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.

大家好。歡迎參加蘋果2020財年第二季財報電話會議。本次電話會議正在錄音。現在，我將把電話交給企業財務和投資者關係高級經理Tejas Gala先生，請他致開幕詞並進行介紹。請開始。

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

謝謝。下午好，感謝各位參加本次電話會議。今天首先發言的是蘋果執行長提姆·庫克，接著是財務長盧卡·馬埃斯特里。之後，我們將開放分析師提問環節。

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，您今天在討論中聽到的一些資訊包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置以及未來業務展望（包括新冠疫情對公司業務和經營業績的潛在影響）的陳述。實際結果或趨勢可能與我們的預測有重大差異。更多信息，請參閱蘋果公司最近向美國證券交易委員會提交的10-K表和10-Q表定期報告以及今天提交的8-K表及其相關新聞稿中討論的風險因素。蘋果公司不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thanks, Tejas. Good afternoon, everyone. Thanks for joining 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，Tejas。大家下午好。感謝各位今天收看我們的節目。希望你們一切安好。今天，蘋果公司公佈營收達 583 億美元，服務業務創歷史新高，穿戴式裝置、家居和配件業務也創下季度營收新高。此外，由於網路商店的快速成長，蘋果零售業務的季度營收也創下新高。在當前全球最具挑戰性的經營環境下，我們依然自豪地宣布，蘋果在本季實現了成長。

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.

但在我們深入分析數據之前，我想先簡單談談新冠疫情。自一月以來，蘋果一直在應對疫情帶來的挑戰。我認為，我們的應對方式以及我們從中汲取的靈感，充分展現了蘋果作為一家企業的強大韌性，以及我們的產品在用戶生活中經久不衰的重要性。這也體現了蘋果無與倫比的創新能力，始終著眼長遠，並在其他企業可能本能地選擇退縮時勇往直前。

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.

在新冠疫情爆發之前，我們預期第二季將是蘋果業績斐然、充滿活力的時期。而當疫情來襲時，我們的團隊不僅成功實現了業務成長，推出了強大的新產品，滿足了客戶的需求，而且還積極履行了我們對生活和工作所在社區的更廣泛的責任。

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.

讓我們快速瀏覽一下公司的整體狀況。在全力以赴生產最新一代產品並將其送到客戶手中的同時，我們遍布全球的供應鏈合作夥伴、物流和營運團隊也在為一線醫護人員採購超過3000萬個口罩，確保將它們捐贈到世界各地最需要的地方。我們的產品團隊在準備發布新款iPad Pro、妙控鍵盤、MacBook Air和新款iPhone SE（這些產品都廣受好評）的同時，也在與供應商合作，設計、測試、生產和分發超過750萬個防護面罩。我們每週都會向第一線醫生、護士和醫務人員運送超過100萬個防護面罩。

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.

在本季度，我們的服務團隊實現了強勁成長（盧卡稍後會詳細闡述，這也體現了我們服務策略的持久性），同時，這些團隊也將應對新冠疫情放在了工作的核心位置。隨著 Apple News 月活躍用戶達到 1.25 億，我們透過專門的新冠疫情垂直領域，提升了來自可靠來源的可信資訊。鑑於許多家庭面臨經​​濟困難，我們允許 Apple Card 用戶在 3 月和 4 月免息延期付款。我們與從歐普拉到 Lady Gaga 等各界人士合作，透過 Apple TV 提供資訊、娛樂和公益內容。此外，由於用戶在新常態下依賴設備保持聯繫，FaceTime 和 Messages 等服務的每日平均使用量在本季度也創下了歷史新高。

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.

在軟體方面，我們的團隊在積極籌備本季末舉辦的首屆全線上全球開發者大會的同時，也以同樣的創造力和速度與美國疾病管制與預防中心（CDC）合作，開發了新冠肺炎症狀自查網站和應用程式。截至目前，該應用程式的安裝量已接近200萬次，網頁工具的獨立訪問量也已超過300萬次。就在本月，為了加快接觸者追踪，我們與谷歌攜手合作，利用藍牙技術幫助各國政府和衛生機構傳播病毒，從而在確保用戶隱私和安全的前提下，有效減少病毒傳播。

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.

我們將這些專案措施與更廣泛的策略結合，在最需要的地方回饋社會。我們已向全球各地的救援行動捐贈了大量企業資金，以支持「全球公民」組織，並設立了一項新基金，幫助受疫情危機影響的美國民眾解決糧食和安全問題。將這些捐贈加起來，再加上我們持續為員工捐款提供2:1的配捐，蘋果公司對全球救援行動的貢獻意義重大、涵蓋面廣，也令整個團隊倍感自豪。

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.

我們也在盡一切努力，透過適當調整營運方式，幫助我們的員工、他們的家人以及他們所在的社區保持安全和健康。這當然也包括我們的零售員工。他們是蘋果公司面向顧客的形象代表，也是我們業務的重要組成部分，即使門市關閉，我們也會照常支付他們的薪水。在這個瞬息萬變的季度裡，我們對全球供應鏈展現出的韌性和適應能力感到欣慰。雖然我們在二月遇到了一些暫時的供應限制，但我們的營運團隊、供應商和製造合作夥伴已經安全復工，生產在三月底就恢復到了正常水平。

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.

在當前保持社交距離、學校和聚集場所關閉、計劃延遲、社交方式改變的特殊時期，我們看到大量證據表明，我們的產品對客戶的重要性顯著提升。世界各地的教師和學生都在依靠我們的技術進行教學、學習和保持聯繫。我們正在向各學校系統部署大量iPad，以幫助他們遠端維持高品質的教學，其中包括加拿大安大略省、蘇格蘭格拉斯哥和波多黎各的數萬台；洛杉磯市的10萬台；以及紐約市的35萬台，這是我們迄今為止規模最大的教育類iPad部署計畫。

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.

自三月初以來，我們看到學生、愛好者和創意專業人士對我們的專業版應用程式的需求空前高漲。在居家隔離期間，正是這些人讓我們保持娛樂和靈感。為了幫助他們，我們向所有人免費開放 Final Cut Pro X 和 Logic Pro X 90 天。反應非常熱烈，軟體下載量和使用量均創歷史新高。

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越來越多地利用 Apple Watch 和其他健康功能與患者溝通，並在必要時安全地進行遠距治療。例如，隨著 FDA 發布了關於非侵入式遠端患者監測的新指南，Apple Watch 上的心電圖 (ECG) 應用正被越來越多地用於遠距心電圖測量和記錄，以支援遠距醫療，從而減少患者和醫護人員的接觸和感染風險。許多醫院，例如 Geisinger Health System、NYU Langone Health 和 Stanford Health Care，都在使用 iPad 和 iPhone 上的應用來支援住院患者與其護理團隊之間的溝通和視訊會議。這使得護理團隊無需進入隔離病房即可密切關注患者，有助於最大限度地減少感染風險，並降低對個人防護裝備的需求。

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，當我們回顧並總結這一切，考慮到新冠疫情對蘋果、我們的客戶以及我們的工作方式的方方面面，或許這並非一個沒有疫情影響的完美季度，但我認為，我從未像這個季度一樣，對我們的工作成果和工作方式感到如此自豪。正如我一開始所說，我們實現了 583 億美元的營收，其中產品營收為 450 億美元。在三月的季度中，我們的產品業務經歷了三個截然不同的階段。基於蘋果在季度前五週的表現，我們原本信心滿滿，相信第二季能創下歷史新高，甚至超過我們預期的上限。

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.

在接下來的五周里，隨著新冠肺炎疫情開始影響中國市場，iPhone的供應以及中國境內對我們產品的需求都受到了暫時性的影響。這導致我們在二月撤回了營收預期。當時，中國以外地區對我們產品的需求依然強勁，符合我們的預期。在本季的最後三週，隨著疫情在全球蔓延，世界各地都採取了保持社交距離的措施，包括3月13日關閉大中華區以外的所有零售門市以及全球許多通路合作夥伴的銷售點，我們看到需求面臨下行壓力，尤其是iPhone和穿戴式裝置的需求。

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.

鑑於短期內前景不明朗，我們將不發布下一季的業績指引。但從長遠來看，我們對公司業務的持續穩健充滿信心。我們的全球供應鏈具有極強的韌性和穩定性。我們已展現出應對和管理諸如新冠疫情等暫時性供應挑戰的持續能力。我們持續推出涵蓋多個品類、深受廣大客戶喜愛的創新產品，其中包括全新iPhone SE，這款手機以極具競爭力的價格實現了無與倫比的技術性能。

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.

我們全球團隊以無與倫比的創造力、樂觀精神和對客戶的奉獻精神，應對了當前情況的種種複雜挑戰。對於以創新為核心業務的公司而言，定期探索全新的方法來處理幾乎所有事情，其實蘊藏著巨大的機會。我們長期以來對服務策略的投入正在發揮成效。這項業務正在蓬勃發展，也反映了我們龐大且持續成長的客戶基礎。我們預計2020年將實現長期以來設定的目標，即服務收入將比2016財年翻倍。

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.

我們始終以長遠眼光經營蘋果。進入這段時期，我們擁有無與倫比的財務實力、充裕的現金儲備以及史上最強大的產品線。包括我們承諾在未來五年內向美國經濟貢獻3,500億美元的重大投資項目在內的各項舉措，正在全速推進。正是在這些關鍵時刻，我們展現了與眾不同的力量。我們總能透過加倍投入、投資下一代創新來渡過難關，而這也是我們今天的策略。

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.

因此，雖然我們無法確切地說出這本書有多少章，但我們可以肯定的是，結局一定會是美好的。蘋果將繼續竭盡所能，協助全球抗疫，並讓我們的客戶能夠繼續學習、創作、分享和交流，從而在這個充滿挑戰的時期，盡可能地維持正常的生活。

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

這樣，我就把事情交給盧卡了。

Thank you, Tim. Good afternoon, everyone. 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，提姆。大家下午好。本季的情況與我們一月底上次與大家交流時的預期大相逕庭。但我們為遍布全球的蘋果團隊、我們為支持當地社區和價值鏈上的合作夥伴所做出的努力，以及我們在這些充滿挑戰的時期所展現出的業務和財務韌性感到無比自豪。

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.

儘管受到新冠疫情的嚴重影響以及100個基點的匯率波動不利因素，本季總營收仍達583億美元，年增1%。產品營收為450億美元，年減3%。繼1月強勁成長之後，我們的業績受到衝擊，尤其是在本季最後三週，由於新冠疫情在全球蔓延，封鎖措施和銷售點關閉加劇，產品銷售受到影響。然而，從需求角度來看，我們的實際業績優於報告數據，因為我們比去年同期更有效地減少了iPhone通路庫存。值得注意的是，我們所有地區和所有主要產品類別的活躍設備裝置裝置均創歷史新高。

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.

服務收入呈現截然不同的趨勢，較去年同期成長17%，表現強勁。我們創下了133億美元的歷史新高，在眾多服務類別和我們追蹤的大多數國家都創下歷史新高。稍後我將提供更多詳情。

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，成本節約和產品組合向服務業傾斜的趨勢被季節性槓桿效應的下降所抵消。產品毛利率為30.3%，季減380個基點，主要原因是槓桿效應的下降和產品組合不利。由於我之前提到的新冠疫情的影響，這一降幅比正常情況下更為顯著。

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.

服務業務毛利率為 65.4%，季增 100 個基點，主要得益於有利的產品組合。本季報告稅率為 14.4%，低於我們先前 16.5% 的預期，主要受一次性項目的影響。淨利潤為 112 億美元，每股收益為 2.55 美元，年增 4%。營運現金流表現強勁，達到 133 億美元，較去年同期成長 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.

讓我更詳細地介紹一下我們各項收入類別。 iPhone 營收為 290 億美元，年減 7%，原因是本季 iPhone 的供需都受到了新冠疫情的影響。在供應方面，我們在 2 月遇到了一些暫時的供應短缺，但我們對全球供應鏈的韌性和適應能力以及在條件允許的情況下確保員工安全復工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.

我們的營運團隊和製造合作夥伴付出了巨大的努力，迅速恢復了生產，因此本季末我們的大部分產品線都保持了良好的供應狀況。需求方面，在經歷了強勁的前五週之後，我們看到新冠疫情的影響在接下來的五週內衝擊了中國市場的需求，隨後隨著許多國家封鎖和銷售點關閉措施的蔓延，疫情的影響在本季度最後三週波及全球。

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.

儘管本季末我們的換機週期略有延長（我們認為這是由於銷售點普遍關閉所致），但我們的iPhone活躍用戶基數已達到歷史新高。這充分體現了我們產品的卓越品質和強大的生態系統。事實上，451 Research 在美國發布的最新消費者調查顯示，iPhone 11、11 Pro 和 11 Pro Max 的用戶滿意度合計高達 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.

再來看看服務業務。我們創下了133億美元的歷史營收紀錄。所有業務部門均表現強勁，App Store、Apple Music、影片、雲端服務以及App Store搜尋廣告業務的營收均創歷史新高。此外，Apple Care的營收也創下了3月季度的紀錄。我們的新服務Apple TV+、Apple Arcade、Apple News+和Apple Card持續增加用戶、內容和功能，為整體服務業務的成長做出了貢獻。正如提姆所說，我們正朝著2020年服務業務營收翻倍的目標穩步邁進。

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.

由於用戶對應用程式內購買和訂閱服務的強勁需求，App Store 的收入實現了兩位數的強勁成長。我們的第三方訂閱業務在多個類別中均實現了成長，年成長超過 30%，創下歷史新高。我們的第一方訂閱服務也持續表現優異。 Apple Music 和雲端服務都創下歷史營收紀錄，Apple Care 也創下了三月季度營收新高。這三項服務的付費訂閱收入均實現了兩位數的強勁成長。

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.

我們生態系統中的客戶參與度持續強勁成長，3月份季度，我們數位內容商店的交易帳戶和付費帳戶數量均創歷史新高。尤其值得一提的是，我們所有地區的付費帳戶數量均實現了兩位數成長。目前，我們平台上的各項服務付費訂閱用戶已超過5.15億，較去年同期成長1.25億。環比來看，付費訂閱用戶成長超過3500萬，這是我們迄今為止最高的環比成長率。憑藉這一成長勢頭，我們有信心在2020年底前實現6億付費訂閱用戶的目標。

Wearables, Home and Accessories established a new 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.

穿戴式裝置、家居及配件業務在3月季度創下新紀錄，營收達63億美元，年增23%，五大地理區域均實現了強勁的兩位數成長。我們的穿戴式裝置業務規模現已達到財富140強企業的水平，我們對該產品類別的許多發展機會感到無比振奮。例如，Apple Watch的用戶群持續擴大，本季全球Apple Watch新用戶中超過75%為首次購買者。

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的收入為54億美元，iPad的收入為44億美元。在本季末，我們推出了全新的iPad Pro，它配備了同類首創的雷射雷達掃描儀，並擁有一些非常令人興奮的擴增實境應用；同時也推出了性能顯著提升、價格更低的MacBook Air。我們對這兩款產品都獲得了消費者的熱烈反響感到非常滿意。

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.

值得注意的是，本季全球購買Mac和iPad的客戶中，約有一半是首次購買該產品，Mac和iPad的活躍用戶基數均創歷史新高。此外，451 Research的最新消費者調查顯示，iPad的顧客滿意度為95%，Mac的顧客滿意度為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，各行各業都在轉型為遠距辦公。我們製作了相關內容來幫助客戶完成這項轉型，包括一系列點播視訊學習課程，重點介紹iPad和Mac的遠端部署以及安全等主題。我們也調整了零售業務和企業團隊，以便在客戶適應新的工作環境時，能夠及時提供相關的支援。我們的一些大型客戶，例如IBM和SAP，為員工提供Mac電腦，他們能夠迅速調整策略，讓員工在家中輕鬆設定和保護設備，並受益於Apple Business Manager和零接觸部署功能。我們也看到無數新專案和遠端部署在短短幾個小時內就得以完成的案例。例如，Peloton與我們在紐約的團隊合作，一夜之間部署了整批Mac電腦，以便他們的團隊能夠遠距辦公。

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.

在食品雜貨和金融服務等關鍵產業，我們看到各機構正在採用我們的技術，以便更安全地為客戶提供服務。全球領先的食品雜貨商，例如 Trader Joe's、Woolworths、Lawson、Sainsbury's、Lidl 和家樂福，都提供 Apple Pay，方便顧客使用非接觸式支付。此外，一些門市轉型為線上訂單的配送中心，各機構也利用應用程式為遠端購物者和食品配送用戶提供服務，以減少客流量。

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，安全保障至關重要。保護公司和客戶資訊的一種方法是為日常工作中需要使用手機的員工提供企業版iOS設備。例如，美國銀行正在為其員工購買數萬台額外的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，在當前極為特殊的金融市場環境下，我們的流動性並未出現問題。我們擁有極為穩健的資產負債表、非常強大的資本市場融資管道以及無與倫比的自由現金流產生能力。截至本季末，我們持有現金及有價證券共1,930億美元，總負債為1,100億美元，因此，季末淨現金為830億美元。在3月份的季度中，我們向股東返還了220億美元，其中包括透過公開市場回購6,470萬股蘋果股票返還的185億美元，以及34億美元的股息及等價物。

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，隨著我們進入六月季度，我想就我們目前觀察到的情況做一些補充說明，其中包括Tejas在電話會議開始時提到的那些前瞻性資訊。正如Tim所說，鑑於短期內缺乏透明度和確定性，我們不會發布下一季的業績指引。但是，基於我們在四月觀察到的情況以及我們對未來發展趨勢的預測，我想就我們面臨的挑戰和機會提供一些補充見解。

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.

從外匯角度來看，美元近期對全球大多數貨幣升值，因此，我們預期公司營收將年減超過15億美元。目前，我們的全球供應鏈已恢復正常運作。我們的供應狀況良好，包括近期新品上市所需的正常產能提升。即使在目前特殊情況下，這些新推出的產品，包括iPad Pro、MacBook Air和iPhone SE，都獲得了極佳的客戶反應。

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 和穿戴式裝置方面，我們預計 6 月季度的年比營收表現將較 3 月季度有所下滑。在 iPad 和 Mac 方面，我們預計 6 月季度的年比營收表現將會提升。在服務方面，我們觀察到兩個明顯的趨勢。首先，客戶正在積極使用我們的生態系統和數位服務，我們相信 App Store、視訊、音樂和雲端服務近期強勁的表現將在整個 6 月季度持續。其次，由於全球各地的封鎖措施導致經濟活動整體下降，Apple Care 和廣告等服務受到了影響。 Apple Care 包括我們的產品維修業務和與客戶的保固協議，這兩項業務都明顯受到了門市關閉和客流量減少的影響。廣告業務（包括第三方協議、App Store 搜尋廣告和 Apple News 廣告）也受到了整體經濟疲軟和企業何時復工的不確定性的影響。

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.

就毛利率而言，季減不利因素包括匯率波動、產品組合變動、產品業務季節性槓桿效應減弱。匯率波動將對環比毛利率產生70個基點的影響，對年比毛利率產生130個基點的影響。關於產品組合，請參考我們在營收層面提供的評論。環比利好因素包括成本節約以及產品組合向服務業的轉變。

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，我們的策略保持不變。我們將繼續對未來充滿信心地進行投資，同時為股東創造價值。我們正在開發有史以來最令人振奮的產品和服務系列，同時為美國經濟貢獻超過3500億美元，並在未來五年內擴大我們在全國多個城市的商業版圖。

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.

我們依然堅信公司股票具有巨大價值，並堅持最終實現淨現金中立的目標。為了反映我們對公司目前及未來業務的信心，董事會已批准500億美元的股票回購計劃，此外，現有股票回購計劃中還剩餘超過400億美元的授權額度。董事會也批准將季度股息提高6%，並於今日宣布派發每股0.82美元的現金股息，將於2020年5月14日支付給截至2020年5月11日登記在冊的股東。

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，我們將一如既往地著眼於蘋果的長期發展。歷史上，在充滿不確定性的時期，我們始終堅持對業務進行持續投資，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，投資我們的產品和服務，明智地管理業務，關懷我們的團隊，並相信我們最終會變得更強大。

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

接下來，我們開始接受提問。

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

謝謝你，盧卡。 （操作員指示）操作員，請問第一個問題是什麼？

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

是的。這將由 Cross Research 的 Shannon Cross 提供。

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.

希望大家都好。提姆，你提到四月下半月情況有所改善。所以我想請你再詳細談談你在不同銷售區域（包括細分市場和地理）的銷售情況，以及你從客戶那裡聽到的回饋。我還有一個後續問題。

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。我先從中國說起。看看中國的情況，我們一月份的業績非常好。你也知道，一月底中國就開始封鎖了。二月份，需求急劇下降。我們二月關閉了所有門市。二月中旬到二月下旬，隨著封鎖措施的逐步解除，我們開始分階段重新開放門市。這個過程大約持續了30天，直到三月中旬。從需求角度來看，三月的需求比二月的改善。而從目前的情況來看，四月的需求比三月進一步成長。這就是中國的情況。

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.

如果放眼全球其他地區，我們在1月份，也就是本季的前五週，表現非常出色。我們相信，我們正朝著上次電話會議上提到的預期上限邁進，而接下來的五週則主要用於應對，使供應鏈全面恢復運轉，並克服我之前提到的中國市場急劇下滑的影響。

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.

對世界其他地區而言，真正的衝擊發生在三月份，當時居家隔離令生效，居家辦公開始普及。在那兩到三週的時間裡，也就是季度末，我們看到需求急劇下降。現在進入四月份，情況又回到了三月底，四月初的情況與三月底類似，但在四月下半月，我們看到需求全面回升。這並非局限於某個特定地區或某個特定產品。我們認為，部分原因是由於我們的新產品，部分原因是四月份生效的刺激計劃，還有一部分原因可能是消費者意識到這種情況還會持續一段時間，所以提前購置了一些設備，以便更多地在家辦公。

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，正如盧卡所說，我們相信本季iPad和Mac的銷售將較去年同期成長。這主要得益於那些參加線上教育或遠距辦公的用戶。所以，你的問題答案比較複雜，但這就是我們目前觀察到的情況。

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，除非我漏聽了，你談到了本季度的各種買賣交易，但似乎沒有真正討論營運費用。我知道你提到了銷售成本方面的一些成本節約。考慮到你可能面臨的一些宏觀挑戰，我很想知道你是如何考慮營運支出的。

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。香農，正如我們所說，我們著眼於公司的長期發展，對吧？我們深知，公司的核心在於創新、產品和服務開發，因此我們將繼續投資我們的研發管線。我們對未來的發展前景充滿信心，並將繼續加大投入。當然，我們也充分了解目前的市場環境，因此我們將嚴格控制公司的銷售、管理及行政費用。我們正在對近期推出的新服務進行新的投資。如您所知，我們收購了英特爾的基帶業務，顯然，我們希望發展這項技術，因為它是我們的核心技術。因此，我們將努力在當前困難時期繼續投資的需求與我們穩健經營的理念之間取得平衡。

That will be from Wamsi Mohan with Bank of America.

那將是由美國銀行的瓦姆西·莫漢帶來的。

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.

提姆，我想我可以代表所有在場的人說，我們都非常感謝蘋果在疫情期間所做的貢獻。我們都非常感激。

Thank you very much for that.

非常感謝。

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，一切都很好。提姆，在過去的經濟低迷時期，我們並沒有看到蘋果減少投資，你們公司也基本上保持了產品發布的節奏。但鑑於目前情況前所未有，產品開發面臨諸多挑戰，尤其是在你們擁有全球業務佈局，卻無法進行很多面對面交流的情況下，我們應該如何看待未來幾季的產品開發和發布節奏？我還有一個後續問題。

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.

我們仍在正常運作。如您所見，在進行其他各項工作的同時，我們成功發布了 iPhone SE、配備妙控鍵盤的 iPad Pro 和 MacBook Air。因此，業務仍在繼續，新產品是我們的生命線。所以我們仍在努力工作。大家都在逐漸適應居家辦公。公司某些部門的員工效率可能更高，而有些部門則不然，具體情況取決於職位。但正如您從我們本季的業績中所看到的，儘管面臨挑戰，我們依然埋頭苦幹，因為我們知道客戶需要我們提供的產品。在當前情勢下，這些產品顯得格外重要。

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?

作為後續跟進，我知道你們在Apple Card和iPhone分期付款計劃方面做了很多工作，以確保產品能夠送到消費者手中。但我很好奇，你們是否會考慮利用自身強大的財務實力，嘗試一些不同的方案，例如延期付款之類的？或者，你們會考慮其他措施，例如捆綁銷售，來取代目前的做法？

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.

如您所知，我們之前已經為 iPhone 用戶推出了 Apple Card 分期付款計劃。我們正在努力將這項服務推廣到其他產品，很快就會有相關消息公佈。所以我們非常注重產品的可負擔性。此外，以舊換新計畫也涵蓋了相當廣泛的產品線，這不僅有利於環境保護，也是降低產品入門價格的有效方法。

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.

關於延期付款，今天沒有什麼可以宣布的。但如您所知，至少在美國，擁有這張卡讓我們擁有更大的自主權，而這並非動用我們的資產負債表。我們——在決定哪些項目與這張卡配套使用方面——發揮關鍵作用。

That will come from Morgan Stanley's Katy Huberty.

摩根士丹利的凱蒂·休伯蒂將發表演說。

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平安。提姆，我想先問一個更長遠的問題。你認為這場健康危機之後，蘋果公司在哪些結構性變革上可能會出現新的收入來源？我特別想到了你之前關於健康和擴增實境的評論，但我相信公司肯定還有更多充滿靈感和創意的領域。接下來我還有一個問題。

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.

我認為這正好提醒我們，我們的產品對於遠距辦公有多重要。很明顯，隨著生活逐漸恢復正常，很多人發現他們可以遠距學習，所以我認為這種趨勢還會加速發展。我認為在某些領域和某些工作中，遠距辦公也是如此。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.

關於健康領域，我在開場白中舉了一些例子，像是Apple Watch上的心電圖功能。可以肯定的是，我們也在探索其他相關領域。事實上，我們一直在這樣做，因為我們認為這個領域對公司來說是一個巨大的機會，也是我們幫助許多人的途徑。所以，你們會看到我們繼續在這方面努力。我不會說健康領域的大門現在敞開得更大了，我會說它原本就已經相當敞開了。

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。接下來，500億美元的股票回購授權金額雖然絕對值很高，但比過去幾年略低。能否談談當初決定回購500億美元背後的考量？另外，貴公司擁有全球最強勁的資產負債表之一。當前的市場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.

好的，讓我來回答這個問題，凱蒂。首先，關於股票回購，正如我所說，過去幾年我們的資本配置策略基本上保持不變，現在也不會改變。請記住，我們這裡討論的只是授權額度，對吧？當你查看我們每季末的實際業績時，你就會明白我們在股票回購方面實際投入了多少資金。這500億美元是在我們之前從董事會獲得授權的400多億美元剩餘額度之外的額外資金，對吧？所以，目前可用的或尚未使用的授權總額超過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.

縱觀我們過去幾年的運行速度，您就會發現，這筆資金非常充足。而且您也知道，我們會在一年後提供一份新的報告。所以，這方面其實沒有任何改變。

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.

我們在併購方面的策略沒有任何改變。過去幾年我們一直非常活躍，經常進行收購。我們始終在尋找加速產品路線圖開發或填補產品組合空白的方法，包括硬體、軟體和服務方面。我們將繼續這樣做。因此，在併購方面，我們也沒有任何改變。

That will come from Amit Daryanani with Evercore.

這將由 Evercore 的 Amit Daryanani 負責。

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?

我也有兩個問題。首先，關於通路庫存，我想請您談談三月季度的通路庫存情況，因為聽起來可能低於歷史平均值。其次，您之前討論過六月季度iPhone的銷售業績，您在預期中是如何考慮通路庫存恢復情況的呢？

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，我是蒂姆。如果你看一下第二季的iPhone通路庫存，你會發現降幅比去年同期還要大。第二季減貨並不罕見，事實上，回顧以往——通常來說，上半年我們會減少通路庫存，下半年則會增加。這是季節性因素導致的。而且我認為——就目前來看——今年也會如此。希望我的回答能解答你的疑問。順便說一句，我們最終的庫存狀況良好，所以你可以得出結論，我們的庫存控制在目標範圍內。

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。我可以再問一個問題嗎？提姆，我希望你能談談你對蘋果製造策略的看法，以及考慮到公司和所有人在過去12個月裡經歷的一切，你認為蘋果是否需要一些多元化生產。你對此有何看法？你是否覺得目前的供應鏈和製造基地能夠順利推出蘋果以往在秋季推出的傳統產品？

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，我們的供應鏈遍布全球，所以我們的產品確實是在世界各地生產的。我更傾向於關注這一點，而不是像通常那樣只專注於製造流程中的某個環節——最終組裝。我們在美國和中國都有最終組裝環節。我認為，至少我個人認為，考慮到本季供應鏈所受到的衝擊，它能夠如此迅速地恢復，這充分證明了其韌性和穩定性。因此，我對我們目前的狀況感到滿意。話雖如此，我們一直在尋求改進，但這並非公開討論的內容，因為我們將其視為機密信息，也涉及競爭。因此，當我們徹底擺脫困境後，我們會總結經驗教訓，並思考需要改進的地方。

We'll hear from Jeriel Ong with Deutsche Bank.

我們將聽取德意志銀行的 Jeriel Ong 的發言。

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?

所以我想重點討論服務業務。儘管宏觀經濟整體疲軟，但該業務部門在本季表現穩健。我感覺背後的產品發布雖然整體產品線疲軟，但依然強勁。展望今年剩餘時間，您認為這股動能能否持續？或者說，全球宏觀經濟的影響是否會在某個時候波及服務業務？

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.

傑裡爾，這個問題我來回答。我們通常不會透露太多關於我們業務類別的具體資訊。但我之前說過，展望六月的季度，我們發現服務業務整體呈現兩大趨勢。我們的生態系統非常強大。我們的客戶參與度很高。交易帳戶和付費帳戶的數量持續保持兩位數成長。因此，我們預計我們的數位服務將繼續保持與三月季度相同的業績水平。這當然包括應用程式商店、視訊業務、音樂業務和雲端服務，我們預計所有這些業務都將繼續保持強勁成長。

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.

鑑於目前的整體經濟環境和市場需求，我們認為有兩項業務將在六月季度受到影響。其中之一是 Apple Care。 Apple Care 主要包括我們的產品維修業務以及客戶購買設備時簽署的保固協議。這兩項業務顯然都受到了門市關閉的影響，不僅包括我們的零售店，也包括我們合作夥伴的銷售點。顯然，由於保持社交距離的措施，客流量也大幅下降。因此，我們預計 Apple Care 在六月季度將受到影響。

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，受整體經濟疲軟和企業何時復工尚不明朗的影響，另一項業務是廣告業務，包括我們在App Store、Apple News上的廣告收入以及我們與第三方達成的廣告協議收入。因此，這兩方面因素將在6月份的季度中對服務業務構成不利影響。

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?

明白了，謝謝。我的第二個問題是關於消費者整體的購買決策。截至四月份，您是否觀察到您的產品線中某些產品的銷售量出現下滑？例如，消費者可能會轉向購買某些產品的低價位產品。您預計隨著失業率上升和宏觀經濟影響在2020年剩餘時間持續，這種情況會持續嗎？

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.

我還沒看到你問的是什麼。我看到iPhone SE（我們最經濟實惠的iPhone）獲得了非常正面的市場反應。但這些顧客似乎主要是因為想要一款擁有最新技術的小尺寸手機，或是從安卓系統轉過來的。所以，這才是我們目前的主要消費群體，而不是像你提到的那樣，是那些「降級消費」的消費者。此外，我們也在這段時間推出了iPad Pro，它的市場反應也非常好。 iPad Pro顯然是我們最高階的iPad產品。所以，至少目前為止，我還沒看到你指的是什麼。

That will be from JPMorgan's Samik Chatterjee.

那將來自摩根大通的薩米克·查特吉。

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?

所以我想先問一個關於您在中國觀察到的情況的問題。您提到了市場活動有所回升。但這主要是因為實體店客流量增加，還是與線上活動有關？這種復甦有多少是由線上活動所推動的？您對此有什麼看法？

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。就我們在中國整個季度的情況來看——我主要談論中國大陸市場，因為我認為這才是您問題的重點——iPad、穿戴式裝置和服務業務都取得了強勁的業績。如果您查看整個季度的詳細數據，會發現1月需求強勁，但隨著2月居家隔離令和封鎖措施在中國生效，商店關閉，需求大幅下降。 3月份，隨著商店重新開業，市場開始復甦，4月又進一步回升。未來的走勢如何，我們拭目以待，但這就是我們目前為止看到的情況。

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.

關於您提到的客流量問題，客流量顯然比二月有所回升，但還沒有恢復到封鎖前的水平。不過，線上購物的趨勢明顯增強。正如我之前提到的，線上購物的表現非常驚人。本季我們的零售額創下了季度新高，而這還是在除中國以外的全球門市關閉三週的情況下取得的，而中國門市在此之前就已經關閉了三週。這部分要歸功於線上商店本季的出色表現，這不僅體現在中國，也體現在其他地區。所以，線上購物的趨勢確實存在。至於這是否會成為一種永久性的轉變，我持保留意見，因為我認為人們喜歡外出走動。他們只是知道現在不是外出的好時機。

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.

明白了。關於您之前提到的iPhone SE強勁的需求，考慮到它的價格，我想問一下，鑑於其較低的價格，您是否預計其需求的地域組成會與其他iPhone機型相比發生任何變化？

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.

我認為它在所有地區都能取得成功，但我預計它在中位數收入較低的地區會表現得更好。所以我們拭目以待。我預計會有相當一部分人轉投 iOS 陣營。所以這絕對是一個令人難以置信的優惠。如果你願意的話，它就像是我們頂級手機的引擎，卻擁有非常實惠的價格。而且我認為──它的速度甚至比最快的安卓手機還要快，所以它的性價比非常高。

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

今天最後一個問題來自 Raymond James 的 Chris Caso。

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?

我想就iPhone SE的回歸以及它在iPhone整體策略中的定位再問一個問題。另外，考慮到你們決定降低iPhone 11的定價，這是否反映了你們在iPhone定價和產品彈性方面的策略？此舉是否有助於增加用戶，並將更多人引入蘋果生態系統？如果是，這對毛利率有何影響？

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，而這項基本策略從未改變。你也知道，我們之前推出過一段時間的SE（可能是指某種產品或服務）。很高興它能重新上市。 SE是一款深受用戶喜愛的產品，所以我認為我們推出SE的唯一目的就是在保證產品品質的前提下，盡可能為用戶提供最優惠的價格。

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。接下來我想問一個關於大宗商品價格的問題，我想您之前預計3月份當季大宗商品價格會有所下跌。您能否談談您對今年整體市場趨勢的預期，尤其是在當前這種新環境下？而這種市場波動對下半年毛利率的影響是利好還是不利？

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。克里斯，3月份我們看到NAND快閃記憶體價格略有上漲，而DRAM、顯示器和其他大宗商品價格則有所下降。我們預計6月季度，NAND快閃記憶體和DRAM價格將維持在歷史低位，而顯示器和大多數其他大宗商品價格預計將會下降。

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.

謝謝克里斯。今天電話會議的錄音將在 Apple Podcasts、apple.com/investor 網站以及電話上提供兩週的回放。電話回放號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 3229513。重播將於太平洋時間今天下午 5 點左右上線。媒體如有其他問題，請聯絡 Kristin Huguet，電話：(408) 974-2414。金融分析師如有其他問題，請聯絡我，電話：(669) 227-2402。再次感謝您的參與。

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

今天的會議到此結束。感謝各位的參與。