蘋果 (AAPL) 2020 Q4 法說會逐字稿

Good day, everyone. Welcome to the Apple Inc. Fourth Quarter Fiscal Year 2020 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn things over to Tejas Gala, Senior Analyst, Corporate Finance and Investor Relations. Please go ahead, sir.

今天是個好日子。歡迎參加 Apple Inc. 2020 財年第四季度收益電話會議。正在錄製今天的通話。此時，作為開場白和介紹，我想把事情交給公司財務和投資者關係高級分析師Tejas Gala。請繼續，先生。

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 the discussion today will consist of our 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.

請注意，您在今天的討論中聽到的一些信息將包含我們的前瞻性陳述，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、資本分配和未來的信息。業務前景，包括 COVID-19 對公司業務和經營業績的潛在影響。

These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. I'd now like to turn the call over to Tim for introductory remarks.

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。

Thanks, Tejas, and good afternoon, and thanks for joining the call today. Back in April, I said we were in the most challenging environment in which Apple as a company has ever operated. That atmosphere of uncertainty, of resolve, of making difficult calls with limited information, has not only come to define Apple's year but each of our lives as individuals across this country and around the world. It has been a chapter that none of us will forget.

謝謝，Tejas，下午好，感謝您今天加入電話會議。早在 4 月份，我就說過我們處於 Apple 作為一家公司有史以來最具挑戰性的環境中。這種不確定性、決心、在信息有限的情況下撥打困難電話的氛圍不僅定義了 Apple 的這一年，而且定義了我們每個國家和世界各地的個人生活。這是我們誰都不會忘記的一章。

In the face of these challenges, Apple stayed relentlessly focused on what we do best, seeing in every obstacle an opportunity to do something new, something creative, something better on behalf of our customers.

面對這些挑戰，Apple 堅持不懈地專注於我們最擅長的事情，在每一個障礙中都看到了代表我們客戶做一些新的、有創意的、更好的事情的機會。

Today, we report a quarter and a fiscal year that reflects that effort. This quarter, Apple achieved revenue of $64.7 billion, a September quarter record despite the anticipated absence of new iPhone availability during the quarter and the ongoing impacts of COVID-19, including closures at many of our retail locations. We also set a new all-time record for Mac and Services. Outside of iPhone, each of our product categories saw strong double-digit year-over-year growth despite supply constraints in several product categories.

今天，我們報告了反映這種努力的一個季度和一個財政年度。本季度，蘋果實現了 647 億美元的收入，創下了 9 月份季度的記錄，儘管預計本季度沒有新 iPhone 上市，並且受到 COVID-19 的持續影響，包括我們許多零售店的關閉。我們還為 Mac 和服務創造了新的歷史記錄。在 iPhone 之外，儘管幾個產品類別的供應受到限制，但我們的每個產品類別都實現了強勁的兩位數同比增長。

Our results for this quarter were ahead of our expectations, driven by stronger-than-expected iPhone and Services performance. As we anticipated, we launched new iPhone models in October, a few weeks later than last year's mid-September launch. Up to that mid-September point, customer demand for iPhone was very strong and grew double digits. On Services, we saw stronger-than-expected performance across the board.

在 iPhone 和服務表現強於預期的推動下，我們本季度的業績超出了我們的預期。正如我們預期的那樣，我們在 10 月份推出了新的 iPhone 機型，比去年 9 月中旬的發布晚了幾週。到 9 月中旬為止，客戶對 iPhone 的需求非常強勁，並且增長了兩位數。在服務方面，我們看到全面強於預期的表現。

Geographically, we set September quarter records in the Americas, Europe and rest of Asia Pacific. We also set a September quarter record in India, thanks in part to a very strong reception to this quarter's launch of our online store in the country. Greater China is the region that was most heavily impacted by the absence of the new iPhones during the September quarter. Still, we beat our internal expectations in the region, growing non-iPhone revenue strong double digits, and iPhone customer demand grew through mid-September.

從地域上看，我們在美洲、歐洲和亞太其他地區創造了 9 月份的季度記錄。我們還在印度創造了 9 月份的季度記錄，部分原因是本季度我們在該國開設的在線商店受到了熱烈的歡迎。大中華區是受 9 月季度新 iPhone 缺席影響最嚴重的地區。儘管如此，我們還是超出了該地區的內部預期，非 iPhone 收入增長強勁，兩位數，iPhone 客戶需求增長到 9 月中旬。

When you pull back the lens to the entire fiscal year, it's a testament to the team's work and to the resilience of the business in the era of COVID-19. This year, we set an all-time revenue record of $274.5 billion, growing 6% year-on-year. We grew every quarter, set all-time yearly records in Mac, Wearables, Home and Accessories and Services and grew by double digits in every product category outside of iPhone.

當您將鏡頭拉回整個財政年度時，這證明了團隊的工作以及 COVID-19 時代企業的彈性。今年，我們創下了 2745 億美元的歷史收入記錄，同比增長 6%。我們每個季度都在增長，在 Mac、可穿戴設備、家居、配件和服務領域創造了歷史年度記錄，並且在 iPhone 之外的每個產品類別中都實現了兩位數的增長。

When we first began to grapple with COVID-19, I said there are worse things for a company whose business is innovation than having to periodically do just about everything in an entirely new way. This year, we not only launched our most powerful and compelling generation of hardware, software and services ever, we did it in a way that pushed us to reimagine every part of that innovation process down to how we share these announcements with the world and how we get new products into our customers' hands. Working from kitchen tables and bedrooms, in distanced office settings and reworked labs and manufacturing facilities, the team rebuilt every part of the plane while it was midair, and the results speak for themselves.

當我們第一次開始應對 COVID-19 時，我說對於一家以創新為業務的公司來說，比必須定期以全新的方式做幾乎所有事情更糟糕的事情。今年，我們不僅推出了有史以來最強大、最引人注目的一代硬件、軟件和服務，而且還推動我們重新構想創新過程的每個部分，包括如何與世界分享這些公告以及如何我們將新產品送到客戶手中。該團隊在廚房的桌子和臥室、距離較遠的辦公室環境以及重新設計的實驗室和製造設施中工作，在飛機處於半空中時重建了飛機的每個部分，結果不言而喻。

In a year that has been enormously challenging, our retail teams, contact centers and all those who work with our customers most closely have gone to creative and dedicated lengths to keep serving our customers, from adapting our stores for contactless pickup to new Apple express storefronts to new online customer support options. Amid store closings, reopenings and reimaginings, these teams have been an unfailing source of energy, creativity and determination. Innovation isn't just about what you make, it's about how you approach problems, and these teams and every team across Apple have not faced a single question this year that they haven't found an answer to with passion and resolve. Their actions didn't just meet the moment, they will make us a better company moving forward.

在充滿挑戰的一年裡，我們的零售團隊、聯絡中心以及所有與客戶最密切合作的人員都發揮了創造性和奉獻精神來繼續為我們的客戶提供服務，從調整我們的商店以實現非接觸式取貨到新的 Apple Express 店面到新的在線客戶支持選項。在商店關閉、重新開業和重新構想的過程中，這些團隊一直是能量、創造力和決心的源泉。創新不僅僅在於你創造了什麼，還在於你如何處理問題，這些團隊和 Apple 的每個團隊今年都沒有遇到過一個他們還沒有滿懷熱情和決心找到答案的問題。他們的行動不只是滿足當下，他們將使我們成為一個更好的公司前進。

The pandemic has hit home for all of us, and at Apple, we have seen it as a call to action. We have seen the pain in our communities. Many of us have seen our children work hard to adapt to remote learning. And we have -- and we all know that the road ahead is uncertain. This quarter and throughout the year, our response to this crisis has been to ask, how can we help? In terms of COVID-19 response, that has meant sourcing and donating millions of face masks, designing and manufacturing millions of face shields and scaling the production of millions of test kits.

這場流行病已經對我們所有人造成了打擊，在 Apple，我們將其視為行動的號召。我們已經看到了我們社區的痛苦。我們中的許多人都看到我們的孩子努力適應遠程學習。我們有——而且我們都知道前方的道路是不確定的。本季度和全年，我們對這場危機的反應一直是問，我們能提供什麼幫助？就 COVID-19 響應而言，這意味著採購和捐贈數百萬個口罩，設計和製造數百萬個面罩，並擴大數百萬個測試套件的生產規模。

But we have tried to live our values more broadly. We've pledged $100 million to our new Racial Equity and Justice Initiative. We've committed to be fully carbon-neutral by 2030 across our entire supply chain and device usage as massive wildfires, hurricanes and floods bring home the consequences of climate change for all of us. And we've deepened our enduring educational partnerships, from coding education beginning in elementary school to new efforts with dozens of historically black colleges and universities.

但我們試圖更廣泛地踐行我們的價值觀。我們已承諾為我們新的種族平等和正義倡議提供 1 億美元。我們承諾到 2030 年在我們的整個供應鍊和設備使用中實現完全碳中和，因為大規模的野火、颶風和洪水將氣候變化對我們所有人的後果帶回家。我們加深了我們持久的教育合作夥伴關係，從小學開始的編碼教育到與數十所歷史悠久的黑人學院和大學的新努力。

One of the many areas where COVID-19 continues to have a significant impact is in education. As teachers, students and parents alike work hard to keep education relevant, creative and effective, our products have helped them meet the moment. In a typical year, the back-to-school season is a bustling time for us. This year, that was true in the biggest way ever. We've helped school districts around the world meet this moment in an unprecedented way, including starting 9 of our 10 largest school district deployments ever that alone will support over 1 million students and teachers. We have also supported these deployments and educators and learners everywhere with free tools and training, reaching over 150,000 teachers and millions of parents and students around the world.

COVID-19 繼續產生重大影響的眾多領域之一是教育。隨著教師、學生和家長都努力保持教育的相關性、創造性和有效性，我們的產品幫助他們滿足了這一刻。在典型的一年中，返校季對我們來說是一個熱鬧的時期。今年，這是有史以來最大的一次。我們以前所未有的方式幫助世界各地的學區迎接這一時刻，包括啟動了我們有史以來最大的 10 個學區部署中的 9 個，僅此一項就將支持超過 100 萬學生和教師。我們還通過免費工具和培訓支持這些部署以及世界各地的教育工作者和學習者，覆蓋了全球 150,000 多名教師和數百萬家長和學生。

Looking forward, we feel great optimism about the road in front of us. We're in the midst of our most prolific product introduction period ever. In addition to the announcement of HomePod mini, which achieves unmatched sound quality and Siri and smart home capabilities in a small and affordable format, we just marked the beginning of a new era for iPhone with the arrival of our first 5G-enabled devices. The iPhone 12 and 12 mini boast powerful breakthroughs like an edge-to-edge Super Retina XDR display, unprecedented durability with a new Ceramic Shield developed with our partners at Corning, new MagSafe charging and accessories, the fastest-ever A14 Bionic chip and a new dual camera system driven by computational photography.

展望未來，我們對眼前的道路充滿了樂觀。我們正處於有史以來最多產的產品推出期。除了推出 HomePod mini 以小巧且經濟實惠的形式實現無與倫比的音質和 Siri 和智能家居功能之外，我們還推出了首批支持 5G 的設備，標誌著 iPhone 新時代的開始。 iPhone 12 和 12 mini 擁有強大的突破，例如無邊框的 Super Retina XDR 顯示屏、前所未有的耐用性以及與康寧合作夥伴開發的全新陶瓷護罩、全新 MagSafe 充電和配件、有史以來最快的 A14 仿生芯片和由計算攝影驅動的新型雙攝像頭系統。

The iPhone 12 Pro and 12 Pro Max take all of this to an even higher level, driven by the most powerful photo and video tools ever delivered by a smartphone, including an all-new LiDAR scanner and the ability to shoot in Apple ProRaw and full Dolby video.

iPhone 12 Pro 和 12 Pro Max 將所有這一切提升到一個更高的水平，由智能手機提供的最強大的照片和視頻工具驅動，包括全新的 LiDAR 掃描儀以及在 Apple ProRaw 和完整版中進行拍攝的能力。杜比視頻。

And of course, all of these devices bring the 5G experience users have been waiting for, with lightning-fast downloads and uploads, a new standard in video streaming, more responsive gaming and much more. The early product reviews have been tremendously positive, and our customers have been similarly excited to get their hands on this next era of devices. We're very optimistic about what the next few weeks will bring.

當然，所有這些設備都帶來了用戶一直在等待的 5G 體驗，包括閃電般的下載和上傳速度、視頻流的新標準、更靈敏的遊戲等等。早期的產品評論非常積極，我們的客戶也同樣興奮地接觸到下一個設備時代。我們對接下來的幾週會帶來什麼非常樂觀。

We're also seeing a very positive response to our September announcement. The all-new Apple Watch Series 6 boasts powerful new health and wellness features, including a blood oxygen sensor, a next-generation altimeter and a wide variety of new colors and bands. The potential for Apple Watch's powerful health and wellness capabilities continues to grow.

我們也看到了對我們 9 月宣布的非常積極的回應。全新的 Apple Watch Series 6 擁有強大的全新健康功能，包括血氧傳感器、下一代高度計以及多種新顏色和錶帶。 Apple Watch 強大的健康和保健功能的潛力繼續增長。

Just yesterday, the government of Singapore and Apple launched LumiHealth, a first-of-its-kind program designed to encourage healthy activity and behaviors using Apple Watch. Created in collaboration with a team of physicians and public health experts, LumiHealth uses technology and behavioral insights to encourage Singaporeans to keep healthy and complete wellness challenges through their Apple Watch and iPhone. Singapore is a trailblazer here, and we're proud to be their partner.

就在昨天，新加坡政府和 Apple 推出了 LumiHealth，這是一項首創的計劃，旨在鼓勵使用 Apple Watch 進行健康的活動和行為。 LumiHealth 與醫生和公共衛生專家團隊合作創建，利用技術和行為洞察力鼓勵新加坡人通過他們的 Apple Watch 和 iPhone 保持健康和全面的健康挑戰。新加坡是這裡的開拓者，我們很自豪能成為他們的合作夥伴。

Our iPad lineup continues to set the pace for the category, including the new iPad Air now shipping with the A14 Bionic, our most powerful chip ever. We announced Apple Fitness+, which delivers deep personalization and integration across the fitness tools our users love and depend on. And Apple One, launching tomorrow, is the easiest way for users to enjoy Apple services like Music, TV+, Arcade, iCloud, News+ and Fitness+ on a single plan that is right for them and their family.

我們的 iPad 產品線繼續引領該類別的步伐，包括現在配備 A14 Bionic 的新款 iPad Air，這是我們有史以來最強大的芯片。我們發布了 Apple Fitness+，它為我們的用戶喜愛和依賴的健身工具提供了深度個性化和集成。明天推出的 Apple One 是用戶通過適合他們及其家人的單一計劃享受音樂、TV+、Arcade、iCloud、News+ 和 Fitness+ 等 Apple 服務的最簡單方式。

Looking across Services more broadly, we're really excited about what we see. This was a record quarter for the App Store, AppleCare, cloud services, Music and payment services. The App Store, in particular, continues to play an essential role in helping small businesses, educational institutions and workplaces adapt to COVID-19. Apple TV+ continues to impress from fan favorites like Ted Lasso, which has won a worldwide audience with its hopeful tone during challenging times, to critical and award praise, including a Primetime Emmy for Billy Crudup in The Morning Show.

更廣泛地審視服務，我們對所看到的一切感到非常興奮。這是 App Store、AppleCare、雲服務、音樂和支付服務的創紀錄季度。尤其是 App Store，在幫助小型企業、教育機構和工作場所適應 COVID-19 方面繼續發揮著重要作用。 Apple TV+ 繼續給粉絲們留下深刻印象，比如泰德·拉索（Ted Lasso）在充滿挑戰的時期以充滿希望的語氣贏得了全球觀眾，以及批評和獎項的讚譽，包括早間秀中的比利·克魯德普（Billy Crudup）獲得黃金時段艾美獎。

Luca will speak in greater detail about our expectations for the December quarter. Without giving away too much, I can tell you that this year has a few more exciting things in store. Before I hand things off, I want to offer 1 more comment on resilience because I think if I had to describe our performance this quarter in a single word, it's resilient. Financial performance aside, I don't think this year will be a time that any of us look back on with great fondness or nostalgia. Those of us who wake up every day hoping for a return to normal can count ourselves fortunate. Others don't have that luxury. There is the great pain of a lost loved one, the uncertainty and fear of a lost job, a deep well of concern for people we care about who we are not able to see. A sense of opportunities missed, of plans delayed, of time lost.

Luca 將更詳細地談論我們對 12 月季度的預期。在不透露太多的情況下，我可以告訴你，今年還有一些更令人興奮的事情要做。在我交出事情之前，我想再對彈性發表 1 條評論，因為我認為如果我必須用一個詞來描述我們本季度的表現，那就是彈性。撇開財務業績不談，我認為今年不會是我們任何人懷著極大的喜愛或懷念回顧過去的時候。我們這些每天醒來都希望恢復正常的人可以認為自己是幸運的。其他人沒有那麼奢侈。失去親人的巨大痛苦，失去工作的不確定性和恐懼，對我們無法見到的我們關心的人的深切關注。感覺錯過了機會、計劃被推遲、時間被浪費了。

Even though we're apart, it's been obvious this year that around the company, teams and colleagues have been leaning on and counting on each other more than in normal times. I think that instinct, that resilience has been an essential part of how we have navigated this year. Work can't solve for all the things we're missing right now, but a shared sense of purpose goes a long way. A belief that we can do more together than we can alone, that people of goodwill, driven by creativity and passion and that certain itch of a big idea, can still do things that help other people in our own small way to teach, to learn, to create or just to relax at a time like this.

儘管我們分開了，但今年很明顯，在公司周圍，團隊和同事比平時更加依賴和依賴彼此。我認為這種本能和韌性一直是我們今年航行的重要組成部分。工作不能解決我們現在缺少的所有事情，但共同的目標感大有幫助。相信我們可以比單獨做更多的事情，相信在創造力和激情的推動下，有善意的人仍然可以做一些事情，以我們自己的小方式幫助他人教、學，在這樣的時候創造或只是放鬆。

Even as the things we make require us to operate at the very cutting edge of technology, in materials, products and ideas that didn't exist just a few years ago, this year has forced us to face plainly the things that make us human: disease, resilience and hope. You never wish for a year like this one, but I couldn't be prouder of the team, the work we have done and the small role we have played in helping our communities find hope and resilience in this time. With that, I'll hand things over to Luca.

即使我們製造的東西需要我們在幾年前還不存在的材料、產品和想法的最前沿技術上運作，今年也迫使我們直面使我們成為人類的事物：疾病、韌性和希望。你永遠不希望有這樣的一年，但我為團隊、我們所做的工作以及我們在幫助社區找到希望和恢復力方面所發揮的小作用感到無比自豪。有了這個，我會把東西交給盧卡。

Thank you, Tim. Good afternoon, everyone. We're very pleased to report today a new September quarter revenue record, which caps a remarkable level of performance for our fiscal year 2020, during which we set new all-time records for revenue, earnings per share and free cash flow in spite of an extremely volatile and challenging macro environment. We could not be more proud of the way our team has innovated and executed throughout this unprecedented period of uncertainty.

謝謝你，蒂姆。大家下午好。我們今天很高興地報告新的 9 月季度收入記錄，這為我們 2020 財年的卓越表現創造了上限，在此期間，我們在收入、每股收益和自由現金流方面創造了新的歷史記錄，儘管一個極其不穩定和具有挑戰性的宏觀環境。在這個前所未有的不確定時期，我們團隊的創新和執行方式令我們感到無比自豪。

We reported total revenue of $64.7 billion for the September quarter, up 1% from a year ago. This is a very impressive level of performance when we consider that this year, we did not launch and ship any new iPhone models during the quarter. Outside of iPhone, we grew 25% in aggregate and had strong double-digit year-over-year revenue growth in each of our product categories. We set all-time records for Mac and Services and a September quarter record for Wearables, Home and Accessories.

我們報告了 9 月季度的總收入為 647 億美元，同比增長 1%。考慮到今年我們沒有在本季度推出和出貨任何新的 iPhone 機型，這是一個非常令人印象深刻的表現水平。在 iPhone 之外，我們的總收入增長了 25%，每個產品類別的收入都實現了兩位數的強勁同比增長。我們創造了 Mac 和服務的歷史記錄，以及可穿戴設備、家居和配件的 9 月季度記錄。

We also achieved new September quarter records in the vast majorities of countries that we track, including, among others, the U.S., Canada, Brazil, Germany, France, Italy, Spain, Turkey, Russia, India, Korea, Thailand, Malaysia and Vietnam. Products revenue was $50.1 billion, with very strong underlying performance across each product category. Our products outside of iPhone grew a combined 30% despite supply constraints on iPad, Mac and Apple Watch throughout the quarter.

我們還在我們追踪的絕大多數國家/地區創造了新的 9 月季度記錄，其中包括美國、加拿大、巴西、德國、法國、意大利、西班牙、土耳其、俄羅斯、印度、韓國、泰國、馬來西亞和越南.產品收入為 501 億美元，每個產品類別的基本表現都非常強勁。儘管整個季度 iPad、Mac 和 Apple Watch 的供應受到限制，但我們 iPhone 以外的產品合計增長了 30%。

For iPhone, through mid-September, customer demand grew double digits. As a result of this level of sales performance and the unmatched loyalty of our customers, our installed base of active devices reached an all-time high in aggregate and in each of our major product categories. Our Services set an all-time record of $14.5 billion, growing 16% year-over-year. We established new all-time records in many Services categories and September quarter records in each geographic segment. I'll cover this in more detail later.

對於 iPhone，到 9 月中旬，客戶需求增長了兩位數。由於這種銷售業績水平和我們客戶無與倫比的忠誠度，我們的有源設備安裝基數在我們的每個主要產品類別中都達到了歷史最高水平。我們的服務創下了 145 億美元的歷史記錄，同比增長 16%。我們在許多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 9 月季度記錄。稍後我將更詳細地介紹這一點。

Company gross margin was 38.2%. This was up 20 basis points sequentially due to cost savings and a higher mix of services, partially offset by a different mix of products. Products gross margin was 29.8%, growing 10 basis points sequentially, driven by cost savings, partially offset by a different mix. Services gross margin was 66.9%, decreasing 30 basis points sequentially, mainly due to a different mix.

公司毛利率為38.2%。由於成本節約和更高的服務組合，這連續上升了 20 個基點，部分被不同的產品組合所抵消。產品毛利率為 29.8%，在成本節約的推動下連續增長 10 個基點，部分被不同的組合抵消。服務毛利率為 66.9%，環比下降 30 個基點，主要是由於組合不同。

Let me get into more detail for each of our product categories. iPhone revenue was $26.4 billion as we did not have availability of new iPhone models during the September quarter this year, which we had mentioned during our call in July. While COVID-19 and social distancing measures impacted store operations in a significant manner, demand for iPhone remained very strong. In fact, through mid-September, customer demand for our current product lineup grew double digits and was well above our expectations.

讓我更詳細地了解我們的每個產品類別。 iPhone 收入為 264 億美元，因為我們在今年 9 月的季度沒有推出新的 iPhone 機型，我們在 7 月的電話會議上曾提到過這一點。儘管 COVID-19 和社交距離措施對商店運營產生了重大影響，但對 iPhone 的需求仍然非常強勁。事實上，到 9 月中旬，客戶對我們當前產品系列的需求增長了兩位數，遠高於我們的預期。

Our active installed base of iPhones reached a new all-time high, thanks to the exceptional loyalty of our customer base and strength of our ecosystem. In fact, in the U.S., the last survey of consumers from 451 Research indicates iPhone customer satisfaction of 98% for iPhone 11, 11 Pro and 11 Pro Max combined.

由於我們的客戶群的忠誠度和我們生態系統的實力，我們的 iPhone 活躍安裝基數達到了歷史新高。事實上，在美國，451 Research 對消費者的最新調查顯示，iPhone 11、11 Pro 和 11 Pro Max 的 iPhone 客戶滿意度合計為 98%。

Turning to Services, as I said, we set an all-time revenue record of $14.5 billion. We grew strong double digits and set all-time records in App Store, cloud services, Music, advertising and payment services. We also set an all-time record in AppleCare as in-store traffic improved and we were able to support more customers. Our new services, Apple TV+, Apple Arcade, Apple News+ and Apple Card, are also contributing to overall Services growth and continue to add users, content and features.

談到服務，正如我所說，我們創下了 145 億美元的歷史收入記錄。我們實現了兩位數的強勁增長，並在 App Store、雲服務、音樂、廣告和支付服務方面創造了歷史記錄。隨著店內客流量的改善，我們還創造了 AppleCare 的歷史記錄，我們能夠為更多客戶提供支持。我們的新服務 Apple TV+、Apple Arcade、Apple News+ 和 Apple Card 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 be moving in the right direction. First, our installed base continues to grow 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 September quarter, with paid accounts increasing double digits in each of our geographic segments. Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.

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，我們的安裝基礎繼續增長，並且在每個主要產品類別中都創下歷史新高。其次，我們數字內容商店的交易賬戶和付費賬戶數量均創歷史新高。在 9 月季度，我們每個地理區域的付費賬戶都增加了兩位數。第三，付費訂閱量連續增長超過 3500 萬，現在我們平台上所有服務的付費訂閱量超過 5.85 億，比一年前增加了 1.35 億。憑藉這一勢頭，我們非常有信心在 2020 年日曆結束前達到並超過我們增加的 6 億付費訂閱目標。

Finally, as Tim mentioned, we continue to improve the breadth and the quality of our current Services offerings and are adding new service offerings that we think our customers will love, like Apple One and Apple Fitness+.

最後，正如 Tim 所提到的，我們將繼續改進當前服務產品的廣度和質量，並正在添加我們認為客戶會喜歡的新服務產品，例如 Apple One 和 Apple Fitness+。

Wearables, Home and Accessories established a new September quarter record with revenue of $7.9 billion, up 21% year-over-year. We set September quarter records in every geographic segment and for each of the 3 product categories: Wearables, Home and Accessories. As a result, our Wearables business is now the size of a Fortune 130 company. Importantly, Apple Watch continues to extend its reach, with over 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, including the recent launches of our new products: Apple Watch Series 6 and SE, HomePod mini and the MagSafe ecosystem of accessories.

可穿戴設備、家居和配飾創造了新的 9 月季度收入記錄，收入為 79 億美元，同比增長 21%。我們在每個地理區域和 3 個產品類別中的每一個都創造了 9 月季度記錄：可穿戴設備、家居和配件。因此，我們的可穿戴設備業務現已達到財富 130 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 的客戶中有超過 75% 是該產品的新手。我們對這一類別的未來感到非常興奮，包括我們最近推出的新產品：Apple Watch Series 6 和 SE、HomePod mini 以及 MagSafe 配件生態系統。

Next, I'd like to talk about Mac. Revenue was, by far, an all-time record at $9 billion, up 29% over last year and $1.6 billion above our previous record in spite of supply constraints during the quarter. We grew strong double digits in each geographic segment and set all-time revenue records in the Americas and rest of Asia Pacific as well as September quarter records in Europe and Japan. We have seen amazing customer response to the new MacBook Air and MacBook Pro and very strong demand during the back-to-school season.

接下來，我想談談Mac。儘管本季度供應受限，但到目前為止，收入仍創歷史新高，達到 90 億美元，比去年增長 29%，比我們之前的記錄高出 16 億美元。我們在每個地區都實現了兩位數的強勁增長，並在美洲和亞太其他地區創造了歷史收入記錄，並在歐洲和日本創造了 9 月季度記錄。我們已經看到客戶對新款 MacBook Air 和 MacBook Pro 的反應驚人，並且在開學季期間需求非常強勁。

iPad performance was also very impressive with revenue of $6.8 billion, up 46% and our highest September quarter revenue in 8 years despite supply constraints. Demand exceeded our expectations around the world as we grew very strong double digits in every geographic segment, including an all-time record in Japan and a September quarter record in the Americas.

iPad 的表現也非常令人印象深刻，收入為 68 億美元，增長了 46%，儘管供應緊張，但還是我們 8 年來最高的 9 月季度收入。全球需求超出了我們的預期，因為我們在每個地理細分市場都實現了兩位數的強勁增長，其中包括日本創紀錄的歷史記錄和美洲 9 月季度記錄。

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 95% 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, it is no surprise that the active installed base for both products reached a new all-time high.

Mac 和 iPad 都是我們客戶在當前工作和學習環境中非常相關的產品，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 為 95%。憑藉如此高的客戶滿意度，並且本季度購買 Mac 和 iPad 的客戶中約有一半是該產品的新手，因此這兩種產品的活躍安裝基數達到歷史新高也就不足為奇了。

In the enterprise market, our products are helping companies grow their business while achieving their sustainability goals. One example is Vestas, a leading producer of wind turbines. Vestas is using Apple products and native iOS apps extensively across their operations to deliver renewable energy efficiently to customers worldwide. For instance, they use iPads to help -- optimize on-site construction operations, having crane usage, on average, by 1 day per project. Vestas' field technicians are using iPhone for work orders, troubleshooting and remote collaboration, saving them 400,000 service hours annually. More recently, they have started piloting the augmented reality capability in iPads to help customers visualize wind turbine installations in the field.

在企業市場，我們的產品正在幫助公司發展業務，同時實現其可持續發展目標。一個例子是維斯塔斯，一家領先的風力渦輪機生產商。維斯塔斯在其運營中廣泛使用 Apple 產品和原生 iOS 應用程序，以高效地為全球客戶提供可再生能源。例如，他們使用 iPad 幫助優化現場施工操作，每個項目平均減少 1 天的起重機使用時間。 Vestas 的現場技術人員正在使用 iPhone 處理工作訂單、故障排除和遠程協作，每年為他們節省 400,000 個服務小時。最近，他們開始在 iPad 中試用增強現實功能，以幫助客戶可視化現場的風力渦輪機安裝。

Another example of how organizations are using Apple products to reduce carbon impact is digitizing paper workflows. In Switzerland alone, Zurich Insurance has reduced paper consumption by over 10,000 sheets per day by equipping 1,000 customer advisers with iPads. Air Canada is reducing its carbon footprint by over 2,200 metric tons annually by loading flight plans and manuals onto iPads rather than using paper. We are thrilled that our products are helping businesses run more efficiently and sustainably.

組織如何使用 Apple 產品來減少碳影響的另一個例子是將紙張工作流程數字化。僅在瑞士，蘇黎世保險公司就通過為 1,000 名客戶顧問配備 iPad，每天減少了 10,000 多張紙的消耗量。加拿大航空公司通過將飛行計劃和手冊加載到 iPad 上而不是使用紙張，每年減少了 2,200 多公噸的碳足跡。我們很高興我們的產品正在幫助企業更高效、更可持續地運營。

Let me now turn to our cash position. We ended the quarter with almost $192 billion in cash plus marketable securities. We issued $5.5 billion of new term debt and decreased short-term borrowing facilities by $6.2 billion during the quarter, leaving us with total debt of $112 billion. As a result, net cash was $79 billion at the end of the quarter as we continue on our path to reaching a net cash neutral position over time. We returned nearly $22 billion to shareholders during the September quarter, including $3.5 billion in dividends and equivalents and $18 billion through open market repurchases of 168.7 million Apple shares. We also retired an additional 3.1 million shares in the final settlement of our 16th ASR.

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 1,920 億美元的現金和有價證券。我們在本季度發行了 55 億美元的新定期債務，並將短期借貸便利減少了 62 億美元，使我們的債務總額為 1120 億美元。因此，隨著時間的推移，我們繼續朝著實現淨現金中性的目標前進，本季度末的淨現金為 790 億美元。在 9 月份的季度中，我們向股東返還了近 220 億美元，其中包括 35 億美元的股息和等價物，以及通過公開市場回購 1.687 億股 Apple 股票獲得的 180 億美元。我們還在第 16 次 ASR 的最終結算中淘汰了額外的 310 萬股。

Before looking ahead, I want to provide just a few highlights for the amazing fiscal year we just completed. In fiscal '20, we grew revenue by 6% to $274.5 billion, a new all-time record. We showed remarkable resilience throughout the year as we were able to grow both revenue and installed base of active devices in every quarter. In spite of the most challenging economic environment we can remember, we set new revenue records in the Americas, in Europe and in the rest of Asia Pacific. We grew our business outside of iPhone by 16%. We grew earnings per share 10% to a new all-time record. And most importantly, we continued to deliver innovative products and services that our customers love.

在展望未來之前，我想為我們剛剛完成的令人驚嘆的財政年度提供一些亮點。在 20 財年，我們的收入增長了 6%，達到 2745 億美元，創下歷史新高。我們全年表現出非凡的彈性，因為我們能夠在每個季度都增加收入和有源設備的安裝基礎。儘管我們記憶中的經濟環境最具挑戰性，但我們在美洲、歐洲和亞太其他地區創造了新的收入記錄。我們在 iPhone 之外的業務增長了 16%。我們的每股收益增長了 10%，創下歷史新高。最重要的是，我們繼續提供客戶喜愛的創新產品和服務。

As we move ahead into the December 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 issuing revenue guidance for the coming quarter. However, we are providing some insights on our expectations for the December quarter for our product categories. These directional comments assume that COVID-related impacts to our business in November and December are similar to what we've seen in October.

隨著我們進入 12 月季度，我想對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。鑑於近期全球範圍內的持續不確定性，我們不會發布下一季度的收入指導。但是，我們對我們對產品類別 12 月季度的預期提供了一些見解。這些定向評論假設 11 月和 12 月與 COVID 相關的業務對我們的影響與我們在 10 月看到的相似。

We just started shipping iPhone 12 and 12 Pro, and we're off to a great start. We are also excited to start preorders on iPhone 12 mini and 12 Pro Max next Friday. Given the tremendously positive response, we expect iPhone revenue to grow during the December quarter despite shipping iPhone 12 and 12 Pro 4 weeks into the quarter and iPhone 12 mini and 12 Pro Max 7 weeks into the quarter. We expect all other products in aggregate to grow double digits, and we also expect Services to continue to grow double digits.

我們剛剛開始發售 iPhone 12 和 12 Pro，我們有了一個良好的開端。我們也很高興在下週五開始預購 iPhone 12 mini 和 12 Pro Max。鑑於非常積極的反應，我們預計 iPhone 收入將在 12 月季度增長，儘管 iPhone 12 和 12 Pro 將在本季度推出 4 週，iPhone 12 mini 和 12 Pro Max 將在本季度推出 7 週。我們預計所有其他產品的總量將增長兩位數，我們也預計服務將繼續增長兩位數。

For gross margin, we expect it to be similar to our most recent quarters despite the costs associated with the launch of several new products. For OpEx, we expect to be between $10.7 billion and $10.8 billion. We expect OI&E to be around $50 million and the tax rate to be around 16%.

對於毛利率，儘管與推出幾種新產品相關的成本，我們預計它將與我們最近幾個季度相似。對於運營支出，我們預計在 107 億至 108 億美元之間。我們預計 OI&E 約為 5000 萬美元，稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.205 per share of common stock payable on November 12, 2020, to shareholders of record as of November 9, 2020. With that, let's open the call to questions.

最後，今天，我們的董事會宣布將於 2020 年 11 月 12 日向截至 2020 年 11 月 9 日在冊的股東派發每股普通股 0.205 美元的現金股息。因此，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 hear first today from Shannon Cross, Cross Research.

我們今天首先會聽到來自 Cross Research 的 Shannon Cross 的發言。

Tim, can you talk a bit more about China? And in terms of linearity, I think, Luca, you'd mentioned that Services in all regions were at an all-time high. I'm not sure exactly what your comment was. But maybe give us a little idea of whether you're seeing any blowback or benefit from the Huawei situation and just dig a bit more into the trends you're seeing in China. And then I have a follow-up.

蒂姆，你能多談談中國嗎？就線性而言，我認為，盧卡，你提到所有地區的服務都處於歷史最高水平。我不確定你的評論到底是什麼。但是，也許讓我們了解一下您是否看到任何反彈或從華為的情況中受益，然後再深入了解您在中國看到的趨勢。然後我有一個跟進。

Thanks, Shannon. If you look at China and look at last quarters -- I'll talk about both last quarter and this quarter a bit. Last quarter, what we saw was our non-iPhone business was up strong double digit for the full quarter. And then if you look at iPhone and you look at it in 2 parts: one, pre-mid-September, which is pre the point at which the previous year we would have launched iPhones, that, that period of time, which was the bulk of the quarter, iPhone was growing from a customer demand point of view. And of course, the -- not shipping new iPhones for the last 2 weeks of September makes that number in the aggregate a negative.

謝謝，香農。如果你看看中國，看看上個季度——我會談談上個季度和這個季度。上個季度，我們看到我們的非 iPhone 業務在整個季度實現了兩位數的強勁增長。然後，如果你看看 iPhone，你會從兩部分來看它：一個，9 月中旬之前，也就是前一年我們推出 iPhone 的時間點，那段時間，那是本季度的大部分時間，從客戶需求的角度來看，iPhone 都在增長。當然，在 9 月的最後 2 週內沒有發布新 iPhone 使得這個數字總體上是負數。

But the net is the underlying business in China last quarter was very strong and perhaps very different than you might think from just a quick look at the stated number.

但淨是上個季度在中國的基礎業務非常強勁，可能與您快速瀏覽所述數字所認為的非常不同。

In terms of this quarter, given the explanation for last quarter and the momentum that we've got, and as importantly, given the initial data points that we see on iPhone 12 and iPhone 12 Pro, although we don't guide to revenue, as Luca said, I would tell you that we are confident that we will grow this quarter in China. And so we're very bullish on what's going on there.

就本季度而言，鑑於上一季度的解釋和我們獲得的勢頭，同樣重要的是，鑑於我們在 iPhone 12 和 iPhone 12 Pro 上看到的初始數據點，儘管我們不指導收入，正如盧卡所說，我會告訴你，我們有信心我們將在本季度在中國實現增長。所以我們非常看好那裡發生的事情。

A little more color on last quarter. We had a much more significant inventory drawdown on the channel side than other regions. And so that is one reason why the numbers are different than other regions. And additionally, the new products in the year-ago quarter were a higher percentage of our iPhone sales than they were in other regions. So hopefully, that explains what's going on in China.

上個季度的顏色多一點。與其他地區相比，我們在渠道方面的庫存下降幅度更大。這就是數字與其他地區不同的原因之一。此外，去年同期的新產品在我們 iPhone 的銷售額中所佔的比例高於其他地區。所以希望這能解釋中國正在發生的事情。

In terms of the market there, 5G is fairly advanced there. They're forecasting 600,000 base stations by the end of the year, and so we're entering the market at a very good time. And with the reception that we've gotten so far, we're very confident there.

就那裡的市場而言，那裡的 5G 相當先進。他們預測到今年年底將有 600,000 個基站，因此我們進入市場的時機非常好。到目前為止，我們受到的接待，我們對那裡非常有信心。

Okay, great. And then can you talk a bit about just overall in the world -- the cadence that you see sort of for the 5G adoption launch? What you see will be sort of the key drivers? Obviously, there's a fair amount of subsidies going on in the U.S. at this point.

好，太棒了。然後你能談談整個世界 - 你看到的 5G 採用發布的節奏嗎？您所看到的將是關鍵驅動因素？顯然，此時美國有相當數量的補貼。

Yes. We're working hard to provide the best experience for our iPhone users. To do so, we've been collaborating closely with carriers all around the world to ensure iPhone has great throughput and coverage and battery and call quality. We've completed 5G testing so far on over 100 carriers, in over 30 regions. And so it's pretty pervasive around the world. But grantedly, it will continue to roll out in more places as carriers continue to expand their coverage, and this will happen every week. And so it's just going to get better. There are obvious places in the world where it's more ahead than in others, but we feel like we are entering at -- sort of at exactly the right time.

是的。我們正在努力為 iPhone 用戶提供最佳體驗。為此，我們一直與世界各地的運營商密切合作，以確保 iPhone 具有出色的吞吐量和覆蓋範圍以及電池和通話質量。到目前為止，我們已經在 30 多個地區的 100 多家運營商上完成了 5G 測試。所以它在世界範圍內非常普遍。但當然，隨著運營商繼續擴大覆蓋範圍，它將繼續在更多地方推出，而且每週都會發生這種情況。所以它只會變得更好。世界上有明顯的地方比其他地方更領先，但我們覺得我們正在進入 - 正好在正確的時間。

That will be from Jeriel Ong with Deutsche Bank.

這將來自德意志銀行的 Jeriel Ong。

Yes. I guess -- I appreciate the guidance for revenues to grow. But I guess my question, perhaps if I could, is relative to seasonality. You guys -- over the last 5 years, your seasonality is typically up about 50% quarter-on-quarter. Do you think that you can beat that even with the later release? And I have a follow-up.

是的。我想 - 我很欣賞收入增長的指導。但我想我的問題（如果可以的話）與季節性有關。你們——在過去的 5 年裡，你的季節性通常比上一季度增長 50% 左右。你認為即使在以後的版本中你也能打敗它嗎？我有一個跟進。

So as I said, Jeriel, we're not providing a range for the reasons that I explained during my prepared remarks. So you need to keep in mind a couple of things that are unique about this quarter versus the past. And then I mentioned again, the launch timing of the phones is different from the past. So we're launching the new iPhones 4 weeks into the quarter for 2 models, for the 12 and the 12 Pro; and 7 weeks into the quarter for the other 2, the iPhone mini and the 12 Pro Max. So that is something to keep in mind as you think about the growth rates.

正如我所說的，Jeriel，由於我在準備好的發言中解釋的原因，我們沒有提供範圍。因此，您需要記住本季度與過去相比的一些獨特之處。然後我再次提到，手機的發佈時間與過去不同。因此，我們將在本季度 4 週後推出兩款新 iPhone，分別是 12 和 12 Pro；其他 2 款 iPhone mini 和 12 Pro Max 在本季度開始的第 7 週。因此，當您考慮增長率時，需要牢記這一點。

With regard to all the other product categories, as I said, we are expecting to grow double digits essentially across the board for the rest of our products and for services. And so we are incredibly optimistic about what we're seeing so far. Obviously, we started taking preorders 5 days ago, and so it's a bit early for the phone. But we think that there are a lot of tailwinds this year for iPhone, for the entire cycle, some of the comments that Tim has already made, right? We've got the best lineup of iPhones that we've ever had. We've got an installed base of iPhone that is very large, continues to grow. It's at an all-time high.

至於所有其他產品類別，正如我所說，我們預計我們的其餘產品和服務基本上將全面增長兩位數。因此，我們對目前所看到的情況非常樂觀。顯然，我們在 5 天前開始接受預訂，所以現在推出手機還為時過早。但我們認為今年 iPhone 有很多順風，整個週期，蒂姆已經發表了一些評論，對吧？我們擁有前所未有的最佳 iPhone 陣容。我們有一個非常大的 iPhone 安裝基礎，並且還在繼續增長。它處於歷史最高水平。

Obviously, 5G is a once-in-a-decade opportunity. And as you've seen in some markets, certainly here in the United States, carrier offers are very aggressive. And so that is very good for consumers and ultimately very good for us. So very, very optimistic, given what we've seen so far.

顯然，5G 是一個十年一遇的機會。正如您在某些市場看到的那樣，當然在美國，運營商的報價非常激進。所以這對消費者非常有利，最終對我們也非常有利。鑑於我們目前所見，非常非常樂觀。

Awesome. Thank you so much for that context and giving us some of the levers to think about. I'd like to ask a little bit more of a strategic one, a little bit longer term in nature. I think the one thing that's interesting about the Apple One bundle is the desire to bundle in the first place. I guess I'm wondering, and some investors have asked me this as well, is that why wouldn't you also take that rationale perhaps to hardware, perhaps maybe AirPods and iPhone or AirPods, Watch and iPhone? Because if it makes sense to bundle services, wouldn't it also make sense to bundle hardware? And if that's not the case, then are there benefits of services bundling that don't necessarily translate to hardware bundling?

驚人的。非常感謝您提供的上下文，並為我們提供了一些思考的槓桿。我想問一些更具戰略意義的問題，本質上是更長期的問題。我認為 Apple One 捆綁包有趣的一件事是首先希望捆綁。我想我在想，一些投資者也問過我這個問題，為什麼你不把這個理由也用在硬件上，也許是 AirPods 和 iPhone 或 AirPods、手錶和 iPhone？因為如果捆綁服務有意義，捆綁硬件是否也有意義？如果情況並非如此，那麼服務捆綁的好處是否不一定轉化為硬件捆綁？

Yes. We don't have anything to announce today on a hardware bundle. But backing up a bit, and we do view that people like to pay for their hardware, or at least some substantial portion of it, monthly. And so that's the reason that we have implemented installments in our stores and online. And that's the reason you see in some of the channels, too, selling a hardware on a per month kind of basis. That begins to look like subscription perhaps to some buyers because they're used to holding the phone for X period of time and then turning it over and using the residual value of that phone in a way that gives them a de facto kind of subsidy on a new phone. And so there is something today in the market that works somewhat similar. On the Services side, we had customers coming to us and asking for an easier way to buy all of our services, and we wanted to provide that, and we're looking forward to tomorrow to getting Apple One out there.

是的。我們今天沒有關於硬件捆綁包的任何消息要宣布。但是稍微備份一下，我們確實認為人們喜歡每月為他們的硬件或至少其中的很大一部分付費。這就是我們在商店和網上實施分期付款的原因。這也是您在某些渠道中看到按月銷售硬件的原因。對於某些購買者來說，這開始看起來像是訂閱，因為他們習慣於將手機持有 X 段時間，然後將其翻轉並以某種方式使用該手機的剩餘價值，從而為他們提供事實上的補貼一個新的手機。所以今天市場上有一些東西有點相似。在服務方面，我們有客戶來找我們，要求以一種更簡單的方式購買我們所有的服務，我們希望提供這種服務，我們期待著明天讓 Apple One 上市。

That will come from Katy Huberty with Morgan Stanley.

這將來自凱蒂休伯蒂和摩根士丹利。

New technologies, including the chips that support 5G, put upward pressure on cost this year, but you managed to leave ASPs for iPhones relatively unchanged this product cycle. How should we think about the margin profile of iPhone 12 relative to past iPhone cycles?

新技術，包括支持 5G 的芯片，今年給成本帶來了上行壓力，但你設法讓 iPhone 的 ASP 在這個產品週期中保持相對不變。我們應該如何看待 iPhone 12 相對於過去 iPhone 週期的利潤率？

Katy, obviously, we don't provide any outlook at the gross margin level for product categories. What I said in my prepared remarks, we expect gross margins in total for the company to be pretty much in line with what we've seen during the last quarter, which obviously, as you said, it's very good, right, because we are offering the new phones at price points that are essentially unchanged, and we're taking on a lot of new technology into the phones.

凱蒂，顯然，我們沒有對產品類別的毛利率水平提供任何展望。我在準備好的評論中所說的話，我們預計公司的總毛利率將與我們在上一季度看到的非常一致，這顯然，正如你所說，非常好，對，因為我們是以基本不變的價位提供新手機，並且我們在手機中採用了許多新技術。

The -- I would say the commodity environment is good. For the first time in many, many quarters, I don't have to say that foreign exchange is a headwind getting into the quarter. It's not going to be a factor during the quarter. As we've made clear in our comments, we are bullish about our sales performance expectations, so we should be getting some leverage. And so I think the gross margin dynamics are good, and it's very good to see that we're able to offer so much more technology and still able to deliver the level of gross margins that I think investors are expecting.

- 我會說商品環境很好。在許多許多季度中，我第一次不必說外匯是進入本季度的逆風。這不會成為本季度的一個因素。正如我們在評論中明確表示的那樣，我們看好我們的銷售業績預期，因此我們應該獲得一些影響。所以我認為毛利率動態很好，很高興看到我們能夠提供更多的技術，並且仍然能夠實現我認為投資者期望的毛利率水平。

Okay. And shifting to the Services business. This isn't dependent on certainly any one service, but licensing and other historically has been a driver of growth. That's where the ad-based revenue comes in. When you think about the Google antitrust pressure, what's the risk that you see some shrinkage in your licensing and other segment within Services? And do you see opportunities for other services to make up for any potential weakness?

好的。並轉向服務業務。這當然不依賴於任何一種服務，但許可和其他歷史上一直是增長的驅動力。這就是基於廣告的收入的來源。當您考慮 Google 的反壟斷壓力時，您看到許可和服務中的其他部分出現收縮的風險是什麼？您是否看到其他服務有機會彌補任何潛在的弱點？

We've got -- Katy, as you know, we've announced a number of services over the last couple of years. And we are ramping those between Apple TV+ and Apple News+ and Apple Arcade. We've got Apple Card. We've got Apple Fitness+ coming. We've got a number of services that have been launched a bit longer that are doing really well from the App Store to iCloud. And so there's a lot of room there and potential there. I have no idea how the DOJ suit will go, but I think it's a long way from a conclusion on it.

我們有 - Katy，如您所知，我們在過去幾年中宣布了多項服務。我們正在 Apple TV+ 和 Apple News+ 以及 Apple Arcade 之間進行推廣。我們有Apple Card。 Apple Fitness+ 即將推出。從 App Store 到 iCloud，我們已經推出了一些服務，這些服務的推出時間更長一些，它們的表現都非常好。所以那裡有很大的空間和潛力。我不知道司法部的訴訟會如何進行，但我認為離得出結論還有很長的路要走。

That will come from Evercore's Amit Daryanani.

這將來自 Evercore 的 Amit Daryanani。

I guess I have 2 as well. First off, Tim, on iPhones, you talked about the iPhone installed base, I think, being the highest or largest it's ever been. Satisfaction rate is obviously pretty high. And our data would suggest replacement cycles are getting elongated. And if I take all of that together, along with the fact that if iPhone users are like me with embarrassingly high weekly usage rates, does that, in aggregate, give you better confidence, better clarity that we could enter an extensive period of iPhone revenue growth versus what we've seen in the last couple of years?

我想我也有2個。首先，蒂姆，在 iPhone 上，你談到 iPhone 的安裝基數，我認為，是有史以來最高或最大的。滿意率顯然相當高。我們的數據表明更換週期正在延長。如果我把所有這些放在一起，再加上如果 iPhone 用戶像我一樣每週使用率高得令人尷尬，那麼總的來說，這是否會讓你更有信心，更清楚我們可以進入 iPhone 收入的廣泛時期增長與我們在過去幾年中看到的相比？

We are very bullish on this cycle, very bullish on it because as I sort of step back from it and look at what we've now done, we have -- for the first time ever, we've launched 4 iPhones, and there is an iPhone for everyone there. And it is the strongest lineup we've ever had by far. We have -- we do have a very large, loyal and growing installed base, and we're also reaching out to switchers, and so I'm very optimistic there. We've got a once-in-a-decade opportunity with 5G. There's a lot of excitement around 5G. And we've got some aggressive offers in the marketplace. And so when I think about all of those, I'm really -- and I looked at the initial data points that we've got on the iPhone 12 and the 12 Pro, we are off to a great start.

我們非常看好這個週期，非常看好它，因為當我退後一步，看看我們現在所做的事情時，我們有 - 有史以來第一次，我們推出了 4 部 iPhone，還有是一款適合所有人的 iPhone。這是迄今為止我們擁有的最強陣容。我們有——我們確實有一個非常龐大、忠誠且不斷增長的安裝基礎，我們也在接觸切換器，所以我對那裡非常樂觀。 5G 給我們帶來了十年一遇的機會。圍繞 5G 有很多令人興奮的事情。我們在市場上有一些積極的報價。因此，當我考慮所有這些時，我真的 - 我查看了我們在 iPhone 12 和 12 Pro 上獲得的初始數據點，我們有了一個良好的開端。

Got it. And then I guess, Luca, I had a follow-up for you on the Services gross margins, which have kind of continued to move higher rather nicely. I mean do you think these levels at 67% essentially are sustainable? And what do you think are the 2 or 3 factors that are enabling these gross margins to remain here as we go forward?

知道了。然後我想，盧卡，我對您的服務毛利率進行了跟進，這些毛利率繼續上升得相當不錯。我的意思是你認為 67% 的這些水平基本上是可持續的嗎？在我們前進的過程中，您認為使這些毛利率保持不變的 2 或 3 個因素是什麼？

I mean, obviously, we're very pleased with the level of gross margins in Services. As you said, they've been expanding almost 300 basis points on a year-over-year basis. The reason for that is, of course, that we are growing the Services revenue and therefore, we're getting leverage on a lot of these Services, right? Some of it, as explained in the past, we have a portfolio of services that got different margin profiles. And so sometimes depending on the mix of products we have, we can see margin expansion through mix as well.

我的意思是，顯然，我們對服務的毛利率水平非常滿意。正如你所說，他們一直在同比增長近 300 個基點。這樣做的原因當然是，我們正在增加服務收入，因此，我們正在利用許多這些服務，對嗎？其中一些，正如過去所解釋的，我們有一個服務組合，這些服務獲得了不同的利潤率。因此，有時根據我們擁有的產品組合，我們也可以通過組合看到利潤率擴張。

So -- but we're also launching new services that where we need to invest heavily upfront. And -- but we think we've been able to show, for example, this year that we've launched a lot of new services, made all the necessary investments and still being able to expand gross margin. So we feel quite confident about the trajectory that we have for Services. And we're very, very happy to see the customer response to really all of them because, as we've mentioned earlier, I mean, we've seen revenue records across essentially every category and across the entire world, right? We've seen September quarter records in every geography around the world. So all the dynamics, all the levers that we have in the Services business are working very well right now. And that translates also into margin, of course.

所以 - 但我們也在推出新的服務，我們需要在這些地方進行大量前期投資。而且 - 但我們認為我們已經能夠證明，例如，今年我們推出了很多新服務，進行了所有必要的投資，並且仍然能夠擴大毛利率。因此，我們對服務的發展軌跡充滿信心。我們非常非常高興地看到客戶對所有這些的反應，因為，正如我們之前提到的，我的意思是，我們已經看到了幾乎每個類別和整個世界的收入記錄，對吧？我們在世界各地的每個地區都看到了 9 月份的季度記錄。因此，我們在服務業務中擁有的所有動態和槓桿現在都運行良好。當然，這也轉化為保證金。

We'll hear from Samik Chatterjee with JPMorgan.

我們將收到來自摩根大通的 Samik Chatterjee 的消息。

I just wanted to start off with the iPhone lineup here, particularly, as you mentioned, the carrier subsidies that you're seeing makes you optimistic about iPhone sales. I think just looking at some other factors here, earlier in the year, you had mentioned that iPhone sales were seeing an uptick with stimulus checks going out to consumers, helping in the consumer spending overall here in the U.S. So as we see some delays here on that front, are you seeing anything change on the consumer spending side? Is the macro impacting how you think about iPhone sales, particularly even with the new product lineup? And I have a follow-up.

我只是想從這裡的 iPhone 陣容開始，特別是，正如你提到的，你看到的運營商補貼讓你對 iPhone 的銷售感到樂觀。我認為只是看看這裡的其他一些因素，在今年早些時候，你提到 iPhone 的銷量正在上升，因為向消費者發放了刺激性支票，這有助於美國的整體消費者支出 所以我們看到這裡有一些延遲在這方面，您是否看到消費者支出方面有任何變化？宏觀是否會影響您對 iPhone 銷售的看法，尤其是新產品陣容？我有一個跟進。

It's -- prior to mid-September, we were seeing double-digit growth in customer demand on iPhone. So there's a lot of momentum there, and there is a lot of momentum even much more so now given the launch of the 12 Pro and the iPhone 12. If you're asking whether it could have been even more with a different macro spending environment, I believe the answer to be yes. But you can't run the experiment, and so I don't know for sure. But I suspect that just the COVID, in general, takes something off from a worldwide economic point of view.

在 9 月中旬之前，我們看到客戶對 iPhone 的需求呈兩位數增長。所以那裡有很大的動力，而且現在有很多動力，所以考慮到 12 Pro 和 iPhone 12 的推出。 ，我相信答案是肯定的。但是你不能運行這個實驗，所以我不確定。但我懷疑，從全球經濟的角度來看，一般來說，只是 COVID 會有所改變。

Okay. All right. And if I can just follow up -- just following up on that COVID discussion. We are potentially here looking at a second wave, right? And I think all companies are trying to prepare for that, which you discussed as well in your prepared remarks. But if you can share any kind of thoughts about how you're preparing in relation to either inventory levels or sourcing from the supply chain to prepare for any potential disruption like we had earlier this year.

好的。好的。如果我可以跟進 - 只是跟進 COVID 討論。我們可能會在這裡看到第二波，對嗎？我認為所有公司都在為此做好準備，您在準備好的發言中也討論了這一點。但是，如果您可以分享關於您如何準備與庫存水平或從供應鏈採購相關的任何想法，以準備像我們今年早些時候那樣的任何潛在中斷。

Well, we're doing everything we can do, but we're prioritizing safety first, obviously. And so with our stores as an example, we've come up with a new concept that puts an -- essentially turns the store into an express storefront. And we've implemented that in a number of places where we believe it helps from the safety of our employee and the safety of the customer's point of view but still allows for an interaction to take place.

好吧，我們正在盡我們所能，但顯然我們將安全放在首位。因此，以我們的商店為例，我們提出了一個新概念，該概念基本上將商店變成了一個快遞店面。我們已經在許多地方實施了這一點，我們認為這有助於我們員工的安全和客戶的安全，但仍然允許進行交互。

And so we've also put a lot more people on the phones because a lot more people are reaching out to us in that way. And of course, the online store has stayed up and running through the whole of this. I think if you take some of those, the channel is doing some similar things and then some different things as well. And so I think everybody, to the best of their ability, is putting in contingency plans and finding a way to adapt to the environment. But it is difficult to call, and there's a level of uncertainty in it, obviously, and that's what Luca was referring to earlier.

所以我們也讓更多的人使用電話，因為更多的人通過這種方式與我們聯繫。當然，在線商店一直保持並貫穿整個過程。我認為，如果你採用其中的一些，頻道會做一些類似的事情，然後也會做一些不同的事情。所以我認為每個人都在盡其所能製定應急計劃並尋找適應環境的方法。但是很難打電話，而且顯然存在一定程度的不確定性，這就是 Luca 之前所指的。

That will come from Krish Sankar with Cowen and Company.

這將來自 Krish Sankar 和 Cowen and Company。

I had 2 of them. First 1 for Luca. I understand you don't want to give color on gross margin by product or segment. But Luca, you mentioned gross margin should be similar in December versus September, and Services should grow around double digits. There's a general view that on the iPhone side, the BOM cost would be a headwind for gross margin, but the carrier subsidies would be a tailwind. So I'm kind of curious, how should we think about the different like gross margin levels into December quarter? And then I had a follow-up for Tim.

我有 2 個。盧卡的第一個 1。我了解您不想按產品或細分市場對毛利率進行著色。但是盧卡，你提到 12 月和 9 月的毛利率應該相似，服務應該增長大約兩位數。普遍認為，在 iPhone 方面，BOM 成本將是毛利率的逆風，但運營商補貼將是順風。所以我有點好奇，我們應該如何看待 12 月季度的不同毛利率水平？然後我對蒂姆進行了跟進。

Yes. So typically, during the December quarter, we have positive factors because we have the typical seasonal leverage, right, sequentially as we go from September to the holiday season. And we also have an improved mix between products, particularly this year, as we've launched the new iPhone. At the same time, we shouldn't forget that we have launched a lot of new products during the last several weeks. We launched 4 new models of iPhone. We launched new models of Apple Watch, new models of iPad. And so clearly, every time we launch a new product, the cost structure is higher, and so that is going to be the other side of the coin. But we think that those 2 things should balance out. And again, as I was saying earlier, we are accomplishing this while delivering a lot of new technologies, a lot of new features to our customers. This time, foreign exchange is not a factor, and that's something that is a bit different from the past. So -- but those are the pluses and minuses.

是的。所以通常情況下，在 12 月季度，我們有積極的因素，因為我們有典型的季節性槓桿，正確的，從 9 月到假期的順序。我們還改進了產品組合，尤其是今年，因為我們推出了新款 iPhone。同時，我們不應該忘記，我們在過去幾週內推出了很多新產品。我們推出了 4 款 iPhone 新機型。我們推出了 Apple Watch 的新型號、iPad 的新型號。很明顯，每次我們推出新產品時，成本結構都會更高，這將成為硬幣的另一面。但我們認為這兩件事應該平衡。同樣，正如我之前所說，我們正在實現這一目標，同時向我們的客戶提供許多新技術和新功能。這一次，外匯不是一個因素，這與過去有些不同。所以 - 但這些是優點和缺點。

Got it. That's very helpful, Luca. And then a follow-up for Tim. Tim, was kind of surprised, you didn't say a lot about the payments ecosystem in these prepared comments. Kind of curious to find out from your vantage point how you think of your whole payment ecosystem, including Apple Card, Apple Pay, Apple Cash and how you're disaggregating the whole fintech environment.

知道了。這很有幫助，盧卡。然後是蒂姆的後續行動。蒂姆，有點驚訝，你在這些準備好的評論中沒有對支付生態系統說太多。想從您的角度了解您如何看待整個支付生態系統，包括 Apple Card、Apple Pay、Apple Cash 以及您如何分解整個金融科技環境，這有點好奇。

Thanks for the question. There's just a limited number of things I can talk about, it's kind of the reason I didn't talk about it. We're -- we continue to be very enthusiastic about the whole payment services area. Apple Card is doing well, and Apple Pay is doing exceptionally well. As you can imagine, in this environment, people are -- less want to hand over a card, so this contactless payment has taken on a different level of adoption in it that I think will never go back. The U.S. has been lagging a bit in contactless payment, and I think that the pandemic may well get -- put the U.S. on a different trajectory there. And so we are very bullish about this area and view that there are more things that Apple can do in this space. And so it's an area of great interest to us.

謝謝你的提問。我可以談論的事情數量有限，這就是我沒有談論它的原因。我們 - 我們繼續對整個支付服務領域充滿熱情。 Apple Card 表現良好，Apple Pay 表現異常出色。正如您可以想像的那樣，在這種環境下，人們不太願意交出卡片，因此這種非接觸式支付已經採用了不同的採用水平，我認為這將永遠不會回頭。美國在非接觸式支付方面一直有些滯後，我認為這種流行病很可能會讓美國走上不同的軌道。所以我們非常看好這個領域，並認為蘋果可以在這個領域做更多的事情。所以這是我們非常感興趣的一個領域。

That will come from Kyle McNealy with Jefferies.

這將來自凱爾麥克尼利和杰弗里斯。

I wanted to ask a little bit about the supply chain, given your later start for manufacturing for the flagship phone lineup this year. Do you think that supply will be able to meet demand through the end of the calendar year? And are there any component shortages that you're seeing? Or are there any actions that you can take to increase weekly output versus last year?

考慮到您今年晚些時候開始製造旗艦手機系列，我想問一些關於供應鏈的問題。您認為供應將能夠滿足日曆年年底的需求嗎？您是否看到任何組件短缺？或者您是否可以採取任何措施來增加與去年相比的每週產量？

Yes. Kyle, I don't know if you're talking about iPhone in particular. But if you look at iPhone, we are constrained today, and that's not a surprise, we're at the front end of the ramp, if you will. And how long we will be supply constrained, it's hard to predict. I mean we haven't taken orders yet for the iPhone 12 mini or the Pro Max either. And so those are coming, and so we shall see. But right now, we are supply constrained.

是的。凱爾，我不知道你是不是特別在談論 iPhone。但是如果你看看 iPhone，我們今天受到限制，這並不奇怪，如果你願意的話，我們處於斜坡的前端。我們將受到供應限制多久，很難預測。我的意思是我們還沒有接到 iPhone 12 mini 或 Pro Max 的訂單。所以那些即將到來，所以我們會看到。但現在，我們的供應受到限制。

We are also supply-constrained -- for avoidance of any confusion, we're supply-constrained on Mac. We're supply-constrained on iPad, and we're supply-constrained on some Apple Watches as well. And so we have a fair number of areas right now of focus, and we're working really, really hard to remedy those as quickly as we can. But at this point, I can't estimate when we'll be out of that.

我們也受供應限制——為避免混淆，我們在 Mac 上受供應限制。我們在 iPad 上供應受限，我們在某些 Apple Watch 上也供應受限。所以我們現在有相當多的重點領域，我們真的非常努力地盡快解決這些問題。但在這一點上，我無法估計我們什麼時候會結束。

Okay. Great. And then switching to Mac and iPad. How do you think about the durability of the strength you're seeing there with Mac and iPad? Is there any potential for stronger-than-seasonal pullback after the strong back-to-school season and holiday season? And the supply constraints make it feel like there's a good chance for continuation of the strong demand trends and flow-through of that. What should we think about the seasonality into the December and March quarter, being more positive than seasonal or less positive than seasonal?

好的。偉大的。然後切換到 Mac 和 iPad。您如何看待您在 Mac 和 iPad 上看到的強度的耐用性？在強勁的開學季和假期季之後，是否有可能出現強於季節性的回調？供應限制讓人感覺很有可能繼續強勁的需求趨勢和流動。我們應該如何看待 12 月和 3 月季度的季節性，比季節性更積極還是不如季節性積極？

Yes. We've placed our thoughts in the color that Luca provided when he said that all products excluding iPhone -- all products and services excluding iPhone -- or all products, rather, excluding iPhone would grow in the double digits. And so we continue to be bullish on what Mac and iPad can do. The -- I think the moves that have taken place to remote learning and remote work are not going to go back to normal. Normal will become something different because I think people are learning that there are aspects of this that work well. And so I don't believe that we're going to go back to where we were.

是的。我們已經將我們的想法放在了 Luca 提供的顏色中，他說除 iPhone 之外的所有產品——除 iPhone 之外的所有產品和服務——或者所有產品，更確切地說，不包括 iPhone，都將以兩位數增長。因此，我們繼續看好 Mac 和 iPad 的功能。 - 我認為遠程學習和遠程工作的舉措不會恢復正常。正常會變得不同，因為我認為人們正在了解這其中的某些方面運作良好。所以我不相信我們會回到原來的位置。

And I think that means that iPads and Macs are even more important in those environments. The growth in both of these last quarter were phenomenal, as you can tell from your -- from data sheet with Mac at 29 and iPad at 46. These are tremendous numbers. And as Luca said, the September quarter was the all-time high for Mac in the history of the company and by -- not by a little bit, by $1.6 billion. And so it was a substantial difference. Now we did have an aggressive promotion for college students that were going back to school. And so that was an invariably part of it. But I think the other part of the remote work thing is not something that's going to step back to the way it used to be anytime soon.

我認為這意味著 iPad 和 Mac 在這些環境中更加重要。上個季度這兩個季度的增長都是驚人的，從你的數據表中可以看出——Mac 為 29，iPad 為 46。這些都是巨大的數字。正如 Luca 所說，9 月份的季度是 Mac 公司歷史上的歷史新高，而且增加了 - 不是一點點，是 16 億美元。所以這是一個巨大的差異。現在，我們確實對即將返校的大學生進行了積極的促銷活動。所以這是它的一部分。但我認為遠程工作的另一部分不會很快回到過去的方式。

That will come from Chris Caso with Raymond James.

這將來自克里斯卡索和雷蒙德詹姆斯。

Yes. I guess first question is on iPhone pricing. There were some changes in the iPhone price back this year. The iPhone price point for iPhone 12 moved up a bit. And I guess the difference, the gap between 12 and 12 Pro is smaller. And I guess that's after you made some adjustments years prior where the price points came down a bit. Can you talk through the thought process behind that and the potential implications for either unit elasticity or blended ASP as a result of the price changes?

是的。我想第一個問題是關於 iPhone 的定價。今年 iPhone 的價格發生了一些變化。 iPhone 12 的 iPhone 價格點上漲了一點。而我猜的不同，12和12 Pro之間的差距更小。而且我想那是在您幾年前進行了一些調整之後價格點下降了一點。您能否談談背後的思考過程以及價格變化對單位彈性或混合平均售價的潛在影響？

Well, the iPhone 12 family starts at $699 in many places because you get -- and the deals that people are really paying are very different than that because a lot of people, particularly in this country but also in several of other countries in the world, connect to a carrier plan. And of course, those offers are much more aggressive. And so the price that a customer is paying is probably the most important one.

嗯，iPhone 12 系列在許多地方的起價為 699 美元，因為你得到——人們真正支付的交易與此大不相同，因為很多人，特別是在這個國家，但也在世界上的其他幾個國家，連接到運營商計劃。當然，這些報價更具侵略性。因此，客戶支付的價格可能是最重要的。

The iPhone 12 is at $799, and so I think what you're saying is there's a $200 difference there. But I would guess that people are viewing it more as a $300 difference between the 12 mini and the 12 Pro. And so we'll see what the mix turns out. Right now, we have no data other than 12 and 12 Pro. We lack the data on the 12 mini and the Pro Max because we're not taking orders yet. But what we try to always do in pricing is give the customer a great value, and I feel like we really did that this year. And that's despite, as was mentioned earlier, all of the extra features that we placed into the phones, including 5G. Thanks for the question.

iPhone 12 的售價為 799 美元，所以我認為你所說的是那裡有 200 美元的差價。但我猜人們更多地將其視為 12 mini 和 12 Pro 之間的 300 美元差異。所以我們將看看混合結果如何。目前，除了 12 和 12 Pro 之外，我們沒有其他數據。我們缺乏 12 mini 和 Pro Max 的數據，因為我們還沒有接受訂單。但是我們在定價方面始終努力做到的是給客戶帶來巨大的價值，我覺得我們今年真的做到了。儘管如此，正如前面提到的，我們在手機中加入了所有額外的功能，包括 5G。謝謝你的提問。

All right. As a follow-up, the -- you mentioned some of the carrier incentives we've seen here in the U.S. And if you could provide some more color about that, about what you're seeing now. And obviously, as we went through years ago, the incentives from carriers were a lot larger. Does this mark some shift in the approach of carriers as we're moving into 5G? What's the extent of the permanence of some of these incentives? And then as 5G rolls out around the world into other geographies, is this something we should expect that as either they try to protect from switchers or kind of promote the 5G networks, we'll see a higher prevalence of incentives from carriers as we go forward?

好的。作為後續行動，你提到了我們在美國看到的一些運營商激勵措施，如果你能提供更多關於你現在看到的內容的顏色。顯然，正如我們多年前經歷的那樣，來自運營商的激勵要大得多。隨著我們進入 5G，這是否標誌著運營商方法的一些轉變？其中一些激勵措施的持久性如何？然後隨著 5G 在世界各地推廣到其他地區，這是我們應該期待的，因為他們要么試圖防止交換機的攻擊，要么在某種程度上促進 5G 網絡，我們會看到運營商在我們前進的過程中更普遍地採取激勵措施向前？

I don't want to speak for our carrier partners. That would be up to them to talk about their plans. Generally, I think it's, to the vast, vast majority of carriers around the world, to their -- in their interest to move customers to 5G, and I think it's in the customers' interest to move to 5G. And obviously, we like that as well. And so I think you have a situation where everyone's oaring in the same direction. And that's a very different kind of situation than normally we would have.

我不想代表我們的運營商合作夥伴說話。這將取決於他們談論他們的計劃。一般來說，我認為對於全球絕大多數運營商來說，將客戶轉移到 5G 符合他們的利益，而且我認為轉移到 5G 符合客戶的利益。顯然，我們也喜歡這樣。所以我認為你的情況是每個人都朝著同一個方向划槳。這與我們平時遇到的情況截然不同。

And so it is one of the things, as I alluded to earlier, that makes me very bullish, only one though -- the other things are very important, too, the size of the installed base, the product lineup. These things are critically important as well.

所以這是其中一件事，正如我之前提到的，這讓我非常看好，儘管只有一件事 - 其他事情也非常重要，安裝基礎的大小，產品陣容。這些東西也非常重要。

Thank you, Chris. A replay of today's call will be available for 2 weeks on Apple Podcasts, 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 9501153. These replays will be available by approximately 5:00 p.m. Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414. Financial analysts can contact me with additional questions at (669) 227-2402. Thank you again for joining us.

謝謝你，克里斯。為期 2 週的 Apple 播客、apple.com/investor 上的網絡廣播和電話將重播今天的電話會議。電話重播號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認代碼 9501153。這些重播將在下午 5:00 左右提供。今天太平洋時間。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。

And again, that does conclude today's conference. Thank you all for joining us today.

同樣，這確實結束了今天的會議。感謝大家今天加入我們。