蘋果 (AAPL) 2020 Q1 法說會逐字稿

Good day, everyone. Welcome to the Apple Inc. First Quarter Fiscal Year 2020 Earnings Conference Call. Today's conference is being recorded.

大家好。歡迎來到 Apple Inc.。2020 財年第一季財報電話會議。今天的會議正在錄製中。

At this time, for opening remarks and introductions, I would like to turn the call over to Tejas Gala, Senior Analyst, Corporate Finance and Investor Relations. Please go ahead.

現在，為了致開幕詞和介紹，我想將電話轉給企業財務和投資者關係高級分析師 Tejas Gala。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。下午好，感謝您加入我們。今天首先發言的是蘋果執行長庫克；隨後是財務長盧卡馬埃斯特里。之後，我們將開始回答分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation and future business outlook. 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 speaks as of their respective dates.

請注意，您在我們今天的討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和支出、稅收、資本配置和未來業務前景的陳述。實際結果或趨勢可能與我們的預測有重大差異。欲了解更多信息，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、10-Q 表和 8-K 表定期報告中討論的風險因素以及相關新聞稿。Apple 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期的觀點。

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

現在我想將電話轉給提姆作介紹性發言。

Thanks, Tejas. Good afternoon, and thanks to all of you for joining us.

謝謝，Tejas。下午好，感謝大家的參與。

We're thrilled to report Apple's biggest quarter ever, which set new all-time records in both revenue and earnings. We generated revenue of $91.8 billion, which is above the high end of our guidance range, with revenue growth accelerating for the third consecutive quarter. Geographically, we set all-time records in the Americas, Europe and rest of Asia Pacific and saw Greater China return to growth.

我們很高興地報告蘋果公司有史以來最好的一個季度，其收入和利潤均創下了歷史新高。我們創造了 918 億美元的收入，高於我們預期範圍的高端，並且收入成長連續第三個季度加速。從地理上看，我們在美洲、歐洲和亞太其他地區創下了歷史新高，大中華區也恢復了成長。

Our record performance was fueled by iPhone, where December quarter revenue was up 8% year-over-year and by our fifth consecutive quarter of double-digit growth outside of iPhone including a new all-time record for Services and another blowout quarter for Wearables. Our active installed base of devices has now surpassed 1.5 billion, up over 100 million in the last 12 months alone, reaching a new all-time high for each of our main product categories and geographic segments. Not only is our large and growing installed base a powerful testament to the satisfaction, engagement and loyalty of our customers but it's also fueling our growth across the board, particularly in Services.

我們創紀錄的業績得益於 iPhone，其 12 月季度營收年增 8%， iPhone 以外的業務連續第五個季度實現兩位數增長，其中包括服務業務創下歷史新高，可穿戴設備業務再創佳績。我們的活躍設備安裝基數現已超過 15 億，僅在過去的 12 個月中就增加了 1 億多台，在我們主要產品類別和地理區域都創下了歷史新高。我們龐大且不斷成長的安裝基礎不僅有力地證明了客戶的滿意度、參與度和忠誠度，而且還推動了我們全面的成長，特別是在服務領域。

Let's take each category one by one. On iPhone, revenue in the December quarter was $56 billion. Again, that's up 8% over a year ago, thanks to the exceptional demand for the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max. In fact, iPhone 11 was our top-selling model every week during the December quarter, and the 3 new models were our 3 most popular iPhones. We had double-digit growth in many developed markets, including the U.S., the U.K., France and Singapore and also grew double digits in emerging markets, led by strong performances in Brazil, Mainland China, India, Thailand and Turkey. These new models are, by far, the best iPhones we've ever shipped with advanced technologies, an unprecedented leap in battery life to easily get through the day and a best-in-class camera experience. We have been wowed with the photos customers have shared in our all-new Night mode photo challenge this month.

讓我們逐一討論每個類別。iPhone 12 月當季營收為 560 億美元。同樣，由於對 iPhone 11、iPhone 11 Pro 和 iPhone 11 Pro Max 的異常需求，這一數字比一年前增長了 8%。事實上，iPhone 11 是我們 12 月季度每週最暢銷的機型，而這 3 款新機型也是我們最受歡迎的 3 款 iPhone。我們在美國、英國、法國和新加坡等許多已開發市場都實現了兩位數成長，在新興市場也實現了兩位數成長，其中巴西、中國大陸、印度、泰國和土耳其表現強勁。這些新機型是我們迄今為止推出的最好的 iPhone，它們擁有先進的技術、前所未有的電池續航時間，可輕鬆度過一天，並提供一流的相機體驗。本月，顧客在我們全新的夜間模式攝影挑戰賽中分享的照片令我們驚嘆不已。

Turning to Services. Q1 revenue reached $12.7 billion, an all-time record, growing 17% over last year. Once again, we saw double-digit growth in all 5 of our geographic segments and established new all-time records for multiple categories including cloud services, music, payment services and our App Store search ad business as well as setting a December quarter record for the App Store and AppleCare. 2019 was a historic year for our Services business, and I'd like to touch on some highlights.

轉向服務。第一季營收達 127 億美元，創歷史新高，比去年同期成長 17%。我們再次在所有 5 個地理區域實現了兩位數成長，並在雲端服務、音樂、支付服務和 App Store 搜尋廣告業務等多個類別中創下了歷史新高，同時也創下了 App Store 和 AppleCare 12 月季度的記錄。2019 年對我們的服務業務來說是歷史性的一年，我想談談一些亮點。

For the App Store, 2020 started off strong with customer spending a new single-day record $386 million on New Year's Day alone, a 20% increase over last year. Apple Arcade, our new game subscription service, has been fast off the blocks with a catalog of over 100 new and exclusive games you won't find anywhere else, all playable across Apple devices with new games and expansions added every month.

對 App Store 來說，2020 年開局強勁，光是元旦當天，顧客單日消費就創下了 3.86 億美元的新紀錄，比去年增長了 20%。我們的新遊戲訂閱服務 Apple Arcade 已迅速上線，其中包含 100 多款您在其他任何地方都找不到的全新獨家遊戲，所有遊戲均可在 Apple 設備上玩，並且每月都會添加新遊戲和擴展包。

Apple TV+ is off to a rousing start, and I want to congratulate the entire team at The Morning Show for their multiple Golden Globe nominations: Jennifer Aniston on her Screen Actors Guild award; and Billy Crudup on his Critics' Choice Award. We continue to focus on telling stories that matter like Little America, which recently premiered to widespread critical acclaim with much more great content still to come.

Apple TV+ 開局不錯，我想祝賀《晨間秀》的整個團隊獲得多項金球獎提名：珍妮佛安妮斯頓獲得美國演員工會獎；比利克魯德普獲得評論家選擇獎。我們將繼續致力於講述像《小美國》這樣重要的故事，該劇最近首播並獲得了廣泛好評，未來還將推出更多精彩內容。

Apple News now draws over 100 million monthly active users in the U.S., U.K., Australia and Canada and provides a curated and personalized experience using on-device intelligence to recommend stories. Apple News+ continues to add new titles, offering subscribers seamless access to the world's top publications across all of their devices.

Apple News 目前在美國、英國、澳洲和加拿大每月吸引超過 1 億活躍用戶，並利用裝置上的智慧推薦故事，提供精心策劃的個人化體驗。Apple News+ 不斷添加新內容，讓訂閱者能夠在所有裝置上無縫存取世界頂級出版物。

For Apple Pay, revenue and transactions more than doubled year-over-year with a run rate exceeding 15 billion transactions a year. Apple Pay transit support expanded with customers paying for journeys on Transport for London more easily with Apple Pay Express Transit. And in spring of 2020, iPhone and Apple Watch customers will be able to simply tap to ride trains and buses in even more cities, including Shenzhen and Guangzhou.

對於 Apple Pay 而言，營收和交易量年增了一倍以上，年交易量超過 150 億筆。Apple Pay 交通支援範圍擴大，顧客可以使用 Apple Pay Express Transit 更輕鬆地支付倫敦交通局的車費。2020 年春季，iPhone 和 Apple Watch 用戶只需輕觸即可在更多城市搭乘火車和公車，包括深圳和廣州。

We are thrilled with the continued growth of Apple Card, and last month, customers began using Apple Card monthly installments at Apple retail and online to purchase new iPhones and pay for them over 24 months. We see great promise for these recently launched services, and we're optimistic about what we've got in the pipeline for each of them.

我們對 Apple Card 的持續成長感到非常高興，上個月，客戶開始在 Apple 零售店和網路上使用 Apple Card 按月分期付款購買新 iPhone 並在 24 個月內付款。我們認為這些新近推出的服務前景廣闊，並且我們對每項服務的規劃充滿信心。

Now turning to Wearables. We had another incredible quarter, setting an all-time record in virtually every market we track around the world, and this product category is now the size of a Fortune 150 company. Demand for AirPods continues to be phenomenal, particularly for our recently launched AirPods Pro, our new addition to the AirPods family that features active noise cancellation.

現在轉向穿戴式裝置。我們又度過了一個令人難以置信的季度，幾乎在我們追蹤的全球每個市場都創下了歷史新高，而該產品類別的規模現已達到財富 150 強公司的水平。AirPods 的需求持續保持驚人成長，尤其是我們最近推出的 AirPods Pro，它是 AirPods 家族的新成員，具有主動降噪功能。

Apple Watch had a great start to fiscal 2020, setting an all-time revenue record during the quarter. It continues to have a profound impact on our customers' lives, and it continues to further its reach as over 75% of the customers purchasing Apple Watch during the quarter were new to Apple Watch. Both AirPods and Apple Watch were must-have holiday gifts, helping drive unprecedented results for the category even as we face supply constraints for Apple Watch Series 3 and AirPods Pro.

Apple Watch 在 2020 財年開局良好，創下了本季的歷史營收紀錄。它繼續對我們客戶的生活產生深遠的影響，而且其影響力還在不斷擴大，因為本季購買 Apple Watch 的客戶中超過 75% 都是新用戶。AirPods 和 Apple Watch 都是必備的節日禮物，即使我們面臨 Apple Watch Series 3 和 AirPods Pro 的供應限制，也有助於推動該類別取得前所未有的業績。

Mac and iPad generated $7.2 billion and $6 billion in revenue, respectively, and the high level of customer satisfaction and loyalty for both products drove the active installed base of both Mac and iPad to new records in all geographic segments. For iPad, we saw growth in key emerging markets like Mexico, India, Turkey, Poland, Thailand, Malaysia, the Philippines and Vietnam. With our current lineup of iPad Pro, iPad Air, iPad mini and iPad, along with the new iPadOS, we give customers an unparalleled tablet experience integrating hardware, software and services in a way that only Apple can.

Mac 和 iPad 分別創造了 72 億美元和 60 億美元的收入，這兩款產品的高客戶滿意度和忠誠度推動 Mac 和 iPad 的活躍安裝基數在所有地理區域創下新高。對於 iPad，我們看到墨西哥、印度、土耳其、波蘭、泰國、馬來西亞、菲律賓和越南等主要新興市場實現了成長。憑藉我們目前的 iPad Pro、iPad Air、iPad mini 和 iPad 產品線以及全新的 iPadOS，我們以只有 Apple 才能做到的方式，為客戶帶來集硬體、軟體和服務於一體的無與倫比的平板電腦體驗。

This was also a very exciting quarter for the Mac as we launched our most powerful notebook ever, the 16-inch MacBook Pro as well as Mac Pro and Pro Display XDR, the most powerful tools Apple has ever put in the hands of pros. And we've already seen a strong response from the pro community from developers, photographers and music producers to filmmakers and scientists who rely on the Mac to create their life's best work.

對於 Mac 來說，這也是一個令人興奮的季度，因為我們推出了迄今為止功能最強大的筆記型電腦——16 吋 MacBook Pro，以及 Mac Pro 和 Pro Display XDR，這是 Apple 為專業人士提供的最強大的工具。我們已經看到了來自專業社群的強烈反響，從開發人員、攝影師、音樂製作人到電影製作人和科學家，他們都依靠 Mac 來創作他們一生中最好的作品。

We also want to take a moment to congratulate all the Grammy-winning and nominated artists this past weekend, who rely on Logic Pro X and their Mac to create incredible music we all love. I want to call out and celebrate the exceptional work of our retail and online teams. This quarter, we opened a beautiful new store in Kawasaki, Japan, and exciting things are taking place inside each and every store. Thanks in part to a doubling in iPhone trade-ins versus last year, our retail and online stores set an all-time record and delivered strong double-digit growth in iPhone. We see a very bright future for these efforts, and we continue to innovate to ensure that everyone who visits an Apple retail location has a great experience.

我們也想花點時間祝賀上週末所有獲得葛萊美獎和提名的藝術家，他們依靠 Logic Pro X 和他們的 Mac 創作出我們都喜愛的精彩音樂。我想讚揚並讚揚我們的零售和線上團隊的出色工作。本季度，我們在日本川崎開設了一家漂亮的新店，每家店內都發生著令人興奮的事情。部分得益於 iPhone 以舊換新數量較去年翻了一番，我們的零售店和線上商店創下了歷史新高，iPhone 銷量實現了強勁的兩位數增長。我們看到這些努力的前景非常光明，我們將繼續創新，以確保每個造訪 Apple 零售店的人都能獲得良好的體驗。

We began 2020 with our greatest product lineup ever, and we are only deepening our commitment to do our part to make the world a better place. In November, we released a completely redesigned Everyone Can Code curriculum to help introduce more elementary and middle school students to the world of coding. The new curriculum includes even more resources for teachers, a brand-new guide for students and updated Swift Coding Club materials. Today, millions of students in more than 5,000 schools worldwide use Everyone Can Code curriculum to bring their ideas to life and develop important skills, including creativity, collaboration and problem-solving.

我們以有史以來最強大的產品陣容開啟了 2020 年，我們將繼續堅定承諾，為讓世界變得更美好盡一份心力。11 月，我們發布了全新設計的「人人能編碼」課程，幫助更多小學生和中學生了解程式設計的世界。新課程包括更多的教師資源、全新的學生指南和更新的 Swift Coding Club 材料。如今，全球 5,000 多所學校的數百萬學生使用「人人能程式設計」課程將他們的想法變為現實，並培養創造力、協作能力和解決問題能力等重要技能。

November also saw the launch of our new Research app, the latest in our ongoing effort to put the future of health in the hands of every user. Customers in the U.S. can enroll in 3 landmark multiyear health studies that we're undertaking with leading academic and research institutions: the Apple Women's Health Study, the Apple Heart and Movement Study and the Apple Hearing Study. As in everything we do, we built user privacy into the Research app from the ground up.

11 月我們還推出了新的研究應用程序，這是我們持續努力讓每個用戶掌握健康未來的最新舉措。美國客戶可以參加我們與領先的學術和研究機構合作的三項具有里程碑意義的多年健康研究：Apple 女性健康研究、Apple 心臟和運動研究以及 Apple 聽力研究。正如我們所做的一切一樣，我們從頭開始將用戶隱私融入研究應用程式中。

This quarter, we also announced a $2.5 billion plan to help address the housing availability and affording crisis in our home state of California. We feel a great responsibility to help the region we have always called home stay vibrant and to ensure that it remains a great place for everyone to live and raise a family, including those who do so much to serve the community like firefighters and teachers.

本季度，我們還宣布了一項 25 億美元的計劃，以幫助解決我們所在的加州的住房供應和負擔能力危機。我們感到自己肩負著重大責任，要幫助我們一直稱之為家園的地區保持活力，並確保它仍然是每個人生活和養家的好地方，包括那些為社區服務做出巨大貢獻的人，如消防員和教師。

In much more recent news, we're closely following the development of the coronavirus. We're donating to groups that are working to contain the outbreak. We are working closely with our Apple team members and partners in the affected areas, and our thoughts are with all of those affected across the region.

在最近的新聞中，我們正在密切關注冠狀病毒的發展。我們正在向致力於控制疫情的團體捐款。我們正在與受影響地區的 Apple 團隊成員和合作夥伴密切合作，我們與該地區所有受影響的人們同在。

As we close the books on a record-breaking December quarter, we are already well underway on some new and exciting developments for the future. Apple's strength will always be its balanced creativity and innovation, and this year will be no different.

當我們結束創紀錄的 12 月季度時，我們已經開始為未來制定一些新的、令人興奮的發展計劃。蘋果的優勢始終在於其均衡的創造力和創新力，今年也不例外。

But for now, for more details on the results, I'd like to turn the call over to Luca.

但現在，為了了解有關結果的更多詳細信息，我想將電話轉給盧卡。

Thank you, Tim. Good afternoon, everyone.

謝謝你，提姆。大家下午好。

Our business and financial performance in the December quarter were exceptional as we set new all-time records for revenue, net income and earnings per share. Revenue for the quarter was $91.8 billion, up $7.5 billion or 9% from a year ago in spite of a $1 billion headwind from foreign exchange.

我們 12 月季度的業務和財務表現非常出色，創下了收入、淨收入和每股盈餘的歷史新高。本季營收為 918 億美元，儘管面臨 10 億美元的外匯逆差，但仍比去年同期成長 75 億美元，增幅為 9%。

Geographically, we established all-time revenue records in many major developed and emerging markets, including, among others, the U.S., Canada, Mexico, Brazil, the U.K., Germany, France, Italy, Spain, Poland, Thailand, Malaysia and Vietnam. Products revenue was $79.1 billion, up 8% as iPhone returned to growth, and we had incredibly strong results in Wearables, where we set all-time records for both Apple Watch and AirPods.

從地理來看，我們在許多主要已開發市場和新興市場創下了歷史最高收入記錄，其中包括美國、加拿大、墨西哥、巴西、英國、德國、法國、義大利、西班牙、波蘭、泰國、馬來西亞和越南。由於 iPhone 恢復成長，產品營收達到 791 億美元，成長 8%，而且我們在穿戴裝置方面取得了令人難以置信的強勁業績，Apple Watch 和 AirPods 均創下了歷史新高。

Services revenue grew 17% to a new all-time record $12.7 billion with double-digit growth in every geographic segment and new all-time records across our portfolio. Company gross margin was 38.4%, up 40 basis points sequentially, driven by leverage from higher revenue in spite of a negative 60 basis point impact from foreign exchange. Products gross margin was 34.2%, up 260 basis points sequentially, thanks to leverage and favorable mix. Services gross margin was 64.4%, up 30 basis points sequentially, driven by favorable mix.

服務收入成長 17%，達到創紀錄的 127 億美元，每個地理區域都實現了兩位數成長，我們的整個產品組合也創下了歷史新高。公司毛利率為 38.4%，比上一季上升 40 個基點，儘管受到外匯 60 個基點的負面影響，但受收入增加的槓桿作用推動。由於槓桿率和良好的產品組合，產品毛利率為 34.2%，比上一季上升 260 個基點。受良好產品組合的推動，服務毛利率為 64.4%，比上一季上升 30 個基點。

Our reported tax rate for the quarter was 14.2%. Before discrete items, the rate was 16.5%, exactly in line with our guidance. A favorable onetime item impacted the rate by 230 basis points. Net income was an all-time record at $22.2 billion, up $2.3 billion or 11% over last year. Diluted EPS was also an all-time record at $4.99, up 19%, and operating cash flow was a very strong $30.5 billion, an improvement of $3.8 billion over a year ago.

我們報告的本季稅率為 14.2%。在扣除離散項目之前，該比率為 16.5%，完全符合我們的預期。一次性的有利項目對利率產生了 230 個基點的影響。淨收入創歷史新高，達 222 億美元，比去年同期成長 23 億美元，成長 11%。稀釋每股盈餘也創歷史新高，達到 4.99 美元，成長 19%，經營現金流強勁，達到 305 億美元，比去年同期增加了 38 億美元。

Let me get into more detail for each of our revenue categories. iPhone revenue of $56 billion grew 8% year-over-year as we saw great customer response to the launch of our newest iPhones. We set all-time revenue records in several countries, including the U.S., Mexico, the U.K., France, Spain, Poland, Thailand, Malaysia and Vietnam. Our active installed base of iPhones has reached an all-time high and is growing in each of our geographic segments. In the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 98% for iPhone 11, 11 Pro and 11 Pro Max combined. Among business buyers planning to purchase smartphones in the next quarter, 84% plan to purchase iPhones.

讓我更詳細地介紹一下我們的每個收入類別。由於我們看到客戶對最新 iPhone 的推出反應熱烈，iPhone 收入達到 560 億美元，年增 8%。我們在美國、墨西哥、英國、法國、西班牙、波蘭、泰國、馬來西亞和越南等多個國家創下了歷史最高收入記錄。我們的 iPhone 活躍安裝基數已達到歷史最高水平，並且在每個地理區域都在增長。在美國，451 Research 的最新消費者調查顯示，iPhone 11、11 Pro 和 11 Pro Max 的消費者滿意度總計為 98%。在計劃下個季度購買智慧型手機的商業買家中，84% 計劃購買 iPhone。

Turning to Services. We set an all-time revenue record of $12.7 billion with double-digit growth in all of our 5 geographic segments. As Tim mentioned, we established new all-time records for Apple Music, cloud services, payment services and our App Store search ad business and December quarter records for the App Store and AppleCare. We are well on our way to accomplishing our goal of doubling our fiscal year '16 services revenue during 2020. We've actually already reached that goal on a run rate basis with the results of the December quarter.

轉向服務。我們創下了 127 億美元的歷史收入記錄，所有 5 個地理區域均實現了兩位數成長。正如蒂姆所提到的，我們為 Apple Music、雲端服務、支付服務和 App Store 搜尋廣告業務創下了新的歷史記錄，並為 App Store 和 AppleCare 創下了 12 月季度的歷史記錄。我們正順利實現 2020 年 2016 財年服務收入翻倍的目標。從 12 月季度的業績來看，我們實際上已經按運行率實現了這一目標。

Customer engagement in our ecosystem continues to grow, and the number of both transacting and paid accounts on our digital content stores reached a new all-time high, with paid accounts growing double digits in all of our geographic segments. We now have over 480 million paid subscriptions across the services on our platform, up 120 million from a year ago. And at this point, we expect to hit our goal of surpassing the 500 million mark already during the March quarter. Given the tremendous momentum we are experiencing across our Services offerings, we are increasing our target for paid subscriptions and aim to reach 600 million before the end of calendar 2020.

我們生態系統中的客戶參與度持續成長，我們數位內容商店的交易帳戶和付費帳戶數量達到了歷史新高，所有地理區域的付費帳戶數量都實現了兩位數成長。目前，我們平台各項服務的付費訂閱用戶已超過 4.8 億，比去年同期增加了 1.2 億。目前，我們預計在 3 月季度就能實現突破 5 億的目標。鑑於我們服務產品的巨大發展勢頭，我們正在提高付費訂閱量的目標，並計劃在 2020 年底之前達到 6 億。

App Store revenue grew 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 almost 40% year-over-year. Our first-party subscription services also continued to perform extremely well. Apple Music set an all-time revenue record, offering a catalog of over 60 million songs to our customers. iCloud also generated an all-time revenue record, growing very strong double digits while offering our customers a safe, secure and seamless experience across all their devices.

由於客戶對應用程式內購買和訂閱的強勁需求，App Store 收入實現了強勁的兩位數成長。我們的第三方訂閱業務跨多個類別成長，較去年同期成長近 40%。我們的第一方訂閱服務也持續表現優異。Apple Music 創下了歷史最高收入紀錄，為我們的客戶提供了超過 6000 萬首歌曲的目錄。iCloud 還創造了歷史最高收入記錄，實現了強勁的兩位數成長，同時為我們的客戶在所有裝置上提供安全、可靠和無縫的體驗。

It was a December quarter record for AppleCare, thanks to strong service agreement attach rates and expanded distribution. Many of our partners have come to appreciate the strength of the AppleCare brand and our ability to deliver the very best service and support in the world. That value resonates with both our partners and our customers, and we're very happy to see that quality of experience delivered to more and more of our users.

由於強勁的服務協議附加率和擴大的分銷範圍，AppleCare 12 月季度創下了紀錄。我們的許多合作夥伴都開始欣賞 AppleCare 品牌的實力以及我們提供全球最佳服務和支援的能力。這個價值觀引起了我們合作夥伴和客戶的共鳴，我們很高興看到越來越多的用戶享受這種優質的體驗。

Next, I'd like to talk about Mac and iPad. Mac revenue was $7.2 billion and iPad revenue was $6 billion. Both products had a difficult year-over-year comparison due to the launches of MacBook Air, Mac mini and iPad Pro during the December quarter a year ago and the subsequent channel fill. Despite the tough compare, on a demand basis, our performance for both Mac and iPad was around even to last year. 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.

接下來我想談談Mac和iPad。Mac 營收為 72 億美元，iPad 營收為 60 億美元。由於去年 12 月季度推出了 MacBook Air、Mac mini 和 iPad Pro，以及隨後的通路填充，這兩款產品的年比比較很困難。儘管比較起來比較困難，但從需求來看，我們的 Mac 和 iPad 的表現與去年持平。重要的是，本季全球購買 Mac 和 iPad 的客戶中約有一半是新購買者，Mac 和 iPad 的活躍安裝基數都創下了歷史新高。

The most recent surveys from 451 Research measured a 93% customer satisfaction rating for iPad from consumers and 92% from businesses. And among both consumers and businesses who are planning to purchase tablets in the March quarter, 78% plan to purchase iPads.

451 Research 的最新調查顯示，消費者對 iPad 的顧客滿意度為 93%，企業客戶滿意度為 92%。在三月計劃購買平板電腦的消費者和企業中，78% 計劃購買 iPad。

Wearables, Home and Accessories established a new all-time record with revenue of $10 billion, up 37% year-over-year, with very strong double-digit performance across all 5 geographic segments and growth across Wearables, Accessories and Home. We set all-time records for Wearables in virtually every market we track even as we experienced some product shortages due to very strong customer demand for both Apple Watch and AirPods during the quarter.

穿戴式裝置、家居和配件創下了歷史新高，收入達到 100 億美元，年增 37%，所有 5 個地理區域均實現了非常強勁的兩位數表現，可穿戴設備、配件和家居均實現了增長。儘管由於本季客戶對 Apple Watch 和 AirPods 的需求非常強勁，導致一些產品短缺，但我們在幾乎每個追蹤的市場中都創下了穿戴式裝置的歷史最高紀錄。

We also continue to see strong demand for our products in the enterprise market as our technology solutions enable businesses to do their best work. 100% of Fortune 500 companies in the health care sector use Apple technology in areas such as patient experience, clinical communications and nursing workflows. And we're also seeing smaller companies in this sector drive innovation with our technology and apps.

由於我們的技術解決方案能夠幫助企業發揮最佳水平，因此我們也持續看到企業市場對我們產品的強勁需求。醫療保健領域的財富 500 強企業 100% 在患者體驗、臨床溝通和護理工作流程等領域使用 Apple 技術。我們也看到該領域的小公司利用我們的技術和應用來推動創新。

One example is Gauss Surgical, which uses Core ML in iOS to more accurately estimate blood loss during childbirth and surgery. This helps clinicians have more complete and timely information on whether a patient needs an intervention, which can impact both clinical outcomes and costs.

其中一個例子是 Gauss Surgical，它使用 iOS 中的 Core ML 來更準確地估計分娩和手術期間的失血量。這有助於臨床醫生獲得更完整、及時的信息，了解患者是否需要幹預，這會影響臨床結果和成本。

Another example is Butterfly Network, a medical imaging company which makes a handheld ultrasound device that connects to iPhone or iPad to enable clinicians to take an ultrasound anywhere at a cost that is dramatically lower than other solutions on the market today.

另一個例子是 Butterfly Network，這是一家醫學影像公司，它生產一種可連接到 iPhone 或 iPad 的手持式超音波設備，使臨床醫生能夠隨時隨地進行超音波檢查，而且成本遠低於目前市場上的其他解決方案。

Let me now turn to our cash positions. We ended the quarter with $207 billion in cash plus marketable securities. We issued a 2 billion euro-denominated green bond, retired $1 billion of maturing debt and reduced commercial paper by $1 billion during the quarter, leaving us with total debt of $108 billion. As a result, net cash was $99 billion at the end of the quarter, and we maintain our target of reaching a net cash neutral position over time.

現在讓我來談談我們的現金狀況。本季末，我們擁有 2,070 億美元的現金和有價證券。我們在本季發行了 20 億歐元的綠色債券，償還了 10 億美元的到期債務，並減少了 10 億美元的商業票據，使我們的總債務達到 1,080 億美元。因此，本季末的淨現金為 990 億美元，我們維持了隨著時間的推移達到淨現金中性狀態的目標。

We returned nearly $25 billion to shareholders during the December quarter. We began a $10 billion accelerated share repurchase program in November, resulting in initial delivery and retirement of 30.4 million shares. We also repurchased 40 million Apple shares for $10 billion through open market transactions, and we paid $3.5 billion in dividends and equivalents. As we have done for the last several years, we will share our plans for the next phase of our capital return program when we report results for the March quarter.

我們在 12 月季度向股東返還了近 250 億美元。我們於 11 月啟動了一項 100 億美元的加速股票回購計劃，首次交付和回購了 3,040 萬股股票。我們也透過公開市場交易以 100 億美元回購了 4,000 萬股蘋果股票，並支付了 35 億美元的股息和等價物。正如過去幾年所做的那樣，我們將在報告三月季度業績時分享下一階段資本回報計劃的計劃。

Finally, as we move ahead into the March quarter, I'd like to review our outlook, which includes the types of forward-looking information that Tejas referred to at the beginning of the call. We expect revenue to be between $63 billion and $67 billion. The wider-than-usual revenue range comprehends uncertainty related to the recently unfolding public health situation in China. We expect gross margin to be between 38% and 39%. We expect OpEx to be between $9.6 billion and $9.7 billion. We expect OI&E to be about $250 million, and we expect the tax rate to be about 16.5%.

最後，隨著我們進入三月季度，我想回顧一下我們的展望，其中包括 Tejas 在電話會議開始時提到的前瞻性資訊。我們預計營收將在 630 億美元至 670 億美元之間。比平常更寬的收入範圍包含了與中國近期公共衛生狀況相關的不確定性。我們預計毛利率在38%至39%之間。我們預計營運支出將在 96 億美元至 97 億美元之間。我們預計 OI&E 約為 2.5 億美元，預計稅率約為 16.5%。

Also today, our Board of Directors has declared a cash dividend of $0.77 per share of common stock payable on February 13, 2020, to shareholders of record as of February 10, 2020.

此外，今天，我們的董事會宣布向截至 2020 年 2 月 10 日登記在冊的股東派發每股普通股 0.77 美元的現金股息，派發日期為 2020 年 2 月 13 日。

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

現在，讓我們開始提問。

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

謝謝你，盧卡。（接線生指示）接線員，我們可以問第一個問題嗎？

Yes. That will be from Amit Daryanani with Evercore.

是的。這是來自 Evercore 的 Amit Daryanani 的發言。

I guess first one for me. On Wearables, fairly impressive to see it's already a $10 billion business for you guys. Can you just touch on the growth that you see on the Wearables side? How much of the growth do you think is coming from first-time buyers of AirPods or Apple Watch versus folks that seem to be just upgrading the products that they have? Because it looks to us adoption rates are fairly low in your installed base so there should be a long runway, but love to just understand how you see the growth divided between those 2 buckets.

我想對我來說是第一個。關於穿戴式設備，看到它已經成為你們價值 100 億美元的產業，真是令人印象深刻。能否簡單談談穿戴式裝置方面的成長情況？您認為，有多少成長來自首次購買 AirPods 或 Apple Watch 的消費者，有多少來自那些似乎只是在升級現有產品的人？因為在我們看來，您的安裝基礎中的採用率相當低，所以應該還有很長的路要走，但我們希望了解您如何看待這兩個桶之間的增長分配。

Yes. Amit, it's Tim. If you look at the Apple -- or the Wearables as a category within the Wearables, Home and Accessories revenue, Wearables grew 44%, so it was very strong, as you say. The -- both Apple Watch and AirPods did very well in terms of collecting new customers. Apple Watch, in particular, 75% of the customers are new to the Apple Watch, and so it's still very much selling to new customers at this point.

是的。阿米特，我是蒂姆。如果您將蘋果或穿戴式裝置視為穿戴式裝置、家居和配件收入中的一個類別，穿戴式裝置成長了 44%，因此正如您所說，它非常強勁。Apple Watch 和 AirPods 在吸引新客戶方面都表現非常出色。尤其是 Apple Watch，75% 的客戶都是新用戶，因此目前它的銷售量仍然很大程度上取決於新客戶。

Perfect. And I guess, Luca, if you could just touch on gross margins. The March quarter guide, I think, implies gross margins are flat to actually up 10, 15 basis points. It's rare for you guys to actually guide gross margins up in March, I think, because you have a fairly high seasonal sales deleverage happening. So what are the offsets that's enabling what looks like a better-than-seasonal guide for gross margins?

完美的。我想，盧卡，你能談談毛利率嗎？我認為，三月季度指南暗示毛利率持平，實際上上漲了 10 到 15 個基點。我認為，你們很少在三月真正提高毛利率，因為你們的季節性銷售去槓桿率相當高。那麼，哪些抵銷因素使得毛利率看起來比季節性指標更好呢？

Yes, that's right, Amit. It's about flat sequentially and, by the way, significantly higher on a year-over-year basis. But on a sequential basis, you're right. On one side, we got the loss of leverage from the usual seasonality, but we expect that, that loss of leverage will be offset by better mix and cost savings.

是的，沒錯，阿米特。與上一季相比，這一數字基本上持平，但與去年同期相比，這一數字明顯上升。但從連續性來看，你是對的。一方面，由於通常的季節性因素，我們的槓桿率有所下降，但我們預計，這種槓桿率的下降將被更好的組合和成本節約所抵消。

Thank you, Amit. Can we have the next question, please?

謝謝你，阿米特。我們可以問下一個問題嗎？

That will come from Tom Forte with D.A. Davidson.

這份報告將由湯姆福特 (Tom Forte) 和 D.A. Davidson 共同撰寫。

Great. So congrats on the launch of Apple TV+. I wanted to know internally how you are gauging success. Is it purely on critical acclaim? Is it on number of consumers that are using the service, contribution of service revenue, et cetera, et cetera?

偉大的。恭喜 Apple TV+ 的推出。我想知道你們內部是如何衡量成功的。純粹是因為評論界的好評嗎？是否取決於使用該服務的消費者數量、服務收入的貢獻等等？

Tom, it's Tim. We are primarily measuring ourselves on the number of subscribers. As you can tell from the way that we launched the product, we started with a very aggressive price at $4.99. And in addition to that, we have our bundle, where if you buy pretty much any device, you're getting a year for free, and so we're very focused on subscribers. That said, our -- the product itself is about storytelling. And we think if we do that well, then we'll find that there will be some number of those that will also be critically acclaimed and we're seeing that with The Morning Show. We're seeing that with Little America and others.

湯姆，我是提姆。我們主要根據訂閱者的數量來衡量自己。從我們推出產品的方式可以看出，我們的起價非常有競爭力，為 4.99 美元。除此之外，我們還有捆綁服務，只要您購買任何設備，都可以免費獲得一年的使用權，因此我們非常注重訂閱用戶。也就是說，我們的產品本身就是關於說故事的。我們認為，如果我們做得好，那麼我們會發現其中的一些節目也會受到評論界的好評，我們在《晨間秀》中看到了這一點。我們在 Little America 和其他公司身上都看到了這一點。

Great. And then my second question is, I think you indicated that last month, you started offering consumers the ability to use their Apple Card to buy an iPhone on an installment basis. Can you talk about how that's had an impact on your unit sales for iPhones?

偉大的。我的第二個問題是，我想您上個月表示過，您開始為消費者提供使用 Apple Card 分期購買 iPhone 的服務。能談談這對 iPhone 銷量有何影響嗎？

The retail stores did fantastic on iPhone, very strong double-digit growth in iPhone from a year-over-year point of view. And one of the factors that enabled that was the -- getting to monthly payments on the Apple Card to make it very simple. Of course, that's U.S.-only at this point, but the U.S. is a very key market for us. And so it was an important part of it.

零售店的 iPhone 銷售量非常出色，與去年同期相比，iPhone 銷售量實現了非常強勁的兩位數成長。實現這一目標的因素之一是——透過 Apple Card 進行每月付款，使一切變得非常簡單。當然，目前這僅限於美國，但美國對我們來說是一個非常重要的市場。所以這是其中一個重要的部分。

Thank you, Tom. Can we have the next question, please?

謝謝你，湯姆。我們可以問下一個問題嗎？

That will come from Shannon Cross, Cross Research.

這來自 Cross Research 的 Shannon Cross。

I wanted to go back to revisit China. Tim, can you talk about what you're seeing in the region -- what you were seeing in the region prior to the health crisis? And then can you also update us a bit in terms of your manufacturing strategy, dual sourcing, geographic diversification even within the region just so we have some idea of how this will be managed?

我想回去重遊中國。提姆，你能談談你在該地區看到的情況嗎——在健康危機之前你在該地區看到的情況？然後，您能否就製造策略、雙重採購、地理多樣化甚至區域內多樣化向我們介紹一下，以便我們了解如何管理這些策略？

Yes. Thanks, Shannon. In terms of China, the results from last quarter and then I'll get into the coronavirus second. For the results from last quarter, we had double-digit growth for iPhone in Mainland China, so that was an important change from where we had been running. We also had double-digit growth in Services in Mainland China, and we had extremely strong double-digit on Wearables. And so really, there were a number of different factors.

是的。謝謝，香農。就中國而言，我會先介紹上個季度的結果，然後再討論冠狀病毒。從上個季度的業績來看，iPhone 在中國大陸實現了兩位數的成長，這與我們的經營狀況相比是一個重要的變化。我們在中國大陸的服務業務也實現了兩位數的成長，穿戴式裝置業務也實現了極其強勁的兩位數成長。所以其實有很多不同的因素。

In terms of the things that customers are responding to, iPhone 11 is doing particularly well there. The product has been very well received with its battery life, and the camera is unbelievable. We also, as you probably know, have certain trade-in programs going and financing programs. These have also been well-received. And so it's sort of the sum of all of this, and we're attracting quite a large percentage of new customers on products like the Mac. 3/4 of the customers buying a Mac in China are new, and nearly 2/3 of the customers buying iPad are new. And so it was a terrific quarter. We had 3 of the top 4 selling smartphones in urban China according to Kantar.

從顧客的反應來看，iPhone 11 的表現尤其出色。該產品因其電池壽命而廣受好評，而且相機性能令人難以置信。您可能知道，我們也推出了某些以舊換新計劃和融資計劃。這些也受到了好評。所以，這就是所有這些的總和，我們正在透過 Mac 等產品吸引相當大比例的新客戶。在中國，購買 Mac 的顧客中有 3/4 是新顧客，購買 iPad 的顧客中有近 2/3 是新顧客。所以這是一個非常棒的季度。根據 Kantar 的數據，中國城市最暢銷的 4 款智慧型手機中，我們佔了 3 款。

In terms of the coronavirus, as I mentioned earlier, first and foremost, our thoughts are with all of those that are affected across the region. And as I've mentioned, we're donating to groups that are working to contain the outbreak. We're also working very closely with our team and our partners in the affected areas, and we have limited travel to business-critical situations as of last week. The situation is emerging, and we're still gathering lots of data points and monitoring it very closely. As Luca had mentioned, we have a wider-than-usual revenue range for the second quarter due to the greater uncertainty.

關於冠狀病毒，正如我之前提到的，首先，我們的心與該地區所有受影響的人們同在。正如我所提到的，我們正在向致力於控制疫情的組織捐款。我們也與受災地區的團隊和合作夥伴密切合作，自上週起，我們已限制前往業務關鍵地區的旅行。情況正在顯現，我們仍在收集大量數據點並密切監控。正如盧卡所提到的，由於不確定性較大，我們第二季的營收範圍比平常更廣。

I'll talk about supply chain and customer demand some to give you some color. With respect to the supply chain, we do have some suppliers in the Wuhan area. All of these suppliers, there are alternate sources, and we're obviously working on mitigation plans to make up any expected production loss. We factored our best thinking in the guidance that we provided you.

我將談論供應鏈和客戶需求，以便給您一些資訊。關於供應鏈，我們在武漢地區確實有一些供應商。所有這些供應商都有替代來源，我們顯然正在製定緩解計劃以彌補任何預期的生產損失。我們在向您提供的指導中融入了我們最好的想法。

With respect to supply sources that are outside the Wuhan area, the impact is less clear at this time. The reopening of those factories after Chinese New Year has been moved from the end of this month to February 10, depending upon the supplier location. And we've attempted to account for this delayed start-up through our larger range of outcomes that Luca mentioned earlier.

對於武漢地區以外的供應源，目前影響尚不清楚。這些工廠春節後復工時間已從本月底推遲到 2 月 10 日，具體時間取決於供應商所在地。我們試圖透過 Luca 之前提到的更廣泛的結果來解釋這種延遲啟動的原因。

With respect to customer demand and sales, we've currently closed 1 of our retail stores, and a number of channel partners have also closed their storefronts. Many of the stores that remain open have also reduced operating hours. We're taking additional precautions and frequently deep cleaning our stores as well as conducting temperature checks for employees. While our sales within the Wuhan area itself are small, retail traffic has also been impacted outside of this area across the country in the last few days. And again, we have attempted to account for this in our guidance range that we've provided you. I hope that gives you some color.

考慮到客戶需求和銷售情況，我們目前已關閉了 1 家零售店，一些通路合作夥伴也關閉了店面。許多仍在營業的商店也縮短了營業時間。我們正在採取額外的預防措施，經常對商店進行深度清潔，並對員工進行體溫檢查。雖然我們在武漢地區的銷售額很小，但過去幾天，全國各地該地區以外的零售流量也受到了影響。再次強調，我們已嘗試在向您提供的指導範圍內解決這個問題。我希望這能給你一些啟發。

Yes, that was really helpful. Luca, maybe if you could just touch on, from a gross margin perspective, the commodity pricing environment and availability. Obviously, there's been some movement on DRAM and NAND. So if you can talk about how you're thinking about inventory levels and managing that going forward.

是的，這確實很有幫助。盧卡，也許您可以從毛利率的角度談談商品定價環境和可用性。顯然，DRAM 和 NAND 方面已經取得了一些進展。因此，您可以談談您對庫存水準的看法以及未來的管理方式。

Yes. As I said earlier to the question around the gross margin guidance for the March quarter, we are seeing a benign commodity environment. Most commodities have been declining during the December quarter, and we expect the same to happen in the March quarter. As always and as you probably know, we look at the way these prices move. And at times when we feel it's appropriate, we buy certain commodities in advance. And so we will continue that practice as we go through the year.

是的。正如我之前關於三月季度毛利率指引的問題所說，我們看到了一個良好的商品環境。大多數商品在 12 月季度均出現下跌，我們預計 3 月季度也會出現同樣的情況。像往常一樣，您可能也知道，我們會關注這些價格的變動方式。當我們覺得合適的時候，我們會提前購買某些商品。因此，我們將在今年繼續這種做法。

Thank you, Shannon. Can we have the next question, please?

謝謝你，香農。我們可以問下一個問題嗎？

That will come from Katy Huberty with Morgan Stanley.

這份報告將由摩根士丹利的凱蒂休伯蒂 (Katy Huberty) 提供。

Luca, can you address the modest slowdown in Services growth this quarter, 17% versus 18% in September? Which Services categories accelerated versus where did you see some deceleration in the growth?

盧卡，您能否談談本季服務業成長略有放緩的原因？本季服務業成長 17%，而 9 月為 18%。哪些服務類別的成長有所加速，哪些類別的成長有所放緩？

Katy, let me make a couple of comments here. The 17% during the December quarter, we look at it against our fiscal year '19 growth rate, which was 16%, so we feel very good about the results for the December quarter. As Tim and I mentioned during our prepared remarks, it was a very broad-based growth because we grew double digits in Services across all the 5 geographies. We set all-time records for many, many categories, music, cloud, search ads, payment services, December records for the App Store and AppleCare.

凱蒂，請允許我在這裡發表幾點評論。12 月季度的成長率為 17%，與 2019 財年的成長率 16% 相比，因此我們對 12 月季度的業績感到非常滿意。正如蒂姆和我在準備好的發言中提到的那樣，這是一個非常廣泛的增長，因為我們在所有 5 個地區的服務業務都實現了兩位數的增長。我們在許多類別中創下了歷史記錄，包括音樂、雲端、搜尋廣告、支付服務、App Store 和 AppleCare 的 12 月記錄。

If you remember, we had set 2 goals for ourselves in the Services segment. First, we set a goal to double our fiscal '16 revenue during 2020, and when we look at it on a run rate basis, we've already achieved that goal with the results for the December quarter. We also set a goal to pass 500 million paid subscriptions during 2020. And given that we are already at 480 million at the end of December, we expect to pass that mark during the March quarter. And so now we are setting a new target for ourselves for paid subscriptions. And so we are now aiming to reach 600 million before the end of calendar 2020.

如果你還記得的話，我們在服務領域為自己設定了兩個目標。首先，我們設定的目標是在 2020 年將 2016 財年的營收翻一番，從營運率來看，我們已經透過 12 月季度的業績實現了這一目標。我們也設定了 2020 年實現付費訂閱量突破 5 億的目標。鑑於截至 12 月底我們的用戶數量已達到 4.8 億，我們預計 3 月份季度的用戶數量將突破這一目標。因此，現在我們為付費訂閱設定了新的目標。因此，我們現在的目標是在 2020 年底前達到 6 億。

So we feel that the Services business is growing incredibly well. Of course, we have launched new services very recently. For example, Apple TV+ just launched in November. And so while these services did not have a material impact in our December quarter results, we expect that over time, these are contributing to the growth of the Services business. But we feel very happy with the 17%.

因此，我們認為服務業務成長非常好。當然，我們最近剛推出了新的服務。例如，Apple TV+ 於 11 月剛推出。因此，雖然這些服務對我們 12 月季度的業績沒有重大影響，但我們預計，隨著時間的推移，這些服務將有助於服務業務的成長。但我們對這17%感到非常滿意。

Tim, as a follow-up, at some point in the future, Apple will launch a 5G iPhone. How big of a demand driver do you view 5G capability in a handset? And what's your view as to what the killer app will be from a consumer perspective?

提姆，作為後續，在未來的某個時候，蘋果將推出 5G iPhone。您認為手機 5G 功能的需求驅動力有多大？從消費者的角度來看，您認為殺手級應用是什麼？

We don't comment on future products, and so I'll try to sidestep a bit. With respect to 5G, I think it's -- and we're in the early innings of its deployment on a global basis. We obviously couldn't be prouder of our lineup and is -- and are very excited about our pipeline as well and wouldn't trade our position for anybody.

我們不會對未來的產品發表評論，因此我會盡量迴避這個問題。關於 5G，我認為我們正處於全球部署的早期階段。我們顯然對我們的陣容感到無比自豪，並且對我們的管道也感到非常興奮，我們不會為了任何人而放棄我們的地位。

We'll hear from Kyle McNealy with Jefferies.

我們將聽取 Jefferies 的 Kyle McNealy 的演講。

So we're seeing some signs of new spectrum being deployed for 5G deployments and even additional 4G capacity, and it's already having a positive impact for handset upgrades to use that new capacity. Do you get the sense that wireless carriers are getting more incentivized to upgrade handsets to get leverage out of these new network investments? How much might this be helping? And do you think it will continue to accelerate?

因此，我們看到一些跡象表明，新的頻譜正在為 5G 部署甚至額外的 4G 容量而部署，並且使用這些新容量已經對手機升級產生了積極影響。您是否覺得無線營運商越來越有動力升級手機，以從這些新的網路投資中獲得收益？這能有多大幫助？您認為它會繼續加速嗎？

I think that we've had some great partners not only in the U.S. but also around the world that were really helpful this quarter as partners. And so I think that probably a part of that is the level of investments they have, and then a part of it is probably making sure that those customers stick with them in an environment where there's a lot of trading back and forth. So I'm optimistic that it will continue.

我認為我們不僅在美國而且在世界各地都擁有一些優秀的合作夥伴，他們作為合作夥伴在本季度提供了真正的幫助。所以我認為，其中一部分原因可能在於他們的投資水平，另一部分原因可能在於確保這些客戶在交易頻繁的環境中繼續與他們合作。所以我樂觀地認為這種情況將會持續下去。

Okay, great. And then the comment that you made about capacity in your Wearables division with AirPods Pro and Apple Watch 3, what should we think about the time line of when those capacity constraints might be alleviated? And will they come from capacity additions or the natural workout of kind of unit shipments and something on the demand side?

好的，太好了。然後，您談到了穿戴式裝置部門的 AirPods Pro 和 Apple Watch 3 的產能問題，我們應該如何考慮何時才能緩解這些產能限制？它們是否來自產能增加或單位出貨量的自然增長以及需求方面的某些因素？

I'm hopeful that the Series 3 will come into balance during this quarter. On AirPods Pro, I don't have an estimate for that for you. I just can't predict when at this point where -- we seem to be fairly substantially off there, and we're working very hard to put in additional capacity.

我希望 Series 3 能夠在本季度達到平衡。對於 AirPods Pro，我無法為您提供估價。我只是無法預測何時何地——我們似乎已經遠遠偏離了那個目標，我們正在努力投入額外的產能。

Thanks, Kyle. Can we have the next question, please?

謝謝，凱爾。我們可以問下一個問題嗎？

Yes. Wamsi Mohan, Bank of America.

是的。美國銀行的 Wamsi Mohan。

Tim, Apple has a very valuable installed base of users. Can you see a future where Apple can become larger in the advertising market as you build out TV+, given you could have the unique position and ability to drive targeted ads to users without compromising on privacy?

提姆，蘋果擁有非常寶貴的用戶群。鑑於蘋果擁有獨特的地位和能力，可以在不損害隱私的情況下向用戶投放有針對性的廣告，您是否認為隨著 TV+ 的推出，蘋果未來可以在廣告市場上變得更大？

I think it's -- I think it is possible to have advertising in a straightforward manner that doesn't encroach on people's privacy. I wouldn't want to conjecture about us in that business. I think for the TV+ business, we feel strongly that what that customer wants is an ad-free product, and so that's not our aversion to ads, it's what we believe that the customer wants.

我認為——我認為可以以不侵犯人們隱私的直接方式進行廣告宣傳。我不想對我們在那件事上的表現妄加猜測。我認為對於 TV+ 業務，我們強烈感覺到客戶想要的是無廣告的產品，所以這不是我們對廣告的厭惡，而是我們相信客戶想要的。

Okay. And Luca, can you just clarify if the Services revenue this quarter had any impact of deferrals associated with TV+ at all? And how can you help us maybe size the impact of the amortization of the content cost associated with TV+ as we think about the next couple of years?

好的。盧卡，您能否澄清一下本季的服務收入是否受到與 TV+ 相關的延期影響？當我們考慮未來幾年時，您如何幫助我們衡量與 TV+ 相關的內容成本攤提的影響？

Yes. So yes, of course, we launched the service, and so there was a very small contribution to revenue from the deferral. And there was also a contribution to revenue from the people, the subscribers that are actually paying for the service. When you think about what goes into the Apple TV+ revenue, at this point, there are 2 components: the paid subscribers, these are the customers that pay for the service and we recognize revenue over the subscription period; and then we've got the what we call the Apple TV+ bundle subscribers, these are the customers that buy an eligible hardware device and redeem the offer for a free year of TV+ services. We defer revenue for this offer based on 3 items. The first one is the value of the service that is being provided, the 1-year of Apple TV+. The second one is the number of customers that are eligible for the offer, and the third one is our estimate of the expected number of customers that will redeem the offer. So you need to keep in mind that from our total eligible device sales, you need to make a number of reductions for family sharing, for multiple device purchases and for geographic availability. Also the take rate can also be impacted by the availability of local content, and we also require a payment method on file. So this estimate is reviewed quarterly and gets updated based on actual trends of the offer.

是的。是的，我們當然推出了這項服務，因此延期對收入的貢獻非常小。而實際支付服務費用的用戶也為收入做出了貢獻。當您思考 Apple TV+ 的收入來源時，目前有兩個組成部分：付費訂閱用戶，這些用戶為服務付費，我們在訂閱期內確認收入；然後是所謂的 Apple TV+ 捆綁訂閱用戶，這些用戶購買符合條件的硬體設備並兌換一年免費 TV+ 服務。我們根據 3 項內容延遲此項優惠的收入。第一個是所提供服務的價值，即 Apple TV+ 的 1 年服務。第二個是符合優惠條件的客戶數量，第三個是我們對預期兌換優惠的客戶數量的估計。因此，您需要記住，從我們符合資格的設備總銷售額來看，您需要針對家庭共享、多台設備購買和地理可用性做出一定程度的折扣。此外，收取率也會受到本地內容可用性的影響，我們還需要記錄付款方式。因此，該估算每季進行審查，並根據報價的實際趨勢進行更新。

And so these inputs provide us with the amount of revenue that we defer for each device sale that then gets recognized over the 1-year period that the TV+ service is provided. And so when you take the combination of pay subscribers and bundled subscribers, you get the Apple TV+ revenue. Of course, because we launched the service very recently, the amount of revenue that we recognized during the quarter was immaterial to our results.

因此，這些輸入為我們提供了每台設備銷售的遞延收入金額，然後在提供 TV+ 服務的 1 年期間內確認這些收入。因此，當您將付費訂閱者和捆綁訂閱者結合時，您將獲得 Apple TV+ 收入。當然，由於我們最近才推出這項服務，因此本季確認的收入金額對我們的業績並不重要。

With regard to the cost of the service, of developing the content, we -- essentially, as we incur these costs, we put them on the balance sheet, and then we amortize them over a certain period of time depending on the type of content that we produce.

至於服務成本和內容開發成本，基本上，當我們產生這些成本時，我們會將其列入資產負債表，然後根據我們製作的內容類型在一定時期內攤提這些成本。

We'll hear from Cowen and Company's Krish Sankar.

我們將聽取 Cowen and Company 的 Krish Sankar 的演講。

Congrats on the great results. I had 2 questions. First one, Tim, I just wanted to pick your brain a little bit on the overall smartphone market. There's a general view that when 5G phones come out, they're going to be more expensive due to higher component costs. But at the same time, it looks like you guys have proven that there is a market for low-cost geographies with phones like iPhone SE. So how do you see these 2 different segments within the smartphone market evolving over the next 1 to 3 years? And then I have a follow-up for Luca.

恭喜您取得如此優異的成績。我有兩個問題。首先，提姆，我只是想就整個智慧型手機市場向您徵求一些看法。一般認為，5G手機上市後，由於零件成本上升，價格也會更高。但同時，你們似乎已經證明，像 iPhone SE 這樣的手機在低成本地區有市場。那麼，您如何看待未來 1 至 3 年內智慧型手機市場中的這兩個不同細分市場的發展？然後我要跟進一下盧卡的狀況。

Again, I want to stay away from commenting about future products. But generally, I think it's important when you think about 5G is to look around the world at the different deployment schedules. And some of those look very different perhaps than what you might be seeing here. And so that's very important. In terms of the price, I wouldn't want to comment on the price of handsets that aren't announced.

再次強調，我不想對未來的產品發表評論。但總的來說，我認為當你考慮 5G 時，重要的是要看看世界各地不同的部署時間表。其中一些可能看起來與您在這裡看到的非常不同。所以這非常重要。就價格而言，我不想對尚未公佈的手機價格發表評論。

Got it. No worries, Tim. And then a follow-up for Luca. OpEx as a percentage of sales for March looks like about 15% higher than in your prior quarters. Kind of curious, how much of that, as part of it, is driven by some of your Intel modem asset purchases or TV+ in the OpEx? Or how do we think about it on a go-forward basis?

知道了。別擔心，提姆。然後是 Luca 的後續報導。3 月份營運支出佔銷售額的百分比看起來比前幾個季度高出約 15%。有點好奇，其中有多少是由您的英特爾調變解調器資產購買或營運支出中的 TV+ 推動的？或者我們如何從長遠角度來考慮這個問題？

Yes. I think we felt good about our OpEx results because they were at the low end of our guidance range. But clearly, we want to make all the necessary investments in the business. And from -- in terms of the new services, not only for TV+ but all the new services that we launched during 2019, this is a period where we're making the necessary investments in advertising and marketing, and that level of investment is reflected in our OpEx results.

是的。我認為我們對我們的營運支出結果感到滿意，因為它們處於我們指導範圍的低端。但顯然，我們希望對該業務進行所有必要的投資。就新服務而言，不僅是 TV+，還有我們在 2019 年推出的所有新服務，這段時間我們都在對廣告和行銷進行必要的投資，而這種投資水準反映在我們的營運支出結果中。

And also, as you correctly stated, we completed the acquisition of the Intel baseband business during the December quarter. And so we had -- we reflected the run rate of the expenses related to that business partially during the quarter after the completion of the transaction. And we -- that is a very important core technology for the company, so we will continue to make all the necessary investments also there. There is a third category of expenses that affected the December quarter and is the fact that our revenue was very strong, and we have certain variable expenses, for example, credit card fees that are associated with higher volume and, of course, impacted our OpEx results.

而且，正如您正確指出的那樣，我們在 12 月季度完成了對英特爾基帶業務的收購。因此，我們在交易完成後的季度內部分反映了與該業務相關的費用的運作率。這對公司來說是一項非常重要的核心技術，因此我們將繼續在該領域進行所有必要的投資。影響 12 月季度的還有第三類費用，那就是我們的收入非常強勁，但我們也有一些可變費用，例如與較高銷量相關的信用卡費用，當然，這影響了我們的營運支出結果。

Thanks, Krish. Can we have the next question, please?

謝謝，克里什。我們可以問下一個問題嗎？

That will be from Mike Olson with Piper Sandler.

這將是來自派珀·桑德勒 (Piper Sandler) 的邁克·奧爾森 (Mike Olson) 的演講。

So a slightly different take on an earlier question on Wearables, and that is, what impact do you think Wearables is having on driving people into the Apple ecosystem? You mentioned 75% of watch buyers are new to the Apple Watch, but are many of them new to Apple overall? I'm sure a lot of existing iPhone, iPad or Mac users are going to be Wearables customers, but do you think Wearables bring people into the ecosystem to buy other devices in a material way?

那麼，對於先前關於穿戴式裝置的問題，我的看法略有不同，那就是，您認為穿戴式裝置對推動人們進入蘋果生態系統有何影響？您提到 75% 的手錶購買者都是第一次購買 Apple Watch，但總體而言，他們中有很多是第一次購買 Apple 產品嗎？我確信許多現有的 iPhone、iPad 或 Mac 用戶都將成為穿戴式裝置的客戶，但您是否認為穿戴式裝置會以物質方式將人們帶入生態系統併購買其他裝置？

I think that -- Michael, it's Tim. With each Apple product that a customer buys, I think they get tighter into the ecosystem because they like -- that's the reason that they're buying into it, is they like the experience, the customer experience. And so from that point of view, I think each of our products can drive another product. I would think in that case, it's more likely that the iPhone comes first, but there's no doubt in my mind that there's some people that came into the ecosystem for the Watch.

我認為——邁克爾，是提姆。我認為，客戶購買每款 Apple 產品後，他們都會更緊密地融入生態系統，因為他們喜歡——這就是他們購買產品的原因是，他們喜歡這種體驗，喜歡客戶體驗。因此從這個角度來看，我認為我們的每款產品都可以推動另一款產品的發展。我認為在這種情況下，iPhone 更有可能先出現，但我毫不懷疑，有些人是為了 Watch 而進入這個生態系統的。

Yes. And then I think you recently mentioned that augmented reality will pervade our entire lives. And I'm wondering if you could share your thoughts about how you think it starts to impact our lives most significantly. For example, will the inflection point in AR come from gaming or industrial usage or some other category? In other words, where will the average person kind of first feel the impact of AR on their lives in a significant way?

是的。然後我想您最近提到擴增實境將滲透到我們的整個生活。我想知道您是否可以分享一下您認為它如何開始對我們的生活產生最重大的影響。例如，AR 的拐點是來自遊戲、工業用途還是其他類別？換句話說，普通人會在哪裡首次感受到 AR 對他們生活產生顯著的影響？

I think when you look at AR today, you would see that there are consumer applications, there are enterprise applications. This is the reason I'm so excited about it, is you rarely have a new technology where business and consumer are both -- most see it as key to them. And so I think it's -- the answer is that that's the reason that I think it's going to pervade your life, is because it's going to go across both business and your home life. And I think these things will happen in parallel. There are already companies that are deep into the enterprise business that are working on applications for the enterprise. And of course, you can see -- you can go on the store and see thousands of apps that are ARKit-enabled at this time and with even more coming.

我認為，當你今天看 AR 時，你會發現它有消費者應用程序，也有企業應用程式。這就是我對此如此興奮的原因，因為很少有新技術能夠同時受到企業和消費者的青睞——大多數人都將其視為關鍵。所以我認為——答案是，這就是我認為它會滲透到你的生活的原因，因為它會貫穿你的商業和家庭生活。我認為這些事情將會同時發生。已經有一些深入企業業務的公司正在開發企業應用程式。當然，您可以看到——您可以進入商店，看到目前支援 ARKit 的數千個應用程序，並且還會有更多應用程式即將推出。

Thank you, Mike. Can we have the next question, please?

謝謝你，麥克。我們可以問下一個問題嗎？

That will come from Raymond James' Chris Caso.

這項計劃將由雷蒙德詹姆斯 (Raymond James) 的克里斯卡索 (Chris Caso) 負責。

I guess the first question is on gross margins, and you spoke about the favorable mix. Wondering if you could expand on that a little bit. And clearly, iPhone is doing well within the overall mix, growing year-on-year. But if you could talk about what's happening to the mix within iPhone. Is that improving as well and also helping margins? And is there anything else you would point to with regard to the overall mix in margins?

我想第一個問題是關於毛利率的，您談到了有利的組合。想知道您是否可以稍微詳細說明一下。顯然，iPhone 在整體銷量中表現良好，比去年同期成長。但是如果你能談談 iPhone 內部的混合情況如何。這是否也是一種改善並有助於提高利潤率？關於利潤的整體組合，您還有什麼其他要指出的嗎？

Yes. I think that the mix helped us both in Q1, and it's helping us with the guidance for Q2. And as you said, some of it is mix of iPhones. The customer response for iPhone 11, 11 Pro and 11 Pro Max has been exceptional, and that clearly has helped our mix. iPhone 11 was our top-selling model throughout the quarter, every single week of the quarter. And so certainly, better mix within iPhone.

是的。我認為這種組合對我們第一季的業績都有幫助，也有助於我們制定第二季的業績指引。正如你所說，其中一些是 iPhone 的混合體。客戶對 iPhone 11、11 Pro 和 11 Pro Max 的反應非常好，這顯然對我們的產品組合有所幫助。iPhone 11 是我們整個季度最暢銷的機型，整個季度的每一周都是如此。因此，當然，最好在 iPhone 內進行混合。

The other point that I'd like to point out is that as we move from Q1 to Q2, the proportion of revenue coming from Services increases versus the holiday quarter. And given the fact that Services are accretive to gross margin for the company, we end up getting a better mix from Services as well.

我想指出的另一點是，隨著我們從第一季進入第二季度，來自服務的收入比例相對於假日季度有所增加。鑑於服務可以增加公司的毛利率，我們最終也能從服務中獲得更好的組合。

Okay. And I guess a follow-on question with regard to OpEx, and it has been growing at a faster rate than revenue for, I guess, largely over the last 3 years or so. Can you set us some expectation with regard to when you get a return on that investment? I understand there are new investments that are happening now. But how should we think about potential leverage going forward? Is there a point in time where the OpEx spending tend to level off and you get some return on that? Or is it just a function of faster revenue growth in the future?

好的。我想接下來的問題是關於營運支出的，我想，在過去 3 年左右的時間裡，它的成長速度一直快於收入的成長速度。您能否對我們何時能獲得該投資的回報做出一些預期？我知道現在正在進行新的投資。但我們該如何看待未來的潛在槓桿？是否存在一個時間點，此時營運支出趨於平穩並且您會獲得一些回報？或者這只是未來收入更快成長的功能？

Well, I would start by saying that our expense to revenue ratio is incredibly competitive relative to other companies in our sector. There are years when our OpEx grows faster than our revenue, but we've also had years in the recent past where the opposite has happened. We continue to believe that we have a lot of great opportunities in front of us. And just if you look at this past year, we launched many new initiatives, for example, on the Services front, which we want to support with the appropriate level of investment, not only marketing and advertising but also in R&D.

嗯，首先我想說的是，與我們行業的其他公司相比，我們的費用收入比非常有競爭力。有幾年我們的營運支出成長速度快於收入成長速度，但最近幾年也出現了相反的情況。我們始終相信，眼前有許多絕佳的機會。回顧過去的一年，我們推出了許多新舉措，例如在服務方面，我們希望透過適當的投資來支持這些舉措，不僅是在行銷和廣告方面，還包括研發方面。

As I mentioned earlier, we closed the acquisition of the Intel baseband business because we think it's a very important strategic core technology for the company going forward. And I think from the results that you've seen during this quarter and the guidance that we provided during -- for the March quarter, I think we're doing a pretty good job at balancing the level of investments that we are making on the expense front with the level of returns that we get, both in terms of revenue and in terms of profitability that we're getting. Our net income, for example, was up 11% during the December quarter.

正如我之前提到的，我們完成了對英特爾基帶業務的收購，因為我們認為這對公司未來發展來說是一項非常重要的策略核心技術。我認為，從本季度的業績以及我們在三月季度提供的指引來看，我們在平衡支出方面的投資水平和我們獲得的回報水平方面做得相當不錯，無論是在收入方面還是在盈利能力方面。例如，我們的淨收入在 12 月季度成長了 11%。

Thank you. Can we have the next question, please?

謝謝。我們可以問下一個問題嗎？

That will come from Samik Chatterjee with JPMorgan.

這項提議將由摩根大通的 Samik Chatterjee 提出。

Just wanted to kind of ask on the iPhone revenue growth and definitely good to see it return to growth. Based on the velocity or momentum you're seeing for the products exiting the quarter, how comfortable are you feeling about sustaining growth in iPhone revenues through the year? And I have a follow-up.

我只是想問一下 iPhone 的收入成長情況，很高興看到它恢復成長。根據您看到的本季退出產品的速度或勢頭，您對全年 iPhone 收入持續成長感到有多大信心？我還有一個後續問題。

We have a practice of forecasting the current quarter, and so we've given you the range that we expect for the current quarter and really don't give a range beyond that.

我們有預測當前季度的慣例，因此我們給出了我們對當前季度的預期範圍，但實際上不會給出超出該範圍的範圍。

Okay. So if I can just maybe then follow up in terms of, obviously, you've returned to growth in most of the regions you report. One of the regions that are declining is Japan, so if you can share your thoughts on what actions you need to take there to return that segment -- that geography to growth. And what are the product trends there? What's probably the headwind that's kind of limiting growth there?

好的。因此，如果我可以跟進的話，顯然，你們報告的大多數地區都已恢復成長。日本是正在衰退的地區之一，因此，您能否分享您的想法，說明需要採取哪些行動才能使該地區恢復成長？那裡的產品趨勢是什麼？哪些不利因素可能會限制那裡的成長？

Yes. So Japan was down 10% during the December quarter, was primarily due to iPhone performance, which was challenged because there were some regulatory changes that took effect on the 1st of October, where essentially, the regulators decoupled the mobile phone pricing from the 2-year contracts and are capping the maximum amount of carrier discounts that can be made. At the same time, I would say, within a more difficult macro environment, iPhone did incredibly well during the quarter. 6 of the top 7 selling smartphone models in Japan during the December quarter were iPhones. So it was a very strong performance by iPhone in a difficult environment.

是的。因此，日本在 12 月季度的銷量下降了 10%，這主要是由於 iPhone 的表現不佳，而 iPhone 的表現受到了挑戰，因為 10 月 1 日生效的一些監管變化，實質上是監管機構將手機定價與 2 年合約脫鉤，並限制了運營商可以提供的最高折扣額。同時，我想說，在更困難的宏觀環境下，iPhone 在本季表現非常出色。12 月季度，日本最暢銷的 7 款智慧型手機中，有 6 款是 iPhone。因此，iPhone 在困難的環境下表現非常強勁。

Also, in Japan, we had very strong double-digit growth from Services, stronger than company average, and very strong double-digit growth in Wearables, also stronger than company average. So we feel very good. Japan is a country where it's starting to -- we've had great success. The customers are very loyal and very engaged, and we have a very strong position there, and we feel we have a very good momentum.

此外，在日本，我們的服務業務實現了非常強勁的兩位數成長，高於公司平均水平，穿戴式裝置業務實現了非常強勁的兩位數成長，也高於公司平均水平。所以我們感覺非常好。日本是一個剛起步的國家——我們已經取得了巨大的成功。客戶非常忠誠，參與度很高，我們在那裡佔據著非常強勢的地位，我們感覺我們擁有非常好的發展勢頭。

Thank you, Samik. 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 6826206. These replays will be available by approximately 5 p.m. Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414. Financial analysts can contact me with additional questions at (669) 227-2402. Thank you again for joining us.

謝謝你，薩米克。今天的電話會議重播將在 Apple Podcasts 上提供兩週，並以網路廣播的形式在 apple.com/investor 上播出，也可以透過電話收聽。電話回放號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 6826206。這些重播將於下午 5 點左右提供。今天太平洋時間。如有其他問題，媒體人士可致電 (408) 974-2414 聯絡 Kristin Huguet。金融分析師如有任何疑問，可以撥打 (669) 227-2402 與我聯絡。再次感謝您的參與。

Again, that will conclude today's conference. Thank you all for your participation.

今天的會議就到此結束。謝謝大家的參與。