蘋果 (AAPL) 2021 Q1 法說會逐字稿

Good day, and welcome to the Apple Q1 Fiscal Year 2021 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Tejas Gala, Director of Investor Relations and Corporate Finance. Please go ahead.

美好的一天，歡迎參加 Apple 2021 財年第一季度收益電話會議。正在錄製今天的通話。此時，對於開場白和介紹，我想把電話轉給投資者關係和企業財務總監 Tejas Gala。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.

謝謝你。下午好，感謝您加入我們。今天首先發言的是蘋果公司首席執行官蒂姆庫克，其次是首席財務官盧卡梅斯特里。之後，我們將開放分析師提問的電話。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of COVID-19 on the company's business and results of operations. 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. I'd now like to turn the call over to Tim for introductory remarks.

請注意，您在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於關於收入、毛利率、運營費用、其他收入和費用、稅收、資本分配和未來業務的信息展望，包括 COVID-19 對公司業務和經營業績的潛在影響。這些陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測存在重大差異。有關更多信息，請參閱 Apple 最近提交的關於今天向 SEC 提交的 Form 10-K 和 Form 8-K 的年度報告中討論的風險因素，以及相關的新聞稿。 Apple 不承擔更新截至其各自日期的任何前瞻性陳述或信息的義務。我現在想把電話轉給蒂姆做介紹性發言。

Thank you, Tejas. Good afternoon, everyone. Thanks for joining the call today. It's with great gratitude for the tireless and innovative work of every Apple team member worldwide that I share the results of a very strong quarter for Apple. We achieved an all-time revenue record of $111.4 billion. We saw strong double-digit growth across every product category, and we achieved all-time revenue records in each of our geographic segments.

謝謝你，泰哈斯。大家下午好。感謝您參加今天的電話會議。我非常感謝全球每一位 Apple 團隊成員的不懈和創新工作，我分享了 Apple 非常強勁的季度業績。我們創下了 1114 億美元的歷史收入記錄。我們在每個產品類別中都看到了強勁的兩位數增長，並且我們在每個地理細分市場都創下了歷史最高的收入記錄。

It is not far from many of our minds that this result caps off the most challenging year any of us can remember. And it is an understatement to say that the challenges it posed to Apple as a business paled in comparison to the challenge it posed to Apple as a community of individuals, to employees, to their families and to the communities we live in and love to call home.

與我們許多人的想法相去甚遠的是，這一結果結束了我們任何人都記得的最具挑戰性的一年。輕描淡寫地說，與 Apple 作為一個由個人、員工、他們的家人以及我們所居住和喜歡打電話的社區所面臨的挑戰相比，它對 Apple 作為一家企業所帶來的挑戰相形見絀家。

While these results show the central role that our products played in helping our users respond to these challenges, we are doubly aware that the work ahead of all of us to navigate the end of this pandemic, to restore normal life and prosperity in our neighborhoods and local economies and to build back with a sense of justice is profound and urgent. We will speak to these needs and Apple's efforts throughout today's call, but I want to first offer the context of a detailed look at our results this quarter, including why we outperformed our expectations.

雖然這些結果表明我們的產品在幫助我們的用戶應對這些挑戰方面發揮了核心作用，但我們再次意識到，我們所有人面前的工作是要度過這場大流行的終結，恢復我們社區的正常生活和繁榮，以正義感重建地方經濟是深刻而緊迫的。我們將在今天的電話會議中討論這些需求和 Apple 的努力，但我想首先詳細介紹一下我們本季度的業績，包括為什麼我們的表現超出了我們的預期。

Let's get started with hardware. We hit a new high watermark for our installed base of active devices, with growth accelerating as we passed 1.65 billion devices worldwide during the December quarter. iPhone grew by 17% year-over-year driven by strong demand for the iPhone 12 family, and our active installed base of iPhones is now over 1 billion. The customer response to the new iPhone 12 models' unprecedented innovation from world-class cameras to the great and growing potential of 5G has been enthusiastic, even in light of the ongoing COVID-19 impact at retail locations.

讓我們從硬件開始。我們的有源設備安裝基礎達到了新的高水位，隨著我們在 12 月季度全球超過 16.5 億台設備，增長加速。由於對 iPhone 12 系列的強勁需求，iPhone 同比增長 17%，我們的 iPhone 活躍安裝基數現已超過 10 億。即使考慮到 COVID-19 對零售店的持續影響，客戶對新款 iPhone 12 機型的前所未有的創新（從世界一流的相機到 5G 巨大且不斷增長的潛力）的反應一直很熱烈。

iPad and Mac grew by 41% and 21%, respectively, reflecting the continuing role these devices have played in our users' lives during the COVID-19 pandemic. During this quarter, availability began for both our new iPad Air as well as the first generation of Macs to feature our groundbreaking M1 chip. The demand for all of these products has been very strong.

iPad 和 Mac 分別增長了 41% 和 21%，反映出這些設備在 COVID-19 大流行期間在我們用戶的生活中發揮的持續作用。在本季度，我們的新款 iPad Air 以及配備我們突破性 M1 芯片的第一代 Mac 都開始上市。對所有這些產品的需求非常強勁。

We have also continued our efforts to bring the latest iPad's enriching content and professional support to educators, students and parents. Educational districts and governments worldwide are continuing major deployments, including the largest iPad deployments ever to schools in Germany and Japan.

我們還繼續努力為教育工作者、學生和家長提供最新 iPad 的豐富內容和專業支持。世界各地的教育區和政府正在繼續進行重大部署，包括在德國和日本的學校中部署有史以來最大規模的 iPad。

Wearables, Home and Accessories grew by 30% year-over-year, driven by significant holiday demand for the latest Apple Watch, our entire AirPods lineup, including the new AirPods Max as well as the new HomePod mini. This broad strength across the category led to new revenue records for each of its 3 subgroups, and we're very excited about the road ahead for these products.

可穿戴設備、家居和配件同比增長 30%，這主要得益於對最新款 Apple Watch、我們整個 AirPods 產品線（包括新款 AirPods Max 和新款 HomePod mini）的大量假期需求。整個類別的這種廣泛優勢導致其 3 個子組中的每一個都創下了新的收入記錄，我們對這些產品的前進道路感到非常興奮。

Look no further than the great potential of Fitness+, which pairs with Apple Watch to deliver real-time on-screen fitness data alongside world-class workouts by the world's best trainers. There are new sessions added each week, and customers are loving the flexibility, challenge and fun of these classes as well as how the pairing with Apple Watch pushes you to achieve your fitness goals.

看看 Fitness+ 的巨大潛力，它與 Apple Watch 搭配使用，可提供實時屏幕上的健身數據以及世界一流教練的世界級鍛煉。每週都會增加新課程，客戶喜歡這些課程的靈活性、挑戰和樂趣，以及與 Apple Watch 配對如何推動您實現健身目標。

This deep integration of hardware, software and services have always defined our approach here, and it has delivered an all-time quarterly Services record of $15.8 billion. This was the first quarter of the Apple One bundle, which brings together many of our great services into an easy subscription; and with new content being added to these services every day, we feel very optimistic about where we are headed.

這種硬件、軟件和服務的深度集成始終定義了我們在這裡的方法，它創造了 158 億美元的季度服務記錄。這是 Apple One 捆綁包的第一季度，它將我們的許多優質服務整合到一個簡單的訂閱中；隨著每天向這些服務添加新內容，我們對前進的方向感到非常樂觀。

The App Store ecosystem has been so important as individuals, families and businesses worldwide evolve and adapt to the COVID-19 pandemic, and we want to make sure that this unrivaled engine of innovation and opportunity continues. This quarter, we also took a significant new step to help smaller developers continue to experiment, innovate and scale the latest great app ideas. The App Store Small Business Program reduces the commission on the sale of digital goods and services to 15% for small businesses earning less than $1 million a year. The program launched on January 1, and we are already hearing from developers about how this change represents a transformation in their potential to create and grow on the App Store.

隨著全球個人、家庭和企業的發展和適應 COVID-19 大流行，App Store 生態系統變得非常重要，我們希望確保這一無與倫比的創新和機遇引擎繼續下去。本季度，我們還邁出了重要的新步驟，幫助小型開發者繼續試驗、創新和擴展最新的優秀應用創意。 App Store 小型企業計劃將年收入低於 100 萬美元的小型企業的數字商品和服務銷售佣金降低至 15%。該計劃於 1 月 1 日啟動，我們已經從開發者那裡了解到這一變化如何代表他們在 App Store 上創造和發展潛力的轉變。

Tomorrow is International Privacy Day, and we continue to set new standards to protect users' right to privacy, not just for our own products but to be the ripple in the pond that moves the whole industry forward. Most recently, we're in the process of deploying new requirements across the App Store ecosystem that give users more knowledge about and new tools to control the ways that apps gather and share their personal data.

明天是國際隱私日，我們將繼續制定新的標準來保護用戶的隱私權，不僅僅是為了我們自己的產品，而是為了推動整個行業向前發展。最近，我們正在整個 App Store 生態系統中部署新要求，為用戶提供更多關於應用程序收集和共享其個人數據的方式的知識和新工具。

The winter holiday season is always a busy time for us and our products. But this year was unique. We had a record number of device activations during the last week of the quarter. And as COVID-19 kept us apart, we saw the highest volume of FaceTime calls ever this Christmas. As always, we could not have made so many holidays special without our talented and dedicated retail teams who helped us achieve a new all-time revenue record for retail, driven by very strong performance in our online store.

寒假對我們和我們的產品來說總是一個忙碌的時期。但今年是獨一無二的。在本季度的最後一周，我們的設備激活次數創下了歷史新高。由於 COVID-19 使我們分開，我們看到了今年聖誕節有史以來最高的 FaceTime 通話量。與往常一樣，如果沒有我們才華橫溢且敬業的零售團隊，在我們在線商店非常強勁的表現的推動下，幫助我們創造了新的零售收入歷史記錄，我們不可能讓如此多的假期變得特別。

Particularly, after the events of the last few weeks, we're focused on how we can help a moment of great national need. Because none of us should have any illusions about the challenges we face as we begin a new chapter in the American story, hope for healing, for unity and for progress begins with and depends on addressing the things that continue to wound us.

特別是，在過去幾週發生的事件之後，我們專注於如何在國家需要的時刻提供幫助。因為當我們開始美國故事的新篇章時，我們中的任何人都不應該對我們面臨的挑戰抱有任何幻想，所以治愈、團結和進步的希望始於並取決於解決繼續傷害我們的事情。

In our communities, we see how every burden from COVID-19 to the resulting economic challenges, to the closure of in-person learning for students falls heaviest on those who have always faced structural barriers to opportunity and equality. This month, Apple announced major new commitments through a $100 million Racial Equity and Justice Initiative. The Propel Center launched with a $25 million commitment and with the support of historically black colleges and universities across the country, will help support the next-generation of leaders in fields ranging from machine learning to app development to entrepreneurship and design.

在我們的社區中，我們看到從 COVID-19 到由此產生的經濟挑戰，再到關閉學生面對面學習的每一種負擔，對那些一直面臨機會和平等的結構性障礙的人來說是最沉重的。本月，Apple 通過一項耗資 1 億美元的種族平等和正義計劃宣布了重大的新承諾。 Propel 中心以 2500 萬美元的承諾啟動，在全國歷史悠久的黑人學院和大學的支持下，將幫助支持機器學習、應用程序開發、創業和設計等領域的下一代領導者。

And our new Apple Developer Academy in Downtown Detroit will be the first of its kind in the United States. Detroit has a vibrant culture of black entrepreneurship, including over 50,000 black-owned businesses. We want to accelerate the potential of the app economy here, knowing there is no shortage of good ideas in such a creative, resilient and dedicated community. Finally, we're committing $35 million across 2 investments in Harlem Capital and the Clear Vision Impact Fund that support, accelerate and grow minority-owned businesses in areas of great potential and need.

我們位於底特律市中心的新 Apple 開發者學院將成為美國首個此類學院。底特律擁有充滿活力的黑人創業文化，包括超過 50,000 家黑人擁有的企業。我們希望在這裡加速應用經濟的潛力，因為我們知道在這樣一個富有創造力、彈性和專注的社區中不乏好主意。最後，我們承諾在 Harlem Capital 和 Clear Vision Impact Fund 的 2 項投資中投入 3500 萬美元，以支持、加速和發展具有巨大潛力和需求的領域的少數族裔企業。

In December, we concluded an unmatched year of giving. Since the inception of the Apple Giving program in 2011, Apple employees have donated nearly $600 million and volunteered more than 1.6 million hours to over 34,000 organizations of every stride. Through our partnership with (PRODUCT)RED, we've adapted our 14-year $250 million effort to support HIV and AIDS work globally to ensure that care continues even in the time of COVID. That includes delivering millions of units of personal protective equipment to health care providers in Zambia.

12 月，我們結束了無與倫比的奉獻年。自 2011 年 Apple Giving 計劃啟動以來，Apple 員工已向 34,000 多個組織捐贈了近 6 億美元，並提供了超過 160 萬小時的志願服務。通過與 (PRODUCT)RED 的合作，我們調整了 14 年 2.5 億美元的努力，以支持全球艾滋病毒和艾滋病工作，以確保即使在 COVID 時期也能繼續提供護理。這包括向贊比亞的醫療保健提供者提供數百萬台個人防護設備。

And here in the United States, even with COVID's effects, we are ahead of schedule on our multiyear commitment to invest $350 billion throughout the American economy. As proud as this makes us, we know there is much more to be done. Looking forward, we continue to contend with the COVID-19 pandemic, but we must also now work to imagine what we will inherit on the other side. When a disease recedes, we cannot simply assume that healing follows. Even now, we see the deep scars that this period has left in our communities. Trust has been compromised. Opportunities have been lost. Entire portions of our lives that we took for granted, schools for children, meetings with our colleagues, small businesses that have endured for generations have simply disappeared. It will take a society-wide effort across the public and private sectors as individuals and communities, every one of us, to ensure that what's ahead of us is not simply the end of a disease but the beginning of something durable and hopeful for those who gave, suffered and endured during this time.

在美國，即使受到 COVID 的影響，我們也提前完成了在整個美國經濟中投資 3500 億美元的多年承諾。儘管這讓我們感到自豪，但我們知道還有很多工作要做。展望未來，我們將繼續與 COVID-19 大流行作鬥爭，但我們現在也必須努力想像我們將在另一邊繼承什麼。當疾病消退時，我們不能簡單地假設癒合隨之而來。即使是現在，我們也看到這段時期給我們的社區留下了深深的傷痕。信任已經受到損害。機會已經失去。我們認為理所當然的生活的全部部分，兒童學校，與同事的會面，幾代人忍受的小企業都已經消失了。作為個人和社區，我們每個人都需要整個公共和私營部門的全社會努力，以確保擺在我們面前的不僅是疾病的終結，而且是持久和充滿希望的開始。在此期間給予、受苦和忍受。

At Apple, we have every intention to be partners in this effort, and we look forward to working in communities around the world to make it possible. And as this chapter of uncertainty continues, so will our tireless work to help our customers stay safe, connected and well.

在 Apple，我們完全有意成為這項工作的合作夥伴，我們期待與世界各地的社區合作，使之成為可能。隨著這章不確定性的繼續，我們將不懈努力，幫助我們的客戶保持安全、聯繫和良好。

With that, I'll hand things over to Luca.

有了這個，我會把東西交給盧卡。

Thank you, Tim. Good afternoon, everyone. We started our fiscal 2021 with exceptional business and financial performance during the December quarter as we set all-time records for revenue, operating income, net income, earnings per share and operating cash flow. We are thrilled with the way our teams continued to innovate and execute throughout this period of elevated uncertainty.

謝謝你，蒂姆。大家下午好。我們在 2021 財年開始時在 12 月季度的業務和財務表現出色，因為我們創造了收入、營業收入、淨收入、每股收益和營業現金流的歷史記錄。在這段充滿不確定性的時期，我們的團隊繼續創新和執行的方式令我們激動不已。

Our revenue reached an all-time record of $111.4 billion, an increase of nearly $20 billion or 21% from a year ago. We grew strong double digits in each of our product categories, with all-time records for iPhone; Wearables, Home and Accessories; and Services as well as a December quarter record for Mac. We also achieved double-digit growth and new all-time records in each of our 5 geographic segments and in the vast majority of countries that we track.

我們的收入達到創紀錄的 1114 億美元，比一年前增加了近 200 億美元或 21%。我們在每個產品類別中都實現了兩位數的強勁增長，創下了 iPhone 的歷史記錄；可穿戴設備、家居和配飾；和服務以及 Mac 的 12 月季度記錄。我們還在 5 個地理區域和我們追踪的絕大多數國家/地區實現了兩位數的增長和新的歷史記錄。

Products revenue was an all-time record of $95.7 billion, up 21% over a year ago. As a consequence of this level of sales performance and the unmatched loyalty of our customers, our installed base of active devices passed 1.65 billion during the December quarter and reached an all-time record in each of our major product categories.

產品收入創歷史新高，達到 957 億美元，同比增長 21%。由於這種銷售業績水平和我們客戶無與倫比的忠誠度，我們在 12 月季度的有源設備安裝基數超過了 16.5 億，並在我們的每個主要產品類別中創下了歷史記錄。

Our Services set an all-time record of $15.8 billion, growing 24% year-over-year. We established new all-time records in most service categories and December quarter records in each geographic segment. I'll cover our Services business in more detail later.

我們的服務創下了 158 億美元的歷史記錄，同比增長 24%。我們在大多數服務類別中創造了新的歷史記錄，並在每個地理細分市場創造了 12 月季度記錄。稍後我將更詳細地介紹我們的服務業務。

Company gross margin was 39.8%, up 160 basis points sequentially, thanks to leverage from higher sales and a strong mix. Products gross margin was 35.1%, growing 530 basis points sequentially, driven by leverage and mix. Services gross margin was 68.4%, up 150 basis points sequentially, mainly due to a different mix.

公司毛利率為 39.8%，環比增長 160 個基點，這得益於更高的銷售額和強大的組合帶來的槓桿作用。在槓桿和組合的推動下，產品毛利率為 35.1%，環比增長 530 個基點。服務毛利率為 68.4%，環比上升 150 個基點，主要是由於組合不同。

Net income, diluted earnings per share and operating cash flow were all-time records. Net income was $28.8 billion, up $6.5 billion or 29% over last year. Diluted earnings per share were $1.68, up 35% over last year and operating cash flow was $38.8 billion, an improvement of $8.2 billion.

淨收入、每股攤薄收益和經營現金流均創歷史新高。淨收入為 288 億美元，比去年增加 65 億美元或 29%。每股攤薄收益為 1.68 美元，比去年增長 35%，經營現金流為 388 億美元，增加了 82 億美元。

Let me get into more detail for each of our revenue categories. iPhone revenue was a record $65.6 billion, growing 17% year-over-year as demand for the iPhone 12 family was very strong despite COVID-19 and social distancing measures, which have impacted store operations in a significant manner. Our active installed base of iPhones reached a new all-time high and has now surpassed 1 billion devices, thanks to the exceptional loyalty of our customer base and strength of our ecosystem. In fact, in the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 98% for the iPhone 12 family.

讓我更詳細地了解每個收入類別。 iPhone 收入達到創紀錄的 656 億美元，同比增長 17%，因為儘管 COVID-19 和社會疏遠措施嚴重影響了商店運營，但對 iPhone 12 系列的需求非常強勁。我們的 iPhone 活躍安裝基數創下歷史新高，目前已超過 10 億台設備，這要歸功於我們客戶群的非凡忠誠度和我們生態系統的實力。事實上，在美國，451 Research 對消費者的最新調查顯示，iPhone 12 系列的 iPhone 客戶滿意度為 98%。

Turning to Services. As I said, we reached an all-time revenue record of $15.8 billion and set all-time records in App Store, cloud services, Music, advertising, AppleCare and payment services. Our new service offerings, Apple TV+, Apple Arcade, Apple News+, Apple Card, Apple Fitness+ as well as the Apple One bundle are also contributing to overall Services growth and continue to add users, content and features.

轉向服務。正如我所說，我們創下了 158 億美元的歷史收入記錄，並在 App Store、雲服務、音樂、廣告、AppleCare 和支付服務方面創造了歷史記錄。我們的新服務產品 Apple TV+、Apple Arcade、Apple News+、Apple Card、Apple Fitness+ 以及 Apple One 捆綁包也為整體服務增長做出了貢獻，並繼續增加用戶、內容和功能。

The key drivers for our Services growth all continue to move in the right direction: First, our installed base growth has accelerated and is 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 December quarter with paid accounts increasing double digits in each of our geographic segments; third, paid subscriptions continue to grow nicely, and we exceeded our target of 600 million paid subscriptions before the end of calendar 2020. During the December quarter, we added more than 35 million sequentially, and we now have more than 620 million paid subscriptions across the services on our platform, up 140 million from just a year ago.

我們服務增長的主要驅動力都繼續朝著正確的方向發展：首先，我們的安裝基數增長加速，並且在每個主要產品類別中都創下歷史新高；第二，我們數字內容商店的交易和付費賬戶數量在 12 月季度創下歷史新高，我們每個地區的付費賬戶都增加了兩位數；第三，付費訂閱量繼續保持良好增長，我們在 2020 日曆年末之前超過了 6 億付費訂閱的目標。在 12 月季度，我們連續增加了超過 3500 萬，現在我們有超過 6.2 億付費訂閱我們平台上的服務比一年前增加了 1.4 億。

Finally, we continue to improve the breadth and quality of our current Services offerings and are adding new services that we think our customers will love. For example, Apple Music recently released its biggest product update ever with features like Listen Now, all new search, personal radio stations and autoplay. 90% of Apple Music users on iOS 14 have already used these new features.

最後，我們繼續改進我們當前服務產品的廣度和質量，並添加我們認為客戶會喜歡的新服務。例如，Apple Music 最近發布了有史以來最大的產品更新，其中包含“立即聆聽”、全新搜索、個人電台和自動播放等功能。 iOS 14 上 90% 的 Apple Music 用戶已經使用過這些新功能。

In payment services, we continue to expand our coverage with nearly 90% of stores in the United States now accepting Apple Pay so that customers can easily have a touchless payments experience.

在支付服務方面，我們繼續擴大覆蓋範圍，美國近 90% 的商店現在接受 Apple Pay，以便客戶可以輕鬆獲得非接觸式支付體驗。

Wearables, Home and Accessories grew 30% year-over-year to $13 billion, setting new all-time revenue records in every geographic segment. As a result of this strong performance, our Wearables business is now the size of a Fortune 120 company. Importantly, 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 experience in this category.

可穿戴設備、家居和配飾同比增長 30% 至 130 億美元，在每個地理細分市場都創下新的收入記錄。由於這一強勁表現，我們的可穿戴設備業務現已達到財富 120 強公司的規模。重要的是，Apple Watch 繼續擴大其影響範圍，在本季度購買 Apple Watch 的客戶中有近 75% 是該產品的新手。我們對這一類別的未來感到非常興奮，並相信我們對硬件、軟件和服務的整合使我們能夠在這一類別中提供出色的客戶體驗。

Next, I'd like to talk about Mac. We set a December quarter record for revenue at $8.7 billion, up 21% over last year. We grew strong double digits in each geographic segment and set all-time revenue records in Europe and rest of Asia Pacific as well as December quarter records in the Americas, Greater China and in Japan. This performance was driven by strong demand for the new MacBook Air, MacBook Pro and Mac mini, all powered by our brand-new M1 chip.

接下來，我想談談Mac。我們創下了 12 月季度收入記錄，達到 87 億美元，比去年增長 21%。我們在每個地區都實現了兩位數的強勁增長，並在歐洲和亞太其他地區創下了歷史收入記錄，並在美洲、大中華區和日本創下了 12 月的季度記錄。這種表現是由對全新 MacBook Air、MacBook Pro 和 Mac mini 的強勁需求推動的，所有這些都由我們全新的 M1 芯片提供支持。

iPad performance was also very impressive with revenue of $8.4 billion, up 41%. We grew strong -- very strong double digits in every geographic segment, including an all-time record in Japan. During the quarter, the new -- the all-new iPad Air became available and customer response has been terrific. 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 consumers from 451 Research measured customer satisfaction at 93% 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.

iPad 的表現也非常可觀，收入為 84 億美元，增長了 41%。我們增長強勁——在每個地理區域都實現了兩位數的強勁增長，包括在日本創下的歷史記錄。在本季度，全新的 iPad Air 面世，客戶反響非常好。在當前的工作和學習環境中，Mac 和 iPad 都是與我們的客戶非常相關的產品。我們很高興 451 Research 最近對消費者的調查顯示，Mac 的客戶滿意度為 93%，iPad 的客戶滿意度為 94%。憑藉如此高的客戶滿意度以及本季度購買 Mac 和 iPad 的客戶中約有一半是該產品的新用戶，這兩種產品的活躍安裝基數繼續保持良好增長並創下歷史新高。

In the enterprise market, we are seeing many businesses shifting their technology investment in response to COVID. One example is how businesses are handling their hundreds of millions of office desk phones while more employees are working remotely. Last quarter, Mitsubishi UFG Bank, one of the largest banks in the world, announced that it will be replacing 75% of its fixed phones with iPhones. By doing so, it expects to realize significant cost savings while providing a secure mobile platform to employees.

在企業市場中，我們看到許多企業為了應對 COVID 而轉移其技術投資。一個例子是企業如何處理數以億計的辦公桌電話，而更多的員工則在遠程工作。上個季度，世界上最大的銀行之一三菱日聯銀行宣布將用 iPhone 取代 75% 的固定電話。通過這樣做，它希望在為員工提供安全的移動平台的同時實現顯著的成本節約。

We're also pleased with the rapid adoption of the Mac Employee Choice Program among the world's leading businesses, who are seeing improved productivity, increased employee satisfaction and talent retention. With the introduction of M1-powered Macs, we're excited to extend these experiences to an even broader range of customers and employees, especially in times of increased remote working.

我們也很高興 Mac 員工選擇計劃在世界領先的企業中迅速採用，他們看到了生產力的提高、員工滿意度和人才保留率的提高。隨著支持 M1 的 Mac 的推出，我們很高興將這些體驗擴展到更廣泛的客戶和員工，尤其是在遠程工作增加的時期。

Let me now turn to our cash position. We ended the quarter with almost $196 billion in cash plus marketable securities and retired $1 billion of maturing debt, leaving us with total debt of $112 billion. As a result, net cash was $84 billion at the end of the quarter. We returned over $30 billion to shareholders during the December quarter, including $3.6 billion in dividends and equivalents and $24 billion through open market repurchases of 200 million Apple shares as we continue on our path to reaching a net cash neutral position over time.

現在讓我談談我們的現金狀況。我們在本季度結束時擁有近 1,960 億美元的現金和有價證券，並償還了 10 億美元的到期債務，使我們的債務總額為 1,120 億美元。因此，本季度末的淨現金為 840 億美元。我們在 12 月季度向股東返還了超過 300 億美元，其中包括 36 億美元的股息和等價物，以及通過公開市場回購 2 億股 Apple 股票的 240 億美元，隨著時間的推移，我們將繼續朝著實現淨現金中性頭寸的目標前進。

As we move ahead into the March quarter, I'd like to provide some color on what we are seeing, 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 will not be guiding to a specific revenue range. However, we are providing some directional insights assuming that COVID-related impacts of our business do not worsen from our current assumptions for the quarter.

隨著我們進入 3 月季度，我想為我們所看到的內容提供一些顏色，其中包括 Tejas 在電話會議開始時提到的前瞻性信息類型。鑑於短期內全球範圍內的持續不確定性，我們不會指導特定的收入範圍。但是，假設我們業務的 COVID 相關影響不會從我們當前對本季度的假設中惡化，我們將提供一些定向見解。

For total company revenue, we believe growth will accelerate on a year-over-year basis and in aggregate, follow typical seasonality on a sequential basis. At the product category level, keep in mind 2 items: First, during the March quarter last year, we saw elevated activity in our digital services as lockdowns occurred around the world, so our Services business faces a tougher year-over-year comparison; second, we believe the year-over-year growth in the Wearables, Home and Accessories category will decelerate compared to Q1. As you know, we were chasing demand on AirPods last year as we expanded channel inventory from Q1 to Q2. This year, we plan to decrease AirPods channel inventory as is typical after the holiday quarter.

對於公司總收入，我們認為增長將逐年加速，並且總體上將按順序遵循典型的季節性。在產品類別級別，請記住以下兩點：首先，在去年 3 月的季度中，隨著全球範圍內的封鎖，我們的數字服務活動有所增加，因此我們的服務業務面臨著更艱難的同比比較；其次，我們認為與第一季度相比，可穿戴設備、家居和配件類別的同比增長將放緩。如您所知，去年我們將渠道庫存從第一季度擴大到第二季度時，我們一直在追逐對 AirPods 的需求。今年，我們計劃在假日季之後減少 AirPods 渠道庫存。

We expect gross margin to be similar to the December quarter. We expect OpEx to be between $10.7 billion and $10.9 billion. We expect OI&E to be up around $50 million and our tax rate to be around 17%. Finally, today, our Board of Directors has declared a cash dividend of $0.205 per share of common stock payable on February 11, 2021, to shareholders of record as of February 8, 2021.

我們預計毛利率將與 12 月季度相似。我們預計運營支出將在 107 億至 109 億美元之間。我們預計 OI&E 將增加約 5000 萬美元，我們的稅率將在 17% 左右。最後，今天，我們的董事會宣布將於 2021 年 2 月 11 日向截至 2021 年 2 月 8 日在冊的股東派發每股普通股 0.205 美元的現金股息。

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

有了這個，讓我們開始提問。

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

謝謝你，盧卡。 （操作員說明）操作員，我們可以問第一個問題嗎？

We'll go ahead and take our first question from Katy Huberty with Morgan Stanley.

我們將繼續與摩根士丹利一起回答 Katy Huberty 提出的第一個問題。

Congratulations on a really strong quarter. First question for Luca. The gross margin was particularly strong versus your outlook. Can you talk about whether you recognize the full impact of the weaker dollar in the December quarter given your typical currency hedges? And then how are you thinking about the headwinds and tailwinds on gross margins as you go into the March quarter? And then I have a follow-up for Tim.

祝賀一個非常強勁的季度。盧卡的第一個問題。與您的前景相比，毛利率特別強勁。鑑於您的典型貨幣對沖，您能否談談您是否認識到 12 月季度美元疲軟的全部影響？然後，當您進入 3 月季度時，您如何看待毛利率的逆風和逆風？然後我對蒂姆進行了跟進。

Yes, Katy. So yes, the gross margin was strong, was better than we had anticipated at the beginning of the quarter. The reason for that was obviously we had very strong leverage from higher sales. And the mix was strong, both the mix within products and the mix of services, and that was only partially offset by cost. As you know, we launch many new products during the fall, and that always comes with new cost structures. So in total, it was very good.

是的，凱蒂。所以是的，毛利率強勁，好於我們在本季度初的預期。原因顯然是我們從更高的銷售額中獲得了非常強大的影響力。產品組合和服務組合都很強勁，這只是部分地被成本抵消了。如您所知，我們在秋季推出了許多新產品，而且總是伴隨著新的成本結構。所以總的來說，這是非常好的。

On -- from the FX standpoint, really, at the gross margin level, FX didn't play a role, neither sequentially nor on a year-over-year basis for the December quarter partially because of the hedges that you talked about but also because some currencies are still weaker against the dollar. They're still weaker than a year ago, look, specifically to emerging markets in Latin America, in Russia, in Turkey and so on.

在 - 從外彙的角度來看，實際上，在毛利率水平上，外彙在 12 月季度的順序和同比基礎上都沒有發揮作用，部分原因是您談到的對沖，但也因為一些貨幣兌美元仍然走弱。它們仍然比一年前弱，尤其是拉丁美洲、俄羅斯、土耳其等新興市場。

Clearly, if the dollar remains weak or continues to weaken, that can become a tailwind for us as we get into the March quarter. At current rates, we expect some level of benefit around 60 to 70 basis points for the March quarter.

顯然，如果美元仍然疲軟或繼續疲軟，那麼在我們進入 3 月季度時，這可能成為我們的順風。按照目前的利率，我們預計 3 月季度的收益將在 60 至 70 個基點左右。

That's great. And Tim, one of the challenges with valuing Apple is just a limited visibility that investors have into the road map and any new categories that you might enter over time. Without, of course, commenting on any given opportunity, can you talk about the framework that you use internally to evaluate new markets that might be attractive and what you believe will determine your success as you look to enter new markets?

那太棒了。蒂姆，評估蘋果的挑戰之一隻是投資者對路線圖和隨著時間的推移可能進入的任何新類別的了解有限。當然，在不評論任何給定機會的情況下，您能否談談您在內部使用的框架來評估可能具有吸引力的新市場以及您認為在您進入新市場時將決定您成功的因素？

Thanks, Katy, for the question, and thanks for not asking me any specifics. The framework that we use is very much around we ask ourselves if this is a product that we would want to use ourselves or a service that we would want to use ourselves, and that's a pretty high bar. And we ask ourselves if it's a big enough market to be in unless it's an adjacency product, of which we're looking at it very much from a customer experience point of view.

謝謝你，凱蒂，謝謝你沒有問我任何細節。我們使用的框架非常圍繞我們問自己，這是我們想要自己使用的產品還是我們想要自己使用的服務，這是一個相當高的標準。我們問自己，除非它是鄰接產品，否則它是否是一個足夠大的市場，我們非常從客戶體驗的角度來看待它。

And so there's no set way that we're looking at it, no formula kind of thing. But we're taking into account all of those things. And the kind of things that we love to work on are those where there's a requirement for hardware, software and services to come together because we believe that the magic really occurs at that intersection. And so hopefully, that gives you a little bit of insight into how we look at it.

所以我們沒有固定的方式來看待它，沒有公式之類的東西。但我們正在考慮所有這些事情。我們喜歡做的事情是那些需要將硬件、軟件和服務結合在一起的事情，因為我們相信魔法真的發生在那個交叉點。所以希望這能讓你對我們如何看待它有一些了解。

And I think we have some good -- really good opportunities out there. And I think if you look at our current portfolio of products, we're -- we still have relatively a low share in a number of cases in very big markets. And so we feel like we have really good upside there, and we feel like we have really good upside in the Services area, too, that we've been working on for quite some time with 4, 5 new services just coming online in the last year, year plus. And so -- yes. Thank you.

我認為我們有一些很好的——非常好的機會。我認為，如果你看看我們目前的產品組合，我們在非常大的市場中的許多情況下的份額仍然相對較低。所以我們覺得我們在那裡有很好的優勢，我們覺得我們在服務領域也有很好的優勢，我們已經研究了很長一段時間，有 4、5 個新服務剛剛上線去年，一年加上。所以——是的。謝謝你。

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

我們接下來會聽到來自美國銀行的 Wamsi Mohan 的消息。

Luca, the iPhone growth exceeded your expectations despite a late launch. Can you maybe share some color on what drove that? Was it more on the unit side or the ASP side? You referred to very strong mix a couple of times on the call. And how does this change your view on the March quarter? And if you could share any color on if you're still supply constrained, and I have a follow-up for Tim.

盧卡，儘管發布較晚，但 iPhone 的增長超出了您的預期。你能分享一些關於是什麼驅動它的顏色嗎？是在單元方面還是在 ASP 方面更多？您在通話中多次提到非常強的混音。這如何改變您對 3 月季度的看法？如果你仍然受到供應限制，如果你可以分享任何顏色，我有蒂姆的跟進。

Yes. Yes, certainly, iPhone was one of the major factors why we exceeded our own internal expectations at the beginning of the quarter. We have a fantastic product lineup and we know that, and it's been fantastic to see the customer response for the -- for new models, particularly the Pro models, the Pro and the Pro Max. So we've done very, very well both on units and on pricing because of the strong mix.

是的。是的，當然，iPhone 是我們在本季度初超出內部預期的主要因素之一。我們擁有出色的產品陣容，我們知道這一點，而且很高興看到客戶對新型號的反應，尤其是 Pro 型號、Pro 和 Pro Max。因此，由於強大的組合，我們在單位和定價方面都做得非常非常好。

And we've had some level of supply constraints as we went through the quarter, particularly on the Pro and the Pro Max. As you said correctly, we launched these products in the middle of the quarter, 2 models after 4 weeks, the other 2 models after 7 weeks. And so obviously, we had a very steep ramp, which fortunately went very, very well. The products are doing very well all around the world. I think you've seen that our performance has been particularly strong in China, where we've seen phenomenal customer response that probably there was also some level of pent-up demand for 5G iPhones given that the market is moving very quickly to 5G.

在本季度中，我們遇到了一定程度的供應限制，尤其是 Pro 和 Pro Max。正如您所說，我們在本季度中期推出了這些產品，4 週後推出了 2 款，7 週後推出了另外 2 款。很明顯，我們有一個非常陡峭的斜坡，幸運的是，它非常非常好。這些產品在世界各地都做得很好。我想你已經看到我們在中國的表現特別強勁，我們看到了驚人的客戶反應，鑑於市場正在迅速轉向 5G，因此可能對 5G iPhone 的需求也受到了一定程度的壓抑。

And so as we look ahead into the March quarter, we're very optimistic. We believe we're going to be able to be in supply-demand balance for all the models at some point during the quarter. And it's -- the product is doing very well all around the world.

因此，當我們展望 3 月季度時，我們非常樂觀。我們相信我們將能夠在本季度的某個時候實現所有型號的供需平衡。它是 - 該產品在世界各地都做得很好。

Great. And Tim, you mentioned about the strength of the installed base performance, which continues to grow very impressively at this scale. Can you maybe help us think through how the switcher versus upgrade activity has been tracking in recent quarters? Would love to get your thoughts on that.

偉大的。蒂姆，你提到了安裝基礎性能的優勢，在這種規模下，它繼續以令人印象深刻的速度增長。您能否幫助我們思考最近幾個季度切換器與升級活動的跟踪情況？很想得到你的想法。

Yes. Thanks for the question. If you look at this past quarter, which has -- we started selling 2 of the iPhones 4 weeks into the quarter and the other 2 7 weeks into the quarter. And so I would caution that this is in the early going. But in looking at the iPhone 12 family, we saw both switchers and upgraders increase on a year-over-year basis; and in fact, we saw the largest number of upgraders that we've ever seen in a quarter. And so we were very thrilled about that.

是的。謝謝你的提問。如果你看看過去的這個季度，我們在本季度的第 4 週開始銷售 2 部 iPhone，在本季度的 7 週後開始銷售另外 2 部 iPhone。所以我要提醒的是，這還處於早期階段。但是在查看 iPhone 12 系列時，我們看到切換器和升級器都在逐年增加；事實上，我們看到了一個季度內有史以來數量最多的升級者。所以我們對此感到非常興奮。

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

我們將繼續回答 Shannon Cross 和 Cross Research 提出的下一個問題。

Tim, can you talk a bit about what you're seeing in China? Clearly, significant sequential growth, which I think has a lot to do with iPhone. But I'm curious, both from an iPhone as well as your other product categories, what you're seeing and how much back to normal you think the Chinese market is. And then I have a follow-up.

蒂姆，你能談談你在中國看到的情況嗎？顯然，顯著的連續增長，我認為這與 iPhone 有很大關係。但我很好奇，無論是從 iPhone 還是你的其他產品類別，你所看到的以及你認為中國市場恢復正常的程度。然後我有一個跟進。

Yes. China was more than an iPhone story. iPhone did do very well there. And sort of like the world, if you look at both switchers and upgraders, we were up year-over-year, and China also had a record number of upgraders during the quarter, the most we've ever seen in a quarter. I think probably some portion of this was that people probably delayed purchasing in the previous quarter as rumors started appearing about an iPhone.

是的。中國不僅僅是 iPhone 的故事。 iPhone 在這方面做得很好。有點像世界，如果你看看切換器和升級者，我們同比增長，中國在本季度也有創紀錄的升級者數量，這是我們在一個季度中看到的最多的。我認為可能部分原因是人們可能在上一季度推遲了購買，因為有關 iPhone 的謠言開始出現。

Keep in mind that 5G in China is -- the network is well established, and the overwhelming majority of phones being sold are 5G phones. And so I think there was some level of anticipation for us delivering an iPhone with 5G. And so iPhone did extremely well.

請記住，中國的 5G 網絡已經非常完善，並且銷售的絕大多數手機都是 5G 手機。因此，我認為我們對推出具有 5G 功能的 iPhone 抱有一定的期待。所以 iPhone 的表現非常出色。

However, the other products did as well. I mean we could not have turned in a performance like we did with only iPhone. iPad did extremely well, far beyond the company average. Mac was above the company average. Wearables, Home and Accessories was above the company average. And so if you really look at it, we did really well across the board there.

然而，其他產品也是如此。我的意思是我們不可能像只使用 iPhone 那樣上交性能。 iPad 表現非常出色，遠遠超出了公司的平均水平。 Mac 高於公司平均水平。可穿戴設備、家居和配飾高於公司平均水平。所以，如果你真的仔細看看，我們在那裡的整體表現非常好。

In terms of COVID, I think they're -- at least for last quarter, they were beat -- sort of beyond COVID, very much in the recovery stage. This quarter, there are different reports about some cases in some places and lockdowns occurring but we have not seen that in our business as yet. And of course, those cases are much smaller than the ones in other countries.

就 COVID 而言，我認為他們——至少在上個季度，他們被擊敗了——有點超出了 COVID，在很大程度上處於恢復階段。本季度，關於某些地方的某些案件和發生封鎖的報告有所不同，但我們尚未在我們的業務中看到這種情況。當然，這些案例比其他國家的要小得多。

Right. I guess the other thing I was curious about, with regard to the Services business, if we could dig a little bit more, I think this is one of the first times when, Luca, you talked about Apple TV+, Arcade, Apple Pay, some of the smaller services actually kind of moving the needle. And then I was also curious, you had a number of stores closed at least later in the quarter, and that typically has impacted some of your AppleCare revenue and yet you outperformed. So maybe if you could talk about a bit more about the drivers of the Services revenue.

對。我想我好奇的另一件事，關於服務業務，如果我們能再深入一點，我想這是盧卡第一次談到 Apple TV+、Arcade、Apple Pay，一些較小的服務實際上是一種移動針。然後我也很好奇，你至少在本季度晚些時候關閉了一些商店，這通常會影響你的一些 AppleCare 收入，但你的表現卻出類拔萃。因此，也許您可以多談談服務收入的驅動因素。

Yes. I mean, really, it's been strong across the board. There are 2 businesses during COVID that have been impacted negatively, and we talked about it in the past. One is AppleCare. Obviously, when the stores are closed, it's tougher, of course, for customers to have interaction with us. And advertising, which is -- it's in line with the overall level of economic activity.

是的。我的意思是，真的，它一直很強大。 COVID 期間有 2 家企業受到了負面影響，我們過去曾討論過。一個是 AppleCare。顯然，當商店關閉時，客戶當然更難與我們互動。廣告，也就是——它與經濟活動的整體水平相一致。

What happened during the December quarter is that in-store traffic improved. And so AppleCare, we grew. We didn't grow as much as company average, but we grew in AppleCare, set an all-time record there in spite of the fact that, yes, we are running -- particularly in December, we started closing a few stores, particularly here in the United States but also in Western Europe. But in total, we were able to support more customers than in past quarters.

12 月季度發生的事情是店內客流量有所改善。就這樣 AppleCare，我們成長了。我們的增長沒有公司平均水平那麼高，但我們在 AppleCare 中增長，在那裡創造了歷史記錄，儘管事實上，是的，我們正在運行——特別是在 12 月，我們開始關閉一些商店，特別是在美國和西歐。但總的來說，與過去幾個季度相比，我們能夠支持更多的客戶。

And we also saw a sequential acceleration in advertising and so that also helped the overall growth rate. Clearly, the strength was in digital services, in the App Store, in cloud services, in Music. Those were the services that really delivered very, very strong performance. It's something that we've seen happen during the COVID environment.

我們還看到廣告的連續加速，這也有助於整體增長率。顯然，優勢在於數字服務、App Store、雲服務和音樂。這些服務確實提供了非常非常強大的性能。這是我們在 COVID 環境中看到的事情。

We'll hear from Toni Sacconaghi with Bernstein.

我們將聽取托尼·薩科納吉和伯恩斯坦的意見。

I also have one for Luca and one for Tim. Luca, I was wondering if we could just probe a little bit more into iPhone. Maybe you can just -- you talked about a drawdown in channel inventory last quarter. Our iPhone channel inventory is sort of at normal levels now exiting Q1. And should we be thinking about above-seasonal iPhone growth -- given that you're still not in supply-demand balance and you had fewer selling days in fiscal Q1, should we be thinking about sort of above-seasonal iPhone growth looking into Q2?

我也有一份給 Luca，一份給 Tim。 Luca，我想知道我們是否可以更深入地研究 iPhone。也許你可以——你談到了上個季度渠道庫存的減少。我們的 iPhone 渠道庫存在第一季度結束後處於正常水平。我們是否應該考慮高於季節性的 iPhone 增長——考慮到你仍然沒有處於供需平衡並且你在第一財季的銷售天數較少，我們是否應該考慮到第二季度的高於季節性的 iPhone 增長?

So on the December performance, as you know, Toni, this was a very different cycle because we launched at a different time than usual. And so we had an initial part of the quarter where, obviously, we didn't have the new phones. And then as we launched the new phones, we also did the channel fill that typically happens, to a certain extent, in the September quarter.

所以在 12 月的表演中，正如你所知，托尼，這是一個非常不同的周期，因為我們的發佈時間與平時不同。因此，我們在本季度的最初階段，顯然沒有新手機。然後，當我們推出新手機時，我們還進行了通常在 9 月季度在一定程度上發生的頻道填充。

At the end of the quarter, the demand has been very strong. And so we've been constrained, as I said, on -- especially in the Pro models. At the end of December, we exited with a level of iPhone channel inventory, which was slightly below a year ago. So we -- and we still had some level of supply constraints, which we believe we're going to be able to solve during the March quarter.

在本季度末，需求非常強勁。因此，正如我所說，我們一直受到限制——尤其是在 Pro 型號中。 12 月底，我們以略低於一年前的 iPhone 渠道庫存水平退出。所以我們 - 我們仍然有一定程度的供應限制，我們相信我們將能夠在三月季度解決。

In terms of the sequential change, we talked about -- during the prepared remarks, we talked about total company average, and we said that we expect that sequential progression to be similar to the typical seasonality that you've seen in past years. Certainly, last year is not typical because of COVID. But if you go back, fiscal '17, '18, '19, that's our typical seasonal progression.

就連續變化而言，我們談到 - 在準備好的評論中，我們談到了公司的總體平均水平，我們說我們希望連續變化與您在過去幾年看到的典型季節性相似。當然，由於 COVID，去年並不典型。但如果你回到 '17、'18、'19 財政年度，那是我們典型的季節性進展。

And we mentioned a couple of product categories, Services and Wearables, where we're going to be having a slightly more difficult compare. And so I think you can draw your conclusions around the iPhone.

我們提到了幾個產品類別，服務和可穿戴設備，我們將在其中進行稍微困難的比較。所以我認為你可以圍繞 iPhone 得出你的結論。

Okay. And then, Tim, I was wondering if you could just comment more broadly around growth for Apple and sources of growth. The company this year is going to be well over $300 billion in revenue. Historically, you've eschewed acquisitions. And I'm wondering if you could comment whether you still feel confident that Apple has Apple organic growth opportunities and that you don't believe acquisitions are an important source of growth. And then I think perhaps most importantly, as you look out, let's say, over the next 5 years, what do you think is a realistic revenue growth rate for Apple going forward?

好的。然後，蒂姆，我想知道你是否可以更廣泛地評論蘋果的增長和增長來源。該公司今年的收入將遠遠超過 3000 億美元。從歷史上看，您一直迴避收購。我想知道您是否可以評論您是否仍然相信 Apple 擁有 Apple 的有機增長機會，並且您不相信收購是增長的重要來源。然後我認為也許最重要的是，正如您所看到的，假設在接下來的 5 年中，您認為 Apple 未來的實際收入增長率是多少？

Yes. Toni, as you know, we give some color on the current quarter but not beyond that in terms of growth rates, so I'll punt that part of your question. But if you back up and look at the sort of the ingredients that we have at this point, we have the strongest hardware portfolio that we've ever had. And we have a great product pipeline for the future, both in products and in services.

是的。托尼，如你所知，我們對當前季度給出了一些顏色，但在增長率方面並沒有超出這個範圍，所以我將回答你問題的那部分。但是，如果您回頭看看我們目前擁有的各種成分，我們會擁有前所未有的最強大的硬件產品組合。我們在產品和服務方面都有面向未來的優秀產品線。

We have an installed base that has hit new highs that we just talked about earlier in our opening comments. And we're still attracting a fair number of switchers and, of course, upgraders. We just set an all-time Services record, and we have that installed base to compound that, and particularly with the added services that we've had over the last year or so, that as they grow and mature, will contribute even more to the Services revenue stream.

我們的安裝基礎達到了我們剛剛在開場評論中談到的新高。而且我們仍然吸引了相當多的切換者，當然還有升級者。我們剛剛創造了一個歷史性的服務記錄，而且我們有這個安裝基礎來加強這一點，特別是我們在過去一年左右的時間裡增加的服務，隨著它們的成長和成熟，將為服務收入流。

And on the Wearables side, we've brought this thing from 0 to a Fortune 120 company, which was no small feat. But I still think that we're in the early stages of those products. If you look at our share in some of the other products, whether you look at iPhone or Mac or iPad, you find that the share numbers leave a fair amount of headroom for market share expansion. And this is particularly the case in some of the emerging markets, where we're proud of how we've done, but there's a lot more headroom in those markets.

在可穿戴設備方面，我們將這件事從 0 帶到了財富 120 強公司，這不是一件小事。但我仍然認為我們處於這些產品的早期階段。如果您查看我們在其他一些產品中的份額，無論您查看 iPhone、Mac 還是 iPad，您都會發現份額數字為市場份額的擴張留下了相當大的空間。在一些新興市場尤其如此，我們為我們的表現感到自豪，但這些市場還有更多的空間。

Like if you take India as an example, we doubled our business last quarter compared to the year ago quarter, but our absolute level of business there is still quite low relative to the size of the opportunity. And you can kind of take that and go around the world and find other markets that are like that as well.

就像以印度為例，與去年同期相比，我們上個季度的業務翻了一番，但相對於機會的規模，我們在那裡的絕對業務水平仍然很低。你可以帶著它去世界各地尋找其他類似的市場。

And of course, the other thing from a market point of view is we're -- we've been on a multiyear effort in the enterprise and have gained quite a bit of traction there. You've heard some of the things in Luca's comments today, and we comment some on it each quarter. We're very optimistic about what we can do in that space.

當然，從市場的角度來看，另一件事是我們 - 我們已經在企業中進行了多年的努力，並在那裡獲得了相當多的吸引力。您已經在 Luca 今天的評論中聽到了一些內容，我們每個季度都會對其發表一些評論。我們對我們在該領域可以做的事情非常樂觀。

And then, of course, we've got new things that we're not going to talk about that we think will contribute to the company as well just like other new things have contributed nicely to the company in the past. So we see lots of opportunity. Thank you for the question.

然後，當然，我們有一些我們不會談論的新事物，我們認為它們也會對公司做出貢獻，就像過去其他新事物對公司做出的貢獻一樣。所以我們看到了很多機會。感謝你的提問。

We'll hear from Amit Daryanani with Evercore ISI.

我們將收到來自 Evercore ISI 的 Amit Daryanani 的消息。

I have 2 questions as well. I guess starting with you, Luca, I just wanted to go back to the gross margin discussion, and we really haven't seen gross margins at this level, high 39%, I think, since 2016. Could you maybe step back and talk about what has enabled the shift higher? What are the key drivers to get you there? And is commodity tailwinds or in-sourcing of some components really a big part of this? So just love to understand the durability of the gross margin at these levels. And what are the big drivers that got us here?

我也有2個問題。我想從你開始，盧卡，我只是想回到毛利率討論，我們真的沒有看到這個水平的毛利率，我想，自 2016 年以來高達 39%。你能不能退一步談談是什麼讓這種轉變更高？使您達到目標的關鍵驅動因素是什麼？商品順風或某些組件的內購真的是其中的重要組成部分嗎？所以只是喜歡了解這些級別的毛利率的持久性。是什麼讓我們來到這裡的主要驅動力？

Well, Amit, of course, when you grow the way we've grown this quarter, 21%, it's -- obviously, we have a certain level of fixed cost in our product structures, right? And so a high level of sales helps margin expansion without a doubt, and so that has been probably the biggest factor, to be honest.

嗯，阿米特，當然，當你以我們本季度 21% 的增長方式增長時，很明顯，我們的產品結構中有一定水平的固定成本，對嗎？因此，毫無疑問，高水平的銷售額有助於利潤率的擴張，老實說，這可能是最大的因素。

And then as I was saying earlier, we've had, across the board, in services, in every product category, we've had a very strong mix of products, right? We were talking about the iPhone, the Pro and the Pro Max, and that's been pretty much the case in every product category. So the mix has also been very good.

然後正如我之前所說的，我們在服務方面，在每個產品類別中，都有非常強大的產品組合，對嗎？我們談論的是 iPhone、Pro 和 Pro Max，幾乎每個產品類別都是如此。所以組合也非常好。

The commodity environment is fairly benign. And the one thing that has not affected us this time around is the FX that it's true, it has not been a tailwind yet for the reasons that I was explaining to Katy, but at the same time, it has not been a negative. And the reality is that FX for us has been a negative over the last 5 or 6 years almost every quarter. And so that has changed, and that obviously makes a difference.

商品環境相當良性。這次沒有影響我們的一件事是 FX，它是真的，由於我向凱蒂解釋的原因，它還不是順風，但同時，它也不是負面的。現實情況是，在過去的 5 或 6 年裡，幾乎每個季度的外匯對我們來說都是負面的。這已經發生了變化，這顯然有所不同。

Got it. And then, Tim, when I look at the growth rates on Mac and iPads, they've been in the 20% to 40% range for the last 3 quarters, and I suspect some of this is just folks contending with the pandemic. But love to understand, when you look at these growth rates, how much of this do you think is replacement cycle-driven folks upgrading what they have at home versus new customers and new folks that are coming into the Apple ecosystem? And do you see -- I guess what sort of growth rates do you think is more durable or predictable as we go forward over here?

知道了。然後，蒂姆，當我查看 Mac 和 iPad 的增長率時，它們在過去三個季度中一直在 20% 到 40% 的範圍內，我懷疑其中一些只是人們在與大流行作鬥爭。但是很高興理解，當您看到這些增長率時，您認為更換週期驅動的人們升級他們在家中擁有的東西與新客戶和進入 Apple 生態系統的新人相比，有多少？你看到 - 我猜你認為什麼樣的增長率更持久或更可預測，因為我們在這裡前進？

If you look at the switcher or the switchers, if you look at the new to Mac and new to iPad, these numbers are still about -- at a worldwide level, about half of the purchases are coming from people that are new. And so the installed base is still expanding with new customers in it. And so that's true on both iPad and Mac.

如果你看看切換台或切換台，看看 Mac 的新用戶和 iPad 的新用戶，這些數字仍然是——在全球範圍內，大約一半的購買量來自新用戶。因此，安裝基礎仍在不斷擴大，新客戶也在其中。 iPad 和 Mac 都是如此。

If you look at Mac, the M1, I think, gives us a new growth trajectory that we haven't had in the past. Certainly, if Q1 is a good proxy, there's lots of excitement about M1-based Macs. As you know, we're partly through the transition. We've got more -- a lot more to do there. We're early days of a 2-year transition, but we're excited about what we see so far.

如果你看看 Mac，我認為 M1 為我們提供了一個新的增長軌跡，這是我們過去沒有的。當然，如果 Q1 是一個很好的代理，那麼基於 M1 的 Mac 就會令人興奮。如您所知，我們正在部分過渡。我們還有更多——還有很多事情要做。我們處於 2 年過渡期的初期，但我們對目前所看到的情況感到興奮。

The iPad, as we went out with the iPad Air, and we now have the best iPad lineup we've ever had, and it's clear that some people are using these as laptop replacements, others are using them as complementary to their desktop. But the level of growth there has been phenomenal. You look at it at 41%. And yes, part of it is work from home and part of it is just learning.

iPad，當我們推出 iPad Air 時，我們現在擁有最好的 iPad 系列，很明顯，有些人將它們用作筆記本電腦的替代品，而另一些人則將它們用作台式機的補充。但那裡的增長水平是驚人的。你看它是 41%。是的，一部分是在家工作，一部分是學習。

But I think I wouldn't underestimate how much of it is the product itself on -- in both the case of iPad and Mac. And of course, our share in the Mac is quite low in the -- for the total personal computer market. And so there's lots of headroom there.

但我認為我不會低估產品本身的影響——在 iPad 和 Mac 的情況下。當然，對於整個個人電腦市場而言，我們在 Mac 中的份額相當低。所以那裡有很多淨空。

Congrats on a great quarter.

祝賀一個偉大的季度。

Thank you.

謝謝你。

Thank you.

謝謝你。

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

我們將繼續與摩根大通一起回答 Samik Chatterjee 提出的下一個問題。

Congrats on the record quarter from my side as well. I guess I wanted to start off with iPhone sales. I think in -- general impression we have is China and North America have more robust 5G infrastructure. I just wanted to see kind of what are you seeing in terms of customer engagement or velocity of sales for iPhone in Europe, where I think the general impression is that service providers haven't rolled out robust 5G services. Is that something that's impacting customer interest in the latest lineup in the region? And I have a follow-up.

我也祝賀創紀錄的季度。我想我想從 iPhone 的銷售開始。我認為 - 我們的總體印像是中國和北美擁有更強大的 5G 基礎設施。我只是想看看你在歐洲的客戶參與度或 iPhone 的銷售速度方面看到了什麼，我認為一般的印像是服務提供商還沒有推出強大的 5G 服務。這是否會影響客戶對該地區最新陣容的興趣？我有一個跟進。

If you look at the 5G rollout in Europe, it's true that Europe is not in the place of -- certainly nowhere close to where China is and nowhere close to the U.S. either. But there are other regions that 5G is -- that has very good coverage. Like Korea is an example. And so the world, I would describe it right now, is more of a patchwork quilt. There are places that there's really excellent coverage. There are places where, within a country, that is very good but not from a nationwide point of view. And then there are places that really hasn't gotten started yet. Latin America is more closer to the last one. There's lots of opportunity ahead of us there. And I think Europe is where there are 5G implementations there. I think most of that growth is probably in front of us there as well.

如果你看看歐洲的 5G 部署，歐洲確實不在——當然離中國也不近，也離美國不遠。但是 5G 還存在於其他一些地區——覆蓋範圍非常好。比如韓國就是一個例子。所以這個世界，我現在就描述它，更像是一張拼湊而成的被子。有些地方的覆蓋範圍非常好。有一些地方，在一個國家內，這是非常好的，但從全國的角度來看不是。還有一些地方還沒有真正開始。拉丁美洲更接近最後一個。那裡有很多機會擺在我們面前。而且我認為歐洲是那裡有 5G 實施的地方。我認為大部分增長可能也擺在我們面前。

Got it. As a follow-up, if I can just ask you, I think you mentioned the momentum you're seeing for the Apple One bundle, which I think has been a couple of months now since you launched it. Any metrics to share in terms of what you're seeing for conversion rate of customers or even insights into which services are turning -- in that bundle, are turning out to be the anchor services that's driving adoption of that bundle?

知道了。作為後續，如果我可以問你，我想你提到了你看到的 Apple One 捆綁包的勢頭，我認為自你推出以來已經有幾個月了。就您所看到的客戶轉化率或什至對哪些服務正在轉變的洞察力而言，任何要分享的指標 - 在該捆綁包中，是否會成為推動該捆綁包採用的錨服務？

It's really too early to answer some of those questions. As you know, we just got started in the -- into the quarter in Q1, so we have less than a quarter on this right now. What we wanted to accomplish with it, we're clearly accomplishing, which is making our services very easy to subscribe to. Our customers clearly told us that they wanted to subscribe to several services or, in some cases, all of our services. And so we've made that very simple, and it's clear from the early going that it's working but we've just gotten started on it.

現在回答其中一些問題還為時過早。如您所知，我們剛剛開始 - 進入第一季度的季度，所以我們現在只有不到四分之一的時間。我們想用它完成什麼，我們顯然正在完成，這使得我們的服務很容易訂閱。我們的客戶明確告訴我們，他們想訂閱幾項服務，或者在某些情況下訂閱我們的所有服務。所以我們已經把它變得非常簡單，從早期就很明顯它是有效的，但我們才剛剛開始。

We'll hear from Krish Sankar with Cowen.

我們將收到來自 Cowen 的 Krish Sankar 的消息。

Congrats on the very strong results. My first question is for Tim. Tim, I want to talk a little bit about your search and advertising business. How do you think of the long-term growth opportunities in advertising? How do you think it -- how long can it grow at 2 to 3x the App Store growth rate? And also, are there any applications where your fundamental search technology, AR-infused could be adapted for other parts of the Services business? That's the first question. And then I have a quick follow-up for Luca after that.

祝賀非常強勁的結果。我的第一個問題是給蒂姆的。蒂姆，我想談談你的搜索和廣告業務。您如何看待廣告的長期增長機會？你怎麼看——它能夠以 App Store 增長率的 2 到 3 倍增長多久？而且，是否有任何應用程序可以將您的基本搜索技術（AR 注入）適用於服務業務的其他部分？這是第一個問題。然後我對 Luca 進行了快速跟進。

The search, advertising business is going well. It's a -- there's lots of intent from search, and we do it in a very private kind of manner, observing great privacy policies and so forth. And I think people see that and are willing to try it out. And we have been growing nicely in that area. It's a part of the advertising area that Luca spoke of earlier.

搜索、廣告業務進展順利。這是一個 - 搜索有很多意圖，我們以一種非常私密的方式進行搜索，遵守很好的隱私政策等等。我認為人們看到了這一點並願意嘗試一下。我們在該領域發展良好。這是盧卡之前提到的廣告領域的一部分。

Got it. Got it. And then a follow-up for Luca. When you look at your Services segment in the March quarter, in China, you typically see a bump due to gaming downloads during Chinese New Year. So should we see a similar trend this time around? But do you think with the pandemic and people staying primarily at home, that kind of seasonal bump might not happen in China for gaming downloads?

知道了。知道了。然後是盧卡的後續行動。當您查看中國 3 月季度的服務細分市場時，您通常會看到由於農曆新年期間遊戲下載量的增加。那麼這次我們應該看到類似的趨勢嗎？但是你認為隨著大流行和人們主要呆在家裡，這種季節性的衝擊可能不會在中國發生遊戲下載嗎？

Yes. I mean it -- and I think I was mentioning it during the prepared remarks. We -- clearly, in China, the March quarter is typically the strongest quarter for our Services business and for the App Store because of Chinese New Year, as you mentioned. And last year, what we saw was an increased level of activity because, after Chinese New Year, the whole country went into lockdown for several weeks. And so that propensity for playing games continued for several weeks, more than a typical cycle. So we expect to have a great quarter in China, but at the same time, we need to keep in mind that the compare is going to be particularly challenging because of what happened a year ago.

是的。我是認真的——我想我是在準備好的發言中提到的。我們 - 顯然，在中國，正如您所提到的，由於農曆新年，3 月份的季度通常是我們的服務業務和 App Store 最強勁的季度。去年，我們看到了活動水平的增加，因為在農曆新年之後，整個國家都進入了數週的封鎖狀態。因此，玩遊戲的傾向持續了數週，超過了一個典型的周期。因此，我們希望在中國有一個偉大的季度，但同時，我們需要記住，由於一年前發生的事情，比較將特別具有挑戰性。

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

我們將繼續回答 Chris Caso 和 Raymond James 提出的下一個問題。

The first question is on iPhone ASPs, and I know you don't disclose the numbers there, but I wonder if you could speak about it qualitatively. You spoke about the richer mix, but there were also some price differences as compared to a year ago. iPhone 12 came in at a higher price point. The Pro established a new price point. Can you speak to how that -- the level of benefit that you saw there? And going forward, are you confident that you can continue to improve the mix in iPhone going forward?

第一個問題是關於 iPhone ASP，我知道你沒有透露那裡的數字，但我想知道你是否可以定性地談論它。您談到了更豐富的組合，但與一年前相比也存在一些價格差異。 iPhone 12 的價格更高。 Pro 確立了新的價格點。你能談談這是如何 - 你在那裡看到的好處水平嗎？展望未來，您有信心繼續改進 iPhone 的組合嗎？

So as I said earlier, we grew iPhone revenue 17%, and that growth came from both unit sales and ASPs because of the strong mix that I mentioned before. So I think that answers your question for the December quarter. What we've seen so far, it's very early because we launched the new products only a few weeks ago. What we've seen so far is a very high level of interest for the Pro models, the Pro and the Pro Max. We worked very hard to ramp up our supply. We've had some supply constraints during the December quarter. We think we're going to be able to solve them during the March quarter. But so far, the mix has been very, very strong on iPhone.

正如我之前所說，我們的 iPhone 收入增長了 17%，而這種增長來自單位銷售額和 ASP，因為我之前提到過強勁的組合。所以我認為這回答了你關於 12 月季度的問題。到目前為止，我們看到的情況還為時過早，因為我們幾週前才推出新產品。到目前為止，我們看到的是對 Pro 型號、Pro 和 Pro Max 的高度關注。我們非常努力地增加供應。我們在 12 月季度遇到了一些供應限制。我們認為我們將能夠在三月季度解決這些問題。但到目前為止，這種組合在 iPhone 上非常非常強大。

Okay. As a follow-up question, if you could talk a bit to the benefit that you may have seen from some of the carrier actions? We've seen very aggressive trade-ins during the quarter. Did that provide a benefit, in your view, on units or mix or perhaps both? And what would be the level of permanence that you would see in some of those actions such that if those subsidies were removed, could that potentially be a headwind going forward?

好的。作為後續問題，您是否可以談談您從運營商的某些行動中可能看到的好處？我們在本季度看到了非常積極的以舊換新。在您看來，這是否對單位或混合或兩者都有好處？您會在其中一些行動中看到何種程度的永久性，例如，如果取消這些補貼，這是否可能成為未來的逆風？

I think -- Chris, it's Tim. I think subsidies always help that anything that reduces the price to the customer is good for the customer and obviously good for the carrier that's doing it and good for us as well. And so it's a win across the board. I believe that, at least based on what I see right now, is that there would be probably continuing to have quite a bit of competition in the market, if you're talking about the U.S. market for customers as the carriers work to get more customers to move to 5G.

我想——克里斯，是蒂姆。我認為補貼總是有助於降低客戶價格的任何事情對客戶有利，顯然對運營商有利，對我們也有好處。所以這是一個全面的勝利。我相信，至少根據我現在所看到的，如果您在談論美國市場的客戶時，隨著運營商努力獲得更多，市場上可能會繼續存在相當多的競爭客戶轉向 5G。

In -- outside of the U.S., the subsidies are not used in all geographies, and so it really varies greatly by country. Some of them are -- separate completely, the handset and the service; and in those areas, we don't have subsidies.

在美國之外，並非所有地區都使用補貼，因此確實因國家/地區而異。其中一些是——完全分開的，手機和服務；在這些領域，我們沒有補貼。

We'll go ahead and hear from Jim Suva with Citigroup.

我們將繼續聽取花旗集團的 Jim Suva 的意見。

It's amazing how your company has pivoted and progressed through this uncertain time in society. A lot of the pushback we get on our view on Apple is that everyone around them or that they know in developed countries has an iPhone or Apple product and the market is kind of being saturated some. But when I look at other countries like India, I believe statistically, you are materially below that in market share. So are you doing active efforts there? It seems like there's been some news reports of moving supply chain there or you recently opened up an Apple Store. How should we think about that? Because it just seems like you're really not full market share equally around the world.

令人驚訝的是，您的公司在這個不確定的社會時期如何轉變和進步。我們對 Apple 的看法受到的很多阻力是，他們周圍的每個人或他們知道在發達國家都有 iPhone 或 Apple 產品，而且市場有些飽和。但是，當我查看印度等其他國家/地區時，我相信從統計數據來看，您的市場份額遠低於該國家/地區。那麼你在那裡積極努力嗎？似乎有一些關於將供應鏈轉移到那裡的新聞報導，或者您最近開設了一家 Apple Store。我們應該如何思考？因為看起來你在世界各地的市場份額似乎並不完全相同。

Yes. There are several markets, as I alluded to before, India is one of those, where our share is quite low. It's -- it did improve from the year ago quarter. Our business roughly doubled over that period of time, and so we feel very good about the trajectory. We are doing a number of things in the area. We put the online store there, for example, and last quarter was the first full quarter of the online store. And that has gotten a great reaction to it and has helped us achieve the results that we got to last quarter.

是的。正如我之前提到的，有幾個市場，印度就是其中之一，我們的份額很低。它 - 它確實比去年同期有所改善。在那段時間裡，我們的業務大約翻了一番，因此我們對發展軌跡感到非常滿意。我們正在該地區做一些事情。例如，我們把網上商店放在那裡，上個季度是網上商店的第一個完整季度。這引起了很大的反響，並幫助我們實現了上個季度的結果。

We're also going in there with retail stores in the future. And so we look for that to be another great initiative and we continue to develop the channel as well. And so there's lots of things, not only in India but in several of the other markets that you might name where our share is lower than we would like.

未來我們還將在那裡開設零售店。因此，我們希望這是另一項偉大的舉措，我們也將繼續開發該渠道。所以有很多事情，不僅在印度，而且在你可能會提到的其他幾個市場，我們的份額低於我們想要的。

And I -- again, I would also say, even in the developed markets, when you look at our share, definitely, everybody doesn't have an iPhone, not even close. And so we really don't have a significant share in any market. We're -- so there's headroom left even in those developed markets where you might hear that.

我 - 再說一次，我還要說，即使在發達市場，當你看到我們的份額時，肯定地，每個人都沒有 iPhone，甚至沒有。所以我們在任何市場上都沒有很大的份額。我們 - 所以即使在那些你可能會聽到的發達市場中也有剩餘空間。

Congratulations to you and your team and employees.

祝賀您和您的團隊和員工。

Thank you, Jim. Appreciate that.

謝謝你，吉姆。感謝。

Thank you. 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 1828830. These replays will be available by approximately 5 p.m. Pacific Time today.

謝謝你。為期 2 週的今天電話會議將在 Apple Podcast、apple.com/investor 上的網絡廣播和電話中提供。電話重播號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認代碼 1828830。這些重播將在下午 5 點左右提供。今天太平洋時間。

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.

有其他問題的新聞界人士可以致電 (408) 974-2414 聯繫 Kristin Huguet。金融分析師可以通過 (669) 227-2402 與我聯繫以解決其他問題。再次感謝您加入我們。

Once again, that does conclude today's conference. We do appreciate your participation.

再一次，這確實結束了今天的會議。我們非常感謝您的參與。