蘋果 (AAPL) 2023 Q4 法說會逐字稿

Good day, and welcome to the Apple Q4 Fiscal Year 2023 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introduction, I would like to turn the call over to Suhasini Chandramouli, Director of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Apple 2023 財年第四季財報電話會議。今天的通話正在錄音。現在，我想將電話轉給投資者關係總監 Suhasini Chandramouli 進行開場發言和介紹。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.

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；緊隨其後的是財務長 Luca Maestri。

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

之後，我們將開始接受分析師提問。請注意，您在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、營運費用、其他收入和費用、稅收、資本配置和未來業務的資訊展望，包括宏觀經濟狀況對公司業務及經營績效的潛在影響。

These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K 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, which speak only as of the date they are made. I'd now like to turn the call over to Tim for introductory remarks.

這些陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。欲了解更多信息，請參閱 Apple 最近向 SEC 提交的 10-K 表格年度報告和今天向 SEC 提交的 8-K 表格中討論的風險因素以及相關新聞稿。蘋果公司不承擔更新任何前瞻性聲明的義務，這些聲明僅代表發布之日的情況。我現在想將電話轉給蒂姆進行介紹性發言。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $89.5 billion for the September quarter. We achieved an all-time revenue record in India as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, Vietnam and more. iPhone revenue came in ahead of our expectations, setting a September quarter record as well as quarterly records in many markets, including China Mainland, Latin America, the Middle East, South Asia and an all-time record in India.

謝謝你，蘇哈西尼。大家下午好，感謝您加入通話。今天，Apple 報告 9 月的季度營收為 895 億美元。我們在印度創下了歷史收入記錄，並在巴西、加拿大、法國、印尼、墨西哥、菲律賓、沙烏地阿拉伯、土耳其、阿聯酋、越南等多個國家創下了 9 月季度記錄。 iPhone 收入超出了我們的預期，創下了 9 月季度記錄以及多個市場的季度記錄，包括中國大陸、拉丁美洲、中東、南亞以及印度的歷史記錄。

In Services, we set an all-time revenue record with double-digit growth and ahead of our expectations. During the September quarter, we continued to face an uneven macroeconomic environment, including foreign exchange headwinds, and we've navigated these challenges by following the same principles that have always guided us. We've continued to invest in the future and managed for the long term. We've adapted continuously to circumstances beyond our control while being thoughtful and deliberate on spending.

在服務方面，我們創下了兩位數成長的歷史收入記錄，並且超出了我們的預期。在九月季度，我們繼續面臨不平衡的宏觀經濟環境，包括外匯逆風，我們透過遵循始終指導我們的相同原則來應對這些挑戰。我們繼續投資未來並進行長期管理。我們不斷適應無法控制的情況，同時在支出上深思熟慮、深思熟慮。

And we've carved a path of groundbreaking innovations and delivered with excellence every step of the way. That includes Apple Vision Pro, which has gotten such an amazing response from developers who are currently creating truly incredible apps. We're excited to get this magical product in the hands of customers early next year.

我們開闢了一條突破性的創新之路，並在每一步中提供卓越的服務。其中包括 Apple Vision Pro，它得到了目前正在創建真正令人難以置信的應用程式的開發人員的熱烈響應。我們很高興明年初將這款神奇的產品交付給客戶。

Now let me share more about our products, beginning with iPhone. iPhone revenue came in at $43.8 billion, 3% higher than a year ago and a new record for the September quarter. This fall, we were thrilled to debut the iPhone 15 lineup. The all-new iPhone 15 and iPhone 15 Plus feature a gorgeous design, powerful cameras and the intuitive Dynamic Island. Powered by the industry-leading A17 Pro, our iPhone 15 Pro lineup has a beautiful, strong and durable titanium design and the best iPhone camera system ever, including a 5x telephoto lens on iPhone 15 Pro Max. Customers are loving the entire iPhone 15 family and reviews have been off the charts.

現在讓我分享更多關於我們產品的信息，從 iPhone 開始。 iPhone 營收達到 438 億美元，比去年同期成長 3%，創下 9 月季度的新紀錄。今年秋天，我們很高興推出 iPhone 15 系列。全新 iPhone 15 和 iPhone 15 Plus 擁有華麗的設計、強大的相機和直覺的動態島。我們的 iPhone 15 Pro 系列由業界領先的 A17 Pro 提供支持，擁有美觀、堅固且耐用的鈦金屬設計和有史以來最好的 iPhone 相機系統，包括 iPhone 15 Pro Max 上的 5 倍長焦鏡頭。消費者對整個 iPhone 15 系列都很喜愛，評價也非常高。

In Mac, revenue came in at $7.6 billion, down 34% year-over-year from the prior year's record quarter. This was due to challenging market conditions as well as difficult compares against the supply disruptions and subsequent demand recapture we experienced a year ago. Earlier this week, we were excited to unveil the next generation of Apple silicon with our incredible family of M3 chips, M3, M3 Pro and M3 Max. We're continuing to innovate at a tremendous pace, and our industry-leading lineup of personal computers just got even better. The new MacBook Pro lineup brings our most advanced technology to our pro users while iMac, the world's best-selling all-in-one, just got faster and more capable. And according to the latest data from Student Monitor, nearly 2 out of 3 college students chose a Mac. We couldn't be more excited about the future.

Mac 的營收為 76 億美元，比去年創紀錄的季度年減 34%。這是由於充滿挑戰的市場條件以及與一年前我們經歷的供應中斷和隨後的需求恢復進行比較的困難。本週早些時候，我們很高興推出了下一代 Apple 晶片以及令人難以置信的 M3 晶片系列：M3、M3 Pro 和 M3 Max。我們繼續以驚人的速度進行創新，我們行業領先的個人電腦產品線變得更加出色。全新 MacBook Pro 系列為專業用戶帶來了我們最先進的技術，而全球最暢銷的一體機 iMac 則變得更快、更強大。而根據 Student Monitor 的最新數據，近三分之二的大學生選擇了 Mac。我們對未來感到無比興奮。

Turning to iPad. Revenue for the September quarter was $6.4 billion. iPad sets the gold standard for tablets, and our competitors are unable to match the iPad experience that is enabled by our seamless integration of hardware and software. iPad is also our most versatile product. In classrooms around the world, it's helping educators bring lessons to life while giving students a window into the world around them. And in artist's workshops, design studios, and everywhere else creative minds come together, iPad supercharges the creative process, helping users take their ideas further than they ever could before.

轉向iPad。 9月份季度的營收為64億美元。 iPad 為平板電腦設定了黃金標準，我們的硬體和軟體無縫整合所帶來的 iPad 體驗是我們的競爭對手無法比擬的。 iPad 也是我們用途最廣泛的產品。在世界各地的課堂上，它幫助教育工作者將課程帶入生活，同時為學生提供了解周圍世界的窗口。在藝術家工作室、設計工作室以及其他創意思維聚集的地方，iPad 可以增強創意過程，幫助使用者比以往更進一步地發揮他們的想法。

Across Wearables, Home and Accessories, revenue came in at $9.3 billion. Apple Watch has become essential in our lives and this is our best Apple Watch lineup ever. With Apple Watch Series 9 and Apple Watch Ultra 2, we're giving people even more tools to stay safe and live healthy, active lives. With the new double tap gesture, users can easily control Apple Watch Series 9 and Apple Watch Ultra 2 using just 1 hand and without touching the display. It feels like magic. Our latest Apple Watch lineup also includes our first-ever carbon-neutral products, a significant achievement of innovation and determination.

穿戴式裝置、家居和配件領域的收入為 93 億美元。 Apple Watch 已成為我們生活中不可或缺的一部分，這是我們有史以來最好的 Apple Watch 系列。透過 Apple Watch Series 9 和 Apple Watch Ultra 2，我們為人們提供了更多工具來確保安全並過上健康、積極的生活。透過新的雙擊手勢，使用者只需用一隻手即可輕鬆控制 Apple Watch Series 9 和 Apple Watch Ultra 2，而無需觸控顯示器。感覺就像魔法一樣。我們最新的 Apple Watch 系列還包括我們首款碳中和產品，這是創新和決心的重大成就。

Apple's unique ecosystem of hardware, software and services delivers an unparalleled user experience. During the quarter, we also had the chance to introduce a range of exciting new updates to our software that will allow users to get even more out of their devices. Whether it's personalized contact posters and new FaceTime features in iOS 17, new tools for users to make their experience their own in macOS Sonoma and iPadOS 17 or a bold new look in watchOS 10 that lets you see and do more faster than ever, Apple is delivering an even better, richer experience that users are loving.

Apple 獨特的硬體、軟體和服務生態系統提供了無與倫比的使用者體驗。在本季度，我們還有機會為我們的軟體推出一系列令人興奮的新更新，讓用戶能夠更好地利用他們的設備。無論是iOS 17 中的個人化聯絡人海報和新的FaceTime 功能，還是macOS Sonoma 和iPadOS 17 中供用戶打造自己體驗的新工具，還是watchOS 10 中讓你比以往更快地查看和執行更多操作的大膽新外觀，Apple提供用戶喜愛的更好、更豐富的體驗。

Services revenue set an all-time record of $22.3 billion, a 16% year-over-year increase. We achieved all-time revenue records across App Store, advertising, AppleCare, iCloud, payment services and video as well as a September quarter revenue record in Apple Music. Whether subscribers are waking up to headlines on Apple News+, getting their morning workout in with Fitness+, feeling the beat with Apple Music on their way to work or school or unwinding at the end of the day with Apple Arcade, we have so many different services to enrich their day.

服務收入創下 223 億美元的歷史紀錄，年增 16%。我們在 App Store、廣告、AppleCare、iCloud、支付服務和影片方面創下了歷史收入記錄，並在 Apple Music 方面創下了 9 月季度的收入記錄。無論訂閱者是在Apple News+ 上起床時閱讀頭條新聞、在Fitness+ 中進行晨間鍛煉、在上班或上學途中通過Apple Music 感受節奏，還是在一天結束時通過Apple Arcade 放鬆身心，我們都提供多種不同的服務豐富他們的一天。

Apple TV+ continues to delight customers as well with new and returning shows like The Morning Show, Lessons in Chemistry and Monarch, we're telling impactful stories that inspire imagination and stir the soul. Making movies that make a difference is also at the heart of Apple TV+, and we were thrilled to produce Martin Scorsese's Killers of the Flower Moon, a powerful work of cinema that premiered in theaters around the world last month. We're proud to say that since launch just over 4 years ago, Apple TV+ has earned nearly 1,600 award nominations and nearly 400 wins.

Apple TV+ 繼續透過《The Morning Show》、《Lessons in Chemistry》和《Monarch》等新節目和回歸節目來取悅客戶，我們正在講述具有影響力的故事，激發想像力並激發靈魂。製作具有影響力的電影也是Apple TV+ 的核心，我們很高興能夠製作馬丁史柯西斯的《花月殺手》，這是一部震撼人心的電影作品，上個月在世界各地的戲院首映。我們很自豪地說，自 4 年前推出以來，Apple TV+ 已獲得近 1,600 項獎項提名和近 400 項獎項。

We also offer subscribers an unprecedented live sports experience with MLS Season Pass. We couldn't be more pleased with how our partnership with Major League Soccer has gone in its first year. Subscriptions to MLS Season Pass have exceeded our expectations, and we're excited to continue that momentum next year. With the playoffs now underway, we can't wait to see who takes home the MLS Cup.

我們也透過 MLS Season Pass 為訂戶提供前所未有的現場體育體驗。我們對與美國職業足球大聯盟的合作第一年的進展感到非常滿意。 MLS 季票訂閱量超出了我們的預期，我們很高興明年能夠繼續保持這一勢頭。隨著季後賽正在進行，我們迫不及待地想看看誰能捧回美國職業足球大聯盟盃。

And nowhere does the magic of Apple come alive more than it does in our stores. Over the past year, we've continued to find ways to connect with even more customers. We welcomed customers to our first-ever retail locations in India. We also opened doors to new stores in Korea, China and the U.K. and expanded the Apple Store online to Vietnam and Chile. And we have another store opening in China this week. In September, I joined our team at Apple Fifth Avenue on launch day and the energy and excitement were unbelievable.

Apple 的魔力在任何地方都比我們的專賣店更能體現出來。在過去的一年裡，我們不斷尋找與更多客戶建立聯繫的方法。我們歡迎顧客來到我們在印度的第一家零售店。我們還在韓國、中國和英國開設了新店，並將 Apple Store 線上商店擴展到越南和智利。本週我們在中國又開了一家店。 9 月，我在 Apple Fifth Avenue 發布會當天加入了我們的團隊，當時的活力和興奮令人難以置信。

Every time we connect with a customer, we're reminded why we do what we do. From simple joys of creating and sharing memories to life-saving features like Emergency SOS via satellite, we're enriching lives in ways large and small. And whether we're working to safeguard user privacy, ensure technology made by Apple is accessible for everyone or build an even more inclusive workplace, we're determined to lead with our values.

每次我們與客戶聯繫時，我們都會被提醒為什麼要做我們所做的事情。從創造和分享回憶的簡單樂趣到透過衛星緊急求救等拯救生命的功能，我們正在以大大小小的方式豐富人們的生活。無論我們是努力保護用戶隱私、確保每個人都能使用 Apple 製造的技術，還是打造更具包容性的工作場所，我們都決心以我們的價值觀為引領。

Our environmental efforts are a great example of the intersection of our work and our values. Across Apple, we act on a simple premise: the best products in the world should be the best products for the world. We've made our environmental work a central focus of our innovation because we feel a responsibility to leave the world better than we found it and because we know that climate change cannot be stopped unless everyone steps up and does their part.

我們的環保工作是我們的工作與價值觀結合的一個很好的例子。在整個蘋果公司，我們的行動遵循一個簡單的前提：世界上最好的產品應該是世界上最好的產品。我們將環境工作作​​為我們創新的核心焦點，因為我們感到有責任讓世界變得比我們發現的更好，也因為我們知道，除非每個人都站出來並儘自己的一份力量，否則氣候變遷就無法阻止。

Our first-ever carbon-neutral products represent a major milestone, and we're going to go even further. We plan to make every product across our lineup carbon-neutral by the end of the decade. And we're not doing it alone. Over 300 of our suppliers have committed to using 100% clean energy for Apple production by 2030. We also continue to invest in entrepreneurs who are lighting the way for a greener, more equitable future. Through our third Impact Accelerator class, we're proud to support a new class of diverse innovators on the cutting edge of green technology and clean energy.

我們的首款碳中和產品代表了一個重要的里程碑，我們將走得更遠。我們計劃在本世紀末使我們產品系列中的每一款產品都實現碳中和。我們並不是孤軍奮戰。我們的 300 多家供應商已承諾到 2030 年在 Apple 生產中使用 100% 清潔能源。我們也繼續投資於為更綠色、更公平的未來照亮道路的企業家。透過我們的第三屆影響力加速器課程，我們很自豪能夠支持綠色技術和清潔能源前沿的多元化創新者。

Apple is always looking forward, driven in equal measure by a sense of possibility and a deep belief in our purpose. We're motivated by the meaningful difference we can make for our customers and keenly determine to push the limits of technology even further. And that's why I'm so confident that Apple's future is bright. With that, I'll turn it over to Luca.

Apple 始終向前看，同時受到可能性意識和對我們目標的堅定信念的推動。我們能夠為客戶帶來有意義的改變，這激勵著我們，並敏銳地決定進一步突破技術的極限。這就是為什麼我對蘋果的未來充滿信心。這樣，我就把它交給盧卡了。

Thank you, Tim, and good afternoon, everyone. Revenue for the September quarter was $89.5 billion, down less than 1% from last year. Foreign exchange had a negative impact of over 2 percentage points, and on a constant currency basis, our revenue grew year-over-year in total and in each geographic segment. We set a September quarter record in the Americas and saw strong performance across our emerging markets, where both iPhone and Services grew double digits.

謝謝蒂姆，大家下午好。 9月季度的營收為895億美元，比去年下降不到1%。外匯帶來了超過 2 個百分點的負面影響，在固定貨幣基礎上，我們的總收入和每個地理區域的收入均同比增長。我們在美洲創下了 9 月季度的記錄，並在新興市場看到了強勁的表現，iPhone 和服務都實現了兩位數的成長。

Products revenue was $67.2 billion, down 5% from last year due to very challenging compares on both Mac and iPad, which I will discuss in more detail later on. At the same time, we reached a September quarter record on iPhone, driven by strength in emerging markets. Our total installed base of active devices reached an all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and many new customers joining our ecosystem.

產品收入為 672 億美元，比去年下降 5%，因為 Mac 和 iPad 上的比較非常具有挑戰性，我將在稍後詳細討論。同時，在新興市場強勁的推動下，iPhone 的 9 月季度業績創下歷史新高。由於我們的高水準客戶滿意度和許多新客戶加入我們的生態系統，我們所有產品和所有地理區域的活躍設備總安裝基數達到了歷史最高水準。

Our Services revenue set an all-time record of $22.3 billion, up 16% year-over-year, with growth accelerating sequentially from the June quarter. Our performance in Services was broad-based as we reached all-time revenue records in the Americas, Europe and rest of Asia Pacific and a September quarter record in Greater China. We also set new records in every Services category.

我們的服務收入創下了 223 億美元的歷史記錄，年增 16%，且成長速度較 6 月季度環比加速。我們在服務業的表現基礎廣泛，在美洲、歐洲和亞太其他地區創下了歷史收入記錄，在大中華區創下了九月份季度的記錄。我們還在每個服務類別中創造了新記錄。

Company gross margin set a September quarter record at 45.2%, up 70 basis points sequentially, driven by leverage and favorable mix partially offset by foreign exchange. Products gross margin was 36.6%, up 120 basis points sequentially, also driven by leverage and mix, partially offset by foreign exchange. Services gross margin was 70.9%, up 40 basis points from last quarter due to a different mix. Operating expenses of $13.5 billion were at the low end of the guidance range we provided, up 2% year-over-year. Net income was $23 billion, diluted earnings per share was $1.46, up 13% versus last year and a September quarter record, and operating cash flow was strong at $21.6 billion.

該公司毛利率創下 9 月季度記錄，達到 45.2%，比上一季增長 70 個基點，這主要得益於槓桿和有利的組合，但部分被外匯所抵消。產品毛利率為 36.6%，比上一季成長 120 個基點，這也是受到槓桿和組合的推動，但部分被外匯抵消。由於結構不同，服務毛利率為 70.9%，較上季上升 40 個基點。營運費用為 135 億美元，處於我們提供的指導範圍的低端，年增 2%。淨利潤為 230 億美元，攤薄後每股收益為 1.46 美元，較去年增長 13%，創 9 月季度記錄，營運現金流強勁，達 216 億美元。

Let me now provide more detail for each of our revenue categories. iPhone revenue was $43.8 billion, up 3% year-over-year and a new September quarter record. We had strong performance in several markets, including an all-time record in India and September quarter records in Canada, Latin America, the Middle East and South Asia. Our iPhone active installed base grew to a new all-time high, and fiscal 2023 was another record year for switchers. We continue to see extremely high levels of customer satisfaction, which 451 Research recently measured at 98% in the U.S.

現在讓我提供每個收入類別的更多詳細資訊。 iPhone 營收為 438 億美元，年增 3%，創下 9 月季度新紀錄。我們在多個市場都表現強勁，包括印度創歷史新高，以及加拿大、拉丁美洲、中東和南亞九月季度創紀錄。我們的 iPhone 活躍安裝量成長至歷史新高，2023 財年又是切換者創紀錄的一年。我們繼續看到極高水準的客戶滿意度，451 Research 最近測量的美國客戶滿意度為 98%。

Mac revenue was $7.6 billion, down 34% year-over-year, driven by challenging market conditions and compounded by a difficult compare in our own business, whereby last year, we experienced supply disruptions from factory shutdowns in the June quarter and we are subsequently able to fulfill significant pent-up demand during the September quarter. We also had a difference in launch timing, with the MacBook Air launching earlier this year in the June quarter compared to the September quarter last year. We have great confidence in our Mac lineup and are excited about the recently announced iMac and MacBook Pro powered by our M3 chips. Our installed base is at an all-time high, and half of Mac buyers during the quarter were new to the product, driven by MacBook Air. Also, we saw reported customer satisfaction of 97% for Mac in the U.S.

Mac 收入為 76 億美元，年減 34%，這是由充滿挑戰的市場條件推動的，加上我們自己業務中的困難比較，去年我們在 6 月份季度經歷了工廠關閉導致的供應中斷，隨後我們能夠滿足九月季度被壓抑的大量需求。我們的發佈時間也有所不同，MacBook Air 今年稍早在 6 月季度發布，與去年 9 月季度相比。我們對我們的 Mac 系列充滿信心，並對最近發布的採用我們 M3 晶片的 iMac 和 MacBook Pro 感到興奮。我們的安裝基數達到了歷史最高水平，在 MacBook Air 的推動下，本季有一半的 Mac 買家是該產品的新用戶。此外，據報道，美國 Mac 的客戶滿意度為 97%。

iPad generated $6.4 billion in revenue, down 10% year-over-year. Similar to Mac, these results were a function of a difficult compare from the supply disruptions in the June quarter a year ago and the subsequent fulfillment of pent-up demand in the September quarter. iPad continues to attract a large number of new customers to the installed base, with over half of the customers who purchased iPads during the quarter being new to the product. And the latest reports from 451 Research indicate customer satisfaction of 98% in the U.S.

iPad 創造了 64 億美元的收入，年減 10%。與 Mac 類似，這些結果是對一年前 6 月季度的供應中斷與隨後 9 月季度被壓抑的需求得到滿足進行的艱難比較的結果。 iPad 持續吸引大量新客戶，本季購買 iPad 的客戶中有一半以上是該產品的新客戶。 451 Research 的最新報告顯示，美國的顧客滿意度為 98%。

Wearables, Home and Accessories revenue was $9.3 billion, down 3% year-over-year. We had a September quarter record in Europe, and we saw strong performance in several emerging markets around the world. Apple Watch continues to expand its reach, with nearly 2/3 of customers purchasing an Apple Watch during the quarter being new to the product. And customer satisfaction for the Watch was recently measured at 97% in the U.S.

穿戴式裝置、家居及配件收入為 93 億美元，年減 3%。我們在歐洲創下了九月份季度的記錄，並且在全球幾個新興市場也看到了強勁的表現。 Apple Watch 繼續擴大其覆蓋範圍，本季購買 Apple Watch 的客戶中有近 2/3 是該產品的新手。最近，美國消費者對 Watch 的滿意度高達 97%。

Services had a great quarter. We reached a new all-time revenue record of $22.3 billion, up 16% year-over-year. And we're happy to see growth coming from all categories and every geographic segment, which is a direct result of the strength of our ecosystem. Our installed base of over 2 billion active devices continues to grow at a nice pace and establishes a solid foundation for the future expansion of the ecosystem. And we continue to see increased customer engagement with our Services. Both transacting accounts and paid accounts grew double digits year-over-year, each reaching a new all-time high.

服務業季度表現優異。我們創下了 223 億美元的歷史新收入記錄，年增 16%。我們很高興看到所有類別和每個地理區域的成長，這是我們生態系統實力的直接結果。我們擁有超過 20 億台活躍設備的安裝基礎繼續以良好的速度成長，並為生態系統的未來擴展奠定了堅實的基礎。我們繼續看到客戶對我們服務的參與度不斷增加。交易帳戶和付費帳戶均較去年同期成長兩位數，均創歷史新高。

Also, our paid subscriptions showed strong growth. We have well over 1 billion paid subscriptions across the services on our platform, nearly double the number we had only 3 years ago. And finally, we continue to improve the breadth and quality of our current services from exciting new content on Apple TV+ and Apple Arcade to additional storage tiers on iCloud. We believe our customers will love these new offerings.

此外，我們的付費訂閱也顯示出強勁的成長。我們平台上的各項服務的付費訂閱量遠遠超過 10 億，幾乎是 3 年前的兩倍。最後，我們不斷提高目前服務的廣度和質量，從 Apple TV+ 和 Apple Arcade 上令人興奮的新內容到 iCloud 上的附加儲存層。我們相信我們的客戶會喜歡這些新產品。

Turning to enterprise, we are excited to see our business customers in both developed and emerging markets expand their deployment of Apple products and technologies to drive business innovation and employee satisfaction. Starbucks continues to invest in Apple technology to bring the best experience to their customers and employees, including tens of thousands of iPads across all retail stores to help their teams streamline order management, operations and training. In addition, Starbucks recently refreshed over 10,000 Macs to the latest M2-powered MacBook Air for all store managers, enabling them to do their best work and improve productivity.

談到企業，我們很高興看到已開發市場和新興市場的企業客戶擴大了 Apple 產品和技術的部署，以推動業務創新和員工滿意度。星巴克持續投資 Apple 技術，為客戶和員工帶來最佳體驗，其中包括在所有零售店配備數萬台 iPad，幫助其團隊簡化訂單管理、營運和培訓。此外，星巴克最近為所有店經理將 10,000 多台 Mac 更新為最新的 M2 驅動的 MacBook Air，使他們能夠更好地工作並提高生產力。

And in Indonesia, popular technology company GoTo is offering Mac as a choice so that employees can have the best tools to be most productive. Today, more than half of its workforce are already choosing Mac for work.

在印度尼西亞，流行的科技公司 GoTo 提供 Mac 作為選擇，以便員工可以擁有最好的工具來提高工作效率。如今，超過一半的員工已經選擇 Mac 進行工作。

Let me now turn to our cash position and capital return program. We ended the quarter with over $162 billion in cash and marketable securities. We increased commercial paper by $2 billion, leaving us with total debt of $111 billion. As a result, net cash was $51 billion at the end of the quarter, and our goal of becoming net cash-neutral over time remains unchanged. During the quarter, we returned nearly $25 billion to shareholders, including $3.8 billion in dividends and equivalents and $15.5 billion through open market repurchases of 85 million Apple shares. We also began a $5 billion accelerated share repurchase program in August, resulting in the initial delivery and retirement of 22 million shares.

現在讓我談談我們的現金狀況和資本回報計劃。本季結束時，我們擁有超過 1,620 億美元的現金和有價證券。我們增加了 20 億美元的商業票據，使我們的債務總額達到 1,110 億美元。因此，截至本季末，淨現金為 510 億美元，隨著時間的推移，我們實現淨現金中立的目標保持不變。本季度，我們向股東返還了近 250 億美元，其中包括 38 億美元的股息和等價物，以及透過公開市場回購 8,500 萬股蘋果股票的 155 億美元。我們也在 8 月啟動了 50 億美元的加速股票回購計劃，最終交付並退役了 2,200 萬股股票。

Taking a step back as we close our 2023 fiscal year, our annual revenue was $383 billion. While it was down 3% from the prior year, it grew on a constant currency basis despite a volatile and uneven macroeconomic environment. Our year-over-year revenue performance improved each quarter as we went through the year and so did our earnings per share performance as we reported double-digit EPS growth in the September quarter.

回顧 2023 財年，我們的年收入為 3,830 億美元。雖然比前一年下降了 3%，但儘管宏觀經濟環境波動且不平衡，但以固定匯率計算仍實現成長。隨著這一年的過去，我們每季的年收入表現都有所改善，每股盈餘表現也有所改善，因為我們在九月份季度實現了兩位數的每股收益成長。

We are particularly pleased with our performance in emerging markets, with revenue reaching an all-time record in fiscal 2023 and double-digit growth in constant currency. We are expanding our direct presence in these markets from new Apple retail stores in India to online stores in Vietnam and Chile. And we continue to work with our partners to offer a wide range of affordability programs so that we can best serve our customers. We're very excited about the momentum we have in these markets and the opportunity ahead of us.

我們對新興市場的表現尤其滿意，2023 財年營收創下歷史新高，以固定匯率計算達到兩位數成長。我們正在擴大在這些市場的直接業務，從印度的新 Apple 零售店到越南和智利的線上商店。我們將繼續與合作夥伴合作，提供廣泛的負擔能力計劃，以便我們能夠最好地為客戶提供服務。我們對這些市場的發展動能和眼前的機會感到非常興奮。

As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to at the beginning of the call. The color we are providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. Also, on foreign exchange, we expect a negative year-over-year revenue impact of about 1 percentage point.

隨著我們進入 12 月季度，我想回顧一下我們的前景，其中包括蘇哈西尼在電話會議開始時提到的前瞻性資訊類型。我們今天提供的顏色假設宏觀經濟前景不會比我們今天對本季的預測惡化。此外，在外匯方面，我們預期營收將年減約 1 個百分點。

As a reminder, the December quarter this year will last the usual 13 weeks, whereas the December quarter a year ago spanned 14 weeks. For clarity, revenue from the extra week last year added approximately 7 percentage points to the quarter's total revenue. Despite having 1 less week this year, we expect our December quarter total company revenue to be similar to last year. We expect iPhone revenue to grow year-over-year on an absolute basis. We also expect to grow after normalizing for both last year's supply disruptions and the 1 extra week.

提醒一下，今年 12 月季度將持續 13 週，而去年 12 月季度則持續 14 週。為清楚起見，去年額外一週的收入為本季總收入增加了約 7 個百分點。儘管今年減少了一周，但我們預計 12 月季度的公司總收入將與去年相似。我們預計 iPhone 營收的絕對值將年增。我們也預計，在去年的供應中斷和額外一週的正常化之後，經濟將會成長。

We expect Mac year-over-year performance to significantly accelerate from the September quarter. We expect the year-over-year revenue performance for both iPad and Wearables, Home and Accessories to decelerate significantly from the September quarter due to a different timing of product launches. On iPad, we launched a new iPad Pro and iPad tenth generation during the December quarter a year ago. For the Wearables category, last year, we had the full December quarter benefit from the launches of the AirPods Pro second generation, the Watch SE and the first Watch Ultra.

我們預計 Mac 的年比表現將比 9 月季度顯著加快。我們預計，由於產品發佈時間不同，iPad 和穿戴式裝置、家居及配件的年收入表現將較 9 月季度大幅下滑。在 iPad 方面，我們在一年前的 12 月季度推出了新款 iPad Pro 和 iPad 第十代。對於穿戴式裝置類別，去年我們整個 12 月季度都受惠於第二代 AirPods Pro、Watch SE 和第一款 Watch Ultra 的推出。

For our Services business, we expect the average revenue per week to grow at a similar strong double-digit rate as it did during the September quarter. We expect gross margin to be between 45% and 46%. We expect OpEx to be between $14.4 billion and $14.6 billion. We expect OI&E to be around negative $200 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%.

對於我們的服務業務，我們預計每周平均收入將以與九月季度類似的強勁兩位數成長率成長。我們預計毛利率在45%至46%之間。我們預計營運支出將在 144 億美元至 146 億美元之間。我們預計 OI&E 約為負 2 億美元，不包括少數股權投資按市值計價的任何潛在影響，我們的稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.24 per share of common stock payable on November 16, 2023, to shareholders of record as of November 13, 2023. With that, let's open the call to questions.

最後，今天，我們的董事會宣佈於 2023 年 11 月 16 日向截至 2023 年 11 月 13 日登記在冊的股東派發每股普通股 0.24 美元的現金股息。接下來，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，請問第一個問題可以嗎？

We will go ahead and take our first question from Mike Ng of Goldman Sachs.

我們將繼續回答高盛 (Goldman Sachs) 的 Mike Ng 提出的第一個問題。

I just have a question on iPhone storage and demand versus iCloud. As demand for storage grows, are you seeing a mix shift towards higher storage iPhone models? Or are consumers mostly opting for the same because of increased uptake of iCloud+? What are some of the strategic and financial considerations here and trade-offs as you think about the mix shift towards higher storage models versus iCloud penetration?

我只是有一個關於 iPhone 儲存和需求與 iCloud 的問題。隨著儲存需求的成長，您是否看到了向更高儲存容量 iPhone 機型的混合轉變？還是因為 iCloud+ 的使用率增加，消費者大多選擇相同的方式？當您考慮轉向更高儲存模型與 iCloud 滲透率的混合時，有哪些策略和財務考慮因素以及權衡？

Michael, it's Tim. As you probably know, we started the line with the iPhone Pro Max at 256, and so we are seeing a different mix, if you will, this year than last year. Outside of that, not significant changes.

邁克爾，是蒂姆。你可能知道，我們從 iPhone Pro Max 開始生產 256 款，所以如果你願意的話，我們今年會看到與去年不同的組合。除此之外，沒有重大變化。

And as a separate follow-up, I was just wondering if you could talk a little bit about the market conditions on notebooks and desktops. And any color that you can share regarding the timing of the M3 MacBook Pros this year versus the M2 earlier in the calendar year?

作為單獨的後續行動，我只是想知道您是否可以談談筆記型電腦和桌上型電腦的市場狀況。關於今年 M3 MacBook Pro 與今年早些時候的 M2 的上市時間，您有什麼可以分享的嗎？

Yes. We're thrilled to have announced the M3 lineup and get the new MacBook Pro and the new iMac out there. We couldn't be more excited about it. As Luca said, with the lineup that we've got and the compare issue that we don't have during Q1, we anticipate a significant acceleration in the Mac space for Q1.

是的。我們很高興宣布推出 M3 系列，並推出新款 MacBook Pro 和新款 iMac。我們對此感到非常興奮。正如 Luca 所說，憑藉我們現有的產品陣容和第一季沒有的比較問題，我們預計第一季 Mac 領域將出現顯著加速。

To just repeat a little bit about the circumstances of the performance last quarter, in the year-ago June quarter, we had a factory disruption that lasted several weeks. The pent-up demand that resulted from that was filled in the September quarter. And that made the September quarter not only a record but a substantial record. And obviously, we're now comparing against that for '23. And so that -- I wouldn't look at the negative 34% as representative of the underlying business performance, is sort of the net of it.

簡單重複一下上季的業績狀況，去年六月季度，我們的工廠發生了持續數週的中斷。由此產生的被壓抑的需求在九月季度得到了滿足。這使得九月季度不僅創下了紀錄，而且創下了實質紀錄。顯然，我們現在正在與 23 年的情況進行比較。因此，我不會將負 34% 視為基本業務績效的代表，而是其淨值。

Excellent. That's very clear.

出色的。這非常清楚。

Our next question is from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Congratulations on the execution in the quarter. I'm curious, Tim, if you could help us characterize what the demand environment you're seeing in China looks like? How has the reception been to the iPhone 15? And kind of a similar question to the prior one. How would you characterize the mix within China as you go through this current product cycle? And I have a follow-up.

恭喜本季的執行。我很好奇，提姆，您能否幫我們描述一下您在中國看到的需求環境是什麼樣的？ iPhone 15 的反應如何？與前一個問題類似。當您經歷當前的產品週期時，您如何描述中國國內的組合？我有一個後續行動。

Yes. If you look at how we did in Greater China for the quarter, we came in at, on revenue basis, minus 2. But one thing to keep in mind here is that the FX impact was nearly 6 points. So we grew in constant currency. And underneath that, if you look at the different -- the categories, iPhone actually set a September quarter record in Mainland China.

是的。如果你看看我們本季在大中華區的表現，你會發現，以收入計算，我們的表現為-2。但這裡要記住的一件事是，匯率影響接近 6 個百分點。所以我們的成長是用固定匯率計算的。在此之下，如果你看看不同的類別，iPhone 實際上在中國大陸創下了 9 月季度的記錄。

And the -- what pulled down the performance was a combination largely of Mac and iPad. Services also grew during the quarter. And the Mac and iPad suffered from the same issues that the company did with the compare issues to factory disruptions in Q3 that were filled subsequently in Q4 of '22. In addition to that, we had the top 4 selling phones in urban China for last year. And I was -- I just -- I took a trip over there and could not be more excited about the interactions I had with customers and employees and others.

導致效能下降的主要因素是 Mac 和 iPad 的組合。本季服務業也有所成長。 Mac 和 iPad 也遇到了與該公司相同的問題，與第三季度工廠中斷的問題相比，這些問題隨後在 22 年第四季度得到了解決。除此之外，我們還擁有去年中國城市中銷售排名前四的手機。我——我只是——我去那裡旅行了一次，我對與客戶、員工和其他人的互動感到非常興奮。

Yes. And then as a quick follow-up, I'm curious as we move towards more of an inflationary component pricing environment. Luca, how do we think about that effect or how you're thinking about the gross margin at the product level as maybe component pricing starts to turn what's been clearly very favorable over the last several quarters to more of an inflationary environment?

是的。然後，作為一個快速的後續行動，我很好奇，因為我們正在轉向更多的通膨成分定價環境。盧卡，我們如何看待這種影響，或者您如何看待產品層面的毛利率，因為組件定價可能開始將過去幾季明顯非常有利的情況轉變為更多的通膨環境？

As you've seen from our results in Q4 and the guidance for Q1, we're obviously experiencing very strong levels of gross margin. The 45.2% was a record for the September quarter, and then the guidance for Q1 is obviously strong at 45% to 46%. Our gross margins are affected by multiple factors. Obviously, the commodity environment is one of them, as you mentioned. It's been a good environment in recent quarters. But equally important is the mix of what we sell, and obviously, growth in Services for us is favorable. And that has helped our company gross margin.

正如您從我們第四季度的業績和第一季的指導中看到的那樣，我們顯然經歷了非常強勁的毛利率水平。 45.2% 是 9 月季度的創紀錄水平，然後第一季的指引顯然強勁，為 45% 至 46%。我們的毛利率受到多種因素的影響。顯然，正如你所提到的，商品環境就是其中之一。近幾季的環境不錯。但同樣重要的是我們銷售的產品組合，顯然，服務的成長對我們來說是有利的。這有助於我們公司的毛利率。

Foreign exchange, on the other hand, has been a drag for several quarters, given the strength of the dollar. We don't provide guidance past the December quarter, which is like a very important one for us because it's the beginning of the product cycle for many products. And so we feel very good, very confident about this coming year, and I think the gross margin guidance reflects that.

另一方面，鑑於美元走強，外匯交易在幾個季度中一直受到拖累。我們不會提供超過 12 月季度的指導，這對我們來說非常重要，因為它是許多產品產品週期的開始。因此，我們對來年感覺非常好，非常有信心，我認為毛利率指導反映了這一點。

Our next question is from Erik Woodring with Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾瑞克‧伍德林。

Maybe if I start -- Luca, I know that the iPhone 15 Pro and Pro Max are constrained today, but I think some of your comments suggest you should be back to supply-demand balance before quarter end. So I guess my question is, does your December quarter revenue guidance account for any supply constraints? And if so, is there any way to kind of quantify how much supply would be limiting your December quarter revenue performance? And then I have a follow-up.

也許如果我開始——盧卡，我知道 iPhone 15 Pro 和 Pro Max 今天受到限制，但我認為你的一些評論表明你應該在季度末之前恢復供需平衡。所以我想我的問題是，你們 12 月季度的收入指導是否考慮到了任何供應限制？如果是這樣，是否有任何方法可以量化有多少供應會限制您 12 月季度的營收表現？然後我有一個後續行動。

Yes, it's correct. We are constrained today on iPhone 15 Pro and iPhone 15 Pro Max. We're working very hard to get the product in the hands of all the customers that have ordered it. We expect, as of today, that we're going to be in supply-demand balance by the end of the quarter, so the guidance reflects that.

是的，這是正確的。今天我們對 iPhone 15 Pro 和 iPhone 15 Pro Max 進行了限制。我們正在非常努力地將產品送到所有訂購的客戶手中。我們預計，截至今天，我們將在本季末實現供需平衡，因此指導反映了這一點。

Okay, very clear. And then maybe for you and Tim, you guys have been on the leading edge of innovation across hardware, software, silicon services. And I'm sure there's plenty of technologies and kind of longer-term projects that you're investing in. How should we think about your capital intensity as we look to fiscal year '24, just given over the last few years, CapEx as a percentage of revenue has been relatively low compared to the 8 years prior?

好的，非常清楚。也許對你和提姆來說，你們一直處於硬體、軟體、晶片服務創新的前沿。我確信您正在投資大量的技術和長期項目。當我們展望 24 財年時，我們應該如何考慮您的資本強度，根據過去幾年的情況，資本支出與8 年前相比，收入百分比相對較低？

So should we expect a step up or kind of similar capital intensity? And what are the more notable moving pieces, if any, that we should be thinking about?

那麼我們是否應該期待資本強度的提高或類似的資本強度？如果有的話，我們應該考慮哪些更值得注意的動人之處？

Well, the big areas of investment for us are tooling and equipment for manufacturing plants, our investments in data centers, and our investments in our own facilities, both corporate facilities and retail stores. And so both for the tooling in our plants and our data center investments, we tend to have a bit of a hybrid model where we share some of the investments with our partners and suppliers. And so maybe that's why you see sometimes a bit of variability.

嗯，我們主要的投資領域是製造工廠的工具和設備、資料中心的投資以及我們自己的設施（包括公司設施和零售店）的投資。因此，對於我們工廠的工具和資料中心的投資，我們傾向於採用某種混合模式，與合作夥伴和供應商分享一些投資。所以也許這就是為什麼你有時會看到一些改變。

But over the last few years, we made all the investments that we needed to make. And obviously, we're planning to make all the investments that we believe are needed and appropriate in order to continue to innovate.

但在過去的幾年裡，我們進行了所有需要的投資。顯然，我們計劃進行我們認為必要且適當的所有投資，以繼續創新。

Our next question is from David Vogt with UBS.

我們的下一個問題來自瑞銀集團的大衛‧沃格特。

I know you covered China. I want to pivot to the U.S. for a second. Obviously, iPhone and the business looks like it returned to growth in the quarter, but it's still relatively softer, kind of where I thought it would be at this point in the cycle. And some of the U.S. carriers obviously haven't been that particularly aggressive in promoting upgrades. So just wanted to kind of get a sense, first, what you're seeing from your partners in the U.S. kind of currently and going forward, and what do you expect?

我知道你報道過中國。我想暫時轉向美國。顯然，iPhone 和該業務看起來在本季恢復了成長，但仍然相對疲軟，這正是我認為在週期的此時點上會出現的情況。一些美國營運商顯然在升級方面並沒有那麼積極。首先，我想了解您在美國的合作夥伴目前和未來的情況，以及您的期望是什麼？

And then second, Luca, on the margins. I mean, is it fair to say that the mix in Q1 from a product versus Services dynamic is kind of the key driver of the better gross margin guide as a whole relative to, let's say, the December quarter? Or is there anything else? I know you mentioned there's a lot of moving pieces, but is that the primary driver of the uplift in the margin?

然後是第二，盧卡，處於邊緣。我的意思是，可以公平地說，第一季產品與服務動態的組合是整體毛利率指南相對於 12 月季度更好的關鍵驅動因素嗎？或是還有其他什麼嗎？我知道您提到有很多變動因素，但這是利潤率上升的主要動力嗎？

On the U.S. carriers and the U.S. business in general, it's really too early to call the iPhone cycle, particularly with the constraint around the Pro and the Pro Max, and the U.S. tends to do quite well with those products. It's really too early to tell what the upgrade rates will be and what the switcher rates will be.

就美國營運商和整個美國企業而言，現在判斷 iPhone 週期確實為時過早，特別是考慮到 Pro 和 Pro Max 的限制，而美國在這些產品方面往往表現得很好。現在判斷升級率和切換率還為時過早。

On the margin side, if I understood your question correctly about the December quarter guidance, keep in mind that actually, December is the quarter where our products business is -- tends to be very heavy because of the holiday season. And so the Services gross margins that are accretive to total company have an impact but not as meaningful as other quarters during the year.

在利潤方面，如果我正確理解了您關於 12 月份季度指導的問題，請記住，實際上，12 月份是我們產品業務的季度 - 由於假期季節，往往非常繁忙。因此，服務毛利率對整個公司有一定影響，但不如年內其他季度那麼有意義。

And so I think that the main drivers of the guidance that we provided are the fact that we are seeing improved costs and improved mix on our the product side of the business, partially offset by foreign exchange, which continues to be a drag, both sequentially and on a year-over-year basis.

因此，我認為我們提供的指導的主要驅動因素是我們看到業務產品方面的成本改善和組合改善，部分被外匯抵消，外匯繼續成為拖累因素並逐年增加。

Got it. So the weakness in iPad and Wearables are less of an impact on sort of the margin trajectory in the December quarter, I guess?

知道了。因此，我猜 iPad 和穿戴式裝置的疲軟對 12 月季度的利潤軌跡影響較小？

That's correct, that's correct.

沒錯，沒錯。

Our next question is from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess first off, just the Services growth rate, there was a tremendous acceleration, I think, in September quarter to 16% growth. And it sounds like it's going to hold there pretty well into December. Can you just talk about what is driving this acceleration? Are there a couple of products that have just stepped up in a very meaningful way? Just maybe flush out like what is driving the acceleration because it's fairly notable compared to what you've been seeing the last few quarters.

我也有2個。我想首先，服務業的成長率出現了巨大的加速，我認為，9 月季度成長率達到 16%。聽起來這種情況將持續到十二月。您能談談是什麼推動了這種加速嗎？是否有一些產品剛剛以非常有意義的方式進步了？也許就像推動加速的因素一樣，因為與您過去幾季所看到的相比，它相當引人注目。

We had a really strong quarter across the border, I mean, because both geographically and from a product category standpoint, we saw very significant growth. I mentioned the records on a geographic basis. And from a category standpoint, literally, we set records in each one of the big categories. We had all-time record for App Store, for advertising, for cloud, video, Apple Care, Payments and a September quarter record for Music. So it's hard to pick one in particular because they all did well. And really then we step back and we think about why is it that our Services business is doing well, and it's because we have an installed base of customers that continues to grow at a very nice pace, and the engagement in our ecosystem continues to grow.

我的意思是，我們在跨境方面的季度表現非常強勁，因為無論從地理位置還是從產品類別的角度來看，我們都看到了非常顯著的成長。我提到了地理上的記錄。從類別的角度來看，從字面上看，我們在每個大類別中都創下了記錄。我們在 App Store、廣告、雲端、影片、Apple Care、付款方面都創下了歷史記錄，在音樂方面也創下了 9 月季度的紀錄。所以很難選出一個特別的，因為他們都做得很好。然後我們真的退後一步，思考為什麼我們的服務業務表現良好，這是因為我們的客戶群繼續以非常好的速度成長，並且我們生態系統的參與度持續成長。

We have more transacting accounts. We have more paid accounts. We have more subscriptions on the platform. And we continue to add. We continue to add content and features. We're adding a lot of content on TV+, new games on Apple Arcade, new features, new storage plans for iCloud. So it's the combination of all these things and the fact that the engagement in the ecosystem is improving, and therefore, it benefits every Service category.

我們有更多的交易帳戶。我們有更多的付費帳戶。我們在平台上有更多訂閱。我們還在繼續增加。我們不斷添加內容和功能。我們在 TV+ 上添加了大量內容，在 Apple Arcade 上添加了新遊戲，在 iCloud 上添加了新功能和新儲存計劃。因此，這是所有這些因素的結合，而且生態系統的參與度正在改善，因此，它有利於每個服務類別。

Got it, that's really helpful. And then maybe if I could ask you about Vision Pro, which I believe is supposed to be launched more broadly sometime in 2024, the early part of the year. I'm curious how different do you think the launch and the consumer education of this product or a new category will be versus other things like AirPods or Apple Watch that you've done? And then perhaps any themes that stood out to you from the developers that have been able to use this in the developer labs? What feedback have you gotten from them?

明白了，這真的很有幫助。然後也許我可以問一下有關 Vision Pro 的問題，我相信它應該會在 2024 年的某個時候（今年年初）更廣泛地推出。我很好奇，您認為這款產品或新類別的發布和消費者教育與您所做的其他產品（例如 AirPods 或 Apple Watch）有何不同？然後，也許有哪些主題對您來說是那些能夠在開發者實驗室中使用它的開發者中脫穎而出的？您從他們那裡得到了什麼回饋？

Yes, that's a great question. There's a tremendous amount of excitement around the Vision Pro, and we're -- we've been very happy to share it with developers. We have developer labs set up in different parts of the world so that they can actually get their hands on it and are working on apps. And I've been fortunate enough to see a number of those. And there's some real blow away kinds of things that are coming out. And so that all looks good.

是的，這是一個很好的問題。 Vision Pro 令人興奮不已，我們非常高興與開發者分享。我們在世界不同地區設立了開發者實驗室，以便他們可以實際接觸並開發應用程式。我很幸運能夠看到其中的一些。還有一些真正令人震驚的事情正在出現。所以一切看起來都不錯。

To answer your question about, is it similar to AirPods or Apple Watch? I would say no, there's never been a product like the Vision Pro. And so we're purposely bringing it out in our stores only so we can really put a great deal of attention on the last mile of it. We'll be offering demos in the stores, and it will be a very different process than the normal grab-and-go kind of process.

回答你的問題，它與AirPods或Apple Watch相似嗎？我想說不，從來沒有像 Vision Pro 這樣的產品。因此，我們特意在我們的商店中推出它，這樣我們才能真正將大量注意力放在它的最後一英里上。我們將在商店中提供演示，這將是一個與正常的「拿走即走」過程非常不同的過程。

Our next question is from Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler。

Congratulations on tremendous execution in a very tough macro. Actually, Tim, the last question is a perfect segue here, given what you are doing with your Vision Pro. So lots of companies are experimenting with generative AI. I'm curious about what kind of efforts you have. I'm sure there are segways into Pro Vision (sic) [Vision Pro] that you have. But I was curious about if you can give us a glimpse on how you might be able to monetize some of these efforts with generative AI.

恭喜您在非常艱難的宏觀環境中取得了巨大的執行力。事實上，提姆，考慮到您使用 Vision Pro 所做的事情，最後一個問題是一個完美的延續。因此，許多公司正在嘗試生成式人工智慧。我很好奇你有什麼樣的努力。我確信您擁有 Pro Vision（原文如此）[Vision Pro] 的賽格威。但我很好奇您能否讓我們了解如何透過生成人工智慧將其中一些努力貨幣化。

If you kind of zoom out and look at what we've done on AI and machine learning and how we've used it, we view AI and machine learning as fundamental technologies, and they're integral to virtually every product that we ship. And so just recently, when we shipped iOS 17, it had features like Personal Voice and Live Voicemail. AI is at the heart of these features. And then you can go all the way to then life-saving features on the Watch and the phone like fall detection, crash detection, ECG on the watch. These would not be possible without AI.

如果你縮小範圍，看看我們在人工智慧和機器學習方面所做的工作以及我們如何使用它，我們將人工智慧和機器學習視為基礎技術，它們幾乎是我們發布的每個產品的組成部分。就在最近，當我們發布 iOS 17 時，它具有個人語音和即時語音郵件等功能。人工智慧是這些功能的核心。然後，您可以一路使用手錶和手機上的救生功能，例如跌倒偵測、碰撞偵測、手錶上的心電圖。如果沒有人工智慧，這些都是不可能實現的。

And so we don't label them as such, if you will. We label them as to what their consumer benefit is, but the fundamental technology behind it is AI and machine learning. In terms of generative AI, we have -- obviously, we have work going on. I'm not going to get into details about what it is because as you know, we really don't do that. But you can bet that we're investing, we're investing quite a bit. We are going to do it responsibly. And it will -- you will see product advancements over time where those technologies are at the heart of them.

因此，如果您願意的話，我們不會給它們貼上這樣的標籤。我們根據消費者的利益來為它們貼上標籤，但背後的基礎技術是人工智慧和機器學習。在生成人工智慧方面，我們顯然正在進行工作。我不會詳細說明它是什麼，因為如您所知，我們確實不這樣做。但你可以打賭我們正在投資，我們正在投資相當多的資金。我們將以負責任的方式去做。隨著時間的推移，您將看到以這些技術為核心的產品不斷進步。

Very clear. And for my follow-up, I had a philosophical question. So you guys always try to provide the best experience for consumers. To that end, I think over the last decade, you in-sourced a lot of important chips in your phones and your Macs, iPads, so on and so forth. And that was, I think, a function that ARM wasn't around in the industry from a merchant angle. But now we see these -- the silicon guys, the chip guys moving to ARM architecture.

非常清楚。對於我的後續行動，我有一個哲學問題。所以你們總是努力為消費者提供最好的體驗。為此，我認為在過去十年中，您在手機、Mac、iPad 等設備中採購了許多重要晶片。我認為，從商業角度來看，ARM 並不具備這項功能。但現在我們看到這些——矽人員、晶片人員正在轉向 ARM 架構。

So my question to you is, has the move to internal silicon been economically profitable proposition for Apple? Or is it a strategic one where you simply need to own this and it's vital to your products for the consumer experience? Or maybe there's a path back to chip vendors at some point in time?

所以我問你的問題是，轉向內部晶片對蘋果來說是否是經濟上有利可圖的主張？或者它是一種策略性的產品，您只需要擁有它並且它對您的產品的消費者體驗至關重要？或者也許在某個時間點有一條回到晶片供應商的途徑？

It's really enabled us to build products that we could not build without doing it ourselves. And as you know, we like to own the primary technologies in the products that we ship. And arguably, the silicon is at the heart of the primary technologies. And so no, I don't see going back. I am happier today than I was yesterday, than I was last week, that we made the transition that we've made and I see the benefit every day of it.

它確實使我們能夠建立出我們自己無法建造的產品。如您所知，我們希望擁有我們所銷售產品的主要技術。可以說，矽是主要技術的核心。所以不，我不認為會回去。我今天比昨天、比上週更高興，因為我們已經完成了轉變，我每天都看到它的好處。

Our next question is from Wamsi Mohan from Bank of America.

我們的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Tim, over the last decade pretty much, you've gained a lot of share in China. As you look here, some of the domestic players are starting to reemerge, especially in the high-end phone space. I know you touched on China, but how would you see Apple's positioning and opportunity for continued share gains, particularly in China? And how was the linearity in China from a demand perspective? And I have a follow-up, please.

提姆，在過去的十年裡，您在中國獲得了很大的份額。正如你所看到的，一些國內廠商開始重新崛起，特別是在高階手機領域。我知道您談到了中國，但您如何看待蘋果的定位和持續提升份額的機會，特別是在中國？從需求角度來看，中國的線性度如何？我有一個後續行動，請。

In the September quarter, we set an iPhone record -- revenue record in China, and we're very proud of that. And we obviously grew. The market predictions that I've seen would have the market contracting. And so if that's -- if those are correct, then we gained share last quarter. And so we're very proud of that. I don't know what every quarter will hold, and obviously, we just give a bit of color on the current quarter. But over the long term, I view China is an incredibly important market and I'm very optimistic about it.

在九月季度，我們創造了 iPhone 記錄——中國的收入記錄，我們對此感到非常自豪。我們顯然成長了。我所看到的市場預測將會導致市場收縮。因此，如果這是正確的，那麼我們上季度的份額就增加了。所以我們對此感到非常自豪。我不知道每個季度會發生什麼，顯然，我們只是對當前季度進行一些介紹。但從長遠來看，我認為中國是一個極為重要的市場，我對此非常樂觀。

Okay. And as a follow-up, you obviously had a great Services quarter. And part of your Services business has these licensing relationships with search partners where you serve a very important distribution function for them. Can you talk about how you think about these relationships and potentially some of the options maybe Apple has to mitigate some of the risk, given some of the scrutiny on -- with some of these search partners?

好的。作為後續行動，您的服務季度顯然表現出色。您的服務業務的一部分與搜尋合作夥伴建立了這些授權關係，您可以為他們提供非常重要的分銷功能。您能否談談您如何看待這些關係，以及考慮到與其中一些搜尋合作夥伴進行的一些審查，蘋果可能必須採取一些可能的選擇來減輕一些風險？

They are important relationships. And as you know, we don't get into our commercial relationships in the call. I see them as important and we make decisions that are in the best interest of our users or what we feel is in the best interest of our users. And that's kind of what we've done in the past and how we run the show in the future as well.

他們是重要的關係。如您所知，我們不會在通話中涉及我們的商業關係。我認為它們很重要，我們所做的決策符合使用者的最佳利益，或者我們認為符合使用者的最佳利益。這就是我們過去所做的事情，也是我們未來的運作方式。

Our next question comes from Krish Sankar with TD Cowen.

我們的下一個問題來自 Krish Sankar 和 TD Cowen。

I have 2 of them, too. First one, Luca, thanks for the color on gross margin. And when I look at it over the last 4 quarters, even if on a year-over-year basis, revenue declined, the gross margins have improved, and I understand Services definitely helps. I'm just kind of curious, when you look at on a go-forward basis, most of the big step functions and cost reductions like the Mac silicon conversion, et cetera, that are done? Or is there more room for margin expansion from here? And then I have a follow-up.

我也有 2 個。第一個，盧卡，感謝毛利率的顏色。當我回顧過去 4 個季度時，即使與去年同期相比，收入有所下降，毛利率有所提高，而且我知道服務肯定會有所幫助。我只是有點好奇，當你展望未來時，大部分重大功能和成本降低（例如 Mac 晶片轉換等）都已經完成了嗎？或者說，這裡還有更多的利潤擴張空間嗎？然後我有一個後續行動。

Well, on the products side, as you know, we -- when we launch new products, the cost structures of those products tend to be higher than the products that they replace. It happens because we're always adding new technologies, new features, and then we work through the cost curve over the life cycle of the product, and we tend to get benefits as time goes by.

嗯，在產品方面，如你所知，當我們推出新產品時，這些產品的成本結構往往高於它們所取代的產品。發生這種情況是因為我們總是在添加新技術、新功能，然後我們在產品的生命週期中研究成本曲線，隨著時間的推移，我們往往會獲得收益。

The guidance that we provided for December reflects all that. And so we're starting from a better position than a year ago or than in the past in general. There are other factors that play a role. For example, the mix of products that we sell. Not every product has the same gross margin profile. And so our guidance, our results are reflective of that. And also within a specific product category, a lot depends on the kind of models that we sell because they have different margin profiles.

我們為 12 月提供的指導反映了這一切。因此，我們的起點比一年前或整體上比過去更好。還有其他因素在起作用。例如，我們銷售的產品組合。並非每種產品都具有相同的毛利率狀況。因此，我們的指導、我們的結果都反映了這一點。而且在特定的產品類別中，很大程度上取決於我們銷售的型號類型，因為它們具有不同的利潤狀況。

I think one of the things that we've done well over the last few years is to offer more affordability solutions to our customers in the form of installment plans, trading options and low-cost financing in general. And what that is accomplished is reduce the affordability threshold for our customers, and therefore, they can buy at the top of our product ranges. That has been a big factor in the reason for our margin expansion.

我認為過去幾年我們做得很好的事情之一就是以分期付款計劃、交易選擇和低成本融資的形式為我們的客戶提供更實惠的解決方案。這樣做的目的是降低我們客戶的承受能力門檻，因此他們可以購買我們的頂級產品。這是我們利潤率擴張的重要因素。

You know we don't provide guidance or color past the current quarter because there's so many different variables that affect gross margins. But we obviously feel very good about the trajectory that we've had in 2023 and now the guidance that we provide for the beginning of our fiscal '24. And we need some of these things because, obviously, the foreign exchange environment has been difficult and has been a bit of a drag for us. But net-net, we're very pleased where we are.

您知道，我們不會提供當前季度的指導或顏色，因為有很多不同的變數會影響毛利率。但顯然，我們對 2023 年的發展軌跡以及現在為 24 財年伊始提供的指導感到非常滿意。我們需要其中一些東西，因為顯然，外匯環境一直很困難，對我們來說有點拖累。但淨淨，我們對目前的處境感到非常滿意。

Got it. And then a follow-up for Tim. Obviously, you're seeing amazing momentum in India. I'm just kind of curious, how do you look at -- when you look at the India growth opportunity, on these hardware units? How do you think about ASP relative to that versus like the rest of the geographies? And is there a way to compare or contrast India growth momentum versus China maybe a decade ago or so at the same point as the rollout of the share gains in that geography?

知道了。然後是提姆的後續行動。顯然，你在印度看到了驚人的勢頭。我只是有點好奇，當您看待印度的成長機會時，您如何看待這些硬體部門？與其他地區相比，您如何看待 ASP？有沒有辦法可以比較或對比印度與中國的成長勢頭（大約十年前），同時該地區的份額增長也出現了同樣的情況？

Yes, it's a great question. We had an all-time revenue record in India. We grew very strong double digits. It's an incredibly exciting market for us and a major focus of ours. We have low share in a large market. And so it would seem that there's a lot of headroom there.

是的，這是一個很好的問題。我們在印度創下了歷史收入記錄。我們實現了非常強勁的兩位數成長。這對我們來說是一個令人難以置信的令人興奮的市場，也是我們的主要關注點。我們在一個大市場的市佔率很低。所以看起來那裡有很大的空間。

The ASPs, I haven't looked at them most recently but I'm sure that they're lower than the worldwide. But that doesn't bother us at all. It just -- and in terms of the similarity, I would say each country has its own journey and I wouldn't want to play the comparison game, but we see an extraordinary market, a lot of people moving into the middle class, distribution is getting better, lots of positives. We put 2 retail stores there, as you know. They're doing better than we anticipated. It's still early going but they're off to a good start. And I couldn't be happier with how things are going at the moment.

平均售價，我最近沒有研究過，但我確信它們低於全球水平。但這根本不困擾我們。就相似性而言，我想說每個國家都有自己的旅程，我不想玩比較遊戲，但我們看到了一個非凡的市場，很多人進入中產階級，分佈正在變得更好，有很多積極的一面。如您所知，我們在那裡開設了 2 家零售店。他們的表現比我們預期的還要好。現在還為時過早，但他們已經有了一個好的開始。我對目前的進展感到非常高興。

Our next question is from Ben Reitzes with Melius Research.

我們的下一個問題來自 Melius Research 的 Ben Reitzes。

Tim, I appreciate all your commentary around China. It was great to kind of hear about the growth potential there or your optimism. I wanted to also ask about the supply chain. And where is your priority -- do you have a priority to diversify your supply chain? How do you feel about Apple's supply chain around the world? And in particular, what do you think about further investments in the U.S. as well?

提姆，我很欣賞你對中國的所有評論。很高興聽到那裡的成長潛力或您的樂觀態度。我還想問一下供應鏈的情況。您的首要任務在哪裡—您是否優先考慮實現供應鏈多元化？您如何看待蘋果在全球的供應鏈？特別是，您對在美國的進一步投資有何看法？

Our supply chain is truly global, and so we're investing all over the world, including in the United States. We were very focused on advanced manufacturing for the U.S. and have worked on a number of different projects in the U.S., whether it's our venture with Corning on the glass or the Face ID module or semiconductors. And so all of these are advanced manufacturing, and I think exactly the kinds of things that the U.S. would be and are very, very good at.

我們的供應鏈是真正的全球性，因此我們在世界各地進行投資，包括美國。我們非常專注於美國的先進製造，並在美國開展了許多不同的項目，無論是我們與康寧在玻璃、Face ID 模組或半導體方面的合資項目。因此，所有這些都是先進製造業，我認為這正是美國將會並且非常非常擅長的事情。

We also invest in other regions of the world and we're continually optimizing the chain. And so we -- the moment we learn something that didn't work exactly right, we are tweaking it. And so we're going to continue to do that. But at the end of the day, it will still be a global supply chain.

我們也投資於世界其他地區，並持續優化供應鏈。因此，當我們了解到某些東西運作不完全正確時，我們就會對其進行調整。所以我們將繼續這樣做。但最終，它仍然是一個全球供應鏈。

Got it. Next one for Luca. Just really quick on the extra week dynamic. There was also, last year, an issue with the iPhone production, where there was the COVID lockdowns in China. Is it possible to give some color around what that -- I guess, having a normalized supply chain somewhat this year, what that benefit is this year and maybe contrast that with the 7-point hit from the extra week?

知道了。下一篇是給盧卡的。關於額外一周的動態真的很快。去年，由於中國因新冠疫情而實施封鎖，iPhone 的生產也出現了問題。是否有可能對此進行一些說明——我想，今年的供應鏈在一定程度上實現了標準化，今年的好處是什麼，也許可以與額外一周的 7 分命中進行對比？

Yes. Thanks for the question, Ben. I mentioned during the prepared remarks, the extra week is 7 points of revenue. We did have disruptions, supply disruptions last year on the phone, on the 14 Pro and Pro Max in the December quarter a year ago. And when we normalize for those 2 factors, I said it during the call, we still expect to grow on iPhone. So you take into account the loss of the extra week, you compare it with the supply disruptions that are not going to repeat hopefully this year. And when you normalize for those 2 things, we still expect to grow on iPhone.

是的。謝謝你的提問，本。我在準備好的發言中提到，額外的一週是 7 個點的收入。去年我們的手機、去年 12 月季度的 14 Pro 和 Pro Max 確實出現了供應中斷。當我們對這兩個因素進行標準化時，我在電話中說過，我們仍然期望 iPhone 上的成長。因此，您考慮到額外一周的損失，並將其與今年希望不會重演的供應中斷進行比較。當你對這兩件事進行正常化時，我們仍然期望 iPhone 上的成長。

And we'll take the last question now.

我們現在回答最後一個問題。

Our last question comes from Richard Kramer with Arete Research.

我們的最後一個問題來自 Arete Research 的 Richard Kramer。

Tim, first off, if we look over the past 2 years, Apple's sales are about $18 billion higher and R&D is up by about 8% -- $8 billion or over 1/3 higher. Can you give us a sense of some of the main components or drivers behind that increase in innovation spend? Is it Apple silicon? Is it new products like Vision Pro or is it content to support new services? I think that's one of the top questions investors have.

提姆，首先，如果我們回顧過去兩年，蘋果的銷售額增加了約 180 億美元，研發費用增加了約 8%，即 80 億美元或增加了 1/3 以上。您能否讓我們了解一下創新支出增加背後的一些主要組成部分或驅動因素？是蘋果矽嗎？是像 Vision Pro 這樣的新產品還是滿足於支援新服務？我認為這是投資者最關心的問題之一。

Sure. It's a number of things, Richard. It's the -- some things I can't talk about. It's Vision Pro. It's AI and ML. It's the silicon investment that we're making, the transition with the Mac and other silicon. It's sort of all of those things. But I think you would find that the R&D expenditure in the aggregate looks very competitive versus others.

當然。有很多事情，理查德。這是——有些事情我不能談論。這是Vision Pro。這是人工智慧和機器學習。這是我們正在進行的晶片投資，以及 Mac 和其他晶片的過渡。這就是所有這些事情。但我認為你會發現研發支出總體上與其他支出相比看起來非常有競爭力。

And I would add, Richard, on this front, some of the investments that we're making in R&D are also one of the drivers for the gross margin expansion. So I think it's important to think about it that way.

理查德，我想補充一點，在這方面，我們在研發方面進行的一些投資也是毛利率擴張的驅動因素之一。所以我認為這樣思考很重要。

That's great. And Luca, you mentioned, or Tim mentioned college students choosing Macs and you mentioned the record Services revenue. What other metrics do you think you could provide to help investors understand how Apple measures and increases customer lifetime value, especially when we see a lot of users entering the ecosystem with relatively lower-priced products or even refurbished devices? So you're growing your ecosystem but how do you think about growing customer lifetime value over the long run?

那太棒了。你提到盧卡，或是提姆提到大學生選擇 Mac，你提到創紀錄的服務收入。您認為您還可以提供哪些其他指標來幫助投資者了解蘋果如何衡量和提高客戶終身價值，特別是當我們看到許多用戶使用價格相對較低的產品甚至翻新設備進入生態系統時？因此，您正在發展自己的生態系統，但從長遠來看，您如何看待增加客戶終身價值？

Well, some of the metrics that I've mentioned before, obviously, we look at the installed base of active devices. We see -- we want to make sure that the customers that we acquire remain with us, and so we have good visibility over that, and we pay a lot of attention to the behavior of the installed base, both by product and by geography. And then we look at the daily engagement in the ecosystem.

嗯，我之前提到的一些指標顯然是我們關注的活躍設備的安裝基礎。我們看到 - 我們希望確保我們獲得的客戶留在我們身邊，因此我們對此有很好的可見性，並且我們非常關注安裝基礎的行為，無論是按產品還是按地理位置。然後我們來看看生態系統中的日常參與度。

So that's why we pay a lot of attention on things like transacting accounts, paid accounts. We want to see if, in fact, we are able to move our customers from a free model to a paid model over time. That's obviously very, very important for us. And so there's obvious -- we keep track of all these things. And that's -- and then what we do because I think it's really important is that over time, we add new services, and that, obviously -- like for example, the progress that we made in payments in recent years, very, very important because we've attracted more and more people that are actually now using additional features on our devices, and we are able to monetize that, right?

這就是為什麼我們非常關注交易帳戶、付費帳戶等事情。我們想看看，隨著時間的推移，我們是否真的能夠將客戶從免費模式轉移到付費模式。這顯然對我們來說非常非常重要。很明顯，我們會跟踪所有這些事情。這就是——然後我們所做的，因為我認為這非常重要，隨著時間的推移，我們添加新的服務，顯然——例如，我們近年來在支付方面取得的進展，非常非常重要因為我們吸引了越來越多的人實際上正在使用我們設備上的附加功能，並且我們能夠從中獲利，對吧？

So we take all that into account. We understand what happens when a customer joins us, when they buy a primary device versus a used device. We understand the behavior in different markets and so on. So we have, I think, pretty good visibility. And I think the progress that we're making in Services, we did $85 billion in the last 12 months. That's the size of a Fortune 50 and significantly bigger than it was just a couple of years ago.

所以我們考慮到所有這些。我們了解當客戶加入我們時，當他們購買主要設備與二手設備時會發生什麼。我們了解不同市場的行為等等。所以我認為我們有很好的能見度。我認為我們在服務業取得的進展在過去 12 個月完成了 850 億美元。這相當於財富 50 強的規模，而且比幾年前大得多。

Thank you, Richard. 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 number for the telephone replay is (866) 583-1035. Please enter confirmation code 0106234 followed by the pound sign. These replays will be available by approximately 5:00 p.m. Pacific Time today. Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142, and financial analysts can contact me, Suhasini Chandramouli, with additional questions at (408) 974-3123. Thank you again for joining us today.

謝謝你，理查。今天的電話會議將在兩週內透過 Apple Podcasts、apple.com/investor 上的網路廣播以及電話進行重播。電話重播號碼為 (866) 583-1035。請輸入確認碼 0106234，後面跟著井號。這些重播將於下午 5:00 左右提供。今天太平洋時間。媒體如有其他問題，請致電 (408) 862-1142 聯絡 Josh Rosenstock，金融分析師可致電 (408) 974-3123 聯絡我 Suhasini Chandramouli，提出其他問題。再次感謝您今天加入我們。

Once again, this does conclude today's conference. We do appreciate your participation.

今天的會議再次結束。我們非常感謝您的參與。