First things first, big thanks to Jason Snell and his mighty typing fingers for this transcript. A service to the community.

Way too much in the transcript to unpack it all, but here are just a few highlights:

Apple’s active installed base reached 1.3 billion devices in January, and is at an all-time high for all of our major products. One point three billion devices represents an astonishing 30 percent growth in just two years.

And:

What makes this even more remarkable is that the quarter we’re reporting today was 13 weeks long, while the year-ago quarter was 14 weeks.

Meaning, we did what we did in one less week than last year. No small thing.

The number of paid subscriptions across our services offerings passed 240 million by the end of the December quarter. That’s an increase of 30 million in the last 90 days alone, which is the largest quarterly growth ever.

And:

Apple Pay has reached an important milestone in the U.S. As a result of 50 percent year over year growth in merchant adoption, it’s now accepted at more than half of all American retail locations, which includes more than two-thirds of the country’s top 100 retailers.

And:

It was our best quarter ever for the Apple Watch. With over 50 percent growth in revenue and units for the fourth quarter in a row, and strong double-digit growth in every geographic segment. Sales of Apple Watch Series 3 models were also more than twice the volume of Series 2 a year ago.

Most popular smartwatch in the world. The early reports on HomePod remind me of the early take on Apple Watch. Lots of naysaying but, for Apple Watch, time did tell.

It was the third consecutive quarter of growth for iPad revenue, thanks to the strength of both iPad and iPad Pro.

And, finally, when asked if he considered the impact offering free or discounted battery replacements would have on iPhone purchases, Tim said:

On the battery, Toni, we did not consider it in any way, shape, or form what it would do to upgrade rates. We did it because we thought it was the right thing to do for our customers. And sitting here today, I don’t know what effect it will have. And again, it was not in our thought process of deciding to do what we’ve done.

Good call, excellent results.