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.

美好的一天，歡迎參加 Apple 2022 財年第二季度收益電話會議。今天的電話正在錄音。在這個時候，關於開場白和介紹，我想把電話轉給投資者關係和公司財務總監 Tejas Gala。請繼續。

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

謝謝你。下午好，感謝您加入我們。今天首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。在那之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during 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，您在今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收、資本分配和未來業務前景的陳述，包括COVID-19 對公司業務和運營結果的潛在影響。這些陳述涉及可能導致實際結果或趨勢與我們的預測產生重大差異的風險和不確定性。有關更多信息，請參閱 Apple 最近提交的關於表格 10-K 和表格 8-K 的年度報告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陳述或信息的義務，這些陳述或信息截至其各自日期。

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

我現在想把電話轉給蒂姆做介紹性發言。

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.

謝謝你，光輝。大家下午好，感謝您今天加入我們。 Apple 很自豪地報告了又一個創紀錄的季度，其 3 月季度收入達到創紀錄的 973 億美元，比一年前增長 9%，好於我們的預期。 iPhone、Mac 和可穿戴設備、家居和配件在 3 月季度創下歷史新高，而服務在過去一年的訂閱增長強度方面創下歷史新高。

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，我想花點時間承認烏克蘭正在發生的人道主義悲劇。我們將繼續盡我們所能支持我們在該地區的團隊，我們正在為當地的人道主義工作捐款。我們還承諾捐贈產品以支持抵達美國的難民。

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.

我還想談談大流行的不可預測性。我們很高興歡迎員工回到美國和歐洲的辦事處。與此同時，我們正在監控中國與 COVID 相關的中斷。我們與所有處於病毒傳播途徑中的人同在，我們將一如既往地致力於儘自己的一份力量來幫助保護人們及其社區。

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.

這些時代提醒我們，我們無法知道未來會怎樣。但它們也提醒我們，充滿人性的技術對世界產生了真正的影響。這就是我們一直關注的地方：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.

在整個季度中，Apple 以無與倫比的速度繼續其無與倫比的創新。借助 Apple 芯片，我們的團隊正在突破我們曾經認為可能的極限，並且我們看到了性能和效率的飛躍。上個月，我們宣布了世界上最強大的個人電腦芯片 M1 Ultra 的另一項突破。儘管供應受限，客戶對我們的 M1 供電 MAX 的驚人反應幫助推動了 15% 的收入同比增長。隨著全新 Mac Studio 的加入，我們現在擁有了有史以來最強大的 Mac 產品線。與配備自有 A13 仿生芯片的 5K 分辨率顯示器搭配新的工作室顯示器，這款新的桌面和顯示器將任何工作空間轉變為創意強國。

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.

隨著我們發布突破性的 M1 Ultra，我們還擴展了我們的 iPhone 產品，為 iPhone 13 系列增加了 2 種漂亮的綠色飾面，並推出了支持 5G 的新 iPhone SE，這對於想要更小 iPhone 和更出色 iPhone 的現有用戶來說非常棒第一次購買 iPhone 的人的價值。他們喜歡我們為這款價格實惠的設備註入的強大功能和性能，並對其令人難以置信的相機和閃電般的速度贊不絕口。儘管我們看到客戶對 iPhone 13 系列的強勁需求，但在 3 月季度，儘管比較具有挑戰性，但 iPhone 的收入仍比上一年增長了 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.

借助由 M1 增壓的全新 iPad Air，iPad 為整個 iPad 系列帶來更強大的動力和更多功能。對於世界各地的客戶來說，iPad 仍然是教育、創意和娛樂的必備品。這就是為什麼我們繼續看到對 iPad 的如此強勁的需求，即使在應對我們在本季度初預測的嚴重供應限制的情況下也是如此。

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.

轉向可穿戴設備、家居和配飾。我們很高興看到這些產品繼續讓我們的用戶滿意，同比增長 12%。顧客們通過 Apple Watch Series 7 和 Apple Watch SE 熱情地掌控自己的健康。 HomePod mini 豐富的聲音、美麗的色彩和緊湊的設計繼續受到客戶的歡迎。而且，沒有比 AirPods 更好的 Apple Music 伴侶了，它的空間音頻改變了我們的聆聽方式，讓我們的客戶置身於音樂的中心。

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.

硬件、軟件和服務的無縫集成是我們在 Apple 工作和理念的核心。 Apple 服務旨在通過專家策展輕鬆使用，為我們的用戶帶來來自才華橫溢的開發人員、創作者、故事講述者和藝術家的引人入勝的內容。這些原則反映在我們開發的所有服務中，這些服務繼續激發我們客戶的極大熱情。第三季度的服務收入增至 198 億美元，同比增長 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.

我們特別高興地為 CODA 歡呼，因為它獲得了奧斯卡最佳影片獎，使 Apple TV+ 成為該類別中第一個贏得該獎項的流媒體服務。我們很榮幸能成為這部令人難以置信的強大、感人至深的電影的管理者。在短短 2 年多的時間裡，Apple TV+ 節目和電影獲得了 240 多項獎項和 960 多項提名。從 Severance 到 WeCrashed 再到 Pachinko，新的 Apple Originals 正在與觀眾建立聯繫並贏得評論家的讚譽。我們還通過本月早些時候首次亮相的《星期五之夜棒球》贏得了體育迷的支持；他們叫我魔術師，這是一部由 4 部分組成的紀錄片，上週首播，追溯了標誌性的魔術師約翰遜的生活。

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+ 正在幫助用戶通過一系列適合任何健身水平的鍛煉程序來引導他們內心的運動員。我們最近介紹了媽媽為媽媽們設計的產後常規。通過我們的 Apple 心臟和運動研究，我們正在幫助研究人員收集有關心血管健康的新見解。

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.

在我們的產品和服務為客戶提供娛樂並幫助他們保持健康的同時，我們也在努力讓他們的生活更輕鬆。例如，亞利桑那州是第一個允許其公民安全地將駕駛執照和州身份證添加到 Apple Wallet 的州。波多黎各境內的更多州將很快跟進。我們還宣布了在 iPhone 上推出 Tap to Pay 的計劃，這是一種讓企業接受今年晚些時候在美國推出的非接觸式支付的簡單而安全的方式。

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.

為了滿足客戶的需求，無論他們身在何處，我們的 Apple 零售團隊都在不斷調整以更好地為他們服務。本季度我們在阿拉伯聯合酋長國開設了一家新店，位於獨特的海濱位置，可欣賞到阿布扎比天際線的全景。本月早些時候，我們在韓國開設了一家新店，這是我們在首爾市中心的第三家也是最大的一家店。在美國各地，我們通過一個以流行偶像 Lady Gaga 的音樂為特色的特別節目來紀念 Apple 面對面的 Today at Apple 課程的回歸。我要感謝我們在 Apple 商店、客戶服務中心、渠道合作夥伴商店和 Apple Care 團隊工作的團隊成員，感謝他們為客戶帶來了最好的 Apple。

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.

在我們關注環境的同時，我們在實現到 2030 年在我們的產品和供應鏈中實現碳中和的承諾方面取得了良好進展。通過我們的綠色債券計劃，我們正在投資於低碳鋁等突破性技術，我們將正在集成到新的 iPhone SE 中。我們最近很高興地宣布，我們承諾加速向清潔能源過渡的頂級供應商的數量幾乎翻了一番。我們還在全球受氣候變化影響最嚴重的社區投資可再生能源項目。

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.

在我們儘自己的一份力量保護我們的星球的同時，我們也在優先考慮人。作為我們對包容性和多樣性的長期承諾的一部分，我們將繼續打造一個更好、更強大的 Apple，植根於每個人都屬於自己的文化。上個月，我們發布了關於 Apple 在包容性和多元化方面取得的進展的最新消息。我們聘請了比以往更多的女性擔任領導職務。在美國，2021 年，近 60% 的領導職位空缺由來自代表性不足的社區的人填補。我們最近還宣布了一項 5000 萬美元的供應商員工發展基金，該基金將幫助我們供應鏈中的工人發現更多的教育機會並培養新技能。通過我們的種族平等和正義倡議，我們將繼續推進我們的工作，以支持代表性不足的社區，並幫助建立一個更加公正和公平的世界。

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.

在我把它交給盧卡之前，我想承認我們所看到的挑戰，從 COVID 和矽短缺導致的供應鏈中斷到烏克蘭戰爭造成的破壞。我們不能倖免於這些挑戰，但我們對我們的團隊、我們的產品和服務以及我們的戰略充滿信心。從根本上說，我們的工作是製造能夠豐富人們生活並釋放人類全部創造潛力的技術。儘管未來的曲折可能不確定，但可以肯定的是，我們將永遠不會停止努力在我們所做的一切和我們所做的一切中成為世界上的一股善良的力量。

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

有了這個，我會把它交給盧卡。

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。我們很高興地報告 3 月季度非常強勁的財務業績，在此期間我們創下了 973 億美元的收入記錄，同比增長 9%。我們還在美洲、歐洲和大中華區創造了新的 3 月季度記錄。

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.

在產品方面，收入為 775 億美元，比一年前增長 7%，創下 3 月份季度的紀錄。我們在每個產品類別中都實現了增長，但 iPad 除外，iPad 整個季度的供應仍然受到很大限制。我們為 iPhone、Mac 和可穿戴設備、家居和配件創造了 3 月份的季度記錄。這種銷售業績水平，再加上無與倫比的客戶滿意度和忠誠度，幫助我們的有源設備安裝基數在所有主要產品類別和地理區域都達到了歷史最高水平。我們的服務創造了 198 億美元的歷史收入記錄，比去年同期增長 17%，在每個地理區域和服務類別中均創下 3 月份季度記錄。

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%，比上一季度下降10個基點。季節性的槓桿損失和不利的外匯匯率被有利的組合部分抵消。產品毛利率為 36.4%，環比下降 200 個基點，主要受季節性槓桿和外匯損失的影響。服務毛利率為 72.6%，由於組合不同，環比增長 20 個基點。 282 億美元的經營現金流、250 億美元的淨收入和 1.52 美元的攤薄每股收益都是 3 月份的季度記錄。

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中，這些強勁的 3 月季度業績結束了本財年上半年的創紀錄水平。我們創造了超過 2200 億美元的收入，同比增長 10%，並在 iPhone、Mac、可穿戴設備、家居和配件及服務領域創造了歷史記錄。這些創紀錄的銷售業績推動了營業收入和每股收益的兩位數強勁增長。

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.

現在讓我更詳細地了解我們在 3 月季度的每個收入類別。儘管由於客戶對我們的 iPhone 13 系列的持續強勁反應以及我們新 iPhone SE 的推出，iPhone 收入同比增長 5%，達到 3 月季度創紀錄的 506 億美元，儘管供應受到限制。我們在發達市場和新興市場創造了 3 月份的季度記錄，451 Research 對美國消費者的最新調查表明，iPhone 13 系列的 iPhone 客戶滿意度為 99%。由於這一水平的銷售業績，再加上無與倫比的客戶忠誠度，iPhone 活躍安裝基數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.

對於 Mac，儘管供應受限，但 104 億美元的收入仍是 3 月份的季度記錄，由於對 M1 驅動的 MacBook Pro 的強勁需求推動了 15% 的同比增長。正如 Tim 之前提到的，我們對 Apple 芯片的持續創新和投資已清楚地顯示在我們的 Mac 業績中，因為過去 7 個季度是 Mac 有史以來最好的第 7 個季度。我們對 Mac 的投資重點也幫助推動了我們不斷增長的安裝基礎的重大活動。事實上，我們在 3 月份創下了升級者季度記錄，而與此同時，近一半購買 Mac 的客戶是該產品的新手。

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 收入為 76 億美元，同比下降 2%。客戶對我們的 iPad 產品線（包括我們新的 M1 驅動的 iPad Air）的反應仍然非常強烈。我們的 iPad 安裝基數在本季度創下歷史新高，本季度購買 iPad 的客戶中有超過一半是該產品的新用戶。

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.

可穿戴設備、家居和配件在 3 月份創下 88 億美元的季度記錄，同比增長 12%，我們在發達市場和新興市場都創下了 3 月份季度的收入記錄。特別是，我們的可穿戴設備業務在 3 年內翻了一番，接近財富 100 強企業的規模，因為我們繼續吸引許多不熟悉可穿戴設備的客戶。例如，Apple Watch 繼續擴大其覆蓋面，在本季度購買 Apple Watch 的客戶中有超過 2/3 是該產品的新手。

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.

轉向服務。正如我所提到的，我們創下了 198 億美元的歷史收入記錄，增長了 17%，App Store、音樂、雲服務和 AppleCare 的歷史記錄以及視頻、廣告和支付服務的 3 月季度記錄。這些令人印象深刻的結果反映了我們在改進和擴大服務組合方面的持續投資的影響，以及我們在許多方面看到的積極勢頭。

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，我們的安裝基礎持續增長，在每個地理區域和主要產品類別中都達到了歷史最高水平。接下來，我們繼續看到客戶對我們服務的參與度增加。我們的交易賬戶、付費賬戶和付費訂閱賬戶在 3 月季度的每個地理區域都達到了歷史新高。此外，付費訂閱繼續顯示出非常強勁的增長。我們現在在我們平台上的服務中擁有超過 8.25 億的付費訂閱，僅在過去 12 個月就增加了超過 1.65 億。最後，正如 Tim 之前強調的那樣，我們在推出新服務的同時繼續提高當前服務產品的廣度和質量。

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.

在企業市場中，許多企業和政府組織繼續向 Apple 尋求最新技術，以便為客戶和員工提供創新服務。 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亭，以實現更快的旅客值機和自助行李托運。此外，上個月，西澳大利亞警察部隊在其整個車隊中完成了全球首次商業部署 CarPlay，以補充發給每位警官的 iPhone 13s。這使警察能夠在路上更快地訪問關鍵信息，並增強社區的公共安全。我們還公佈了 Apple Business Essentials 在美國的普遍可用性，增加了一項新的訂閱服務，旨在幫助小型企業管理其 Apple 設備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。隨著我們繼續產生非常強勁的現金流，我們在本季度結束時擁有 1930 億美元的現金和有價證券。我們償還了 38 億美元的到期債務，同時將商業票據增加了 20 億美元，使我們的總債務達到 1200 億美元。因此，本季度末的淨現金為 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.

我們在第三季度向股東返還了近 270 億美元。其中包括 36 億美元的股息和等價物，以及通過公開市場回購 1.37 億股蘋果股票的 229 億美元。在第 18 次 ASR 的最終結算中，我們還額外退還了 500 萬股股票。鑑於我們現在和未來對業務的持續信心，今天，我們的董事會已授權額外 900 億美元用於股票回購，因為我們保持了隨著時間的推移實現淨現金中性的目標。我們還將股息提高 5% 至每股 0.23 美元，我們將繼續計劃未來每年增加股息。

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前景，其中包括 Tejas 在電話會議開始時提到的前瞻性信息類型。鑑於短期內全球範圍內的持續不確定性，我們不提供收入指導。但是，我們基於以下假設分享了一些方向性的見解，即與 COVID 相關的對我們業務的影響不會從我們今天對本季度的預測中惡化。

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，我們在 6 月季度的同比收入表現將受到多種因素的影響。與 COVID 相關的中斷和全行業的矽短缺造成的供應限制正在影響我們滿足客戶對我們產品的需求的能力。我們預計這些限制將在 40 億至 80 億美元之間，這比我們在 3 月季度所經歷的要大得多。與 COVID 相關的中斷也對中國的客戶需求產生了一些影響。

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.

在外匯方面，我們預計這將給我們的同比增長率帶來近 300 個基點的阻力。此外，我們在 3 月季度暫停了在俄羅斯的所有銷售。這將影響我們的同比增長率約 150 個基點。具體與服務相關，我們預計將繼續增長兩位數，但由於我剛才描述的一些因素，我們的 3 月季度業績會減速。

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。我們預計運營支出將在 127 億美元至 129 億美元之間。我們預計 OI&E 約為負 1 億美元，不包括少數股權投資按市值計價的任何潛在影響，我們的稅率約為 16%。最後，為了反映我之前提到的股息增長，今天，我們的董事會已宣佈於 2022 年 5 月 12 日向截至 2022 年 5 月 9 日在冊的股東派發每股普通股 0.23 美元的現金股息。

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

有了這個，讓我們打開問題的電話。

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

謝謝你，盧卡。 （操作員說明）操作員，請問第一個問題好嗎？

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

絕對地。我們將向摩根士丹利的凱蒂休伯蒂提出我們的第一個問題。

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.

祝賀本季度。考慮到市場上正在發生的一切，幾個與宏觀相關的問題。首先是關於你如何看待消費者支出。隨著我們看到更多的股市波動、利率上升、通貨膨脹，您在關注企業內部或宏觀層面的外部指標，以了解您最終是否會開始看到一些需求影響，特別是在您的產品方面商業？然後我有一個跟進。

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，是蒂姆。顯然，我們正在非常密切地監控我們的日常銷售情況。從通貨膨脹的角度來看，我們正在看到通貨膨脹。在我們上個季度的毛利率和上個季度的運營支出中已經或很明顯，並且盧卡在本季度給出的指導中也假設了這一點。所以我們肯定會看到某種程度的通貨膨脹，我認為每個人都看到了。

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?

以及如何 - 作為後續行動，您如何考慮這可能如何影響您企業中的消費者以及它是否會影響他們在同一水平上的購買能力？

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

好吧，我們正在密切關注這一點，並且我們已經 - 但坦率地說，現在我們的主要重點是供應方面。

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。與此相關的是，在中國，我們應該如何考慮因供應影響和需求影響而導致的封鎖？我們預計您的產品組合中的哪些產品會受到最大的影響？

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。好問題。對於第二季度，也就是我們剛剛結束的那個季度，中國的限制還沒有開始。所以第二季度，我們確實有供應限制。它們明顯低於我們在 12 月季度所經歷的情況。它們是由全行業的矽短缺驅動的，特別是我在之前與遺留節點的電話會議上談到的問題。但展望未來，我們看到供應限制的兩個原因。一是與 COVID 相關的中斷，整個行業的矽短缺將繼續存在。

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.

我們估計限制在 40 億到 80 億美元之間。如果你——這些限制主要集中在上海走廊。而且——從積極的方面來說，幾乎所有受影響的總裝工廠現在都已重新啟動。因此，從 40 億美元到 80 億美元的範圍反映了恢復和運行的各種坡度。過去幾天，上海報告的 COVID 病例數有所減少，這也讓我們感到鼓舞。所以有一些樂觀的理由。

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

團隊如何駕馭所有的逆流，真是太神奇了。再次祝賀本季度。

Thanks so much.

非常感謝。

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

我們將向 Evercore 的 Amit Daryanani 提出我們的下一個問題。

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.

我想我也有2個。首先，我希望您能稍微了解一下您所看到的地理增長向量。我認為美洲的增長非常好，19%、20%。但如果可以的話，歐洲和中國的增長要低得多。我知道您的比較相當困難，但我很好奇您是否會就俄羅斯、烏克蘭和歐洲對消費者支出甚至中國的宏觀方面的溢出效應提出任何意見。只是幫助我們了解在地理上發生了什麼。

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.

所以阿米特，正如你所說，在美洲，我們有一個非常強勁的季度，增長了 19%，在那裡非常高興。歐洲再次對我們來說是一個非常好的季度。儘管事實上，如您所知，我們在 3 月份暫停了在俄羅斯的銷售，但我們還是增長了 5%。因此，我們對本季度一個月的銷售業績產生了影響。但是一些歐洲國家，特別是西歐國家，對我們來說確實非常非常好。所以這對我們來說是一個非常好的季度，幾乎符合我們的預期。美洲比我們預期的要好。對我們來說，中國再次創下了 3 月份的季度記錄。請記住，這影響了我們的每個地理區域，今年 iPhone 與一年前不同的發佈時間對 3 月季度的業績產生了影響，因為我們一年前推出的產品比今年晚。因此，新產品的一些渠道填充發生在一年前的三月季度。

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.

日本和亞太地區受到外匯影響。按固定匯率計算，日本的增長將與公司平均水平保持一致。亞太地區也受到外匯影響，美元兌大多數貨幣升值。然後，iPhone 發佈時間的這種差異再次產生了影響。再次記住，我們在本季度遇到的供應限制，如果沒有供應限制，我們的結果顯然會更好。總的來說，我們對世界各地的表現感覺非常好。

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?

如果我能跟進供應鏈，你們談論的 40 億到 80 億美元的影響。您認為這是因為您的產品週期將在今年很快出現的產品週期而被推遲的需求還是基本上被破壞的需求？您如何看待延遲的需求與在這方面破壞的需求？然後有沒有感覺哪些產品類別受此影響最大？

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.

它將影響大多數產品類別。就它是否 - 我們是否可以重新捕獲而言，我們相信其中有一部分是可重新捕獲的，而其中一部分可能不是人們快速需要的地方。這個比率或那個百分比是很難估計的。我們顯然試圖在內部這樣做以製定計劃，但這不是我們共享的東西。

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

我們將向 Chris Caso 和 Raymond James 提出下一個問題。

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?

也只是想深入研究一下供應限制。我猜你所說的其中一件事是，40 億至 80 億美元的範圍反映了本季度一些設施的重新開放。我知道，很明顯，當您進入新產品發布的下半年時，很難預測。但是到那時，您是否期望限制仍然主要在組件方面，然後希望，如果中國的情況沒有變得更糟，那麼設施是開放的，並且限制只是您進入的組件限制下半年？

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，很難回答有關未發布產品的問題。所以我會盡量不這樣做。但是...

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

嗯，是的，這適用於所有產品，是的。

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.

正如我所提到的，這 40 億到 80 億美元很簡單，如果你看看——上海走廊，我們在這個地區有一些總裝廠。幾乎所有這些都已重新啟動，這是一個好消息，與當地官員合作。但我們為這些計劃了各種不同的坡道，這是我們估計的 40 億到 80 億美元的範圍。 COVID很難預測。

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。作為後續行動，我還想關注您對通貨膨脹以及蘋果如何應對通貨膨脹的一些評論。顯然，許多不同領域的組件成本一直在上漲。然後特別是在半導體方面，成本一直在上升，但可能是由於一些不同的原因，因為升級到新工藝節點的額外成本——它比過去更高。蘋果打算如何應對？您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.

好吧，您所說的一些內容在我們宣布的上一季度的結果中。顯然，我們已經將當前的想法放在了盧卡早些時候列出的當前季度指導中。組件成本在下降和上升，因此並非所有組件都朝著同一個方向發展。所以我們真的試圖設法解決這些問題，我認為我們正在做一項合理的工作，目前正在導航 - 這是一個充滿挑戰的環境。

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

我們將向瑞銀的 David Vogt 提出我們的下一個問題。

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.

我只是想深入了解一下產品中斷，即 40 億到 80 億美元。過去，您讓我們了解了它將如何影響每個不同的產品線。我們是否應該期望它會產生類似的按比例影響？是否有機會重新分配資源以限制對 iPhone 產品線的一些影響，然後可能是對 iPad 產品線的影響？然後我有一個快速跟進。

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.

它將影響大多數產品類別，我們顯然會尋求做任何我們可以做的優化，以盡量減少對用戶的影響。

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.

偉大的。然後也許只是作為後續行動。你談到了中國潛在的與 COVID 相關的需求問題，並從俄羅斯拿出 150 個基點。但是，當您查看其他地區時，您是否可以與我們分享任何東西，無論是在西歐還是美國，您從需求的角度來看可能有點不同尋常或與眾不同的中斷？我的意思是，產品需求的缺乏似乎是你認為在這個週期的這一點上會出現的地方。

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.

我們對上個季度的 iPhone 增長感到滿意，特別是當你考慮到它所反對的競爭時，因為我們在去年第一季度推出的那個季度的推出時間非常不同。因此，自然而然，第二季度在新產品曲線上處於不同的位置。所以這是一個非常困難的比賽。所以我們對此很滿意。正如盧卡所說，美洲地區上個季度的表現相當不錯。當然，美國是那裡的主要地理區域。因此，美國上個季度的表現相當強勁。

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

我們將向花旗集團的 Jim Suva 提出下一個問題。

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?

謝謝你，蒂姆，你的整個公司在過去幾年中在解決所有問題方面做得很好，無論是 COVID、停電、貿易戰、航運挑戰等等。當我們希望有朝一日能夠克服所有這些以及全球範圍內的供應限制以及社會和動盪時，您是否開始重新考慮您的供應鏈方式，儘管及時訂購和外包您的大量芯片？或者你是否真的考慮在內部持有更多的緩衝庫存，因為現在，讓 40 億到 80 億美元消失，如果能夠出售，那就太好了。那麼你是否考慮持有更多的緩衝庫存，或者甚至通過外包自己的芯片來做自己的芯片來控制它們？或者，當希望世界從今天開始變得更美好時，我們應該如何戰略性地思考？

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.

好吧，我很期待那一天，因為我知道你們所有人。我們的供應鍊是真正的全球化。所以這些產品到處都在生產，我們在美國做了很多事情。隨著這裡生產的芯片越來越多，我們可能會在這裡做更多的事情。我們繼續關注優化。我們每天都在學習並做出改變。但是當您備份並縮小並查看供應鏈在您雄辯地談到的環境中的表現時，我認為它非常有彈性 - 我們遇到的首要問題顯然是矽短缺我想每個人都在掙扎。而且我認為我們在管理 COVID 方面做得非常好。

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——但我們正在學習，我們正在做一些改變。我們沒有[錫耳朵]。因此，就我們學到的應該改變的東西而言，你可以打賭我們正在這樣做。在這項業務中，您不想持有大量庫存。它是 - 所以你想要處理週期時間等等，以便非常快速地做事情，並在你需要緩衝中斷的地方進行戰略盤點等等。所以我們一直在思考這些地方在哪裡。在當今世界，我們實際上不可能在矽片上安裝緩衝液。所以今天，矽從晶圓廠滾出，非常非常快地進入總裝廠，我們試圖盡可能縮短時間。

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?

然後我的快速跟進，我們已經討論了多個季度的供應鏈問題。你有沒有從你的供應商那裡聽到今年下半年的消息？或者它實際上是否會進入某種更接近平衡的 2013 年？

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——我想你說的尤其是矽短缺。我不想預測這一點，因為這需要了解全球需求和供應對整個行業的影響，甚至是我們所在行業之外的行業。而且我並不聲稱自己是這方面的專家.這也很大程度上受到不同市場經濟體的強勁程度的影響。所以我認為有不同程度的結果，我們關注的是做什麼——不管這個問題是如何回答的，都努力做得很好。

And congratulations to you and your entire team.

並祝賀你和你的整個團隊。

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

我們將向摩根大通的 Samik Chatterjee 提出下一個問題。

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.

也祝賀結果。我將在這裡堅持另外 2 個微觀層面的問題。首先，蒂姆，你談到了你剛剛推出的產品對 iPhone SE 3 的需求。我希望您可以將您所看到的勢頭與之前的 iPhone SE 週期進行比較。特別是，我認為在過去，就需求而言，北美一直是最大的地區。您對當前產品的地域需求有何看法？我有一個快速跟進盧卡。

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。我們沒有達到那種粒度級別，因為我們認為它是我們的競爭對手希望擁有的敏感數據。所以我要回答這個問題。我只想說，當你把 iPhone 作為一個整體來看時，我們對 iPhone 13 系列產品和我們在這個週期中看到的實力感到非常滿意。確實，正是這些產品為這條生產線提供了動力，並為我們帶來了我們在 iPhone 上獲得的整體結果，上半年的收入為 1200 億美元，我們對這些結果感到非常非常好。

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?

還有我對盧卡的跟進。盧卡，就服務業務的增長率而言，我們看到了一種安定下來，因為您擁有的強硬組合。我們還看到那裡的毛利率穩定在 72% 的範圍內，我知道在這之下有很多移動的部分。但從長遠來看，這種服務範圍是否不錯？或者那裡有一些移動的部分，隨著它們的擴展，他們可以採取——有更多上漲的機會？

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.

好吧，我們對服務業務的發展勢頭感到非常滿意。我在這裡查看絕對數字。這一近 200 億美元的運行速度基本上是 4 年前的兩倍。所以我們在服務方面做得非常非常好。由於各種原因，我們有很大的動力。第一個事實是，我們的有源設備安裝基數繼續非常好地增長。因此，這顯然是我們服務業務的一個重要引擎。

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.

第二件事是，我們在平台上看到的參與度不斷提高。我們有更多的交易賬戶、更多的支付賬戶、更多的訂閱賬戶。我們平台上付費訂閱的絕對數量令人印象深刻，達到 8.25 億。僅在過去 12 個月內就增加了 1.65 億。所以你可以說這是一個巨大的增長。當然，正如您在過去幾年中看到的那樣，我們添加了許多新服務，並且我們計劃添加我們相信客戶會喜歡的新服務和新功能。所以我們認為有很大的——絕對的巨大勢頭。

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.

增長率可能會發生一些變化，尤其是在 COVID 期間，因為我們經歷了一些鎖定週期，然後重新開放等等。所以有時候，伴奏可能有點欺騙性。我們從繼續滿足我們的客戶、增加產品組合、提高服務質量的角度來看待它。這對我們很有幫助，因為在過去的 12 個月裡，我們創造了 750 億美元的服務收入，而且你已經看到利潤明顯增加了公司的利潤。所以我們感覺很好，我們對服務業務感覺很好。

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.

我在準備好的評論中提到，由於我描述的某些原因，我們預計 6 月份季度的增長率將低於 3 月份報告的 17%。當然，外匯是一個問題，此時美元走強。當然，我們暫停了在俄羅斯的銷售。所以我們需要考慮到這一點。但總的來說，當我們全面審視時，我們為每個類別設置了歷史記錄和季度記錄。

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

我們將向 Cowen and Company 的 Krish Sankar 提出下一個問題。

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.

恭喜你取得了非常好的結果。我也有兩個問題，我很抱歉，第一個是關於供應限制的。盧卡，如果我嘗試閱讀基於 6 月季度指導的（聽不清），收入會受到影響，這意味著收入同比下降。你還談到了 40 億到 80 億美元的供應限制，這與收入相比是一個很大的數字，我知道你有供應限制和中國停工。我只是有點好奇，你認為過去 3 個季度蘋果供應鏈有更好的半成品緩衝庫存嗎？這些半成品已經用完了，現在你更依賴於傳統半成品的真正供應限制是什麼？ ?還是有其他事情發生？然後我進行了跟進。

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，在 COVID 期間發生的事情在各個季度都發生了變化。例如，最近在 3 月季度，我們受到的限制僅限於矽短缺。當我們給出 40 億到 80 億美元的範圍時，不僅是矽，而且是我們現在看到的中國的限制。所以他們是不同的。由於 COVID 情況，目前我們看到了額外的限制。所以它 - 這是那裡的根本區別。

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?

知道了。知道了。很有幫助。然後作為快速跟進，隨著關閉，特別是在中國這樣的地方，你是否真的看到 App Store 或你的服務業務實際上產生了積極的影響？還是時間太短無法對此做出判斷？

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，我認為現在說還為時過早。中國的限制措施從三月底開始。所以現在說還為時過早。

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

我們將向美國銀行的 Wamsi Mohan 提出我們的下一個問題。

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.

盧卡，感謝圍繞對收入指導影響的顏色。但我想知道您是否可以分享，如果您預計 6 月季度的整體收入同比增長。只是為了清楚你給出的這些影響，這些都是按年計算的。您能否告訴我們，如果有的話，外匯是多少不利因素？我有一個後續行動。

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.

好吧，正如我們所說，我們並沒有指導具體的收入數字，而且——只是重複我在準備好的評論中所說的話，我們面臨著由 COVID 相關的中斷和矽引起的供應限制短缺，這就是造成限制的原因。我們預計它們將在 40 億至 80 億美元之間。這比我們在 3 月季度的情況要大得多。再次，讓我重複一遍。與 COVID 相關的中斷並未影響 3 月季度。所以你需要記住這一點。

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.

外匯方面，我們預計逆風接近 300 個基點。 3 月季度的逆風約為 200 個基點。對於俄羅斯，我們說同比影響約為 150 個基點。這反映了本季度的 3 個月。我們在 3 月初暫停了在俄羅斯的銷售，因此對 3 月季度產生了部分影響。所以很明顯，在順序的基礎上，這是一個需要記住的增量因素。

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.

我想說的積極方面是，對我們的產品和服務的需求都很穩定。蒂姆多次提到，iPhone 13 系列的表現非常強勁。我們 - 當我們查看全球最暢銷的智能手機時，我們在 3 月季度取得了非常令人難以置信的結果。美國排名前6的機型是iPhone，日本排名前4，澳大利亞排名前5，中國城市排名前6的有5個，以此類推。因此，iPhone 13 確實在全球取得了成功。如您所知，從我們的網站可以看出，如今大多數 iPad 和 Mac 機型都受到限制。由於對這些產品的需求非常好，它們已經受到了幾個季度的限制。如您所知，服務業務正在以兩位數的速度增長。這就是讓我們對六月季度和未來充滿信心的原因。

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。如果我能跟進。蒂姆，你離你的淨現金中性目標還很遠，真是令人羨慕。同時，您每年都會產生大量現金流。所以你的資本回報策略在過去是一個非常成功的計劃，但 900 億美元是你市值的 3%。另一方面，在醫療保健領域或健身領域，如 Teladoc 或 Peloton 或內容領域的 Netflix，有很多資產可以說與蘋果有很多協同作用。為什麼現在不是蘋果考慮此類資產而不是回購股票或兩者兼而有之的合適時機？

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，我們將——我們繼續尋找。而且——但我們只會獲得具有戰略意義的東西。我們今天收購了很多小公司，我們將繼續為知識產權和優秀人才這樣做。而且 - 但如果機會出現，我們也不會對做更大的事情打折扣。所以——但我不想在電話里和你一起瀏覽我的名單，但我們一直在尋找。

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

我們將回答凱爾麥克尼利和傑富瑞的下一個問題。

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?

這是關於Mac的。順便說一句，結果很好。一些令人興奮的產品肯定會問世。我們注意到現在訂購的 Mac 的交貨時間更長，其中一些現在可用，但許多要到 6 月才能發貨。只是想了解一下，您認為其中有多少是由 3 月份的強勁業績與產品發布和可能的售罄條件推動的，而不僅僅是供應鏈中的真正緊張。顯而易見的後續行動是，您預計什麼時候可以趕上並在一周內恢復 Mac 交貨時間？

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。我們有很多客戶希望購買新的 Mac。所以我們正在努力研究它們。它們是我們之前討論過的 COVID 中斷和矽短缺相結合的結果。當我們可以解決這個問題時，我沒有——我們並沒有真正預測我們什麼時候可以擺脫矽短缺，所以這將是一個困難的答案。我希望它的 COVID 部分是一個暫時的問題。所以我希望隨著時間的推移它會變得更好。

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

我們將向克利夫蘭研究中心的 Ben Bollin 提出我們的下一個問題。

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.

第一個是關於服務的。 Luca，我希望你能分享一些觀點，也許服務貢獻有多少是純粹的消費者與企業，以及你如何看待企業社區貨幣化的長期機會。然後，蒂姆，對你來說，作為後續行動。我認為 Jim Suva 早些時候就您的一些策略提出了問題。我很好奇自從發生了所有事情以來，戰略可能會如何演變，您最近在貨運和一些地理生產足跡以及最近發生的任何演變方面可能會看到什麼變化。

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.

因此，本，在服務方面，當然，我們在服務中所做的絕大多數事情都是針對最終消費者的。我們確實理解並欣賞企業對我們來說是一個很好的機會這一事實。例如，最近我們在美國推出了一項新的訂閱服務，我們稱之為 Apple Business Essentials，從本質上講，我們在 24/7 支持、設備管理方面為中小型企業提供支持對於小企業主，我們認為小公司會重視和欣賞。顯然，我們今天已經向企業銷售 AppleCare。但我們知道，總的來說，企業作為一個市場對我們來說是一個非常有趣的市場，我們正在投入大量的精力和精力。我們相信我們有很好的發展機會。

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。從通貨膨脹的角度和可用性的角度來看，貨運在今天是一個巨大的挑戰。所以現在，我們的重點是通過我們能做到的任何方式將貨物運送給客戶。隨著時間的推移，我們會更有效地做到這一點。我希望基本利率能重新調整一些，兩者都 - 我說的是海洋和空氣。因此，我猜他們倆都承受了一些巨大的通脹壓力，部分原因是 COVID 和其他一些原因。在地理製作方面，我們不斷地在這里和那裡進行調整。我不想詳細介紹這些細節，因為我們認為它是一種敏感信息，但我們一直在不斷採取措施在當前環境中進行優化。

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.

謝謝你，本。今天電話會議的重播將在 Apple 播客上播放 2 週，作為 apple.com/investor 上的網絡廣播和通過電話播放。電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 1807633。這些回放將在下午 5 點左右提供。今天太平洋時間。有其他問題的媒體成員可以致電 (408) 862-1142 聯繫 Josh Rosenstock。金融分析師可以致電 (669) 227-2402 與我聯繫以解決其他問題。再次感謝您加入我們。

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

今天的會議到此結束。我們感謝您的參與。