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.

大家好，歡迎參加 Apple 2021 財年第一季財報電話會議。今天的電話會議正在錄音中。現在，為了致開幕詞和介紹，我想將電話會議交給投資者關係和企業財務總監 Tejas Gala。請開始。

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，感謝您加入我們。今天首先發言的是蘋果執行長庫克，之後是財務長盧卡馬埃斯特里。之後，我們將開始回答分析師的提問。

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 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會聽到一些前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和費用、稅金、資本配置和未來業務展望的陳述，包括新冠疫情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有重大差異。更多信息，請參閱 Apple 最近提交的 10-K 表格年度報告和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素以及相關新聞稿。 Apple 不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊僅代表其各自日期的觀點。現在，我想將電話會議交給 Tim 作開場發言。

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，Tejas。大家下午好。感謝大家今天參加電話會議。我衷心感謝全球每位蘋果團隊成員的不懈努力和創新精神，並在此分享蘋果本季的強勁業績。我們實現了創紀錄的1,114億美元營收。所有產品類別都實現了強勁的兩位數成長，並在各個地區創下了營收紀錄。

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.

我們很多人都會想到，這結果為我們記憶中最具挑戰性的一年畫上了句點。毫不誇張地說，它給蘋果本身帶來的挑戰，遠不及它給蘋果個人、員工、員工家庭以及我們賴以生存和熱愛的社區帶來的挑戰。

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.

雖然這些業績展現了我們的產品在幫助用戶應對這些挑戰方面發揮的核心作用，但我們也更加意識到，我們所有人面臨的工作是：引領疫情走向終結，恢復社區和地方經濟的正常生活與繁榮，並帶著正義感進行重建，這項工作意義深遠且緊迫。我們將在今天的電話會議上討論這些需求以及蘋果的努力，但我首先想詳細介紹本季的業績，包括我們為何超出預期。

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.

讓我們先從硬體說起。我們的活躍設備安裝基數創下新高，且成長加速，12月季度全球設備數量突破16.5億台。受iPhone 12系列強勁需求的推動，iPhone銷量年增17%，我們的活躍iPhone安裝基數現已超過10億。即使新冠疫情持續影響著零售店，從世界一流的攝影機到5G巨大且不斷增長的潛力，新款iPhone 12機型的創新也得到了消費者的熱烈響應。

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 的銷量分別成長了 41% 和 21%，這反映出這些裝置在新冠疫情期間仍在我們用戶生活中發揮持續作用。本季度，我們的新款 iPad Air 以及搭載我們突破性 M1 晶片的第一代 Mac 均已上市。所有這些產品的需求都非常強勁。

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.

我們持續致力於為教育工作者、學生和家長提供最新 iPad 的豐富內容和專業支援。全球各地的教育部門和政府正在持續進行大規模部署，其中包括在德國和日本的學校進行的史上最大規模的 iPad 部署。

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.

穿戴式裝置、家居及配件業務年增30%，這得益於節慶期間對最新款Apple Watch、我們全系列AirPods（包括新款AirPods Max）以及新款HomePod mini的強勁需求。該品類的全面強勁成長，使其三個子類別的營收均創下新高，我們對這些產品的未來發展充滿期待。

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.

Fitness+ 潛力無限，與 Apple Watch 配對後，即可即時顯示螢幕健身數據，並體驗由世界頂級教練指導的世界級健身課程。每週都會新增課程，顧客們都非常喜歡這些課程的靈活性、挑戰性和趣味性，以及與 Apple Watch 配對後如何幫助您達成健身目標。

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.

這種硬體、軟體和服務的深度整合始終是我們業務發展的核心，並創造了158億美元的季度服務收入，創下歷史新高。這是Apple One套餐推出的第一季度，該套餐將我們眾多優質服務整合到一個便利的訂閱服務中；隨著這些服務每天都有新內容加入，我們對未來的發展充滿信心。

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、家庭和企業不斷發展並適應 COVID-19 疫情，App Store 生態系統至關重要。我們希望確保這個無與倫比的創新和機會引擎能夠持續發展。本季度，我們也邁出了重要的一步，幫助小型開發者繼續實驗、創新並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位商品和服務銷售佣金降至 15%。該計畫於 1 月 1 日啟動，我們已經收到開發者的回饋，他們表示，這項變革代表著他們在 App Store 上創造和發展的潛力將發生翻天覆地的變化。

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，以保護用戶的隱私權，這不僅是為了我們自己的產品，也是為了成為推動整個產業進步的漣漪。最近，我們正在整個 App Store 生態系統中部署新的要求，讓使用者更了解並掌握新工具，以控制應用程式收集和共享個人資料的方式。

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.

冬季假期對我們和我們的產品來說總是一個繁忙的時期。但今年的情況卻不同尋常。本季度最後一周，我們的設備啟動量創下了紀錄。由於新冠疫情導致我們無法外出，今年聖誕節的 FaceTime 通話量創下了歷史新高。一如既往，如果沒有我們才華橫溢、敬業奉獻的零售團隊，我們不可能讓這麼多節日變得特別。在我們線上商店強勁表現的推動下，零售收入創下了歷史新高。

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.

尤其是在經歷了過去幾週的事件之後，我們更加專注於如何在國家亟需的時刻提供幫助。正因為我們任何人都不應對開啟美國歷史新篇章時所面臨的挑戰抱持任何幻想，治癒傷痛、團結進步的希望始於並取決於解決那些持續傷害我們的事情。

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，從新冠疫情到隨之而來的經濟挑戰，再到學生無法到校上課，各種負擔都對那些一直面臨結構性機會和平等障礙的人們造成了最沉重的打擊。本月，蘋果宣布了一項1億美元的「種族平等與正義」倡議，並做出了重大的新承諾。 Propel中心在全美各地傳統黑人學院和大學的支持下，獲得了2500萬美元的承諾，並將幫助培養機器學習、應用程式開發、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全新 Apple 開發者學院將是美國第一個此類學院。底特律擁有充滿活力的黑人創業文化，擁有超過 5 萬家黑人企業。我們希望加速釋放這裡的 app 經濟潛力，因為我們知道，在這樣一個富有創造力、韌性十足、充滿奉獻精神的社區，優秀的創意層出不窮。最後，我們將透過兩項投資，向 Harlem Capital 和 Clear Vision Impact Fund 投入 3,500 萬美元，用於支持、加速和發展潛力巨大且需求旺盛地區的少數族裔企業。

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之年。自2011年Apple Giving計畫啟動以來，Apple員工已向超過34,000個各行各業的組織捐贈了近6億美元，並提供了超過160萬小時的志工服務。透過與(PRODUCT)RED的合作，我們調整了為期14年、耗資2.5億美元的全球愛滋病毒和愛滋病防治工作，以確保即使在新冠疫情期間，醫療服務也能持續進行。這其中包括向尚比亞的醫護人員運送數百萬件個人防護裝備。

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，即使受到新冠疫情的影響，我們仍提前完成了多年期承諾，即向美國經濟投資3,500億美元。這讓我們感到自豪，但我們深知還有很多工作要做。展望未來，我們將繼續與新冠疫情抗爭，但我們現在也必須努力想像，疫情結束後，我們將繼承什麼。疾病消退後，我們不能簡單地認為治癒也會隨之而來。即使是現在，我們也能看到這段時期給我們的社區留下的深刻傷痕。信任被摧毀，機會被錯失。我們生活中習以為常的部分，孩子們的學校，與同事的會面，以及世代相傳的小企業，都消失了。我們需要全社會共同努力，從公共部門到私營部門，從個人到社區，從我們每個人，確保我們面臨的不僅僅是一場疾病的終結，而是一個持久而充滿希望的開端，為那些在這段時期付出、承受和忍受苦難的人們開啟。

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，我們全心全意地致力於成為這項努力的合作夥伴，並期待與世界各地的社區攜手合作，使之成為可能。隨著這段充滿不確定性的時期繼續延續，我們將繼續不懈地努力，幫助我們的客戶保持安全、互聯互通和健康。

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

說完這些，我就把事情交給盧卡了。

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，蒂姆。大家下午好。 2021財年伊始，我們在12月季度取得了卓越的業務和財務業績，收入、營業利潤、淨利潤、每股收益和營業現金流均創下歷史新高。在充滿不確定性的時期，我們的團隊持續創新，執行力十足，我們對此感到非常高興。

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.

我們的營收創下1,114億美元的歷史新高，較去年同期成長近200億美元，增幅達21%。我們各產品類別均實現了強勁的兩位數成長，其中iPhone、穿戴式裝置、家居及配件以及服務均創下歷史新高，Mac也創下了12月季度的業績紀錄。此外，我們在五個地理區域以及我們追蹤的絕大多數國家/地區均實現了兩位數成長，並創下歷史新高。

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.

產品營收創歷史新高，達957億美元，較去年同期成長21%。由於如此出色的銷售業績和客戶無與倫比的忠誠度，我們的活躍設備安裝基數在12月季度突破16.5億，並在所有主要產品類別中均創下歷史新高。

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.

我們的服務業務創下158億美元的歷史新高，年增24%。我們在大多數服務類別中創下了歷史新高，並在各個地理區域創下了12月季度的新高。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.

該公司毛利率為39.8%，環比成長160個基點，這得益於銷售額成長帶來的槓桿率和強勁的產品組合。產品毛利率為35.1%，季增530個基點，主要得益於槓桿率和產品組合的提升。服務毛利率為68.4%，季增150個基點，主要得益於產品組合的改變。

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.

淨利、稀釋每股盈餘和營運現金流均創歷史新高。淨利達288億美元，較去年同期成長65億美元，成長29%。稀釋每股收益達1.68美元，較去年同期成長35%。營運現金流達388億美元，較去年同期成長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.

讓我更詳細地介紹我們每個收入類別。 iPhone 營收創下 656 億美元的紀錄，年增 17%，儘管新冠疫情和保持社交距離的措施對門市營運造成了重大影響，但 iPhone 12 系列的需求仍然非常強勁。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 活躍用戶基數創下了歷史新高，目前已超過 10 億台。事實上，在美國，451 Research 的最新消費者調查顯示，iPhone 12 系列的顧客滿意度高達 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.

談到服務業務。正如我所說，我們的營收達到了創紀錄的158億美元，並在App Store、雲端服務、音樂、廣告、AppleCare和支付服務方面創下了歷史新高。我們推出的全新服務，包括Apple TV+、Apple Arcade、Apple News+、Apple Card、Apple Fitness+以及Apple One套裝，也為整體服務業務的成長做出了貢獻，並持續增加用戶、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.

我們服務成長的關鍵驅動力都在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了歷史新高；其次，我們數位內容商店的交易帳戶和付費帳戶數量在 12 月季度創下了歷史新高，每個地理區域的付費帳戶都實現了兩位付費數的增長；第三，訂閱數來達到 20 億年的目標。在 12 月季度，我們的付費訂閱數量較上季增加了 3,500 多萬，現在我們平台上所有服務的付費訂閱數量超過 6.2 億，比去年同期增加了 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，我們持續提升現有服務的廣度和質量，並持續增加我們認為用戶會喜歡的新服務。例如，Apple Music 最近發布了其迄今為止最重大的產品更新，新增了「立即收聽」、全新搜尋、個人電台和自動播放等功能。 90% 的 iOS 14 Apple Music 用戶已經使用了這些新功能。

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，我們不斷擴大覆蓋範圍，目前美國近90%的商店都接受Apple Pay，讓顧客可以輕鬆享受非接觸式支付體驗。

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.

穿戴式裝置、家居及配件業務年增30%，達到130億美元，在各地區均創下歷史新高。得益於強勁的業績表現，我們的穿戴式裝置業務如今已達到財富120強企業的規模。更重要的是，Apple Watch的覆蓋範圍持續擴大，本季購買Apple Watch的顧客中近75%是首次購買。我們對這一類別的未來充滿期待，並相信我們硬體、軟體和服務的整合將使我們在這一領域擁有獨特的優勢，能夠提供卓越的客戶體驗。

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 12 月季度營收創下新高，達到 87 億美元，較去年同期成長 21%。我們在每個地區都實現了強勁的兩位數成長，並在歐洲和亞太其他地區創下了歷史新高，在美洲、大中華區和日本也創下了 12 月季度的營收紀錄。這項業績得益於市場對新款 MacBook Air、MacBook Pro 和 Mac mini 的強勁需求，這些產品均搭載了我們全新的 M1 晶片。

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 的表現也非常出色，營收達到 84 億美元，成長 41%。我們在每個地區都實現了強勁的兩位數成長，其中日本的增幅創下了歷史新高。本季度，全新的 iPad Air 上市，顧客反應熱烈。 Mac 和 iPad 都是我們客戶在當前工作和學習環境中不可或缺的產品。我們很高興看到，451 Research 最新的消費者調查顯示，Mac 的客戶滿意度為 93%，iPad 的客戶滿意度為 94%。憑藉這樣的客戶滿意度，加上本季購買 Mac 和 iPad 的客戶中約有一半是首次購買，這兩款產品的活躍安裝基數持續良好增長，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，我們看到許多企業正在調整技術投資以因應新冠疫情。例如，在更多員工遠距辦公的同時，企業仍在處理數億支辦公桌電話。上個季度，全球最大的銀行之一三菱UFG銀行宣布，將以iPhone取代75%的固定電話。此舉旨在大幅節省成本，同時為員工提供安全的行動平台。

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.

我們也很高興看到 Mac 員工選擇計畫在全球領導企業中迅速普及，這些企業的工作效率、員工滿意度和人才保留率都有所提升。隨著搭載 M1 處理器的 Mac 的推出，我們很高興能夠將這些體驗擴展到更廣泛的客戶和員工，尤其是在遠距辦公日益增多的時代。

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.

現在讓我來談談我們的現金狀況。本季末，我們持有近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，總債務為1,120億美元。因此，本季末的淨現金為840億美元。在12月季度，我們向股東返還了超過300億美元，其中包括36億美元的股息及等價物，以及240億美元透過公開市場回購2億股蘋果股票，我們將繼續朝著實現淨現金中性的目標邁進。

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.

隨著我們進入三月季度，我想就我們所看到的情況提供一些細節，其中包括Tejas在電話會議開始時提到的那些前瞻性資訊。鑑於近期全球持續存在的不確定性，我們不會給予具體的收入範圍指引。但是，我們會提供一些方向性見解，假設新冠疫情對我們業務的影響不會比我們目前對本季的預期惡化。

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，我們認為成長將同比加速，整體而言，將遵循典型的季節性規律。在產品類別層面，請記住兩點：首先，在去年 3 月季度，由於世界各地發生封鎖，我們的數位服務活動有所增加，因此我們的服務業務面臨著更嚴峻的同比對比；其次，我們認為可穿戴設備、家居和配件類別的同比增長將與第一季相比放緩。如您所知，去年我們追逐 AirPods 的需求，並將通路庫存從第一季擴大到第二季。今年，我們計劃按照假期季度後的慣例減少 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月季持平。我們預計營運支出將在107億美元至109億美元之間。我們預計營運成本和費用（OI&E）將增加約5,000萬美元，稅率約為17%。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0.205美元的普通股現金股利。

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

現在，讓我們開始提問。

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

謝謝，盧卡。 （接線生指示）接線員，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.

我們將繼續回答摩根士丹利的凱蒂·休伯蒂提出的第一個問題。

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.

恭喜您本季業績強勁。第一個問題想問盧卡。毛利率與您的預期相比尤其強勁。能否談談，考慮到您慣常的貨幣對沖策略，您是否意識到美元疲軟在12月季度的全部影響？接下來，您如何看待3月季對毛利率的影響？然後，我還有一個後續問題想問提姆。

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，毛利率確實很高，比我們本季初的預期好。這顯然是因為我們擁有強大的槓桿，這要歸功於更高的銷售額。產品組合和服務組合都很強勁，而且成本只是部分抵銷了這一點。如你所知，我們在秋季推出了許多新產品，這總是伴隨著新的成本結構。所以總的來說，業績非常好。

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.

從外匯角度來看，實際上，就毛利率水準而言，外匯並沒有產生影響，無論是環比還是同比，12月季度的外匯影響都較小。部分原因是您提到的對沖，但也因為一些貨幣兌美元仍然走弱。這些貨幣兌美元的匯率仍低於一年前，特別是拉丁美洲、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，如果美元保持疲軟或持續走弱，那麼在進入3月季度時，這可能會成為我們的利好。以目前的利率水平，我們預計3月季的收益將達到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?

太好了。提姆，對蘋果進行估值的挑戰之一是，投資者對公司的發展路線圖以及未來可能進入的任何新領域的了解有限。當然，我不評論任何特定的機會，您能否談談您內部使用的框架，以評估可能具有吸引力的新興市場，以及您認為在進入新市場時，哪些因素將決定您的成功？

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.

凱蒂，謝謝你的提問，也謝謝你沒有問我任何細節。我們使用的框架主要圍繞著我們自己問自己，這是否是我們自己想要使用的產品或服務，這是一個相當高的標準。我們也會問自己，除非它是鄰接產品，否則這個市場是否夠大，值得我們進入。而對於鄰接產品，我們主要從顧客體驗的角度來看它。

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，我們沒有固定的視角，也沒有公式之類的東西。但我們會把所有這些因素都考慮進去。我們熱衷於做那些需要硬體、軟體和服務整合的項目，因為我們相信奇蹟真的發生在這個交匯點。希望以上內容能讓您稍微了解一下我們是如何看待這個問題的。

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.

我認為我們確實有一些非常好的機會。如果你看看我們目前的產品組合，你會發現在許多非常大的市場中，我們的份額仍然相對較低。所以我們覺得我們在這方面有很好的上升空間，而且我們在服務領域也擁有很好的上升空間。我們已經在這個領域耕耘了很長一段時間，去年一年多就推出了4、5項新服務。所以，是的，謝謝。

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

接下來我們來聽聽美國銀行的 Wamsi Mohan 的演講。

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iPhone發布較晚，但其成長超出了你的預期。能否解釋一下推動這一成長的原因？主要是出貨量還是平均售價？在電話會議上，你多次提到產品組合非常強勁。這如何影響了你對3月季度的看法？能否解釋一下供應是否仍緊張？我接下來會問提姆。

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。 iPhone確實是我們本季初業績超出內部預期的主要原因之一。我們擁有出色的產品陣容，這一點我們深知。看到客戶對新款 iPhone，尤其是 Pro 和 Pro Max 的反應，我們感到非常欣慰。因此，由於強大的產品組合，我們在銷售和定價方面都取得了非常優異的成績。

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.

整個季度，我們遇到了一定程度的供應限制，尤其是在 Pro 和 Pro Max 方面。正如您所說，我們在本季中期推出了這些產品，其中兩款在 4 週後上市，另外兩款在 7 週後上市。因此，我們的銷售成長非常迅速，但幸運的是，進展非常順利。這些產品在全球各地都表現良好。我想您已經看到，我們在中國的表現尤其強勁，我們看到了驚人的客戶反響，考慮到市場正在快速向 5G 轉型，5G iPhone 的需求可能也在一定程度上被壓抑了。

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，展望三月季度，我們非常樂觀。我們相信，所有型號的供需將在本季的某個時候達到平衡。而且，該產品在全球各地的銷售量都非常好。

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.

太好了。 Tim，您提到了客戶群表現的強勁，在如此規模下，客戶群仍在持續以驚人的速度成長。您能否幫我們分析一下最近幾季客戶轉換和升級活動的變化？我很想聽聽您的看法。

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。回顧一下上個季度，我們在本季的第四週就開始販售兩部 iPhone，另外兩部在第七週就開始販售。所以我要提醒大家，這才剛開始。但看看 iPhone 12 系列，我們發現換機用戶和升級用戶的數量都在同比增長；事實上，我們在一個季度內看到了有史以來最多的升級用戶數量。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 Cross Research 的 Shannon Cross 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.

提姆，你能談談你在中國市場看到的情況嗎？顯然，市場環比成長顯著，我認為這與iPhone有很大關係。但我很好奇，無論是iPhone還是你們其他產品類別，你們看到了什麼？你認為中國市場恢復正常了多少？然後我還有一個後續問題。

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。中國市場不僅僅是 iPhone 的故事。 iPhone 在中國確實表現很好。就像全球一樣，如果你同時關注換機用戶和升級用戶，你會發現他們的手機數量同比增長，而且中國本季度的升級用戶數量也創下了歷史新高，創下了我們單季的最高紀錄。我想這可能部分是因為上一季 iPhone 的傳聞開始出現，人們可能推遲了購買計劃。

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網路已經非常成熟，絕大多數在販售手機都是5G手機。所以我認為大家對我們推出支援5G的iPhone還是抱持著一定期待的。 iPhone的表現也非常好。

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，其他產品也表現不俗。我的意思是，我們不可能只靠iPhone就能取得如此佳績。 iPad表現極為出色，遠遠超出了公司平均水準。 Mac的表現也高於公司平均。穿戴式裝置、家居和配件也高於公司平均。所以，如果你認真審視一下，你會發現我們在這方面的表現確實非常出色。

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.

就新冠疫情而言，我認為他們——至少在上個季度——已經超越了疫情的影響，目前正處於復甦階段。本季度，一些地方出現了一些病例，並實施了封鎖，但目前我們業務中還沒有出現這種情況。當然，這些病例的規模比其他國家小得多。

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。我想問一下關於服務業務的另一件事，如果我們能深入探討一下的話。 Luca，您第一次提到 Apple TV+、Arcade、Apple Pay 等一些小型服務實際上對業績產生了影響。另外，我還想問一下，至少在本季末，你們關閉了一些門市，這通常會影響 AppleCare 的部分收入，但你們的表現仍然超出預期。所以，能否再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，我們確實全面表現強勁。在新冠疫情期間，有兩家公司受到了負面影響，我們之前也討論過這個問題。一家是AppleCare。顯然，當門市關閉時，顧客與我們互動會更加困難。廣告業務－這與整體經濟活動水準一致。

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月季度的情況是，店內客流量有所改善。 AppleCare 也實現了成長。雖然我們的成長幅度沒有達到公司平均水平，但 AppleCare 業務實現了成長，創下了歷史新高，儘管我們確實在營運——尤其是在12月，我們開始關閉一些門市，尤其是在美國和西歐。但總體而言，我們能夠支援的客戶數量比過去幾季有所增加。

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.

我們也看到廣告業務的環比成長，這也有助於整體成長率。顯然，數位服務、應用程式商店、雲端服務和音樂業務表現強勁。這些服務確實帶來了非常非常強勁的表現。這是我們在新冠疫情期間看到的。

We'll hear from Toni Sacconaghi with Bernstein.

我們將聽取伯恩斯坦與東尼薩科納吉的對話。

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?

我還有一件事想問盧卡和提姆。盧卡，我想我們能否就iPhone再深入探討一下。或許你可以——你提到上個季度通路庫存有所減少。第一季結束後，我們的iPhone通路庫存已經基本恢復正常。我們是否應該考慮iPhone的超季節性成長？考慮到你們仍然沒有達到供需平衡，而且第一財季的銷售天數也比較少，我們是否應該考慮iPhone在第二季會實現超季節性的成長？

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.

就12月份的業績而言，正如托尼你所知，這是一個非常不同的週期，因為我們的發佈時間與以往不同。因此，在本季初期，我們顯然沒有新手機。之後，隨著新手機的推出，我們也在一定程度上完成了渠道填充，這在9月份季度通常會發生。

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.

本季末，需求非常強勁。因此，正如我所說，我們的供應受到了限制，尤其是在Pro機型方面。截至12月底，我們iPhone通路的庫存水準略低於去年同期。因此，我們仍然面臨一定程度的供應限制，但我們相信，我們將能夠在3月份季度解決這些問題。

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.

關於環比變化，我們在準備好的發言中談到了公司整體平均水平，並表示我們預計環比成長將與過去幾年看到的典型季節性變化相似。當然，由於新冠疫情的影響，去年的情況並不典型。但如果你回顧2017、2018和2019財年，這就是我們典型的季節性成長。

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，這些方面我們將進行更複雜的比較。所以我認為你可以圍繞iPhone得出結論。

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，提姆，我想問一下，您能否更廣泛地談談蘋果的成長和成長來源。蘋果今年的營收將遠超過3,000億美元。從歷史上看，您一直避免收購。我想問一下，您是否仍然相信蘋果擁有有機成長機會，並且您不認為收購是重要的成長來源。然後，我認為也許最重要的是，展望未來5年，您認為蘋果未來的實際營收成長率是多少？

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。東尼，如你所知，我們只是透露了一些本季的情況，但並未透露更多成長率，所以我就不討論你問題的這部分了。但如果你回顧我們目前擁有的要素，你會發現我們擁有迄今為止最強大的硬體產品組合。而且，我們擁有面向未來的強大產品線，包括產品和服務。

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.

正如我們剛才開場白中所提到的，我們的安裝基數創下了新高。而且，我們仍在吸引相當數量的轉換用戶，當然，還有升級用戶。我們剛剛創下了服務業務的歷史新高，而我們的安裝基數更是錦上添花，尤其是加上過去一年左右新增的服務，隨著這些服務的成長和成熟，它們將為服務收入流貢獻更多。

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.

在穿戴式裝置方面，我們將其從零發展成為財富120強企業，這絕非易事。但我仍然認為，這些產品尚處於早期階段。如果你看看我們在其他一些產品中的份額，無論是iPhone、Mac還是iPad，你都會發現，這些份額數字都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，我們對這些市場的表現感到自豪，但這些市場還有更大的發展空間。

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.

以印度為例，我們上季度的業務比去年同期翻了一番，但相對於其蘊藏的機會規模，我們在那裡的絕對業務水平仍然相當低。你可以藉此機會，在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，從市場角度來看，另一件事是——我們在企業領域已經努力了多年，並且取得了相當大的進展。大家已經聽到了盧卡今天在評論中提到的一些內容，我們每季都會對此發表一些評論。我們對我們在該領域的發展非常樂觀。

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.

當然，我們還有一些新事物，暫時不會透露，但我們認為它們也會對公司做出貢獻，就像去過其他新事物對公司的良好貢獻一樣。所以我們看到了很多機會。感謝您的提問。

We'll hear from Amit Daryanani with Evercore ISI.

我們將聽取 Evercore ISI 的 Amit Daryanani 的發言。

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?

我也有兩個問題。盧卡，我想先從你開始，回到毛利率的討論。自2016年以來，我們真的還沒見過這麼高的毛利率，大概是39%。你能不能退一步談談是什麼促成了這種轉變？是什麼關鍵驅動因素推動了這項轉變？大宗商品的順風效應或部分零件的內購真的起了很大作用嗎？所以，我很想知道毛利率在目前水準的持久性。是什麼主要驅動因素推動了我們達到這樣的水平？

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，當我們本季實現21%的成長時，顯然我們的產品結構中存在一定程度的固定成本，對吧？因此，高水準的銷售額無疑有助於利潤率的擴大，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.

正如我之前所說，我們在各個產品類別中，包括服務領域，都擁有非常強大的產品組合，對吧？我們之前提到過 iPhone、Pro 和 Pro Max，幾乎所有產品類別都是如此。所以產品組合也非常好。

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.

大宗商品環境相當溫和。這次唯一沒有影響到我們的是外匯。誠然，由於我之前向凱蒂解釋的原因，外匯還沒有為我們帶來任何好處，但同時也沒有帶來負面影響。事實上，過去五、六年裡，幾乎每個季度，外匯對我們都是負面的。現在情況已經發生了變化，這顯然帶來了影響。

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?

明白了。然後，提姆，我查看了Mac和iPad的成長率，發現過去三個季度它們的成長率一直在20%到40%之間，我懷疑其中一部分原因是人們在應對疫情。但我想了解一下，當你觀察這些成長率時，你認為其中有多少是受更新換代週期驅動的消費者升級現有設備，有多少是新客戶和新用戶進入蘋果生態系統？你認為什麼樣的成長率在未來會更持久或更可預測？

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.

如果你看看那些轉換用戶，看看新 Mac 和新 iPad 的用戶，你會發現這些數字仍然相當高——在全球範圍內，大約一半的購買者來自新用戶。因此，隨著新用戶的加入，用戶基數仍在不斷擴大。 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為我們帶來了一條前所未有的新成長軌跡。當然，如果第一季是一個好的指標，那麼搭載M1的Mac將會非常令人興奮。如你所知，我們已經完成了部分轉型。我們還有很多工作要做。我們正處於為期兩年的轉型初期，但我們對目前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，隨著我們推出iPad Air，我們現在擁有了有史以來最好的iPad產品線。顯然，有些人用它們來取代筆記型電腦，有些人則將它們作為桌上型電腦的補充。 iPad的成長速度非常驚人，達到了41%。是的，一部分原因是在家辦公，一部分原因是學習。

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貢獻——無論是iPad還是Mac。當然，在整個個人電腦市場中，我們在Mac上的份額相當低。所以這方面還有很大的發展空間。

Congrats on a great quarter.

恭喜本季取得優異成績。

Thank you.

謝謝。

Thank you.

謝謝。

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

我們將繼續回答摩根大通的 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.

我也祝賀本季創下紀錄。我想先從iPhone的銷量說起。我認為我們整體的印像是中國和北美擁有更強大的5G基礎設施。我想了解一下您在歐洲的iPhone用戶參與度或銷售速度如何？我認為歐洲的普遍印像是，營運商尚未推出強大的5G服務。這是否影響了該地區用戶對最新iPhone系列產品的興趣？我還有一個後續問題。

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部署情況，你會發現歐洲確實還沒達到──當然遠不及中國，也遠不及美國。但其他地區的5G覆蓋率非常好，例如韓國。所以，我現在想形容一下，這個世界就像一張拼湊起來的被子。有些地方的覆蓋率非常好。有些地方，在一個國家內，覆蓋率很好，但從全國來看還不夠。還有一些地方還沒有真正起步。拉丁美洲更接近最後一個。那裡有很多機會。我認為歐洲是5G實施的地區。我認為大部分的增長可能也在那裡。

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?

明白了。接下來，我想問一下，您提到了 Apple One 捆綁包的良好勢頭，我想這個捆綁包推出已經有幾個月了。能分享一下您觀察到的客戶轉換率指標嗎？或者您了解哪些服務正在成為推動該捆綁包普及的關鍵服務？

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.

現在回答這些問題還為時過早。如你所知，我們才剛進入第一季度，所以目前為止，我們在這方面投入的時間還不到一個季度。我們想要實現的目標，顯然已經實現了，那就是讓我們的服務訂閱變得非常容易。我們的客戶明確地告訴我們，他們希望訂閱我們的多項服務，或者在某些情況下，訂閱我們所有的服務。所以我們把這個流程簡化了，而且從一開始就很明顯，這個流程很有效，但我們才剛開始。

We'll hear from Krish Sankar with Cowen.

我們將聽取 Cowen 電視台 Krish Sankar 的報導。

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.

祝賀您取得如此強勁的業績。我的第一個問題是問提姆的。提姆，我想簡單談談您的搜尋和廣告業務。您如何看待廣告業務的長期成長機會？您認為它能以App Store 2到3倍的成長率持續成長多久？另外，您的基礎搜尋技術，融合了擴增實境技術，有哪些應用可以應用於服務業務的其他部分？這是第一個問題。之後，我有一個簡短的後續問題想問盧卡。

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.

搜尋和廣告業務進展順利。搜尋蘊含著豐富的使用者意圖，而我們則以非常私密的方式開展業務，嚴格遵守隱私權政策等等。我認為人們看到了這一點，並願意嘗試。我們在這個領域一直發展良好。這也是盧卡之前提到的廣告業務的一部分。

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?

明白了，明白了。接下來是Luca的後續問題。看看你們3月季度的服務業務，在中國，通常會看到春節期間遊戲下載量出現成長。那麼這次我們也應該看到類似的趨勢嗎？但是，您是否認為，由於疫情和人們主要居家隔離，中國的遊戲下載量可能不會出現這種季節性增長？

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——我想我在準備好的演講稿中也提到過。顯然，在中國，由於農曆新年的影響，三月這個季度通常是我們服務業務和App Store表現最強勁的季度，正如你所提到的。去年，我們看到的是活躍度的提升，因為農曆新年過後，全國封鎖了數週。因此，這種玩遊戲的習慣持續了數週，超過了正常的週期。因此，我們預計中國市場本季的業績會很好，但同時，我們需要記住，由於一年前發生的事情，今年的比較將尤其具有挑戰性。

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

我們將繼續回答 Raymond James 的 Chris Caso 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的平均售價，我知道您沒有透露具體的數字，但我想請您定性地談談。您提到了更豐富的產品組合，但與一年前相比，價格也有一些差異。 iPhone 12的售價更高。 iPhone 12 Pro則確立了一個新的價格點。您能談談您從中看到的優勢嗎？展望未來，您是否有信心持續改善iPhone的產品組合？

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營收成長了17%，這得益於我之前提到的強勁的產品組合，既有單位銷量，也有平均售價。所以我認為這回答了你關於12月季度的問題。目前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，我們看到人們對Pro機型、Pro和Pro Max非常感興趣。我們非常努力地增加了供應。 12月季度我們遇到了一些供應限制。我們認為我們將能夠在3月季度解決這些問題。但到目前為止，iPhone的產品組合非常強勁。

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。接下來的問題是，您能否談談您從一些運營商的行動中看到的好處？我們在本季看到了非常積極的以舊換新行為。您認為這是否對銷售、產品組合或兩者都產生了好處？您認為這些行動的持久性如何？如果取消這些補貼，是否會對未來的發展造成不利影響？

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.

我認為——克里斯，我是提姆。我認為補貼總是有幫助的，任何降低用戶價格的做法對用戶都有好處，顯然對提供補貼的營運商也有好處，對我們也有好處。所以這對各方都有利。我相信，至少就我目前所見，如果你談論的是美國市場，隨著營運商努力吸引更多用戶轉向5G，市場競爭可能會持續相當激烈。

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.

在美國以外，並非所有地區都提供補貼，因此各國補貼情況差異很大。有些地區是完全分開的，手機和服務是分開的；在這些地區，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 的演講。

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.

貴公司在當前這個充滿不確定性的社會時期能夠轉型並取得進步，真是令人驚嘆。我們對蘋果的看法遭到許多反對，他們認為蘋果公司周圍的人，或是他們認識的已開發國家的人，都擁有iPhone或蘋果產品，市場已經飽和。但當我觀察印度等其他國家時，我認為從統計數據來看，貴公司的市佔率明顯低於這個數字。那麼，貴公司在那裡是否正在積極努力？似乎有一些新聞報導說貴公司正在將供應鏈轉移到那裡，或者貴公司最近開設了一家蘋果商店。我們該如何看待這些？因為看起來貴公司在全球的市佔率並沒有真正平衡。

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，在幾個市場，印度就是其中之一，我們的份額相當低。但與去年同期相比，情況確實有所改善。在此期間，我們的業務大約翻了一番，所以我們對目前的成長軌跡感到非常樂觀。我們在這個地區做了很多事情。例如，我們在那裡開設了線上商店，上個季度是在線商店正式上線的第一個完整季度。這獲得了巨大的反響，並幫助我們取得了上個季度的業績。

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.

未來我們還會進軍零售店市場。我們希望這將是另一個偉大的舉措，我們也將繼續拓展管道。所以，我們有很多事情要做，不僅在印度，在其他一些你能想到的市場，我們的份額都低於我們的預期。

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.

我再說一遍，即使在已開發市場，看看我們的份額，肯定不是每個人都有iPhone，甚至差得遠。所以我們在任何市場都沒有顯著的份額。所以，即使在那些你可能會聽到這種說法的已開發市場，我們仍然還有發展空間。

Congratulations to you and your team and employees.

恭喜您和您的團隊和員工。

Thank you, Jim. Appreciate that.

謝謝你，吉姆。非常感謝。

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。今天電話會議的重播將在 Apple Podcast、apple.com/investor 網路直播和電話直播中提供，為期兩週。電話重播的電話號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 1828830。重播將於今天太平洋時間下午 5 點左右提供。

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.

媒體人士如有其他疑問，請聯絡 Kristin Huguet，電話：(408) 974-2414。金融分析師如有其他疑問，請聯絡我，電話：(669) 227-2402。再次感謝您的參與。

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

今天的會議到此結束。非常感謝大家的參與。