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.

大家好！歡迎參加蘋果2020財年第四季財報電話會議。今天的電話會議正在錄音中。現在，我想將開場白和介紹交給公司財務和投資者關係高級分析師Tejas Gala。先生，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，隨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 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資訊將包括我們的前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和支出、稅收、資本配置和未來業務前景的陳述，包括 COVID-19 對公司業務和經營業績的潛在影響。

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

這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。更多信息，請參閱 Apple 最新提交的 10-K 表格年度報告和今天提交給美國證券交易委員會的 8-K 表格中討論的風險因素，以及相關新聞稿。 Apple 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期。現在，請 Tim 作開場發言。

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，也謝謝您今天參加電話會議。早在四月份，我就說過，我們正處於蘋果公司歷史上最具挑戰性的環境中。這種充滿不確定性、充滿決心、在資訊有限的情況下做出艱難抉擇的氛圍，不僅定義了蘋果的這一年，也定義了我們每個人，無論是在美國還是在世界各地。這是我們每個人都不會忘記的篇章。

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，蘋果始終堅持不懈地專注於我們最擅長的領域，將每一次障礙視為一個機會，為我們的客戶做一些新的、有創意的事情，做一些更好的事情。

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，我們報告的季度和財年業績反映了我們的努力。本季度，儘管預計新 iPhone 不會在本季度上市，且新冠疫情持續影響（包括我們許多零售店關閉），但 Apple 仍實現了 647 億美元的營收，創下了 9 月份季度的新高。 Mac 和服務業務也創下了歷史新高。除 iPhone 外，儘管多個產品類別的供應受限，我們所有產品類別均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.

本季業績超出預期，這得益於 iPhone 和服務業務強於預期的表現。正如我們預期，我們在 10 月推出了新款 iPhone，比去年 9 月中旬的發佈時間晚了幾週。截至 9 月中旬，客戶對 iPhone 的需求非常強勁，並實現了兩位數的成長。在服務業務方面，我們整體表現強於預期。

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.

從地理來看，我們在美洲、歐洲和亞太其他地區創下了九月季度的業績紀錄。我們也在印度創下了九月季度的業績紀錄，這部分得益於我們本季在印度推出的線上商店的熱烈反響。大中華區是九月季度受新款 iPhone 缺席影響最嚴重的地區。儘管如此，我們在該地區的非 iPhone 收入成長強勁，實現了兩位數成長，iPhone 用戶需求在 9 月中旬也持續成長。

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.

回顧整個財年，我們團隊的辛勤工作以及公司在新冠疫情時期的韌性都得到了充分的證明。今年，我們的營收創下了2,745億美元的歷史新高，年增6%。我們每季都在成長，在Mac、穿戴式裝置、家居及配件和服務領域都創下了年度新高，除了iPhone外，所有產品類別都實現兩位數的成長。

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.

當我們剛開始應對新冠疫情時，我就說過，對於一家以創新為核心的公司來說，沒有什麼比不得不週期性地以全新的方式處理幾乎所有事情更糟糕的了。今年，我們不僅推出了迄今為止最強大、最引人注目的新一代硬體、軟體和服務，還以一種全新的方式，促使我們重新構想創新流程的每一個環節，包括如何與世界分享這些公告，以及如何將新產品送到客戶手中。團隊在廚房餐桌、臥室、遠端辦公環境、改造後的實驗室和製造設施中工作，在飛機半空中重建了飛機的每個部件，其成果不言而喻。

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、客服中心以及所有與客戶最密切合作的人員都竭盡全力，發揮創造力，竭盡全力地為客戶服務，從改造門市以實現非接觸式取貨，到推出全新的 Apple Express 店面，再到推出全新的線上客戶支援選項。在門市關閉、重新開業和重新規劃的過程中，這些團隊始終是我們持續不斷的活力、創造力和決心的來源。創新不僅關乎你生產什麼，更關乎你如何處理問題。今年，這些團隊以及 Apple 的每個團隊，面對每一個問題，他們都以滿腔熱情和堅定決心找到了答案。他們的行動不僅順應了當下的局勢，更將使我們成為一家更優秀的公司。

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.

這場疫情對我們所有人都產生了深遠的影響，在蘋果，我們將其視為行動的呼籲。我們目睹了社區的痛苦。我們中的許多人看到孩子們努力適應遠距學習。我們也看到了——而且我們都知道，未來的道路充滿不確定性。本季以及全年，我們應對這場危機的舉措一直是：我們能提供什麼幫助？就新冠疫情應對而言，我們採購並捐贈了數百萬個口罩，設計和製造了數百萬個面罩，並擴大了數百萬個檢測試劑盒的生產規模。

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.

但我們努力在更廣泛的領域實踐我們的價值觀。我們已承諾將新的「種族平等與正義倡議」投入1億美元。我們承諾在2030年，在整個供應鏈和設備使用過程中實現完全碳中和，因為大規模的野火、颶風和洪水讓我們所有人都深刻感受到氣候變遷的後果。我們也深化了持久的教育夥伴關係，從小學開始的程式設計教育，到與數十所歷史悠久的黑人學院和大學進行的新合作。

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.

教育是新冠疫情持續產生重大影響的眾多領域之一。教師、學生和家長都在努力確保教育的相關性、創造性和有效性，而我們的產品幫助他們應對了這個挑戰。往年返校季對我們來說通常都是一個繁忙的時期。今年，情況更是前所未有的。我們以前所未有的方式幫助世界各地的學區應對這項挑戰，其中包括啟動我們歷史上規模最大的10個學區部署中的9個，僅這些部署就將為超過100萬名學生和教師提供支援。我們也為這些部署以及世界各地的教育工作者和學習者提供免費工具和培訓，惠及全球超過15萬名教師以及數百萬家長和學生。

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，我們對未來充滿信心。我們正處於產品發布最為豐富的時期。除了發布 HomePod mini（它以小巧實惠的外形實現了無與倫比的音質、Siri 和智慧家居功能）之外，我們剛剛發布了首款支援 5G 的設備，標誌著 iPhone 開啟了一個新時代。 iPhone 12 和 12 mini 擁有許多強大的突破，例如無邊框超級視網膜 XDR 顯示器、與合作夥伴康寧共同開發的全新超瓷晶面板帶來的前所未有的耐用性、全新的 MagSafe 充電和配件、史上最快的 A14 仿生晶片，以及由計算攝影驅動的全新雙攝像頭系統。

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 將這一切提升到了更高的水平，這得益於智慧型手機有史以來最強大的照片和視頻工具，包括全新的 LiDAR 掃描儀以及以 Apple ProRaw 和完整杜比視頻拍攝的能力。

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翹首以盼的5G體驗，包括閃電般的下載和上傳速度、視訊串流媒體的全新標準、更靈敏的遊戲體驗等等。早期的產品評價非常積極，我們的客戶也同樣對這款新一代設備充滿期待。我們對未來幾週的市場表現充滿信心。

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 9 月發布的新品也獲得了非常正面的迴響。全新 Apple Watch Series 6 擁有強大的全新健康功能，包括血氧感測器、新一代高度計以及豐富的全新配色和錶帶選擇。 Apple Watch 強大的健康功能潛力仍在成長。

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，新加坡政府與 Apple 攜手推出了 LumiHealth，這是一項開創性的計劃，旨在鼓勵人們使用 Apple Watch 進行健康的活動和行為。 LumiHealth 由由醫生和公共衛生專家組成的團隊合作打造，利用技術和行為洞察，鼓勵新加坡人透過 Apple Watch 和 iPhone 保持健康，並完成健康挑戰。新加坡在這方面是先驅者，我們很榮幸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 產品線持續引領業界潮流，包括搭載我們迄今為止最強大晶片 A14 仿生的全新 iPad Air。我們宣布推出 Apple Fitness+，為用戶喜愛和依賴的健身工具提供深度個人化和整合。 Apple One 將於明天推出，讓用戶以最方便的方式，透過適合自己和家人的套餐，享受 Apple 音樂、TV+、Arcade、iCloud、News+ 和 Fitness+ 等服務。

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.

更廣泛地縱觀服務領域，我們對所看到的一切感到非常興奮。本季，App Store、AppleCare、雲端服務、音樂和支付服務均創下了紀錄。尤其值得一提的是，App Store 在幫助小型企業、教育機構和工作場所應對新冠疫情方面繼續發揮著至關重要的作用。 Apple TV+ 繼續給人留下深刻印象，從像《泰德·拉索》（Ted Lasso）這樣深受粉絲喜愛的節目，到在充滿挑戰的時期以其充滿希望的基調贏得了全球觀眾的喜愛，再到獲得評論界和獎項的讚譽，其中包括比利·克魯德普在《晨間秀》中榮獲的黃金時段艾美獎。

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.

盧卡將更詳細地介紹我們對12月季度的預期。我不會透露太多，但我可以告訴大家，今年還會有更多令人興奮的事情發生。在結束之前，我想再談一下韌性，因為如果要用一個詞來形容我們本季的表現，那就是「韌性」。撇開財務表現不談，我認為今年不會是我們任何人回首往事時會充滿喜愛或懷舊的一年。對於那些每天醒來都希望一切恢復正常的人來說，我們算是幸運的。其他人則沒有這種奢侈。失去親人的巨大痛苦，失去工作的不確定性和恐懼，以及對無法見到的親人的深切擔憂。我們感到錯失了機會，計劃被推遲了，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.

儘管我們彼此隔絕，但今年公司上下、團隊和同事之間明顯比以往更加相互依靠和信賴。我認為這種本能，這種韌性，是我們度過這一年的關鍵。工作無法解決我們目前所有缺失的問題，但共同的目標感會發揮巨大的作用。我們堅信，團結起來比單打獨鬥更能成就更多；相信心懷善意、充滿創造力和激情，並渴望實現偉大夢想的人們，仍然可以用自己的微薄之力幫助他人，在這樣的時刻，去教導、去學習、去創造，或者僅僅是去放鬆。

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.

儘管我們所製造的物品需要我們運用最前沿的技術，運用幾年前還不存在的材料、產品和理念，但今年也迫使我們直面那些讓我們成為人類的因素：疾病、韌性和希望。你永遠不會想到會有這樣的一年，但我為我們的團隊、我們所做的工作以及我們在幫助社區找到希望和韌性方面所發揮的微小作用感到無比自豪。接下來，我將把工作交給盧卡。

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，蒂姆。大家下午好。今天，我們非常高興地報告9月份季度營收創下新高，這為我們2020財年的出色業績畫上了圓滿的句號。儘管宏觀環境極不穩定且充滿挑戰，但我們在收入、每股盈餘和自由現金流方面均創下了歷史新高。我們為團隊在這段前所未有的不確定時期所展現的創新和執行力感到無比自豪。

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.

我們公佈的9月季總營收為647億美元，年增1%。考慮到今年本季我們並未發布或出貨任何新款iPhone，這樣的業績表現令人矚目。除iPhone外，我們的整體營收成長了25%，所有產品類別的營收均實現了強勁的兩位數年成長。 Mac和服務業務創下了歷史新高，穿戴式裝置、家居和配件業務也創下了9月季度的新高。

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.

我們在追蹤的絕大多數國家（包括美國、加拿大、巴西、德國、法國、義大利、西班牙、土耳其、俄羅斯、印度、韓國、泰國、馬來西亞和越南）的九月季度業績均創下新高。產品收入達501億美元，各產品類別的基本表現都非常強勁。儘管iPad、Mac和Apple Watch的供應在整個季度都受到限制，但iPhone以外的產品總收入仍成長了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.

截至9月中旬，iPhone用戶需求實現了兩位數成長。由於如此高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整體和各主要產品類別中均創下歷史新高。我們的服務業務創下了145億美元的歷史新高，年增16%。我們在許多服務類別中創下了新的歷史紀錄，並在各地區都創下了9月份季度的新高。稍後我將對此進行更詳細的介紹。

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%，較上季成長20個基點，主要得益於成本節約和服務組合的提升，但部分被產品組合的調整所抵銷。產品毛利率為29.8%，較上季成長10個基點，主要得益於成本節約，但部分被產品組合的調整所抵銷。服務毛利率為66.9%，季減30個基點，主要由於產品組合的調整。

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.

讓我更詳細地介紹一下我們每個產品類別的情況。 iPhone 營收為 264 億美元，因為我們今年 9 月季度沒有新款 iPhone 上市，這一點我們在 7 月的電話會議上已經提到過。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 的需求仍然強勁。事實上，截至 9 月中旬，客戶對我們現有產品線的需求實現了兩位數成長，遠遠超過我們的預期。

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.

由於我們卓越的客戶忠誠度和強大的生態系統，我們的 iPhone 活躍用戶基數創下歷史新高。事實上，451 Research 的最新美國消費者調查顯示，iPhone 11、11 Pro 和 11 Pro Max 的使用者滿意度高達 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.

談到服務業務，正如我之前所說，我們創下了145億美元的歷史最高營收紀錄。我們的App Store、雲端服務、音樂、廣告和支付服務均實現了強勁的兩位數成長，並創下了歷史新高。隨著店內客流量的提升以及我們能夠支援更多客戶，AppleCare也創下了歷史新高。我們的新服務Apple TV+、Apple Arcade、Apple News+和Apple Card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 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.

我們服務業務成長的關鍵驅動力均持續朝著正確的方向發展。首先，我們的用戶基數持續成長，各主要產品類別的用戶基數皆創歷史新高。其次，我們數位內容商店的交易帳戶和付費帳戶數量在9月份季度均創下歷史新高，各地區付費帳戶均達到兩位數成長。第三，付費訂閱用戶季增超過3,500萬，目前我們平台各項服務的付費訂閱用戶已超過5.85億，比去年同期增加了1.35億。憑藉這一強勁勢頭，我們非常有信心在2020年年底前達到並超越6億付費訂閱用戶的成長目標。

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，正如蒂姆所提到的，我們將繼續提高當前服務的廣度和質量，並添加我們認為客戶會喜歡的新服務，例如 Apple 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.

穿戴式裝置、家居及配件業務創下9月季度新高，營收達79億美元，較去年同期成長21%。我們在每個地區細分市場以及三大產品類別（穿戴式裝置、家居及配件）均創下了9月季度新高。因此，我們的穿戴式裝置業務如今已擁有與《財星》130強企業相當的規模。重要的是，Apple Watch的覆蓋範圍持續擴大，本季超過75%的Apple Watch新用戶都是首次購買。我們對這個產品類別的未來充滿期待，包括我們最近推出的新產品：Apple Watch Series 6和SE、HomePod mini以及M​​agSafe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。儘管本季供應受限，但 Mac 的營收仍創下歷史新高，達到 90 億美元，較去年同期成長 29%，比先前的紀錄高出 16 億美元。我們在每個地區都實現了強勁的兩位數成長，並在美洲和亞太其他地區創下了歷史新高，在歐洲和日本也創下了九月季度的營收紀錄。新款 MacBook Air 和 MacBook Pro 獲得了驚人的用戶反響，開學季的需求也非常強勁。

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 的表現同樣令人印象深刻，營收達 68 億美元，成長 46%，儘管供應受限，但其 9 月季度營收仍創下八年來新高。全球市場需求超越預期，各地區均實現了強勁的兩位數成長，其中日本市場創下歷史新高，美洲市場也創下 9 月季度新高。

Both Mac and iPad are incredibly relevant products for our customers in the current working and learning environments, and we are delighted that the most recent surveys of 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 都是我們目前在工作和學習環境中與使用者息息相關的產品。我們很高興看到，451 Research 最新的消費者調查顯示，Mac 和 iPad 的客戶滿意度分別為 93% 和 95%。鑑於如此高的客戶滿意度，加上本季購買 Mac 和 iPad 的客戶中約有一半是首次購買，這兩款產品的活躍用戶基數創下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企業在實現永續發展目標的同時發展業務。領先的風力渦輪機製造商維斯塔斯就是一個例子。維斯塔斯在其營運中廣泛使用 Apple 產品和原生 iOS 應用，以便有效地向全球客戶提供再生能源。例如，他們使用 iPad 來幫助優化現場施工操作，平均每個專案可減少 1 天的起重機使用時間。維斯塔斯的現場技術人員使用 iPhone 進行工單下達、故障排除和遠端協作，每年節省 40 萬個服務小時。最近，他們開始試用 iPad 的擴增實境功能，幫助客戶在現場直覺地查看風力渦輪機的安裝情況。

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.

另一個企業利用 Apple 產品減少碳排放的例子是將紙本工作流程數位化。光是在瑞士，蘇黎世保險公司就為 1,000 名客戶顧問配備了 iPad，每天減少超過 10,000 張紙張的消耗。加拿大航空透過將航班計劃和手冊加載到 iPad 上而非使用紙張，每年減少了超過 2,200 噸的碳足跡。我們很高興看到我們的產品能夠幫助企業更有效率、更永續地運作。

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.

現在讓我來談談我們的現金狀況。本季末，我們持有近1920億美元的現金和有價證券。我們發行了55億美元的新定期債務，並減少了62億美元的短期借款額度，總債務為1,120億美元。因此，本季末的淨現金為790億美元，我們將繼續逐步實現淨現金中立。 9月當季，我們向股東返還了近220億美元，其中包括35億美元的股息及等價物，以及透過公開市場回購1.687億股蘋果股票獲得的180億美元。我們也在第16次ASR的最終結算中額外回購了310萬股股票。

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，我想先簡單回顧一下我們剛結束的這個精彩財年的幾個亮點。 2020財年，我們的營收成長了6%，達到2,745億美元，創下了歷史新高。我們全年展現了非凡的韌性，每季都實現了營收和活躍設備安裝量的成長。儘管經歷了記憶中最具挑戰性的經濟環境，但我們在美洲、歐洲和亞太其他地區都創下了新的營收紀錄。 iPhone以外的業務成長了16%。每股收益成長了10%，創下了歷史新高。最重要的是，我們持續提供顧客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，我想就我們所看到的情況提供一些信息，其中包括Tejas在電話會議開始時提到的前瞻性資訊。鑑於近期全球持續存在的不確定性，我們將不會發布下一季的營收指引。不過，我們將就12月季度各產品類別的預期提供一些見解。這些方向性評論假設11月和12月新冠疫情對我們業務的影響與10月類似。

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.

我們剛開始販售 iPhone 12 和 12 Pro，開局良好。我們也很高興下週五開始接受 iPhone 12 mini 和 12 Pro Max 的預訂。鑑於市場反應熱烈，我們預計 iPhone 12 和 12 Pro 在本季第 4 週出貨，iPhone 12 mini 和 12 Pro Max 在本季第 7 週出貨，但 12 月當季的營收仍將成長。我們預計所有其他產品的總收入將達到兩位數成長，我們也預計服務業務將繼續保持兩位數成長。

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%.

就毛利率而言，儘管推出了幾款新產品，我們預計將與最近幾季持平。就營運支出而言，我們預計將在107億美元至108億美元之間。我們預計營運成本和費用（OI&E）約為5,000萬美元，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，我們的董事會宣布向截至 2020 年 11 月 9 日登記在冊的股東派發每股普通股 0.205 美元的現金股息，該股息將於 2020 年 11 月 12 日支付。現在，讓我們開始提問環節。

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 hear first today from Shannon Cross, Cross Research.

今天我們先聽取 Cross Research 的 Shannon Cross 的演講。

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.

提姆，你能再多談談中國的情況嗎？盧卡，關於線性，我記得你提到過所有地區的服務業務都達到了歷史最高水準。我不太確定你具體說了什麼。不過，或許你可以稍微談談你認為華為事件會帶來什麼負面影響還是好處，並深入分析你在中國看到的趨勢。然後我還有一個後續問題。

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，Shannon。如果你看看中國市場，看看上幾季——我會稍微談談上個季度和本季的情況。上個季度，我們看到非iPhone業務在整個季度都實現了強勁的兩位數成長。如果你看看iPhone業務，可以將其分為兩個部分來看：第一部分是9月中旬之前，也就是去年我們發布iPhone的時間點之前，那段時間佔據了整個季度的大部分時間，從客戶需求的角度來看，iPhone的銷量正在增長。當然，9月最後兩週沒有新iPhone出貨，這使得iPhone銷量整體呈現負值。

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.

但上個季度中國的基礎業務淨值非常強勁，也許與您僅從所述數字快速瀏覽所想像的非常不同。

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.

就本季而言，考慮到上季的業績表現和我們目前的成長勢頭，以及同樣重要的一點，考慮到 iPhone 12 和 iPhone 12 Pro 的初步數據，儘管正如盧卡所說，我們沒有公佈具體的營收預期，但我可以告訴大家，我們有信心本季在中國市場實現成長。因此，我們對中國市場的發展非常樂觀。

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.

再補充一下上個季度的情況。我們通路方面的庫存下降幅度比其他地區大得多。這也是我們數據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 銷售中所佔的比例也高於其他地區。希望以上資訊能解釋中國市場的情況。

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，5G技術相當先進。他們預計到今年年底將建成60萬個基地台，所以我們進入這個市場的時機非常好。從目前市場反應來看，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.

好的，太好了。那麼，您能否談談全球整體情況—您認為5G普遍的節奏如何？您認為5G的關鍵驅動因素是什麼？顯然，目前美國正在進行相當多的補貼。

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營運商密切合作，以確保 iPhone 擁有出色的吞吐量、覆蓋範圍、電池續航力和通話品質。到目前為止，我們已經在 30 多個地區的 100 多家營運商完成了 5G 測試。因此，5G 在全球範圍內已相當普及。當然，隨著營運商不斷擴大覆蓋範圍，5G 還會在更多地方推出，而且這種情況每週都會發生。所以，5G 只會越來越好。世界上有些地方的 5G 發展顯然比其他地方更領先，但我們覺得我們進入的時機恰到好處。

That will be from Jeriel Ong with Deutsche Bank.

這是德意志銀行的 Jeriel Ong 的發言。

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。我很欣賞你們關於收入成長的指引。但如果可以的話，我想問一下與季節性相關的問題。過去五年裡，你們的季度環比成長通常約為50%。您認為即使發布得晚一些，你們的季度環比增長也能超過這個數字嗎？我還有一個後續問題。

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.

正如我之前所說，傑瑞爾，我們沒有提供銷售範圍，原因我在準備好的發言中已經解釋過了。所以，你需要記住本季與過去相比有幾個獨特之處。然後我再次提到，手機的發佈時間與以往不同。我們將在本季的第4週發布兩款新iPhone，即iPhone 12和iPhone 12 Pro；而另外兩款新iPhone，即iPhone mini和iPhone 12 Pro Max，則會在本季的第7週發布。所以，在考慮成長率時，需要記住這一點。

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，我們預計其餘產品和服務的整體成長都將達到兩位數。因此，我們對目前的情況非常樂觀。顯然，我們五天前就開始接受預訂了，所以現在就手機預訂來說還為時過早。但我們認為，今年iPhone、乃至整個週期都有很多利好因素，就像Tim之前提到的那樣，對吧？我們擁有迄今為止最好的iPhone陣容。我們的iPhone用戶基數非常龐大，而且持續成長，達到了歷史最高水準。

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是十年一遇的機會。正如你在一些市場看到的那樣，尤其是在美國，運營商的報價非常激進。這對消費者來說非常有利，最終對我們也有利。因此，從目前的情況來看，我們非常非常樂觀。

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?

太棒了。非常感謝您提供的背景信息，以及一些值得思考的槓桿。我想問一個更具策略性、更長期的問題。我認為 Apple One 捆綁包最有趣的一點就是它從一開始就希望捆綁。我猜想，有些投資人也問過我這個問題，為什麼您不把這種理念也運用到硬體上，像是 AirPods 和 iPhone，或是 AirPods、Apple Watch 和 iPhone？因為如果捆綁服務有意義，那麼捆綁硬體不也有意義嗎？如果不是這樣，那麼服務捆綁是否也有一些好處，而這些好處不一定能轉化為硬體捆綁？

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。關於硬體捆綁包，我們今天沒有宣布任何消息。不過，稍微回顧一下，我們確實認為人們喜歡按月支付硬體費用，或至少支付相當一部分費用。這就是我們在實體店和線上線下推出分期付款的原因。這也是你在某些管道看到按月銷售硬體的原因。對一些買家來說，這可能有點像訂閱模式，因為他們習慣於持有手機一段時間，然後將其轉手，利用手機的剩餘價值，這實際上相當於給他們購買新手機的補貼。所以，現在市場上有一些類似的模式。在服務方面，有客戶來找我們，要求提供一種更方便的方式來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 Apple One 的上市。

That will come from Katy Huberty with Morgan Stanley.

這份報告將由摩根士丹利的凱蒂休伯蒂 (Katy Huberty) 提供。

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?

包括支援 5G 的晶片在內的新技術今年給成本帶來了上漲壓力，但你們設法讓 iPhone 的平均售價在本產品週期中保持相對穩定。我們該如何看待 iPhone 12 相對於以往 iPhone 週期的利潤率狀況？

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，我們沒有提供任何產品類別毛利率的展望。我在準備好的演講稿中說過，我們預計公司整體毛利率將與上一季基本持平。正如你所說，這顯然非常好，因為我們推出的新手機價格基本上保持不變，而且我們正在將許多新技術融入手機中。

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.

我想說的是，大宗商品環境良好。這是許多季度以來我第一次不用說外匯因素對本季的影響。它不會在本季度成為一個影響因素。正如我們在評論中明確表示的那樣，我們對銷售業績預期持樂觀態度，因此我們應該獲得一些槓桿。因此，我認為毛利率動態良好，很高興看到我們能夠提供如此多的技術，同時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。接下來轉向服務業務。這當然不依賴任何一項服務，但授權許可和其他業務歷來都是成長的驅動力。這就是廣告收入的來源。考慮到谷歌的反壟斷壓力，服務業務中的授權許可和其他業務萎縮的風險有多大？您是否認為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.

凱蒂，正如你所知，我們在過去幾年裡發布了一系列服務。我們正在 Apple TV+、Apple News+ 和 Apple Arcade 等平台上加速這些服務。我們還有 Apple Card，Apple Fitness+ 也即將推出。從 App Store 到 iCloud，我們還有一些推出時間稍長、表現良好的服務。所以，這些服務還有很大的發展空間和潛力。我不知道司法部的訴訟會如何發展，但我認為距離結論還很遠。

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?

我想我也有兩點。首先，提姆，關於iPhone，你提到了iPhone的安裝基數，我認為是有史以來最高或最大的。滿意度顯然相當高。我們的數據還表明，更換週期正在延長。如果我把所有這些因素綜合起來，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，這是否能讓你更有信心、更清楚地認識到，與過去幾年的情況相比，我們可能會進入一個iPhone收入大幅增長的時期？

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.

我們對這個週期非常看好，非常看好它，因為當我退一步看看我們現在所做的事情時，我們有史以來第一次推出了 4 款 iPhone，每個人都能找到適合自己的 iPhone。這是我們迄今為止擁有的最強大的產品線。我們擁有非常龐大、忠誠且不斷成長的用戶群，我們也在接觸轉換用戶，所以我對此非常樂觀。 5G 為我們帶來了十年一遇的機會。人們對 5G 感到非常興奮。我們在市場上也有一些激進的報價。所以當我想到所有這些時，我真的——而且我查看了我們在 iPhone 12 和 12 Pro 上獲得的初始數據點，我們有一個很好的開始。

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?

明白了。盧卡，我想跟您問一下服務業務的毛利率，它一直在持續穩定上升。您認為67%的毛利率水準是否可持續？您認為有哪兩三個因素能夠讓這些毛利率在未來維持在這個水準？

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，我們對服務業務的毛利率水準非常滿意。正如您所說，毛利率年增了近300個基點。當然，原因在於我們正在增加服務收入，因此，我們在許多服務上獲得了槓桿，對吧？正如我們之前解釋的那樣，我們擁有一系列利潤率不同的服務。因此，有時根據我們產品組合的不同，我們也能看到利潤率透過產品組合來成長。

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——但我們也在推出一些新服務，這些服務需要我們前期投入大量資金。而且——我們認為我們已經能夠證明，例如，今年我們推出了許多新服務，進行了所有必要的投資，並且仍然能夠提高毛利率。因此，我們對服務業務的發展軌跡充滿信心。我們非常非常高興看到客戶對所有服務的反響，因為正如我們之前提到的，我們看到幾乎每個類別以及全球的收入都創下了紀錄，對吧？我們看到全球每個地區的九月季度都創下了紀錄。所以，我們在服務業務中的所有動態、所有槓桿現在都運作良好。當然，這也轉化為利潤率。

We'll hear from Samik Chatterjee with JPMorgan.

我們將聽取摩根大通的 Samik Chatterjee 的演講。

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.

我想先從iPhone系列產品開始談。特別是，正如您所提到的，營運商的補貼讓您對iPhone的銷售感到樂觀。我想，再看看其他一些因素，您在今年早些時候提到，由於政府發放給消費者的刺激計劃支票，iPhone的銷量有所上升，這有助於美國整體的消費支出。既然我們看到這方面出現了一些延遲，您是否看到消費支出方面有什麼變化？宏觀經濟是否影響了您對iPhone銷售的看法，尤其是在推出新產品系列之後？我還有一個後續問題。

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.

9月中旬之前，我們看到iPhone的客戶需求呈現兩位數成長。所以，這方面的成長勢頭強勁，而考慮到iPhone 12 Pro和iPhone 12的發布，現在的勢頭更是強勁。如果你問，如果宏觀支出環境發生變化，成長是否會更快，我認為答案是肯定的。但你無法進行實驗，所以我也不確定。但我懷疑，從全球經濟的角度來看，整體而言，新冠疫情會造成一些影響。

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。請問您能否跟進一下－關於新冠疫​​情的討論。我們可能正在面臨第二波疫情，對吧？我認為所有公司都在為此做準備，您在準備好的發言中也提到了這一點。但能否請您分享一下，您在庫存水準或供應鏈採購方面如何準備，以應對任何可能出現的疫情中斷，就像今年早些時候一樣？

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.

嗯，我們正在盡一切努力，但顯然安全是第一位的。以我們的門市為例，我們提出了一個新概念，將門市改造成一個快速店面。我們已經在許多地方實施了這個方案，我們認為這有利於保障員工和顧客的安全，同時又能確保顧客與門市之間的互動。

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.

因此，我們也安排了更多人手接聽電話，因為越來越多的人透過這種方式與我們聯繫。當然，線上商店在整個疫情期間一直保持正常運作。我認為，如果把這些管道都考慮進去，就會發現有些管道在做類似的事情，也有些管道在做不同的事情。所以，我認為每個人都在盡最大努力製定應急計劃，尋找適應環境的方法。但這很難說，而且顯然存在一定程度的不確定性，這就是盧卡之前提到的。

That will come from Krish Sankar with Cowen and Company.

這項提議將由 Cowen and Company 的 Krish Sankar 提出。

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.

我有兩個問題。第一個是問盧卡的。我知道你不想分產品或細分市場來說明毛利率。但是盧卡，你提到12月和9月的毛利率應該差不多，服務業務應該會成長兩位數左右。普遍的看法是，就iPhone而言，BOM成本會對毛利率造成不利影響，而營運商補貼則會起到推動作用。所以我有點好奇，我們該如何看待12月季的毛利率水準差異？然後我問了提姆一個後續問題。

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。通常情況下，在12月季度，我們會有一些正面因素，因為我們擁有典型的季節性槓桿，沒錯，就是從9月到假日季的連續效應。而且我們的產品組合也得到了改善，尤其是今年，因為我們推出了新款iPhone。同時，我們不應該忘記，在過去幾周里，我們推出了許多新產品。我們推出了4款新款iPhone，推出了新款Apple Watch和新款iPad。顯然，每次我們推出新產品，成本結構都會更高，所以這將是硬幣的另一面。但我們認為這兩件事應該會相互平衡。正如我之前所說，我們在實現這一目標的同時，也為客戶提供了許多新技術和新功能。這一次，外匯不再是一個因素，這與過去略有不同。所以——但這些都是優點和缺點。

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.

明白了。盧卡，這很有幫助。然後我想問一下蒂姆。提姆，我有點驚訝，你在這些準備好的評論中並沒有過多地談論支付生態系統。我很好奇，想從你的角度來看待整個支付生態系統，包括 Apple Card、Apple Pay、Apple Cash，以及你是如何分解整個金融科技環境的。

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。我能談的話題有限，這也是我之前沒怎麼談的原因。我們－我們對整個支付服務領域仍然充滿熱情。 Apple Card 表現良好，Apple Pay 表現更是出類拔萃。你可以想像，在這種環境下，人們不太願意交出銀行卡，所以這種非接觸式支付的普及程度達到了一個新的高度，我認為這種趨勢永遠不會逆轉。美國在非接觸式支付方面一直有些落後，我認為疫情很可能會改變美國在這方面的發展軌跡。因此，我們對這個領域非常看好，並認為蘋果可以在這個領域做更多的事情。所以，這是一個我們非常感興趣的領域。

That will come from Kyle McNealy with Jefferies.

這項提議將由 Jefferies 的 Kyle McNealy 提出。

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?

鑑於你們今年旗艦手機系列的生產啟動時間較晚，我想問一下供應鏈方面的問題。您認為到今年年底，供應能夠滿足需求嗎？您是否發現任何零件短缺的情況？或者，你們可以採取什麼措施來提高每週產量（相較於去年）？

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指 iPhone。但就 iPhone 而言，我們目前供應受限，這並不奇怪，我們正處於產能上升的前端。至於供應受限會持續多久，很難預測。我的意思是，我們還沒有接到 iPhone 12 mini 和 Pro Max 的訂單。這些產品即將上市，我們拭目以待。但目前，我們的供應確實受限。

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.

我們的供應也受到限制——為了避免混淆，我們這裡指的是 Mac 的供應受限。 iPad 的供應受限，部分 Apple Watch 的供應也受限。因此，我們目前有相當多的重點關注領域，我們正在非常非常努力地盡快解決這些問題。但目前，我無法估計我們何時才能擺脫困境。

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。太好了。接下來談談 Mac 和 iPad。您如何看待 Mac 和 iPad 的強勁表​​現的持久性？在強勁的返校季和假期季節之後，是否可能出現比季節性更強的回檔？而且供應限制似乎很有可能延續強勁的需求趨勢並帶來持續的收益。我們該如何看待 12 月和 3 月季度的季節性因素？是比季節性因素更積極還是更消極？

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。我們的想法與盧卡所說的一致，他表示，除 iPhone 以外的所有產品——除 iPhone 以外的所有產品和服務——或者更確切地說，除 iPhone 以外的所有產品都將實現兩位數增長。因此，我們繼續看好 Mac 和 iPad 的發展。我認為，遠距學習和遠距辦公的措施不會恢復常態。常態會有所不同，因為我認為人們正在認識到遠距辦公的某些方面是行之有效的。所以，我認為我們不會回到過去的狀態。

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在這些環境下更加重要。上個季度，這兩款產品的成長都非常驚人，從數據表中可以看出，Mac排名第29位，iPad排名第46位。這些都是非常驚人的數字。正如盧卡所說，9月季度是Mac公司史上最高的紀錄，而且成長幅度還不是一點點，而是16億美元。所以這是一個巨大的差異。現在，我們確實針對返校的大學生推出了積極的促銷活動。這無疑是其中的一部分。但我認為，遠距辦公的另一部分在短期內不會回到過去的樣子。

That will come from Chris Caso with Raymond James.

這項計劃將由 Raymond James 的 Chris Caso 負責。

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 的價格有些變動。 iPhone 12 的價位略有上漲。我想，12 和 12 Pro 之間的價差縮小了。我想這是在你們幾年前做出一些調整之後，價格點有所下降。您能否談談這背後的思考過程，以及價格變動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售價為 699 美元，因為——人們實際支付的價格與此大相徑庭，因為很多人，尤其是在美國，但也包括世界上其他幾個國家，都使用營運商套餐。當然，這些優惠要激進得多。所以，消費者所支付的價格可能是最重要的因素。

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，所以我認為您說的是兩者之間有 200 美元的差價。但我猜人們更傾向於認為 12 mini 和 12 Pro 之間有 300 美元的差價。所以我們會看看最終的售價組合。目前，除了 12 和 12 Pro，我們沒有其他數據。由於我們尚未接受訂單，因此我們缺少 12 mini 和 Pro Max 的數據。但我們在定價方面始終致力於為消費者提供物超所值的體驗，我覺得今年我們確實做到了這一點。儘管如此，正如之前提到的，我們為手機添加了各種額外功能，包括 5G。感謝您的提問。

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。接下來，您提到了我們在美國看到的一些運營商激勵措施。您能否更詳細地介紹一下您現在看到的情況？顯然，正如我們幾年前所經歷的那樣，營運商提供的激勵措施要大得多。這是否標誌著營運商在邁向5G的過程中採取了某種轉變？這些激勵措施的持久性如何？隨著5G在全球其他地區的推廣，我們是否應該預期，無論是營運商試圖保護用戶免受5G網路轉換的影響，還是為了推廣5G網絡，未來營運商提供的激勵措施會更加普遍？

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發言。他們的計劃由他們自己決定。總的來說，我認為，對全球絕大多數業者來說，讓客戶遷移到5G符合他們的利益，而且我認為遷移到5G也符合客戶的利益。顯然，我們也樂見這種情況。所以，我認為現在的情況是，大家都朝著同一個方向努力。這與我們通常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.

正如我之前提到的，這是讓我非常樂觀的因素之一，但只有一點點——其他因素也非常重要，例如客戶群的規模、產品陣容。這些因素也至關重要。

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，克里斯。今天電話會議的重播將在 Apple Podcasts、apple.com/investor 網路直播和電話直播中提供，為期兩週。電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 9501153。重播將於今天太平洋時間下午 5:00 左右提供。媒體如有其他問題，請致電 (408) 974-2414 聯絡 Kristin Huguet。金融分析師如有其他問題，請致電 (669) 227-2402 與我聯絡。再次感謝您的收看。

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

今天的會議到此結束。感謝各位的參與。