蘋果 (AAPL) 2020 Q2 法說會逐字稿

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

今天是個好日子。歡迎參加 Apple Inc. 2020 財年第二季度財報電話會議。今天的電話正在錄音。在這個時候，關於開場白和介紹，我想把電話轉給公司財務和投資者關係高級經理 Tejas Gala 先生。請繼續。

Thank you. Good afternoon and thank you for joining us. Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

謝謝你。下午好，感謝您加入我們。今天首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。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. 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 on 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、其他收入和支出、稅收、資本分配和未來業務前景，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大相徑庭。有關更多信息，請參閱 Apple 最近提交的有關 10-K 表格和 10-Q 表格的定期報告以及今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。 Apple 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. Good afternoon, everyone. Thanks for joining us today. I hope you're staying safe and well. Today, Apple reports $58.3 billion in revenue, an all-time record for Services and a quarterly record for Wearables, Home and Accessories. It was also a quarterly revenue record for Apple retail powered by phenomenal growth in our online store. Amid the most challenging global environment in which we've ever operated our business, we're proud to say that Apple grew during the quarter.

謝謝，光輝。大家下午好。感謝您今天加入我們。我希望你安然無恙。今天，Apple 公佈了 583 億美元的收入，創下了服務的歷史記錄，以及可穿戴設備、家居和配件的季度記錄。這也是蘋果零售店的季度收入記錄，這得益於我們在線商店的驚人增長。在我們經營業務的最具挑戰性的全球環境中，我們很自豪地說蘋果在本季度實現了增長。

But before we dive more deeply into the numbers, I want to speak just for a bit on COVID-19. This is something Apple has been contending with since January, and I think that how we have responded, what we have been inspired to do tells an important story about Apple's great durability as a business and the enduring importance of our products in our customers' lives. It also speaks to Apple's unmatched capacity to be creative, to think always in terms of the long term and to forge ahead when others may feel an instinct to pull back.

但在我們更深入地研究這些數字之前，我想談談 COVID-19。這是 Apple 自 1 月份以來一直在與之抗衡的問題，我認為我們的回應方式以及我們受到啟發的事情講述了一個重要的故事，即 Apple 作為一家企業的出色耐用性以及我們的產品在客戶生活中的持久重要性.這也說明了 Apple 無與倫比的創造力、始終從長遠角度思考以及在其他人可能會本能地退縮時勇往直前的能力。

Before COVID-19 was on the horizon, we anticipated that Q2 was going to be a prolific and energetic period for Apple. And when the pandemic did strike, our teams not only succeeded in growing the business, in introducing powerful new products and in meeting our customers' needs, but they also rose to the occasion in terms of meeting our broader obligations to the communities in which we live and work.

在 COVID-19 出現之前，我們預計第二季度對 Apple 來說將是一個多產且充滿活力的時期。當大流行確實來襲時，我們的團隊不僅成功地發展了業務，推出了強大的新產品並滿足了客戶的需求，而且還順應了我們對所在社區的更廣泛義務生活和工作。

Let's look quickly across the business. At the same time that they were leaving no stone unturned to get our latest generation of devices manufactured and into our customers' hands, our worldwide network of supply chain partners, logistics and operations folks in every part of the company were also sourcing more than 30 million masks for frontline medical workers, ensuring they're donated to places of greatest need in every region around the world. While our product teams were preparing to launch a new iPad Pro, Magic Keyboard, Macbook Air and the new iPhone SE, all of which have been very well received by reviewers and consumers alike, they were also working with our suppliers to design, test, manufacture and distribute more than 7.5 million face shields, and we continue to ship more than 1 million of these every week to the doctors, nurses and medical personnel on the front lines.

讓我們快速瀏覽整個業務。在他們不遺餘力地將我們最新一代的設備製造並交付給客戶的同時，我們遍布公司各個部門的供應鏈合作夥伴、物流和運營人員的全球網絡也採購了 30 多個為一線醫務人員提供數百萬個口罩，確保將它們捐贈給世界各地最需要的地方。在我們的產品團隊準備推出新款 iPad Pro、妙控鍵盤、Macbook Air 和新款 iPhone SE 的同時，所有這些產品都受到了評論家和消費者的一致好評，他們還與我們的供應商合作設計、測試、生產和分發超過 750 萬個面罩，我們每周繼續向前線的醫生、護士和醫務人員運送超過 100 萬個面罩。

In a quarter where our Services teams achieved strong growth, which Luca will dig into in a minute and which speaks to the real durability of our Services strategy, these teams were also putting COVID-19 front and center. As Apple News reached 125 million monthly active users, we elevated trusted information from reliable sources through a special COVID-19 vertical. We let customers skip payments without incurring interest on Apple Card for March and April in light of financial hardship for many families. We worked with everyone from Oprah to Lady Gaga to inform, entertain and give back through Apple TV. And Services like FaceTime and Messages set new all-time records for daily volume during this quarter as users rely on their devices to stay connected in a new reality.

在我們的服務團隊實現強勁增長的一個季度，Luca 將在一分鐘內對其進行深入探討，這說明了我們服務戰略的真正持久性，這些團隊也將 COVID-19 放在首位和中心位置。隨著 Apple News 每月活躍用戶達到 1.25 億，我們通過特殊的 COVID-19 垂直領域提升了來自可靠來源的可信信息。鑑於許多家庭的經濟困難，我們讓客戶跳過付款而不會在 3 月和 4 月對 Apple Card 產生利息。我們與從奧普拉到 Lady Gaga 的所有人合作，通過 Apple TV 提供信息、娛樂和回饋。由於用戶依靠他們的設備在新的現實中保持聯繫，FaceTime 和 Messages 等服務在本季度創下了每日交易量的新紀錄。

In software, at the same time that our teams worked with great creativity and excitement as we prepared to deliver our first ever all-online Worldwide Developers Conference later this quarter, they also worked with the same creativity and speed to put together our COVID-19 symptom checking website and app in partnership with the CDC. As of today, the app has been installed nearly 2 million times, and the web tool has received over 3 million unique visits. And just this month, to accelerate contact tracing, we are launching a joint effort with Google to enable the use of Bluetooth technology to help governments and health agencies spread the -- reduce the spread of the virus with user privacy and security central to the design.

在軟件方面，在我們準備在本季度晚些時候舉辦我們的第一次全在線全球開發者大會時，我們的團隊以極大的創造力和興奮進行工作的同時，他們還以同樣的創造力和速度將我們的 COVID-19 放在一起與 CDC 合作的症狀檢查網站和應用程序。截至今天，該應用程序已安裝近 200 萬次，網絡工具已獲得超過 300 萬次獨立訪問。就在本月，為了加速接觸者追踪，我們正在與穀歌合作，利用藍牙技術幫助政府和衛生機構傳播——減少病毒傳播，將用戶隱私和安全作為設計的核心.

We paired these programmatic efforts with a broader strategy to give back where it's needed most. We've made major corporate donations to response efforts around the world to support Global Citizen as well as a new fund for Americans experiencing food and security as a result of the crisis. When you tally these things up and consider our ongoing 2:1 match for employee donations, Apple's contributions to the global response are significant, diverse and a great source of pride for the whole team.

我們將這些程序化努力與更廣泛的戰略相結合，以在最需要的地方回饋。我們已為全球各地的響應努力提供了大量企業捐款，以支持全球公民，並為因危機而經歷糧食和安全的美國人設立了一個新基金。當您總結這些事情並考慮我們正在進行的員工捐款 2:1 匹配時，Apple 對全球響應的貢獻是顯著的、多樣化的，並且是整個團隊的驕傲。

We're also doing what we can to help our employees, their families and, by extension, their communities stay safe and well by modifying our operations where appropriate. This extends, of course, to our retail employees. They are Apple's face to our customers and an instrumental part of our business, and we're compensating them normally despite store closures. During a quarter where circumstances evolve by the hour, we have been gratified by the resilience and adaptability of our global supply chain. While we felt some temporary supply constraints in February, our operations team, suppliers and manufacturing partners have been safely returning to work, and production was back at typical levels toward the end of March.

我們還在盡我們所能通過在適當的情況下修改我們的運營來幫助我們的員工、他們的家人以及他們的社區保持安全和健康。當然，這也延伸到我們的零售員工。他們是 Apple 面對我們客戶的面孔，也是我們業務的重要組成部分，儘管商店關閉，我們仍會正常補償他們。在情況按小時變化的一個季度中，我們對全球供應鏈的彈性和適應性感到滿意。雖然我們在 2 月份感到一些暫時的供應限制，但我們的運營團隊、供應商和製造合作夥伴已經安全地恢復工作，生產在 3 月底恢復到典型水平。

At this time of social distance, of shuttered schools and gathering places, of delayed plans and new ways of socializing, we have seen significant evidence that our products have taken a renewed importance for customers. Teachers and students around the world are relying on our technology to teach, learn and stay connected with each other. We are in the process of deploying major orders of iPads to school systems working to keep learning going strong at a distance, including tens of thousands in Ontario, Canada; Glasgow, Scotland; and Puerto Rico; 100,000 to the city of Los Angeles; and 350,000 to New York City, our largest educational iPad deployment ever.

在這個社交距離、學校和聚會場所關閉、計劃延遲和社交方式新的時代，我們已經看到了重要的證據，表明我們的產品對客戶具有新的重要性。世界各地的教師和學生都在依靠我們的技術進行教學、學習和相互聯繫。我們正在向學校系統部署主要的 iPad 訂單，以保持遠程學習的強勁勢頭，其中包括加拿大安大略省的數万台；蘇格蘭格拉斯哥；和波多黎各； 100,000 到洛杉磯市；和 350,000 到紐約市，這是我們有史以來最大的教育 iPad 部署。

Since early March, we've seen unprecedented demand for our Pro apps from students, enthusiasts and creative professionals. These folks are keeping us all entertained and inspired as we stay at home, and to help them do it, we made Final Cut Pro X and Logic Pro X available for free for 90 days for everyone. And the reaction has been overwhelming, driving software downloads and usage to record levels.

自 3 月初以來，我們看到學生、愛好者和創意專業人士對我們的 Pro 應用程序的需求空前。當我們待在家裡時，這些人讓我們所有人都樂在其中並受到啟發，為了幫助他們做到這一點，我們為所有人免費提供了 Final Cut Pro X 和 Logic Pro X 90 天。反應勢不可擋，推動軟件下載和使用達到創紀錄水平。

And doctors and medical professionals are making even greater use of Apple Watch and other health features to communicate with patients and to treat them safely from a distance when necessary. With new FDA guidance on noninvasive remote patient monitoring, for example, the ECG app on Apple Watch is increasingly being used to facilitate remote ECG measurements and recordings for telemedicine usage, reducing patient and health care provider contact and exposure. Many hospitals, such as Geisinger Health System, NYU Langone Health and Stanford Health Care are using apps on iPad and iPhone to support communication and video conferences between hospitalized patients and their care teams. This enables the care teams to keep a close watch on patients without entering isolation rooms, which helps to minimize exposure and reduces some of the need for personal protective equipment.

醫生和醫療專業人員正在更多地利用 Apple Watch 和其他健康功能與患者交流，並在必要時從遠處安全地治療他們。例如，隨著 FDA 關於無創遠程患者監測的新指南，Apple Watch 上的 ECG 應用程序越來越多地用於促進遠程 ECG 測量和記錄，從而減少患者和醫療保健提供者的接觸和接觸。 Geisinger Health System、NYU Langone Health 和 Stanford Health Care 等許多醫院都在使用 iPad 和 iPhone 上的應用程序來支持住院患者與其護理團隊之間的溝通和視頻會議。這使護理團隊能夠在不進入隔離室的情況下密切關注患者，這有助於最大限度地減少接觸並減少對個人防護設備的一些需求。

Now when you step back and tally all this up, when you consider all the ways COVID-19 has touched Apple, our customers and the way we work, this may not have been the quarter it could have been absent this pandemic, but I don't think I can recall a quarter where I've been prouder of what we do or how we do it. As I said at the outset, we achieved revenue of $58.3 billion, and underneath that was product revenue of $45 billion. The performance of our product business had 3 very different phases during the March quarter. Based on Apple's performance during the first 5 weeks of the quarter, we were confident we were headed toward a record second quarter at the very high end of our expectations.

現在，當您退後一步並總結這一切時，當您考慮 COVID-19 對蘋果、我們的客戶和我們工作方式的所有影響時，這可能不是沒有這場大流行的季度，但我不知道我想我無法回憶起我為我們所做的事情或我們如何做到這一點而感到自豪的季度。正如我一開始所說，我們實現了 583 億美元的收入，而在這之下是 450 億美元的產品收入。我們產品業務的表現在 3 月季度有 3 個非常不同的階段。根據蘋果在本季度前 5 週的表現，我們有信心在我們的預期非常高的情況下邁向創紀錄的第二季度。

In the next 5 weeks of the quarter, as COVID-19 started impacting China, iPhone supply was temporarily affected as well as demand for our products within China. This caused us to withdraw our revenue guidance in February. At that point, demand for our products outside of China was still strong and in line with our expectations. During the last 3 weeks of the quarter, as the virus spread globally and social distancing measures were put in place worldwide, including the closure of all our retail stores outside of Greater China on March 13 and many channel partner points of sales around the world, we saw downward pressure on demand, particularly for iPhone and Wearables.

在本季度接下來的 5 週內，隨著 COVID-19 開始影響中國，iPhone 供應以及中國對我們產品的需求暫時受到影響。這導致我們在 2 月份撤回了收入指導。當時，中國以外市場對我們產品的需求依然強勁，符合我們的預期。在本季度的最後 3 週，隨著病毒在全球範圍內的傳播和全球範圍內的社會疏離措施的實施，包括 3 月 13 日關閉我們在大中華區以外的所有零售店以及世界各地的許多渠道合作夥伴銷售點，我們看到需求面臨下行壓力，尤其是 iPhone 和可穿戴設備。

Given the lack of visibility and certainty in the near term, we will not be issuing guidance for the coming quarter. Over the long term though, we have a high degree of confidence in the enduring strength of our business. Our global supply chain is profoundly durable and resilient. We have shown the consistent ability to meet and manage temporary supply challenges like those caused by COVID-19. We have continued to deliver innovative new products across multiple categories that appeal to a broad cross-section of customers, including the all-new iPhone SE, which achieved unmatched technological capacity at an incredible value.

鑑於短期內缺乏可見性和確定性，我們不會發布下一季度的指引。不過，從長遠來看，我們對我們業務的持久實力充滿信心。我們的全球供應鏈極其耐用且富有彈性。我們已經顯示出始終如一的能力來應對和管理由 COVID-19 引起的臨時供應挑戰。我們繼續提供跨多個類別的創新新產品，吸引廣泛的客戶，包括全新的 iPhone SE，它以令人難以置信的價值實現了無與倫比的技術能力。

Our teams worldwide have tackled the complexities of this moment with unmatched creativity, good humor and dedication to our customers. For a company whose business is innovation, there are real upsides in periodically having to figure out how to do just about everything in a brand-new way. Our long-running investment in our Services strategy is succeeding. This business is growing and is a reflection of our enduring, large and growing installed base. We expect to meet our long-standing goal of doubling our fiscal 2016 Services revenue in 2020.

我們的全球團隊以無與倫比的創造力、幽默感和對客戶的奉獻精神應對了這一時刻的複雜性。對於一家以創新為業務的公司來說，定期弄清楚如何以全新的方式完成幾乎所有事情確實有好處。我們對服務戰略的長期投資正在取得成功。這項業務正在增長，反映了我們持久、龐大且不斷增長的安裝基礎。我們預計在 2020 年實現 2016 財年服務收入翻番的長期目標。

We have always run Apple for the long term. We entered this period with unmatched financial strength, a robust cash position and our best product pipeline ever. Major investments, including our 5-year commitment to contribute $350 billion to the economy here in the United States, are moving forward full speed ahead. It's in these moments that we set ourselves apart. We've always managed through difficult moments by doubling down and investing in the next generation of innovation, and that's our strategy today.

我們一直長期經營蘋果公司。我們以無與倫比的財務實力、穩健的現金狀況和我們有史以來最好的產品線進入了這一時期。重大投資，包括我們承諾為美國經濟貢獻 3500 億美元的 5 年承諾，正在全速前進。正是在這些時刻，我們讓自己與眾不同。我們總是通過加倍投入並投資於下一代創新來度過困難時期，這就是我們今天的戰略。

And so while we can't say for sure how many chapters are in this book, we can have confidence that the ending will be a good one. Apple will continue to do everything we can do to help the global response and to keep our customers learning, creating, sharing and connecting so that life can remain as normal as it can during this challenging time.

所以雖然我們不能確定這本書有多少章，但我們可以相信結局會是一個好的結局。 Apple 將繼續盡我們所能幫助全球應對，並讓我們的客戶不斷學習、創造、分享和聯繫，以便在這個充滿挑戰的時期，生活能夠保持正常。

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. Good afternoon, everyone. It has been a very different quarter than we were expecting when we last talked to you at the end of January. But we could not be more proud of our Apple teams around the world, our role in supporting local communities and our partners throughout the value chain and how resilient our business and financial performance has been during these challenging times.

謝謝你，蒂姆。大家下午好。與我們上次在 1 月底與您交談時的預期相比，這是一個非常不同的季度。但是，我們為我們遍布全球的 Apple 團隊、我們在整個價值鏈中支持當地社區和合作夥伴所發揮的作用以及在這些充滿挑戰的時期我們的業務和財務表現所表現出的韌性感到無比自豪。

Total revenue for the quarter was $58.3 billion, up 1% from a year ago despite the extreme circumstances from the impact of COVID-19 and a headwind of 100 basis points from foreign exchange. Products revenue was $45 billion, down 3%. After a very strong January, our performance was impacted, particularly during the last 3 weeks of the quarter when lockdowns and point-of-sale closures increased due to COVID-19 spreading around the world and affected our product sales. However, on a demand basis, our performance was stronger than our reported results as we reduced iPhone channel inventory more than we did a year ago. Importantly, our installed base of active devices reached an all-time high in all of our geographic segments and all major product categories.

本季度總收入為 583 億美元，比去年同期增長 1%，儘管 COVID-19 的影響和外匯逆風 100 個基點帶來了極端情況。產品收入為 450 億美元，下降 3%。在經歷了非常強勁的 1 月份之後，我們的業績受到了影響，尤其是在本季度的最後 3 週，由於 COVID-19 在全球蔓延並影響了我們的產品銷售，封鎖和銷售點關閉增加了。然而，在需求的基礎上，我們的表現比我們報告的結果要強，因為我們減少了 iPhone 渠道庫存比一年前更多。重要的是，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。

Services revenue followed a different trend with very strong year-over-year growth of 17%. We set a new all-time revenue record of $13.3 billion with all-time records in many of our Services categories and in most countries we track. I'll provide more details on this later.

服務收入遵循不同的趨勢，同比增長非常強勁，達到 17%。我們創造了 133 億美元的新的歷史收入記錄，在我們的許多服務類別和我們跟踪的大多數國家/地區都創下了歷史記錄。稍後我將提供更多詳細信息。

Company gross margin was 38.4%, flat sequentially with cost savings, a mix shift towards Services offset by the seasonal loss of leverage. Products gross margin was 30.3%, decreasing 380 basis points sequentially due to loss of leverage and unfavorable mix. This drop was more pronounced than under normal circumstances due to the COVID-19 impact I mentioned earlier.

公司毛利率為 38.4%，環比持平，成本節約，向服務的混合轉變被槓桿的季節性損失所抵消。產品毛利率為30.3%，由於槓桿損失和不利的組合，環比下降380個基點。由於我之前提到的 COVID-19 影響，這種下降比正常情況下更為明顯。

Services gross margin was 65.4%, up 100 basis points sequentially driven by favorable mix. Our reported tax rate for the quarter was 14.4%. This was lower than our 16.5% guidance due to onetime discrete items. Net income was $11.2 billion and earnings per share were $2.55, up 4%. Operating cash flow was very strong at $13.3 billion, an improvement of $2.2 billion over a year ago.

服務毛利率為 65.4%，在有利組合的推動下環比增長 100 個基點。我們本季度報告的稅率為 14.4%。由於一次性離散項目，這低於我們 16.5% 的指導。淨收入為 112 億美元，每股收益為 2.55 美元，增長 4%。經營現金流非常強勁，達到 133 億美元，比一年前增加了 22 億美元。

Let me get into more detail for each of our revenue categories. iPhone revenue of $29 billion declined 7% year-over-year as both iPhone supply and demand were affected by the impact of COVID-19 at some point during the quarter. On the supply side, we suffered from some temporary supply shortages during February, but we've been extremely pleased with the resilience and adaptability of our global supply chain as well as its ability to get people back to work safely when circumstances allow.

讓我更詳細地了解我們的每個收入類別。 iPhone 收入為 290 億美元，同比下降 7%，原因是 iPhone 供需在本季度的某個時候都受到 COVID-19 的影響。在供應方面，我們在 2 月份遭遇了一些暫時的供應短缺，但我們對全球供應鏈的彈性和適應性以及在情況允許時讓人們安全重返工作崗位的能力感到非常滿意。

Our operations team and manufacturing partners put forth an extraordinary effort to restore production quickly, and we exited the quarter in a good supply position for most of our product lines. On the demand side, after a very strong first 5 weeks, we saw the impact of COVID-19 affect demand in China for the next 5 weeks and then more broadly around the world for the last 3 weeks of the quarter when lockdowns and point-of-sale closures became more widespread in many countries.

我們的運營團隊和製造合作夥伴付出了非凡的努力來快速恢復生產，我們在本季度結束時對我們的大部分產品線都處於良好的供應狀態。在需求方面，在前 5 周非常強勁之後，我們看到 COVID-19 的影響影響了中國未來 5 週的需求，然後在本季度的最後 3 週更廣泛地影響了世界各地的需求，當時鎖定和指向-在許多國家，銷售關閉變得更加普遍。

While we did see a slight elongation in our replacement cycle towards the end of the quarter, which we attribute to the widespread point-of-sale closures, our active installed base of iPhones has reached an all-time high. This speaks to the quality of our products and strength of our ecosystem. In fact, in the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 99% for iPhone 11, 11 Pro and 11 Pro Max combined.

雖然我們確實看到我們的更換週期在本季度末略有延長，我們將其歸因於廣泛的銷售點關閉，但我們的 iPhone 活躍安裝基數已達到歷史最高水平。這說明了我們產品的質量和我們生態系統的實力。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 客戶滿意度合計為 99%。

Turning to Services. We set an all-time revenue record of $13.3 billion. We had strong performance across the board with all-time revenue records in the App Store, Apple Music, video, cloud services and our App Store Search Ad business. And we also set a March quarter record for Apple Care. Our new services, Apple TV+, Apple Arcade, Apple News+ and Apple Card, continue to add users, content and features while contributing to overall Services growth. As Tim mentioned, we're well on our way to accomplishing our goal of doubling our fiscal '16 Services revenue during 2020.

轉向服務。我們創造了 133 億美元的歷史收入記錄。我們在 App Store、Apple Music、視頻、雲服務和我們的 App Store Search Ad 業務中的收入均創下歷史新高。我們還為 Apple Care 創造了 3 月份的季度記錄。我們的新服務 Apple TV+、Apple Arcade、Apple News+ 和 Apple Card 繼續增加用戶、內容和功能，同時促進整體服務增長。正如蒂姆所提到的，我們正在順利實現在 2020 年將 16 財年服務收入翻番的目標。

App Store revenue grew by strong double digits thanks to robust customer demand for both in-app purchases and subscriptions. Our third-party subscription business grew across multiple categories and increased over 30% year-over-year, reaching a new all-time high. Our first-party subscription services also continued to perform very well. Apple Music and cloud services both set all-time revenue records and Apple Care set a March quarter record. Paid subscriptions for all 3 of these services were up strong double digits.

由於客戶對應用內購買和訂閱的強勁需求，App Store 收入實現了強勁的兩位數增長。我們的第三方訂閱業務跨越多個類別增長，同比增長超過 30%，創下歷史新高。我們的第一方訂閱服務也繼續表現良好。 Apple Music 和雲服務均創下歷史新高，Apple Care 創下 3 月季度紀錄。所有這 3 項服務的付費訂閱量均增長了兩位數。

Customer engagement in our ecosystem continues to grow strongly, and the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the March quarter. In particular, the number of paid accounts increased double digits in all of our geographic segments. We now have over 515 million paid subscriptions across the services on our platform, up 125 million from a year ago. On a sequential basis, paid subscriptions grew by over 35 million. This is the highest sequential growth we have ever experienced. With this momentum, we are confident we will reach our increased target of 600 million paid subscriptions before the end of calendar 2020.

客戶在我們生態系統中的參與度繼續強勁增長，我們數字內容商店的交易賬戶和付費賬戶數量在 3 月季度創下歷史新高。特別是，付費賬戶的數量在我們所有的地理區域都增加了兩位數。現在，我們平台上的服務擁有超過 5.15 億的付費訂閱，比一年前增加了 1.25 億。付費訂閱量環比增長超過 3500 萬。這是我們經歷過的最高的連續增長。憑藉這一勢頭，我們有信心在 2020 年年底之前實現 6 億付費訂閱的增長目標。

Wearables, Home and Accessories established a new March quarter record with revenue of $6.3 billion, up 23% year-over-year with strong double-digit performance across all 5 geographic segments. Our Wearables business is now the size of a Fortune 140 company, and we're very excited by the many opportunities in front of us for this product category. For example, Apple Watch continues to extend its reach at over 75% of the customers purchasing Apple Watch around the world during the quarter were new to the product.

可穿戴設備、家居和配件以 63 億美元的收入創造了新的 3 月季度記錄，同比增長 23%，在所有 5 個地理區域均實現了兩位數的強勁表現。我們的可穿戴設備業務現在已達到財富 140 強公司的規模，我們對這個產品類別面前的許多機會感到非常興奮。例如，Apple Watch 繼續擴大其覆蓋範圍，在本季度全球購買 Apple Watch 的客戶中有超過 75% 是該產品的新手。

Next, I'd like to talk about Mac and iPad. Mac revenue was $5.4 billion. iPad revenue was $4.4 billion. Towards the end of the quarter, we launched a brand-new iPad Pro that includes a first-in-class LiDAR scanner with some really exciting augmented reality applications and MacBook Air with significantly improved performance at a lower price. We're very pleased with the strong customer interest for both products.

接下來，我想談談 Mac 和 iPad。 Mac 收入為 54 億美元。 iPad 收入為 44 億美元。在本季度末，我們推出了全新的 iPad Pro，其中包括一流的 LiDAR 掃描儀和一些非常令人興奮的增強現實應用程序，以及以更低的價格顯著提高性能的 MacBook Air。我們對客戶對這兩種產品的強烈興趣感到非常高興。

Importantly, around half of the customers purchasing Macs and iPads around the world during the quarter were new to that product, and the active installed base for both Mac and iPad reached a new all-time high. And the most recent surveys of consumers from 451 Research measured customer satisfaction at 95% for iPad and 96% for Mac.

重要的是，本季度全球購買 Mac 和 iPad 的客戶中約有一半是該產品的新手，Mac 和 iPad 的活躍安裝基數達到了歷史新高。 451 Research 最近對消費者的調查顯示，iPad 的客戶滿意度為 95%，Mac 的客戶滿意度為 96%。

In the enterprise market, businesses everywhere have been making the transition to working remotely. We've created content to assist our customers in this transition, including an on-demand video learning series focused on topics like remote deployments of iPads and Macs and security. We have also realigned our own retail business and enterprise teams to provide timely and relevant support to customers as they navigate new work environments. Some of our largest customers offering Mac to employees, such as IBM and SAP, have been able to pivot quickly to allow employees to easily set up and secure their devices from home, benefiting from Apple Business Manager and zero-touch deployment. And we've seen countless examples of new projects and remote deployments implemented in just a few hours. Peloton, for instance, worked with our New York teams to deploy an entire fleet of Macs overnight so their team could work remotely.

在企業市場中，各地的企業都在向遠程工作過渡。我們創建了內容來幫助我們的客戶完成這一過渡，包括一個點播視頻學習系列，重點關注 iPad 和 Mac 的遠程部署以及安全性等主題。我們還重新調整了我們自己的零售業務和企業團隊，以便在客戶適應新的工作環境時為他們提供及時和相關的支持。我們向員工提供 Mac 的一些最大客戶（例如 IBM 和 SAP）已經能夠快速調整，讓員工能夠在家中輕鬆設置和保護他們的設備，這得益於 Apple 商務管理和零接觸部署。我們已經看到了無數在短短幾個小時內實施的新項目和遠程部署示例。例如，Peloton 與我們的紐約團隊合作，在一夜之間部署了整個 Mac 機群，以便他們的團隊可以遠程工作。

In essential sectors such as grocery and financial services, we're seeing organizations adopt our technology to better serve their customers safely. Leading grocers around the world like Trader Joe's, Woolworths, Lawson, Sainsbury's, Lidl and Carrefour offer Apple Pay so customers can use contactless payments, and a store shift to become fulfillment centers for online orders, organizations are leveraging apps for remote shoppers and food delivery to reduce foot traffic.

在雜貨和金融服務等重要行業，我們看到組織採用我們的技術來更好地安全地為客戶服務。 Trader Joe's、Woolworths、Lawson、Sainsbury's、Lidl 和 Carrefour 等全球領先的雜貨店都提供 Apple Pay，以便客戶可以使用非接觸式支付，並將商店轉變為在線訂單的履行中心，組織正在利用應用程序進行遠程購物和送餐以減少人流量。

In banking, where safety and security is a top priority, one way to protect company and client information is by providing corporate iOS devices to employees who use mobile phones daily as part of their jobs. As an example, Bank of America is purchasing tens of thousands of additional iOS devices for their workforce.

在銀行業，安全和保障是重中之重，保護公司和客戶信息的一種方法是向每天使用手機作為其工作一部分的員工提供公司 iOS 設備。例如，美國銀行正在為其員工購買數以萬計的額外 iOS 設備。

Let me now turn to our cash position. First, I want to note that liquidity has not been an issue for us during these highly unusual financial market conditions. We have an extraordinarily strong balance sheet, very deep access to capital markets and unmatched free cash flow generation. We ended the quarter with $193 billion in cash plus marketable securities, total debt of $110 billion, and as a result, net cash was $83 billion at the end of the quarter. We returned $22 billion to shareholders during the March quarter, including $18.5 billion through open market repurchases of 64.7 million Apple shares and $3.4 billion in dividends and equivalents.

現在讓我談談我們的現金狀況。首先，我想指出，在這些非常不尋常的金融市場條件下，流動性對我們來說並不是問題。我們擁有異常強勁的資產負債表、非常深入的資本市場准入和無與倫比的自由現金流產生。我們在本季度末擁有 1930 億美元的現金和有價證券，總債務為 1100 億美元，因此本季度末的淨現金為 830 億美元。我們在第三季度向股東返還了 220 億美元，其中包括通過公開市場回購 6470 萬股蘋果股票的 185 億美元以及 34 億美元的股息和等價物。

Finally, as we move ahead into the June 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. As Tim mentioned, given the lack of visibility and certainty in the near term, we will not be issuing guidance for the coming quarter. However, based on what we have seen in April and how we think things might play out, I would like to provide some additional insight on headwinds and tailwinds we're facing.

最後，隨著我們進入 6 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。正如蒂姆所提到的，鑑於短期內缺乏可見性和確定性，我們不會發布下一季度的指導。但是，根據我們在 4 月份所看到的情況以及我們認為事情可能會如何發展，我想就我們面臨的逆風和順風提供一些額外的見解。

From a foreign exchange standpoint, the U.S. dollar has appreciated recently against most currencies around the world, and as a result, we expect our revenue to be negatively impacted by more than $1.5 billion on a year-over-year basis. Our global supply chain is back up and running. We are in a typical supply position, including our usual ramp associated with new products recently launched. These newly launched products, iPad Pro, MacBook Air and iPhone SE have all received outstanding customer response even during these extreme circumstances.

從外彙的角度來看，美元最近對世界上大多數貨幣都升值了，因此，我們預計我們的收入將同比受到超過 15 億美元的負面影響。我們的全球供應鏈已恢復正常運行。我們處於典型的供應狀況，包括我們與最近推出的新產品相關的通常坡道。這些新推出的產品 iPad Pro、MacBook Air 和 iPhone SE 即使在這些極端情況下也都獲得了出色的客戶響應。

On iPhone and Wearables, we expect the year-over-year revenue performance to worsen in the June quarter relative to the March quarter. On iPad and Mac, we expect the year-over-year revenue performance to improve in the June quarter. On Services, we are seeing 2 distinct trends. First, customers are actively engaging with our ecosystem and digital services, and we believe the very strong recent performance in the App Store, video, Music and cloud services will continue throughout the June quarter. Second, due to the overall reduced level of economic activity due to the lockdowns around the world, services like Apple Care and advertising have been impacted. Apple Care is comprised of our product repair business and the warranty agreements with our customers, both of which have been obviously affected by store closures and reduced level of customer traffic. Advertising, which is comprised of third-party agreements, our App Store search ads and Apple News ads has been impacted by overall economic weakness and uncertainty on when businesses will reopen.

在 iPhone 和可穿戴設備方面，我們預計 6 月季度的同比收入表現將比 3 月季度惡化。在 iPad 和 Mac 上，我們預計 6 月季度的同比收入表現將有所改善。在服務方面，我們看到了兩種截然不同的趨勢。首先，客戶正在積極參與我們的生態系統和數字服務，我們相信 App Store、視頻、音樂和雲服務最近的強勁表現將在整個 6 月季度持續。其次，由於全球範圍內的封鎖導致整體經濟活動水平下降，Apple Care 和廣告等服務受到了影響。 Apple Care 由我們的產品維修業務和與客戶簽訂的保修協議組成，這兩者都明顯受到商店關閉和客流量減少的影響。由第三方協議組成的廣告、我們的 App Store 搜索廣告和 Apple News 廣告受到整體經濟疲軟和企業何時重新開業的不確定性的影響。

For gross margin, sequential headwinds include foreign exchange, the mix within products and the seasonal loss of leverage on our product business. Foreign exchange will have a 70 basis points impact sequentially and 130 basis points impact year-over-year. Regarding product mix, keep in mind the commentary we provided at the revenue level. Sequential tailwinds include cost savings and the mix shift towards Services.

對於毛利率，連續不利因素包括外匯、產品組合以及我們產品業務的季節性槓桿損失。外匯將依次產生 70 個基點的影響，同比產生 130 個基點的影響。關於產品組合，請記住我們在收入層面提供的評論。連續的順風包括成本節約和向服務的混合轉變。

With regard to capital allocation, our approach remains unchanged. We continue to invest confidently in our future while also returning value to our shareholders. We are in the midst of developing our most exciting pipeline of products and services ever while contributing over $350 billion to the U.S. economy and expanding our footprint in many cities around the country over a 5-year period.

在資本配置方面，我們的做法保持不變。我們繼續自信地投資於我們的未來，同時也為我們的股東回報價值。我們正在開發我們有史以來最令人興奮的產品和服務管道，同時為美國經濟貢獻超過 3500 億美元，並在 5 年內擴大我們在全國許多城市的足跡。

We also continue to believe that there is great value in our stock, and we are maintaining our target of reaching a net cash neutral position over time. As a testament to the confidence we have in our business today and into the future, our Board has authorized $50 billion for share repurchases in addition to the over $40 billion authorization remaining under the current share repurchase plan. Our Board has also authorized a 6% increase in our quarterly dividend and today declared a cash dividend of $0.82 per share of common stock payable on May 14, 2020, to shareholders of record as of May 11, 2020.

我們還繼續相信我們的股票具有很高的價值，並且我們將保持我們的目標，即隨著時間的推移達到淨現金中性頭寸。除了當前股票回購計劃下剩餘的超過 400 億美元的授權外，我們的董事會還授權 500 億美元進行股票回購，這證明了我們對今天和未來的業務充滿信心。我們的董事會還授權將我們的季度股息增加 6%，今天宣布向截至 2020 年 5 月 11 日在冊的股東支付 2020 年 5 月 14 日每股普通股 0.82 美元的現金股息。

Finally and most importantly, we are managing Apple for the long term as we've always done. During uncertain times historically, we have continued to invest in the business, and this remains our philosophy. We will continue to stay focused on what we do best, investing in our product and service pipeline, managing the business wisely and taking care of our teams and believe we will come out from this stronger.

最後也是最重要的一點，我們將一如既往地長期管理 Apple。在歷史上的不確定時期，我們繼續投資於業務，這仍然是我們的理念。我們將繼續專注於我們最擅長的領域，投資於我們的產品和服務管道，明智地管理業務並照顧我們的團隊，並相信我們會變得更強大。

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

謝謝你，盧卡。 （操作員說明）操作員，請問第一個問題好嗎？

Yes. That will come from Shannon Cross, Cross Research.

是的。這將來自 Cross Research 的 Shannon Cross。

I hope everyone is well. Tim, you talked about seeing some improvement in the second half of April. So I was wondering if you could just talk maybe a bit more on the segment and geographic basis what you're seeing in the various regions that you're selling in and what you're hearing from your customers. And then I have a follow-up.

我希望每個人都很好。蒂姆，你談到在 4 月下半月看到了一些改善。因此，我想知道您是否可以在細分市場和地理基礎上多談談您在銷售的各個地區所看到的以及您從客戶那裡聽到的內容。然後我有一個跟進。

Sure, Shannon. If you look at -- I'll start with China. If you look at what happened in China, we were having a really good January. The lockdown started there toward the end of January as you know. February, we saw a steep decline in demand. We closed our stores in February. As the lockdown completed in mid-February toward the second half of February, we began to open stores. We opened them on a staggered basis. That took about 30 days until mid-March. And from a demand point of view, we saw an improvement in March over February. And if you look at kind of where we are today, we've seen further improvement in April as compared to March. And so that's China.

當然，香農。如果你看一下——我將從中國開始。如果你看看在中國發生的事情，我們的 1 月份過得非常好。如您所知，封鎖從一月底開始。 2 月，我們看到需求急劇下降。我們在二月份關閉了我們的商店。隨著 2 月中旬至 2 月下半月的封鎖完成，我們開始開店。我們以交錯的方式打開它們。這花了大約 30 天，直到 3 月中旬。從需求的角度來看，我們看到 3 月份比 2 月份有所改善。如果你看看我們今天的情況，與 3 月相比，我們在 4 月看到了進一步的改善。這就是中國。

If you look at the rest of the world, we were doing great in January, the first 5 weeks of the quarter. And we do believe that we were headed toward the sort of the top end of our expectations that we had talked to you about on the last call, that the next 5 weeks were spent sort of reacting and getting the supply chain back up in full force and working through the sharp decline in China that I already talked about.

如果你看看世界其他地區，我們在 1 月份，即本季度的前 5 週表現出色。而且我們確實相信，我們正朝著我們在上次電話會議上與您談到的那種期望的最高端前進，接下來的 5 周用於做出反應並全力恢復供應鏈並解決我已經談到的中國急劇下降的問題。

The real thing for the rest of the world happened in March when the shelter-in-place orders went in and the work from home began. For those 2-, 3-week period, at the end of the quarter, we saw a sharp decline in demand. If you now step out into April and look at that, early April started like the end of March, but in the second half of April, we've seen an uptick across -- really across the board. It's not just related to a certain geo or a certain product. We think, by looking at it, a part of it is due to just our new products. A part of it is due to the stimulus programs taking effect in April, and then a part of it is probably the consumer behavior of knowing this is going to go on for a little while longer and getting some devices and so forth lined up to work at home more.

對世界其他地方來說，真正的事情發生在 3 月，當時就地避難令下達並開始在家工作。在這 2 週、3 週期間，在本季度末，我們看到需求急劇下降。如果你現在跨入四月看看，四月初就像三月底一樣開始，但在四月下半月，我們看到了全面上升——真的是全面上升。它不僅僅與某個地理位置或某個產品有關。我們認為，通過觀察，部分原因在於我們的新產品。部分原因是由於刺激計劃於 4 月生效，然後部分原因可能是消費者的行為，他們知道這將持續一段時間，並讓一些設備等排隊工作在家裡更多。

In particular for, as I think Luca shared, we believe that iPad and Mac are going to improve on a year-over-year basis during this quarter. And that's customers that are either taking online education or working remotely. And so complex answer to your question but that's what we're seeing.

特別是，正如我認為 Luca 所分享的，我們相信 iPad 和 Mac 在本季度將同比有所改善。那是接受在線教育或遠程工作的客戶。對您的問題的回答如此復雜，但這就是我們所看到的。

That was helpful. Luca, unless I missed it, you talked about various puts and takes in the quarter but didn't really discuss operating expenses. I know you mentioned some cost savings on the COGS line. I'm curious how you're thinking about your spending in OpEx given some of the macro challenges that you may be facing.

那很有幫助。盧卡，除非我錯過了，否則你談到了本季度的各種看跌期權，但並沒有真正討論運營費用。我知道您提到了 COGS 生產線上的一些成本節約。鑑於您可能面臨的一些宏觀挑戰，我很好奇您是如何考慮在運營支出方面的支出的。

Yes. Well, Shannon, as we said, we manage the company for the long term, right? So we know that the core of the business, the core of the company is innovation and product and services development, so we will continue to invest in our pipeline. We're very excited about what we have in store, and so we will continue to invest there. Obviously, we are aware of the environment, and so we will manage the SG&A portion of the company tightly. We are making new investments in the new services that we launched recently. We -- as you know, we purchased the baseband activities from Intel, and obviously, we want to develop that technology because we consider it's a core technology for us. And so we will try to balance the need to continue to invest during difficult circumstances and the fact that we like to manage the business wisely.

是的。好吧，香農，正如我們所說，我們是長期管理公司的，對吧？所以我們知道業務的核心，公司的核心是創新以及產品和服務的開發，所以我們將繼續投資於我們的管道。我們對我們所擁有的東西感到非常興奮，因此我們將繼續在那裡投資。顯然，我們了解環境，因此我們將嚴格管理公司的 SG&A 部分。我們正在對我們最近推出的新服務進行新的投資。我們——如你所知，我們從英特爾購買了基帶業務，顯然，我們希望開發該技術，因為我們認為它是我們的核心技術。因此，我們將努力平衡在困難情況下繼續投資的需求和我們喜歡明智地管理業務的事實。

That will be from Wamsi Mohan with Bank of America.

那將來自美國銀行的Wamsi Mohan。

Tim, I think I speak for everyone on the call that we're all very appreciative of Apple's contribution during this pandemic. We all appreciate it.

蒂姆，我想我代表大家在電話會議上發言，我們都非常感謝蘋果在這場大流行期間所做的貢獻。我們都很感激。

Thank you very much for that.

非常感謝你。

No, it's been great. Tim, in past downturns, we have not really seen Apple pull back from investing, and you as a company have largely maintained the product introduction cadence. But given these are unprecedented times and there are a lot of challenges associated with product development during a time when you have a global footprint for such activities and unable to really do a lot of things in person, how should we think about the product development and introduction cadence as we go over the next several quarters? And I have a follow-up.

不，這很棒。蒂姆，在過去的低迷時期，我們並沒有真正看到蘋果退出投資，而你作為一家公司基本上保持了產品推出的節奏。但是鑑於這是前所未有的時代，並且在您在全球範圍內開展此類活動並且無法真正親自做很多事情的時候，與產品開發相關的挑戰很多，我們應該如何考慮產品開發和我們接下來幾個季度的介紹節奏？我有一個後續行動。

Well, we're continuing to operate. And so as you can tell, along with everything else going on, we were able to launch and ship the iPhone SE, the iPad Pro with the Magic Keyboard and the MacBook Air. And so business continues and the new products are our lifeblood. And so we're continuing to work. Everybody is getting used to the work at home. In some areas of the company, people may be even more productive. In some other areas, they're not as productive, and so it's mixed depending upon what the roles are. But as you can tell from what we did this quarter, despite the environment, we have our head down, are working because we know that our customers want the products that we've got. They are even more important in these times.

好吧，我們繼續運營。正如你所知道的，隨著其他一切的發生，我們能夠發布和發布 iPhone SE、配備妙控鍵盤的 iPad Pro 和 MacBook Air。因此，業務仍在繼續，新產品是我們的命脈。所以我們正在繼續工作。每個人都習慣了在家工作。在公司的某些領域，人們的工作效率可能更高。在其他一些領域，他們的效率不高，因此取決於角色的不同。但是，從我們本季度的工作中可以看出，儘管環境如此，我們仍然低著頭，正在努力，因為我們知道我們的客戶想要我們擁有的產品。在這個時代，它們更加重要。

As a follow-up, I know you're doing a lot with both the Apple Card and financing plan for iPhones to get your products in the hands of customers. But I was wondering, would you consider using the strength of your balance sheet maybe a little differently structured, maybe deferred payments or things like that? And -- or do you think that there could be other steps like bundling that you will consider versus what you already currently do?

作為後續行動，我知道您在 Apple Card 和 iPhone 融資計劃方面做了很多工作，以將您的產品交到客戶手中。但我想知道，您是否會考慮利用資產負債表的優勢，可能會採用一些不同的結構，可能是延期付款或類似的東西？並且 - 或者您是否認為您可能會考慮其他步驟，例如捆綁，而不是您目前所做的？

Well, as you know, we launched the payment plan earlier on Apple Card for iPhone. We're working on doing that for other products as well, and you'll see something on that shortly. So we're very focused on the affordability point. The trade-in programs also are fairly wide across the board and act as both something great for the environment, also something great from a way to get that entry price down.

好吧，如您所知，我們早些時候在 Apple Card for iPhone 上推出了付款計劃。我們也在努力為其他產品這樣做，你很快就會看到一些東西。因此，我們非常關注可負擔性這一點。以舊換新計劃也相當廣泛，不僅對環境有好處，而且可以降低入門價格。

In terms of deferred payments, nothing to announce today. But as you know, having access to the Card, at least in the United States, gives us more degrees of freedom, and that is not using our balance sheet. It's -- but we play a key role in deciding what kind of programs go with the Card.

在延期付款方面，今天沒有什麼要宣布的。但如您所知，至少在美國可以使用該卡為我們提供了更多的自由度，而這並沒有使用我們的資產負債表。它是——但我們在決定使用該卡的程序類型方面發揮著關鍵作用。

That will come from Morgan Stanley's Katy Huberty.

這將來自摩根士丹利的凱蒂休伯蒂。

I hope the whole team is staying healthy and safe. Tim, I want to start on a longer-term question. Where do you see structural changes on the back of this health crisis that might present opportunities for new revenue streams at Apple? And I'm particularly thinking about your past comments on health and augmented reality, but I'm sure there's even more areas of inspiration and creativity coming out of the company. And then I have a follow-up.

我希望整個團隊都保持健康和安全。蒂姆，我想從一個長期的問題開始。在這場健康危機的背景下，您認為哪些結構性變化可能會為 Apple 帶來新的收入來源？我特別想你過去對健康和增強現實的評論，但我相信公司還有更多的靈感和創造力領域。然後我有一個跟進。

I think there are things from just a great reminder of how important our products are and -- for remote work. And it's pretty clear to me that where things will get a lot closer to normal than they are today, obviously, I think many people are finding that they can learn remotely, and so I suspect that trend will accelerate some. I think that's probably also true about working remotely on -- in some areas and in some jobs. And so I think we have significant solutions and products for those -- for all of those groups.

我認為，僅僅提醒我們產品的重要性以及遠程工作的重要性，就會有一些事情。我很清楚，事情會變得比今天更接近正常，顯然，我認為很多人發現他們可以遠程學習，所以我懷疑這種趨勢會加速一些。我認為在某些領域和某些工作中遠程工作可能也是如此。因此，我認為我們為所有這些群體提供了重要的解決方案和產品。

On the health area, I gave some examples in my opening comments about the ECG being used on the Watch. You can bet that we're looking at other areas in this. We were already doing that because we've viewed that, that area was a huge opportunity for the company and a way for us to help a lot of people. And so you will see us continue on that. I wouldn't say that the health door opened wider. I would say it was already opened fairly wide.

在健康領域，我在開場評論中舉了一些關於手錶上使用的心電圖的例子。您可以打賭，我們正在研究這方面的其他領域。我們已經這樣做了，因為我們已經看到，該領域對公司來說是一個巨大的機會，也是我們幫助很多人的一種方式。所以你會看到我們繼續這樣做。我不會說健康之門打開得更大。我會說它已經打開得相當廣泛。

Okay. And then as a follow-up, the $50 billion share repurchase authorization is impressive in absolute terms, but it is a bit lower than the last couple of years. So just any context around the thought process of landing on $50 billion? And then related to that, you have one of the strongest balance sheets in the world. Does the current environment change your thinking at all around M&A opportunities?

好的。然後作為後續，500億美元的股票回購授權在絕對值上令人印象深刻，但比過去幾年要低一些。那麼關於登陸 500 億美元的思考過程有什麼背景嗎？然後與此相關，您擁有世界上最強大的資產負債表之一。當前環境是否會改變您對併購機會的看法？

Well, let me answer that, Katy. First of all, on the buyback, as I said, in general, our approach to capital allocation has remained the same for the last several years, and it's not changing now. Keep in mind here, we're talking about just the authorization, right? And when you look at our actual results at the end of every quarter, you see how much we actually do in terms of share repurchases. The $50 billion is in addition to over $40 billion that is still remaining from the past authorization that we've received from our Board, right? So it's the total available or outstanding in terms of authorization is over $90 billion.

好吧，讓我回答這個問題，凱蒂。首先，在回購方面，正如我所說，總的來說，過去幾年我們的資本配置方法保持不變，現在也沒有改變。請記住，我們只是在談論授權，對嗎？當您查看我們每個季度末的實際結果時，您會看到我們在股票回購方面實際做了多少。 500 億美元是我們過去從董事會收到的授權中剩餘的超過 400 億美元的補充，對嗎？因此，就授權而言，可用或未完成的總金額超過 900 億美元。

And as you look at our run rate during the last several years, you know that, that is a very adequate amount. And as you know, we will provide an additional update a year from now. So nothing really has changed there.

當您查看我們過去幾年的運行率時，您就會知道，這是一個非常充足的數量。如您所知，我們將在一年後提供額外的更新。所以那裡並沒有真正改變。

And nothing has changed on our approach for M&A. We've been quite active over the last several years. We purchase companies on a very regular basis. We're always looking for ways to accelerate our product road maps or fill gaps in our portfolio, both on the hardware side, on the software side, on the Services side. So we will continue to do that. And so also on the M&A front, nothing has changed.

我們的併購方法沒有任何改變。在過去的幾年裡，我們一直非常活躍。我們定期收購公司。我們一直在尋找方法來加速我們的產品路線圖或填補我們產品組合中的空白，無論是在硬件方面、軟件方面還是服務方面。所以我們將繼續這樣做。在併購方面也是如此，沒有任何改變。

That will come from Amit Daryanani with Evercore.

這將來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess, first off, on the channel inventory, I was hoping if you could talk about how did channel inventory look like in the March quarter because it sounds like it may be below the historical ranges. And then the discussion you had for June quarter performance of iPhones, what are you embedding from a channel building back inventory levels in that expectation?

我也有2個。我想，首先，關於渠道庫存，我希望您能談談 3 月季度的渠道庫存情況，因為它聽起來可能低於歷史範圍。然後你對 iPhone 6 月份季度的表現進行了討論，你在這個預期中從建立庫存水平的渠道中嵌入了什麼？

Amit, it's Tim. If you look at the iPhone channel inventory during Q2, the reduction of it was more than the reduction from the previous year. It's not unusual that we reduce in Q2, and in fact, if you look back on -- generally speaking, in the first half of the calendar year, we reduce channel inventories. During the second half of the calendar year, we generally raise channel inventories. That's a seasonal thing. And I believe -- sitting here today, I believe that will happen this year as well. So hopefully, that answers your question. And by the way, we ended in a comfortable position, so you could conclude from that, that we were within a target range.

阿米特，是蒂姆。如果你看 Q2 期間的 iPhone 渠道庫存，它的減少量超過了去年的減少量。我們在第二季度減少庫存並不罕見，事實上，如果你回顧一下——一般來說，在日曆年的上半年，我們減少了渠道庫存。下半年，我們一般會增加渠道庫存。那是季節性的事情。我相信——今天坐在這裡，我相信今年也會發生。所以希望這能回答你的問題。順便說一句，我們以一個舒適的位置結束，所以你可以從中得出結論，我們在目標範圍內。

That's really helpful. And could I just follow up? Tim, I was hoping you could maybe talk a little bit about how do you think about Apple's manufacturing strategy and perhaps need for some diversity, especially given everything the company and everyone has gone through over the last 12 months. How do you think about that? And do you feel comfortable that the supply chain and the manufacturing base is well situated today to launch the traditional fall products that they used to get from Apple?

這真的很有幫助。我可以跟進嗎？蒂姆，我希望你能談談你如何看待蘋果的製造戰略，或許需要一些多樣性，特別是考慮到公司和每個人在過去 12 個月中所經歷的一切。你怎麼看？您是否對供應鍊和製造基地今天處於有利位置以推出他們過去從 Apple 獲得的傳統秋季產品感到滿意？

Yes. As you know, our supply chain is global and so our products are truly made everywhere. And I would focus on that versus focus on one element of the manufacturing process, which tends to get more visibility, which is the final assembly. We have some final assembly in the United States. We have final assembly in China as well. I think you'd have to conclude or at least I conclude that if you look at the shock to the supply chain that took place this quarter, for it to come back up so quickly really demonstrates that it's durable and resilient. And so I feel good about where we are. That said, we're always looking at tweaks, and it's just not something we talk about because we view it as confidential and competitive information. And so we will look at the -- as we get out of this totally, we will look to see what we learned and what we should change.

是的。如您所知，我們的供應鍊是全球性的，因此我們的產品確實是無處不在的。我會專注於這一點，而不是專注於製造過程的一個元素，這往往會獲得更多的可見性，即最終組裝。我們在美國有一些最後的組裝。我們在中國也有總裝。我認為您必須得出結論，或者至少我得出結論，如果您查看本季度對供應鏈的衝擊，那麼它能夠如此迅速地恢復，這確實表明它具有持久性和彈性。所以我對我們所處的位置感覺很好。也就是說，我們一直在關注調整，這不是我們談論的事情，因為我們將其視為機密和競爭信息。因此，我們將研究——當我們完全擺脫這種情況時，我們將看看我們學到了什麼以及我們應該改變什麼。

We'll hear from Jeriel Ong with Deutsche Bank.

我們將聽取德意志銀行的 Jeriel Ong 的意見。

So I want to focus the question on Services. The segment was solid in the quarter in spite overall macro weakness. I can kind of see launch behind it being strong despite product weakness overall. As you kind of look at the rest of the year, do you think that's sustained? Or at some point, does the macro impacts worldwide impact the Services line?

所以我想把問題集中在服務上。儘管整體宏觀疲軟，但該部門在本季度表現穩健。儘管整體產品疲軟，但我可以看到它背後的發布很強大。當你看看今年剩下的時間時，你認為這種情況會持續嗎？或者在某些時候，全球宏觀影響是否會影響服務線？

Jeriel, let me take that one. We typically don't give a lot of specifics about our categories. But I've said, as we look into the June quarter, we see 2 distinct trends in our Services business overall. Our ecosystem is very strong. Our customers are very engaged. We are continuing to grow double digits the number of transacting accounts and paid accounts. And so we expect our digital services to continue at the same level of performance that we have seen during the March quarter. And that includes the App Store, of course, our video business, our Music business, cloud services, so we expect all these businesses to continue to grow very strongly.

傑瑞爾，讓我拿那個。我們通常不會就我們的類別提供很多細節。但我已經說過，當我們展望六月季度時，我們看到我們的服務業務總體上有兩個不同的趨勢。我們的生態系統非常強大。我們的客戶非常投入。我們的交易賬戶和付費賬戶數量繼續以兩位數增長。因此，我們預計我們的數字服務將繼續保持與 3 月季度相同的性能水平。這當然包括 App Store，我們的視頻業務、音樂業務、雲服務，因此我們預計所有這些業務都將繼續強勁增長。

Given the overall economic environment, the level of demand right now, there are 2 businesses that we believe are going to be impacted during the June quarter. One of them is Apple Care. Apple Care is essentially comprised of our product repair business and the warranty agreements that we signed with our customers when they purchased our devices. Both these businesses have been affected obviously by the store closures, not only our retail stores but also our partners' points of sale. And obviously, they reduced level of customer traffic because of the social distancing measures, right? And we do expect Apple Care to be affected during the June quarter.

鑑於整體經濟環境和目前的需求水平，我們認為有 2 家企業將在 6 月季度受到影響。其中之一是 Apple Care。 Apple Care 基本上由我們的產品維修業務和我們與客戶在購買我們的設備時簽署的保修協議組成。這兩項業務都受到商店關閉的明顯影響，不僅是我們的零售店，還有我們合作夥伴的銷售點。顯然，由於社交距離措施，他們降低了客戶流量，對吧？我們確實預計 Apple Care 將在 6 月季度受到影響。

The other business which we think is going to be impacted by the overall economic weakness and the uncertainty on when businesses will reopen is advertising, which is the sum of our advertising business on the App Store, on Apple News and the third-party agreements that we have on the advertising front. So these are 2 things that, during the June quarter, will create a headwind for the Services business.

我們認為將受到整體經濟疲軟和企業何時重新開放的不確定性影響的另一項業務是廣告，這是我們在 App Store、Apple News 和第三方協議上的廣告業務的總和。我們在廣告方面。因此，在 6 月季度，這兩件事將為服務業務帶來不利影響。

Got it. Appreciate that. My second question comes about the overall purchasing decisions consumers are making. So far through April, have you seen increased perhaps downticks across your product line? So for example, somebody might have a shift maybe towards the lower end of the storage mix of certain products. And do you expect that going forward as unemployment uptick and macro impacts kind of layer on through rest of '20?

知道了。感謝。我的第二個問題是關於消費者正在做出的整體購買決定。到 4 月為止，您是否看到您的產品線可能出現下降趨勢？例如，有人可能會轉向某些產品的存儲組合的低端。你是否期望隨著失業率上升和宏觀影響在 20 年剩下的時間裡產生某種層次的影響？

I haven't seen what you're asking, no. I have seen a strong customer response to iPhone SE, which is our most affordable iPhone. But it appears that those customers are primarily coming from wanting a smaller form factor with the latest technology or coming over from Android. And so those are the 2 principal kind of segments versus somebody buying down as you're talking about it. We've also seen -- we launched the iPad Pro in the midst of all of this, and the reception there has also been incredibly good. And that's obviously our top-of-the-line iPad. And so I'm not seeing what you're alluding to at least at this point.

我沒有看到你在問什麼，沒有。我看到客戶對 iPhone SE 的強烈反應，這是我們最實惠的 iPhone。但似乎這些客戶主要來自想要採用最新技術的更小外形尺寸，或者來自 Android。因此，這些是您所說的與有人購買的兩種主要細分市場。我們也看到了——我們在這一切中推出了 iPad Pro，那裡的反響也非常好。這顯然是我們的頂級 iPad。因此，至少在這一點上，我沒有看到你在暗示什麼。

That will be from JPMorgan's Samik Chatterjee.

那將來自摩根大通的 Samik Chatterjee。

So if I can just start with a question on kind of what you're seeing in China, you mentioned kind of the pickup in activity. But is that driven by more kind of footfall in the stores or what you're seeing relative to online activity and how much of this recovery is driven online? Any thoughts on that, please?

所以，如果我可以從你在中國看到的那種問題開始，你提到了活動的回升。但這是否是由商店中更多的客流量推動的，還是您所看到的與在線活動相關的情況以及這種複蘇有多少是由在線推動的？請問對此有什麼想法嗎？

Yes. What we saw in China for the full quarter, and I'll speak about Mainland China because I think that's the source of your question, we saw strong results in iPad and in Wearables and in Services. And if you look up underneath the full quarter, we saw a strong January and then a significantly reduced demand in February as the shelter-in-place orders and the lockdowns went into effect in China and the stores closed. And then in March, as stores reopened, we -- the recovery began, and then we've seen further recovery in April. Where that goes, we will see, but that's kind of what we've seen so far there.

是的。我們在整個季度在中國看到的情況，我將談談中國大陸，因為我認為這是你問題的根源，我們在 iPad、可穿戴設備和服務領域看到了強勁的業績。如果你往下看整個季度，我們會看到 1 月份的強勁勢頭，然後隨著中國的就地避難令和封鎖措施生效以及商店關閉，2 月份的需求顯著下降。然後在 3 月，隨著商店重新開業，我們開始復蘇，然後我們在 4 月看到了進一步的複蘇。到哪裡去，我們會看到，但這就是我們到目前為止所看到的。

To your question about store traffic, store traffic is obviously up from where it was in February, but it is not back to where it was pre the lockdown. There has been, however, more move to online. And as I'd mentioned earlier in my remarks, the -- it's pretty phenomenal actually. Retail had a quarterly record for us during the quarter, and that's despite stores being closed for the 3-week period around the world ex China and then China was closed prior to that 3 weeks. And that's partly because the online store had such a phenomenal quarter, and that included in China but it was also other regions as well. So there is definitely a move. And whether that's a permanent shift, I would hesitate to go that far as I think people like to be out and about. They just know that now is not the time to do that.

對於您關於商店流量的問題，商店流量顯然比 2 月份的水平有所上升，但並沒有回到鎖定前的水平。然而，越來越多的人轉向在線。正如我之前在評論中提到的那樣，這實際上非常了不起。零售在本季度為我們創造了季度記錄，儘管在中國以外的世界各地商店關閉了 3 週，然後中國在這 3 週之前關閉。這部分是因為在線商店有如此驚人的季度，這包括中國，但也包括其他地區。所以肯定有動作。無論這是否是一個永久性的轉變，我都會猶豫是否要走得那麼遠，因為我認為人們喜歡外出走動。他們只知道現在不是這樣做的時候。

Got it. And if I can just follow up on your previous comment about the strong demand you're seeing for iPhone SE, just given the price point, I'm wondering if you're expecting any change in terms of the geographic mix of where the demand comes from relative to typically what you see for other iPhones in the lineup just given the lower price point.

知道了。如果我可以跟進您之前關於您對 iPhone SE 的強勁需求的評論，只要考慮到價格點，我想知道您是否預計需求的地理組合會發生任何變化相對於您在該系列中看到的其他 iPhone 的典型情況，只是給出了較低的價格點。

I think it plays in every geo, but I would expect to see it doing even better in areas where the median incomes are less. And so we'll see how that plays out. And I expect some fair number of people switching over to iOS. And so it's an unbelievable offer. It's, if you will, the engine of our top phones in a very affordable package. And I think -- and it's faster than the fastest Android phones, and so it's an exceptional value.

我認為它適用於每個地區，但我希望看到它在收入中位數較低的地區表現得更好。因此，我們將看到結果如何。我預計會有相當多的人切換到 iOS。所以這是一個令人難以置信的提議。如果您願意，它是我們頂級手機的引擎，採用非常實惠的包裝。而且我認為 - 它比最快的 Android 手機更快，因此它具有非凡的價值。

Our last question today will be from Chris Caso with Raymond James.

我們今天的最後一個問題將來自 Chris Caso 和 Raymond James。

I wanted to follow up with another question on iPhone SE and the decision to bring it back and where it sits within the total iPhone strategy. And I guess coupled with the fact that iPhone 11, you made the decision to bring that at a lower price point, what does that tell us with respect to your approach to iPhone pricing and flexibility? Is this helping to add users and kind of bring people into the ecosystem? And if so, what does that imply for gross margins?

我想跟進關於 iPhone SE 的另一個問題，以及將它帶回來的決定以及它在整個 iPhone 戰略中的位置。而且我想再加上 iPhone 11 的事實，你決定以更低的價格推出它，這告訴我們你對 iPhone 定價和靈活性的方法是什麼？這是否有助於增加用戶並將人們帶入生態系統？如果是這樣，這對毛利率意味著什麼？

Chris, we've always been about delivering the best product at a good price, and that fundamental strategy has not changed at all. As you know, we did have an SE for a while. It's great to bring it back. It was a beloved product, and so I wouldn't read anything into that other than we want to give people the best deal that we can while making the best product.

克里斯，我們一直致力於以優惠的價格提供最好的產品，而這一基本戰略根本沒有改變。如您所知，我們確實有一段時間有 SE。把它帶回來真是太好了。這是一款深受喜愛的產品，因此除了我們希望在製造最佳產品的同時為人們提供最優惠的價格外，我不會對此進行解讀。

Okay. As a follow-up, the follow-up question is on commodity pricing, and I think you had expected to see some commodity price declines through the March quarter. If you could talk about what you expect as you go through the year perhaps in this new environment and again, whether that turned into a tailwind or a headwind for gross margins as you go into the second half.

好的。作為後續，後續問題是關於商品定價，我認為您曾預計到 3 月季度商品價格會出現一些下跌。如果你可以談論你在這一年中的期望，也許在這個新環境中，無論是在你進入下半年時，這對毛利率來說是順風還是逆風。

Yes. For March, Chris, we saw NAND pricing increase slightly, while DRAM and displays and the other commodities declined. For the June quarter, we would expect NAND and DRAM pricing to remain at this historically low level, while displays and most other commodity prices, we expect to decline.

是的。 Chris，我們看到 3 月份 NAND 價格略有上漲，而 DRAM 和顯示器等商品價格下跌。對於 6 月季度，我們預計 NAND 和 DRAM 價格將保持在歷史低位，而顯示器和大多數其他商品價格預計將下降。

Thank you, Chris. A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone. The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 3229513. These replays will be available by approximately 5:00 p.m. Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414. Financial analysts can contact me with additional questions at (669) 227-2402. Thank you again for joining us.

謝謝你，克里斯。今天電話會議的重播將在 Apple 播客上播放 2 週，作為 apple.com/investor 上的網絡廣播和通過電話播放。電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 3229513。這些回放將在下午 5:00 左右提供。今天太平洋時間。有其他問題的媒體成員可以致電 (408) 974-2414 聯繫 Kristin Huguet。金融分析師可以致電 (669) 227-2402 與我聯繫以解決其他問題。再次感謝您加入我們。

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

這確實結束了今天的會議。感謝大家今天加入我們。