蘋果 (AAPL) 2020 Q3 法說會逐字稿

Good day, everyone. Welcome to the Apple Inc. Third 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 Mr. Tejas Gala, Senior Manager, Corporate Finance and Investor Relations. Please go ahead, sir.

大家好。歡迎來到蘋果公司。2020財年第三季財報電話會議。今天的通話將會被錄音。此時，我謹將演講和介紹交給企業財務和投資者關係高級經理 Tejas Gala 先生。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。下午好，感謝各位的參與。今天首先發言的是蘋果執行長提姆·庫克；隨後是財務長盧卡·馬埃斯特里。之後，我們將開放電話會議，接受分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of COVID-19 on the company's business and results of operations. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports, Form 10-K and Form 10-Q 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.

請注意，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述，包括 COVID-19 對公司業務和經營業績的潛在影響。實際結果或趨勢可能與我們的預測有重大差異。有關更多信息，請參閱蘋果公司最近提交的定期報告（10-K 表格和 10-Q 表格）以及今天提交給美國證券交易委員會的 8-K 表格中討論的風險因素，以及相關的新聞稿。蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

I'd now like to turn the call over to Tim for introductory remarks.

現在我把電話交給提姆，請他做開場白。

Thanks, Tejas. Good afternoon, everyone. Thanks for joining the call today. Before we begin, I join the many millions across this country in mourning and memorializing Congressman John Lewis who was laid to rest earlier today. We've lost a hero who walked among us, a leader in the truest sense who urged this country to aim higher and be better until the very end. I was humbled and fortunate to know him, and as an Alabama native, his example inspires me still. It now falls to every American to be a living memorial to John Lewis and to carry forward the work and the mission that defined his life.

謝謝你，Tejas。大家下午好。感謝您今天參加電話會議。在開始之前，我與全國數百萬民眾一起，哀悼和緬懷今天早些時候下葬的國會議員約翰·劉易斯。我們失去了一位與我們同行的英雄，一位真正意義上的領袖，他激勵著這個國家追求更高目標，不斷進步，直至生命的最後一刻。能夠認識他，我感到無比榮幸、幸運。身為阿拉巴馬州人，他的榜樣至今仍激勵著我。現在，每位美國人都有責任成為約翰·劉易斯的活紀念碑，並繼承和發揚他畢生致力於的事業和使命。

Throughout the call, I'll speak in greater detail about Apple's support for equity and justice, topics of great urgency on a number of fronts, but first, I want to pull the lens back to consider the quarter in full. In an uncertain environment, Apple saw a quarter of historic results, demonstrating the important role our products play in our customers' lives. We set a June quarter record with revenue of $59.7 billion, up 11% from a year ago. Both products and services set June quarter records and grew double digits, and revenue grew in each of our geographic segments, reflecting the broad base of this success.

在接下來的通話中，我將更詳細地談談蘋果公司對公平和正義的支持，這些都是很多方面都非常緊迫的話題，但首先，我想把目光拉遠，全面地審視一下本季度的情況。在充滿不確定性的環境下，蘋果公司取得了歷史性的季度業績，這表明我們的產品在客戶生活中扮演著重要的角色。我們6月季度營收創歷史新高，達597億美元，比去年同期成長11%。產品和服務均創下六月季度紀錄，並實現兩位數增長，而且我們各個地區的收入均有所增長，這反映了此次成功的廣泛基礎。

As always and especially in times of real adversity, what makes us proud as a company is not merely what we did but how we did it. As millions marched for justice in big cities and small towns alike, we committed $100 million to launch Apple's Racial Equity and Justice Initiative as well as new and renewed internal efforts to foster diversity and inclusion at all levels of the company. As COVID-19 continues to represent great risk for individuals and great uncertainty for our communities, care and adaptability are defining how we conduct our work, wherever we work. In some places, that has meant responsibly reopening our operations in retail stores with enhanced health and safety precautions. In others where the virus has reemerged, it's meant taking the challenging but necessary step of reclosing stores. I'll touch on these topics more in a little bit, but first, I want to offer some more context on the quarter's results.

一如既往，尤其是在真正的逆境中，讓我們公司感到自豪的不僅僅是我們做了什麼，而是我們如何去做。當數百萬民眾在大城市和小城鎮遊行爭取正義時，我們承諾投入 1 億美元啟動蘋果公司的種族平等和正義倡議，並加大內部力度，在公司各個層面促進多元化和包容性。由於 COVID-19 繼續給個人帶來巨大風險，為我們的社區帶來巨大不確定性，無論我們在哪裡工作，關懷和適應性都決定了我們的工作方式。在某些地方，這意味著我們要在加強健康和安全預防措施的前提下，負責任地重新開放零售商店的業務。在病毒再次出現的其他地方，這意味著採取艱難但必要的措施，重新關閉商店。稍後我會更詳細地談談這些主題，但首先，我想對本季的業績提供一些背景資訊。

Due to the uncertain and ongoing impacts of COVID-19, we did not provide our typical guidance when we reported our results last quarter, but we did provide some color on how we expected the June quarter to play out. I'd like to contextualize our results in terms of that color across each of our product categories beginning with iPhone. iPhone revenue grew 2% this quarter. In April, we expected year-over-year performance to worsen but we saw better-than-expected demand in May and June. We attribute this increase in demand to several interactive causes, including a strong iPhone SE launch, continued economic stimulus and potentially some benefit from shelter-in-place restrictions lifting around the world. We expected iPad and Mac growth to accelerate, and we saw very strong double-digit growth for these devices this quarter.

由於 COVID-19 的影響尚不明朗且持續存在，我們在上個季度公佈業績時沒有提供通常的業績指引，但我們確實對 6 月份季度的預期進行了一些說明。我想根據我們各個產品類別（首先是 iPhone）的顏色來分析我們的結果。本季iPhone營收成長2%。4 月份，我們預期年比業績會惡化，但 5 月和 6 月的需求好於預期。我們認為需求的成長是由多種因素共同作用的結果，包括 iPhone SE 的強勁上市、持續的經濟刺激措施，以及全球各地居家隔離限制措施的解除可能帶來的一些好處。我們預期 iPad 和 Mac 的成長速度會加快，而本季這些裝置的成長率也確實達到了兩位數，非常強勁。

This remarkable performance came in spite of supply constraints on both products. We're working hard to get more iPads and Macs into customers' hands as quickly as possible, recognizing how integral they have become to working and learning from home, providing entertainment and staying connected with loved ones. Wearables growth decelerated as we expected but still grew by strong double digits and set a revenue record for a non-holiday quarter. Building on powerful new features built into watchOS 7 and AirPods Pro announced this quarter, we are very excited about the many opportunities in front of us for this product category. These strong results helped drive our installed base of active devices to new all-time records across each of our product categories.

儘管兩種產品都面臨供應限制，但仍取得如此優異的成績。我們正努力盡快將更多的 iPad 和 Mac 送到客戶手中，因為我們認識到它們對於在家工作和學習、提供娛樂以及與親人保持聯繫的重要性。穿戴式裝置的成長速度如我們預期般放緩，但仍實現了強勁的兩位數成長，並創下了非假日季度的營收紀錄。基於 watchOS 7 和本季發布的 AirPods Pro 中內建的強大新功能，我們對該產品類別面前的眾多機會感到非常興奮。這些強勁的業績幫助我們各個產品類別的活躍設備安裝量創下了歷史新高。

Reflecting the deep integration of hardware, software and services, Services generated a June quarter record of $13.2 billion, up 15% year-over-year. As we mentioned during our last call, there were 2 distinct trends we were seeing and they played out as we thought: First, results for advertising and AppleCare were impacted by the reduced level of economic activity and store closures to a degree that was in line with our expectations. Second, we had strong performance in our digital services with all-time revenue records in the App Store, Apple Music, video and cloud services as well as elevated engagement on iMessage, Siri and FaceTime months. Customers are loving new offerings across Apple's services, like Apple News Today, our new daily audio briefing, and Greyhound, our new summer blockbuster starring Tom Hanks. In fact, Apple TV+ just hit a history-making 95 awards nominations and 25 wins and accolades.

服務業務反映了硬體、軟體和服務的深度融合，6 月季度創下 132 億美元的紀錄，年增 15%。正如我們在上次通話中提到的，我們看到了兩個明顯的趨勢，而且它們的發展也正如我們所想的那樣：首先，廣告和 AppleCare 的業績受到了經濟活動減少和商店關閉的影響，其程度與我們的預期一致。其次，我們的數位服務表現強勁，App Store、Apple Music、視訊和雲端服務的收入均創歷史新高，iMessage、Siri 和 FaceTime 的用戶參與度也顯著提升。用戶們對 Apple 各項服務的新功能讚不絕口，例如我們全新的每日音訊簡報 Apple News Today，以及由湯姆漢克斯主演的全新夏季大片《灰獵犬號》。事實上，Apple TV+ 剛剛創下了歷史紀錄，獲得了 95 項獎項提名和 25 項獎項及榮譽。

Based on these results and our performance over the last 4 quarters, we are proud to announce that we have achieved our goal of doubling our fiscal 2016 Services revenue 6 months ahead of schedule. We're conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses large and small and certainly for families. We do not have a zero-sum approach to prosperity, and especially in times like this, we're focused on growing the pie, making sure our success isn't just our success and that everything we make, build or do is geared toward creating opportunities for others.

基於這些結果以及我們過去 4 個季度的表現，我們很自豪地宣布，我們提前 6 個月實現了 2016 財年服務收入翻倍的目標。我們意識到，在企業（無論大小）和家庭都面臨嚴峻經濟困境的時期，這些結果顯得特別突出。我們不把繁榮看作零和博弈，尤其是在這樣的時期，我們專注於把蛋糕做大，確保我們的成功不僅僅是我們自己的成功，我們所做的一切，無論是創造、建設還是其他，都旨在為他人創造機會。

The App Store is a great example. This quarter, a new study by independent economists at the Analysis Group found that the App Store facilitated more than $0.5 trillion in commerce globally in 2019 alone. Especially in a time of COVID-19, you can measure economic resilience in the ways in which the App Store supports remote ordering for restaurants, digital commerce for small businesses and an enduring entrepreneurial opportunity for creators and visionaries.

App Store 就是一個很好的例子。本季度，分析集團的獨立經濟學家進行的一項新研究發現，僅在 2019 年，App Store 就在全球範圍內促成了超過 0.5 兆美元的交易。尤其是在新冠疫情期間，你可以透過 App Store 對餐廳遠端訂餐、小型企業數位商務以及為創作者和遠見卓識者提供持久創業機會的支持方式來衡量經濟韌性。

Keeping learning vibrant and impactful in the time of COVID-19 is a priority everyone shares. Earlier this month, we announced significant enhancements to the Develop in Swift and Everyone Can Code curricula, and we launched a new professional learning course available exclusively to educators. And just 2 weeks ago, our community education initiative added 10 more historically black college and university regional coding centers to our roster, bringing the total to 24 locations nationwide, 12 of which are HBCUs and 21 of which serve majority black and brown student populations.

在新冠疫情期間，保持學習的活力和影響力是每個人的共同優先事項。本月初，我們宣布對 Develop in Swift 和 Everyone Can Code 課程進行重大改進，並推出了一門專門針對教育工作者的全新專業學習課程。就在兩週前，我們的社區教育計畫又新增了 10 個歷史悠久的黑人學院和大學區域程式設計中心，使全國的程式設計中心總數達到 24 個，其中 12 個是黑人學院和大學，21 個服務於以黑人和棕色人種學生為主的學生群體。

In Apple's backyard, we announced that we're allocating $400 million of our multiyear $2.5 billion affordable housing commitment to new housing construction, homebuyer assistance programs and support for those at greatest risk of experiencing homelessness across Silicon Valley.

在蘋果的總部所在地，我們宣布將多年期 25 億美元經濟適用房承諾中的 4 億美元用於新建住房、購房者援助計劃以及為矽谷地區最有可能無家可歸的人們提供支持。

Apple's results this quarter are only possible due to our people and their ongoing ingenuity, flexibility, resilience and determination during these ever-changing times. I want to thank our AppleCare and retail teams, who have paired exceptional service during a time of intense demand with great adaptability during a quarter where stores have reopened in some places and reclosed in others. A dedicated team of specialists and experts has shouldered the task of caring for the well-being of our teams and communities, store by store, location by location with evidence-driven granularity and agility that is unrivaled anywhere.

蘋果公司本季的業績完全得益於我們的員工，以及他們在瞬息萬變的時代中展現出的持續創造力、靈活性、韌性和決心。我要感謝我們的 AppleCare 和零售團隊，他們在需求旺盛時期提供了卓越的服務，並在本季度部分門市重新開業、部分門市重新關閉的情況下展現了極強的適應能力。一支由專家和專業人士組成的敬業團隊肩負著照顧我們團隊和社區福祉的重任，他們以證據為依據，逐個門店、逐個地點地開展工作，其細緻程度和敏捷性是其他任何地方都無法比擬的。

Innovation from adversity certainly defined this year's Worldwide Developers Conference as well. This is an event where traditionally, Apple's worldwide community of developers gathers together to share, celebrate and do big things together. Though we could not be together in person, Apple set a new standard for what online events can achieve with our celebrated all-virtual event. The results here speak for themselves. More than 22 million viewers tuned in across all of Apple's streams. For our developers, we distributed more than 72 hours of video content. That's 3 full days of video. The week saw more than 200 direct-to-video engineering and design sessions and about 4,500 person-to-person appointments with developers across 227 virtual labs.

從逆境中汲取創新力量，無疑也成為了今年全球開發者大會的一大特色。這是蘋果全球開發者社群傳統上聚集在一起分享經驗、慶祝成就並共同完成大事的盛會。雖然我們無法親身相聚，但蘋果公司憑藉著這場備受讚譽的全虛擬活動，為線上活動所能達到的成就樹立了新的標竿。結果足以說明一切。超過2200萬觀眾透過蘋果的所有直播平台收看了節目。我們為開發人員分發了超過 72 小時的影片內容。那可是整整三天的影片啊。本週舉辦了 200 多場直接面向視訊的工程和設計會議，並在 227 個虛擬實驗室中與開發人員進行了約 4500 次一對一預約。

And of course, that's even before you get to this year's announcements. From iOS 14, which boasts a radical redesign to the Home Screen, powerful updates to Messages, streamlined and effortless App Clips and even greater privacy transparency and controls to major updates to Apple Pencil, Siri and calling in iPadOS 14, to much anticipated sleep tracking, new fitness and wellness features and unprecedented customization in watchOS 7, to the new macOS Big Sur boasting the biggest redesign upgrade to macOS since OS X. No less important for Apple's innovation road map is our transition to Apple silicon for the Mac. This 2-year effort will achieve both unprecedented performance for the Mac and a common architecture across all Apple products.

當然，這還不包括今年的各項公告。從 iOS 14（它對主螢幕進行了徹底的重新設計，對「資訊」應用程式進行了強大的更新，簡化了 App Clips 的使用，並進一步提升了隱私透明度和控制力），到 iPadOS 14 中 Apple Pencil、Siri 和通話功能的重大更新，再到備受期待的 watchOS 7 中的 Apple Pencil、Siri 和通話功能的重大更新，再到備受期待的 watchOS 7 中的睡眠幅度以及全新的健身率macOS Big Sur，蘋果的創新路線圖同樣重要的，就是 Mac 向 Apple Silicon 的過渡。這項為期兩年的努力將為 Mac 帶來前所未有的性能，並為所有蘋果產品打造通用架構。

Looking forward, we are profoundly optimistic about Apple's future. And we recognize that with this success comes a real responsibility to lead with our values because those values help make that success possible in the first place. We are just as proud of our announcement this month that Apple will be fully carbon-neutral by 2030 across our entire supply chain and including the energy use of every device we make as we are of any hardware innovation because they spring from the same instinct to leave the world better than we found it.

展望未來，我們對蘋果的未來充滿信心。我們體認到，伴隨成功而來的，是肩負著以價值觀為導向的真正責任，因為正是這些價值觀才使得成功成為可能。我們本月宣布，蘋果將在 2030 年前實現整個供應鏈的碳中和，包括我們生產的每台設備的能源使用，我們為此感到無比自豪。我們對任何硬體創新都同樣感到自豪，因為它們都源自於同一個本能：讓世界變得比我們發現它時更美好。

We're committed to standing with those marching for the lives and dignity through our new $100 million commitment to Apple's Racial Equity and Justice Initiative. And we're deepening our diversity and inclusion efforts internally because our future as a business is inextricably linked with the future of our communities.

我們致力於與那些為生命和尊嚴而遊行的人們站在一起，為此，我們向蘋果公司的種族平等和正義倡議捐贈了 1 億美元。我們正在深化內部的多元化和包容性工作，因為我們企業的未來與我們社區的未來密不可分。

There are times when things seem to move slowly when needed progress, economic or social, seems bogged down, when the instinct to turn away from the horizon and hold on to what you've got feels inescapable. And then there are times like this when people of goodwill step forward, when progress unmoors itself, when the insistence of hope forces something new. This is an immensely challenging moment. COVID-19 is still devastating many places, and we have work left to do to care for the health and well-being of the communities in which all of us live and work. But no community of people, whether a company or a country, can afford to miss this call when it comes. At Apple, we never have and we don't intend to start now.

有時，當經濟或社會發展所需的進步似乎停滯不前時，事情進展似乎會很緩慢，這時，人們會不由自主地想要遠離未來，緊緊抓住自己所擁有的一切。而有時，當進步失去方向，當希望的堅持迫使新的事物出現時，善良的人們就會挺身而出。這是一個極具挑戰性的時刻。新冠疫情仍在許多地方肆虐，我們仍需努力維護我們所有人生活和工作所在社區的健康和福祉。但是，無論是公司還是國家，任何群體都不能錯過這個機會。在蘋果公司，我們過去從未這樣做過，現在也不打算這樣做。

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

這樣，我就把事情交給盧卡了。

Thank you, Tim. Good afternoon, everyone. Our June quarter was a testament to Apple's ability to innovate and execute during challenging times. Our results speak to the resilience of our business and the relevance of our products and services in our customers' lives.

謝謝你，提姆。大家下午好。我們六月的業績證明了蘋果在充滿挑戰的時期擁有創新和執行的能力。我們的業績體現了我們業務的韌性，以及我們的產品和服務在客戶生活中的重要性。

Total revenue was $59.7 billion, a new June quarter record, up 11% from a year ago despite a 300 basis point headwind from foreign exchange. Our performance was strong across our entire portfolio as we grew revenue in each of our product categories and set June quarter records for Mac, for wearables and for services. Similarly, our results were very strong all around the world, with growth in all geographic segments and new June quarter records in the Americas, in Europe, in Japan and rest of Asia Pacific.

儘管受到外匯匯率300個基點的不利影響，總營收仍達597億美元，創下6月季新紀錄，比去年同期成長11%。我們所有產品組合的業績都十分強勁，每個產品類別的收入都有所增長，Mac、穿戴式裝置和服務在 6 月季度均創下了紀錄。同樣，我們在全球範圍內的業績都非常強勁，所有地區均實現了增長，美洲、歐洲、日本和亞太其他地區均創下了新的 6 月季度業績記錄。

Products revenue was $46.5 billion, up 10% and a June quarter record. iPhone returned to growth and we saw very strong double-digit growth from iPad, Mac and wearables. Lockdowns and point-of-sale closures were widespread during April and impacted our performance, but we saw demand for all products improve significantly in May and June. As a result of our strong performance and the unmatched loyalty of our customers, our installed base of active devices reached an all-time high in all of our geographic segments and all major product categories. Our Services continue to grow strongly, up 15% year-over-year and reached a June quarter record of $13.2 billion. We set all-time records in many Services categories and June quarter records in each geographic segment. I'll cover this in more detail later.

產品營收達 465 億美元，成長 10%，創下 6 月季度紀錄。iPhone 恢復成長，iPad、Mac 和穿戴式裝置也實現了非常強勁的兩位數成長。4 月封鎖和銷售點關閉的情況很普遍，影響了我們的業績，但我們看到 5 月和 6 月所有產品的需求都顯著改善。由於我們強勁的業績和客戶無與倫比的忠誠度，我們在所有地理區域和所有主要產品類別中的活躍設備安裝量均達到了歷史最高水平。我們的服務業務持續強勁成長，年增 15%，並在 6 月季度創下 132 億美元的紀錄。我們在許多服務類別中創下了歷史新高，並且在每個地理區域都創下了六月季度的記錄。我稍後會詳細介紹這一點。

Company gross margin was 38%. This was down 40 basis points sequentially due to unfavorable FX of 90 basis points and a different mix of products, partially offset by cost savings and Services mix. Products gross margin was 29.7%, decreasing 60 basis points sequentially due to FX and a different mix, partially offset by cost savings. Services gross margin was 67.2%, up 180 basis points sequentially mainly due to mix. Net income was $11.3 billion, and earnings per share were $2.58, up 18% and a June quarter record. Operating cash flow was also a June quarter record at $16.3 billion, an improvement of $4.6 billion over a year ago.

公司毛利率為38%。由於不利的匯率影響（下降 90 個基點）以及產品組合的變化，該指標環比下降 40 個基點，但部分被成本節約和服務組合所抵消。產品毛利率為 29.7%，季減 60 個基點，原因是匯率波動和產品組合變化，部分被成本節約所抵銷。服務業毛利率為 67.2%，較上季成長 180 個基點，主要原因是產品組合的變化。淨利潤為 113 億美元，每股收益為 2.58 美元，成長 18%，創 6 月季度紀錄。經營現金流也創下 6 月季度新高，達到 163 億美元，比去年同期成長 46 億美元。

Let me get into more detail for each of our revenue categories. iPhone revenue grew 2% to $26.4 billion with customer demand improving as the quarter progressed. COVID-19 was most impactful during the first 3 weeks of April when lockdowns and point-of-sale closures became more widespread in many countries. We saw marked improvement around the world in May and June, which we attribute to an improved level of customer demand helped by the very successful launch of iPhone SE and economic stimulus packages. Our active installed base of iPhones again reached an all-time high as a result of the loyalty of our customer base and strength of our ecosystem. In fact, in the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 98% for iPhone 11, 11 Pro and 11 Pro Max combined.

讓我更詳細地介紹一下我們的各項收入類別。隨著季度推進，客戶需求不斷改善，iPhone 營收成長 2% 至 264 億美元。COVID-19 疫情在 4 月的前三週影響最大，當時許多國家普遍採取了封鎖措施和關閉銷售點的措施。5月和6月，全球市場出現了顯著改善，我們認為這得益於iPhone SE的成功上市和經濟刺激計劃，從而帶動了客戶需求的提升。由於我們客戶群的忠誠度和我們生態系統的強大實力，我們的 iPhone 活躍安裝量再次達到歷史新高。事實上，在美國，451 Research 的最新消費者調查顯示，iPhone 11、11 Pro 和 11 Pro Max 的綜合客戶滿意度為 98%。

Turning to Services. As I said, we set a June quarter record of $13.4 billion of revenue. We had all-time record performance and strong double-digit growth in the App Store, Apple Music, video and cloud services. 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. At the same time, customer engagement in our ecosystem continues to grow at a fast pace. The number of both transacting and paid accounts on our digital content stores reached a new all-time high during the June quarter, with paid accounts increasing double digits in each of our geographic segments. In aggregate, paid subscriptions grew more than 35 million sequentially, and we now have over 550 million paid subscriptions across the services on our platform, up 130 million from a year ago. With this momentum, we remain confident to reach our increased target of 600 million paid subscriptions before the end of calendar 2020.

轉到服務部分。正如我所說，我們6月份季度營收創下134億美元的紀錄。我們在 App Store、Apple Music、視訊和雲端服務方面均取得了歷史最佳業績和強勁的兩位數成長。我們的新服務 Apple TV+、Apple Arcade、Apple News+ 和 Apple Card 也為整體服務成長做出了貢獻，並持續增加用戶、內容和功能。同時，我們生態系統中的客戶參與度持續快速成長。在 6 月的季度中，我們數位內容商店的交易帳戶和付費帳戶數量均創歷史新高，其中我們各個地理區域的付費帳戶數量均實現了兩位數的增長。整體而言，付費訂閱用戶數量較上季成長超過 3,500 萬，目前我們平台上的各項服務共有超過 5.5 億付費訂閱用戶，比一年前增加了 1.3 億。憑藉這一勢頭，我們仍然有信心在 2020 年底前實現 6 億付費訂閱用戶的目標。

Wearables, Home and Accessories established a new June quarter record with revenue of $6.5 billion, up 17% year-over-year. Our wearables business is now the size of a Fortune 140 company, and we set June quarter records in the majority of markets we track. Importantly, Apple Watch continues to extend its reach, with over 75% of the customers purchasing Apple Watch during the quarter new to the product.

穿戴式裝置、家居和配件業務在 6 月季度創下新紀錄，營收達 65 億美元，年增 17%。我們的穿戴式裝置業務規模現在已經達到財富 140 強公司的水平，並且在我們追蹤的大多數市場中，我們六月份的季度業績都創下了紀錄。值得注意的是，Apple Watch 的用戶群持續擴大，本季購買 Apple Watch 的顧客中，超過 75% 是首次使用該產品。

Next, I'd like to talk about the impressive performance of Mac. Revenue was $7.1 billion, up 22% over last year and a June quarter record. We grew double digits in each geographic segment and set all-time revenue records in Japan and rest of Asia Pacific as well as June quarter records in the Americas and Europe. Customer response to our new MacBook Air and MacBook Pro launches has been extremely strong.

接下來，我想談談Mac令人印象深刻的性能。營收達71億美元，較去年同期成長22%，創下6月季度紀錄。我們在每個地理區域都實現了兩位數的成長，並在日本和亞太其他地區創下了歷史收入紀錄，在美洲和歐洲也創下了 6 月季度收入紀錄。消費者對我們新推出的 MacBook Air 和 MacBook Pro 的反應非常熱烈。

iPad performance was equally impressive with revenue of $6.6 billion, up 31% and our highest June quarter revenue in 8 years. Demand was strong around the world with double-digit growth in each of our geographic segments, including a June quarter record in Greater China. The launch of our new iPad Pro has been received incredibly well in every region of the world.

iPad 的表現同樣令人印象深刻，營收達 66 億美元，成長 31%，創下 8 年來 6 月季度營收新高。全球需求強勁，我們各個地區的業務均實現了兩位數成長，其中大中華區在 6 月的季度業績創下歷史新高。我們新款 iPad Pro 的發佈在全球各地都獲得了極佳的反響。

Both Mac and iPad are extremely relevant products in the new working and learning environments, and the most recent surveys of consumers from 451 Research measured customer satisfaction at 96% for Mac and 97% for iPad. Around half of the customers purchasing Mac and iPad during the quarter were new to that product, and as a result, the active installed base for both products reached a new all-time high.

Mac 和 iPad 在新的工作和學習環境中都是非常重要的產品，451 Research 最近的消費者調查顯示，Mac 的客戶滿意度為 96%，iPad 的客戶滿意度為 97%。本季購買 Mac 和 iPad 的客戶中約有一半是該產品的新用戶，因此，這兩款產品的活躍用戶數量都達到了歷史新高。

Our retail business had record June quarter revenue, thanks to the performance of our online store. We set records in all geographic segments and grew across all major product categories. In June, we launched Apple Card monthly installments for more products in our U.S. stores, allowing customers to pay for their devices over time with 0% interest. We're very pleased with the level of customer interest this new offering has generated.

由於網上商店的出色表現，我們的零售業務在六月季度收入創下歷史新高。我們在所有地理區域都創下了紀錄，並在所有主要產品類別中都實現了成長。6 月，我們在美國門市推出了 Apple Card 分期付款服務，讓更多產品可以按月分期付款，享受 0% 利息。我們對這款新產品所引起的顧客興趣程度感到非常滿意。

In the enterprise market, we continue to see companies leverage Apple products and offerings to successfully navigate their businesses through COVID-19. In health care, we're seeing rapid acceleration of telehealth to support a more flexible model of patient care. Many hospitals, such as UVA Health, Rush University Medical Center and UC San Diego Health are using apps on iPad and iPhone to help triage, monitor and care for patients who are at home. This helps free up hospital capacity to support patients who need inpatient care while enabling continued care for patients who do not require in-person visits.

在企業市場，我們不斷看到企業利用蘋果公司的產品和服務，成功地帶領企業度過 COVID-19 疫情難關。在醫療保健領域，我們看到遠距醫療正在迅速發展，以支持更靈活的病患照護模式。許多醫院，如維吉尼亞大學健康中心、拉什大學醫學中心和加州大學聖地牙哥分校健康中心，都在使用 iPad 和 iPhone 上的應用程式來幫助居家病患進行分流、監測和護理。這有助於釋放醫院容量，為需要住院治療的患者提供支持，同時使不需要親自就診的患者也能繼續獲得治療。

Since many call center employees are currently working remotely, Apple Business Chat has proven an invaluable tool for staying connected with customers. This quarter, HSBC deployed Apple Business Chat in its U.S. and U.K. contact centers. Apple Business Chat provides a flexible and secure channel for digital banking assistance through a native Apple experience, improving the efficiency and experience for both customers and agents. We are seeing similar adoption by hundreds of other organizations.

由於許多呼叫中心員工目前都在遠距辦公，Apple Business Chat 已被證明是與客戶保持聯繫的寶貴工具。本季度，匯豐銀行在其美國和英國的呼叫中心部署了 Apple Business Chat。Apple Business Chat 透過原生 Apple 體驗，為數位銀行協助提供靈活安全的管道，進而提升客戶和客服人員的效率和體驗。我們看到其他數百家機構也採取了類似的做法。

Let me now turn to our cash position. We ended the quarter with almost $194 billion in cash plus marketable securities. We issued $8.5 billion of new term debt, retired $7.4 billion of term debt and increased short-term borrowing facilities by $1.1 billion during the quarter, leaving us with total debt of $113 billion. As a result, net cash was $81 billion at the end of the quarter, and we continue on our path to reaching a net cash neutral position over time.

現在讓我來看看我們的現金狀況。本季末，我們持有近1,940億美元的現金及有價證券。本季度，我們發行了 85 億美元的新定期債務，償還了 74 億美元的定期債務，並將短期借款額度增加了 11 億美元，使我們的總債務達到 1,130 億美元。因此，截至本季末，淨現金為 810 億美元，我們將繼續朝著最終實現淨現金中立的目標邁進。

We returned over $21 billion to shareholders during the June quarter, including $3.7 billion in dividends and equivalents and $10 billion through open market repurchases of 31.3 million Apple shares. We also began a $6 billion accelerated share repurchase program in May, resulting in the initial delivery and retirement of 15.2 million shares. And finally, we retired an additional 4.8 million shares in the final settlement of our 15th ASR.

我們在 6 月的季度向股東返還了超過 210 億美元，其中包括 37 億美元的股息及等價物，以及透過公開市場回購 3,130 萬股蘋果股票返還的 100 億美元。我們也於 5 月啟動了一項 60 億美元的加速股票回購計劃，首批交付並註銷了 1,520 萬股股票。最後，我們在 15 週年結算中額外註銷了 480 萬股股票。

As we move ahead into the September 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. Similar to last quarter, given the uncertainty around the world in the near term, we will not be issuing revenue and margin guidance for the coming quarter. However, we will provide some additional insight on our expectations for the September quarter for our product categories.

隨著我們進入九月的季度，我想就我們所看到的情況做一些說明，其中包括 Tejas 在電話會議開始時提到的那些前瞻性資訊。與上個季度類似，鑑於近期全球局勢的不確定性，我們將不會發布下一季的營收和利潤率預期。不過，我們將就九月季度我們各產品類別的預期提供一些補充說明。

On iPhone, we expect to see recent performance continue for our current product lineup, including the strong customer response for iPhone SE. In addition, as you know, last year, we started selling new iPhones in late September. This year, we project supply to be available a few weeks later. We expect the rest of our products categories to have strong year-over-year performance. For Services, we expect the September quarter to have the same trends that we observed during the June quarter except for AppleCare, where during the September quarter a year ago, we expanded our distribution significantly.

在 iPhone 方面，我們預計我們目前的產品線將繼續保持近期的良好表現，包括 iPhone SE 獲得了消費者的強烈反響。此外，如您所知，去年我們從九月下旬開始銷售新款 iPhone。今年，我們預計供貨時間會晚幾週。我們預計其餘產品類別也將實現強勁的年成長。對於服務業務，我們預計 9 月季度的趨勢將與 6 月季度的趨勢相同，但 AppleCare 除外，因為在去年 9 月季度，我們大幅擴大了 AppleCare 的分銷範圍。

As a consequence, we expect a difficult comp for AppleCare also considering the COVID-related point-of-sale closures this year. For gross margin, keep in mind that we will have a different mix than in prior years, as I just explained. For OpEx, we expect to be between $9.8 billion and $9.9 billion. We expect the tax rate to be about 16.5% and OI&E to be $50 million.

因此，考慮到今年與新冠疫情相關的銷售點關閉情況，我們預計 AppleCare 的業績將面臨嚴峻的比較。關於毛利率，請記住，我們的產品組合將與往年不同，正如我剛才解釋的那樣。營運支出預計在 98 億美元至 99 億美元之間。我們預計稅率約為 16.5%，營業收入和支出為 5,000 萬美元。

Also today, our Board of Directors has declared a cash dividend of $0.82 per share of common stock payable on August 13, 2020, to shareholders of record as of August 10, 2020.

今天，我們的董事會也宣布，將於 2020 年 8 月 13 日向截至 2020 年 8 月 10 日登記在冊的股東派發現金股息，每股普通股股息為 0.82 美元。

And finally, today, we're announcing a 4-for-1 split of Apple common stock to make our stock more accessible to a broader base of investors. Each shareholder of record at the close of business on August 24, 2020, will receive 3 additional shares for every outstanding share held on the record date, and trading will begin on a split-adjusted basis on August 31, 2020.

最後，今天我們宣布將蘋果普通股進行 1 比 4 的拆股，以使更多投資者更容易購買我們的股票。截至 2020 年 8 月 24 日營業結束時登記在冊的每位股東，每持有 1 股已發行股份，將額外獲得 3 股，並且股票將於 2020 年 8 月 31 日按拆股調整後的價格開始交易。

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

接下來，我們開始接受提問。

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

謝謝你，盧卡。（操作員指示）操作員，請問第一個問題是什麼？

Yes. That will be from Katy Huberty with Morgan Stanley.

是的。那將來自摩根士丹利的凱蒂·休伯蒂。

Tim, in light of the economic adversity that you talked about in the prepared remarks, can you just walk us through how Apple's leveraging finance and trade-in programs to make technology more affordable and accessible during this period while also addressing the opportunity to recycle and reuse products and maybe also extend that to how these programs might expand over time? And then I have a follow-up.

提姆，鑑於你在準備好的發言稿中提到的經濟逆境，你能否詳細介紹一下蘋果公司是如何利用金融和以舊換新計劃，讓科技產品在這個時期更加經濟實惠、觸手可及，同時兼顧產品回收和再利用的機會，以及這些計劃未來可能會如何擴展？然後我還有一個後續問題。

As Luca mentioned, in June, we actually rolled out to the overwhelming balance of our other products the ability to do interest rate -- interest-free financing in our stores with payments. And that's in addition to trade-in, which is becoming a more common trend now, which I think is terrific because it is great for the environment and it acts as a subsidy, if you will, against the price of a new phone. And so when you compound these 2 things with the financing and the trade-in, it makes the product super affordable. And we're really happy with what we're seeing in that regard.

正如 Luca 所提到的，6 月份，我們實際上已經將利率優惠功能推廣到我們絕大多數其他產品，並在我們的商店提供免息分期付款服務。除了以舊換新之外，以舊換新現在也越來越普遍，我認為這很棒，因為它對環境有益，而且可以起到補貼新手機價格的作用。因此，當把這兩個因素與融資和以舊換新結合起來時，就使得該產品非常實惠。我們對此方面所看到的情況非常滿意。

And then as a follow-up, just specifically to iPhone, the category returned to growth. As you pointed out, the installed base is larger today. Our math would suggest that replacement cycles, in some cases, are elongated. And then you have the affordability element that you just discussed. Does all of that combine to build confidence that we're entering a longer period of iPhone revenue growth after what's been 6 quarters of decline?

然後，就 iPhone 而言，該類別又恢復了成長。正如你所指出的，如今的裝機量更大。我們的計算表明，在某些情況下，產品更換週期會延長。然後還有你剛才提到的價格負擔能力因素。所有這些因素加在一起，是否足以讓我們相信，在經歷了連續六個季度的下滑之後，iPhone 的收入將進入更長的成長期？

We're very pleased with how we did on iPhone. It was better than we thought largely because, as we pointed out in the prepared remarks, May and June were much better. If you look at iPhone in totality, the things that get me very optimistic is the size of the active installed base. The fact that if you look in the major geographies like the U.S., we had the top 2 selling smartphones. In the U.K., we had 3 of the top 4. In Australia, we had 5 of the top 6. And in Japan, we had the top 4. Urban China, we were -- iPhone 11 was the top-selling smartphone in the country. And so these are some very different geographies with very different competitive situations and we're doing fairly well.

我們對在 iPhone 上的表現非常滿意。情況比我們預想的要好，主要是因為，正如我們在準備好的演講稿中指出的那樣，五月和六月的情況要好得多。如果從整體上看 iPhone，最讓我感到樂觀的是其龐大的活躍用戶群。事實上，如果你看看美國等主要地區，我們擁有銷量排名前二的智慧型手機。在英國，我們佔據了前四名中的三席。在澳大利亞，我們佔據了前六名中的五席。在日本，我們佔了前四名。在中國城市地區，我們—iPhone 11 是全國最暢銷的智慧型手機。因此，這些地區地理位置迥異，競爭情勢也大相逕庭，而我們目前的表現相當不錯。

The iPhone SE, it's also clear that from the early data, we're seeing a higher switcher number than we did in the previous year, which we feel very good about. And it also seemed to appeal to some people that were holding onto the device a little longer because they wanted a smaller form factor phone. And so the combination of the smaller form factor and an incredibly affordable price made the iPhone SE very popular. iPhone 11 is still the most popular smartphone, but iPhone SE definitely helped our results. And as we -- as Lucas said in his outlook, we do see that continuing into this quarter currently.

從早期數據來看，iPhone SE 的換機用戶數量也明顯高於去年，我們對此感到非常滿意。而且，它也似乎吸引了一些因為想要更小尺寸手機而打算繼續使用舊手機的人。因此，較小的機身尺寸和極其實惠的價格相結合，使得 iPhone SE 非常受歡迎。iPhone 11 仍然是最受歡迎的智慧型手機，但 iPhone SE 的確對我們的結果有所幫助。正如盧卡斯在他的展望中所說，我們確實看到這種情況會持續到本季。

That will be from Krish Sankar with Cowen and Company.

那將由考恩公司的克里什桑卡爾 (Krish Sankar) 提供。

I have 2 of them. First one, Tim, when you look at the Services business and in terms of your TV+ content production, have the movement restrictions impacted the content production efforts? And along the same path, 4 years ago, your premonition on Services being a $50 billion business in 2020 came sooner than expected. I don't know if you want to make any such forecast 4 years out on how you think Services revenue is going to be. Then I had a follow-up for Luca.

我有兩個。提姆，首先，從服務業務和電視+內容製作的角度來看，出行限制是否影響了內容製作工作？同樣，4 年前，你預言服務業將在 2020 年達到 500 億美元的規模，而這項預言比預期來得更快。我不知道你是否想對未來四年的服務收入做出任何預測。然後我還要跟進盧卡的狀況。

I'm sorry. I missed that second question because the audio didn't come through. But I think I got to -- just to the first, and that is production has been affected for Apple TV+, as I think it has for most people. We are working to get restarted. I don't have a precise date yet when we will get restarted, but there will be some impact because we shut down in the March time frame and are yet to really restart in a significant way particularly for those that are shot in the L.A. area given the current status of the virus in this -- and I'm sorry, I missed your -- the second part of your question.

對不起。我錯過了第二個問題，因為音頻沒傳過來。但我認為我只能說到第一點，那就是 Apple TV+ 的製作受到了影響，我想這對大多數人來說也是如此。我們正在努力重啟系統。我目前還沒有確切的復工日期，但由於我們在三月停工，而且還沒有真正意義上地復工，所以肯定會有一些影響，特別是對於那些在洛杉磯地區拍攝的人來說，考慮到目前病毒的狀況——抱歉，我錯過了你問題的第二部分。

Well, Tim, I was trying to see. 4 years ago, you made a great prediction that Services is going to be $50 billion by 2020. I wanted to see if you have any update to the prediction 4 years down the road.

提姆，我當時正想看。4 年前，你做了一個非常準確的預測，到 2020 年服務業的市場規模將達到 500 億美元。我想了解您對未來四年的預測是否有任何更新。

We're not updating today. We feel good. We want to take the moment and feel good about achieving the doubling 6 months early. And we do have, still hanging out there, as you know, the subscription number that we're shooting for later in the year at 600 million. So we do have that objective out there.

我們今天不進行更新。我們感覺很好。我們想藉此機會為提前 6 個月實現翻倍目標而感到自豪。而且，正如你所知，我們仍然在努力實現今年稍後 6 億的訂閱用戶目標。所以，我們的確有這個目標。

Okay. If I could just squeeze in one for Luca. With the strong sales in Mac given the shelter in place, do you think the back-to-school season got pulled in by a quarter? Or do you expect the momentum to still continue?

好的。如果我能擠出一點時間給盧卡就好了。鑑於居家隔離期間蘋果產品的強勁銷售，你認為返校季的銷售額是否下降了四分之一？還是你認為這種勢頭還會繼續下去？

As I said when I was talking about providing some commentary for the September quarter, we expect all the non-iPhone product categories to have a very strong year-over-year performance. So we definitely -- I mean the back-to-school season is clearly this one. And we're very excited not only for the Mac but also for the iPad. We got a fantastic lineup of products, and we know that these products are incredibly relevant especially given the current circumstances. So we expect the performance that we've seen for Mac in the June quarter to continue.

正如我在談到對九月份季度業績進行一些評論時所說，我們預計所有非 iPhone 產品類別都將實現非常強勁的同比增長。所以，我們肯定——我的意思是，返校季顯然就是今年。我們不僅對Mac感到非常興奮，對iPad也是如此。我們推出了一系列非常棒的產品，我們知道，鑑於目前的情況，這些產品尤其具有非常重要的意義。因此，我們預計 Mac 在六月季度的表現將得以延續。

From Cross Research, we'll hear from Shannon Cross.

我們將聽聽來自 Cross Research 的 Shannon Cross 的演講。

Tim, can you talk a bit about what you're seeing in China? I know the revenue was up 2%, and I think Luca talked about record iPad. But just curious as to -- given their 5G is a bit ahead, how you're seeing the market play out. And then I have a follow-up.

提姆，你能談談你在中國看到的景象嗎？我知道營收成長了 2%，我記得盧卡還談到了 iPad 的銷售創紀錄。但我很好奇——鑑於他們的 5G 技術略微領先，您認為市場將如何發展？然後我還有一個後續問題。

Yes. Shannon, the growth that -- we did see growth in Greater China for the quarter of 2%. Currency affected China a bit more than in other places. It affected 400 basis points, and so in constant currency, we would have grown at 6%. As I'd mentioned before, the iPhone 11 has been our best-selling phone and has been #1 in Urban China, and so we're very, very proud of that. iPad was helped in the June quarter there by the work-from-home and distance learning as it was in other geographies, and the Mac also grew strong double digit during the quarter. And Services set a new June quarter record there. We also continue to see extremely high new customer rates on Mac and iPad there. To give you a perspective, about 3 out of 4 customers that are buying the Mac are new in China, and about 2 out of 3 that are buying the iPad are new. And so these are numbers that we're super proud of.

是的。Shannon，我們確實看到大中華區本季實現了 2% 的成長。匯率對中國的影響比其他地方大一些。它影響了 400 個基點，因此以固定匯率計算，我們將成長 6%。正如我之前提到的，iPhone 11 是我們最暢銷的手機，在中國城市地區銷售排名第一，我們為此感到非常非常自豪。與其他地區一樣，居家辦公和遠距學習也促進了 iPad 在 6 月季度的銷售，Mac 在該季度也實現了強勁的兩位數成長。服務業在六月季度創下了新的紀錄。我們也看到，Mac 和 iPad 的新客戶成長率持續非常高。為了讓大家有個概念，在中國，購買 Mac 的顧客中約有 4 人是新用戶，購買 iPad 的顧客中約有 3 人是新用戶。所以，我們對這些數據感到非常自豪。

Great. And then can you talk a little bit more about the decision to bring Mac silicon in-house and the benefits that you expect to see or you've seen from vertical integration of acquisitions like the Intel modem business?

偉大的。那麼，您能否再詳細談談將 Mac 晶片納入公司內部研發的決定，以及您預期或已經從收購英特爾調變解調器業務等垂直整合中獲得的收益？

Yes. I mean what we wound up -- what we'll wind up with is a common architecture across all of our products, which gives us some interesting things that we can do in products that are -- that it sort of unleashes another round of innovation. And so I don't want to say a lot about it other than we're extremely excited about it. It's something that we've worked on quite a while to get to this point, and we're looking forward to shipping the first Mac with Apple silicon later in the year.

是的。我的意思是，我們最終得到的——我們將要得到的，是我們所有產品中通用的架構，這為我們提供了在產品中可以做的一些有趣的事情——它在某種程度上釋放了新一輪的創新。所以我不想多說，只想說我們對此感到非常興奮。我們為此努力了很長時間才達到現在的水平，我們期待在今年稍後推出第一款搭載 Apple 晶片的 Mac。

That will come from Amit Daryanani with Evercore.

這將由 Evercore 的 Amit Daryanani 負責。

I have one and a follow-up as well. So first one, I guess, Tim, if I think about the strength you're seeing with iPhones right now, do you have a sense in terms of where is this trend coming from? Is it more replacement cycles getting shorter? Or are we just getting new customers into the iOS ecosystem? Because clearly, these growth rates seem fairly impressive in the context of a pandemic and the upcoming refresh cycle that we have.

我有一個問題，還有一個後續問題。提姆，我想問的第一個問題是，就目前 iPhone 的強勁表​​現而言，你覺得這種趨勢的根源是什麼？是不是更換週期越來越短了？或者我們只是在吸引新用戶加入 iOS 生態系統？顯然，在疫情肆虐和即將到來的更新換代週期背景下，這些成長率顯得相當令人印象深刻。

I think, Amit, it's a combination of a strong launch with iPhone SE and in some -- probably some pickup because of the economic stimulus that hit different countries at different points in time and probably some of the reopening that took place across the quarter, particularly in May and June, as stores started to reopen. And so it's a combination of all of those. And as you know, we've been having a strong cycle with the iPhone 11 and the 11 Pro. And so when you combine the -- a strong cycle plus an iPhone SE launch plus the reopening of the stores, et cetera, I think there were a lot of things that were going in the right direction there.

阿米特，我認為，這既是 iPhone SE 強勁上市的結果，也可能是由於不同國家在不同時期實施的經濟刺激措施帶來的銷量回升，以及本季度部分地區的重新開放，尤其是在 5 月和 6 月，隨著商店開始重新開業。所以它是所有這些因素的綜合體現。正如您所知，iPhone 11 和 11 Pro 的銷售勢頭一直很強勁。因此，當強勁的銷售週期、iPhone SE 的發布、商店的重新開業等等因素結合起來時，我認為很多事情都在朝著正確的方向發展。

Perfect. That's helpful. And I guess, Luca, if I could just follow up with you. I'd love to get your perspective on how do we think about the overall 38% gross margins. What do you think are the levers to improve this as you go forward, not really September quarter but over the next 1 or 2 years? And in that context, do you see a point where the product gross margins start to stabilize because they have been trending somewhat lower for the last couple of quarters now?

完美的。那很有幫助。盧卡，我想再跟你確認一下。我很想聽聽您對我們如何看待 38% 的整體毛利率有何看法。您認為未來一年或兩年內，有哪些方法可以改善這種情況，而不是指九月的季度？在這種情況下，您是否認為產品毛利率會開始趨於穩定，因為在過去的幾個季度裡，毛利率一直呈下降趨勢？

Yes. Let me start with what we've seen during the June quarter. We were -- at 38%, we were down slightly sequentially but up the same amount on a year-over-year basis. And really, the big negative impact that we felt for several quarters now has been the strength of the U.S. dollar. So the foreign exchange impact on a sequential basis was 90 basis points, on a year-over-year basis was 130 basis points. So obviously, that is something to keep in mind. And then the other aspect, I think it's always important to keep in mind, Amit, is that we sell many different products. They have different margin profiles. And so sometimes, a different mix can have an impact on the aggregate level of products' gross margins. And we're very pleased to see the performance of Mac, iPad and wearables, but obviously, it's a different mix.

是的。讓我先從六月的季度情況說起。我們當時的成長率為 38%，季比略有下降，但年比仍成長了相同的幅度。而實際上，我們近幾季以來感受到的最大負面影響就是美元走強。因此，外匯影響季比為 90 個基點，較去年同期為 130 個基點。所以很明顯，這一點需要牢記。還有一點，我認為始終要記住，Amit，那就是我們銷售很多不同的產品。它們的利潤率各不相同。因此，有時不同的產品組合會對產品的整體毛利率產生影響。我們很高興看到 Mac、iPad 和穿戴式裝置的表現，但顯然，這是一個不同的組合。

Going forward, the variables are always the same. It's -- the foreign exchange will continue to play an impact. The mix of products that we're going to be selling will have an impact as well. The commodities market has been relatively benign, and we'll see how that plays out over time. As you know now for several years, we've been managing gross margin, I would say, fairly well in spite of some difficult situations like the one with the strength of the dollar, and we plan to continue to make good trade-off decisions between revenue and units and margins.

展望未來，變數始終保持不變。外匯市場將繼續產生影響。我們即將銷售的產品組合也會產生影響。大宗商品市場一直相對平靜，我們將拭​​目以待，看看隨著時間的推移，情況會如何發展。正如您現在所知，多年來，儘管面臨美元走強等一些困難情況，我們仍然很好地控制了毛利率，我們計劃繼續在收入、銷售和利潤率之間做出合理的權衡決策。

That will come from Kyle McNealy with Jefferies.

這件事將由傑富瑞集團的凱爾麥克尼利 (Kyle McNealy) 負責。

Our team in Asia, recently, we did some survey work on smartphones in China. It showed that there's still a high proportion of the installed bases on 6, 7 and 8 devices. I know you talked about the trade-in programs and promotions that you've been doing there. I wonder if you can tell us whether there's anything else that you're doing to get these customers into your latest technology. What might those customers be looking for? And how should we think about when an upgrade cycle might come on more strongly there in China?

最近，我們亞洲團隊在中國進行了一些關於智慧型手機的調查工作。數據顯示，目前仍有相當一部分用戶使用 6、7 和 8 台設備。我知道你之前談過你們那裡所進行的以舊換新計畫和促銷活動。我想知道您能否告訴我們，為了讓這些客戶使用您的最新技術，您還採取了哪些其他措施。這些顧客可能在找什麼？那麼，我們該如何看待中國何時會出現更強勁的升級換代週期呢？

Customers upgrade at different -- at a different pace, and I don't have in front of me the exact installed base data from China. But I mean much like in other geographies, the upgrades have extended some. It extended some during the depths, if you will, of the pandemic in China and the rest of the world and probably, to some degree, is happening still at this point. The key things that we can do is keep innovating, deliver a product that people can't imagine going through life without and obviously keep rolling out these programs that make the front-end purchase be much less. And this is things like the financing and the trade-in programs that you mentioned. And I do feel like those are going quite good in a number of geographies.

客戶升級的速度各不相同，而且我手邊也沒有來自中國的確切安裝基數資料。但我的意思是，就像在其他地區一樣，升級改造的範圍已經擴大了一些。在中國和世界其他地區疫情最嚴重的時候，這種情況有所緩解，而且可能在某種程度上，這種情況至今仍在發生。我們能做的關鍵事情就是不斷創新，提供人們生活中不可或缺的產品，並且顯然要不斷推出這些項目，讓前期購買成本大大降低。這包括您提到的融資和以舊換新計劃等。而且我覺得這些措施在很多地區都取得了相當不錯的成效。

Okay. Great. And one more, if I may. Congrats again on the strong iPad and Mac results. That's really impressive. I guess the obvious question is, should we ever think about how much of that might be pulled forward and what might it do to future upgrades in the next 2 years? Anything else you can share on how you think about growth from here or whether there's a hangover period maybe after the back-to-school season or holiday season, that would be helpful.

好的。偉大的。如果可以的話，我再補充一個問題。再次恭喜iPad和Mac取得優異成績。真是令人印象深刻。我想最顯而易見的問題是，我們是否應該考慮有多少工作可以提前完成，以及這會對未來兩年的升級產生什麼影響？如果您還能分享一些關於您如何看待未來的發展，或者在開學季或假期之後是否存在一段低迷期，那就太好了。

The installed base is growing, and the new customer numbers that Luca went over in the aggregate are still very high in the -- close to 50% kind of range. And so that, to me, makes the -- bodes well for the future. There's clearly -- as we had indicated, there's some amount of work from home and remote learning that do affect the results of Mac and iPad positively. They probably affect wearables and iPhone the other direction and -- but on Mac and iPad, these are productivity tools that people are using to stay engaged with their work or stay engaged with their school work. And we believe we're going to have a strong back-to-school season. Sitting here today, it certainly looks like that.

安裝用戶群正在成長，盧卡提到的新客戶總數仍然非常高，接近 50%。所以，在我看來，這預示著美好的未來。很明顯——正如我們之前所指出的——在家工作和遠距學習確實會對 Mac 和 iPad 的表現產生積極影響。它們可能會對穿戴式裝置和 iPhone 產生相反的影響——但在 Mac 和 iPad 上，這些是人們用來保持工作或學習專注度的生產力工具。我們相信今年的返校季將會非常成功。今天看來，情況確實如此。

That will come from Cleveland Research's Ben Bollin.

這將是克利夫蘭研究公司的本·博林發表的演講。

Tim, I was hoping you could share a little bit about where you think channel inventory is. You talked about the tightness you saw exiting the June quarter for Mac and iPad. Interested where you think inventory is across major product categories. And then I had a follow-up for Luca.

提姆，我希望你能分享一下你認為通路庫存的現況。你談到了你在六月季度末看到的Mac和iPad市場緊張的局面。想了解您認為各大產品類別的庫存如何。然後我還有盧卡的後續問題。

We -- usually, we've gotten away from talking about channel inventories. But to give you a perspective, sitting here, looking at it, on iPhone, the inventory is slightly less than it was a year ago. And that's -- I'm saying that at a quarter end point, so at the end of Q3. And obviously, iPad and Mac are constrained, and so both of those are less than they were in the year-ago quarter.

我們——通常情況下，我們已經不再談論渠道庫存了。但為了讓您對情況有個概念，我坐在這裡，用 iPhone 看了一下，庫存比一年前略少。我是說，這是季度末的情況，也就是第三季末的情況。顯然，iPad 和 Mac 的供應受到限制，因此這兩項的銷售量都比去年同期有所下降。

Okay. And then, Luca, I'm interested. Any color you could share about the impact COVID had on OpEx in the quarter, be it work-from-home stipends, less travel, other employee support costs? And also, how the company is thinking about the longer-term opportunity of employees working remotely maybe more permanently and any considerations on how that could influence future OpEx.

好的。然後，盧卡，我對你很感興趣。您能否分享新冠疫情對本季營運支出的影響，例如居家辦公津貼、差旅減少、其他員工支援成本等？此外，公司如何看待員工遠距辦公可能更長期化帶來的機會，以及這可能會如何影響未來的營運支出，也需要考慮哪些因素。

Well, on the OpEx front, there have been obviously certain things that have been affected in terms of cost reductions. Obviously, travel is a perfect example. The number of meetings that we had internally, some of those costs have been reduced. We've also invested heavily in initiatives. For example, we're really trying to help during very difficult circumstances. For example, we have had a program, for example, where we match our employee donations. We made donations directly as a company around the world to many institutions and governments. On a net basis, I would say probably, the costs have outweighed the savings both during the March and the June quarter, but we think it's absolutely the right thing to do.

在營運支出方面，顯然有些方面受到了影響，成本有所降低。顯然，旅行就是一個完美的例子。我們內部會議的數量減少，部分費用也因此降低。我們也對各項措施進行了大量投資。例如，我們確實在盡力幫助那些處境非常困難的人。例如，我們曾推出過一項計劃，即匹配員工的捐款。我們公司以公司名義直接向世界各地的許多機構和政府捐款。從淨收益來看，我認為在三月和六月這兩個季度，成本可能都超過了節省的金額，但我們認為這樣做絕對是正確的。

From an employee perspective, what we said so far is that here in the United States, most -- the majority of our population will continue to work from home until the end of the year. And then we'll see. I mean we've taken an approach that we try to understand how the virus is evolving over time. We've taken a very cautious approach both with our corporate facilities and with our retail stores. I think what you've seen with retail stores is that we have reopened in a number of geographies around the world. We've reopened here in the United States. We've had to reclose some of the stores here in the United States as the number of cases has gone up, and we will continue to track how the virus is doing. And hopefully, at some point, we're going to get to a point where there is a vaccine or there is a cure. And so we'll make those decisions as we get more information.

從員工的角度來看，我們目前所說的是，在美國，絕大多數人將繼續在家工作到年底。到時候再說吧。我的意思是，我們採取的方法是努力了解病毒如何隨時間演變。我們對公司設施和零售門市都採取了非常謹慎的態度。我認為大家已經看到，零售商店在世界各地很多地方都重新開業了。我們在美國已經重新開業了。由於病例數量上升，我們不得不重新關閉美國的一些門市，我們將繼續追蹤病毒的傳播情況。希望在某個時候，我們能夠研發出疫苗或找到治療方法。因此，我們會根據掌握的更多資訊做出這些決定。

That will be from Jeriel Ong with Deutsche Bank.

那將來自德意志銀行的 Jeriel Ong。

I have 2 questions as well. I'd like to focus on the gross margin expansion within the Services line, all-time record for the quarter. I'm just curious whether you think that will sustain. I understand within Services, there's a pretty wide range of gross margins by business, and I'm wondering if that should continue to improve.

我也有兩個問題。我想重點介紹一下服務業務的毛利率擴張，這是本季有史以來的最高紀錄。我只是好奇你認為這種情況能否持續下去。我了解到服務業內不同業務的毛利率差異很大，我想知道這種情況是否會繼續改善。

Well, as you've seen, obviously, we've had a sequential expansion in gross margin for Services, and that was driven primarily by mix, as you said, right? We have a very broad portfolio. And depending on which one of the services does better, then we have an impact on Services gross margins. We like the Services business because it's a recurring type of revenue and the margins are accretive to company margin. We did over 67% this quarter. But we want to offer very competitive services across the board, and the same -- I think I'm going to make the same comments that I made on products. What matters to us is to be successful with everything that we do and provide great products and services to our customers. So the relative success of our products and services in the marketplace will drive, to a certain extent, what our margins are. That's -- the margins are a by-product of our success in the marketplace.

正如你所看到的，很明顯，我們的服務業務毛利率實現了環比增長，這主要是由產品組合驅動的，正如你所說，對吧？我們的產品組合非常廣泛。根據哪項服務的表現較好，就會對服務毛利率產生影響。我們喜歡服務業務，因為它是一種經常性收入，利潤率能夠提高公司利潤率。本季我們完成了超過 67%。但我們希望在各方面都提供極具競爭力的服務，而且——我想我會發表與產品方面相同的評論。我們最重視的是我們所做的每一件事都能取得成功，並為我們的客戶提供優質的產品和服務。因此，我們的產品和服務在市場上的相對成功程度，將在一定程度上決定我們的利潤率。也就是說，利潤是我們市場成功的副產品。

Got it. I really appreciate that. And I wanted to ask a question on the wearables segment. It seems to me that you're categorizing the wearables business as maybe being a little bit impacted by pandemic similar to the iPhones. And it's the first time that wearables hasn't materially upsided in at least a while in recent memory. I guess the drivers of wearables being Watch and -- predominantly Watch and AirPods, what are your thoughts going forward on whether there's a little bit of pent-up demand perhaps that might resume as we get back to a more normalized environment?

知道了。我非常感謝。我想問一個關於穿戴式裝置領域的問題。在我看來，你似乎把穿戴式裝置產業歸類為可能受到疫情影響較小的產業，類似於 iPhone 產業。而且，這是近年來穿戴式裝置首次沒有實質的上漲。我認為推動穿戴式裝置發展的因素是 Apple Watch 和 AirPods，您認為隨著我們恢復到更正常的環境，是否會有一些被壓抑的需求重新出現？

I think on the Watch, in particular, is like the iPhone, more affected by store closures because people -- some people want to try on the Watch and see what it looks like, look at different band choices and those sorts of things. So I think as stores closed, it puts more pressure on that. I was -- we did come out sort of the way we told you last quarter. We were going to come out from a -- from the color that we gave you. So we knew things would decelerate because of the closures. So we wound up being very pleased with how we did, but the store closures definitely affect the wearables and the iPhone.

我認為Apple Watch尤其像iPhone一樣，更容易受到商店關閉的影響，因為有些人想試戴Apple Watch，看看它的外觀，看看不同的錶帶選擇等等。所以我覺得隨著商店的關閉，這會給這方面帶來更大的壓力。我當時——我們最終的結果和我們上個季度告訴你們的情況差不多。我們原本打算用──用我們給你的顏色來表達。所以我們知道，由於封鎖措施，事情會放緩。所以最終我們對自己的表現非常滿意，但商店的關閉肯定會對穿戴式裝置和 iPhone 造成影響。

That will come from Jim Suva with Citigroup.

這將是來自花旗集團的吉姆·蘇瓦 (Jim Suva) 的消息。

And I have 2 questions. I'll ask them at the same time, and it's one for Tim and one for Luca. Tim, the coronavirus -- your company has done a fantastic job at overcoming the hurdle. So congratulations to you. As you look forward, say, to the Christmas holiday shopping season and given the economic challenges around the world of where is coronavirus and your product launches and things like that, can you give any commentary maybe how this Christmas, you're looking forward to see maybe some past cycles of Christmas of a line-up? Because it just seems like it's a little bit different, but Apple is really showing a lot more strength coming into this Christmas than maybe some of the past years.

我還有兩個問題。我會同時問他們兩個，一個問提姆，一個問盧卡。提姆，新冠病毒－你們公司在克服這一障礙方面做得非常出色。所以，恭喜你。展望即將到來的聖誕節購物季，考慮到全球經濟面臨的挑戰，以及新冠病毒疫情的影響，還有你們的產品發布等等，您能否談談今年聖誕節，您期待看到哪些往年的聖誕節產品陣容？因為看起來似乎有點不同，但蘋果今年聖誕節的表現確實比往年強勁得多。

And then for Luca. I think today, a quick comment, Luca, that -- you mentioned something about a few weeks later. Was that for like iPhone, iPhone chips or product launches? Or maybe expound upon that. I know things are more difficult but I didn't quite get the commentary. It was in your prepared comments, Luca, about a few weeks later. Let's just do a quick little blurb.

然後是盧卡。盧卡，我想今天簡單提一句──你之前提到幾週後的事。那是為了宣傳iPhone、iPhone晶片還是其他產品發布？或者可以對此進行更詳細的闡述。我知道情況更加困難，但我沒完全理解評論的意思。盧卡，大約幾週後，你在準備好的演講稿中提到了這一點。我們先簡單介紹一下。

Yes, we're -- we take it one quarter at a time, and so we'll give you a color on the December quarter in October. Generally speaking, I think we need to see a vaccine or therapeutic or both, and there's some optimism around that in that particular time frame. And so we'll see. I don't have any information that isn't publicly available there, but I think that would boost consumer confidence quite a bit if it began to happen. And I think that any kind of consumer stock company would benefit from that.

是的，我們－我們一次只處理一個季度，所以我們會在十月給你公佈十二月季度的相關資訊。總的來說，我認為我們需要看到疫苗或治療方法，或者兩者都有，而且在那個特定的時間範圍內，人們對這方面抱有一些樂觀態度。我們拭目以待。我沒有掌握任何未公開的訊息，但我認為如果這種情況開始發生，將會大大提振消費者信心。我認為任何類型的消費性股票公司都會從中受益。

And Jim, on the iPhone, I said in my remarks that we launched -- a year ago, we launched the new iPhone in late September. So I was referring to the new product. And I said that this year, the supply of the new product will be a few weeks later than that.

吉姆，關於 iPhone，我在演講中提到，我們——一年前，我們在九月下旬發布了新款 iPhone。我指的是新產品。我說過，今年新產品的供應時間會比往年晚幾週。

Congratulations to you and your entire organization and teams.

恭喜您和您的整個組織及團隊。

That will come from Wamsi Mohan with Bank of America.

這份文件將由美國銀行的瓦姆西·莫漢提供。

I was wondering if you can maybe comment on the penetration of Apple Card users in the iOS installed base. And have you seen any change in the buying behavior of Apple Card users in terms of accelerating spend on more Apple products and services? And I have a follow-up.

我想請您談談Apple Card用戶在iOS安裝用戶群中的滲透率。您是否觀察到 Apple Card 用戶在購買 Apple 產品和服務方面的消費行為發生了任何變化，例如加速消費更多 Apple 產品和服務？我還有一個後續問題。

We saw changes in consumer spending as the shutdowns occurred and as the store closures occurred. We could see that across the Card. It affected the categories that you would guess the most, like travel and entertainment, et cetera. But overall, if you sort of pull the lens out on the Apple Card, we're very happy with the number of people that have the Apple Card. We believe, based on what we've heard, that it's the fastest rollout in the history of credit cards, and so we feel very good about that.

隨著停工停產和商店關閉，我們看到了消費者支出的變化。我們可以在整張卡片上看到這一點。它影響的類別正如你所料，例如旅遊和娛樂等等。但總的來說，如果你仔細分析 Apple Card，我們會發現擁有 Apple Card 的人數非常多，我們對此感到非常滿意。根據我們聽到的消息，我們認為這是信用卡史上最快的推廣速度，所以我們對此感到非常滿意。

Okay, Tim. And as a follow-up, now that Apple has Apple silicon for Macs, would you ever consider monetizing this as a merchant silicon vendor? Or is this going to be forever for Apple use?

好的，提姆。作為後續問題，現在蘋果已經為 Mac 電腦推出了 Apple Silicon 晶片，您是否考慮將其商業化，成為晶片供應商？還是說蘋果公司會一直這樣使用？

Well, I don't want to make a forever comment but there are -- we're a product company and we love making the whole thing and -- because we can own the user experience in that way and with the goal of delighting the user. And that's the reason that we're doing the Apple silicon is because we can envision some products that we can achieve with Apple silicon that we couldn't achieve otherwise. And so that's how we look at it.

我不想妄下斷言，但是——我們是一家產品公司，我們喜歡親力親為，而且——因為我們可以掌控用戶體驗，並以取悅用戶為目標。這就是我們研發蘋果晶片的原因，因為我們設想，借助蘋果晶片我們可以實現一些我們原本無法實現的產品。所以，我們就是這樣看待這個問題的。

Thank you, Wamsi. 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 2630782. These replays will be available by approximately 5 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，瓦姆西。今天的電話會議錄音將在 Apple Podcasts 上提供兩週的回放，也可以透過 apple.com/investor 上的網路直播和電話收聽。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 2630782。這些回放影片大約會在下午5點前提供。今天太平洋時間。媒體會員如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet。金融分析師如有其他疑問，可致電 (669) 227-2402 與我聯絡。再次感謝您的參與。

And again, that will conclude today's conference.

今天的會議到此結束。