2020-10-29 Apple Inc. (AAPL) Q4 2020 Earnings Call Transcript

Apple Inc. (NASDAQ:AAPL) Q4 2020 Earnings Conference Call October 29, 2020 5:00 PM ET

苹果公司（NASDAQ：AAPL）2020 年第四季度收益电话会议 2020 年 10 月 29 日下午 5:00 东部时间

Company Participants 公司参与者

Tejas Gala - Senior Manager, Corporate Finance and Investor Relations

Tejas Gala - 高级经理，企业财务和投资者关系

Tim Cook - Chief Executive Officer

蒂姆·库克 - 首席执行官

Luca Maestri - Senior Vice President and Chief Financial Officer

卢卡·马埃斯特里 - 高级副总裁兼首席财务官

Conference Call Participants

电话会议参与者

Shannon Cross - Cross Research

香农·克罗斯 - 克罗斯研究

Jeriel Ong - Deutsche Bank

Jeriel Ong - 德意志银行

Katy Huberty - Morgan Stanley

凯蒂·哈伯蒂 - 摩根士丹利

Amit Daryanani - Evercore

阿米特·达亚纳尼 - Evercore

Samik Chatterjee - JP Morgan

萨米克·查特吉 - 摩根大通

Krish Sankar - Cowen and Company

克里什·桑卡 - 科温公司

Kyle McNealy - Jefferies

凯尔·麦克尼利 - 杰富瑞

Chris Caso - Raymond James

克里斯·卡索 - 雷蒙德·詹姆斯

Operator 操作员

Good day everyone and welcome to the Apple Inc. Fourth Quarter Fiscal Year 2020 Earnings Conference Call. Today’s call is being recorded.

大家好，欢迎参加苹果公司 2020 财年第四季度收益电话会议。今天的通话正在录音。

At this time for opening remarks and introductions, I would like to turn things over to Tejas Gala, Senior Analyst, Corporate Finance and Investor Relations. Please go ahead, sir.

此时，关于开场致辞和介绍，我想请 Tejas Gala，高级分析师，企业金融和投资者关系，接管。请开始吧，先生。

Tejas Gala 特贾斯·加拉

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

谢谢。下午好，感谢您的参与。今天首先发言的是苹果公司的首席执行官蒂姆·库克，接着是首席财务官卢卡·马埃斯特里。之后，我们将向分析师提问。

Please note that some of the information you’ll hear during the discussion today, will consist of our 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.

请注意，今天讨论中您将听到的一些信息将包括我们的前瞻性声明，包括但不限于有关收入、毛利、营业费用、其他收入和支出、税收、资本配置以及未来业务展望，包括新冠肺炎对公司业务和运营结果的潜在影响。这些声明涉及风险和不确定性，可能导致实际结果或趋势与我们的预测有实质性差异。有关更多信息，请参阅苹果公司最近提交的 10-K 表格年度报告中讨论的风险因素，以及今天提交给 SEC 的 8-K 表格，以及相关的新闻发布。苹果公司不承担更新任何前瞻性声明或信息的义务，这些声明和信息仅代表其各自的日期。

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

我现在想把电话交给蒂姆发表开场白。

Tim Cook 蒂姆·库克

Thanks Tejas. Good afternoon and thanks for joining the call today. Back in April, I said we were in the most challenging environment in which Apple as a company has ever operated. That atmosphere of uncertainty, of resolve, of making difficult calls with limited information has not only come to define Apple’s year, but each of our lives as individuals across this country, and around the world. It has been a chapter that none of us will forget. In the face of these challenges, Apple stayed relentlessly focused on what we do best, seeing in every obstacle an opportunity to do something new, something creative, something better on behalf of our customers.

谢谢 Tejas。下午好，感谢大家今天参加电话会议。回顾四月份，我曾表示我们正处于苹果公司有史以来最具挑战性的环境中。这种充满不确定性、坚定决心、在信息有限的情况下做出艰难决策的氛围不仅定义了苹果的一年，也贯穿了我们每个人的生活，无论是在这个国家还是全世界。这是我们每个人都不会忘记的一章。在面对这些挑战时，苹果始终专注于我们最擅长的事情，将每一个障碍视为一个机会，为了我们的客户做出新的、创造性的、更好的事情。

Today we report a quarter and a fiscal year that reflects that effort. This quarter, Apple achieved revenue of $64.7 billion, a September quarter record, despite the anticipated absence of new iPhone availability during the quarter, and the ongoing impacts of COVID-19, including closures at many of our retail locations. We also set a new all-time record for Mac and Services. Outside of iPhone, each of our product categories saw strong double digit year-over-year growth, despite supply constraints in several product categories.

今天我们报告了一个反映这一努力的季度和财政年度。本季度，苹果实现了 647 亿美元的营收，创下了九月季度的纪录，尽管在本季度预期没有新 iPhone 可用的情况下，以及 COVID-19 的持续影响，包括我们许多零售店的关闭。我们还为 Mac 和服务创下了新的历史纪录。除了 iPhone 外，我们的每个产品类别都实现了强劲的两位数同比增长，尽管在几个产品类别存在供应约束。

Our results for this quarter were ahead of our expectations, driven by stronger-than-expected iPhone and Services performance. As we anticipated, we launched new iPhone models in October, a few weeks later than last year’s mid-September launch. Up to that mid-September point, customer demand for iPhone was very strong, and grew double-digits.

本季度的业绩超出了我们的预期，主要受到 iPhone 和服务业绩强劲的推动。正如我们预期的那样，我们在十月推出了新的 iPhone 型号，比去年九月中旬的发布时间晚了几周。在那个九月中旬之前，顾客对 iPhone 的需求非常强劲，增长了两位数。

On Services, we saw stronger-than-expected performance across the board. Geographically, we set September quarter records in the Americas, Europe and Rest of Asia Pacific. We also set a September quarter record in India, thanks in part to a very strong reception to this quarter’s launch of our online store in the country. Greater China is the region that was most heavily impacted by the absence of the new iPhones during the September quarter, still we beat our internal expectations in the region, growing non-iPhone revenue strong double digits and iPhone customer demand grew through mid-September.

在服务方面，我们看到了全面强于预期的表现。地理上，我们在美洲、欧洲和亚太其他地区创下了 9 月季度的记录。我们还在印度创下了 9 月季度的记录，部分归功于该国在线商店本季度的推出受到了非常强烈的欢迎。在 9 月季度，由于新 iPhone 的缺席，大中华地区受到了最严重的影响，但我们在该地区超过了内部预期，非 iPhone 收入增长了两位数，iPhone 客户需求一直增长到 9 月中旬。

When you pull back the lens to the entire fiscal year, it’s a testament to the team’s work and to the resilience of the business in the era of COVID-19. This year, we set an all-time revenue record of $274.5 billion, growing 6% year-on-year. We grew every quarter, set all-time yearly records in Mac, Wearables Home and Accessories, and Services, and grew by double-digits in every product category outside of iPhone.

当您将镜头拉回整个财政年度时，这证明了团队的工作以及企业在 COVID-19 时代的韧性。今年，我们创下了 2745 亿美元的历史性收入纪录，同比增长 6%。我们每个季度都有增长，在 Mac、Wearables Home and Accessories 以及 Services 方面创下了历史性的年度纪录，并且在 iPhone 以外的每个产品类别都实现了两位数的增长。

When we first began to grapple with COVID-19, I said there are worse things for a company whose business is innovation, than having to periodically do just about everything in an entirely new way. This year, we not only launched our most powerful and compelling generation of hardware, software and Services ever, we did it in a way that pushes to reimagine every part of that innovation process, down to how we share these announcements with the world and how we get new products into our customers’ hands. Working from kitchen tables and bedrooms, in distanced office settings and rework labs and manufacturing facilities, the team rebuilt every part of the plane while it was mid-air, and the results speak for themselves.

当我们开始应对 COVID-19 时，我说过对于一家以创新为业的公司来说，比起不得不定期以全新方式进行几乎所有工作，还有更糟糕的事情。今年，我们不仅推出了有史以来最强大和引人入胜的一代硬件、软件和服务，而且以一种推动重新想象创新过程的方式来实现，直至我们如何与世界分享这些公告，以及如何将新产品交到客户手中。团队在厨房桌子和卧室、远程办公室设置、重组实验室和制造设施中工作，他们在飞机在半空中飞行时重建了飞机的每个部分，结果不言自明。

苹果不是真的苹果，不能吃了被肠胃消化掉，每年一更新是很有难度的工作。

In a year that has been enormously challenging, our retail teams, contact centers, and all those who work with our customers most closely, have gone to creative and dedicated [lengths] [ph] to keep serving our customers. From adapting our stores for contactless pickup to new Apple Express storefronts, to new online customer support options. Amid store closings, reopenings and reimagining, these teams have been an unfailing source of energy, creativity and determination.

在这个充满挑战的一年里，我们的零售团队、联系中心以及与客户关系最密切的所有人，都竭尽心力地创意和专注地为客户提供服务。从为无接触取货调整我们的商店到新的 Apple Express 门店，再到新的在线客户支持选项。在商店关闭、重新开放和重新构想的过程中，这些团队始终是一股不竭的能量、创造力和决心的源泉。

Innovation isn’t just about what you make; it’s about how you approach problems, and these teams and every team across Apple having not faced a single question this year that they haven’t found an answer to with passion and resolve. Their actions didn’t just meet the moment; they will make us a better company moving forward.

创新不仅仅是关于你制造了什么；它关乎你如何解决问题，这些团队以及苹果公司的每个团队今年都没有遇到一个问题是他们没有怀着激情和决心找到答案的。他们的行动不仅仅是应对当下的挑战；它们将使我们成为一个更好的公司。

The pandemic has hit home for all of us, and at Apple we have seen it as a call to action. We have seen the pain in our communities. Many of us have seen our children work hard to adapt to remote learning, and we all know that the road ahead is uncertain. This quarter and throughout the year, our response to this crisis has been to ask, how can we help?

疫情对我们所有人都造成了重大影响，在苹果公司，我们将其视为一种行动的号召。我们看到了社区中的痛苦。我们中的许多人看到自己的孩子努力适应远程学习，我们都知道前方的道路充满不确定性。在本季度和整个年度，我们对这一危机的回应是问自己，我们能做些什么来帮助？

In terms of COVID-19 response, that has meant sourcing and donating millions of face masks, designing and manufacturing millions of face shields, and scaling the production of millions of test kits. But we have tried to live our values more broadly. We’ve pledged $100 million to our new racial equity and justice initiative. We’ve committed to be fully carbon neutral by 2030 across our entire supply chain and device usage, as massive wildfires, hurricanes and floods, bring home the consequences of climate change for all of us. And we’ve deepened our enduring educational partnerships, from coding education beginning in elementary school, to new efforts with dozens of historically black colleges and universities.

在应对 COVID-19 方面，这意味着采购和捐赠数百万个口罩，设计和制造数百万个面罩，并扩大数百万个检测试剂盒的生产规模。但我们试图更广泛地践行我们的价值观。我们承诺向我们的新种族平等和正义倡议捐赠 1 亿美元。我们承诺到 2030 年在整个供应链和设备使用方面实现完全碳中和，因为大规模的森林大火、飓风和洪水让我们深刻意识到气候变化对我们所有人的后果。我们加深了我们长期的教育伙伴关系，从小学开始的编程教育，到与数十所历史悠久的黑人学院和大学合作的新举措。

One of the many areas where COVID-19 continues to have a significant impact is in education. As teachers, students and parents alike work hard to keep education relevant, creative and effective, our products have helped them meet the moment. In a typical year, the back-to-school season is a bustling time for us. This year, that was true in the biggest way ever. We’ve helped school districts around the world meet this moment in an unprecedented way, including starting nine of our 10 largest school district deployments ever, that alone will support over 1 million students and teachers. We have also supported these deployments and educators and learners everywhere with free tools and training, reaching over 150,000 teachers and millions of parents and students around the world.

COVID-19 持续对教育领域产生重大影响之一。教师、学生和家长们努力使教育保持相关性、创造性和有效性，我们的产品帮助他们应对挑战。在典型的年度中，迎接新学年的时节对我们来说是一个繁忙的时刻。今年，这一点表现得尤为明显。我们帮助全球各地的学区以前所未有的方式迎接这一时刻，包括启动了我们有史以来最大的十个学区部署中的九个，这些部署将支持超过 100 万名学生和教师。我们还通过免费工具和培训支持这些部署以及全球各地的教育工作者和学习者，覆盖了超过 15 万名教师和数百万名家长和学生。

Looking forward, we feel great optimism about the road in front of us. We’re in the midst of our most prolific product introduction period ever. In addition to the announcement of HomePod Mini, which achieves unmatched sound quality and Siri and smart-home capabilities in a small and affordable format, we just marked the beginning of a new era for iPhone, with the arrival of our first 5G enabled devices.

展望未来，我们对面前的道路充满乐观。我们正处于有史以来最多产的产品推出期。除了宣布推出 HomePod Mini，该产品在小巧实惠的外形中实现了无与伦比的音质、Siri 和智能家居功能之外，我们刚刚迎来了 iPhone 新时代的开始，首批支持 5G 的设备已经到来。

The iPhone 12 and 12 Mini boasts powerful breakthroughs like an edge-to-edge Super Retina XDR display, unprecedented durability with a new ceramic shield, developed with our partners at Corning, new MagSafe charging and accessories, the fastest ever A14 Bionic chip, and a new dual camera system, driven by computational photography.

iPhone 12 和 12 Mini 拥有强大的突破，如边到边的 Super Retina XDR 显示屏，全新的陶瓷护盾，与康宁公司合作开发，新的 MagSafe 充电和配件，史上最快的 A14 Bionic 芯片，以及由计算摄影驱动的新双摄系统。

The iPhone 12 Pro and 12 Pro Max take all of this to an even higher level, driven by the most powerful photo and video tools ever delivered by a smartphone, including an all new LiDAR scanner and the ability to shoot an Apple ProRAW and full Dolby video. And of course, all of these devices bring the 5G experience users have been waiting for, with lightning fast download and uploads, a new standard in video streaming, more responsive gaming and much more. The early product reviews have been tremendously positive, and our customers have been similarly excited to get their hands on this next era of devices. We’re very optimistic about what the next few weeks will bring.

iPhone 12 Pro 和 12 Pro Max 将所有这些提升到一个更高的水平，由智能手机提供的最强大的照片和视频工具驱动，包括全新的 LiDAR 扫描仪和拍摄 Apple ProRAW 和完整的杜比视频的能力。当然，所有这些设备都带来了用户一直期待的 5G 体验，具有闪电般快速的下载和上传速度，视频流媒体的新标准，更具响应性的游戏等等。早期产品评价非常积极，我们的客户同样对拥有这一设备新时代感到兴奋。我们对接下来几周会带来什么感到非常乐观。

We’re also seeing a very positive response to our September announcement, the all new Apple Watch Series 6, boasts powerful new health and wellness features, including a blood oxygen sensor, a next generation altimeter, and a wide variety of new colors and bands. The potential for Apple Watch’s powerful health and wellness capabilities continues to grow.

我们还看到了对我们九月份发布的全新 Apple Watch Series 6 的非常积极的回应，它拥有强大的新健康和健康功能，包括血氧传感器、下一代高度计以及各种新颜色和表带。Apple Watch 强大的健康和健康功能的潜力不断增长。

Just yesterday, the government of Singapore and Apple launched LumiHealth, a first of its kind program designed to encourage healthy activity and behaviors using Apple Watch. Created in collaboration with a team of physicians and public health experts, LumiHealth uses technology and behavioral insights to encourage Singaporeans to keep healthy and complete wellness challenges through their Apple Watch and iPhone. Singapore is a trailblazer here, and we’re proud to be their partner.

就在昨天，新加坡政府和苹果推出了 LumiHealth，这是一项首创性计划，旨在通过使用 Apple Watch 鼓励健康活动和行为。LumiHealth 是与一组医生和公共卫生专家合作创建的，利用技术和行为洞察力鼓励新加坡人通过他们的 Apple Watch 和 iPhone 保持健康并完成健康挑战。新加坡在这方面是开拓者，我们很自豪能成为他们的合作伙伴。

Our iPad lineup continues to set the pace for the category, including the new iPad Air now shipping with the A14 Bionic, our most powerful chip ever. We announced Apple Fitness Plus, which delivers deep personalization and integration across the fitness tools our users love and depend on. And Apple One, launching tomorrow, is the easiest way for users to enjoy Apple’s services, like Music, TV+, Arcade, iCloud, News+ and Fitness+ on a single plan that is right for them and their family.

我们的 iPad 系列继续引领该类别的步伐，包括配备 A14 仿生芯片的新 iPad Air，这是我们迄今为止最强大的芯片。我们宣布推出 Apple Fitness Plus，提供深度个性化和整合，涵盖我们的用户喜爱和依赖的健身工具。而明天推出的 Apple One 是用户享受苹果服务的最简单方式，如 Music、TV+、Arcade、iCloud、News+和 Fitness+，用户可以根据自己和家人的需求选择适合他们的单一计划。

Looking across services more broadly, we’re really excited about what we see. This was a record quarter for the App Store, AppleCare, Cloud Services, Music and Payment Services. The App Store in particular, continues to play an essential role in helping small businesses, educational institutions and workplaces adapt to COVID-19. Apple TV+ continues to impress, from fan favorites like Ted Lasso, which has won a worldwide audience with its hopeful tone during challenging times, to critical and award praise, including a Primetime Emmy for Billy Crudup in the morning show. Luca will speak in greater detail about our expectations for the December quarter. Without giving away too much, I can tell you that this year has a few more exciting things in store.

在更广泛的服务范围内看，我们对所见到的感到非常兴奋。这是 App Store、AppleCare、云服务、音乐和支付服务的一个创纪录季度。特别是 App Store，继续在帮助小型企业、教育机构和工作场所适应 COVID-19 方面发挥着至关重要的作用。Apple TV+ 仍然令人印象深刻，从像《泰德·拉索》这样的粉丝喜爱作品，在充满挑战的时期传递希望的调子赢得了全球观众的喜爱，到获得了评论和奖项赞誉，包括《早间新闻》中比利·克鲁德普获得的黄金时段艾美奖。Luca 将更详细地谈谈我们对 12 月季度的期望。不多透露，我可以告诉你，今年还有更多令人兴奋的事情等着大家。

Before I hand things off, I want to offer one more comment on resilience, because I think if I had to describe our performance this quarter in a single word, it’s resilient. Financial performance aside, I don’t think this year will be a time that any of us look back on with great fondness or nostalgia. Those of us, who wake up every day, hoping for a return to normal, can count ourselves fortunate. Others don’t have that luxury. There is the great pain of a lost loved one, the uncertainty and fear of a lost job, a deep well of concern for people we care about, who we are not able to see. A sense of opportunities missed, of plans delayed, of time lost. Even though we’re apart, it has been obvious this year that around the company, teams and colleagues have been leaning on and counting on each other more than in normal times. I think that instinct, that resilience has been an essential part of how we have navigated this year.

在我交接之前，我想再谈一下韧性，因为我认为如果要用一个词来描述我们本季度的表现，那就是韧性。除了财务表现之外，我不认为今年会是我们任何人都会怀有极大喜爱或怀旧情感的时光。那些每天醒来，希望回归正常的人，可以算是幸运的。其他人却没有这种奢侈。有失去亲人的巨大痛苦，失业的不确定和恐惧，对我们关心的人的深深担忧，却无法见面。错失的机会感，推迟的计划，流逝的时间。尽管我们分隔两地，但今年显而易见的是，在公司内部，团队和同事之间比平常更多地相互依靠和信任。我认为这种本能，这种韧性已经成为我们应对今年挑战的重要组成部分。

Work can’t solve for all the things we’re missing right now, but a shared sense of purpose goes a long way. A belief that we can do more together than we can alone, that people of goodwill, driven by creativity and passion, and that certain itch of a big idea, can still do things that help other people in our own small way to teach, to learn, to create or just to relax at a time like this. Even as the things we make require us to operate at the very cutting edge of technology, in materials, products and ideas that didn’t exist just a few years ago, this year has forced us to face plainly the things that make us human; disease, resilience and hope. You never wished for a year like this one, but I couldn’t be prouder of the team, the work we have done and the small role we have played in helping our communities find hope and resilience in this time.

工作无法弥补我们目前所缺失的一切，但共同的目标感可以走很长的路。相信我们一起可以做得比单独更多，相信善意的人们，被创造力和激情驱使，以及那种大想法的冲动，仍然可以做一些有助于他人的事情，以我们自己微不足道的方式去教导、学习、创造或者只是在这样的时刻放松。即使我们制造的东西要求我们在技术的最前沿运作，在几年前根本不存在的材料、产品和想法中，今年却迫使我们直面使我们成为人类的事物；疾病、韧性和希望。你从未希望有这样一年，但我为团队感到无比自豪，为我们所做的工作以及我们在这个时刻帮助社区找到希望和韧性所扮演的微小角色感到自豪。

With that, I’ll hand things over to Luca.

有了这个，我将把事情交给 Luca。

Luca Maestri 卢卡·马埃斯特里

Thank you, Tim. Good afternoon, everyone. We are very pleased to report today a new September quarter revenue record, which caps a remarkable level of performance for our fiscal year 2020, during which we set new all-time records for revenue, earnings per share and free cash flow, in spite of an extremely volatile and challenging macro environment. We could not be more proud of the way our team has innovated and executed, throughout this unprecedented period of uncertainty.

谢谢，蒂姆。大家下午好。我们非常高兴地宣布，今天我们创下了新的九月季度收入纪录，这为我们 2020 财年的表现水平画上了一个引人注目的句号。在这一财年中，尽管宏观环境极其波动和具有挑战性，我们创下了有史以来的收入、每股收益和自由现金流新纪录。我们为我们的团队在这个前所未有的不确定时期中创新和执行的方式感到无比自豪。

We reported total revenue of $64.7 billion for the September quarter, up 1% from a year ago. This is a very impressive level of performance, when we consider that this year; we did not launch and ship any new iPhone models during the quarter. Outside of iPhone, we grew 25% in aggregate, and had strong double-digit year-over-year revenue growth in each of our product categories. We set all-time records for Mac and Services, and a September quarter record for Wearables, Home and Accessories.

我们报告 9 月季度总收入为 647 亿美元，比去年同期增长 1%。考虑到今年我们在该季度没有推出和发货任何新的 iPhone 型号，这是非常令人印象深刻的表现水平。除了 iPhone 外，我们的总体增长率为 25%，并且在每个产品类别中都实现了强劲的两位数同比收入增长。我们为 Mac 和服务创下了有史以来的最高记录，并在 Wearables、Home 和配件方面创下了 9 月季度的最高纪录。

We also achieved new September quarter records in the vast majority of countries that we track, including among others, The U.S., Canada Brazil, Germany, France, Italy, Spain, Turkey, Russia, India, Korea, Thailand, Malaysia and Vietnam. Products revenue was $50.1 billion with very strong underlying performance across each product category. Our products outside of iPhone grew a combined 30%, despite supply constraints on iPad, Mac and Apple Watch throughout the quarter. For iPhone, through mid-September, customer demand grew double-digits. As a result of this level of sales performance and the unmatched loyalty of our customers, our installed base of active devices reached an all-time high in aggregate, and in each of our major product categories.

我们还在我们追踪的绝大多数国家创下了新的九月季度记录，包括美国、加拿大、巴西、德国、法国、意大利、西班牙、土耳其、俄罗斯、印度、韩国、泰国、马来西亚和越南等国家。产品收入为 501 亿美元，每个产品类别都表现出非常强劲的潜在表现。尽管 iPad、Mac 和 Apple Watch 在整个季度受到供应限制，但我们 iPhone 之外的产品总体增长了 30%。截至 9 月中旬，iPhone 的客户需求增长了两位数。由于这一销售业绩水平和我们客户无与伦比的忠诚度，我们的活跃设备安装基数总体上达到了历史最高水平，在我们的主要产品类别中也是如此。

Our Services set an all-time record of $14.5 billion, growing 16% year-over-year. We established new all-time records in many Services categories and September quarter records in each geographic segment. I’ll cover this in more detail later.

我们的服务创下了创纪录的 145 亿美元，同比增长 16%。我们在许多服务类别创下了新的历史记录，并在每个地理区段创下了 9 月季度记录。稍后我会更详细地介绍这一点。

Company gross margin was 38.2%. This was up 20 basis points sequentially, due to cost savings and a higher mix of services, partially offset by a different mix of products. Products’ gross margin was 29.8%, growing 10 basis points sequentially, driven by cost savings, partially offset by a different mix. Services gross margin was 66.9% decreasing 30 basis points sequentially, mainly due to a different mix.

公司毛利率为 38.2%。这较上季度提高了 20 个基点，主要是由于成本节约和服务比例增加，部分抵消了产品比例的不同。产品毛利率为 29.8%，较上季度增长了 10 个基点，主要受成本节约的推动，部分抵消了不同产品组合的影响。服务毛利率为 66.9%，较上季度下降了 30 个基点，主要是由于不同的组合。

Let me get into more detail for each of our product categories; iPhone revenue was $26.4 billion, as we did not have availability of new iPhone models during the September quarter this year, which we had mentioned during our call in July. While COVID-19 and social distancing measures impacted store operations in a significant manner, demand for iPhone remained very strong. In fact, through mid-September, customer demand for our current product lineup grew double digits, and was well above our expectations.

让我更详细地介绍一下我们每个产品类别；iPhone 的收入为 264 亿美元，因为今年 9 月季度我们没有新 iPhone 型号的供应，这一点我们在七月的电话会议中已经提到过。尽管 COVID-19 和社交距离措施对门店运营产生了重大影响，但 iPhone 的需求仍然非常强劲。事实上，截至 9 月中旬，客户对我们当前产品系列的需求增长了两位数，远超我们的预期。

Our active installed base of iPhones reached a new all-time high, thanks to the exceptional loyalty of our customer base and strength of our ecosystem. In fact, in the U.S., the last survey of consumers from 451 Research indicates iPhone customer satisfaction of 98% for iPhone 11, 11 Pro and 11 Pro Max combined.

我们的 iPhone 活跃安装基数达到了新的历史最高水平，这要归功于我们客户群的卓越忠诚度和我们生态系统的实力。事实上，在美国，451 Research 对消费者进行的最新调查显示，iPhone 11、11 Pro 和 11 Pro Max 的综合 iPhone 客户满意度达到了 98%。

Turning to Services, as I said, we set an all-time revenue record of $14.5 billion. We grew strong double digits and set all-time records in App Store, Cloud Services, Music, Advertising and Payment Services. We also set an all-time record in Apple Care, as in-store traffic improved and we were able to support more customers. Our new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also contributing to overall services growth, and continue to add users, content and features. The key drivers for our Services growth, all continue to be moving in the right direction.

转向服务领域，正如我所说，我们创下了历史性的 145 亿美元营收纪录。我们实现了强劲的两位数增长，并在 App Store、云服务、音乐、广告和支付服务方面创下了历史新高。我们在 Apple Care 方面也创下了历史新高，随着门店客流量的提升，我们能够支持更多客户。我们的新服务，包括 Apple TV+、Apple Arcade、Apple News+和 Apple Card，也在促进整体服务增长，并继续吸引用户、内容和功能。我们服务增长的关键驱动因素，一直朝着正确的方向发展。

First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.

首先，我们的安装基数持续增长，并且在每个主要产品类别中达到了历史最高水平。其次，在 9 月季度，我们数字内容商店的交易和付费账户数量均达到了历史新高，付费账户在我们的各地理区段均以两位数增长。

Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.

第三，付费订阅按顺序增长了超过 3500 万，我们现在在平台上的服务中拥有超过 5.85 亿的付费订阅，比一年前增加了 1.35 亿。凭借这一势头，我们非常有信心在 2020 年日历年结束之前达到并超过我们增加的 6亿付费订阅目标。

Finally, as Tim mentioned, we continue to improve the breadth and the quality of our current services offerings, and are adding new service offerings that we think our customers will love, like Apple One and Apple Fitness+.

最后，正如 Tim 所提到的，我们将继续改进我们当前服务产品的广度和质量，并增加我们认为客户会喜欢的新服务产品，比如 Apple One 和 Apple Fitness+。

Wearables, home and accessories established a new September quarter record, with revenue of $7.9 billion, up 21% year-over-year. We set September quarter records in every geographic segment and for each of the three product categories; Wearables, Home and Accessories. As a result, our wearables business is now the size of a Fortune 130 company. Importantly, Apple Watch continues to extend its reach, with over 75% of the customers purchasing Apple Watch during the quarter, being new to the product. We’re very excited about the future of this category, including the recent launches of our new products; Apple Watch Series 6 NFC, HomePod Mini, and the MagSafe ecosystem of accessories.

可穿戴设备、家居产品和配件创下了新的九月季度收入纪录，达到了 79 亿美元，同比增长 21%。我们在每个地理区域和三个产品类别——可穿戴设备、家居产品和配件——均创下了九月季度的收入纪录。因此，我们的可穿戴设备业务现在规模相当于一家财富 130 强公司。值得注意的是，Apple Watch 持续扩大其影响力，在本季度购买 Apple Watch 的客户中，有超过 75%是新用户。我们对这一类别的未来充满期待，包括我们最近推出的新产品：Apple Watch Series 6 NFC、HomePod Mini 和 MagSafe 配件生态系统。

苹果在硬件领域的扩张有点意思，看着每个产品都能够充分占领市场份额，进入平稳状态后需要用新的产品开拓新的增长点，创造原来根本不存在的市场，最成功的例子是iPhone，现在是Vison Pro，Apple Watch也是，只是市场容量不如手机。

Next, I’d like to talk about Mac; revenue was by far an all-time record at $9 billion, up 29% over last year and $1.6 billion above our previous record, in spite of supply constraints during the quarter. We grew strong double digits in each geographic segment and set all time revenue records in the Americas, and the rest of Asia Pacific, as well as September quarter records in Europe and Japan.

接下来，我想谈谈 Mac；收入创下历史新高，达到 90 亿美元，比去年增长 29%，比我们之前的纪录高出 16 亿美元，尽管本季度供应受限。我们在每个地理区域都实现了强劲的两位数增长，在美洲和亚太其他地区创下历史新高收入记录，同时在欧洲和日本创下了 9 月季度的纪录。

We’ve seen amazing customer response to the new MacBook Air and MacBook Pro and very strong demand during the back to school season.

我们看到了新款 MacBook Air 和 MacBook Pro 的惊人客户反应，以及在返校季节期间非常强劲的需求。

IPad performance was also very impressive, with revenue of $6.8 billion, up 46%, and our highest September quarter revenue in eight years despite supply constraints. Demand exceeded our expectations around the world, as we grew very strong double digits in every geographic segment, including an all-time record in Japan and a September quarter record in the Americas.

iPad 的表现也非常出色，营收达 68 亿美元，增长 46%，尽管供应受限，但我们实现了八年来 9 月季度最高的营收。全球范围内的需求超出了我们的预期，我们在每个地理区域都实现了非常强劲的两位数增长，包括日本创下历史新高，美洲地区实现了 9 月季度的最高纪录。

Both Mac and iPad are incredibly relevant products for our customers in the current working and learning environments, and we are delighted that the most recent surveys of consumers from 451 Research, measure customer satisfaction at 93% for Mac and 95% for iPad. With this level of customer satisfaction and with around half of the customers purchasing Mac and iPad during the quarter being new to that product, it is no surprise that the active installed base for both products reached a new all-time high.

Mac 和 iPad 都是我们客户在当前工作和学习环境中非常相关的产品，我们很高兴看到来自 451 Research 的最新消费者调查显示，Mac 的客户满意度为 93%，iPad 的客户满意度为 95%。考虑到这一水平的客户满意度，以及在上个季度购买 Mac 和 iPad 的客户中约一半是新用户，毫无疑问，这两款产品的活跃用户基数达到了历史新高。

In the Enterprise market, our products are helping companies grow their business, while achieving their sustainability goals. One example is Vestas, a leading producer of wind turbines. Vestas is using Apple products and native iOS apps extensively across their operations to deliver renewable energy efficiently to customers worldwide. For instance, they use iPads to help optimize onsite construction operations, cutting crane usage on average by one day per project. Vestas field technicians are using iPhone for work orders, troubleshooting a remote collaboration, saving them 400,000 service hours annually. More recently, they’ve started piloting the augmented reality capability in iPads, to help customers visualize wind turbine installations.

在企业市场，我们的产品正在帮助公司发展业务，同时实现可持续发展目标。一个例子是风力涡轮机领先生产商 Vestas。Vestas 广泛使用苹果产品和原生 iOS 应用程序来高效地向全球客户提供可再生能源。例如，他们使用 iPad 帮助优化现场施工操作，平均每个项目减少一天的起重机使用。Vestas 现场技术人员使用 iPhone 处理工作订单，进行远程协作故障排除，每年节省 40 万小时的服务时间。最近，他们开始在 iPad 上试点增强现实功能，帮助客户可视化风力涡轮机安装。

We ended the quarter with almost $192 billion in cash plus marketable securities. We issued $5.5 billion of new term debt, and decreased short term borrowing facilities by $6.2 billion during the quarter, leaving us with total debt of $112 billion. As a result, net cash was $79 billion at the end of the quarter, as we continue on our path to reaching a net cash neutral position over time. We returned nearly $22 billion to shareholders during the September quarter, including $3.5 billion in dividends and equivalents, and $18 billion to open market repurchases of 168.7 million Apple shares. We also retired an additional 3.1 million shares, in the final settlement of our 16th ASR.

我们在本季度结束时拥有近 1920 亿美元的现金和可变现证券。我们发行了 55 亿美元的新期限债务，并在本季度减少了 62 亿美元的短期借款额，使我们的总债务达到 1120 亿美元。因此，本季度末净现金为 790 亿美元，我们将继续朝着随时间达到净现金中性的目标迈进。在 9 月季度，我们向股东返还了近 220 亿美元，其中包括 35 亿美元的股息和等值物，以及 180 亿美元用于回购 1.687 亿股苹果股票。我们还回购了额外的 310 万股，在我们第 16 次 ASR 的最终结算中。

Before looking ahead, I want to provide just a few highlights for the amazing fiscal year we just completed. In fiscal ’20, we grew revenue by 6% to $274.5 billion, a new all-time record. We showed remarkable resilience throughout the year, as we were able to grow both revenue and installed base of active devices in every quarter.

在展望未来之前，我想简要介绍一下我们刚刚结束的令人惊叹的财政年度的一些亮点。在财政年度'20，我们的收入增长了 6%，达到了 2745 亿美元，创下了新的历史纪录。在整个年度，我们表现出了非凡的韧性，每个季度我们都能够增长收入和活跃设备的安装基数。

During the September quarter, including $3.5 billion in dividends and equivalents and $18 billion through open market repurchases of 168.7 million Apple shares. We also retired an additional 3.1 million shares in the final settlement of our 16th ASR. Before looking ahead, I want to provide just a few highlights for the amazing fiscal year we just completed. In fiscal 20, we grew revenue by 6% to $274.5 billion and new all-time record.

在 9 月季度，包括 35 亿美元的股息和等价物以及通过回购 168.7 亿美元的苹果股票的公开市场交易。我们还在第 16 次 ASR 的最终结算中注销了额外的 310 万股。在展望未来之前，我想简要介绍一下我们刚刚完成的令人惊叹的财政年度的一些亮点。在 2020 财年，我们的收入增长了 6%，达到了 2745 亿美元，创下了新的历史记录。

We showed remarkable resilience throughout the year as we were able to grow both revenue and installed base of active devices in every quarter. In spite of the most challenging economic environment we can remember, we said new revenue records in the Americas, in Europe and in the rest of Asia Pacific. We grow our business outside of iPhone by 16%. We grew earnings per share 10% to a new all-time record and most importantly, we continue to deliver innovative products and services that our customers love.

我们在整个年度表现出了非凡的韧性，每个季度都能增长收入和活跃设备的安装基数。尽管我们记忆中经历了最具挑战性的经济环境，但我们在美洲、欧洲和亚太地区其他地区创下了新的收入记录。我们在 iPhone 之外的业务增长了 16%。我们将每股收益增长了 10%，达到了新的历史最高纪录，最重要的是，我们继续推出让客户喜爱的创新产品和服务。

As we move ahead into the December quarter, I’d like to provide some color on what we are seeing, which includes the types of forward-looking information that Tejas referred to, at the beginning of the call.

随着我们进入十二月季度，我想就我们目前的情况提供一些信息，其中包括 Tejas 在通话开始时提到的前瞻性信息类型。

Given the continued uncertainty around the world in the near term, we will not be issuing revenue guidance for the coming quarter. However, we are providing some insights on our expectations for the December quarter for our product categories. These directional comments, assume that COVID related impacts to our business in November and December are similar to what we’re seeing in October.

鉴于近期全球形势持续不确定，我们不会发布未来一个季度的营收指导。然而，我们将就我们产品类别在十二月季度的预期提供一些见解。这些方向性评论假设与我们在十月看到的情况相似，认为 COVID 相关影响对我们的业务在十一月和十二月的影响类似。

We just started shipping iPhone 12 and 12 Pro, and we’re off to a great start. We are also excited to start preorders on iPhone 12 Mini and 12 Pro Max next Friday. Given the tremendously positive response, we expect iPhone revenue to grow during the December quarter, despite shipping iPhone 12 and 12 Pro four weeks into the quarter, and iPhone 12 Mini and 12 Pro Max seven weeks into the quarter. We expect all other products in aggregate to grow double digits, and we also expect services to continue to grow double digits.

我们刚刚开始发货 iPhone 12 和 12 Pro，开局非常顺利。我们也很高兴地宣布下周五开始预订 iPhone 12 Mini 和 12 Pro Max。鉴于市场的积极反应，尽管 iPhone 12 和 12 Pro 在季度中的第四周开始发货，iPhone 12 Mini 和 12 Pro Max 在季度中的第七周开始发货，我们预计 iPhone 收入在 12 月季度将会增长。我们预计其他所有产品总体销量将增长两位数，同时我们也预计服务销量将继续保持两位数增长。

For gross margin, we expect it to be similar to our most recent quarters, despite the costs associated with the launch of several new products. For OpEx, we expect to be between $10.7 billion and $10.8 billion. We expect OI&E to be around $50 million, and the tax rate to be around 16%.

对于毛利率，我们预计与我们最近几个季度类似，尽管与推出多款新产品相关的成本。对于运营支出，我们预计在 107 亿美元至 108 亿美元之间。我们预计其他收入与支出约为 5000 万美元，税率约为 16%。

Finally today, our Board of Directors has declared a cash dividend of $0.205 per share of common stock, payable November 12, 2020 to shareholders of record as of November 9, 2020.

今天，我们的董事会最终宣布，每股普通股现金股利为 0.205 美元，将于 2020 年 11 月 12 日支付给截至 2020 年 11 月 9 日持股的股东。

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

那么，让我们开始提问环节。

Tejas Gala 特贾斯·加拉

Thank you, Luca. We ask you that you limit yourself to two questions. Operator, may we have the first question please.

谢谢，卢卡。我们要求您仅限于提出两个问题。操作员，请问第一个问题。

Question-and-Answer Session

问答环节

Operator 操作员

Certainly we'll hear first today from Shannon Cross, Cross Research.

今天我们首先将听到来自 Cross Research 的 Shannon Cross 的发言。

ShannonCross

Thank you very much. Tim, can you talk a bit more about China? And in terms of linearity, I think Luca, you'd mentioned that services in all regions were up at an all time high. I'm not sure exactly what your comment was. But, maybe give us a little idea of, whether you're seeing any blowback or benefits in the Huawei situation and just dig a bit more into the trends we're seeing in China, and then have a follow up. Thank you.

非常感谢。Tim，你能再多谈谈中国吗？就线性而言，我记得 Luca 提到各地服务都达到了历史最高水平。我不太确定你的评论具体是什么。但也许可以稍微谈一下，你是否在华为事件中看到任何反弹或好处，然后更深入地探讨我们在中国看到的趋势，然后再进行跟进。谢谢。

TimCook 蒂姆库克

Thanks, Shannon. If you look at China, and look at last quarters, I'll talk about both last quarter and this quarter, the last quarter, what we saw was our non iPhone business was up strong double digit for the full quarter. And then if you look at iPhone and you look at it in two parts one, pre mid September, which is pre the point at which the previous year, we would have launched iPhones that period of time which was the bulk of the quarter iPhone was growing from a customer demand point of view. And of course not shipping new iPhones for the last two weeks of September makes that number in the aggregate a negative but the net is the underlying business in China last quarter was very strong and perhaps very different than you might think from just a quick look at the stated number

谢谢，Shannon。如果你看看中国，看看上个季度，我会谈论上个季度和这个季度，上个季度，我们看到非 iPhone 业务在整个季度保持强劲的两位数增长。然后，如果你看 iPhone，将其分为两部分，一部分是 9 月中旬之前，也就是在之前的一年中我们会在那段时间推出 iPhone 的时期，这占了大部分季度，从客户需求的角度来看，iPhone 的增长是正面的。当然，在 9 月的最后两周没有发货新的 iPhone，使得总体数字为负，但净值是中国上个季度的基础业务非常强劲，也许与你仅仅快速查看的数据不同。

In terms of this quarter, given the explanation for last quarter and the momentum that we've got, and as importantly given the initial data points that we see on iPhone 12 and iPhone 12 Pro, although we don't guide to revenue as Lucas said, I would tell you that we're confident that we will grow this quarter in China. And so we're very bullish on what's going on there.

就这个季度而言，考虑到上个季度的解释以及我们所获得的动力，同样重要的是考虑到我们在 iPhone 12 和 iPhone 12 Pro 上看到的初步数据点，尽管我们不像卢卡斯所说的那样指导收入，但我可以告诉你，我们对本季度在中国增长充满信心。因此，我们对那里正在发生的事情非常乐观。

A little more color on last quarter, we had a much more significant inventory draw down on the channel side than other regions. And so that is one reason why the numbers are different than other regions. And additionally, the new products in the year ago quarter were a higher percentage of our iPhone sales than they were in other regions. So hopefully that explains what's going on in China.

关于上个季度的情况，我们在渠道方面的库存减少要比其他地区显著得多。这就是为什么数字与其他地区不同的一个原因。此外，去年同期的新产品在我们的 iPhone 销售中所占比例要高于其他地区。希望这解释了中国发生的情况。

In terms of the market there, 5G is fairly advanced there. They're forecasting 600,000 base stations by the end of the year. And so we're entering the market at a very good time, and with the reception that we've gotten so far; we're very confident there.

就市场而言，5G 在那里相当先进。他们预测到年底将有 60 万个基站。因此，我们正处于一个非常好的时机进入市场，迄今为止我们收到的反馈让我们非常有信心。

ShannonCross

Okay, great. And then can you talk a bit about just overall in the world, the cadence that you see sort of for the 5G adoption launch, what you see will be sort of the key drivers, obviously, there's a fair amount of subsidies going on in the US at this point. Thank you.

好的，太好了。然后您能谈一下关于全球范围内，您认为 5G 采用推出的节奏，您认为将是关键驱动因素的一些内容吗，显然，目前在美国有相当多的补贴。谢谢。

TimCook 蒂姆库克

Yes, we're working hard to provide the best experience for iPhone users. To do so we've been collaborating closely with carriers all around the world to ensure iPhone has great throughput and coverage and battery and call quality. We've completed 5G testing so far on over 100 carriers in over 30 regions. And so it's pretty, it's pretty pervasive around the world. But grantedly, it will continue to roll out in more places as carriers continue to expand their coverage. And this will happen every week. And so it's just going to get better. There are obvious places in the world where it's more ahead than others. But we feel like we are entering at a sort of at exactly the right time.

是的，我们正在努力为 iPhone 用户提供最佳体验。为此，我们一直与世界各地的运营商密切合作，以确保 iPhone 具有出色的吞吐量、覆盖范围、电池寿命和通话质量。到目前为止，我们已在 30 多个地区的 100 多家运营商上完成了 5G 测试。因此，它在全球范围内相当普及。但可以肯定的是，随着运营商继续扩大覆盖范围，它将继续在更多地方推出。这将每周都会发生。因此，它只会变得更好。世界上有一些明显比其他地方更领先的地方。但我们觉得我们正是在恰到好处的时机进入。

Operator 操作员

That will be from Jeriel Ong from Deutsche Bank.

那将是来自德意志银行的 Jeriel Ong。

JerielOng

Yes, thank you so much. I guess I appreciate the guidance for revenue to grow but I guess my question, perhaps, if I could, is relative to seasonality, you guys over the last five years of seasonality is typically above 50% quarter-on-quarter, do you think that you can beat that, even with the later release? And I have a follow up.

是的，非常感谢。我想我很感激指导收入增长，但我想我的问题，也许，如果可以的话，与季节性有关，过去五年中，你们的季节性通常是季度增长超过 50％，你认为即使延迟发布，你们能超过这个水平吗？我还有一个后续问题。

LucaMaestri 卢卡·迈斯特里

So as I said, Jay, we're not providing a range, for the reasons that I explained during my prepared remarks. So you need to keep in mind a couple of things that are unique about this quarter versus the past. And that I mentioned again, the launch timing of the phones is different from the past. So we are launching the new iPhones, four weeks into the quarter for two models for the 12 and 12 Pro and seven weeks into the quarter for the other two, the iPhone Mini and for 12 Pro Max. So that is something to keep in mind as you think about the growth rates. With regard to all the other product categories, as I said, we are expecting to grow double digits essentially across the board for the rest of our products and for services.

正如我所说的，杰伊，出于我在准备好的讲话中解释的原因，我们不提供范围。因此，您需要记住这个季度与过去不同的一些事情。我再次提到，手机的发布时间与过去不同。因此，我们将在季度的第四周推出新的 iPhone，其中包括 12 和 12 Pro 两款型号，以及在季度的第七周推出另外两款 iPhone Mini 和 12 Pro Max。这是在考虑增长率时需要牢记的一点。至于所有其他产品类别，正如我所说，我们预计在我们的其他产品和服务领域基本上实现两位数的增长。

And so we are incredibly optimistic about what we've seen so far. Obviously, we started taking pre orders five days ago and it's a bit early for the phone. But we think that there are a lot of tailwinds this year for iPhone for the entire cycle. Some of the comments that Tim has already made, right, we've got the best lineup of iPhones that we've ever had. We got an install base of iPhone that is very large continues to grow. It's an all time high. Obviously, 5G is a once in a decade, opportunity. And as you've seen in some markets, certainly here in the United States, carrier offers are very aggressive. And so that is very good for consumers and ultimately, very good for us. So very, very optimistic, given what we've seen so far.

因此，我们对迄今为止所见到的情况非常乐观。显然，我们五天前开始接受预订，对于手机来说现在还为时过早。但我们认为，今年 iPhone 整个周期有很多有利因素。蒂姆已经发表过一些评论，我们拥有有史以来最好的 iPhone 系列。我们拥有庞大的 iPhone 用户群，而且持续增长，达到了历史最高水平。显然，5G 是十年一遇的机遇。正如您在一些市场上所看到的，特别是在美国，运营商的优惠非常激烈。这对消费者非常有利，最终也对我们非常有利。因此，根据迄今为止所见，我们非常非常乐观。

一个更换手机的理由，生成式AI能不能成为同样好或者更好的理由，按照规律，人类总是在以往经历中有所进步。

JerielOng

Awesome, thank you so much for that context and given us some of the levers to think about. I'd like to ask a little bit more of a strategic one, a little bit longer term in nature. I think one thing is interesting about the Apple one bundle is the desire two bundles in the first place, I guess. I'm wondering, and some investors have asked me this as well, is that why wouldn't you also take that rationale perhaps in hardware, perhaps maybe AirPods and iPhone or AirPods watch and iPhone? Because if it makes sense to bundle services, would it also make sense to bundle hardware? And if that's not the case, then are there benefits of services, bundling that don't necessarily translate to hardware bundling? Thanks.

太棒了，非常感谢您提供的背景信息，并给了我们一些思考的杠杆。我想再问一个更具战略性、更长期性质的问题。我认为有趣的一点是，苹果一揽子服务的首要动机是什么，我猜。我在想，一些投资者也问过我这个问题，为什么你也不考虑在硬件方面采取类似的理由，也许是 AirPods 和 iPhone 或 AirPods 手表和 iPhone？因为如果捆绑服务是有意义的，那么捆绑硬件也是有意义的吗？如果不是这样的话，那么捆绑服务的好处是否也不一定适用于硬件捆绑呢？谢谢。

TimCook 蒂姆库克

Yes, we don't have anything to announce today at our hardware bundle but backing up a bit. And we do view that people like to pay for their hardware are at least some substantial portion of it monthly. And so that's the reason that we have implemented installments in our stores and online. And that's the reason you see in some of the channels too selling the hardware on a per month kind of basis. If that begins to look like a subscription, perhaps to some buyers because they're used to holding the phone for a fixed period of time and then turning it over and using the residual value of that phone in a way that gives them a de facto kind of subsidy on a new phone. And so there is something today in the market that works somewhat similar. On the services side; we have -- we had customers coming to us and asking for an easier way to buy all of our services. And we wanted to provide that and we're looking forward to tomorrow to getting Apple one out there.

是的，今天在我们的硬件捆绑包上我们没有任何要宣布的事情，但回过头来看一下。我们确实认为人们喜欢至少有一部分硬件是按月支付的。这就是为什么我们在我们的商店和在线实施分期付款的原因。这也是你在一些渠道上看到的原因，也在以每月的方式销售硬件。如果这开始看起来像是订阅，也许对一些买家来说，因为他们习惯于在固定时间内持有手机，然后将其转让并利用手机的剩余价值，以某种方式为他们提供新手机的实际补贴。因此，今天市场上有一些类似的东西。在服务方面；我们有客户来找我们，要求更轻松地购买我们所有的服务。我们希望提供这样的服务，期待明天推出 Apple one。

把硬件销售搞的跟软件订阅一样，高端用户每年都有新的，换下来的旧手机消耗安卓的市场。

Operator 操作员

It will come from Katy Huberty with Morgan Stanley.

这将来自摩根士丹利的凯蒂·哈伯蒂。

KatyHuberty 凯蒂·哈伯蒂

Thank you. Good afternoon. New technologies, including the chips that support 5G put upward pressure on cost this year. But you managed to leave ASPS for iPhones relatively unchanged this product cycle. How should we think about the margin profiles of iPhone 12 relative to past iPhone cycles?

谢谢。下午好。包括支持 5G 的芯片在内的新技术今年对成本施加了上升压力。但您设法在本产品周期内将 iPhone 的 ASPS 保持相对稳定。相对于过去的 iPhone 周期，我们应该如何看待 iPhone 12 的利润率配置？

LucaMaestri 卢卡·迈斯特里

Hi, Katy. Obviously, we don't provide any outlook at the gross margin level for product categories. What I said in my prepared remarks, we expect gross margins in total for the company to be pretty much in line with what we've seen during the last quarter. Because obviously, as you said, it's very good, right, because we are offering the new phones at price points that are essentially unchanged. And we are taking on a lot of new technology into the phones. I would say the commodity environment is good. For the first time in many, many quarters, I don't have to say that foreign exchange is a headwind and getting into the quarter is not going to be a factor during the quarter.

嗨，凯蒂。显然，我们不会在产品类别的毛利水平上提供任何展望。正如我在准备好的发言中所说，我们预计公司整体的毛利率基本上与上个季度基本持平。因为显然，正如你所说的，这是非常好的，对吧，因为我们以基本不变的价格点提供新手机。我们将许多新技术引入手机中。我想说商品环境是好的。在许多季度中，我第一次不必说外汇是一种阻力，并且在季度中不会成为一个因素。

As we've made it clear in our comments, we are bullish about our sales performance expectation, so we should be getting some leverage. And so I think that the gross margin dynamics are good and it's very good to see that we're able to offer so much more technology and still able to deliver the level of gross margins that I think investors are expecting.

正如我们在评论中明确表明的那样，我们对销售业绩预期持乐观态度，因此我们应该获得一些杠杆作用。因此，我认为毛利率动态良好，很高兴看到我们能够提供更多技术，同时仍能提供我认为投资者期望的毛利率水平。

KatyHuberty 凯蒂·哈伯蒂

Okay and shifting to the services business. This isn't dependent on certainly any one service but licensing and other historically has been a driver of growth. That's where the ad based revenue comes in. When you think about the Google antitrust pressure, what's the risk that you see some shrinkage in your licensing and others segment within services and do you see opportunities for other services to make up for any potential weakness?

好的，转向服务业务。这并不依赖于任何一个服务，但许可和其他历来一直是增长的驱动力。这就是广告收入的来源。当你考虑到谷歌的反垄断压力时，你认为你在服务业中的许可和其他部分会出现收缩的风险吗？你是否看到其他服务的机会来弥补潜在的弱点？

KatyHuberty 凯蒂·哈伯蒂

We've got Katy, as you know; we've announced a number of services over the last couple of years. And we are ramping those between Apple TV plus and Apple News plus and Apple Kay, we've got Apple Card. We've got Apple Fitness Plus coming. We've got a number of services that have been launched a bit longer that are doing really well from the app store to iCloud, and So there's a lot of room their input and potential there. I have no idea how the DOJ suit will go, but I think it's a long way from a conclusion on it.

正如你所知，我们已经推出了凯蒂；在过去几年里，我们宣布了许多服务。我们正在加大投入，包括 Apple TV Plus、Apple News Plus 和 Apple Kay，我们还有 Apple Card。我们即将推出 Apple Fitness Plus。我们已经推出了一些服务，从应用商店到 iCloud，表现非常出色。因此，在这里有很大的发展空间和潜力。我不知道司法部的诉讼会怎样，但我认为这还远未结束。

Operator 操作员

That will come from Evercore's Amit Daryanani.

这将来自 Evercore 的 Amit Daryanani。

AmitDaryanani 阿米特达亚纳尼

Thanks for taking my question. I guess I have two as well. First off, Tim, on iPhones, you talked about the iPhone install data thing being the highest and largest ever been satisfaction rates, obviously pretty high. And our data would suggest replacement cycles are getting elongated. And if I take all of that together, along with the fact that, if iPhone user like me with embarrassingly high weekly usage rate, does that in aggregate give you better confident, better clarity that we could enter an extensive period of iPhone revenue growth versus what we seen the last couple of years.

谢谢您回答我的问题。我想我也有两个问题。首先，蒂姆，在 iPhone 上，您谈到 iPhone 安装数据的情况是有史以来最高和最大的满意度率，显然相当高。我们的数据表明更换周期正在延长。如果我把所有这些加在一起，再加上事实，如果像我这样 iPhone 用户的每周使用率令人尴尬地高，这是否总体上让您更有信心，更清晰地认为我们可能会进入一个长期的 iPhone 收入增长时期，与我们过去几年看到的情况相比。

TimCook 蒂姆库克

We're very bullish on this cycle, very bullish on it, because as I sort of step back from it and look at what we've now done, we have for the first time ever, we've launched four iPhones. And there is an iPhone for everyone there. It is the strongest lineup we've ever had by far, we have -- we do have a very large, loyal and growing install base. And we're also reaching out to switchers. And so I'm very optimistic there. We've got a once in a decade opportunity with 5G. There's a lot of excitement around 5G. And we've got some aggressive offers in the marketplace. And so when I think about all of those, I'm really and I look at the initial data points that we've got on the iPhone 12 and the 12 Pro, we are off to a great start.

我们对这一周期非常乐观，非常看好，因为当我稍微远离它并审视我们现在所做的事情时，我们有史以来第一次推出了四款 iPhone。每个人都有一款 iPhone 可选择。这是我们迄今为止拥有的最强大的产品阵容，我们拥有一个非常庞大、忠诚且不断增长的用户群体。我们也在吸引转换者。所以我对此非常乐观。我们有一次十年一遇的 5G 机遇。5G 周围有很多激动人心的事情。我们在市场上推出了一些激进的优惠。所以当我考虑到所有这些因素时，我真的很乐观，我看了一下我们对 iPhone 12 和 12 Pro 的初步数据，我们的开局非常好。

AmitDaryanani 阿米特达里亚纳尼

Got it. And I guess, Luca had a follow up to you on the services gross margin it just was to kind of continue to move higher rather nicely. Do you think this level at 67% essentially is sustainable? And what do you think are the two or three factors that are enabling these gross margins to remain here as we go forward?

明白了。我猜，卢卡已经跟你就服务毛利率进行了跟进，看起来它会继续很好地保持上升。你认为 67%的这个水平基本上是可持续的吗？你认为是哪两三个因素使得这些毛利率能够在我们继续前进时保持在这里？

LucaMaestri 卢卡·迈斯特里

I mean, obviously, we're very pleased with the level of gross margins in services, as you said; they've been expanding almost 300 basis points on a year-over-year basis. The reason for that is, of course that, we are growing the services revenue, and therefore we're getting leverage on a lot of these services, right. Some of it, as explained in the past, we have a portfolio of services that got different margin profiles. And so sometimes, depending on the mix of products we have, we can see margin expansion through mix, as well. And so, but we're also launching new services that where we need to invest heavily up front. And but we think we've been able to show, for example, this year that we've launched a lot of new services, made all the necessary investments and still being able to expand gross margin.

我是说，显然，我们对服务的毛利率水平非常满意，正如你所说的；它们在同比基础上几乎增加了 300 个基点。这背后的原因当然是，我们正在增长服务收入，因此我们在许多这些服务上获得了杠杆作用。正如过去所解释的那样，我们拥有一系列具有不同利润率配置文件的服务。因此，有时，取决于我们拥有的产品组合，我们可以通过产品组合看到利润率扩张。因此，我们也正在推出需要大量前期投资的新服务。但我们认为，例如，今年我们已经推出了许多新服务，进行了所有必要的投资，仍然能够扩大毛利率。

软件必须运行在硬件上，这是苹果独一无二的优势，通过服务收入增长毛利润只是表面现象。

So we feel quite confident about that trajectory that we have, that we have for services and we're very, very happy to see the customer response to really all of them, because as we've mentioned earlier, I mean, we've seen revenue records across essentially every category and in across the entire world, right? We've seen September quarter records in every geography around the world. So of the dynamics, all the levers that we have in the services business are working very well right now. And that translates also into margin, of course.

因此，我们对我们的服务轨迹感到非常自信，我们对客户对所有服务的响应非常满意，因为正如我们之前提到的，我们在基本上每个类别和全球范围内都看到了收入记录，对吧？我们看到了全球各地的九月季度记录。因此，我们在服务业务中拥有的所有动态和杠杆都运作良好。当然，这也转化为利润率。

Operator 操作员

We'll hear from Samik Chatterjee with JP Morgan.

我们将听到 JP 摩根的 Samik Chatterjee 发言。

SamikChatterjee

Hi, thanks for taking the question. I just want to start off with the iPhone lineup here, particularly as you mentioned, the carrier subsidies that you see mixed optimistic about iPhone sales. I think just looking at some other factors here. Earlier in the year, you had mentioned that iPhone sales was seeing an uptake with stimulus checks going out to consumers helping in the consumer spending overall here in the US. So as we see some delays here on that front, are you seeing anything change on the consumer spending side as a macro impacting? How you think about iPhone sales, particularly with -- even with the new product lineup? And I have a follow up. Thank you.

嗨，感谢您回答问题。我想先从这里的 iPhone 系列开始，特别是您提到的运营商补贴，您对 iPhone 销售持乐观态度。我认为还有一些其他因素需要考虑。今年早些时候，您曾提到随着刺激支票发放给消费者，iPhone 销售有所增长，有助于美国整体消费支出。因此，我们看到这方面出现一些延迟，您是否看到消费支出方面有任何变化，对宏观影响如何看待 iPhone 销售，尤其是在新产品系列推出后？我还有一个后续问题。谢谢。

TimCook 蒂姆库克

It's prior to mid September, we were seeing double digit growth in customer demand on iPhone. So there's a lot of momentum there. And there is a lot of momentum even much more so now given the launch of the 12 Pro and the iPhone 12. If you're asking whether it could have been even more with a different macro spending environment? I believe the answer to be yes. But you can't run the experiment. And so I don't know for sure. But I suspect that just the COVID in general take something off from a worldwide economic point of view.

截至 9 月中旬之前，我们看到 iPhone 客户需求增长两位数。因此，有很多动力。随着 12 Pro 和 iPhone 12 的推出，现在的动力更加强劲。如果你问是否在不同的宏观支出环境下增长可能会更多？我相信答案是肯定的。但你无法进行实验。所以我不确定。但我怀疑，总的来说，COVID 对全球经济产生了一定影响。

SamikChatterjee

Perfect. And if can just follow up just following up on that COVID discussion. We are potentially here looking at a second wave, right. And I think all companies are trying to prepare for that which you discussed as well in your prepared remarks. But if you can share any kind of thoughts about how you're preparing in relation to either inventory levels, or sourcing from the supply chain, to prepare for any potential disruption, like we had earlier this year?

完美。如果可以就继续讨论一下关于 COVID 的话题。我们可能正在面临第二波疫情，对吧。我认为所有公司都在努力为此做准备，就像您在准备好的发言中所讨论的那样。但如果您能分享一些关于您是如何准备的想法，无论是与库存水平有关，还是从供应链采购方面，为了应对任何潜在的干扰，就像我们在今年早些时候遇到的那样？

TimCook 蒂姆库克

Well, we're doing everything we can do. But we're prioritizing safety first, obviously. And so with our stores as an example, we've come up with a new concept that puts an essentially turns the store into an express storefront. And we've implemented that in a number of places where we believe that helps from the safety of our employee and the safety of the customer's point of view, but still allows for an interaction to take place. And so we've also put a lot more people on the phones because a lot more people are reaching out to us in that way. And of course, the online store has stayed up and running through the whole of this. I think if you take some of those, the channel is doing some similar things and then some different things as well.

嗯，我们正在尽一切所能。但显然，我们将安全放在首位。因此，以我们的商店为例，我们提出了一个新概念，将商店基本上变成了一个快速取货点。我们已经在一些地方实施了这一概念，我们相信这有助于员工和顾客的安全，同时仍然允许互动发生。因此，我们也在电话上增加了更多的人手，因为越来越多的人通过这种方式联系我们。当然，在线商店在整个过程中一直保持运营。我认为，如果你采取一些这样的措施，渠道也在做一些类似的事情，同时也在做一些不同的事情。

And so I think everybody to the best of their ability is putting in contingency plans and finding a way to adapt to the environment. But it is difficult to call and there's a level of uncertainty in it, obviously. And that's what Luca was referring to earlier.

因此，我认为每个人都在尽力制定应急计划，并找到适应环境的方法。但很难下定论，显然存在一定程度的不确定性。这就是 Luca 之前提到的。

Operator 操作员

That will come from Krish Sankar from Cowen and Company.

这将由 Cowen and Company 的 Krish Sankar 提供。

KrishSankar

Hi, thanks for taking my question. I have two of them, first on palooka. I understand you don't want to give color on gross margin by products or segments. But Luca you mentioned growth margin should be similar in December versus September. And so it should grow double digit, there's a general view that on the iPhone side, the bond cost would be headwind for gross margin, but carrier subsidies would be attainment. So I'm kind of curious, how should we think about the different, like gross margin levels into December quarter? And I have a follow up.

嗨，感谢您回答我的问题。我有两个问题，第一个关于 palooka。我明白您不想透露按产品或部门划分的毛利润情况。但 Luca 您提到 12 月份与 9 月份的增长率应该相似。因此，应该会有两位数的增长，普遍看法是在 iPhone 方面，债券成本将对毛利率构成阻力，但运营商补贴将是一种获得。所以我很好奇，我们应该如何考虑 12 月季度的不同毛利率水平？我还有一个后续问题。

LucaMaestri 卢卡·迈斯特里

Yes. And so typically during the December quarter, we have positive factors because we have the typical seasonal leverage, right, sequentially as we go from September to the holiday season. And we also have an improved mix between products, particularly this year, as we've launched the new iPhone, at the same time, we shouldn't forget that we have launched a lot of new products. During the last several weeks, we launched four new models of iPhone; we launch new models of Apple watch new, models of iPads. And so, clearly every time we launch a new product, the cost structure is higher. And so that is going to be the other side of the coin. So but we think that those two things should balance out and again, as I was saying earlier, and we are accomplishing this while delivering a lot of new technologies, a lot of new features to our customers. This time for an exchange is not a factor and that's something that is a bit different from the past. So but that those are the pluses and minuses.

是的。因此，通常在 12 月季度，我们有积极因素，因为我们有典型的季节性杠杆，从 9 月到假日季节逐步增长。而且，特别是今年，产品之间的混合改善了，因为我们推出了新的 iPhone，同时，我们不应忘记我们推出了许多新产品。在过去几周里，我们推出了四款新款 iPhone；我们推出了新款 Apple Watch，新款 iPad。因此，很明显，每次推出新产品，成本结构都会更高。因此，这将是另一面的硬币。但我们认为这两件事应该平衡，正如我之前所说的，我们在向客户提供许多新技术、许多新功能的同时完成了这一点。这次的汇率不是一个因素，这与过去有些不同。但这些是利弊。

KrishSankar

Got it. Definitely helpful, Luca. And then a follow up for Tim. Tim, I kind of surprised you didn't say a lot about the payments ecosystem in this prepared comments kind of curious to find out from your advantage point, how you think of your whole payments ecosystem including Apple Card, Apple Pay, Apple Cash; now you're disaggregating the whole FinTech environment.

明白了。卢卡，肯定很有帮助。接下来是给蒂姆的一个追问。蒂姆，我有点惊讶你在这份准备好的评论中没有多谈支付生态系统，有点好奇从你的角度来看，你如何看待你整个支付生态系统，包括苹果卡、Apple Pay、Apple Cash；现在你正在拆分整个金融科技环境。

TimCook 蒂姆库克

Thanks for the question. There's just a limited number of things I can talk about is kind of a reason I didn't talk about it. We continue to be very enthusiastic about the whole Payment Services area. Apple Card is doing well. And Apple Pay is doing exceptionally well. As you can imagine in this environment, people are less want to hand over a card. So this contactless payment has taken on a different level of adoption in it that I think will never go back. The US has been lagging a bit in contactless payment. And I think that the pandemic may well get put the US on a different trajectory there. And so we are very bullish about this area and view that there are there are more things that Apple can do in this space. And in so it's an area of great interest to us.

谢谢提问。我可以谈论的事情有限，这也是我没有谈论的原因。我们对整个支付服务领域仍然非常热情。Apple Card 运营良好。而 Apple Pay 则表现异常出色。可以想象，在这种环境下，人们不太愿意递交信用卡。因此，无接触支付已经达到了一个不同的采用水平，我认为这种情况将不会逆转。美国在无接触支付方面落后了一些。我认为疫情可能会改变美国的发展轨迹。因此，我们对这一领域非常乐观，并认为苹果在这个领域还可以做更多事情。因此，这是我们极感兴趣的领域。

在没人做的地方创新，在已经有人做的地方等待更成熟的方案。

Operator 操作员

That will come from Kyle McNealy with Jefferies.

这将由杰弗里斯的凯尔·麦克尼利提供。

KyleMcNealy 凯尔麦克尼利

Hi, thanks for the question. I wanted to ask a little bit about the supply chain. Given your latest start from manufacturing to the flagship phone line of this year, do you think that supply will be able to meet demand through the end of the calendar? Are there any component shortages that you're seeing? Or are there any actions that you can take to increase weekly output versus last year? Thanks.

嗨，谢谢你的问题。我想问一下关于供应链的情况。考虑到你们今年从制造开始到旗舰手机系列的最新产品，你认为供应能够满足需求直到年底吗？你们是否遇到任何零部件短缺？或者你们是否可以采取任何措施来增加每周产量，与去年相比？谢谢。

TimCook 蒂姆库克

Yes, Kyle, I don't know what you're talking about iPhone in particular. But if you look at iPhone, we are constrained today. And that's not a surprise where at the front end of the ramp, if you will, and how long we will be supply constrained, it's hard to predict. I mean, we haven't taken orders yet for the iPhone 12 Mini or the Pro Max either. And so those are coming in. So we shall see. But right now we are supply constrained, we are also supply constrained for avoidance of any confusion where supply constrained on Mac, we are supply constrained on iPad. And we're supply constrained on some Apple watches as well. And so we have a fair number of areas right now of focus, and we're working really, really hard to remedy those as quickly as we can. But at this point, I can't estimate when we'll be out of that.

凯尔，我不知道你在谈论什么特别的 iPhone。但是如果你看看 iPhone，我们今天受到了限制。这并不奇怪，因为我们处于上升阶段的前端，我们将受到供应限制的时间有多长，很难预测。我是说，我们还没有为 iPhone 12 Mini 或 Pro Max 接受订单。所以这些都在进行中。所以我们拭目以待。但目前我们受到供应限制，我们在 Mac 上也受到供应限制，我们在 iPad 上也受到供应限制。我们在一些 Apple 手表上也受到供应限制。所以我们目前有相当多的关注领域，我们正在非常努力地尽快解决这些问题。但目前我无法估计我们何时能摆脱这种情况。

KyleMcNealy 凯尔麦克尼利

Okay, great. Thanks a lot. And then switching to Mac and iPad. How do you think about the durability of the strength you've seen there with Mac and iPad? Is there any potential for stronger than seasonal pullback after the strong back to school season and holiday season? And these supply constraints make it feel like there's a good chance for continuation of the strong demand trends and in flow through of that. What do we think about the seasonality into December and March quarter being more positive in seasonal or less positive in seasonal? Thanks.

好的，太棒了。非常感谢。然后转向 Mac 和 iPad。您认为您在 Mac 和 iPad 上看到的强度和耐久性如何？在强劲的返校季和假日季之后，是否存在比季节性回落更强劲的潜力？这些供应约束是否让人觉得有很大机会延续强劲的需求趋势，并且这种趋势会持续下去。我们如何看待 12 月和 3 月季度的季节性，是更积极的季节性还是更消极的季节性？谢谢。

TimCook 蒂姆库克

Yes, we placed our thoughts in the color that Luca provided when he said that all products excluding iPhone, all products and services excluding iPhone or all products, rather excluding iPhone would grow in the double digits. And so we continue to be bullish on what Mac and iPad can do. I think the moves that have taken place to remote learning and remote work are not going to go back to normal, normal will become something different. Because I think people are learning that there are aspects of this that work well. And so I don't believe that we're going to go back to where we were. And I think that means that iPads and Macs are even more important in those environments. The growth in both of these last quarter were phenomenal as you can tell from your from datasheet with Mac at 29 and iPad at 46.

是的，当 Luca 提到除 iPhone 外的所有产品、除 iPhone 外的所有产品和服务或所有产品，而不包括 iPhone 将以两位数增长时，我们将我们的想法放在了他提供的颜色中。因此，我们继续对 Mac 和 iPad 的潜力感到乐观。我认为远程学习和远程工作所发生的变化不会恢复到正常，正常将变得不同。因为我认为人们正在学习到这些方面运作良好。因此，我不相信我们会回到过去的地方。我认为这意味着 iPad 和 Mac 在这些环境中变得更加重要。上个季度这两者的增长都非常惊人，您可以从 Mac 的 29 和 iPad 的 46 的数据表中看出。

These are tremendous numbers and as Luca said the September quarter was the all time high for Mac in the history of the company, and by not by little bit by $1.6 billion. And so it was a substantial difference that we did have aggressive promotion for college students that were going back to going back to school. And so that invariably part of it. But I think the other part of it during the remote work thing is not something that's going to snap back to the way it used to be anytime soon.

这些数字是巨大的，正如卢卡所说，9 月份是苹果公司历史上最高的季度，而不是一点点，而是高出 16 亿美元。因此，我们确实为返校的大学生进行了积极的促销活动，这在其中起到了不可避免的作用。但我认为另一部分是远程办公的影响，并且不会很快恢复到以前的状态。

Operator 操作员

That will come from Chris Caso with Raymond James.

这将由雷蒙德詹姆斯的克里斯·卡索提供。

ChrisCaso

Yes, thank you. I guess first question is on iPhone pricing. And there was some changes in the iPhone price back this year, the iPhone, the price point for iPhone 12 moves up a bit, I guess the difference the gap between 12 and 12 Pro is smaller. And I guess that's after you made some adjustments years prior where the price point came down a bit? Can you talk through the thought process behind that and the potential implications for either unit out elasticity or blended ASP as a result of the price changes?

是的，谢谢。我想第一个问题是关于 iPhone 定价的。今年 iPhone 的价格有些变化，iPhone 12 的价格有所上涨，我想 12 和 12 Pro 之间的差距变小了。我猜这是在之前做了一些调整后的结果，价格有所下降？您能谈谈背后的思考过程以及价格变化的结果对单位弹性或混合 ASP 的潜在影响吗？

TimCook 蒂姆库克

Well, I the iPhone 12 family start at $699. In many places, because you can get in the deals that people are really paying are very different than that, because a lot of people, particularly in this country, but also in several other countries in the world connect to a carrier plan. And of course, those offers are much more aggressive. And so the price that our customers paying is probably the most important one. The iPhone 12 is at $799. And so I think what you're saying is there's a $200 difference there. But I would guess that people are viewing it more as a $300 difference between the 12 Mini and the 12 Pro. And so we'll see what the mix turns out. Right now we have no data other than 12 and 12. Pro, we like the data on the 12 Mini and the Pro Max, because we're not taking orders yet. But what we try to always do in pricing is give the customer a great value. And I feel like we really did that this year. And that's despite, as was mentioned earlier, all of the extra features that we placed into the phones, including 5G.

嗯，iPhone 12 系列起价为$699。在许多地方，因为您可以获得交易，人们实际支付的价格与此非常不同，因为许多人，特别是在这个国家，以及世界上其他几个国家的许多人连接到运营商计划。当然，这些优惠更具侵略性。因此，我们的客户支付的价格可能是最重要的。iPhone 12 的价格为$799。所以我认为你说的是有$200 的差距。但我猜想人们可能会将 iPhone 12 Mini 和 12 Pro 之间的差距看作是$300。因此我们将看到最终的组合是什么。目前我们除了 12 和 12 Pro 之外没有其他数据，我们很期待 12 Mini 和 Pro Max 的数据，因为我们还没有开始接受订单。但我们在定价方面始终致力于为客户提供超值。我觉得今年我们确实做到了这一点。尽管正如之前提到的那样，我们在手机中加入了所有额外功能，包括 5G。

ChrisCaso

As a follow up you mentioned, some of the carrier incentives we've seen here in the US. And if you could provide some more color about that, about what you're seeing now. And obviously, as we went through, years ago, the incentive from carriers were a lot larger. Is this mark some shift in the approach of carriers as we're moving into 5G? What's the extent of the permanence of some of these incentives? And then, as 5G rolls out around the world and into other geographies, is this something we should expect that as either they try to protect from switchers or kind of promote the 5G networks will see a higher prevalence of incentives and carriers as we go forward?

作为您提到的后续，我们在美国看到了一些运营商的激励措施。如果您能就此提供更多细节，谈谈您目前观察到的情况。显然，多年前，运营商提供的激励要大得多。这是否标志着运营商在我们进入 5G 时代时采取了一些新的策略？这些激励措施的持久程度如何？随着 5G 在全球范围内和其他地理区域的推出，我们是否应该预期，为了防止用户流失或推广 5G 网络，运营商会在未来提供更多激励措施？

TimCook 蒂姆库克

I don't want to speak for our carrier partners that would be up to them to talk about their plans. Generally, I think it's to the vast, vast majority of carriers around the world to their interest to move customers to 5G. And I think it's in the customer's interest to move to 5G and obviously, we like that as well. And so I think you have a situation where everyone's whoring in the same direction. And that's a very different kind of situation than normally we would have. And so it is one of the things as I alluded to earlier that makes me very bullish, only one, the other things are very important to the size of the install base, the product lineup, these things are critically important as well.

我不想代表我们的运营商合作伙伴发言，这取决于他们是否愿意谈论他们的计划。一般来说，我认为对于全球绝大多数运营商来说，将客户转移到 5G 是符合他们的利益的。我认为将客户转移到 5G 对客户自身也是有利的，显然，我们也喜欢这样。因此，我认为你会看到一个情况，即每个人都在朝着同一个方向努力。这与我们通常所见到的情况非常不同。因此，正如我之前所暗示的，这让我非常乐观，除此之外，其他因素也非常重要，比如用户基数的规模、产品阵容，这些因素同样至关重要。

Tejas Gala 特贾斯·加拉

Thank you, Chris. A replay of today's call will be available for two 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 9501153. These replays will be available by approximately 5 PM Pacific time today. Members of the press with additional questions can contact Kristin Huguet at 408-974-2414; financial analysts can contact me with additional questions at 669-227-2402. Thank you again for joining us.

谢谢，克里斯。今天的通话重播将在苹果播客上提供两周，作为苹果.com/investor 的网络广播以及通过电话。电话重播的号码是 888-203-1112 或 719-457-0820，请输入确认码 9501153。这些重播将在太平洋时间今天下午 5 点左右提供。有额外问题的新闻记者可以联系克里斯汀·休格特，电话号码为 408-974-2414；财务分析师可以通过 669-227-2402 与我联系。再次感谢您的参与。

Operator 操作员

And again, that does conclude today's conference. Thank you all for joining us today.

再次感谢大家参加今天的会议。感谢。

2020-10-29 Apple Inc. (AAPL) Q4 2020 Earnings Call Transcript

2020-10-29 Apple Inc. (AAPL) Q4 2020 Earnings Call Transcript

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