蘋果 (AAPL) 2022 Q2 法說會逐字稿

Good day, and welcome to the Apple Q2 FY 2022 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Tejas Gala, Director of Investor Relations and Corporate Finance. Please go ahead.

各位來賓，歡迎參加蘋果2022財年第二季財報電話會議。本次會議正在錄音。現在，我將把會議交給投資者關係與企業財務總監Tejas Gala先生，請他致開幕詞並進行介紹。

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

謝謝。下午好，感謝各位參加本次電話會議。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·馬埃斯特里。之後，我們將開放分析師提問環節。

Please note that some of the information you'll hear during today's discussion 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 COVID-19 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. 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 or information, which speak as of their respective dates.

請注意，您在今天的討論中將聽到一些前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置以及未來業務展望（包括新冠疫情對公司業務和經營業績的潛在影響）的陳述。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。更多信息，請參閱蘋果公司最新提交的10-K表格年度報告和今天提交給美國證券交易委員會（SEC）的8-K表格以及相關新聞稿中討論的風險因素。蘋果公司不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thank you, Tejas. Good afternoon, everyone, and thank you for joining us today. Apple is proud to report another record quarter with a March quarter revenue record of $97.3 billion, up 9% from a year ago and better than we anticipated. iPhone, Mac and Wearables, Home and Accessories had their best ever March quarter, and Services set an all-time record on the strength of subscription growth over the past year.

謝謝 Tejas。大家下午好，感謝各位今天參加我們的活動。蘋果非常榮幸地宣布，今年3月季營收再創新高，達973億美元，年增9%，超乎預期。 iPhone、Mac 和穿戴式裝置、家居及配件業務均創下3月季度最佳業績，而服務業務則憑藉過去一年訂閱業務的強勁增長，創下歷史新高。

Before I get into details, I want to take a moment to acknowledge the humanitarian tragedy unfolding in Ukraine. We're continuing to do everything we can to support our teams in the region, and we are donating to humanitarian efforts on the ground. We've also committed to donating products to support refugees arriving here in the United States.

在詳細介紹之前，我想先花一點時間表達對烏克蘭正在發生的人道主義悲劇的關注。我們正在盡一切努力繼續支持我們在該地區的團隊，並向當地的人道主義救援工作捐款。此外，我們也承諾捐贈產品，以幫助抵達美國的難民。

I also want to speak to the unpredictable nature of the pandemic. We are excited to be welcoming employees back to the offices in the U.S. and Europe. At the same time, we are monitoring COVID-related disruptions in China. Our thoughts are with all those in the path of the virus, and we remain as committed as ever to doing our part to help protect people and their communities.

我還想談談疫情的不可預測性。我們很高興歡迎員工們重返美國和歐洲的辦公室。同時，我們也密切關注中國與新冠疫情相關的各種影響。我們與所有受疫情影響的人們同在，並將一如既往地致力於盡我們所能，保護人民及其社區的安全。

These times remind us that we cannot know what the future may hold. But they remind us, too, that technology infused with humanity makes a real difference in the world. And that's where our focus has remained: on driving the innovations that can enrich people's lives.

當下的時代提醒我們，我們無法預知未來。但它也提醒我們，融入人文關懷的科技能真正改變世界。而這正是我們始終關注的焦點：致力於推動能夠豐富人們生活的創新。

Throughout the quarter, Apple continued its streak of unparalleled innovation at an unmatched pace. With Apple silicon, our teams are pushing the limits of what we once thought possible, and we are seeing leaps and bounds in performance and efficiency. Last month, we announced another breakthrough with M1 Ultra, the world's most powerful chip for a personal computer. The incredible customer response to our M1-powered MAX helped propel a 15% year-over-year increase in revenue despite supply constraints. We now have our most powerful Mac lineup ever with the addition of the entirely new Mac Studio. Paired with the new studio display, a 5K resolution display equipped with its own A13 Bionic chip, this new desktop and display transform any workspace into a creative powerhouse.

整個季度，蘋果公司繼續保持無與倫比的創新勢頭，並以空前的速度不斷突破極限。憑藉蘋果自研晶片，我們的團隊不斷突破以往的認知極限，並在性能和效率方面取得了飛躍式的進步。上個月，我們發布了另一項突破性成果——M1 Ultra，這是目前世界上最強大的個人電腦晶片。儘管面臨供應限制，但搭載 M1 Ultra 晶片的 MAX 筆記型電腦依然獲得了用戶的熱烈反響，推動公司營收年增 15%。如今，隨著全新 Mac Studio 的加入，我們擁有了迄今為止最強大的 Mac 產品線。這款全新的桌上型電腦和顯示器組合，搭配搭載 A13 仿生晶片的 5K 解析度顯示器，可將任何工作空間轉變為創意中心。

As we release the groundbreaking M1 Ultra, we also expanded our iPhone offerings, adding 2 beautiful green finishes to the iPhone 13 lineup and introducing the new 5G-enabled iPhone SE, which is great for our existing users who want a smaller iPhone and a great value for people buying an iPhone for the first time. They love how much power and performance we've injected into such an affordable device and rave about its incredible camera and its lightning fast speeds. In the March quarter, iPhone revenue grew 5% over the previous year despite a challenging compare as we saw strong demand from our customers for the iPhone 13 family.

在發布突破性的 M1 Ultra 晶片的同時，我們也擴展了 iPhone 產品線，為 iPhone 13 系列新增了兩款精美的綠色外觀，並推出了支援 5G 網路的全新 iPhone SE。這款手機對於想要更小巧 iPhone 的現有用戶來說非常棒，對於首次購買 iPhone 的用戶來說也極具性價比。用戶們對我們為這款價格親民的設備注入的強大性能贊不絕口，並對它出色的攝像頭和閃電般的運行速度贊不絕口。儘管面臨嚴峻的市場挑戰，但由於消費者對 iPhone 13 系列的強勁需求，我們在 3 月的季度中，iPhone 的營收仍同比增長了 5%。

And with the all-new iPad Air supercharged by M1, iPad brings more power and more versatility across the entire iPad lineup. For customers around the world, iPad continues to be essential for education, creativity and entertainment. That's why we're continuing to see such a strong demand for iPad even while navigating the significant supply constraint we predicted at the start of the quarter.

全新 iPad Air 搭載 M1 晶片，效能強勁，為整個 iPad 產品線帶來更強大的效能和更豐富的功能。對於全球用戶而言，iPad 仍然是教育、創作和娛樂的必備工具。正因如此，即使面臨本季初預測的嚴重供應限制，我們依然看到 iPad 市場需求強勁。

Turning to Wearables, Home and Accessories. We are pleased to see these products continue to delight our users, growing 12% year-over-year. Customers are enthusiastically taking charge of their health with Apple Watch Series 7 and Apple Watch SE. The rich sound, beautiful colors and compact design of HomePod mini continue to make it a hit with customers. And there's still no better companion to Apple Music than AirPods with spatial audio that transforms the way we listen, putting our customers right in the center of the music.

接下來是穿戴式裝置、家居和配件領域。我們很高興看到這些產品持續受到用戶的喜愛，年增 12%。用戶正積極使用 Apple Watch Series 7 和 Apple Watch SE 來管理自身健康。 HomePod mini 以其豐富的音質、絢麗的色彩和緊湊的設計，繼續深受用戶青睞。而 AirPods 依然是 Apple Music 的最佳搭檔，其空間音訊功能徹底改變了我們的聆聽方式，讓使用者彷彿置身於音樂的中心。

The seamless integration of hardware, software and services is at the center of our work and philosophy at Apple. Apple Services are designed to be easy to use with expert curation that brings our users compelling content from talented developers, creators, storytellers and artists. These principles are reflected in all of the services we've developed, which continue to generate incredible enthusiasm from our customers. Services revenue rose to $19.8 billion in the March quarter, reflecting a 17% increase from a year ago.

在蘋果公司，硬體、軟體和服務之間的無縫整合是我們工作和理念的核心。蘋果服務旨在讓用戶輕鬆上手，並由專家精心甄選，為用戶帶來來自才華橫溢的開發者、創作者、故事講述者和藝術家的精彩內容。這些原則體現在我們開發的所有服務中，並持續贏得用戶的熱烈追捧。今年3月季度，服務收入成長至198億美元，年增17%。

We were especially excited to cheer on CODA as it won the Academy Award for Best Picture, making Apple TV+ the first streaming service to win in this category. We were honored to be stewards of this incredibly powerful, deeply moving film. In a little over 2 years, Apple TV+ shows and movies have earned over 240 awards and more than 960 nominations. From Severance to WeCrashed to Pachinko, new Apple Originals are connecting with audiences and earning praise from critics. We're also winning over sports fans with Friday Night Baseball, which debuted earlier this month; and They Call Me Magic, a 4-part documentary that premiered last week tracing the life of the iconic Magic Johnson.

我們尤其為《CODA》榮獲奧斯卡最佳影片獎而歡呼雀躍，這也讓 Apple TV+ 成為首個獲此殊榮的串流媒體服務平台。我們很榮幸能夠成為這部震撼人心、感人至深的影片的發行者。短短兩年多時間，Apple TV+ 的劇集和電影已獲得超過 240 項大獎，並獲得 960 多項提名。從《Severance》到《WeCrashed》再到《Pachinko》，Apple 原創影集不僅深受觀眾喜愛，也贏得了評論界的一致好評。此外，本月初首播的《Friday Night Baseball》以及上週首播的四集紀錄片《They Call Me Magic》（講述傳奇人物“魔術師”約翰遜的傳奇人生）也贏得了體育迷的青睞。

Fitness+ is helping users channel their inner athlete with a range of workout routines for any fitness level. We recently introduced a postpartum routine designed by mothers for mothers. And with our Apple Heart and Movement Study, we are helping researchers glean new insights into cardiovascular fitness.

Fitness+ 提供一系列適合各種健身程度的運動計劃，幫助使用者激發內在的運動潛能。我們近期推出了一套由媽媽們為媽媽們設計的產後運動計畫。此外，我們還與 Apple 合作進行“心臟與運動研究”，幫助研究人員深入了解心血管健康。

As our products and services entertain customers and help them stay healthy, we're also working to make their lives easier. Arizona, for example, is the first state to enable its citizens to securely add their driver's license and state IDs to Apple Wallet. More states in the territory of Puerto Rico will soon follow. We've also announced plans to introduce Tap to Pay on iPhone, a simple and secure way for businesses to accept contactless payments launching across the U.S. later this year.

我們的產品和服務在為顧客帶來娛樂和健康的同時，也努力讓他們的生活更加便利。例如，亞利桑那州率先允許其居民安全地將駕照和州身份證添加到 Apple Wallet。波多黎各的更多州也將很快跟進。此外，我們也宣布計劃在 iPhone 上推出「輕觸支付」（Tap to Pay）功能，這是一種簡單安全的非接觸式支付方式，將於今年稍後在美國各地推出。

To meet the needs of customers wherever they are, our Apple Retail teams are constantly adapting to better serve them. We opened a new store in the United Arab Emirates this quarter at a unique waterfront location with panoramic views of the Abu Dhabi skyline. And earlier this month, we opened a new store in Korea, our third and largest store in the heart of Seoul. And across the U.S., we marked the return of in-person Today at Apple sessions with a special program featuring music from pop icon, Lady Gaga. I'd like to thank our team members working in Apple stores, customer care centers, channel partner stores and our Apple Care teams for bringing customers the best of Apple.

為了滿足顧客在各地的需求，我們的 Apple 零售團隊不斷調整服務，力求提供更優質的體驗。本季度，我們在阿聯酋開設了一家全新的 Apple Store 零售店，選址於阿布達比獨特的濱水地段，可飽覽壯麗的城市天際線全景。本月初，我們在韓國首爾市中心開設了第三家 Apple Store 零售店，也是規模最大的一家。此外，我們還在美國各地舉辦了「Today at Apple」線下課程的回歸活動，並特別邀請流行天后 Lady Gaga 獻唱。在此，我要感謝所有在 Apple Store 零售店、客戶服務中心、通路合作夥伴門市以及 Apple Care 團隊辛勤工作的團隊成員，感謝他們為顧客帶來 Apple 的卓越體驗。

As we look to the environment, we are making good progress on our commitment to achieve carbon neutrality across our products and supply chain by 2030. Through our Green Bonds program, we're investing in breakthrough technologies like low-carbon aluminum, which we will be integrating into the new iPhone SE. And we were pleased to announce recently that we've nearly doubled the number of our top suppliers who have committed to accelerating the transition to clean energy. We are also investing in renewable energy projects in communities most impacted by climate change around the world.

在環境保護方面，我們正朝著2030年實現產品及供應鏈碳中和的目標穩步邁進。透過綠色債券計劃，我們正投資於低碳鋁等突破性技術，並將這些技術應用於新款iPhone SE。此外，我們近期欣喜地宣布，承諾加速向清潔能源轉型的頂級供應商數量已幾乎翻了一番。同時，我們也在世界各地受氣候變遷影響最嚴重的社區投資再生能源計畫。

As we do our part to protect our planet, we're also prioritizing people. As part of our long-standing commitment to inclusion and diversity, we're continuing to build a better, stronger Apple rooted in a culture where everyone belongs. Last month, we published an update on the progress we've made with inclusion and diversity at Apple. We've hired more women than ever into leadership roles. And in the U.S., nearly 60% of all leadership openings were filled by people from underrepresented communities in 2021. We also recently announced a $50 million Supplier Employee Development Fund that will help workers in our supply chain discover additional educational opportunities and build new skills. And through our Racial Equity and Justice initiative, we're continuing to advance our work to support underrepresented communities and help build a more just and equitable world.

在為保護地球貢獻力量的同時，我們也始終將員工放在第一位。作為我們長期致力於包容性和多元化的一部分，我們將繼續打造一個更美好、更強大的蘋果公司，並創造一個人人都能融入其中的企業文化。上個月，我們發布了關於蘋果在包容性和多元化方面所取得進展的最新報告。我們聘用的女性領導者人數創歷史新高。在美國，2021 年近 60% 的領導職缺都由來自少數族裔群體的人士擔任。我們最近也宣佈設立一項 5,000 萬美元的供應商員工發展基金，旨在幫助供應鏈中的員工獲得更多教育機會並提陞技能。此外，透過我們的種族平等與正義倡議，我們將繼續推動支持少數族裔群體的工作，並致力於建立一個更公正公平的世界。

Before I hand it over to Luca, I want to acknowledge the challenges we are seeing from supply chain disruptions driven by both COVID and silicon shortages to the devastation from the war in Ukraine. We are not immune to these challenges, but we have great confidence in our teams, in our products and services and in our strategy. Fundamentally, our work is about making technology that enriches people's lives and unlocks the full creative potential of humanity. And though the twists and turns of the future may be uncertain, what is certain is that we will never stop striving to be a force for good in the world in everything we do and everything we are.

在將發言權交給盧卡之前，我想先談談我們目前面臨的挑戰，包括新冠疫情和矽晶片短缺導致的供應鏈中斷，以及烏克蘭戰爭帶來的破壞。我們無法免受這些挑戰的影響，但我們對我們的團隊、產品和服務以及我們的策略充滿信心。從根本上講，我們的工作是創造能夠豐富人們生活、釋放人類全部創造潛能的技術。儘管未來充滿變數，但可以肯定的是，我們將始終致力於在所做的一切、我們所擁有的一切中，成為一股向善的力量。

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

接下來，我將把麥克風交給盧卡。

Thank you, Tim, and good afternoon, everyone. We are pleased to report very strong financial results for the March quarter, during which we set a revenue record of $97.3 billion, up 9% year-over-year. We also set new March quarter records in the Americas, in Europe and in Greater China.

謝謝蒂姆，大家下午好。我們很高興地宣布，3月份季度財務表現非常強勁，營收達到創紀錄的973億美元，較去年同期成長9%。我們在美洲、歐洲和大中華區也創下了3月季度的新紀錄。

On the product side, revenue was $77.5 billion, up 7% over a year ago and a March quarter record. We grew in each of our product categories except iPad, which remains significantly supply constrained throughout the quarter. And we set March quarter records for iPhone, Mac and Wearables, Home and Accessories. This level of sales performance, combined with unmatched customer satisfaction and loyalty, helped our installed base of active devices reach an all-time high for all major product categories as well as geographic segments. Our Services set an all-time revenue record of $19.8 billion, up 17% over a year ago with March quarter records in every geographic segment and services category.

產品方面，營收達775億美元，年增7%，創下3月季度新高。除iPad外，我們所有產品類別均實現成長，iPad在整個季度仍面臨嚴重的供應限制。 iPhone、Mac、穿戴式裝置、家居及配件等產品類別均創下3月季度新高。如此強勁的銷售業績，加上無與倫比的客戶滿意度和忠誠度，助力我們所有主要產品類別和地理細分市場的活躍設備裝機量均達到歷史新高。服務業務營收達198億美元，創歷史新高，年增17%，所有地理細分市場及服務類別均創下3月季度新高。

Company gross margin was 43.7%, down 10 basis points from last quarter. A seasonal loss of leverage and unfavorable foreign exchange were partially offset by favorable mix. Products gross margin was 36.4%, down 200 basis points sequentially mainly driven by seasonal loss of leverage and FX. Services gross margin was 72.6%, up 20 basis points sequentially due to a different mix. Operating cash flow of $28.2 billion, net income of $25 billion and diluted earnings per share of $1.52 were all March quarter records.

公司毛利率為43.7%，較上季下降10個基點。槓桿率的季節性下降和不利的匯率影響被有利的產品組合部分抵消。產品毛利率為36.4%，季減200個基點，主要受槓桿率的季節性下降和匯率影響。服務毛利率為72.6%，較上季上升20個基點，主要得益於產品組合的變化。經營現金流282億美元，淨利250億美元，稀釋後每股收益1.52美元，均創下3月季度新高。

These strong March quarter results capped a record first half of the fiscal year in the midst of a challenging macroeconomic environment. We generated over $220 billion in revenue, growing 10% year-over-year, and set all-time records for iPhone, Mac, Wearables, Home and Accessories and Services. These record sales results drove strong double-digit growth in operating income and earnings per share.

在充滿挑戰的宏觀經濟環境下，強勁的3月季度業績為本財年上半年創紀錄的業績畫上了圓滿的句號。我們創造了超過2,200億美元的收入，年增10%，iPhone、Mac、穿戴式裝置、家居及配件和服務業務均創下歷史新高。這些創紀錄的銷售業績推動了營業收入和每股盈餘的強勁兩位數成長。

Let me now get into more detail for each of our revenue categories during the March quarter. iPhone revenue grew 5% year-over-year to a March quarter record of $50.6 billion despite supply constraints thanks to a continued strong customer response to our iPhone 13 family and the launch of our new iPhone SE. We set March quarter records in both developed and emerging markets, and the latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 99% for the iPhone 13 family. As a result of this level of sales performance, combined with unmatched customer loyalty, the iPhone active installed base reached a new all-time high across all geographies.

現在讓我更詳細地介紹一下我們在三月季度的各項收入類別。儘管面臨供應限制，但由於消費者對 iPhone 13 系列的持續強勁反響以及新款 iPhone SE 的發布，iPhone 收入仍同比增長 5%，創下三月份季度 506 億美元的新紀錄。我們在已開發市場和新興市場均創下了三月季度的銷售紀錄。 451 Research 最新發表的美國消費者調查顯示，iPhone 13 系列的使用者滿意度高達 99%。憑藉如此強勁的銷售業績以及無與倫比的客戶忠誠度，iPhone 的活躍用戶數量在所有地區都達到了歷史新高。

For Mac, revenue of $10.4 billion was a March quarter record despite supply constraints, with 15% year-over-year growth driven by strong demand for our M1-powered MacBook Pro. As Tim mentioned earlier, our continued innovation and investment in Apple silicon has clearly shown in our Mac results as the last 7 quarters have been the best 7 quarter ever for Mac. Our investment focus on Mac has also helped drive significant activity in our growing installed base. In fact, we had a March quarter record for upgraders, while at the same time, nearly half of the customers purchasing a Mac were new to the product.

儘管面臨供應限制，Mac 的營收仍創下 104 億美元的季度新高，年增 15%，這主要得益於市場對搭載 M1 晶片的 MacBook Pro 的強勁需求。正如 Tim 之前提到的，我們對 Apple 晶片的持續創新和投入已在 Mac 的業績中得到充分體現，過去七個季度是 Mac 有史以來業績最好的七個季度。我們對 Mac 的重點投入也顯著推動了用戶群的成長。事實上，我們在三月的升級用戶數量創下歷史新高，同時，近一半的 Mac 新用戶都是首次購買 Mac 產品。

iPad revenue was $7.6 billion, down 2% year-over-year due to continued supply constraints. Customer response to our iPad lineup, including our new M1-powered iPad Air, remains very strong. And our installed base of iPads reached a new all-time high during the quarter with over half of the customers purchasing an iPad during the quarter being new to the product.

由於持續的供應限制，iPad 營收為 76 億美元，年減 2%。消費者對 iPad 產品線（包括搭載 M1 晶片的新款 iPad Air）的反應依然強勁。本季 iPad 的裝置量創歷史新高，超過一半的 iPad 新用戶都是首次購買該產品。

Wearables, Home and Accessories set a March quarter record of $8.8 billion, up 12% year-over-year, and we set March quarter revenue records in both developed and emerging markets. In particular, our Wearables business has doubled in 3 years and is nearly the size of a Fortune 100 business as we continue to attract many customers who are new to wearables. For instance, Apple Watch continues to extend its reach with over 2/3 of customers purchasing an Apple Watch during the quarter being new to the product.

穿戴式裝置、家居及配件業務在3月季度創下88億美元的營收紀錄，年增12%，已開發市場和新興市場在3月季度的營收均創下新高。尤其值得一提的是，我們的穿戴式裝置業務在三年內實現了翻番，規模已接近財富100強企業，並且我們持續吸引著許多穿戴式裝置的新用戶。例如，Apple Watch的用戶群持續擴大，本季購買Apple Watch的用戶中，超過三分之二是首次購買該產品。

Turning to Services. As I mentioned, we reached an all-time revenue record of $19.8 billion, up 17%, with all-time records for the App Store, Music, cloud services and AppleCare and March quarter records for video, advertising and payment services. These impressive results reflect the impact of our continued investment in improving and expanding our Services portfolio and the positive momentum that we're seeing on many fronts.

接下來談談服務業務。正如我之前提到的，我們的營收創歷史新高，達到 198 億美元，年增 17%。其中，App Store、音樂、雲端服務和 AppleCare 的營收均創歷史新高，影片、廣告和支付服務的營收也創下三月份季度新高。這些令人矚目的業績反映了我們持續投資改善和拓展服務產品組合的成效，以及我們在許多領域看到的積極發展勢頭。

First, our installed base has continued to grow, reaching an all-time high across each geographic segment and major product category. Next, we continue to see increased customer engagement with our services. Our transacting accounts, paid accounts and accounts with paid subscriptions all reached all-time highs during the March quarter in every geographic segment. Also, paid subscriptions continued to show very strong growth. We now have more than 825 million paid subscriptions across the services on our platform, which is up more than 165 million during the last 12 months alone. And finally, as Tim highlighted before, we continue to improve the breadth and the quality of our current service offerings while launching new services.

首先，我們的用戶基數持續成長，在各個地理和主要產品類別中均創下歷史新高。其次，我們看到客戶對我們服務的參與度持續提升。在三月的季度中，我們各個地域的交易帳戶、付費帳戶和付費訂閱帳戶數量均創下歷史新高。此外，付費訂閱用戶數量也維持強勁成長。目前，我們平台上的各項服務付費訂閱用戶總數已超過 8.25 億，僅在過去 12 個月就增加了超過 1.65 億。最後，正如 Tim 之前所強調的那樣，我們不斷提升現有服務的廣度和質量，同時也在推出新的服務。

In the enterprise market, many businesses and government organizations continue to turn to Apple for the latest technologies to deliver innovative services to customers and employees. In March, Alaska Airlines began to replace the conventional airport self-service kiosks with iPad Pros for faster passenger check-in and self bag drop. Also, last month, the Western Australia Police force completed the world's first commercial deployment of CarPlay across their entire fleet of vehicles to complement the iPhone 13s issued to each officer. This allows officers to access critical information faster on the road and enhance public safety for the community. We also unveiled the general availability of Apple Business Essentials in the U.S., adding a new subscription services designed to help small businesses manage every aspect of their Apple device life cycle.

在企業市場，眾多企業和政府機構持續選擇 Apple 的最新技術，為客戶和員工提供創新服務。今年 3 月，阿拉斯加航空公司開始用 iPad Pro 取代傳統的機場自助服務終端，以加快乘客辦理登機手續和自助行李托運的速度。此外，上個月，西澳大利亞警方完成了全球首個 CarPlay 商業部署，將其應用於所有警車，與每位警員配備的 iPhone 13 相輔相成。這使得警員能夠在執勤途中更快地獲取關鍵訊息，從而提升社區公共安全。我們也在美國正式推出了 Apple Business Essentials，這項全新的訂閱服務旨在幫助小型企業管理其 Apple 裝置生命週期的各個方面。

Let me now turn to our cash position. As we continue to generate very strong cash flow, we ended the quarter with $193 billion in cash and marketable securities. We repaid $3.8 billion in maturing debt while increasing commercial paper by $2 billion, leaving us with total debt of $120 billion. As a result, net cash was $73 billion at the end of the quarter.

現在讓我談談我們的現金狀況。由於我們持續產生強勁的現金流，本季末我們持有現金及有價證券1,930億美元。我們償還了38億美元的到期債務，同時增加了20億美元的商業票據，使我們的總債務降至1,200億美元。因此，本季末淨現金為730億美元。

We returned nearly $27 billion to shareholders during the March quarter. This included $3.6 billion in dividends and equivalents and $22.9 billion through open market repurchases of 137 million Apple shares. We also retired an additional 5 million shares in the final settlement of our 18th ASR. Given the continued confidence we have in our business now and into the future, today, our Board has authorized an additional $90 billion for share repurchases as we maintain our goal of getting to net cash neutral over time. We're also raising our dividend by 5% to $0.23 a share, and we continue to plan for annual increases in the dividend going forward.

我們在三月的季度向股東返還了近270億美元。其中包括36億美元的股利及等價物，以及透過公開市場回購1.37億股蘋果股票所獲得的229億美元。此外，我們也在第18次年度股票回購（ASR）的最終結算中註銷了500萬股股票。鑑於我們對公司目前及未來業務的持續信心，董事會今天批准了額外的900億美元用於股票回購，以繼續推進我們最終實現淨現金中立的目標。同時，我們將股利提高5%至每股0.23美元，並計劃在未來繼續逐年提高股利。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Tejas referred to at the beginning of the call. Given the continued uncertainty around the world in the near term, we are not providing revenue guidance. But we are sharing some directional insights based on the assumption that the COVID-related impacts to our business do not worsen from what we are projecting today for the current quarter.

隨著我們進入六月季度，我想回顧一下我們的展望，其中包括Tejas在電話會議開始時提到的那些前瞻性資訊。鑑於短期內全球情勢仍存在不確定性，我們不提供營收指引。但我們會分享一些方向性見解，這些見解基於以下假設：新冠疫情對我們業務的影響不會比我們目前對本季的預測更糟。

We believe our year-over-year revenue performance during the June quarter will be impacted by a number of factors. Supply constraints caused by COVID-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products. We expect these constraints to be in the range of $4 billion to $8 billion, which is substantially larger than what we experienced during the March quarter. The COVID-related disruptions are also having some impact on customer demand in China.

我們認為，6 月季度的年收入將受到多種因素的影響。新冠疫情導致的供應限制以及整個產業的矽晶片短缺，正在影響我們滿足客戶產品需求的能力。我們預計這些限製造成的損失將在 40 億至 80 億美元之間，遠高於 3 月季度的情況。此外，新冠疫情也對中國市場的顧客需求產生了一定影響。

With respect to foreign exchange, we expect it to be a nearly 300 basis point headwind to our year-over-year growth rate. Additionally, we paused all sales in Russia during the March quarter. This will impact our year-over-year growth rate by approximately 150 basis points. Specifically related to Services, we expect to continue to grow double digits but decelerate from our March quarter performance due to some of the factors I just described.

就外匯而言，我們預計這將對我們的同比增速造成近300個基點的不利影響。此外，我們在3月季度暫停了在俄羅斯的所有銷售活動。這將使我們的年增率下降約150個基點。具體到服務業務，我們預計將繼續保持兩位數成長，但由於我剛才提到的一些因素，成長將較3月份季度有所放緩。

We expect gross margin to be between 42% and 43%. We expect OpEx to be between $12.7 billion and $12.9 billion. We expect OI&E to be around negative $100 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%. Finally, reflecting the dividend increase I mentioned earlier, today, our Board of Directors has declared a cash dividend of $0.23 per share of common stock payable on May 12, 2022, to shareholders of record as of May 9, 2022.

我們預計毛利率將在 42% 至 43% 之間。營運支出將在 127 億美元至 129 億美元之間。我們預計營業收入及支出約為負 1 億美元，不包括少數股權投資以市值計價可能產生的任何影響，稅率約為 16%。最後，鑑於我先前提到的股息成長，我們的董事會今天宣布派發每股普通股 0.23 美元的現金股息，將於 2022 年 5 月 12 日支付給截至 2022 年 5 月 9 日登記在冊的股東。

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

接下來，我們開始接受提問。

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

謝謝你，盧卡。 （操作員指示）操作員，請問第一個問題是什麼？

Absolutely. We'll take our first question from Katy Huberty with Morgan Stanley.

當然。我們先來回答摩根士丹利的凱蒂·休伯蒂提出的第一個問題。

Congrats on the quarter. A couple of macro-related questions just given everything that's going on in the market. The first is on how you're thinking about consumer spending. As we see more stock market volatility, rising interest rates, inflation, what metrics are you watching either internal to your business or external at the macro level to understand whether you'll ultimately start to see some demand impact particularly on the product side of your business? And then I have a follow-up.

恭喜您本季業績出色。鑑於當前市場形勢，我有幾個與宏觀經濟相關的問題。首先，您如何看待消費者支出？隨著股市波動加劇、利率上升和通貨膨脹加劇，您在關注哪些內部或外部宏觀指標，以了解這些指標最終是否會對產品需求產生影響？此外，我還有一個後續問題。

Katy, it's Tim. We're obviously monitoring our daily sales very closely. From an inflation point of view, we are seeing inflation. It is or was evident in our gross margin last quarter and in our OpEx last quarter, and it is assumed in the guidance that Luca gave for this quarter as well. So we're definitely seeing some level of inflation that I think everybody is seeing.

凱蒂，我是提姆。我們當然會密切關注每日銷售情況。從通膨角度來看，我們確實看到了通膨。上個季度的毛利率和營運支出都反映了這一點，盧卡在本季的業績指引中也考慮到了這一點。所以，我們確實看到了一定程度的通膨，我想大家都能感受到。

And how are -- just as a follow-up to that, how are you thinking about how that might impact the consumers in your business and whether it influences their ability to purchase at the same level?

那麼—作為後續問題，您認為這可能會對貴公司的消費者產生怎樣的影響，以及這是否會影響他們維持原有購買能力？

Well, we're monitoring that closely, and we've sort of -- but right now our main focus, frankly speaking, is on the supply side.

嗯，我們正在密切關注此事，而且我們已經採取了一些措施——但坦白說，目前我們的主要關注點是供應方面。

Okay. And as it relates to that, in China, how should we think about lockdowns from an impact on supply and an impact on demand? And what products in your portfolio should we expect to be most impacted?

好的。那麼，就中國而言，我們該如何看待封鎖措施對供應和需求的影響？你們產品組合中的哪些產品預計會受到最大的影響？

Yes. Good question. For Q2, so the quarter that we just finished, the restrictions in China had not started yet. And so Q2, we did have supply constraints. They were significantly lower than what we had experienced during the December quarter. They were driven by industry-wide silicon shortages and specifically, the issue that I talked about on previous calls with the legacy nodes. But looking ahead, we see 2 causes of supply constraints. One is the COVID-related disruptions, and there's the industry-wide silicon shortages that will continue.

是的，問得好。就我們剛結束的第二季而言，中國的疫​​情限制措施尚未開始實施。因此，第二季我們確實面臨供應限制，但遠低於去年12月季的情況。這主要是由於整個行業的矽晶片短缺，特別是我在之前的電話會議中提到的傳統製程節點的問題。展望未來，我們認為供應限制主要有兩個原因：一是新冠疫情造成的干擾，二是持續存在的產業矽晶片短缺問題。

We've estimated the constraints to be in the range of $4 billion to $8 billion. And if you -- these constraints are primarily centered around the Shanghai corridor. And the -- on a positive front, almost all of the affected final assembly factories have now restarted. And so the range, the $4 billion to $8 billion range, reflects various ramps of getting back up and running. We're also encouraged that the COVID case count that's been reported in Shanghai has decreased over the last few days. And so there's some reason for optimism there.

我們估計受影響的產能限制在40億至80億美元之間。這些限制主要集中在上海走廊沿線。好消息是，幾乎所有受影響的最終組裝廠都已復工。因此，40億至80億美元的範圍反映了各廠復工復產的不同階段。此外，上海報告的COVID-19病例數在過去幾天有所下降，這讓我們感到鼓舞。因此，我們有理由保持樂觀。

Pretty amazing how the team has navigated all the crosscurrents. Congrats, again, on the quarter.

團隊能夠應付如此多的變數，真是令人驚嘆。再次恭喜你們本季取得的佳績。

Thanks so much.

非常感謝。

We'll take our next question from Amit Daryanani with Evercore.

接下來，我們將回答來自 Evercore 的 Amit Daryanani 提出的問題。

I guess I have 2 as well. First of all, I was hoping you'd just touch a little bit on the geographic growth vectors that you saw. And I think Americas grew really well, 19%, 20%. But Europe and China had much more muted growth, if you may. I know your compares are fairly difficult, but I'm curious if anything you would call out in terms of spillover effect on the macro side from Russia, Ukraine and Europe that's seeing some impact to consumer spend or even in China. Just help us understand what happened geographically there.

我也有兩個問題。首先，我希望您能稍微談談您觀察到的地理成長趨勢。我認為美洲的成長非常強勁，達到了19%到20%。但歐洲和中國的成長則相對平緩。我知道比較起來比較複雜，但我很好奇您是否能指出俄羅斯、烏克蘭和歐洲的宏觀經濟外溢效應，以及這些效應是否對消費者支出甚至中國產生了影響。希望能幫助您了解這些地區的具體情況。

So Amit, as you said, in the Americas, we had a very strong quarter, up 19%, very happy across the board there. Europe, again, was a really good quarter for us. We grew 5% in spite of the fact that, of course, as you know, during the month of March, we paused our sales in Russia. So we had an impact to our sales results there for a month of the quarter. But a number of European countries, particularly in Western Europe, did really, really well for us. And so it was a very good quarter for us, pretty much in line with our expectations. Americas was better than our expectations. China was, again, a March quarter record for us. Keep in mind, and this affected every geographic segment for us, the different launch timing for the iPhone this year versus a year ago had an impact on the March quarter results because we launched the product later a year ago than we did this year. So some of the channel fill for the new products happened during the March quarter a year ago.

正如你所說，Amit，我們在美洲的季度表現非常強勁，成長了19%，各方面都非常滿意。歐洲的季度表現同樣出色，儘管如你所知，我們在3月暫停了在俄羅斯的銷售，但我們仍然實現了5%的成長。因此，我們在俄羅斯的銷售業績在當月受到了一定的影響。但許多歐洲國家，尤其是西歐國家，表現都非常出色。所以，總的來說，這是一個非常好的季度，基本上符合我們的預期。美洲的業績超出了預期。中國市場再次創下了3月份季度的銷售紀錄。需要注意的是，今年iPhone的上市時間與去年不同，這影響了我們所有地區的業績，因為去年我們發布這款產品的時間比今年晚。因此，去年3月季度，部分新產品的通路補貨工作已經完成。

Japan and Asia Pacific were affected by foreign exchange. Japan would have grown in line with company average in constant currency terms. Asia Pacific as well was affected by foreign exchange with the dollar appreciating against most currencies. And then, again, this difference in the launch timing for the iPhone made a difference. Keep in mind, again, the supply constraints that we had during the quarter, our results would have been obviously better without the supply constraints. Overall, we felt very good about the performance around the world.

日本和亞太地區的業績受到匯率波動的影響。以固定匯率計算，日本的業績成長與公司平均持平。亞太地區也受到匯率波動的影響，美元兌多數貨幣升值。此外，iPhone上市時間的差異也造成了影響。需要再次強調的是，本季我們面臨供應限制，如果沒有這些限制，我們的業績顯然會更好。整體而言，我們對全球業績感到非常滿意。

If I could just follow up on the supply chain, the $4 billion to $8 billion impact that you folks talked about. Do you think this is demand that's deferred out or demand that's essentially destroyed because you have a product cycle that's going to come out at some point soon this year? How do you think about demand deferred versus demand destroyed on that front? And then is there a sense of which product categories are most impacted by this versus not?

我想就供應鏈方面的問題再問一下，你們之前提到的40億到80億美元的影響。你們認為這是需求的延遲，還是因為產品週期即將結束（今年某個時候會上市）而導致的需求完全消失？你們如何看待需求延後和需求消失這兩種情況？另外，你們覺得哪些產品類別受影響最大，哪些受影響較小？

It will affect most of the product categories. And in terms of whether it's -- whether we can recapture or not, we believe that there's a percentage of it that is recapturable and a percentage of it that is likely not where somebody needs something quickly. And that ratio or that percentage is very difficult to estimate. We obviously try to do that internally in order to demand plan, but it's not something that we share.

這將影響大多數產品類別。至於能否挽回損失，我們認為一部分損失可以挽回，另一部分損失可能並非人們急需的。這個比例或百分比很難估算。我們當然會在內部嘗試進行估算以製定需求計劃，但這並非公開資訊。

We'll take our next question from Chris Caso with Raymond James.

接下來，我們將回答來自 Raymond James 的 Chris Caso 提出的問題。

Also just wanted to dig in on the supply constraints a bit. And I guess one of the things you said is that the $4 billion to $8 billion range reflects some reopening of facilities during the quarter. I know, obviously, it's tough to predict as you go forward into the second half of launch of new products. But at that point, would you expect the constraints to still be mainly on the component side and then hopefully, if things don't get worse in China, then the facilities are open and the constraints are only the component constraints as you go into the second half of the year?

我還想更深入探討一下供應限制的問題。您之前提到，40億至80億美元的範圍反映了部分工廠在本季重新開放的情況。我知道，隨著新產品上市進入下半年，預測情況顯然很難。但到那時，您是否預計供應限制仍然主要集中在零件方面？然後，如果中國的情況沒有惡化，工廠能夠重新開放，那麼下半年供應限制就只會是零件的問題了？

Yes. Chris, it's hard to answer a question about unannounced products. And so I'll try to not do that. But the...

是的，克里斯，關於尚未發布的產品的問題很難回答，所以我盡量避免回答。但是…

Well, yes, that's for all products, yes.

是的，所有產品都是如此。

The $4 billion to $8 billion is simply, as I had mentioned, that if you look at the -- the Shanghai corridor, we have some final assembly plants in this area. And almost all of them have restarted is the good news of it, working with local officials. But we planned various ramps for these, and that's the range of $4 billion to $8 billion that we've estimated. COVID is difficult to predict.

正如我之前提到的，40億至80億美元的預算範圍，主要是指上海走廊沿線的一些總裝廠。好消息是，在與地方政府的合作下，幾乎所有工廠都已復工。我們為這些工廠制定了不同的復工計劃，而40億至80億美元的預算範圍正是我們所預估的。新冠疫情的影響難以預測。

For sure. For sure. As a follow-up, I wanted to also follow on some of your comments regarding inflation and how Apple is dealing with it. Obviously, component costs have been going up in many different areas. And then specifically in the semiconductor side, costs have been going up, but perhaps for some different reasons because of the additional cost of going up to new process nodes that they're -- it's higher than it has been in the past. How is Apple planning to deal with that? And is it possible for you to get through that without either raising prices on your product or affecting gross margins?

當然。當然。作為後續，我還想就您之前提到的通貨膨脹以及蘋果如何應對通貨膨脹發表一些看法。顯然，很多領域的零件成本都在上漲。尤其是在半導體領域，成本上漲的原因可能有所不同，因為採用新的製程節點需要額外的成本——而且比以往更高。蘋果公司打算如何應對這種情況？你們是否有可能在不提高產品價格或影響毛利率的情況下度過難關？

Well, some of what you said is in the results for the last quarter that we've announced. And obviously, we've put our current thinking in the current quarter guidance that Luca listed earlier. There are component costs that are falling and ones that are rising, and so not all of them are moving in the same direction. And so we really try to manage to the net of these, and I think we're doing a reasonable job currently navigating the -- what is a challenging environment.

嗯，您提到的一些內容在我們公佈的上一季業績報告中已經有所體現。顯然，我們也把目前的想法融入了盧卡之前提到的本季業績指引中。有些零件成本正在下降，有些在上升，所以並非所有成本都在朝著同一個方向變化。因此，我們努力在兩者之間取得平衡，我認為我們目前在應對這個充滿挑戰的環境方面做得還不錯。

We'll take our next question from David Vogt with UBS.

接下來，我們將回答瑞銀集團的David Vogt提出的問題。

I just want to dig in a little bit on the product disruption, the $4 billion to $8 billion. In the past, you kind of gave us a sense for how it would affect each of the different product lines. And should we expect it to have similar pro rata impacts? And is there an opportunity to maybe reallocate resources to limit maybe some of the impact on the iPhone line and then maybe versus the iPad line? And then I have a quick follow-up.

我想深入探討產品線中斷的問題，也就是40億到80億美元的損失。之前您已經大致說明過它會對各個產品線造成怎樣的影響。我們是否可以預期它會按比例產生類似的衝擊？我們是否有機會重新分配資源，以減輕對iPhone和iPad產品線的影響？最後，我還有一個後續問題。

It will affect most of the product categories, and we obviously will look to do any kind of optimization that we can do to minimize the effect on the user.

這將影響大多數產品類別，我們顯然會盡一切可能進行最佳化，以盡量減少對使用者的影響。

Great. And then maybe just as a follow-up. You talked about potential COVID-related demand issues in China and taking out 150 basis points from Russia. But when you look at the other geographies, is there anything that you can share with us, whether it's in Western Europe or the U.S., that you're seeing from a demand perspective that may be sort of out of the ordinary or outside of sort of the disruptions? I mean the lack of product demand seems to be sort of where you would think it would be at this point in the cycle.

好的。那麼，或許可以再補充一點。您提到了新冠疫情可能對中國市場造成需求影響，以及俄羅斯市場150個基點的降幅。但從其他地區來看，無論是西歐還是美國，您能否分享一下，從需求角度來看，您是否觀察到一些異常情況，或者說，這些情況是否不受疫情幹擾的影響？我的意思是，目前產品需求的不足似乎與預期週期階段的情況相符。

We were happy with the iPhone growth last quarter, particularly when you think about the comp that it was going against because we had very different timing on the launches in the year ago quarter where we launched in Q1. And therefore, naturally, Q2 is at a different place on the new product curve. And so it was a very difficult comp. And so we were pleased with it. And as Luca said, the Americas geography did quite well last quarter. And the U.S., of course, is the major geography within there. And so the U.S. was quite strong last quarter.

我們對上季iPhone的成長感到滿意，尤其考慮到去年同期的同比數據，因為我們去年第一季就推出了新品，而今年第二季的新品發佈時間點與去年同期截然不同。因此，第二季的年比數據非常高。儘管如此，我們對最終的業績還是感到滿意的。正如Luca所說，美洲地區上季表現相當出色。而美國當然是美洲地區的主要市場。因此，美國市場上季表現非常強勁。

We'll take our next question from Jim Suva with Citigroup.

接下來，我們將回答花旗集團的吉姆·蘇瓦提出的問題。

Thank you, Tim, and your entire company has done a great job at navigating through all the issues in the past several years, whether it be COVID, power outages, trade wars, shipping challenges and all that. When we hopefully someday get past all of these and the supply constraints and society and turmoil hopefully across the world, do you start to reconsider the way you do the supply chain albeit just-in-time ordering and outsourcing so much of your chips? Or do you actually consider like holding more buffer inventory internally because right now, letting $4 billion to $8 billion go away, it'd be nice to have that to be able to sell. So do you consider holding more buffer inventory or maybe even doing your own chips by outsourcing your own chips to control them more? Or how should we think about strategically when hopefully the world is in a better place from today?

謝謝提姆，你們公司過去幾年在應對各種問題方面做得非常出色，無論是新冠疫情、停電、貿易戰、運輸挑戰等等。希望有一天我們能夠克服所有這些困難，包括供應限制、社會動盪以及全球範圍內的動盪，屆時你們是否會重新考慮供應鏈模式，例如採用即時訂購和外包大量晶片生產？或者你們會考慮增加內部緩衝庫存？畢竟，眼看著40億到80億美元的損失，如果能有這些庫存可以及時售出就太好了。所以，你們是否會考慮增加緩衝庫存，或者透過外包晶片生產來更好地控制晶片供應？或者，當世界局勢比現在好轉時，我們該如何進行戰略思考？

Well, I'm looking forward to that day, as I know all of you are. Our supply chain is truly global. And so the products are made everywhere, and we do a lot in the U.S. We'll probably be doing even more here as more chips are produced here. And we continue to look at optimizing. We learn something every day and make changes. But when you back up and kind of zoom out and look to see how the supply chain has done within the environment that you eloquently talked about, I think it's been very resilient with -- the top issue we've had clearly is the silicon shortage that I think everybody is struggling with. And I think we've done a really good job of managing through the COVID piece of it.

嗯，我和大家一樣，都非常期待那一天的到來。我們的供應鏈真正實現了全球化。因此，產品遍佈世界各地，我們在美國也投入了大量資源。隨著更多晶片在美國生產，我們未來在美國的生產規模可能會更大。我們也在不斷優化供應鏈。我們每天都在學習和改進。但是，當我們從宏觀角度審視供應鏈在您剛才精彩闡述的環境下的表現時，我認為它展現出了極強的韌性——我們面臨的最大挑戰顯然是矽晶片短缺，我想這也是每個人都在努力應對的問題。我認為我們在應對新冠疫情帶來的衝擊方面做得非常出色。

And so -- but we are learning, and we're making some changes as we go. We don't have a [tin ear]. And so to the degree that we learn something that we should change, you can bet that we're doing that. In this business, you don't want to hold a ton of inventory. It's -- and so you want to work on cycle times and so forth to do things very quickly and take strategic inventory in places where you need to buffer for interruptions and so forth. And so we're constantly thinking about where those places are. In today's world, it's not really possible for us to have buffer on silicon. And so today, silicon rolls off the fab and it's into a final assembly plant very, very quickly, and we try to make that as shorter time as possible.

所以——但我們一直在學習，也在不斷改進。我們並非充耳不聞。因此，一旦發現需要改進的地方，我們一定會立即採取行動。在這個行業，庫存不能過多。所以，我們需要優化生產週期等等，快速完成各項工作，並在需要應對突發情況等問題的地方進行策略性庫存儲備。因此，我們一直在思考這些地方在哪裡。在當今時代，我們不可能在晶片上預留足夠的緩衝庫存。所以現在，晶片從晶圓廠出來後，很快就能送到最終組裝廠，而我們也在努力盡可能縮短這個過程。

And then my quick follow-up, we've been talking about supply chain issues for multiple quarters now. Are you kind of hearing from your suppliers that maybe later half of this year? Or is it actually going to go into kind of 2013 for some closer equilibrium time period?

然後我還有一個後續問題，我們已經連續幾季討論供應鏈問題了。你的供應商那邊有沒有說今年下半年情況會好轉？還是說要等到2013年才能達到更接近平衡的狀態？

Yes, I wouldn't -- you're talking about for the silicon shortage, in particular, I assume. I don't want to predict that because the -- that entails knowing how worldwide demand and supply are for the whole -- for industries outside of even the industry we're in. And I don't proclaim to be an expert in that. That also heavily is influenced by how strong the economies are in the different markets. And so I think there are varying levels of outcomes, and what we're focused on is doing -- trying to do very well regardless of how that question is answered.

是的，我不會－我猜您指的是矽短缺問題。我不想預測未來，因為這需要了解全球範圍內，甚至包括我們所在行業之外的其他行業的供需情況。我並不自詡為這方面的專家。此外，不同市場的經濟狀況也會對供需狀況產生很大影響。所以我認為結果會因情況而異，而我們現在關注的是，無論最終結果如何，都要努力做到最好。

And congratulations to you and your entire team.

恭喜你和你的整個團隊。

We'll take our next question from Samik Chatterjee with JPMorgan.

接下來，我們將回答摩根大通的 Samik Chatterjee 提出的問題。

Congrats on the results as well. I'll stick to 2 more micro level questions here. Firstly, Tim, you talked about the iPhone SE 3 demand that you -- the product that you just launched. I was hoping you could compare what you're seeing in terms of momentum to previous iPhone SE cycles. Particularly, I think in the past, North America has been the largest region in terms of demand. What are you seeing with the current product in terms of demand by geography? And I have a quick follow-up for Luca.

恭喜你取得這樣的成績。我這裡只問兩個更具體的問題。首先，Tim，你剛才談到了你剛發布的iPhone SE 3的需求情況。我希望你能將目前的銷售動能與之前的iPhone SE系列進行比較。特別是，我認為過去北美一直是需求量最大的地區。就目前的產品而言，你觀察到的各地區需求狀況如何？另外，我還有一個問題想問Luca。

Yes. We don't get to that level of granularity because we view it to be sensitive data that our competitors would love to have. And so I'm going to punt on answering that question. I would just say that when you zoom out and look at iPhone as a total, we could not be happier with the iPhone 13 family of products and the strength we've seen for this cycle. And really, it's those products that have powered the line and given us the overall results that we've had on iPhone, which, for the first half, the revenues were $120 billion, and we feel very, very good about those results.

是的。我們不會深入到如此細緻的層面，因為我們認為這是敏感數據，我們的競爭對手肯定夢寐以求。所以我就不回答這個問題了。我只想說，從整體來看，我們對iPhone 13系列產品以及本週期內的強勁表現非常滿意。正是這些產品推動了整個產品線的發展，並為我們帶來了iPhone上半年1200億美元的整體業績，我們對此感到非常滿意。

And my follow-up for Luca. Luca, we are seeing sort of a settling in, in terms of growth rate for the Services business on the tough comps that you have. We're also seeing the gross margins there settling around the sort of 72% range, and I understand there are a lot of moving pieces beneath that. But is this sort of a good range for Services longer term? Or are there sort of moving pieces there that as they scale, they can take -- there is an opportunity for more upside?

我接下來要問盧卡一個問題。盧卡，鑑於您所提及的高基數效應，我們看到服務業務的成長率似乎已經趨於穩定。我們也看到毛利率穩定在72%左右，我知道這背後有許多變數。但從長遠來看，這個區間對服務業務來說是否合理？或者說，隨著業務規模的擴大，是否存在更大的成長空間？

Well, we feel really great about the momentum for our Services business. I was looking at the absolute numbers here. This run rate of almost $20 billion is essentially double what we had just 4 years ago. So we've done really, really well with Services. We have a lot of momentum for a variety of reasons. The first one is the fact that our installed base of active devices continues to grow very nicely. And so that is obviously a big engine for our Services business.

我們對服務業務的發展動能感到非常滿意。我剛才看了下具體的數字。近200億美元的年化收入幾乎是四年前的兩倍。所以，我們在服務業務方面做得非常出色。我們之所以能保持強勁的成長勢頭，原因有很多。首先，我們活躍設備的裝機量持續穩定成長。這顯然是我們服務業務發展的重要引擎。

The second thing is that the level of engagement that we see on our platform continues to grow. We have more transacting accounts, more paying accounts, more accounts with subscriptions. The absolute amount of paid subscriptions on our platform is pretty impressive, 825 million. It's an increase of 165 million in the last 12 months alone. So you can tell that this is great growth. And of course, as you've seen over the last few years, we've added a lot of new services, and we plan to add new services and new features that we believe that our customers would love. And so we think there's great -- absolute great momentum.

第二點是，我們平台上的用戶參與度持續成長。我們的交易帳戶、付費帳戶和訂閱帳戶數量都在增加。平台上的付費訂閱用戶總數高達 8.25 億，相當驚人。光是過去 12 個月就增加了 1.65 億。由此可見，這是一個非常強勁的成長。當然，正如您在過去幾年中所看到的，我們新增了許多服務，並且計劃推出更多我們相信用戶會喜歡的全新服務和功能。因此，我們認為目前的發展勢頭非常強勁。

The growth rates can change a bit, especially during COVID because we've gone through some cycles of lockdowns and then reopenings and so on. And so sometimes, the comps can be a bit deceiving. We are looking at it from the lens of continuing to satisfy our customers, adding to the portfolio, improving the quality of the services. And that has served us very well because in the last 12 months, we've generated $75 billion of Services revenue, and you've seen the margins are obviously accretive to company margin. So we feel good, we feel good about the Services business.

成長率可能會有所波動，尤其是在新冠疫情期間，因為我們經歷了數輪封鎖和重新開放。因此，有時同業比較數據可能會具有一定的誤導性。我們始終從持續滿足客戶需求、拓展產品組合、提升服務品質的角度出發。這些措施卓有成效，過去12個月，我們的服務收入達到了750億美元，利潤率也明顯提升了公司整體利潤率。因此，我們對服務業務充滿信心。

I mentioned in my prepared remarks that the growth rate for the June quarter, we expect it to be less than the 17% that we've reported in March for some of the reasons that I described. Of course, foreign exchange is an issue with the dollar being strong at this point. And of course, we paused our sales in Russia. So we need to take that into account. But in general, when we look across the board, we set all-time records and quarterly records for each one of our categories.

我在事先準備好的發言稿中提到，由於我之前提到的一些原因，我們預計6月份季度的成長率將低於3月份公佈的17%。當然，匯率波動是一個問題，目前美元走強。此外，我們暫停了在俄羅斯的銷售。因此，我們需要將這些因素納入考量。但總的來說，從整體來看，我們每個品類都創下了歷史新高和季度新高。

We'll take our next question from Krish Sankar with Cowen and Company.

接下來，我們將回答來自 Cowen and Company 的 Krish Sankar 提出的問題。

Congrats on the really strong results. I have 2 questions, too, and I do apologize, the first one is on supply constraints. Luca, if I try to read the (inaudible) based on June quarter guidance, revenue is being impacted, kind of implies year-over-year down revenue. And you also spoke about a $4 billion to $8 billion supply constraint, which is a large amount compared to the revenue, and I understand you have the supply constraints and the China shutdowns. I'm just kind of curious, do you think the last 3 quarters Apple supply chain had a better buffer inventory of semis that kind of got used up and now you're kind of more tied to whatever the true supply constraints of legacy semis is? Or is there something else going on? And then I had a follow-up.

恭喜你們取得如此強勁的業績。我也有兩個問題，很抱歉打擾你們。第一個問題是關於供應限制的。盧卡，如果我理解你（聽不清楚）根據六月的季度業績指引，營收受到影響，這似乎意味著同比營收下降。你也提到了40億到80億美元的供應限制，這相對於營收來說數額龐大。我知道你們面臨供應限制和中國工廠停工的影響。我只是有點好奇，你認為過去三個季度蘋果供應鏈的半導體庫存是否比較充足，以至於現在這些庫存都被消耗掉了，導致你們更加依賴於傳統半導體的實際供應限制？還是說還有其他原因？之後我還有一個後續問題。

What has happened, obviously, during COVID has changed over the quarters. Recently, for example, during the March quarter, the constraints that we had were limited to silicon shortages. When we are giving out this range of $4 billion to $8 billion, it's not only silicon, but it's the restrictions in China that we're seeing right now. So they are different. There's additional constraints at this point that we are seeing because of the COVID situation. So it's -- that is the fundamental difference there.

顯然，新冠疫情期間的情況發生了變化。例如，在最近的3月份季度，我們面臨的限制僅限於矽晶片短缺。而當我們發放40億至80億美元的資金時，限制因素不僅包括矽晶片，還包括我們目前在中國看到的各種限制。因此，情況有所不同。由於新冠疫情的影響，我們現在面臨額外的限制。這就是根本差別所在。

Got it. Got it. Very helpful. And then as a quick follow-up, with the shutdowns, especially in places like China, have you seen actually the App Stores or your Services business actually inflect positively? Or is it too short a time frame to make a judgment call on that?

明白了，明白了，很有幫助。還有一個後續問題，關於疫情封鎖，尤其是在中國等地，您是否看到應用程式商店或您的服務業務實際上受到了積極影響？還是現在下結論還為時過早？

Yes, I think it's early to tell. The restrictions in China started at the very end of March. So it's very, very early to tell.

是的，我覺得現在下結論還太早。中國的限制措施是從三月底才開始的。所以現在下結論真的非常非常早。

We'll take our next question from Wamsi Mohan with Bank of America.

接下來，我們將回答來自美國銀行的 Wamsi Mohan 提出的問題。

Luca, thanks for the color around the impacts to the revenue guidance. But I was wondering if you could share, a, if you expect to grow overall revenue in the June quarter on a year-on-year basis. And just to be clear on these impacts that you gave, those are on a year-on-year basis. Can you also tell us how much FX is a headwind, if any, on a quarter-on-quarter basis and incremental Russia impact quarter-on-quarter basis and incremental supply chain impact also on a quarter-on-quarter basis? And I have a follow-up.

Luca，感謝您詳細分析了營收預期的影響。我想請教您，您預計6月季度的整體營收是否會年增？另外，您提到的這些影響都是基於同比數據。您能否也告訴我們，匯率波動對季度環比的影響有多大？俄羅斯業務和供應鏈對季度環比的影響分別是多少？我還有一個後續問題。

Well, as we said, we're not guiding to a specific revenue number and -- but just to repeat what I said during the prepared remarks, we're having supply constraints that are caused by the COVID-related disruptions and by the silicon shortages, and that is what is creating the constraints. We expect them to be in the range of $4 billion to $8 billion. This is substantially larger than what we've had during the March quarter. Again, let me repeat. The COVID-related disruptions did not affect the March quarter. So you need to keep that in mind.

正如我們之前所說，我們不給出具體的營收預期，而且——我再次重申一下我在事先準備好的發言稿中提到的——我們目前面臨供應限制，這是由新冠疫情相關的干擾以及矽晶片短缺造成的，也是造成供應限制的原因。我們預計供應限制將在40億至80億美元之間。這比我們3月份季度的供應限制要高得多。再次強調，新冠疫情相關的干擾並沒有影響到3月季度的表現。所以大家需要記住這一點。

With respect to foreign exchange, we expect it to be nearly 300 basis points headwind. It was about 200 basis points headwind during the March quarter. For Russia, we said that the impact on a year-over-year basis is approximately 150 basis points. That reflects the 3 months of the quarter. We paused sales in Russia at the beginning of March, so it was a partial impact on the March quarter. So obviously, on a sequential basis, it's an incremental factor to keep in mind.

就外匯而言，我們預計將面臨近300個基點的不利影響。 3月季度的不利影響約為200個基點。對於俄羅斯市場，我們表示年比影響約為150個基點。這反映的是該季度前三個月的情況。我們在3月初暫停了在俄羅斯的銷售，因此對3月季度的影響是部分性的。顯然，從環比來看，這是一個需要考慮的增量因素。

I would say on the positive side here is that the demand for both our products and services is solid. Tim has mentioned a number of times, the iPhone 13 family is having a really strong year. We -- when we look at top-selling smartphones around the world, we've had pretty incredible results during the March quarter. The top 6 models in the United States are iPhones, the top 4 in Japan, the top 5 in Australia, 5 of the top 6 in urban China and so on and so forth. So the iPhone 13 has been truly a global success. And as you know and as you can tell from our website, most of the iPad and Mac models are constrained today. They've been constrained for several quarters because the demand is very good for those products. And the Services business, as you know, is growing double digits. So that's what gives us confidence for the June quarter and going forward.

積極的一面是，我們產品和服務的需求都很強勁。提姆多次提到，iPhone 13 系列今年的銷售量非常出色。我們縱觀全球最暢銷的智慧型手機，在三月的季度中取得了令人矚目的成績。美國銷售前六的機型都是 iPhone，日本前四，澳洲前五，中國城市地區前六名中有五款，等等。因此，iPhone 13 在全球範圍內取得了真正的成功。如您所知，也正如您從我們的網站上看到的那樣，目前大多數 iPad 和 Mac 機型的供應都受到限制。事實上，由於這些產品的需求非常旺盛，供應已經連續幾季受到限制。此外，如您所知，服務業務也實現了兩位數的成長。正是這些因素讓我們對六月的季度以及未來的發展充滿信心。

Okay. And if I could follow up. Tim, you're in a really enviable place of being pretty far from your net cash neutral objective. At the same time, you're generating a significant amount of cash flow every year. So your capital return strategy has been an extremely successful program in the past, but $90 billion is 3% of your market cap. And on the other hand, there are just a lot of assets that arguably have a lot of synergies with Apple in the health care space or the fitness area like Teladoc or Peloton or Netflix in the content area. Why is this not the right time for Apple to perhaps look at such assets instead of buying back stock or maybe do both?

好的。如果可以的話，我想再問幾個問題。提姆，你目前的情況非常令人羨慕，而且離淨現金流中性目標還很遠。同時，你每年都能產生可觀的現金流。所以，你的資本回報策略在過去非常成功，但900億美元只佔你市值的3%。另一方面，有許多資產與蘋果在醫療保健或健身領域有著強烈的協同效應，例如Teladoc、Peloton，或是內容領域的Netflix。為什麼現在不是蘋果考慮收購這些資產，而不是回購股票，或是兩者兼顧的好時機？

We're always looking, and we'll -- we continue to look. And -- but we would only acquire something that were strategic. We acquire a lot of smaller companies today, and we'll continue to do that for IP and for great talent. And -- but we don't discount doing something larger either if the opportunity presents itself. And so -- but I don't want to go through my list with you on the phone, but we're always looking.

我們一直在尋找合適的收購目標，而且會繼續尋找。但我們只會收購具有策略意義的公司。目前我們收購了許多小型公司，未來也會繼續這樣做，主要是為了獲取智慧財產權和優秀人才。當然，如果機會合適，我們也不會排除收購規模更大的公司。所以，我不想在電話裡跟你細說我的收購目標清單，但我們一直在尋找合適的收購目標。

We'll take our next question from Kyle McNealy with Jefferies.

接下來，我們將回答來自傑富瑞集團的凱爾麥克尼利提出的問題。

This one is regarding Mac. Great quarter with the results by the way. Some exciting products coming out for sure. We're noticing that the lead times are longer for Macs now ordered today, with some available now but many not shipping until June. Just wanted to get your insight on how much of that you think is driven by the strong March results with the product launch and likely sellout conditions versus just real tightness in the supply chain. And the obvious follow-on to that is when do you expect you might catch up and get Mac lead times back within a week?

這個問題是關於Mac的。順便說一句，本季業績非常出色。肯定會有一些令人興奮的新產品即將上市。我們注意到，現在訂購的Mac的交貨週期比之前長，有些現貨供應，但很多要到六月才能發貨。我想了解一下，您認為這種情況有多少是由於三月份強勁的業績增長以及產品發布後可能出現的售罄情況造成的，又有多少是由於供應鏈確實緊張造成的？接下來，您預計何時才能恢復正常的交貨週期，讓Mac的交貨週期在一周內恢復正常？

Well, we're working hard. We've got lots of customers that we want to get the new Macs to. And so we're working hard on them. They are a result of the combination of the COVID disruptions and the silicon shortage that we've talked about before. And when we might remedy that, I don't -- we're not really forecasting when we can be out of the silicon shortage, so that would be a difficult answer. I think the COVID piece of it, I hope, is a transitory kind of issue. And so I would hope that it would get better over time.

嗯，我們正在努力。我們有很多客戶都想盡快拿到新款Mac電腦，所以我們正在全力以赴。這些問題是新冠疫情和我們之前提到的晶片短缺共同作用的結果。至於何時才能解決晶片短缺問題，我目前還無法預測，所以很難給出確切答案。我希望新冠疫情的影響只是暫時的，隨著時間的推移，情況會好轉。

We'll take our next question from Ben Bollin with Cleveland Research.

接下來，我們將回答來自克利夫蘭研究公司的本·博林提出的問題。

The first one is on Services. Luca, I was hoping you could share a little bit of perspective on maybe how much of the Services contribution is purely consumer versus enterprise and how you think about the longer-term opportunity to monetize the enterprise community. And then, Tim, for you, as a follow-up. I think Jim Suva had asked a question earlier about some of your strategy. I was curious how strategy might have evolved since everything that's been going on, what changes you might have seen as of late with respect to freight and some of the geographic production footprint and any evolution that has happened as of late.

第一個問題是關於服務業務的。盧卡，我希望你能分享一下你對服務業務的看法，例如服務業務中純粹面向消費者和麵向企業的貢獻比例是多少，以及你如何看待企業客戶群長期盈利的機會。提姆，我想問你一個後續問題。我記得吉姆·蘇瓦之前問過你一些關於戰略的問題。我很好奇，鑑於最近發生的一切，你的策略發生了哪些變化？你最近在貨運、地理生產佈局等方面觀察到了哪些變化？以及最近發生的任何其他變化。

So Ben, on the Services side, of course, the vast majority of what we do in Services is to final consumers. We do understand and appreciate the fact that the enterprise is a great opportunity for us. Very recently, for example, we launched this -- a new subscription service here in the United States which we call Apple Business Essentials where essentially, we provide support to small- and medium-sized businesses in terms of 24/7 support, device management for small business owners, which we think small companies will value and appreciate. Obviously, we sell AppleCare to enterprises already today. But we know enterprise, in general, as a market is a very interesting market for us, and we're putting a lot of effort and focus on it. And we believe we have really good opportunities to grow.

所以，Ben，就服務方面而言，我們服務業務的絕大部分當然是面向最終消費者的。我們也理解並重視企業市場對我們來說是一個巨大的機會。例如，就在不久前，我們在美國推出了一項名為 Apple Business Essentials 的全新訂閱服務，旨在為中小企業提供全天候支援和裝置管理服務，我們相信小型企業會非常重視這項服務。當然，我們目前已經向企業銷售 AppleCare 服務。但我們深知，企業市場整體而言是一個非常值得關注的市場，我們正投入大量精力和資源來拓展它。我們相信，企業市場擁有巨大的成長潛力。

Ben, you brought up freight. Freight is a huge challenge in -- today, both from an inflationary point of view and from an availability point of view. And so right now, the focus is on moving the freight to customers any way that we can do that. Over time, we'll do that much more efficiently. And I would hope that the fundamental rates reset some, both -- and I'm talking about both ocean and air. And so both of them have come under some significant inflationary pressure partly due to COVID and some other reasons as well, I would guess. And in terms of geo production, we are constantly making tweaks here and there. And I don't want to go into the details of those because we view it as to be sensitive kind of information, but we're constantly making moves to optimize in the current environment.

本，你提到了貨運。如今，貨運面臨著巨大的挑戰——無論是從通膨角度還是從運力供應角度來看都是如此。因此，目前的重點是盡一切可能將貨物運送給客戶。隨著時間的推移，我們將大大提高效率。我希望海運和空運的基本費率都能有所調整。我認為，由於新冠疫情以及其他一些原因，海運和空運都承受了相當大的通膨壓力。在地理生產方面，我們一直在進行一些調整。我不想透露具體細節，因為我們認為這是比較敏感的訊息，但我們一直在努力優化，以適應當前的環境。

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 numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 1807633. 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. Financial analysts can contact me with additional questions at (669) 227-2402. Thank you again for joining us.

謝謝Ben。今天電話會議的錄音將在Apple Podcasts上提供兩週的回放，您也可以造訪apple.com/investor網站收聽網路直播，或撥打電話收聽。電話回放號碼為(888) 203-1112或(719) 457-0820。請輸入確認碼1807633。重播將於太平洋時間今天下午5點左右上線。媒體如有其他問題，請洽Josh Rosenstock，電話(408) 862-1142。金融分析師如有其他問題，請聯絡我，電話(669) 227-2402。再次感謝您的參與。

This concludes today's conference. We appreciate your participation.

今天的會議到此結束。感謝各位的參與。