蘋果 (AAPL) 2020 Q3 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to the Apple Inc.

歡迎來到蘋果公司。

Third Quarter Fiscal Year 2020 Earnings Conference Call.

2020 財年第三季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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.

在這個時候，關於開場白和介紹，我想把事情交給公司財務和投資者關係高級經理 Tejas Gala 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝你。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri.

今天首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。

After that, we'll open the call to questions from analysts.

在那之後，我們將打開分析師提問的電話。

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

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收、資本分配和未來業務的陳述前景，包括 COVID-19 對公司業務和經營業績的潛在影響。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

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.

有關更多信息，請參閱 Apple 最近提交的定期報告、10-K 表格和 10-Q 表格以及今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。

Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Apple 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

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

我現在想把電話轉給蒂姆做介紹性發言。

Thanks, Tejas.

謝謝，光輝。

Good afternoon, everyone.

大家下午好。

Thanks for joining the call today.

感謝您今天加入電話會議。

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.

在我們開始之前，我與全國數百萬人一起哀悼和紀念今天早些時候安葬的國會議員約翰·劉易斯。

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.

我們失去了一位走在我們中間的英雄，一位真正意義上的領袖，他敦促這個國家目標更高，更好，直到最後。

I was humbled and fortunate to know him, and as an Alabama native, his example inspires me still.

我很榮幸認識他，作為阿拉巴馬人，他的榜樣仍然激勵著我。

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.

現在，每個美國人都有責任成為約翰·劉易斯的活生生的紀念碑，並推動定義他一生的工作和使命。

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.

在整個電話會議中，我將更詳細地談論 Apple 對公平和正義的支持，以及在許多方面都非常緊迫的話題，但首先，我想把鏡頭拉回來，全面考慮本季度。

In an uncertain environment, Apple saw a quarter of historic results, demonstrating the important role our products play in our customers' lives.

在不確定的環境中，Apple 取得了四分之一的歷史性業績，證明了我們的產品在客戶生活中發揮的重要作用。

We set a June quarter record with revenue of $59.7 billion, up 11% from a year ago.

我們以 597 億美元的收入創下了 6 月份的季度記錄，比一年前增長了 11%。

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.

產品和服務均創下了 6 月份的季度記錄並增長了兩位數，我們每個地理區域的收入均有所增長，這反映了這一成功的廣泛基礎。

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.

與往常一樣，尤其是在真正的逆境中，讓我們作為一家公司感到自豪的不僅僅是我們做了什麼，而是我們是如何做到的。

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.

隨著數百萬人在大城市和小城鎮為正義遊行，我們承諾投入 1 億美元來啟動 Apple 的種族平等和正義倡議，以及在公司各個層面促進多樣性和包容性的新的和更新的內部努力。

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.

隨著 COVID-19 繼續給個人帶來巨大風險，給我們的社區帶來巨大的不確定性，關懷和適應能力正在決定我們如何開展工作，無論我們在哪里工作。

In some places, that has meant responsibly reopening our operations in retail stores with enhanced health and safety precautions.

在某些地方，這意味著負責任地重新開放我們在零售店的業務，並加強健康和安全預防措施。

In others where the virus has reemerged, it's meant taking the challenging but necessary step of reclosing stores.

在病毒再次出現的其他地方，這意味著採取具有挑戰性但必要的步驟來重新關閉商店。

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.

我將稍後更多地涉及這些主題，但首先，我想提供有關本季度業績的更多背景信息。

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.

由於 COVID-19 的不確定性和持續影響，我們在上個季度報告業績時沒有提供典型的指導，但我們確實提供了一些關於我們預計 6 月季度將如何發揮作用的顏色。

I'd like to contextualize our results in terms of that color across each of our product categories beginning with iPhone.

我想根據從 iPhone 開始的每個產品類別的顏色來說明我們的結果。

iPhone revenue grew 2% this quarter.

本季度 iPhone 收入增長 2%。

In April, we expected year-over-year performance to worsen but we saw better-than-expected demand in May and June.

4 月，我們預計同比表現會惡化，但我們看到 5 月和 6 月的需求好於預期。

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.

我們將這種需求增長歸因於幾個互動原因，包括強勁的 iPhone SE 發布、持續的經濟刺激以及全球各地解除就地避難所限制的潛在好處。

We expected iPad and Mac growth to accelerate, and we saw very strong double-digit growth for these devices this quarter.

我們預計 iPad 和 Mac 的增長將加速，本季度我們看到這些設備的兩位數增長非常強勁。

This remarkable performance came in spite of supply constraints on both products.

儘管這兩種產品都受到供應限制，但仍取得瞭如此出色的表現。

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.

我們正在努力盡快讓更多的 iPad 和 Mac 進入客戶手中，我們認識到他們已經成為在家工作和學習、提供娛樂和與親人保持聯繫的重要組成部分。

Wearables growth decelerated as we expected but still grew by strong double digits and set a revenue record for a non-holiday quarter.

可穿戴設備的增長正如我們預期的那樣減速，但仍以兩位數的強勁增長，並創下了非假日季度的收入記錄。

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.

在本季度宣布的 watchOS 7 和 AirPods Pro 中內置的強大新功能的基礎上，我們對這個產品類別面臨的許多機會感到非常興奮。

These strong results helped drive our installed base of active devices to new all-time records across each of our product categories.

這些強勁的業績有助於推動我們的有源設備安裝基礎在我們每個產品類別中創下新的歷史記錄。

Reflecting the deep integration of hardware, software and services, Services generated a June quarter record of $13.2 billion, up 15% year-over-year.

反映硬件、軟件和服務的深度整合，服務創造了 6 月季度創紀錄的 132 億美元，同比增長 15%。

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.

正如我們在上次電話會議中提到的那樣，我們看到了 2 個不同的趨勢，它們正如我們所想的那樣發揮了作用：首先，廣告和 AppleCare 的結果受到經濟活動水平下降和商店關閉的影響達到一定程度與我們的期望。

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.

其次，我們的數字服務表現強勁，App Store、Apple Music、視頻和雲服務的收入創歷史新高，iMessage、Siri 和 FaceTime 月份的參與度也有所提高。

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.

客戶喜歡 Apple 服務中的新產品，例如 Apple News Today，我們新的每日音頻簡報，以及 Greyhound，我們由 Tom Hanks 主演的新夏季大片。

In fact, Apple TV+ just hit a history-making 95 awards nominations and 25 wins and accolades.

事實上，Apple TV+ 剛剛獲得了 95 項獎項提名和 25 項榮譽，創造了歷史。

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.

基於這些結果和我們在過去 4 個季度的表現，我們自豪地宣布，我們提前 6 個月實現了 2016 財年服務收入翻番的目標。

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.

我們意識到，在大大小小的企業，當然對於家庭而言，真正的經濟逆境時期，這些結果使人大為鬆了一口氣。

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.

我們沒有零和的方法來實現繁榮，尤其是在這樣的時代，我們專注於做大蛋糕，確保我們的成功不僅僅是我們的成功，我們所做的一切，建造或做的都是為了為他人創造機會。

The App Store is a great example.

App Store 就是一個很好的例子。

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.

本季度，Analysis Group 獨立經濟學家的一項新研究發現，僅在 2019 年，App Store 就為全球商業帶來了超過 5 萬億美元的收入。

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.

尤其是在 COVID-19 時期，您可以通過 App Store 支持餐廳的遠程訂購、小型企業的數字商務以及創造者和有遠見者的持久創業機會的方式來衡量經濟彈性。

Keeping learning vibrant and impactful in the time of COVID-19 is a priority everyone shares.

在 COVID-19 時代保持學習充滿活力和影響力是每個人都共享的優先事項。

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.

本月早些時候，我們宣布對“用 Swift 開發”和“人人能編程”課程進行重大改進，並推出了專為教育工作者提供的新專業學習課程。

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.

就在 2 週前，我們的社區教育計劃在我們的名冊中增加了 10 個歷史悠久的黑人學院和大學區域編碼中心，使全國總數達到 24 個，其中 12 個是 HBCU，其中 21 個服務於大多數黑人和棕色學生群體。

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 Apple 的後院，我們宣布，我們將在多年 25 億美元的經濟適用房承諾中撥出 4 億美元用於新住房建設、購房者援助計劃以及支持矽谷面臨無家可歸風險最大的人。

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.

Apple 本季度的業績之所以成為可能，是因為我們的員工以及他們在這個瞬息萬變的時代持續的獨創性、靈活性、韌性和決心。

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.

我要感謝我們的 AppleCare 和零售團隊，他們在需求旺盛的時期提供了卓越的服務，並在一個季度中具有很強的適應性，一些地方的商店重新開業，而另一些地方則重新關閉。

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.

一個由專家和專家組成的專門團隊肩負著照顧我們團隊和社區福祉的任務，逐個商店，逐個地點，以證據驅動的粒度和敏捷性在任何地方都無與倫比。

Innovation from adversity certainly defined this year's Worldwide Developers Conference as well.

逆境中的創新當然也定義了今年的全球開發者大會。

This is an event where traditionally, Apple's worldwide community of developers gathers together to share, celebrate and do big things together.

這是一個傳統的活動，Apple 的全球開發者社區聚集在一起分享、慶祝和一起做大事。

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.

雖然我們不能親自在一起，但 Apple 為我們著名的全虛擬活動所帶來的在線活動設定了新標準。

The results here speak for themselves.

這裡的結果不言自明。

More than 22 million viewers tuned in across all of Apple's streams.

超過 2200 萬觀眾收看了 Apple 的所有視頻流。

For our developers, we distributed more than 72 hours of video content.

對於我們的開發人員，我們分發了超過 72 小時的視頻內容。

That's 3 full days of video.

那是整整3天的視頻。

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.

本周有超過 200 場直接視頻工程和設計會議，並與 227 個虛擬實驗室的開發人員進行了約 4,500 次面對面的約會。

And of course, that's even before you get to this year's announcements.

當然，這甚至是在您獲得今年的公告之前。

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.

從對主屏幕進行徹底重新設計的 iOS 14、對消息的強大更新、簡化和輕鬆的 App Clips 以及更大的隱私透明度和控製到 Apple Pencil、Siri 和 iPadOS 14 中的呼叫的重大更新，再到備受期待的睡眠跟踪，新的健身和健康功能以及 watchOS 7 中前所未有的定制，到新的 macOS Big Sur，它擁有自 OS X 以來對 macOS 的最大重新設計升級。對於 Apple 的創新路線圖而言，同樣重要的是我們向 Mac 的 Apple 芯片過渡。

This 2-year effort will achieve both unprecedented performance for the Mac and a common architecture across all Apple products.

這 2 年的努力將實現 Mac 前所未有的性能和所有 Apple 產品的通用架構。

Looking forward, we are profoundly optimistic about Apple's future.

展望未來，我們對蘋果的未來深表樂觀。

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.

我們認識到，隨著這一成功而來的是真正的責任，即以我們的價值觀來領導，因為這些價值觀首先有助於使成功成為可能。

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.

我們對本月宣布 Apple 將在 2030 年之前在我們的整個供應鏈中實現完全碳中和感到自豪，這包括我們製造的每台設備的能源使用，就像我們對任何硬件創新一樣，因為它們源於相同的本能讓世界比我們發現的更好。

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.

通過我們對 Apple 的種族平等和正義倡議的新 1 億美元承諾，我們致力於與那些為生命和尊嚴而遊行的人們站在一起。

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.

我們正在內部深化我們的多元化和包容性努力，因為我們作為一家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.

有時，當經濟或社會需要進步時，事情似乎進展緩慢，似乎陷入困境，當本能轉向遠離地平線並堅持你所擁有的東西時，這種感覺是不可避免的。

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.

有時，善意的人會向前邁進，進步會自行停止，希望的堅持會迫使一些新事物出現。

This is an immensely challenging moment.

這是一個極具挑戰性的時刻。

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.

COVID-19 仍然對許多地方造成破壞，我們還有工作要做，以照顧我們所有人生活和工作所在社區的健康和福祉。

But no community of people, whether a company or a country, can afford to miss this call when it comes.

但是，無論是公司還是國家，任何社區都不能錯過這個電話。

At Apple, we never have and we don't intend to start now.

在 Apple，我們從來沒有，也不打算現在開始。

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

有了這個，我會把事情交給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

Our June quarter was a testament to Apple's ability to innovate and execute during challenging times.

我們 6 月份的季度證明了 Apple 在充滿挑戰的時期創新和執行的能力。

Our results speak to the resilience of our business and the relevance of our products and services in our customers' lives.

我們的結果說明了我們業務的彈性以及我們的產品和服務在客戶生活中的相關性。

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.

總收入為 597 億美元，創下 6 月份季度的新紀錄，儘管受到外匯 300 個基點的不利影響，但比一年前增長了 11%。

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.

我們在整個產品組合中的表現都很強勁，因為我們在每個產品類別中都實現了收入增長，並為 Mac、可穿戴設備和服務創造了 6 月份的季度記錄。

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.

同樣，我們在全球範圍內的業績都非常強勁，所有地理區域均實現增長，美洲、歐洲、日本和亞太其他地區的 6 月季度創下新紀錄。

Products revenue was $46.5 billion, up 10% and a June quarter record.

產品收入為 465 億美元，增長 10%，創下 6 月季度記錄。

iPhone returned to growth and we saw very strong double-digit growth from iPad, Mac and wearables.

iPhone 恢復增長，我們看到 iPad、Mac 和可穿戴設備實現兩位數的強勁增長。

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.

封鎖和銷售點關閉在 4 月份普遍存在，影響了我們的業績，但我們看到 5 月和 6 月對所有產品的需求都顯著改善。

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.

由於我們的強勁表現和客戶無與倫比的忠誠度，我們的有源設備安裝基數在我們所有的地理區域和所有主要產品類別中都達到了歷史最高水平。

Our Services continue to grow strongly, up 15% year-over-year and reached a June quarter record of $13.2 billion.

我們的服務繼續強勁增長，同比增長 15%，達到 6 月季度創紀錄的 132 億美元。

We set all-time records in many Services categories and June quarter records in each geographic segment.

我們在許多服務類別中創造了歷史記錄，並在每個地理區域創造了六月季度記錄。

I'll cover this in more detail later.

稍後我將更詳細地介紹這一點。

Company gross margin was 38%.

公司毛利率為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.

由於 90 個基點的不利外彙和不同的產品組合，這一數字環比下降了 40 個基點，部分被成本節約和服務組合所抵消。

Products gross margin was 29.7%, decreasing 60 basis points sequentially due to FX and a different mix, partially offset by cost savings.

產品毛利率為 29.7%，由於外彙和不同的組合，環比下降 60 個基點，部分被成本節約所抵消。

Services gross margin was 67.2%, up 180 basis points sequentially mainly due to mix.

服務毛利率為 67.2%，環比增長 180 個基點，主要是由於混合。

Net income was $11.3 billion, and earnings per share were $2.58, up 18% and a June quarter record.

淨收入為 113 億美元，每股收益為 2.58 美元，增長 18%，創下 6 月季度記錄。

Operating cash flow was also a June quarter record at $16.3 billion, an improvement of $4.6 billion over a year ago.

營運現金流也創下 6 月季度的紀錄，為 163 億美元，比一年前增加 46 億美元。

Let me get into more detail for each of our revenue categories.

讓我更詳細地了解我們的每個收入類別。

iPhone revenue grew 2% to $26.4 billion with customer demand improving as the quarter progressed.

隨著季度的進展，隨著客戶需求的改善，iPhone 收入增長了 2% 至 264 億美元。

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.

COVID-19 在 4 月的前 3 週影響最大，當時許多國家的封鎖和銷售點關閉變得更加普遍。

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.

我們在 5 月和 6 月看到全球範圍內的顯著改善，我們將其歸因於 iPhone SE 和經濟刺激計劃的成功推出，客戶需求水平有所提高。

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.

由於我們客戶群的忠誠度和我們生態系統的實力，我們的 iPhone 活躍安裝基數再次達到歷史最高水平。

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.

事實上，在美國，451 Research 對消費者的最新調查表明，iPhone 11、11 Pro 和 11 Pro Max 的 iPhone 客戶滿意度為 98%。

Turning to Services.

轉向服務。

As I said, we set a June quarter record of $13.4 billion of revenue.

正如我所說，我們創造了 6 月季度收入 134 億美元的記錄。

We had all-time record performance and strong double-digit growth in the App Store, Apple Music, video and cloud services.

我們在 App Store、Apple Music、視頻和雲服務方面取得了創紀錄的業績和強勁的兩位數增長。

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.

我們的新服務 Apple TV+、Apple Arcade、Apple News+ 和 Apple Card 也為整體服務增長做出了貢獻，並繼續增加用戶、內容和功能。

At the same time, customer engagement in our ecosystem continues to grow at a fast pace.

與此同時，客戶在我們生態系統中的參與度繼續快速增長。

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.

我們數字內容商店的交易賬戶和付費賬戶數量在 6 月季度創下歷史新高，付費賬戶在我們的每個地理區域都增長了兩位數。

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.

總體而言，付費訂閱量連續增長超過 3500 萬，現在我們平台上的服務的付費訂閱量超過 5.5 億，比一年前增加了 1.3 億。

With this momentum, we remain confident to reach our increased target of 600 million paid subscriptions before the end of calendar 2020.

憑藉這一勢頭，我們仍然有信心在 2020 年日曆結束前實現 6 億付費訂閱的增長目標。

Wearables, Home and Accessories established a new June quarter record with revenue of $6.5 billion, up 17% year-over-year.

可穿戴設備、家居和配飾以 65 億美元的收入創下了 6 月份的新季度記錄，同比增長 17%。

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.

我們的可穿戴設備業務現在已經達到了財富 140 強公司的規模，並且在我們追踪的大多數市場中，我們都創下了 6 月份的季度記錄。

Importantly, Apple Watch continues to extend its reach, with over 75% of the customers purchasing Apple Watch during the quarter new to the product.

重要的是，Apple Watch 繼續擴大其覆蓋範圍，超過 75% 的客戶在本季度購買了 Apple Watch 新產品。

Next, I'd like to talk about the impressive performance of Mac.

接下來，我想談談Mac令人印象深刻的性能。

Revenue was $7.1 billion, up 22% over last year and a June quarter record.

收入為 71 億美元，比去年增長 22%，創下 6 月季度的紀錄。

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.

我們在每個地理區域都實現了兩位數的增長，並在日本和亞太地區其他地區創造了歷史收入記錄，並在美洲和歐洲創造了 6 月季度記錄。

Customer response to our new MacBook Air and MacBook Pro launches has been extremely strong.

客戶對我們新推出的 MacBook Air 和 MacBook Pro 的反應非常強烈。

iPad performance was equally impressive with revenue of $6.6 billion, up 31% and our highest June quarter revenue in 8 years.

iPad 的表現同樣令人印象深刻，收入為 66 億美元，增長 31%，是 8 年來最高的 6 月季度收入。

Demand was strong around the world with double-digit growth in each of our geographic segments, including a June quarter record in Greater China.

全球需求強勁，我們的每個地理區域都實現了兩位數的增長，其中包括大中華區 6 月份的季度創紀錄。

The launch of our new iPad Pro has been received incredibly well in every region of the world.

我們新 iPad Pro 的推出在全球每個地區都受到了難以置信的好評。

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.

Mac 和 iPad 在新的工作和學習環境中都是非常相關的產品，451 Research 最近對消費者的調查顯示，Mac 的客戶滿意度為 96%，iPad 的客戶滿意度為 97%。

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.

在本季度購買 Mac 和 iPad 的客戶中，約有一半是該產品的新手，因此，這兩種產品的活躍安裝基數都達到了歷史新高。

Our retail business had record June quarter revenue, thanks to the performance of our online store.

得益於我們在線商店的表現，我們的零售業務在 6 月季度實現了創紀錄的收入。

We set records in all geographic segments and grew across all major product categories.

我們在所有地理領域都創造了記錄，並且在所有主要產品類別中都取得了增長。

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.

6 月，我們在美國商店推出了針對更多產品的 Apple Card 月度分期付款，允許客戶在一段時間內以 0% 的利息支付設備費用。

We're very pleased with the level of customer interest this new offering has generated.

我們對這項新產品產生的客戶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.

在企業市場中，我們繼續看到公司利用 Apple 產品和產品成功通過 COVID-19 開展業務。

In health care, we're seeing rapid acceleration of telehealth to support a more flexible model of patient care.

在醫療保健領域，我們看到遠程醫療的快速發展，以支持更靈活的患者護理模式。

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.

許多醫院，例如 UVA Health、Rush University Medical Center 和 UC San Diego Health 都在使用 iPad 和 iPhone 上的應用程序來幫助對在家中的患者進行分類、監控和護理。

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.

這有助於騰出醫院容量來支持需要住院護理的患者，同時為不需要親自就診的患者提供持續護理。

Since many call center employees are currently working remotely, Apple Business Chat has proven an invaluable tool for staying connected with customers.

由於許多呼叫中心員工目前都在遠程工作，Apple Business Chat 已被證明是與客戶保持聯繫的寶貴工具。

This quarter, HSBC deployed Apple Business Chat in its U.S. and U.K. contact centers.

本季度，匯豐銀行在其美國和英國聯絡中心部署了 Apple Business Chat。

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.

Apple Business Chat 通過原生 Apple 體驗為數字銀行協助提供靈活、安全的渠道，從而提高客戶和代理的效率和體驗。

We are seeing similar adoption by hundreds of other organizations.

我們看到數百個其他組織也採用了類似的方法。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with almost $194 billion in cash plus marketable securities.

我們在本季度結束時擁有近 1940 億美元的現金和有價證券。

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.

我們在本季度發行了 85 億美元的新定期債務，償還了 74 億美元的定期債務，並增加了 11 億美元的短期借貸便利，使我們的總債務達到 1130 億美元。

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.

因此，本季度末的淨現金為 810 億美元，隨著時間的推移，我們將繼續朝著淨現金中性的方向前進。

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.

我們在 6 月季度向股東返還了超過 210 億美元，其中包括 37 億美元的股息和等價物，以及通過公開市場回購 3130 萬股蘋果股票的 100 億美元。

We also began a $6 billion accelerated share repurchase program in May, resulting in the initial delivery and retirement of 15.2 million shares.

我們還在 5 月份啟動了 60 億美元的加速股票回購計劃，導致 1520 萬股的初始交付和退休。

And finally, we retired an additional 4.8 million shares in the final settlement of our 15th ASR.

最後，我們在第 15 次 ASR 的最終結算中額外退還了 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.

隨著我們進入 9 月季度，我想就我們所看到的內容提供一些顏色，其中包括 Tejas 在電話會議開始時提到的前瞻性信息類型。

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.

與上一季度類似，鑑於近期全球範圍內的不確定性，我們將不會發布下一季度的收入和利潤率指引。

However, we will provide some additional insight on our expectations for the September quarter for our product categories.

但是，我們將就我們對產品類別的 9 月季度的預期提供一些額外的見解。

On iPhone, we expect to see recent performance continue for our current product lineup, including the strong customer response for iPhone SE.

在 iPhone 上，我們預計我們當前的產品陣容近期的表現將繼續，包括對 iPhone SE 的強烈客戶反應。

In addition, as you know, last year, we started selling new iPhones in late September.

此外，如您所知，去年我們在 9 月下旬開始銷售新款 iPhone。

This year, we project supply to be available a few weeks later.

今年，我們預計供應將在幾週後提供。

We expect the rest of our products categories to have strong year-over-year performance.

我們預計我們的其他產品類別將有強勁的同比表現。

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.

對於服務，我們預計 9 月季度的趨勢與我們在 6 月季度觀察到的趨勢相同，但 AppleCare 除外，在一年前的 9 月季度，我們顯著擴大了分銷。

As a consequence, we expect a difficult comp for AppleCare also considering the COVID-related point-of-sale closures this year.

因此，考慮到今年與 COVID 相關的銷售點關閉，我們預計 AppleCare 將面臨艱難的競爭。

For gross margin, keep in mind that we will have a different mix than in prior years, as I just explained.

對於毛利率，請記住，正如我剛剛解釋的那樣，我們將擁有與往年不同的組合。

For OpEx, we expect to be between $9.8 billion and $9.9 billion.

對於運營支出，我們預計在 98 億美元到 99 億美元之間。

We expect the tax rate to be about 16.5% and OI&E to be $50 million.

我們預計稅率約為 16.5%，OI&E 為 5000 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.

同樣在今天，我們的董事會宣佈於 2020 年 8 月 13 日向截至 2020 年 8 月 10 日在冊的股東派發每股普通股 0.82 美元的現金股息。

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.

最後，今天，我們宣布將 Apple 普通股以 4 比 1 的比例進行拆分，以使我們的股票更容易為更廣泛的投資者群體所接受。

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.

在 2020 年 8 月 24 日交易結束時，每位在冊股東將獲得 3 股額外股份，每持有 1 股在記錄日持有的流通股，交易將於 2020 年 8 月 31 日在拆分調整的基礎上開始。

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

有了這個，讓我們打開問題的電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions) Operator, may we please have the first question?

（操作員說明）操作員，我們可以問第一個問題嗎？

Yes.

是的。

That will be from Katy Huberty with Morgan Stanley.

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?

蒂姆，鑑於您在準備好的講話中談到的經濟逆境，您能否向我們介紹一下 Apple 如何在此期間利用金融和以舊換新計劃使技術更實惠、更容易獲得，同時還解決了回收和回收利用的機會。重用產品，也許還會將其擴展到這些程序如何隨著時間的推移而擴展？

And then I have a follow-up.

然後我有一個跟進。

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.

正如盧卡所提到的，在 6 月，我們實際上推出了我們其他產品的壓倒性餘額的利率能力——在我們的商店中通過付款進行無息融資。

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.

除了以舊換新之外，這正在成為一種更普遍的趨勢，我認為這非常棒，因為它對環境很有好處，如果你願意的話，它可以作為對新手機價格的補貼。

And so when you compound these 2 things with the financing and the trade-in, it makes the product super affordable.

因此，當您將這兩件事與融資和以舊換新相結合時，它會使產品變得超級實惠。

And we're really happy with what we're seeing in that regard.

我們對我們在這方面所看到的感到非常滿意。

And then as a follow-up, just specifically to iPhone, the category returned to growth.

然後作為後續行動，專門針對 iPhone，該類別恢復了增長。

As you pointed out, the installed base is larger today.

正如您所指出的，今天的安裝基數更大。

Our math would suggest that replacement cycles, in some cases, are elongated.

我們的數學表明，在某些情況下，更換週期會延長。

And then you have the affordability element that you just discussed.

然後你就有了剛才討論的負擔能力元素。

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?

在經歷了 6 個季度的下滑之後，所有這些結合起來是否可以讓我們相信我們正在進入更長時期的 iPhone 收入增長？

We're very pleased with how we did on iPhone.

我們對我們在 iPhone 上的表現感到非常滿意。

It was better than we thought largely because, as we pointed out in the prepared remarks, May and June were much better.

這比我們想像的要好，主要是因為正如我們在準備好的評論中指出的那樣，5 月和 6 月要好得多。

If you look at iPhone in totality, the things that get me very optimistic is the size of the active installed base.

如果你從整體上看 iPhone，讓我非常樂觀的是活躍用戶群的規模。

The fact that if you look in the major geographies like the U.S., we had the top 2 selling smartphones.

事實上，如果你看看像美國這樣的主要地區，我們的智能手機銷量排名前 2。

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.

在英國，前 4 名中有 3 部。在澳大利亞，前 6 名中有 5 部。在日本，我們獲得前 4 名。中國城市——iPhone 11 是全球最暢銷的智能手機國家。

And so these are some very different geographies with very different competitive situations and we're doing fairly well.

所以這些是一些非常不同的地區，有著非常不同的競爭環境，我們做得相當好。

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.

iPhone SE 也很明顯，從早期數據來看，我們看到的切換器數量比前一年更高，我們對此感覺非常好。

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.

它似乎也吸引了一些持有該設備更長時間的人，因為他們想要更小的外形尺寸的手機。

And so the combination of the smaller form factor and an incredibly affordable price made the iPhone SE very popular.

因此，較小的外形尺寸和令人難以置信的實惠價格相結合，使 iPhone SE 非常受歡迎。

iPhone 11 is still the most popular smartphone, but iPhone SE definitely helped our results.

iPhone 11 仍然是最受歡迎的智能手機，但 iPhone SE 無疑對我們的結果有所幫助。

And as we -- as Lucas said in his outlook, we do see that continuing into this quarter currently.

正如我們 - 正如盧卡斯在他的展望中所說，我們確實看到目前這種情況會持續到本季度。

That will be from Krish Sankar with Cowen and Company.

那將來自與 Cowen and Company 的 Krish Sankar。

I have 2 of them.

我有 2 個。

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?

第一個，蒂姆，當您查看服務業務以及您的 TV+ 內容製作時，移動限制是否影響了內容製作工作？

And along the same path, 4 years ago, your premonition on Services being a $50 billion business in 2020 came sooner than expected.

沿著同樣的道路，4 年前，您對服務在 2020 年將成為 500 億美元業務的預感來得比預期的要早。

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.

我不知道您是否想在 4 年後就您認為服務收入將如何做出任何此類預測。

Then I had a follow-up for Luca.

然後我對盧卡進行了跟進。

I'm sorry.

對不起。

I missed that second question because the audio didn't come through.

我錯過了第二個問題，因為音頻沒有通過。

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.

但我認為我必須 - 只是第一個，那就是 Apple TV+ 的製作受到了影響，就像我認為大多數人一樣。

We are working to get restarted.

我們正在努力重新啟動。

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.

我還沒有確切的重啟日期，但會產生一些影響，因為我們在 3 月的時間範圍內關閉，並且尚未真正以顯著的方式重啟，特別是對於那些在洛杉磯地區被槍殺的人鑑於病毒的當前狀態 - 對不起，我錯過了你的 - 你問題的第二部分。

Well, Tim, I was trying to see.

嗯，蒂姆，我想看看。

4 years ago, you made a great prediction that Services is going to be $50 billion by 2020.

4 年前，您做出了一個偉大的預測，即到 2020 年，服務將達到 500 億美元。

I wanted to see if you have any update to the prediction 4 years down the road.

我想看看你對 4 年後的預測是否有任何更新。

We're not updating today.

我們今天不更新。

We feel good.

我們感覺很好。

We want to take the moment and feel good about achieving the doubling 6 months early.

我們想抓住時機，對提前 6 個月實現翻倍感到滿意。

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.

如你所知，我們確實有，仍然掛在那裡，我們計劃在今年晚些時候達到 6 億的訂閱數量。

So we do have that objective out there.

所以我們確實有這個目標。

Okay.

好的。

If I could just squeeze in one for Luca.

如果我可以為盧卡擠一個。

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?

由於 Mac 的強勁銷售已經到位，你認為返校季會提前四分之一嗎？

Or do you expect the momentum to still continue?

還是您預計這種勢頭仍將繼續？

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.

正如我在談到為 9 月季度提供一些評論時所說的那樣，我們預計所有非 iPhone 產品類別的同比表現都非常強勁。

So we definitely -- I mean the back-to-school season is clearly this one.

所以我們肯定——我的意思是開學季顯然是這一季。

And we're very excited not only for the Mac but also for the iPad.

我們對 Mac 和 iPad 都感到非常興奮。

We got a fantastic lineup of products, and we know that these products are incredibly relevant especially given the current circumstances.

我們有一個很棒的產品陣容，我們知道這些產品非常重要，特別是考慮到當前的情況。

So we expect the performance that we've seen for Mac in the June quarter to continue.

因此，我們預計我們在 6 月季度看到的 Mac 性能將繼續下去。

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

來自 Cross Research，我們將聽到 Shannon Cross 的消息。

Tim, can you talk a bit about what you're seeing in China?

蒂姆，你能談談你在中國看到的情況嗎？

I know the revenue was up 2%, and I think Luca talked about record iPad.

我知道收入增長了 2%，而且我認為 Luca 談到了創紀錄的 iPad。

But just curious as to -- given their 5G is a bit ahead, how you're seeing the market play out.

但只是好奇——鑑於他們的 5G 有點領先，你如何看待市場發展。

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

Shannon, the growth that -- we did see growth in Greater China for the quarter of 2%.

香農的增長——我們確實看到大中華區本季度增長了 2%。

Currency affected China a bit more than in other places.

與其他地方相比，貨幣對中國的影響要大一些。

It affected 400 basis points, and so in constant currency, we would have grown at 6%.

它影響了 400 個基點，因此按固定匯率計算，我們將增長 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.

正如我之前提到的，iPhone 11 一直是我們最暢銷的手機，並且在中國城市地區排名第一，因此我們為此感到非常非常自豪。

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.

與其他地區一樣，iPad 在 6 月份的季度得益於在家工作和遠程學習的幫助，Mac 在本季度也實現了兩位數的強勁增長。

And Services set a new June quarter record there.

服務在那裡創造了新的六月季度記錄。

We also continue to see extremely high new customer rates on Mac and iPad there.

我們還繼續看到那裡的 Mac 和 iPad 上的新客戶率極高。

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.

給你一個視角，大約四分之三的購買 Mac 的客戶是中國的新客戶，大約三分之二的購買 iPad 的客戶是新客戶。

And so these are numbers that we're super proud of.

所以這些是我們非常自豪的數字。

Great.

偉大的。

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?

然後，您能否多談談將 Mac 芯片引入內部的決定，以及您期望看到或從英特爾調製解調器業務等收購的垂直整合中看到的好處？

Yes.

是的。

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.

我的意思是我們最終的結果——我們最終將得到一個跨我們所有產品的通用架構，它為我們提供了一些我們可以在產品中做的有趣的事情——它在某種程度上釋放了另一輪創新.

And so I don't want to say a lot about it other than we're extremely excited about it.

因此，除了我們對此感到非常興奮之外，我不想多說。

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.

為了達到這一點，我們已經努力了很長時間，我們期待著在今年晚些時候推出第一台配備 Apple 芯片的 Mac。

That will come from Amit Daryanani with Evercore.

這將來自 Evercore 的 Amit Daryanani。

I have one and a follow-up as well.

我有一個和一個後續。

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?

所以第一個，我想，蒂姆，如果我考慮一下你現在看到的 iPhone 的實力，你是否知道這種趨勢來自哪裡？

Is it more replacement cycles getting shorter?

更換週期是否越來越短？

Or are we just getting new customers into the iOS ecosystem?

還是我們只是讓新客戶進入 iOS 生態系統？

Because clearly, these growth rates seem fairly impressive in the context of a pandemic and the upcoming refresh cycle that we have.

因為很明顯，在大流行和即將到來的更新周期的背景下，這些增長率似乎相當令人印象深刻。

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.

我認為，阿米特，這是與 iPhone SE 的強勁發布以及某些方面的結合——可能是因為經濟刺激措施在不同時間點對不同國家造成影響，而且可能是整個季度發生的一些重新開放，特別是在 5 月和 6 月，隨著商店開始重新營業。

And so it's a combination of all of those.

所以它是所有這些的組合。

And as you know, we've been having a strong cycle with the iPhone 11 and the 11 Pro.

如您所知，iPhone 11 和 11 Pro 的周期一直很強勁。

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.

因此，當您將強勁的周期加上 iPhone SE 的發布以及商店的重新開業等因素結合起來時，我認為那裡有很多事情朝著正確的方向發展。

Perfect.

完美的。

That's helpful.

這很有幫助。

And I guess, Luca, if I could just follow up with you.

我想，盧卡，如果我能跟進你的話。

I'd love to get your perspective on how do we think about the overall 38% gross margins.

我很想听聽您對我們如何看待 38% 的整體毛利率的看法。

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?

你認為在你前進的過程中，改善這一點的槓桿是什麼，而不是真正的 9 月季度，而是未來 1 或 2 年？

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?

在這種情況下，您是否看到產品毛利率開始穩定的一點，因為它們在過去幾個季度中一直呈下降趨勢？

Yes.

是的。

Let me start with what we've seen during the June quarter.

讓我從我們在六月季度看到的情況開始。

We were -- at 38%, we were down slightly sequentially but up the same amount on a year-over-year basis.

我們 - 為 38%，環比略有下降，但同比增長相同。

And really, the big negative impact that we felt for several quarters now has been the strength of the U.S. dollar.

實際上，我們現在幾個季度感受到的巨大負面影響是美元走強。

So the foreign exchange impact on a sequential basis was 90 basis points, on a year-over-year basis was 130 basis points.

因此，外匯影響環比為 90 個基點，同比為 130 個基點。

So obviously, that is something to keep in mind.

很明顯，這是需要牢記的。

And then the other aspect, I think it's always important to keep in mind, Amit, is that we sell many different products.

然後另一方面，我認為始終牢記這一點很重要，阿米特，我們銷售許多不同的產品。

They have different margin profiles.

他們有不同的保證金概況。

And so sometimes, a different mix can have an impact on the aggregate level of products' gross margins.

因此，有時，不同的組合會對產品毛利率的總體水平產生影響。

And we're very pleased to see the performance of Mac, iPad and wearables, but obviously, it's a different mix.

我們很高興看到 Mac、iPad 和可穿戴設備的性能，但顯然，這是一種不同的組合。

Going forward, the variables are always the same.

展望未來，變量總是相同的。

It's -- the foreign exchange will continue to play an impact.

這是——外匯將繼續發揮影響。

The mix of products that we're going to be selling will have an impact as well.

我們將要銷售的產品組合也會產生影響。

The commodities market has been relatively benign, and we'll see how that plays out over time.

大宗商品市場一直相對溫和，隨著時間的推移，我們將看到情況如何。

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.

正如您現在所知，幾年來，我們一直在管理毛利率，我想說，儘管有一些困難的情況，比如美元走強，我們計劃繼續做出良好的權衡決定收入與單位和利潤率之間。

That will come from Kyle McNealy with Jefferies.

這將來自凱爾麥克尼利和傑富瑞。

Our team in Asia, recently, we did some survey work on smartphones in China.

我們在亞洲的團隊最近在中國做了一些關於智能手機的調查工作。

It showed that there's still a high proportion of the installed bases on 6, 7 and 8 devices.

這表明在 6、7 和 8 台設備上的安裝基數仍然很高。

I know you talked about the trade-in programs and promotions that you've been doing there.

我知道您談到了您在那裡進行的以舊換新計劃和促銷活動。

I wonder if you can tell us whether there's anything else that you're doing to get these customers into your latest technology.

我想知道您是否可以告訴我們您是否正在採取其他措施讓這些客戶使用您的最新技術。

What might those customers be looking for?

這些客戶可能在尋找什麼？

And how should we think about when an upgrade cycle might come on more strongly there in China?

我們應該如何考慮升級週期何時會在中國更強勁地出現？

Customers upgrade at different -- at a different pace, and I don't have in front of me the exact installed base data from China.

客戶以不同的方式升級——以不同的速度，我面前沒有來自中國的確切安裝基礎數據。

But I mean much like in other geographies, the upgrades have extended some.

但我的意思是，就像在其他地區一樣，升級已經擴展了一些。

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.

如果你願意的話，它在中國和世界其他地區的流行病的深處延伸了一些，並且在某種程度上，可能在某種程度上仍在發生。

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.

我們可以做的關鍵事情是不斷創新，提供人們無法想像沒有的產品，並且顯然不斷推出這些計劃，使前端購買量大大減少。

And this is things like the financing and the trade-in programs that you mentioned.

這就是你提到的融資和以舊換新計劃之類的事情。

And I do feel like those are going quite good in a number of geographies.

而且我確實覺得這些在許多地區都進展順利。

Okay.

好的。

Great.

偉大的。

And one more, if I may.

如果可以的話，還有一個。

Congrats again on the strong iPad and Mac results.

再次恭喜 iPad 和 Mac 取得強勁的成績。

That's really impressive.

這真是令人印象深刻。

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?

我想一個顯而易見的問題是，我們是否應該考慮過其中有多少可能會被推進，以及它對未來 2 年的未來升級有何影響？

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.

您可以分享任何其他關於您如何看待從這裡開始的增長，或者在返校季節或假期之後是否有宿醉期，這將是有幫助的。

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.

安裝基數正在增長，Luca 總體上新增的客戶數量仍然非常高——接近 50% 的範圍。

And so that, to me, makes the -- bodes well for the future.

因此，對我來說，這對未來來說是個好兆頭。

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.

很明顯——正如我們所指出的，有一些在家工作和遠程學習確實對 Mac 和 iPad 的結果產生了積極的影響。

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.

它們可能會影響可穿戴設備和 iPhone，但在 Mac 和 iPad 上，這些是人們用來保持工作或學習的生產力工具。

And we believe we're going to have a strong back-to-school season.

我們相信我們將迎來一個強勁的返校季。

Sitting here today, it certainly looks like that.

今天坐在這裡，肯定是這樣的。

That will come from Cleveland Research's Ben Bollin.

這將來自 Cleveland Research 的 Ben Bollin。

Tim, I was hoping you could share a little bit about where you think channel inventory is.

蒂姆，我希望你能分享一下你認為渠道庫存的位置。

You talked about the tightness you saw exiting the June quarter for Mac and iPad.

您談到了 Mac 和 iPad 在 6 月季度退出時的緊張情況。

Interested where you think inventory is across major product categories.

對您認為庫存跨主要產品類別的地方感興趣。

And then I had a follow-up for Luca.

然後我對盧卡進行了跟進。

We -- usually, we've gotten away from talking about channel inventories.

我們——通常情況下，我們已經不再談論渠道庫存。

But to give you a perspective, sitting here, looking at it, on iPhone, the inventory is slightly less than it was a year ago.

但是給你一個視角，坐在這裡，看著它，在 iPhone 上，庫存比一年前略少。

And that's -- I'm saying that at a quarter end point, so at the end of Q3.

那就是 - 我是說在四分之一結束時，所以在第三季度末。

And obviously, iPad and Mac are constrained, and so both of those are less than they were in the year-ago quarter.

顯然，iPad 和 Mac 受到限制，因此兩者都低於去年同期。

Okay.

好的。

And then, Luca, I'm interested.

然後，盧卡，我很感興趣。

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?

關於本季度 COVID 對 OpEx 的影響，您可以分享任何顏色，無論是在家工作津貼、減少旅行還是其他員工支持成本？

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.

此外，公司如何考慮員工遠程工作的長期機會可能更持久，以及對這將如何影響未來運營支出的任何考慮。

Well, on the OpEx front, there have been obviously certain things that have been affected in terms of cost reductions.

好吧，在運營支出方面，顯然某些事情在降低成本方面受到了影響。

Obviously, travel is a perfect example.

顯然，旅行就是一個很好的例子。

The number of meetings that we had internally, some of those costs have been reduced.

我們在內部舉行的會議次數，其中一些成本已經減少。

We've also invested heavily in initiatives.

我們還在計劃上進行了大量投資。

For example, we're really trying to help during very difficult circumstances.

例如，我們真的在非常困難的情況下試圖提供幫助。

For example, we have had a program, for example, where we match our employee donations.

例如，我們有一個計劃，例如，我們匹配員工捐款。

We made donations directly as a company around the world to many institutions and governments.

我們作為一家公司直接向世界各地的許多機構和政府捐款。

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.

在淨額基礎上，我可能會說，在 3 月和 6 月季度，成本超過了節省，但我們認為這絕對是正確的做法。

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.

從員工的角度來看，到目前為止，我們所說的是，在美國，大多數人將繼續在家工作，直到今年年底。

And then we'll see.

然後我們會看到。

I mean we've taken an approach that we try to understand how the virus is evolving over time.

我的意思是我們已經採取了一種方法，試圖了解病毒是如何隨著時間的推移而演變的。

We've taken a very cautious approach both with our corporate facilities and with our retail stores.

我們對公司設施和零售店都採取了非常謹慎的態度。

I think what you've seen with retail stores is that we have reopened in a number of geographies around the world.

我認為您在零售店中看到的是，我們已經在全球許多地區重新開業。

We've reopened here in the United States.

我們已經在美國重新開放。

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.

隨著病例數量的增加，我們不得不重新關閉美國的一些商店，我們將繼續追踪病毒的表現。

And hopefully, at some point, we're going to get to a point where there is a vaccine or there is a cure.

希望在某個時候，我們能夠達到有疫苗或有治愈方法的地步。

And so we'll make those decisions as we get more information.

因此，我們將在獲得更多信息後做出這些決定。

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.

我也有2個問題。

I'd like to focus on the gross margin expansion within the Services line, all-time record for the quarter.

我想專注於服務線內的毛利率擴張，這是本季度的歷史記錄。

I'm just curious whether you think that will sustain.

我只是好奇你是否認為這會持續下去。

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.

我知道在服務領域，按業務劃分的毛利率範圍相當廣泛，我想知道這是否應該繼續改善。

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?

好吧，正如你所看到的，很明顯，我們的服務毛利率連續增長，這主要是由混合驅動的，正如你所說，對吧？

We have a very broad portfolio.

我們擁有非常廣泛的產品組合。

And depending on which one of the services does better, then we have an impact on Services gross margins.

根據哪一項服務做得更好，我們會對服務毛利率產生影響。

We like the Services business because it's a recurring type of revenue and the margins are accretive to company margin.

我們喜歡服務業務，因為它是一種經常性的收入類型，而且利潤會增加公司的利潤。

We did over 67% this quarter.

我們本季度的業績超過了 67%。

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.

但我們希望全面提供極具競爭力的服務，而且同樣——我想我將發表與我對產品所做的相同的評論。

What matters to us is to be successful with everything that we do and provide great products and services to our customers.

對我們而言，重要的是我們所做的一切都取得成功，並為我們的客戶提供優質的產品和服務。

So the relative success of our products and services in the marketplace will drive, to a certain extent, what our margins are.

因此，我們的產品和服務在市場上的相對成功將在一定程度上推動我們的利潤率。

That's -- the margins are a by-product of our success in the marketplace.

那就是——利潤是我們在市場上取得成功的副產品。

Got it.

知道了。

I really appreciate that.

我非常感謝。

And I wanted to ask a question on the wearables segment.

我想問一個關於可穿戴設備的問題。

It seems to me that you're categorizing the wearables business as maybe being a little bit impacted by pandemic similar to the iPhones.

在我看來，您將可穿戴設備業務歸類為可能會受到類似於 iPhone 的流行病的影響。

And it's the first time that wearables hasn't materially upsided in at least a while in recent memory.

這是可穿戴設備在最近的記憶中至少有一段時間沒有實質性上漲的第一次。

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?

我猜可穿戴設備的驅動因素是 Watch 和 - 主要是 Watch 和 AirPods，你對未來是否會有一點被壓抑的需求有什麼看法，隨著我們回到一個更加正常化的環境，這種需求可能會恢復嗎？

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.

我認為在 Watch 上尤其像 iPhone，受商店關閉的影響更大，因為人們——有些人想試戴 Watch，看看它是什麼樣子，看看不同的樂隊選擇等等。

So I think as stores closed, it puts more pressure on that.

所以我認為隨著商店關閉，這會帶來更大的壓力。

I was -- we did come out sort of the way we told you last quarter.

我是 - 我們確實像上個季度告訴你的那樣出來了。

We were going to come out from a -- from the color that we gave you.

我們打算從我們給你的顏色中出來。

So we knew things would decelerate because of the closures.

所以我們知道事情會因為關閉而減速。

So we wound up being very pleased with how we did, but the store closures definitely affect the wearables and the iPhone.

所以我們最終對我們的表現感到非常滿意，但商店關閉肯定會影響可穿戴設備和 iPhone。

That will come from Jim Suva with Citigroup.

這將來自花旗集團的吉姆蘇瓦。

And I have 2 questions.

我有兩個問題。

I'll ask them at the same time, and it's one for Tim and one for Luca.

我會同時問他們，一個給蒂姆，一個給盧卡。

Tim, the coronavirus -- your company has done a fantastic job at overcoming the hurdle.

蒂姆，冠狀病毒——你的公司在克服障礙方面做得非常出色。

So congratulations to you.

所以祝賀你。

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?

比如說，當你期待聖誕假期購物季時，考慮到世界各地的經濟挑戰，冠狀病毒在哪裡，你的產品發布等等，你能否發表任何評論，也許這個聖誕節，你期待看看過去聖誕節的一些陣容嗎？

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.

因為它看起來有點不同，但蘋果在今年聖誕節確實表現出比過去幾年更強大的力量。

And then for Luca.

然後是盧卡。

I think today, a quick comment, Luca, that -- you mentioned something about a few weeks later.

我想今天，盧卡，我想快速評論一下，你在幾週後提到了一些事情。

Was that for like iPhone, iPhone chips or product launches?

是針對 iPhone、iPhone 芯片還是產品發布？

Or maybe expound upon that.

或者也許對此進行闡述。

I know things are more difficult but I didn't quite get the commentary.

我知道事情更難，但我不太明白評論。

It was in your prepared comments, Luca, about a few weeks later.

盧卡，大約幾週後，它出現在你準備好的評論中。

Let's just do a quick little blurb.

讓我們做一個簡短的介紹。

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.

是的，我們是——我們一次只看一個季度，所以我們會在 10 月的 12 月季度給你一個顏色。

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.

一般來說，我認為我們需要看到疫苗或治療劑或兩者兼而有之，並且在特定的時間範圍內對此有些樂觀。

And so we'll see.

我們拭目以待。

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.

我沒有任何在那裡不公開的信息，但我認為如果它開始發生，這將大大提高消費者的信心。

And I think that any kind of consumer stock company would benefit from that.

我認為任何類型的消費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.

吉姆，關於 iPhone，我在我的講話中說我們推出了 - 一年前，我們在 9 月下旬推出了新的 iPhone。

So I was referring to the new product.

所以我指的是新產品。

And I said that this year, the supply of the new product will be a few weeks later than that.

我說今年新產品的供應會比那晚幾個星期。

Congratulations to you and your entire organization and teams.

祝賀您和您的整個組織和團隊。

That will come from Wamsi Mohan with Bank of America.

這將來自美國銀行的Wamsi Mohan。

I was wondering if you can maybe comment on the penetration of Apple Card users in the iOS installed base.

我想知道您是否可以評論 Apple Card 用戶在 iOS 安裝基礎中的滲透率。

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?

在加速購買更多 Apple 產品和服務方面，您是否看到 Apple Card 用戶的購買行為有任何變化？

And I have a follow-up.

我有一個後續行動。

We saw changes in consumer spending as the shutdowns occurred and as the store closures occurred.

隨著停工和商店關閉，我們看到了消費者支出的變化。

We could see that across the Card.

我們可以在卡片上看到這一點。

It affected the categories that you would guess the most, like travel and entertainment, et cetera.

它影響了您猜測最多的類別，例如旅行和娛樂等。

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.

但總的來說，如果您將鏡頭拉出 Apple Card，我們對擁有 Apple Card 的人數感到非常滿意。

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.

我們相信，根據我們所聽到的，這是信用卡歷史上最快的推出，因此我們對此感覺非常好。

Okay, Tim.

好的，蒂姆。

And as a follow-up, now that Apple has Apple silicon for Macs, would you ever consider monetizing this as a merchant silicon vendor?

作為後續行動，既然 Apple 擁有適用於 Mac 的 Apple 芯片，您是否會考慮將其作為商業芯片供應商獲利？

Or is this going to be forever for Apple use?

還是這將永遠供蘋果使用？

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.

好吧，我不想做一個永遠的評論，但有——我們是一家產品公司，我們喜歡做整個事情——因為我們可以以這種方式擁有用戶體驗，並以取悅用戶為目標。用戶。

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.

這就是我們使用 Apple 芯片的原因，因為我們可以設想一些我們可以使用 Apple 芯片實現的產品，而這些產品是我們無法實現的。

And so that's how we look at it.

這就是我們看待它的方式。

Thank you, Wamsi.

謝謝你，萬西。

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.

今天電話會議的重播將在 Apple 播客、apple.com/investor 上的網絡廣播和電話上播放 2 週。

The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820.

電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。

Please enter confirmation code 2630782.

請輸入確認碼2630782。

These replays will be available by approximately 5 p.m.

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414.

有其他問題的媒體成員可以致電 (408) 974-2414 聯繫 Kristin Huguet。

Financial analysts can contact me with additional questions at (669) 227-2402.

金融分析師可以致電 (669) 227-2402 與我聯繫以解決其他問題。

Thank you again for joining us.

再次感謝您加入我們。

And again, that will conclude today's conference.

同樣，這將結束今天的會議。