蘋果 (AAPL) 2020 Q1 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to the Apple Inc.

歡迎來到蘋果公司。

First Quarter Fiscal Year 2020 Earnings Conference Call.

2020 財年第一季度收益電話會議。

Today's conference is being recorded.

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.

在這個時候，關於開場白和介紹，我想把電話轉給 Tejas Gala，公司財務和投資者關係高級分析師。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

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

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

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

在那之後，我們將打開分析師提問的電話。

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

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和支出、稅收、資本分配和未來業務的陳述外表。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports on Form 10-K and Form 10-Q and the Form 8-K filed with the SEC today along with the associated press release.

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

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

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

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

我現在想把電話轉給蒂姆做介紹性發言。

Thanks, Tejas.

謝謝，光輝。

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

下午好，感謝大家加入我們。

We're thrilled to report Apple's biggest quarter ever, which set new all-time records in both revenue and earnings.

我們很高興地報告蘋果有史以來最大的一個季度，它在收入和收益方面都創下了新的歷史記錄。

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.

我們創造了 918 億美元的收入，高於我們指導範圍的高端，收入增長連續第三個季度加速。

Geographically, we set all-time records in the Americas, Europe and rest of Asia Pacific and saw Greater China return to growth.

在地理上，我們在美洲、歐洲和亞太其他地區創造了歷史記錄，並見證了大中華區恢復增長。

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.

iPhone 推動了我們創紀錄的業績，其中 12 月季度的收入同比增長 8%，並且我們在 iPhone 之外連續第五個季度實現兩位數增長，其中包括服務的歷史新紀錄和可穿戴設備的另一個井噴季度.

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.

我們的活躍設備安裝基數現已超過 15 億，僅在過去 12 個月內就增加了 1 億多，在我們的每個主要產品類別和地理區域都達到了歷史新高。

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.

我們龐大且不斷增長的安裝基礎不僅有力地證明了我們客戶的滿意度、參與度和忠誠度，而且還推動了我們的全面增長，尤其是在服務方面。

Let's take each category one by one.

讓我們逐個分類。

On iPhone, revenue in the December quarter was $56 billion.

在 iPhone 上，12 月季度的收入為 560 億美元。

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.

由於對 iPhone 11、iPhone 11 Pro 和 iPhone 11 Pro Max 的需求旺盛，這一數字再次比一年前增長了 8%。

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.

事實上，iPhone 11 是我們在 12 月季度每週最暢銷的機型，而這 3 款新機型是我們最受歡迎的 3 款 iPhone。

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.

我們在包括美國、英國、法國和新加坡在內的許多發達市場實現了兩位數的增長，在巴西、中國大陸、印度、泰國和土耳其的強勁表現帶動下，我們在新興市場也實現了兩位數的增長。

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.

迄今為止，這些新機型是我們推出的最好的 iPhone，它們採用了先進的技術、前所未有的電池續航時間飛躍，可輕鬆度過一天，並提供一流的相機體驗。

We have been wowed with the photos customers have shared in our all-new Night mode photo challenge this month.

客戶在本月全新的夜間模式照片挑戰中分享的照片讓我們驚嘆不已。

Turning to Services.

轉向服務。

Q1 revenue reached $12.7 billion, an all-time record, growing 17% over last year.

第一季度收入達到 127 億美元，創歷史新高，比去年增長 17%。

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.

我們再次在所有 5 個地理區域實現了兩位數的增長，並在雲服務、音樂、支付服務和我們的 App Store 搜索廣告業務等多個類別中創造了新的歷史記錄，並創下了 12 月季度的記錄App Store 和 AppleCare。

2019 was a historic year for our Services business, and I'd like to touch on some highlights.

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.

對於 App Store 而言，2020 年開局強勁，僅在元旦這一天，客戶的單日支出就創下了 3.86 億美元的新紀錄，比去年增長了 20%。

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.

Apple Arcade 是我們的新遊戲訂閱服務，它提供了超過 100 款您在其他任何地方都找不到的全新獨家遊戲目錄，所有這些遊戲都可以在 Apple 設備上玩，而且每個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.

Apple TV+ 的開端令人振奮，我要祝賀 The Morning Show 的整個團隊獲得多項金球獎提名：Jennifer Aniston 獲得演員工會獎；還有比利·克魯德普 (Billy Crudup) 的評論家選擇獎。

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.

我們將繼續專注於講述像《小美國》這樣重要的故事，該故事最近首映並獲得了廣泛的好評，還有更多精彩內容即將推出。

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 現在在美國、英國、澳大利亞和加拿大吸引了超過 1 億月活躍用戶，並使用設備上的智能推薦故事，提供精心策劃的個性化體驗。

Apple News+ continues to add new titles, offering subscribers seamless access to the world's top publications across all of their devices.

Apple News+ 繼續添加新標題，讓訂閱者可以在其所有設備上無縫訪問世界頂級出版物。

For Apple Pay, revenue and transactions more than doubled year-over-year with a run rate exceeding 15 billion transactions a year.

Apple Pay 的收入和交易量同比增長了一倍以上，每年的交易量超過 150 億次。

Apple Pay transit support expanded with customers paying for journeys on Transport for London more easily with Apple Pay Express Transit.

隨著客戶通過 Apple Pay Express Transit 更輕鬆地支付倫敦交通的旅程費用，Apple Pay 交通支持得到擴展。

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.

到 2020 年春季，iPhone 和 Apple Watch 客戶將能夠在包括深圳和廣州在內的更多城市中輕按一下即可乘坐火車和公共汽車。

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.

我們對 Apple Card 的持續增長感到興奮，上個月，客戶開始在 Apple 零售店和網上使用 Apple Card 每月分期付款購買新 iPhone 並在 24 個月內付款。

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.

我們看到了這些最近推出的服務的巨大希望，並且我們對我們為每一項服務正在準備中的服務感到樂觀。

Now turning to Wearables.

現在轉向可穿戴設備。

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.

我們又經歷了一個令人難以置信的季度，幾乎在我們追踪的全球每個市場中都創下了歷史記錄，而這個產品類別現在已經達到了財富 150 強公司的規模。

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.

對 AirPods 的需求持續強勁，尤其是我們最近推出的 AirPods Pro，它是 AirPods 系列的新成員，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.

Apple Watch 在 2020 財年開局良好，在本季度創下歷史新高。

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.

它繼續對我們客戶的生活產生深遠影響，並繼續擴大影響範圍，因為在本季度購買 Apple Watch 的客戶中有超過 75% 是 Apple Watch 的新用戶。

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.

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成果。

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.

Mac 和 iPad 分別創造了 72 億美元和 60 億美元的收入，這兩種產品的高水平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紀錄。

For iPad, we saw growth in key emerging markets like Mexico, India, Turkey, Poland, Thailand, Malaysia, the Philippines and Vietnam.

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的增長。

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.

憑藉我們目前的 iPad Pro、iPad Air、iPad mini 和 iPad 陣容，以及新的 iPadOS，我們以只有 Apple 才能提供的集成硬件、軟件和服務的方式為客戶提供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.

對於 Mac 來說，這也是一個非常令人興奮的季度，因為我們推出了我們有史以來最強大的筆記本電腦、16 英寸 MacBook Pro 以及 Mac Pro 和 Pro Display XDR，這是 Apple 交付給專業人士的最強大的工具。

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.

我們已經看到來自專業社區的強烈反應，從開發人員、攝影師和音樂製作人到依賴 Mac 創作他們一生中最好作品的電影製作人和科學家。

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.

我們還想花點時間祝賀上週末所有格萊美獲獎和提名的藝術家，他們依靠 Logic Pro X 和他們的 Mac 創作了我們都喜愛的令人難以置信的音樂。

I want to call out and celebrate the exceptional work of our retail and online teams.

我想呼籲並慶祝我們的零售和在線團隊的出色工作。

This quarter, we opened a beautiful new store in Kawasaki, Japan, and exciting things are taking place inside each and every store.

本季度，我們在日本川崎開了一家漂亮的新店，每家店都在發生令人興奮的事情。

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.

部分歸功於 iPhone 以舊換新交易量與去年相比翻了一番，我們的零售和在線商店創下了歷史新高，並實現了 iPhone 兩位數的強勁增長。

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.

我們看到了這些努力的光明前景，我們將繼續創新，以確保訪問 Apple 零售店的每個人都能獲得出色的體驗。

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.

2020 年伊始，我們推出了有史以來最強大的產品系列，我們只是在深化我們的承諾，儘自己的一份力量讓世界變得更美好。

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.

11 月，我們發布了完全重新設計的“人人能編程”課程，以幫助更多中小學生進入編程世界。

The new curriculum includes even more resources for teachers, a brand-new guide for students and updated Swift Coding Club materials.

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。

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.

如今，全球 5,000 多所學校的數百萬學生使用“人人能編程”課程將他們的想法變為現實並培養重要的技能，包括創造力、協作和解決問題的能力。

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.

11 月還推出了我們新的研究應用程序，這是我們不斷努力將健康的未來掌握在每個用戶手中的最新舉措。

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.

美國的客戶可以參加我們與領先的學術和研究機構開展的 3 項具有里程碑意義的多年期健康研究：Apple 女性健康研究、Apple 心臟和運動研究以及 Apple 聽力研究。

As in everything we do, we built user privacy into the Research app from the ground up.

與我們所做的一切一樣，我們從頭開始將用戶隱私構建到研究應用程序中。

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.

本季度，我們還宣布了一項 25 億美元的計劃，以幫助解決我們家鄉加利福尼亞州的住房供應和負擔危機。

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.

我們感到有很大的責任幫助這個我們一直稱之為家的地區保持活力，並確保它仍然是每個人生活和養家糊口的好地方，包括那些為社區服務的人，比如消防員和教師。

In much more recent news, we're closely following the development of the coronavirus.

在最近的新聞中，我們正在密切關注冠狀病毒的發展。

We're donating to groups that are working to contain the outbreak.

我們正在向正在努力控制疫情的團體捐款。

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.

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，我們的想法與該地區所有受影響的人同在。

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.

隨著我們在創紀錄的 12 月季度結賬時，我們已經在為未來進行一些新的和令人興奮的發展。

Apple's strength will always be its balanced creativity and innovation, and this year will be no different.

蘋果的優勢永遠在於其平衡的創造力和創新，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.

但是現在，關於結果的更多細節，我想把電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

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.

我們在 12 月季度的業務和財務表現非常出色，因為我們在收入、淨收入和每股收益方面創造了新的歷史記錄。

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.

儘管有 10 億美元的外匯逆風，本季度的收入為 918 億美元，比去年同期增長 75 億美元或 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.

在地理上，我們在許多主要發達市場和新興市場創造了歷史性的收入記錄，其中包括美國、加拿大、墨西哥、巴西、英國、德國、法國、意大利、西班牙、波蘭、泰國、馬來西亞和越南。

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.

產品收入為 791 億美元，隨著 iPhone 恢復增長而增長 8%，我們在可穿戴設備方面取得了令人難以置信的強勁業績，我們為 Apple Watch 和 AirPods 創造了歷史記錄。

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.

服務收入增長 17%，達到 127 億美元的歷史新高，每個地理區域都實現了兩位數的增長，我們的投資組合也創下了歷史新高。

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.

公司毛利率為 38.4%，環比增長 40 個基點，儘管外匯帶來了 60 個基點的負面影響，但由於收入增加帶來的槓桿作用。

Products gross margin was 34.2%, up 260 basis points sequentially, thanks to leverage and favorable mix.

得益於槓桿和有利的組合，產品毛利率為 34.2%，環比增長 260 個基點。

Services gross margin was 64.4%, up 30 basis points sequentially, driven by favorable mix.

在有利組合的推動下，服務毛利率為 64.4%，環比增長 30 個基點。

Our reported tax rate for the quarter was 14.2%.

我們本季度報告的稅率為 14.2%。

Before discrete items, the rate was 16.5%, exactly in line with our guidance.

在離散項目之前，該比率為 16.5%，完全符合我們的指導。

A favorable onetime item impacted the rate by 230 basis points.

一個有利的一次性項目將利率影響了 230 個基點。

Net income was an all-time record at $22.2 billion, up $2.3 billion or 11% over last year.

淨收入創歷史新高，達到 222 億美元，比去年增加 23 億美元或 11%。

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.

稀釋後每股收益也創下歷史新高，達到 4.99 美元，增長 19%，運營現金流非常強勁，達到 305 億美元，比一年前增加了 38 億美元。

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

讓我更詳細地了解我們的每個收入類別。

iPhone revenue of $56 billion grew 8% year-over-year as we saw great customer response to the launch of our newest iPhones.

iPhone 收入為 560 億美元，同比增長 8%，因為我們看到客戶對我們最新款 iPhone 的推出反應熱烈。

We set all-time revenue records in several countries, including the U.S., Mexico, the U.K., France, Spain, Poland, Thailand, Malaysia and Vietnam.

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造了歷史收入記錄。

Our active installed base of iPhones has reached an all-time high and is growing in each of our geographic segments.

我們活躍的 iPhone 安裝基數達到了歷史最高水平，並且在我們的每個地理區域都在增長。

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.

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

Among business buyers planning to purchase smartphones in the next quarter, 84% plan to purchase iPhones.

在計劃在下一季度購買智能手機的商業買家中，84% 的人計劃購買 iPhone。

Turning to Services.

轉向服務。

We set an all-time revenue record of $12.7 billion with double-digit growth in all of our 5 geographic segments.

我們創下了 127 億美元的歷史收入記錄，在所有 5 個地理區域實現了兩位數的增長。

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.

正如蒂姆所提到的，我們為 Apple Music、雲服務、支付服務和我們的 App Store 搜索廣告業務創造了新的歷史記錄，並為 App Store 和 AppleCare 創造了 12 月的季度記錄。

We are well on our way to accomplishing our goal of doubling our fiscal year '16 services revenue during 2020.

我們正在順利實現在 2020 年將 16 財年服務收入翻番的目標。

We've actually already reached that goal on a run rate basis with the results of the December quarter.

根據 12 月季度的結果，我們實際上已經在運行率的基礎上達到了這個目標。

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.

客戶在我們生態系統中的參與度持續增長，我們數字內容商店的交易賬戶和付費賬戶數量達到了歷史新高，付費賬戶在我們所有的地理區域都增長了兩位數。

We now have over 480 million paid subscriptions across the services on our platform, up 120 million from a year ago.

現在，我們平台上的服務擁有超過 4.8 億的付費訂閱，比一年前增加了 1.2 億。

And at this point, we expect to hit our goal of surpassing the 500 million mark already during the March quarter.

在這一點上，我們預計在 3 月季度已經實現超過 5 億大關的目標。

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.

鑑於我們在服務產品中所經歷的巨大勢頭，我們正在提高付費訂閱目標，併計劃在 2020 年日曆結束前達到 6 億。

App Store revenue grew strong double digits, thanks to robust customer demand for both in-app purchases and subscriptions.

由於客戶對應用內購買和訂閱的強勁需求，App Store 收入實現了兩位數的強勁增長。

Our third-party subscription business grew across multiple categories and increased almost 40% year-over-year.

我們的第三方訂閱業務跨越多個類別增長，同比增長近 40%。

Our first-party subscription services also continued to perform extremely well.

我們的第一方訂閱服務也繼續表現出色。

Apple Music set an all-time revenue record, offering a catalog of over 60 million songs to our customers.

Apple Music 創造了歷史收入記錄，為我們的客戶提供了超過 6000 萬首歌曲的目錄。

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.

iCloud 還創造了空前的收入記錄，增長了非常強勁的兩位數，同時為我們的客戶提供了跨所有設備的安全、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.

由於強大的服務協議附加率和擴大的分銷，這是 AppleCare 12 月的季度記錄。

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.

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世界上最好的服務和支持的能力。

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.

這種價值與我們的合作夥伴和我們的客戶產生了共鳴，我們很高興看到我們為越來越多的用戶提供了這種高質量的體驗。

Next, I'd like to talk about Mac and iPad.

接下來，我想談談 Mac 和 iPad。

Mac revenue was $7.2 billion and iPad revenue was $6 billion.

Mac 收入為 72 億美元，iPad 收入為 60 億美元。

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.

由於 MacBook Air、Mac mini 和 iPad Pro 在去年 12 月季度的發布以及隨後的渠道填充，這兩款產品的同比比較都比較困難。

Despite the tough compare, on a demand basis, our performance for both Mac and iPad was around even to last year.

儘管進行了艱難的比較，但在需求的基礎上，我們在 Mac 和 iPad 上的表現與去年持平。

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.

重要的是，本季度全球購買 Mac 和 iPad 的客戶中約有一半是該產品的新手，Mac 和 iPad 的活躍安裝基數達到了歷史新高。

The most recent surveys from 451 Research measured a 93% customer satisfaction rating for iPad from consumers and 92% from businesses.

451 Research 的最新調查顯示，消費者對 iPad 的滿意度為 93%，企業為 92%。

And among both consumers and businesses who are planning to purchase tablets in the March quarter, 78% plan to purchase iPads.

在計劃在第三季度購買平板電腦的消費者和企業中，78% 的人計劃購買 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.

可穿戴設備、家居和配件以 100 億美元的收入創造了新的歷史記錄，同比增長 37%，在所有 5 個地理區域實現了非常強勁的兩位數表現，並且在可穿戴設備、配件和家居領域實現了增長。

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.

儘管由於本季度客戶對 Apple Watch 和 AirPods 的需求非常強勁，我們經歷了一些產品短缺，但我們幾乎在我們追踪的每個市場中都創造了可穿戴設備的歷史記錄。

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.

我們還繼續看到企業市場對我們產品的強勁需求，因為我們的技術解決方案使企業能夠做到最好。

100% of Fortune 500 companies in the health care sector use Apple technology in areas such as patient experience, clinical communications and nursing workflows.

醫療保健行業的財富 500 強公司中有 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。

And we're also seeing smaller companies in this sector drive innovation with our technology and apps.

我們還看到該領域的小公司利用我們的技術和應用程序推動創新。

One example is Gauss Surgical, which uses Core ML in iOS to more accurately estimate blood loss during childbirth and surgery.

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。

This helps clinicians have more complete and timely information on whether a patient needs an intervention, which can impact both clinical outcomes and costs.

這有助於臨床醫生獲得關於患者是否需要干預的更完整和及時的信息，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，這是一家醫學成像公司，它生產一種連接到iPhone或iPad的手持超聲設備，使臨床醫生能夠以遠低於當今市場上其他解決方案的成本在任何地方進行超聲檢查。

Let me now turn to our cash positions.

現在讓我談談我們的現金頭寸。

We ended the quarter with $207 billion in cash plus marketable securities.

我們在本季度末擁有 2070 億美元的現金和有價證券。

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.

我們在本季度發行了 20 億歐元計價的綠色債券，償還了 10 億美元的到期債務，並將商業票據減少了 10 億美元，使我們的總債務達到 1080 億美元。

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.

因此，本季度末的淨現金為 990 億美元，我們維持了隨著時間的推移達到淨現金中性頭寸的目標。

We returned nearly $25 billion to shareholders during the December quarter.

我們在 12 月季度向股東返還了近 250 億美元。

We began a $10 billion accelerated share repurchase program in November, resulting in initial delivery and retirement of 30.4 million shares.

我們在 11 月開始了 100 億美元的加速股票回購計劃，最初交付和退役了 3,040 萬股股票。

We also repurchased 40 million Apple shares for $10 billion through open market transactions, and we paid $3.5 billion in dividends and equivalents.

我們還通過公開市場交易以 100 億美元的價格回購了 4000 萬股蘋果股票，並支付了 35 億美元的股息和等價物。

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.

正如我們過去幾年所做的那樣，當我們報告 3 月季度的業績時，我們將分享我們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.

最後，隨著我們進入 3 月季度，我想回顧一下我們的前景，其中包括 Tejas 在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $63 billion and $67 billion.

我們預計收入將在 630 億美元至 670 億美元之間。

The wider-than-usual revenue range comprehends uncertainty related to the recently unfolding public health situation in China.

高於往常的收入範圍包含了與中國最近出現的公共衛生狀況相關的不確定性。

We expect gross margin to be between 38% and 39%.

我們預計毛利率將在 38% 至 39% 之間。

We expect OpEx to be between $9.6 billion and $9.7 billion.

我們預計運營支出將在 96 億美元至 97 億美元之間。

We expect OI&E to be about $250 million, and we expect the tax rate to be about 16.5%.

我們預計 OI&E 約為 2.5 億美元，我們預計稅率約為 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.

同樣在今天，我們的董事會已宣佈於 2020 年 2 月 13 日向截至 2020 年 2 月 10 日在冊的股東派發每股普通股 0.77 美元的現金股息。

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

有了這個，讓我們打開問題的電話。

Thank you, Luca.

謝謝你，盧卡。

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

（操作員說明）操作員，請問第一個問題好嗎？

Yes.

是的。

That will be from Amit Daryanani with Evercore.

這將來自 Evercore 的 Amit Daryanani。

I guess first one for me.

我想第一個適合我。

On Wearables, fairly impressive to see it's already a $10 billion business for you guys.

在可穿戴設備上，看到它對你們來說已經是 100 億美元的業務，這令人印象深刻。

Can you just touch on the growth that you see on the Wearables side?

你能談談你在可穿戴設備方面看到的增長嗎？

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?

你認為有多少增長來自 AirPods 或 Apple Watch 的首次購買者，而不是那些似乎只是升級他們擁有的產品的人？

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.

因為在我們看來，您的安裝基礎的採用率相當低，所以應該有很長的路要走，但很想了解您如何看待這兩個桶之間的增長。

Yes.

是的。

Amit, it's Tim.

阿米特，是蒂姆。

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.

如果您將 Apple 或可穿戴設備視為可穿戴設備、家居和配件收入中的一個類別，可穿戴設備增長了 44%，所以正如您所說，它非常強勁。

The -- both Apple Watch and AirPods did very well in terms of collecting new customers.

Apple Watch 和 AirPods 在吸引新客戶方面都做得很好。

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.

尤其是 Apple Watch，75% 的客戶是 Apple Watch 的新用戶，因此目前它仍在向新客戶銷售。

Perfect.

完美的。

And I guess, Luca, if you could just touch on gross margins.

我想，盧卡，如果你能談談毛利率。

The March quarter guide, I think, implies gross margins are flat to actually up 10, 15 basis points.

我認為，3 月季度指南意味著毛利率持平，實際上上升了 10、15 個基點。

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.

我認為，你們很難在 3 月份真正引導毛利率上升，因為你們正在發生相當高的季節性銷售去槓桿化。

So what are the offsets that's enabling what looks like a better-than-seasonal guide for gross margins?

那麼，是什麼抵消了使毛利率看起來好於季節性的指導呢？

Yes, that's right, Amit.

是的，沒錯，阿米特。

It's about flat sequentially and, by the way, significantly higher on a year-over-year basis.

環比持平，順便說一句，同比顯著增加。

But on a sequential basis, you're right.

但在順序的基礎上，你是對的。

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.

一方面，我們從通常的季節性中損失了槓桿，但我們預計，槓桿損失將被更好的組合和成本節約所抵消。

Thank you, Amit.

謝謝你，阿米特。

Can we have the next question, please?

請問下一個問題可以嗎？

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

這將來自 Tom Forte 和 D.A.戴維森。

Great.

偉大的。

So congrats on the launch of Apple TV+.

恭喜 Apple TV+ 的推出。

I wanted to know internally how you are gauging success.

我想在內部知道你是如何衡量成功的。

Is it purely on critical acclaim?

純粹是為了獲得好評嗎？

Is it on number of consumers that are using the service, contribution of service revenue, et cetera, et cetera?

是否與使用服務的消費者數量、服務收入的貢獻等有關？

Tom, it's Tim.

湯姆，是蒂姆。

We are primarily measuring ourselves on the number of subscribers.

我們主要根據訂閱者數量來衡量自己。

As you can tell from the way that we launched the product, we started with a very aggressive price at $4.99.

從我們推出產品的方式可以看出，我們以 4.99 美元的非常激進的價格開始。

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.

除此之外，我們還有我們的捆綁包，如果您購買幾乎任何設備，您將免費獲得一年，因此我們非常關注訂閱者。

That said, our -- the product itself is about storytelling.

也就是說，我們的產品本身就是講故事的。

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.

我們認為，如果我們做得好，那麼我們會發現其中一些也會受到好評，我們在早間秀中看到了這一點。

We're seeing that with Little America and others.

我們在 Little America 和其他人身上看到了這一點。

Great.

偉大的。

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.

然後我的第二個問題是，我認為你表示上個月，你開始向消費者提供使用他們的 Apple Card 分期付款購買 iPhone 的能力。

Can you talk about how that's had an impact on your unit sales for iPhones?

你能談談這對你的 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.

零售店在 iPhone 上的表現非常出色，從同比來看，iPhone 的兩位數增長非常強勁。

And one of the factors that enabled that was the -- getting to monthly payments on the Apple Card to make it very simple.

促成這一點的因素之一是——通過 Apple Card 每月付款，使其變得非常簡單。

Of course, that's U.S.-only at this point, but the U.S. is a very key market for us.

當然，目前這僅限於美國，但美國對我們來說是一個非常關鍵的市場。

And so it was an important part of it.

所以它是其中的一個重要部分。

Thank you, Tom.

謝謝你，湯姆。

Can we have the next question, please?

請問下一個問題可以嗎？

That will come from Shannon Cross, Cross Research.

這將來自 Cross Research 的 Shannon Cross。

I wanted to go back to revisit China.

我想回去重溫中國。

Tim, can you talk about what you're seeing in the region -- what you were seeing in the region prior to the health crisis?

蒂姆，您能否談談您在該地區看到的情況——在健康危機之前您在該地區看到的情況？

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?

然後，您能否也向我們介紹一下您的製造戰略、雙重採購、甚至在該地區內的地域多元化，以便我們對如何管理有所了解？

Yes.

是的。

Thanks, Shannon.

謝謝，香農。

In terms of China, the results from last quarter and then I'll get into the coronavirus second.

就中國而言，上個季度的結果，然後我將進入第二個冠狀病毒。

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.

就上一季度的業績而言，我們在中國大陸的 iPhone 實現了兩位數的增長，因此與我們以往的運營方式相比，這是一個重要的變化。

We also had double-digit growth in Services in Mainland China, and we had extremely strong double-digit on Wearables.

我們在中國大陸的服務也有兩位數的增長，我們在可穿戴設備方面也有非常強勁的兩位數。

And so really, there were a number of different factors.

確實，有許多不同的因素。

In terms of the things that customers are responding to, iPhone 11 is doing particularly well there.

就客戶的反應而言，iPhone 11 在這方面做得特別好。

The product has been very well received with its battery life, and the camera is unbelievable.

該產品的電池壽命非常受歡迎，相機令人難以置信。

We also, as you probably know, have certain trade-in programs going and financing programs.

您可能知道，我們也有某些以舊換新計劃和融資計劃。

These have also been well-received.

這些也受到了好評。

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.

所以這是所有這些的總和，我們在 Mac 等產品上吸引了相當大比例的新客戶。

3/4 of the customers buying a Mac in China are new, and nearly 2/3 of the customers buying iPad are new.

在中國購買 Mac 的客戶中有 3/4 是新客戶，而購買 iPad 的客戶中有近 2/3 是新客戶。

And so it was a terrific quarter.

所以這是一個了不起的季度。

We had 3 of the top 4 selling smartphones in urban China according to Kantar.

根據 Kantar 的數據，我們擁有中國城市銷量前 4 名的智能手機中的 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.

就冠狀病毒而言，正如我之前提到的，首先，我們的想法與該地區所有受影響的人同在。

And as I've mentioned, we're donating to groups that are working to contain the outbreak.

正如我所提到的，我們正在向正在努力控制疫情的團體捐款。

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.

我們還與我們的團隊和受影響地區的合作夥伴密切合作，截至上週，我們在關鍵業務情況下的出差有限。

The situation is emerging, and we're still gathering lots of data points and monitoring it very closely.

情況正在出現，我們仍在收集大量數據點並密切監控。

As Luca had mentioned, we have a wider-than-usual revenue range for the second quarter due to the greater uncertainty.

正如盧卡所提到的，由於更大的不確定性，我們第二季度的收入範圍比往常更廣。

I'll talk about supply chain and customer demand some to give you some color.

我會談談供應鍊和客戶需求一些給你一些顏色。

With respect to the supply chain, we do have some suppliers in the Wuhan area.

在供應鏈方面，我們在武漢地區確實有一些供應商。

All of these suppliers, there are alternate sources, and we're obviously working on mitigation plans to make up any expected production loss.

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。

We factored our best thinking in the guidance that we provided you.

我們在為您提供的指導中考慮了我們的最佳想法。

With respect to supply sources that are outside the Wuhan area, the impact is less clear at this time.

對於武漢地區以外的供應來源，目前影響不太明顯。

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.

春節後這些工廠的重新開工已從本月底推遲到 2 月 10 日，具體取決於供應商的位置。

And we've attempted to account for this delayed start-up through our larger range of outcomes that Luca mentioned earlier.

我們試圖通過盧卡之前提到的更大範圍的結果來解釋這種延遲啟動。

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.

在客戶需求和銷售方面，我們目前已經關閉了 1 家零售店，一些渠道合作夥伴也關閉了他們的店面。

Many of the stores that remain open have also reduced operating hours.

許多仍然營業的商店也減少了營業時間。

We're taking additional precautions and frequently deep cleaning our stores as well as conducting temperature checks for employees.

我們正在採取額外的預防措施，經常對我們的商店進行深度清潔，並對員工進行體溫檢查。

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.

雖然我們在武漢地區本身的銷售額很小，但過去幾天全國該地區以外的零售流量也受到了影響。

And again, we have attempted to account for this in our guidance range that we've provided you.

再一次，我們試圖在我們為您提供的指導範圍內考慮這一點。

I hope that gives you some color.

我希望這能給你一些顏色。

Yes, that was really helpful.

是的，這真的很有幫助。

Luca, maybe if you could just touch on, from a gross margin perspective, the commodity pricing environment and availability.

盧卡，也許你可以從毛利率的角度談談商品定價環境和可用性。

Obviously, there's been some movement on DRAM and NAND.

顯然，DRAM 和 NAND 已經發生了一些變化。

So if you can talk about how you're thinking about inventory levels and managing that going forward.

所以，如果你能談談你是如何考慮庫存水平並管理它的。

Yes.

是的。

As I said earlier to the question around the gross margin guidance for the March quarter, we are seeing a benign commodity environment.

正如我之前在關於 3 月份季度毛利率指導的問題上所說的那樣，我們看到了一個良性的商品環境。

Most commodities have been declining during the December quarter, and we expect the same to happen in the March quarter.

大多數商品在 12 月季度一直在下跌，我們預計在 3 月季度也會發生同樣的情況。

As always and as you probably know, we look at the way these prices move.

與往常一樣，正如您可能知道的那樣，我們著眼於這些價格的變動方式。

And at times when we feel it's appropriate, we buy certain commodities in advance.

有時我們覺得合適，我們會提前購買某些商品。

And so we will continue that practice as we go through the year.

因此，我們將在這一年中繼續這種做法。

Thank you, Shannon.

謝謝你，香農。

Can we have the next question, please?

請問下一個問題可以嗎？

That will come from Katy Huberty with Morgan Stanley.

這將來自摩根士丹利的凱蒂休伯蒂。

Luca, can you address the modest slowdown in Services growth this quarter, 17% versus 18% in September?

Luca，您能否解決本季度服務業增長放緩的問題，即 17% 與 9 月的 18% 相比？

Which Services categories accelerated versus where did you see some deceleration in the growth?

哪些服務類別加速，而您在哪裡看到增長減速？

Katy, let me make a couple of comments here.

凱蒂，讓我在這裡發表一些評論。

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.

12 月季度的 17%，我們將其與 19 財年的增長率（16%）進行比較，因此我們對 12 月季度的結果感到非常滿意。

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.

正如蒂姆和我在準備好的演講中提到的那樣，這是一個非常廣泛的增長，因為我們在所有 5 個地區的服務業都實現了兩位數的增長。

We set all-time records for many, many categories, music, cloud, search ads, payment services, December records for the App Store and AppleCare.

我們創造了許多類別、音樂、雲、搜索廣告、支付服務的歷史記錄，App Store 和 AppleCare 的 12 月記錄。

If you remember, we had set 2 goals for ourselves in the Services segment.

如果您還記得，我們在服務領域為自己設定了 2 個目標。

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.

首先，我們設定了在 2020 年將 16 財年收入翻番的目標，當我們從運行率的基礎上看時，我們已經通過 12 月季度的結果實現了這一目標。

We also set a goal to pass 500 million paid subscriptions during 2020.

我們還設定了在 2020 年實現 5 億付費訂閱的目標。

And given that we are already at 480 million at the end of December, we expect to pass that mark during the March quarter.

鑑於我們在 12 月底已經達到 4.8 億，我們預計將在 3 月季度超過這個數字。

And so now we are setting a new target for ourselves for paid subscriptions.

所以現在我們正在為自己設定一個新的付費訂閱目標。

And so we are now aiming to reach 600 million before the end of calendar 2020.

因此，我們現在的目標是在 2020 年年底之前達到 6 億。

So we feel that the Services business is growing incredibly well.

所以我們覺得服務業務發展得非常好。

Of course, we have launched new services very recently.

當然，我們最近推出了新服務。

For example, Apple TV+ just launched in November.

例如，Apple TV+ 剛剛在 11 月推出。

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.

因此，雖然這些服務對我們 12 月的季度業績沒有產生重大影響，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增長。

But we feel very happy with the 17%.

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.

蒂姆，作為後續，在未來的某個時候，蘋果將推出一款 5G iPhone。

How big of a demand driver do you view 5G capability in a handset?

您認為手機中的 5G 功能有多大的需求驅動力？

And what's your view as to what the killer app will be from a consumer perspective?

從消費者的角度來看，你對殺手級應用的看法是什麼？

We don't comment on future products, and so I'll try to sidestep a bit.

我們不對未來的產品發表評論，所以我會盡量迴避一下。

With respect to 5G, I think it's -- and we're in the early innings of its deployment on a global basis.

關於 5G，我認為它是——而且我們正處於其在全球範圍內部署的早期階段。

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.

我們顯然不能為我們的陣容感到驕傲，而且我們也對我們的管道感到非常興奮，並且不會為任何人交換我們的位置。

We'll hear from Kyle McNealy with Jefferies.

我們將聽取凱爾麥克尼利和傑富瑞的消息。

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.

因此，我們看到一些跡象表明正在為 5G 部署甚至額外的 4G 容量部署新頻譜，並且它已經對使用新容量的手機升級產生了積極影響。

Do you get the sense that wireless carriers are getting more incentivized to upgrade handsets to get leverage out of these new network investments?

您是否感覺到無線運營商越來越有動力升級手機以利用這些新的網絡投資？

How much might this be helping?

這有多大幫助？

And do you think it will continue to accelerate?

你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.

我認為我們不僅在美國，而且在世界各地都有一些很棒的合作夥伴，他們作為合作夥伴在本季度非常有幫助。

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.

所以我認為其中一部分可能是他們擁有的投資水平，然後一部分可能是確保這些客戶在一個來回交易很多的環境中堅持下去。

So I'm optimistic that it will continue.

所以我很樂觀，它會繼續下去。

Okay, great.

好的，太好了。

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?

然後你對 AirPods Pro 和 Apple Watch 3 的可穿戴設備部門的容量發表的評論，我們應該如何考慮何時可以緩解這些容量限制？

And will they come from capacity additions or the natural workout of kind of unit shipments and something on the demand side?

它們是來自產能增加還是單位出貨量的自然鍛煉以及需求方面的一些東西？

I'm hopeful that the Series 3 will come into balance during this quarter.

我希望系列 3 將在本季度達到平衡。

On AirPods Pro, I don't have an estimate for that for you.

在 AirPods Pro 上，我無法為您提供估算值。

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.

我只是無法預測在這一點上什麼時候 - 我們似乎已經相當大了，我們正在努力增加額外的容量。

Thanks, Kyle.

謝謝，凱爾。

Can we have the next question, please?

請問下一個問題可以嗎？

Yes.

是的。

Wamsi Mohan, Bank of America.

美國銀行Wamsi Mohan。

Tim, Apple has a very valuable installed base of users.

Tim，Apple 擁有非常有價值的用戶群。

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?

鑑於您可以擁有獨特的地位和能力，在不影響隱私的情況下向用戶推送有針對性的廣告，您能否看到 Apple 在廣告市場上變得更大的未來？

I think it's -- I think it is possible to have advertising in a straightforward manner that doesn't encroach on people's privacy.

我認為是——我認為可以以一種不侵犯人們隱私的直截了當的方式投放廣告。

I wouldn't want to conjecture about us in that business.

我不想在那個行業猜測我們。

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.

我認為對於 TV+ 業務，我們強烈認為客戶想要的是無廣告產品，所以這不是我們對廣告的厭惡，而是我們認為客戶想要的。

Okay.

好的。

And Luca, can you just clarify if the Services revenue this quarter had any impact of deferrals associated with TV+ at all?

Luca，您能否澄清一下本季度的服務收入是否對與 TV+ 相關的延期有任何影響？

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?

當我們考慮未來幾年時，您如何幫助我們衡量與 TV+ 相關的內容成本攤銷的影響？

Yes.

是的。

So yes, of course, we launched the service, and so there was a very small contribution to revenue from the deferral.

所以是的，當然，我們推出了這項服務，因此延期對收入的貢獻非常小。

And there was also a contribution to revenue from the people, the subscribers that are actually paying for the service.

人們也對收入做出了貢獻，這些用戶實際上是為服務付費的。

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.

當您考慮 Apple TV+ 收入的組成部分時，此時有 2 個組成部分：付費訂閱者，這些是為服務付費的客戶，我們在訂閱期內確認收入；然後我們得到了我們所說的 Apple TV+ 捆綁訂閱用戶，這些用戶購買了符合條件的硬件設備並兌換了一年免費 TV+ 服務的優惠。

We defer revenue for this offer based on 3 items.

我們根據 3 個項目推遲此優惠的收入。

The first one is the value of the service that is being provided, the 1-year of Apple TV+.

第一個是所提供服務的價值，即 Apple TV+ 的 1 年。

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.

第二個是有資格獲得優惠的客戶數量，第三個是我們對將兌換優惠的預期客戶數量的估計。

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.

因此，您需要記住，從我們符合條件的設備銷售總額中，您需要為家庭共享、購買多台設備和地理可用性做出一些減少。

Also the take rate can also be impacted by the availability of local content, and we also require a payment method on file.

此外，獲取率也會受到本地內容可用性的影響，而且我們還需要存檔的付款方式。

So this estimate is reviewed quarterly and gets updated based on actual trends of the offer.

因此，此估算每季度進行一次審核，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.

因此，這些輸入為我們提供了我們為每個設備銷售延遲的收入金額，然後在提供 TV+ 服務的 1 年內得到確認。

And so when you take the combination of pay subscribers and bundled subscribers, you get the Apple TV+ revenue.

因此，當您將付費訂閱者和捆綁訂閱者結合起來時，您將獲得 Apple TV+ 的收入。

Of course, because we launched the service very recently, the amount of revenue that we recognized during the quarter was immaterial to our results.

當然，因為我們最近推出了這項服務，所以我們在本季度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.

關於服務的成本，開發內容的成本，我們——基本上，當我們產生這些成本時，我們把它們放在資產負債表上，然後我們根據內容的類型在一段時間內攤銷它們我們生產的。

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

我們將聽取 Cowen and Company 的 Krish Sankar 的來信。

Congrats on the great results.

祝賀偉大的結果。

I had 2 questions.

我有 2 個問題。

First one, Tim, I just wanted to pick your brain a little bit on the overall smartphone market.

第一個，蒂姆，我只是想稍微了解一下整個智能手機市場。

There's a general view that when 5G phones come out, they're going to be more expensive due to higher component costs.

人們普遍認為，當 5G 手機問世時，由於組件成本更高，它們會變得更貴。

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.

但與此同時，你們似乎已經證明，像 iPhone SE 這樣的手機在低成本地區是有市場的。

So how do you see these 2 different segments within the smartphone market evolving over the next 1 to 3 years?

那麼，您如何看待智能手機市場中這兩個不同的細分市場在未來 1 到 3 年的發展？

And then I have a follow-up for Luca.

然後我對 Luca 進行了跟進。

Again, I want to stay away from commenting about future products.

同樣，我想遠離評論未來的產品。

But generally, I think it's important when you think about 5G is to look around the world at the different deployment schedules.

但總的來說，我認為當你想到 5G 時，重要的是要環顧世界各地不同的部署時間表。

And some of those look very different perhaps than what you might be seeing here.

其中一些看起來可能與您在這裡看到的非常不同。

And so that's very important.

所以這非常重要。

In terms of the price, I wouldn't want to comment on the price of handsets that aren't announced.

在價格方面，我不想評論未公佈的手機價格。

Got it.

知道了。

No worries, Tim.

不用擔心，蒂姆。

And then a follow-up for Luca.

然後是盧卡的後續行動。

OpEx as a percentage of sales for March looks like about 15% higher than in your prior quarters.

3 月份運營支出佔銷售額的百分比看起來比前幾個季度高出約 15%。

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?

有點好奇，其中有多少是由您購買的一些英特爾調製解調器資產或運營支出中的 TV+ 推動的？

Or how do we think about it on a go-forward basis?

或者我們如何看待它？

Yes.

是的。

I think we felt good about our OpEx results because they were at the low end of our guidance range.

我認為我們對運營支出結果感覺良好，因為它們處於我們指導範圍的低端。

But clearly, we want to make all the necessary investments in the business.

但顯然，我們希望對業務進行所有必要的投資。

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.

而且，就新服務而言，不僅針對 TV+，而且針對我們在 2019 年推出的所有新服務，這是我們在廣告和營銷方面進行必要投資的時期，投資水平也得到了體現在我們的運營支出結果中。

And also, as you correctly stated, we completed the acquisition of the Intel baseband business during the December quarter.

而且，正如您所說的，我們在 12 月季度完成了對英特爾基帶業務的收購。

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.

所以我們有 - 我們在交易完成後的季度部分反映了與該業務相關的費用的運行率。

And we -- that is a very important core technology for the company, so we will continue to make all the necessary investments also there.

我們——這對公司來說是一項非常重要的核心技術，因此我們將繼續在那裡進行所有必要的投資。

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.

影響 12 月季度的第三類費用是我們的收入非常強勁的事實，而且我們有某些可變費用，例如與更高數量相關的信用卡費用，當然，影響了我們的運營支出結果。

Thanks, Krish.

謝謝，克里什。

Can we have the next question, please?

請問下一個問題可以嗎？

That will be from Mike Olson with Piper Sandler.

那將來自 Mike Olson 和 Piper Sandler。

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?

因此，對之前關於可穿戴設備的問題的看法略有不同，也就是說，您認為可穿戴設備對推動人們進入蘋果生態系統有什麼影響？

You mentioned 75% of watch buyers are new to the Apple Watch, but are many of them new to Apple overall?

您提到 75% 的手錶購買者是 Apple Watch 的新手，但他們中的許多人是 Apple 的新手嗎？

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?

我敢肯定，很多現有的 iPhone、iPad 或 Mac 用戶將成為可穿戴設備的客戶，但您認為可穿戴設備會將人們帶入生態系統，以物質方式購買其他設備嗎？

I think that -- Michael, it's Tim.

我認為——邁克爾，是蒂姆。

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.

對於客戶購買的每一款 Apple 產品，我認為他們會更緊密地融入生態系統，因為他們喜歡——這就是他們購買它的原因，他們喜歡這種體驗、客戶體驗。

And so from that point of view, I think each of our products can drive another product.

所以從這個角度來看，我認為我們的每個產品都可以驅動另一個產品。

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.

我認為在這種情況下，iPhone 更有可能首先出現，但在我看來，毫無疑問，有些人進入了 Watch 的生態系統。

Yes.

是的。

And then I think you recently mentioned that augmented reality will pervade our entire lives.

然後我想你最近提到增強現實將滲透到我們的整個生活中。

And I'm wondering if you could share your thoughts about how you think it starts to impact our lives most significantly.

我想知道您是否可以分享您認為它如何開始對我們的生活產生最重大影響的想法。

For example, will the inflection point in AR come from gaming or industrial usage or some other category?

例如，AR 的拐點會來自遊戲或工業用途或其他類別嗎？

In other words, where will the average person kind of first feel the impact of AR on their lives in a significant way?

換句話說，普通人會在哪里首先感受到 AR 對他們生活的重大影響？

I think when you look at AR today, you would see that there are consumer applications, there are enterprise applications.

我認為當您今天查看 AR 時，您會看到有消費者應用程序，也有企業應用程序。

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.

這就是我對它如此興奮的原因，你很少有一項新技術，企業和消費者都需要——大多數人認為它是他們的關鍵。

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.

所以我認為是——答案是，這就是我認為它會滲透到你生活中的原因，因為它會滲透到商業和家庭生活中。

And I think these things will happen in parallel.

我認為這些事情會同時發生。

There are already companies that are deep into the enterprise business that are working on applications for the enterprise.

已經有一些深入企業業務的公司正在為企業開發應用程序。

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.

當然，你可以看到——你可以在商店裡看到數千個支持 ARKit 的應用程序，而且還會有更多。

Thank you, Mike.

謝謝你，邁克。

Can we have the next question, please?

請問下一個問題可以嗎？

That will come from Raymond James' Chris Caso.

這將來自雷蒙德詹姆斯的克里斯卡索。

I guess the first question is on gross margins, and you spoke about the favorable mix.

我想第一個問題是關於毛利率的，你談到了有利的組合。

Wondering if you could expand on that a little bit.

想知道你是否可以擴展一點。

And clearly, iPhone is doing well within the overall mix, growing year-on-year.

顯然，iPhone 在整體組合中表現良好，同比增長。

But if you could talk about what's happening to the mix within iPhone.

但是，如果你能談談 iPhone 內部的混音發生了什麼。

Is that improving as well and also helping margins?

這是否也在改善並有助於提高利潤率？

And is there anything else you would point to with regard to the overall mix in margins?

關於利潤率的整體組合，您還有什麼要指出的嗎？

Yes.

是的。

I think that the mix helped us both in Q1, and it's helping us with the guidance for Q2.

我認為這種組合在第一季度對我們雙方都有幫助，並且在為第二季度提供指導。

And as you said, some of it is mix of iPhones.

正如你所說，其中一些是 iPhone 的混合體。

The customer response for iPhone 11, 11 Pro and 11 Pro Max has been exceptional, and that clearly has helped our mix.

客戶對 iPhone 11、11 Pro 和 11 Pro Max 的反應非常出色，這顯然有助於我們的組合。

iPhone 11 was our top-selling model throughout the quarter, every single week of the quarter.

iPhone 11 是我們整個季度最暢銷的機型，在本季度的每一周都是如此。

And so certainly, better mix within iPhone.

當然，在 iPhone 中更好地混合。

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.

我想指出的另一點是，隨著我們從第一季度到第二季度，來自服務的收入比例與假日季度相比有所增加。

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.

鑑於服務可以增加公司的毛利率，我們最終也可以從服務中獲得更好的組合。

Okay.

好的。

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.

我猜是關於 OpEx 的後續問題，我猜在過去 3 年左右的時間裡，它的增長速度一直快於收入。

Can you set us some expectation with regard to when you get a return on that investment?

你能給我們一些關於你什麼時候獲得投資回報的期望嗎？

I understand there are new investments that are happening now.

我知道現在正在發生新的投資。

But how should we think about potential leverage going forward?

但是我們應該如何考慮未來的潛在槓桿作用呢？

Is there a point in time where the OpEx spending tend to level off and you get some return on that?

是否存在運營支出趨於平穩的時間點，並且您會從中獲得一些回報？

Or is it just a function of faster revenue growth in the future?

或者它只是未來收入增長更快的一個功能？

Well, I would start by saying that our expense to revenue ratio is incredibly competitive relative to other companies in our sector.

好吧，我首先要說的是，相對於我們行業的其他公司，我們的費用收入比具有難以置信的競爭力。

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.

有幾年我們的 OpEx 增長速度超過了我們的收入，但我們在最近幾年也有過相反的情況。

We continue to believe that we have a lot of great opportunities in front of us.

我們仍然相信，我們面前有很多很好的機會。

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.

回顧過去的一年，我們推出了許多新舉措，例如在服務方面，我們希望通過適當的投資水平來支持這些舉措，不僅包括營銷和廣告，還包括研發。

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.

正如我之前提到的，我們完成了對英特爾基帶業務的收購，因為我們認為這是公司未來非常重要的戰略核心技術。

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.

我認為，從您在本季度看到的結果以及我們在 3 月季度提供的指導來看，我認為我們在平衡我們在費用與我們獲得的回報水平有關，無論是在收入方面還是在我們獲得的盈利能力方面。

Our net income, for example, was up 11% during the December quarter.

例如，我們的淨收入在 12 月季度增長了 11%。

Thank you.

謝謝你。

Can we have the next question, please?

請問下一個問題可以嗎？

That will come from Samik Chatterjee with JPMorgan.

這將來自摩根大通的 Samik Chatterjee。

Just wanted to kind of ask on the iPhone revenue growth and definitely good to see it return to growth.

只是想問問 iPhone 的收入增長情況，很高興看到它恢復增長。

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?

根據您看到的產品退出本季度的速度或勢頭，您對全年 iPhone 收入保持增長的感覺如何？

And I have a follow-up.

我有一個後續行動。

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做法，因此我們已經為您提供了我們對當前季度的預期範圍，實際上並沒有給出超出該範圍的範圍。

Okay.

好的。

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.

因此，如果我可以跟進，顯然，您在報告的大多數地區都恢復了增長。

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.

正在下降的地區之一是日本，所以如果你能分享你的想法，你需要在那裡採取什麼行動來恢復該細分市場——該地區的增長。

And what are the product trends there?

那裡的產品趨勢是什麼？

What's probably the headwind that's kind of limiting growth there?

可能是什麼阻礙了那裡的增長？

Yes.

是的。

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.

因此，日本在 12 月季度下降了 10%，主要是由於 iPhone 的性能受到了挑戰，因為 10 月 1 日發生了一些監管變化，監管機構基本上將手機定價與 2-年合同，並限制了可以提供的承運人折扣的最大金額。

At the same time, I would say, within a more difficult macro environment, iPhone did incredibly well during the quarter.

與此同時，我想說，在更加困難的宏觀環境中，iPhone 在本季度的表現令人難以置信。

6 of the top 7 selling smartphone models in Japan during the December quarter were iPhones.

12 月當季日本銷量最高的 7 款智能手機型號中有 6 款是 iPhone。

So it was a very strong performance by iPhone in a difficult environment.

所以這是 iPhone 在艱難的環境中表現非常出色的表現。

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.

此外，在日本，我們的服務業務實現了非常強勁的兩位數增長，高於公司平均水平，而可穿戴設備也實現了非常強勁的兩位數增長，也高於公司平均水平。

So we feel very good.

所以我們感覺很好。

Japan is a country where it's starting to -- we've had great success.

日本是一個開始的國家——我們取得了巨大的成功。

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.

客戶非常忠誠，非常投入，我們在那裡的地位非常強大，我們覺得我們的勢頭非常好。

Thank you, Samik.

謝謝你，薩米克。

A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone.

今天電話會議的重播將在 Apple 播客上播放 2 週，作為 apple.com/investor 上的網絡廣播和通過電話播放。

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

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

Please enter confirmation code 6826206.

請輸入確認碼6826206。

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

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

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

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

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

金融分析師可以致電 (669) 227-2402 與我聯繫以解決其他問題。

Thank you again for joining us.

再次感謝您加入我們。

Again, that will conclude today's conference.

同樣，這將結束今天的會議。

Thank you all for your participation.

謝謝大家的參與。