2024-08-01 Apple Inc. (AAPL) Q3 2024 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q3 2024 Earnings Conference Call August 1, 2024 5:00 PM ET
苹果公司 (NASDAQ:AAPL) 2024 年第三季度收益电话会议 美国东部时间 2024 年 8 月 1 日下午 5:00
Company Participants 公司参与者
Suhasini Chandramouli - Director of IR
Suhasini Chandramouli - 投资关系总监
Tim Cook - CEO 蒂姆-库克 - 首席执行官
Luca Maestri - CFO Luca Maestri - 首席财务官
Conference Call Participants
电话会议与会者
Erik Woodring - Morgan Stanley
Erik Woodring - 摩根士丹利
Ben Reitzes - Melius
Mike Ng - Goldman Sachs
Mike Ng - 高盛集团
Amit Daryanani - Evercore
Wamsi Mohan - Bank of America
Wamsi Mohan - 美国银行
Krish Sankar - TD Cowen
David Vogt - UBS 大卫-沃格特 - 瑞银
Atif Malik - Citi Atif Malik - 花旗银行
Samik Chatterjee - JPMorgan
Samik Chatterjee - 摩根大通
Richard Kramer - Arete Research
理查德-克莱默 - Arete Research
Suhasini Chandramouli
Good afternoon and welcome to the Apple Q3 Fiscal Year 2024 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.
下午好，欢迎参加苹果公司 2024 财年第三季度收益电话会议。我是投资者关系总监 Suhasini Chandramouli。今天的电话会议正在录音。
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. 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.
今天首先发言的是苹果公司首席执行官蒂姆-库克（Tim Cook），随后是首席财务官卢卡-梅斯特里（Luca Maestri）。之后，我们将开放电话会议，接受分析师提问。请注意，你们在今天的讨论中听到的一些信息将包含前瞻性陈述，包括但不限于有关收入、毛利率、运营支出、其他收入和支出、税收、资本分配以及未来业务前景（包括宏观经济形势对公司业务和经营业绩的潜在影响）的陈述。
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.
这些陈述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存在实质性差异。欲了解更多信息，请参阅 Apple 最近向美国证券交易委员会提交的 10-K 表年报和 8-K 表以及相关新闻稿中讨论的风险因素。Apple 不承担更新任何前瞻性表述的义务，这些表述仅适用于表述当日。
I'd now like to turn the call over to Tim for introductory remarks.
现在请蒂姆作介绍性发言。
Tim Cook 蒂姆-库克
Thank you Suhasini. Good afternoon everyone and thanks for joining the call. Today, Apple is reporting a new June quarter revenue record of $85.8 billion, up 5% from a year ago and better than we had expected. EPS grew double digits to $1.40 and achieved a record for the June quarter. We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand. And we set an all-time revenue record in services which grew 14%.
谢谢 Suhasini。大家下午好，感谢参加电话会议。今天，苹果公司公布的 6 月份季度营收达到 858 亿美元，创历史新高，比去年同期增长 5%，好于我们的预期。每股收益增长了两位数，达到 1.40 美元，创下了 6 月份的最高纪录。我们还在二十多个国家和地区创下了季度收入纪录，包括加拿大、墨西哥、法国、德国、英国、印度、印度尼西亚、菲律宾和泰国。此外，我们在服务领域的收入也创下了历史新高，增长了 14%。
如果VISA的交易量增长7%，苹果营收增长5%是比较正常的数字。
At our Worldwide Developers Conference, we were thrilled to unveil game-changing updates across our platforms, including Apple Intelligence. Apple Intelligence builds on years of innovation and investment in AI and Machine Learning. It will transform how users interact with technology, from writing tools to help you express yourself, to image playground, which gives you the ability to create fun images and communicate in new ways, to powerful tools for summarizing and prioritizing notifications.
在全球开发者大会上，我们非常高兴地发布了包括 Apple Intelligence 在内的改变游戏规则的更新。Apple Intelligence 基于多年来在人工智能和机器学习领域的创新和投资。它将改变用户与技术的交互方式，从帮助你表达自我的写作工具，到让你能够创建有趣图像并以全新方式进行交流的图像游乐场，再到用于汇总和优先处理通知的强大工具，无所不包。
Siri also becomes more natural, more useful, and more personal than ever. Apple Intelligence is built on a foundation of privacy, both through on-device processing that does not collect users' data and through private cloud compute, a groundbreaking new approach to using the cloud, while protecting users' information powered by Apple silicon. We are also integrating
Siri 也变得比以往任何时候都更自然、更有用、更个性化。Apple Intelligence 建立在隐私的基础之上，通过不收集用户数据的设备上处理和私有云计算，这是一种使用云的开创性新方法，同时保护由 Apple 芯片提供的用户信息。我们还整合了
ChatGPT into experiences within iPhone, Mac, and iPad, enabling users to draw on a broad base of world knowledge.
将 ChatGPT 纳入 iPhone、Mac 和 iPad 的体验中，使用户能够利用广泛的世界知识基础。
未来的发展有可能类似于app store，推动繁荣的是app，但是平台肯定能获得最大的利益。
We are very excited about Apple Intelligence and we remain incredibly optimistic about the extraordinary possibilities of AI and its ability to enrich customers' lives. We will continue to make significant investments in this technology and dedicate ourselves to the innovation that will unlock its full potential. Recently, we've also been excited to bring Apple Vision Pro to more countries, giving customers the chance to discover the remarkable capabilities of this magical device. Vision Pro users are customizing their own workspaces, watching movies on 100-foot screens, and exploring entire worlds with just a pinch of their fingertips.
我们对 Apple Intelligence 感到非常兴奋，我们对人工智能的非凡可能性及其丰富客户生活的能力保持难以置信的乐观。我们将继续对这项技术进行大量投资，并致力于创新，以释放其全部潜力。最近，我们很高兴能将 Apple Vision Pro 带到更多国家，让消费者有机会发现这一神奇设备的非凡功能。Vision Pro 用户可以定制自己的工作空间，在 100 英尺的屏幕上观看电影，只需轻点指尖就能探索整个世界。
With more than 2,500 native spatial apps and 1.5 million compatible apps for Vision OS, the developer community continues to pioneer stunning spatial experiences that are only possible with Vision Pro. Last month, we announced that we're bringing some amazing new immersive content to Vision Pro, including new series, concerts, films, and more. And we've seen great interest for Vision Pro in the enterprise, where it can empower companies large and small to pursue their best ideas like never before.
目前，Vision OS 已拥有 2,500 多款原生空间应用程序和 150 万款兼容应用程序，开发者社区不断开拓只有 Vision Pro 才能实现的令人惊叹的空间体验。上个月，我们宣布将为 Vision Pro 带来一些令人惊叹的全新沉浸式内容，包括新的系列剧、音乐会、电影等。此外，我们还看到 Vision Pro 在企业中引起了极大的兴趣，它可以帮助大大小小的公司追求前所未有的最佳创意。
With each innovation, we're unlocking new ways of working, new ways of learning, and new ways of tapping into the unlimited promise of human potential. We are doing that across every product and every service. Now let me share more detail in our June quarter results, beginning with iPhone. iPhone revenue was $39.3 billion, down 1% year-over-year. On a constant currency basis, we grew compared to last year. Customers continue to praise the iPhone 15 lineup for its incredible battery life, exceptional cameras, and unmatched power and performance.
通过每一次创新，我们都在开启新的工作方式、新的学习方式以及挖掘人类无限潜能的新方式。我们的每一款产品和每一项服务都是如此。现在，请允许我从 iPhone 开始，与大家分享我们 6 月份季度业绩的更多细节。iPhone 收入为 393 亿美元，同比下降 1%。按固定汇率计算，我们比去年有所增长。客户继续称赞 iPhone 15 系列产品具有超长的电池使用时间、出色的摄像头以及无与伦比的动力和性能。
这样的评价是真实的，目前只有苹果有这个能力。
And we are excited to bring incredible new features to the iPhone with iOS 18, making it more personal, capable, and intelligent than ever before. This update includes the biggest redesign of the Photos app, new customization options for the home screen, messages over satellite, and the introduction of Apple Intelligence. Apple Intelligence utilizes the power of our most advanced iPhones, the iPhone 15 Pro and Pro Max, offering a transformative set of capabilities.
我们很高兴能通过 iOS 18 为 iPhone 带来令人难以置信的新功能，使它比以往任何时候都更个性化、更强大、更智能。这次更新包括重新设计照片 app、主屏幕的全新自定义选项、卫星信息以及 Apple Intelligence 的推出。Apple Intelligence 利用了我们最先进的 iPhone、iPhone 15 Pro 和 Pro Max 的强大功能，提供了一系列变革性的功能。
Mac revenue was $7 billion, up 2% from a year ago. Customers are loving the latest M3-powered 13 and 15 inch MacBook Air. With back-to-school season upon us, MacBook Air is the perfect companion for students on campus and small business owners, developers, and [creatives] (ph) of all kinds depend on Mac to do more than they ever could before. Powered by Apple silicon with its neural engine and privacy built in at the chip level, Mac’s are simply the best personal computers for AI.
Mac 营收为 70 亿美元，同比增长 2%。客户非常喜欢采用最新 M3 处理器的 13 和 15 英寸 MacBook Air。随着返校季的到来，MacBook Air 成为校园学生和小企业主、开发人员以及各种类型的创意人士的完美伴侣，他们依靠 Mac 完成的工作比以往任何时候都多。Mac 由苹果芯片提供支持，在芯片级内置了神经引擎和隐私保护功能，是最适合人工智能的个人电脑。
And every Mac we've shipped with Apple silicon since 2020, is capable of taking advantage of Apple Intelligence with Mac OS Sequoia. We also know the importance of security for our users and enterprises so we continue to advance protections across our products. Turning to iPad, revenue was $7.2 billion, 24% higher year-over-year. During the quarter, we had an incredible launch where we unveiled the all-new 11 and 13 inch iPad Air, the perfect device for education, entertainment, and so much more.
自 2020 年以来，我们出厂的每台配备 Apple 芯片的 Mac 都能利用 Mac OS Sequoia 的 Apple Intelligence。我们也深知安全对于用户和企业的重要性，因此我们将继续推进对所有产品的保护。iPad 的营收达到 72 亿美元，同比增长 24%。在本季度，我们举行了一场令人难以置信的发布会，推出了全新的 11 和 13 英寸 iPad Air，这是一款适用于教育、娱乐及更多领域的完美设备。
And With the new iPad Pro, we pushed the boundaries of power-efficient performance with the remarkable M4 chip, the engine behind this incredibly thin device. By leveraging the latest in Apple silicon, Video Editors and Musicians can take advantage of the cutting edge AI features in Final Cut Pro and Logic Pro. And we're very excited that iPad Pro and iPad Air models powered by the M series of Apple silicon will be able to utilize the powerful capabilities of Apple Intelligence.
在新款 iPad Pro 上，我们采用了非凡的 M4 芯片，它是这款超薄设备背后的引擎，推动了高能效性能的发展。通过利用最新的 Apple 芯片，视频剪辑师和音乐家可以充分利用 Final Cut Pro 和 Logic Pro 中的尖端 AI 功能。我们非常高兴地看到，采用 M 系列 Apple 芯片的 iPad Pro 和 iPad Air 机型将能够利用 Apple Intelligence 的强大功能。
In wearables, home, and accessories, revenue was $8.1 billion, down 2% from a year ago. Apple Watch is empowering users to live a healthier day with a range of tools to take charge of their wellness journeys. At the core of Apple Watch, are powerful AI features that are helping users get help when they need it most, from irregular heart rhythm notifications to walking steadiness to crash detection and fall detection. I've heard time and again how meaningful these features are for users and their loved ones, and their stories motivate us to keep pushing forward on this vital work.
在可穿戴设备、家居和配件方面，收入为 81 亿美元，同比下降 2%。Apple Watch 为用户提供了一系列工具，让他们能够更健康地生活。Apple Watch 的核心是强大的人工智能功能，从心律不齐通知到步行稳定性，再到碰撞检测和跌倒检测，这些功能可以帮助用户在最需要的时候获得帮助。我一次又一次地听到这些功能对用户和他们所爱的人来说是多么有意义，他们的故事激励着我们继续推进这项重要的工作。
As I mentioned earlier, in services, we set an all-time revenue record of $24.2 billion with paid subscriptions climbing to an all-time high. We achieve revenue records in the majority of the services categories with all-time revenue records in advertising, cloud, and payment services.
正如我前面提到的，在服务领域，我们创下了 242 亿美元的收入纪录，付费订阅攀升至历史新高。我们在大多数服务类别中都创下了收入记录，其中广告、云计算和支付服务的收入更是创下了历史新高。
Apple TV+ productions are delighting audiences on screens large and small. We're sharing powerful works of imagination with series and movies like Presumed Innocent, the Upcoming Disclaimer, and The Instigators starring Matt Damon. And we can't wait for returning fan favorites with new seasons of The Morning Show, Slow Horses, and Severance.
Apple TV+ 制作的节目正在大小屏幕上取悦观众。我们正在与马特-达蒙主演的《无罪推定》、《免责声明》和《煽动者》等系列剧和电影分享强大的想象力。我们已经迫不及待地期待《早间秀》、《慢马》和《Severance》新一季的回归。
Apple TV+ productions also continue to earn accolades with nearly 2,300 nominations and 500 wins to-date. That includes 72 Emmy Award nominations across 16 programs our best ever showing for the upcoming awards event. During the quarter, we also expanded Tap to Pay on iPhone to more markets including Japan, Canada, Italy, and Germany, enabling more businesses to use the power of iPhone to accept contactless payments. And we announced new updates to our services coming this fall, including US national park hikes and custom walk routes and Apple Maps, the ability to pay with rewards using Apple Pay, collaborative listening with Apple Music, and a redesigned Apple Fitness+ experience to help users make the most of our library of workouts and meditations.
Apple TV+ 制作的节目也不断赢得赞誉，迄今已获得近 2,300 项提名和 500 项奖项。其中包括 16 个节目获得的 72 项艾美奖提名，这也是我们在即将举行的颁奖典礼上获得的最好成绩。本季度，我们还将 iPhone 上的 Tap to Pay 扩展到更多市场，包括日本、加拿大、意大利和德国，使更多企业能够利用 iPhone 的强大功能接受非接触式支付。此外，我们还宣布将于今年秋季推出新的服务更新，包括美国国家公园徒步旅行和自定义步行路线以及 Apple Maps、使用 Apple Pay 支付奖励的功能、与 Apple Music 协同聆听，以及重新设计的 Apple Fitness+ 体验，以帮助用户充分利用我们的健身和冥想资料库。
Netflix、AMEX，已经被苹果看上的领域都会面临压力。
Turning to retail, we continue to expand in emerging markets with our first ever location in Malaysia. Customers from all over the country came together with our team members to celebrate this special moment. Elsewhere in the world, our teams have been sharing the magic of Apple Vision Pro and demos that delight, inspire, and deeply move customers exploring the wonders of spatial computing for the first time. At the heart of all of our innovations are the values that guide everything we do.
在零售方面，我们继续拓展新兴市场，在马来西亚开设了首家分店。来自全国各地的顾客与我们的团队成员欢聚一堂，共同庆祝这一特殊时刻。在世界其他地方，我们的团队一直在分享 Apple Vision Pro 的神奇魔力，并进行演示，为首次探索空间计算奥妙的顾客带来愉悦、灵感和深深的感动。我们所有创新的核心是指导我们一切工作的价值观。
We believe fundamentally that the best technology is technology that works for everyone. And in honor of Global Accessibility Awareness Day, we introduced all new capabilities to give users more ways to take advantage of all our products can do. These include eye tracking for users to control iPhone or iPad visually, music haptics to give those who are deaf or hard of hearing a tangible way to experience music, and vocal shortcuts that tie task to a user's voice. And we are committed as ever to shipping products that offer the highest standards of privacy for our users.
我们坚信，最好的技术就是适合所有人使用的技术。为了纪念 "全球无障碍意识日"，我们推出了所有新功能，让用户有更多方式利用我们产品的所有功能。其中包括眼动追踪功能，让用户以视觉方式控制 iPhone 或 iPad；音乐触觉功能，让耳聋或听力障碍者以有形的方式体验音乐；以及将任务与用户的声音联系起来的语音快捷方式。我们一如既往地致力于为用户提供最高隐私标准的产品。
With everything we do, whether it's offering a browser like Safari that prevents third-parties from tracking you across the internet or providing new features like the ability to lock and hide apps, we are determined to keep our users in control of their own data. And we are just as dedicated to ensuring the security of our users' data. That's why we work to minimize the amount of data we collect and work to maximize how much is processed directly on people's devices, a foundational principle that is at the core of all we build, including Apple Intelligence.
我们所做的一切，无论是提供 Safari 这样可以防止第三方在互联网上跟踪你的浏览器，还是提供锁定和隐藏应用程序等新功能，都是为了让用户掌控自己的数据。我们同样致力于确保用户数据的安全。因此，我们努力将收集的数据量降至最低，并最大限度地提高直接在用户设备上处理的数据量，这是我们构建包括 Apple Intelligence 在内的所有产品的核心原则。
And we continue to make significant progress on the environment. We are proud to say that all of our data centers, including those that will run private cloud compute, operate on 100% renewable energy. At Apple, we're constantly accelerating our pace of innovation. We are a company in relentless pursuit of big ideas. Time and again, we've seen how a spark of creativity can reach breakthrough velocity, reach across previously unexplored dimensions, and ultimately take flight in ways that can change the world. It's why we're going to keep investing in the meaningful innovation that enriches the lives of all of our customers. We have a busy time ahead of us, and I couldn't be more excited for all the amazing things yet to come.
我们将继续在环保方面取得重大进展。我们可以自豪地说，我们所有的数据中心，包括运行私有云计算的数据中心，都是 100% 使用可再生能源。在 Apple，我们不断加快创新步伐。我们是一家不懈追求伟大创意的公司。我们一次又一次地见证了创意的火花如何达到突破性的速度，如何跨越以前从未探索过的领域，并最终以改变世界的方式迸发出来。因此，我们将继续投资于有意义的创新，以丰富我们所有客户的生活。我们将迎来一个繁忙的时期，我对即将发生的所有令人惊叹的事情感到无比兴奋。
With that, I'll turn it over to Luca.
下面请卢卡发言。
Luca Maestri 卢卡-梅斯特里
Thank you, Tim, and good afternoon, everyone. We are very pleased to report a new June quarter revenue record of $85.8 billion, up 5% year-over-year, despite 230 basis points of negative foreign exchange impact. We achieved growth in the vast majority of our markets, with June quarter revenue records in the Americas, Europe, and rest of Asia Pacific. Products revenue was $61.6 billion, up 2% year-over-year, driven by the launch of the new iPad Pro and iPad Air.
谢谢你，蒂姆，大家下午好。我们非常高兴地宣布，尽管受到了 230 个基点的负面外汇影响，但 6 月份的收入仍达到了 858 亿美元，同比增长 5%，创下了新的历史纪录。我们在绝大多数市场都实现了增长，美洲、欧洲和亚太其他地区都创下了 6 月份的收入记录。在新款 iPad Pro 和 iPad Air 上市的推动下，产品收入达到 616 亿美元，同比增长 2%。
Visa的数据是7%，AMEX是6%，可以理解为基本盘，重要的是可以在此基础上叠加的增长，比如，新的增长点，更大的市场份额，更高的利润率。
Our installed base of active devices reach an all-time high across all products and geographic segments, thanks to our unmatched levels of customer satisfaction and loyalty and a large number of customers who are new to our products. Services revenue reached an all-time record of $24.2 billion, up 14% year-over-year, with an all-time record in developed markets and a June quarter record in emerging markets.
得益于无与伦比的客户满意度和忠诚度，以及大量新客户的加入，我们所有产品和地区的活跃设备安装量均创历史新高。服务收入达到 242 亿美元，创历史新高，同比增长 14%，其中发达市场创历史新高，新兴市场创六月季度新高。
Company gross margin was 46.3% near the high end of our guidance range and down 30 basis points sequentially driven by a different mix within products which was partially offset by a favorable mix shift towards services and cost savings. Products gross margin was 35.3%, down 130 basis points sequentially, primarily driven by mix, partially offset by favorable costs. Services gross margin was 74% down 60 basis points from last quarter.
公司毛利率为 46.3%，接近我们指导范围的上限，环比下降 30 个基点，主要原因是产品组合不同，但部分被向服务和成本节约转变的有利组合所抵消。产品毛利率为 35.3%，环比下降 130 个基点，主要原因是产品组合不同，但部分被有利的成本所抵消。服务毛利率为 74%，比上一季度下降 60 个基点。
Operating expenses of $14.3 billion were at the low end of the guidance range we provided and up 7% year-over-year. Net income was $21.4 billion, diluted EPS of $1.40 was up 11% year-over-year and set a June quarter record. And operating cash flow was very strong at $28.9 billion, also a June quarter record.
运营支出为 143 亿美元，处于我们提供的指导范围的低端，同比增长 7%。净收入为 214 亿美元，摊薄后每股收益为 1.40 美元，同比增长 11%，创下了 6 月份的最高纪录。运营现金流非常强劲，达到 289 亿美元，也创下了六月份的最高纪录。
Let me get into more detail for each of our revenue categories. iPhone revenue was $39.3 billion, down 1% year-over-year, but grew on a constant currency basis. We set June quarter records across several countries, including the UK, Spain, Poland, Mexico, Indonesia, and the Philippines. And the iPhone Active installed base grew to a new all-time high in total and in every geographic segment.
请允许我更详细地介绍我们的各类收入。 iPhone 收入为 393 亿美元，同比下降 1%，但按固定汇率计算有所增长。我们在英国、西班牙、波兰、墨西哥、印度尼西亚和菲律宾等多个国家创下了 6 月份的季度记录。iPhone 的活跃装机总量和各地区的装机量均创历史新高。
During the June quarter, many iPhone models were among the top selling smartphones around the world. In fact, according to a survey from Kantar, iPhone was the top selling model in the US, urban China, the UK, Germany, Australia, and Japan. Customer satisfaction on the iPhone 15 family continues to be extremely high, with 451 Research measuring it at 98% in the US in their latest reports.
在 6 月份的季度中，许多 iPhone 机型都是全球最畅销的智能手机之一。事实上，根据 Kantar 的调查，iPhone 是美国、中国城市、英国、德国、澳大利亚和日本最畅销的机型。客户对 iPhone 15 系列的满意度仍然非常高，451 Research 在其最新报告中称，美国客户对 iPhone 15 的满意度高达 98%。
Mac generated $7 billion in revenue, up 2% year-over-year, driven by the MacBook Air powered by the M3 chip. We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia. The Mac installed base reached an all-time high with half of MacBook Air customers in the quarter being new to Mac. And customer satisfaction for Mac was recently reported at 96% in the US. iPad revenue was $7.2 billion, up 24% year-over-year, driven by the launch of the new iPad Pro and iPad Air. Customers are loving the latest iPad lineup for its new design and display, unparalleled performance, AI capabilities and much more.
在采用 M3 芯片的 MacBook Air 的推动下，Mac 实现了 70 亿美元的收入，同比增长 2%。我们在新兴市场的表现尤为突出，6 月份 Mac 在拉丁美洲、印度和南亚创下了历史新高。Mac 的装机量达到了历史新高，本季度有一半的 MacBook Air 客户是首次使用 Mac。在新款 iPad Pro 和 iPad Air 推出的推动下，iPad 收入达到 72 亿美元，同比增长 24%。最新的 iPad 系列拥有全新的设计和显示屏、无与伦比的性能、人工智能功能等，深受客户喜爱。
The iPad install base has continued to grow and is an all-time high, as half of the customers who purchased iPads during the quarter were new to the product. Also, customer satisfaction was recently measured at 97% in the US. Wearables, home and accessories revenue was $8.1 billion, down 2% year-over-year, a sequential acceleration from the March quarter.
iPad 的安装量持续增长，并创下了历史新高，因为在本季度购买 iPad 的客户中有一半是首次使用该产品。此外，最近在美国测得的客户满意度为 97%。可穿戴设备、家居及配件业务营收为 81 亿美元，同比下降 2%，较 3 月份连续加速。
Watch and AirPods continue to face a difficult compare against prior year launches of the AirPods Pro second generation, the Watch SE and the first Watch Ultra. Apple Watch continues to attract new customers, with almost two-thirds of customers purchasing an Apple Watch during the quarter being new to the product, sending the Apple Watch install base to a new all-time high. And the latest reports from 451 Research indicate a customer satisfaction of 97% for watch in the US.
与去年推出的 AirPods Pro 第二代、Watch SE 和首款 Watch Ultra 相比，Watch 和 AirPods 继续面临困难。Apple Watch 继续吸引新客户，本季度购买 Apple Watch 的客户中近三分之二是新客户，使 Apple Watch 的安装量创下历史新高。451 Research 的最新报告显示，美国手表用户满意度高达 97%。
In services, total revenue reached an all-time record of $24.2 billion, growing 14% year-over-year. We continue to have great momentum in services, as the growth of our installed base of active devices, sets a strong foundation for the future expansion of our ecosystem. And we see increased customer engagement with our services offerings. Both transacting accounts and paid accounts reach a new all-time high with paid accounts growing double digits year-over-year. Also, 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.
在服务领域，总收入达到了创纪录的 242 亿美元，同比增长 14%。随着活跃设备安装量的增长，我们在服务领域的发展势头依然强劲，这为我们生态系统未来的扩展奠定了坚实的基础。我们看到客户对我们服务产品的参与度不断提高。交易账户和付费账户均创历史新高，付费账户同比增长两位数。此外，付费订阅也实现了两位数的强劲增长。我们平台上的各项服务的付费订阅用户数量已超过 10 亿，是四年前的两倍多。
苹果的系列产品可以有效降低噪音的干扰，所有设备的系统是统一的，文件都是共享的，集成的好处是降低噪音，拿来就用，目前是独一无二的优势，这种优势同样有利于服务业务的增长，乔布斯在2008年Earnings Call中解释了为什么苹果手机只有一个款式，这个解释目前仍然有效。
And we are constantly focused on improving the breadth and quality of our services. From critically acclaimed new content on Apple TV+ to new games on Apple Arcade and the many latest features we previewed during WWDC for iCloud, Apple Pay, Apple Cash, Apple Music, and more. Turning to enterprise, we continue to see businesses, leveraging our entire suite of products to drive productivity and creativity for their teams and customers.
我们一直致力于提高我们服务的广度和质量。从 Apple TV+ 上广受好评的新内容，到 Apple Arcade 上的新游戏，以及我们在 WWDC 期间预览的 iCloud、Apple Pay、Apple Cash、Apple Music 等众多最新功能。谈到企业，我们继续看到企业利用我们的全套产品，为其团队和客户提高生产力和创造力。
USAA, a leading insurance and financial services company, recently expanded beyond their existing iPhone and iPad deployments to provide their employees with the latest MacBook Air. And American Express has continued to add to their fleet of over 10,000 Macs to enhance their employees' productivity, security, and collaboration. We're also excited to see leading organizations such as Boston Children's Hospital and Lufthansa using Apple Vision Pro to build innovative spatial computing experiences to transform the training of their workforces.
USAA 是一家领先的保险和金融服务公司，最近在现有 iPhone 和 iPad 部署的基础上，为员工提供了最新的 MacBook Air。美国运通继续增加其 10,000 多台 Mac，以提高员工的工作效率、安全性和协作能力。我们还高兴地看到波士顿儿童医院和汉莎航空等领先企业使用 Apple Vision Pro 打造创新的空间计算体验，以改变其员工的培训方式。
Let me now turn to our cash position and capital return program. We ended the quarter with $153 billion in cash and marketable securities. We repaid $4.3 billion in maturing debt and increased commercial paper by $1 billion, leaving us with total debt of $101 billion. As a result, net cash was $52 billion at the end of the quarter. During the quarter, we returned over $32 billion to shareholders, including $3.9 billion in dividends and equivalents and $26 billion through open market repurchases of 139 million Apple shares.
现在请允许我谈谈我们的现金状况和资本回报计划。本季度末，我们拥有 1,530 亿美元的现金和有价证券。我们偿还了 43 亿美元的到期债务，并增加了 10 亿美元的商业票据，使我们的债务总额达到 1 010 亿美元。因此，本季度末的净现金为 520 亿美元。本季度，我们向股东返还了超过 320 亿美元，其中包括 39 亿美元的股息和等价物，以及通过公开市场回购 1.39 亿股 Apple 股票返还的 260 亿美元。
相当于微软1年的回购量。
As we move ahead into the September 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. We expect foreign exchange to continue to be a headwind and to have a negative impact on revenue of about 1.5 percentage points on a year-over-year basis.
随着我们进入九月份，我想回顾一下我们的展望，其中包括苏哈希尼在电话会议开始时提到的前瞻性信息。我们今天提供的信息假定宏观经济前景与我们今天对本季度的预测相比不会恶化。我们预计外汇将继续成为不利因素，并对收入产生同比约 1.5 个百分点的负面影响。
We expect our September quarter total company revenue to grow year-over-year at a rate similar to the June quarter. We expect services revenue to grow double digits at a rate similar to what we reported in the first three quarters of this fiscal year. We expect gross margin to be between 45.5% and 46.5%. We expect OpEx to be between $14.2 billion and $14.4 billion.
我们预计九月份公司总收入的同比增长率将与六月份相似。我们预计服务收入将实现两位数的增长，增速与本财年前三季度报告的增速相似。我们预计毛利率将介于 45.5% 与 46.5% 之间。我们预计运营支出将介于 142 亿美元和 144 亿美元之间。
We expect OI&E to be around negative $50 million, excluding any potential impact from the mark to market of minority investments, and our tax rate to be around 16.5%. Finally, today our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on August 15, 2024, to shareholders of record as of August 12, 2024.
如果不考虑少数股权投资按市价计算可能带来的影响，我们预计运营、投资和收益（OI&E）将为负 5000 万美元左右，税率约为 16.5%。最后，我们的董事会今天宣布将于 2024 年 8 月 15 日向截至 2024 年 8 月 12 日登记在册的股东派发每股普通股 0.25 美元的现金股息。
With that, let's open the call to questions.
下面开始提问。
Suhasini Chandramouli
Thank you Luca. We ask that you limit yourself to two questions. Operator, may we have the first question, please?
谢谢你，卢卡。请您只提两个问题。接线员，请回答第一个问题。
Question-and-Answer Session
问答环节
Operator 操作员
Certainly. We will go ahead and take our first question from Erik Woodring with Morgan Stanley. Please go ahead.
当然。第一个问题由摩根士丹利的 Erik Woodring 提出。请说。
Erik Woodring 埃里克-伍德林
Great. Thank you very much for taking my question. Maybe Tim, if we start with you, you know, I thought some of the color you provided before the call about iPhone 15 performing better than the iPhone 14 was interesting. So just with that context, can you maybe help us understand where you see iPhone replacement cycles today, where you think the size of the base of iPhones that are aged and likely to upgrade are, and what that translates to in potential pent-up demand, as we enter a new iPhone cycle. And I have a follow-up, thank you.
太好了。非常感谢你回答我的问题。蒂姆，如果我们从你开始问，我觉得你在电话会议前提供的关于 iPhone 15 比 iPhone 14 表现更好的一些信息很有意思。在这种背景下，你能否帮助我们了解一下，你认为目前 iPhone 的更换周期是怎样的，你认为已经老化并有可能升级的 iPhone 的基数有多大，以及当我们进入新一轮 iPhone 周期时，这对潜在的被抑制需求有什么影响。谢谢。
Tim Cook 蒂姆-库克
Yes, hi Eric. The install base hit an all-time high during the quarter and so we were very happy about that. iPhone in general grew in constant currency. And the 15, as you point out, if you look at the same number of weeks of the 15 from launch and compare that to the 14, the 15 is doing better than the 14. And so that's kind of a state of where we currently are. In terms of upgrade rates, it's very difficult mid-cycle to call upgrade rates. I would just say that with Apple Intelligence, we are very excited about the level of value that we're going to provide to users. And we believe that -- that presents another reason for a compelling upgrade.
是的，你好，埃里克。在本季度，iPhone 的安装量创下了历史新高，因此我们对此感到非常高兴。正如你所指出的，如果将 15 与 14 的上市周数进行比较，15 的表现要好于 14 。这就是我们目前的状况。在升级率方面，很难在中期预测升级率。我只想说，对于 Apple Intelligence，我们对即将为用户提供的价值水平感到非常兴奋。我们相信，这也是吸引用户升级的另一个原因。
更新周期肯定会出现波动，未来几年出现大幅增长的可能性大于不增长。
Erik Woodring 埃里克-伍德林
Okay, that's very helpful. Thanks, Tim. And then second, can you maybe dig into the China dynamics a bit? Sales down 6% this quarter, 3% in constant currency, an improvement from last quarter on a tougher compare that came on the back of some iPhone discounting. So can you maybe just share color on the China market as a whole how much you believe promotions helped in the quarter, how sustainable this improvement is, and if this performance really changes any of your approach to the China market as we look forward. Thanks so much.
好的，很有帮助。谢谢，蒂姆。其次，你能谈谈中国市场的动态吗？本季度销售额下降了 6%，按固定汇率计算下降了 3%，与上一季度相比有所改善，但由于 iPhone 的打折促销，比较更为艰难。因此，您能否介绍一下中国市场的整体情况，您认为促销活动对本季度有多大帮助，这种改善的可持续性有多大，以及在我们展望未来时，这种表现是否真的改变了您对中国市场的看法。非常感谢。
Tim Cook 蒂姆-库克
Yeah, Erik, as you point out, we decreased by 6.5% year-over-year for the whole of Greater China. And if you look at it on a constant currency basis, we declined by less than 3%. So over 50% of the decline year-over-year is currency related. That is an improvement from the first half of the fiscal year, and so we're happy to see the acceleration.
是的，埃里克，正如你所指出的，整个大中华区的销售额同比下降了 6.5%。如果按固定汇率计算，我们的降幅不到 3%。因此，50% 以上的同比下降与汇率有关。这比本财年上半年有所改善，因此我们很高兴看到业绩加速增长。
If you look at iPhone in particular for Greater China, the install base set a record. We also in Mainland China set a June quarter record for upgraders and so that's a very strong signal and in fact from Kantar -- the survey from Kantar this quarter showed that iPhones were the top three models in urban China. Also, if you look at -- one of the things we look at is the 15 family compared to the 14 family for the same number of weeks from launch. So this goes all the way back to the September of 2023. If you look at that, the 15 is outperforming the 14. And so those are some of the color I would provide.
iPhone在大中华区的安装量创下了历史新高。我们还在中国内地创下了 6 月份升级机型的记录，因此这是一个非常强烈的信号，事实上，Kantar -- Kantar 本季度的调查显示，iPhone 是中国城市地区排名前三的机型。此外，如果你看一下 -- 我们看的其中一件事是 15 系列与 14 系列在上市后相同周数的对比。这可以追溯到 2023 年 9 月。如果你看一下，15系列的表现优于14系列。这些就是我想提供的一些信息。
In addition, one of the things that we're very focused on is the level of new customers buying our products. And so if you look at this on the Mac and iPad, in Mainland China, the majority of customers buying or buying for the first time, buying that product for the first time and the watch, the vast, vast majority of people are buying the product for the first time. And during the quarter, I should say also that iPad returned to growth in Greater China, as it did around the world.
此外，我们非常重视新客户购买我们产品的程度。因此，如果你看一下 Mac 和 iPad 的情况，在中国大陆，大多数客户都是首次购买或首次购买该产品，而手表，绝大多数人都是首次购买该产品。本季度，iPad 在大中华区恢复了增长，在全球也是如此。
And so we continue to be confident in the long-term opportunity in China. I don't know how every chapter of the book reads, but we're very confident in the long-term.
因此，我们继续对中国的长期机遇充满信心。我不知道这本书的每一章是怎么写的，但我们对长期发展充满信心。
Erik Woodring 埃里克-伍德林
Great. Thanks so much. 太好了非常感谢
Tim Cook 蒂姆-库克
Yeah. 是啊
Suhasini Chandramouli
Thank you, Erik. Operator, may we have the next question, please?
谢谢你，埃里克。接线员，请回答下一个问题。
Operator 操作员
Our next question is from Ben Reitzes with Melius. Please go ahead.
下一个问题来自 Melius 公司的 Ben Reitzes。请说。
Ben Reitzes 本-雷泽斯
Hey, thanks a lot. Appreciate it. Hey, Tim, you know, now that you've launched or announced Apple intelligence, do you have any ideas on how it may impact services. Would it – do you feel like it'll accelerate your Services business augmented? And maybe folks will need to buy more storage and some other things. How are you thinking about it as a catalyst for Services into next year? And I have a follow-up. Thanks.
嘿，非常感谢。非常感谢。嘿，蒂姆，你知道，既然你已经推出或宣布了苹果智能，你对它可能对服务产生的影响有什么想法吗？你觉得它会加速你的服务业务增长吗？也许人们需要购买更多的存储空间和其他一些东西。你如何看待它作为明年服务业的催化剂？我还有后续问题。谢谢。
Tim Cook 蒂姆-库克
We started the rollout of Apple Intelligence this week with developers, so some of the features are out there as of Monday. And we couldn't be more excited about getting them out there. Obviously, this will enable developers to take their apps to the next level. And so we are taking the first step in getting the beta out there, and we can't wait to see what kind of amazing things they do with it.
本周我们开始向开发者推出 Apple Intelligence，因此部分功能已于周一正式发布。我们对这些功能的推出感到无比兴奋。显然，这将使开发者的应用更上一层楼。因此，我们迈出了推出测试版的第一步，我们迫不及待地想看到开发者们能用它做出什么样的惊人之举。
苹果的机会大于微软，微软的工具软件所创造的能力会体现在苹果的app。
Ben Reitzes 本-雷泽斯
Okay. Thanks. And then Luca, with regard to gross margin, it's been -- there's been some component price inflation and mix. Do you mind just giving us a little more color on how you are managing that sequentially and how you feel about the current component environment as an impact on margins? Thanks.
好的 谢谢 Okay.谢谢。卢卡，关于毛利率，一直以来都有一些价格上涨和混合因素。你是否介意向我们介绍一下你是如何管理毛利率的，以及你如何看待当前组件环境对毛利率的影响？谢谢。
Luca Maestri 卢卡-梅斯特里
Sure, Ben. I think I'll give you a bit of the walk for the June quarter and then get into the outlook that we provided for the September quarter. At the total company level, we've reported 46.3%. It is down 30 basis points sequentially, and it was really driven by a different mix. Within products, of course, we launched very important products like the iPad during the course of the quarter. But we had an offset from a shift in mix towards Services, and we got some good cost savings. And so when you look at it on a year-over-year basis, we are up significantly on the margin front.
当然，本。我想我先给大家介绍一下 6 月份的情况，然后再谈谈我们对 9 月份的展望。在整个公司层面，我们报告的毛利润为 46.3%。环比下降了 30 个基点，这实际上是由不同的产品组合驱动的。当然，在产品方面，我们在本季度推出了 iPad 等非常重要的产品。但是，产品组合向服务业的转移抵消了这一影响，我们也节省了一些成本。因此，我们的利润率同比大幅增长。
And keep in mind that foreign exchange continues to be a bit of a headwind for us. As we go into the September quarter, we are guiding 45.5% to 46.5%, which is kind of within the guidance that we provided last quarter. Again similar dynamics, we expect a slightly different mix. We expect foreign exchange to have a minimal impact sequentially, although a more significant impact on a year-over-year basis.
请记住，外汇对我们来说仍然是一个不利因素。进入 9 月份，我们的指导目标是 45.5% 至 46.5%，这与上一季度的指导目标基本一致。同样是类似的动态，我们预期的组合略有不同。我们预计外汇对本季度的影响微乎其微，但同比影响较大。
On the commodity side, I think that is what you are referring to, yes we have seen some increases on the memory front, but the rest of the commodities, we see a continuous decline. So in general, we feel -- we're well positioned. And as you know well, these are very high levels of gross margin for us and we are pleased where we are.
在大宗商品方面，我想这就是你所说的，是的，我们看到内存方面有一些增长，但其他大宗商品，我们看到的是持续下降。因此，总的来说，我们觉得我们已经做好了充分的准备。你也知道，我们的毛利率水平很高，我们对目前的状况感到满意。
Ben Reitzes 本-雷泽斯
Okay. Thanks a lot. 好的非常感谢
Suhasini Chandramouli
Thank you Ben. Operator may we have the next question please.
谢谢你，本。接线员，请回答下一个问题。
Operator 操作员
Our next question is from Mike Ng with Goldman Sachs. Please go ahead.
下一个问题来自高盛集团的 Mike Ng。请说。
Mike Ng
Hi, good afternoon. I just have two questions. First, I was wondering if you could talk about whether or not you've seen a shift in demand for iPhone 15 Pro, Pro Max models since WWDC that could potentially foreshadow consumer demand for Apple Intelligence enabled phones?
嗨，下午好。我只有两个问题。首先，我想请你谈谈，自 WWDC 以来，你是否看到 iPhone 15 Pro、Pro Max 机型的需求发生了变化，这可能预示着消费者对支持苹果智能手机的需求？
Tim Cook 蒂姆-库克
We just announced the sort of the requirements at the system and the silicon level in June. And so we had very limited time during the quarter. So it's really too early to tell.
我们在 6 月份刚刚公布了系统和芯片层面的要求。因此，我们在本季度的时间非常有限。所以现在下结论还为时过早。
Mike Ng
That's fair. And then with the focus on upgrader potential over the next several years, I was just wondering if you could talk about what you are expecting from the US promotional environment from your channel partners, whether that's US wireless carriers, given the importance of device sales for those partners during an upgrade cycle. Or any retail support on what could be a very strong smartphone upgrade period? Thank you.
这很公平。鉴于未来几年升级潜力的重点，我想知道你能否谈谈你对美国渠道合作伙伴促销环境的预期，无论是美国无线运营商，还是在升级周期中设备销售对这些合作伙伴的重要性。或者，在智能手机升级势头强劲的时期，是否有零售支持？谢谢。
Tim Cook 蒂姆-库克
We are very excited about Apple Intelligence and what it brings, and it is another compelling reason for an upgrade. I'd leave the promotional question for the sort of the carriers themselves to answer. But I believe it will be a very key time for -- and a compelling upgrade cycle.
我们对 Apple Intelligence 及其带来的好处感到非常兴奋，这也是我们升级的另一个令人信服的理由。关于促销问题，我想留给运营商自己来回答。但我相信，这将是一个非常关键的时期，也是一个引人注目的升级周期。
Mike Ng
Great. Thank you Tim. 太好了。谢谢你，蒂姆。
Suhasini Chandramouli
Thanks Mike. Operator, can we have the next question please.
谢谢，迈克。接线员，请回答下一个问题。
Operator 操作员
Our next question is from Amit Daryanani with Evercore. Please go ahead.
下一个问题来自 Evercore 的 Amit Daryanani。请说。
Amit Daryanani 阿米特-达里亚纳尼
Good afternoon everyone. And I have two as well. I guess, Tim, maybe back to the Apple Intelligence dynamic. There's clearly a lot of excitement from consumers around what Apple Intelligence could mean for them. Can you just touch on your -- do you think the intent is to launch all the Apple Intelligence features at the same time to consumers, or do you think they end up getting staggered a bit? And if they are staggered, do you think it impacts how consumers come out and buy the next-generation iPhone?
大家下午好。我也有两个问题。我想，蒂姆，还是回到苹果智能的动态上来吧。显然，消费者对 Apple Intelligence 意味着什么感到非常兴奋。你能否谈谈你的看法--你认为苹果的意图是同时向消费者推出所有苹果智能功能，还是你认为它们最终会交错推出？如果交错推出，你认为这会影响消费者购买下一代 iPhone 吗？
Tim Cook 蒂姆-库克
The rollout, as we mentioned in June, sort of -- we've actually started with developers this week. We started with some features of Apple Intelligence, not the complete suite. There are other features like languages beyond US English that will happen over the course of the year, and there are other features that will happen over the course of the year. And ChatGPT is integrated by the end of the calendar year. And so yes, so it’s a staggered launch.
正如我们在 6 月份提到的那样，我们本周实际上已经开始向开发者推广。我们首先推出的是 Apple Intelligence 的部分功能，而不是整个套件。还有其他一些功能，如美国英语以外的语言，将在今年内推出，还有其他一些功能将在今年内推出。而 ChatGPT 将在今年年底前集成。所以是的，这是一个交错推出的过程。
Amit Daryanani 阿米特-达里亚纳尼
Got it. And then I guess your Services growth rates have been extremely impressive for several quarters and it seems like it is accelerated recently. Can you just touch -- talk about when you look at this double-digit growth, how much of that do you think is coming from the installed base growth versus better ARPU or better monetization of the installed base? And how do you kind of see that mix changing as you go forward?
明白了。然后，我想你们的服务增长率在过去几个季度一直非常可观，最近似乎有所加快。你能否谈谈，当你看到两位数的增长时，你认为其中有多少是来自于装机量的增长，而不是更好的 ARPU 或装机量的更好货币化？你如何看待这种组合在未来的变化？
Luca Maestri 卢卡-梅斯特里
Yes, Amit, it is Luca. It's a combination of a number of factors. The installed base growth is very important of course, because we have a larger pool of customers that uses the ecosystem and uses our Services. We are seeing and we've seen this consistently for many, many quarters now. We see continued growth in the level of engagement that our customers have with our ecosystem.
是的，阿米特，是卢卡。这是多种因素的综合结果。装机量的增长当然非常重要，因为我们有更多的客户使用我们的生态系统和服务。我们看到了这一点，而且已经持续了很多个季度。我们看到，客户与我们生态系统的互动程度在持续增长。
We have more transacting accounts every quarter, so more people using the ecosystem both the free elements of the ecosystem and the paid elements. We see paid accounts growing double digits, and we've seen that for many, many quarters. Now we look at our paid subscriptions on our platform, and they are growing strong double digits as well. So obviously, the growing level of engagement helps us both from an ARPU standpoint and just a volume standpoint.
我们每个季度都有更多的交易账户，因此有更多的人使用生态系统的免费元素和付费元素。我们看到付费账户以两位数增长，这种情况已经持续了很多个季度。现在我们来看看我们平台上的付费订阅，它们也在以两位数强劲增长。因此，无论是从 ARPU 的角度还是从数量的角度来看，不断增长的参与度显然都对我们有帮助。
集成系统的表现越来越好，我已经把家里的电脑全部换成苹果，Windows太麻烦了，浏览器也从Chrome换成Safari，好处是所有工作在所有设备上能很好的同步。
Obviously, as you've seen over the last several years, we launched new services over time, and we've launched many new services, fairly recently. Obviously, our payments business is relatively new, Apple TV+, Apple Arcade, Fitness+, so many other services we've added. And so we are providing more and more opportunities for our customers to interact with the ecosystem. And we believe we are doing also a very good job at improving the quality of these services and improving the amount of content that we make available. We continue to make significant investments on TV+, on Apple Arcade. We are launching new shows, new games all the time.
很显然，正如你们在过去几年中所看到的，随着时间的推移，我们推出了新的服务，最近我们又推出了许多新的服务。很明显，我们的支付业务相对较新，还有 Apple TV+、Apple Arcade、Fitness+，以及我们新增的许多其他服务。因此，我们正在为客户提供越来越多与生态系统互动的机会。我们相信，我们在提高这些服务的质量和增加可用内容方面也做得非常好。我们将继续对 TV+、Apple Arcade 进行大量投资。我们一直在推出新节目和新游戏。
And I think you will continue to see that as we go forward. We are very, very happy with the 14% growth that we had this quarter because, particularly if you look at the performance that we had in Services a year ago, the compares for us tend to get a bit more challenging in the second half of our fiscal year. But in spite of that, we delivered a level of growth that was better than what we were expecting at the beginning of the quarter.
我认为，在未来的发展中，我们将继续看到这一点。我们对本季度 14% 的增长感到非常、非常高兴，因为，特别是如果你看一下我们一年前在服务业的表现，我们在本财年下半年的比较往往会变得更具挑战性。尽管如此，我们还是取得了比季度初预期更好的增长。
Suhasini Chandramouli
Thanks Amit. Operator we will take the next question please.
谢谢，阿米特。请接线员回答下一个问题。
Operator 操作员
Our next question is from Wamsi Mohan with Bank of America. Please go ahead.
下一个问题来自美国银行的 Wamsi Mohan。请说。
Wamsi Mohan 瓦姆西-莫汉
Yes. Thank you so much. Tim, you announced Apple Intelligence, but you also announced partnerships with OpenAI and presumably more coming down the road. How should investors think about the monetization models around these partnerships where the CapEx investments are clearly being made by these potential partners. But you're obviously -- they're leveraging your distribution to your very attractive installed base. So in the long-term, do you see the Apple Intelligence part -- the Services growth from Apple Intelligence being the larger contributor over time? Or do you see these partnerships becoming a larger contributor over time? And I have a follow-up.
是的，非常感谢。蒂姆，你宣布了 "苹果智能"（Apple Intelligence），但同时也宣布了与 OpenAI 的合作关系，相信接下来还会有更多合作。投资者应该如何看待围绕这些合作伙伴关系的货币化模式，因为这些潜在的合作伙伴显然正在进行资本支出投资。但很明显，你们 -- 他们正在利用你们的分销渠道，向你们极具吸引力的安装基础进行分销。那么，从长远来看，你认为苹果智能的部分 -- 来自苹果智能的服务增长会成为更大的贡献者吗？或者你认为随着时间的推移，这些合作伙伴关系会成为更大的贡献者？我有一个后续问题。
Tim Cook 蒂姆-库克
I think the way that I look at it is that Apple Intelligence is the on-device processing and the Private Cloud Compute. And a lot of that will be things with a personal context. And then for world knowledge, we are integrating with ChatGPT initially, and that will be focused on world knowledge as I said. And so the monetization model, I don't want to get into the terms of the commercial agreements because they are confidential between the parties. But I see both aspects as being very important. People want both.
我的看法是，苹果智能是设备上的处理和私有云计算。其中很多都是与个人相关的内容。至于世界知识，我们最初将与 ChatGPT 整合，正如我所说，这将专注于世界知识。关于货币化模式，我不想谈商业协议的条款，因为这是双方之间的机密。但我认为这两方面都非常重要。人们希望两者兼得。
这样的定位很清晰，这种清晰度是一开始就决定的，苹果服务于终端用户，不做企业客户。
Wamsi Mohan 瓦姆西-莫汉
Okay. Thanks. As a follow-up maybe for Luca. Just stepping back to the gross margin discussion again. If I look at calendar 2023, you had on average 150 basis points increase in product gross margins on a year-on-year basis. In 2024 so far, it had been more flat year-on-year. When we think about that, is the incremental headwind, I mean there was FX headwinds throughout the last several years. So ex-FX, are there other incremental headwinds that are either temporary or structural in nature that are perhaps limiting further upside to what are obviously very strong gross margins? Thank you.
好的 谢谢 Okay.谢谢也许卢卡可以跟进一下。再次回到毛利率的讨论。如果我看一下 2023 年的日历，你们的产品毛利率平均同比增长了 150 个基点。到目前为止，2024 年的毛利率同比持平。我的意思是，在过去的几年里，一直存在外汇不利因素。那么，除外汇因素外，是否还有其他暂时性或结构性的增量不利因素，可能会限制毛利率的进一步上升？谢谢。
Luca Maestri 卢卡-梅斯特里
Yes. Of course, as you said, the foreign exchange continues to be -- this is incremental on a year-over-year basis. And it is one of those things that is outside of our control. We try to hedge our exposures. But it is what it is. We know that when the dollar is strong, our gross margins are affected. The other element that I think it's always important to keep in mind is that within the Products business, our products have different margin profiles. And depending on the relative success in the marketplace, our products' gross margin tends to move.
是的。当然，正如你所说，外汇兑换仍然是 -- 这是同比增加的。这是我们无法控制的。我们努力对冲风险。但事实就是如此。我们知道，当美元走强时，我们的毛利率就会受到影响。我认为必须始终牢记的另一个因素是，在产品业务中，我们的产品具有不同的利润率特征。根据市场的相对成功程度，我们产品的毛利率往往会发生变化。
And so the mix of our products has an impact on gross margins, right? And so we need to pay attention to that. Of course, we just launched an iPad and that is one of the factors. But we want all our products to be very successful in the marketplace. And that's why we always look at gross margin dollars as the first order of priority, and gross margin percentage tends to follow from that. The other factor that obviously has an impact, a significant impact is the state of the commodity markets, and they tend to go in cycles. And so we will see how that plays out over time. But in general, we feel good about the level of gross margins that we have for our products business, and we think we are in a good position there.
因此，我们的产品组合会对毛利率产生影响，对吗？因此，我们需要关注这一点。当然，我们刚刚推出了 iPad，这也是因素之一。但我们希望所有产品都能在市场上取得成功。这就是为什么我们总是把毛利率作为第一要务，而毛利率百分比往往会随之而来。另一个显然会产生重大影响的因素是商品市场的状况，而商品市场往往会出现周期性波动。我们将拭目以待。但总的来说，我们对产品业务的毛利率水平感觉良好，我们认为我们在这方面处于有利地位。
Suhasini Chandramouli
Thanks Wamsi. Operator, can we have the next question please.
谢谢 Wamsi。接线员，请回答下一个问题。
Operator 操作员
Our next question is from Krish Sankar with TD Cowen. Please go ahead.
下一个问题来自 TD Cowen 的 Krish Sankar。请说。
Krish Sankar 克里希-桑卡尔
Hi, thanks for taking my question. And congrats on the strong results. The first one for Luca or Tim. We keep hearing about these increasing silicon content for AI edge devices. And also, I think, Luca you spoke about increasing commodity costs. So I'm curious how to think about margins for these new AI devices. And Tim, do any of these Apple Intelligence features need more hardware updates than what we have today? And then I have a quick follow-up.
你好，谢谢你回答我的问题。祝贺你取得的优异成绩。卢卡或蒂姆的第一个问题。我们一直听说人工智能边缘设备的硅含量越来越高。另外，我想，卢卡你也谈到了商品成本的增加。因此，我很好奇如何看待这些新人工智能设备的利润率。蒂姆，这些苹果智能功能是否需要比现在更多的硬件更新？然后我有一个快速的后续问题。
Tim Cook 蒂姆-库克
Maybe I'll take the second one first and then pass it over to Luca. In terms of the requirements to run Apple Intelligence, there are system requirements and there are silicon requirements. And so from an iPhone point of view, the iPhone 15 Pro and Pro Max will run Apple Intelligence and the successor products obviously.
也许我先做第二个，然后再交给卢卡。关于运行 Apple Intelligence 的要求，有系统要求，也有芯片要求。因此，从 iPhone 的角度来看，iPhone 15 Pro 和 Pro Max 将运行 Apple Intelligence，而后续产品显然也是如此。
显然有硬件更新的需求。
If you look at the Mac, it starts with the M series of silicon that started in 2020. And the iPad is the same, and so it starts with the M series of silicon. And so there are system requirements and silicon requirements that go with each of those.
如果你看看 Mac，它是从 2020 年开始采用 M 系列芯片的。iPad 也是一样，从 M 系列芯片开始。因此，每款产品都有相应的系统要求和芯片要求。
Luca Maestri 卢卡-梅斯特里
And from a gross margin standpoint, as you know, we don't provide any color past the current quarter, and we just provided guidance for the quarter 45.5% to 46.5%. It is essentially broadly in line with what we reported for the June quarter. So we'll take it quarter by quarter and we will report as the time goes by.
从毛利率的角度来看，大家都知道，我们不提供本季度以后的数据，我们只是提供了本季度 45.5% 至 46.5% 的指导。这与我们 6 月份的报告基本一致。因此，我们将逐季进行分析，并随着时间的推移提交报告。
Krish Sankar 克里希-桑卡尔
Got it. Very helpful. And then a quick follow-up for Tim. Thanks for the color on China. We also see many other consumer discretionary and luxury brands talk about a weak China. And I think Tim, you said half the details was FX related. I'm curious, the other half of the weakness, was that more China macro related or do you think it is kind of like specific to Apple with domestic competitors? Any other color you could give would be very helpful. Thank you very much.
拿到了。很有帮助然后是蒂姆的后续问题。谢谢你对中国市场的分析。我们也看到许多其他消费类和奢侈品牌都在谈论中国的疲软。我想蒂姆，你说有一半的细节与外汇有关。我很好奇，另一半的疲软，是更多地与中国宏观环境有关，还是你认为是苹果公司与国内竞争对手之间的特殊关系？如果你能提供任何其他信息，将非常有帮助。非常感谢。
Tim Cook 蒂姆-库克
Well, certainly, the competitive environment there is the most competitive in the world. I've said that before and that remains to be the case. The macroeconomic factors have been in the press too, and I'm not an expert on those. I can only tell you what we're seeing. And we were pleased that the business showed improvement from the first half of the year.
当然，那里的竞争环境是世界上最激烈的。我以前就说过，现在依然如此。宏观经济因素也见诸报端，我不是这方面的专家。我只能告诉你我们看到了什么。我们很高兴业务比上半年有所改善。
Krish Sankar 克里希-桑卡尔
Thanks Tim. 谢谢你，蒂姆。
Suhasini Chandramouli
Thank you Krish. Operator, can we have the next question please.
谢谢 Krish。接线员，请回答下一个问题。
Operator 操作员
Our next question is from David Vogt with UBS. Please go ahead.
下一个问题来自瑞银集团的大卫-沃格特（David Vogt）。请说。
David Vogt 戴维-沃格特
Great. Two, if I may also. Tim, first one for you. I know it is early days, and you talked about the developers just getting their hands on Apple Intelligence. But when you think about the categories that are currently in the App Store and kind of what you think app developers could do with this new technology, what's your instinct say in terms of -- are these going to be iterative applications to currently available applications? Is there any sort of category that you think lends itself more naturally to Apple Intelligence? Is it games? Is it more creative? I'm just trying to get a sense of how you're thinking about it. And then I have a follow-up for Luca. Thanks.
好极了请允许我也说两句。蒂姆，第一个问题。我知道现在还为时尚早，你也谈到了开发者刚刚接触苹果智能。但当你考虑到目前 App Store 中的应用类别，以及你认为应用开发者可以利用这项新技术做些什么时，你的直觉是什么？有没有哪一类应用你认为更适合苹果智能技术？是游戏吗？更有创意？我只是想了解你们是如何考虑的。然后我有一个后续问题要问卢卡。谢谢。
Tim Cook 蒂姆-库克
If you look at how we've deployed Apple Intelligence or are deploying Apple Intelligence, we've really thought about it at pretty much all of the apps that you use every day. And so we've thought about it from Notes to Mail to Messages and all the rest. And so there is been a deep level of thinking about how it affects those apps. And that's going to surface Apple Intelligence in a way that is natural to the user, in a way that will I think, get them very excited about it and get usage.
如果你看看我们是如何部署 Apple Intelligence 或正在部署 Apple Intelligence 的，我们就会发现，在你日常使用的几乎所有 app 中，我们都真正考虑到了这一点。因此，从备忘录到邮件，再到信息和其他所有应用，我们都考虑过这个问题。因此，我们对它如何影响这些应用进行了深层次的思考。我们将以一种对用户来说很自然的方式来展示 Apple Intelligence，我认为这种方式会让用户对此感到非常兴奋，并获得使用。
Gen AI是个基础性的技术，软件企业的效率会进一步抬升。
Similarly, I think the developers will do that on a broad basis with their apps as well. And so I think, it is profound and we'll see what the developers do. But we're very excited to get the initial seed out there this week and see what they do. I think it will be amazing, yes.
同样，我认为开发者也会在其应用程序的广泛基础上这样做。因此，我认为这意义深远，我们将拭目以待开发者的表现。但我们很高兴能在本周推出最初的种子版本，看看他们会怎么做。我认为，这将会是惊人的，是的。
David Vogt 戴维-沃格特
Yes. No, that's helpful. I appreciate it. And Luca, just maybe -- I know you didn't give a full rundown of product categories in your prepared remarks. But if I kind of take your comments at face value, I guess what I'm trying to think about is for the next quarter, it sounds like with Services being relatively strong and FX easing a little bit. You are effectively saying that product revenue in the September quarter is going to basically be flat with the September quarter last year ahead of a product launch. And so I'm just trying to get a sense for, what are the puts and takes in that sort of outlook particularly as you have Apple Intelligence hopefully stoking the fire for demand going forward? Thanks.
是的不，这很有帮助。I appreciate it.卢卡（Luca），也许 -- 我知道你在事先准备好的发言稿中没有详细介绍产品类别。但如果我从表面价值上理解你的评论，我想我要考虑的是下一季度的情况，听起来服务业相对强劲，外汇兑换略有缓解。你实际上是说，在产品发布之前，9 月份的产品收入基本上会与去年 9 月份持平。因此，我只是想了解一下，在这种前景下，尤其是在苹果智能手机有望刺激未来需求的情况下，会有哪些风险？谢谢。
Luca Maestri 卢卡-梅斯特里
Well, we have provided -- let me repeat what we provided. We think that we are going to be growing total company revenue at a rate that is similar to what we reported, so the plus 5%, right? In spite of the fact that we are going to have some foreign exchange headwinds, and we said about 150 basis points in the December quarter. And we said that we will grow Services double digits at a rate that is similar to what we've reported for the first three quarters of the fiscal year.
好吧，我们已经提供了 -- 让我重复一下我们提供的内容。我们认为，公司总收入的增长率将与我们报告的增长率相近，也就是正 5%，对吗？尽管我们会遇到一些外汇方面的不利因素，我们在 12 月份的季度报告中提到了大约 150 个基点。我们说过，我们将以与本财年前三个季度类似的速度，实现两位数的服务增长。
We are not going into the other categories. I think there is a lot of good math that you can do from what we've given you here. Keep in mind on the Mac that we will have a challenging compare from a year ago, given the fact that we launched and we had the full quarter impact of the launch of the MacBook Air 15-inch a year ago. And also on the iPad, we reported 24% growth in the June quarter. Clearly we had the benefit from the launch in the June quarter of the new products, the iPad Air and the iPad Pro. So important to keep that in mind on a sequential basis.
我们不讨论其他类别。我认为，你可以从我们提供的数据中得出很多很好的计算结果。请记住，在 Mac 方面，与一年前相比，我们将面临挑战，因为一年前我们推出了 MacBook Air 15 英寸笔记本电脑，这对整个季度都产生了影响。此外，iPad 在 6 月份也实现了 24% 的增长。显然，我们在 6 月份推出了新产品 iPad Air 和 iPad Pro。因此，我们必须牢记这一点。
David Vogt 戴维-沃格特
Great. Thank you very much.
太好了非常感谢
Suhasini Chandramouli
Thank you David. Operator may we have the next question please.
谢谢你，戴维。接线员，请回答下一个问题。
Operator 操作员
Our next question is from Atif Malik with Citi. Please go ahead.
下一个问题来自花旗银行的 Atif Malik。请说。
Atif Malik 阿提夫-马利克
Hi, thank you for taking my question. The first one is for Tim. I know it's early days. The feedback on Apple Intelligence software features like notification summary and reduced interruption focus from the developers who have tried the iOS 18.1 beta version this week is very positive. My question is in response to an earlier question, you talked about a staggered launch on some of these software features. So are you expecting most of the features that you announced at WWDC to be part of iOS 18? Or we should be thinking that some of these features could potentially be part of iOS 19 next year?
你好，谢谢你接受我的提问。第一个问题是问蒂姆的。我知道现在为时尚早。本周试用了 iOS 18.1 测试版的开发者对苹果智能软件功能（如通知摘要和减少中断焦点）的反馈非常积极。我的问题是，在回答先前的一个问题时，你谈到了错开时间推出其中一些软件功能。那么，你是否预计你在 WWDC 上宣布的大部分功能都会成为 iOS 18 的一部分？或者我们应该认为其中一些功能有可能成为明年 iOS 19 的一部分？
Tim Cook 蒂姆-库克
Our objective that we said in June is to roll out US English starting in the fall and that is to users, and then proceed with more functionality, more features, if you will, and more languages and regions coverage as we proceed across the next year. And so we sort of gave a time frame that -- and we're tracking to that.
我们在 6 月份提出的目标是，从秋季开始向用户推出美式英语，然后在明年推出更多功能、更多特性、更多语言和地区覆盖范围。因此，我们给出了一个时间框架--我们正在跟踪这个时间框架。
Atif Malik 阿提夫-马利克
Understand. And the next one for Luca. Luca the Services growth momentum seems very strong. Are you seeing any impact from changes made to comply with the DMA rules?
明白。下一个是卢卡。卢卡，服务业的增长势头似乎非常强劲。你们是否看到了为遵守 DMA 规则而做出的改变所带来的影响？
Luca Maestri 卢卡-梅斯特里
Well, as you know we have introduced some changes to the way we run the App Store in Europe already in March. And we are seeing a good level of adoption from developers on those changes. We are on an ongoing basis, discussing with the European Commission how to ensure full compliance with the DMA. It is obviously early stage, but in general, our results for the Services business and for the App Store have been pretty good until now. Again to just provide you a frame of reference, the percentage of revenue that we generate from the European Union on the App Store is about 7% of the total.
大家都知道，我们在三月份已经对欧洲 App Store 的运行方式进行了一些调整。我们看到开发者对这些变化的采纳程度很高。我们一直在与欧盟委员会讨论如何确保完全符合 DMA 的规定。现在显然还处于初期阶段，但总的来说，我们的服务业务和 App Store 的业绩到目前为止都相当不错。再给大家提供一个参考，我们在 App Store 上从欧盟获得的收入约占总收入的 7%。
Atif Malik 阿提夫-马利克
Very helpful. Thank you. 非常有帮助。谢谢。
Suhasini Chandramouli
Thank you Atif. Operator may we have the next question please.
谢谢你，阿提夫。接线员，请回答下一个问题。
Operator 操作员
Our next question is from Samik Chatterjee with JPMorgan. Please go ahead.
下一个问题来自摩根大通的 Samik Chatterjee。请说。
Samik Chatterjee 萨米克-查特吉
Yes. Hi. Thanks for taking my question. I guess, Tim, if I can just ask you about Apple Intelligence as well. There is a regulatory aspect as well in certain geographies. You mentioned the staggered launch that you are aiming for and the time lines you're thinking. How are you thinking about the complexity of the regulatory process, in particular like EU and maybe China? And does -- in terms of your time lines of the rollout, are you sort of embedding in the regulatory aspect here? And how should we think about timing then including that? And I have a follow-up. Thank you.
是的，你好谢谢你接受我的提问。蒂姆，我想请问一下关于苹果智能的问题。在某些地区也有监管方面的问题。你提到了你们的目标和考虑的时间表。你是如何考虑监管过程的复杂性的，特别是欧盟和中国？就你们的推出时间表而言，你们是否考虑到了监管方面的问题？我们应该如何考虑时间安排？我还有后续问题。谢谢。
大学毕业20年周年的同学会，有些人混的比较好有些人混的不好，混的不好的最想做的是不参加。
Tim Cook 蒂姆-库克
We are engaged as you would guess, with both regulatory bodies that you mentioned. And our objective is to move as fast as we can, obviously because our objective is always to get features out there for everyone. We have to understand the regulatory requirements before we can commit to doing that and commit a schedule to doing that. But we're very constructively engaged with both.
正如你所猜测的那样，我们正在与你提到的两个监管机构进行接触。我们的目标是尽可能快地行动起来，很明显，我们的目标始终是为每个人提供功能。我们必须先了解监管机构的要求，然后才能致力于实现这一目标，并制定实现目标的时间表。但我们正以建设性的态度与这两方面进行接触。
Samik Chatterjee 萨米克-查特吉
Okay, got it. And a quick one on the Wearables category, Luca. I know you mentioned the acceleration there on a sequential basis. Maybe you can just sort of parse that out in terms of what -- which categories drove the acceleration because that's been a category that has been lagging a bit in terms of revenue trends for the past couple of quarters. So just curious what is starting to sort of drive it to accelerate on a sequential basis? Thank you.
好的，知道了。还有一个关于可穿戴设备类别的问题，卢卡。我知道你提到了连续加速。也许你可以从哪些方面来分析一下，是哪些类别推动了加速，因为在过去几个季度里，这个类别的收入趋势一直有点滞后。所以，我只是好奇，是什么开始推动它连续加速？谢谢。
Tim Cook 蒂姆-库克
Yes, I'll take that one. I think the important thing to remember when you look at the Wearables, Home and Accessories categories is that we have a difficult launch compare. And we've been running that for a few quarters and we still have that because last year had the continued benefit from the AirPods Pro second generation, the Watch SE and the very first Watch Ultra. And so it is important to keep that in mind. If you sort of take a step back, however and look at the business across the trailing 12 months, it is grown -- the Wearables, Home and Accessories business has grown to almost $40 billion, which is double what it was five years ago.
是的，我选这个。我认为，当你关注可穿戴设备、家居和配件类别时，需要记住的重要一点是，我们的上市比较困难。这一点我们已经坚持了几个季度，而且现在依然如此，因为去年 AirPods Pro 第二代、Watch SE 和首款 Watch Ultra 的推出使我们持续受益。因此，牢记这一点很重要。不过，如果你退一步看，在过去的 12 个月里，我们的业务已经增长到了近 400 亿美元，是五年前的两倍。
Samik Chatterjee 萨米克-查特吉
Thank you. 谢谢。
Suhasini Chandramouli
Thank you Samik. Operator, may we have the last question please.
谢谢萨米克。接线员，请回答最后一个问题。
Operator 操作员
Our last question is from Richard Kramer with Arete Research. Please go ahead.
最后一个问题由 Arete Research 的理查德-克莱默（Richard Kramer）提出。请说。
Richard Kramer 理查德-克拉默
Thanks. Thanks very much. Tim, you referenced the investment in innovation, and your R&D sales ratio reached what I think was a June quarter record even before launching Apple Intelligence. Do you see the rollout of these features requiring further increases in R&D or increases in OpEx or CapEx for cloud compute capacity? And is it even possible to forecast the Services usage as they roll out, given that they are so new for consumers? Thanks.
谢谢。非常感谢。蒂姆，你提到了在创新方面的投资，你的研发销售比率甚至在推出苹果智能（Apple Intelligence）之前就达到了我认为是六月份的最高纪录。你认为这些功能的推出是否需要进一步增加研发投入，或增加云计算能力的运营支出或资本支出？鉴于这些功能对消费者来说非常新颖，是否有可能预测它们推出后的服务使用情况？谢谢。
Tim Cook 蒂姆-库克
Clearly, we have increased R&D over time. We have been investing in AI and ML for years. And in addition to investing more, we've also redeployed certain skills onto AI and ML. And so the growth in sort of embedded in our numbers that we've shared here, it is increasing year-over-year.
显然，随着时间的推移，我们加大了研发力度。多年来，我们一直在投资人工智能和 ML。除了加大投入，我们还将某些技能重新部署到人工智能和 ML 上。因此，我们在这里分享的数字中包含的增长是逐年增加的。
On the CapEx part, it is important to remember that we employ a hybrid kind of approach, where we do things internally and we have certain partners that we do business with externally where the CapEx would appear in their respective businesses. But yes, I mean you can expect that there is -- we will continue to invest and increase it year-on-year.
关于资本支出部分，重要的是要记住，我们采用的是一种混合方法，即我们在内部开展业务，同时我们也与外部的某些合作伙伴开展业务，资本支出将出现在他们各自的业务中。但是，是的，我的意思是，你可以预期，我们将继续投资并逐年增加。
Richard Kramer 理查德-克拉默
Okay. And maybe a quick follow-up for Luca. When we look at the free cash flow margins for the first nine months, they are up materially. And given this year's product mix, can you describe to us what exactly in the Services mix or cost control is driving what seems to be structurally higher free cash flow margins across the business?
好的 Okay.也许卢卡还能跟进一下。当我们看到前九个月的自由现金流利润率时，它们有了实质性的增长。考虑到今年的产品组合，您能否向我们描述一下服务组合或成本控制中究竟是什么因素在推动整个业务的自由现金流利润率似乎在结构上有所提高？
Luca Maestri 卢卡-梅斯特里
Yes, I'm glad you noticed that. We are pretty pleased with that fact. And I think you probably also noticed that we've increased our return of capital to shareholders this quarter. This one was a record quarter for us. Well, it's a combination of a number of things. Of course, an improvement in the top-line helps the margin expansion that we've had over the last several years and several quarters obviously has helped. And so that is driving better operating cash flow.
是的，我很高兴你注意到了这一点。我们对此非常满意。我想你可能也注意到了，本季度我们增加了对股东的资本回报。对我们来说，这是一个创纪录的季度。这是多方面因素共同作用的结果。当然，顶线的改善有助于我们过去几年和几个季度的利润率扩张。因此，这也推动了运营现金流的改善。
On the CapEx front as Tim said, we employ a hybrid model. Some of the investments show up on our balance sheet and some other investments show up somewhere else and we pay, as we go. But in general, we try to run the company efficiently. We continue to think that capital efficiency is a good thing. And therefore, we are pleased with the fact that our free cash flow is doing well this year.
在资本支出方面，正如蒂姆所说，我们采用了混合模式。有些投资在我们的资产负债表上显示，有些投资在其他地方显示，我们边做边付。但总的来说，我们尝试高效地运营公司。我们仍然认为，资本效率是一件好事。因此，我们对今年自由现金流表现良好感到高兴。
苹果已经是一个连接整个世界的系统，苹果系统里的app更像是苹果的一部分。
Richard Kramer 理查德-克拉默
Okay. Thanks. 好的 谢谢 Okay.谢谢。
Suhasini Chandramouli
Thank you, Richard. 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 1969407 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. Thank you again for joining us today.
谢谢你，理查德。今天电话会议的重播将在两周内通过 Apple Podcasts、apple.com/investor 网播和电话提供。电话重播的号码是 (866)-583-1035。请输入确认码 1969407，然后输入磅号。这些重播将于太平洋时间今天下午 5 点左右提供。媒体记者如有其他问题，请拨打 (408)-862-1142 联系乔希-罗森斯托克（Josh Rosenstock）。金融分析师如有其他问题，请拨打 (408)-974-3123 与我 Suhasini Chandramouli 联系。再次感谢您参加今天的会议。
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。感谢各位的参与。
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