products.

但這也是一年中我們推出許多新產品的時期。

And as you know, we launch essentially in every product category.

如您所知，我們基本上在每個產品類別中推出。

We launch new products.

我們推出新產品。

Demand is very strong.

需求非常強勁。

But as you know, when we launch these new products, we tend to have higher cost structures at the beginning of the cycle.

但如您所知，當我們推出這些新產品時，我們往往會在周期開始時擁有更高的成本結構。

And so that's what balances this out.

這就是平衡這一點的原因。

Obviously, from a year-over-year standpoint, it's actually a significant expansion, right?

顯然，從同比的角度來看，這實際上是一次重大的擴張，對吧？

Because when you look at what we did a year ago in the December quarter, 39.8%, this clearly indicates a significant expansion.

因為當你看看我們一年前在 12 月季度所做的事情時，39.8%，這清楚地表明了顯著的擴張。

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

我們接下來會聽到凱蒂·休伯蒂和摩根士丹利的消息。

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?

鑑於供應鏈正在模糊 iPhone 13 的需求圖景，您可以分享哪些數據點來幫助投資者了解需求是否正在跟踪與非常強勁的 iPhone 12 相比持平、增長或下降的產品週期？

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.

或許在這方面，盧卡，您還可以從 iPhone 的渠道庫存角度，相對於正常產品週期，評論您退出本季度的位置。

And then I've got a follow-up.

然後我有一個跟進。

Yes.

是的。

Look, maybe I can take both of those.

看，也許我可以同時接受這兩個。

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.

渠道庫存，正如您在受限環境中所期望的那樣，iPhone 渠道庫存最終低於目標範圍，目前低於目標範圍。

And so that's that.

就是這樣。

In terms of the blurring of demand, we look at -- Katy, we look at a number of different data points.

在需求模糊方面，我們看——凱蒂，我們看許多不同的數據點。

We look at demand across our online store, demand in retail.

我們著眼於整個在線商店的需求，以及零售的需求。

The -- we look through to back orders on the carrier channels, the ones that do take back orders there.

- 我們會查看運營商渠道上的訂單，那些確實在那裡接受訂單的渠道。

We look at channel orders as well.

我們也會查看渠道訂單。

And so we have a number of different data points that we use to conclude how strong demand is.

因此，我們有許多不同的數據點，可以用來判斷需求的強勁程度。

And we feel very, very good about where demand is right now.

我們對現在的需求情況感覺非常非常好。

We're -- and we're working feverishly on the supply side of that.

我們正在 - 我們在供應方面正在狂熱地工作。

And Tim, as a follow-up.

和蒂姆，作為後續行動。

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.

我們最近對美國和中國的 4,000 名消費者進行了調查，反饋是他們中的大多數人不想直接向開發者支付應用程序或服務的費用。

They value the security, privacy, ease of transactions with the App Store.

他們重視 App Store 的安全性、隱私性和交易便利性。

So how do you think about balancing the regulators push for more choice with a customer base that's happy with the existing experience?

那麼，您如何考慮在監管機構推動更多選擇與對現有體驗感到滿意的客戶群之間取得平衡？

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?

作為後續行動，隨著 App Store 的一些變化生效，您和 Luca 如何考慮服務收入增長率的潛在影響？

The main thing that we're focused on, on the App Store is to keep our focus on privacy and security.

在 App Store 上，我們主要關注的是隱私和安全。

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.

因此，這些是多年來產生了一個非常值得信賴的環境的兩個主要原則，消費者和開發人員聚集在一起，消費者可以信任開發人員對開發人員和應用程序或他們所說的內容，並且開發人員獲得了大量受眾將他們的軟件賣給。

And so that's sort of #1 on our list.

所以這是我們名單上的第一名。

Everything else is a distant second.

其他一切都是遙遠的一秒。

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.

所以我們正在做的是努力解釋我們所做的決定，這些決定是保持隱私和安全的關鍵，即在 iPhone 上沒有側載和替代方式，在那裡它打開 iPhone未經審查的應用程序，並遵守我們在 App Store 上設置的隱私限制。

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 的隱私和安全要素。

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

我們將在瑞銀接受 David Vogt 提出的下一個問題。

Great.

偉大的。

And I just have 2 quick questions, one big picture, theoretical.

我只有 2 個快速問題，一張大圖，理論上的。

So you covered the supply chain in pretty extensive detail on the call.

因此，您在電話會議上非常詳細地介紹了供應鏈。

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.

但是，鑑於您在過去 12 到 8 個月中所經歷的事情，也許只是關於您如何從哲學上思考它的更大圖景。

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?

那麼我的意思是，從合作夥伴的角度或區域的角度來看，是否需要重新校准或調整您的供應鏈理念？

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?

您如何看待當前的基礎設施及其反彈和處理這些似乎不時出現的中斷的能力？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

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.

在創造我們所處的環境方面，我沒有看到我們犯了一個根本性的錯誤，如果這就是你挑出來的。

It was created for a number of reasons.

它的創建有多種原因。

The pandemic came along.

瘟疫來了。

Some people in the industry and some people outside the industry thought that the pandemic would reduce demand.

一些業內人士和一些業內人士認為，疫情會減少需求。

They pulled their orders down.

他們取消了訂單。

Things reset.

事情重置。

And what really happened was demand went up and went up even more than the -- than a straight trend would predict.

真正發生的事情是需求上升，甚至比直線趨勢預測的還要多。

And so the industry is working through that now.

所以這個行業現在正在努力解決這個問題。

I'm making it little overly simplistic.

我讓它有點過於簡單化。

There's some other things like yields and things like that, that are happening as well.

還有一些其他的事情，比如收益率之類的事情，也在發生。

But those things are mainly manageable in the course of time.

但隨著時間的推移，這些事情主要是可以管理的。

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.

所以我們正在做的是與我們的合作夥伴合作，確保他們有我們需要的供應，並確保我們的需求陳述在我們看來是準確的等等。

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.

同時，我們正在縮短交貨時間和周期時間，這樣當您從晶圓廠獲得芯片時，它會盡快投入產品和運輸，並幫助晶圓廠合作夥伴提高產量。

And so those things are things that we're doing.

所以這些事情就是我們正在做的事情。

We also support the CHIPS Act and the investment there to put more investment in the ground.

我們還支持 CHIPS 法案和那裡的投資，以便在實地進行更多投資。

And so we're spending some time advocating for the CHIPS Act as well.

所以我們也花了一些時間來倡導 CHIPS 法案。

Great.

偉大的。

And that's helpful.

這很有幫助。

And I didn't mean to implicate that you guys had messed up, just maybe came off that way.

我並不是要暗示你們搞砸了，只是可能是那樣做的。

And maybe just as a quick follow-up.

也許只是作為快速跟進。

When you think about purchasing devices ratably, you touched on that earlier.

當您考慮合理地購買設備時，您之前已經提到過。

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?

但也許您能談談您與運營商的合作夥伴關係以及他們在過去幾年中為您提供的支持嗎？

It's been a key component of your success, the tight relationships that you have globally.

這是您成功的關鍵組成部分，也是您在全球範圍內建立的緊密關係。

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?

你認為這種商業模式，因為它目前在全球範圍內整合在一起，是一種永久性的結構，意味著運營商將成為推動 iPhone 需求不可或缺的一部分嗎？

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.

或者是否有一種感覺，根據我們所處的周期部分，它可能更短暫一些。

I think that 5G has provided a once-in-a-decade kind of upgrade potential, and it's a multiyear kind of thing.

我認為 5G 提供了十年一遇的升級潛力，這是一個多年的事情。

It's not a 1 year and done.

這不是 1 年就完成了。

And I think that we're motivated there.

我認為我們在那裡有動力。

The carrier is motivated there.

運營商在那裡受到激勵。

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.

我們有共同利益，客戶從獲得具有 5G 和許多其他功能的新 5G 手機中受益匪淺。

And so I think everybody is aligned on purpose.

所以我認為每個人都是有目的的。

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.

您繪製的模型是——我不會稱其為全球模型，因為世界各地因國家/地區而異。

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.

但總的來說，我認為 Apple 與運營商渠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.

因此，我們將回答 Krish Sankar 與 Cowen and Company 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.

我也有 2 個，還有蒂姆，我會暫緩供應鏈問題。

I had 2 on Services.

我有 2 個關於服務。

The first one is on your new ATT, the ad tracking transparency feature, and all the headlines that have gone there recently.

第一個是關於您的新 ATT、廣告跟踪透明度功能以及最近出現的所有標題。

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.

我有點好奇，您從廣告商和用戶那裡看到或收到的反饋，以及它如何影響搜索廣告和您自己的廣告業務。

Can you let us know the feedback?

你能告訴我們反饋嗎？

And then I have a follow-up.

然後我有一個跟進。

The feedback from customers is overwhelmingly positive.

客戶的反饋非常積極。

Customers appreciate having the option of whether they want to be tracked or not.

客戶很高興可以選擇是否要被跟踪。

And so the -- there's an outpouring of customer satisfaction there on the customer side.

所以 - 在客戶方面有大量的客戶滿意度。

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.

我們這樣做的原因是，如您所知，如果您關注我們一段時間，我們堅信隱私是一項基本人權。

And we believe that for decades, not just in the last year or so.

我們相信，幾十年來，不僅僅是在過去一年左右。

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.

隨著時間的推移，我們在歷史上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給我們認為屬於它的用戶。

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.

我們不認為這是 Apple 的決定角色，我們認為這不是另一家公司的決定角色，而是擁有數據的個人本身。

And so that's our motivation there.

這就是我們的動機。

There's no other motivation.

沒有其他動機。

Got it.

知道了。

Got it, Tim.

明白了，蒂姆。

And that's a very fair characterization.

這是一個非常公平的表徵。

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.

然後作為快速跟進，我有點好奇，關於您的 App Store 中的移動遊戲，某些政府最近採取了一些措施來限制遊戲時間。

Kind of curious how that affects your App Store business in those geographies.

有點好奇這會如何影響您在這些地區的 App Store 業務。

And is there a way you can quantify that?

有沒有辦法量化它？

Or is it too immaterial at this point?

還是在這一點上它太不重要了？

You mean limiting the time on games.

你的意思是限制玩遊戲的時間。

Is that what you're getting at?

這就是你的意思嗎？

Yes, exactly.

對，就是這樣。

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

就像你試圖決定限制遊戲時間之類的。

It's very difficult to measure the -- yes, with the policy that you're talking about.

很難衡量 - 是的，您正在談論的政策。

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.

對於那些不知道是否有一項政策將特定年齡以下的孩子限制在周五、週六、週日各 1 小時的政策。

And it's very difficult to see the impact of it on the App Store at this point.

目前很難看到它對 App Store 的影響。

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

我們將與摩根大通一起回答 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.

我想，蒂姆，我想首先從你對跨產品需求強勁的評論開始。

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.

僅就 iPhone 13 而言，如果您能與 iPhone 12 進行比較，如果您能與 iPhone 12 進行比較，就意圖而言，無論是從安裝基礎的升級還是切換器率方面，您都可以讓我們更深入地了解您所看到的內容。例如，我們收到的反饋中有一部分是在中國的強勁轉換活動。

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.

所以只是想知道你是否可以更詳細地了解 - 是什麼推動了需求以及它來自誰。

And then I have a follow-up, please.

然後我有一個跟進，請。

It's so early to talk about iPhone 13 because it's only been on the market for less than 30 days now.

現在談論 iPhone 13 還為時過早，因為它現在才上市不到 30 天。

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.

我可以告訴你的是進入周期，如果你看看我們上個季度的結果，我們的升級者和切換者以兩位數增長。

And so both were very meaningful for the iPhone results last quarter.

因此，兩者對上個季度的 iPhone 業績都非常有意義。

And so there's significant momentum in iPhone.

因此，iPhone 的發展勢頭非常強勁。

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.

我會清楚地描述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可以看出的那樣。

Okay.

好的。

And as a follow-up, I guess back to the supply chain but I wanted to just ask more relative to cost implications there.

作為跟進，我想回到供應鏈，但我只想詢問更多與那裡的成本影響有關的問題。

And what we're hearing is not only delays but also component cost going up.

我們聽到的不僅是延遲，而且組件成本也在上漲。

So as we look through -- as I think about this upcoming cycle, how are you looking to manage component cost-related headwinds?

因此，當我們回顧時 - 當我想到即將到來的周期時，您打算如何管理與組件成本相關的逆風？

And is that something you're seeing coming through the supply chain?

這是否是您通過供應鏈看到的？

We've put our current thoughts in the gross margin guidance that we gave you, the 41.5% to 42.5%.

我們已經將我們目前的想法放在了我們給您的毛利率指導中，即 41.5% 至 42.5%。

I would tell you that we are seeing a significant increase in freight costs.

我會告訴你，我們看到運費顯著增加。

And I would assume that, that is pretty consistent across different companies.

我認為，這在不同的公司中是非常一致的。

And so we're clearly seeing some inflation there.

所以我們清楚地看到那裡有一些通貨膨脹。

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

我們將與花旗集團一起回答 Jim Suva 提出的下一個問題。

And I'll ask both my questions at the same time.

我會同時問我的兩個問題。

Probably the first one is for Tim.

可能第一個是給蒂姆的。

On the Services revenue, much better than expected.

在服務收入上，遠好於預期。

Can you give us some details about what drove that?

你能告訴我們一些細節嗎？

Was it Apple Stores more open, so more AppleCare or more Apple One or Arcade or TV or Fitness?

是 Apple Stores 更開放、AppleCare 或 Apple One、Arcade、TV 或 Fitness 更開放？

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.

然後可能對於供應鏈上的 Luca，當您提到供應鏈逆風將變得更糟並且您提到本季度 60 億美元時，有兩種方法可以考慮您的更糟術語。

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?

是不是您 3 個月前確定的 20 億美元的 delta 增加到 60 億美元，因此，40 億美元的 delta 變得更糟？

Or are you just saying -- and therefore, it's above $10 billion for December quarter.

或者你只是說 - 因此，12 月季度的收入超過 100 億美元。

Are you just saying it just gets higher than the $6 billion that you just identified earlier in the call?

你只是說它比你剛才在電話會議中確定的 60 億美元高嗎？

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.

Jim，我將回答你提出的第二個問題，而 Luca 可以回答關於服務的第一個問題，正好與你提出的問題相反。

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.

關於供應限制，我們所說的是——第一季度供應限制的名義金額，我們估計超過 60 億美元。

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.

因此，重要的是要知道我們在第一季度獲得的供應量比第四季度多得多，顯然，因為我們的連續增長非常顯著。

And we have very solid growth year-over-year.

而且我們的同比增長非常穩健。

And so the amount of supply is growing dramatically.

因此，供應量正在急劇增長。

It's just that the demand is so robust that we envision having supply constraints for the quarter.

只是需求如此強勁，我們預計本季度的供應會受到限制。

And Jim, on Services, the 26% growth rate that we had was better than what we were expecting at the beginning of the quarter.

吉姆，在服務方面，我們 26% 的增長率好於我們在本季度初的預期。

And it was really across the board.

它真的是全面的。

It's difficult to single out a specific area because we set all-time records on cloud.

很難挑出一個特定的領域，因為我們在雲上創造了歷史記錄。

We set all-time records across the board, AppleCare, music, video, advertising, payment services, the App Store was a September quarter record.

我們全面創造了 AppleCare、音樂、視頻、廣告、支付服務的歷史記錄，App Store 是 9 月份的季度記錄。

So it was strong across the board.

所以它全面強大。

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?

當我們查看服務業務時，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？

The fact that the installed base continues to grow, that's obviously a positive.

事實上，安裝基礎繼續增長，這顯然是積極的。

The fact that the number of people that are actually paying on the platform continues to grow double digits.

實際在平台上付款的人數繼續以兩位數增長。

And so that obviously increases our opportunity.

所以這顯然增加了我們的機會。

The number of subscriptions that we have on the platform, we mentioned during the call, 745 million paid subs right now.

我們在平台上的訂閱數量，我們在電話會議中提到，目前有 7.45 億付費訂閱。

It's an increase of 160 million versus just 12 months ago, right?

與 12 個月前相比，增加了 1.6 億，對吧？

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.

很明顯，我們繼續推出新服務，在我們已有的服務中提供新產品，新功能，這顯然給了我們很大的前進動力。

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.

我們很幸運，我們有一個非常 - 現在它是一個非常大的業務，過去 12 個月達到 680 億美元並且非常多元化。

We sell a lot of different services and our customers seem to really enjoy the experience that they have on the platform.

我們銷售許多不同的服務，我們的客戶似乎真的很喜歡他們在平台上的體驗。

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

我們將回答 Chris Caso 和 Raymond James 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.

對於我的第一個問題，這是一個關於您重新獲得銷售的能力的問題，而您在 Q4、Q1 和 Q2 中無法填寫。

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.

從去年開始，您就有了一些經驗，當時 iPhone（並非所有型號）在同一時間推出，有些型號晚了，而您在假期過後確實重新獲得了其中的一些體驗。

Do you think that we should expect similar behavior this year?

你認為我們今年應該期待類似的行為嗎？

And then with that also is will all product categories behave similarly?

那麼所有產品類別的行為也會相似嗎？

Meaning that there are the same -- some product categories where if you missed the holidays, you just missed the sale.

這意味著有相同的 - 某些產品類別，如果您錯過了假期，您就錯過了促銷。

I think there are some products that people buy as gifts that if it's not there, that it's perishable.

我認為有些產品是人們作為禮物購買的，如果沒有，它就很容易腐爛。

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.

但我認為我們也有很多產品，人們會等待，並希望它們在不同的時間段內被捕獲。

And so it's a combination for this certain quarter, the holiday quarter, I believe.

所以我相信這是這個特定季度的組合，假日季度。

Okay.

好的。

As a follow-up, could you speak to iPhone mix?

作為後續行動，您能談談 iPhone 組合嗎？

And one of the things we noted is that the delivery time for all iPhones are a bit long because of the constraints.

我們注意到的一件事是，由於限制，所有 iPhone 的交貨時間都有些長。

They're a bit longer on the Pro and the Max.

它們在 Pro 和 Max 上的時間更長一些。

Is that a function of supply or demand or perhaps both?

這是供需關係還是兩者兼而有之？

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.

再一次，鑑於所有手機都是同時推出的，我想你今年會更好地處理這個問題。

Yes.

是的。

It's really too early to make comments on mix at this point because it has been -- we have been in a constrained environment.

在這一點上對混音發表評論真的為時過早，因為它已經 - 我們一直處於一個受限的環境中。

And so the mix becomes more obvious once supply and demand are balanced.

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.

我們將與 Piper Sandler 一起回答 Harsh Kumar 提出的下一個問題。

Yes.

是的。

Guys, first of all, great job managing through the supply constraints.

伙計們，首先，通過供應限制進行管理工作做得很好。

It's obviously affecting everybody.

這顯然影響到每個人。

So congratulations.

所以恭喜。

And then Tim, one for you, a strategic question.

然後是蒂姆，一個給你的，一個戰略問題。

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.

例如，當 Apple 考慮作為一家公司想要擁有的戰略領域時，軟件是重中之重，但如果該公司獨立，那麼您也是最大的半導體公司之一。

So curious about the kind of input, that thinking that goes into owning some piece of technology.

對輸入的類型如此好奇，對擁有某些技術的想法感到好奇。

For example, when we survey people, they say batteries and screens are very important.

例如，當我們調查人們時，他們說電池和屏幕非常重要。

So why doesn't Apple -- for example, what pauses Apple from looking at areas like that?

那麼為什麼 Apple 不——例如，是什麼讓 Apple 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.

我們著眼於那些我們認為可以產生重大影響並具有一定差異化水平的產品。

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.

所以我們在矽領域投入了大量精力，因為我們覺得我們可以設計和開發產品，如果我們在的話，我們就無法設計和開發產品——只需購買商業市場上可用的東西。

And as you can see, more recently, we made that call on the Mac as well and have shifted to our own chips there.

正如你所看到的，最近，我們也在 Mac 上發出了這樣的呼籲，並在那裡轉向了我們自己的芯片。

And so it really depends on whether we see a way to do something that's differentiated or not.

所以這真的取決於我們是否看到了一種做某事的方法是有區別的。

And I wouldn't want to rule anything out.

我不想排除任何事情。

It's more of whether or not we see our way clearer to doing something that is materially better.

更重要的是我們是否更清楚地看到做一些實質性更好的事情的方式。

We feel like we've done that in the chip area.

我們覺得我們已經在芯片領域做到了這一點。

And then I've got one for Luca.

然後我為 Luca 準備了一份。

I want to go back to a question that Amit asked earlier in the call about the gross margin.

我想回到阿米特早些時候在電話會議上提出的有關毛利率的問題。

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.

因此，當我查看 9 月季度時，服務顯然比產品業務增長得更快，利潤率下降，12 月也是如此。

But I think you're effectively saying that there's a lot of new product launches.

但我認為你實際上是在說有很多新產品發布。

Would that not go into OpEx, for example, marketing, et cetera, as opposed to COGS?

與 COGS 相比，這不會進入運營支出，例如營銷等嗎？

Or is there something that maybe needs to be clarified here?

或者有什麼可能需要在這裡澄清的？

There is -- certainly, obviously, that we have launch expenses in marketing and advertising, of course, when we launch new products.

當然，當然，當我們推出新產品時，我們在營銷和廣告方面有推出費用。

But the reality, what happens, we always make our products better and -- which means adding new technology and new features to the product.

但現實是，發生了什麼，我們總是讓我們的產品更好——這意味著為產品添加新技術和新功能。

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.

因此，通常情況下，當您從一代產品轉移到下一代產品時，成本結構往往會更高，尤其是在周期開始時。

And so when you make that transition, there is always some level of margin compression from the transition to a new product.

因此，當您進行這種過渡時，從過渡到新產品的過程中總會有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.

您需要考慮的另一個方面是，12 月季度是假日季節，因此我們在假日季度的產品業務百分比高於我們在 9 月季度的百分比。

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?

因此，如您所知，由於服務利潤率高於產品利潤率，因此產品和服務業務之間的混合也會影響公司的毛利率，對嗎？

And that's what you see as you move sequentially from September to December.

這就是您從 9 月到 12 月按順序移動時所看到的。

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

我們接下來會聽到來自美國銀行的 Wamsi Mohan 的消息。

Yes.

是的。

I had a question about -- broadly about pricing of new products.

我有一個關於新產品定價的問題。

This year, Apple launched the iPhone 13 at a slightly lower price than where the 12 was launched last year in China.

今年，蘋果以比去年在中國推出的 iPhone 12 略低的價格推出了 iPhone 13。

Can you maybe help us think through what are some of the things that you look at in deciding that?

您能否幫助我們考慮一下您在決定時會考慮哪些事項？

And is that an action that you could take more broadly in other regions?

您是否可以在其他地區更廣泛地採取這種行動？

And I have a follow-up.

我有一個跟進。

We look at a variety of things, including our costs, including competition, including local conditions and exchange rates and a number of different things.

我們會考慮各種各樣的事情，包括我們的成本，包括競爭，包括當地條件和匯率以及許多不同的事情。

And so there's not a -- there's no formula for determining it.

所以沒有 - 沒有確定它的公式。

It's done by a level of judgment looking at a number of different points -- data points.

它是通過對許多不同點（數據點）進行一定程度的判斷來完成的。

And we do that region by region.

我們按地區做那個。

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

但是，作為投資者，我們不應該將其視為您打算用來在全球範圍內靈活調整需求曲線的結構性因素嗎？

It's something we've always done.

這是我們一直在做的事情。

And so it's not something that is new to this year in this cycle.

因此，在這個週期中，這對今年來說並不是什麼新鮮事。

Okay.

好的。

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.

作為後續，您在過去幾年推出了許多新服務，這些服務已成為 Apple 故事中更重要的部分。

Can you maybe share either some metrics on some of the new services like TV+ in terms of paid subs?

您能否分享一些有關付費訂閱者方面的某些新服務（例如 TV+）的指標？

And how are you measuring the success of these investments?

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.

好吧，我們會在內部查看一些我們不會對外分享的東西。

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.

因此，您可以打賭，我們正在關注訂閱者和 ARPU 以及轉換和流失，以及您在訂閱業務中會看到的所有正常情況。

But we're not going to get into sharing those on an individual service basis.

但我們不會在個人服務的基礎上分享這些。

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.

我們試圖做的是讓您了解我們擁有的訂閱總數，Luca 早些時候在 Apple 品牌和第三方訂閱中涵蓋了 7.45 億。

And so we're giving you an aggregated view of it instead of the -- at the individual service level.

因此，我們為您提供了它的聚合視圖，而不是——在單個服務級別。

But you can bet that we're managing it at the individual service level.

但您可以打賭，我們是在個人服務級別對其進行管理。

Yes.

是的。

Thank you, Wamsi.

謝謝你，瓦姆西。

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.

為期 2 週的今天電話會議將在 Apple Podcast、apple.com/investor 上的網絡廣播和電話中提供。

The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820.

電話重播號碼是 (888) 203-1112 或 (719) 457-0820。

Please enter confirmation code 7141415.

請輸入確認碼 7141415。

These replays will be available by approximately 5:00 p.m.

這些重播將在下午 5:00 左右提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142.

有其他問題的新聞界人士可以致電 (408) 862-1142 聯繫 Josh Rosenstock。

Financial analysts can contact me with additional questions at (669) 227-2402.

金融分析師可以通過 (669) 227-2402 與我聯繫以解決其他問題。

Thank you again for joining us.

再次感謝您加入我們。

This concludes today's conference.

今天的會議到此結束。

We appreciate your participation.

我們感謝您的參與。