蘋果 (AAPL) 2021 Q3 法說會逐字稿

Good day, and welcome to the Apple Q3 FY 2021 Earnings Conference Call.

美好的一天，歡迎參加 Apple 2021 財年第三季度收益電話會議。

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, 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 first today 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 expenses, 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.

謝謝，泰哈斯。

Good afternoon, everyone.

大家下午好。

Today, Apple is reporting a very strong quarter with double-digit revenue growth across our product and services categories and in every geographic segment.

今天，Apple 報告了一個非常強勁的季度，我們的產品和服務類別以及每個地區的收入都實現了兩位數的增長。

We set a new June quarter revenue record of $81.4 billion, up 36% from last year, and the vast majority of markets we track grew double digits, with especially strong growth in emerging markets, including India, Latin America and Vietnam.

我們創造了新的 6 月季度收入記錄，達到 814 億美元，比去年增長 36%，我們追踪的絕大多數市場都實現了兩位數增長，其中印度、拉丁美洲和越南等新興市場的增長尤為強勁。

Total retail sales also set a June quarter record, and almost all of our retail stores have now opened their doors.

總零售額也創下了 6 月季度的記錄，我們幾乎所有的零售店現在都已開業。

This quarter saw a growing sense of optimism from consumers in the United States and around the world, driving renewed hope for a better future and for all that innovation can make possible.

本季度，美國和世界各地的消費者越來越樂觀，為更美好的未來和創新帶來的一切重新燃起了希望。

But as the last 18 months have demonstrated many times before, progress made is not progress guaranteed.

但正如過去 18 個月已經多次證明的那樣，取得的進展並不能保證取得進展。

An uneven recovery to the pandemic and a Delta variant surging in many countries around the world have shown us once again that the road to recovery will be a winding one.

疫情復甦不均衡，全球多國出現“Delta”波動，再次向我們表明，復甦之路將是曲折的。

In the midst of that enduring adversity, we are especially humbled that our technology has continued to play a key role in keeping our customers connected.

在這種持久的逆境中，我們的技術繼續在保持客戶聯繫方面發揮關鍵作用，這讓我們感到特別謙卑。

Just last month, it was great to be back with our teams and customers for the opening of our newest retail store in Los Angeles, Apple Tower Theatre.

就在上個月，很高興再次與我們的團隊和客戶一起參加我們在洛杉磯開設的最新零售店 Apple Tower Theatre。

It was a hopeful reminder of the energy and sense of community shared spaces bring and how appreciative we all are now of the simple privilege of talking to one another face-to-face.

這是一個充滿希望的提醒，提醒人們社區共享空間帶來的能量和感覺，以及我們現在對面對面交談的簡單特權是多麼感激。

As we look forward to more in-person interactions in the future, we're doubling down on innovation and doing all we can to help chart a course to a healthier and more equitable world.

由於我們期待未來有更多面對面的互動，我們正在加倍創新並竭盡全力幫助制定通往更健康、更公平世界的道路。

I'll have more to say about our work in those areas a bit later on.

稍後我將更多地介紹我們在這些領域的工作。

But first, let's turn to our product and services categories.

但首先，讓我們轉向我們的產品和服務類別。

For iPhone, this quarter saw very strong double-digit growth in each geographic segment, and we continue to be heartened by our customers' response to the iPhone 12 lineup.

對於 iPhone，本季度每個地理細分市場都出現了非常強勁的兩位數增長，我們繼續為客戶對 iPhone 12 系列產品的反應感到鼓舞。

We're only in the early innings of 5G, but already its incredible performance and speed have made a significant impact on how people can get the most out of our technology.

我們僅處於 5G 的早期階段，但其令人難以置信的性能和速度已經對人們如何充分利用我們的技術產生了重大影響。

Customers love iPhone 12 for its superfast 5G speeds, A14 bionic chip and Adobe vision camera never seen before in a phone.

客戶喜歡 iPhone 12，因為它具有超快的 5G 速度、A14 仿生芯片和以前在手機中從未見過的 Adobe 視覺攝像頭。

Users continue to rely on iPad and Mac to work, learn, create and connect.

用戶繼續依靠 iPad 和 Mac 來工作、學習、創造和聯繫。

iPad had its highest June quarter in nearly a decade, while Mac set an all-time June quarter record.

iPad 創下了近十年來最高的 6 月季度記錄，而 Mac 則創下了歷史新高。

We've seen a great response to the new iMac and iPad Pro, both powered by the M1 chip's exceptional speed and power efficient performance.

我們已經看到對新款 iMac 和 iPad Pro 的熱烈反響，這兩款產品均採用 M1 芯片的卓越速度和節能性能。

The iMac's remarkable thin design and vibrant colors have made it a favorite for users everywhere.

iMac 卓越的輕薄設計和鮮豔的色彩使其成為世界各地用戶的最愛。

And the iPad continues to be an incredibly versatile tool in our users' toolbox, inspiring creativity and connection and keeping us entertained and productive in equal measure.

iPad 仍然是我們用戶工具箱中令人難以置信的多功能工具，它激發創造力和聯繫，並讓我們在同等程度上保持娛樂和生產力。

It was another very strong quarter for Wearables, Home and Accessories, which set a new June quarter record while helping people find more ways to stay entertained, healthy and connected at home and on the go.

對於可穿戴設備、家居和配件而言，這是另一個非常強勁的季度，它創造了新的 6 月季度記錄，同時幫助人們找到更多方式在家中和旅途中保持娛樂、健康和聯繫。

Apple Watch remains a go-to choice for users to stay on top of their health and reach their fitness goals.

Apple Watch 仍然是用戶保持健康並實現健身目標的首選。

And our newest accessory AirTag began shipping to an enthusiastic response from customers, making the Find My network more useful than ever, while protecting user privacy.

我們最新的配件 AirTag 開始發貨，得到了客戶的熱烈響應，使 Find My 網絡比以往任何時候都更有用，同時保護用戶隱私。

Turning to Services, which set a new all-time revenue record as we continue to roll out innovative new features and programming.

轉向服務，隨著我們繼續推出創新的新功能和編程，它創造了新的歷史收入記錄。

We're proud to be the recipients of 35 Emmy nominations this year, which speaks to the quality of our programming and an enthusiastic reception from customers and critics alike.

我們很榮幸成為今年 35 項艾美獎提名的獲得者，這說明了我們節目的質量以及客戶和評論家的熱情接待。

Apple TV+ users are loving series like Mythic Quest and anticipating groundbreaking films like CODA, which premieres next month.

Apple TV+ 用戶喜歡 Mythic Quest 等系列劇，並期待下個月首映的 CODA 等開創性電影。

And of course, Ted Lasso kicked off season 2 just last week and continues to win over viewers with its heartwarming message about the power of community, compassion and hope.

當然，泰德·拉索 (Ted Lasso) 上周剛開始第 2 季，並繼續以其關於社區、同情和希望的力量的感人信息贏得觀眾。

We also introduced Apple Podcasts subscriptions, a global marketplace for users to discover exclusive content and support their favorite creators.

我們還推出了 Apple Podcasts 訂閱，這是一個供用戶發現獨家內容並支持他們喜愛的創作者的全球市場。

And we launched spatial audio for Apple Music, a cinematic listening experience that promises to change how music fans listen and musicians create even more immersive, layered and beautiful songs.

我們為 Apple Music 推出了空間音頻，這是一種影院般的聆聽體驗，有望改變音樂迷的聆聽方式，音樂家創作出更具沉浸感、層次感和優美的歌曲。

Last month, we shared many exciting new features at WWDC, but more powerful than any of them was the incredible showing of developers from all walks of life and around the world.

上個月，我們在 WWDC 上分享了許多令人興奮的新功能，但比其中任何一個更強大的是來自各行各業和世界各地的開發人員的精彩展示。

The new tools we announced will help developers harness cutting-edge technologies like augmented reality, reach new users and customize their experience on the App Store, are learned to update or invent an app with Swift, Apple's powerful and intuitive programming language.

我們宣布的新工具將幫助開發人員利用增強現實等尖端技術，接觸新用戶並定制他們在 App Store 上的體驗，學習使用 Apple 強大且直觀的編程語言 Swift 更新或發明應用程序。

Today's investments in education and coding translate to tomorrow's small businesses and groundbreaking new apps, the next app -- the next act of an app economy already creating jobs and opportunity around the world.

今天對教育和編碼的投資轉化為明天的小企業和開創性的新應用程序，下一個應用程序——應用程序經濟的下一個動作已經在世界各地創造了就業機會和機會。

In June, a new study by the Analysis Group found that it was another record year for App Store developers whose combined billings and sales increased by 24% to $643 billion in 2020.

6 月，Analysis Group 的一項新研究發現，2020 年 App Store 開發者的總賬單和銷售額增長了 24%，達到 6430 億美元，這是又一個創紀錄的一年。

The app economy continues to be an incredible engine of prosperity and opportunity fueled by the ceaseless striving of developers to make apps that enrich people's lives.

應用程序經濟繼續成為繁榮和機遇的不可思議的引擎，這得益於開發人員不斷努力開發能夠豐富人們生活的應用程序。

Much like the developer community, we are diehard optimist about technology's potential to help people live happier, healthier and more fulfilled lives, goals that shine through with powerful new updates coming to iOS, iPadOS, macOS and watchOS this fall.

與開發者社區非常相似，我們對技術幫助人們過上更快樂、更健康和更充實的生活的潛力持堅定的樂觀態度，這些目標隨著今年秋季 iOS、iPadOS、macOS 和 watchOS 的強大新更新而大放異彩。

That begins with innovative new features that help users stay connected with one another, like SharePlay and spatial audio for FaceTime or disconnect when they need a break, like Focus, which limits distracting notifications when you're winding down for bed or concentrating at work.

首先是幫助用戶保持聯繫的創新新功能，例如 SharePlay 和 FaceTime 的空間音頻或在他們需要休息時斷開連接，例如 Focus，它可以在您放鬆睡覺或集中精力工作時限制分散注意力的通知。

And new productivity features make iPad an even more useful tool for multitasking, helping users navigate across apps, split their screen or use Quick Note to capture a thought the moment inspiration strives.

新的生產力功能使 iPad 成為更有用的多任務處理工具，幫助用戶瀏覽應用程序、拆分屏幕或使用 Quick Note 捕捉靈感迸發的瞬間。

In the health space, our new health sharing feature will make it easier than ever to securely share your health data with loved ones.

在健康領域，我們新的健康共享功能將使與親人安全地共享您的健康數據變得前所未有的輕鬆。

That includes new capabilities like walking steadiness, which uses sensors to assess user stability doing everyday task and recommends exercises to improve stability and avoid a fall.

這包括步行穩定性等新功能，它使用傳感器來評估用戶執行日常任務的穩定性，並推薦鍛煉以提高穩定性並避免跌倒。

In the belief that privacy is a fundamental human right, we shared new features in iOS 15 that continue to drive our progress forward from mail privacy protection, which stops invisible pixels and an e-mail from tracking your mail activity, to app privacy report, which helps users check on the apps they've granted permission to use their personal data.

我們堅信隱私是一項基本人權，因此我們分享了 iOS 15 中的新功能，這些功能繼續推動我們從郵件隱私保護（阻止隱形像素和電子郵件跟踪您的郵件活動）到應用隱私報告方面取得進展，這有助於用戶檢查他們已授予使用其個人數據的權限的應用程序。

We also introduced some incredible next-generation technologies coming to the accessibility space, from assistive touch, which helps people with limb differences navigate Apple Watch to new voiceover capabilities to help blind and low-vision users.

我們還引入了一些令人難以置信的下一代技術進入輔助功能領域，從幫助肢體差異的人在 Apple Watch 中導航的輔助觸摸到幫助盲人和弱視用戶的新畫外音功能。

Accessibility remains a bedrock principle for us in the simple belief that the best technology for the world should be the best technology for everyone.

可訪問性仍然是我們的基本原則，因為我們堅信世界上最好的技術應該是每個人的最佳技術。

But the responsibility to be a force for good in the lives of others extends beyond the technology we make, so to the teachers and students shaping our future.

但是，在他人的生活中成為一股向善的力量的責任超出了我們製造的技術，也超出了塑造我們未來的教師和學生。

This quarter, as part of our Racial Equity and Justice Initiative, we awarded innovation grants to engineering schools at 4 historically black colleges and universities to expand their coursework, scholarships and internship opportunities in hardware engineering and silicon chip design.

本季度，作為我們種族平等和正義計劃的一部分，我們向 4 所歷史悠久的黑人學院和大學的工程學院提供了創新資助，以擴大他們在硬件工程和矽芯片設計方面的課程、獎學金和實習機會。

We see education as a great equalizing force, and we're more dedicated than ever to supporting the educators, advocates and students lighting the path and leading the way.

我們將教育視為一種強大的平等力量，我們比以往任何時候都更加致力於支持教育者、倡導者和學生照亮道路和引領道路。

That includes the 350 Swift Student Challenge winners we recognized at this year's WWDC.

其中包括我們在今年 WWDC 上認可的 350 位 Swift 學生挑戰賽獲勝者。

If you ever need a dose of hope or inspiration, I can't say enough about our student scholarship winners whose apt bring so much good into the world, from teaching other young people to code to helping volunteers deliver groceries to people at high risk of COVID-19.

如果您需要一點希望或靈感，我對我們的學生獎學金獲得者說得不夠多，他們為世界帶來瞭如此多的好處，從教其他年輕人編寫代碼到幫助志願者向高危人群運送雜貨新型冠狀病毒肺炎（COVID-19）：新冠肺炎（COVID-19）：COVID-19。

Young people's innovations remind us that our collective future is bound up in the next generation's passion for solving global challenges and of the responsibility we have to join them in building a better world.

年輕人的創新提醒我們，我們共同的未來取決於下一代解決全球挑戰的熱情，以及我們與他們一起建設更美好世界的責任。

Turning to our own backyard, we're continuing to press forward in our efforts to help bring more affordable housing to the Bay Area and across California.

談到我們自己的後院，我們將繼續努力為灣區和整個加利福尼亞州帶來更多經濟適用房。

This month, we shared that we've contributed more than $1 billion to help first-time homeowners and construct thousands of new affordable housing units across the state.

本月，我們分享了我們已捐贈超過 10 億美元用於幫助首次購房者並在全州建造數千個新的經濟適用房。

And we're continuing to stay focused on supporting the global response to the pandemic and delivering the best products and services for people.

我們將繼續專注於支持全球對大流行的反應，並為人們提供最好的產品和服務。

Our greatest source of inspiration isn't technology itself but how people use it in their own lives in ways great and small: to write a novel or to read one; to care for an ailing patient or see a doctor virtually; to track their heart rate on a jog or to train for the Olympics.

我們最大的靈感來源不是技術本身，而是人們如何在自己的生活中以大大小小的方式使用它：寫小說或閱讀小說；照顧生病的病人或虛擬看醫生；跟踪他們在慢跑時的心率或為奧運會訓練。

Every day, I'm grateful for the dedication of our teams to the simple mission of creating technology that improves people's lives.

每一天，我都感謝我們的團隊致力於創造改善人們生活的技術的簡單使命。

And I want to thank everyone at Apple for the purpose and passion they bring to that mission.

我要感謝 Apple 的每個人，感謝他們為這一使命帶來的目標和熱情。

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。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

We are very pleased to report record June quarter financial results, which reflect the importance of our products and services in our customers' lives and our strong underlying operating performance.

我們很高興報告創紀錄的 6 月季度財務業績，這反映了我們的產品和服務在客戶生活中的重要性以及我們強勁的基本經營業績。

Our revenue reached a June quarter record of $81.4 billion, an increase of nearly $22 billion or 36% from a year ago.

我們 6 月份的季度收入達到創紀錄的 814 億美元，同比增長近 220 億美元或 36%。

We grew double digits in each of our product categories with an all-time record for Services and June quarter records for iPhone, Mac and Wearables, Home and Accessories.

我們在每個產品類別中都實現了兩位數的增長，其中服務和 iPhone、Mac 和可穿戴設備、家居和配件的 6 月季度記錄均創歷史新高。

We also set new June quarter records in every geographic segment with very 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 6 月季度記錄，每個細分市場都實現了非常強勁的兩位數增長。

Products revenue was a June quarter record of $63.9 billion, up 37% over a year ago.

產品收入創下 6 月季度創紀錄的 639 億美元，同比增長 37%。

This level of sales performance, combined with the unmatched loyalty of our customers, 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，推動我們的有源設備安裝基數創下歷史新高。

Our Services set an all-time revenue record of $17.5 billion, up 33% over a year ago with June quarter records in each geographic segment.

我們的服務創下了 175 億美元的歷史收入記錄，比去年同期增長 33%，每個地區的 6 月份季度都創下了記錄。

Company gross margin was 43.3%, up 80 basis points from last quarter, driven by cost savings and a higher mix of services, partially offset by seasonal loss of leverage.

公司毛利率為 43.3%，比上一季度增長 80 個基點，這得益於成本節約和更高的服務組合，部分被槓桿的季節性損失所抵消。

Products gross margin was 36%, down 10 basis points sequentially, as seasonal loss of leverage was almost entirely offset by cost savings.

產品毛利率為 36%，環比下降 10 個基點，因為槓桿的季節性損失幾乎完全被成本節約所抵消。

Services gross margin was 69.8%, down 30 basis points sequentially, mainly due to a different mix.

服務毛利率為 69.8%，環比下降 30 個基點，主要是由於組合不同。

Net income of $21.7 billion, diluted earnings per share of $1.30 and operating cash flow of $21.1 billion were all June quarter records by a wide margin.

淨收入為 217 億美元，每股攤薄收益為 1.30 美元，經營現金流為 211 億美元，均大幅創下 6 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 set a June quarter record of $39.6 billion, growing 50% year-over-year and exceeding our own expectations as the iPhone 12 family continue to be in very high demand.

iPhone 6 月季度收入創下 396 億美元的歷史新高，同比增長 50%，超出了我們的預期，因為 iPhone 12 系列的需求仍然很高。

Performance was consistently strong across the world, and we grew very strong double digits in each geographic segment, setting June quarter records in most markets we track.

在全球範圍內的表現一直很強勁，我們在每個地理細分市場都實現了兩位數的強勁增長，在我們追踪的大多數市場中創造了 6 月份的季度記錄。

Our active installed base of iPhones reached a new all-time high thanks to the exceptional loyalty of our customer base and the strength of our ecosystem.

得益於我們客戶群的非凡忠誠度和我們生態系統的實力，我們的 iPhone 活躍安裝基數達到了歷史新高。

In the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 97% for the iPhone 12 family.

在美國，451 Research 對消費者的最新調查顯示，iPhone 12 系列的 iPhone 客戶滿意度為 97%。

Turning to Services.

轉向服務。

As I mentioned, we reached an all-time revenue record of $17.5 billion with all-time records for cloud services, music, video, advertising and payment services and June quarter records for the App Store and AppleCare.

正如我提到的，我們創下了 175 億美元的歷史收入記錄，其中云服務、音樂、視頻、廣告和支付服務的收入創下了歷史新高，App Store 和 AppleCare 的 6 月季度收入創下了歷史新高。

Our newer service offerings, Apple TV+, Apple Arcade, Apple News+, Apple Card, Apple Fitness+ as well as the Apple One bundle, continue to scale across users, content and features and are contributing to overall services growth.

我們較新的服務產品 Apple TV+、Apple Arcade、Apple News+、Apple Card、Apple Fitness+ 以及 Apple One 捆綁包繼續在用戶、內容和功能之間擴展，並為整體服務增長做出貢獻。

The key drivers for our Services business all continue to move in the right direction.

我們服務業務的主要驅動力都繼續朝著正確的方向發展。

First, our installed base of devices reached an all-time high across each geographic segment.

首先，我們的設備安裝基數在每個地理區域都達到了歷史最高水平。

Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the June quarter in each geographic segment, and paid accounts increased double digits.

其次，我們數字內容商店的交易和付費賬戶數量在 6 月季度在每個地理細分市場均創下歷史新高，並且付費賬戶增長了兩位數。

Third, paid subscriptions continue to show strong growth.

第三，付費訂閱繼續呈現強勁增長。

We now have more than 700 million paid subscriptions across the services on our platform, which is up more than 150 million from last year and nearly 4x the number of paid subscriptions we had only 4 years ago.

現在，我們平台上所有服務的付費訂閱量已超過 7 億，比去年增加了 1.5 億多，幾乎是 4 年前付費訂閱量的 4 倍。

And finally, we're adding new services that we think our customers will love while also continuing to improve the breadth and quality of our current services offerings.

最後，我們正在添加我們認為客戶會喜歡的新服務，同時繼續改進我們當前服務產品的廣度和質量。

For example, during WWDC in June, we previewed our new iCloud+ and Apple Wallet features, which we believe will create a more secure and differentiated customer experience.

例如，在 6 月的 WWDC 期間，我們預覽了新的 iCloud+ 和 Apple Wallet 功能，我們相信這些功能將創造更安全和差異化的客戶體驗。

Wearables, Home and Accessories grew 36% year-over-year to $8.8 billion, setting new June quarter revenue records in every geographic segment.

可穿戴設備、家居和配飾同比增長 36% 至 88 億美元，在每個地區都創下新的 6 月季度收入記錄。

We continue to improve and expand our product offerings in this category.

我們將繼續改進和擴展我們在此類別中的產品供應。

This quarter, we began shipping our new Apple TV 4K with a redesigned Siri Remote and our brand-new AirTags, and the customer response to both products has been very strong.

本季度，我們開始發售配備重新設計的 Siri Remote 和全新 AirTag 的全新 Apple TV 4K，客戶對這兩款產品的反應非常強烈。

In addition to its outstanding sales performance globally, Apple Watch continues to extend its reach, with nearly 75% of the customers purchasing Apple Watch during the quarter being new to the product.

除了在全球範圍內的出色銷售表現外，Apple Watch 還在繼續擴大其影響範圍，在本季度購買 Apple Watch 的客戶中有近 75% 是該產品的新手。

For Mac, despite supply constraints, we set a June quarter record of $8.2 billion, up 16% over last year, with June quarter revenue records in most markets we track around the world.

對於 Mac，儘管供應受到限制，但我們在 6 月份創下了 82 億美元的季度記錄，比去年增長 16%，我們追踪的全球大多數市場的 6 月份季度收入都創下了記錄。

It is remarkable that the last 4 quarters for Mac have been its best 4 quarters ever.

值得注意的是，Mac 的最後 4 個季度是有史以來最好的 4 個季度。

This exceptional level of sales success has been driven by the very enthusiastic customer response to our new Macs powered by the M1 chip, which we most recently brought to our newly redesigned iMac.

這種非凡的銷售成功是由於客戶對我們採用 M1 芯片的新 Mac 的非常熱情的反應推動的，我們最近為我們重新設計的 iMac 帶來了這種芯片。

iPad performance was also strong with revenue of $7.4 billion, up 12% in spite of significant supply constraints.

iPad 的表現也很強勁，收入為 74 億美元，儘管供應受到嚴重限制，但仍增長了 12%。

During the quarter, we also starting shipping our new iPad Pro powered by the M1 chip, and customer response has been outstanding.

在本季度，我們還開始發貨採用 M1 芯片的新 iPad Pro，客戶反應非常出色。

Both iPad and Mac have taken computing to the next level, and when you combine their performance over the last 12 months, they are now the size of a Fortune 50 business thanks to the best product lineups we've ever had, very high levels of customer satisfaction and a loyal growing installed base.

iPad 和 Mac 都將計算提升到了一個新的水平，當你將它們在過去 12 個月的表現結合起來時，由於我們擁有的最好的產品陣容，它們現在已經達到了財富 50 強企業的規模，非常高的水平客戶滿意度和忠誠的不斷增長的安裝基礎。

In fact, around half of the customers purchasing Mac and iPad during the quarter were new to that product, and in most recent surveys of U.S. consumers from 451 Research, customer satisfaction was 92% for Mac and 95% for iPad.

事實上，在本季度購買 Mac 和 iPad 的客戶中，約有一半是該產品的新用戶，在 451 Research 最近對美國消費者的調查中，Mac 的客戶滿意度為 92%，iPad 的客戶滿意度為 95%。

In Enterprise, our customers are excited about the superior performance, battery life and security that the new M1 Macs bring.

在 Enterprise 中，我們的客戶對新款 M1 Mac 帶來的卓越性能、電池壽命和安全性感到興奮。

MassMutual, for example, is offering M1 MacBook Pro to all of its employees and equipping all conference rooms with M1 Mac Minis in preparation for return to work.

例如，MassMutual 為其所有員工提供 M1 MacBook Pro，並為所有會議室配備 M1 Mac Mini，為重返工作崗位做準備。

And with its incredible performance and affordable entry price, the MacBook Air with M1 is gaining rapid adoption among many leading enterprise organizations.

憑藉其令人難以置信的性能和實惠的入門價格，配備 M1 的 MacBook Air 正迅速被許多領先的企業組織採用。

Italgas, Italy's largest natural gas company, which will soon be using its extensive network to distribute renewable gases, is replacing every employee's Windows laptop with the new MacBook Air powered by Apple's M1 chip to bring the latest technology to its workforce.

Italgas 是意大利最大的天然氣公司，很快將利用其廣泛的網絡來分配可再生氣體，該公司正在用配備 Apple M1 芯片的新款 MacBook Air 取代每位員工的 Windows 筆記本電腦，為員工帶來最新技術。

And Grab, Southeast Asia's leading super app that provides transportation, food delivery and digital payment services, is adding M1 MacBook Air to its company-wide M1 Mac deployment.

Grab 是東南亞領先的超級應用程序，提供交通、食品配送和數字支付服務，正在將 M1 MacBook Air 添加到其公司範圍內的 M1 Mac 部署中。

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 $194 billion in cash plus marketable securities.

我們在本季度結束時擁有 1,940 億美元的現金和有價證券。

We retired $3 billion of term debt and increased commercial paper by $3 billion, leaving us with total debt of $122 billion.

我們償還了 30 億美元的定期債務，並增加了 30 億美元的商業票據，使我們的債務總額為 1220 億美元。

As a result, net cash was $72 billion at the end of the quarter.

因此，本季度末的淨現金為 720 億美元。

As our business continued to perform at a very high level, we are also able to return $29 billion to shareholders during the June quarter.

隨著我們的業務繼續保持在非常高的水平，我們還能夠在 6 月季度向股東返還 290 億美元。

This included $3.8 billion in dividends and equivalents and $17.5 billion through open market repurchases of 136 million Apple shares.

其中包括 38 億美元的股息和等價物，以及通過公開市場回購 1.36 億股蘋果股票獲得的 175 億美元。

We also began a $5 billion accelerated share repurchase program in May, resulting in the initial delivery and retirement of 32 million shares.

我們還在 5 月份啟動了一項 50 億美元的加速股票回購計劃，導致 3200 萬股股票的初始交付和退役。

As we move ahead into the September 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 9 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 assuming that the COVID-related impacts to our business do not worsen from what we are projecting today for the current quarter.

鑑於近期全球範圍內持續存在不確定性，我們不會提供收入指導，但我們正在分享一些定向見解，假設與 COVID 相關的對我們業務的影響不會比我們今天對當前季度的預測更糟。

We expect very strong double-digit year-over-year revenue growth during the September quarter.

我們預計 9 月季度的收入將實現非常強勁的兩位數同比增長。

We expect revenue growth to be lower than our June quarter year-over-year growth of 36% for 3 reasons.

由於三個原因，我們預計收入增長將低於我們 6 月份季度同比增長 36%。

First, we expect the foreign exchange impact on our year-over-year growth rate to be 3 points less favorable than it was during the June quarter.

首先，我們預計外匯對我們同比增長率的影響將比 6 月季度低 3 個百分點。

Second, we expect our services growth rate to return to a more typical level.

其次，我們預計我們的服務增長率將回到更典型的水平。

The growth rate during the June quarter benefited from a favorable compare as certain services were significantly impacted by the COVID lockdowns a year ago.

6 月季度的增長率得益於有利的比較，因為某些服務在一年前受到 COVID 封鎖的嚴重影響。

And third, we expect supply constraints during the September quarter to be greater than what we experienced during the June quarter.

第三，我們預計 9 月季度的供應限制將大於我們在 6 月季度經歷的供應限制。

The constraints will primarily impact iPhone and iPad.

這些限制將主要影響 iPhone 和 iPad。

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 $11.3 billion and $11.5 billion.

我們預計運營支出將在 113 億美元至 115 億美元之間。

We expect OI&E to be around 0, 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 0，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 August 12, 2021, to shareholders of record as of August 9, 2021.

最後，今天，我們的董事會宣布將於 2021 年 8 月 12 日向截至 2021 年 8 月 9 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。

(Operator Instructions) Operator, may we have the first question, please?

（操作員說明）操作員，我們可以問第一個問題嗎？

Our first question comes from Katy Huberty from Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Katy Huberty。

Hearing no response, we'll take our next question from Chris Caso with Raymond James.

聽不到任何回應，我們將回答 Chris Caso 和 Raymond James 提出的下一個問題。

Yes.

是的。

Just to dig into the commentary on guidance a little bit.

只是為了深入研究一下關於指導的評論。

Just starting with the fact that last year, obviously, there was a later launch of iPhone than we've typically seen in other years.

從去年開始，很明顯，iPhone 的發佈時間比我們在其他年份通常看到的要晚。

Could you talk us through that and perhaps some of the other products, what may be different as compared to last year?

您能否與我們談談這個問題，也許還有其他一些產品，與去年相比有什麼不同？

Well, as I explained, there are -- first of all, we are expecting to grow very strong double digits.

好吧，正如我所解釋的，有 - 首先，我們預計會增長非常強勁的兩位數。

That's, I think, Chris, the starting point here.

我認為，克里斯，這是這裡的起點。

We expect this very strong level of growth that we've experienced during the course of the year to continue into the September quarter.

我們預計我們在這一年中經歷的這種非常強勁的增長水平將持續到 9 月季度。

We said that the growth rate is going to be below 36%, and I've listed 3 factors.

我們說增長率將低於 36%，我列出了 3 個因素。

The first factor is that the dollar continues to be favorable on a year-over-year basis in the sense that it's weakened against most currencies on a year-over-year basis, but that benefit is going to be about 3 points less in the September quarter than what we've experienced during the June quarter because the dollar strengthened against most currencies in recent weeks.

第一個因素是美元同比繼續有利，因為美元兌大多數貨幣同比走弱，但這一收益將在9 月季度比我們在 6 月季度經歷的要多，因為最近幾周美元兌大多數貨幣走強。

Second, I mentioned that the services growth rate that we've experienced in the June quarter, 33%, that's significantly higher than what we've had in recent history.

其次，我提到我們在 6 月季度經歷的服務增長率為 33%，這明顯高於我們最近的歷史記錄。

And that was due to the fact that there were a couple of services categories, namely our advertising business and AppleCare that were significantly impacted a year ago because of the COVID lockdowns and therefore, they had a relatively easy compare in the June quarter.

這是因為有幾個服務類別，即我們的廣告業務和 AppleCare 在一年前因 COVID 鎖定而受到重大影響，因此，它們在 6 月季度的比較相對容易。

And so we don't expect that to continue into the September quarter.

因此，我們預計這種情況不會持續到 9 月季度。

And so we expect still significant growth in Services, but not to the level that we've seen in June.

因此，我們預計服務仍將顯著增長，但不會達到我們在 6 月份看到的水平。

And then I mentioned that the supply constraints that we've seen in the June quarter will be higher during the September quarter.

然後我提到我們在 6 月季度看到的供應限制在 9 月季度會更高。

Back in -- when we talked here 3 months ago, we said that we were expecting supply constraints for the June quarter between $3 billion and $4 billion to affect primarily iPad and Mac.

回到 - 當我們 3 個月前在這裡談話時，我們說我們預計 6 月季度的供應限制在 30 億至 40 億美元之間，主要影響 iPad 和 Mac。

We were able to mitigate some of those constraints during the June quarter.

我們能夠在 6 月的季度緩解其中的一些限制。

And so we came in at a number that was slightly below the low end of that range that we had quoted at the beginning of the quarter, but we expect that number to be higher for the September quarter.

因此，我們得出的數字略低於我們在本季度初引用的該範圍的低端，但我們預計 9 月季度的數字會更高。

And so when you put all that together, again, very strong double-digit growth for September, with these caveats that I just mentioned.

因此，當您將所有這些放在一起時，9 月份再次出現了非常強勁的兩位數增長，以及我剛才提到的這些警告。

If I could follow up with regard to the supply constraints, and do you expect those supply constraints to persist through the December quarter as well what effect will that have on the holiday selling season?

如果我可以跟進供應限制，您是否預計這些供應限制會持續到 12 月季度，以及這將對假日銷售季節產生什麼影響？

And then in conjunction with that, what additional costs are you absorbing because of these supply constraints?

與此相結合，由於這些供應限制，您吸收了哪些額外成本？

Is that having an effect on gross margins or just product cost in general as you perhaps pay a little more to get more supply?

這是否對毛利率或一般產品成本產生影響，因為您可能會多付一點錢來獲得更多供應？

Chris, it's Tim.

克里斯，我是蒂姆。

In terms of the cost, we're paying more for freight than I would like to pay, but component costs continue in the aggregate to decline.

就成本而言，我們支付的運費比我願意支付的要多，但組件成本總體上繼續下降。

In terms of supply constraints and how long they will last, I don't want to predict that today.

就供應限制以及它們將持續多長時間而言，我今天不想預測。

We're going to take it sort of one quarter at a time.

我們將一次接受四分之一。

And as you would guess, we'll do everything we can to mitigate whatever set of circumstances we're dealt.

正如您所猜測的那樣，我們將盡一切努力減輕我們遇到的任何情況。

And Chris, on the cost side, as I mentioned during my comments, our results for gross margins for the June quarter, 43.3%, we really saw some really nice cost savings during the quarter.

克里斯，在成本方面，正如我在評論中提到的，我們 6 月季度的毛利率結果為 43.3%，我們在本季度確實看到了一些非常好的成本節省。

And I think you've seen that we provided guidance of 41.5% to 42.5% for September, which is obviously a level that we are very pleased with.

我想你已經看到我們為 9 月提供了 41.5% 到 42.5% 的指導，這顯然是我們非常滿意的水平。

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

我們將回答花旗集團投資研究部 Jim Suva 提出的下一個問題。

Congratulations to you and your global team for great operations during a challenging time.

祝賀您和您的全球團隊在充滿挑戰的時期取得了出色的運營。

Tim and Luca, I just have one question and either of you or both of you could figure out who's best to answer it.

蒂姆和盧卡，我只有一個問題，你們中的一個或你們兩個都可以找出誰最適合回答這個問題。

But we look at a world of pretty unprecedented, whether it be COVID, the Delta variant, China flood, supply chain components, just wondering for your like R&D and innovation, is it being materially impacted by that such where a normal cadence is unfair?

但是我們看到了一個前所未有的世界，無論是 COVID、Delta 變體、中國洪水、供應鏈組件，只是想知道您喜歡的研發和創新，它是否受到了這種正常節奏不公平的重大影響？

Or is it kind of happening during a slow time of year where you're able to empower people to work remotely and still have the typical innovations and product launches that you've had historically in the past?

或者它是在一年中的緩慢時間發生的，在那裡您能夠讓人們遠程工作，並且仍然擁有過去歷史上典型的創新和產品發布？

Jim, the company has been incredibly resilient.

吉姆，這家公司的彈性令人難以置信。

The employees are really doing double duty.

員工真的在做雙重任務。

And I could not be more pleased with the cadence that we're coming out with new things.

我對我們推出新事物的節奏感到非常滿意。

As you can see from the software announcements that we made in -- at WWDC and the corresponding launches of the software that we plan on in the fall and then all of the products that we've been able to bring out over the last 12 to 18 months, it's amazing.

正如您在 WWDC 上發布的軟件公告以及我們計劃在秋季推出的相應軟件以及我們在過去 12 至 12 年間推出的所有產品中所看到的18 個月，太棒了。

And so I'm very pleased with it.

所以我對此非常滿意。

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

我們將通過 Cross Research 回答 Shannon Cross 提出的下一個問題。

Tim, I'm curious, what have you learned from this iPhone cycle regarding customer preferences and pricing and maybe subscriptions in that?

蒂姆，我很好奇，你從這個 iPhone 週期中學到了什麼關於客戶偏好和定價以及訂閱的信息？

And if there is a difference, if you could talk about it on a geographic basis.

如果存在差異，您是否可以在地理基礎上進行討論。

We've -- if you look at our results in Q3, Shannon, we had strong double-digit growth for switchers and for upgraders.

我們 - 如果你看看我們在第三季度的結果，香農，我們的切換器和升級器實現了兩位數的強勁增長。

And in fact, it was our largest upgrade quarter for a Q3 ever.

事實上，這是我們有史以來第三季度最大的升級季度。

And so we feel really, really great about both categories.

所以我們對這兩個類別都感覺非常非常好。

And as Luca kind of said during the preamble or opening comments, we -- our results are really strong for iPhone around the world.

正如盧卡在序言或開場評論中所說的那樣，我們 - 我們的結果對於世界各地的 iPhone 來說都非常強勁。

And so it's been a very, very strong cycle.

所以這是一個非常非常強大的循環。

And yet we're -- the penetration on 5G is obviously still very, very low.

然而，我們 - 5G 的滲透率顯然仍然非常非常低。

And so we feel really good about the future of the iPhone.

所以我們對 iPhone 的未來感覺非常好。

Okay.

好的。

And maybe if you can talk a bit about China, up 58%, where are you seeing the growth?

也許如果你能談談中國，增長 58%，你在哪裡看到增長？

What are you hearing from customers there?

您從那裡的客戶那裡聽到了什麼？

How is this -- actually, 58% is not sustainable, but how sustainable is the strength?

這是怎麼回事——實際上，58% 是不可持續的，但強度如何可持續？

It was an incredibly strong quarter.

這是一個令人難以置信的強勁季度。

It set a June quarter revenue record for Greater China for us, and so we're very proud of that and doing the best job we can to serve customers there.

它為我們創造了大中華區 6 月份的季度收入記錄，因此我們為此感到非常自豪，並儘我們所能為那裡的客戶提供服務。

We had a particularly strong response to the 12 Pro and the 12 Pro Max.

我們對 12 Pro 和 12 Pro Max 的反應特別強烈。

Those results were particularly strong.

這些結果特別強勁。

And if -- but if you look at the balance of our products, we also set June quarter records for Wearables, Home and Accessories for Mac and for Services.

如果——但如果你看看我們產品的平衡，我們還為 Mac 和服務的可穿戴設備、家庭和配件創造了 6 月份的季度記錄。

So it was sort of an across-the-board strength.

所以這是一種全面的優勢。

And we're seeing plenty of new customers come to the market.

我們看到大量新客戶進入市場。

For example, Mac and iPad, about 2/3 of the customers who bought in the last quarter were new to that product.

例如，Mac 和 iPad，上個季度購買的客戶中約有 2/3 是該產品的新手。

For the Apple Watch, that number was 85%.

對於 Apple Watch，這個數字是 85%。

And so we could not be happier with the results.

所以我們對結果非常滿意。

Was the 85% China or overall?

85% 是中國還是整體？

85% was China.

85% 是中國。

Yes, I was talking about -- specifically, the numbers I referenced were specifically for China.

是的，我說的是——具體來說，我提到的數字是專門針對中國的。

And then Shannon, it's -- for the world, the Watch is 75%.

然後是香農，對於全世界來說，手錶是 75%。

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

我們將通過 Evercore 回答 Amit Daryanani 提出的下一個問題。

I have 2 as well.

我也有2個。

I guess, first off, Luca, I was hoping you could maybe talk a little bit more about the gross margins and maybe the expectations you laid out for September.

我想，首先，盧卡，我希望你能多談談毛利率，也許你對 9 月提出的期望。

I think sequentially, it implies it's down 100 basis points or so.

我認為按順序，這意味著它下降了 100 個基點左右。

So maybe just touch on what are the puts and takes there would be helpful because I think historically, September tends to be a flattish, maybe even up a little bit gross margin number for you folks.

因此，也許只是觸及那裡的看跌期權和買入期權會有所幫助，因為我認為從歷史上看，9 月往往是平淡的，甚至可能對你們這些人來說毛利率略高一些。

Yes.

是的。

I think it's important to go back to the Q3 results, right?

我認為回到第三季度的結果很重要，對嗎？

It's 43.3%.

為 43.3%。

And one of the things that I mentioned is that in addition to getting really good cost savings on a sequential basis, we also had a very high mix of services as part of the total, and particularly, with advertising doing really, really well because of the rebound that we saw from the COVID lockdowns a year ago.

我提到的一件事是，除了連續獲得非常好的成本節省之外，我們還擁有非常高的服務組合作為總的一部分，特別是廣告做得非常非常好，因為我們從一年前的 COVID 封鎖中看到的反彈。

And so as we move forward sequentially, we do expect a different mix, and so that drives the guidance that we provided, which, again, as you know, it's significantly higher than just a year ago.

因此，隨著我們按順序前進，我們確實期望有不同的組合，從而推動我們提供的指導，正如您所知，這再次顯著高於一年前。

For example, a year ago, we were at 38.2%, so almost 400 basis points of expansion on a year-over-year basis, right?

例如，一年前，我們的增長率為 38.2%，因此同比增長近 400 個基點，對嗎？

And so I think it's important to take that into account, just a different mix.

所以我認為考慮到這一點很重要，只是一種不同的組合。

Got it.

知道了。

No, absolutely.

不，絕對。

I don't think anyone expected gross margins to be north of 40% just quickly for you, folks.

伙計們，我認為沒有人預計毛利率會很快超過 40%。

So that is impressive.

所以這令人印象深刻。

If I could follow up on Services, and I know you called out the 33% growth this quarter as a bit of an aberration.

如果我可以跟進服務，我知道你認為本季度 33% 的增長有點失常。

The compares were easier.

比較容易一些。

But as you look at your services growth rate over the last 4 quarters, let's just say, what do you think is enabling this growth?

但是，當您查看過去 4 個季度的服務增長率時，讓我們說一下，您認為是什麼促成了這種增長？

Is it you're able to have a higher ARPU more monetization of your installed base?

您是否能夠通過更高的 ARPU 為您的已安裝用戶群帶來更多貨幣化？

Or is your installed base growing?

或者您的安裝基礎是否在增長？

I'm curious, which one is bigger?

我很好奇，哪個更大？

And then over time, how do you think those 2 components stack up for you?

然後隨著時間的推移，您認為這兩個組件如何疊加？

It's a combination of multiple factors, right?

這是多種因素的結合，對吧？

Obviously, the fact that our installed base continues to grow and it sets new all-time highs all the time obviously gives us a larger opportunity all the time.

顯然，我們的安裝基數繼續增長並且一直創下歷史新高的事實顯然一直為我們提供了更大的機會。

And second, we have more and more people that are engaged in our ecosystem, both transacting for free, which is a very large number, and people that are willing to pay for some of the services, and that percentage of people that are paying for our services continues to grow nicely.

其次，我們有越來越多的人參與到我們的生態系統中，既有免費交易的人，數量也非常多，也有願意為某些服務付費的人，以及願意為某些服務付費的人的百分比我們的服務繼續保持良好增長。

I mentioned it grew double digits again this quarter.

我提到它本季度再次增長了兩位數。

So that obviously helps on the revenue side.

所以這顯然有助於收入方面。

And of course, we continue to increase both the quality and the quantity of the services.

當然，我們會繼續提高服務的質量和數量。

As you know, during the last few years, we've launched a lot of new services from Apple TV+ to Fitness+, Apple Arcade, News+ and so -- and of course, the Apple Card.

如您所知，在過去幾年中，我們推出了許多新服務，從 Apple TV+ 到 Fitness+、Apple Arcade、News+ 等等——當然還有 Apple Card。

And so these are businesses that we are scaling right now.

所以這些是我們現在正在擴展的業務。

And so all that additional revenue helps, and I think it flows through our growth rates.

所以所有額外的收入都有幫助，我認為它會影響我們的增長率。

As you said, during the last 4 quarters, we are well into the mid-20s, right?

正如您所說，在過去的四個季度中，我們已經進入了 20 年代中期，對嗎？

So I think it's obviously very nice for us to see.

所以我認為這對我們來說顯然非常好。

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。

Can you hear me okay?

你能聽到我好嗎？

Yes, we can.

我們可以。

Okay.

好的。

Good.

好的。

So first question, there's a debate in the market around how much Apple benefited from the pandemic, given increased spend in areas like Mac and App Store.

因此，第一個問題是，鑑於 Mac 和 App Store 等領域的支出增加，市場上存在關於 Apple 從大流行中受益多少的爭論。

But of course, you've mentioned over the past several quarters that there are other areas that were limited by the pandemic and store closures and less foot traffic.

但是，當然，您在過去幾個季度中提到，還有其他地區受到大流行、商店關閉和人流量減少的限制。

When you net out all the puts and takes, was your business helped?

當您扣除所有的買入和賣出期權時，您的業務是否得到了幫助？

Or was it hindered by the pandemic?

還是受疫情影響？

Well, of course, Katy, we don't have the crystal ball that tells us exactly what these different variables, how they impacted our business.

嗯，當然，凱蒂，我們沒有水晶球來準確地告訴我們這些不同的變量是什麼，它們如何影響我們的業務。

We do know that on -- I would say, on the positive side of the ledger, obviously, especially during the periods of extreme lockdowns, digital services did very well because entertainment options were limited.

我們確實知道——我想說的是，在分類賬的積極方面，顯然，特別是在極端封鎖期間，數字服務表現非常好，因為娛樂選擇有限。

And so obviously, our digital services did really, really well.

很明顯，我們的數字服務做得非常非常好。

Obviously, with more people working from home, more people studying from home, we know that iPad and Mac demand was very, very strong.

顯然，隨著越來越多的人在家工作，越來越多的人在家學習，我們知道 iPad 和 Mac 的需求非常非常強勁。

On the other side, we had certain services like advertising because of the reduced economic activity, AppleCare because our stores were closed, that were affected negatively, and certain products like the iPhone or the Watch.

另一方面，由於經濟活動減少，我們有某些服務，例如廣告，AppleCare，因為我們的商店關閉，受到負面影響，以及某些產品，例如 iPhone 或 Watch。

So there are maybe more complex types of sales because of the complexity of the transaction.

因此，由於交易的複雜性，可能會有更複雜的銷售類型。

They were also affected because so many points of sale were closed all around the world, not only our stores but also our partner stores, right?

他們也受到了影響，因為世界各地的許多銷售點都關閉了，不僅是我們的商店，還有我們的合作夥伴商店，對吧？

So we had that dynamic during -- throughout COVID.

所以我們在整個 COVID 期間都有這種動態。

And now some of these businesses are rebounding.

現在，其中一些業務正在反彈。

I mentioned advertising and AppleCare.

我提到了廣告和 AppleCare。

iPad and Mac, it's difficult for us to gauge because we've been constrained for quite a long period of time.

iPad 和 Mac，我們很難衡量，因為我們已經被限制了很長時間。

And the reality is that maybe the new normal after we exit COVID may be different from the past.

而現實是，也許我們退出 COVID 後的新常態可能與過去不同。

For example, maybe there's going to be hybrid models around work, for example.

例如，也許會有圍繞工作的混合模型。

And so it's difficult to tell you on a net basis what that is, clearly -- and this is very fluid because it tends to change over time.

因此，很難清楚地告訴您淨值是什麼——而且這是非常不穩定的，因為它往往會隨著時間的推移而發生變化。

I can certainly tell you that we're all looking forward to a COVID-free world.

我可以肯定地告訴你，我們都期待著一個沒有新冠病毒的世界。

I think that would be very good for us and for the entire -- I mean for our customers as well.

我認為這對我們和整個人都非常有益——我的意思是對我們的客戶也是如此。

And just a follow-up on iPhone specifically.

並且只是專門針對 iPhone 的後續行動。

If you look historically after a really strong product cycle, which you've experienced this year with iPhone 12, iPhone revenues come under pressure because the upgrade rate slows, the mix often shifts to the lower end of the portfolio.

如果從歷史上看，iPhone 12 已經經歷了一個非常強勁的產品週期，那麼 iPhone 的收入會因為升級速度放緩而面臨壓力，這種組合通常會轉移到產品組合的低端。

Is it fair to assume a similar trend will play out over the next year?

假設明年會出現類似的趨勢是否公平？

Or if not, what do you think is different this time?

或者如果沒有，你認為這次有什麼不同？

Katy, it's Tim.

凱蒂，是蒂姆。

We're not predicting the next cycle, but I would point out a few things.

我們不是在預測下一個週期，但我想指出一些事情。

One is we have a very large and growing installed base.

一是我們擁有非常龐大且不斷增長的安裝基礎。

As you know, the iPhones passed 1 billion active devices earlier this year.

如您所知，今年早些時候 iPhone 的活躍設備數量超過了 10 億。

Two, we have loyal and satisfied customers.

第二，我們有忠誠和滿意的客戶。

The customer set that we're seeing on the new iPhones are -- is just amazing.

我們在新 iPhone 上看到的客戶群是——真是太棒了。

It's jaw-dropping.

真是令人瞠目結舌。

And the geographic response is pervasive across the world.

地理反應在世界範圍內普遍存在。

And in the U.S., we had the top 3 selling models.

在美國，我們擁有銷量前三的車型。

In the U.K., we have 4 out of the top 5. In Australia, we have the top 2. In Japan, we have the top 3. In Urban China, we have the top 2. And so the response from customers all around have been great.

在英國，我們在前 5 名中有 4 個。在澳大利亞，我們有前 2 名。在日本，我們有前 3 名。在中國城市，我們有前 2 名。所以來自各地客戶的反應是很棒。

Obviously, the product itself is amazing.

顯然，產品本身是驚人的。

The 12 lineup was a huge leap that introduced 5G and had A14 Bionic and a number of other fantastic features that customers love.

12 系列是一個巨大的飛躍，它引入了 5G，並擁有 A14 Bionic 和許多其他客戶喜愛的出色功能。

The next thing I think to consider is that we're in the very early innings of 5G.

我認為接下來要考慮的是，我們正處於 5G 的早期階段。

If you look at 5G penetration around the world, there's only a couple of countries that are in the double-digits yet.

如果你看看世界各地的 5G 普及率，只有幾個國家達到兩位數。

And so that's an amazing thing 9 months or so into this.

因此，在 9 個月左右的時間裡，這是一件了不起的事情。

And the last thing is we're going to continue to deliver great products.

最後一件事是我們將繼續提供出色的產品。

We're going to continue to do what we do best is integrate hardware, software and services together into an amazing experience.

我們將繼續做我們最擅長的事情，將硬件、軟件和服務整合到一起，打造令人驚嘆的體驗。

And so those are the things that I would consider if I were coming up with forecast.

如果我提出預測，這些就是我會考慮的事情。

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。

First of all, congratulations.

首先恭喜你。

Fantastic execution.

很棒的執行。

It's resulted in consistency for your results.

這導致了您的結果的一致性。

Tim, this is actually perfect timing for this question.

蒂姆，這實際上是這個問題的最佳時機。

You talked about your installed base of 1-billion-odd units.

您談到了 10 億多台的安裝基礎。

I was curious if you could help us understand how old that installed base is.

我很好奇您是否可以幫助我們了解安裝基礎的年齡。

And the reason that I'm asking this question is we're clearly seeing people upgrade to 5G phones.

我問這個問題的原因是我們清楚地看到人們升級到 5G 手機。

And if that's the case and that continues, that could be a larger force than most other forces for your revenues to continue to grow as people migrate to the 5G family of phones.

如果情況確實如此並且繼續下去，那麼隨著人們遷移到 5G 手機系列，這可能是比大多數其他力量更大的力量，使您的收入繼續增長。

So I was curious if you could shed light on how the upgrades are happening and then also how old that base is.

所以我很好奇你是否可以闡明昇級是如何發生的，以及該基地的年齡。

Yes.

是的。

What I would tell you is it's -- first of all, it's difficult to answer your question precisely.

我要告訴你的是——首先，很難準確地回答你的問題。

But what I would tell you is on both switchers and upgraders, we did extremely well in Q3.

但我要告訴你的是切換台和升級台，我們在第三季度做得非常好。

Both were up strong double digits.

兩者都上漲了兩位數。

And the geographic representation of iPhone year-over-year comps were -- looks extremely well.

iPhone 年復一年的地理代表 - 看起來非常好。

And so we're really pleased with it.

所以我們真的很滿意。

I would remind you that the 1 billion number that I quoted also was iPhone, where we quoted a number earlier in the year in the January call, I believe, of 1.65 billion devices is the total active devices just for clarification.

我要提醒你，我引用的 10 億數字也是 iPhone，我們在今年早些時候在 1 月的電話會議中引用了一個數字，我相信 16.5 億設備是活躍設備總數，只是為了澄清。

And so the net is very strong switchers, very strong upgraders, best upgrade quarter for June -- for the June quarter that we've seen.

所以網絡是非常強大的轉換者，非常強大的升級者，六月的最佳升級季度 - 對於我們所看到的六月季度。

And we feel really great about the momentum.

我們對這種勢頭感覺非常好。

But at the same time, we recognize that the 5G penetration is quite low around the world and very, very low.

但與此同時，我們認識到 5G 在全球的滲透率非常低，而且非常非常低。

We're at the front end of this.

我們在這方面處於領先地位。

Fair enough.

很公平。

For my follow-up, Apple is probably one of the largest semiconductor companies in the world.

對於我的跟進，蘋果可能是世界上最大的半導體公司之一。

How do you -- how does Apple determine what's strategic and something that Apple wants to make itself versus nonstrategic?

你如何——蘋果如何確定什麼是戰略性的，什麼是蘋果想要讓自己與非戰略性的東西？

And also, I was curious, there's a lot of -- well, it's public news now that Arm is getting acquired by NVIDIA, and I was curious how Apple views that.

而且，我很好奇，有很多 - 好吧，現在 Arm 被 NVIDIA 收購是公開新聞，我很好奇 Apple 如何看待這一點。

Is that something that's beneficial to Apple or not meaningful or negative?

這對蘋果有利還是無意義或不利？

Well, I think that, that acquisition has lots of questions that people are asking, and I'll sort of leave that to -- up to everyone else.

好吧，我認為，這次收購有很多人們在問的問題，我會把它留給 - 由其他人決定。

And in terms of us and how we decide to make silicon, we ask ourselves if we can do something better, if we can deliver a better product, if we can buy something in the market and it's great and it's as good as what we could do, we're going to buy it.

就我們以及我們如何決定製造矽而言，我們問自己是否可以做得更好，是否可以提供更好的產品，是否可以在市場上購買一些東西，它很棒而且與我們所能做的一樣好做，我們要買。

We'll only enter where we believe we have an ability to do something better and therefore, make a better product for the user.

我們只會進入我們認為我們有能力做得更好的地方，因此，為用戶製作更好的產品。

And so the M1 is a great example of that.

所以 M1 就是一個很好的例子。

We have the ability within our silicon team to deliver a product that we feel is appreciably better than we could buy.

我們的芯片團隊有能力提供我們認為比我們可以購買的產品明顯更好的產品。

And so we've taken our great hardware and software expertise and combine those and have brought the M1 out.

因此，我們利用了我們出色的硬件和軟件專業知識，將它們結合起來，推出了 M1。

And the response to the M1 has been unbelievable.

對 M1 的反應令人難以置信。

It's powering Mac sales that are constrained.

它為受到限制的 Mac 銷售提供動力。

It's powering now iPad, which also has constraints on it.

它現在為 iPad 提供動力，而 iPad 也受到限制。

And so that's how we look at whether we should enter a market or not.

這就是我們如何看待我們是否應該進入市場。

We will take our next question from Krish Sankar with Cowen and Company.

我們將與 Cowen and Company 一起回答 Krish Sankar 提出的下一個問題。

Yes.

是的。

And congrats on the strong results.

並祝賀取得了不錯的成績。

First one for Luca, you mentioned Services growth should normalize in the September quarter.

Luca 的第一個，你提到服務增長應該在 9 月季度正常化。

And I understand the last few quarters, Services business was strong, driven by work-from-home, et cetera.

而且我了解過去幾個季度，在在家工作等的推動下，服務業務表現強勁。

So what is the normalized growth rate for the Services business as folks return back to the office in this post-COVID world?

那麼，在這個後 COVID 時代，隨著人們返回辦公室，服務業務的標準化增長率是多少？

And then I have a follow-up.

然後我有一個跟進。

Well, I think you can go back several quarters and try to do a bit of an average, and that's what we were talking about.

好吧，我認為你可以回到幾個季度並嘗試做一些平均，這就是我們正在談論的。

Of course, there's always a bit of variability around results, right?

當然，結果總是存在一些可變性，對嗎？

But certainly, we haven't done 33% in years.

但可以肯定的是，我們多年來沒有完成 33% 的工作。

And so that was a bit of an anomaly.

所以這有點異常。

And again, I explained it's around a couple of the businesses that had a relatively easy compare during the June quarter.

再一次，我解釋說，這是圍繞著在 6 月季度進行比較相對容易的幾項業務。

So our services growth has been for many, many quarters in strong double digits, and we feel confident around that level.

因此，我們的服務增長在很多很多季度都保持兩位數的強勁增長，我們對這一水平充滿信心。

Got it.

知道了。

Got it.

知道了。

And then just a follow-up for Tim or Luca.

然後只是蒂姆或盧卡的後續行動。

I think, Tim, you mentioned in your prepared comments that in September quarter, there's going to be greater impact on supply constraints on the iPhone and iPad.

我認為，蒂姆，你在準備好的評論中提到，在 9 月的季度，iPhone 和 iPad 的供應限制將產生更大的影響。

So I'm kind of curious, this is the first time I heard you talk about component shortages impacting the iPhone.

所以我有點好奇，這是我第一次聽到你談論影響 iPhone 的組件短缺。

Can you be more specific?

你可以說得更詳細點嗎？

Is it display drivers?

是顯卡驅動嗎？

Or what exactly is the choke point on the supply?

或者究竟什麼是供應的瓶頸？

The majority of constraints we're seeing are of the variety that I think others are seeing that are -- I would classify as industry shortage.

我們看到的大多數限制是多種多樣的，我認為其他人也看到了——我將其歸類為行業短缺。

We do have some shortages.

我們確實有一些短缺。

In addition to that, where the demand has been so great and so beyond our own expectation that it's difficult to get the entire set of parts within the lead times that we try to get those.

除此之外，需求如此之大，超出了我們自己的預期，以至於很難在我們試圖獲得的交貨時間內獲得整套零件。

And so it's a little bit of that as well.

所以它也是一點點。

The -- as I said before, I think probably maybe with the basis of your question, the sort of the latest nodes, which we use in several of our products have not been as much of an issue.

- 正如我之前所說，我認為可能根據您的問題，我們在幾個產品中使用的最新節點類型並沒有那麼大的問題。

The legacy nodes are where the supply constraints have been on silicon.

傳統節點是供應限制在矽片上的地方。

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

我們將聽取瑞銀的 David Vogt 提出的下一個問題。

So maybe just a point of clarification.

所以也許只是澄清一點。

So based on the data and the comments about upgraders and switchers being strong as well as emerging markets were relatively strong in the quarter, what does that specific set of data point strength mean for the iPhone portfolio?

因此，根據有關升級者和切換者強勁以及新興市場在本季度相對強勁的數據和評論，該特定數據點強度對 iPhone 產品組合意味著什麼？

And I guess my question around that is, when you think about switchers and price points, I think last year you launched the SE too to really address maybe some of the lower price point markets like the emerging markets.

我想我的問題是，當你考慮切換器和價格點時，我認為去年你也推出了 SE 來真正解決一些低價點市場，比如新興市場。

So does that mean, thinking about the portfolio going forward, there is less of a need for a lower price product going forward?

那麼這是否意味著，考慮到未來的投資組合，未來對低價產品的需求減少了？

And that the current portfolio and the new cycle going forward would be more high end in nature as we currently have today?

並且當前的投資組合和未來的新周期本質上會像我們今天一樣更加高端？

And then I have a follow-up.

然後我有一個跟進。

Yes, David, we did --we had an incredible quarter for the emerging markets.

是的，大衛，我們做到了——我們為新興市場創造了一個令人難以置信的季度。

In Q3, we set June quarter records in Mexico and Brazil and Chile, in Turkey and UAE, in Poland and Czech Republic, India, obviously, in China, as I talked about before, Thailand, Malaysia, Vietnam, Cambodia, Indonesia.

在第三季度，我們在墨西哥、巴西和智利、土耳其和阿聯酋、波蘭和捷克共和國、印度，當然還有中國，正如我之前談到的，泰國、馬來西亞、越南、柬埔寨、印度尼西亞創造了 6 月份的季度記錄。

I could go on and name a few more.

我可以繼續說一些。

It's a very long list.

這是一個很長的清單。

And so we're -- those results are for the entire line of products that we have.

所以我們 - 這些結果適用於我們擁有的整個產品線。

And keep in mind, we still do have SE in the line.

請記住，我們仍然有 SE。

We launched it a year ago, but it's still in the line today, and it's sort of our entry price point.

我們在一年前推出了它，但今天它仍然在生產線上，這是我們的入門價格點。

And so I'm pleased with how all of them are doing.

所以我對他們所有人的表現感到滿意。

And I think we need sort of that range of price points to accommodate the types of people that we want to accommodate.

而且我認為我們需要某種價格範圍來適應我們想要容納的人的類型。

And so we've put something for the entry buyer who really wants to get into an iPhone and then something for the pro buyer who wants the very best iPhone that they can buy.

因此，我們為真正想要購買 iPhone 的入門買家提供了一些東西，然後為想要他們能買到的最好的 iPhone 的專業買家提供了一些東西。

And I think that's true in the emerging markets as good as it's true in the United States or other developed markets.

我認為這在新興市場和美國或其他發達市場都是如此。

No.

不。

No, that's helpful.

不，這很有幫助。

I appreciate that, Tim.

我很感激，蒂姆。

So does that mean sort of the emerging market buyer that wants to get into the iPhone is looking for a device that has 5G capability as well?

那麼這是否意味著想要進入 iPhone 的新興市場買家也在尋找具有 5G 功能的設備？

Obviously, we're early innings in a lot of markets.

顯然，我們在很多市場都處於早期階段。

Or how do we think about that over the intermediate to longer term in terms of the consumer preference for 5G in those markets if available from an infrastructure perspective?

或者，如果從基礎設施的角度來看，我們如何在中長期考慮這些市場中消費者對 5G 的偏好？

In most of the markets I read, it is really, really, really early on 5G.

在我讀到的大多數市場中，5G 真的非常非常非常早。

Really early.

真的很早

And so -- but I think the top end buyer is buying for the future as well because they may hold their phone for 2 years or longer in some cases.

所以 - 但我認為高端買家也在為未來購買，因為在某些情況下他們可能會持有手機 2 年或更長時間。

And so 5G becomes an important part of their buying decision.

因此，5G 成為他們購買決策的重要組成部分。

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

我們將回答克利夫蘭研究公司 Ben Bollin 提出的下一個問題。

I wanted to start, Luca or Tim, could you walk us through a little bit about how you think Apple One bundles are influencing the trajectory of services and the economics?

我想先說一下，Luca 或 Tim，您能否向我們介紹一下您認為 Apple One 捆綁包如何影響服務和經濟的發展軌跡？

And then a second part on Services, I'm curious how you think IDFA is developing and influencing the trajectory of the advertising business within Services.

然後是關於服務的第二部分，我很好奇您認為 IDFA 如何發展和影響服務內廣告業務的發展軌跡。

In terms of Apple One, as you know, we're offering Apple One because it makes enjoying our subscription services easier than ever before, including Apple Music and Apple TV+ and Apple Arcade and iCloud and more.

就 Apple One 而言，如您所知，我們提供 Apple One 是因為它比以往任何時候都更容易享受我們的訂閱服務，包括 Apple Music 和 Apple TV+ 以及 Apple Arcade 和 iCloud 等。

And so we really put the customer at the center of that and have recently began to remind people about Apple One in a way that we probably waited a few months before doing that.

所以我們真的把客戶放在了中心，最近開始以一種我們可能等了幾個月才這樣做的方式提醒人們關於 Apple One。

And so I'm very pleased with what we're seeing on Apple One right now, and think it's a great ramp for the future of services.

所以我對我們現在在 Apple One 上看到的東西感到非常滿意，並認為這是未來服務的一個很好的斜坡。

And more importantly, it's a great customer benefit because many of our customers like to try out more than one of these services, and it allows them to do that with one easy bundle and subscription service.

更重要的是，這是一項巨大的客戶利益，因為我們的許多客戶喜歡嘗試不止一種這些服務，並且允許他們通過一個簡單的捆綁和訂閱服務來做到這一點。

In terms of IDFA or the advertising in general, I take it your question is about ATT.

就 IDFA 或一般廣告而言，我認為您的問題是關於 ATT。

With ATT, we've been getting quite a bit of customer reaction, positive reaction to being able to make the decision on a transparent basis about whether to be tracked or not.

對於 ATT，我們已經收到了相當多的客戶反應，對能夠在透明的基礎上做出是否被跟踪的決定的積極反應。

And it seems to be going very well from a user point of view.

從用戶的角度來看，它似乎進展順利。

We'll take our next question from Wamsi Mohan with Bank of America.

我們將回答 Wamsi Mohan 與美國銀行的下一個問題。

Yes.

是的。

I have 2 as well.

我也有2個。

To begin with, Luca, you noted significant product revenue deleverage, but yet your product gross margins were roughly flat.

首先，盧卡，您注意到顯著的產品收入去槓桿化，但您的產品毛利率大致持平。

You noted cost savings.

您注意到了成本節約。

Can you maybe talk about whether these are tactical in nature or more structural like vertical integration that will continue to drive benefits to product gross margins?

您能否談談這些本質上是戰術性的還是更具結構性的垂直整合，這將繼續推動產品毛利率的提高？

And on Services side, you noted several times about the strength in ad growth, which is obviously very high-margin contributor, but the sequential trajectory on Services margins was flat.

在服務方面，您多次提到廣告增長的實力，這顯然是非常高的利潤貢獻者，但服務利潤的連續軌跡持平。

So what were some of the offsets there?

那麼有哪些偏移量呢？

And then I have a follow-up for Tim.

然後我對蒂姆進行了跟進。

Yes.

是的。

On the product side, I talked about cost savings.

在產品方面，我談到了成本節約。

Tim mentioned that maybe on the freight side, we're seeing some level of cost pressure that is a bit out of the norm at this point in the cycle.

蒂姆提到，也許在貨運方面，我們看到了某種程度的成本壓力，在周期的這一點上有點超出正常水平。

For everything else for all the major commodities and components, we continue to see a very typical cycle where we are getting good cost savings on a sequential basis.

對於所有主要商品和組件的其他一切，我們繼續看到一個非常典型的周期，我們在連續的基礎上獲得了良好的成本節約。

And so far, it's been very good, as you can tell from the absolute level of gross margins because on the product side, we are up more than 600 basis points on a year-over-year basis.

到目前為止，它一直非常好，從毛利率的絕對水平可以看出，因為在產品方面，我們同比增長了 600 多個基點。

So it feels something that we've been able to accomplish and we're able to maintain, at least in the near term.

所以感覺我們已經能夠完成並且能夠保持的東西，至少在短期內是這樣。

Nothing that was abnormal during the quarter or a one-off in nature.

本季度沒有任何異常或一次性的。

It was pretty structural.

這是非常結構化的。

On the Services side, again, up a lot on a year-over-year basis.

在服務方面，再次同比增長很多。

So the baseline has gone up a lot.

所以基線上升了很多。

The sequential decline, as you said, it was very, very small.

正如你所說，連續下降非常非常小。

And as I mentioned several times in the past, we have a very large services portfolio with very different margin profiles in our services.

正如我過去多次提到的，我們有一個非常大的服務組合，我們的服務中的利潤率分佈非常不同。

And so even a slight change in mix can drive some sequential differences, and this was the case this quarter, just a different mix.

因此，即使組合的微小變化也會導致一些連續的差異，本季度就是這種情況，只是不同的組合。

I mentioned, for example, that AppleCare has rebounded.

例如，我提到 AppleCare 已經反彈。

And so those -- the relative success of our Services in the marketplace can drive some slight changes in gross margins.

因此，我們的服務在市場上的相對成功可以推動毛利率的一些細微變化。

Again, step back for a second, 69.8% gross margin.

再次退一步，毛利率為 69.8%。

We're very, very, very happy with where we are with the Services margin trajectory.

我們對服務利潤率軌蹟的現狀非常、非常、非常滿意。

Okay.

好的。

And Tim, there is increasing regulatory focus in China, in particular, on some of the Chinese companies.

蒂姆，中國的監管重點越來越高，尤其是一些中國公司。

It's not a direct impact of Apple, but how should investors handicap the indirect impact given some of these companies are pretty large contributors to Apple's App Store revenues?

這不是 Apple 的直接影響，但鑑於其中一些公司對 Apple App Store 收入的貢獻相當大，投資者應該如何阻止間接影響？

And also, is there -- are you seeing any impact at all from these?

此外，您是否看到這些有任何影響？

And is the limiting of the usage of some of these apps influencing how people are either interacting with your devices?

這些應用程序的使用限制是否會影響人們與您的設備進行交互的方式？

Or is there any other ancillary impact that you're seeing?

或者您還看到了其他任何附帶影響嗎？

Well, for the quarter, as you can see, we grew 58%.

好吧，正如您所看到的，本季度我們增長了 58%。

So it was a strong quarter, and embedded in that was a quarterly record for Services, which includes the App Store.

所以這是一個強勁的季度，其中嵌入了服務的季度記錄，其中包括 App Store。

And so we're seeing strength in China.

所以我們看到了中國的實力。

The economy has really bounced back there fairly quickly from COVID.

那裡的經濟確實從 COVID 中迅速反彈。

In terms of the regulatory focus, what we are focusing on from our angle is to serve users there and to make sure that they're very satisfied with the products and the services that we're showing.

在監管重點方面，我們從我們的角度關注的是為那裡的用戶提供服務，並確保他們對我們展示的產品和服務非常滿意。

And we all -- we work with a lot of different companies to ensure that.

我們所有人 - 我們與許多不同的公司合作以確保這一點。

And so that's our focus.

這就是我們的重點。

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.

今天的電話會議將在 Apple 播客、apple.com/investor 上的網絡廣播和電話上提供 2 週的重播。

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 9766068.

請輸入確認碼 9766068。

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

這些重播將在下午 5 點左右提供。

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。

Thank you.

謝謝你。

That does conclude today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。