2021-10-28 Apple Inc. (AAPL) Q4 2021 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q4 2021 Results Conference Call October 28, 2021 5:00 PM ET
苹果公司（NASDAQ：AAPL）2021 年第四季度业绩电话会议 2021 年 10 月 28 日 下午 5:00 ET
Company Participants 公司参与者
Tejas Gala - Director, IR and Corporate Finance
Tejas Gala - IR 和企业融资总监
Tim Cook - CEO
蒂姆·库克 - 首席执行官
Luca Maestri - CFO
卢卡·马埃斯特里 - 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
Amit Daryanani - Evercore
阿米特·达亚纳尼 - Evercore
Katy Huberty - Morgan Stanley
凯蒂·哈伯蒂 - 摩根士丹利
David Vogt - UBS
大卫·福格 - 瑞银 UBS
Krish Sankar - Cowen and Company
克里什·桑卡 - 科温公司
Samik Chatterjee - JP Morgan
萨米克·查特吉 - 摩根大通
Jim Suva - Citigroup
吉姆·苏瓦 - 花旗集团
Chris Caso - Raymond James
克里斯·卡索 - 雷蒙德·詹姆斯
Harsh Kumar - Piper Sandler
哈什·库马 - 派普桑德勒
Wamsi Mohan - Bank of America
Wamsi Mohan - 美国银行
Operator 操作员
Good day, and welcome to the Apple Q4 Fiscal Year 2021 Earnings Conference Call. Today’s call is being recorded.
大家好，欢迎参加苹果 2021 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 the call over to Tejas Gala, Director of Investor Relations and Corporate Finance. Please go ahead.
此时，关于开场白和介绍，我想把电话交给投资者关系和公司财务总监 Tejas Gala。请讲。
Tejas Gala 特贾斯·加拉
Thank you. Good afternoon, and thank you for joining us.
谢谢。下午好，感谢您的参与。
Speaking today first 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.
今天首先发言的是苹果的首席执行官蒂姆·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 our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of 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，今天讨论中的部分信息将包括前瞻性声明，包括但不限于有关收入、毛利率、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大不相同。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，以及今天向美国证券交易委员会提交的 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，这些声明或信息是根据各自的日期发表的。
I’d like to now 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, and good afternoon, everyone, and thank you for joining the call today.
谢谢，Tejas，大家下午好，感谢大家今天参加电话会议。
A year ago, I spoke to you about the atmosphere of uncertainty in which we were living and the way it had come to define our daily experience, both as people and as a company. Today, much has changed, profoundly so. And while we are still living through unprecedented times, we are encouraged by progress around the world.
一年前，我曾与您谈到我们生活的不确定氛围，以及它是如何定义我们的日常体验，无论是作为个人还是作为公司。如今，许多事情发生了根本性的变化。虽然我们仍然生活在前所未有的时代，但我们对世界各地的进展感到鼓舞。
I’m grateful to our teams who have stayed resolutely focused on our customers and the pursuit of innovation on their behalf. We’ve aimed to help our customers navigate the world as it is while empowering them to create the world as it can be. Whether it’s public health workers managing vaccination campaigns on iPhone or students returning to classrooms full of iPads or family staying connected over FaceTime, it is an honor to know that what we make matters and to see that reflected in the world and in our performance.
我感激我们的团队一直坚定地专注于我们的客户，并为他们追求创新。我们的目标是帮助客户在现实世界中航行，同时赋予他们创造未来世界的能力。无论是公共卫生工作者在 iPhone 上管理疫苗接种活动，还是学生回到满是 iPad 的教室，或是家人通过 FaceTime 保持联系，知道我们所做的事情重要，并看到这种影响体现在世界和我们的表现中，这是一种荣幸。
This fiscal year, we reported $366 billion of revenue, which represents 33% annual growth. We also achieved more than 20% growth across all of our product categories and in every geographic segment. And today, Apple is reporting another very strong quarter. Demand was very robust, and we set a new September quarter record of $83.4 billion, up 29% from last year and in line with what we discussed on our last call, despite larger-than-expected supply constraints.
在本财政年度，我们报告了 3660 亿美元的收入，同比增长 33%。我们在所有产品类别和每个地理细分市场都实现了超过 20%的增长。今天，苹果报告了另一个非常强劲的季度。需求非常强劲，我们创下了 834 亿美元的新 9 月季度收入纪录，比去年增长了 29%，与我们在上次电话会议上讨论的情况一致，尽管供应约束超出预期。
We estimate these constraints had around a $6 billion revenue dollar impact, driven primarily by industry-wide silicon shortages and COVID-related manufacturing disruptions. Even so, we set an all-time record for Mac and quarterly records for iPhone, iPad, Wearables, Home and Accessories, representing 30% year-over-year growth in products. Our services business performed better than we expected, where we hit an all-time record of $18.3 billion and grew 26% year-over-year.
我们估计这些限制约造成 60 亿美元的收入影响，主要是由于全行业硅短缺和与 COVID 相关的制造中断。尽管如此，我们在 Mac 方面创下了有史以来的记录，并在 iPhone、iPad、可穿戴设备、家庭和配件方面创下了季度记录，产品增长率达到 30%。我们的服务业务表现优于预期，创下了有史以来的 183 亿美元记录，同比增长 26%。
And we set quarterly records in every geographic segment with strong double-digit growth across the board. During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products.
在每个地理区域，我们都取得了季度记录，全面实现了强劲的两位数增长。在 2021 财年，我们将近三分之一的收入来自新兴市场，在印度和越南的业务翻了一番。我们对未来充满乐观，特别是我们看到对我们新产品的强劲需求。
At the end of the September quarter, we introduced our iPhone 13 lineup as well as the Apple Watch Series 7, iPad and iPad mini, all of which represents significant advances. The iPhone 13 and iPhone 13 mini, alongside the iPhone 13 Pro and Pro Max, are setting a new standard with their superfast performance, advanced camera systems, longer battery life and brilliant Super Retina displays.
在九月季度末，我们推出了 iPhone 13 系列以及 Apple Watch Series 7、iPad 和 iPad mini，所有这些产品都代表了重大进步。iPhone 13 和 iPhone 13 mini，以及 iPhone 13 Pro 和 Pro Max，凭借其超快的性能、先进的摄像系统、更长的电池续航时间和出色的 Super Retina 显示屏，正在树立新的标准。
Customers are loving the ninth generation iPad, which features a beautifully sharp display and twice the storage of the previous generation, as well as the new iPad mini, with its ultra portable design and impressive speed and performance. And we’ve been thrilled with the reviews that Apple Watch Series 7 has earned for its larger display, faster charging and refined design.
顾客们喜爱第九代 iPad，它拥有精美清晰的显示屏，存储容量是上一代的两倍，还有全新的 iPad mini，具有超便携设计，以及令人印象深刻的速度和性能。我们对 Apple Watch Series 7 获得的好评感到非常高兴，因为它拥有更大的显示屏、更快的充电速度和精致的设计。
And just last week, we introduced the completely reimagined MacBook Pro powered by the extraordinary M1 PRO and M1 Max chips. These are our most powerful notebooks ever with game-changing performance and battery life, and the world’s best notebook display. We think customers are going to love MacBook Pro, whether they’re editing video in Final Cut Pro or making music in Logic Pro and so much more. They’ll be able to do things never before possible on a notebook.
就在上周，我们推出了全新设计的 MacBook Pro，搭载了卓越的 M1 PRO 和 M1 Max 芯片。这是我们迄今为止性能最强大的笔记本电脑，具有颠覆性的性能和电池续航时间，以及全球最佳的笔记本电脑显示屏。我们相信客户会喜欢 MacBook Pro，无论是在 Final Cut Pro 中编辑视频还是在 Logic Pro 中制作音乐等等。他们将能够在笔记本电脑上实现以前无法想象的事情。
We also announced our all-new AirPods that feature spatial audio and industry-leading sound, longer battery life and an all-new design. For the home, we added three new colors to our HomePod mini lineup, which offers seamless integration across Apple’s products and services. We also announced a new subscription tier to Apple Music called Apple Music Voice, which offers subscribers access to the services catalog of 90 million songs all through the power of Siri.
我们还宣布了全新的 AirPods，具备空间音频和行业领先的声音、更长的电池续航时间以及全新设计。对于家庭，我们为 HomePod mini 系列增加了三种新颜色，实现了与 Apple 产品和服务的无缝集成。我们还宣布了一个名为 Apple Music Voice 的新订阅层级，为订阅者提供通过 Siri 功能访问 9000 万首歌曲目录的服务。
Across the board, teams at Apple continue to drive unmatched innovation through the seamlessly integrated hardware, software experience we’ve long prided ourselves on. iOS 15 and iPadOS 15 have created more ways than ever to stay productive, whether choosing Focus to avoid distractions or Quick Note to capture a thought. macOS Monterey offers new ways to connect with friends and family, get more done and work fluidly across Apple devices. And watchOS 8 has made Apple Watch even more powerful and more ways than ever to stay active and to track your health on the go.
在整个苹果团队中，我们一直通过无缝集成的硬件和软件体验推动着无与伦比的创新。iOS 15 和 iPadOS 15 创造了比以往更多的方式来保持高效工作，无论是选择专注以避免干扰，还是使用快速笔记来记录想法。macOS Monterey 提供了与朋友和家人连接、更多工作完成以及在苹果设备间流畅工作的新方式。而 watchOS 8 使 Apple Watch 变得更加强大，提供了更多方式来保持活跃并随时跟踪健康状况。
We’ve never had a more diverse range of services for our customers to choose from, and we’ve been very encouraged by our performance, which reflects growing customer enthusiasm and satisfaction.
我们为客户提供了前所未有的多样化服务选择，我们对自己的表现感到非常鼓舞，这反映了客户热情和满意度的增长。
In just its first two years, Apple TV+ has already proved itself to fans around the world. And I want to congratulate the incredible actors, writers, storytellers, producers and everyone else whose behind-the-scenes work has made that success possible.
在仅仅两年的时间里，Apple TV+ 已经向全球粉丝证明了自己的实力。我要祝贺那些不可思议的演员、作家、讲故事的人、制片人以及所有在幕后工作的人，是他们让这一成功成为可能。
This quarter, Apple TV+ won 11 Emmys, including the Award for Outstanding Comedy Series for Ted Lasso. That show has continued to bring light and laughter to fans all over the world with its boundless optimism and beloved cast of characters. We couldn’t be more proud of our entire lineup of content from the gripping second seasons of The Morning Show and Truth Be Told to our newest programs, Swagger, which is out tomorrow. The response has been incredible.
本季度，Apple TV+ 赢得了 11 项艾美奖，其中包括《泰德·拉索》获得的杰出喜剧系列奖。该节目继续以其无限乐观和深受喜爱的角色阵容为全球粉丝带来光明和欢笑。我们为《早间新闻》和《真相之辩》第二季的扣人心弦以及我们最新的节目《自信满满》而感到无比自豪，后者将于明天播出。观众的反应令人难以置信。
This quarter also saw major updates to Fitness+, including the addition of new activities like meditation and pilates, and the announcement of group workouts, a feature that brings fitness and friends together. We also shared that Fitness+ will soon be available in 15 new countries, bringing workouts for every age and skill level to millions more people around the world.
本季度还看到了 Fitness+的重大更新，包括新增冥想和普拉提等新活动，并宣布推出团体训练，这一功能将健身和朋友聚在一起。我们还分享了 Fitness+将很快在 15 个新国家推出，为全球数百万人提供适合各个年龄和技能水平的锻炼。
And those are just two of the services our customers are loving. This quarter, Apple Card won a J.D. Power award for customer satisfaction in its very first year of eligibility. The App Store continues to help people find the apps they depend on to stay productive, creative and entertained.
这只是我们的客户喜爱的两项服务中的两项。本季度，苹果卡在首次符合条件的年度中赢得了 J.D. Power 奖项，获得了客户满意度奖。App Store 继续帮助人们找到他们依赖的应用程序，以保持高效、创造性和娱乐性。
And on Apple News, we launched a News Partner Program that expands Apple’s support for journalism while creating an even better business opportunity for publishers.
在 Apple News 上，我们推出了一个新闻合作伙伴计划，扩大了苹果对新闻业的支持，同时为出版商创造了更好的商机。
As we continue to support our customers around the world, we’re glad to report we’ve opened several new Apple Stores. This quarter, we opened a beautiful store in Changsha, which is our first store in the Hunan province of China. We also just opened our third store in Istanbul. And we recently added a store in the Bronx, which means we are now in all 5 boroughs of New York City.
随着我们继续支持全球客户，我们很高兴地宣布我们已经开设了几家新的苹果零售店。本季度，我们在长沙开设了一家漂亮的店铺，这是我们在中国湖南省的第一家店铺。我们还刚刚在伊斯坦布尔开设了第三家店铺。最近我们还在布朗克斯开设了一家店铺，这意味着我们现在在纽约市的所有 5 个行政区都有店铺。
All of our stores are now open worldwide and have been for 7 weeks. As we enter our busiest time of year, I particularly want to share my gratitude for our retail teams. Customers have never relied on our products more, and our retail teams have truly answered the call. We meet our customers where they are with many ways to shop through our online and retail stores and can help them choose the best product for them and get it up and running.
我们所有的商店现在全球范围内都已经开放，已经开放了 7 周。随着我们进入一年中最繁忙的时期，我特别想要表达对我们零售团队的感激之情。顾客从未像现在这样依赖我们的产品，而我们的零售团队确实做出了积极回应。我们通过线上和实体店铺以多种方式满足顾客的需求，并帮助他们选择最适合他们的产品并使其正常运行。
We are also excited about our education initiatives. This month, we introduced the Everyone Can Code Early Learners program, offering free resources, which helps students and elementary school learn coding. We see education not only as a fundamental good in its own right but is a great equalizing force. A world where all people can access a quality education isn’t just a smarter world. It’s a more equitable one. That desire to create a more just an equitable world is the guiding principle behind our Racial Equity and Justice Initiative. This quarter, Apple shared plans to expand our $100 million investment by an additional $30 million. Those funds will be used in a number of ways, including the creation of a new global Hispanic-serving institution equity and innovation hub. The hub will dramatically expand the technology and resources for students in the STEM fields.
我们也对我们的教育计划感到兴奋。本月，我们推出了 Everyone Can Code Early Learners 计划，提供免费资源，帮助学生和小学生学习编程。我们认为教育不仅是一种基本的好事，而且是一种伟大的平等化力量。一个所有人都能获得优质教育的世界不仅仅是一个更聪明的世界。它也是一个更加公平的世界。创造一个更加公正和公平的世界的愿望是我们种族平等与正义倡议背后的指导原则。本季度，苹果公司分享了扩大我们 1 亿美元投资的计划，额外增加 3000 万美元。这些资金将用于多种方式，包括创建一个新的全球西班牙裔服务机构平等和创新中心。该中心将大幅扩展 STEM 领域学生的技术和资源。
Those programs join our ever-expanding work with historically black colleges and universities, including the now 45 community coding centers and regional hubs, serving underrepresented communities across the United States.
这些项目加入了我们与历史悠久的黑人学院和大学合作的不断扩大的工作，包括目前的 45 个社区编码中心和区域枢纽，为美国各地的代表性社区提供服务。
This month, we were also happy to welcome the inaugural class of developers and entrepreneurs to the Apple Developer Academy in Detroit. The academy is Apple’s first in the United States and is designed to help prepare students for jobs in the thriving iOS app economy, which supports more than 2.1 million jobs across all 50 states.
本月，我们也很高兴地欢迎首届开发者和企业家班级来到底特律的苹果开发者学院。该学院是苹果在美国的第一所学院，旨在帮助学生为繁荣的 iOS 应用经济中的工作做好准备，该经济在所有 50 个州支持超过 210 万个工作岗位。
In August, we shared our impact accelerators first cohort of black, Latinx and indigenous-owned businesses whose pioneering work in green technology and clean energy serves many of the communities most impacted by climate change.
在八月份，我们分享了我们的影响力加速器首批黑人、拉丁裔和土著企业，他们在绿色技术和清洁能源方面的开拓性工作服务于许多受气候变化影响最严重的社区。
More broadly, we are already carbon-neutral as a company. And this quarter, we made new strides towards reaching our goal of carbon neutrality across our entire supply chain and the life cycle of our devices by 2030. We’ve made significant product advances in this area. iPad and iPad mini now come with 100% recycled aluminum enclosure. The antenna on iPhone 13 is made up of upcycled plastic water bottles, which marks an industry-first. And as our customers are seeing when they purchase iPhone 13, we’ve redesigned the packaging to eliminate that outer plastic wrap, which will allow us to avoid using 600 metric tons of plastic. This brings us closer to removing all plastic in our packaging by 2025.
更广泛地说，我们作为一家公司已经实现了碳中和。在本季度，我们迈出了新的步伐，朝着 2030 年实现整个供应链和设备生命周期碳中和的目标迈进。我们在这一领域取得了重大产品进展。iPad 和 iPad mini 现在采用 100%回收铝外壳。iPhone 13 的天线由回收利用的塑料水瓶制成，这是行业首次。正如我们的客户在购买 iPhone 13 时所看到的，我们重新设计了包装，消除了外部塑料包装，这将使我们避免使用 600 公吨塑料。这使我们更接近于在 2025 年之前消除所有包装中的塑料。
We’ve also made good progress toward our goal to one day make our products without taking anything from the earth. With Apple Watch Series 7, for example, 99% of the rare earth elements we use are recycled.
我们在朝着有朝一日制造产品而无需从地球上取任何东西的目标取得了良好进展。例如，使用 Apple Watch Series 7，我们使用的稀土元素中有 99% 是回收利用的。
Ahead of COP26, I’m also pleased to report that we have more than doubled the number of our suppliers who have committed to becoming carbon neutral by 2030. We’re very encouraged to see the growth in this area, and we will continue to drive those changes in the supply chain in the months and years to come.
在 COP26 之前，我很高兴地报告，我们已经将承诺在 2030 年前实现碳中和的供应商数量翻了一番以上。我们对这一领域的增长感到非常鼓舞，我们将继续推动供应链在未来的几个月和几年中的变革。
We’ve never viewed our environmental work as a side project. Teams across Apple are pushing this work forward in the same spirit of innovation we bring to our products and services. We are determined to be a ripple in the pond that drives a far greater change. From the pandemic to climate change to an equity and injustice, global challenges won’t abide solitary solutions, and we feel a deep sense of responsibility to help.
我们从未将我们的环境工作视为一个附带项目。苹果公司各团队正在以我们为产品和服务带来的创新精神推动这项工作。我们决心成为推动更大变革的涟漪。从大流行病到气候变化再到公平与不公正，全球挑战不会容忍孤立的解决方案，我们深感责任感帮助。
We are incredibly proud of the product lineup we have going into the holiday season, and we are encouraged by the customer response we’ve seen. And while we cannot know exactly which path the pandemic will take the world down in the months to come, we feel quite confident that this new year will be driven by the values that guide us and by the innovation that defines us.
我们对进入假期季节的产品阵容感到非常自豪，我们对客户的反应感到鼓舞。虽然我们无法准确预测疫情在未来几个月会走向何方，但我们相当有信心，新的一年将由引领我们的价值观和定义我们的创新驱动。
With that, I’ll hand it over to Luca for a deeper dive on our performance this quarter. Luca?
有了这个，我将把话题交给卢卡，让他更深入地介绍我们本季度的业绩。卢卡？
Luca Maestri 卢卡·马埃斯特里
Thank you, Tim. Good afternoon, everyone.
谢谢，蒂姆。大家下午好。
We are pleased to report very strong financial results for the September quarter, capping a record-setting fiscal year 2021. We set a September quarter revenue record of $83.4 billion, an increase of nearly $19 billion or 29% from a year ago, despite larger-than-expected supply constraints.
我们很高兴地报告，截至 2021 财年 9 月季度，我们取得了非常强劲的财务业绩，创下了纪录。尽管面临比预期更大的供应限制，我们实现了 834 亿美元的 9 月季度营收纪录，较一年前增加近 190 亿美元，增幅达 29%。
We also reached new Q4 records in every geographic segment with strong double-digit growth in each one of them. And it was a record September quarter for both, products and services. On the product side, revenue was $65.1 billion, up 30% over a year ago as we experienced better-than-expected demand for our products, despite supply constraints that we estimated at around $6 billion.
我们在每个地理区域都创下了新的第四季度记录，每个地区的增长率均为两位数。对于产品和服务而言，这也是创纪录的九月季度。在产品方面，收入为 651 亿美元，较一年前增长 30%，因为我们的产品需求超出预期，尽管我们估计供应约为 60 亿美元。
We grew in each of our product categories with an all-time record for Mac and September quarter records for iPhone, for iPad and for Wearables, Home and Accessories. This level of sales performance, combined with the unmatched loyalty of our customers and the strength of our ecosystem, drove our installed base of active devices to a new all-time record.
我们在各个产品类别中都取得了增长，Mac 创下有史以来的记录，iPhone、iPad、可穿戴设备、家庭和配件在九月季度也创下了记录。这种销售业绩水平，加上我们客户无与伦比的忠诚度和生态系统的实力，推动我们的活跃设备安装基数达到新的历史记录。
Our services set an all-time revenue record of $18.3 billion, up 26% over a year ago, with September quarter records in every geographic segment and in every services category.
我们的服务创下了有史以来的营收纪录，达到 183 亿美元，比一年前增长了 26%，在每个地理区段和每个服务类别中，9 月季度都创下了纪录。
Company gross margin was 42.2%, down 110 basis points from last quarter, due to higher costs and a different mix of products, partially offset by leverage. Products gross margin was 34.3%, down 170 basis points sequentially as higher cost structures were partially offset by leverage and mix. Services gross margin was 70.5%, up 70 basis points sequentially, mainly due to a different mix.
公司毛利率为 42.2%，较上一季度下降 110 个基点，主要是由于成本上升和产品组合不同，部分被杠杆效应抵消。产品毛利率为 34.3%，较上一季度下降 170 个基点，高成本结构部分被杠杆效应和产品组合抵消。服务毛利率为 70.5%，较上一季度上升 70 个基点，主要是由于产品组合不同。
Net income of $20.6 billion and diluted earnings per share of $1.24, both grew over 60% year-over-year and were September quarter records.
净收入为 206 亿美元，每股摊薄收益为 1.24 美元，均同比增长超过 60%，创下 9 月季度纪录。
Let me get into more detail for each of our revenue categories. iPhone revenue grew 47% year-over-year and set a September quarter record of $38.9 billion, despite supply constraints as customer demand was very strong. The iPhone 12 family continued to perform very well, and we are seeing enthusiastic customer response to the launch of our iPhone 13 family.
让我更详细地介绍一下我们每个收入类别。iPhone 收入同比增长 47%，创下了每股收益 38.9 亿美元的 9 月季度纪录，尽管由于供应限制，客户需求非常强劲。iPhone 12 系列继续表现出色，我们看到客户对 iPhone 13 系列的推出反应热烈。
We also grew double digits in each geographic segment, setting September quarter records in both, developed and emerging markets. The latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 98% for iPhone, and our active installed base of iPhones reached a new all-time high.
我们在每个地理区段都实现了两位数增长，在发达市场和新兴市场均创下了 9 月季度记录。451 Research 对美国消费者的最新调查显示，iPhone 的客户满意度达到了 98％，我们的 iPhone 活跃装机量也达到了历史新高。
For Mac, we set an all-time revenue record of $9.2 billion, despite supply constraints, driven by strong demand for our M1-powered MacBook Air. In fact, our last five quarters for Mac have been the best five quarters ever for the category.
对于 Mac，尽管受到供应限制的影响，我们创下了创纪录的 92 亿美元营收，这得益于对我们搭载 M1 芯片的 MacBook Air 的强劲需求。事实上，过去五个季度对于 Mac 来说是该类别有史以来表现最好的五个季度。
iPad performance was also strong with a September quarter revenue record of $8.3 billion, up 21%, in spite of significant supply constraints as customer demand for the iPad Pro also powered by M1 was very strong.
iPad 性能也非常强劲，9 月季度收入创下 83 亿美元的纪录，同比增长 21%，尽管存在重大供应约束，因为 iPad Pro 由 M1 芯片驱动，客户需求非常强劲。
For both, Mac and iPad, we continue to see a combination of high levels of customer satisfaction and first-time buyers. Around half of the customers purchasing Mac and iPad during the quarter were new to that product. And in the most recent surveys of U.S. consumers from 451 Research, customer satisfaction was 97% for both, Mac and iPad.
对于 Mac 和 iPad，我们继续看到高水平的客户满意度和首次购买者的结合。在本季度购买 Mac 和 iPad 的客户中，大约一半是该产品的新用户。根据 451 Research 对美国消费者的最新调查，Mac 和 iPad 的客户满意度均为 97%。
Our continued investment in iPad and Mac is taking computing to the next level. We have redesigned and reengineered both products to provide customers an unmatched experience, which resulted in record fiscal years for both categories. We are carrying this momentum also in the enterprise market. For example, SAP has already deployed Macs to tens of thousands of their employees to date. Following the launch of our new M1 MacBook Pro last week, SAP is planning to add it to the growing list of M1 Mac offerings available to their global workforce.
我们持续投资 iPad 和 Mac，将计算提升到新的水平。我们重新设计和重新工程化这两款产品，为客户提供无与伦比的体验，这导致了两个类别创纪录的财政年度。我们也在企业市场上保持这种势头。例如，SAP 已经向数以万计的员工部署了 Mac。在我们上周推出新的 M1 MacBook Pro 之后，SAP 计划将其添加到可供其全球员工使用的 M1 Mac 产品列表中。
苹果主要关心有钱人是不是喜欢。
Another example is France’s national railway company, SNCF, which equips all train drivers with iPads to manage their entire daily workflow and train operations, helping to lower energy and maintenance costs. In fact, the iPads have been so well received that 90% of the drivers choose to purchase them for personal use at the end of the corporate device refresh cycle.
另一个例子是法国国家铁路公司 SNCF，该公司为所有列车司机配备 iPad，以管理他们的整个日常工作流程和列车运营，有助于降低能源和维护成本。事实上，iPad 受到了如此好评，以至于 90%的司机选择在公司设备更新周期结束时购买它们供个人使用。
Next, Wearables, Home and Accessories set a new September quarter record of $8.8 billion. We continue to improve and expand our product offerings in this category, which we believe improve the overall customer experience and showcase the integration between our products and services. Apple Watch, AirPods and HomePod mini are powerful devices in their own right, but paired with our other products, software and services, they create unique experiences, like switching audio seamlessly between devices on your AirPods.
接下来，可穿戴设备、家居和配件创下了新的 9 月季度纪录，达到 88 亿美元。我们持续改进和扩展这一类别的产品供应，我们相信这将提升整体客户体验，并展示我们产品和服务之间的整合。Apple Watch、AirPods 和 HomePod mini 在各自领域都是强大的设备，但与我们的其他产品、软件和服务配对使用时，它们将创造独特的体验，比如在 AirPods 上无缝切换设备时的音频。
Turning to services. As I mentioned, we reached an all-time revenue record of $18.3 billion with all-time records for cloud services, music, video, advertising, AppleCare and payment services and a September quarter record for the App Store. Our continued investment and strong execution in services has helped us deliver a record $68 billion in revenue during fiscal 2021, nearly tripling this category in six years. These impressive results reflect the positive momentum we are seeing on many fronts.
转向服务。正如我所提到的，我们在云服务、音乐、视频、广告、AppleCare 和支付服务方面创下了历史性的收入纪录，App Store 在九月季度也创下了纪录。我们在服务领域持续投资和强大执行力帮助我们在 2021 财年实现了 680 亿美元的收入纪录，使这一类别在六年内增长近三倍。这些令人印象深刻的成果反映了我们在许多方面所看到的积极势头。
First, our installed base continues to grow and reached an all-time high across each geographic segment. Next, we continue to see increased customer engagement with our services. The number of paid accounts on our digital content stores grew double digits and reached a new all-time high during the September quarter in each geographic segment. Also, paid subscriptions continued to show very strong growth. We now have more than 745 million paid subscriptions across the services on our platform, which is up more than 160 million from last year and nearly 5 times the number of paid subscriptions we had less than five years ago. And finally, as Tim mentioned earlier, we’re adding new services that we think our customers will love. And we continue to improve the breadth and quality of our current services offerings.
首先，我们的安装基数继续增长，并在每个地理区段达到历史最高水平。接下来，我们继续看到客户对我们服务的参与度增加。数字内容商店的付费账户数量增长了两位数，并在每个地理区段在 9 月季度达到了新的历史最高水平。此外，付费订阅继续表现出非常强劲的增长。我们现在在平台上的服务中拥有超过 7.45 亿的付费订阅，比去年增加了超过 1.6 亿，几乎是五年前付费订阅数量的 5 倍。最后，正如 Tim 之前提到的，我们正在增加我们认为客户会喜欢的新服务。我们继续改进我们当前服务提供的广度和质量。
Fiscal ‘21 was not only a big year for services but for our entire company. During the past 12 months, we grew our business by 33% or $91 billion, reaching nearly $366 billion of revenue with record level performance across the board. Every product category and every geographic segment set a new annual revenue record and was up at least 20% over fiscal 2020.
财政年度'21 不仅是服务业的大年，也是我们整个公司的大年。在过去的 12 个月里，我们的业务增长了 33%，达到了近 3660 亿美元的收入，全面表现创纪录。每个产品类别和每个地理区段都创下了新的年度收入纪录，并较财政 2020 年至少增长了 20%。
Let me now turn to our cash position. We ended the quarter with $191 billion in cash plus marketable securities. We issued $6.5 billion of new term debt, retired $1.3 billion of term debt and decreased commercial paper by $2 billion, leaving us with total debt of $125 billion. As a result, net cash was $66 billion at the end of the quarter as we continue to make progress towards our goal of net cash neutral over time.
现在让我来谈谈我们的现金状况。本季度结束时，我们的现金加可变证券总额为 1910 亿美元。我们发行了 65 亿美元的新期限债务，偿还了 13 亿美元的期限债务，并将商业票据减少了 20 亿美元，使我们的总债务达到 1250 亿美元。因此，本季度结束时净现金为 660 亿美元，我们在不断朝着随时间达到净现金中性的目标迈进。
As our business continues to generate very strong cash flow, we were also able to return $24 billion to shareholders during the September quarter. This included $3.6 billion in dividends and equivalents and $20 billion through open market repurchases of 137 million Apple shares. We also retired an additional 5 million shares in the final settlement of our 17th ASR.
随着我们的业务继续产生非常强劲的现金流，我们在九月季度还能够向股东返还 240 亿美元。其中包括 36 亿美元的股息和等值物，以及通过开放市场回购 1.37 亿股苹果股票的 200 亿美元。我们还在第 17 次 ASR 的最终结算中回购了额外的 500 万股。
As we move ahead into the December 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.
随着我们进入十二月季度，我想回顾一下我们的展望，其中包括 Tejas 在通话开始时提到的前瞻性信息类型。鉴于短期内全球仍存在持续的不确定性，我们不提供收入指引，但我们会根据以下假设分享一些方向性见解，即假设与我们今天为本季度所预测的相比，与 COVID 相关的对我们业务的影响不会恶化。
As we mentioned earlier, during the September quarter, supply constraints impacted our revenue by around $6 billion. We estimate the impact from supply constraints will be larger during the December quarter. Despite this challenge, we are seeing high demands for our products and expect to achieve very solid year-over-year revenue growth and to set a new revenue record during the December quarter.
正如我们之前提到的，在九月季度，供应限制影响了我们约 60 亿美元的收入。我们预计供应限制的影响在十二月季度将会更大。尽管面临这一挑战，我们看到产品需求很高，并预计实现非常可观的年度收入增长，并在十二月季度创下新的收入纪录。
We expect revenue for each product category to grow on a year-over-year basis, except for iPad, which we expect to decline year-over-year due to supply constraints. For services, we expect our growth rate to decelerate from the September quarter but to remain strong. We expect gross margin to be between 41.5% and 42.5%. We expect OpEx to be between $12.4 billion and $12.6 billion. We expect OI&E to be around negative $50 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%.
我们预计每个产品类别的收入将同比增长，除了 iPad，由于供应限制，我们预计其同比下降。对于服务，我们预计增长速度将从九月季度放缓，但仍将保持强劲。我们预计毛利率将在 41.5%至 42.5%之间。我们预计运营支出将在 124 亿美元至 126 亿美元之间。我们预计其他收入和支出将约为负 5000 万美元，不包括少数投资的按市值计算的潜在影响，我们的税率将约为 16%。
Finally, today, our Board of Directors has declared a cash dividend of $0.22 per share of common stock payable on November 11, 2021, to shareholders of record as of November 8, 2021.
最后，今天，我们的董事会宣布，每股普通股派发现金股利 0.22 美元，支付日期为 2021 年 11 月 11 日，股东登记日期为 2021 年 11 月 8 日。
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 that you limit yourself to two questions. Operator, may we have the first question, please?
谢谢，卢卡。我们要求您仅限提出两个问题。操作员，请问第一个问题可以吗？
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. Our first question comes from Shannon Cross from Cross Research.
谢谢。我们的第一个问题来自 Cross Research 的 Shannon Cross。
Shannon Cross 香农·克罗斯
Thank you very much. Tim, I’m wondering, can you talk a bit more about specific supply chain issues you saw and how you’ve seen improvements I think during the current quarter, and how we should think about what products do you expect to see most impacted going forward? Just any more color you can give us on what’s going on out there because clearly, this is hitting everyone.
非常感谢。蒂姆，我想知道，您能否详细谈谈您看到的具体供应链问题，以及您在本季度内看到的改善情况，我们应该如何考虑未来哪些产品可能受到最大影响？您能否就外部情况提供更多信息，因为显然，这影响到了每个人。
Tim Cook 蒂姆·库克
Sure. If you look at Q4 for a moment, we had about $6 billion in supply constraints, and it affected the iPhone, the iPad and the Mac. We had -- there were two causes of them for Q4. One was the chip shortages that you’ve heard a lot about from many different companies through the industry. And the second was COVID-related manufacturing disruptions in Southeast Asia. The second of those, the COVID disruptions, have improved materially across October to where we currently are. And so, for this quarter, we think that the primary cause of supply-chain-related shortages will be the chip shortage. It will affect -- it is affecting, I should say, pretty much most of our products currently and -- but from a demand point of view, demand is very robust. And so, part of this is the demand also is very strong. But we believe that by the time we finish the quarter that the constraints will be larger than the $6 billion that we experienced in Q4.
当然。如果您看一下第四季度，我们大约有 60 亿美元的供应约束，它影响了 iPhone、iPad 和 Mac。第四季度有两个原因导致这种情况。一个是芯片短缺，您可能已经从许多不同公司听说过这个问题。第二个原因是东南亚与 COVID 相关的制造中断。第二个原因，COVID 中断，在 10 月份已经有了显著改善，目前的情况也是如此。因此，在本季度，我们认为供应链相关短缺的主要原因将是芯片短缺。我应该说，它正在影响我们目前几乎所有的产品，但从需求的角度来看，需求非常强劲。因此，部分原因是需求也非常强劲。但我们相信，到本季度结束时，约束将比我们在第四季度经历的 60 亿美元更大。
Shannon Cross 香农·克罗斯
Okay, great. So, you’ll sort of push forward in the next quarter as well. Can you -- just a different question because I’m curious, you’re starting to sell more and more things on a ratable basis. And how are you thinking about that? I mean, you have the new Macs and that we keep seeing. You can buy for a monthly charge in that. How do you think that’s driving sales? And how should we think about percent maybe of the portfolio that’s now available? And I don’t know if you want to tell us how much revenue is now under a recurring nature, but it definitely seems as you’re shifting more and more to maybe sort of a bundled sale or offering from a consumer standpoint where you just pay one price every month and you get all of your Apple devices and Apple services. Thank you.
好的，太棒了。所以，在下一个季度你们会继续推进。你们怎么看待这个问题呢？因为我很好奇，你们开始以可租赁的方式销售越来越多的产品。你们是怎么考虑的？我的意思是，你们有新的 Mac 产品，我们一直在看到。你可以按月付费购买。你认为这如何推动销售？我们应该如何考虑现在可用产品组合的百分比？我不知道你们是否想告诉我们现在有多少收入是以循环性质存在的，但显然你们似乎越来越倾向于从消费者角度提供捆绑销售或服务，让消费者每月支付一次价格，就可以获得所有的苹果设备和苹果服务。谢谢。
Tim Cook 蒂姆·库克
Yes. The first product, Shannon, that really sold on a monthly basis was iPhone. And that began to happen in the U.S., as an example, shortly after the subsidy kind of world changed markedly. And so, I would say that predominantly, the mode of buying an iPhone in the United States is on a monthly kind of plan today. For the balance of the products, still the most popular would be buying them outright. But, we are seeing more and more demand for monthly payments. And so, we want to give the customer what they want. And so, you will see us do more and more things like that that will meet the customer where -- and provide the price that they want -- in a way that they want to pay for it. I don’t know the percentage of products that are sold that way today, but it is increasing.
是的。第一个真正以月度销售的产品是 iPhone。这种情况开始在美国发生，举个例子，很快在补贴方式发生显著变化之后。因此，我会说，在美国购买 iPhone 的主要方式是按月付款计划。对于其他产品，仍然最受欢迎的是直接购买。但是，我们看到对按月付款的需求越来越多。因此，我们希望给客户他们想要的。因此，您会看到我们做更多类似的事情，以满足客户的需求，并以他们想要的方式支付价格。我不知道今天以这种方式销售的产品比例是多少，但这一比例正在增加。
这跟苹果有什么关系？用户用信用卡消费的不止苹果的产品，买包烟也可以用信用卡。
Operator 操作员
We will hear next from Amit Daryanani with Evercore.
我们接下来将听到 Evercore 的 Amit Daryanani 发言。
Amit Daryanani 阿米特·达亚纳尼
Perfect. Thanks a lot, and good afternoon, everyone. I have two as well. I guess, when I think about the supply chain headwinds, and you’re talking about $6 billion in September, getting bigger in December. Tim, I would love to understand how do you guys comfort that this is really a demand that’s getting deferred versus potentially getting destroyed at least somewhere else. And if you think about the supply chain bottlenecks -- you were the COO. You managed a lot of the stuff. Do you feel comfortable that sort of peaks in December and alleviates it from there, or what does the trajectory look like for improvement?
完美。非常感谢，大家下午好。我也有两个问题。我想，当我考虑供应链的阻力时，你们在谈论九月份 60 亿美元，到了十二月份会更大。蒂姆，我想了解你们是如何确信这确实是需求被推迟，而不是在其他地方被摧毁的。如果你考虑供应链瓶颈--你是首席运营官。你管理了很多事情。你是否觉得十二月份会达到顶峰，然后从那里缓解，或者改善的轨迹是什么样的？
Tim Cook 蒂姆·库克
Yes. What I feel comfortable on is I feel like we’ve made great progress on the COVID-related disruptions, and that happened across the month of October, and we’re in a materially better position today. It is difficult to predict COVID. And so, I’m not going to predict where it goes. But I can just tell you that as of today, we’re in a materially better position than we were in September and in the first several weeks of October.
是的。我感到舒适的是，我觉得我们在应对与 COVID 相关的干扰方面取得了巨大进展，这发生在十月份，今天我们的处境要好得多。预测 COVID 是困难的。所以，我不会预测它的走向。但我可以告诉你的是，截至今天，我们的处境比九月和十月初几周要好得多。
In terms of the chip shortage, the chip shortage is happening on legacy nodes. Primarily, we buy leading edge nodes, and we’re not having issues on leading edge nodes. But on legacy nodes, we compete with many different companies for supply. And it’s difficult to forecast when those things will balance because you’d have to know how kind of -- how the economy is going to be in ‘22 and the accuracy of everyone else’s demand projections.
就芯片短缺而言，芯片短缺主要发生在传统节点上。主要是我们购买领先的节点，并且在领先的节点上并没有问题。但在传统节点上，我们与许多不同公司竞争供应。要预测这些事情何时会平衡是困难的，因为你必须知道经济在‘22 年会如何，以及其他所有人需求预测的准确性。
And so, I don’t feel comfortable in making a prediction. I think, it would be subject to too much inaccuracy. But, I do feel very comfortable with our operational team. I think, we’ve got a world-class one. And I’m sure they’re doing everything they can do to collapse cycle times and improve yields and do all the things that you can do in addition to fundamental capacity investment to remedy the situation.
因此，我不太愿意做预测。我认为，这将会有太多的不确定性。但是，我对我们的运营团队非常有信心。我认为，我们拥有世界一流的团队。我相信他们正在尽一切努力缩短周期时间、提高产量，并做出所有可以做的事情，除了基本产能投资以解决问题。
Amit Daryanani 阿米特·达亚纳尼
Got it. And then, Luca, if I may ask you a question on gross margins for December, you’re essentially guiding gross margins to be flat to maybe down a little bit versus sort of September. Maybe just touch about it. So, I think historically, I would have expected gross margins to be up in December, given how much revenue leverage you end up with. So maybe, what are the puts and takes on gross margins that are resulting in a more flattish guide versus historical seasonality?
明白了。接着，卢卡，如果我可以问你一个关于 12 月毛利率的问题，你基本上是在引导毛利率保持平稳，甚至可能略有下降，与 9 月相比。也许可以谈谈这个问题。所以，从历史上看，我本来期望 12 月的毛利率会上升，考虑到你最终实现了多少收入杠杆。也许，导致毛利率指引更趋平稳而非历史季节性的因素是什么？
Luca Maestri 卢卡·马埃斯特里
Well, as you know, typically, obviously with December being the holiday season, we do get leverage, as you say. But, it’s also the period of the year where we launch a lot of new products. And as you know, we launch essentially in every product category. We launch new products. Demand is very strong. But as you know, when we launch these new products, we tend to have higher cost structures at the beginning of the cycle. And so, that’s what balances this out. Obviously, from a year-over-year standpoint, it’s actually a significant expansion, right? Because when you look at what we did a year ago in the December quarter, 39.8%, this clearly indicates a significant expansion.
嗯，正如您所知，通常情况下，显然 12 月是假日季节，我们会得到杠杆效应，正如您所说的。但同时，这也是我们推出大量新产品的时期。正如您所知，我们在每个产品类别基本上都会推出新产品。需求非常强劲。但正如您所知，当我们推出这些新产品时，循环初期的成本结构往往较高。这就是平衡的关键。显然，从同比的角度来看，实际上是一个显著的扩张，对吧？因为当您回顾我们在去年 12 月季度所做的情况，39.8%，这清楚地表明了一个显著的扩张。
Operator 操作员
We’ll hear next from Katy Huberty with Morgan Stanley.
我们接下来将听到摩根士丹利的凯蒂·哈伯蒂发言。
Katy Huberty 凯蒂·哈伯蒂
Thank you. Given the supply chain is blurring the demand picture for iPhone 13, what data points can you share that help investors understand whether demand is tracking to a product cycle that is flat, growing or down from the very strong iPhone 12? And maybe on that front, Luca, you can also comment on where you exited the quarter from a channel inventory standpoint for iPhone relative to a normal product cycle? And then, I’ve got a follow-up.
谢谢。鉴于供应链正在模糊 iPhone 13 的需求情况，您可以分享哪些数据点，以帮助投资者了解需求是否与非常强劲的 iPhone 12 相比是持平、增长还是下降的产品周期？也许在这方面，Luca，您还可以评论一下相对于正常产品周期，您在渠道库存方面是如何结束本季度的 iPhone 的？然后，我有一个后续问题。
Tim Cook 蒂姆·库克
Yes. Look, maybe I can take both of those. Channel inventory, as you would expect in a constrained environment, the iPhone channel inventory ended below the targeted range and is currently below it. And so, that’s that.
是的。看，也许我可以接受这两个。渠道库存，正如您所期望的那样，在受限制的环境中，iPhone 渠道库存低于目标范围，并目前仍低于目标范围。所以，就是这样。
In terms of the blurring of demand, we look at -- Katy, we look at a number of different data points. We look at demand across our online store, demand in retail. We look through to back orders on the carrier channels, the ones that do take back orders there. We look at channel orders as well. And so, we have a number of different data points that we use to conclude how strong demand is. And we feel very, very good about where demand is right now. And we’re working feverishly on the supply side of that.
就需求的模糊化而言，我们看到——凯蒂，我们看到许多不同的数据点。我们看在线商店的需求，零售需求。我们查看承运渠道的未完成订单，那些可以接受未完成订单的渠道。我们也查看渠道订单。因此，我们有许多不同的数据点，用于得出需求有多强劲的结论。我们对当前需求的状况感到非常非常满意。我们正在极力解决供应方面的问题。
Katy Huberty 凯蒂·哈伯蒂
And Tim, as a follow-up. We recently surveyed 4,000 consumers in the U.S. and China, and the feedback is most of them don’t want to pay for apps or services direct with the developer. They value the security, privacy, ease of transactions with the App Store. So, how do you think about balancing the regulators push for more choice with a customer base that’s happy with the existing experience? And just as a follow-on to that, how are you and Luca thinking about the potential impact of services revenue growth rate as some of the changes to the App Store go into effect?
蒂姆，作为后续。我们最近在美国和中国对 4,000 名消费者进行了调查，反馈显示大多数人不愿直接向开发者付费购买应用程序或服务。他们重视通过 App Store 进行交易的安全性、隐私性和便利性。那么，您如何看待在监管机构推动提供更多选择的同时，如何平衡那些对现有体验感到满意的客户群体？再接着，您和卢卡如何考虑到一些对 App Store 的变化产生影响时，服务收入增长率的潜在影响？
Tim Cook 蒂姆·库克
Katy, the main thing that we’re focused on, on the App Store is to keep our focus on privacy and security. And so, these are the two major tenets that have produced over the years a very trusted environment where consumers and developers come together and consumers can trust the developers on the developers and the apps or what they say they are and the developers get a huge audience to sell their software to. And so, that’s sort of number one on our list. Everything else is a distant second.
凯蒂，我们在 App Store 上关注的主要事情是保持我们对隐私和安全的关注。因此，这两个主要原则多年来产生了一个非常值得信赖的环境，在这个环境中，消费者和开发者聚集在一起，消费者可以信任开发者和应用程序，或者他们所说的内容，开发者可以获得一个庞大的受众群体来销售他们的软件。因此，这在我们的清单上排名第一。其他一切都是遥不可及的第二。
And so, what we’re doing is working to explain the decisions that we’ve made that are key to keeping the privacy and security there, which is to not have sideloading and not have alternate ways on the iPhone, where it opens up the iPhone to unreviewed apps and also get by the privacy restrictions that we put on the App Store. And so, we’re very, very focused in discussing the privacy and security elements of the App Store with the regulators and legislators.
因此，我们正在努力解释我们所做的决定，这些决定对保持隐私和安全至关重要，即不允许侧载和不允许在 iPhone 上使用其他方式，这会使 iPhone 开放给未经审查的应用程序，并绕过我们在 App Store 上设置的隐私限制。因此，我们非常专注于与监管机构和立法者讨论 App Store 的隐私和安全要素。
Operator 操作员
We’ll take our next question from David Vogt with UBS.
我们将接下来的问题交给瑞银的大卫·福特。
David Vogt 大卫·福格
Great. Thank you, guys. And I just have two quick questions, one big picture, theoretical. So, you covered the supply chain in pretty extensive detail on the call. But maybe just a bigger picture on how you’re thinking about it philosophically given what you just sort of went through over the last 12 to 8 months. So, what I mean by that, is there sort of a recalibration needed or an adjustment around your supply chain philosophy either from a partner perspective or maybe a regional perspective? And how do you think about the current infrastructure and its ability to sort of rebound and sort of handle sort of these disruptions that seem to crop up from time to time? And then, I have a follow-up.
很好。谢谢，各位。我有两个快速问题，一个是宏观的理论问题。你们在通话中详细讨论了供应链。但也许从更宏观的角度来看，你们在哲学上是如何思考的，考虑到过去 12 到 8 个月你们经历了什么。我的意思是，是否需要重新校准供应链理念，无论是从合作伙伴的角度还是从区域的角度？你们如何看待当前基础设施以及其恢复和处理这些不时出现的干扰的能力？然后，我有一个后续问题。
Tim Cook 蒂姆·库克
Yes. I don’t see a fundamental error that we’ve made, if that’s what you’re picking out, in terms of creating the environment that we’re in. It was created for a number of reasons. The pandemic came along. Some people in the industry and some people outside the industry thought that the pandemic would reduce demand. They pulled their orders down. Things reset. And what really happened was demand went up and went up even more than a straight trend would predict.
是的。如果你指出的是我们在创造我们所处环境方面犯的基本错误，我并没有看到。这个环境是出于多种原因而创造的。疫情来袭。一些行业内外的人士认为疫情会减少需求。他们取消了订单。事情重新开始。实际发生的是需求增加了，甚至比直线趋势预测的还要多。
未来不可预测，做好当下可以做的事才是真正有智慧的做法。
And so, the industry is working through that now. I’m making it little overly simplistic. There’s some other things like yields and things like that that are happening as well. But, those things are mainly manageable in the course of time. And so, what we’re doing is working with our partners on making sure that they have supply that we need and making sure that our demand statements are accurate as we see them and so forth. And at the same time, we are reducing our lead times and cycle times, so that when you get a chip off a fab that as quickly as possible, it’s in a product and shipping and also helping the fab partners increase their yields. And so, those things are things that we’re doing. We also support the CHIPS Act and investment there to put more investment in the ground. And so, we’re spending some time advocating for the CHIPS Act as well.
因此，该行业正在通过这一点进行工作。我把它简化了一点。还有一些其他因素，比如产量等等，也在发生。但是，这些事情在时间的推移中主要是可以管理的。因此，我们正在与合作伙伴合作，确保他们有我们需要的供应，并确保我们的需求报表准确无误。同时，我们正在缩短我们的交货时间和周期时间，这样当你从晶圆厂得到芯片时，尽快将其投入产品和运输，并帮助晶圆厂合作伙伴提高产量。因此，这些是我们正在做的事情。我们还支持 CHIPS 法案，并在那里进行投资，增加地面投资。因此，我们也花了一些时间为 CHIPS 法案进行倡导。
David Vogt 大卫·福格
Great. And that’s helpful. And I didn’t mean to implicate that you guys had messed up, just maybe came off that way. And maybe just as a quick follow-up. When you think about purchasing devices ratably, you touched on that earlier. But maybe can you just touch on the partnerships that you have with carriers and the support that they have given you over the last couple of years. Now, it’s been a key component of your success, the tight relationships that you have globally. Do you think sort of this business model, as it’s currently sort of put together globally, is sort of a permanent structure, meaning carriers are going to be integral part of driving demand for iPhones, or is there a sense that maybe it’s a little bit more transitory depending on the part of the cycle that we’re in?
很好。这很有帮助。我并不是要暗示你们搞砸了什么，可能只是有点那样的意思。也许可以作为一个快速的跟进。当你考虑分期购买设备时，你之前提到过这一点。但也许你可以谈谈你与运营商的合作以及他们在过去几年中给予你的支持。现在，你与全球紧密合作的关系一直是你成功的关键组成部分。你认为目前这种商业模式在全球范围内是否是一种永久性结构，意味着运营商将成为推动 iPhone 需求的重要组成部分，还是有一种可能，即这在一定程度上取决于我们所处的周期？
Tim Cook 蒂姆·库克
I think that 5G has provided a once in a decade kind of upgrade potential, and it’s a multiyear kind of thing. It’s not a one year and done. And I think that we’re motivated there. The carrier is motivated there. We have mutual interest and the customer benefits hugely from getting a new 5G phone that has 5G and a number of other features in it, too. And so, I think everybody is aligned on purpose.
我认为 5G 提供了十年一次的升级潜力，这是一个持续多年的事情。这不是一年就能完成的。我认为我们在这方面有动力。运营商也有动力。我们有共同利益，客户从获得一部具有 5G 和其他多项功能的新 5G 手机中获益良多。因此，我认为大家在目标上是一致的。
网络速度、芯片和软件都会提升产品的能力，AI如果能大幅度提升手机或者其他硬件设备的能力又会带来一大波的需求。
The model that you paint is -- I wouldn’t call it a global model because there are different variations around the world depending upon the country. But, in general, I think that the marriage, if you will, or partnership between Apple and the carrier channel has never been stronger and that it’s on very solid footing.
你描绘的模式——我不会称之为全球模式，因为世界各地的情况会有所不同，取决于国家。但总的来说，我认为苹果和运营商渠道之间的“婚姻”或合作关系从未像现在这样强大，并且非常稳固。
Operator 操作员
So, we’ll take our next question from Krish Sankar with Cowen and Company.
所以，我们将从 Cowen and Company 的 Krish Sankar 那里得到下一个问题。
Krish Sankar 克里什·桑卡
I had two of them, too. And Tim, I will give you a reprieve from the supply chain questions. I had two on services. The first one is on your new ATT, the ad tracking transparency feature, and all the headlines that have gone recently, I’m kind of curious. The feedback you’ve seen or received from your advertisers and users and how it has also impacted search ads your own ad business. Can you let us know the feedback? And then, I have a follow-up.
我也有两个。蒂姆，我会让你暂时摆脱供应链问题。我有两个关于服务的问题。第一个是关于你们的新 ATT，广告跟踪透明度功能，以及最近出现的所有头条，我很好奇。你们从广告客户和用户那里收到的反馈，以及它如何影响了搜索广告和你们自己的广告业务。你能告诉我们这些反馈吗？然后，我有一个后续问题。
Tim Cook 蒂姆·库克
The feedback from customers is overwhelmingly positive. Customers appreciate having the option of whether they want to be tracked or not. And so, there’s an outpouring of customer satisfaction there on the customer side. And the reason that we did this is that -- as you know, if you followed us for a while, we believe strongly that privacy is a basic human right and we believe that for decades, not just in the last year or so. And we’ve historically rolled out more and more features over time for -- to place the decision of whether to share data and what data to share in the hands of the user where we believe that it belongs. We don’t think that’s Apple’s role to decide, and we don’t think that’s another company’s role to decide but rather the individual who owns the data itself. And so, that’s our motivation there. There’s no other motivation.
顾客的反馈非常积极。顾客欣赏能够选择是否被跟踪的选项。因此，在顾客这一侧，有着客户满意度的涌现。我们这样做的原因是，正如你所知，如果你一直在关注我们，我们坚信隐私是一项基本人权，这种信念不仅仅是在过去的一年左右。我们历史上不断推出更多功能，让用户决定是否共享数据以及共享哪些数据，我们认为这应该由用户自己决定。我们认为这不是苹果的角色来决定，也不是其他公司的角色来决定，而是数据所有者个人来决定。这就是我们的动机。没有其他动机。
Krish Sankar 克里什·桑卡
Got it. Got it, Tim. And that’s a very fair characterization. Thank you for that. And then, as a quick follow-up, I’m just kind of curious, on the mobile gaming in your App Store, there have been some recent actions by certain governments to limit game time. Kind of curious how that affects your App Store business in those geographies. And is there a way you can quantify that, or is it too immaterial at this point?
明白了。明白了，蒂姆。这是一个非常公正的描述。谢谢你。然后，作为一个快速的后续问题，我有点好奇，在您的应用商店中的移动游戏方面，最近一些政府采取了一些行动来限制游戏时间。我很好奇这会如何影响您在这些地理位置的应用商店业务。您能否量化这一影响，或者在这一点上这种影响微不足道？
Tim Cook 蒂姆·库克
You mean limiting the time on games. Is that what you’re getting at?
你的意思是限制游戏时间。这是你的意思吗？
Krish Sankar 克里什·桑卡
Yes, exactly. Like you’re trying to decide to limit game time and things like that.
是的，确切地说。就像你正在尝试决定限制游戏时间之类的事情。
Tim Cook 蒂姆·库克
It’s very difficult to measure. Yes, with the policy that you’re talking about for those people that don’t know is there’s a policy to restrict kids below a certain age to -- I think it’s one hour on Friday, Saturday, Sunday each. And it’s very difficult to see the impact of it on the App Store at this point.
很难衡量。是的，关于你所谈论的政策，对于那些不了解的人来说，有一个限制某个特定年龄以下的孩子的政策——我认为是每周五、周六、周日各一小时。目前很难看到它对 App Store 的影响。
Operator 操作员
We’ll take our next question from Samik Chatterjee with JP Morgan.
我们将接受来自摩根大通的 Samik Chatterjee 的下一个问题。
Samik Chatterjee
I guess, Tim, I wanted to first start off on your comment about strong demand across products. And just specific to iPhone 13, if you can give us a bit more insight about what are you seeing in terms of intent, in terms of either upgrades from the installed base or even switchers rate too, if you can compare to iPhone 12 because some of the feedback we are getting is, for example, like strong switching activity in China. So just wondering if you can get a bit more granular there in terms of the -- what’s driving the demand and who is it coming from. And then, I have a follow-up, please.
我猜，蒂姆，我想首先谈谈你对各产品需求强劲的评论。就 iPhone 13 而言，您能否更详细地告诉我们，您在意图方面看到了什么，无论是来自已安装基础的升级，还是转换率，如果可以与 iPhone 12 进行比较，因为我们收到的一些反馈是，比如中国出现了强劲的转换活动。所以我想知道您是否能在需求驱动和来源方面提供更详细的信息。然后，我有一个后续问题，请。
Tim Cook 蒂姆·库克
It’s so early to talk about iPhone 13 because it’s only been on the market for less than 30 days now. What I can tell you is going into the cycle, if you look at our results from last quarter, we grew on upgraders and switchers in the double digits. And so, both were very meaningful for the iPhone results last quarter. And so, there’s significant momentum in iPhone. And I would clearly characterize the demand that we’re seeing currently as robust, as you can tell from the -- some of the quotes that we’re quoting on the online store.
现在谈论 iPhone 13 还为时过早，因为它上市不到 30 天。我可以告诉你的是，如果你看看我们上个季度的业绩，我们在升级用户和转换用户方面实现了两位数增长。因此，上个季度 iPhone 的业绩对我们来说都非常重要。因此，iPhone 有着显著的势头。我可以明确地说，我们目前看到的需求非常强劲，你可以从我们在在线商店引用的一些报价中看出来。
Samik Chatterjee
Okay. And as a follow-up, I guess, back to the supply chain but I wanted to just ask more relative to cost implications there. And what we’re hearing is not only delays but also component cost going up. So, as we look through -- as I think about this upcoming cycle, how are you looking to manage component cost related headwinds? And is that something you’re seeing coming through the supply chain? Thank you.
好的。作为后续，我想回到供应链，但我想更多地了解与成本影响相关的问题。我们听到的不仅仅是延迟，还有零部件成本上涨。因此，在我们审视——在我考虑到即将到来的周期时，您是如何打算应对与零部件成本相关的逆风的？这是否是您在供应链中看到的情况？谢谢。
Tim Cook 蒂姆·库克
We’ve put our current thoughts in the gross margin guidance that we gave you, the 41.5% to 42.5%. I would tell you that we are seeing a significant increase in freight costs. And I would assume that that is pretty consistent across different companies. And so, we’re clearly seeing some inflation there.
我们已经将我们目前的想法写入了我们给你的毛利率指导，为 41.5%至 42.5%。我要告诉你，我们看到了运费成本的显著增加。我会假设这在不同公司之间是相当一致的。因此，我们明显看到了一些通货膨胀。
Operator 操作员
We’ll take our next question from Jim Suva with Citigroup.
我们将接下来的问题交给花旗集团的 Jim Suva。
Jim Suva 吉姆·苏瓦
Thank you. And I’ll ask both my questions at the same time. Probably the first one is for Tim. On the services revenue, much better than expected. Can you give us some details about what drove that? Was it Apple Stores more open, so more AppleCare or more Apple One or Arcade or TV or Fitness?
谢谢。我会一次性提出两个问题。第一个问题可能是关于 Tim 的。服务收入远远超出预期。您能否告诉我们是什么推动了这一点？是苹果商店更开放，因此有更多的 AppleCare 或更多的 Apple One 或 Arcade 或 TV 或 Fitness 吗？
And then, probably for Luca on supply chain, when you mentioned supply chain headwind is going to get worse and you mentioned $6 billion this quarter, there’s two ways to think about your terminology of worse. Is it the delta from $2 billion that you identified three months ago that went to $6 billion, so therefore, the delta of $4 billion gets worse, or are you just saying -- and therefore, it’s above $10 billion for December quarter. Are you just saying it just gets higher than the $6 billion that you just identified earlier in the call?
然后，可能是关于供应链的 Luca，当您提到供应链的阻力将会加剧，并且提到本季度的 60 亿美元时，有两种方式来思考您所说的更糟糕。是从您三个月前确定的 20 亿美元到 60 亿美元的增量，因此，40 亿美元的增量变得更糟糕，还是您只是在说 - 因此，12 月季度的金额将超过 100 亿美元。您只是在说它比您之前在通话中提到的 60 亿美元更高吗？
Tim Cook 蒂姆·库克
Jim, I’m going to take the second question that you asked, and Luca could take the first one on services, just in the reverse of the way you coined it. On the supply constraints, what we’re saying is that the amount of -- the nominal amount of supply constraints for Q1, we estimate to be larger than $6 billion. And so, it’s important to know that we’re getting a lot more supply in Q1 than we had in Q4, obviously, because our sequential growth is significant. And we have very solid growth year-over-year. And so, the amount of supply is growing dramatically. It’s just that the demand is so robust that we envision having supply constraints for the quarter.
吉姆，我将回答你提出的第二个问题，卢卡可以回答关于服务的第一个问题，只是与你提出的顺序相反。关于供应约束，我们所说的是，对于第一季度，我们估计供应约束的名义金额将超过 60 亿美元。因此，重要的是要知道，我们在第一季度的供应量比第四季度要大得多，显然，因为我们的环比增长是显著的。我们的年度增长非常稳健。因此，供应量正在急剧增长。只是需求非常强劲，我们预计本季度将存在供应约束。
Luca Maestri 卢卡·马埃斯特里
And Jim, on services, the 26% growth rate that we had was better than what we were expecting at the beginning of the quarter. And it was really across the board. It’s difficult to single out a specific area because we set all-time records on cloud. We set all-time records across the board, AppleCare, Music, video, advertising, payment services, the App Store was a September quarter, right? So, it was strong across the board.
关于服务方面，我们实现的 26%增长率比季度初预期的要好。而且这种增长真的是全面的。很难单独指出某个特定领域，因为我们在云端创下了有史以来的最高记录。我们在各方面都创下了有史以来的最高记录，包括 AppleCare、音乐、视频、广告、支付服务，App Store 在 9 月季度也是如此，所以整体表现非常强劲。
When we look at the services business, we always think about some fundamental factors that allow us to have good visibility over the sustainability of the business, right? The fact that the installed base continues to grow, that’s obviously a positive. The fact that the number of people that are actually paying on the platform continues to grow double digits. And so, that obviously increases our opportunity. The number of subscriptions that we have on the platform, we mentioned during the call, 745 million paid subs right now. It’s an increase of 160 million versus just 12 months ago, right?
当我们看待服务业务时，我们总是考虑一些基本因素，这些因素使我们能够对业务的可持续性有良好的了解，对吧？已安装基数持续增长，这显然是一个积极因素。实际支付平台费用的人数持续以两位数增长，这显然增加了我们的机会。我们在通话中提到的平台订阅数量，目前为 7.45亿付费订阅。与仅仅 12 个月前相比，这增加了 1.6 亿。
And obviously, the fact that we continue to launch new services, new offerings within the services that we already have, new features, that obviously gives us a lot of momentum going forward. We’re very fortunate we have a very -- now it’s a very large business, $68 billion in the last 12 months and very diversified. We sell a lot of different services and our customers seem to really enjoy the experience that they have on the platform.
显然，我们不断推出新服务、在我们已有的服务中推出新产品、新功能，这显然为我们未来提供了很多动力。我们非常幸运，我们现在拥有一个非常庞大的业务，过去 12 个月达到 680 亿美元，并且非常多元化。我们销售很多不同的服务，我们的客户似乎真的很享受他们在平台上的体验。
Operator 操作员
We’ll take our next question from Chris Caso with Raymond James.
我们将接下来的问题交给雷蒙德詹姆斯的克里斯·卡索。
Chris Caso 克里斯·卡索
For my first question, it’s a question about your ability to recapture sales that you weren’t able to fill in Q4, Q1 and Q2. And you have some experience in that from last year when the iPhone, not all the models launched at the same time and some are late, and you did recapture some of that as you went past the holidays. Do you think that we should expect similar behavior this year? And then, with that also is, will all product categories behave similarly? Meaning that are the some product categories where if you missed the holidays, you just missed the sale.
对于我的第一个问题，这是关于您能否重新夺回在 Q4、Q1 和 Q2 无法填补的销售的问题。去年您在这方面有一些经验，当时 iPhone 并非所有型号同时推出，有些推迟了，您在假期过后重新夺回了部分销售。您认为我们今年应该期待类似的行为吗？另外，与此相关的是，所有产品类别会表现类似吗？也就是说，是否有一些产品类别，如果错过了假期，那么销售就错过了。
Tim Cook 蒂姆·库克
I think there are some products that people buy as gifts that if it’s not there that it’s perishable. But I think that we have a lot of products as well that people will wait for and would expect those to be captured in a different time period. So, it’s a combination for this certain quarter, the holiday quarter, I believe.
我认为有些产品是人们购买作为礼物的，如果没有的话就会变质。但我认为我们也有很多产品是人们会等待的，他们会期待在不同的时间段里捕捉到这些产品。所以，在这个特定的季度，假日季度，我相信这是一个组合。
Chris Caso 克里斯·卡索
Okay. As a follow-up, could you speak to iPhone mix? And one of the things we noted is that the delivery time for all iPhones are a bit long because of the constraints. They’re a bit longer on the Pro and the Max. Is that a function of supply or demand or perhaps both? And again, I would imagine you have a little better handle on that this year, given that all the phones were launched at the same time.
好的。作为后续，您能谈谈 iPhone 的混合情况吗？我们注意到的一件事是，由于约束的原因，所有 iPhone 的交货时间都有点长。Pro 和 Max 的交货时间要长一些。这是供应还是需求的功能，或者可能两者兼而有之？再次，我想象您对今年的情况有更好的把握，因为所有手机都是同时推出的。
Tim Cook 蒂姆·库克
Yes. It’s really too early to make comments on mix at this point because it has been -- we have been in a constrained environment. So, the mix becomes more obvious, once supply and demand are balanced.
是的。在这一点上，现在评论mix还为时过早，因为我们一直处于受限制的环境中。因此，一旦供需平衡，混合物就会变得更明显。
Operator 操作员
We’ll take our next question from Harsh Kumar with Piper Sandler.
我们将接受 Piper Sandler 的 Harsh Kumar 提出的下一个问题。
Harsh Kumar 哈什·库马
Yes. Hey, guys, first of all, a great job managing to the supply constraints. It’s obviously affecting everybody. So congratulations. And then Tim, one for you, a strategic question. When Apple thinks about strategic areas that as a company that we own, for example, software is a high priority, but you’re also one of the largest semiconductor companies if the company would stand alone. So, curious about the kind of input that -- thinking that goes into owning some piece of technology. For example, when we survey people, they say batteries and screens are very important. So, why doesn’t Apple -- for example, what causes Apple from looking at areas like that?
是的。嘿，伙计们，首先，管理供应限制做得很好。显然这影响到每个人。所以恭喜。然后 Tim，有一个问题是关于战略的。当苹果考虑作为公司我们拥有的战略领域时，例如软件是高优先级，但你们也是最大的半导体公司之一，如果公司独立存在。因此，我很好奇关于拥有某项技术的思考过程。例如，当我们调查人们时，他们说电池和屏幕非常重要。那么，为什么苹果不会考虑这样的领域呢？
Tim Cook 蒂姆·库克
We look at ones where we believe we can make a substantial difference and have a level of differentiation. And so, we’ve put a lot of energy in the silicon space because we have felt that we could design and develop products that we could not if we were in the -- just buying what’s available on the commercial market. And as you can see, more recently, we made that call on the Mac as well and have shifted to our own chips there. And so, it really depends on whether we see a way to do something that’s differentiated or not. And I wouldn’t want to rule anything out. It’s more of whether or not we see our way clear to doing something that is materially better. We feel like we’ve done that in the chip area.
我们关注那些我们相信可以产生重大差异并具有差异化水平的领域。因此，我们在硅空间投入了大量精力，因为我们认为我们可以设计和开发那些如果我们只是购买市场上现有产品是无法做到的产品。正如您所看到的，最近，我们也在 Mac 上做出了这个决定，并转向使用我们自己的芯片。因此，这取决于我们是否看到了可以实现差异化的方法。我不想排除任何可能性。更多的是我们是否看到了可以做出明显改进的方法。我们觉得在芯片领域已经做到了这一点。
能自己掌握差异化是很重要的能力，这种能力显然跟本分有关，长期以来，我们一直自己搭建自己的软件系统。
Harsh Kumar 哈什·库马
And then, I’ve got one for Luca. I want to go back to a question that Amit asked earlier in the call about the gross margin. So, when I look at the September quarter, services obviously grew much faster than the product business, margin was down and same thing for December. But I think you’re effectively saying that there’s a lot of new product launches. Would that not go into OpEx, for example, marketing, et cetera, as opposed to COGS, or is there something that maybe needs to be clarified here?
然后，我有一个给 Luca 的问题。我想回到 Amit 在通话中早些时候提出的一个关于毛利的问题。所以，当我看 9 月季度时，服务显然比产品业务增长得快得多，毛利下降了，12 月也是一样。但我认为你实际上是在说有很多新产品推出。这不会计入 OpEx，例如市场营销等，而不是成本费用吗，或者这里可能需要澄清一些事情吗？
Luca Maestri 卢卡·马埃斯特里
There is -- certainly, obviously, that we have launch expenses in marketing and advertising, of course, when we launch new products. But, the reality, what happens, we always make our products better and which means adding new technology and new features to the product. So, typically, when you move from one generation of products to the next one, the cost structures tend to be higher, particularly at the beginning of the cycle. And so, when you make that transition, there is always some level of margin compression from the transition to a new product.
当然，显然，我们在推出新产品时会有营销和广告费用。但实际情况是，我们总是让我们的产品变得更好，这意味着向产品添加新技术和新功能。因此，通常情况下，当您从一代产品转移到下一代产品时，成本结构往往会更高，特别是在周期开始阶段。因此，当您进行这种转变时，总会有一定程度的利润挤压，从而过渡到新产品。
The other aspect that you need to think about is the fact that the December quarter is the holiday season, and so the percentage of products business that we have in the holiday quarter is higher than what we have in the September quarter, for example. And therefore, as you know, because the services margins are higher than the products margin. There’s also a mix between the products and services business that plays into the gross margins for the Company, right? And that’s what you see as you move sequentially from September to December.
你需要考虑的另一个方面是 12 月季度是假日季节，因此我们在假日季度的产品业务比在 9 月季度更高，例如。因此，正如你所知，由于服务利润率高于产品利润率。产品和服务业务之间的组合也影响公司的毛利率，对吧？这就是你从 9 月到 12 月逐步移动时看到的情况。
Operator 操作员
We’ll hear next from Wamsi Mohan with Bank of America.
我们接下来将听到来自美国银行的 Wamsi Mohan 的发言。
Wamsi Mohan
I had a question about -- broadly about pricing of new products. This year, Apple launched the iPhone 13 at a slightly lower price than where the 12 was launched last year in China. Can you maybe help us think through what are some of the things that you look at in deciding that? And is that an action that you could take more broadly in other regions? And I have a follow-up.
我有一个关于新产品定价的问题。今年，苹果在中国推出的 iPhone 13 的价格略低于去年 iPhone 12 的价格。您能帮助我们思考一下在做出这个决定时考虑的一些因素吗？这是否是您可以在其他地区广泛采取的行动？我还有一个后续问题。
Tim Cook 蒂姆·库克
We look at a variety of things, including our costs, including competition, including local conditions and exchange rates and a number of different things. And so, there’s not a -- there’s no formula for determining it. It’s done by a level of judgment looking at a number of different points -- data points. And we do that region by region.
我们会考虑各种因素，包括我们的成本，包括竞争，包括当地条件和汇率以及许多其他因素。因此，并没有一个确定它的公式。这是通过一定程度的判断，查看许多不同的点（数据点）来完成的。我们会按区域进行这样的分析。
Wamsi Mohan
But, we shouldn’t, as investors, think of that as something structural that you intend to use to flex demand curves more globally?
但是，作为投资者，我们不应该把这看作是一种你打算用来更全球性地调整需求曲线的结构性因素？
Tim Cook 蒂姆·库克
It’s something we’ve always done. And so, it’s not something that is new to this year and this cycle.
这是我们一直在做的事情。因此，这并不是今年和这个周期中的新事物。
Wamsi Mohan
Okay. And as a follow-up, you’ve introduced a lot of new services over the past few years, and these have become a much more important part of the Apple story. Can you maybe share either some metrics on some of the new Services like TV+ in terms of paid subs? And how are you measuring the success of these investments?
好的。作为后续，过去几年中您推出了许多新服务，这些已成为苹果故事中更为重要的一部分。您能否分享一些关于一些新服务（如 TV+）付费订阅的指标？您如何衡量这些投资的成功？
Tim Cook 蒂姆·库克
Well, we look at a number of things internally that we don’t share externally. And so, you can bet that we’re looking at subs and ARPUs and conversions and churn and all of the normal things you would look at with a subscription business. But, we’re not going to get into sharing those on an individual service basis. What we’re trying to do is give you visibility to the aggregate number of subscriptions that we’ve had, which Luca covered earlier with the 745 million across both Apple branded and third party. And so, we’re giving you an aggregated view of it instead of the -- at the individual service level. But, you can bet that we’re managing it at the individual service level.
嗯，我们内部会查看一些我们不会向外界分享的事情。因此，你可以肯定我们正在关注订阅用户数、每用户平均收入（ARPU）、转化率、流失率以及所有订阅业务中你通常会关注的事项。但是，我们不会逐个服务地分享这些信息。我们试图让你看到我们曾经拥有的订阅总数，Luca 之前提到过苹果品牌和第三方合计达到了 7.45 亿。因此，我们为你提供了一个总体视图，而不是在个别服务层面上。但是，你可以肯定我们在个别服务层面上进行管理。
Tejas Gala 特贾斯·加拉
Thank you, Wamsi. A replay of today’s call will be available for two weeks on Apple Podcast as a webcast on apple.com/investor and via telephone. The numbers for the telephone replay are 888-203-1112 or 719-457-0820. Please enter confirmation code 7141415. These replays will be available by approximately 5:00 p.m. Pacific Time today.
谢谢，Wamsi。今天的通话重播将在苹果播客上提供两周，作为苹果.com/investor 上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。请键入确认码 7141415。这些重播将在太平洋时间今天下午 5:00 左右提供。
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.
新闻界人士如有其他问题，可联系 Josh Rosenstock，电话 408-862-1142。财务分析师如有其他问题，可联系我，电话 669-227-2402。再次感谢您的参与。
Operator 操作员
This concludes today’s conference. We appreciate your participation.
今天的会议到此结束。感谢您的参与。
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