蘋果 (AAPL) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Apple Q4 fiscal year 2024 earnings conference call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.

下午好，歡迎參加 Apple 2024 財年第四季財報電話會議。我叫 Suhasini Chandramouli，投資者關係總監。今天的通話正在錄音。

Speaking first today are Apple's CEO, Tim Cook; and CFO, Luca Maestri; and they'll be joined by Kevan Parekh, Vice President of Financial Planning and Analysis. (Event Instructions).

今天首先發言的是蘋果執行長庫克；財務長盧卡‧梅斯特里 (Luca Maestri)；財務規劃和分析副總裁 Kevan Parekh 也將加入其中。 （活動說明）。

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. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

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、資本分配和未來業務的陳述展望，包括宏觀經濟狀況對公司業務及經營績效的潛在影響。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。

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.

欲了解更多信息，請參閱 Apple 最近提交的 10-K 表格年度報告和今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。 Apple 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。

Additionally, today's discussion will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures in our fourth-quarter and full-year 2024 earnings release, which is available on our Investor Relations website.

此外，今天的討論將涉及某些非公認會計準則財務指標。您可以在我們的投資者關係網站上發布的第四季度和 2024 年全年收益報告中找到這些措施的調節表。

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.

謝謝你，蘇哈西尼。大家下午好。感謝您加入通話。

Today, Apple is reporting revenue of $94.9 billion, a September quarter record and up 6% from a year ago. iPhone grew in every geographic segment, marking a new September quarter revenue record for the category. And services set an all-time revenue record, up 12% year over year.

今天，蘋果公佈的營收為 949 億美元，創下 9 月季度的紀錄，比去年同期成長 6%。 iPhone 在各個地區都實現了成長，創下了該類別 9 月季度的新收入記錄。服務收入創下歷史新高，年增 12%。

We also set September quarter segment revenue records in the Americas, Europe, and the rest of Asia-Pacific, as well as in a large number of countries including the United States, Brazil, Mexico, France, the UK, Korea, Malaysia, Thailand, Saudi Arabia, and the UAE. And we continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record.

我們也在美洲、歐洲和亞太其他地區以及美國、巴西、墨西哥、法國、英國、韓國、馬來西亞、泰國等許多國家創下了 9 月季度的營收記錄、沙烏地阿拉伯和阿聯酋。我們繼續對在印度看到的熱情感到興奮，我們在那裡創下了歷史收入記錄。

This has been an extraordinary year of innovation at Apple. We brought the revolutionary Apple Vision Pro to customers in February, which brings users tomorrow's technology today. And in June, we announced Apple Intelligence, a remarkable personal intelligence system that combines the power of generative models with personal context to deliver intelligence that is incredibly useful and relevant.

今年是 Apple 創新非凡的一年。我們在二月向客戶推出了革命性的 Apple Vision Pro，它為用戶帶來了明天的技術。 6 月，我們發布了 Apple Intelligence，這是一個卓越的個人智慧系統，它將生成模型的力量與個人背景相結合，提供非常有用且相關的智慧。

Apple Intelligence marks the beginning of a new chapter for Apple innovation and redefines privacy and AI by extending our groundbreaking approach to privacy into the cloud with Private Cloud Compute.

Apple Intelligence 標誌著 Apple 創新新篇章的開始，並透過私有雲運算將我們突破性的隱私保護方法擴展到雲端中，重新定義了隱私和人工智慧。

Earlier this week, we made the first set of Apple Intelligence features available in US English for iPhone, iPad, and Mac users with systemwide writing tools that help you refine your writing, a more natural and conversational Siri, a more intelligent Photos app, including the ability to create movies simply by typing a description, and new ways to prioritize and stay in the moment with notification summaries and priority messages. And we look forward to additional Intelligence features in December with even more powerful writing tools, a new visual intelligence experience that builds on Apple Intelligence and ChatGPT integration, as well as localized English in several countries including the UK, Australia, and Canada.

本週早些時候，我們為iPhone、iPad 和Mac 用戶提供了第一套美式英語Apple Intelligence 功能，其中包括可幫助您完善寫作的全系統書寫工具、更自然和對話式的Siri、更聰明的照片應用程序，包括只需輸入描述即可創建電影的能力，以及通過通知摘要和優先級消息確定優先級並保持即時狀態的新方法。我們期待 12 月推出更多 Intelligence 功能，包括更強大的書寫工具、基於 Apple Intelligence 和 ChatGPT 整合的全新視覺智慧體驗，以及英國、澳洲和加拿大等多個國家的在地化英語。

These features have already been provided to developers and we're getting great feedback. More features will be rolling out in the coming months as well as support for more languages. And this is just the beginning.

這些功能已經提供給開發人員，我們得到了很好的回饋。未來幾個月將推出更多功能以及對更多語言的支援。而這只是開始。

Now, I'll turn to our results for the quarter, beginning with iPhone. iPhone revenue set a September quarter record of $46.2 billion, up 6% from a year ago with growth in every geographic segment. With the introduction of Apple Intelligence, we're beginning a new era for iPhone. iPhone 16 powered by A18 is equipped with an incredible new 48-megapixel fusion camera, fantastic photo experiences, and the addition of the Action Button in Camera Control. An iPhone 16 Pro is the most advanced iPhone we've ever made, powered by A18 Pro and featuring even larger displays, an industry-leading Pro camera system with Camera Control and studio-quality mics, all with a huge leap in battery life.

現在，我將談談本季的業績，從 iPhone 開始。 iPhone 營收創下 9 月季度紀錄，達到 462 億美元，比去年同期成長 6%，各地區都有成長。隨著 Apple Intelligence 的推出，我們正在開啟 iPhone 的新時代。由 A18 驅動的 iPhone 16 配備了令人難以置信的全新 4800 萬像素融合鏡頭，帶來美妙的照片體驗，並在相機控制中添加了操作按鈕。 iPhone 16 Pro 是我們迄今為止製造的最先進的iPhone，由A18 Pro 提供動力，配備更大的顯示器、業界領先的Pro 相機系統（帶相機控制功能）和錄音室品質的麥克風，所有這些都使電池續航力有了巨大飛躍。

Turning to Mac, revenue was $7.7 billion, up 2% from a year ago. Just this week, we brought a new generation of Apple silicon to Mac: M4, M4 Pro, and M4 Max. From blazing fast performance to Apple's most advanced neural engine yet, our latest chips can easily tackle incredibly complex workflows. And they ensure our newest Macs will be the best personal computers for AI the instant they hit stores.

至於 Mac，營收為 77 億美元，比去年同期成長 2%。就在本週，我們為 Mac 帶來了新一代 Apple 晶片：M4、M4 Pro 和 M4 Max。從極快的效能到 Apple 最先進的神經引擎，我們最新的晶片可以輕鬆處理極其複雜的工作流程。他們確保我們最新的 Mac 在上市時將成為最適合人工智慧的個人電腦。

With the newest additions to our Mac lineup, customers can choose the Mac that's just right for them, whether that's iMac, the world's best and most beautiful all-in-one; MacBook Air, the world's most popular laptop now with double the starting memory; MacBook Pro, the best Pro notebook anywhere; or the incredible mighty new Mac mini, our first-ever carbon-neutral Mac.

憑藉我們 Mac 系列的最新產品，客戶可以選擇最適合自己的 Mac，無論是 iMac，世界上最好、最漂亮的一體機，還是世界上最好、最漂亮的一體機。 MacBook Air，目前全球最受歡迎的筆記型電腦，起始記憶體翻倍； MacBook Pro，最好的 Pro 筆記型電腦；或是令人難以置信的強大新款 Mac mini，我們首款碳中和 Mac。

iPad revenue was $7 billion, 8% higher year over year. IPad is unlike any other product on the market today, and it's become an essential device in homes, schools, and businesses of all sizes. Recently, we were thrilled to introduce the newest iPad mini, featuring an ultracompact design built for Apple Intelligence with support for Apple Pencil Pro.

iPad 營收為 70 億美元，年增 8%。 iPad 與當今市場上的任何其他產品不同，它已成為各種規模的家庭、學校和企業的必備設備。最近，我們很高興推出最新的 iPad mini，它採用專為 Apple Intelligence 打造的超緊湊設計，並支援 Apple Pencil Pro。

It's been a big year for iPad. iPad Air was popular with students and teachers as they got back to school this year while creators are pushing the boundaries of what's possible with the M4-powered iPad Pro.

對 iPad 來說，今年是重要的一年。今年重返校園後，iPad Air 受到了學生和教師的歡迎，而創作者們則正在突破 M4 驅動的 iPad Pro 的可能性界限。

In wearables home and accessories, revenue was $9 billion, down 3% from a year ago. During the quarter, we launched the all-new Apple Watch Series 10, bringing a beautiful new design and new capabilities to the world's most popular watch that make it even more powerful, intelligent, and sophisticated. It's the thinnest Apple Watch yet, making it more comfortable than ever while offering the biggest, most advanced display.

穿戴式家居和配件領域的營收為 90 億美元，比去年同期下降 3%。本季度，我們推出了全新 Apple Watch Series 10，為這款全球最受歡迎的手錶帶來了精美的新設計和新功能，使其更加強大、智能和精緻。它是迄今為止最薄的 Apple Watch，比以往任何時候都更舒適，同時提供最大、最先進的顯示器。

watchOS 11 brings some huge, new health and fitness insights to users, including sleep apnea notifications, which help to alert people with a potentially serious but often undiagnosed condition. We're proud of the impact we make through our health innovations on watch. And I'm grateful for every note I receive about the importance of watch in people's lives.

watchOS 11 為用戶帶來了一些巨大的、全新的健康和健身見解，包括睡眠呼吸中止通知，這有助於提醒人們患有潛在嚴重但往往未被診斷的疾病。我們為手錶健康創新所產生的影響感到自豪。我很感激收到的每一條關於手錶在人們生活中的重要性的留言。

With AirPods 4, we broke a new ground in comfort and design with our best-ever open-ear headphones available for the first time with active noise cancellation. And we were especially pleased to unveil revolutionary end-to-end hearing help capabilities for AirPods Pro 2 with hearing protection, hearing test, and hearing aid features. These just became available in our software update this week, and we believe this will make a meaningful difference in our users' lives. I've already started getting notes from customers calling the experience life changing.

透過 AirPods 4，我們首次推出具有主動降噪功能的有史以來最好的開放式耳機，在舒適度和設計方面開闢了新天地。我們特別高興地推出了 AirPods Pro 2 革命性的端到端聽力幫助功能，包括聽力保護、聽力測試和助聽器功能。這些功能剛剛在本週的軟體更新中推出，我們相信這將為我們用戶的生活帶來有意義的改變。我已經開始收到客戶的留言，說這種體驗改變了生活。

And Apple Vision Pro continues to deliver spatial experiences that weren't possible before, including immersive entertainment like the new short film, Submerged, which gives people a view into the unique storytelling power made possible by spatial computing. Vision Pro has more than 2,500 native spatial apps and 1.5 million compatible apps for visionOS 2 as well as applications companies are building to reimagine how they work. Vision Pro continues to inspire awe in its users, and we're just scratching the surface of what's possible. And just yesterday, we announced we're bringing Vision Pro to Korea and the UAE.

Apple Vision Pro 繼續提供以前不可能的空間體驗，包括沉浸式娛樂，例如新短片《Submerged》，它讓人們了解空間運算帶來的獨特敘事能力。 Vision Pro 擁有超過 2,500 個原生空間應用程式和 150 萬個 VisionOS 2 相容應用程序，以及公司正在建立的應用程式來重新構想它們的工作方式。 Vision Pro 持續激發使用者的敬畏，而我們只是觸及了可能性的表面。就在昨天，我們宣布將 Vision Pro 引進韓國和阿聯酋。

As I mentioned earlier, services achieved an all-time revenue record of $25 billion, up 12% from a year ago and with all-time revenue records across most of our categories.

正如我之前提到的，服務業創下了 250 億美元的歷史收入記錄，比一年前增長了 12%，並且我們的大多數類別都創下了歷史收入記錄。

With Apple TV+, we love celebrating the craft of great storytellers who know how to put on a show. Audiences love to discover new movies like Wolfs, explore acclaimed new series like Disclaimer, and dive back into returning favorites like Slow Horses and Shrinking. Apple TV+ productions have become fixtures at award shows, earning more than 2,300 nominations and more than 500 wins today. Apple also offers a live sports experience in a league of its own with MLS Season Pass and subscribers have been cheering on their favorite teams in the MLS Cup playoffs.

透過 Apple TV+，我們喜歡慶祝那些知道如何上演節目的偉大故事講述者的技能。觀眾喜歡探索《狼》等新電影，探索《免責聲明》等廣受好評的新劇集，並重溫《慢馬》和《收縮》等回歸熱門影片。 Apple TV+ 作品已成為頒獎典禮的固定節目，如今已獲得 2,300 多項提名和 500 多項獲獎。 Apple 還透過 MLS Season Pass 提供自有聯盟的現場體育體驗，訂閱者一直在 MLS 盃季後賽中為他們最喜歡的球隊加油。

This month, we also marked 10 years of Apple Pay. There's always something magical about being able to buy groceries or pay for movie tickets seamlessly with your Apple device. Today, users choose Apple Pay for purchases across tens of millions of retailers worldwide. And we're excited to make the Apple Pay experience even better with the option to redeem rewards and access loans from credit cards, debit cards, and other lenders right at checkout. Whenever we celebrate big moments, Apple stores are the best places to share them with customers.

這個月，我們也慶祝了 Apple Pay 誕生 10 週年。使用 Apple 裝置無縫購買雜貨或支付電影票總是很神奇的。如今，用戶選擇 Apple Pay 在全球數千萬家零售商處購物。我們很高興能夠在結帳時選擇兌換獎勵並從信用卡、金融卡和其他貸方獲取貸款，從而使 Apple Pay 體驗變得更好。每當我們慶祝重要時刻時，Apple 專賣店都是與顧客分享這些時刻的最佳場所。

I had an incredible time during launch day in September, alongside our team, at Apple Fifth Avenue, where energy and enthusiasm filled the air. And in stores all over the world, customers are eager to get a closer look at our latest innovations. We also opened two new stores during the quarter and we can't wait to bring four new stores to customers in India.

9 月的發布會當天，我與我們的團隊一起在蘋果第五大道度過了一段令人難以置信的時光，那裡空氣中充滿了活力和熱情。在世界各地的商店中，顧客都渴望近距離了解我們的最新創新產品。我們還在本季開設了兩家新店，我們迫不及待地想為印度的客戶帶來四家新店。

We're passionate about education and believe technology has a vital role to play in both helping teachers to inspire their students and students to learn about the world around them. In honor of World Teachers' Day, Apple was proud to share new resources for teachers to engage their students in ways that aim to make learning easy and fun. Additionally, we've expanded our education grant program into 100 new schools and communities, helping with everything from access to technology, to educator resources, to scholarships and financial support.

我們對教育充滿熱情，並相信科技在幫助教師激勵學生和學生了解周圍世界方面發揮著至關重要的作用。為紀念世界教師日，Apple 很自豪地向教師分享新資源，讓學生以輕鬆有趣的方式吸引學生。此外，我們還將教育補助計劃擴展到 100 所新學校和社區，提供從獲取技術、教育資源到獎學金和財務支持等方方面面的幫助。

As we near the end of the year, we're proud of the progress we've made in our efforts to be carbon neutral across our entire footprint by the end of the decade. As I mentioned earlier, we were thrilled to introduce our first-ever carbon-neutral Mac with the latest Mac mini. And in another milestone, customers can choose a carbon-neutral option of any Apple Watch. These achievements are amazing for all of us at Apple and we are determined to reach our 2030 goal.

臨近年底，我們為本十年末在整個足跡實現碳中和方面所取得的進展感到自豪。正如我之前提到的，我們很高興推出首款碳中和 Mac 和最新的 Mac mini。另一個里程碑是，客戶可以選擇任何 Apple Watch 的碳中和選項。這些成就對 Apple 所有人來說都是令人驚嘆的，我們決心實現 2030 年的目標。

At Apple, across everything we do., we manage for the long term because we're always thinking about what comes next, the next great challenge, the next innovative idea, the next big breakthrough. As we close out the year, we have the best lineup we've ever had going into the holiday season including Apple Intelligence, which marks the start of a new chapter for our products. This is just the beginning of what we believe generative AI can do and I couldn't be more excited for what's to come.

在蘋果，我們所做的每一件事都著眼於長期，因為我們總是在思考接下來會發生什麼，下一個巨大的挑戰，下一個創新想法，下一個重大突破。當我們結束這一年時，我們擁有了進入假期季節的最佳陣容，其中包括 Apple Intelligence，這標誌著我們產品新篇章的開始。這只是我們相信生成式人工智慧可以做的事情的開始，我對即將發生的事情感到非常興奮。

Before I hand it over to Luca, with Luca transitioning to a new role with Apple, this will be the final time he's joining our call. So I just wanted to take a moment to recognize his extraordinary service as Apple's CFO and to thank him for his partnership. I am deeply grateful. In his 10 years in the role, Luca has done truly exceptional work in shaping Apple as we know it today. He has helped manage Apple for the long term thoughtfully and deliberately. He has helped us enrich the lives of so many around the world. And he has been a leader that people look up to and have learned so much from.

在我將其交給 Luca 之前，隨著 Luca 過渡到 Apple 的新角色，這將是他最後一次加入我們的電話會議。因此，我只是想花一點時間來表彰他作為蘋果財務長所提供的卓越服務，並感謝他的合作夥伴關係。我深感感激。在擔任這一職位的 10 年裡，盧卡在塑造我們今天所知的蘋果方面做出了真正傑出的工作。他深思熟慮、謹慎地幫助蘋果進行長期管理。祂幫助我們豐富了世界各地許多人的生活。他是一位人們尊敬的領導者，並從他身上學到了很多。

I have incredible confidence in our incoming CFO, Kevan Parekh. And we look forward to more of you meeting and working with him going forward.

我對即將上任的財務長 Kevan Parekh 充滿信心。我們期待更多人與他會面並合作。

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

就這樣。我會把它交給盧卡。

Good afternoon, everyone. And thank you, Tim, for the very kind words.

大家下午好。提姆，謝謝你的善意之言。

Serving as Apple's CFO has been a real privilege and an amazing journey. And I've greatly appreciated the support from our investors and the analyst community over the years. Kevan is exceptional and I know you will enjoy interacting with him, going forward.

擔任蘋果公司財務長是一種真正的榮幸，也是一趟奇妙的旅程。我非常感謝投資人和分析師界多年來的支持。凱文（Kevan）非常出色，我知道您會喜歡與他互動，繼續前進。

Let me now turn to the results for the fourth quarter of our fiscal year. We're very pleased to report a new September quarter revenue record of $94.9 billion, up 6% year over year. We grew in the vast majority of the markets we track and achieved September quarter revenue records in the Americas, Europe, and rest of Asia-Pacific.

現在讓我談談本財年第四季的業績。我們非常高興地報告 9 月季度營收創下新紀錄，達到 949 億美元，年增 6%。我們在追蹤的絕大多數市場中實現了成長，並在美洲、歐洲和亞太其他地區實現了 9 月季度的營收記錄。

Products revenue was $70 billion, up 4% year over year driven by growth in iPhone, iPad, and Mac. Our installed base of active devices reached an all-time high across all products and geographic segments. Thanks to very high levels of customer satisfaction and loyalty and a large number of customers who are new to our products.

在 iPhone、iPad 和 Mac 成長的推動下，產品收入為 700 億美元，年增 4%。我們的活躍設備安裝量在所有產品和地理區域都達到了歷史最高水準。由於非常高水準的客戶滿意度和忠誠度以及大量對我們產品不熟悉的客戶。

Services revenue reached an all-time record of $25 billion, up 12% year over year. We saw broad-based strength around the world reaching all-time records in both developed and emerging markets with double-digit growth and record results across most service categories.

服務收入創下 250 億美元的歷史紀錄，年增 12%。我們看到全球廣泛的實力在已開發市場和新興市場都創下了歷史記錄，大多數服務類別都實現了兩位數的成長和創紀錄的業績。

Company gross margin was 46.2%, near the high end of our guidance range. Products gross margin was 36.3%, up 100 basis points sequentially, primarily driven by favorable mix. Services gross margin was 74%, unchanged from the prior quarter.

公司毛利率為 46.2%，接近我們指引範圍的高端。產品毛利率為 36.3%，較上一季成長 100 個基點，主要受到有利組合的推動。服務毛利率為 74%，與上一季持平。

Operating expenses of $14.3 billion were at the midpoint of the guidance range we provided at the beginning of the quarter and up 6% year over year. During the quarter, we recorded a onetime income tax charge of $10.2 billion, which relates to the impact of the reversal of the European General Court's state aid decision. When we exclude this onetime charge, net income was $25 billion and diluted earnings per share were a $1.64, up 12% year over year and a September quarter record. Operating cash flow was very strong at $26.8 billion, a new September quarter record.

營運費用為 143 億美元，處於我們在本季度初提供的指導範圍的中位數，年增 6%。本季度，我們記錄了 102 億美元的一次性所得稅費用，這與歐洲普通法院撤銷國家援助決定的影響有關。當我們排除這項一次性費用時，淨利潤為 250 億美元，稀釋後每股收益為 1.64 美元，年增 12%，創 9 月季度記錄。營運現金流非常強勁，達到 268 億美元，創下 9 月季度的新紀錄。

Let me now get into more detail for each of our revenue categories. iPhone revenue was $46.2 billion, up 6% year over year and a September quarter record in total and across several markets, including the US, the Middle East, Korea, and South Asia. The iPhone active installed base grew to a new all-time high in TotalAnd in every geographic segment.

現在讓我更詳細地介紹我們每個收入類別。 iPhone 營收為 462 億美元，年增 6%，在美國、中東、韓國和南亞等多個市場的總收入創下 9 月季度的最高紀錄。每個地理區域的 iPhone 活躍安裝基數在 TotalAnd 中均成長至歷史新高。

During the September quarter, many iPhone models were among the top selling smartphones around the world. In fact, according to a survey from Kantar, iPhone was the top selling model in the US, urban China, the UK, Australia, and Japan. We continue to see high levels of customer satisfaction for the iPhone 15 family with 451 Research recently measuring it at 98% in the US.

在 9 月的季度中，許多 iPhone 型號躋身全球最暢銷的智慧型手機之列。事實上，根據 Kantar 的一項調查，iPhone 是美國、中國城市、英國、澳洲和日本最暢銷的機型。我們繼續看到 iPhone 15 系列的客戶滿意度很高，451 Research 最近在美國的測量結果為 98%。

Mac revenue was $7.7 billion, up 2% year over year driven by the strength in MacBook Air. Customers have been loving the performance of Apple silicon on Mac and we are very excited to bring the latest M4 family of chips to the lineup. The Mac installed base reached an all-time high with about half of customers in the quarter being new to Mac. And in the latest reports from 451 Research, customer satisfaction was 95% in the US.

在 MacBook Air 的強勁推動下，Mac 營收達到 77 億美元，年增 2%。客戶一直喜歡 Mac 上 Apple 晶片的性能，我們非常高興能夠將最新的 M4 系列晶片引入產品陣容。 Mac 的安裝基數達到了歷史最高水平，本季大約一半的客戶是 Mac 的新用戶。 451 Research 的最新報告顯示，美國的顧客滿意度為 95%。

iPad generated $7 billion in revenue, up 8% year over year. In addition to growth in developed markets, we also saw a strong performance in many emerging markets with double-digit growth in Mexico, Brazil, the Middle East, India, and South Asia. The iPad installed base reached another all-time high. And over half of the customers who purchase iPads during the quarter were new to the product. Also, customer satisfaction was recently measured at 97% in the US.

iPad 創造了 70 億美元的收入，年增 8%。除了已開發市場的成長外，我們還看到許多新興市場的強勁表現，墨西哥、巴西、中東、印度和南亞均達到兩位數成長。 iPad 安裝量再創歷史新高。本季購買 iPad 的客戶中有一半以上是該產品的新客戶。此外，最近美國的客戶滿意度高達 97%。

Wearables, home, and accessories revenue was $9 billion, down 3% year over year. The Apple Watch installed base reached a new all-time high with over half of customers purchasing an Apple Watch during the quarter being new to the product. And the latest reports from 451 Research indicated customer satisfaction of 96% for watch in the US.

穿戴式裝置、家居和配件收入為 90 億美元，年減 3%。 Apple Watch 的安裝量創下歷史新高，本季購買 Apple Watch 的顧客中有一半以上是該產品的新手。 451 Research 的最新報告顯示，美國消費者對手錶的滿意度高達 96%。

Our services revenue reached an all-time record of $25 billion, growing 12% year over year. Services continue to see strong momentum with the growth of our installed base of active devices setting a solid foundation for the future expansion of our ecosystem. And we see increased customer engagement with our services offerings. Both transacting accounts and paid accounts reach a new all-time high with paid accounts growing double digits year over year. Paid subscriptions also grew double digits. We have well over 1 billion paid subscriptions across the services on our platform, more than double the number we had only four years ago.

我們的服務收入創下 250 億美元的歷史紀錄，年增 12%。隨著我們有源設備安裝量的成長，服務繼續保持強勁勢頭，為我們生態系統的未來擴展奠定了堅實的基礎。我們發現客戶對我們的服務的參與度有所提高。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。付費訂閱也實現了兩位數成長。我們平台上的各項服務的付費訂閱量遠遠超過 10 億，是四年前的兩倍多。

And as always, we remain focused on improving the breadth and quality of our services from new games on Apple Arcade to new features like Tap to Cash and pay with installments using Apple Pay to many successful new and returning shows on Apple TV+. This past quarter, we celebrated the five-year anniversary of Apple Card, which was ranked number one in customer satisfaction among co-branded credit cards by JD Power for the fourth year in a row.

像往常一樣，我們仍然致力於提高服務的廣度和質量，從Apple Arcade 上的新遊戲到Tap to Cash 等新功能，以及使用Apple Pay 分期付款，再到Apple TV+ 上許多成功的新節目和回歸節目。上個季度，我們慶祝了 Apple Card 成立五週年，Apple Card 連續第四年在 JD Power 聯名信用卡客戶滿意度排名第一。

Turning to enterprise, we continue to see strong demand across our products and services. Nvidia launched its Mac as a Choice program, supported by AppleCare for Enterprise and Apple Professional Services, with over 10,000 Macs deployed worldwide. And Novartis, a leading global pharmaceutical company, recently chose iPhone 16 as the standard mobile device for all employees.

談到企業，我們繼續看到對我們的產品和服務的強勁需求。 Nvidia 推出了 Mac as a Choice 計劃，並由 AppleCare for Enterprise 和 Apple Professional Services 的支持，已在全球部署了 10,000 多台 Mac。而全球領先的製藥公司諾華公司最近選擇 iPhone 16 作為所有員工的標準行動裝置。

We also see continued momentum with Apple Vision Pro in the enterprise space. UC San Diego Health is the first hospital in the world to test spatial computing apps on Apple Vision Pro in clinical trials for patient surgery in the operating room.

我們也看到 Apple Vision Pro 在企業領域的持續發展動能。加州大學聖地牙哥分校健康中心是世界上第一家在手術室病患手術臨床試驗中測試 Apple Vision Pro 上的空間運算應用程式的醫院。

Let me now turn to our cash position and capital return program. We ended the quarter with $157 billion in cash and marketable securities. We repaid $2.6 billion in maturing debt and increased commercial paper by $7 billion, leaving us with total debt of $107 billion. As a result, net cash was $50 billion at the end of the quarter. During the quarter, we returned over $29 billion to shareholders, including $3.8 billion in dividends and equivalents and $25 billion through open market repurchases of 112 million Apple 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 1,570 億美元的現金和有價證券。我們償還了 26 億美元的到期債務，並增加了 70 億美元的商業票據，使我們的債務總額達到 1,070 億美元。結果，本季末淨現金為 500 億美元。本季度，我們向股東返還了超過 290 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 億股蘋果股票獲得的 250 億美元。

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're providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter.

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。

We expect our December quarter total company revenue to grow low- to mid-single digits year over year. We expect services revenue to grow double digits at a rate similar to what we reported in the fiscal year 2024.

我們預計 12 月季度的公司總收入將年增至中個位數。我們預計服務收入將以兩位數的速度成長，與我們在 2024 財年報告的速度類似。

We expect gross margin to be between 46% and 47%. We expect OpEx to be between $15.3 billion and $15.5 billion. We expect OI&E to be around negative $250 million, excluding any potential impact from the mark to market of minority investments, and our tax rate to be around 16%.

我們預計毛利率在46%至47%之間。我們預計營運支出將在 153 億美元至 155 億美元之間。我們預計 OI&E 約為負 2.5 億美元，不包括少數股權投資按市值計算的任何潛在影響，我們的稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on November 14, 2024, to shareholders of record as of November 11, 2024.

最後，今天，我們的董事會宣佈於 2024 年 11 月 14 日向截至 2024 年 11 月 11 日登記在冊的股東派發每股普通股 0.25 美元的現金股利。

With that, let us open the call to questions.

接下來，讓我們開始提問。

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

謝謝你，盧卡。 （活動說明）接線員，請問第一個問題可以嗎？

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hey, good afternoon. I just have two. The first one is for Tim on Apple Intelligence. I was wondering if you could just expand a little bit on some of the early feedback to Apple Intelligence, you know, both for iOS 18.1 but also the developer beta so far and whether you would attribute Apple Intelligence to any of the strong iPhone performance that we've seen to date. Thanks.

嘿，下午好。我只有兩個。第一個是關於 Apple Intelligence 的 Tim 的。我想知道您是否可以稍微擴展一下 Apple Intelligence 的一些早期反饋，包括 iOS 18.1 以及迄今為止的開發人員測試版，以及您是否會將 Apple Intelligence 歸因於 iPhone 的強勁性能迄今為止我們已經看到了。謝謝。

Thanks, Michael. As I noted in my comments, just this week on Monday, we made the first set of Apple Intelligence features available in US English for iPhone, iPad, and Mac. And this includes things like systemwide writing tools that help you refine your writing, a more natural and conversational Siri, more intelligent Photos app, including the ability to create movies simply by typing a description which is really cool, and new ways to prioritize and stay in the moment with notification summaries and priority messages. There's also email summaries and email priority.

謝謝，麥可。正如我在評論中指出的那樣，就在本週一，我們為 iPhone、iPad 和 Mac 提供了第一套美式英語 Apple Intelligence 功能。這包括諸如係統範圍的寫作工具之類的東西，可以幫助您完善您的寫作，更自然和對話式的Siri，更智能的照片應用程序，包括只需輸入非常酷的描述即可創建電影的功能，以及確定優先順序和保留的新方法即時通知摘要和優先訊息。還有電子郵件摘要和電子郵件優先順序。

We're getting a lot of positive feedback from developers and customers. And in fact, if you just look at the first three days, which is all we have obviously from Monday. The 18.1 adoption is twice as fast as the 17.1 adoption was in the year ago quarter. And so there's definitely interest out there for Apple Intelligence.

我們從開發人員和客戶那裡得到了很多正面的回饋。事實上，如果你只看前三天，這顯然是我們從週一開始的全部情況。 18.1 的採用速度是去年同期 17.1 的採用速度的兩倍。因此，人們肯定對 Apple Intelligence 感興趣。

Carrying on in the quarter, we are looking forward to bringing even more features in December and this will include even more powerful writing tools and visual intelligence experience that builds on Apple Intelligence and ChatGPT integration in addition to other features as well as we'll bring localized English to several countries that include the UK, Australia, and Canada.

繼續本季度，我們期待在 12 月推出更多功能，其中包括更強大的書寫工具和基於 Apple Intelligence 和 ChatGPT 集成的視覺智能體驗以及其他功能，我們還將帶來將英語本地化到多個國家，包括英國、澳洲和加拿大。

So it's going to be quite a software quarter between the release on Monday and the release in December. And then as we turn the corner to '25, we'll have more languages rolling out and starting in April as well and more features as well. And so it's a very, very strong drumbeat. And we couldn't be more excited about it.

因此，從週一發佈到 12 月發布，這將是一個相當重要的軟體季度。然後，當我們進入 25 年時，我們將從 4 月開始推出更多語言和更多功能。所以這是非常非常強烈的鼓聲。我們對此感到非常興奮。

Great. Thank you very much. And my second one just for Luca. First, congratulations again, Luca, on the new role and it's been a real privilege being able to spend some time with you.

偉大的。非常感謝。我的第二個是給盧卡的。首先，再次恭喜盧卡就任新角色，能夠與您共度時光真是我的榮幸。

A question that I think will overlap with your new role as well. Could you just talk a little bit about the CapEx outlook and whether investments and things like Private Cloud Compute could change the historical CapEx range of roughly $10 billion a year. Thank you very much.

我認為這個問題也與您的新角色重疊。您能否簡單談談資本支出前景，以及投資和私有雲運算之類的事情是否會改變每年約 100 億美元的歷史資本支出範圍。非常感謝。

Thank you, Michael. On the CapEx front, I've mentioned before, a number of times, we have a bit of a hybrid model in the way we run our data centers. In some case, we use our own data center. In some cases we use third-party providers. So our CapEx numbers may not be fully comparable with others, but obviously, we are rolling out these features, Apple Intelligence features already now. And so we are making all the capacity that is needed available for these features. You will see in our 10-K the amount of CapEx that we've incurred during the course of fiscal '24. And we will -- in fiscal '25, we will continue to make all the investments that are necessary. And of course, the investments in AI-related CapEx will be made.

謝謝你，麥可。在資本支出方面，我之前多次提到過，我們運行資料中心的方式有一些混合模型。在某些情況下，我們使用自己的資料中心。在某些情況下，我們使用第三方提供者。因此，我們的資本支出數字可能無法與其他公司完全比較，但顯然，我們現在已經推出了這些功能，Apple Intelligence 功能。因此，我們正在為這些功能提供所需的所有容量。您將在我們的 10-K 中看到我們在 24 財年期間發生的資本支出金額。我們將在 25 財年繼續進行所有必要的投資。當然，也會對人工智慧相關的資本支出進行投資。

All right. Thanks, Mike. Can we have the next question please?

好的。謝謝，麥克。我們可以問下一個問題嗎？

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great. Thanks so much for taking my questions. I have two as well.

偉大的。非常感謝您回答我的問題。我也有兩個。

But Tim, maybe if we start with you, I think each of the last four years, you've exited the December quarter with iPhone demand outpacing supply. As we look to this quarter in the iPhone 16 cycle, lead times are relatively short. There are no known supply shortages. And I'm just curious whether you've been able to maybe get a better read on early cycle iPhone demand this year relative to past years. And if so, what you've learned about upgrade rates, switching rates, trade ups versus trading down and being more price sensitive, and overall, any impact that Apple Intelligence may have on iPhone 16 sales? And then I have a follow up. Thank you.

但是蒂姆，也許如果我們從你開始，我認為過去四年中，每年 12 月季度結束時，iPhone 的需求都超過了供應。從 iPhone 16 週期的本季來看，交貨時間相對較短。不存在已知的供應短缺情況。我只是好奇你是否能夠更好地了解今年相對於過去幾年的早期 iPhone 需求。如果是這樣，您對升級率、轉換率、升級換代與降級換代以及對價格更加敏感等方面了解了什麼，以及總體而言，Apple Intelligence 可能對 iPhone 16 銷售產生的影響？然後我有一個後續行動。謝謝。

There's a lot there. On Apple Intelligence, we believe it's a compelling upgrade reason. But we just launched it three days ago. And so what we've got now from a data point of view is the number I just referenced that 18.1 has twice the adoption rate of 17.1. So that clearly shows a level of interest out there.

那裡有很多東西。在 Apple Intelligence 上，我們認為這是一個令人信服的升級原因。但我們三天前才推出它。因此，從數據的角度來看，我們現在得到的是我剛才提到的數字，即 18.1 的採用率是 17.1 的兩倍。這清楚地表明了人們的興趣程度。

In terms of exiting the December quarter with demand greater than supply, that's not my recollection that that happened for all four years. We clearly had cases during COVID where there were disruptions and some spilled over. But in a more regular environment, where we're not having something -- 100-year flood kind of thing, we would -- our desire is to get into balance as quickly as possible. We don't want customers having to wait for products.

就12月季度的需求大於供應而言，我的記憶中四年來都沒有發生過這種情況。顯然，在新冠肺炎疫情期間，我們遇到一些情況，其中出現了中斷，有些還出現了溢出效應。但在一個更正常的環境中，我們不會發生 100 年一遇的洪水之類的事情，我們的願望是盡快達到平衡。我們不希望顧客必須等待產品。

And so if you look at how we've done this year, we did that very quickly on the 16, on the 16 Pro family, the Pro and the Pro Max. We've been constrained in October, but we believe that soon we'll be out of constraint. And so that's a good sign from our point of view. Keep in mind that's a function of supply and demand, not one side or the other. And we've been preparing for the quarter for a while. So that's what I would say there.

因此，如果你看看我們今年的表現，你會發現我們在 16、16 Pro 系列、Pro 和 Pro Max 上很快就做到了這一點。我們在十月受到了限制，但我們相信很快我們就會擺脫限制。從我們的角度來看，這是一個好兆頭。請記住，這是供給和需求的函數，而不是一方或另一方。我們已經為本季做準備了一段時間。這就是我要說的。

Okay. That's really helpful. Thank you, Tim.

好的。這真的很有幫助。謝謝你，提姆。

And then Luca, if I just turn to you, obviously, it's been a pleasure working with you and we wish you all the best in the next role. There's plenty debate in the market right now about input costs and commodity prices and the impact that will have on gross margins. Historically, you do guide gross margins up 50 basis points sequentially, which what you just told us about for the December quarter. So can you maybe just help us understand your view of component prices and broadly whether you still see those as tailwinds to gross margins and how sustainable that tailwind might be or whether that should become a headwind as we look forward? Thanks so much.

然後盧卡，如果我轉向你，顯然，與你合作很愉快，我們祝你在下一個角色中一切順利。目前市場上關於投入成本和大宗商品價格及其對毛利率的影響存在著許多爭論。從歷史上看，您確實將毛利率連續提高了 50 個基點，這就是您剛剛告訴我們的 12 月季度的情況。那麼，您能否幫助我們了解您對零件價格的看法，以及您是否仍然認為這些是毛利率的順風車，以及這種順風車的可持續性如何，或者在我們未來的展望中這是否應該成為逆風？非常感謝。

Yes, Erik. As you know, our gross margins are a factor of many, many variables. Commodities, of course, are important. They're not the only factor. But specifically on commodities, I can tell you that both for the September quarter and what we expect for the December quarter, most commodities are going to move down in price while NAND and DRAM increased during the course of the September quarter and we expect them to increase during the December quarter.

是的，埃里克。如您所知，我們的毛利率是許多變數的因素。大宗商品當然很重要。它們不是唯一的因素。但具體到大宗商品方面，我可以告訴您，無論是9 月份季度還是我們對12 月份季度的預期，大多數大宗商品的價格都會下跌，而NAND 和DRAM 在9 月份季度期間會上漲，我們預計它們的價格將會下跌。

We are very pleased with the level of gross margins that we've reported during the course of the year. The entire fiscal year of '24, they're really, for our company, a record levels of gross margin, and obviously, guiding to 46% to 47% for the December quarter with all the new technologies that we've included in the products with all the new features that Tim has talked about, a lot of new products across the board. I think it's a very good sign.

我們對今年報告的毛利率水準非常滿意。對於我們公司來說，24 整個財年的毛利率確實創下了歷史新高，顯然，我們在 12 月的季度中採用了所有新技術，毛利率將達到 46% 到 47%。所有新功能的產品，全面的許多新產品。我認為這是一個非常好的跡象。

Thank you, Erik. Thank you very much. Can we have the next question, please.

謝謝你，埃里克。非常感謝。我們可以提出下一個問題嗎？

Ben Reitzes, Melius.

本‧雷茨，梅利厄斯。

Hey. Thanks a lot. And I'll echo those comments about Luca. Miss you and good luck.

嘿。多謝。我會回應那些關於盧卡的評論。想念你，祝你好運。

And my question is with regard to iPhone again. And with regard to the fourth quarter is my first question -- or sorry, the fourth calendar quarter, your first quarter. When you look at mid- to low-single digit revenue growth, do you expect the iPhone to grow faster? And what are you thinking about in the answer to that question with regard to China, which keeps improving each quarter? Thanks very much. And then I have just a follow-up. Thanks.

我的問題又是關於 iPhone 的。關於第四季是我的第一個問題——或者抱歉，第四季度，你的第一季。當您看到中低個位數的收入成長時，您是否預期 iPhone 的成長速度會更快？對於每個季度都在不斷進步的中國，您在回答這個問題時有何想法？非常感謝。然後我有一個後續行動。謝謝。

You know, Ben, we are not providing that level of color today. Yes, we've said that we expect total company revenue to grow low- to mid-single digits. Keep in mind, Apple Intelligence, as Tim said, is rolling out over time, both features and languages. And we just had a number of exciting launches just this week, from the Apple Intelligence feature to the new Mac. So we leave it at that. We've given you the total for the company and some pretty good direction on services, which we expect to continue to grow at a similar rate than what we've seen in fiscal '24.

你知道，本，我們今天不提供那種等級的顏色。是的，我們已經說過，我們預計公司總收入將達到低至中個位數的成長。請記住，正如Tim所說，Apple Intelligence 正在隨著時間的推移推出功能和語言。本週我們剛發布了一系列令人興奮的產品，從 Apple Intelligence 功能到新款 Mac。所以我們就這樣吧。我們已經向您提供了公司的整體情況以及一些非常好的服務方向，我們預計服務將繼續以與 24 財年相似的速度成長。

Well, great. Thanks, Luca.

嗯，太好了。謝謝，盧卡。

Hey, Tim. I wanted to ask you, I mean -- and you know, you guys are well aware, a lot of the noise out there. People chattering about builds, lead times, and you guys are guiding for mid- to low-single digit growth. That certainly doesn't sound like alarm bells here vis a vis what you guys must be hearing. And I know you guys are just running your business and doing the best you can.

嘿，提姆。我想問你們，我的意思是──你們知道，你們很清楚，外面有很多噪音。人們談論建置、交付週期，而你們正在指導中低個位數的成長。這聽起來當然不像是你們一定要聽到的警鐘。我知道你們只是在經營自己的生意並盡力而為。

But you have a lot of perspective now, Tim. What are people missing here? And it certainly just sounds like, you guys are typically conservative. That guide for revenue is certainly -- sounds like this guy is certainly not falling and you have a pretty good product cycle. So what do you think people are missing and what are you excited about? Thanks so much, Tim.

但你現在有很多觀點了，提姆。人們在這裡缺少什麼？聽起來確實是，你們都是典型的保守派。收入指南肯定是——聽起來這個傢伙肯定不會倒下，而且你有一個相當好的產品週期。那麼您認為人們缺少什麼以及您對什麼感到興奮？非常感謝，提姆。

Ben, I could not be more excited about Apple Intelligence and the rollout that we've got in front of us. I'm obviously on future releases as well, working on it, and it's changing my daily life. I'm super excited about the health features that we're rolling out. The number of emails I'm already getting from customers that have taken a hearing test and are using their AirPods Pro 2 as a hearing aid are just -- are staggering and heartwarming to read.

Ben，我對 Apple Intelligence 以及我們即將推出的產品感到非常興奮。顯然我也在關注未來的版本，致力於它，它正在改變我的日常生活。我對我們即將推出的健康功能感到非常興奮。我已經從接受過聽力測試並使用 AirPods Pro 2 作為助聽器的客戶那裡收到的電子郵件數量驚人，讀起來令人心曠神怡。

I'm also thrilled about sleep apnea and the notification there that we'll have through the watch. This week is a very exciting week for us because we just rolled out three days, three launches of different Macs and desktops and laptops. And so we have a lot of things on the docket. And it's definitely the strongest lineup we've ever had going into the holiday season.

我也對睡眠呼吸中止症以及我們將透過手錶收到的通知感到興奮。本週對我們來說是非常令人興奮的一周，因為我們剛剛推出了三天、三款不同的 Mac、桌上型電腦和筆記型電腦。所以我們還有很多事情要處理。這絕對是我們進入假期以來最強大的陣容。

In terms of the noise, I tune it out. Because if not, it would just be deafening. And so that what I do. I can't speak for everybody else, but that's what I do.

就噪音而言，我將其排除。因為如果沒有的話，那隻會是震耳欲聾的。這就是我所做的。我不能代表其他人說話，但這就是我所做的。

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

謝謝你，本。我們可以問下一個問題嗎？

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good afternoon. Thanks for taking my questions. Luca, best of luck in the future. It's been a pleasure working with you.

午安.感謝您回答我的問題。盧卡，祝你未來一切順利。很高興與您合作。

I guess the first one I have is away from iPhones on the services side. You're at $100 billion run rate with services today, which is a phenomenal achievement by itself. As you look at the services portfolio today, can you just talk about how much of this business do you think is reoccurring versus transactional? And are the growth rates different between the subscription portfolio over here versus transactional portfolio?

我想我擁有的第一個手機是在服務方面遠離 iPhone 的。如今，您的服務運行率已達到 1000 億美元，這本身就是一項了不起的成就。當您查看今天的服務組合時，您能否談談您認為該業務中有多少是重複發生的，而不是交易性的？這裡的訂閱投資組合與交易投資組合之間的成長率是否不同？

Yes, Amit, I'll take this one. Yes, we are, first of all, very, very happy with it. It's an important milestone. Of course, we've got to a run rate of $100 billion. You look back just a few years ago and the growth has been phenomenal. We're very pleased we got a very diversified portfolio of services. And over the years, the amount that is recurring in nature has grown and is growing faster than the transactional piece. We have well over 1 billion paid subscriptions on our platform right now between our own services and third-party services. That continues to grow strong double digits. So we feel very, very good. And essentially, to your question, yes, the recurring portion is growing faster than the transactional one.

是的，阿米特，我要這個。是的，首先，我們對此非常非常滿意。這是一個重要的里程碑。當然，我們的運轉率必須達到 1000 億美元。回顧幾年前，你會發現成長是驚人的。我們非常高興能夠獲得非常多元化的服務組合。多年來，自然界中經常出現的金額不斷增長，並且增長速度超過了交易部分。目前，我們的平台上我們自己的服務和第三方服務的付費訂閱量遠遠超過 10 億。這一數字持續強勁成長兩位數。所以我們感覺非常非常好。從本質上講，對於你的問題，是的，經常性部分的成長速度快於交易部分。

Got it. And if I could just follow up, if I look at the growth rates across the different geography, there's always concern around China when it comes to iPhone demand, I feel. But the performance in September looks fairly good. So why don't we just touch on what are you seeing from a demand perspective in China? If the recent stimulus plans in China could essentially be a catalyst for iPhones? And then EMEA really stood out with double digit growth, maybe you can just splash that out as well for us. Thank you.

知道了。如果我能跟進一下，如果我看看不同地區的成長率，我覺得，在 iPhone 需求方面，中國各地總是存在擔憂。但9月的表現看起來還不錯。那我們為什麼不從中國的需求角度談談您所看到的情況呢？中國最近的刺激方案是否本質上成為 iPhone 的催化劑？然後歐洲、中東和非洲地區確實以兩位數的成長脫穎而出，也許您也可以為我們提供這一點。謝謝。

Yeah, I'll take the China question. If you look at how we did for the quarter, we were relatively flat year over year and a key component of that improvement relative to the year-over-year performance that we have been achieving is that there was a sequential improvement in foreign exchange. And so that helped us out. As you know, it's been a headwind that we've been reporting for a period of time. But the other parts that are -- what else is going on there is that our installed base of active devices reached an all-time high.

是的，我將回答中國問題。如果你看看我們本季的表現，你會發現我們的表現與去年同期相比相對持平，而相對於我們所取得的同比表現而言，這一改善的一個關鍵組成部分是外匯交易的連續改善。這幫助了我們。如您所知，一段時間以來我們一直在報道這一逆風。但其他部分——還有什麼是我們的活躍設備安裝基數達到了歷史最高水準。

We had the top two selling smartphones in urban China according to Kantar. The level of new customers that we have buying the products like Mac and iPad are well over 50% -- watch is over three quarters that are new to the product. And so there's several positive signs there. In terms of the stimulus, it's a clear focus of the team there, but I'm not an economist and don't want to live on the effect of it.

根據 Kantar 的數據，我們擁有中國城市中銷量最高的兩款智慧型手機。我們購買 Mac 和 iPad 等產品的新客戶比例遠超過 50%，而手錶則超過四分之三是該產品的新客戶。因此，有一些積極的跡象。就刺激措施而言，這是團隊的明確關注重點，但我不是經濟學家，也不想靠其影響力而活。

On the Europe side, I mean, a number of things. As you see from our results during the quarter, Europe grew double digits, 11%. And really, it was really good growth across the board, the different segment segments, they all did well. Keep in mind, our definition of Europe in our segment reporting includes a number of emerging markets like Turkey, where we've grown very strongly; the Middle East -- Tim mentioned a number of records in Saudi, in UAE; and we also include India, where we set an all-time revenue record during the September quarter. But I have to say also Western Europe grew nicely. So we've seen very, very good results for us in the entire segment.

在歐洲方面，我的意思是，有很多事情。正如您從我們本季的業績中看到的，歐洲成長了兩位數，即 11%。事實上，整個產業的成長都非常好，不同的細分市場，他們都做得很好。請記住，我們在分部報告中對歐洲的定義包括許多新興市場，例如土耳其，我們在這些市場的成長非常強勁；中東——提姆提到了沙烏地阿拉伯、阿聯酋的一些記錄；我們還包括印度，我們在九月季度創下了歷史收入記錄。但我不得不說西歐也發展得很好。因此，我們在整個細分市場中看到了非常非常好的結果。

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

謝謝，阿米特。我們可以問下一個問題嗎？

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Thanks everyone for taking my questions and congratulations Luca. You know, I know Luca and I know Tim, you don't want to give a lot of granularity, but if I just try to pull together your comments about what the demand environment looks like. Are we to assume based on sort of the commentary that there is a risk that maybe the product revenue portfolio could be down in the December quarter if I take your numbers at face value. And if, and if that's the risk is that more, you know, iPhone related Mac related, given the strength that you've seen and iPad related, just trying to get a handle on kind of what potentially give you that degree of, I don't want to say caution but maybe balanced for you going into the December quarter. And then I have a follow up.

偉大的。感謝大家提出我的問題並祝賀盧卡。您知道，我認識盧卡，也認識蒂姆，您不想提供太多細節，但如果我只是嘗試將您對需求環境的評論匯總起來。我們是否可以根據某種評論來假設，如果我從表面上看你的數字，那麼產品收入組合可能會在 12 月季度下降。如果，如果風險更大，你知道，iPhone 相關的 Mac 相關的，考慮到你所看到的和 iPad 相關的優勢，只是試圖掌握可能給你帶來這種程度的東西，我不想說謹慎，但也許對進入12 月季度的你來說是平衡的。然後我有一個後續行動。

As I said, David, we're not providing that level of color. We're giving you some, some data on, on services. I will repeat what I said earlier. We're very early in the cycle, very early in the cycle with a lot of new products and features that, that we are launching and you know, we, we're very excited about them but, but it's early and, and you know, the Apple Intelligence rollout is going to happen over time, not, not across the world as normally we do with the with software releases.

正如我所說，大衛，我們不提供那種等級的顏色。我們正在為您提供一些有關服務的數據。我會重複我之前說過的話。我們正處於週期的早期階段，處於週期的早期階段，我們正在推出許多新產品和功能，你知道，我們對它們感到非常興奮，但是，現在還很早，而且你要知道，Apple Intelligence 的推出將隨著時間的推移而發生，而不是像我們通常在軟體發佈時那樣在全世界範圍內推出。

Right? Okay. So maybe a follow up for Tim when you think about to Luca's point about the rollout being you know, staged over the next several quarters across the world. Do you think that has any impact on sort of the normal historical demand cadence across different regions? So we should we see some different, let's say, you know, in the December quarter, the March quarter the June quarter, etcetera, relative to history, given the timing of the rollout and, and where customers are probably waiting for the devices to be enabled to have the operating system. We just love to kind of get your perspective on how we think about, you know, you know, the demand cadence, how it might be different than maybe historically. Thank you.

正確的？好的。因此，當你想到盧卡關於推出的觀點時，蒂姆的後續行動可能是你知道的，將在接下來的幾個季度在世界各地上演。您認為這對不同地區的正常歷史需求節奏有什麼影響嗎？因此，考慮到推出的時間以及客戶可能在等待設備的位置，我們應該看到一些與歷史不同的情況，比方說，在 12 月季度、3 月季度、6 月季度等，相對於歷史記錄能夠擁有作業系統.我們只是想了解您對我們如何看待需求節奏以及它可能與歷史上有何不同的看法。謝謝。

Yeah, David, it's, it's clearly as you point out a different cadence if you will than we would normally do. And we, as we talked about it, WW DC, we wanted to give a comprehensive vision of Apple Intelligence and we said then that it would roll out over time and, and we're right on the, the what we said at WW DC. And so we're, we're executing well in terms of the demand curve, I, I would just say that what we believe here is that it's a compelling reason for upgrading and it's, that's both my personal experience and feedback that I'm getting. And so we'll, we'll see, but we're not projecting beyond the current quarter. Obviously, we just don't do that.

是的，大衛，很明顯，如果你願意的話，你會指出與我們通常所做的不同的節奏。正如我們在 WW DC 上所討論的那樣，我們希望提供 Apple Intelligence 的全面願景，然後我們說它將隨著時間的推移而推出，而且我們在 WW DC 上所說的話是正確的。因此，我們在需求曲線方面執行得很好，我只想說，我們相信這是升級的一個令人信服的理由，這既是我的個人經驗，也是我的回饋。所以我們會看到，但我們不會預測本季之後的情況。顯然，我們只是不這樣做。

Thank you, David. We'll take the next question, please.

謝謝你，大衛。我們將回答下一個問題。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes. Thank you so much. Luca, we will miss you on these on these calls. Tim maybe for you, as you think about this staggered rollout of Apple Intelligence. Can you help us think through potentially how much of the global install base of phones will have access to Apple Intelligence in their native language in their region within the next year or maybe in the next two years? And, and what are some of the gating factors in the rollout? And, and I will follow up.

是的。太感謝了。盧卡，我們會在這些電話中想念你。當你想到 Apple Intelligence 的交錯推出時，Tim也許適合你。您能否幫助我們思考一下，在未來一年或未來兩年內，全球有多少手機用戶將能夠在其所在地區以母語存取 Apple Intelligence？而且，推出過程中有哪些限制因素？而且，我會跟進。

If you, if you look at our schedule, we started in the, in the U with us English that started on Monday. There's another release coming that adds additional features that I had referenced in December in not only us English but also localized for UK Australia, Canada, Ireland and New Zealand.

如果你看我們的日程安排，我們從星期一開始，在美國大學用英語開始。還有另一個版本即將發布，它添加了我在 12 月提到的附加功能，不僅有美國英語版本，而且還針對英國、澳大利亞、加拿大、愛爾蘭和紐西蘭進行了本地化。

And then we will add more languages in April. We haven't set the specifics yet in terms of the languages, but we'll, we'll add more in April and then more as we step through the year. And so we're moving just as, as fast as possible while ensuring quality. That's, that's what we're doing.

然後我們將在四月添加更多語言。我們還沒有確定語言方面的具體細節，但我們將在四月添加更多內容，然後在今年內添加更多內容。因此，我們在確保品質的同時，盡可能快速地行動。這就是我們正在做的事情。

Okay. Thanks Tim. And then as a follow up, maybe this is a little premature but, but how is Apple at a high level prepared to potentially deal with any tariffs that might come with the selection cycle? And if not exactly how perhaps you can just help investors think about some of the things Apple has done already to try to insulate from, from some of these impacts and potential impacts.

好的。謝謝蒂姆。作為後續行動，也許這有點為時過早，但是，蘋果高層準備如何應對選擇週期可能帶來的任何關稅？如果不完全是這樣的話，也許你可以幫助投資人思考蘋果已經做了一些事情，試圖避免這些影響和潛在的影響。

You know, I wouldn't want to speculate about those sorts of things. And so I'm going to, I'm going to punt on that one.

你知道，我不想猜測這類事情。所以我要，我要賭這個。

Thank you, Wamsi. May we have the next question, please?

謝謝你，瓦姆西。我們可以提出下一個問題嗎？

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yeah. Hi. Thanks for taking my question. And again, thanks Luca for all your help with analysts and investors. My first question is on R&D, given how much your tech peers are planning on AI? Does this new era of Apple Intelligence actually require Apple to invest more in R&D beyond your current 7% to 8% of sales to capture this opportunity and then had a follow up.

是的。你好。感謝您提出我的問題。再次感謝盧卡為分析師和投資者提供的所有幫助。我的第一個問題是關於研發，考慮到你們的技術同行對人工智慧的計畫有多少？這個蘋果智能的新時代實際上是否需要蘋果在研發上投入更多，超出你目前銷售額的7%到8%，才能抓住這個機會，然後進行跟進。

Crish as, as you know, we've been investing heavily in R&D over the last several years. Our R&D growth has been significant during the last several years and, and obviously, as we move through the course of fiscal '24 we've also reallocated some of the existing resources to the, to this new technology, to AI. And so the, the level of intensity that we're putting into AI has increased a lot and you maybe don't see the full extent of it because we've also had some internal reallocation of the, the base of, of engineering resources that we have within the company.

如您所知，過去幾年我們一直在研發方面投入大量資金。在過去的幾年裡，我們的研發成長非常顯著，而且顯然，隨著我們進入 24 財年，我們也將一些現有資源重新分配給這項新技術和人工智慧。因此，我們投入人工智慧的強度水平已經大大增加，你可能看不到它的全部範圍，因為我們也對工程資源的基礎進行了一些內部重新分配我們公司內部有。

Got it, got it. Thanks for and then another quick follow up. I understand Apple Intelligence is a feature on the phone today. But do you think that in the future it could potentially have you know, or benefit the services growth business or is that too, are there too, too bifurcated to even make a call on the push early in the section? Thank you.

明白了，明白了。感謝您的再次快速跟進。據我了解，Apple Intelligence 是當今手機上的功能。但您是否認為未來它可能會讓您知道，或者使服務增長業務受益，或者是否也存在太多分歧，甚至無法在本節早期就推動做出呼籲？謝謝。

I think just to keep in mind, Apple Intelligence is also available on the mac for the M series products and on certain models of, of iPad and in addition to the phone, and so it's, it's on all three.

我想請記住，Apple Intelligence 還可以在 M 系列產品的 Mac 上以及某些型號的 iPad 上使用，除了手機之外，所以它在所有三款產品上都可用。

Your question, what, what was your follow on question?

你的問題是什麼，你的後續問題是什麼？

Two of those one, can the Apple Intelligence actually help, you know, and you know how the services growth trade.

其中兩個是，蘋果智能是否真的能提供幫助，你知道，而且你知道服務貿易如何成長。

Keep in mind that we have released a lot of AP is and developers will be taking advantage of those AP is that release has occurred as well and, and of course more are coming. And so I definitely believe that a lot of developers will be taking advantage of Apple Intelligence in, in a big way and what that does to services, I'll, I'll not forecast. But I would say that from an ecosystem point of view, I think it will be great for the user and the user experience.

請記住，我們已經發布了很多 AP is，開發人員將利用這些 AP is，這些發布也已經發生，當然還會有更多的發布。因此，我絕對相信許多開發人員將在很大程度上利用 Apple Intelligence，這對服務有何影響，我不會預測。但我想說，從生態系統的角度來看，我認為這對使用者和使用者體驗都是很好的。

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

好的。謝謝你，克里什。我們可以問下一個問題嗎？

Samik Chatterjee, JP Morgan.

薩米克‧查特吉，摩根大通。

Great. Thank you. Thanks for taking my questions and look up. Congrats on the new role and a pleasure working with you these years. I guess if I could for my first one, start with mix on the iPhone side. And what I'm really curious about if you have any thoughts given that Apple Intelligence is now going to be a consistent feature set across all the four sort of iPhones on the iPhone 16 series that you launched and going back to iPhone 15 Pro and Pro Max. Are you seeing any change in behavior from a consumer perspective in terms of which sort of on the mix front within the iPhone series where custom consumer adoption is given that there's more consistency of the features when it comes to Apple Intelligence across the board and I have a follow up. Thank you.

偉大的。謝謝。感謝您回答我的問題並找到。恭喜擔任新職務，這些年來與您合作很愉快。我想我的第一個作品可以從 iPhone 端的混音開始。我真的很好奇你是否有任何想法，因為 Apple Intelligence 現在將成為你推出的 iPhone 16 系列以及 iPhone 15 Pro 和 Pro 上所有四款 iPhone 上一致的功能集最大限度。從消費者的角度來看，您是否看到了 iPhone 系列的混合方面的行為發生了任何變化，其中消費者採用了定制的方式，當涉及到 Apple Intelligence 時，功能更加一致，我有後續行動。謝謝。

It's tough to answer your question because we've been constrained in October on the pro and the Pro Max. And so it's, it's really too early in the curve to call the precise mix on the consumer versus the pro.

很難回答你的問題，因為我們在 10 月對 Pro 和 Pro Max 進行了限制。因此，現在就確定消費者與專業人士的精確組合還為時過早。

So we'll, we'll see.

所以我們會，我們會看到。

And for my follow up during the quarter, I think over the last 90 days, we had the quotes come out in relation to the DOJ creative to the Google sort of revenue sharing agreement that you have with them. How do you sort of look at it going forward in terms of emphasizing the role that Apple has in that ecosystem with safari and sort of the potential outcomes that you're looking at you.

對於我在本季的後續行動，我認為在過去 90 天裡，我們收到了與 DOJ 創意以及您與他們簽訂的 Google 收入分享協議相關的報價。你如何看待未來的發展，強調蘋果在 Safari 生態系統中的作用以及你所看到的潛在結果。

You know, I don't, I don't want to speculate on the, on that from a legal point of view. It's an ongoing case and, and I will save that for another day.

你知道，我不，我不想從法律的角度對此進行推測。這是一個正在進行的案件，我將留到另一天再討論。

All right. Thank you, Samik, Operator, may we have the next question, please?

好的。謝謝接線生 Samik，我們可以問下一個問題嗎？

Richard Kramer, Arete Research.

理查德·克萊默，Arete 研究中心。

Thanks very much. For my first one, Tim, I'd like to ask about some of the components and services where despite your installed base, some parts of the Apple One bundle like Music and News and Arcade and fitness are not obviously the market-leading offerings. And maybe, what might change that and what other services could you call out as growing faster, having wider or widening addressable markets like we've seen in pay or advertising?

非常感謝。對於我的第一個，Tim，我想詢問一些組件和服務，儘管您的安裝基礎，Apple One 捆綁包的某些部分（例如音樂和新聞以及街機和健身）顯然並不是市場領先的產品。也許，什麼可能會改變這一點，還有哪些服務可以稱為成長更快，擁有更廣泛或擴大的可尋址市場，就像我們在付費或廣告中看到的那樣？

The way that I view it is that we have lots of opportunity in all of those. And so there's lots of customers to try to convince to take advantage of it and we're going to continue investing in the services and adding new features and, whether it's News+ or Music or Arcade, that's what we're going to do. Keep in mind that for us, we're more focused on being best than being most.

我認為我們在所有這些方面都有很多機會。因此，有許多客戶試圖說服他們利用它，我們將繼續投資於服務並添加新功能，無論是新聞+、音樂還是街機，這就是我們要做的。請記住，對我們來說，我們更注重成為最好而不是成為最多。

And so in some cases -- not in every case. Some of the services that you -- the majority of the services that you mentioned are not cross platform. We make them for our customers only. And so that in some cases changes the person who's going to sell the most perhaps. But that's -- our objective is to make the best.

所以在某些情況下——並非在所有情況下都是如此。您提到的一些服務—您提到的大多數服務都不是跨平台的。我們僅為我們的客戶製造它們。因此，在某些情況下，可能會改變銷售量最高的人。但這是——我們的目標是做到最好。

Okay, thanks. And then Luca, one piece of unfinished business was your pledge to get to a net neutral cash position. And over the last two years, you stayed around $50 billion of net cash. We've clearly seen instances in the past where elevated marketing spend or other programs brought increases in market share. I guess, my question looking back on your tenure is at your scale now of $57 billion of OpEx, do you still see incremental ways to put that cash to work in the business or will we just continue to see increased shareholder returns?

好的，謝謝。然後盧卡，您未完成的一項任務是您承諾達到淨中性現金部位。在過去的兩年裡，你保留了大約 500 億美元的淨現金。我們在過去已經清楚地看到了行銷支出或其他計劃增加帶來市場份額增加的例子。我想，回顧您的任期，我​​的問題是，按照您目前營運支出570 億美元的規模，您是否仍會看到增量方式將這些現金用於業務，還是我們會繼續看到股東回報增加？

Well, obviously, as you've seen, our OpEx has gone up over the years. We've also seen, at the same time, a significant expansion in gross margin, maybe to a level that I would have not expected a few years ago, but we've done a very good job on a number of fronts. And so I would say, we -- when we plan -- every time we plan for the upcoming year, we think about all the different areas where we can deploy our resources and we make them available to grow the business. I think we've done very well over the long term. But our fundamental philosophy is to look after the business first and then if we have excess cash, we will continue to return it to our shareholders and the plan has worked quite well so far.

嗯，顯然，正如您所看到的，我們的營運支出多年來一直在上升。同時，我們也看到毛利率大幅成長，也許達到了我幾年前沒有預料到的水平，但我們在很多方面都做得非常好。所以我想說，當我們計劃時，每次我們為來年做計劃時，我們都會考慮可以部署資源的所有不同領域，並讓它們可用於發展業務。我認為從長遠來看我們做得很好。但我們的基本理念是先照顧好業務，然後如果我們有多餘的現金，我們將繼續將其返還給我們的股東，到目前為止，該計劃運作良好。

Thank you, Richard. We'll take our last question, please, operator.

謝謝你，理查。我們將回答最後一個問題，接線生。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Thank you for squeezing me in. It seems to us that the spec differentiation between iPhone 16 Pro and base models isn't as big as prior years. All iPhones have new 18, 18 Pro chips and there wasn't an increase in ASPs versus last year. Can you share with us if there is a shift in your strategy in terms of (technical difficulty)

感謝您的邀請。所有 iPhone 都配備了新的 18、18 Pro 晶片，並且平均售價與去年相比沒有增加。如果您的策略在（技術難度）方面有變化，您能否與我們分享一下？

Unfortunately, Mr. Atif's line has dropped.

不幸的是，阿蒂夫先生的線路已經斷線了。

All right. Sorry, Atif. We'll connect offline.

好的。對不起，阿提夫。我們將離線連接。

Thank, you everybody. A replay of today's call will be available for two weeks on Apple Podcast as a webcast on apple.com/investor and via telephone. The number for the telephone replay is 866-583-1035. Please enter confirmation code 0331536, followed by the pound sign. These replays will be available by approximately 5:00 PM Pacific 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.

謝謝大家。今天的電話會議的重播將在 Apple Podcast 上以網路廣播形式在 apple.com/investor 上進行兩週重播，也可透過電話重播。電話重播號碼為 866-583-1035。請輸入確認碼 0331536，然後輸入井號。這些重播將於今天太平洋時間下午 5 點左右提供。如有其他問題的媒體人員可以致電 408-862-1142 聯絡 Josh Rosenstock。如果有其他問題，金融分析師可以聯絡我 Suhasini Chandramouli，電話：408-974-3123。

Thank you again for joining us.

再次感謝您加入我們。

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

再次強調，今天的會議到此結束。我們非常感謝您的參與。