蘋果 (AAPL) 2021 Q2 法說會逐字稿

Good day, and welcome to the Apple Q2 FY 2021 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I'd like to turn the call over to Tejas Gala, Director, Investor Relations and Corporate Finance. Please go ahead.

大家好，歡迎參加蘋果2021財年第二季財報電話會議。今天的通話將會被錄音。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，接著是財務長盧卡·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 expense, taxes, capital allocation and future business outlook, including the potential impact of COVID-19 on the company's business results of operation. 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.

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 對公司業務經營業績的潛在影響。這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。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。

Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates. I'd now like to turn over the call to Tim for introductory remarks.

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。現在我把電話交給提姆，請他做開場白。

Thanks, Tejas. Good afternoon, everyone, and thanks for joining the call today. Apple is proud to report another strong quarter, one where we set new March quarter records for both revenue and earnings, besting our year ago revenue performance by 54%. Reflecting both the enduring ways our products have helped our users meet this moment in their own lives as well as the optimism consumers seem to feel about better days ahead, we set new March quarter records in every geographic segment, and success was broadly distributed across our product categories. Mac and Services delivered all-time record results, and we set new March quarter records for iPhone and Wearables, Home and Accessories.

謝謝你，Tejas。各位下午好，感謝各位今天參加電話會議。蘋果公司自豪地宣布又一個強勁的季度業績，我們在3月份的季度營收和盈利方面均創下新紀錄，營收比去年同期增長了54%。我們的產品以持久的方式幫助用戶應對生活中的這一時刻，同時也反映了消費者對未來美好時光的樂觀態度，因此，我們在每個地理區域都創下了三月份季度的新紀錄，而且成功也廣泛分佈在我們的各個產品類別中。Mac 和服務業務取得了歷史新高的業績，iPhone 和穿戴式裝置、家居和配件業務也創下了 3 月季度的新紀錄。

To provide some color on our results, let's turn to our product categories. We saw a very strong performance for iPhone, which grew 66% year-over-year driven by the strong popularity of the iPhone 12 family. With unmatched 5G capability, the best camera system ever in an iPhone and advanced durability from Ceramic Shield, this family of devices is popular with both upgraders and new customers alike. And just last week, we unveiled an all-new purple finish for iPhone 12 and 12 Mini.

為了更直觀地展示我們的結果，讓我們來看看我們的產品類別。iPhone 的表現非常強勁，年增 66%，這主要得益於 iPhone 12 系列的強勁受歡迎程度。憑藉無與倫比的 5G 功能、iPhone 有史以來最好的相機系統以及超瓷晶面板帶來的卓越耐用性，該系列設備深受升級用戶和新用戶的喜愛。就在上週，我們發布了 iPhone 12 和 12 Mini 的全新紫色外觀。

As has been the case throughout the pandemic, iPad and Mac continue to be critically important tools for our customers. Over the past year, tens of millions of iPads and Macs have been deployed to help students learn, creators create and to enhance remote work in all of its forms. This has helped iPad grow very strong double digits to its highest March quarter revenue in nearly a decade.

疫情期間，iPad 和 Mac 一直是我們客戶至關重要的工具，情況也一直如此。過去一年，數千萬台 iPad 和 Mac 被部署用於幫助學生學習、創作者創作以及增強各種形式的遠距工作。這使得 iPad 的營收實現了兩位數的強勁成長，創下了近十年來 3 月季度營收的最高紀錄。

On Mac, fueled by the M1, we set an all-time revenue record continuing the momentum for the product category. In fact, the last 3 quarters for Mac have been its 3 best quarters ever. Last week, both iPad and Mac took a big step forward. We debuted a radically redesigned brand-new iMac designed around M1's unmatched capabilities, and we've brought M1 to iPad for the first time in the new iPad Pro with 5G capability and a Liquid Retina XDR display.

在 M1 處理器的推動下，Mac 平台創下了歷史營收紀錄，延續了該產品類別的成長動能。事實上，Mac 近三個季度是有史以來業績最好的三個季度。上週，iPad 和 Mac 都取得了重大進展。我們推出了一款經過徹底重新設計的全新 iMac，其設計以 M1 無與倫比的功能為核心；同時，我們首次將 M1 帶到了 iPad 上，推出了具備 5G 功能和 Liquid Retina XDR 顯示器的全新 iPad Pro。

It was a quarter of sustained strength for Wearables, Home and Accessories, which grew by 25% year-over-year. Apple Watch is a global success story, and the category set March quarter records in each geographic segment, thanks to strong performance from both Apple Watch Series 6 and Apple Watch SE. It's an exciting and busy period ahead for Wearables, Home and Accessories with the launch of the next-generation Apple TV 4K and our newest accessory, AirTag. AirTag builds on the powerful and incredibly useful Find My experience, helping users privately and securely keep track of the items that matter most to them. Third-party accessories and products can also make use of the Find My network, guaranteeing a great experience no matter what products you choose to use.

穿戴式裝置、家居用品和配件業務在本季保持強勁成長，年成長 25%。Apple Watch 在全球取得了巨大成功，憑藉 Apple Watch Series 6 和 Apple Watch SE 的強勁表​​現，該品類在 3 月季度的每個地區都創下了銷售記錄。對於穿戴式裝置、家居和配件部門來說，接下來將是一個令人興奮又忙碌的時期，因為新一代 Apple TV 4K 和我們最新的配件 AirTag 即將發布。AirTag 基於強大且極其有用的「尋找我的物品」功能，可協助使用者私密、安全地追蹤對他們最重要的物品。第三方配件和產品也可以使用 Find My 網絡，無論您選擇使用什麼產品，都能保證良好的體驗。

Turning to Services. We achieved growth of 27% year-over-year and set new records for services in each of our geographic segments. We continue to enhance and improve our current service offerings from Apple Music to Apple News while continuing to launch new services that enhance our customers' lives.

轉到服務部分。我們實現了同比增長 27%，並在我們各個地理區域的服務方面都創下了新紀錄。我們將持續增強並改進從 Apple Music 到 Apple News 等現有服務，同時持續推出能夠提升用戶生活品質的新服務。

Just last week, we introduced Apple Card Family which reinvents how you can share credit cards and build credit together. We also announced Apple Podcast subscriptions, a global marketplace for listeners to discover premium content from their favorite creators and storytellers.

就在上週，我們推出了 Apple Card Family，它徹底改變了您共享信用卡和共同建立信用的方式。我們也宣布推出 Apple Podcast 訂閱服務，這是一個全球市場，聽眾可以透過它發現他們最喜歡的創作者和故事講述者的優質內容。

While we're on the topic of services, in many ways, this quarter showed the unique value to customers created by Apple's belief in the deep integration of hardware, software and services. Across our products and throughout our software ecosystem, we continue to deploy industry-leading new tools to protect users' fundamental right to privacy. In addition to the App Store privacy nutrition labels that we discussed on last quarter's call, we're proud to have launched the full implementation of App Tracking Transparency. This powerful yet simple idea gives users a choice over how their data is used and shared across the apps that they love and use every day.

說到服務，從許多方面來看，本季展現了蘋果對硬體、軟體和服務深度整合的信念為客戶創造的獨特價值。在我們的所有產品和整個軟體生態系統中，我們不斷部署業界領先的新工具，以保護使用者的基本隱私權。除了我們在上個季度電話會議上討論過的 App Store 隱私營養標籤之外，我們很自豪地宣布，App Tracking Transparency 已全面實施。這個強大而簡單的理念讓用戶可以選擇如何在他們喜愛和每天使用的應用程式之間使用和共享他們的數據。

No matter what device you enjoy it from, it is a milestone period for Apple TV+, racking up many new award nominations and wins, including its first Oscar nominations. Ted Lasso, in particular, has been recognized with a multitude of awards and nominations including most recently, an AFI Program of the Year Recognition, Writers Guild of America Awards and a clean sweep at the Critics Choice Awards. Apple TV+ also continues to be a place where we can tell stories that matter and lift up important voices and experiences like our new upcoming content partnership with Malala; or our latest original documentary special, The Year the Earth Changed, narrated by the legendary David Attenborough and released to commemorate Earth Day.

無論你使用什麼設備觀看，這都是 Apple TV+ 的一個里程碑時期，它獲得了許多新的獎項提名和獎項，包括首次獲得奧斯卡提名。尤其是泰德拉索，獲得了許多獎項和提名，包括最近的美國電影學會年度節目獎、美國編劇工會獎以及評論家選擇獎的全勝獎。Apple TV+ 也一直是我們講述重要故事、提升重要聲音和體驗的地方，例如我們即將與馬拉拉合作推出的全新內容；或者我們最新的原創紀錄片特輯《地球改變的一年》，由傳奇人物大衛·艾登堡擔任旁白，為紀念地球日而發布。

This is, of course, just one example of how Apple lives its values and operationalizes the idea that to whom much is given, much is expected.

當然，這只是蘋果公司實踐其價值觀並落實「能力越大，責任越大」理念的例子。

To begin with our environmental efforts, just last week, we marked a milestone Earth Day on multiple fronts. In addition to the progress we've made in our own efforts to achieve our pledge of a net zero carbon footprint by 2030 across our entire supply chain and use of our products, we're proud to play a role in the growing ripple change taking place across the private sector. As of this month, 110 of our suppliers have joined us in our renewable energy commitment, and we will bring online nearly 8 gigawatts of new clean energy, the equivalent of taking 3.4 million gas-powered vehicles off the road each year. Through Apple's $4.7 billion in green bonds and related efforts, we've supported transformative environmental projects around the world from clean energy initiatives in China to 2 of the world's largest onshore wind turbines in Denmark to 180-acre solar project outside Reno, Nevada and many more.

首先說說我們的環保工作，就在上週，我們在多個方面慶祝了具有里程碑意義的地球日。除了我們自身在實現到 2030 年在整個供應鏈和產品使用中實現淨零碳足跡的承諾方面所取得的進展之外，我們還很自豪能夠參與到私營部門正在發生的日益擴大的變革浪潮中。截至本月，已有 110 家供應商加入我們的再生能源承諾，我們將新增近 8 吉瓦清潔能源，相當於每年減少 340 萬輛燃油汽車上路。透過蘋果公司發行的 47 億美元綠色債券及相關舉措，我們支持了世界各地具有變革意義的環境項目，從中國的清潔能源計劃到丹麥的兩座世界最大的陸上風力渦輪機，再到內華達州里諾市郊外佔地 180 英畝的太陽能項目等等。

We're also keenly focused on how this wave of green innovation can lead to equitably shared prosperity. Through our new $200 million Restore Fund, we're helping local and rural communities around the world build sustainable industries around work in forests, creating opportunities and removing up to 1 million metric tons of carbon from the atmosphere every year. And here in the United States, we started a green impact accelerator, investing and supporting minority-owned businesses at the forefront of environmental fields.

我們也十分關注這波綠色創新浪潮如何帶來公平共享的繁榮。透過我們新設立的 2 億美元恢復基金，我們正在幫助世界各地的地方和農村社區圍繞森林工作建立永續產業，創造機會，並每年從大氣中清除多達 100 萬噸碳。在美國，我們啟動了一個綠色影響力加速器項目，投資並支持處於環境領域前沿的少數族裔企業。

As we look forward to WWDC, we're taking new steps to foster -- to support and foster the unmatched community of developers we work with here in the United States and around the world. I'm particularly excited about our inaugural Entrepreneur Camp for black founders and developers. Building on the success of our Entrepreneur Camp program, which we began in 2019, this program gives this profoundly innovative community of developers the chance to develop next-level technical skills through hands-on technology labs, and with our partners at Harlem Capital, it also shares insights and mentorship on building and scaling an app business.

展望 WWDC，我們正在採取新的措施來培育——支持和促進我們在美國和世界各地合作的無與倫比的開發者社區。我尤其對我們首屆針對黑人創辦人及開發者的創業訓練營感到興奮。繼 2019 年我們啟動的創業訓練營計畫取得成功之後，該計畫為這個極具創新精神的開發者社群提供了透過實踐技術實驗室發展更高水平技術技能的機會，並與我們的合作夥伴 Harlem Capital 一起，分享有關構建和擴展應用程式業務的見解和指導。

We were proud to announce that we have expanded and accelerated our commitment to the U.S. economy. Over the next 5 years, we will invest $430 billion, creating 20,000 jobs in the process. The investments will support American innovation and drive economic benefits in every state, including a new North Carolina campus and job creating investments in innovative fields like silicon engineering and 5G technology.

我們很自豪地宣布，我們已擴大並加快了對美國經濟的投入。未來5年，我們將投資4,300億美元，並在此過程中創造2萬個就業機會。這些投資將支持美國的創新，並為每個州帶來經濟效益，包括在北卡羅來納州新建一個校區，以及在矽工程和 5G 技術等創新領域創造就業機會的投資。

Looking forward, whether you're running a business or just hoping to see family again after more than a year, it's tempting at this moment to let hope about the end of the COVID-19 pandemic outstrip clear-eyed realism about the challenges we still face. In many places around the world, new waves of infections driven by even more infectious variants of the virus are driving new lockdowns. Instead of simply assuming that the end is in sight, we at Apple are doing our part to make it a reality, beginning with an enduring and uncompromising commitment to the health and safety of our teams, and extending well beyond our walls into the communities where we work. We also want to do everything we can to connect users to life-saving vaccinations that are in ever greater supply. Through Apple Maps, for example, we now showcase vaccine site locations here in the United States, building on our maps of testing locations in many countries around the world.

展望未來，無論你是在經營企業，還是只是希望在一年多之後再次見到家人，此時此刻，人們很容易對 COVID-19 疫情的結束抱有希望，而忽略了對我們仍然面臨的挑戰的清醒現實。世界許多地方正遭受由傳染性更強的病毒變種引發的新一輪感染浪潮的衝擊，並因此實施新的封鎖措施。蘋果公司並沒有簡單地認為疫情即將結束，而是盡自己的一份力量來實現這一目標，首先是對我們團隊成員的健康和安全做出持久而毫不妥協的承諾，並將這種承諾延伸到我們工作所在的社區。我們也希望盡一切努力，讓使用者獲得供應日益充足的救命疫苗。例如，我們現在透過 Apple 地圖展示美國境內的疫苗接種點位置，這建立在我們先前在世界各地許多國家/地區繪製的檢測點地圖之上。

It's worth remembering for much more than financial reasons or year-ago compares, just how we felt at this time last year when everything we knew had to change: Planes sat grounded, entire business districts were empty and silent; people left groceries or care packages sitting in the garage or in the hall overnight in recognition of all that we didn't know and therefore, had to imagine. Thanks to researchers and scientists, doctors and nurses, everyone who can put a shot in an arm and even just check a name off a list, we have reached new days of hopeful resolve.

值得記住的不僅僅是經濟原因或與去年同期的比較，而是去年這個時候我們的感受：我們所知道的一切都發生了改變：飛機停飛，整個商業區空無一人，一片寂靜；人們把食品雜貨或護理包裹放在車庫或走廊裡過夜，以表達我們對未知事物的理解，並意識到我們不得不去想像未來。感謝研究人員、科學家、醫生、護士，感謝所有能打針的人，甚至只是在名單上勾選名字的人，我們才迎來了充滿希望和決心的新時代。

Our work is not done, but as I said a year ago, while we can't say for sure how many chapters are in this book, we can have confidence that the ending will be a good one. With that, I'll hand things over to Luca.

我們的工作還沒有完成，但正如我一年前所說，雖然我們不能確定這本書有多少章，但我們可以肯定的是，結局會是一個好結局。這樣，我就把事情交給盧卡了。

Thank you, Tim. Good afternoon, everyone. We are extremely pleased to report record results for our March quarter despite continued uncertainty in the macro environment. We've been operating in new ways for over a year, and we could not be more proud of the way our team continues to execute and innovate at unprecedented levels.

謝謝你，提姆。大家下午好。儘管宏觀環境持續存在不確定性，但我們非常高興地宣布，我們3月份季度的業績創下歷史新高。一年多來，我們一直以全新的方式運營，我們為團隊不斷以空前的水平執行和創新而感到無比自豪。

Our revenue reached a March quarter record of $89.6 billion an increase of over $31 billion or 54% from a year ago. We grew very strong double digits in each of our product categories, with all-time records for Mac and for Services and March quarter records for iPhone and for Wearables, Home and Accessories. We also set new March quarter records in every geographic segment with growth of at least 35% in each one of them.

我們3月季度的營收達到創紀錄的896億美元，比去年同期成長超過310億美元，增幅達54%。我們每個產品類別都實現了兩位數的強勁成長，其中 Mac 和服務業務創下歷史新高，iPhone 以及穿戴式裝置、家居和配件業務在 3 月季度創下歷史新高。我們在三月的每個地區都創下了新的季度記錄，每個地區的成長率都至少達到了 35%。

Products revenue was a March quarter record of $72.7 billion, up 62% over a year ago. As a result of this level of sales performance and the unmatched loyalty of our customers, our installed base of active devices reached a new all-time record in each of our major product categories. Our services set an all-time record of $16.9 billion, growing 27% over a year ago. We established new records in each geographic segment and in most service categories. I will provide more details about the performance of our services business later.

產品營收在3月季度創下727億美元的紀錄，比去年同期成長62%。由於這樣的銷售業績和客戶無與倫比的忠誠度，我們每個主要產品類別的活躍設備安裝量都達到了歷史新高。我們的服務收入創歷史新高，達到 169 億美元，比上年同期成長 27%。我們在每個地理區域和大多數服務類別中都創造了新的記錄。稍後我將提供更多關於我們服務業務業績的詳細資訊。

Company gross margin was 42.5%, up 270 basis points from last quarter driven by cost savings, a strong mix and favorable foreign exchange. Products gross margin was 36.1%, growing 100 basis points sequentially also thanks to cost savings and FX, partially offset by seasonal loss of leverage. Services gross margin was 70.1%, up 170 basis points sequentially and mainly due to a different mix. Net income of $23.6 billion, diluted earnings per share of $1.40 and operating cash flow of $24 billion were all March quarter records by a wide margin.

該公司毛利率為 42.5%，較上季成長 270 個基點，主要得益於成本節約、強勁的產品組合和有利的匯率。產品毛利率為 36.1%，季增 100 個基點，這主要得益於成本節約和匯率因素，但部分被季節性槓桿損失所抵銷。服務業毛利率為 70.1%，較上季成長 170 個基點，主要原因是產品組合發生了變化。3 月季度淨收入 236 億美元，稀釋後每股收益 1.40 美元，經營現金流 240 億美元，均大幅創下歷史新高。

Let me get into more detail for each of our revenue categories. iPhone revenues had a March quarter record of $47.9 billion, growing 66% year-over-year as the iPhone 12 family continued to be in high demand. Performance was consistently strong across the world as we grew strong double digits in each geographic segment and set March quarter records in most markets we track. Thanks to the exceptional loyalty of our customer base and strength of our ecosystem, our active installed base of iPhones reached a new all-time high. In the U.S., the latest survey of consumers from 451 Research indicates customer satisfaction of over 99% for the iPhone 12 family.

讓我更詳細地介紹一下我們的各項收入類別。由於 iPhone 12 系列繼續受到市場的熱烈追捧，iPhone 3 月季度的營收創下 479 億美元的紀錄，年增 66%。全球業績持續強勁，我們在每個地區都實現了兩月份的強勁增長，並在我們追蹤的大多數市場創下了三月份季度的紀錄。由於我們客戶群的卓越忠誠度和我們生態系統的強大實力，我們的 iPhone 活躍裝置裝置達到了歷史新高。在美國，451 Research 的最新消費者調查顯示，iPhone 12 系列的顧客滿意度超過 99%。

Turning to Services. We reached an all-time revenue record of $16.9 billion with all-time records for the App Store, cloud services, music, video, advertising and payment services. Our new 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. The key drivers for our services business all continue to move in the right direction.

轉到服務部分。我們創下了 169 億美元的營收歷史新高，其中 App Store、雲端服務、音樂、影片、廣告和支付服務都創下歷史新高。我們的新服務產品，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大規模，並為整體服務成長做出貢獻。我們服務業務的關鍵驅動因素都在朝著正確的方向發展。

First, our installed base growth has accelerated and reach an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the March quarter, with paid accounts increasing double digits in each of our geographic segments. Third, paid subscriptions continued to show strong growth. During the March quarter, we added more than 40 million paid subs sequentially, and we have now reached more than 660 million paid subscriptions across the services on our platform. This is up 145 million from just a year ago and twice the number of paid subscriptions we had only 2.5 years ago.

首先，我們的裝機量成長速度加快，在各主要產品類別中均達到歷史最高水準。其次，在 3 月的季度中，我們數位內容商店的交易帳戶和付費帳戶數量均創歷史新高，其中我們各個地理區域的付費帳戶數量均實現了兩位數的增長。第三，付費訂閱持續保持強勁成長。在三月的季度中，我們連續新增了超過 4,000 萬名付費用戶，目前我們平台上的各項服務付費用戶總數已超過 6.6 億。這比一年前增加了 1.45 億，是兩年半前付費訂閱用戶的兩倍。

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 service offerings. For example, Apple Arcade launched its biggest expansion yet adding incredibly fun games to the catalog, including new exclusive Arcade originals, along with 2 entirely new categories, App Store Greats and Timeless Classics. Apple Pay continues to expand geographically, launching in Mexico and in South Africa, bringing our payment service to 6 continents.

最後，我們將增加我們認為客戶會喜歡的新服務，同時繼續提高我們現有服務的範圍和品質。例如，Apple Arcade 推出了迄今為止規模最大的擴展，為遊戲庫添加了許多非常有趣的遊戲，包括全新的 Arcade 獨家原創遊戲，以及兩個全新的類別：「App Store 精選」和「永恆經典」。Apple Pay 繼續拓展地域覆蓋範圍，在墨西哥和南非推出，使我們的支付服務覆蓋六大洲。

Wearables, Home and Accessories grew 25% year-over-year to $7.8 billion, setting new March quarter revenue records in every geographic segment. Apple Watch continues to extend its reach, with nearly 75% of the customers purchasing Apple Watch during the quarter being new to the product. We're very excited about the future of this category and believe that our integration of hardware, software and services uniquely positions us to provide great customer experiences in this category.

穿戴式裝置、家居用品和配件年增 25%，達到 78 億美元，在所有地理區域都創下了 3 月季度收入的新紀錄。Apple Watch 的用戶群持續擴大，本季購買 Apple Watch 的顧客中，近 75% 是該產品的新用戶。我們對這品類的未來充滿信心，並相信我們硬體、軟體和服務的整合使我們能夠在這個品類中提供卓越的客戶體驗。

Next, I'd like to talk about Mac. We set an all-time revenue record of $9.1 billion, up 70% over last year, and grew very strongly in each geographic segment with all-time revenue records in Europe and rest of Asia Pacific and March quarter records in the Americas, Greater China and Japan. This amazing performance was driven by the very enthusiastic customer response to our new Macs powered by the M1 chip.

接下來，我想談談Mac。我們創下了91億美元的營收歷史新高，比去年增長了70%，並且在每個地區都實現了強勁增長，其中歐洲和亞太其他地區創下了營收歷史新高，美洲、大中華區和日本的3月份季度營收也創下了歷史新高。這一驚人業績的取得，得益於消費者對我們搭載 M1 晶片的新款 Mac 電腦的熱烈反響。

iPad performance was also outstanding with revenue of $7.8 billion, up 79%. We grew very strongly in every geographic segment with an all-time record in Japan and a March quarter record in rest of Asia Pacific.

iPad 的表現也十分出色，營收達 78 億美元，成長 79%。我們在每個地區都實現了強勁成長，在日本創下了歷史新高，在亞太其他地區也創下了三月季度的新高。

Both Mac and iPad are incredibly relevant products for our customers in the current working and learning environments, and we are delighted that the most recent surveys of U.S. consumers from 451 Research measured customer satisfaction at 91% for Mac and 94% for iPad. With this level of customer satisfaction, and with around half of the customers purchasing Mac and iPad during the quarter being new to that product, the active installed base for both products continues to grow nicely and reached new all-time highs.

在目前工作和學習環境中，Mac 和 iPad 都是與我們的客戶息息相關的產品，我們很高興 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 91%，iPad 的客戶滿意度為 94%。憑藉如此高的顧客滿意度，以及本季購買 Mac 和 iPad 的顧客中約有一半是該產品的新用戶，這兩款產品的活躍用戶群持續穩步增長，並創下歷史新高。

In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds. Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.

在企業市場，許多產業的客戶正在加速採用 iPhone 12 和 5G，將其視為未來業務的關鍵平台。例如，達美航空正在為乘務員配備 iPhone 12 和 5G 網路連接，以便他們在航空旅行復甦之際能夠為乘客提供盡可能最好的服務。英國的 Openreach 公司已開始為數萬名現場工程師配備 iPhone 12，以加快向全國各地家庭部署寬頻服務的速度。科羅拉多州的大型醫療保健提供者 UCHealth 透過將接種設備從 PC 工作站換成 iPhone，成功地將每位患者的接種時間從 3 分鐘縮短到僅 30 秒。這使得他們的工作人員能夠快速掃描和登記新患者，並大幅提高每日疫苗接種能力。

Let me now turn to our cash position. We ended the quarter with over $204 billion in cash plus marketable securities. We issued $14 billion of new term debt and retired $3.5 billion of term debt, leaving us with total debt of almost $122 billion. As a result, net cash was $83 billion at the end of the quarter.

現在讓我來看看我們的現金狀況。本季末，我們擁有超過2040億美元的現金及有價證券。我們發行了 140 億美元的新定期債務，並償還了 35 億美元的定期債務，使我們的總債務接近 1,220 億美元。因此，截至該季末，淨現金為 830 億美元。

This strong position allows us to continue to invest confidently in our future, while also returning value to our shareholders. We are innovating and investing at an unprecedented pace, including accelerating our investment in the United States with our new commitment to contribute more than $430 billion and 20,000 jobs to the country over the next 5 years.

憑藉著這強大的市場地位，我們能夠持續對未來充滿信心地進行投資，同時也能為股東創造價值。我們正以前所未有的速度進行創新和投資，包括加速對美國的投資，我們承諾在未來 5 年內向美國貢獻超過 4,300 億美元和 2,0000 個就業機會。

As we continue to execute at an extremely high level, we were also able to return nearly $23 billion to shareholders during the March quarter. This included $3.4 billion in dividends and equivalents and $19 billion through open market repurchases of 147 million Apple shares. We continue to believe there is great value in our stock and maintain our target of reaching a net cash neutral position over time.

由於我們持續保持極高的執行力，我們在三月的季度也向股東返還了近 230 億美元。其中包括 34 億美元的股息及等價物，以及透過公開市場回購 1.47 億股蘋果股票而獲得的 190 億美元。我們仍然相信我們的股票具有巨大的價值，並維持我們最終實現淨現金中立的目標。

Given the confidence we have in our business today and into the future, our Board has authorized an additional $90 billion for share repurchases. We're also raising our dividend by 7% to $0.22 per share, and we continue to plan for annual increases in the dividend going forward.

鑑於我們對公司目前及未來發展的信心，董事會已批准追加900億美元用於股票回購。我們還將股息提高 7% 至每股 0.22 美元，並計劃在未來繼續逐年提高股息。

As we move ahead into the June 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 seeing today for the current quarter.

隨著我們進入六月季度，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在本季度不會比目前的情況更糟，我們將分享一些方向性見解。

We expect our June quarter revenue to grow strong double digits year-over-year. However, we believe that the sequential revenue decline from the March quarter to the June quarter will be greater than in prior years for 2 reasons. First, keep in mind that due to the later launch timing and strong demand, iPhone only achieved supply-demand balance during the March quarter. This will cause a steeper sequential decline than usual. Second, we believe supply constraints will have a revenue impact of $3 billion to $4 billion in the June quarter.

我們預計六月季度的營收將實現兩位數的強勁年增長。然而，我們認為，由於以下兩個原因，從 3 月季度到 6 月季度的環比收入下降幅度將大於往年。首先，請記住，由於發佈時間較晚且需求強勁，iPhone 直到 3 月才實現供需平衡。這將導致跌幅比平常更大。其次，我們認為供應限制將對六月季度的收入造成 30 億至 40 億美元的損失。

We expect gross margin to be between 41.5% and 42.5%. We expect OpEx to be between $11.1 billion and $11.3 billion. We expect OI&E to be around $50 million and our tax rate to be around 14.5%. Finally, reflecting the approved 7% dividend increase I just mentioned, today, our Board of Directors has declared a cash dividend of $0.22 per share of common stock payable on May 13, 2021, to shareholders of record as of May 10, 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 111 億美元至 113 億美元之間。我們預計營運收入和支出約為 5,000 萬美元，稅率約為 14.5%。最後，正如我剛才提到的，該公司已批准提高 7% 的股息。今天，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 5 月 13 日支付給截至 2021 年 5 月 10 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？

(Operator Instructions) We'll take our first question from Shannon Cross with Cross Research.

（操作說明）我們首先來回答來自 Cross Research 的 Shannon Cross 提出的問題。

Tim, I had sort of a big picture question on iPhone. I'm just curious, there are so many different things happening in this cycle, 5G, pandemic. How are you thinking about the opportunity for refreshing the installed base and attracting new customers. And are you seeing lives shorten given some of the programs that are being put out there by the carriers and by yourself? Just kind of maybe big picture, if you can talk about what you're seeing in terms of iPhone out there in the market.

提姆，我有一個關於 iPhone 的比較宏觀的問題。我只是好奇，在這個週期裡發生了太多不同的事情，像是 5G、疫情等等。您如何看待更新現有客戶群和吸引新客戶的機會？鑑於保險公司和您自己推出的一些項目，您是否發現人們的壽命縮短了？從宏觀角度來看，您能否談談您目前在市場上看到的 iPhone 情況？

Sure, Shannon. We saw double-digit increases on a year-over-year basis on both the new to iPhone and upgraders. So -- and in fact, in the March quarter, there was actually a record number of upgraders for a March quarter. And so we like what we see. It's obviously the early days of 5G. Different countries are in different points. But penetration is still -- on a global level, is still low at this point. And so a lot of the 5G upgrades will be in front of us, not behind us.

當然可以，香農。我們看到，無論是新購 iPhone 用戶還是升級換代用戶，數量都實現了兩位數的年增長。所以——事實上，在三月的季度中，升級用戶數量創下了三月份季度的紀錄。所以，我們很喜歡我們所看到的。顯然，現在還處於5G發展的早期階段。不同國家所處的階段不同。但就目前而言，全球滲透率仍然很低。因此，許多 5G 升級都將在我們面前，而不是在我們身後。

You see in China, things have moved quickly to 5G. They're moving quickly in the United States. But a lot of the other regions are slower to adopt and slower to gain coverage in 5G.

你看，在中國，5G的發展速度非常快。他們在美國發展迅速。但其他許多地區採用 5G 技術的速度較慢，5G 覆蓋範圍也較窄。

Okay. And then, Luca, can you talk about gross margin? I mean 42% is higher than it's been that I can kind of remember actually at this point. So maybe if you talk about the drivers of gross margin. And maybe if there were any offsets from higher component costs or the logistics costs that obviously were overshadowed by currency and other things.

好的。那麼，盧卡，你能談談毛利率嗎？我的意思是，42% 這個數字比我記憶中任何時候都要高。所以，或許我們可以談談毛利率的驅動因素。或許，如果零件成本上漲或物流成本上升能夠抵銷一些影響，那麼這些影響顯然會被匯率和其他因素所掩蓋。

Yes, Shannon. Yes, we did 42.5% during March, and we've guided to similar, slightly lower levels for June. So for March, we were up 270 basis points sequentially, really driven by 3 major factors. Cost savings, which has been good for us during the cycle. A really strong mix, a strong mix on iPhone, but in general, across all product categories, and that obviously was helpful. And foreign exchange sequentially, again, from December to March, was favorable 90 basis points. So that helped as well. So those are the 3 major factors there. As we transition into June, as you know, that we will expect some level of deleverage but that will be offset by cost savings. Foreign exchange doesn't have much of an impact as we go from March to June.

是的，香農。是的，我們3月份的成長率為42.5%，我們預計6月份的成長率將與此類似，但略低一些。因此，3 月我們環比上漲了 270 個基點，主要由 3 個因素驅動。成本節約對我們在這個週期中來說是件好事。整體而言，iPhone 的銷售表現非常出色，但總的來說，所有產品類別的銷售都表現非常出色，這顯然很有幫助。外匯匯率從 12 月到 3 月再次環比上漲了 90 個基點。所以這也有幫助。所以，以上就是三個主要因素。如您所知，隨著我們進入六月，預計會出現一定程度的去槓桿化，但這將被成本節約所抵消。從三月到六月，外匯波動的影響並不大。

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

接下來，我們將回答來自 Evercore 的 Amit Daryanani 的下一個問題。

I have 2 as well. First one, just on Services. I think 90 days ago, the expectation was that line item would decelerate a little bit into the March quarter. It turned out it actually accelerated for us. I'd like to just understand what do you think drove that acceleration specifically? And is mid-20% sort of the growth norm as we go forward for Services?

我也有兩個。首先，僅針對服務。我認為90天前，人們預期該項支出在3月份季度會略有放緩。結果證明，它實際上對我們來說加速了。我想了解一下，你認為具體是什麼因素導致了這種加速？未來服務業的成長常態是 20% 左右嗎？

So Amit, the -- our Services business did better than what we were expecting when we had the last call in January. It was stronger across the board. One of the things that we've noticed is that throughout COVID was that obviously digital services have done very well. And then we've had a couple of categories like Apple Care because many of the points of sale and stores were closed and advertising because of the reduced economic activity that were negatively affected during COVID.

所以 Amit，我們的服務業務表現比我們在 1 月上次電話會議時預期的要好。各方面都更強了。我們注意到的一點是，在整個新冠疫情期間，數位服務顯然表現得非常好。然後，由於新冠疫情期間經濟活動減少，許多銷售點和商店關閉，廣告收入也受到影響，因此出現了一些像 Apple Care 這樣的類別。

During the March quarter, we've seen a return to growth on Apple Care and obviously, we've reopened a lot of the stores during the course of the quarter. And advertising, obviously, consumer sentiment has improved and advertising is coming back. And so the combination of these factors really delivered this very, very strong performance during the March quarter.

在三月的季度中，我們看到 Apple Care 業務恢復成長，而且顯然，我們在本季重新開放了許多門市。很顯然，隨著消費者信心的改善，廣告業正在復甦。因此，這些因素的綜合作用確實促成了三月季度的非常非常強勁的業績。

As we look ahead, as you know, we don't provide specific guidance for our product categories. But in general, I talked during our prepared remarks, I mean, there are a number of things that we always look at around the Services business, how many new paid accounts do we have, what number of new subscriptions do we get that -- above all, is our installed base continuing to grow? Are we adding new services? Are we improving the quality of the existing services? And so when we look at all these fundamental vectors of our Services business, obviously, we feel very good. We feel very good about it.

展望未來，如您所知，我們不提供針對產品類別的具體指導。但總的來說，正如我在事先準備好的發言中所說，我們始終關注服務業務的諸多方面，例如新增付費帳戶數量、新增訂閱用戶數量——最重要的是，我們的用戶基數是否持續增長？我們是否會新增服務？我們是否提高了現有服務的品質？因此，當我們審視服務業務的所有這些基本要素時，顯然，我們感覺非常好。我們對此感到非常滿意。

Got it. That's helpful. And then, Tim, if I could follow up with you. It seems like engagement with iPhones and Apple devices generally has gone up materially over the last 12 months. And I don't think replacement cycles, at least in the data we see, has shrunk or changed that much at the end of the day. I'm wondering, does that combination of increased usage, replacement cycles haven't changed, end up in iPhones potentially growing on a multiyear basis? Because, usually, I would imagine if I'm using something more I have to replace it more often. So I'd love your perspective on it.

知道了。那很有幫助。提姆，我還能再跟你確認一下嗎？在過去 12 個月裡，iPhone 和蘋果設備的整體使用率似乎大幅上升。而且我認為，至少從我們看到的數據來看，物種更替週期最終並沒有縮小或發生太大變化。我想知道，使用量增加，而更換週期卻沒有改變，這是否會導致 iPhone 的價格在幾年內持續上漲？因為通常情況下，我會覺得如果我使用某樣東西的次數更多，我就需要更頻繁地更換它。我很想聽聽你的看法。

Yes. We're clearly seeing strong performance in both the new to iPhone or the switcher component and upgraders, as I'd mentioned before. And in fact, the upgrader was the best March quarter that we've ever had in -- and so that speaks to what you're seeing, I think, a lot.

是的。正如我之前提到的，無論是新進 iPhone 的用戶、換機用戶或升級用戶，我們都明顯看到了強勁的銷售表現。事實上，升級者是我們有史以來表現最好的三月季度——所以我認為這很大程度上說明了你所看到的現象。

It's difficult with just this far into the cycle to make a statement about the cycle in general because keep in mind that we just launched midway through the Q1 period. And so we've only been operating for 4.5 months or so. But clearly, we like what we see right now a lot. If you look at how the iPhone did around the world, we had the top 5 models of smartphone in the U.S., the top selling, the top 2 in urban China, 4 out of the top 5 in Japan, the top 4 in the U.K. and the top 6 in Australia. And so it was a sort of across the board in some really key countries, we did really, really well. I do think that the 5G cycle is important. And we're in the early days of it, frankly.

由於目前週期才剛開始，很難對整個週期做出整體評價，因為請記住，我們只是在第一季中期才啟動了專案。所以，我們至今只營運了大約4.5個月。但很顯然，我們非常喜歡現在所看到的。如果你看看 iPhone 在世界各地的表現，我們在美國佔據了智慧型手機銷量前 5 名，在中國城市地區佔據了前 2 名，在日本佔據了前 5 名中的 4 名，在英國佔據了前 4 名，在澳大利亞佔據了前 6 名。因此，在一些關鍵國家，我們總體上都做得非常好。我認為5G週期非常重要。坦白說，我們還處於起步階段。

We'll take our next question from Katy Huberty from Morgan Stanley.

接下來，我們將回答摩根士丹利的凱蒂·休伯蒂提出的問題。

This was a pretty unbelievable quarter, and investors are going to ask about the sustainability of current demand trends, especially as you lap some of the benefits from COVID in areas like services and Mac later this year. So I know you don't guide beyond -- or provide an outlook beyond the next quarter. But can you talk from a high level over the next year, which segments do you see the opportunity to maintain strong revenue growth versus where is it reasonable to assume there will be some digestion as consumers shift their spending priorities? And then I have a follow-up for Luca.

這是一個相當不可思議的季度，投資人將會質疑當前需求趨勢的可持續性，尤其是在今年晚些時候，隨著服務和Mac等領域新冠疫情帶來的部分利好逐漸消退的情況下。所以我知道你不會提供超過下一季的指導或展望。但您能否從宏觀層面談談未來一年，您認為哪些細分市場有機會維持強勁的營收成長，而哪些細分市場由於消費者支出重點的轉變，可能會出現一定的消化效應？接下來我還要問盧卡一個後續問題。

If you sort of look at the different products, iPhone, I've already mentioned some of the great momentum that we had there. Keep in mind that the compare that we're running to would be the quarter, the Q2 of last year is the quarter that China would have entered a shutdown first and then the rest of the world entered the shutdown in middle part of March. And so part of the growth is compare -- is the comparison point. But that said, the results were fabulous across the board. The shortages that Luca spoke about in the color that he provided on the future, affect primarily the iPad and the Mac. And so we'll have some challenges in there, and challenges in meeting the demand that we've got.

如果你仔細看看不同的產品，例如 iPhone，我已經提到我們在這方面取得的巨大成功。請記住，我們所比較的是季度，去年第二季度是中國率先進入停工狀態的季度，然後世界其他地區在 3 月中旬也進入了停工狀態。因此，成長的一部分在於比較——在於比較點。但話說回來，整體而言，結果非常出色。盧卡在展望未來時提到的短缺問題，主要影響 iPad 和 Mac。因此，我們在滿足現有需求方面會面臨一些挑戰。

The demand feels very strong right now. Both on the Mac side, you have the combination of M1 and work from home and remote learning. And then iPad, you've got remote learning and work from home as well. And the product that we just announced is really killer, the iPad Pro with the M1 in it. And so there's a lot of great things of the strength of the product cycle in addition to the trends that we're seeing in the marketplace.

目前市場需求非常強勁。在 Mac 系統方面，您可以同時使用 M1 和在家工作以及遠距學習。此外，iPad 還支援遠距學習和居家辦公室。我們剛發表的這款產品真的非常棒，那就是搭載 M1 晶片的 iPad Pro。因此，除了我們在市場上看到的趨勢之外，產品週期的優勢也帶來了許多好處。

And where this pandemic will end, it seems like many companies will be operating in a hybrid kind of mode. And so it would seem that work from home and the productivity of working from home will remain very critical.

而當這場疫情最終結束時，似乎很多公司都會以混合營運模式運作。因此，居家辦公和居家辦公的效率似乎仍將非常重要。

If you look at Wearables then, the watch had a fabulous quarter. And I still think we're in the early innings on the watch. The number of new -- people that are new to the watch is almost 3 out of 4. And so this is a long way from being a mature market. And so -- and then the Services by itself has really accelerated. And so all in all, we feel very, very good.

如果只看可穿戴設備，手錶在第一季表現出色。我仍然認為我們目前還處於觀察的初期階段。新用戶——也就是第一次購買這款手錶的人——佔比接近四分之三。因此，距離成熟市場還有很長的路要走。因此——然後，服務本身的發展速度確實加快了。總而言之，我們感覺非常好。

And then, Luca, as I look at inventory plus vendor nontrade receivables, that grew only about 8% this quarter which is a big deceleration from last quarter. Should we read into that as a leading indicator for how we should think about the revenue growth deceleration in the business as the world normalizes? Or were there some supply disruptions during the quarter that caused you to drain inventory and create that tightness that you're talking about for June?

然後，盧卡，我查看了庫存加上供應商非貿易應收款，發現本季僅增長了約 8%，與上個季度相比大幅放緩。我們是否應該將此解讀為世界經濟恢復正常後，企業營收成長放緩的一個領先指標？或者，本季是否出現了一些供應中斷，導致庫存耗盡，從而造成了您所說的 6 月份的庫存緊張？

No. On -- as you think about the June quarter, Katy, I would point you to what we said in our prepared remarks around the 2 factors that will influence our normal seasonality, right? One is the fact that iPhone -- we launched iPhone later than usual during this cycle. And so we reached supply-demand balance only during the March quarter, which makes obviously the sequential decline steeper than usual. And then this $3 billion or $4 billion of supply constraints that Tim just said, primarily on iPad and Mac. So as you look at your model and you obviously can look at our numbers that we've done in the past, I think you can try to gauge that.

不。凱蒂，關於六月的季度，我想提醒你我們在準備好的演講稿中提到的兩個影響我們正常季節性的因素，對吧？其中一個原因是，iPhone——我們在這個週期中發布 iPhone 的時間比平常晚。因此，我們直到三月才達到供需平衡，這顯然使得環比下降幅度比平常更大。還有提姆剛才提到的30億或40億美元的供應限制，主要集中在iPad和Mac。所以，當你查看你的模型，並且顯然可以查看我們過去所做的數據時，我認為你可以嘗試進行評估。

From a channel inventory standpoint, we did what we normally do during a March quarter. So we reduced inventory as it's typical on iPhone. We exited within our target range. So I would say that on the inventory side, it was pretty straightforward. Obviously, given that the supply constraints are on the iPad and on the Mac, we wish we had more inventory of iPad and Mac. But this is all a function of high demand for all our products.

從通路庫存的角度來看，我們做了我們在三月季度通常所做的工作。因此，我們減少了庫存，這在 iPhone 上很常見。我們在目標範圍內退出。所以我覺得，在庫存方面，一切都很簡單明了。顯然，鑑於 iPad 和 Mac 的供應受到限制，我們希望能夠有更多的 iPad 和 Mac 庫存。但這完全是由於我們所有產品的需求很高。

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。

Tim, your content offerings are still at very compelling price points. And you've seen other content providers, whether it be Spotify, Hulu, Netflix, all announced price increases recently. I'm just wondering how you're thinking about pricing as it pertains to your offering here? And if you could share any stats around the uptake of TV+ paid subs that would be great. And I have a follow-up for Luca.

提姆，你的內容產品價格仍然非常有吸引力。你也看到了，其他內容提供商，無論是 Spotify、Hulu 還是 Netflix，最近都宣布了漲價。我只是想了解一下您是如何考慮貴公司產品的定價的？如果您能分享一些關於 TV+ 付費訂閱用戶成長情況的統計數據，那就太好了。我還有一個問題想問盧卡。

TV+ -- let me start with TV+. TV+ is going very well. As you know, the objective and the philosophy that we've had on TV+ is to create high-quality original content and to be one of the most desired platforms for storytellers. And I see that happening day by day as we sign more shows and more storytellers including Malala as I had mentioned in my opening comments.

TV+－讓我先從TV+說起。TV+ 的發展非常順利。如您所知，我們在 TV+ 上的目標和理念是創造高品質的原創內容，並成為故事講述者最渴望的平台之一。正如我在開場白中提到的，隨著我們簽約更多節目和更多故事講述者，包括馬拉拉，我看到這種情況正在一天天發生。

To date, we've received -- the Apple Originals have received 352 award nominations and had 98 wins. And this is from Oscar nominations to Emmy Awards to Critic Choice awards and all the rest. And we've got some shows that are -- have gotten significant buzz like Ted Lasso and The Morning Show and Defending Jacob and many others. And so we feel really good about where we are. We're not releasing subscriber numbers. But we feel good about where we are.

迄今為止，Apple Originals 已獲得 352 項獎項提名，並贏得了 98 項獎項。這包括奧斯卡提名、艾美獎、評論家選擇獎以及其他所有獎項。我們有一些節目引起了廣泛關注，例如《泰德·拉索》、《早晨新聞》、《捍衛雅各》等等。所以，我們對目前的狀況感到非常滿意。我們不會公佈訂閱用戶數量。但我們對現狀感到滿意。

In terms of other services and pricing, I don't have anything to announce today. We try to give the customer a great value. And we feel that we're doing that in the -- with the prices that we've got. And we'll see where we go from here.

至於其他服務和定價方面，我今天沒有什麼可以宣布的。我們努力為顧客提供超值服務。我們認為，以我們目前的價格來看，我們正在做到這一點。接下來我們再看情況吧。

Okay. As my follow-up, Luca, on the June quarter guide, when you talk about the sequential decline being a little bit about perhaps the 13% or low-teens percent that we've seen historically, are the supply constraints of the $3 billion, $4 billion impact included in that? Or is that in addition to sort of the more than average sequential decline that you're referring to? And any color on what specifically is driving the supply constraints of the subcomponent level?

好的。盧卡，我的後續問題是，關於六月份的季度業績指引，你提到環比下降幅度可能在 13% 到 10% 左右，這是我們歷史上看到的，那麼 30 億到 40 億美元的供應限制影響是否包含在內呢？或者，這是除了你提到的那種高於平均水平的連續下降之外的其他情況嗎？對於造成子組件層級供應限制的具體原因，是否有任何詳細資訊？

The -- yes. So when you look at our normal seasonality, and you've mentioned a percentage there that is really an average of several years, what we're saying is that we believe that the sequential decline this year is going to be higher than that. And it's a combination of the 2 factors, right? One is the timing of the launch and then the very high demand for iPhone during the March quarter. And the $3 billion to $4 billion supply constraints that we mentioned. Yes, and the constraints come from the semiconductor shortages that are affecting many, many industries, and it's a combination of the shortages as well as the very, very high level of demand that we are seeing for both iPad and Mac. For Mac, for example, if you just -- just to keep it into context, the last 3 quarters of Mac have been the best 3 quarters ever in the history of the product, right? So we are experiencing an incredible level of demand, which certainly is favored by working from home and learning from home environment, but also by the incredible amount of new products and innovation that we put into the products that we launched during the last couple of quarters.

是的。所以，當你觀察我們正常的季節性變化時，你提到的百分比實際上是幾年的平均值，我們想說的是，我們認為今年的環比下降幅度將會高於這個平均值。這是這兩個因素共同作用的結果，對嗎？一是發佈時機，二是三月 iPhone 的超高需求。還有我們之前提到的30億至40億美元的供應限制。是的，限制因素來自影響眾多產業的半導體短缺，以及iPad和Mac目前面臨的非常非常高的需求水平，這兩者共同導致了供應短缺。例如，對於 Mac 來說，如果你只是——為了便於理解，Mac 過去三個季度是該產品歷史上最好的三個季度，對吧？因此，我們正經歷著巨大的需求，這當然得益於在家工作和在家學習的環境，但也得益於我們在過去幾季推出的大量新產品和創新。

We'll take our next question from Aaron Rakers with Wells Fargo.

接下來，我們將回答來自富國銀行的 Aaron Rakers 提出的問題。

Congratulations on the great quarter. I wanted to go back to iPhone. As we think about the iPhone 12 cycle, appreciating that you guys don't give actual shipment numbers, it would appear though that the mix has been quite healthy. So I'm wondering if you could give us any context of what in this cycle you're seeing in terms of the mix relative to past cycles? Is that mix sustainable? I'm just trying to understand kind of the mix of -- within the iPhones and how that's driving, I guess, particularly gross margin. And I have a follow-up.

恭喜你們本季取得佳績。我想重新用回iPhone。當我們回顧 iPhone 12 的週期時，雖然我們理解你們沒有公佈實際的出貨量，但從目前的情況來看，產品組合相當健康。所以我想知道，您能否就本輪週期中您觀察到的組合與以往週期相比有何不同，提供一些背景資訊？這種混合模式可持續嗎？我只是想了解 iPhone 內部的各種因素是如何構成的，以及這種組成是如何驅動毛利率的。我還有一個後續問題。

Aaron, let me give you a little color on that. The iPhone 12 of the -- the iPhone 12 family are or more broadly affect all iPhones, the iPhone 12 is the most popular. But we did see very strong sales of the Pro portion of the family as well, the Pro plus the Pro Max. And so the revenue that you're seeing is a function of unit growth and revenue -- revenue per unit growth. Does that help?

亞倫，讓我補充一些細節給你。iPhone 12 系列——或者更廣泛地說，影響所有 iPhone，其中 iPhone 12 是最受歡迎的。但我們也看到該系列產品中的 Pro 部分，即 Pro 和 Pro Max，銷售量非常強勁。因此，您看到的收入是單位成長和收入（單位收入成長）的函數。這樣有幫助嗎？

Yes. Can you give any context of how that might have changed this cycle relative to the prior cycles? Have we seen kind of a structural change to the higher band of the product category that you believe can be sustained going forward?

是的。你能解釋一下，與先前的週期相比，這可能會對本週期產生哪些影響嗎？我們是否看到高端產品類別出現了某種結構性變化，您認為這種變化能夠持續下去？

We don't predict going forward other than for our own internal use. But we're really happy with the results.

除了內部使用外，我們不做任何未來預測。但我們對結果非常滿意。

Okay. And then as a quick follow-up back to the supply constraints. I guess it's hard to kind of see again, looking forward beyond this quarter. But what's your best assessment of when maybe the supply constraints could ease? Do you have any views of just the industry in general, overcoming some of the supply constraint dynamics?

好的。然後，我們快速跟進一下供應限制問題。我覺得很難再看清本季之後的情況了。但您認為供應限制何時可能緩解？您對整個產業，以及如何克服一些供應限制問題，有什麼看法？

Most of our issue is on legacy nodes. And so on legacy nodes, there are many different people, not only in the same industry, but across other industries that are using legacy nodes. And so in order to really answer that question on -- accurately, we would need to know the true demand from each of these players and how that's going to change over the next few months. And so it's very, very difficult to give you a good answer. I think we have a good handle on our demand. But what everybody else is doing, I don't know. And so we will do our best. That's what I can tell you.

我們大部分的問題都出在老舊節點上。因此，在傳統節點方面，不僅是同一行業的許多不同人士，而且其他行業的許多人士都在使用傳統節點。因此，為了真正準確地回答這個問題，我們需要知道每個玩家的真實需求，以及未來幾個月這些需求將如何改變。所以，我很難給你一個滿意的答案。我認為我們對自身需求掌握得很好。但其他人都在做什麼，我就不知道了。所以我們會盡力而為。我只能告訴你這些。

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。

Congratulations on a very nice quarter. Question on semis supply as well. You just beat by a substantial margin on the top line in the March quarter. I'm curious what went in your favor to be able to secure that kind of supply that you were able to beat by, I think it was $11 million or so? And then I had a follow-up.

恭喜你本季表現出色。關於半導體供應的問題也需要解答。你們在三月季度的營收方面大幅領先。我很好奇是什麼對你有利，讓你能夠以大約 1100 萬美元的價格獲得如此大量的供應？然後我還有後續跟進。

We did not have a material supply shortage in Q2. And so how were we able to do that? You wind up collapsing all of your buffers and offsets. And that happens all the way through the supply chain. And so that enables you to go a bit higher than what we were expecting to sell when we went into the quarter 90 days ago.

第二季我們沒有出現材料供應短缺的情況。那我們是如何做到這一點的呢？最終你會將所有緩衝區和偏移量合併起來。這種情況貫穿整個供應鏈。因此，這使得你們的銷售額能夠比90天前我們進入本季時預期的銷售額略高一些。

That's very helpful. And then for my follow-up, I know there's a lot of moving parts, Tim, but with the economy sort of reopening here in the U.S., and you mentioned about supply constraints possibly on the Mac and the iPad. I was curious if I can get your thoughts, maybe just color-wise, on what you would expect for those 2 categories, Macs and the iPads in the second half of this year.

那很有幫助。然後，我的後續問題是，我知道這其中有很多變數，提姆，但隨著美國經濟的逐步重啟，你也提到了Mac和iPad可能存在的供應限制。我很好奇，能否聽聽您對今年下半年Mac和iPad這兩個類別產品在顏色上的看法？

Well, we don't predict or rev guide to product-level detail. We're not even guiding to the top level at this point because of COVID. And so I'll sidestep that question. But I would point to Luca's point earlier about the shortages and those shortages primarily affect iPad and Mac. So we expect to be supply gated, not demand gated.

我們不提供產品層級細節的預測或評測指南。由於新冠疫情的影響，我們目前甚至無法指導最高級別的工作。所以，我就不回答這個問題了。但我想指出盧卡之前提到的短缺問題，這些短缺主要影響 iPad 和 Mac。因此，我們預期供應會成為瓶頸，而不是需求會成為瓶頸。

We'll take our next question from Krish Sankar with Cowen & Company.

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

Congrats on a fantastic quarter. First question for Tim or Luca. The Greater China sales were very strong in the March quarter. Can you give some color on what drove this strength? Which hardware products or services enabled the solid outperformance in China? And then I had a follow-up.

恭喜你度過了一個精彩的季度。第一個問題問Tim或Luca。大中華區3月的銷售額非常強勁。能否詳細說說是什麼因素造就了這種優勢？哪些硬體產品或服務促成了中國市場的強勁表現？然後我還有後續跟進。

We were very pleased with our performance in China. We set a March quarter revenue record and grew strong double digits across each of the product categories. And so the revenue growth was broad. We've been especially pleased by the customer response in China to the iPhone 12 family. And as I had mentioned earlier, you have to remember that China entered the shutdown phase earlier in Q2 of last year than other countries. And so they were relatively more affected in that quarter, and that has to be taken into account as you look at the results.

我們對自己在中國的表現非常滿意。我們創下了三月季度營收紀錄，所有產品類別都實現了強勁的兩位數成長。因此，營收成長範圍很廣。我們對中國消費者對 iPhone 12 系列的反應尤其感到欣喜。正如我之前提到的，你必須記住，中國在去年第二季比其他國家更早進入了停工階段。因此，他們在該季度受到的影響相對較大，在分析結果時必須考慮到這一點。

As I mentioned earlier, we had the top 2 selling smartphones in urban China, so we're very proud of that. And iPad, Mac both had enormously positive quarters with great strength across the board. And we're seeing a strong reception to the new iPad Pro as well that we just announced. A lot of great comments. And about 2/3 of the people buying Mac and iPad were buying them for the first time. And so we're attracting some new customers in China, which is really important to us.

正如我之前提到的，我們在中國城市地區擁有銷售排名前二的智慧型手機，對此我們感到非常自豪。iPad 和 Mac 兩款產品都取得了非常亮眼的季度業績，各方面表現都非常強勁。我們剛發表的新款 iPad Pro 也獲得了熱烈的迴響。很多精彩的評論。購買 Mac 和 iPad 的人中，約有 2/3 是首次購買。因此，我們在中國吸引了一些新客戶，這對我們來說非常重要。

All right. That was very helpful, Tim. And then maybe as a follow-up, I kind of have like a big picture philosophical question, and to the extent you can answer this. One of the concerns many investors have is about the overhang of regulatory risk. I understand it's very hard to handicap that. But I'm kind of curious, do you think giving more public disclosure on your Services business like App Store would help alleviate some of those concerns? Or do you think that's revealing a lot of competitive details. But kind of curious to know what you think on services disclosure.

好的。蒂姆，這很有幫助。然後，作為後續問題，我有一個比較宏觀的哲學問題，希望您能回答這個問題。許多投資者擔憂的問題之一是監管風險過高。我知道這很難預測。但我有點好奇，您認為更多地公開您的服務業務信息，例如 App Store 方面的信息，是否有助於緩解這些擔憂？還是你認為這會暴露很多競爭細節？不過我很好奇您對服務揭露有什麼看法。

I think with the regulatory questions and scrutiny, we have to make sure that we're telling our story and why we do what we do, and we're very focused on doing that. If we feel that more disclosure would help, we would obviously move in that direction. The App Store and other parts of Apple are not cast in concrete. And so we can move and are flexible with the times. For example, in the App Store, as you know, just a couple of quarters ago, we lowered the commission rate for small developers to 15%. So that was an example of moving with the times, and we've gotten a great, great reception to that. And so we continue to learn, and I think it's very important that we're very clear about why we do what we do. The idea behind curating the App Store in order to get the privacy and security that our customers want, I think is very important, and we have to convey that in a very straightforward manner.

我認為，面對監管方面的問題和審查，我們必須確保我們能夠講述好我們的故事，解釋我們為什麼要做我們所做的事情，而我們也非常專注於做到這一點。如果我們認為增加資訊揭露會有所幫助，我們顯然會朝著這個方向努力。App Store 和蘋果公司的其他部分並非一成不變。因此，我們可以與時俱進，靈活應變。例如，如您所知，就在幾個季度前，我們在 App Store 中將小型開發者的佣金率降低至 15%。這就是與時俱進的一個例子，我們得到了非常好的迴響。因此，我們會繼續學習，我認為非常重要的是，我們要非常清楚為什麼要做我們所做的事情。我認為，精心策劃 App Store 以獲得客戶想要的隱私和安全的理念非常重要，我們必須以非常直接的方式傳達這一點。

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

接下來，我們將回答來自傑富瑞集團的凱爾麥克尼利提出的問題。

One of the things we've been positive about is how growing iPhone sales can pull along Watch and AirPods sales as well as customers shop the whole store. But you mentioned through COVID that accessories do much better in a physical store environment, and that's been hard due to the shutdowns, obviously. So my question is, have you seen any improvement in the attach rate for Watch and AirPods with iPhone? And can it get a lot better from here as the environment gets closer to normalization?

我們感到樂觀的一點是，iPhone 銷量的成長可以帶動 Apple Watch 和 AirPods 的銷售成長，顧客也會購買整個商店的產品。但你提到，在新冠疫情期間，配件在實體店環境中銷售情況要好得多，而由於疫情封鎖，這種情況顯然受到了影響。所以我的問題是，您是否發現 Apple Watch 和 AirPods 與 iPhone 的連接率有任何提高？隨著環境逐漸恢復正常，情況會變得更好嗎？

I think we get a lot of benefit from our stores when they're open and are fully operational. And we're in better shape for parts of Q2 than we were previously, but we're still operating with a limited operational model in many stores. And there's still some stores today that are closed. Like stores in Michigan and stores in France and so forth. And so I think it will take some amount of time, but my view would be as the stores get back up to speed, fully up to speed, we should be able to increase some of the accessory sales. Although I think we're doing fairly well at the moment. So it's not something that we're not doing well. Online has been much more beneficial and much more productive than we would have guessed going into this.

我認為，當我們的門市正常營業時，我們能從中獲得很多好處。第二季部分時間我們的狀況比之前要好，但許多門市仍然採用有限的營運模式。今天還有一些商店關門了。例如密西根州的商店、法國的商店等等。所以我認為這需要一些時間，但我的看法是，隨著商店恢復正常運營，完全恢復正常運營，我們應該能夠增加一些配件的銷售。雖然我認為我們目前做得相當不錯。所以這不是我們做得不好的地方。網路帶來的益處和效率遠遠超出了我們最初的預期。

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

接下來，我們將回答來自瑞銀集團的David Vogt提出的問題。

Congratulations on a great quarter. Maybe if I could just ask a question. I know it's early days, but any commentary, color from maybe the developer community on App track -- on ATT and kind of what the initial feedback and data might look like that you could share with us?

恭喜你們本季業績出色。或許我可以問個問題。我知道現在還為時過早，但開發者社群對 App Track（AT&T 平台）有什麼評論或看法嗎？能否和我們分享初步的回饋和數據？

Our -- ATT's focus is really on the user and giving the user the ability to make a decision about whether they want to be tracked or not. And so it's putting the user in the control. Not Apple, not another company, but the user of where it should be. And so that's really the focus of it. And the feedback that we've gotten from users, both before it went live when it was in the planning stages and so forth and after, has been tremendous. And so we're really standing up on behalf of the consumer here.

我們——AT&T 的重點真正在於用戶，讓用戶決定是否要被追蹤。這樣一來，使用者就掌握了控制權。不是蘋果，也不是其他公司，而是用戶，它應該出現在哪裡。所以，這才是重點所在。我們從用戶那裡得到的回饋，無論是上線前的規劃階段還是上線後，都非常積極。所以，我們其實是在維護消費者的權益。

Maybe just as a quick follow-up, Tim. Can you kind of discuss any sort of -- what the downloads have looked like. I know it just rolled out earlier this week and sort of the acceptance by the consumer at this point. Any sort of metrics that you can share with us, whether it's sort of an opt-in or opt-out sort of view from the consumer perspective?

或許我只是想快速補充一下，提姆。您能否大致談談下載情況－下載資料大概是什麼樣的？我知道它本週早些時候才推出，目前消費者的接受程度還有待觀察。您能否與我們分享一些指標，無論是從消費者角度來看的加入或退出情況？

I don't even know the answer to that. It's not something that we would have predicted beforehand. And frankly, even if it's very low of people that don't want to be tracked, it's worth doing because of the -- those people should have the -- should make their own mind up, whether they would like to be tracked or not.

我什至不知道答案。這是我們事先無法預料到的事情。坦白說，即使不願意被追蹤的人數很少，也值得這樣做，因為這些人應該有權自己決定是否願意被追蹤。

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

接下來，我們將回答摩根大通的薩米克查特吉提出的問題。

I have a couple. And just wanted to get into the performance by geography here a bit. And Europe really exceptional results, particularly for this time of the year. Tim, I know you mentioned some of the 5G iPhone upgrades are in front of you, and I would assume Europe is kind of in that category. But curious to hear or maybe if you can double-click on what's driving the exceptional growth here in Europe. And like are we -- are consumers moving to 5G phones even though some of the service provider plans are not rolled out? Or are we still expecting that to be much more in front of us?

我有一對。我只是想稍微分析一下這裡按地理位置劃分的表現。歐洲的成績確實非常出色，尤其是在每年的這個時候。提姆，我知道你提到過一些 5G iPhone 升級版即將到來，我猜歐洲也屬於這種情況。但我很想知道，或者您能否雙擊查看一下，是什麼推動了歐洲的這種非凡增長。就像我們一樣——即使一些服務提供者尚未推出 5G 套餐，消費者是否也在轉向 5G 手機？或者我們仍然期待它離我們更近一步？

Samik, I'll take that one. You're right. I mean we had great performance in Europe. We grew 56% during the quarter. And it was probably one of the geos where we actually saw results that were better than even our own expectations. We grew very strong double digits across the board, every product category. Particularly, I would say, iPad and Mac. They really was very, very strong. Again, obviously, Europe has been affected by lockdowns -- more than most parts of the world, the lockdowns have lasted longer than here in the United States, for example. Tim was mentioning there are places in Europe still today where our stores are closed. And fortunately, we have a very strong online business that has really helped us. But working from home, learning from home, limited entertainment options, that has all played in our favor.

薩米克，我選那個。你說得對。我的意思是，我們在歐洲賽場上的表現非常出色。本季我們成長了56%。而且，這可能是我們看到結果甚至比我們自己預期還要好的地區之一。我們所有產品類別都實現了兩位數的強勁成長。尤其是 iPad 和 Mac。他們真的很強大。顯然，歐洲受到了封鎖的影響——與世界大多數地區相比，歐洲的封鎖持續時間更長，例如，與美國相比。提姆提到，時至今日，歐洲仍有一些地方我們的門市處於關閉狀態。幸運的是，我們擁有非常強大的線上業務，這確實對我們幫助很大。但是，居家辦公、居家學習、娛樂選擇有限，這些都對我們有利。

Keep in mind that our Europe segment is a very broad version of Europe because it includes Western Europe, which has done very, very well. And then Eastern Europe and it goes into the Middle East. Even India is part of Europe. And those emerging markets have done incredibly well, significantly better than company average. So very, very pleased with some of the results in India, for example, Russia, Middle East in general. So it's been very broad, both across product categories and across countries in Europe.

請記住，我們所說的歐洲部分是一個非常廣泛的歐洲概念，因為它包括了西歐，而西歐的表現非常非常好。然後是東歐，再往中東延伸。甚至印度也是歐洲的一部分。這些新興市場的表現非常出色，遠超過公司平均。我對在印度、俄羅斯以及整個中東地區的一些結果感到非常非常滿意。所以，它的影響範圍非常廣泛，涵蓋了歐洲的各個產品類別和各國。

Okay. Got it. And just a quick follow-up for you, Luca. I think overall, just wanted to understand the implication of the investment plans that you announced recently for the U.S., the $430 billion over a multiyear period. Getting some questions from investors of how to think about the implication on the run rate of operating expenses for the company.

好的。知道了。盧卡，我還有一個後續問題想問你。我想了解您最近宣布的對美投資計劃（多年期 4300 億美元）的具體含義。投資人提出了一些問題，詢問如何看待這對公司營運費用運行率的影響。

If you remember, we announced back in 2018 that we were making a very sizable commitment to the United States. We -- at the time we announced $350 billion of investment over the following 5 years. And during these 3 years, since then, we've overachieved on those commitments, and we felt it was the right time to update these type of investments. And they span from, obviously, the investment that we made directly at Apple. For example, we talked about the creation of 20,000 new jobs at Apple over the next 5 years in the United States. And of course, our business has grown. And so our commitment, for example, to U.S. suppliers grows over time, and that shows in the higher numbers. In the meantime, we've got into new businesses, for example, Apple TV+, a lot of the content that we developed for our TV service is produced here in the United States. And so that's additional investment here in the United States.

如果你還記得的話，我們在 2018 年宣布，我們將對美國做出非常巨大的承諾。當時我們宣布將在未來 5 年內投資 3,500 億美元。在這三年裡，我們超額完成了這些承諾，因此我們覺得現在是時候更新這類投資了。顯然，這其中也包括我們直接在蘋果公司進行的投資。例如，我們討論了蘋果公司未來 5 年將在美國創造 20,000 個新工作。當然，我們的業務也發展壯大了。因此，例如，我們對美國供應商的承諾隨著時間的推移而增加，這體現在更高的數字上。同時，我們也涉足了新的業務領域，例如 Apple TV+，我們為電視服務開發的大量內容都是在美國製作的。因此，這筆投資將增加在美國的份額。

From an OpEx standpoint, I think as you've seen this year, we're getting a lot of leverage. This is one of those years we said many times, sometimes our OpEx grows faster than revenue, and there are some other cycles where the opposite happens. We are growing revenue this year much faster than our OpEx increase. But we want to continue to make all the necessary investments into the business. We will never underinvest in our business. And so you will continue to see the fact that we -- we will continue to grow our operating expenses, particularly on the R&D side, which continues to be the core of the company.

從營運支出角度來看，我認為正如你今年所看到的，我們獲得了很大的優勢。今年我們多次說過，有時我們的營運支出成長速度會超過收入成長速度，有時情況則恰恰相反。今年我們的營收成長速度遠超營運支出成長速度。但我們希望繼續對公司進行一切必要的投資。我們絕不會對我們的業務投入不足。因此，你們將會繼續看到，我們的營運支出將會繼續成長，尤其是在研發方面，研發仍是公司的核心。

Thank you, Samik. 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 5799138. These replays will be available by approximately 5:00 p.m. Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414. Financial analysts can contact me with additional questions at (669) 227-2402. Thank you again for joining us.

謝謝你，薩米克。今天的電話會議錄音將在 Apple Podcast 上提供兩週的回放，也可以透過 apple.com/investor 上的網路直播和電話收聽。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 5799138。這些回放影片大約會在下午 5 點左右提供。今天是太平洋時間。媒體會員如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet。金融分析師如有其他疑問，可致電 (669) 227-2402 與我聯絡。再次感謝您的參與。

Thank you. That does conclude today's Apple Q2 FY 2021 Earnings Conference Call. We thank you for your participation, and you may now disconnect.

謝謝。今天的蘋果2021財年第二季財報電話會議到此結束。感謝您的參與，您現在可以斷開連接了。