蘋果 (AAPL) 2024 Q1 法說會逐字稿

Good day, and welcome to the Apple Q1 Fiscal Year 2024 Earnings Conference Call. Today's call is being recorded.

美好的一天，歡迎參加 Apple 2024 財年第一季財報電話會議。今天的通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Suhasini Chandramouli, Director of Investor Relations. Please go ahead.

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

感謝您加入我們。今天首先發言的是蘋果執行長提姆·庫克，接著是財務長盧卡·梅斯特里。之後，我們將開始接受分析師提問。

Before turning the call over to Tim, I would like to remind everyone that the quarter we're reporting today included 13 weeks, whereas the quarter we reported a year ago included 14 weeks. 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.

在將電話轉給 Tim 之前，我想提醒大家，我們今天報告的季度包括 13 週，而我們一年前報告的季度包括 14 週。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.

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。

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

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 $119.6 billion for the December quarter, up 2% from a year ago despite having 1 less week in the quarter. EPS was $2.18, up 16% from a year ago and an all-time record. We achieved revenue records across more than 2 dozen countries and regions, including all-time records in Europe and rest of Asia Pacific. We also continued to see strong double-digit growth in many emerging markets, with all-time records in Malaysia, Mexico, the Philippines, Poland and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia and Chile.

謝謝你，蘇哈西尼。大家下午好，感謝您加入通話。今天，蘋果報告 12 月所在季度的營收為 1,196 億美元，儘管該季度營業時間減少了 1 週，但仍較去年同期成長 2%。 EPS 為 2.18 美元，較上年同期成長 16%，創歷史新高。我們在 20 多個國家和地區創造了收入記錄，其中包括歐洲和亞太其他地區的歷史記錄。我們也繼續在許多新興市場看到強勁的兩位數成長，其中馬來西亞、墨西哥、菲律賓、波蘭和土耳其創下了歷史記錄，印度、印尼、沙烏地阿拉伯和智利也創下了 12 月季度的記錄。

In Services, we set an all-time revenue record with paid subscriptions growing double digits year-over-year. And I'm pleased to announce today that we have set a new record for our installed base, which has now surpassed 2.2 billion active devices. We are announcing these results on the eve of what is sure to be an historic day as we enter the era of spatial computing. Starting tomorrow, Apple Vision Pro, the most advanced personal electronics device ever, will be available in Apple Stores for customers in the U.S., with expansion to other countries later this year.

在服務方面，我們創下了歷史收入記錄，付費訂閱量較去年同期成長兩位數。今天我很高興地宣布，我們的安裝基數創下了新紀錄，活躍設備數現已超過 22 億。我們在進入空間計算時代之際宣布這些結果，這肯定是歷史性的一天。從明天開始，有史以來最先進的個人電子設備 Apple Vision Pro 將在美國的 Apple Store 零售店發售，並在今年稍後擴展到其他國家。

Apple Vision Pro is a revolutionary device built on decades of Apple innovation, and it's years ahead of anything else. Apple Vision Pro has a groundbreaking new input system and thousands of innovations, and it will unlock incredible experiences for users and developers that are simply not possible on any other device. There's already so much excitement behind this product from reviewers, customers and developers. They are praising everything from the incredible experience of watching a movie on a 100-foot screen to remarkable new machine learning capabilities like hand tracking and room mapping. We can't wait for people to experience the magic for themselves.

Apple Vision Pro 是一款革命性的設備，建立在 Apple 數十年的創新基礎上，並且領先於其他任何產品多年。 Apple Vision Pro 擁有突破性的新輸入系統和數千項創新，它將為用戶和開發人員帶來令人難以置信的體驗，這是任何其他設備上根本不可能實現的。該產品已經引起了評論者、客戶和開發人員的極大興奮。他們對一切都大加讚賞，從在 100 英尺螢幕上觀看電影的令人難以置信的體驗，到出色的新機器學習功能（如手部追蹤和房間地圖繪製）。我們迫不及待地想讓人們親自體驗這股魔力。

Moments like these are what we live for at Apple. They are why we do what we do. They're why we're so unflinchingly dedicated to groundbreaking innovation and why we're so focused on pushing technology to its limits as we work to enrich the lives of our users. As we look ahead, we will continue to invest in these and other technologies that will shape the future. That includes artificial intelligence where we continue to spend a tremendous amount of time and effort, and we're excited to share the details of our ongoing work in that space later this year.

像這樣的時刻就是我們在 Apple 所追求的。它們是我們做我們所做的事情的原因。這就是為什麼我們如此堅定地致力於突破性創新，以及為什麼我們如此專注於將科技推向極限，努力豐富使用者的生活。展望未來，我們將繼續投資這些技術以及其他將塑造未來的技術。其中包括我們繼續花費大量時間和精力的人工智慧，我們很高興能在今年稍後分享我們在該領域正在進行的工作的細節。

Now let's turn to the results for the December quarter, beginning with iPhone. We're proud to report that revenue came in at $69.7 billion, 6% higher than a year ago. The iPhone 15 lineup has earned glowing reviews and been embraced by customers. The iPhone 15 and iPhone 15 Plus feature a gorgeous new design with color-infused back glass and contoured edges, Dynamic Island, A16 Bionic and a new 48-megapixel camera system. And the iPhone 15 Pro and iPhone 15 Pro Max set the gold standard for smartphones with a beautiful and lighter titanium design, industry-leading performance with A17 Pro and our most advanced camera system with the equivalent of 7 Pro lenses and the ability to record spatial video. Features like Emergency SOS and Roadside Assistance via satellite bring peace of mind to users when they travel, and I'm grateful for every note I've received about their life-saving impact.

現在讓我們來看看 12 月季度的業績，首先是 iPhone。我們很自豪地報告，收入達到 697 億美元，比一年前成長 6%。 iPhone 15 系列贏得了好評並受到消費者的歡迎。 iPhone 15 和 iPhone 15 Plus 採用華麗的新設計，配有彩色後玻璃和輪廓邊緣、動態島、A16 仿生和新的 4800 萬像素相機系統。 And the iPhone 15 Pro and iPhone 15 Pro Max set the gold standard for smartphones with a beautiful and lighter titanium design, industry-leading performance with A17 Pro and our most advanced camera system with the equivalent of 7 Pro lenses and the ability to record spatial影片.緊急求救和衛星路邊援助等功能讓用戶在旅行時安心無憂，我很感激收到的每一條關於其挽救生命影響的信息。

Turning to Mac. Revenue came in at $7.8 billion, up 1% year-over-year, driven by the strength of our latest M3-powered MacBook Pro models in spite of having 1 less week of sales. Just last week, we got to wish Mac a happy 40th birthday. When it was introduced 40 years ago, Mac changed everything, and through the years, it has done so again and again. Recently, we have been on a tremendous pace of innovation. Since the introduction of Apple Silicon in 2020, we've been proud to offer our users unmatched performance and power along with a remarkable neural engine for artificial intelligence and machine learning.

轉向麥克。儘管週銷量減少了 1 週，但受最新搭載 M3 的 MacBook Pro 機型強勁表現的推動，營收達到 78 億美元，年增 1%。就在上週，我們祝 Mac 40 歲生日快樂。 40 年前推出時，Mac 改變了一切，多年來，它一次又一次地這樣做。最近，我們一直以驚人的速度進行創新。自 2020 年推出 Apple Silicon 以來，我們一直很自豪能夠為用戶提供無與倫比的性能和功能，以及用於人工智慧和機器學習的卓越神經引擎。

This past fall, we had an amazing launch of the latest generation of Apple Silicon for Mac: M3, M3 Pro and M3 Max. These chips break new ground in power and performance, empowering users to do more than they ever could before, whether they're making a musical masterpiece using the latest features in Logic Pro or beating their high score in a graphics-intensive game. A favorite among students, business owners, artists and video editors, our MacBook Pro lineup is the world's best Pro notebook family. And iMac, the world's most capable and best-selling all-in-one is now faster than ever, thanks to M3.

去年秋天，我們令人驚嘆地推出了最新一代 Apple Silicon for Mac：M3、M3 Pro 和 M3 Max。這些晶片在功耗和性能方面取得了新的突破，使用戶能夠比以前做得更多，無論他們是使用 Logic Pro 的最新功能製作音樂傑作，還是在圖形密集型遊戲中打破高分。我們的 MacBook Pro 系列是世界上最好的 Pro 筆記型電腦系列，深受學生、企業主、藝術家和影片編輯者的喜愛。而 iMac，世界上最強大、最暢銷的一體機，現在比以往任何時候都更快，這要歸功於 M3。

In iPad, revenue for the December quarter was $7 billion, down 25% year-over-year due to a difficult compare with the launch of the M2 iPad Pro and the tenth-generation iPad during the December quarter last year and 1 less week of sales. iPad remains the most versatile, capable and elegant tablet on the market today. It continues to be the go-to device for students, creatives and more, with customers loving iPad's incredible combination of portability and performance. Powerful apps like Final Cut Pro and Logic Pro for iPad allow video and music creators to unleash their creativity in new ways that are only possible on iPad. iPad continues to push the boundaries of what's possible on a tablet.

iPad 方面，由於與去年 12 月季度 M2 iPad Pro 和第十代 iPad 的推出相比困難重重，且比去年同期少了 1 週，12 月季度營收為 70 億美元，同比下降 25%。銷售量。 iPad 仍然是當今市場上功能最豐富、功能最強大且優雅的平板電腦。它仍然是學生、創意人員等的首選設備，客戶喜歡 iPad 令人難以置信的便攜性和性能的結合。 Final Cut Pro 和 Logic Pro iPad 版本等強大的應用程式讓影片和音樂創作者能夠以只有在 iPad 上才能實現的新方式釋放他們的創造力。 iPad 不斷突破平板電腦的極限。

In Wearables, Home and Accessories, revenue came in at $12 billion, down 11% from a year ago due to a difficult compare with the launch timing of several products in this category and the impact of the 14th week last year. Across our latest Apple Watch lineup, we're enabling and encouraging our users to live a healthier day while making Apple Watch even more intuitive to use. The new Double Tap gesture on Apple Watch Series 9 and Apple Watch Ultra 2 make it easier to answer calls, play and pause music or take a photo with iPhone. I've been deeply moved by the many touching stories about how features like Irregular Rhythm Notification and Fall Detection helped Apple Watch users when they needed it most. And for the first time ever, users can choose a carbon-neutral option of any new Apple Watch.

在穿戴式裝置、家居和配件領域，收入為 120 億美元，年減 11%，原因是與該類別中幾款產品的上市時間難以比較以及去年第 14 週的影響。在我們最新的 Apple Watch 系列中，我們致力於並鼓勵用戶過上更健康的一天，同時讓 Apple Watch 的使用更加直覺。 Apple Watch Series 9 和 Apple Watch Ultra 2 上的全新雙擊手勢讓您可以更輕鬆地使用 iPhone 接聽電話、播放和暫停音樂或拍照。許多感人的故事讓我深受感動，這些故事講述了不規則節律通知和跌倒檢測等功能如何在 Apple Watch 用戶最需要的時候為他們提供幫助。用戶有史以來第一次可以為任何新款 Apple Watch 選擇碳中和選項。

Meanwhile, our AirPods lineup continued to be a holiday favorite. In Services, we set an all-time revenue record of $23.1 billion, an 11% year-over-year increase. Because we had 1 less week this quarter, this growth represents an acceleration from the September quarter. And we achieved all-time revenue records across advertising, cloud services, payment services and video as well as December quarter records in App Store and AppleCare.

同時，我們的 AirPods 系列仍然是節日的最愛。在服務領域，我們創下了 231 億美元的歷史收入記錄，年增 11%。由於本季減少了 1 週，因此這一增長較 9 月季度有所加速。我們在廣告、雲端服務、支付服務和影片方面創下了歷史收入記錄，並在 App Store 和 AppleCare 中創下了 12 月季度記錄。

Across our services, we're constantly growing our offerings to give users even more to love. With the redesigned Apple TV app, we've made it easier for subscribers to enjoy all their favorite shows, movies and sports, including Apple TV+ hits like Masters of the Air, Monarch, and Slow Horses. We're proud to be a part of Martin Scorsese's Killers of the Flower Moon, a film that has moved audiences and earned more than 200 accolades, including Best Film of the Year from the New York Film Critics Circle, 9 BAFTA nominations, a Golden Globe win and 10 Oscar nominations, including Best Picture. Across all Apple TV+ productions, we've now earned 2,050 award nominations and 450 wins since we've introduced the service.

在我們的服務中，我們不斷豐富我們的產品，讓使用者更喜愛。透過重新設計的 Apple TV 應用，我們讓訂閱者更輕鬆地欣賞所有他們喜愛的節目、電影和體育節目，包括 Apple TV+ 熱門節目，如 Masters of the Air、Monarch 和 Slow Horses。我們很榮幸能成為馬丁·史柯西斯(Martin Scorsese) 的《花月殺手》的一部分，這部影片感動了觀眾，贏得了200 多項榮譽，包括紐約影評人協會年度最佳影片、9 項英國電影和電視藝術學院(BAFTA) 提名、一項金獎榮獲金球獎和 10 項奧斯卡提名，包括最佳影片獎。自從推出這項服務以來，在所有 Apple TV+ 作品中，我們已獲得 2,050 項獎項提名和 450 項獎項。

We're also excited to have a new season of Major League Soccer kicking off this month. We're looking forward to seeing Lionel Messi return to the field and to following all of our favorite teams in what is sure to be an incredible season. And we're counting down to the Apple Music Super Bowl Halftime Show featuring Usher.

我們也很高興美國職業足球大聯盟新賽季將於本月拉開序幕。我們期待看到萊昂內爾·梅西重返賽場，並跟隨所有我們最喜歡的球隊，這肯定會是一個令人難以置信的賽季。我們正在倒數由亞瑟小子 (Usher) 主持的 Apple Music 超級盃中場秀。

Turning to retail. In recent months, we opened 3 stores, including our 100th store in Asia Pacific. Throughout the holidays, our team members pulled out all the stops to help customers find the perfect gift. And I know our U.S. team members are especially excited to begin demoing Apple Vision Pro for our customers tomorrow.

轉向零售。近幾個月來，我們開設了 3 家門市，其中包括亞太地區的第 100 家門市。整個假期，我們的團隊成員竭盡全力幫助客戶找到完美的禮物。我知道我們的美國團隊成員對明天開始為我們的客戶展示 Apple Vision Pro 感到特別興奮。

At Apple, we live and breathe innovation. We are driven to pioneer new technology that can enrich our customers' lives, and we're just as intentional about showing up with our values and being a force for good in the world. February is Black History Month, and to honor it, we've launched our new Black Unity collection, which includes the Black Unity Sport Loop band. This year's designs reflect a lasting commitment to working toward a more equitable world. We also continue to do essential work through our Racial Equity and Justice Initiative, and we're proud to continue providing grants to organizations that are making a real impact in the world.

在 Apple，我們以創新為生。我們致力於開拓新技術，豐富客戶的生活，同時我們也致力於展現我們的價值觀，成為世界上一股向善的力量。二月是黑人歷史月，為了紀念這個節日，我們推出了全新 Black Unity 系列，其中包括 Black Unity 回環式運動錶帶。今年的設計體現了致力於建立更公平的世界的持久承諾。我們也繼續透過種族平等和正義倡議開展重要工作，我們很自豪能夠繼續為對世界產生真正影響的組織提供資助。

In recent months, we've also taken significant strides in our environmental work. We're partnering with suppliers to bring more clean energy online for Apple production. We're using more recycled materials than ever before and more energy-efficient transportation than ever before. And each day, we are taking more and more steps toward becoming 100% carbon-neutral across all of our products by 2030.

近幾個月來，我們的環境工作也取得了重大進展。我們正在與供應商合作，為 Apple 生產提供更多清潔能源。我們使用的再生材料比以往任何時候都多，運輸方式也比以往更節能。我們每天都在採取越來越多的措施，爭取到 2030 年我們所有產品實現 100% 碳中和。

Apple is a company that has never shied away from big challenges. That's because we are grounded by a deep sense of purpose and guided by a core belief in the transformative power of innovation. And so we are optimistic about the future, confident in the long term and as excited as we've ever been to deliver for our users like only Apple can.

蘋果是一家從不迴避重大挑戰的公司。這是因為我們以深刻的使命感為基礎，並以創新變革力量的核心信念為指導。因此，我們對未來持樂觀態度，對長期發展充滿信心，並像以往一樣興奮地為我們的用戶提供只有蘋果才能做到的服務。

With that, I'll turn it over to Luca.

這樣，我就把它交給盧卡了。

Thank you, Tim, and good afternoon, everyone. Revenue for the December quarter was $119.6 billion, up 2% from last year. During the December quarter a year ago, 2 unique factors affected our results: first, we had an additional week in the quarter; and second, we had COVID-related factory shutdowns that limited iPhone supply. We estimate that the net impact of these 2 factors resulted in a 2 percentage point headwind to our revenue performance this quarter. We set all-time revenue records in Europe and rest of Asia Pacific and continue to see strong performance across our emerging markets, with double-digit growth in the majority of the emerging markets we track.

謝謝蒂姆，大家下午好。 12月季度的營收為1196億美元，比去年增長2%。在一年前的 12 月季度，有 2 個獨特因素影響了我們的業績：首先，該季度我們多了一周；其次，與新冠病毒相關的工廠關閉限制了 iPhone 的供應。我們估計這兩個因素的淨影響導致我們本季的營收表現下降 2 個百分點。我們在歐洲和亞太其他地區創造了歷史收入記錄，並繼續看到我們的新興市場表現強勁，我們追蹤的大多數新興市場都實現了兩位數的成長。

Products revenue was $96.5 billion, flat compared to last year, driven by strength in iPhone, offset by challenging compares for iPad and Wearables, Home and Accessories and 1 less week of sales this year across the entire portfolio. Thanks to our unparalleled customer loyalty and very strong levels of customer satisfaction, our total installed base of active devices set a new record across all products and all geographic segments and is now over 2.2 billion active devices.

產品收入為 965 億美元，與去年持平，這主要得益於 iPhone 的強勢，但被 iPad 和可穿戴設備、家居及配件的比較挑戰以及今年整個產品組合的銷售額減少 1 週所抵消。由於我們無與倫比的客戶忠誠度和非常高的客戶滿意度，我們的活躍設備總安裝基數在所有產品和所有地理區域都創下了新紀錄，目前活躍設備數量超過 22 億。

Services revenue set an all-time record of $23.1 billion, up 11% year-over-year. When we take into account the extra week last year, this represents a sequential acceleration of growth from the September quarter. We're very pleased with our Services performance in both developed and emerging markets, with all-time revenue records in the Americas, Europe, and rest of Asia Pacific.

服務收入創下 231 億美元的歷史紀錄，年增 11%。當我們考慮到去年多出的一周時，這代表著與九月季度相比成長的連續加速。我們對已開發市場和新興市場的服務表現非常滿意，在美洲、歐洲和亞太其他地區創下了歷史收入記錄。

Company gross margin was 45.9%, up 70 basis points sequentially, driven by leverage and favorable mix, partially offset by foreign exchange. Products gross margin was 39.4%, up 280 basis points sequentially, also driven by leverage and mix, partially offset by foreign exchange. Services gross margin was 72.8%, up 190 basis points from last quarter due to a more favorable mix. Operating expenses of $14.5 billion were at the midpoint of the guidance range we provided and up 1% year-over-year. Net income was $33.9 billion, up $3.9 billion from last year. Diluted EPS was $2.18, up 16% versus last year and an all-time record, and operating cash flow was very strong at $39.9 billion.

該公司毛利率為 45.9%，比上一季成長 70 個基點，受到槓桿和有利組合的推動，但部分被外匯抵消。產品毛利率為 39.4%，比上一季成長 280 個基點，這也是受到槓桿和組合的推動，但部分被外匯抵消。由於較有利的組合，服務毛利率為 72.8%，較上季成長 190 個基點。營運費用為 145 億美元，處於我們提供的指導範圍的中點，年增 1%。淨利潤為 339 億美元，比去年增加 39 億美元。稀釋後每股收益為 2.18 美元，比去年增長 16%，創歷史新高，營運現金流非常強勁，達到 399 億美元。

Let me now provide more detail for each of our revenue categories. iPhone revenue was $69.7 billion, up 6% year-over-year. We set all-time records in several countries and regions, including Latin America, Western Europe, the Middle East and Korea as well as December quarter records in India and Indonesia. Our iPhone active installed base grew to a new all-time high, and we had an all-time record number of iPhone upgraders during the quarter. Customers are loving the new iPhone 15 family, with the latest reports from 451 Research indicating customer satisfaction of 99% in the U.S. In fact, many iPhone models were among the top-selling smartphones around the world during the quarter. According to a survey from Kantar, iPhones were 4 out of the top 5 models in the U.S. and Japan; 4 out of the top 6 models in urban China and the U.K. and all top 5 models in Australia.

現在讓我提供每個收入類別的更多詳細資訊。 iPhone 營收為 697 億美元，年增 6%。我們在拉丁美洲、西歐、中東和韓國等多個國家和地區創造了歷史記錄，並在印度和印尼創造了十二月季度記錄。我們的 iPhone 活躍安裝量成長至歷史新高，本季 iPhone 升級用戶數量也創下歷史新高。消費者非常喜愛新款 iPhone 15 系列，451 Research 的最新報告顯示，美國消費者滿意度高達 99%。事實上，許多 iPhone 型號均躋身本季全球最暢銷智慧型手機之列。根據 Kantar 的調查，在美國和日本排名前 5 名的機型中，iPhone 佔了 4 匹；中國和英國城市前 6 名車型中的 4 款以及澳洲前 5 名車型中的全部。

Mac generated revenue of $7.8 billion and returned to growth despite 1 less week of sales this year. This represents a significant acceleration from the September quarter when we faced a challenging compare due to the supply disruptions and subsequent demand recapture we experienced a year ago. Customer response to our latest iMac and MacBook Pro models powered by the M3 chips has been great, and our Mac installed base reached an all-time high, with almost half of Mac buyers during the quarter being new to the product. Also, 451 Research recently reported customer satisfaction of 97% for Mac in the U.S.

Mac 的營收為 78 億美元，儘管今年的銷售額減少了 1 週，但仍恢復成長。這與九月季度相比顯著加速，當時由於一年前經歷的供應中斷和隨後的需求恢復，我們面臨著充滿挑戰的比較。客戶對我們搭載 M3 晶片的最新 iMac 和 MacBook Pro 型號的反應非常好，我們的 Mac 安裝基數達到了歷史最高水平，本季幾乎一半的 Mac 買家是該產品的新用戶。此外，451 Research 最近報告稱，美國 Mac 客戶滿意度為 97%。

iPad was $7 billion in revenue, down 25% year-over-year. iPad faced a difficult compare because during the December quarter last year, we launched the new iPad Pro and iPad 10th generation, and we had an extra week of sales. However, the iPad installed base continues to grow and is an all-time high with over half of the customers who purchased iPads during the quarter being new to the product. And customer satisfaction for iPad was recently measured at 98% in the U.S.

iPad 的營收為 70 億美元，年減 25%。 iPad 面臨一個困難的比較，因為去年 12 月這個季度，我們推出了新款 iPad Pro 和 iPad 10 代，我們多了一周的銷售量。然而，iPad 的安裝量持續成長，並創下歷史新高，本季購買 iPad 的客戶中有一半以上是該產品的新用戶。最近，美國 iPad 客戶滿意度高達 98%。

Wearables, Home and Accessories revenue was $12 billion, down 11% year-over-year due to a challenging launch compare and the extra week a year ago. This time last year, we had the full quarter benefit from the launches of the AirPods Pro second generation, the Watch SE and the first Watch Ultra. We continue to attract new customers to Apple Watch. Nearly 2/3 of customers purchasing an Apple Watch during the quarter were new to the product. And the latest report from 451 Research indicates customer satisfaction of 96% in the U.S.

穿戴式裝置、家居和配件收入為 120 億美元，年減 11%，原因是與去年同期相比，產品發布充滿挑戰以及增加了一周。去年這個時候，我們整個季度都受益於第二代 AirPods Pro、Watch SE 和第一款 Watch Ultra 的發布。我們持續為 Apple Watch 吸引新客戶。本季購買 Apple Watch 的顧客中有近 2/3 是該產品的新手。 451 Research 的最新報告顯示，美國的顧客滿意度為 96%。

And in Services, we were very pleased with our double-digit growth, which was driven by the strength of our ecosystem. Our installed base is now over 2.2 billion active devices and continues to grow nicely, establishing a solid foundation for the future expansion of our Services business. And we continue to see increased customer engagement with our services. Both transacting accounts and paid accounts reached a new all-time high with paid accounts growing double digits year-over-year. Also, our paid subscriptions showed strong double-digit growth. We have well over 1 billion paid subscriptions across the services on our platform, more than double the number that we had only 4 years ago.

在服務方面，我們對這兩位數的成長感到非常滿意，這是由我們生態系統的實力所推動的。目前，我們的活躍設備安裝量已超過 22 億台，並且持續良好成長，為我們服務業務的未來擴張奠定了堅實的基礎。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創歷史新高，付費帳戶較去年同期成長兩位數。此外，我們的付費訂閱量呈現強勁的兩位數成長。我們平台上的各項服務的付費訂閱量遠遠超過 10 億，是 4 年前的兩倍多。

Finally, we continue to build on the breadth and the quality of our current services. From Oscar-nominated theatrical releases with Apple TV+, to more publications on News+ like The Atlantic and exciting new games on Arcade.

最後，我們繼續擴大現有服務的廣度和品質。從透過 Apple TV+ 獲得奧斯卡提名的院線電影，到 News+ 上的更多出版物（例如《大西洋月刊》）和 Arcade 上激動人心的新遊戲。

Turning to enterprise, we continue to see many business customers leverage Apple products to improve productivity and drive innovation. Target recently added the latest M3 MacBook Pro to their existing deployment of thousands of Macs, enabling employees across various departments to do their best work. In emerging markets, Zoho, a leading technology company headquartered in India, offers its 15,000-plus global employees a choice of devices, with 80% of their workforce using iPhone for work and nearly 2/3 of them choosing Mac as their primary computer.

談到企業，我們繼續看到許多企業客戶利用 Apple 產品來提高生產力並推動創新。 Target 最近在其現有的數千台 Mac 部署中添加了最新的 M3 MacBook Pro，使各部門的員工能夠出色地完成工作。在新興市場，總部位於印度的領先科技公司 Zoho 為全球 15,000 多名員工提供多種設備選擇，其中 80% 的員工使用 iPhone 進行工作，其中近 2/3 選擇 Mac 作為主要電腦。

With the upcoming launch of Apple Vision Pro, we are seeing strong excitement in enterprise. Leading organizations across many industries such as Walmart, Nike, Vanguard, Stryker, Bloomberg and SAP have started leveraging and investing in Apple Vision Pro as the new platform to bring innovative spatial computing experiences to their customers and employees. From everyday productivity to collaborative product design to immersive training, we cannot wait to see the amazing things our enterprise customers will create in the months and years to come.

隨著 Apple Vision Pro 即將推出，我們看到了企業界的強烈興奮。沃爾瑪、Nike、Vanguard、Stryker、Bloomberg 和 SAP 等多個產業的領先組織已開始利用和投資 Apple Vision Pro 作為新平台，為客戶和員工帶來創新的空間運算體驗。從日常生產力到協作產品設計，再到沉浸式培訓，我們迫不及待地想看到我們的企業客戶在未來幾個月甚至幾年內將創造出令人驚嘆的事物。

Let me now turn to our cash position and capital return program. We ended the quarter with $173 billion in cash and marketable securities. We decreased commercial paper by $4 billion, leaving us with total debt of $108 billion. As a result, net cash was, $65 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 $27 billion to shareholders, including $3.8 billion in dividends and equivalents and $20.5 billion through open market repurchases of 112 million Apple shares. We also retired an additional 6 million shares in the final settlement of our 19th ASR. As usual, we will provide an update to our capital return program when we report results at the end of this quarter.

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 1,730 億美元的現金和有價證券。我們減少了 40 億美元的商業票據，使我們的債務總額達到 1,080 億美元。因此，本季末淨現金為 650 億美元，而我們隨著時間的推移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 270 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 1.12 億股蘋果股票的 205 億美元。我們也在第 19 次 ASR 的最終結算中額外退還了 600 萬股。與往常一樣，我們將在本季末報告業績時提供資本回報計劃的最新資訊。

As we move ahead into the March 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. And we expect foreign exchange to be a revenue headwind of about 2 percentage points on a year-over-year basis.

隨著我們進入三月季度，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。我們預計外匯收入將年減約 2 個百分點。

As a reminder, in the December quarter a year ago, we faced significant supply constraints on the iPhone 14 Pro and 14 Pro Max due to COVID-19 factory shutdowns. And in the March quarter a year ago, we were able to replenish channel inventory and fulfill significant pent-up demand from the constraints. We estimate that this impact added close to $5 billion to the March quarter's total revenue last year. When we remove this impact from last year's revenue, we expect both our March quarter total company revenue and iPhone revenue to be similar to a year ago.

提醒一下，在一年前的 12 月季度，由於 COVID-19 工廠關閉，我們的 iPhone 14 Pro 和 14 Pro Max 面臨嚴重的供應限制。一年前的第三季度，我們能夠補充渠道庫存並滿足因限製而被壓抑的大量需求。我們估計，這一影響使去年第三季的總收入增加了近 50 億美元。當我們從去年的收入中消除這一影響時，我們預計 3 月季度的公司總收入和 iPhone 收入將與一年前相似。

For our Services business, we expect a similar double-digit growth rate to what we reported in the December quarter. We expect gross margin to be between 46% and 47%. We expect OpEx to be between $14.3 billion and $14.5 billion. We expect OI&E to be around $50 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%. Finally, today, our Board of Directors has declared a cash dividend of $0.24 per share of common stock payable on February 15, 2024, to shareholders of record as of February 12, 2024.

對於我們的服務業務，我們預計將實現與 12 月季度報告類似的兩位數成長率。我們預計毛利率在46%至47%之間。我們預計營運支出將在 143 億美元至 145 億美元之間。我們預計 OI&E 約為 5000 萬美元，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%。最後，今天，我們的董事會宣佈於 2024 年 2 月 15 日向截至 2024 年 2 月 12 日登記在冊的股東派發每股普通股 0.24 美元的現金股利。

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

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'll go ahead and take our first question from Erik Woodring with Morgan Stanley.

我們將繼續回答摩根士丹利的艾瑞克‧伍德林提出的第一個問題。

I have 2, and congrats on the nice quarter here. Luca, maybe if we start with you, can you unpackage some of the Services drivers a bit for us? Obviously, really nice outperformance in the December quarter versus your expectations. A record gross margin implies your higher-margin businesses were likely the sources of outperformance. But can you maybe just clarify a bit how we should think about Services growth for the March quarter? And then speak to some of those underlying drivers in the December quarter and then in the March quarter, what the different puts and takes would be. And then I have a follow-up, please.

我有 2 個，祝賀這裡度過了美好的季度。 Luca，也許如果我們從您開始，您能為我們解壓縮一些服務驅動程式嗎？顯然，12 月季度的表現非常好，超出了您的預期。創紀錄的毛利率意味著您的高利潤業務很可能是業績優異的來源。但您能否澄清一下我們應該如何看待三月季度的服務成長？然後談談 12 月季度和 3 月季度的一些潛在驅動因素，看跌期權和持倉期權有何不同。然後我有一個後續行動，請。

Thanks, Erik, for the question. Let's start with the December quarter. As we said, up 11%, $23.1 billion is an all-time record for us, with all-time records in the Americas, in Europe and the rest of Asia Pac. So it was pretty broad-based geographically and very strong across all the Services categories because we had all-time revenue records for cloud, for payments, for video and for advertising and December quarter records for the App Store and for AppleCare.

謝謝埃里克提出的問題。讓我們從 12 月季度開始。正如我們所說，成長 11%，231 億美元是我們的歷史記錄，美洲、歐洲和亞太其他地區也創下了歷史記錄。因此，它的地理基礎非常廣泛，並且在所有服務類別中都非常強大，因為我們擁有雲端、支付、視訊和廣告的歷史收入記錄，以及 App Store 和 AppleCare 的 12 月季度記錄。

Obviously, last year, we had an extra week so the 11% is stronger than -- the underlying performance is stronger than 11% that we have reported. I think the entire ecosystem is doing well because we continue to see growth and new all-time highs in both transacting accounts and paid accounts, which is obviously very important. And paid subscriptions continue to grow strong double digits.

顯然，去年我們多了一周，所以 11% 比我們報告的基本表現強於 11%。我認為整個生態系統表現良好，因為我們繼續看到交易帳戶和付費帳戶的成長和歷史新高，這顯然非常重要。付費訂閱繼續以兩位數強勁增長。

Just as a reference, we have more than 1 billion paid subscriptions across all the services on our platform. This is more than double the number of paid subscriptions that we had only 4 years ago, so obviously very significant growth there. What I said during the prepared remarks around the March quarter, I mentioned that we will continue to grow double digits at a percentage that is similar to what we reported for the December quarter. We don't provide guidance around the different Services category so we will provide more color when we report in 3 months.

作為參考，我們平台上所有服務的付費訂閱量已超過 10 億。這是我們 4 年前付費訂閱數量的兩倍多，因此顯然成長非常顯著。我在 3 月季度的準備發言中提到，我們將繼續以與 12 月季度報告類似的百分比實現兩位數增長。我們不提供有關不同服務類別的指導，因此我們將在 3 個月後報告時提供更多資訊。

Okay. And then, Tim, really nice to see your installed base reach a record high, again, against all products and geos. I'm wondering if you could share a bit more detail about the new users you were able to onboard over the last 12 months, meaning how might this new cohort look different from past cohorts either in terms of geographic representation or skew to certain products or even how their monetization trends might differ from past cohorts.

好的。然後，提姆，很高興看到您的安裝基礎再次達到歷史新高，與所有產品和地理區域相比。我想知道您是否可以分享有關您在過去12 個月內吸引的新用戶的更多詳細信息，這意味著這個新用戶群體在地理代表性或對某些產品的偏向性方面與過去的用戶群體有何不同，甚至他們的貨幣化趨勢與過去的群體有何不同。

Yes. Erik, I would say emerging markets are -- have been a very key area of strength for us. If you look at it, India grew, in revenue terms, grew strong double digits in the December quarter and hit a quarter revenue record. The other emerging markets like Indonesia also hit a quarterly record, and we had several regions with records from Latin America to the Middle East. And that theme has been pretty consistent across the other quarters of the year as well. And so emerging markets, very, very important, and I feel like we're doing a great job there.

是的。艾瑞克，我想說新興市場一直是我們的一個非常關鍵的優勢領域。如果你看一下，印度的營收成長，在 12 月季度實現了兩位數的強勁成長，並創下了季度營收記錄。印尼等其他新興市場也創下了季度記錄，從拉丁美洲到中東，我們有幾個地區也創下了記錄。這一主題在今年其他季度也非常一致。因此，新興市場非常非常重要，我覺得我們在那裡做得很好。

Our next question is from Mike Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

I just have 2 questions as well. First on Services. Just on the outlook for the March quarter for a similar double-digit growth rate as the December quarter, I'm just wondering why not -- why won't it be potentially faster, given that the December quarter obviously had a headwind from the extra week comp, and I also think that some of the pricing uplifts on select Apple One services that were implemented last winter should help in the March quarter. Any additional thoughts there would be great in terms of what some of your assumptions are. And then I have a quick follow-up.

我也只有 2 個問題。首先是服務。就 3 月份季度的前景來看，增長率將與 12 月份季度類似，我只是想知道為什麼不——為什麼它不會更快，因為 12 月份季度顯然受到了來自 12 月份季度的阻力。額外一周補償，而且我還認為去年冬天實施的部分Apple One 服務的價格上漲應該會對3 月份的季度有所幫助。就您的一些假設而言，任何其他想法都會很棒。然後我會進行快速跟進。

Yes. We'll see how the quarter develops. I would point to 2 things. One is the fact that we mentioned that we expect a couple of points of negative foreign exchange in the March quarter, and foreign exchange was essentially flat for us in the December quarter. So you've got a bit of a headwind there. And then when you look at the progression of our Services business over the last few quarters, the compares for March are slightly more difficult than the compares for December.

是的。我們將看看本季的發展如何。我想指出兩件事。一是我們提到我們預計 3 月季度的外匯匯率將出現幾個負值，而 12 月季度的外匯匯率基本上持平。所以你在那裡遇到了一些逆風。然後，當您查看過去幾季我們服務業務的進展時，您會發現 3 月的比較比 12 月的比較稍微困難一些。

Great. And then my second question, it was very interesting to hear about some of the enterprise customer investments into Vision Pro. Could you maybe just talk about some of the efforts to support the Vision Pro developer ecosystem? And it was also good to hear about the potential upcoming announcements on AI, so any thoughts there would also be helpful.

偉大的。然後是我的第二個問題，聽到一些企業客戶對 Vision Pro 的投資非常有趣。您能否談談支持 Vision Pro 開發者生態系統的一些努力？很高興聽到有關人工智慧即將發布的潛在公告，因此任何想法也會有所幫助。

Yes. We are incredibly excited about the enterprise opportunities with Vision Pro. I've seen several demos from different companies. Luca mentioned several in his opening remarks, but Walmart has a very cool merchandising app. There are firms that are doing collaboration, design collaboration apps. There are field service applications. Really all over the map. There are applications that are for control center, command center kind of things.

是的。我們對 Vision Pro 帶來的企業機會感到非常興奮。我看過不同公司的幾個演示。盧卡在開場白中提到了幾個，但沃爾瑪有一個非常酷的銷售應用程式。有些公司正在進行協作，設計協作應用程式。有現場服務應用程式。真的遍佈地圖。有些應用程式用於控制中心、指揮中心之類的東西。

SAP has really gotten behind it and, of course, SAP is in so many of companies that I think there will be a great opportunity for us in enterprise, and we couldn't be more excited about where things are right now. We're obviously looking forward to tomorrow. This has been multiple years of efforts from so many people across Apple. And really, it took a whole of company effort to bring it to this far.

SAP 確實在背後支援它，當然，SAP 已經在許多公司中使用，我認為我們在企業領域將有一個巨大的機會，我們對目前的情況感到非常興奮。我們顯然很期待明天。這是 Apple 眾多員工多年努力的成果。事實上，公司的整體努力才走到這一步。

In terms of generative AI, which I would guess is your focus, we have a lot of work going on internally as I've alluded to before. Our MO, if you will, has always been to do work and then talk about work and not to get out in front of ourselves. And so we're going to hold that to this as well. But we've got some things that we're incredibly excited about that we'll be talking about later this year.

在生成人工智慧方面，我猜這是你們關注的焦點，正如我之前提到的，我們內部正在進行大量工作。如果你願意的話，我們的行事方式一直是先做工作，然後再談論工作，而不是在自己面前出醜。所以我們也將堅持這一點。但我們有一些令人非常興奮的事情，我們將在今年晚些時候討論。

Our next question is from Wamsi Mohan with 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)。

I had 2 questions as well. First on iPhone, there have been concerns around replacement cycles lengthening, China competition intensifying. And you still beat iPhone revenues despite the weaker performance in China. Curious how you're thinking about the 15 cycle overall, given what you saw in the December quarter. And I have a follow-up.

我也有 2 個問題。首先是 iPhone，人們擔心更換週期延長、中國競爭加劇。儘管在中國的表現較弱，但你的收入仍然超過了 iPhone。考慮到您在 12 月季度所看到的情況，很好奇您如何看待第 15 個週期的整體情況。我有一個後續行動。

It's Tim. We were up 6% as we mentioned in the opening remarks. We're happy with that performance. Underneath there, we had really strong performance in several parts of the world, with all-time records in Europe and rest of Asia Pacific. As I've mentioned earlier, we did particularly well in several emerging markets from Latin America to the Middle East, and we set December quarter records in India and Indonesia, and so really some spectacular broad-based reactions to iPhone.

是蒂姆。正如我們在開場白中提到的，我們上漲了 6%。我們對這樣的表現很滿意。除此之外，我們在世界多個地區的表現非常強勁，在歐洲和亞太其他地區創下了歷史記錄。正如我之前提到的，我們在從拉丁美洲到中東的幾個新興市場中表現尤其出色，並且在印度和印尼創下了 12 月份季度記錄，因此 iPhone 確實引起了廣泛的關注。

We also, importantly, set an all-time record worldwide for iPhone upgraders. And the installed base hit a new all-time high, consistent with the -- our overall devices. And so there's a lot of good things. Luca mentioned in his opening comments that iPhones were 4 out of the top 5 smartphone models in the U.S. and Japan and 4 out of the top 6 in urban China and the U.K. and all top 5 in Australia. And this customer satisfaction level for iPhone 15 hit 99%.

重要的是，我們也創下了全球 iPhone 升級者的歷史記錄。安裝基數創下歷史新高，與我們的整體設備一致。所以有很多好東西。 Luca 在開場白中提到，在美國和日本排名前5 的智慧型手機型號中，iPhone 佔據了4 個；在中國城市和英國的前6 名智慧型手機型號中，iPhone 佔據了4 個；在澳大利亞，iPhone全部進入前5 名。 iPhone 15 的顧客滿意度達到 99%。

If you look at iPhone 15 since the announcement of it and shipment in September, so this is including some of Q4, and you compare that to iPhone 14 over the same period of time, iPhone 15 is outselling iPhone 14. And so we feel very good about that, and the upgraders hitting a record is particularly exciting for us.

如果你看看iPhone 15 自發布以來的情況以及9 月份的發貨情況，所以這包括第四季度的一些，你將其與同期的iPhone 14 進行比較，iPhone 15 的銷量超過了iPhone 14。所以我們覺得非常好。這很好，升級者創下紀錄對我們來說尤其令人興奮。

Great. And as a follow-up, obviously, you're just launching the Vision Pro and it's an entirely new category. It's a price point that's a much higher starting price point relative to most of your other, probably over the last decade, product introductions. But just wondering, how would you measure the success of Vision Pro over time? And which Apple product's adoption curve would you look at as potentially the most similar? And is there a way in which we could think Vision Pro could eclipse maybe something like the iPad in revenue over time?

偉大的。顯然，作為後續產品，您剛推出了 Vision Pro，它是一個全新的類別。相對於大多數其他產品（可能是在過去十年中推出的產品），這個價格點的起始價格要高得多。但只是想知道，隨著時間的推移，您將如何衡量 Vision Pro 的成功？您認為哪一種蘋果產品的採用曲線可能最相似？隨著時間的推移，我們是否可以認為 Vision Pro 的收入可能會超越 iPad 之類的產品？

Each product has its own journey, and so I wouldn't want to compare it to any one in particular. I would just say we couldn't be more excited internally. We've gotten an incredible amount of excitement from developers and from customers that can't wait until tomorrow to pick up their units. And we're incredibly proud to be able to demo the unit in so many of our stores in the U.S. starting tomorrow for people that are -- that want to check it out.

每種產品都有自己的歷程，因此我不想將其與任何特定產品進行比較。我只想說我們內心非常興奮。我們從開發商和客戶那裡得到了令人難以置信的興奮，他們迫不及待地等到明天才拿起他們的設備。我們非常自豪能夠從明天開始在美國的許多商店中為那些想要查看它的人們演示該設備。

And so we'll see and report the results of it in the Wearables category that you're familiar with. I think that if you look at it from a price point of view, there's an incredible amount of technology that's packed into the product. There's 5,000 patents in the product. And it's, of course, built on many innovations that Apple has spent multiple years on, from silicon to displays and significant AI and machine learning, all the hand tracking, the room mapping, all of this stuff is driven by AI. And so we're incredibly excited about it. I can't wait to be in the store for tomorrow and see the reaction myself.

因此，我們將在您熟悉的穿戴式裝置類別中查看並報告其結果。我認為，如果從價格的角度來看，該產品中包含了大量令人難以置信的技術。該產品擁有5000項專利。當然，它是建立在蘋果多年來的許多創新之上的，從晶片到顯示器，再到重要的人工智慧和機器學習，所有的手部追蹤、房間地圖，所有這些東西都是由人工智慧驅動的。所以我們對此感到非常興奮。我迫不及待地想明天去商店親眼看看反應。

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, I was hoping you could talk a little bit about what are you seeing in China right now. I think from a geographic basis, one of the few places that was down double digits while everything else was growing. So I'm hoping you'd spend a bit of time discussing what are you seeing there from a competitive perspective and more importantly from a demand perspective in China.

我也有2個。我想，首先，我希望你能談談你現在在中國看到的情況。我認為從地理角度來看，這是少數下降兩位數的地方之一，而其他一切都在增長。因此，我希望您能花一些時間從競爭的角度，更重要的是從中國的需求角度，討論一下您在那裡看到的情況。

Yes. If you look at iPhone in China Mainland, which I think has been the focus of a lot of interest and you look at it in constant currency, so more of an operational view, we were down mid-single digits on iPhone. And so it was the other things that drove the larger contraction year-over-year. On the good news side, we had solid growth on upgraders year-over-year in Mainland China, and we had 4 of the top 6 smartphone models in urban China. Also, IDC just put out a note that you may have seen that we were the top brand in -- for the full year and for the December quarter. And so there's some good news along with -- obviously, we'd prefer not to contract.

是的。如果你看看中國大陸的 iPhone，我認為這是很多人關注的焦點，並且以固定匯率來看，所以更多的是從營運角度來看，我們的 iPhone 銷量下降了中個位數。因此，是其他因素導致了同比更大幅度的收縮。好消息是，我們在中國大陸的升級機數量同比穩步增長，並且我們擁有中國城市排名前 6 的智慧型手機型號中的 4 款。此外，IDC 剛剛發布了一份說明，您可能已經看到我們是全年和 12 月季度的頂級品牌。因此，有一些好消息——顯然，我們不想簽訂合約。

Fair enough. And then as a follow-up, you folks have implemented a fair bit of changes around the App Store in Europe post the DMA implementation there. Can you just touch on what are some of the key updates? And then Luca, net of it all, do you see it having any significant impact financially to your Services or the broader Apple P&L statement?

很公平。作為後續行動，你們在歐洲的 App Store 周圍實施了相當多的更改，並在那裡實施了 DMA。您能否簡單介紹一下其中的一些關鍵更新？然後，除此之外，盧卡（Luca），您認為它對您的服務或更廣泛的蘋果損益表有任何重大的財務影響嗎？

Yes. Let me try to answer a little bit of both and then Luca can add some comments to it. We announced a number of changes last week in Europe that would be in effect beginning in March, so the last month of the first calendar quarter, the second fiscal quarter. Those are -- some of the things that we announced include alternate billing opportunities, alternate app stores or marketplaces, if you will. We're also opening NFC for new capabilities for banking and wallet apps. And so these are some of the things that we announced.

是的。讓我嘗試回答這兩個問題，然後盧卡可以添加一些評論。上週我們在歐洲宣布了一些變化，這些變化將從三月開始生效，即第一日曆季度的最後一個月，即第二財季。我們宣布的一些內容包括替代計費機會、替代應用程式商店或市場（如果您願意的話）。我們也為銀行和錢包應用程式開放 NFC 的新功能。這些是我們宣布的一些事情。

If you think about what we've done over the years is we've really majored on privacy, security and usability. And we've tried our best to get as close to the past in terms of the things that are -- that people love about our ecosystem as we can. But we're going to fall short of providing the maximum amount that we could supply because of -- we need to comply with the regulation. And so in terms of predicting the choices that developers and users will make, it's very difficult to do that with precision. And so we'll see what happens in March.

如果你想想我們這些年來所做的事情，我們確實專注於隱私、安全性和可用性。我們已盡力在人們喜愛我們生態系統的方面盡可能接近過去。但我們將無法提供我們可以提供的最大數量，因為我們需要遵守法規。因此，就預測開發人員和使用者將做出的選擇而言，很難精確地做到這一點。所以我們將看看三月會發生什麼。

Yes. And Amit, as Tim said, these are changes that we're going to be implementing in March. A lot will depend on the choices that will be made. Just to keep it in context, the changes apply to the EU market, which represents roughly 7% of our global App Store revenue.

是的。阿米特，正如蒂姆所說，這些是我們將在三月實施的變更。很大程度取決於將要做出的選擇。為了便於理解，這些變化適用於歐盟市場，該市場約占我們全球 App Store 收入的 7%。

Perfect. That's a really good perspective to have.

完美的。這是一個非常好的觀點。

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。

I have 2 as well as you'd imagine. I guess the first question I want to just ask and maybe unpack a little bit more, just remarkable trends that we're seeing in your product gross margins specifically. So I'm curious as we look forward, I guess on this last quarter, were there any kind of benefits you're seeing from like just the purchase component obligations that you put in place, let's say, a year ago and that flowing through? And how are you thinking about the component pricing environment as we think about that gross margin into the March quarter and looking forward?

我有 2 個，跟你想像的一樣好。我想我想問的第一個問題，也許是更多的問題，只是我們在你們的產品毛利率中看到的顯著趨勢。因此，我很好奇，當我們展望未來時，我想在上個季度，您是否看到了任何好處，例如您在一年前實施的採購組件義務以及流經的採購組件義務？當我們考慮三月季度的毛利率並展望未來時，您如何看待組件定價環境？

Yes. On the products side, and then maybe I'll make a comment in total for the company, on the products side, our gross margins increased sequentially 280 basis points, so obviously a very significant increase. I would say the 2 primary components of the increase are a favorable mix. Of course, iPhone did very well. We did very well with our high-end models. And leverage, of course. It's the biggest quarter of the year for us and so we get the leverage effect.

是的。在產品方面，也許我會為公司做一個總體評論，在產品方面，我們的毛利率環比增長了280個基點，所以顯然是一個非常顯著的增長。我想說，成長的兩個主要組成部分是一個有利的組合。當然，iPhone 的表現也非常出色。我們的高端型號做得非常好。當然還有槓桿。這是我們一年中最大的季度，因此我們獲得了槓桿效應。

We had a partial offset negative impact from foreign exchange, but net-net, obviously very significant improvement. And we had very similar dynamics on the Services side where we increased sequentially 190 basis points, also in this case, due to a more favorable mix. And so the combined effect of the 2 businesses gave us the 45.9% at the total company level, which is up 70% sequentially. You've heard from my prepared remarks that we are guiding total company gross margin to 46% to 47%, which is an additional expansion of margins compared to the already very strong results of the December quarter.

我們部分抵銷了外匯帶來的負面影響，但從淨值來看，顯然有非常顯著的改善。我們在服務方面也有非常相似的動態，我們連續增加了 190 個基點，同樣在這種情況下，由於更有利的組合。因此，這兩項業務的綜合效應使我們在整個公司層級佔 45.9%，比上一季成長了 70%。你們從我準備好的演講中聽說，我們將公司總毛利率指導為 46% 至 47%，與 12 月份季度已經非常強勁的業績相比，這是利潤率的進一步擴大。

Okay. And then the second question I was just going to ask. Tim, you alluded to kind of your excitement around generative AI and some announcements that we should think about maybe later this year. One of the things that stands out for me is that your capital expenditures has actually come down this last year. I'm curious, as you look to lean in more to generative AI, is there something we should consider about the CapEx intensity at Apple to make investments to really set the table for a generative AI kind of platform as we move forward, just given some of the things that we've seen from some other large tech companies?

好的。然後是我要問的第二個問題。提姆，你提到了你對產生人工智慧的興奮，以及我們可能應該在今年稍後考慮的一些公告。對我來說最引人注目的一件事是，去年你們的資本支出實際上有所下降。我很好奇，當你希望更多地傾向於生成式人工智慧時，我們是否應該考慮蘋果的資本支出強度，以進行投資，以便在我們前進的過程中真正為生成式人工智慧類型的平台奠定基礎，剛剛給出我們從其他一些大型科技公司看到了什麼？

I'll take the question, Aaron. We've always said we will never underinvest in the business, so we are making all the investments that are necessary throughout our product development, software development, services development. And so we will continue to invest in every area of the business and at the appropriate level. And we're very excited about what's in store for us for the rest of the year.

我來回答這個問題，亞倫。我們一直說我們永遠不會對業務投資不足，因此我們在產品開發、軟體開發、服務開發過程中進行所有必要的投資。因此，我們將繼續在業務的各個領域進行適當的投資。我們對今年剩餘時間即將發生的事情感到非常興奮。

Our next question is 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. First one for Luca, a clarification and a question. The $5 billion impact in March quarter, is this for product revenue or is that total company revenue? And along the same path, you highlighted the strong gross margins, and I understand last year, some of the commodity costs are deflationary but it looks like it's going to be inflationary right now. And obviously, you've done some of the Mac conversions, silicon conversions. So I'm just trying to figure out how much juice is there more to squeeze on the gross margin side. And then I have a follow-up for Tim.

我有 2 個。盧卡的第一個問題是澄清和提問。三月季度的 50 億美元影響是產品收入還是公司總收入？沿著同樣的路徑，你強調了強勁的毛利率，據我了解，去年，一些商品成本是通貨緊縮的，但現在看來將是通貨膨脹的。顯然，您已經完成了一些 Mac 轉換、晶片轉換。所以我只是想弄清楚在毛利率方面還有多少果汁可以榨取。然後我有一個關於蒂姆的後續行動。

Yes. The -- so the first part of the question was around the $5 billion. The $5 billion, as I mentioned, a year ago, we had this disruption of supply on iPhone 14 Pro and Pro Max because of the factory shutdown due to the COVID-19 situation. And so essentially, there was pent-up demand. As we exited the December quarter, they got fulfilled. And we also did the channel fill associated with it during the March quarter. So the close to $5 billion that I mentioned is entirely related to iPhone.

是的。 - 所以問題的第一部分是約 50 億美元。正如我所提到的，一年前，由於 COVID-19 疫情導致工廠關閉，我們的 iPhone 14 Pro 和 Pro Max 的供應出現了 50 億美元的中斷。因此，從本質上講，存在著被壓抑的需求。當我們結束 12 月季度時，他們得到了滿足。我們也在三月季度進行了與之相關的通路填充。所以我提到的接近50億美元完全與iPhone有關。

On the gross margin side, obviously, we are at very high levels of gross margin. And I'll repeat what I said before, we've had good expansion over the last few quarters, and now we are guiding to 46% to 47%, and that takes into account everything that is going on, which is the commodity environment, which is the foreign exchange situation, and obviously, the product and services mix. And the outcome of this is the guidance, which obviously is very strong and we're very happy with it.

在毛利率方面，顯然，我們的毛利率水準非常高。我會重複我之前說過的話，我們在過去幾個季度取得了良好的擴張，現在我們的目標是 46% 到 47%，這考慮到了正在發生的一切，即大宗商品環境，這是外匯情況，顯然，是產品和服務的組合。結果就是指導，這顯然非常有力，我們對此非常滿意。

And then I have a follow-up for Tim. Tim, it was very interesting to hear your comments on enterprise. And historically, Apple has been a consumer-centric company. And now with Vision Pro, Macs, et cetera, penetrating more into the enterprise, I'm kind of curious how to think about Apple of the future. Would it still be consumer-centric or do you think it's going to be more enterprise-focused also as we get into the future?

然後我有一個關於蒂姆的後續行動。提姆，聽到您對企業的評論非常有趣。從歷史上看，蘋果一直是一家以消費者為中心的公司。現在，隨著 Vision Pro、Mac 等產品越來越多地滲透到企業領域，我很好奇如何看待蘋果的未來。它仍然以消費者為中心，還是您認為隨著我們進入未來，它會更加以企業為中心？

We've really concluded that we can do both, that if you look at it, what has happened over the last several years is that employees are in a position in many companies to choose their own technology that is the best for them. And so it sort of took some of the central command from the traditional company and decentralized the decision-making. That is a huge advantage for Apple because there's a lot of people out there that want to use a Mac. They're using a Mac at home. They'd like to use one in the office as well.

我們確實得出結論，我們可以做到這兩點，如果你看看過去幾年發生的情況，許多公司的員工可以選擇最適合自己的技術。因此，它從傳統公司手中奪走了一些中央命令，並將決策權分散化。這對蘋果來說是一個巨大的優勢，因為有很多人想要使用 Mac。他們在家裡使用 Mac。他們也想在辦公室使用一台。

iPad has also benefited from that. Vision Pro, it's -- when you look at the ton of use cases, I mean, we're starting with 1 million apps and 600-plus that are -- have been designed particularly for Vision Pro. When I look at what is coming out of enterprise, it's some of the most innovative things I've seen come out of enterprise in a long time. And so I think there's -- like there is for the Mac and iPad, and of course, iPhone has been in enterprise since the early days of iPhone, I think there's a nice opportunity there for Vision Pro as well.

iPad 也從中受益。 Vision Pro，當你查看大量用例時，我的意思是，我們從 100 萬個應用程式開始，其中 600 多個應用程式是專門為 Vision Pro 設計的。當我審視企業的成果時，我發現這是我長期以來所看到的企業中最具創新性的成果。所以我認為，就像 Mac 和 iPad 一樣，當然，iPhone 自 iPhone 誕生之初就已經進入企業市場，我認為 Vision Pro 也有一個很好的機會。

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 have 2 questions as well. So Tim and Luca, I appreciate the strength in the emerging markets like India and the other names that you kind of listed on the call. But can you maybe spend some time on the Americas? Obviously, that was relatively flat. You touched on China. What are you seeing in that market from the carriers here in the States? And is the sales cycle elongating or the replacement cycle elongating? And in your view, what has to change to kind of maybe reaccelerate that business in the Americas, particularly in the iPhone business?

我也有 2 個問題。提姆和盧卡，我很欣賞印度等新興市場以及你們在電話會議上列出的其他國家的實力。但你能在美洲待上一段時間嗎？顯然，這是相對平坦的。你談到了中國。您對美國營運商在該市場的看法如何？是銷售週期延長還是更換週期延長？在您看來，必須做出哪些改變才能重新加速美洲業務，尤其是 iPhone 業務？

And then on sort of -- I just want to make sure I understand sort of the guide. So when I think about the $5 billion pull-forward last year in the March quarter from a channel fill perspective, even if I backed that out last quarter or I back it up this quarter, the March quarter, this would be sort of the softest quarter since the COVID pandemic. Obviously, I know the Americas, as I just touched on, is a little bit softer and China, which you cleared up earlier. But how do you think about the differences in sort of the macro conditions by region? And again, do you have a sense for, are we nearing a trough from a macro demand perspective? Or how long do you think this particular weakness persists?

然後，我只是想確保我理解該指南的內容。因此，當我從通道填充的角度考慮去年3 月份季度的50 億美元前移時，即使我在上個季度支持這一點，或者在本季度（即3 月份季度）支持這一點，這也將是最溫和的自新冠疫情大流行以來的一個季度。顯然，我知道美洲，正如我剛才提到的，有點軟，而中國，你之前已經澄清了。但您如何看待不同地區宏觀狀況的差異？再說一遍，您是否感覺到，從宏觀需求的角度來看，我們是否正在接近低谷？還是你認為這種特殊的弱點會持續多久？

Let me take the first part of your question about Americas. If you look at the U.S., which is -- obviously drives the vast, vast majority of the revenue in Americas, we grew in the December quarter from an iPhone business point of view. And the installed base hit an all-time high. If you look at the replacement cycle, it's very difficult to measure the replacement cycle at any given point. And so what we focus on internally a lot is the active installed base and the -- obviously, the sales over usually a cycle, and we feel better about those things.

讓我回答你關於美洲的問題的第一部分。如果你看看美國，它顯然推動了美洲的絕大多數收入，從 iPhone 業務的角度來看，我們在 12 月季度實現了成長。安裝基數創歷史新高。如果您查看更換週期，您會發現在任何給定點測量更換週期都是非常困難的。因此，我們在內部重點關注的是活躍安裝基礎和——顯然，通常是一個週期的銷售，我們對這些事情感覺更好。

If you look at the -- who's selling what in the U.S., the iPhone is 4 out of the top 5 selling smartphones in the U.S. And of course, the customer satisfaction in the U.S., as we alluded to earlier, is 99%. So we feel very, very good about what our position is in the U.S.

如果你看看美國銷售什麼產品，你會發現 iPhone 是美國銷售前 5 名的智慧型手機中的第 4 名。當然，正如我們之前提到的，美國的客戶滿意度為 99%。因此，我們對我們在美國的地位感到非常非常滿意。

And I would add to that, keep in mind, obviously, the extra week that we had a year ago, that obviously makes the compare more a bit distorted. On the March quarter guide, I would point to you that, obviously, the COVID years had a lot of, let's say, turmoil in it, a lot of volatility that typically you wouldn't see. If you look at our sequential progression from December to March this year versus pre-COVID versus like a more normal environment, it's actually stronger than those years.

我想補充一點，顯然，請記住，我們一年前多了一周，這顯然使比較更加扭曲。在三月季度指南中，我想向您指出，顯然，新冠疫情期間有很多，比如說，動盪，很多您通常不會看到的波動。如果你看看我們從今年 12 月到 3 月的連續進展，與新冠疫情之前相比，與更正常的環境相比，你會發現它實際上比那些年更強。

Our last question is from Ben Reitzes with Melius Research.

我們的最後一個問題來自 Melius Research 的 Ben Reitzes。

Two questions if I can sneak them in. Just wanted to clarify on China, Tim. I think last quarter, you still thought it was a growth market. Obviously, you know that there's some concerns with the recently and given what we saw in the quarter. Is there something that we can kind of point to where you feel that, that market can resume growth in the future? And I'm wondering if you're still upbeat about that prospect. Then I just have a quick follow-up.

有兩個問題我是否可以偷偷溜進去。提姆，我只是想澄清一下中國的情況。我認為上個季度，您仍然認為這是一個成長市場。顯然，鑑於我們在本季所看到的情況，您知道最近存在一些擔憂。我們是否可以指出您認為該市場未來可以恢復成長的地方？我想知道您是否仍然對這一前景持樂觀態度。然後我就進行快速跟進。

Ben, we've been in China for 30 years, and I am -- I remain very optimistic about China over the long term. And I feel good about hitting a new installed base number, a high watermark and very good about the growth in upgraders year-over-year in the -- during the quarter.

Ben，我們在中國已經有 30 年了，從長遠來看，我對中國仍然非常樂觀。我對達到新的安裝基數和高水位感到高興，並且對本季升級者的同比增長感到非常滿意。

Great. And just in terms of AI, I know you're not going to talk about your plans, but do you believe -- are you a believer in the edge thesis that AI and processing on smartphones and devices like yours is going to have a huge role in AI and AI apps, and that it's something you guys can take advantage of?

偉大的。就人工智慧而言，我知道你不會談論你的計劃，但你相信嗎？在人工智慧和人工智慧應用中扮演的角色，你們可以利用嗎？

Let me just say that I think there is a huge opportunity for Apple with gen AI and AI and without getting into more details and getting out in front of myself.

我只想說，我認為蘋果在新一代人工智慧和人工智慧方面有巨大的機會，但無需深入了解更多細節，也無需在我自己面前表現出來。

All right. Thank you, Ben. 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 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. Thanks again for joining us.

好的。謝謝你，本。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 點左右提供。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。