蘋果 (AAPL) 2021 Q3 法說會逐字稿

Good day, and welcome to the Apple Q3 FY 2021 Earnings Conference Call. Today's call is being recorded.

大家好，歡迎參加蘋果2021財年第三季財報電話會議。今天的通話將會被錄音。

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. Please go ahead.

此時，我謹將電話轉交給投資人關係及企業融資總監 Tejas Gala，請他致開幕詞並作介紹。請繼續。

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

謝謝。下午好，感謝各位的參與。今天首先發言的是蘋果執行長提姆·庫克；隨後是財務長盧卡·馬埃斯特里。之後，我們將開放電話會議，接受分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and 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，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述，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. For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。有關更多信息，請參閱蘋果公司最新提交的 10-K 表格年度報告和今天提交給美國證券交易委員會的 8-K 表格中討論的風險因素，以及相關的新聞稿。蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

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

謝謝你，Tejas。大家下午好。今天，蘋果公司公佈了非常強勁的季度業績，其產品和服務類別以及所有地理區域的收入均實現了兩位數成長。

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

我們創下了 6 月季度營收新紀錄，達到 814 億美元，比去年同期成長 36%，我們追蹤的絕大多數市場都實現了兩位數的成長，新興市場（包括印度、拉丁美洲和越南）的成長尤為強勁。6 月的零售總額也創下了季度紀錄，我們幾乎所有的零售店現在都重新開業。

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

本季度，美國和世界各地的消費者樂觀情緒日益高漲，重新燃起了對美好未來以及創新所能帶來的一切的希望。但過去 18 個月已經多次證明，所取得的進步並不能保證未來的進步。疫情後的復甦並不均衡，而且全球許多國家都出現了德爾塔變異株疫情，這再次顯示復甦之路將是一條曲折的道路。

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. 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. 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.

在持續不斷的逆境中，我們尤其感到欣慰的是，我們的技術在保持客戶聯繫方面繼續發揮關鍵作用。就在上個月，我們很高興能與我們的團隊和顧客一起慶祝我們在洛杉磯最新零售店 Apple Tower Theatre 的開幕。它令人充滿希望地提醒我們，共享空間能帶來活力和社區感，以及我們現在多麼珍惜能夠面對面交談的這種簡單的特權。

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. I'll have more to say about our work in those areas a bit later on. But first, let's turn to our product and services categories.

展望未來，我們將有更多面對面的互動，因此我們將加倍投入創新，盡一切努力幫助建立一個更健康、更公平的世界。稍後我會詳細介紹我們在這些領域的工作。但首先，讓我們來看看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. 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.

本季 iPhone 在每個地區都實現了非常強勁的兩位數成長，我們對顧客對 iPhone 12 系列的積極反響感到非常鼓舞。5G 技術目前仍處於發展初期，但其驚人的性能和速度已經對人們如何最大限度地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. Users continue to rely on iPad and Mac to work, learn, create and connect. iPad had its highest June quarter in nearly a decade, while Mac set an all-time June quarter record. 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. The iMac's remarkable thin design and vibrant colors have made it a favorite for users everywhere. 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.

顧客們喜愛 iPhone 12，因為它擁有超快的 5G 速度、A14 仿生晶片以及手機上前所未有的 Adob​​e Vision 相機。用戶繼續依賴 iPad 和 Mac 進行工作、學習、創作和交流。iPad 6 月季度銷量創近十年來最高紀錄，而 Mac 6 月季度銷量也創下歷史新高。我們看到，新款 iMac 和 iPad Pro 都獲得了很好的市場反響，這兩款產品都得益於 M1 晶片卓越的速度和節能性能。iMac 出色的纖薄設計和鮮豔的色彩使其成為各地用戶的最愛。iPad 仍然是我們用戶工具箱中功能極其強大的工具，它激發創造力，促進人與人之間的聯繫，讓我們在娛樂和工作之間取得平衡。

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

穿戴式裝置、家居和配件業務又迎來了一個非常強勁的季度，創下了六月季度的新紀錄，同時幫助人們找到了更多在家和外出時保持娛樂、健康和聯繫的方式。Apple Watch 仍然是用戶專注於自身健康狀況並實現健身目標的首選裝置。我們最新推出的配件 AirTag 一經上市便受到了客戶的熱烈歡迎，它讓「尋找我的」網路比以往任何時候都更加實用，同時保護了用戶的隱私。

Turning to Services, which set a new all-time revenue record as we continue to roll out innovative new features and programming. 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. Apple TV+ users are loving series like Mythic Quest and anticipating groundbreaking films like CODA, which premieres next month. 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.

再來看看服務業務，隨著我們不斷推出創新功能和程序，該業務創下了新的歷史收入紀錄。我們很榮幸今年獲得 35 項艾美獎提名，這體現了我們節目的質量，也受到了觀眾和評論家的熱烈歡迎。Apple TV+ 用戶非常喜歡《神話任務》等劇集，並期待像《CODA》這樣具有突破性的電影，將於下個月首映。當然，《泰德拉索》第二季剛剛剛開播，它以溫暖人心的社區力量、同情心和希望為主題，繼續贏得觀眾的喜愛。

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

我們還推出了 Apple Podcasts 訂閱服務，這是一個全球市場，用戶可以在這裡發現獨家內容並支持他們喜愛的創作者。我們還為 Apple Music 推出了空間音頻，這是一種影院級的聆聽體驗，有望改變樂迷的聆聽方式，並讓音樂家創作出更具沉浸感、層次更豐富、更優美的歌曲。

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. 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. 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.

上個月，我們在 WWDC 上分享了許多令人興奮的新功能，但比這些功能更令人印象深刻的是來自世界各地、各行各業的開發者們的精彩表現。我們發布的這些新工具將幫助開發者利用擴增實境等尖端技術，觸及新用戶，並在 App Store 上自訂他們的體驗，學習如何使用 Apple 強大且直覺的程式語言 Swift 來更新或建立應用程式。今天對教育和程式設計的投資將轉化為明天的小型企業和突破性的新應用程序，下一個應用程式——應用程式經濟的下一個階段，它已經在世界各地創造就業機會和機會。

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. 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.

今年 6 月，分析集團的一項新研究發現，App Store 開發者又迎來了一個創紀錄的年份，2020 年他們的帳單和銷售額合計成長了 24%，達到 6,430 億美元。在開發者不斷努力開發能夠豐富人們生活的應用程式的推動下，應用程式經濟持續成為繁榮和機會的強大引擎。

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. 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. 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.

就像開發者社群一樣，我們對科技幫助人們過著更幸福、更健康、更充實的生活充滿樂觀，這些目標將在今年秋季 iOS、iPadOS、macOS 和 watchOS 的強大新更新中充分體現。首先是一些創新功能，可以幫助用戶保持聯繫，例如 SharePlay 和 FaceTime 的空間音頻，或者在需要休息時斷開連接，例如 Focus 功能，它可以在您準備睡覺或集中精力工作時限制分散注意力的通知。新增的生產力功能使 iPad 成為多工處理更有用的工具，可協助使用者在應用程式之間切換、分割畫面或使用快速筆記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. 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.

在健康領域，我們全新的健康共享功能將讓您比以往任何時候都更容易安全地與親人分享您的健康數據。其中包括步行穩定性等新功能，可利用感測器評估使用者在日常任務中的穩定性，並建議運動方法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，因此在 iOS 15 中推出了多項新功能，持續推動我們在隱私保護方面取得進步，例如郵件隱私保護（可阻止不可見像素和電子郵件追蹤您的郵件活動）以及應用隱私報告（可幫助用戶查看他們已授予哪些應用程式使用其個人資料的權限）。

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. 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. 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.

我們也推出了一些令人難以置信的下一代輔助技術，從幫助肢體殘障人士操控 Apple Watch 的輔助觸控功能，到幫助盲人和低視力用戶的全新旁白功能。無障礙設計始終是我們秉持的基本原則，我們堅信，對世界而言最好的技術，也應該是對每個人都適用的最佳技術。但是，我們有責任為他人的生活帶來正面影響，這種責任不僅限於我們製造的技術，還包括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. 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. That includes the 350 Swift Student Challenge winners we recognized at this year's WWDC.

本季度，作為我們種族平等和正義倡議的一部分，我們向 4 所歷史悠久的黑人學院和大學的工程學院頒發了創新資助金，以擴大他們在硬體工程和矽晶片設計方面的課程、獎學金和實習機會。我們認為教育是一種偉大的平等力量，我們比以往任何時候都更致力於支持那些照亮道路、引領潮流的教育工作者、倡議者和學生。其中包括我們在今年的 WWDC 上表彰的 350 位 Swift 學生挑戰賽獲獎者。

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. 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.

如果你需要一些希望或靈感，我強烈推薦我們的學生獎學金獲得者，他們為世界帶來瞭如此多的美好，從教導其他年輕人編程到幫助志願者向新冠肺炎高風險人群運送食品雜貨。年輕人的創新提醒我們，我們共同的未來與下一代解決全球挑戰的熱情息息相關，我們也肩負著與他們攜手共建更美好世界的責任。

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

回到我們自己的後院，我們將繼續努力，為灣區和整個加州帶來更多經濟適用房。本月，我們宣布已投入超過 10 億美元，用於幫助首次購房者，並在全州範圍內建造數千套新的經濟適用房。我們將繼續專注於支持全球應對疫情，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. Every day, I'm grateful for the dedication of our teams to the simple mission of creating technology that improves people's lives. And I want to thank everyone at Apple for the purpose and passion they bring to that mission.

我們最大的靈感來源不是科技本身，而是人們如何在生活中以各種方式運用科技：寫小說或閱讀小說；照顧生病的病人或網路看醫生；在慢跑時追蹤心率或為奧運訓練。每天，我都感謝我們的團隊致力於創造能夠改善人們生活的技術這一簡單使命。我還要感謝蘋果公司的每一位員工，感謝他們為實現這項使命所付出的努力和熱情。

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

接下來，我將把麥克風交給盧卡，讓他更深入分析我們本季的表現。

Thank you, Tim. Good afternoon, everyone. 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. Our revenue reached a June quarter record of $81.4 billion, an increase of nearly $22 billion or 36% from a year ago. 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. We also set new June quarter records in every geographic segment with very strong double-digit growth in each one of them.

謝謝你，提姆。大家下午好。我們非常高興地宣布，6 月季度財務業績創歷史新高，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營運業績。我們6月季度的營收達到創紀錄的814億美元，比去年同期成長了近220億美元，增幅達36%。我們所有產品類別均實現了兩位數的成長，其中服務類產品創歷史新高，iPhone、Mac 和穿戴式裝置、家居用品和配件產品在 6 月季度均創歷史新高。我們在六月的每個地區都創下了新的季度紀錄，每個地區都實現了非常強勁的兩位數成長。

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

產品營收在6月季創下639億美元的紀錄，比去年同期成長37%。這種銷售業績，再加上我們客戶無與倫比的忠誠度，使我們的活躍設備安裝達到了歷史新高。我們的服務收入創歷史新高，達到 175 億美元，比去年同期成長 33%，各地區業務在 6 月季度均創下歷史新高。

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. Products gross margin was 36%, down 10 basis points sequentially, as seasonal loss of leverage was almost entirely offset by cost savings. Services gross margin was 69.8%, down 30 basis points sequentially, mainly due to a different mix.

公司毛利率為 43.3%，比上一季成長 80 個基點，主要得益於成本節約和服務業務佔比提高，但部分被季節性槓桿損失所抵銷。產品毛利率為 36%，較上季下降 10 個基點，原因是季節性槓桿損失幾乎完全被成本節約所抵銷。服務業毛利率為 69.8%，較上季下降 30 個基點，主要原因是產品組合不同。

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

6 月季度淨收入 217 億美元，稀釋後每股收益 1.30 美元，經營現金流 211 億美元，均大幅創下歷史新高。讓我更詳細地介紹一下我們的各項收入類別。

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

iPhone 營收在 6 月季度創下 396 億美元的紀錄，年增 50%，超越我們自己的預期，因為 iPhone 12 系列的需求持續旺盛。全球業績持續強勁，我們在每個地區都實現了兩位數的強勁增長，在我們追蹤的大多數市場中，6 月份季度業績均創下紀錄。由於我們客戶群的卓越忠誠度和我們強大的生態系統，我們的 iPhone 活躍裝置容量達到了歷史新高。在美國，451 Research 的最新消費者調查顯示，iPhone 12 系列的使用者滿意度為 97%。

Turning to Services. 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. 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.

轉到服務部分。正如我之前提到的，我們的營收創下歷史新高，達到 175 億美元，其中雲端服務、音樂、影片、廣告和支付服務均創歷史新高，App Store 和 AppleCare 的 6 月季度收入也創下歷史新高。我們推出的全新服務，包括 Apple TV+、Apple Arcade、Apple News+、Apple Card、Apple Fitness+ 以及 Apple One 套餐，在用戶、內容和功能方面持續擴展，並為整體服務成長做出貢獻。

The key drivers for our Services business all continue to move in the right direction. First, our installed base of devices reached an all-time high across each geographic segment. 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. Third, paid subscriptions continue to show strong growth. 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.

我們服務業務的關鍵驅動因素都在朝著正確的方向發展。首先，我們在每個地理區域的設備安裝量都達到了歷史最高水準。其次，在 6 月季度，我們數位內容商店的交易帳戶和付費帳戶數量在各個地理區域均創歷史新高，付費帳戶數量更是實現了兩位數的成長。第三，付費訂閱持續維持強勁成長。目前，我們平台上的各項服務付費訂閱用戶已超過 7 億，比去年增加了 1.5 億多，幾乎是 4 年前付費訂閱用戶的 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. 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.

最後，我們將增加一些我們認為客戶會喜歡的新服務，同時也將繼續提高現有服務的範圍和品質。例如，在 6 月的 WWDC 大會上，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、更具差異化的客戶體驗。

Wearables, Home and Accessories grew 36% year-over-year to $8.8 billion, setting new June quarter revenue records in every geographic segment. We continue to improve and expand our product offerings in this category. 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.

穿戴式裝置、家居用品和配件年增 36%，達到 88 億美元，在所有地理區域都創下了 6 月季度收入新紀錄。我們將繼續改進和擴展該類別的產品供應。本季度，我們開始發售配備重新設計的 Siri Remote 的新款 Apple TV 4K 和全新的 AirTags，這兩款產品都獲得了顧客的熱烈反響。

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

除了在全球範圍內取得卓越的銷售業績外，Apple Watch 的市場覆蓋範圍也在不斷擴大，本季購買 Apple Watch 的客戶中，近 75% 是該產品的新用戶。儘管供應受限，但Mac產品在6月季度仍創下82億美元的紀錄，比去年同期增長16%，在我們追蹤的全球大多數市場，6月份季度的收入都創下紀錄。值得注意的是，Mac 近四個季度的業績是其有史以來最好的四個季度。如此卓越的銷售成功得益於顧客對我們搭載 M1 晶片的新款 Mac 的熱烈反響，而我們最近又將該晶片應用於我們全新重新設計的 iMac 中。

iPad performance was also strong with revenue of $7.4 billion, up 12% in spite of significant supply constraints. During the quarter, we also starting shipping our new iPad Pro powered by the M1 chip, and customer response has been outstanding. 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. 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.

儘管面臨嚴重的供應限制，iPad 的表現仍然強勁，營收達到 74 億美元，成長 12%。本季，我們也開始販售搭載 M1 晶片的新款 iPad Pro，顧客反應非常熱烈。iPad 和 Mac 都將運算提升到了一個新的水平，過去 12 個月的表現使它們如今的規模堪比財富 50 強企業，這要歸功於我們有史以來最好的產品陣容、極高的客戶滿意度和不斷增長的忠實用戶群。事實上，本季購買 Mac 和 iPad 的顧客中約有一半是該產品的新用戶，而 451 Research 最近對美國消費者進行的調查顯示，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. 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. And with its incredible performance and affordable entry price, the MacBook Air with M1 is gaining rapid adoption among many leading enterprise organizations.

在企業用戶中，我們的客戶對新款 M1 Mac 帶來的卓越效能、電池續航力和安全性感到非常興奮。例如，MassMutual 正在向所有員工提供 M1 MacBook Pro，並為所有會議室配備 M1 Mac Mini，為復工做好準備。憑藉其卓越的性能和親民的價格，搭載 M1 晶片的 MacBook Air 正迅速被眾多領先的企業組織所採用。

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. 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.

義大利最大的天然氣公司 Italgas 即將利用其龐大的網路分銷可再生氣體，該公司正在將每位員工的 Windows 筆記型電腦更換為搭載蘋果 M1 晶片的新款 MacBook Air，以便為員工帶來最新技術。東南亞領先的超級應用程式 Grab 提供交通、外帶和數位支付服務，該公司正在將 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. We ended the quarter with $194 billion in cash plus marketable securities. We retired $3 billion of term debt and increased commercial paper by $3 billion, leaving us with total debt of $122 billion. As a result, net cash was $72 billion at the end of the quarter.

現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券共1940億美元。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，使我們的總債務達到 1,220 億美元。因此，截至該季末，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. This included $3.8 billion in dividends and equivalents and $17.5 billion through open market repurchases of 136 million Apple shares. We also began a $5 billion accelerated share repurchase program in May, resulting in the initial delivery and retirement of 32 million shares.

由於公司業務持續保持高水準表現，我們在六月的季度中也能夠向股東返還 290 億美元。其中包括 38 億美元的股息及等價物，以及透過公開市場回購 1.36 億股蘋果股票而獲得的 175 億美元。我們也於 5 月啟動了一項 50 億美元的加速股票回購計劃，首批交付並註銷了 3,200 萬股股票。

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. 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.

隨著我們進入九月的季度，我想回顧一下我們的展望，其中包括 Tejas 在電話會議開始時提到的那些前瞻性資訊。鑑於近期全球情勢持續不明朗，我們不提供收入指引，但假設新冠疫情對我們業務的影響不會比我們目前對本季的預測更嚴重，我們將分享一些方向性見解。

We expect very strong double-digit year-over-year revenue growth during the September quarter. We expect revenue growth to be lower than our June quarter year-over-year growth of 36% for 3 reasons. 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. Second, we expect our services growth rate to return to a more typical level. 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. And third, we expect supply constraints during the September quarter to be greater than what we experienced during the June quarter. The constraints will primarily impact iPhone and iPad.

我們預計9月份季度營收將實現兩位數的強勁年成長。我們預計營收成長將低於六月季度年增 36% 的水平，原因有三。首先，我們預期外匯波動對我們較去年同期成長率的影響將比6月份當季下降3個百分點。其次，我們預計我們的服務成長率將恢復到更正常的水平。6 月季度的成長率得益於有利的基數，因為一年前某些服務受到 COVID 封鎖的嚴重影響。第三，我們預期9月季的供應限制將比6月季的情況更為嚴重。這些限制措施將主要影響 iPhone 和 iPad。

We expect gross margin to be between 41.5% and 42.5%. We expect OpEx to be between $11.3 billion and $11.5 billion. 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%. 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.

我們預計毛利率將在 41.5% 至 42.5% 之間。我們預計營運支出將在 113 億美元至 115 億美元之間。我們預計經營活動及支出約為 0，不包括少數股權投資以市值計價可能產生的任何影響，我們的稅率約為 16%。最後，今天，我們的董事會宣布派發每股普通股0.22美元的現金股息，將於2021年8月12日支付給截至2021年8月9日登記在冊的股東。

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

接下來，我們開始接受提問。

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

謝謝你，盧卡。（操作員指示）操作員，請問第一個問題是什麼？

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凱蒂·休伯蒂。

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

由於沒有收到任何回應，我們接下來將接受來自 Raymond James 的 Chris Caso 的提問。

Yes. Just to dig into the commentary on guidance a little bit. Just starting with the fact that last year, obviously, there was a later launch of iPhone than we've typically seen in other years. Could you talk us through that and perhaps some of the other products, what may be different as compared to last year?

是的。稍微深入探討一下關於指導的評論。首先要說明的是，去年iPhone的發佈時間顯然比往年還要晚。您能否為我們詳細介紹這些產品，以及其他一些產品，與去年相比有哪些不同之處？

Well, as I explained, there are -- first of all, we are expecting to grow very strong double digits. That's, I think, Chris, the starting point here. We expect this very strong level of growth that we've experienced during the course of the year to continue into the September quarter.

正如我解釋的那樣，首先，我們預計會實現非常強勁的兩位數成長。我認為，克里斯，這就是問題的起點。我們預計今年以來一直保持的強勁成長勢頭將推遲到九月的季度。

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

我們說過成長率將低於 36%，我列出了 3 個因素。第一個因素是美元年比持續走弱，即美元兌大多數貨幣同比走弱，但9月份的這一利好將比6月份的利好減少約3個百分點，因為美元在最近幾週兌大多數貨幣走強。

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. 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. And so we don't expect that to continue into the September quarter. And so we expect still significant growth in Services, but not to the level that we've seen in June.

其次，我提到我們在六月季度的服務成長率達到了 33%，這比我們近期的歷史水準要高得多。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 封鎖而受到嚴重影響，因此，它們在 6 月份的季度業績比較容易比較。因此，我們預計這種情況不會持續到九月的季度。因此，我們預計服務業仍將保持顯著成長，但不會達到 6 月的水平。

And then I mentioned that the supply constraints that we've seen in the June quarter will be higher during the September quarter. 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. We were able to mitigate some of those constraints during the June quarter.

然後我提到，我們在六月季度看到的供應限制在九月季度會更加嚴重。回到三個月前我們在這裡討論的時候，我們說過，我們預計 6 月季度的供應限制將達到 30 億至 40 億美元，主要影響 iPad 和 Mac。我們在六月的季度中緩解了其中的一些限制。

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，我們最終得出的數字略低於本季初我們給出的預期範圍的下限，但我們預計9月份的季度數字會更高。

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，綜合所有因素來看，9 月再次實現了非常強勁的兩位數成長，但需要注意我剛才提到的這些注意事項。

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

我可以繼續詢問有關供應限制的問題嗎？您預計這些供應限制會持續到 12 月季度嗎？這將對假日銷售季產生什麼影響？此外，由於這些供應限制，您還需要承擔哪些額外成本？這會對毛利率產生影響，還是只是會影響產品成本，因為您可能需要多花一點錢來獲得更多的供應？

Chris, it's Tim. 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. In terms of supply constraints and how long they will last, I don't want to predict that today. We're going to take it sort of one quarter at a time. And as you would guess, we'll do everything we can to mitigate whatever set of circumstances we're dealt.

克里斯，我是提姆。就成本而言，我們支付的運費比我預期的要高，但零件總成本仍在持續下降。至於供應限制以及這種限制會持續多久，我今天不想做出預測。我們將一次只推進一個季度。正如你所料，我們會盡一切努力減輕我們所面臨的任何情況的影響。

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. 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.

克里斯，就成本方面而言，正如我在評論中提到的，我們六月季度的毛利率為 43.3%，我們在這個季度確實看到了非常可觀的成本節約。我想你們已經看到，我們對9月的成長預期為41.5%至42.5%，這顯然是一個令我們非常滿意的水平。

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

接下來，我們將回答來自花旗集團投資研究部的吉姆·蘇瓦提出的問題。

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

恭喜您和您的全球團隊在充滿挑戰的時期取得了出色的營運成果。提姆和盧卡，我只有一個問題，你們兩個或其中一人可以決定誰最適合回答這個問題。但我們看到的是一個前所未有的世界，無論是新冠疫情、德爾塔病毒變種、中國洪水、供應鏈環節，我只是想知道，像研發和創新這樣的領域是否受到了實質性的影響，以至於正常的節奏變得不公平？或者，這是否發生在一年中的淡季，讓員工能夠遠距辦公，同時又能像過去一樣進行典型的創新和產品發布？

Jim, the company has been incredibly resilient. The employees are really doing double duty. And I could not be more pleased with the cadence that we're coming out with new things. 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. And so I'm very pleased with it.

吉姆，這家公司展現了驚人的韌性。員工真的在身兼兩職。我對我們推出新產品的速度感到無比滿意。從我們在 WWDC 上發布的軟體公告，以及我們計劃在秋季推出的相應軟體，還有我們在過去 12 到 18 個月中推出的所有產品，您就能看出這令人驚嘆。所以我很滿意。

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

接下來，我們將回答來自 Cross Research 的 Shannon Cross 提出的問題。

Tim, I'm curious, what have you learned from this iPhone cycle regarding customer preferences and pricing and maybe subscriptions in that? And if there is a difference, if you could talk about it on a geographic basis.

提姆，我很好奇，從這次 iPhone 發布週期中，你對客戶偏好、定價以及訂閱服務等方面有什麼新的認識？如果存在差異，能否從地理位置的角度來討論呢？

We've -- if you look at our results in Q3, Shannon, we had strong double-digit growth for switchers and for upgraders. And in fact, it was our largest upgrade quarter for a Q3 ever. And so we feel really, really great about both categories.

Shannon，如果你看一下我們第三季的業績，你會發現我們在轉換用戶和升級用戶方面都實現了強勁的兩位數成長。事實上，這是我們第三季升級幅度最大的季度。因此，我們對這兩個類別都感到非常非常滿意。

And as Luca kind of said during the preamble or opening comments, we -- our results are really strong for iPhone around the world. And so it's been a very, very strong cycle. And yet we're -- the penetration on 5G is obviously still very, very low. And so we feel really good about the future of the iPhone.

正如盧卡在開場白或開幕致詞中所說，我們——我們的iPhone在全球範圍內的測試結果非常強勁。所以，這是一個非常非常強勁的周期。然而，5G 的普及率顯然仍然非常非常低。因此，我們對 iPhone 的未來感到非常樂觀。

Okay. And maybe if you can talk a bit about China, up 58%, where are you seeing the growth? What are you hearing from customers there? How is this -- actually, 58% is not sustainable, but how sustainable is the strength?

好的。如果您能談談中國的情況，成長了 58%，您認為成長主要體現在哪些方面？你從那邊的客戶那裡了解到什麼狀況？這樣如何解釋——實際上，58% 的增幅是不可持續的，但這種優勢的可持續性如何？

It was an incredibly strong quarter. 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. We had a particularly strong response to the 12 Pro and the 12 Pro Max. Those results were particularly strong.

這是一個表現極為強勁的季度。它為我們創造了大中華區 6 月季度的收入紀錄，我們為此感到非常自豪，並將盡我們所能為那裡的客戶提供服務。12 Pro 和 12 Pro Max 的市場反應尤其熱烈。這些結果尤其出色。

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. So it was sort of an across-the-board strength. And we're seeing plenty of new customers come to the market. For example, Mac and iPad, about 2/3 of the customers who bought in the last quarter were new to that product. For the Apple Watch, that number was 85%. And so we could not be happier with the results.

但是，如果你看一下我們產品的整體情況，我們六月份的季度業績也創下了可穿戴設備、Mac 家居和配件以及服務方面的紀錄。所以這算是一項全面的優勢。我們看到很多新客戶湧入市場。例如，在Mac和iPad方面，上季購買該產品的客戶中約有2/3是該產品的新用戶。對 Apple Watch 來說，這個數字是 85%。因此，我們對結果非常滿意。

Was the 85% China or overall?

這85%是指中國還是全球？

85% was China. Yes, I was talking about -- specifically, the numbers I referenced were specifically for China.

85%來自中國。是的，我指的是──具體來說，我提到的那些數字特別指中國。

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

然後是香農，對全世界來說，手錶的銷售量佔75%。

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

接下來，我們將回答來自 Evercore 的 Amit Daryanani 提出的問題。

I have 2 as well. 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. I think sequentially, it implies it's down 100 basis points or so. 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.

我也有兩個。首先，盧卡，我希望你能再多談談毛利率以及你對九月的預期。我認為按順序來看，這意味著下跌了大約 100 個基點。所以，或許可以簡單談談這方面的利弊，因為我認為從歷史數據來看，9 月的毛利率往往比較平穩，甚至可能略有上升。

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

是的。我認為回顧第三季業績很重要，對吧？是43.3%。我提到的其中一點是，除了在成本方面逐年取得非常好的節約之外，我們的整體服務組合也非常多元化，尤其是廣告業務，由於一年前新冠疫情封鎖後的反彈，廣告業務表現非常出色。

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. For example, a year ago, we were at 38.2%, so almost 400 basis points of expansion on a year-over-year basis, right? And so I think it's important to take that into account, just a different mix.

因此，隨著我們逐步推進，我們預計產品組合會有所不同，這也影響了我們提供的業績指引，正如您所知，這項指引比一年前要高得多。例如，一年前，我們的成長率為 38.2%，年成長近 400 個基點，對吧？所以我認為應該考慮到這一點，這只是一種不同的組合。

Got it. No, absolutely. I don't think anyone expected gross margins to be north of 40% just quickly for you, folks. So that is impressive.

知道了。不，絕對的。各位，我想沒人會預料到你們的毛利率會這麼快就超過 40%。那真是令人印象深刻。

If I could follow up on Services, and I know you called out the 33% growth this quarter as a bit of an aberration. The compares were easier. 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? Is it you're able to have a higher ARPU more monetization of your installed base? Or is your installed base growing? I'm curious, which one is bigger? And then over time, how do you think those 2 components stack up for you?

如果我能就服務業務方面再補充一點，我知道您曾指出本季 33% 的成長有點反常。比較工作比較容易。但回顧過去四個季度的服務成長率，您認為是什麼因素促成了這種成長？您是否能夠提高每位用戶平均收入 (ARPU) 並更好地利用現有用戶群來獲利？或者您的用戶群正在成長？我很好奇，哪個比較大？那麼隨著時間的推移，你認為這兩個因素對你來說效果如何？

It's a combination of multiple factors, right? 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. 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. I mentioned it grew double digits again this quarter. So that obviously helps on the revenue side.

這是多種因素共同作用的結果，對嗎？顯然，我們的用戶基數持續成長，並且不斷創下歷史新高，這顯然為我們帶來了更大的機會。其次，越來越多的人參與我們的生態系統中，既有免費交易的人（數量非常龐大），也有願意為某些服務付費的人，而且付費用戶的比例還在持續穩步增長。我之前提到過，本季它再次實現了兩位數的成長。這顯然有助於增加收入。

And of course, we continue to increase both the quality and the quantity of the services. 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. And so these are businesses that we are scaling right now. And so all that additional revenue helps, and I think it flows through our growth rates. As you said, during the last 4 quarters, we are well into the mid-20s, right? So I think it's obviously very nice for us to see.

當然，我們也將繼續提高服務的品質和數量。如您所知，在過去的幾年裡，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。所以，這些就是我們目前正在擴大規模的業務。因此，所有這些額外的收入都有幫助，我認為這會提升我們的成長率。正如你所說，在過去的四個季度裡，我們已經遠遠超過了20多歲，對吧？所以我覺得這對我們來說顯然是一件非常令人高興的事。

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

接下來我們將聽聽摩根士丹利的凱蒂·休伯蒂的演講。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes, we can.

是的，我們可以。

Okay. Good. 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. 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. When you net out all the puts and takes, was your business helped? Or was it hindered by the pandemic?

好的。好的。第一個問題是，鑑於Mac和App Store等領域的支出增加，市場上對蘋果公司從疫情中獲益多少有爭議。當然，您在過去幾個季度也提到過，還有其他一些領域受到了疫情、商店關閉和人流量減少的限制。把所有的買賣都考慮進去之後，你的生意是否得到了幫助？或者說，是受到了疫情的阻礙？

Well, of course, Katy, we don't have the crystal ball that tells us exactly what these different variables, how they impacted our business. 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. And so obviously, our digital services did really, really well.

當然，凱蒂，我們沒有水晶球，無法確切地告訴我們這些不同的變數是如何影響我們的業務的。我們知道，從積極的方面來看，尤其是在極端封鎖期間，數位服務表現非常出色，因為娛樂選擇有限。很顯然，我們的數位服務表現非常出色。

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、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. So there are maybe more complex types of sales because of the complexity of the transaction. 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? So we had that dynamic during -- throughout COVID.

另一方面，由於經濟活動減少，我們的一些服務（如廣告）、由於門市關閉，AppleCare 服務以及 iPhone 或 Apple Watch 等產品都受到了負面影響。因此，由於交易的複雜性，可能存在更複雜的銷售類型。他們也受到了影響，因為世界各地許多銷售點都關閉了，不僅是我們自己的門市，還有我們的合作夥伴門市，對吧？所以在新冠疫情期間，我們一直保持著這種動態。

And now some of these businesses are rebounding. I mentioned advertising and AppleCare. iPad and Mac, it's difficult for us to gauge because we've been constrained for quite a long period of time. And the reality is that maybe the new normal after we exit COVID may be different from the past.

現在，其中一些企業正在復甦。我提到了廣告和 AppleCare。對於 iPad 和 Mac，我們很難做出判斷，因為我們長期以來一直受到限制。而現實情況是，我們走出新冠疫情後的新常態可能與過去有所不同。

For example, maybe there's going to be hybrid models around work, for example. 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. I can certainly tell you that we're all looking forward to a COVID-free world. I think that would be very good for us and for the entire -- I mean for our customers as well.

例如，未來可能會出現混合工作模式。因此，很難明確地告訴你那到底是什麼——而且這非常不穩定，因為它往往會隨著時間的推移而改變。我可以肯定地告訴大家，我們都期待著一個沒有新冠病毒的世界。我認為這對我們以及整個——我的意思是對我們的客戶來說——都非常有好處。

And just a follow-up on iPhone specifically. 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. Is it fair to assume a similar trend will play out over the next year? Or if not, what do you think is different this time?

還有一點關於 iPhone 的後續問題。從歷史數據來看，在經歷了像今年 iPhone 12 這樣強勁的產品週期之後，iPhone 的收入會面臨壓力，因為升級速度會放緩，產品組合往往會轉向產品線的低端產品。是否可以合理推斷，類似的趨勢將在未來一年繼續發展？或者，如果不是，你認為這次有什麼不同？

Katy, it's Tim. We're not predicting the next cycle, but I would point out a few things. One is we have a very large and growing installed base. As you know, the iPhones passed 1 billion active devices earlier this year. Two, we have loyal and satisfied customers. The customer set that we're seeing on the new iPhones are -- is just amazing. It's jaw-dropping.

凱蒂，我是提姆。我們不會預測下一個週期，但我可以指出幾點。其一是我們擁有非常龐大且不斷成長的用戶群。如您所知，iPhone 今年早些時候活躍設備數量突破了 10 億台。第二，我們擁有忠誠且滿意的客戶。我們看到的新款 iPhone 用戶群——簡直太棒了。真是令人瞠目結舌。

And the geographic response is pervasive across the world. And in the U.S., we had the top 3 selling models. 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. Obviously, the product itself is amazing. The 12 lineup was a huge leap that introduced 5G and had A14 Bionic and a number of other fantastic features that customers love.

這種地域性反應在全球普遍存在。在美國，我們的產品佔據了銷售前三名。在英國，我們佔據了前五名中的四席。在澳大利亞，我們佔據了前兩名。在日本，我們佔了前三名。在中國城市地區，我們佔了前兩名。因此，來自世界各地客戶的反應都非常熱烈。顯然，產品本身非常棒。iPhone 12 系列是一次巨大的飛躍，它引入了 5G 技術，搭載了 A14 仿生晶片以及許多其他深受用戶喜愛的出色功能。

The next thing I think to consider is that we're in the very early innings of 5G. If you look at 5G penetration around the world, there's only a couple of countries that are in the double-digits yet. And so that's an amazing thing 9 months or so into this. And the last thing is we're going to continue to deliver great products. We're going to continue to do what we do best is integrate hardware, software and services together into an amazing experience. And so those are the things that I would consider if I were coming up with forecast.

接下來要考慮的是，我們目前還處於 5G 發展的初期階段。如果觀察全球 5G 普及率，目前只有少數國家的普及率達到了兩位數。所以，在經歷了大約9個月的時間後，這真是一件了不起的事。最後一點是，我們將繼續推出優質產品。我們將繼續發揮我們的專長，將硬體、軟體和服務整合在一起，打造卓越的體驗。所以，如果我要做預測，我會考慮這些因素。

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

接下來，我們將由 Piper Sandler 回答 Harsh Kumar 提出的問題。

Yes. First of all, congratulations. Fantastic execution. It's resulted in consistency for your results. Tim, this is actually perfect timing for this question. You talked about your installed base of 1-billion-odd units. I was curious if you could help us understand how old that installed base is. And the reason that I'm asking this question is we're clearly seeing people upgrade to 5G phones. 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. So I was curious if you could shed light on how the upgrades are happening and then also how old that base is.

是的。首先，恭喜你。執行得非常出色。這使得你的結果具有一致性。提姆，你現在問這個問題真是正合適。你提到過你們的裝機量有10億多台。我想請您幫忙了解該設備安裝用戶群的年齡。我之所以問這個問題，是因為我們明顯看到人們正在升級到 5G 手機。如果情況確實如此，而這種趨勢持續下去，隨著人們向 5G 系列手機遷移，這可能會成為比其他大多數因素更能推動您的收入持續成長的因素。所以我很好奇您能否介紹一下升級改造是如何進行的，以及這個基地有多久的歷史了。

Yes. What I would tell you is it's -- first of all, it's difficult to answer your question precisely. But what I would tell you is on both switchers and upgraders, we did extremely well in Q3. Both were up strong double digits. And the geographic representation of iPhone year-over-year comps were -- looks extremely well. And so we're really pleased with it.

是的。我想告訴你的是——首先，很難準確回答你的問題。但我可以告訴大家的是，無論是換機用戶還是升級用戶，我們在第三季都表現得非常出色。兩項數據均大幅領先兩位數。iPhone 同比資料的地理分佈——看起來非常好。所以，我們對此非常滿意。

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. And so the net is very strong switchers, very strong upgraders, best upgrade quarter for June -- for the June quarter that we've seen. And we feel really great about the momentum. But at the same time, we recognize that the 5G penetration is quite low around the world and very, very low. We're at the front end of this.

我想提醒各位，我之前提到的 10 億這個數字也是指 iPhone，而我們在今年 1 月的電話會議上提到的數字是 16.5 億，這指的是活躍設備總數，特此澄清一下。因此，淨來看，轉換用戶和升級用戶都非常強勁，6 月份的升級用戶數量也達到了我們所見過的最佳季度。我們對目前的勢頭感到非常樂觀。但同時，我們也意識到，5G 在全球的普及率相當低，而且非常非常低。我們正處於這個領域的初期階段。

Fair enough. For my follow-up, Apple is probably one of the largest semiconductor companies in the world. How do you -- how does Apple determine what's strategic and something that Apple wants to make itself versus nonstrategic? 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. Is that something that's beneficial to Apple or not meaningful or negative?

很公平。我的補充是，蘋果可能是世界上最大的半導體公司之一。蘋果公司如何決定哪些是策略性的，哪些是蘋果想要自己開發的，哪些是非策略性的？另外，我很好奇，現在Arm被NVIDIA收購已經是公開新聞了，我很好奇蘋果對此有何看法。這對蘋果公司來說是有利的，還是毫無意義的，甚至是有害的？

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

嗯，我認為，關於這次收購有很多問題大家都在問，我就把這些問題留給其他人去回答吧。至於我們自己以及我們如何決定製造矽，我們會問自己，我們能否做得更好，能否提供更好的產品，如果我們能在市場上買到很棒的產品，而且它和我們自己能做的產品一樣好，我們就會買它。我們只會進入我們認為有能力做得更好，從而為用戶創造更好產品的領域。

And so the M1 is a great example of that. We have the ability within our silicon team to deliver a product that we feel is appreciably better than we could buy. And so we've taken our great hardware and software expertise and combine those and have brought the M1 out. And the response to the M1 has been unbelievable. It's powering Mac sales that are constrained. It's powering now iPad, which also has constraints on it. And so that's how we look at whether we should enter a market or not.

M1 就是一個很好的例子。我們的矽晶片團隊有能力交付我們認為比市面上能買到的產品好得多的產品。因此，我們結合自身在硬體和軟體方面的專業知識，推出了 M1。M1的市場反應令人難以置信。它正在推動受阻的Mac銷量。現在它為 iPad 提供動力，但 iPad 也存在一些限制。所以，這就是我們判斷是否應該進入某個市場的方式。

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

接下來，我們將回答來自 Cowen and Company 的 Krish Sankar 提出的問題。

Yes. And congrats on the strong results. First one for Luca, you mentioned Services growth should normalize in the September quarter. And I understand the last few quarters, Services business was strong, driven by work-from-home, et cetera. So what is the normalized growth rate for the Services business as folks return back to the office in this post-COVID world? And then I have a follow-up.

是的。祝賀你們取得如此優異的成績。首先是盧卡的問題，你提到服務業成長應該會在九月季度恢復正常。據我了解，在過去的幾個季度裡，服務業務表現強勁，這主要得益於居家辦公等因素。那麼，隨著人們在後疫情時代重返辦公室，服務業務的正常成長率是多少？然後我還有一個後續問題。

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. Of course, there's always a bit of variability around results, right? But certainly, we haven't done 33% in years. And so that was a bit of an anomaly. And again, I explained it's around a couple of the businesses that had a relatively easy compare during the June quarter. So our services growth has been for many, many quarters in strong double digits, and we feel confident around that level.

嗯，我覺得你可以回顧幾個季度，然後試著算一下平均值，這就是我們剛才討論的。當然，結果總是會有一些波動，對吧？但可以肯定的是，我們已經很多年沒有達到 33% 的水平了。所以這算是比較反常的現象。我再次解釋說，這主要是因為有幾家企業在六月的季度業績比較容易比較。因此，我們的服務成長已經連續很多個季度保持了兩位數的強勁成長，我們對這一水準充滿信心。

Got it. Got it. And then just a follow-up for Tim or Luca. 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. So I'm kind of curious, this is the first time I heard you talk about component shortages impacting the iPhone. Can you be more specific? Is it display drivers? Or what exactly is the choke point on the supply?

知道了。知道了。然後，再給提姆或盧卡一個後續問題。提姆，我想你在事先準備好的評論中提到過，在九月份的季度裡，iPhone 和 iPad 的供應限制將受到更大的影響。我很好奇，這是我第一次聽到你談到零件短缺對 iPhone 的影響。能說得更具體些嗎？是顯示驅動程式的問題嗎？或者說，供應環節的瓶頸究竟在哪裡？

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. We do have some shortages. 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. And so it's a little bit of that as well. 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. The legacy nodes are where the supply constraints have been on silicon.

我們看到的大多數限制因素，我認為其他人也看到了，那就是——我會將其歸類為行業短缺。我們確實存在一些短缺。除此之外，由於需求量龐大，遠遠超出了我們的預期，因此很難在我們努力爭取的交貨時間內獲得所有零件。所以，這其中也有一點原因。正如我之前所說，我認為，根據你的問題，我們幾個產品中使用的最新節點並沒有造成太大的問題。傳統製程製程是指矽晶片供應一直受限的製程。

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

接下來，我們將聽取瑞銀集團的戴維·沃格特提出的問題。

So maybe just a point of clarification. 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? 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. So does that mean, thinking about the portfolio going forward, there is less of a need for a lower price product going forward? And that the current portfolio and the new cycle going forward would be more high end in nature as we currently have today? And then I have a follow-up.

所以，或許需要澄清一點。因此，根據數據和評論，升級用戶和轉換用戶表現強勁，新興市場在本季也相對強勁，那麼這組具體的數據點強度對 iPhone 產品組合意味著什麼？我想問的問題是，當您考慮用戶轉換和價格點時，我認為您去年也推出了 SE，這確實是為了真正解決一些價格較低的市場，例如新興市場。那麼，從長遠來看，這是否意味著未來對低價產品的需求會減少？目前的投資組合以及未來的新周期是否會像我們今天所擁有的那樣，更加偏向高端市場？然後我還有一個後續問題。

Yes, David, we did --we had an incredible quarter for the emerging markets. 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. I could go on and name a few more. It's a very long list. And so we're -- those results are for the entire line of products that we have.

是的，大衛，我們的確做到了——新興市場本季業績非常出色。第三季度，我們在墨西哥、巴西、智利、土耳其、阿聯酋、波蘭、捷克共和國、印度、中國（正如我之前提到的）、泰國、馬來西亞、越南、柬埔寨、印尼等地均創下了6月季度的銷售記錄。我還可以繼續列舉更多例子。清單很長。所以，這些結果適用於我們所有的產品線。

And keep in mind, we still do have SE in the line. We launched it a year ago, but it's still in the line today, and it's sort of our entry price point. And so I'm pleased with how all of them are doing. And I think we need sort of that range of price points to accommodate the types of people that we want to accommodate. 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. And I think that's true in the emerging markets as good as it's true in the United States or other developed markets.

請記住，我們產品線中仍然有 SE。我們一年前推出了這款產品，但它至今仍在產品線中，而且它算是我們的入門級產品。所以我對他們目前的表現都很滿意。我認為我們需要這樣的價格範圍，以滿足我們想要服務的不同類型人群的需求。因此，我們既為真正想入手 iPhone 的入門級買家準備了產品，也為想要購買最好的 iPhone 的專業買家準備了產品。我認為這一點在新興市場和在美國或其他已開發市場一樣適用。

No. No, that's helpful. I appreciate that, Tim. 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? Obviously, we're early innings in a lot of markets. 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?

不。不，這很有幫助。謝謝你，提姆。那麼，這是否意味著想要購買 iPhone 的新興市場買家也在尋找具備 5G 功能的裝置？顯然，我們在許多市場都還處於早期階段。或者，從中長期來看，如果基礎設施允許，我們應該如何看待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. Really early. 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. And so 5G becomes an important part of their buying decision.

在我閱讀的大多數市場報告中，5G 的發展都還處於非常非常非常早期的階段。很早。所以——但我認為高端買家也是在為未來做準備，因為在某些情況下，他們可能會使用手機兩年或更長時間。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.

接下來，我們將回答來自克利夫蘭研究公司的本·博林提出的問題。

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? 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.

我想先問一下，Luca 或 Tim，你們能否為我們介紹一下你們認為 Apple One 套餐是如何影響服務的發展軌跡和經濟效益的？接下來是關於服務的第二部分，我很好奇您認為 IDFA 是如何影響服務領域廣告業務的發展軌跡的。

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. 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. 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. 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.

如您所知，我們提供 Apple One 服務，因為它讓您比以往任何時候都更容易享受我們的訂閱服務，包括 Apple Music、Apple TV+、Apple Arcade、iCloud 等等。因此，我們真正將客戶放在了中心位置，並且最近開始以我們可能等了幾個月才開始的方式提醒人們 Apple One 的存在。因此，我對 Apple One 目前的發展狀況非常滿意，並認為它是未來服務發展的絕佳起點。更重要的是，這對客戶來說是一項巨大的好處，因為我們的許多客戶喜歡嘗試不只一項服務，而這項服務讓他們能夠透過一個簡單的捆綁包和訂閱服務來實現這一點。

In terms of IDFA or the advertising in general, I take it your question is about 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. And it seems to be going very well from a user point of view.

就 IDFA 或一般的廣告而言，我認為你的問題是關於 ATT 的。與 ATT 合作後，我們收到了相當多的客戶回饋，他們對能夠在透明的基礎上決定是否被追蹤表示積極。從用戶角度來看，情況似乎非常好。

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

接下來，我們將回答來自美國銀行的 Wamsi Mohan 提出的問題。

Yes. I have 2 as well. To begin with, Luca, you noted significant product revenue deleverage, but yet your product gross margins were roughly flat. You noted cost savings. 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?

是的。我也有兩個。首先，Luca，你注意到產品收入槓桿率大幅下降，但你的產品毛利率卻基本持平。您提到了成本節約。您能否談談這些措施本質上是戰術性的，還是像垂直整合這樣的結構性措施，這些措施將持續提高產品毛利率？

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. So what were some of the offsets there? And then I have a follow-up for Tim.

至於服務方面，您多次提到廣告成長強勁，這顯然是利潤率非常高的貢獻者，但服務利潤率的連續成長軌跡卻很平緩。那麼，其中有哪些偏差呢？然後我還有一個問題要問提姆。

Yes. On the product side, I talked about cost savings. 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. 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. 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. So it feels something that we've been able to accomplish and we're able to maintain, at least in the near term. Nothing that was abnormal during the quarter or a one-off in nature. It was pretty structural.

是的。在產品方面，我談到了成本節約。提姆提到，或許在貨運方面，我們看到了一些成本壓力，這在目前的週期階段有點不尋常。對於其他所有主要商品和零件，我們繼續看到一個非常典型的週期，即我們能夠逐週節省成本。到目前為止，情況非常好，從毛利率的絕對水準就能看出來，因為在產品方面，我們比去年同期成長了 600 多個基點。所以感覺我們已經取得了一些成就，並且至少在短期內能夠維持下去。本季沒有發生任何異常情況，也不是一次性事件。它主要側重於結構性問題。

On the Services side, again, up a lot on a year-over-year basis. So the baseline has gone up a lot. The sequential decline, as you said, it was very, very small. And as I mentioned several times in the past, we have a very large services portfolio with very different margin profiles in our services. And so even a slight change in mix can drive some sequential differences, and this was the case this quarter, just a different mix. I mentioned, for example, that AppleCare has rebounded.

服務業方面，年比同樣大幅成長。所以基線水平已經大幅上升。正如你所說，連續下降的幅度非常非常小。正如我之前多次提到的，我們擁有非常龐大的服務組合，而且我們各項服務的利潤率差異很大。因此，即使產品組合發生輕微變化，也可能導致連續性差異，本季就是這種情況，只是產品組合有所不同。例如，我曾提到 AppleCare 已經復甦。

And so those -- the relative success of our Services in the marketplace can drive some slight changes in gross margins. Again, step back for a second, 69.8% gross margin. We're very, very, very happy with where we are with the Services margin trajectory.

因此，我們的服務在市場上的相對成功可能會對毛利率產生一些細微的影響。再退一步想想，毛利率高達 69.8%。我們對服務業務利潤率的發展軌跡非常、非常、非常滿意。

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

好的。提姆，中國監管機構越來越關注某些中國公司。雖然這並非蘋果的直接影響，但考慮到其中一些公司對蘋果應用商店的收入貢獻巨大，投資者該如何評估這種間接影響？

And also, is there -- are you seeing any impact at all from these? And is the limiting of the usage of some of these apps influencing how people are either interacting with your devices? Or is there any other ancillary impact that you're seeing?

另外，您是否看到這些措施產生了任何影響？限制某些應用程式的使用是否會影響人們與你的裝置互動的方式？或者您觀察到其他任何附帶影響？

Well, for the quarter, as you can see, we grew 58%. So it was a strong quarter, and embedded in that was a quarterly record for Services, which includes the App Store. And so we're seeing strength in China. The economy has really bounced back there fairly quickly from COVID.

正如你所看到的，本季我們成長了 58%。所以這是一個強勁的季度，其中服務業務（包括 App Store）創下了季度紀錄。因此，我們看到了中國的強勁勢頭。當地經濟從新冠疫情迅速復甦。

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. And we all -- we work with a lot of different companies to ensure that. And so that's our focus.

就監管重點而言，我們從自身角度出發，重點是服務當地用戶，確保他們對我們展示的產品和服務感到非常滿意。我們與許多不同的公司合作，以確保這一點。所以這就是我們的重點。

Thank you, Wamsi. A replay of today's call will be available for 2 weeks on Apple podcast, as a webcast on apple.com/investor and via telephone. The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 9766068. These replays will be available by approximately 5 p.m. Pacific Time today.

謝謝你，瓦姆西。今天的電話會議錄音將在 Apple Podcast、apple.com/investor 網站以及透過電話提供，有效期為兩週。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼9766068。這些回放影片大約會在下午5點前提供。今天是太平洋時間。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142. Financial analysts can contact me with additional questions at (669) 227-2402.

媒體成員如有其他疑問，可致電 (408) 862-1142 聯絡 Josh Rosenstock。金融分析師如有其他疑問，可致電 (669) 227-2402 與我聯絡。

Thank you again for joining us.

再次感謝您的參與。

Thank you. That does conclude today's conference. Thank you for your participation.

謝謝。今天的會議到此結束。感謝您的參與。