2022-10-27 Apple Inc. (AAPL) Q4 2022 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q4 2022 Earnings Conference Call October 27, 2022 5:00 PM ET
苹果公司（NASDAQ：AAPL）2022 年第四季度收益电话会议 2022 年 10 月 27 日 下午 5:00 ET
Company Participants 公司参与者
Tejas Gala - Director-Investor Relations & Corporate Finance
Tejas Gala - 投资者关系与企业融资总监
Tim Cook - Chief Executive Officer
蒂姆·库克 - 首席执行官
Luca Maestri - Chief Financial Officer
卢卡·马埃斯特里 - 首席财务官
Conference Call Participants
电话会议参与者
Shannon Cross - Credit Suisse
香农·克罗斯 - 瑞士信贷
Erik Woodring - Morgan Stanley
埃里克·伍德林 - 摩根士丹利
Ben Bollin - Cleveland Research
本·博林 - 克利夫兰研究
Kyle McNealy - Jefferies
凯尔·麦克尼利 - 杰富瑞
Jim Suva - Citigroup
吉姆·苏瓦 - 花旗集团
Amit Daryanani - Evercore
阿米特·达亚纳尼 - Evercore
Harsh Kumar - Piper Sandler
哈什·库马 - 派普桑德勒
Krish Sankar - Cowen & Company
克里什·桑卡 - 科温公司
Operator 操作员
Good day, and welcome to the Apple Q4 Fiscal Year 2022 Earnings Conference Call. For your information, today's call is being recorded.
大家好，欢迎参加苹果 2022 财年第四季度收益电话会议。提醒大家，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
Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts. Before turning the call over to Tim, I would like to remind you that approximately once every six years, we add a week to the December quarter to realign our fiscal periods with the December calendar. So this December quarter will span 14 weeks rather than the usual 13 and will end on December 31.
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。在将发言权交给蒂姆之前，我想提醒大家，大约每六年，我们会在 12 月季度增加一周，以使我们的财务周期与 12 月日历重新对齐。因此，今年的 12 月季度将持续 14 周，而不是通常的 13 周，并将于 12 月 31 日结束。
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 expense, 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.
请注意，今天讨论中您将听到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、其他收入和费用、税收、资本配置以及未来业务展望的声明，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。
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.
有关更多信息，请参阅苹果公司最近提交的 10-K 表格中讨论的风险因素，以及今天向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，这些声明或信息仅适用于其各自的日期。
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
Thank you, Tejas. Good afternoon, everyone, and thank you for joining the call today. Over the past year, despite a range of challenges facing the world, our teams have come together in incredible ways to drive unparalleled innovation and deliver again and again for our customers.
谢谢，Tejas。大家下午好，感谢今天参加电话会议。在过去的一年里，尽管世界面临各种挑战，我们的团队以令人难以置信的方式团结一致，推动了无与伦比的创新，并一次又一次地为我们的客户提供了服务。
For the September quarter, we reported record revenue of $90.1 billion, which was better than we anticipated despite stronger-than-expected foreign currency headwinds. We set an all-time revenue record for Mac and September quarter records for iPhone and Wearables, Home and Accessories. Services notched a September quarter record as well with revenue of $19.2 billion and more than 900 million paid subscriptions.
对于九月季度，我们报告了创纪录的 901 亿美元营收，尽管外汇风险超出预期，但表现优于我们的预期。我们为 Mac 创下了有史以来的营收纪录，并在 iPhone、可穿戴设备、家居及配件方面创下了九月季度的纪录。服务方面也取得了九月季度的营收纪录，达到 192 亿美元，付费订阅用户超过 9 亿。
We reached another record on our installed base of active devices, thanks to a quarterly record of upgraders and double-digit growth in switchers on iPhone. Across nearly every geographic segment, we reached a new revenue record for the quarter. And we continue to perform incredibly well in emerging markets with very strong double-digit growth in India, Southeast Asia and Latin America.
由于升级者数量创下季度纪录，iPhone 转换者增长两位数，我们的活跃设备安装基数再次创下新纪录。在几乎每个地理区域，我们实现了本季度新的收入纪录。在新兴市场，我们在印度、东南亚和拉丁美洲实现了非常强劲的两位数增长，表现令人难以置信。
I'm also happy to report that during the quarter, silicon-related supply constraints were not significant. I want to acknowledge that we are still living through unprecedented times. From war in Eastern Europe to the persistence of COVID-19, from climate disasters around the world to an increasingly difficult economic environment, a lot of people and a lot of places are struggling. Through it all, we've aimed to help our customers navigate through the challenges while giving them the tools to drive progress for themselves and their communities.
我也很高兴地报告，在本季度，与硅相关的供应约束并不显著。我想承认我们仍然生活在前所未有的时代。从东欧的战争到 COVID-19 的持续存在，从世界各地的气候灾害到日益困难的经济环境，许多人和许多地方都在挣扎。在这一切之中，我们致力于帮助我们的客户应对挑战，同时为他们和他们的社区提供推动进步的工具。
At Apple, creativity and collaboration have always been at the core of who we are. That spirit of ingenuity and teamwork helped us provide our customers with incredible innovations this year and led to another yearly revenue record.
在苹果，创造力和合作一直是我们核心的一部分。这种创新精神和团队合作精神帮助我们在今年为客户提供了令人难以置信的创新，并创造了另一个年度营收纪录。
In fiscal 2022, Apple achieved revenue of $394 billion, representing 8% annual growth. We set records for iPhone, Mac, Wearables, Home and Accessories and Services while growing double digits in emerging markets and setting records in the vast majority of markets we track.
在 2022 财年，苹果实现了 3940 亿美元的营收，同比增长 8%。我们在 iPhone、Mac、可穿戴设备、家庭与配件以及服务方面创下纪录，同时在新兴市场实现两位数增长，并在我们追踪的绝大多数市场创下纪录。
Customers are loving our iPhone 14 lineup. Loaded with camera upgrades for sharper photos, Action Mode for smoother videos and new safety features like Crash Detection and Emergency SOS via Satellite, iPhone is even more indispensable to our daily lives.
顾客们喜爱我们的 iPhone 14 系列。配备了相机升级，拍摄更清晰的照片，动作模式可拍摄更流畅的视频，以及新的安全功能，如碰撞检测和通过卫星的紧急 SOS 功能，iPhone 对我们的日常生活变得更加不可或缺。
iPhone 14 and iPhone 14 Plus come with a new dual-camera system, industry-leading durability, incredible power and amazing battery life. And our iPhone 14 Pro models are packed with even more groundbreaking innovations, including a new camera system as well as always-on display and the Dynamic Island, which offers a whole new way to interact with iPhone.
iPhone 14 和 iPhone 14 Plus 配备了全新的双摄像头系统、行业领先的耐用性、令人惊叹的性能和惊人的电池续航时间。而我们的 iPhone 14 Pro 型号更是充满了更多开创性创新，包括全新的摄像头系统、始终亮屏显示和动态岛，为用户提供了全新的与 iPhone 互动方式。
Just yesterday, our most advanced iPad and iPad Pro ever landed in stores. With its all-screen design, advanced cameras and faster wireless connectivity, the tenth generation iPad looks and performs better than ever. For creatives, iPad Pro, now turbocharged by the blazingly fast M2 chip, is the perfect device to make something amazing.
就在昨天，我们有史以来最先进的 iPad 和 iPad Pro 登陆了商店。第十代 iPad 采用全屏设计，配备先进摄像头和更快的无线连接，外观和性能均比以往更好。对于创意人士来说，现在由闪电般快速的 M2 芯片加速的 iPad Pro 是创作惊人作品的完美设备。
Our Mac customers have already been raving about the power of M2 since the arrival of our newest MacBook Air and MacBook Pro this summer. Their incredible long battery life, stunningly rich display and lightning fast speeds are a signature part of the Mac experience and helped drive an all-time record revenue for Mac during the September quarter.
自从我们今年夏天推出最新的 MacBook Air 和 MacBook Pro 以来，我们的 Mac 客户已经开始对 M2 的强大性能赞不绝口。令人难以置信的长续航时间、令人惊叹的丰富显示效果和闪电般的速度是 Mac 体验的标志性部分，并帮助推动了 9 月季度 Mac 有史以来最高的收入。
In Wearables, Home and Accessories a wave of innovation spurred 10% year-over-year revenue growth during the September quarter. New features in Apple Watch Series 8, including temperature sensing capabilities, retrospective ovulation estimates and crash detection are helping to keep customers healthier and safer.
在可穿戴设备、家居和配件领域，创新浪潮推动了 9 月季度营收同比增长 10%。Apple Watch Series 8 的新功能，包括温度感应能力、回顾性排卵估计和碰撞检测，有助于让客户保持更健康和更安全。
And the updated Apple Watch SE is a great way for users to start their Apple Watch journey, delivering advanced features at a new low price. The biggest, brightest and boldest Apple Watch ever made, Apple Watch Ultra pushes the boundaries of what a smartwatch can do.
更新的 Apple Watch SE 是用户开始他们的 Apple Watch 之旅的绝佳方式，以全新的低价提供先进功能。作为有史以来最大、最明亮和最大胆的 Apple Watch，Apple Watch Ultra 突破了智能手表的界限。
Packed with innovations like advanced navigation tools and the new Oceanic+ app, which turns it into a dive computer, Apple Watch Ultra has something for athletes and adventures on land and sea.
Apple Watch Ultra 充满创新，配备先进的导航工具和全新的 Oceanic+应用程序，将其转变为潜水电脑，为陆地和海洋上的运动员和冒险家提供了丰富的功能。
The second generation of AirPods Pro powered by the new H2 chip are receiving rave reviews for delivering an unmatched wireless earbud audio experience, while canceling up to twice as much noise over the previous model. There's no better place to discover the rich spatial audio capabilities of AirPods Pro than Apple Music, the largest music catalog anywhere now with more than 100 million songs.
由新的 H2 芯片驱动的 AirPods Pro 第二代因提供无与伦比的无线耳塞音频体验而备受好评，同时比上一代模型消除的噪音多达两倍。要发现 AirPods Pro 丰富的空间音频功能，没有比 Apple Music 更好的地方了，这是目前拥有超过 1 亿首歌曲的最大音乐目录。
And there's no other company that fuses best-in-class hardware with cutting-edge software and services to create a truly integrated and seamless experience. With iOS 16, we're giving customers more ways to personalize their iPhones through a customizable lock screen and focus filters.
没有其他公司像我们这样将一流的硬件与尖端的软件和服务融合在一起，创造出真正整合和无缝体验。通过 iOS 16，我们为客户提供了更多个性化 iPhone 的方式，包括可定制的锁屏和焦点滤镜。
New features in Messages and Mail enable users to connect and collaborate like never before. Stage Manager in iPadOS 16 and macOS Ventura, helps users stay more productive with smoother multitasking. And watchOS 9 is empowering customers to live a healthier day through updates to the Sleep App, a new FDA-cleared AFib history feature and the new Medications app.
消息和邮件中的新功能使用户能够前所未有地连接和协作。iPadOS 16 和 macOS Ventura 中的舞台管理器帮助用户通过更流畅的多任务处理保持更高效。而 watchOS 9 通过更新睡眠应用、新的获得 FDA 认证的房颤历史功能和新的药物应用，让客户能够过上更健康的一天。
Across our Services, we continue to see enthusiasm and strong engagement from our subscribers. Apple TV+ hits like Severance, Bad Sisters and Blackbird have taken center stage on screens around the world. And baseball fans were glued to their seats this season watching Friday Night Baseball. Meanwhile, Apple TV+ productions continue to earn accolades. At the 74th Primetime Emmy Awards in September, Apple brought home 9 statues, including a second consecutive win for Best Comedy Series for Ted Lasso. And soon, we're going to give audiences an even better entertainment experience when the all-new Apple TV 4K hit stores next week.
在我们的服务中，我们继续看到我们的订阅者表现出的热情和强烈参与度。Apple TV+ 的作品，如《分裂》、《坏姐妹》和《黑鸟》，已经在全球各地的屏幕上占据了中心舞台。棒球迷们在本赛季观看《星期五夜棒球》时坐得紧紧的。与此同时，Apple TV+ 的制作继续赢得赞誉。在 9 月举行的第 74 届黄金时段艾美奖上，Apple 赢得了 9 座奖杯，其中包括《泰德·拉索》连续第二次获得最佳喜剧系列奖。而且，很快，当全新的 Apple TV 4K 下周上市时，我们将为观众提供更好的娱乐体验。
We're also bringing Fitness+ to more customers than ever by making our entire library of over 3,000 studio-style workouts and meditations available to iPhone users in 21 countries, even those without an Apple Watch. These updates are arriving just in time for a new Artist Spotlight series with workouts featuring the music of Taylor Swift and a new workout program, Yoga for Every Runner featuring and design with one of the world's top ultramarathon athletes, Scott Jurek.
我们还将 Fitness+带给比以往更多的客户，通过让我们超过 3,000 个工作室风格的训练和冥想视频库对 21 个国家的 iPhone 用户开放，即使是没有苹果手表的用户。这些更新恰逢时机，与一系列新的艺术家聚焦系列同时推出，其中包括以泰勒·斯威夫特的音乐为特色的训练，以及一个新的训练计划，名为“适合每位跑步者的瑜伽”，由世界顶级超级马拉松选手之一斯科特·尤瑞克设计。
While Fitness+ helps subscribers stay active, Apple Card is designed with our customers' financial health in mind. For the second year in a row, Apple Card has been ranked highest in customer satisfaction for midsized credit card issuers by J.D. Power. And our users' favorite Apple Card benefit just got even better with the upcoming addition of a new high-yield savings account to help them save and grow their daily cash rewards.
虽然 Fitness+帮助订阅者保持活跃，但 Apple Card 是根据我们客户的财务健康而设计的。连续第二年，Apple Card 在 J.D. Power 评选的中型信用卡发行商中获得了最高的客户满意度排名。而我们用户最喜爱的 Apple Card 福利即将得到进一步改善，即将新增一个高收益储蓄账户，帮助他们存钱并增加他们的日常现金奖励。
Turning to retail. Last month, our team members welcomed customers to the all-new Apple Jamsil in South Korea. And through today at Apple Creative Studios, we partnered with non-profits in cities around the world to help young diverse creatives pursue their passions and connect with local mentors. And our retail teams have done exceptional work, helping customers explore our latest products and features. As we approach the holiday season with our product lineup set, I'd like to share my gratitude to our retail, AppleCare and channel teams for the work they are doing to support customers.
转向零售。上个月，我们的团队成员欢迎客户来到韩国首尔的全新 Apple Jamsil。通过今天的 Apple 创意工作室，我们与世界各地的非营利组织合作，帮助年轻多元化的创意人士追求他们的激情，并与当地导师建立联系。我们的零售团队做出了出色的工作，帮助客户探索我们最新的产品和功能。随着我们的产品阵容已经确定，我们即将迎来假日季节，我想向我们的零售、AppleCare 和渠道团队表达我的感激之情，感谢他们为支持客户所做的工作。
At Apple, we're proud of the ways we are able to help customers be productive, get healthy, stay safe and unlock their creative potential. We also understand we have important responsibilities to the communities we serve. That's why we continue to invest in education, racial equity and justice and the environment. And we are making important progress toward a more inclusive and diverse workforce.
在苹果，我们为能够帮助客户提高生产力、保持健康、保持安全并释放创造潜力而感到自豪。我们也明白我们对所服务社区有重要责任。这就是为什么我们继续投资于教育、种族平等与正义以及环境保护。我们正在朝着更具包容性和多样性的员工队伍取得重要进展。
Through our Community Education Initiative, we're working alongside more than 150 partners to help students around the world learn new science and technology skills. This summer, we joined with community partners to support coding academies across the United States from Code Academy in Nashville to One Summer Chicago to the Coding 5K Camp for Girls right next door in San Jose.
通过我们的社区教育计划，我们与 150 多个合作伙伴合作，帮助世界各地的学生学习新的科学和技术技能。今年夏天，我们与社区合作伙伴一起支持美国各地的编程学院，从纳什维尔的 Code Academy 到芝加哥的 One Summer Chicago，再到圣何塞隔壁的 Coding 5K Camp for Girls。
We've also just expanded our racial equity and justice initiative into the UK for the first time. Alongside the South Pink Center, we're helping aspiring creators develop their own voices and position themselves for long-lasting careers.
我们还将我们的种族平等和正义倡议首次扩展到英国。 与南粉色中心一起，我们正在帮助有抱负的创作者发展自己的声音，并为他们打下长久职业生涯的基础。
Back in the US, we welcomed a new class of Black, Latino and indigenous entrepreneurs to Apple's second Impact Accelerator. This group of innovators is focused on using green technology to mitigate the effects of climate change and serve communities most affected by it.
在美国，我们欢迎一批新的黑人、拉丁裔和土著企业家加入苹果的第二届影响力加速器。这群创新者专注于利用绿色技术来减轻气候变化的影响，并为受其影响最严重的社区提供服务。
At Apple, we care deeply about protecting the planet for future generations. To that end, in support of our 2030 environmental goals, we have asked all of our suppliers to become carbon-neutral across their entire Apple-related footprint by the end of the decade. We are also providing them with resources based on what we learned achieving net-zero carbon in our own global operations.
在苹果，我们非常关心为子孙后代保护地球。为此，为了支持我们的 2030 年环境目标，我们要求所有供应商在本十年结束前实现整个与苹果相关的碳中和。我们还会根据我们在全球运营中实现净零碳排放的经验，为他们提供资源。
Across our entire product lineup, we also continue to source more materials through recycling while taking less from the Earth. Every iPhone 14 is made with 100% recycled rare-earth elements in all magnets, including those used in MagSafe.
在我们整个产品系列中，我们还在继续通过回收利用更多材料，减少对地球的开采。每部 iPhone 14 中所有磁铁都采用了 100%回收的稀土元素，包括 MagSafe 中使用的磁铁。
And in a first for Apple Watch and iPad, we're using recycled gold in the plating of multiple printed circuit boards in our newest devices. While we're working to reduce the footprint of our hardware, we're making changes to our software to be more environmentally-friendly with the soon-to-be released Clean Energy charging feature for iPhone.
在 Apple Watch 和 iPad 中首次使用回收金来镀多个印刷电路板，这是我们最新设备的创举。虽然我们正在努力减少硬件的占地面积，但我们也在软件方面做出改变，为即将发布的 iPhone 清洁能源充电功能做出更环保的贡献。
Our 2030 goal is a reflection of our relentless focus on the future at Apple. The world continues to be unpredictable as old challenges evolve and new ones emerge. What remains constant is the ability of our teams to create great products, services and experiences while being a force for good in the world.
我们的 2030 目标是苹果对未来的不懈关注的体现。世界依然充满不可预测性，旧有挑战不断演变，新挑战不断涌现。我们团队的能力始终如一，能够创造出优秀的产品、服务和体验，同时在世界上发挥积极作用。
Whatever challenges lie ahead in the new year, we're moving forward, as we always have, investing for the long-term to deliver incredible innovations for our customers like only Apple can.
无论新的一年面临着什么挑战，我们都会像往常一样前进，长期投资，为我们的客户提供只有苹果才能做到的令人难以置信的创新。
And now, I'll hand it over to Luca for more details on our performance.
现在，我将把话筒交给 Luca，让他详细介绍我们的表现。
Luca Maestri 卢卡·马埃斯特里
Thank you, Tim, and good afternoon, everyone. We are very pleased to report record financial results for the September quarter that capped another record fiscal year for Apple despite a challenging and volatile macroeconomic backdrop.
谢谢，蒂姆，大家下午好。尽管面临挑战和波动的宏观经济背景，但我们非常高兴地报告，苹果在 9 月季度取得了创纪录的财务业绩，为另一个创纪录的财政年度画上了句号。
We reached a September quarter revenue record of $90.1 billion, up 8% year-over-year despite over 600 basis points of negative foreign exchange impact, with new September quarter records in the Americas, Europe, Greater China and rest of Asia Pacific. Importantly, in constant currency, we grew nicely in each of our geographic segments, with strong double-digit growth outside the US.
我们在 9 月季度实现了创纪录的 901 亿美元营收，同比增长 8%，尽管受到 600 多个基点的负面外汇影响，但在美洲、欧洲、大中华地区和亚太其他地区创下了新的 9 月季度纪录。重要的是，在恒定货币条件下，我们在各地理区段均实现了良好增长，在美国以外地区实现了强劲的两位数增长。
Products revenue was $71 billion, up 9% over last year despite FX headwinds and a record for the September quarter. And it was a September quarter revenue record for iPhone and Wearables, Home and Accessories and an all-time revenue record for Mac.
产品收入为 710 亿美元，较去年增长 9%，尽管受到外汇风险的影响，创下了 9 月季度的记录。iPhone 和可穿戴设备、家居和配件的 9 月季度收入创下了记录，Mac 实现了有史以来的最高收入记录。
Overall, our installed base of active devices continue to grow nicely. It reached an all-time high for all major product categories and geographic segments at the end of the quarter, thanks to extremely strong customer satisfaction and loyalty and a high number of customers that are new to our products.
总体而言，我们的活跃设备安装基数继续良好增长。由于极高的客户满意度和忠诚度以及大量新客户使用我们的产品，各主要产品类别和地理区域在本季度末达到历史最高水平。
Our Services set a September quarter revenue record of $19.2 billion, up 5% over a year ago despite over 600 basis points of negative impact from foreign exchange. We reached September quarter revenue records in the Americas, Europe, Greater China and rest of Asia Pacific and also in many Services categories, including all-time revenue records for cloud services and payment services.
我们的服务在 9 月季度实现了 192 亿美元的收入纪录，较一年前增长 5%，尽管受到外汇汇率影响的 600 多个基点的负面影响。我们在美洲、欧洲、大中华地区、亚太地区其他地区以及许多服务类别中实现了 9 月季度收入纪录，包括云服务和支付服务的历史收入纪录。
Company gross margin was a September quarter record at 42.3%. It was down 100 basis points from last quarter due to unfavorable foreign exchange and a different mix, partially offset by leverage. Products gross margin was 34.6%, up 10 basis points sequentially, with improved leverage and favorable mix partially offset by foreign exchange. Services gross margin was 70.5%, down 100 basis points sequentially, primarily due to foreign exchange. Net income of $20.7 billion, diluted earnings per share of $1.29 and operating cash flow of $24.1 billion were all September quarter records.
公司毛利率创下了 9 月季度的纪录，达到 42.3%。由于不利的外汇和不同的产品组合，较上一季度下降了 100 个基点，部分被杠杆效应抵消。产品毛利率为 34.6%，按顺序增加了 10 个基点，改善了杠杆效应和有利的产品组合，部分被外汇抵消。服务毛利率为 70.5%，按顺序下降了 100 个基点，主要是由于外汇影响。净收入为 207 亿美元，每股摊薄收益为 1.29 美元，营业现金流为 241 亿美元，均创下了 9 月季度的纪录。
Let me now get into more detail for each of our revenue categories. iPhone revenue grew 10% year-over-year to a September quarter record of $42.6 billion, despite significant foreign exchange headwinds. We set September quarter records in the vast majority of markets we track, and our performance was particularly impressive in several large emerging markets, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia and Mexico more than doubling year-over-year.
让我现在更详细地介绍我们每个收入类别。iPhone 收入同比增长 10%，达到了 42.6 亿美元，创下了 9 月季度的纪录，尽管受到了重大外汇风险的影响。我们在追踪的绝大多数市场中创下了 9 月季度的纪录，我们的表现在一些大型新兴市场尤其令人印象深刻，印度创下了有史以来的最高收入纪录，而泰国、越南、印度尼西亚和墨西哥的收入同比增长超过一倍。
Thanks to our strong iPhone lineup, we set a quarterly record for upgraders and grew switchers double digits. This level of sales performance, along with unmatched customer loyalty, drove the active installed base of iPhones to a new all-time high across all geographic segments. And the latest survey of US consumers from 451 Research indicates iPhone customer satisfaction of 98%.
由于我们强大的 iPhone 系列产品，我们为升级用户创下了季度纪录，并使转换用户增长了两位数。这种销售业绩水平，加上无与伦比的客户忠诚度，推动了 iPhone 在所有地理区域的活跃用户基数达到历史新高。而来自 451 Research 对美国消费者的最新调查显示，iPhone 客户满意度达到 98%。
It was a great quarter for Mac. We achieved an all-time revenue record of $11.5 billion, up 25% year-over-year, despite significant FX headwinds. There were three key items that helped drive this performance. First, we benefited from the launch of our new MacBook Air and MacBook Pro powered by the M2 chip. Second, we were able to satisfy pent-up demand that carried forward from the significant supply constraints we faced during the June quarter. Third, as our supply position improved, we were able to fill the channel.
这是 Mac 的一个非常出色的季度。尽管受到重大外汇风险的影响，我们实现了创纪录的营收达到 115 亿美元，同比增长 25%。有三个关键因素推动了这一业绩。首先，我们受益于由 M2 芯片驱动的新款 MacBook Air 和 MacBook Pro 的推出。其次，我们能够满足从六月季度面临的重大供应约束中延续下来的积压需求。第三，随着我们的供应状况改善，我们能够填补渠道。
Mac的耐用程度远高于iPhone，这个产品的销售年度之间的变化更大。
Importantly, our investment in the category has attracted both upgraders and customers new to Mac and helped our installed base reach an all-time high. In fact, we set a quarterly record for upgraders, while nearly half of customers buying Macs during the quarter were new to the device.
重要的是，我们在这一类别的投资吸引了升级用户和新用户，并帮助我们的安装基数达到历史最高水平。事实上，我们为升级用户创下了季度记录，而在该季度购买 Mac 的客户中，将近一半是首次使用该设备的新用户。
iPad revenue was $7.2 billion, down 13% year-over-year due to significant negative foreign exchange and a challenging compare due to the launch of new iPads a year ago. Despite this, the iPad installed base reached a new all-time high, thanks to incredible customer loyalty and a high number of new customers. In fact, over half of the customers who purchased iPads during the quarter were new to the product.
iPad 收入为 72 亿美元，同比下降 13%，主要是由于重大负面外汇影响以及与一年前新 iPad 推出相比的挑战。尽管如此，由于客户忠诚度极高和大量新客户的加入，iPad 安装基数达到了新的历史最高水平。事实上，在本季度购买 iPad 的客户中，超过一半是新用户。
Wearables, Home and Accessories revenue was $9.7 billion, growing 10% year-over-year, driven by the launch of Apple Watch and new AirPods Pro. This level of safe performance along with very strong new tool rates, drove our installed base of devices in the category to a new all-time record. For instance, two-thirds of customers purchasing an Apple Watch during the quarter were new to the product.
可穿戴设备、家居及配件收入为 97 亿美元，同比增长 10%，主要受到 Apple Watch 和新 AirPods Pro 的推出推动。这种安全性能水平以及非常强劲的新工具率，推动了该类别设备的安装基数创下新的历史记录。例如，在本季度购买 Apple Watch 的客户中，有三分之二是该产品的新用户。
Moving to Services, as I mentioned, we set a September quarter record in aggregate and in most geographic segments, generating $19.2 billion in revenue in spite of very large foreign exchange headwinds.
转向服务领域，正如我所提到的，尽管受到巨大的外汇风险影响，我们在整体和大多数地理区域创下了九月季度的收入纪录，实现了 192 亿美元的收入。
It is important to remember, that we achieved double-digit constant currency growth in Services on top of growing 26% during the September quarter a year ago. However, certain services were impacted by macroeconomic headwinds, including foreign exchange.
重要的是要记住，我们在去年 9 月季度增长 26%的基础上，在服务领域实现了两位数的恒定货币增长。然而，某些服务受到宏观经济风险的影响，包括外汇。
Digital advertising and gaming are areas where we've seen some softness. Throughout the quarter, we continued to observe several trends that reflect the strength of our ecosystem and our long-term opportunity in the category.
数字广告和游戏是我们看到一些疲软的领域。在整个季度，我们继续观察到几种趋势，反映了我们生态系统的实力和该领域的长期机会。
First, our continued installed base growth across each geographic segment and each major product category represents a great foundation for future expansion of our ecosystem.
首先，我们在每个地理细分市场和每个主要产品类别上持续增长的安装基数，为未来扩展我们生态系统打下了良好的基础。
Second, we saw increased customer engagement with our Services during the quarter. Both our transacting accounts and paid accounts grew double digits year-over-year, each setting a new all-time record. The percentage of accounts that pay for our services continues to increase, and we still see plenty of opportunity ahead of us.
其次，我们在本季度看到客户对我们的服务的参与度增加。我们的交易账户和付费账户均同比增长两位数，创下新的历史纪录。付费我们服务的账户比例持续增加，我们仍然看到大量的机会在前方。
Third, paid subscriptions showed very strong growth. We now have more than 900 million paid subscriptions across the Services on our platform, up more than 155 million during the last 12 months alone and double what we had just three years ago.
第三，付费订阅显示出非常强劲的增长。我们平台上的服务现在拥有超过 9 亿个付费订阅，仅在过去 12 个月内增加了超过 1.55 亿个，是三年前的两倍。
We continue investing in new content and features, across our service offerings. For example, we added several popular sports titles to Apple Arcade. We're also excited about our global partnership with Major League Soccer, where starting next season, fans can stream every single MLS match through the Apple TV app.
我们继续在我们的服务提供中投资新内容和功能。例如，我们在 Apple Arcade 中添加了几款受欢迎的体育游戏。我们还对与美国职业足球大联盟的全球合作伙伴关系感到兴奋，从下个赛季开始，球迷可以通过 Apple TV 应用程序直播每一场 MLS 比赛。
This momentum helped us achieve over $78 billion in Services revenue during fiscal 2022, a new record and up 14% year-over-year. We continue to invest confidently and believe strongly in the long-term potential of our Services business, which is already the size of a Fortune 50 business on its own, and has nearly doubled during the last four years.
这种势头帮助我们在 2022 财年实现超过 780 亿美元的服务收入，创下新纪录，同比增长 14%。我们继续自信地投资，并坚信我们的服务业务具有长期潜力，其规模已经相当于财富 50 强企业，并在过去四年几乎翻了一番。
It was not only a record year for Services but also for our entire company. During the past four quarters, we grew our business by 8% or $29 billion, reaching more than $394 billion of revenue. We grew diluted earnings per share by 9% and generated over $111 billion of free cash flow, up 20% year-over-year.
这不仅是服务业创纪录的一年，也是我们整个公司创纪录的一年。在过去的四个季度中，我们的业务增长了 8%，达到了 290 亿美元，收入超过了 3940 亿美元。我们的每股摊薄收益增长了 9%，自由现金流超过了 1110 亿美元，同比增长了 20%。
It was also a strong year for our enterprise business, as we set new annual records for iPhone, iPad and Mac during fiscal 2022 and grew strong double-digits year-over-year as our devices and services continue to help more-and-more companies empower their employees and serve their customers.
对于我们的企业业务来说，2022 财年也是一个强劲的一年，我们在这一财年为 iPhone、iPad 和 Mac 创下了新的年度记录，并且同比增长了两位数，因为我们的设备和服务继续帮助越来越多的公司赋予员工力量并为客户提供服务。
For instance, Ford Manufacturing employees are using iPad and iPhone to help further improve the quality of its game-changing Ford F-150 Lightning electric trucks. iPhone's powerful A-series chip and advanced camera systems, along with third-party iOS apps, are enabling Ford to automate the visual quality inspection process in real-time to help address issues before they impact customers.
例如，福特制造员工正在使用 iPad 和 iPhone 来帮助进一步提高其具有颠覆性意义的福特 F-150 闪电电动卡车的质量。iPhone 强大的 A 系列芯片和先进的摄像系统，以及第三方 iOS 应用程序，使福特能够实时自动化视觉质量检查过程，以帮助解决问题，避免对客户产生影响。
And Cisco expanded its Macs as a choice program and is now offering it to all its employees to help attract and retain top talent. And when given this choice, employees have chosen Macs twice as often as other options.
思科扩大了其作为选择计划的 Mac，并现在向所有员工提供，以帮助吸引和留住顶尖人才。而当给予这个选择时，员工选择 Mac 的频率是其他选项的两倍。
几乎每篇都有的内容，都是大企业，有钱的企业。
In addition, many enterprise customers are taking advantage of the high residual value of our products and simple trade-in process to standardize the refresh cycles for their fleets of Apple devices. This allows employees to upgrade to the latest devices regularly while making it highly predictable and cost effective for the business.
此外，许多企业客户正在利用我们产品的高残值和简单的置换流程，以规范其苹果设备群的更新周期。这使得员工可以定期升级到最新设备，同时使业务高度可预测且具有成本效益。
Let me now turn to our cash position. Our business continues to generate very strong cash flow, which enabled us to return over $29 billion to shareholders during the September quarter. This included $3.7 billion in dividends and equivalents and $25.2 billion through open market repurchases of 160 million Apple shares.
让我现在转向我们的现金状况。我们的业务继续产生非常强劲的现金流，这使我们在 9 月季度向股东返还超过 290 亿美元。其中包括 37 亿美元的股息和等值物，以及通过开放市场回购 1.6 亿股苹果股票的 252 亿美元。
We ended the quarter with $169 billion in cash and marketable securities. We repaid $2.8 billion in maturing debt and decreased commercial paper by $1 billion while issuing $5.5 billion of new debt, leaving us with total debt of $120 billion. As a result, net cash was $49 billion at the end of the quarter as we continue to make progress toward our goal of becoming net cash neutral over time.
我们以 1690 亿美元的现金和可变现证券结束了本季度。我们偿还了 28 亿美元到期债务，并将商业票据减少了 10 亿美元，同时发行了 55 亿美元的新债务，使我们的总债务达到 1200 亿美元。因此，本季度末净现金为 490 亿美元，我们在朝着逐步实现净现金中性的目标取得进展。
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 macroeconomic outlook and 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，但我们会根据宏观经济展望和与 COVID 相关的对我们业务的影响不会比我们今天为本季度所预测的情况更糟的假设，分享一些方向性见解。
Overall, we believe total company year-over-year revenue performance will decelerate during the December quarter as compared to the September quarter for a number of reasons. First, we expect nearly 10 percentage points of negative year-over-year impact from foreign exchange.
总体而言，我们认为公司整体年同比营收表现将在 12 月季度相对于 9 月季度放缓，原因有几个。首先，我们预计年同比受外汇影响将减少近 10 个百分点。
Second, on Mac, in addition to increasing FX headwinds, we have a very challenging compare against last year, which had the benefit of the launch and associated channel fill of our newly redesigned MacBook Pro with M1. Therefore, we expect Mac revenue to decline substantially year-over-year during the December quarter.
其次，在 Mac 上，除了面临汇率不利影响增加外，我们还面临着与去年相比非常具有挑战性的对比，去年我们推出全新设计的搭载 M1 芯片的 MacBook Pro，并伴随着渠道填充带来的好处。因此，我们预计 Mac 收入在 12 月季度将出现大幅下降。
Specifically on Services, we expect to grow but to be impacted by the macroeconomic environment increasingly affecting foreign exchange, digital advertising and gaming. We expect gross margin to be between 42.5% and 43.5%. We expect OpEx to be between $14.7 billion and $14.9 billion.
具体来说，在服务方面，我们预计会增长，但会受到宏观经济环境的影响，这种影响越来越影响外汇、数字广告和游戏。我们预计毛利率将在 42.5%至 43.5%之间。我们预计运营支出将在 147 亿美元至 149 亿美元之间。
We expect OI&E to be around negative $300 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16.5%. Finally, today, our Board of Directors has declared a cash dividend of $0.23 per share of common stock, payable on November 10, 2022, to shareholders of record as of November 7, 2022.
我们预计 OI&E 将在负 3 亿美元左右，不包括少数投资的按市值计算可能产生的影响，我们的税率大约为 16.5%。最后，今天，我们的董事会宣布每股普通股派发现金股利 0.23 美元，将于 2022 年 11 月 10 日支付给截至 2022 年 11 月 7 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 that you limit yourself to two questions. Operator, may we please have the first question?
谢谢，卢卡。我们要求您仅限于提出两个问题。操作员，请问第一个问题可以吗？
Question-and-Answer Session
问答环节
Operator 操作员
We'll go ahead and take our first question from Shannon Cross calling from Credit Suisse. Please go ahead.
我们将从瑞士信贷的 Shannon Cross 提问开始。请提问。
Q – Shannon Cross
Thank you very much. It's great to talk to you on the call again. I'm wondering, can you just talk a bit about how you're thinking about this iPhone generation? On the positive side, you've raised prices. It seems to be mixing up. On the negative side, investors are concerned about impacted demand from the higher prices, what Huawei meant to you in prior years versus what could happen now. There are just some pressures out there. So I'm curious if you can kind of talk to what you're seeing initially in iPhone demand and how you think it will move through. With the caveat that I understand, things are pretty uncertain out there. And then I have a follow-up. Thank you.
非常感谢。再次通过电话与您交谈感觉很棒。我想知道，您能否谈一下您对这一代 iPhone 的看法？从积极的一面来看，您已经提高了价格。似乎有些混乱。从消极的一面来看，投资者担心高价格会影响需求，华为在之前几年对您意味着什么，以及现在可能发生的情况。外部存在一些压力。因此，我很好奇您能否谈一下您最初看到的 iPhone 需求情况以及您认为它将如何发展。我明白，目前情况相当不确定。然后我有一个后续问题。谢谢。
Tim Cook 蒂姆·库克
Shannon, it's Tim. Welcome back. iPhone grew 10% in the Q4 timeframe to $42.6 billion. Customer demand was strong and better than we anticipated that it would be. And keep in mind that this is on top of a fiscal year of 2021 that had iPhone revenue grow by 39%, and so it's a tough compare as well. And so we were happy with it.
香农，我是蒂姆。欢迎回来。iPhone 在第四季度增长了 10%，达到 426 亿美元。客户需求强劲，比我们预期的要好。请记住，这是在 2021 财年 iPhone 收入增长 39%的基础上，所以这也是一个艰难的比较。所以我们对此感到满意。
In terms of the new products, the 14 and the 14 Pro and Pro Max, the -- it's still very early. But since the beginning, we've been constrained on the 14 Pro and the 14 Pro Max and we continue to be constrained today. And so we're working very hard to fulfill the demand. It's difficult to say what the mix will be until we can satisfy the demand because we don't really -- we're not able to determine the accurate mix until then. And so we -- but we're working very hard to do that.
就新产品而言，14、14 Pro 和 Pro Max，目前还处于早期阶段。但自一开始，我们一直受到 14 Pro 和 14 Pro Max 的限制，而且今天仍然受到限制。因此，我们正在努力满足需求。在我们能够满足需求之前很难说混合比例会是什么，因为在那之前我们无法确定准确的比例。因此，我们正在非常努力地做到这一点。
We were really pleased with the broadness of the iPhone strength last quarter. We had three of the top four smartphones in the U.S. and the UK, the top three in Urban China, the top six in Australia, four out of the top five in Germany and the top two in Japan. And customer satisfaction for the iPhone remains very, very strong at 98%.
我们对上个季度 iPhone 的强势表现感到非常满意。在美国和英国，我们拥有前四名中的三款智能手机，在中国城市地区拥有前三名，在澳大利亚拥有前六名，在德国拥有前五名中的四款，在日本拥有前两名。iPhone 的客户满意度仍然非常高，达到了 98%。
And so we feel very good about how we performed in Q4. And certainly, the start of this generation would suggest that we're going to be constrained for a little while on the 14 Pro and 14 Pro Max. But we're working very hard to try to remedy that.
因此，我们对我们在第四季度的表现感到非常满意。当然，这一代的开始表明我们在 14 Pro 和 14 Pro Max 上可能会有一段时间的限制。但我们正在非常努力地努力解决这个问题。
Shannon Cross 香农·克罗斯
Thank you. And then, Luca, can you talk a bit about gross margin puts and takes? Just how we should think about, I mean, 10 basis points of currency this coming quarter is, I don't want to say unprecedented, but maybe it is. So I know you have hedges, but how do we think about it flowing through? And then what other -- components seem to be very favorable. But what else should we throw into the mix as we look forward?
谢谢。接下来，Luca，你能谈一下毛利率的增减吗？我们应该如何考虑，我是说，这个季度即将出现的 10 个基点的货币，我不想说是前所未有的，但也许是。我知道你们有对冲，但我们应该如何看待它的流动？然后其他 -- 组件似乎非常有利。但在展望未来时，我们还应该考虑什么？
Luca Maestri 卢卡·马埃斯特里
Yeah. Well, let me start with gross margin in Q4 and then I'll get to Q1. It was a September quarter record for the company. We did 42.3%, and that is in spite of, as you mentioned, very significant negative FX in -- for example, for Q4, on a sequential basis, FX was negative 70 basis points and on a year-over-year basis it was negative 170 basis points. Essentially every currency around the world has weakened against the dollar.
是的。好的，让我先从第四季度的毛利率开始，然后再谈到第一季度。这是公司创下的 9 月季度纪录。我们的毛利率为 42.3%，尽管正如您提到的，外汇汇率非常不利——例如，对于第四季度，按季度计算，外汇汇率下降了 70 个基点，按年度计算下降了 170 个基点。实际上，全球各国的货币都在对美元贬值。
Now, we have guided Q1 to 42.5% to 43.5% in spite of the fact that we have, on a year-over-year basis, 330 basis points of negative exchange. Sequentially, it's 120 basis points unfavorable. So obviously, the strong dollar makes it difficult in a number of areas. Obviously, our pricing in emerging markets makes it difficult, and the translation of that revenue back into dollars is affected. But on the positive side, we are seeing commodities behave fairly favorably for us.
现在，尽管我们在同比基础上有 330 个基点的负面汇率影响，但我们已将 Q1 指导至 42.5%至 43.5%。从季度顺序来看，这是 120 个基点的不利影响。显然，强势美元在许多领域造成了困难。显然，我们在新兴市场的定价也带来了困难，将这些收入转换回美元也受到影响。但积极的一面是，我们看到大宗商品对我们相当有利。
And so we believe we can offset the foreign exchange – the negative foreign exchange that we're seeing. And I think that the guidance that we provided reflects that. It takes into account, of course, FX. It takes into account some level of inflationary pressures. But I think the outcome is, I think, is a good one.
因此，我们相信我们可以抵消我们正在看到的负面外汇。我认为我们提供的指导反映了这一点。当然，它考虑了外汇。它考虑了一定程度的通货膨胀压力。但我认为结果是一个好的。
Shannon Cross 香农·克罗斯
Great. Thank you very much.
太好了。非常感谢。
Tejas Gala 特贾斯·加拉
Thanks, Shannon. Can we have the next question, please?
谢谢，香农。请问，我们可以提下一个问题吗？
Operator 操作员
Yes, sir. Our next question is coming from Erik Woodring with Morgan Stanley. Please go ahead, sir.
是的，先生。我们下一个问题来自摩根士丹利的 Erik Woodring。请您发言。
Erik Woodring 埃里克·伍德林
Hey, guys, thanks very much for taking my questions. I have two as well. Maybe if we could just start. Luca, we saw quite the divergence in iPad and Mac performance this quarter. Both were relatively constrained from a supply perspective. So maybe can you just elaborate on some of the most impacted -- important factors that contributed to kind of the divergence in performance and whether after we get through the December quarter, those can reverse or normalize? And then I have a follow-up.
嘿，各位，非常感谢你们回答我的问题。我也有两个问题。也许我们可以开始。Luca，我们在本季度看到了 iPad 和 Mac 表现出现了相当大的分歧。从供应的角度来看，两者都受到了一定的限制。所以也许你可以详细说明一下导致表现分歧的一些最重要因素，以及在我们度过 12 月季度之后，这些因素是否会逆转或正常化？然后我有一个后续问题。
A – Tim Cook A – 蒂姆·库克
Yeah, Erik, it's Tim. I'll take your question. On – if you look at the Mac, the Mac, it was the best quarter we've ever had in the history of the company. It was helped by the product launch of the MacBook Air with M2. It was helped that in the previous quarter, in the June quarter, if you remember, we lost output from the factory for a significant portion of the quarter. And so we had a backlog exiting our Q3 headed into Q4. We were able to satisfy all of that demand during Q4 and filled the channel for the Mac. And so that led to an incredible Mac quarter.
是的，Erik，我是 Tim。我来回答你的问题。关于 Mac，Mac，这是我们公司历史上最好的一个季度。这得益于 MacBook Air 搭载 M2 的产品发布。在上一个季度，也就是六月季度，如果你还记得的话，我们在工厂失去了一部分产能，这对我们有所帮助。所以我们在 Q3 结束时有了积压订单，进入 Q4。我们在 Q4 期间满足了所有需求，并填满了 Mac 的渠道。这导致了一个令人难以置信的 Mac 季度。
If you look at iPad, iPad had sort of the opposite happening from a launch point of view. The comp from a year ago, we launched iPads in September. We launched iPads this year in October. The other point to remember is that the iPad Pro had just launched before the quarter started in the year-ago quarter so it was our first full quarter of iPad Pro. So it was an exceptionally strong iPad quarter a year ago, and the launches were really key to that performance. And so that's the reason iPad contracted during this quarter.
如果你看 iPad，iPad 在推出时发生了一些相反的情况。与一年前相比，我们去年 9 月推出了 iPad。而今年我们在 10 月推出了 iPad。另一个要记住的点是 iPad Pro 在去年同期开始之前刚刚推出，所以那是我们 iPad Pro 的第一个完整季度。所以一年前的 iPad 季度异常强劲，而这些推出对于那个表现非常关键。这就是 iPad 在这个季度收缩的原因。
Erik Woodring 埃里克·伍德林
Okay, that's helpful. Thank you, Tim. And then maybe, Luca, if I were just to ask you, obviously, Tejas at the beginning of the call talked about the 14-week quarter. Maybe can you just elaborate a little bit on how you think that 14-week quarter impacts different line items, whether it's products or certain segments within the product business or the Services stand-alone? Just where we should see that 14-week quarter provide a bit more of a tailwind versus maybe not have an impact at all? And that's it for me. Thanks.
好的，这很有帮助。谢谢，蒂姆。也许，卢卡，如果我只是问你，显然，泰加斯在通话开始时谈到了 14 周的季度。也许你能详细说明一下，你认为这个 14 周的季度如何影响不同的项目，无论是产品还是产品业务中的某些部分，或者独立的服务？我们应该看到这个 14 周的季度在某种程度上提供了更多的支持，而不是完全没有影响？这就是我要说的了。谢谢。
Luca Maestri 卢卡·马埃斯特里
In general, we have a few more days in the quarter that we're going to -- are going to affect both our revenues and our costs. Not every week is equal because obviously, we have certain peaks during the course of the quarter.
通常情况下，我们在本季度还有几天将会影响我们的收入和成本。并非每周都一样，因为显然，在整个季度过程中我们有一些高峰期。
Think about Black Friday or the Christmas holiday. But, in general, we're adding a few days of sale and additional OpEx as well on the cost front. So that's what happens to us every approximately six years as we need to align our weekly calendar to the fiscal calendar.
想想黑色星期五或圣诞节假期。但总的来说，我们在销售方面增加了几天，并且在成本方面也增加了额外的运营支出。这就是我们每大约六年需要将我们的周历与财务日历对齐的情况。
Erik Woodring 埃里克·伍德林
Super. Thanks, guys. 太棒了。谢谢，伙计们。
Tejas Gala 特贾斯·加拉
Thanks, Erik. Can we have the next question, please?
谢谢，Erik。请问下一个问题可以吗？
Operator 操作员
Yes, sir. The next question is coming from Ben Bollin calling from Cleveland Research.
是的，先生。下一个问题来自本·博林，他来自克利夫兰研究。
Ben Bollin 本·博林
Good afternoon, everyone. Thank you for taking the question. Tim, I was hoping we could talk a little bit about services, pieces within the portfolio. It looks like there's been some price adjustments as of late with respect to Music, TV+ and the One bundle. I'm curious how you think about balancing the consumer price versus your own costs and kind of the associated follow-through. And then I have a follow-up.
各位下午好。感谢大家提问。蒂姆，我希望我们可以谈一谈关于服务、组合中的一些部分。最近似乎在音乐、TV+和 One 捆绑包方面进行了一些价格调整。我很好奇您是如何考虑平衡消费者价格与您自己成本以及相关后续的。然后我有一个后续问题。
Tim Cook 蒂姆·库克
Yes. If you look at the price increase that you referenced, Ben, on Monday of this week, we announced a price increase on Apple Music and on Apple TV+ and then the corresponding Apple One, that is the consolidated bundle that includes both of those.
是的。如果你看一下你提到的价格上涨，本，本周一，我们宣布了 Apple Music 和 Apple TV+的价格上涨，以及相应的 Apple One，这是一个整合了这两者的捆绑服务。
On -- there's really two different situations here. With Music, the cost of licensing increased. And so we are paying more for music. The good thing about that is the artist will also get more money for their songs that are enjoyed on streaming. And so there's some bit of good news there, I suppose.
在这里确实有两种不同的情况。在音乐方面，许可成本增加了。因此，我们为音乐付出的费用更多了。好消息是，艺术家也会因在流媒体上受欢迎的歌曲而获得更多的钱。所以在这方面有一些好消息，我想。
And then on Apple TV+, if you look at when we first priced it, we only had a very few shows. We were at the beginning. We are very focused on originals only, and so we had four or five shows or so in the beginning and priced it quite low.
然后在 Apple TV+上，如果你看一下我们最初定价时，我们只有很少的节目。我们处于起步阶段。我们非常专注于原创内容，所以一开始只有四五个节目，而且定价相当低。
We now have a lot more content and are coming out on -- with more each and every month. And so, we've increased the price to represent the value of the service. And of course, Apple One is just the consolidation of those two price changes.
我们现在拥有更多的内容，并且每个月都会推出更多内容。因此，我们提高了价格以体现服务的价值。当然，Apple One 只是这两次价格调整的整合。
Ben Bollin 本·博林
Okay. And then, another item. Any preliminary thoughts around capital intensity into fiscal 2023? Last couple of years, CapEx has been relatively stable. Can you talk to the big constituents of the CapEx figure and maybe any moving pieces and how we could think about that to 2023? Thank you.
好的。然后，另一个项目。对于到 2023 财政年度的资本密集度有什么初步想法吗？过去几年，资本支出相对稳定。您能谈谈资本支出数字的主要组成部分，也许有哪些变动因素，以及我们如何考虑到 2023 年？谢谢。
Luca Maestri 卢卡·马埃斯特里
Yes, Ben. So when we look at our CapEx, as you correctly said, I mean, we've been fairly stable, and I think our capital intensity is really very good. We have three major buckets in CapEx for the company. We have certain dedicated tools for the manufacturing facilities. We had some spend around data centers, and we have spend around our office facilities around the world. We obviously monitor all of them. There is nothing unusual that we see for the next 12 months.
是的，本。所以当我们看我们的资本支出时，正如你所说的，我的意思是，我们一直相当稳定，我认为我们的资本密集度确实非常好。我们公司的资本支出有三个主要方面。我们为制造设施配备了一些专用工具。我们在数据中心周围有一些支出，我们在全球各地的办公设施周围也有支出。我们显然会监控所有这些。在接下来的 12 个月里，我们没有看到任何异常情况。
苹果在软件创新上的压力不大，那些需要时刻保持创新的是不是自己找来的问题？我们刚砍掉一个内部系统的组件，越收敛越容易做好，当下的大部分在未来都是不成立的。
Ben Bollin 本·博林
Okay. Thanks, guys. 好的。谢谢，各位。
Tejas Gala 特贾斯·加拉
Thanks, Ben. Can we have our next question, please
谢谢，本。我们可以请你提出下一个问题吗？
Operator 操作员
Yes, sir. Our next question is coming from Kyle McNealy calling from Jefferies. Please go ahead.
是的，先生。我们下一个问题来自杰弗里斯的凯尔·麦克尼利。请讲。
Kyle McNealy 凯尔·麦克尼利
Hi, thanks very much. Just wanted to see if you could give us a sense for what drove the Wearables result and the strength there this quarter. Was it from the maybe strong iPhone attach rates or the new products that you have available that were announced this quarter, or maybe you're still getting some benefit from customers that are more willing to come into the store now and try things on versus the pandemic when that was kind of shut down?
嗨，非常感谢。只是想了解一下是什么推动了本季度可穿戴设备的业绩和强劲表现。是因为可能强劲的 iPhone 附加率，还是因为本季度推出的新产品，或者可能仍然受益于现在更愿意进店试穿东西的顾客，相比疫情期间那种关闭的情况？
Tim Cook 蒂姆·库克
Yes. Kyle, it's Tim. The -- if you look at Wearables, we grew 10%, which we were very happy with. If you look at the individual pieces of that, Apple Watch was a contributor. And in particular, the new lineup was a contributor, including the Apple Watch Ultra and the Apple Watch Series 8 and the SE. The Ultra is -- was supply constrained and continues to be supply constrained during this quarter thus far. And so we're working hard to satisfy the demand bearing, get those products to customers.
是的。凯尔，我是蒂姆。如果你看看可穿戴设备，我们增长了 10%，这让我们非常高兴。如果你看看其中的细节，Apple Watch 是一个贡献者。特别是，新的产品线是一个贡献者，包括 Apple Watch Ultra、Apple Watch Series 8 和 SE。Ultra 是供应受限的，并且在本季度至今仍然受到供应限制。因此，我们正在努力满足需求，将这些产品提供给客户。
We also announced and launched the AirPods Pro in September. And the reviews for the product have just been off the charts in terms of the noise cancellation features and the sound quality. We're getting great, great reviews from there. In terms of what played the other way, the headwinds, obviously, FX was a headwind that affected Wearables, Home and Accessories, just like it affected the rest of our products and services. And we also had effect from the business in Russia, obviously, or the impact there. So that's sort of the pro and the con.
我们还在九月份宣布并推出了 AirPods Pro。就产品的降噪功能和音质而言，产品的评价一直都非常高。我们收到了很多很好的评价。在其他方面，不利因素显然是外汇对可穿戴设备、家庭和配件的影响，就像它影响了我们其他产品和服务一样。我们还受到了来自俄罗斯业务的影响，显然，或者说在那里的影响。所以这就是利弊。
The other thing that I should mention is that about two-thirds of the Apple Watches that we sold were to customers that had not previously owned an Apple Watch. And so the -- we're still very much selling to new customers here, which is very, very good for the future.
我应该提到的另一件事是，我们销售的 Apple Watch 中大约有三分之二是销售给之前没有拥有过 Apple Watch 的客户。因此，我们仍然在很大程度上吸引新客户，这对未来非常有利。
Kyle McNealy 凯尔·麦克尼利
Okay, great. One more quick one on Mac. I wanted to see if you could quantify at all how much the channel fill and how much came from satisfying back orders from the June period for Mac. We're just trying to get a sense for where the baseline is, if there's any sense you can give us on that. What would it have grown if not for those factors? Anything you can give us would be great. Thanks.
好的，太好了。再问一个关于 Mac 的问题。我想知道您是否能够量化渠道填充的程度，以及 6 月份 Mac 产品满足后订单的数量。我们只是想了解基准线在哪里，如果您能提供任何线索的话。如果没有这些因素，增长会是多少？您能提供的任何信息都会很有帮助。谢谢。
Tim Cook 蒂姆·库克
Yes. I would just say that all three of the reasons that I gave were key in achieving the 25%. The M2 MacBook Air, the launch of the new product, the -- satisfying the back orders from the previous quarter and then filling the channel, all of those were key contributors.
是的。我只想说，我提到的三个原因都是实现 25%增长的关键。M2 MacBook Air，新产品的推出，以及满足上一季度的订单并填充渠道，所有这些都是关键因素。
Kyle McNealy 凯尔·麦克尼利
Okay, Tim. Thanks. 好的，蒂姆。谢谢。
Tejas Gala 特贾斯·加拉
Thanks, Kyle. Can we have our next question, please
谢谢，凯尔。我们可以请你提出下一个问题吗？
Operator 操作员
Yes, sir. The next question is coming from Mr. Jim Suva calling from Citigroup.
是的，先生。下一个问题来自花旗集团的 Jim Suva 先生。
Jim Suva 吉姆·苏瓦
Thank you and it's great to see that you talked about your suppliers going carbon-neutral, something -- a small statement I really took to heart. Thank you. My question is on the Services. Could it possibly be impacted more by FX than product, meaning the Jim Suva family has Apple One and TV+ and all that, and we pay typically on annual, but then when we go into the store to buy new Watches and iPad, the price is adjusted more quickly. So could it be that Services growth was impacted a little bit more by FX and down the road, we could see growth reaccelerate, or am I just reading too much into the FX impact that could be different from Services versus product? Thank you.
谢谢，很高兴看到您谈到供应商实现碳中和，这是一句话——一句让我感动的小话。谢谢。我的问题是关于服务。汇率对服务的影响可能比产品更大，这意味着吉姆·苏瓦一家拥有 Apple One 和 TV+等服务，我们通常是按年度付费，但当我们进入商店购买新的手表和 iPad 时，价格会调整得更快。因此，服务增长受到汇率的影响可能更大一些，未来我们可能会看到增长重新加速，或者我只是对汇率的影响读得太多，这可能与服务和产品不同吗？谢谢。
Luca Maestri 卢卡·马埃斯特里
Jim, it's Luca. No, you're right. Obviously, the FX impact on our business depends on the geographic mix of the sales that we do. And so yes, it can be -- Services and products can have slightly different effects on foreign exchange. And so, if we look at our Services business in constant currency, we would have grown double digits. And so we're very pleased with that.
吉姆，我是卢卡。不，你是对的。显然，外汇对我们业务的影响取决于我们销售的地理组合。因此是的，服务和产品可能对外汇产生略有不同的影响。因此，如果我们以恒定货币计算我们的服务业务，我们的增长率将达到两位数。所以我们对此非常满意。
As I mentioned, there were some areas that we could see some softness in digital advertising. Of course, you know that part, and gaming on the App Store was affected. But we were very happy with what we saw in terms of the behavior of our customers with the engagement with Services. And I mentioned a number of things during the prepared remarks, the fact that, obviously, that installed base is growing, that's a positive and it's a great foundation for the future.
正如我所提到的，我们在数字广告领域看到了一些疲软的地方。当然，你知道那部分，App Store 上的游戏受到了影响。但是，我们对客户在使用服务方面的行为感到非常满意。在准备好的讲话中，我提到了很多事情，显然，安装基数正在增长，这是一个积极的迹象，也为未来打下了良好的基础。
We are seeing more transacting accounts and more paid accounts, they're both growing double digits. Paid accounts are growing faster than transacting accounts, so the penetration of paid accounts is increasing. We have a great subscription business, 900 million paid subs now on the platform and growing very fast. We doubled in 3 years. So when we look at all those dynamics, that's the part that is really interesting to us because we really believe that the engine for Services growth is there and foreign exchange is a temporary thing and – but the fundamentals are very good.
我们看到更多的交易账户和付费账户，它们都在以两位数增长。付费账户的增长速度快于交易账户，因此付费账户的渗透率正在增加。我们拥有一个强大的订阅业务，在平台上现在有 9 亿付费订阅用户，并且增长非常迅速。我们在 3 年内翻了一番。因此，当我们看到所有这些动态时，这是我们真正感兴趣的部分，因为我们真的相信服务增长的引擎已经存在，外汇只是暂时的事情，但基本面非常好。
Jim Suva 吉姆·苏瓦
Thank you. Congratulations for your team.
谢谢。恭喜你的团队。
Tejas Gala 特贾斯·加拉
Thanks Jim. Can we have the next question, please.
谢谢，吉姆。请问下一个问题。
Operator 操作员
The next question is coming from Amit Daryanani from Evercore. Please go ahead.
下一个问题来自 Evercore 的 Amit Daryanani。请提问。
Amit Daryanani 阿米特·达亚纳尼
Thanks for taking my question. I have 2 as well. The first 1 really is around the iPhone trajectory. There's been a fair amount of focus in terms of what's going to happen to iPhone demand, given the macro worries. It would be really helpful to understand though, given the strength you're seeing, where do you think channel inventory is for iPhones today versus where it would be from a historical perspective? And do you see the channel getting to an optimal level by end of December quarter? Because evenly right now given the lead time data, it looks like your revenue trajectory in iPhones is more driven by the supply you have versus demand. So any color on the channel inventory would be helpful.
谢谢您回答我的问题。我也有两个问题。第一个问题实际上是关于 iPhone 的发展轨迹。鉴于宏观担忧，人们对 iPhone 需求的走势关注颇多。然而，了解您目前看到的强劲势头，对于如今的 iPhone 渠道库存与历史角度相比的情况将会非常有帮助。您认为到 12 月底季度结束时，渠道库存是否会达到最佳水平？因为目前根据交货时间数据，看起来您的 iPhone 收入走势更多受到您拥有的供应量而非需求的驱动。因此，任何关于渠道库存的信息都将有所帮助。
Tim Cook 蒂姆·库克
Yes. If you look at where we ended, Amit, in the September quarter, we exited below our target inventory range on iPhone and that's -- that in and of itself is not too unusual in the quarter. We start the ramp and demand is robust and so forth. And so I wouldn't call it that abnormal from the past.
是的。如果你看一下我们在九月季度结束时的情况，我们在 iPhone 的目标库存范围之下退出，这本身在这个季度并不太不寻常。我们开始增加产量，需求强劲等等。所以我不会说这比过去异常。
Q – Q -
Got it. And then I guess, Tim, you folks have been talking about digital advertising a fair bit over the last few quarters, I think. Is there any metrics, any vectors you can talk about kind of to give us a sense of how big those businesses or what vectors are you focused on? And really, if you could talk about, do you think Apple can build an advertising business at scale without sacrificing consumer privacy?
明白了。然后我猜，蒂姆，你们在过去几个季度里一直在谈论数字广告，是吧。有没有任何指标，任何向量可以让我们了解这些业务有多大，或者你们关注的是哪些向量？而且，你能谈谈你认为苹果能否在不牺牲消费者隐私的情况下建立一个规模化的广告业务吗？
Tim Cook 蒂姆·库克
So our -- first and foremost, we focus on privacy and so we would not do anything that stepped away from that. We feel that privacy is a basic fundamental human right, and so that's sort of the lens that we look at it under. Our specific advertising business is not large and relative to others and so forth. But we don't release the exact numbers on it, but it's clearly not large.
因此，我们首要关注隐私，因此我们不会做任何偏离这一点的事情。我们认为隐私是一项基本的人权，这是我们审视问题的角度。相对于其他公司，我们的特定广告业务规模并不大。但我们不会公布确切的数字，但显然规模不大。
苹果完全有能力做推荐引擎，具体怎么做还没有想好。
Tejas Gala 特贾斯·加拉
Thanks, Amit. Can we have the next question, please.
谢谢，阿米特。请问下一个问题可以吗？
Operator 操作员
Yes, sir. We'll now move on to Mr. Harsh Kumar calling from Piper Sandler. Please go ahead.
是的，先生。我们现在将转接到来自 Piper Sandler 的 Harsh Kumar 先生。请讲。
Harsh Kumar 哈什·库马
Yeah. Hey, thanks guys, First of all, fellows congratulations on stellar performance. There's a lot of large-cap companies that are getting ripped around, so we appreciate the steady cadence here. Tim, I wanted to ask you about inflation pressures and labor problems here in the US and globally. And maybe talk about what steps can Apple take to mitigate those? And maybe Luca, on that end, FX is becoming a pretty significant headwind. I was curious what -- if at all, if there's anything that can be done to mitigate that.
是的。嘿，谢谢大家，首先，伙计们，恭喜出色的表现。目前有很多大市值公司受到冲击，所以我们感谢这里的稳定节奏。蒂姆，我想问问你关于美国和全球的通胀压力和劳工问题。也许可以谈谈苹果可以采取什么措施来缓解这些问题？也许卢卡，在这方面，外汇已经成为一个相当大的阻力。我很好奇，是否有任何方法可以减轻这种情况。
Tim Cook 蒂姆·库克
I'll let Luca talk about FX. In terms of the people piece, we're focused on taking care of our teams and offering them the best benefits and best compensation so that we can empower them to do the best work of their lives. And so that's what we're focused on in terms of our teams.
我会让 Luca 谈谈外汇。在人员方面，我们专注于照顾我们的团队，为他们提供最好的福利和最佳的薪酬，以便赋予他们做人生中最好的工作的能力。这就是我们在团队方面关注的重点。
In terms of inflation, there's clearly wage inflation. There's inflation related to logistics as well. If you compare it to pre-pandemic kind of levels, that has not returned to pre pandemic levels by any means.
就通货膨胀而言，明显存在工资膨胀。与物流相关的通货膨胀也是如此。如果将其与疫情前的水平进行比较，那绝对还没有恢复到疫情前的水平。
And there's certain silicon components that are -- have inflationary pressure as well. And so that's not an all-inclusive list of where we see it, but it gives you some ingredients of where we see inflation pressure. And we've obviously taken that into consideration in the gross margin guidance that Luca gave earlier in the call.
有一些硅元件也存在通货膨胀压力。这并不是我们看到通货膨胀压力的全部领域，但它为您提供了一些我们看到通货膨胀压力的要素。我们显然已经考虑到这一点，并纳入了卢卡在通话中提供的毛利率指导中。
Luca Maestri 卢卡·马埃斯特里
Yes. And on foreign exchange, you're right. I mean, it's obviously a very significant factor that is affecting our results, both revenue and gross margin. What do we do about situation like this, one where we have a very strong dollar? Of course, we hedge our exposures. We try to hedge them in as many places as possible around the world. For example, I think we've been probably the first company that started hedging our exposure in China several years ago.
是的。关于外汇，你说得对。我是说，这显然是一个非常重要的因素，影响着我们的业绩，无论是收入还是毛利。像这样的情况，我们该怎么办，即我们面临着非常强劲的美元？当然，我们对冲我们的风险敞口。我们尽可能在世界各地的许多地方进行对冲。例如，我认为我们可能是几年前开始对冲在中国的风险敞口的第一家公司。
There may be a few currency, small ones, where we don't hedge because the cost is prohibitive or the market is not there. But in general, we tend to hedge because it gives us significant level of margin stability. Obviously, over time, that protection reduces because the hedges roll over and we need to buy new contracts. But that's the primary tool that we use to offset some of the FX pressure.
可能会有一些货币，较小的货币，我们不进行套期保值，因为成本太高或市场不存在。但一般来说，我们倾向于进行套期保值，因为它为我们提供了相当稳定的利润水平。显然，随着时间的推移，这种保护会减弱，因为套期保值会滚动，我们需要购买新的合约。但这是我们用来抵消一些外汇压力的主要工具。
Of course, when we launch new products, in particular, we look at the FX situation. And in some cases, for example, customers in international markets had to -- they saw some price increases when we launched the new products, which is not something that, for example, US customers have seen. And that's unfortunately the situation that we're in right now with the strong dollar. So that's the way we try to deal with that.
当然，当我们推出新产品时，特别是，我们会关注外汇情况。在某些情况下，例如，国际市场的客户在我们推出新产品时看到了一些价格上涨，这是美国客户没有看到的情况。不幸的是，这正是我们目前面临的强劲美元的情况。这就是我们尝试应对这种情况的方式。
I have to say that one of the things that we've really appreciated the most during the quarter was the fact that in spite of this very strong dollar and the difficult FX environment, we have seen very strong performance in many international markets, particularly some very large emerging markets where even in reported currencies, so in US dollars, we're seeing very strong double-digit growth in places like India, Indonesia, Mexico, Vietnam, many places where we've done incredibly well. And obviously, in local currency, those growth rates are even higher.
我不得不说，在本季度我们最欣赏的事情之一是，尽管美元非常强劲，外汇环境困难，但我们在许多国际市场表现非常强劲，特别是一些非常大的新兴市场，即使以美元计价，如印度、印度尼西亚、墨西哥、越南等地，我们看到了非常强劲的两位数增长，我们在这些地方表现非常出色。显然，在当地货币计价下，这些增长率甚至更高。
It's important for us to look at how these markets perform in local currency because it really gives us a good sense for the customer response to our products, the engagement with our ecosystem and in general, the strength of the brand. And I have to say, in that respect, we feel very, very good about the progress that we're making in a lot of markets around the world.
我们重要的是要看这些市场在本地货币中的表现，因为这真的让我们对客户对我们的产品的反应，与我们生态系统的互动以及总体上品牌的实力有了很好的感觉。在这方面，我不得不说，我们对我们在全球许多市场取得的进展感到非常非常满意。
Harsh Kumar 哈什·库马
Thanks, Tim and Luca. I had a follow-up. Luca, in your prepared remarks for the guidance, you mentioned that for the December quarter, you expect the performance to decelerate relative to September. So September was a year-over-year about, call it, 8%. Should I think that, that 8% number will go down on a year-over-year basis as we look at December? Maybe you could provide some color on what you're thinking. And are we still looking -- are we looking at a positive number, or are we thinking maybe that the growth rate will be negative on a year-over-year basis?
谢谢，蒂姆和卢卡。我有一个后续问题。卢卡，在你为指导方针准备的讲话中，你提到对于 12 月季度，你预计表现相对于 9 月会放缓。所以 9 月的同比大约是 8%。我应该认为，这个 8%的数字会在我们看 12 月的时候同比下降吗？也许你可以提供一些关于你的想法的细节。我们还在寻找正数，或者我们认为增长率可能会在同比基础上为负数吗？
Luca Maestri 卢卡·马埃斯特里
What we said is that we're going to be decelerating from September, so September was 8%, so it's going to be a lower percentage than 8%. We're not providing guidance for the reasons that we've explained. There's a lot of uncertainty there. And so we see how the quarter progresses. Keep in mind the 10 points of exchange. Certainly, in normal times, we will be talking about very different numbers, but that's where we are right now.
我们说的是我们将从 9 月开始减速，所以 9 月份是 8%，所以比 8%更低。我们没有提供指导的原因是我们已经解释过了。那里有很多不确定性。所以我们看季度的进展。记住 10 个交换点。在正常时期，我们会谈论非常不同的数字，但现在我们就是这样。
Harsh Kumar 哈什·库马
Thank you guys. 谢谢你们。
Tejas Gala 特贾斯·加拉
Thanks, Harsh. Can we have the next question please.
谢谢，哈什。我们可以请下一个问题吗？
Operator 操作员
Yes, sir. Next question is coming from Krish Sankar calling from Cowen & Company. Please go ahead.
是的，先生。下一个问题来自克里什·桑卡，他来自高盛公司。请提问。
Krish Sankar 克里什·桑卡
Yeah. Hi. Thanks for taking my question. I had two of them. First one, either for Tim or Luca, on cash and capital allocation. Given there's some correction and valuation for some of the private and public companies, does it change your thought process on the time line to get to cash-neutral? In other words, would you be more aggressive with acquisitions, or you think holding on to more cash due to interest income becomes more attractive versus your prior investment goals? And then I had a quick follow-up.
是的。嗨。谢谢您回答我的问题。我有两个问题。第一个问题，无论是提给 Tim 还是 Luca，关于现金和资本配置。鉴于一些私人和公共公司的一些修正和估值，这是否会改变您达到现金中性的时间表？换句话说，您是否会更积极地进行收购，或者您认为由于利息收入而持有更多现金变得更有吸引力，相对于您之前的投资目标？然后我有一个快速的跟进。
Tim Cook 蒂姆·库克
This is Tim. In terms of acquisitions, we averaged about one per month, I believe, in across fiscal year 2022. And so we're constantly looking in the market. And what's out there. And what things would be synergistic. And which things would provide either intellectual property or talent or preferably both that we would need. And so we're constantly looking at acquisitions of all sizes.
这是蒂姆。就收购而言，我相信在 2022 财年中，我们平均每月进行约一次。因此，我们不断关注市场上的情况。哪些是有利的。哪些事物会提供我们所需的知识产权或人才，最好是两者兼具。因此，我们不断关注各种规模的收购。
Luca Maestri 卢卡·马埃斯特里
In terms of cash deployment, obviously, we like to look at the capital return program over the long arc of time. And we have done, since the beginning of the program we've done over $550 billion of buyback at an average repurchase price of $47. So the program has been incredibly successful.
就现金配置而言，显然，我们喜欢从长期的角度看待资本回报计划。自计划开始以来，我们已经进行了超过 5500 亿美元的回购，平均回购价格为 47 美元。因此，该计划取得了非常成功的成果。
We are still in a position where we have net cash. And we said all along, we want to get to cash-neutral at some point. Our cash generation has been very, very strong over the years, particularly last year. I think, I mentioned in the prepared remarks, we did $111 billion of free cash flow. That's up 20% year-over-year. And so we will put that capital to use for investors.
我们仍处于净现金的位置。一直以来，我们都说过，我们希望在某个时候达到现金中性。多年来，我们的现金生成一直非常强劲，尤其是去年。我想在准备好的讲话中提到过，我们的自由现金流达到了 1110 亿美元。同比增长 20%。因此，我们将把这笔资金用于投资者。
Krish Sankar 克里什·桑卡
Got it, got it, very helpful, Tim and Luca. And then a quick follow-up for Luca on the December guidance, thanks for the color on that. I'm just kind of curious, the extra week in the quarter, is that not helping offset some of the FX, or in other words, the 10 percentage point negative impact from FX will be much higher if that's a 13-week quarter?
明白了，非常有帮助，Tim 和 Luca。然后对 Luca 关于 12 月指引的一个快速跟进，感谢提供相关信息。我有点好奇，季度多了一周，这难道不能帮助抵消一些外汇影响，换句话说，如果是一个 13 周的季度，外汇的负面影响会更大吗？
Luca Maestri 卢卡·马埃斯特里
No, I wouldn't say that because those are percentages. So yeah, no, the 10 points wouldn't be different. 13 or 14 weeks would be the same.
不，我不会这么说，因为那些是百分比。是的，不，这 10 个点不会有所不同。13 或 14 周是一样的。
Krish Sankar 克里什·桑卡
Got it. Got it. Thanks a lot Luca.
明白了。明白了。非常感谢，Luca。
End of Q&A 问答结束
Tejas Gala 特贾斯·加拉
Thank you, Krish. 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 number for the telephone replay is 866-583-1035. Please enter confirmation code 7086300, followed by the pound sign. These replays will be available by approximately 5:00 p.m. Pacific Time today.
谢谢，Krish。今天通话的重播将在 Apple Podcasts 上提供两周，作为 apple.com/investor 上的网络广播以及通过电话。电话重播的号码是 866-583-1035。请键入确认码 7086300，然后按井号键。这些重播将在今天太平洋时间下午 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
Once again, this concludes today's conference. We do appreciate your participation.
再次感谢您参加今天的会议。
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