Apple Inc. (NASDAQ:AAPL) Q1 2024 Earnings Conference Call February 1, 2024 5:00 PM ET

苹果公司（NASDAQ：AAPL）2024 年第一季度收益电话会议 2024 年 2 月 1 日 下午 5:00 ET

Company Participants 公司参与者

Suhasini Chandramouli - Director of Investor Relations

Suhasini Chandramouli - 投资者关系总监

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

Erik Woodring - Morgan Stanley

埃里克·伍德林 - 摩根士丹利

Mike Ng - Goldman Sachs Group

迈克·吴 - 高盛集团

Wamsi Mohan - Bank of America

Wamsi Mohan - 美国银行

Amit Daryanani - Evercore ISI

阿米特·达亚纳尼 - Evercore ISI

Aaron Rakers - Wells Fargo Securities

亚伦·雷克斯 - 富国银行证券

Krish Sankar - TD Cowen

克里什·桑卡 - TD Cowen

David Vogt - UBS

大卫·福格 - 瑞银 UBS

Ben Reitzes - Melius Research

本·赖茨斯 - 梅利乌斯研究

Operator 操作员

Good day, and welcome to the Apple Q1 Fiscal Year 2024 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions. I would like to turn the call over to Suhasini Chandramouli, Director of Investor Relations. Please go ahead.

大家好，欢迎参加苹果 2024 财年第一季度收益电话会议。今天的通话正在录音。现在，让我们听取开场致辞和介绍。我现在将电话转给投资者关系总监 Suhasini Chandramouli。请讲。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

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

感谢您的参与。今天首先发言的是苹果公司的首席执行官蒂姆·库克；接下来将由首席财务官卢卡·马埃斯特里发言。之后，我们将向分析师提问。

Before turning the call over to Tim, I would like to remind everyone that the quarter we're reporting today included 13 weeks, whereas the quarter we reported a year ago included 14 weeks.

在将电话转给蒂姆之前，我想提醒大家，我们今天报告的季度包括 13 周，而一年前报告的季度包括 14 周。

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 macroeconomic conditions 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, which speak only as of the date they are made.

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、资本配置和未来业务展望，包括宏观经济条件对公司业务和运营结果的潜在影响。这些声明涉及风险和不确定性，可能导致实际结果或趋势与我们的预测有实质性差异。有关更多信息，请参阅苹果公司最近提交的 10-K 表格年度报告中讨论的风险因素，以及今天与相关新闻发布一起提交给 SEC 的 8-K 表格。苹果公司不承担更新任何前瞻性声明的义务，这些声明仅在其发布之日起生效。

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, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is reporting revenue of $119.6 billion for the December quarter, up 2% from a year ago despite having one less week in the quarter. EPS was $2.18, up 16% from a year ago and an all-time record.

谢谢，Suhasini。大家下午好，感谢大家参加电话会议。今天，苹果报告 12 月季度收入为 1,196 亿美元，比去年同期增长 2%，尽管当季少了一周。每股收益为 2.18 美元，比去年同期增长 16%，创历史新高。

We achieved revenue records across more than two dozen countries and regions, including all-time records in Europe and rest of Asia-Pacific. We also continue to see strong double-digit growth in many emerging markets with all-time records in Malaysia, Mexico, The Philippines, Poland, and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia, and Chile.

我们在超过二十多个国家和地区实现了收入记录，其中包括欧洲和亚太地区其他地区的历史记录。我们还继续在许多新兴市场看到强劲的两位数增长，在马来西亚、墨西哥、菲律宾、波兰和土耳其创下历史记录，同时在印度、印度尼西亚、沙特阿拉伯和智利实现了 12 月季度的记录。

In Services, we set an all-time revenue record with paid subscriptions growing double digits year-over-year. And I'm pleased to announce today that we have set a new record for our installed base, which has now surpassed 2.2 billion active devices. We are announcing these results on the eve of what is sure to be an historic day as we enter the era of spatial computing.

在服务方面，我们创下了有史以来的营收纪录，付费订阅每年增长两位数。我很高兴地宣布，我们已经创下了安装基数的新纪录，目前已超过 22 亿台活跃设备。我们在即将进入空间计算时代的历史性一天前宣布了这些结果。

Starting tomorrow, Apple Vision Pro, the most advanced personal electronics device ever, will be available in Apple stores for customers in the U.S. with expansion to other countries later this year. Apple Vision Pro is a revolutionary device built on decades of Apple innovation and it's years ahead of anything else. Apple Vision Pro has a groundbreaking new input system and thousands of innovations, and it will unlock incredible experiences for users and developers that are simply not possible on any other device.

从明天开始，苹果 Vision Pro，史上最先进的个人电子设备，将在美国的苹果商店供客户购买，今年晚些时候将扩展到其他国家。苹果 Vision Pro 是一款革命性的设备，建立在几十年的苹果创新基础之上，领先于任何其他产品数年。苹果 Vision Pro 拥有开创性的新输入系统和数千项创新，将为用户和开发者带来令人难以置信的体验，这是其他任何设备都无法实现的。

There is already so much excitement behind this product from reviewers, customers, and developers. They are praising everything from the incredible experience of watching a movie on a 100-foot screen to remarkable new machine learning capabilities like hand tracking and room mapping. We can't wait for people to experience the magic for themselves.

这款产品已经引起了评论员、客户和开发人员的极大兴奋。他们赞扬从在 100 英尺屏幕上观看电影的令人难以置信体验，到手部追踪和房间映射等卓越的新机器学习功能。我们迫不及待地想让人们亲身体验这种魔力。

Moments like these are what we live for at Apple. They're why we do what we do. They're why we're so unflinchingly dedicated to groundbreaking innovation and why we're so focused on pushing technology to its limits as we work to enrich the lives of our users.

这样的时刻是我们在苹果生活的意义所在。这就是我们做事的原因。这就是我们如此坚定地致力于开创性创新的原因，也是我们如此专注于将技术推向极限，努力丰富用户的生活。

As we look ahead, we will continue to invest in these and other technologies that will shape the future. That includes artificial intelligence where we continue to spend a tremendous amount of time and effort, and we're excited to share the details of our ongoing work in that space later this year.

展望未来，我们将继续投资于这些以及其他将塑造未来的技术。其中包括人工智能，在这一领域我们将继续投入大量时间和精力，我们很高兴能在今年晚些时候分享我们在这一领域持续进行的工作细节。

Now, let's turn to the results for the December quarter, beginning with iPhone. We are proud to report that revenue came in at $69.7 billion, 6% higher than a year ago. The iPhone 15 lineup has earned glowing reviews and been embraced by customers. The iPhone 15 and iPhone 15 Plus feature a gorgeous new design with color-infused back glass and contoured edges, Dynamic Island, A16 Bionic, and a new 48 megapixel camera system. And the iPhone 15 Pro and iPhone 15 Pro Max set the gold standard for smartphones with a beautiful and lighter titanium design, industry-leading performance with A17 Pro and our most advanced camera system with the equivalent of seven pro lenses and the ability to record spatial video. Features like Emergency SoS and roadside assistance via satellite bring peace of mind to users when they travel, and I'm grateful for every note I've received about their lifesaving impact.

现在，让我们转向 12 月季度的业绩，首先是 iPhone。我们自豪地宣布，收入达到 697 亿美元，比一年前高出 6%。iPhone 15 系列获得了极高的评价，并受到了客户的喜爱。iPhone 15 和 iPhone 15 Plus 采用了全新设计，背部玻璃注入了色彩，边缘轮廓分明，搭载了 Dynamic Island、A16 Bionic 和全新的 4800 万像素摄像头系统。而 iPhone 15 Pro 和 iPhone 15 Pro Max 则以美丽轻盈的钛金设计、A17 Pro 领先的性能以及我们最先进的摄像头系统树立了智能手机的黄金标准，相当于七个专业镜头，并具备录制空间视频的能力。像紧急 SoS 和通过卫星提供道路救援等功能为用户在旅行时带来安心感，我对收到的每一封关于它们拯救生命的便条都心存感激。

Turning to Mac. Revenue came in at $7.8 billion, up 1% year-over-year, driven by the strength of our latest M3-powered MacBook Pro models in spite of having one less week of sales. Just last week, we got to wish Mac a happy 40th birthday. When it was introduced 40 years ago, Mac changed everything, and through the years, it has done so again and again.

转向 Mac。收入达到 78 亿美元，同比增长 1%，这得益于我们最新的 M3 处理器 MacBook Pro 型号的强劲表现，尽管销售周期减少了一周。就在上周，我们祝 Mac 40 岁生日快乐。40 年前推出时，Mac 改变了一切，多年来，它一次又一次地做到了这一点。

Recently, we have been on a tremendous pace of innovation. Since the introduction of Apple silicon in 2020, we've been proud to offer our users unmatched performance and power along with a remarkable Neural Engine for artificial intelligence and machine learning.

最近，我们在创新方面取得了巨大的进展。自 2020 年推出苹果硅以来，我们很自豪地为用户提供无与伦比的性能和动力，以及出色的神经引擎，用于人工智能和机器学习。

This past fall, we had an amazing launch of the latest generation of Apple silicon for Mac, M3, M3 Pro, and M3 Max. These chips break new ground in power and performance empowering users to do more than they ever could before, whether they're making a musical masterpiece using the latest features in Logic Pro, or beating their high score in a graphics intensive game. A favorite amongst students, business owners, artists, and video editors, our MacBook Pro lineup is the world's best pro notebook family. And iMac, the world's most capable and best-selling all-in one, is now faster than ever, thanks to M3.

去年秋天，我们成功推出了最新一代的苹果 Mac 芯片，M3、M3 Pro 和 M3 Max。这些芯片在功耗和性能方面开创了新局面，让用户能够做到比以往更多的事情，无论是利用 Logic Pro 中的最新功能制作音乐杰作，还是在图形密集型游戏中打破自己的最高分。作为学生、企业主、艺术家和视频编辑人员的首选，我们的 MacBook Pro 系列是全球最佳的专业笔记本电脑系列。而 iMac，作为全球性能最强大、最畅销的一体机，现在得益于 M3，速度比以往任何时候都更快。

In iPad, revenue for the December quarter was $7 billion, down 25% year-over-year due to a difficult compare with the launch of the M2 iPad Pro and the 10th generation iPad during the December quarter last year and one less week of sales. iPad remains the most versatile, capable, and elegant tablet on the market today. It continues to be the go-to-device for students, creators, and more with customers loving iPad's incredible combination of portability and performance. Powerful apps like Final Cut Pro and Logic Pro for iPad allow video and music creators to unleash their creativity in new ways that are only possible on iPad. iPad continues to push the boundaries of what's possible on a tablet.

在 iPad 上，12 月季度的收入为 70 亿美元，同比下降 25%，这是由于与去年 12 月季度推出的 M2 iPad Pro 和第 10 代 iPad 进行了艰难比较，以及销售周期少了一周。iPad 仍然是当今市场上最多才多艺、功能强大和优雅的平板电脑。它继续是学生、创作者等人的首选设备，客户喜爱 iPad 出色的便携性和性能的完美结合。像 Final Cut Pro 和 Logic Pro for iPad 这样功能强大的应用程序使视频和音乐创作者能够以 iPad 上独有的方式释放他们的创造力。iPad 继续推动平板电脑所能实现的极限。

In Wearables, Home and Accessories, revenue came in at $12 billion, down 11% from a year ago due to a difficult compare with the launch timing of several products in this category and the impact of the 14th week last year. Across our latest Apple Watch lineup, we're enabling and encouraging our users to live a healthier day, while making Apple Watch even more intuitive to use.

在可穿戴设备、家居和配件方面，收入达到 120 亿美元，比去年同期下降 11%，这是由于与该类别中几款产品的推出时间进行了困难的比较，以及去年第 14 周的影响。在我们最新的 Apple Watch 系列中，我们正在让用户过上更健康的一天，同时使 Apple Watch 的使用更加直观。

The new double tap gesture on Apple Watch Series 9 and Apple Watch Ultra 2 make it easier to answer calls, play and pause music or take a photo with iPhone. I've been deeply moved by the many touching stories about how features like a regular rhythm notification and fall detection helped Apple Watch users when they needed it most. And for the first time ever, users can choose a carbon-neutral option of any new Apple Watch. Meanwhile, our AirPods lineup continue to be a holiday favorite.

Apple Watch Series 9 和 Apple Watch Ultra 2 上的新双击手势使回答电话、播放和暂停音乐或使用 iPhone 拍照变得更加容易。许多感人的故事深深打动了我，这些故事讲述了诸如定期心率通知和跌倒检测等功能如何在用户最需要时帮助了 Apple Watch 用户。而且，用户首次可以选择任何新 Apple Watch 的碳中和选项。与此同时，我们的 AirPods 系列仍然是节日最受欢迎的产品之一。

In Services, we set an all-time revenue record of $23.1 billion and an 11% year-over-year increase. Because we had one less week this quarter, this growth represents an acceleration from the September quarter, and we achieved all-time revenue records across advertising, cloud services, payment services and video, as well as December quarter records in App Store and AppleCare. Across our services, we're constantly growing our offerings to give users even more to love.

在服务方面，我们创下了创纪录的 231 亿美元营收，同比增长 11%。由于本季度少了一周，这种增长代表了与九月季度相比的加速，我们在广告、云服务、支付服务和视频方面实现了创纪录的营收，同时在 App Store 和 AppleCare 方面创下了十二月季度的记录。在我们的服务领域，我们不断扩大我们的产品线，为用户提供更多喜爱的内容。

With the redesigned Apple TV app, we've made it easier for subscribers to enjoy all their favorite shows, movies and sports, including Apple TV+ hits like Masters of the Air, Monarch, and Slow Horses. We're proud to be a part of Martin Scorsese's Killers of the Flower Moon, a film that has moved audiences and earned more than 200 accolades including Best Film of the Year from the New York Film Critics Circle, nine BAFTA nominations, a Golden Globe win, and 10 Oscar nominations, including Best Picture. Across all Apple TV+ productions, we've now earned 2050 award nominations and 450 wins since we've introduced the service.

通过重新设计的 Apple TV 应用程序，我们让订阅者更容易享受他们所有喜爱的节目、电影和体育节目，包括 Apple TV+的热门节目《空中统治者》、《君主》和《慢马》。我们很自豪能成为马丁·斯科塞斯的《花月杀手》的一部分，这部电影感动了观众，获得了 200 多个奖项，包括来自纽约影评人协会的年度最佳影片、9 项英国电影学院奖提名、1 项金球奖和 10 项奥斯卡奖提名，其中包括最佳影片。在所有 Apple TV+制作中，自我们推出该服务以来，我们已获得 2050 个奖项提名和 450 个奖项。

We're also excited to have a new season of Major League Soccer kicking off this month. We're looking forward to seeing Lionel Messi return to the field and to following all of our favorite teams in what is sure to be an incredible season. And we're counting down to the Apple Music Super Bowl halftime show, featuring Usher.

我们也很兴奋地迎来了本月开始的美国职业足球大联盟新赛季。我们期待着看到莱昂内尔·梅西重返赛场，并关注我们所有喜爱的球队在这个肯定会是不可思议的赛季中的表现。我们正在倒计时迎接由亚瑟小子主演的苹果音乐超级碗中场秀。

Turning to Retail. In recent months, we opened three stores, including our 100th store in Asia-Pacific. Throughout the holidays, our team members pulled out all the stops to help customers find the perfect gift. And I know our U.S. team members are especially excited to begin demoing Apple Vision Pro for our customers tomorrow.

转向零售。在最近几个月，我们开设了三家商店，其中包括我们在亚太地区的第 100 家商店。在假期期间，我们的团队成员竭尽全力帮助客户找到完美的礼物。我知道我们的美国团队成员特别兴奋，明天将开始为我们的客户演示 Apple Vision Pro。

At Apple, we live and breathe innovation. We are driven to pioneer new technology that can enrich our customers' lives, and we're just as intentional about showing up with our values and being a force for good in the world. February is Black History Month, and to honor it, we've launched our new Black Unity Collection, which includes the Black Unity Sport Loop band. This year's designs reflect a lasting commitment to working toward a more equitable world. We also continue to do a central work through our Racial Equity and Justice Initiative, and we're proud to continue providing grants to organizations that are making a real impact in the world.

在苹果，我们生活在创新中。我们致力于开拓可以丰富客户生活的新技术，我们同样注重展现价值观，并成为世界上的正能量。二月是黑人历史月，为了纪念这一重要时刻，我们推出了新的黑人团结系列，其中包括黑人团结运动环带。今年的设计体现了我们对努力实现更加公平的世界的持久承诺。我们还通过我们的种族平等与正义倡议继续进行核心工作，我们自豪地继续向正在对世界产生真正影响的组织提供资助。

In recent months, we've also taken significant strides in our environmental work. We're partnering with suppliers to bring more clean energy online for Apple production. We're using more recycled materials than ever before and more energy-efficient transportation than ever before. And each day, we are taking more and more steps toward becoming 100% carbon-neutral across all of our products by 2030.

在最近几个月中，我们在环境工作方面也取得了重大进展。我们正在与供应商合作，为苹果生产引入更多清洁能源。我们使用的回收材料比以往任何时候都要多，使用的交通工具也比以往更节能。每一天，我们都在朝着 2030 年使所有产品实现 100%碳中和的目标迈出更多的步伐。

Apple is a company that has never shied away from big challenges. That's because we are grounded by a deep sense of purpose and guided by core belief in the transformative power of innovation. And so, we are optimistic about the future, confident in the long-term, and as excited as we've ever been to deliver for our users like only Apple can.

苹果是一家从未躲避重大挑战的公司。这是因为我们深深扎根于使命感，并被创新的变革力量所引导。因此，我们对未来充满乐观，对长期发展充满信心，如同以往一样，我们对能够为用户提供服务感到兴奋，这是只有苹果才能做到的。

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

有了这个，我将把话题交给卢卡。

Luca Maestri 卢卡·马埃斯特里

Thank you, Tim, and good afternoon, everyone. Revenue for the December quarter was $119.6 billion, up 2% from last year. During the December quarter a year ago, two unique factors affected our results. First, we had an additional week in the quarter. And second, we had COVID-related factory shutdowns that limited iPhone supply. We estimate that the net impact of these two factors resulted in a 2 percentage point headwind to our revenue performance this quarter.

谢谢，蒂姆，大家下午好。去年 12 月季度的收入为 1,196 亿美元，比去年同期增长 2%。在去年 12 月季度，我们的业绩受到了两个独特因素的影响。首先，我们在该季度多了一周。其次，由于 COVID 相关的工厂关闭，iPhone 供应受到限制。我们估计这两个因素的净影响导致本季度我们的收入表现受到 2 个百分点的不利影响。

We set all-time revenue records in Europe and rest of Asia-Pacific, and continue to see strong performance across our emerging markets with double-digit growth in the majority of the emerging markets we track. Products revenue was $96.5 billion, flat compared to last year, driven by strength in iPhone, offset by challenging compares for iPad and Wearables, Home and Accessories and one less week of sales this year across the entire portfolio. Thanks to our unparalleled customer loyalty and very strong levels of customer satisfaction, our total installed base of active devices set a new record across all products and all geographic segments, and is now over 2.2 billion active devices.

我们在欧洲和亚太其他地区创下了有史以来的营收纪录，并继续看到新兴市场表现强劲，我们追踪的大多数新兴市场实现了两位数增长。产品营收为 965 亿美元，与去年持平，iPhone 表现强劲，但 iPad、可穿戴设备、家庭及配件的比较困难，以及今年整个产品组合销售周期减少一周。由于我们无与伦比的客户忠诚度和非常强大的客户满意度，我们所有产品和所有地理区域的活跃设备总装机量创下新纪录，目前超过 22 亿台活跃设备。

Services revenue set an all-time record of $23.1 billion, up 11% year-over-year. When we take into account the extra week last year, this represents a sequential acceleration of growth from the September quarter. We are very pleased with our Services performance in both developed and emerging markets with all-time revenue records in the Americas, Europe, and rest of Asia-Pacific.

服务收入创下历史新高，达到 231 亿美元，同比增长 11%。考虑到去年多出的一周，这意味着与去年九月季度相比，增长加速。我们对服务在发达市场和新兴市场的表现非常满意，在美洲、欧洲和亚太其他地区创下历史收入纪录。

Company gross margin was 45.9%, up 70 basis points sequentially, driven by leverage and favorable mix, partially offset by foreign exchange. Products gross margin was 39.4%, up 280 basis points sequentially, also driven by leverage and mix, partially offset by foreign exchange. Services gross margin was 72.8%, up 190 basis points from last quarter, due to a more favorable mix.

公司毛利率为 45.9%，较上季度提高 70 个基点，受到杠杆效应和有利产品组合的推动，部分被外汇抵消。产品毛利率为 39.4%，较上季度提高 280 个基点，同样受到杠杆效应和产品组合的推动，部分被外汇抵消。服务毛利率为 72.8%，较上一季度提高 190 个基点，由于更有利的产品组合。

Operating expenses of $14.5 billion were at the midpoint of the guidance range we provided and up 1% year-over-year. Net income was $33.9 billion, up $3.9 billion from last year. Diluted EPS was $2.18, up 16% versus last year and an all-time record. And operating cash flow was very strong at $39.9 billion.

运营费用为 145 亿美元，处于我们提供的指导范围的中间位置，同比增长 1%。净收入为 339 亿美元，比去年增加 39 亿美元。每股摊薄收益为 2.18 美元，比去年增长 16%，创下历史新高。运营现金流非常强劲，达到 399 亿美元。

Let me now provide more detail for each of our revenue categories. iPhone revenue was $69.7 billion, up 6% year-over-year. We set all-time records in several countries and regions, including Latin America, Western Europe, the Middle East, and Korea, as well as December quarter records in India and Indonesia.

让我现在为我们每个收入类别提供更详细的信息。 iPhone 收入为 697 亿美元，同比增长 6%。 我们在包括拉丁美洲、西欧、中东和韩国在内的多个国家和地区创下了有史以来的记录，同时在印度和印度尼西亚创下了 12 月季度的记录。

Our iPhone active installed base grew to a new all-time high, and we had an all-time record number of iPhone upgraders during the quarter. Customers are loving their new iPhone 15 family, with the latest reports from 451 Research indicating customer satisfaction of 99% in the U.S. In fact, many iPhone models were among the top-selling smartphones around the world during the quarter. According to a survey from Kantar, iPhones were four out of the top five models in the U.S. and Japan, four out of the top six models in urban China and the UK, and all top five models in Australia.

我们的 iPhone 活跃安装基数达到了新的历史最高水平，本季度 iPhone 升级者数量创下历史新高。顾客们喜爱他们的新 iPhone 15 系列，来自 451 Research 的最新报告显示，美国用户满意度达到了 99%。事实上，许多 iPhone 型号在本季度成为全球畅销智能手机之一。根据 Kantar 的调查，iPhone 在美国和日本的前五名机型中占据了四个位置，在中国城市和英国的前六名机型中占据了四个位置，在澳大利亚的前五名机型中全部占据了前五名。

Mac generated revenue of $7.8 billion and return to growth, despite one less week of sales this year. This represents a significant acceleration from the September quarter when we faced a challenging compare due to the supply disruptions and subsequent demand recapture we experienced a year ago. Customer response to our latest iMac and MacBook Pro models powered by the M3 chips has been great. And our Mac installed base reached an all-time high with almost half of Mac buyers during the quarter being new to the product. Also, 451 Research recently reported customer satisfaction of 97% for Mac in the U.S.

Mac 今年的收入达到了 78 亿美元，并且实现了增长，尽管今年销售周期少了一周。这表明与去年九月季度相比，我们面临了供应中断和随后需求恢复所带来的挑战。客户对我们最新的搭载 M3 芯片的 iMac 和 MacBook Pro 型号的反应非常好。我们的 Mac 安装基数达到历史最高水平，本季度几乎有一半的 Mac 购买者是新用户。此外，451 Research 最近在美国报告了 Mac 的客户满意度达到了 97%。

iPad was $7 billion in revenue, down 25% year-over-year. iPad faced a difficult compare because during the December quarter last year, we launched the new iPad Pro and iPad 10 generation, and we had an extra week of sales. However, the iPad installed base continues to grow and is an all-time high with over half of the customers who purchased iPads during the quarter being new to the product, and customer satisfaction for iPad was recently measured at 98% in the U.S.

iPad 的营收为 70 亿美元，同比下降 25%。iPad 面临着艰难的比较，因为去年 12 月季度我们推出了新的 iPad Pro 和第 10 代 iPad，并且有额外的销售周。然而，iPad 的用户基数继续增长，创历史新高，本季度购买 iPad 的客户中有一半以上是新用户，而 iPad 的客户满意度最近在美国测得为 98%。

Wearables, Home and Accessories revenue was $12 billion, down 11% year-over-year due to a challenging launch compare and the extra week a year ago. This time last year, we had the full quarter benefit from the launches of the AirPods Pro 2nd generation, the Watch SE, and the first Watch Ultra. We continue to attract new customers to Apple Watch. Nearly two-thirds of customers purchasing an Apple Watch during the quarter were new to the product, and the latest reports from 451 Research indicate customer satisfaction of 96% in the U.S.

可穿戴设备、家居及配件收入为 120 亿美元，同比下降 11%，这是由于推出挑战性较大且去年同期多出一周的原因。去年此时，我们在 AirPods Pro 第二代、Watch SE 和首款 Watch Ultra 推出时享受了整个季度的收益。我们继续吸引新客户购买 Apple Watch。在本季度购买 Apple Watch 的客户中，将近三分之二是新用户，而来自 451 Research 的最新报告显示，美国用户对该产品的满意度达到 96%。

And in Services, we were very pleased with our double-digit growth, which was driven by the strength of our ecosystem. Our installed base is now over 2.2 billion active devices and continues to grow nicely, establishing a solid foundation for the future expansion of our Services business. And we continue to see increased customer engagement with our services. Both transacting accounts and paid accounts reached a new all-time high, with paid accounts growing double-digits year-over-year.

在服务方面，我们对我们的两位数增长感到非常满意，这得益于我们生态系统的实力。我们的安装基数现在超过 22 亿活跃设备，并且继续良好增长，为未来扩展我们的服务业务奠定了坚实基础。我们继续看到客户对我们服务的参与度增加。交易账户和付费账户均达到历史新高，付费账户同比增长两位数。

Also, our paid subscriptions showed strong double-digit growth. We have well over 1 billion paid subscriptions across the services on our platform, more than double the number that we had only four years ago.

此外，我们的付费订阅显示出强劲的两位数增长。我们在平台上的服务中拥有超过 10 亿付费订阅，是仅仅四年前的两倍多。

Finally, we continue to build on the breadth and the quality of our current services. From Oscar-nominated theatrical releases with Apple TV+ to more publications or News+ like The Atlantic and exciting new games on Arcade.

最后，我们将继续扩展和提升我们当前服务的广度和质量。从与 Apple TV+合作的奥斯卡提名影片到更多像《大西洋月刊》这样的出版物或 News+，以及在 Arcade 上推出的令人兴奋的新游戏。

Turning to Enterprise, we continue to see many business customers leverage Apple products to improve productivity and drive innovation. Target recently added the latest M3 MacBook Pro to their existing deployment of thousands of Mac’s, enabling employees across various departments to do their best work. In emerging markets, Zoho, a leading technology company headquartered in India, offers its 15,000 plus global employees a choice of devices, with 80% of their workforce using iPhone for work and nearly two-thirds of them choosing Mac as their primary computer.

转向企业，我们继续看到许多商业客户利用苹果产品提高生产力并推动创新。Target 最近将最新的 M1 MacBook Pro 添加到他们现有的数千台 Mac 的部署中，使各个部门的员工能够做出最好的工作。在新兴市场，总部位于印度的领先技术公司 Zoho 为其 1.5 万名全球员工提供设备选择，其中 80%的员工使用 iPhone 进行工作，近三分之二的员工选择 Mac 作为他们的主要计算机。

With the upcoming launch of Apple Vision Pro, we are seeing strong excitement in Enterprise. Leading organizations across many industries such as Walmart, Nike, Vanguard, Stryker, Bloomberg, and SAP have started leveraging and investing in Apple Vision Pro as their new platform to bring innovative spatial computing experiences to their customers and employees. From everyday productivity to collaborative product design to immersive training, we cannot wait to see the amazing things our enterprise customers will create in the months and years to come.

随着即将推出的 Apple Vision Pro，我们看到企业界充满了强烈的兴奋。沃尔玛、耐克、先锋集团、斯特赖克、彭博和 SAP 等许多行业领先组织已经开始利用和投资 Apple Vision Pro 作为他们的新平台，为客户和员工带来创新的空间计算体验。从日常生产力到协作产品设计再到沉浸式培训，我们迫不及待地想看到我们的企业客户在未来几个月和年份中将创造出的惊人成果。

Let me now turn to our cash position and capital return program. We ended the quarter with $173 billion in cash and marketable securities. We decreased commercial paper by $4 billion, leaving us with total debt of $108 billion. As a result, net cash was $65 billion at the end of the quarter, and our goal of becoming net cash-neutral over time remains unchanged.

让我现在转向我们的现金状况和资本回报计划。我们以 1730 亿美元的现金和可变证券结束了本季度。我们减少了 40 亿美元的商业票据，使我们的总债务降至 1080 亿美元。因此，本季度结束时净现金为 650 亿美元，我们成为净现金中性的目标仍然不变。

During the quarter, we returned nearly $27 billion to shareholders, including $3.8 billion in dividends and equivalents and $20.5 billion through open market repurchases of 112 million Apple shares. We also retired an additional 6 million shares in the final settlement of our 19th ASR. As usual, we will provide an update to our capital return program when we report results at the end of this quarter.

在本季度，我们向股东返还了近 270 亿美元，其中包括 38 亿美元的股息和等值物，以及通过回购 1.12 亿股苹果股票返还的 205 亿美元。我们还在第 19 次 ASR 的最终结算中注销了额外的 600 万股。和往常一样，我们将在本季度末报告结果时提供我们的资本返还计划更新。

As we move ahead into the March quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to at the beginning of the call. The color we are providing today assumes that the macroeconomic outlook doesn't worsen from what we are projecting today for the current quarter. And we expect foreign exchange to be a revenue headwind of about 2 percentage points on a year-over-year basis.

随着我们进入三月季度，我想回顾一下我们的展望，其中包括 Suhasini 在通话开始时提到的前瞻性信息类型。我们今天提供的信息假设宏观经济展望不会比我们今天为本季度预测的情况更糟。我们预计外汇将对年度基础上的收入产生约 2 个百分点的不利影响。

As a reminder, in the December quarter a year ago, we faced significant supply constraints on the iPhone 14 Pro and 14 Pro Max due to COVID-19 factory shutdowns. And in the March quarter a year ago, we were able to replenish channel inventory and fulfill significant pent-up demand from the constraints. We estimate that this impact added close to $5 billion to the March quarter's total revenue last year. When we remove this impact from last year's revenue, we expect both our March quarter total company revenue and iPhone revenue to be similar to a year ago.

作为提醒，在去年 12 月季度，由于 COVID-19 工厂关闭，我们面临了 iPhone 14 Pro 和 14 Pro Max 的重大供应约束。而在去年 3 月季度，我们能够补充渠道库存，并满足来自约束的显著积压需求。我们估计，这一影响使去年 3 月季度的总收入增加了近 50 亿美元。当我们从去年的收入中去除这一影响时，我们预计我们的 3 月季度总公司收入和 iPhone 收入将与去年相似。

For our Services business, we expect a similar double-digit growth rate to what we reported in the December quarter. We expect gross margin to be between 46% and 47%. We expect OpEx to be between $14.3 billion and $14.5 billion. We expect OI&E to be around $50 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 16%.

对于我们的服务业务，我们预计增长率将与我们在 12 月季度报告的相似的两位数增长率相当。我们预计毛利率将在 46%至 47%之间。我们预计运营支出将在 143 亿美元至 145 亿美元之间。我们预计其他收入和支出将约为 5000 万美元，不包括少数股权投资的按市值计算的潜在影响，我们的税率预计约为 16%。

Finally, today our Board of Directors has declared a cash dividend of $0.24 per share of common stock payable on February 15, 2024, to shareholders of record as of February 12, 2024.

最后，今天我们的董事会宣布，每股普通股股息为 0.24 美元，将于 2024 年 2 月 15 日支付给截至 2024 年 2 月 12 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。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

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

谢谢，卢卡。我们要求您仅限于提出两个问题。操作员，请问第一个问题是什么？

Question-and-Answer Session

问答环节

Operator 操作员

Certainly. We'll go ahead and take our first question from Erik Woodring with Morgan Stanley. Please go ahead.

当然。我们将从摩根士丹利的 Erik Woodring 开始提问。请开始。

Erik Woodring 埃里克·伍德林

Hey, guys, good evening. Thank you for taking my questions. I have two, and congrats on the nice quarter here. Luca, maybe if we start with you. Can you unpackage some of the Services drivers a bit for us. Obviously, really nice outperformance in the December quarter versus your expectations. A record gross margin implies your higher margin businesses were likely the sources of outperformance. But can you maybe just clarify a bit how we should think about Services growth for the March quarter? And then, speak to some of those underlying drivers in the December quarter and then in the March quarter, what the different puts and takes would be? And then, I have a follow-up please. Thank you.

嘿，各位，晚上好。感谢您回答我的问题。我有两个问题，并祝贺这个美好的季度。Luca，也许我们可以从您开始。您能否为我们解释一下一些服务驱动因素。显然，在 12 月季度与您的预期相比，表现非常出色。创纪录的毛利率意味着您的高毛利业务很可能是表现出色的来源。但您能否澄清一下我们应该如何看待 3 月季度的服务增长？然后，谈谈 12 月季度和 3 月季度的一些基本驱动因素，以及在 3 月季度，不同的因素会是什么？然后，我有一个后续问题。谢谢。

Luca Maestri 卢卡·马埃斯特里

Thanks, Erik, for the question. Let's start with the December quarter. As we said, up 11%, $23.1 billion is an all-time record for us, with all-time records in The Americas, in Europe, and the rest of Asia Pac. So it was pretty broad-based geographically, and very strong across all the Services categories, because we had all-time revenue records for cloud, for payments, for video, and for advertising and December quarter records for the App Store and for AppleCare. Obviously, last year, we had an extra week, so the 11% is stronger than -- the underlying performance is stronger than the 11% that we have reported.

谢谢埃里克的问题。让我们从 12 月季度开始。正如我们所说，增长 11%，231 亿美元是我们的历史新高，美洲、欧洲和亚太其他地区都创下历史新高。地理上非常广泛，各项服务类别都非常强劲，因为我们在云端、支付、视频和广告方面创下历史收入记录，而在 12 月季度，App Store 和 AppleCare 也创下了历史记录。显然，去年我们有额外的一周，所以 11%的增长比我们报告的更强劲。

I think the entire ecosystem is doing well because we continue to see growth and new all-time highs in both transacting accounts and paid accounts, which is obviously very important. And paid subscriptions continue to grow strong double digits. Just as a reference, we have more than a billion paid subscriptions across all the services on our platform. This is more than double the number of paid subscriptions that we had only four years ago. So, obviously, very significant growth there.

我认为整个生态系统表现良好，因为我们继续看到交易账户和付费账户创下新的历史高点，这显然非常重要。付费订阅继续保持强劲的两位数增长。仅供参考，我们平台上所有服务的付费订阅超过 10 亿。这比仅仅四年前的付费订阅数量翻了一番。因此，显然，在这方面有着非常显著的增长。

What I said during the prepared remarks around the March quarter, I mentioned that we will continue to grow double digits at a percentage that is similar to what we reported for the December quarter. We don't provide guidance around the different services categories. So, we will provide more color when we report in three months.

在三月季度准备好的发言中，我提到我们将继续以与我们在十二月季度报告的相似百分比增长两位数。我们不会提供有关不同服务类别的指导。因此，我们将在三个月后报告时提供更多细节。

Erik Woodring 埃里克·伍德林

Okay. Thank you, Luca. And then, Tim, really nice to see your installed base reach a record high, again, against all products and geos. I'm wondering if you could share a bit more detail about the new users you were able to on-board over the last 12 months. Meaning, how might this new cohort look different from past cohorts, either in terms of geographic representation or SKU to certain products or even how their monetization trends might differ from past cohorts. And that's it from me. Thanks so much.

好的。谢谢，卢卡。接着，蒂姆，很高兴看到您的安装基数再次创下历史新高，覆盖所有产品和地理区域。我想知道您能否分享一些关于过去 12 个月内您成功吸引的新用户的更多细节。也就是说，这个新的群体与过去的群体有何不同，无论是在地理代表性方面，还是在某些产品的 SKU 方面，甚至是他们的货币化趋势与过去群体有何不同。这就是我要说的了。非常感谢。

Tim Cook 蒂姆·库克

Yes. Hi, Erik. I would say emerging markets are -- have been a very key area of strength for us. If you look at it, India grew -- in revenue terms grew strong double digits in the December quarter and hit a quarter revenue record. The other emerging markets like Indonesia also hit a quarterly record. And we had several regions, with records from Latin America to the Middle East. And that theme has been pretty consistent across the other quarters that -- of the year as well. And so, emerging markets, very, very important. And I feel like we are doing a great job there.

是的。嗨，埃里克。我想说新兴市场是我们的一个非常关键的优势领域。如果你看一下，印度在收入方面在 12 月季度增长了两位数，并创下了季度收入纪录。其他新兴市场如印度尼西亚也创下了季度纪录。我们在拉丁美洲到中东等多个地区都取得了纪录。这个主题在其他季度也非常一致。所以，新兴市场非常非常重要。我觉得我们在那里做得很好。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thanks, Erik. Operator, can we have the next question, please?

谢谢，Erik。操作员，请问下一个问题。谢谢。

Operator 操作员

Our next question is from Mike Ng with Goldman Sachs. Please go ahead.

我们下一个问题是来自高盛的 Mike Ng。请提问。

Mike Ng

Hey, good afternoon. I just have two questions as well. First, on Services. Just on the outlook for the March quarter for a similar double-digit growth rate as of December quarter. I'm just wondering why not -- why won't it be potentially faster, given that the December quarter obviously had a headwind from the extra week comp, and I'd also think that some of the pricing uplifts on select Apple One services that were implemented last winter should help in the March quarter? Any additional thoughts there would be great in terms of what some of your assumptions are. And then, I have a quick follow-up.

嘿，下午好。我也有两个问题。首先，在服务方面。关于三月季度的前景，是否会与去年十二月季度一样保持两位数的增长率。我在想为什么不会更快一些，考虑到去年十二月季度显然受到额外周次的影响，而且我认为去年冬季实施的部分 Apple One 服务的定价提升应该会在三月季度有所帮助？关于这方面的任何额外想法都会很好，以便了解您的一些假设。然后，我有一个快速的后续问题。

Luca Maestri 卢卡·马埃斯特里

Yes. We'll see how the quarter develops. I would point to two things. One is the fact that we mentioned that we expect a couple of points of negative foreign exchange in the March quarter, and foreign exchange was essentially flat for us in the December quarter. So, you've got a bit of a headwind there. And then, when you look at our other progression of our Services business over the last few quarters, the compares for March are slightly more difficult than the compares for December.

是的。我们将看看本季度的发展情况。我想指出两件事。一是我们提到我们预计三月季度将有几个负外汇点，而对我们来说，外汇在十二月季度基本持平。所以，在这方面你会遇到一些阻力。然后，当你看我们服务业务在过去几个季度的发展情况时，与十二月相比，三月的比较稍微更加困难。

Mike Ng

Great. Thank you, Luca. And then my second question. It was very interesting to hear about some of the enterprise customer investments into Vision Pro. Could you maybe just talk about some of the efforts to support Vision Pro developer ecosystem. And it was also good to hear about the potential upcoming announcements on AI. So any thoughts there would also be helpful. Thank you.

太好了。谢谢，Luca。然后是我的第二个问题。听到一些企业客户对 Vision Pro 的投资非常有趣。您可以谈谈支持 Vision Pro 开发者生态系统的一些努力吗？同时，听到关于人工智能潜在即将发布的公告也很好。对此有什么想法也会很有帮助。谢谢。

Tim Cook 蒂姆·库克

Yeah. Hi. It's -- we are incredibly excited about the Enterprise opportunities with Vision Pro. I've seen several demos from different companies. Luca mentioned several in his opening remarks, but Walmart has a very cool merchandising app. There are firms that are doing collaboration -- design collaboration apps. There are field service applications. Really all over the map, there are applications that are for control center, command center kind of things. SAP has really gotten behind it and, of course, SAP is in so many of companies. I think there will be a great opportunity for us in Enterprise, and we couldn't be more excited about where things are right now.

是的。嗨。我们对 Vision Pro 在企业领域的机遇感到非常兴奋。我看过来自不同公司的几次演示。Luca 在开场白中提到了几个，但沃尔玛有一个非常酷的商品应用程序。有一些公司正在进行协作 - 设计协作应用程序。还有现场服务应用程序。实际上，各种各样的应用程序都有，用于控制中心、指挥中心之类的事情。SAP 真的很支持它，当然，SAP 在很多公司中都有存在。我认为在企业领域我们将有很大的机会，我们对目前的情况感到非常兴奋。

We are obviously looking forward to tomorrow. This has been multiple years of efforts from so many people across Apple. And really, it took a whole of company effort to bring it to this far. In terms of generative AI, which, I'd guess, is your focus, we have a lot of work going on internally as I've alluded to before. Our MO, if you will, has always been to do work and then talk about work and not to get out in front of ourselves. And so, we're going to hold that to this as well. But we've got some things that we are incredibly excited about that we'll be talking about later this year.

我们显然对明天充满期待。这是苹果公司众多人多年来的努力。实际上，这是整个公司的努力才使得事情发展到这一步。就生成式人工智能而言，我猜这是你们关注的重点，我们内部正在进行大量工作，正如我之前所提到的。我们的工作模式一直是先做事再谈论，而不是过早披露。因此，我们将继续秉持这一原则。但我们有一些令人兴奋的事情，将在今年晚些时候进行讨论。

Mike Ng

Wonderful. Thank you, Tim.

太棒了。谢谢，蒂姆。

Tim Cook 蒂姆·库克

Yes. 是的。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thank you, Mike. Operator, can we have the next question please?

谢谢，迈克。操作员，请问我们可以继续下一个问题吗？

Operator 操作员

Our next question is from Wamsi Mohan with Bank of America. Please go ahead.

我们下一个问题是来自美国银行的 Wamsi Mohan。请继续。

Wamsi Mohan

Yes, thank you so much. I have two questions as well. First on iPhone. There have been concerns around replacement cycles lengthening, China competition intensifying, and you still beat iPhone revenues despite the weaker performance in China. Curious how you're thinking about the 15 cycle overall, given what you saw in the December quarter. And I've a follow-up.

是的，非常感谢。我也有两个问题。首先是关于 iPhone。有人担心更换周期延长、中国竞争加剧，尽管在中国表现疲软，但您仍然超过了 iPhone 的收入。想知道您如何看待整个 15 周期，考虑到您在 12 月季度看到的情况。我还有一个后续问题。

Tim Cook 蒂姆·库克

Hi, it's Tim. The -- we were up 6%, as we mentioned in the opening remarks. We are happy with that performance. Underneath there, we had really strong performance in several parts of the world with all-time records in Europe and rest of Asia-Pacific. As I mentioned earlier, we did particularly well in several emerging markets from Latin America to the Middle East. And we set December quarter records in India and Indonesia. And so, really some spectacular broad-based reactions to iPhone.

嗨，我是蒂姆。我们的增长率为 6%，正如我们在开场白中提到的那样。我们对这个表现感到满意。在此之下，我们在世界的几个地区表现非常强劲，欧洲和亚太其他地区创下了历史新高。正如我之前提到的，我们在从拉丁美洲到中东的几个新兴市场表现出色。我们在印度和印度尼西亚创下了 12 月季度的记录。因此，iPhone 得到了一些非常壮观的广泛反应。

We also importantly set an all-time record worldwide for iPhone upgraders. And the installed base hit a new all-time high consistent with the -- our overall devices. And so, there's lot of good things. Luca mentioned in his opening comments that iPhones were four out of the top five smartphone models in the U.S. and Japan and four out of the top six in urban China and the UK, and all top five in Australia, and the customer satisfaction level for iPhone 15 hit 99%.

我们还创下了 iPhone 升级者的全球历史纪录。安装基数达到了新的历史最高水平，与我们整体设备保持一致。因此，有很多好事情。卢卡在开场白中提到，iPhone 在美国和日本的前五大智能手机型号中占据了四个位置，在中国城市和英国的前六大中占据了四个位置，在澳大利亚的前五大中占据了全部位置，iPhone 15 的客户满意度达到了 99%。

If you look at iPhone 15 since the announcement of it and shipment in September, so this is including some of Q4 and you compare that to iPhone 14 over the same period of time, iPhone 15 is outselling iPhone 14. And so, we feel very good about that, and the upgraders hitting a record is particularly exciting for us.

如果您看 iPhone 15 自 9 月份宣布和发货以来的情况，这包括了一些 Q4，然后将其与同一时期的 iPhone 14 进行比较，iPhone 15 的销量超过了 iPhone 14。因此，我们对此感到非常满意，升级者数量创纪录对我们来说尤其令人兴奋。

Wamsi Mohan

Great. Thank you, Tim. And as a follow-up, obviously, you're just launching the Vision Pro and it's an entirely new category. It's a price point that's a much higher starting price point relative to most of your other, probably over the last decade, product introductions, but just wondering how would you measure the success of Vision Pro over time and which Apple products adoption curve would you look at as potentially the most similar? And is there a way in which we could think Vision Pro could eclipse maybe something like the iPad in revenue over time. Thank you.

很好。谢谢，蒂姆。作为后续，显然，您刚刚推出了 Vision Pro，这是一个全新的类别。与您过去十年中大多数其他产品推出相比，它的起步价格要高得多。不过，我想知道您将如何衡量 Vision Pro 的成功，并且您会参考哪些苹果产品的采用曲线作为可能最相似的？您是否认为 Vision Pro 有可能在未来的收入方面超越 iPad 之类的产品？谢谢。

Tim Cook 蒂姆·库克

You know, each product has its own journey. And so, I wouldn't want to compare it to any one in particular. I would just say we couldn't be more excited. Internally, we've got an incredible amount of excitement from developers and from customers that can't wait till tomorrow to pick up their units. And we are incredibly proud to be able to demo the unit in so many of our stores in the U.S. starting tomorrow for people that are -- that want to check it out. And so, we'll see and report the results of it in the Wearables category that you're familiar with.

你知道，每个产品都有自己的旅程。因此，我不想将其与任何一个特定产品进行比较。我只想说我们感到非常兴奋。在内部，我们得到了开发人员和客户的极大期待，他们迫不及待地想要明天拿到他们的设备。我们非常自豪能够从明天开始在美国的许多商店展示这款设备，供那些想要了解的人查看。因此，我们将看到并报告您熟悉的可穿戴设备类别中的结果。

I think that if you look at it from a price point of view, there's an incredible amount of technology that's packed into the product. There's 5,000 patents in the product and it's, of course, built on many innovations that Apple has spent multiple years on, from silicon to displays and significant AI and machine learning. All the hand tracking, the room mapping, all of this stuff is driven by AI. And so, we're incredibly excited about it. I can't wait to be in the store for tomorrow and see the reaction myself.

我认为，如果你从价格的角度来看，这个产品中蕴含了大量令人难以置信的技术。产品中有 5000 项专利，当然，它基于苹果公司花费多年时间开发的许多创新，从硅片到显示屏，再到重要的人工智能和机器学习。所有的手部追踪、空间映射等功能都是由人工智能驱动的。因此，我们对此感到非常兴奋。我迫不及待地想明天去商店亲自看看反应。

Wamsi Mohan

Thank you so much, Tim.

非常感谢你，蒂姆。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thanks, Wamsi. Operator, we'll take the next question please.

谢谢，Wamsi。操作员，请继续提下一个问题。

Operator 操作员

Our next question is from Amit Daryanani with Evercore. Please go ahead.

我们下一个问题是来自 Evercore 的 Amit Daryanani。请继续。

Amit Daryanani 阿米特·达亚纳尼

Good afternoon. I have two as well. I guess, first off, I was hoping you could talk a little bit about what you're seeing in China right now. I think from a geographic basis, one of the few places that was down double-digits, while everything else was growing. So, I'm hoping you spend a bit of time discussing what are you seeing there from a competitive perspective and more importantly, from a demand perspective in China?

下午好。我也有两个问题。首先，我希望您能谈谈您目前在中国看到的情况。我认为从地理基础来看，中国是少数几个出现两位数下降的地方，而其他地方都在增长。因此，我希望您能花点时间讨论从竞争角度和更重要的需求角度来看，在中国您看到了什么？

Tim Cook 蒂姆·库克

Yeah. If you look at iPhone in China Mainland, which I think has been the focus of a lot of interest, and you look at it in constant currency, so more of an operational view, we were down mid-single digits on iPhone. And so, it was the other things that drove the larger contraction year-over-year. On the good news side, we had solid growth on upgraders year-over-year in Mainland China and we had four of the top six smartphone models in urban China. Also, IDC just put out a note, that you may have seen, that we were the top brand in -- for the full year and for the December quarter. And so, there's some good news along with – obviously, we'd prefer not to [contract] (ph).

是的。如果你看看中国大陆的 iPhone，我认为这引起了很多关注，以恒定货币来看，更多是运营视角，我们的 iPhone 销量下降了中位数个位数。因此，导致年度收缩更大的是其他因素。好消息是，我们在中国大陆的升级用户年度增长稳健，而且在城市中国有前六名中的四款智能手机型号。此外，IDC 刚刚发布了一份报告，你可能已经看到了，我们是全年和 12 月季度的最佳品牌。因此，除了一些好消息之外，显然，我们更希望不要有[收缩]。

Amit Daryanani 阿米特·达亚纳尼

Fair enough. And then, as a follow-up, you folks have implemented a fair bit of changes around the App Store in Europe post the DMA implementation there. Can you just touch on what are some of the key updates? And then, Luca, as a net of it all, do you see it having any significant impact financially to your services or a broader Apple P&L statement? Thank you.

好的。然后，作为后续，您们在欧洲实施 DMA 后在应用商店周围进行了相当多的变化。您能简要谈谈有哪些关键更新吗？然后，Luca，总的来说，您认为这对您的服务或更广泛的苹果损益表有任何重大影响吗？谢谢。

Tim Cook 蒂姆·库克

Yes. You know, the -- let me try to answer a little bit of both and then Luca can add some comments to it. We announced a number of changes last week in Europe that would be in effect beginning in March. So, the last month of the first calendar quarter, the second fiscal quarter. Those are -- some of the things that we announced include alternate billing opportunities, alternate app stores, our marketplaces, if you will. We're also opening NFC for new capabilities for banking and wallet apps. And so, these are some of the things we announced.

是的。你知道，让我试着回答一点两者的问题，然后 Luca 可以补充一些评论。我们上周宣布了一些在欧洲生效的变化，将从三月开始生效。所以，第一个日历季度的最后一个月，第二个财政季度。我们宣布的一些内容包括备用计费机会，备用应用商店，我们的市场，如果你愿意的话。我们还为银行和钱包应用程序开放了新的 NFC 功能。这些是我们宣布的一些内容。

The -- if you think about what we've done over the years is, we've really majored on privacy, security, and usability. And we've tried our best to get as close to the past in terms of the things that are -- that people love about our ecosystem as we can, but we are going to fall short of providing the maximum amount that we could supply, because we need to comply with the regulation. And so, in terms of predicting the choices that developers and users will make, it's very difficult to do that with precision. And so, I will see what happens in March.

如果你考虑我们多年来所做的事情，我们确实非常重视隐私、安全性和可用性。我们尽最大努力接近过去关于人们喜爱的生态系统的事物，但我们将无法提供我们本可以提供的最大量，因为我们需要遵守法规。因此，在预测开发人员和用户将做出的选择方面，要做到精准非常困难。所以，我会看看三月会发生什么。

Luca Maestri 卢卡·马埃斯特里

Yes, Amit. As Tim said, these are changes that we're going to be implementing in March. A lot will depend on the choices that will be made. Just to keep it in context, the changes applied to the EU market, which represents roughly 7% of our global app store revenue.

是的，阿米特。正如蒂姆所说，这些是我们将在三月实施的变化。很多事情将取决于所做的选择。只是为了保持上下文，这些变化适用于代表我们全球应用商店收入大约 7%的欧盟市场。

Amit Daryanani 阿米特·达亚纳尼

Perfect. That's a really good perspective to have. Thank you very much.

太好了。这是一个非常好的观点。非常感谢你。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thank you, Amit. Operator, can we have the next question please?

谢谢，阿米特。操作员，请问我们可以提下一个问题吗？

Operator 操作员

Our next question is from Aaron Rakers with Wells Fargo. Please go ahead.

我们下一个问题是来自富国银行的 Aaron Rakers。请继续。

Aaron Rakers

Yes. Thanks for taking the question. I have two as well as you would imagine. I guess, the first question I wanted to just ask maybe unpack a little bit more, just remarkable trends that we're seeing in your product gross margin specifically. So, I'm curious as we look forward, I guess on this last quarter, where there any kind of benefits you're seeing from like just the purchase component, obligations that you've put in place, let's say, a year ago, and that flowing through. And how are you thinking about the component pricing environment as we think about that gross margin into the March quarter and looking-forward?

是的。谢谢您提出这个问题。我也有两个问题，正如您所想象的那样。我想，我想要问的第一个问题可能需要更详细地解释一下，就是我们在您的产品毛利方面看到的显著趋势。所以，我很好奇的是，当我们展望未来时，在上个季度，您是否看到了任何来自购买组件的好处，比如您一年前制定的义务，以及这些好处是否正在体现。您是如何考虑组件定价环境的，当我们考虑到 3 月份的毛利以及未来的情况时？

Luca Maestri 卢卡·马埃斯特里

Yes. On the product side and then maybe I'll make a comment in total for the company. On the product side, our gross margins increased sequentially 280 basis points. So, obviously, a very significant increase. I would say the two primary components of the increase are a favorable mix. Of course, iPhone did very well. We did very well with our high-end models. And leverage, of course, it's the biggest quarter of the year for us and so we get the leverage effect. We had a partial offset, negative impact from foreign exchange. But net-net, obviously, very significant improvement. And we had very similar dynamics on the Services side where we increased sequentially 190 basis points, also, in this case, due to a more favorable mix. And so, the combined effect of the two businesses gave us the 45.9% at the total company level, which is up 70% sequentially.

是的。关于产品方面，然后也许我会对公司总体做一些评论。在产品方面，我们的毛利率按季度增长了 280 个基点。显然，这是一个非常显著的增长。我想说增长的两个主要因素是有利的产品组合。当然，iPhone 表现非常出色。我们的高端型号表现也非常出色。而且，杠杆效应，当然，这对我们来说是一年中最重要的季度，所以我们获得了杠杆效应。我们在外汇方面有部分抵消，产生了负面影响。但总体来看，显然，有了非常显著的改善。在服务方面，我们也有类似的动态，按季度增长了 190 个基点，同样，这是由于更有利的产品组合。因此，这两个业务的综合效果使我们在公司总体水平上达到了 45.9%，按季度增长了 70%。

You've heard from my prepared remarks that we are guiding total company gross margin to 46% to 47%, which is an additional expansion of margins compared to the already very strong results of the December quarter.

您已经从我的准备好的发言中听到，我们将公司整体毛利率指导至 46%至 47%，这相比于去年 12 月季度已经非常强劲的业绩，是边际利润的额外扩张。

Aaron Rakers

Okay. And then, the second question I was just going to ask. Tim, you alluded to kind of your excitement around generative AI and some announcements that we should think about maybe later this year. One of the things that stands out for me is that, your capital expenditures has actually come down this last year. I'm curious as you look to lean in more to generative AI, is there something we should consider about the CapEx intensity at Apple to make investments to really set the table for generative AI, kind of platform as we move forward? Just given some of the things that we've seen from some other large tech companies.

好的。然后，我接下来要问的第二个问题。蒂姆，你提到了你对生成式人工智能的兴奋，以及我们或许应该在今年晚些时候考虑的一些公告。对我来说，有一件事引起了我的注意，就是你们的资本支出实际上在去年有所下降。我很好奇，当你们更加倾向于生成式人工智能时，是否有什么我们应该考虑的关于苹果的资本支出密集度，以便进行真正为生成式人工智能铺平道路的投资，就像我们前进时所做的那样？考虑到一些其他大型科技公司展示的一些情况。

Luca Maestri 卢卡·马埃斯特里

I'll take the question, Aaron. We've always said, we will never underinvest in the business. So, we are making all the investments that are necessary throughout our product development, software development, services development. And so, we will continue to invest in every area of the business and at the appropriate level. And we're very excited about what's in store for us for the rest of the year.

我来回答这个问题，亚伦。我们一直说，我们绝不会在业务上投资不足。因此，我们正在进行所有必要的投资，涵盖产品开发、软件开发和服务开发的各个方面。因此，我们将继续在业务的各个领域以及适当的水平上进行投资。我们对今年剩下的时间有很多期待。

Aaron Rakers

Thank you. 谢谢。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thanks, Aaron. Operator, can we have the next question please?

谢谢，艾伦。操作员，请问下一个问题好吗？

Operator 操作员

Our next question is from Krish Sankar with TD Cowen. Please go ahead.

我们下一个问题是来自 TD Cowen 的 Krish Sankar。请提问。

Krish Sankar 克里什·桑卡

Yes. Hi. Thanks for taking my question. I have two of them. First one for Luca, a clarification on a question. The $5 billion impact in March quarter, is that for product revenue or is that total company revenue. And along the same part, you highlighted the strong gross margins. And I understand last year, some of the commodity costs were deflationary, buy looks like it’s going to be inflationary right now. And also you've done some of the Mac conversions that -- the silicon conversions. So I'm just trying to figure out how much juice is there more to squeeze on the gross margin side? And then I'll follow up for Tim.

是的。嗨。谢谢您回答我的问题。我有两个问题。第一个问题是关于 Luca 的，关于一个问题的澄清。3 月份季度的 50 亿美元影响，是指产品收入还是总公司收入。在同一部分，您强调了强劲的毛利率。我了解去年一些商品成本是通货紴的，但看起来现在可能是通货膨胀的。而且您已经进行了一些 Mac 转换，即硅转换。所以我只是想弄清楚毛利率方面还有多少榨取的空间？然后我会追问 Tim。

Luca Maestri 卢卡·马埃斯特里

Yes. The -- so the first part of the question was around -- oh, the $5 billion. The $5 billion, as I mentioned, a year ago we had this disruption of supply on iPhone 14 Pro and Pro Max because of the factory shutdown due to the COVID-19 situation. And so, essentially there was pent up demand as we exited December quarter, they got fulfilled and we also did the channel fill associated with it during the March quarter. So close to $5 billion that I mentioned is entirely related to iPhone.

是的。所以问题的第一部分是关于噢，50 亿美元。正如我所提到的，一年前，由于 COVID-19 疫情导致工厂关闭，iPhone 14 Pro 和 Pro Max 的供应中断。因此，基本上在我们退出 12 月季度时有积压的需求得到满足，我们也在 3 月季度进行了相关的渠道填充。所以我提到的接近 50 亿美元完全与 iPhone 有关。

On the gross margin side, obviously, we are at very high levels of gross margin. And I'll repeat what I said before, we've had good expansion over the last few quarters and now we are guiding to 46% to 47% and that takes into account everything that is going on, which is, the commodity environment, which is the foreign exchange situation, and obviously the product and services mix. And the outcome of this is the guidance, which obviously is very strong and we're very happy with it.

在毛利方面，显然，我们的毛利率非常高。我会重申之前所说的，过去几个季度我们有很好的扩张，现在我们的指导范围是 46%至 47%，这考虑了一切情况，包括商品环境、外汇情况，以及产品和服务组合。这一结果就是指导范围，显然非常强劲，我们对此感到非常满意。

Krish Sankar 克里什·桑卡

Thanks a lot, Luca. And then I have a follow-up for Tim. Tim, it was very interesting to hear your comments on enterprise. And historically, Apple has been a consumer centric company. And now with Vision Pro, Mac, it's sort of penetrating more into the enterprise. I'm kind of curious how to think about Apple of the future? Would it still be consumer centric or do you think it's going to be more enterprise focused also as we get into the future? Thank you very much.

非常感谢，卢卡。接下来我有一个问题要问蒂姆。蒂姆，听到你对企业的评论非常有趣。历史上，苹果一直是以消费者为中心的公司。现在有了 Vision Pro，Mac，它似乎更多地渗透进企业。我很好奇未来如何看待苹果？它仍然会以消费者为中心，还是您认为它将更多地关注企业，随着未来的发展？非常感谢。

Tim Cook 蒂姆·库克

We've really concluded that we can do both. That if you look at it, what has happened over the last several years is that, employees are in a position in many companies to choose their own technology that is the best for them. And so, it sort of took some of the central command from the traditional company and decentralized the decision-making. That is a huge advantage for Apple, because there's a lot of people out there that want to use a Mac. They're using a Mac at home. They'd like to use one in the office as well. iPad has also benefited from that.

我们真的得出结论，我们可以两者兼顾。如果你仔细看，过去几年发生的事情是，员工在许多公司有权选择对他们最好的技术。因此，它在某种程度上从传统公司中夺走了一些中央指挥权，并分散了决策权。这对苹果来说是一个巨大优势，因为有很多人想要使用 Mac。他们在家里使用 Mac。他们也想在办公室使用一个。iPad 也受益于此。

Vision Pro, it's -- when you look at the ton of use cases, I mean, we're starting with a million apps and 600 plus that are -- have been designed particularly for Vision Pro. When I look at what is coming out of Enterprise, it's some of the most innovative things I've seen come out of Enterprise in a long time. And so, I think there's a like there is for the Mac and iPad, and of course, iPhone has been in enterprise since the early days of iPhone. I think there's a nice opportunity there for Vision Pro as well.

Vision Pro，当您看到大量的使用案例时，我的意思是，我们从一百万个应用程序开始，其中有 600 多个是专门为 Vision Pro 设计的。当我看到企业正在推出的产品时，这是我长时间以来看到的一些最具创新性的东西。因此，我认为就像 Mac 和 iPad 一样，当然，iPhone 自 iPhone 早期就进入了企业市场。我认为 Vision Pro 也有很好的机会。

Krish Sankar 克里什·桑卡

Great. Thanks a lot Tim. Very interesting to hear. Thank you.

太好了。谢谢你，蒂姆。听起来很有趣。谢谢。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thank you, Krish. Operator, can we have the next question, please?

谢谢，Krish。操作员，请问我们可以有下一个问题吗？

Operator 操作员

Our next question is from David Vogt with UBS. Please go ahead.

我们下一个问题是来自瑞银的大卫·福特。请提问。

David Vogt 大卫·福格

Great. Thanks guys. And I have two questions as well. So, Tim and Luke, I appreciate the strength in the emerging markets like India and the other names that you kind of listed on the call, but can you maybe spend some time on the Americas? Obviously, that was relatively flat, you touched on China, but what are you seeing in that market from the carriers here in the States? And is the sales cycle elongating or the replacement cycle elongating? And in your view what has to change to kind of maybe re-accelerate that business in the America's, particular in the iPhone business? And then on sort of -- I just want to make sure I understand sort of the guide. So when I think about the $5 billion pull forward last year in the March quarter from a channel fill perspective, even if I back it out last quarter or I back it up this quarter, the March quarter, this would be sort of the softest quarter since the COVID pandemic. Obviously, I know the Americas as I just touched on is a little bit softer than China, which you cleared up earlier. But how do you think about the differences in sort of the macro conditions by region? And again, do you have a sense for are we nearing a trough from a macro demand perspective or how long do you think this particular weakness persists? Thanks.

很好。谢谢各位。我也有两个问题。所以，Tim 和 Luke，我很欣赏像印度这样的新兴市场以及你在通话中列出的其他地方，但你们能否花点时间谈谈美洲地区呢？显然，那里相对平稳，你们提到了中国，但在美国这个市场上，你们看到了什么？运营商在这里的情况如何？销售周期在延长吗？还是更换周期在延长？在你们看来，为了重新加速美洲地区的业务，尤其是 iPhone 业务，需要做出哪些改变？然后，关于指引，我只是想确保我理解正确。所以当我考虑去年三月季度从渠道填充角度提前了 50 亿美元，即使我上季度或这个季度回溯，三月季度，这将是自 COVID 大流行以来最疲软的季度。显然，我知道美洲地区稍微比中国疲软，你之前已经澄清了。但你们如何看待不同地区的宏观条件差异？ 您是否感觉我们从宏观需求的角度正在接近低谷，或者您认为这种特定的疲软会持续多久？谢谢。

Tim Cook 蒂姆·库克

Let me take the first part of your question about America. If you look at the U.S., which obviously drives the vast, vast majority of the revenue in America, we grew in the December quarter from an iPhone business point of view and the install base hit an all-time high. If you look at the replacement cycle, it's very difficult to measure the replacement cycle at any given point. And so, what we focus on internally a lot is the active install base and the -- obviously, the sales over usually a cycle and we feel better about those things.

让我来回答你关于美国的问题的第一部分。如果你看看美国，很明显，美国驱动了绝大部分的收入，从 iPhone 业务的角度来看，我们在 12 月季度增长了，安装基数达到了历史最高水平。如果你看看更换周期，很难在任何特定时间衡量更换周期。因此，我们内部非常关注活跃的安装基数，显然，通常在一个周期内的销售情况，我们对这些事情感到更有信心。

If you look at the -- who's selling what in the U.S., the iPhone is four out of the top five selling smartphones in the US. And of course, the customer satisfaction in the U.S. as we alluded to earlier is 99%. So we feel very, very good about what our position is in the U.S.

如果你看一下在美国卖什么，iPhone 在美国销售排名前五的智能手机中占据了前四名。当然，正如我们之前提到的，美国的客户满意度为 99%。因此，我们对我们在美国的地位感到非常非常满意。

Luca Maestri 卢卡·马埃斯特里

And I would add to that, keep in mind, obviously, the extra week that we had a year ago that obviously makes the compare more -- a bit distorted. On the March quarter guide, I would point to you that, obviously, the COVID years had a lot of, let's say, turmoil in it, a lot of volatility that typically you wouldn't see. If you look at our sequential progression from December to March this year versus pre-COVID versus like a more normal environment, it's actually stronger than those years.

我想补充一点，显然要记住，我们一年前多了一个星期，这显然使得比较更加--有点扭曲。在三月季度指引方面，我要指出，显然，COVID 年有很多，我们可以说，其中有很多动荡，很多波动，通常你不会看到。如果你看我们从去年 12 月到今年 3 月的顺序进展，与 COVID 前和更正常的环境相比，实际上比那些年更强。

David Vogt 大卫·福格

Got it. Thanks, guys.

明白了。谢谢，伙计们。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

Thank you, David. Operator, can we have the last question, please?

谢谢，大卫。操作员，请问我们可以提最后一个问题吗？

Operator 操作员

Thank you. Our last question is from Ben Reitzes with Melius Research. Please go ahead.

谢谢。我们最后一个问题是来自 Melius Research 的 Ben Reitzes。请提问。

Ben Reitzes 本·赖泽斯

Yes. Hi. Thanks. Appreciate it. Two questions, if I can sneak them in. Just wanted to clarify on China. Tim, I think last quarter you still thought it was a growth market. Obviously, there's some concerns with the -- recently and given what we saw in the quarter, is there something that we can kind of point to where you feel that that market can resume growth in the future? And I'm wondering if you're still upbeat about that prospect. And then I just have a quick follow up.

是的。嗨。谢谢。感激不尽。如果可以的话，我有两个问题想问。只是想澄清一下关于中国的问题。蒂姆，我记得上个季度你仍然认为这是一个增长市场。显然，最近有一些担忧，鉴于我们在上个季度看到的情况，有没有什么我们可以指出的地方，让你觉得这个市场未来可以恢复增长？我想知道你是否仍然对这一前景感到乐观。然后我只是有一个快速的跟进问题。

Tim Cook 蒂姆·库克

Ben, we've been in China for 30 years. And I remain very optimistic about China over the long term. And I feel good about hitting a new install base number, high watermark and very good about the growth in upgraders year-over-year during the quarter.

本，我们在中国已经有 30 年了。我对中国的长期前景仍然非常乐观。我对达到新的安装基数、高水位标志感到满意，并且对季度内升级者的增长非常满意。

Ben Reitzes 本·赖泽斯

Great. Thanks Tim. And just in terms of AI, I know you're not going to talk about your plans, but do you believe -- are you a believer in the edge thesis that AI and processing on smartphones and devices like yours is going to have a huge role in AI and AI apps and that it's something you guys can take advantage of.

很好。谢谢，蒂姆。就人工智能而言，我知道你不会谈论你的计划，但你是否相信——你是否相信边缘论，即人工智能和智能手机等设备上的处理将在人工智能和人工智能应用中发挥重要作用，并且这是你们可以利用的东西。

Tim Cook 蒂姆·库克

Let me just say that, I think there's a huge opportunity for Apple with GenAI and AI. And without getting into to more details and getting out in front of myself.

让我简单说一下，我认为苹果在 GenAI 和人工智能方面有巨大的机会。不过，我不想深入细节，也不想过于超前。

Ben Reitzes 本·赖泽斯

Thanks Tim. 谢谢 Tim。

Tim Cook 蒂姆·库克

Yes, Thanks, Ben. 是的，谢谢，本。

Suhasini Chandramouli 苏哈西尼·钱德拉穆利

All right. Thank you Ben. 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 0106234 followed by the pound sign. These replays will be available by approximately 5 p.m. Pacific time today. Members of the press with additional questions can contact Josh Rosenstock at 408-862-1142 and financial analysts can contact me, Suhasini Chandramouli, with additional questions at 408-974-3123. Thanks again for joining us.

好的。谢谢 Ben。今天的通话重播将在 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。请在井号后输入确认码 0106234。这些重播将在太平洋时间今天下午 5 点左右提供。有额外问题的新闻记者可以联系 Josh Rosenstock，电话号码为 408-862-1142，财务分析师可以联系我，Suhasini Chandramouli，电话号码为 408-974-3123。再次感谢您的参与。

Operator 操作员

Once again, this does conclude today's conference. We do appreciate your participation.

今天的会议到此结束。感谢您的参与。