微軟 (MSFT) 2015 Q3 法說會逐字稿

Greetings and welcome to the Microsoft third-quarter FY15 earnings conference call.

您好，歡迎參加微軟 2015 財年第三季度財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A brief question and answer session will follow the formal presentation.

正式演講之後將有一個簡短的問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

At this time, I'd like to turn the call over to Chris Suh, General Manager Investor Relations for Microsoft.

在這個時候，我想把這個電話轉給微軟投資者關係總經理 Chris Suh。

Thank you Chris, you may begin.

謝謝你，克里斯，你可以開始了。

Good afternoon and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer, and John Seethoff, Deputy General Counsel.

今天與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官；首席會計官 Frank Brod 和副總法律顧問 John Seethoff。

On our website, microsoft.com/investor, we have posted our press release and a slide deck that provides a summary of our results this quarter.

在我們的網站 microsoft.com/investor 上，我們發布了我們的新聞稿和幻燈片，其中提供了我們本季度業績的摘要。

Unless otherwise specified, all growth comparisons we make on the call today relate to the corresponding period of last year.

除非另有說明，我們今天在電話會議上所做的所有增長比較都與去年同期有關。

For selected metrics on the call and in other earnings materials, we have also provided growth rates in constant currency.

對於電話會議和其他收益材料中的選定指標，我們還提供了不變貨幣的增長率。

We present constant currency information to provide a framework for assessing how our underlying business is performed, excluding the effect of foreign currency rate fluctuation.

我們提供不變的貨幣信息，以提供一個框架來評估我們的基礎業務如何執行，不包括外幣匯率波動的影響。

Additionally, any mention of operating expense refers to segment operating expenses as defined in the footnotes of our 10-Q, and includes research and development, sales and marketing, and general and administrative, but excludes integration and restructuring charges.

此外，任何提及的運營費用均指我們 10-Q 腳註中定義的分部運營費用，包括研發、銷售和營銷以及一般和行政費用，但不包括整合和重組費用。

We will post the prepared remarks to our website immediately following the call, until the complete transcript is available.

我們將在電話會議後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

If you ask a question, it will be included in our live transmission, in the transcript, and in any future use of the recording.

如果您提出問題，它將包含在我們的實時傳輸中、成績單中以及將來對錄音的任何使用中。

You can replay the call and view the transcript on the Microsoft investor relations website until April 23, 2016.

在 2016 年 4 月 23 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看通話記錄。

During this call, we will be making forward-looking statements which are predictions, projections, or other statements about future events.

在這次電話會議中，我們將做出前瞻性陳述，這些陳述是關於未來事件的預測、預測或其他陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainty.

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the risk factors section of our form 10K, form 10-Q, and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿、本次電話會議期間的評論以及我們的 10K 表、10-Q 表以及其他向美國證券交易委員會提交的報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異委員會。

We do not undertake any duty to update any forward-looking statement.

我們不承擔更新任何前瞻性陳述的義務。

With that, I will turn the call over to Satya.

有了這個，我會把電話轉給薩蒂亞。

Thank you, Chris.

謝謝你，克里斯。

Good afternoon, everyone.

大家下午好。

Today, I will focus my remarks on our three business areas -- cloud, Windows, and devices.

今天，我將重點談談我們的三個業務領域——雲、Windows 和設備。

Next week at Build, our developer conference, I'll share more about our ambitions and how our next generation platforms will empower every person and organization.

下週在我們的開發者大會 Build 上，我將分享更多關於我們的抱負以及我們的下一代平台將如何賦予每個人和組織權力的信息。

This quarter we delivered $21.7 billion in revenue, an increase of 6% year-over-year or 9% in constant currency.

本季度我們實現了 217 億美元的收入，同比增長 6%，或按固定匯率計算增長 9%。

We have seen the impact of foreign exchange, geopolitical trends in certain geographies, and product transitions.

我們已經看到了外匯、某些地區的地緣政治趨勢以及產品轉型的影響。

We are taking steps to respond quickly and adjust our plans as needed, while we continue to move forward in our transformation.

我們正在採取措施快速響應並根據需要調整計劃，同時繼續推進轉型。

Overall, I'm pleased with our business performance.

總的來說，我對我們的業務表現感到滿意。

More importantly, though, it's clear that we are well on our way to transforming our products and businesses across all of Microsoft.

不過，更重要的是，很明顯，我們正在努力改變整個 Microsoft 的產品和業務。

The early signs are evident in how are customers are using our products, which I will share throughout my remarks today.

客戶如何使用我們的產品的早期跡像很明顯，我將在今天的演講中分享這些。

Our momentum in the Cloud is a highlight; increasingly, customers are choosing Microsoft Cloud services to transform their own businesses.

我們在雲端的發展勢頭是一大亮點；越來越多的客戶選擇微軟雲服務來改變他們自己的業務。

Going beyond just moving existing workloads to the Cloud, these results showcase our ability to transform and perform simultaneously.

除了將現有工作負載遷移到雲端之外，這些結果還展示了我們同時進行轉型和執行的能力。

With that in mind, I will walk you through the quarter, starting with our Cloud business.

考慮到這一點，我將引導您完成本季度，從我們的雲業務開始。

At the core of our results, this quarter is incredible growth across a growing portfolio of Cloud services.

本季度我們業績的核心是不斷增長的雲服務組合實現了令人難以置信的增長。

Our commercial cloud business is a source of strength driven by Office 365, Azure, and Dynamics CRM.

我們的商業雲業務是 Office 365、Azure 和 Dynamics CRM 驅動的力量源泉。

Our commercial cloud annualized run rate now stands at $6.3 billion, marking the seventh consecutive quarter of triple-digit revenue growth.

我們的商業雲年化運行率目前為 63 億美元，連續第七個季度實現三位數的收入增長。

Office 365 is clearly a key growth driver.

Office 365 顯然是一個關鍵的增長動力。

Like any cloud service, we track how people are actually using it.

像任何云服務一樣，我們跟踪人們實際使用它的方式。

We are proud that Office 365 is a vibrant, active service.

我們為 Office 365 是一項充滿活力的活躍服務而感到自豪。

Right now there are nearly 50 million Office 265 monthly active users inside businesses.

目前，企業內部每月有近 5000 萬 Office 265 活躍用戶。

Exchange online alone sees about 60 billion requests per day from all connected clients.

僅 Exchange Online 每天就可以看到來自所有連接客戶端的約 600 億個請求。

About 70 billion transactions are user actions, and there are 830 million meetings a month created in Office.

大約 700 億筆交易是用戶操作，每月在 Office 中創建 8.3 億次會議。

We are increasing our Office value opposition for businesses with new mobile device management capabilities built into Office 365 and through our continued commitment to customer data compliance and security.

通過 Office 365 中內置的新移動設備管理功能以及我們對客戶數據合規性和安全性的持續承諾，我們正在增加我們對企業的 Office 價值反對。

We released new versions of Office Delve for mobile devices, and earlier this month, we rolled out Skype for Business to the Office 365 customers worldwide.

我們為移動設備發布了新版本的 Office Delve，本月早些時候，我們向全球 Office 365 客戶推出了 Skype for Business。

Finally, in anticipation of the release of Windows 10, we've announced a preview of new touch-first Office universal app.

最後，為迎接 Windows 10 的發布，我們宣布了新的觸控優先 Office 通用應用的預覽版。

Small and medium-sized customers are adopting Office 365 at a continued rapid pace led by more than 65,000 Office 365 partners.

在超過 65,000 個 Office 365 合作夥伴的帶領下，中小型客戶正在以持續快速的速度採用 Office 365。

30 telecommunications companies are already offering 365 to small and medium-sized customers, including some of the largest in the world.

30 家電信公司已經在為中小型客戶提供 365，其中包括一些世界上最大的客戶。

In Q3, we announced a new partnership with T-Mobile to bring Office 365 to more customers and enhanced our partnership with Go Daddy.

在第三季度，我們宣布與 T-Mobile 建立新的合作夥伴關係，以將 Office 365 帶給更多客戶，並加強我們與 Go Daddy 的合作夥伴關係。

At Build next week, I will talk even more about Office as a platform and how developers can connect into the Office framework to both harness the rich data, and have their own application extensions available to ultimately a billion-plus Office users.

在下週的 Build 大會上，我將更多地討論 Office 作為一個平台，以及開發人員如何連接到 Office 框架以利用豐富的數據，並為最終超過十億的 Office 用戶提供自己的應用程序擴展。

Azure is also seeing impressive usage momentum.

Azure 的使用勢頭也令人印象深刻。

Right now, more than 5 million organizations are represented in Azure Active Directory with more than 425 million identities.

目前，超過 500 萬個組織在 Azure Active Directory 中擁有超過 4.25 億個標識。

Storage is also a strong indicator of consumption and now we have 50 trillion objects stored in Azure, a three times growth year-over-year in storage transactions, more than 5 trillion in March alone.

存儲也是一個強有力的消費指標，現在我們在 Azure 中存儲了 50 萬億個對象，存儲交易量同比增長三倍，僅在 3 月份就超過 5 萬億。

Azure websites are growing with nearly half a million sites hosted.

Azure 網站正在增長，託管了近 50 萬個網站。

Beyond strong usage of our existing services, we are excited by the customer response to our expanding portfolio of new cloud offerings.

除了對我們現有服務的大量使用之外，我們對客戶對我們不斷擴大的新雲產品組合的反應感到興奮。

In particular, Enterprise Mobility Suite is growing, and we now have more than 13,000 enterprise customers using EMS.

特別是企業移動套件正在增長，我們現在有超過 13,000 家企業客戶使用 EMS。

As customer adoption and usage in the cloud increases, more developers are choosing Azure for their application.

隨著客戶在雲中採用和使用的增加，越來越多的開發人員選擇 Azure 用於他們的應用程序。

Nearly 3 million developers are signed up for Visual Studio online, up two times year-over-year.

近 300 萬開發人員在線註冊了 Visual Studio，同比增長兩倍。

To foster developer innovation, we launched Azure Apps Service this quarter.

為了促進開發人員的創新，我們在本季度推出了 Azure 應用服務。

It offers a powerful set of development tools for creating web and mobile app backends for any platform or device, while enabling integration with other applications, including Office 365, Dynamics, Salesforce, Facebook, Twitter, SAP, Oracle, CIBIL, and many more.

它提供了一套強大的開發工具，用於為任何平台或設備創建 Web 和移動應用程序後端，同時支持與其他應用程序的集成，包括 Office 365、Dynamics、Salesforce、Facebook、Twitter、SAP、Oracle、CIBIL 等。

We also delivered new Azure computance sequence this quarter with more memory and storage than any other public cloud provider, attracting more mission-critical workloads to the cloud.

本季度我們還交付了新的 Azure 計算序列，其內存和存儲比任何其他公共雲提供商都多，從而將更多任務關鍵型工作負載吸引到雲中。

We improved our big data capabilities with support for the latest version of Hadoop and Linux in HDInsight, and improved disaster recovery with Azure Site Recovery and Backup.

我們通過在 HDInsight 中支持最新版本的 Hadoop 和 Linux 改進了我們的大數據功能，並通過 Azure Site Recovery and Backup 改進了災難恢復。

We're seeing significant customer interest and adoption in Azure machine learning and Azure stream analytics, in particular for IOT scenarios.

我們看到客戶對 Azure 機器學習和 Azure 流分析的興趣和採用率很高，尤其是在 IOT 場景中。

In a world where every company has the opportunity to become a software company, a diverse set of companies like ThyssenKrupp, Toyota, Rockwell, Ford, Fujitsu, and Millay are engaging with us in their transformation.

在每個公司都有機會成為軟件公司的世界裡，蒂森克虜伯、豐田、羅克韋爾、福特、富士通和米萊等眾多公司都在與我們合作進行轉型。

Further, our Dynamics also has traction in the enterprise.

此外，我們的 Dynamics 在企業中也具有吸引力。

It is now nearly a $2 billion business.

它現在是一項近 20 億美元的業務。

Dynamic CRM online enterprise paid seats more than doubled year-over-year, and we more than doubled enterprise seats sold this quarter for ERP.

Dynamic CRM 在線企業付費席位同比增長一倍多，本季度我們為 ERP 銷售的企業席位增加了一倍多。

We also announced a wave of innovation in Microsoft Dynamics CRM this quarter with new social, mobile, and analytics capabilities for business process transformation, including seamless integration of Dynamic CRM with Office 365.

我們還在本季度宣布了 Microsoft Dynamics CRM 的一波創新浪潮，其中包含用於業務流程轉型的新社交、移動和分析功能，包括 Dynamic CRM 與 Office 365 的無縫集成。

While our commercial cloud business is expanding dramatically, we are also seeing strong growth in our consumer cloud services.

雖然我們的商業雲業務正在急劇擴張，但我們的消費者云服務也出現了強勁增長。

Office 365 consumer added an average of 1 million new customers per month, and we now have more than 12 million subscribers, an increase of 35% over the prior quarter.

Office 365 消費者每月平均增加 100 萬新客戶，我們現在擁有超過 1200 萬訂戶，比上一季度增長 35%。

We are clearly taking Office everywhere.

顯然，我們到處都在上任。

Core to our Office -- core to our mobile-first strategy is to ensure that our service endpoints are on every mobile device, and to that end, we have seen continued momentum with more than 100 million downloads of Office on iPhones, iPads, and Android tablets.

Office 的核心——我們的移動優先戰略的核心是確保我們的服務端點位於每台移動設備上，為此，我們看到了持續的勢頭，iPhone、iPad 和安卓平板電腦。

With the release of Outlook on iOS and Android this quarter, our bids to our OneDrive application, and a preview of the forthcoming Office for Mac, we are making Office available to even more users on more devices.

隨著本季度在 iOS 和 Android 上發布 Outlook、我們對 OneDrive 應用程序的投標以及即將推出的 Office for Mac 的預覽，我們正在讓更多用戶在更多設備上使用 Office。

Bing achieved a significant milestone this quarter, when US search share topped 20% and search advertising revenue grew 21%.

必應在本季度實現了一個重要的里程碑，當時美國搜索份額超過 20%，搜索廣告收入增長 21%。

Search is key to productivity and work and life, and it is a huge opportunity for Microsoft as we continue to innovate with Bing across our application and platforms.

搜索是生產力、工作和生活的關鍵，這對 Microsoft 來說是一個巨大的機會，因為我們將繼續在我們的應用程序和平台上使用 Bing 進行創新。

On top of that, I'm pleased with our renewed partnership with Yahoo and our combined ability to compete more effectively in the search marketplace.

最重要的是，我對我們與雅虎重新建立合作夥伴關係以及我們在搜索市場更有效地競爭的綜合能力感到高興。

Our investments and innovation and user experience in Xbox LIVE are paying off.

我們在 Xbox LIVE 上的投資、創新和用戶體驗正在獲得回報。

Xbox LIVE users grew 18% year-over-year, helping drive increased Xbox LIVE usage growth by 30%.

Xbox LIVE 用戶同比增長 18%，幫助推動 Xbox LIVE 使用量增長 30%。

When I step back and look at Office 365, Bing search, and Xbox LIVE collectively, I see real usage growth and monetization of our consumer services all up.

當我回顧一下 Office 365、必應搜索和 Xbox LIVE 時，我看到了我們消費者服務的真正使用增長和貨幣化。

Now let's talk about Windows.

現在讓我們談談Windows。

To start, our Windows revenue from business customers is stabilizing, post the XP Refresh anniversary, coming back in line to historical levels.

首先，在 XP 刷新周年紀念日之後，我們來自商業客戶的 Windows 收入正在穩定下來，回到歷史水平。

We're also transforming the consumer Windows business to adapt to the changing market dynamics, including lower price point devices.

我們還在改造消費者 Windows 業務，以適應不斷變化的市場動態，包括價格更低的設備。

This quarter, while non-pro revenue declined, activations were up.

本季度，雖然非專業收入下降，但激活量有所增加。

Importantly, we are now at a place where we can start to see early signs of how usage increases in services like search and gaming can drive new monetization opportunities over the lifetime of a Windows consumer device.

重要的是，我們現在可以開始看到早期跡象，即搜索和遊戲等服務的使用增加如何在 Windows 消費設備的生命週期內推動新的貨幣化機會。

Windows is a tremendous asset for Microsoft, with more than 1.5 billion users.

Windows 對微軟來說是一筆巨大的財富，擁有超過 15 億用戶。

This means every day hundreds of millions of people are using Windows and Windows applications.

這意味著每天有數億人在使用 Windows 和 Windows 應用程序。

In fact, more than 16 million unique apps are used on a monthly basis from PCs running Windows 7 and later.

事實上，運行 Windows 7 及更高版本的 PC 每月使用超過 1600 萬個獨特的應用程序。

We're focused on making Windows 10 the most loved version of Windows ever, perhaps most importantly, last quarter I talked about how Windows 10 will be a service across an array of devices and will usher in a new era of more personal computing.

我們專注於讓 Windows 10 成為有史以來最受歡迎的 Windows 版本，也許最重要的是，上個季度我談到了 Windows 10 將如何成為跨一系列設備的服務，並將開啟一個更加個性化的計算新時代。

An era where the mobility of the experience, not the device, is paramount.

在這個時代，體驗而不是設備的移動性是最重要的。

We look forward to sharing a lot more about Windows 10 at Build next week.

我們期待在下週的 Build 大會上分享更多關於 Windows 10 的信息。

In our device portfolio, service adoption continues across enterprise and consumer customers, with 44% revenue growth year-over-year.

在我們的設備組合中，企業和消費者客戶繼續採用服務，收入同比增長 44%。

And 64% of Surface Pro 3 users use OneNote, nine times that of any other touch laptop.

64% 的 Surface Pro 3 用戶使用 OneNote，是任何其他觸控筆記本電腦的 9 倍。

This shows how great hardware innovation influences customer experience and usage.

這顯示了偉大的硬件創新如何影響客戶體驗和使用。

We are looking forward to Surface 3 availability next month, a device that has received positive reviews for being a superior, versatile device at a lower price point.

我們期待著 Surface 3 下個月的面市，這款設備以更低的價格獲得了積極的評價，是一款出色的多功能設備。

We continue to demonstrate momentum in the value smartphone segment of the phone market, driving 18% growth in Lumia volumes this quarter.

我們繼續在手機市場的價值智能手機細分市場展示勢頭，推動本季度 Lumia 銷量增長 18%。

However, we need to take further action to reduce our costs across devices as we execute on our Windows 10 first party hardware plans.

但是，在我們執行 Windows 10 第一方硬件計劃時，我們需要採取進一步行動來降低跨設備的成本。

I'm excited that next week I'll be able to talk much more extensively about our ambitions and the opportunity ahead to two important audiences -- developers at Build and our investor community at the financial analyst briefing in San Francisco.

我很高興下週我將能夠在舊金山的金融分析師簡報會上更廣泛地談論我們的雄心和未來的機會，這兩個重要的聽眾是 Build 的開發人員和我們的投資者社區。

Before I turn it over to Amy, I want to close by reflecting on Microsoft's transformation to a Company that will thrive and help our customers thrive in a mobile-first, cloud-first world.

在我把它交給 Amy 之前，我想先回顧一下微軟向一家公司的轉型，這家公司將在移動優先、雲優先的世界中茁壯成長並幫助我們的客戶茁壯成長。

This is a new world with new growth.

這是一個新的世界，有新的成長。

It's a world that requires fundamental transformation in products, business models, and delivery models across Microsoft.

這是一個需要對整個 Microsoft 的產品、業務模式和交付模式進行根本轉變的世界。

In 2008, we started our transformation by taking an iconic franchise, Office, to the cloud.

2008 年，我們開始轉型，將標誌性的特許經營權 Office 遷移到雲端。

We took the next big step forwards five years ago when we launched Azure, and another step forward with the recent announcement of Windows 10 as a service.

五年前，當我們推出 Azure 時，我們又向前邁出了一大步，而最近宣布的 Windows 10 即服務又向前邁進了一步。

Microsoft's overall transformation isn't about one-for-one shift.

微軟的整體轉型不是一對一的轉變。

It is about delivering value to more customers and unlocking new growth opportunities.

它是關於為更多客戶提供價值並釋放新的增長機會。

To do this, we will continue to push forward with big ambitions and persistence, while delivering solid performance.

為此，我們將繼續以遠大的抱負和堅持不懈地向前推進，同時提供堅實的業績。

With that, I'll hand it over to Amy to talk about this quarter's results in greater detail, and I look forward to rejoining you after to answer questions.

有了這個，我將把它交給 Amy 來更詳細地討論本季度的結果，我期待著在回答問題後重新加入你的行列。

Thank you.

謝謝你。

Thanks Satya, and good afternoon, everyone.

謝謝 Satya，大家下午好。

We're pleased with our execution in the third quarter.

我們對第三季度的執行感到滿意。

In our commercial business, we continue to see healthy underlying fundamentals with strong renewal of volume licensed annuity contracts, a mix shift to cloud offerings, and solid bookings.

在我們的商業業務中，我們繼續看到健康的基本面，包括大量許可年金合同的強勁更新、向雲產品的混合轉變以及穩定的預訂。

Importantly, you can see the progress we are making in the execution of our cloud strategy as the percentage of our revenue from annuity contracts and our commercial business continues to rise.

重要的是，您可以看到我們在執行我們的雲戰略方面取得的進展，因為我們來自年金合同的收入和我們的商業業務的百分比繼續上升。

As Satya highlighted, we also saw momentum in strategic businesses we've been investing in, such as Bing, Xbox LIVE, and Surface, which have a key role in our plans to further monetize Windows devices.

正如 Satya 所強調的那樣，我們還看到了我們一直在投資的戰略業務的勢頭，例如 Bing、Xbox LIVE 和 Surface，它們在我們進一步將 Windows 設備貨幣化的計劃中發揮了關鍵作用。

Like most multinational companies, the strengthening of the US dollar has had a significant impact in our reported results.

與大多數跨國公司一樣，美元走強對我們報告的業績產生了重大影響。

Accordingly, when applicable, I will give growth rates in both GAAP and constant currency to help you better understand the underlying business demand.

因此，在適用的情況下，我將以 GAAP 和固定貨幣給出增長率，以幫助您更好地了解潛在的業務需求。

Revenue was $21.7 billion, up 6%, and 9% in constant currency.

收入為 217 億美元，增長 6%，按固定匯率計算增長 9%。

Gross margin grew 1%, and 4% in constant currency.

毛利率增長 1%，按固定匯率計算增長 4%。

We improved gross margin percentage year-over-year in each of our segments again this quarter, reflecting our ongoing focus on operational excellence.

本季度我們再次提高了每個部門的毛利率百分比，反映了我們對卓越運營的持續關注。

Operating income declined 5%, adjusting for both integration and restructuring expense of $190 million, as well as the negative $87 million impact from FX, operating income declined 1%.

營業收入下降了 5%，調整了 1.9 億美元的整合和重組費用，以及外匯帶來的 8700 萬美元的負面影響，營業收入下降了 1%。

Earnings per share was $0.61, which includes a $0.02 negative impact from FX, and $0.01 of integration and restructuring expense.

每股收益為 0.61 美元，其中包括 0.02 美元的外匯負面影響，以及 0.01 美元的整合和重組費用。

As a reminder, FX movements first impact our bookings growth and unearned revenue on the balance sheet.

提醒一下，外匯變動首先會影響我們的預訂增長和資產負債表上的未實現收入。

Each quarter, our contracted, not billed balance is adjusted to reflect current FX rates.

每個季度，我們的合同未結算餘額都會進行調整，以反映當前的外匯匯率。

When FX rates move rapidly, as they have in the last six months, bookings growth can be significantly impacted.

當外匯匯率像過去六個月那樣快速波動時，預訂量增長可能會受到顯著影響。

This was the case again this quarter, as bookings grew 2%.

本季度再次出現這種情況，預訂量增長了 2%。

However, when measured on a constant currency basis, bookings grew 9%.

然而，如果以固定貨幣計算，預訂量增長了 9%。

Unearned revenue was up 4% year-over-year to $20.2 billion, and 7% in constant currency.

未實現收入同比增長 4% 至 202 億美元，按固定匯率計算增長 7%。

Total unearned revenue was slightly below expectations, driven primarily by a stronger than expected mix of sales that were recognized in the current period.

未實現收入總額略低於預期，主要是由於本期確認的銷售組合強於預期。

From a geographic perspective, the US outperformed our expectations.

從地理角度來看，美國的表現超出了我們的預期。

This relative strength in the US resulted in roughly 1 point less of constant currency impact than we expected in our commercial business.

美國的這種相對強勢導致我們對商業業務的恆定貨幣影響比我們預期的低大約 1 個百分點。

China, Russia, and Japan were generally in line with our expectations.

中國、俄羅斯和日本總體上符合我們的預期。

I want to touch briefly on what we are seeing in Japan, given that it is our second largest market from a revenue perspective.

我想簡要談談我們在日本看到的情況，因為從收入的角度來看，它是我們的第二大市場。

Revenue was down $550 million, which is nearly 4 points of growth for the whole Company.

收入減少了 5.5 億美元，這對整個公司來說是近 4 個增長點。

With high office attached PCs, revenue is particularly sensitive to the underlying PC market dynamics.

對於高附加值的辦公室 PC，收入對潛在的 PC 市場動態特別敏感。

Q3 was the toughest comparable, due to both XP end of support and the VAT increase which went into effect last April 1. The impact is most evident in our DNC and commercial licensing segments.

由於 XP 支持終止和去年 4 月 1 日生效的增值稅增加，第三季度是最艱難的可比性。影響在我們的 DNC 和商業許可領域最為明顯。

The macroeconomic climate remains challenging as well in Japan.

日本的宏觀經濟環境仍然充滿挑戰。

We don't expect it to change in the short term.

我們預計它不會在短期內發生變化。

With that backdrop, I will now move to a detailed discussion of our results.

在這種背景下，我現在將詳細討論我們的結果。

Starting with Windows.

從 Windows 開始。

Q3 last year was the peak of the XP Refresh cycle, evidenced by Windows Pro revenue growth of 19%.

去年第三季度是 XP 刷新周期的高峰，Windows Pro 收入增長 19% 就是明證。

This growth significantly outpaced the underlying PC market, driven by higher attach at Pro, particularly with large enterprise customers in developed markets.

這一增長顯著超過了基礎 PC 市場，這是由 Pro 的更高附加值推動的，尤其是在發達市場的大型企業客戶中。

This quarter, Pro revenue declined by 19%.

本季度，Pro 收入下降了 19%。

It is essentially flat to the Q3 FY13 levels, as both business PCs and Pro mix in that segment returned to pre-XP Refresh levels.

它與 2013 財年第三季度的水平基本持平，因為該領域的商用 PC 和 Pro 組合都恢復到 XP 刷新之前的水平。

For Windows non-Pro, as we talked about last quarter, inventory in the channel was higher than normal.

對於 Windows 非專業版，正如我們上個季度所談到的，渠道中的庫存高於正常水平。

This quarter, activations grew, and we exited Q3 with channel inventories at more normal levels.

本季度，激活量增加了，我們退出了第三季度，渠道庫存處於更正常的水平。

The channel inventory reduction was the main driver of our Windows non-Pro revenue decline.

渠道庫存減少是我們 Windows 非專業版收入下降的主要驅動力。

We continued to see a mixed shift of opening price point PCs, which impacted license mix and aggregate ASP.

我們繼續看到 PC 開盤價的混合變化，這影響了許可組合和總平均售價。

However, it was significantly less than the impact in Q2 when holiday sales favored a lower price point PC's.

然而，這明顯小於第二季度假日銷售青睞低價位 PC 的影響。

Office consumer revenue and DNC licensing was down 41% this quarter, due primarily to the shift of purchasing toward Office 365 consumer, where we now have 12.4 million subscribers.

本季度 Office 消費者收入和 DNC 許可下降了 41%，這主要是由於購買轉向 Office 365 消費者，我們現在擁有 1240 萬訂閱者。

This transition to Office 365 accounted for 27 points of that decline, and the impact of Japan's PC market, the remaining 14 points.

這次向 Office 365 的過渡佔了 27 個百分點的跌幅，而日本 PC 市場的影響則剩下 14 個百分點。

Excluding Japan, we grew our combined consumer Office licenses by 10%.

不包括日本，我們的綜合消費類 Office 許可證增長了 10%。

Revenue in our device and consumer other segment grew 25% and 28% in constant currency, exceeding our expectations.

我們的設備和消費者其他部門的收入按固定匯率計算分別增長了 25% 和 28%，超出了我們的預期。

Many of our growth efforts are represented in this segment and we made terrific progress this quarter across Office 365, Bing and Xbox LIVE transactions.

我們的許多增長努力都體現在這一領域，本季度我們在 Office 365、必應和 Xbox LIVE 交易方面取得了巨大進展。

Gross margin expanded again, benefiting from the increased scale in our services.

受益於我們服務規模的擴大，毛利率再次擴大。

Inclusive of the estimated impact of the Yahoo agreement reached last week, we remain confident in our goal of Bing profitability in FY16.

包括上周達成的雅虎協議的估計影響，我們對 2016 財年必應盈利的目標仍然充滿信心。

Moving to hardware.

轉向硬件。

Revenue from Xbox consoles declined, largely due to a mixed shift of Xbox One consoles to lower ASP SKUs, as well as the impact of launch supply from a year ago.

Xbox 遊戲機的收入下降，主要是由於 Xbox One 遊戲機向較低 ASP SKU 的混合轉變，以及一年前發布供應的影響。

With Surface, we saw 53% constant currency revenue growth, driven by strong retail sales and attach of accessories.

在 Surface 的強勁零售和配件附加的推動下，我們看到了 53% 的固定貨幣收入增長。

On phones, we sold 8.6 million Lumia devices and have gained share in key markets, such as the UK and Germany, over the course of the year.

在手機方面，我們在這一年中售出了 860 萬台 Lumia 設備，並在英國和德國等主要市場獲得了份額。

Gross margin declined sequentially, driven by lower Q3 revenue and approximately $60 million of negative impact from foreign currency relative to Q2 FX rates.

毛利率環比下降，原因是第三季度收入下降以及外幣相對於第二季度匯率的負面影響約為 6000 萬美元。

We've made significant progress in reducing the operating expense base in the phone business.

我們在降低電話業務的運營費用基礎方面取得了重大進展。

Moving from an annualized rate of $4.5 billion at acquisition to a run rate under $2.5 billion.

從收購時的 45 億美元的年化率轉變為低於 25 億美元的運行率。

That said, the changing mix of our portfolio to the value segment and the significant negative headwind from FX will impact our ability to reach operational breakeven in FY16.

話雖如此，我們投資組合向價值領域的變化以及外匯帶來的重大負面不利因素將影響我們在 2016 財年實現運營盈虧平衡的能力。

In response, we have in Q3 and will continue in Q4 to aggressively focus on our operating cost base by pursuing efficiencies in both COGS and operating expenses.

作為回應，我們在第三季度並將在第四季度繼續通過追求 COGS 和運營費用的效率來積極關注我們的運營成本基礎。

We will focus those efforts across our entire first party device portfolio, even while we expand into new form factors such as HoloLens and Surface Hub.

我們將把這些努力集中在我們的整個第一方設備組合中，即使我們擴展到新的外形尺寸，例如 HoloLens 和 Surface Hub。

Now, moving to our commercial results, where revenue grew 5%, or 7% in constant currency.

現在，轉向我們的商業業績，收入增長了 5%，或按固定匯率計算增長了 7%。

Commercial bookings declined 1% on a reported basis, but grew 10% in constant currency.

商業預訂在報告的基礎上下降了 1%，但按固定匯率計算則增長了 10%。

The underlying health of the business remains very strong, despite the negative impact from specific GeoS and prior-year XP comparables.

儘管特定 GeoS 和上一年 XP 可比項目產生了負面影響，但該業務的基本健康狀況仍然非常強勁。

The transition of our customers to cloud and subscription annuity services is a critical element of our business transformation.

我們的客戶向雲和訂閱年金服務的過渡是我們業務轉型的關鍵要素。

To provide ongoing transparency into our progress, we've added a new KPI, commercial annuity mix.

為了讓我們的進度持續透明，我們添加了一個新的 KPI，即商業年金組合。

This quarter, 82% of our commercial revenue came from annuity revenue streams, which is up five points from last year.

本季度，我們 82% 的商業收入來自年金收入流，比去年增長了 5 個百分點。

While quarter-to-quarter, the mix can vary with uneven growth rates we've seen in transactional licensing, before and after the XP Refresh cycle.

雖然季度與季度不同，但在 XP 刷新周期之前和之後，我們在交易許可中看到的不均衡增長率可能會有所不同。

The overall trend clearly reflects the meaningful progress that we've made.

總體趨勢清楚地反映了我們取得的有意義的進展。

Office commercial products and services declined to 2%, but grew 1% in constant currency.

辦公商業產品和服務下降至 2%，但按固定匯率計算增長 1%。

Japan was a three point drag.

日本是一個三分拖累。

We successfully renewed a large volume of annuity contract explorations in Q3 at healthy levels in line with historical rates.

我們在第三季度成功續簽了大量的年金合同探索，處於與歷史水平一致的健康水平。

And we continue to see a strong shift from traditional licensing to Office 365 across our business customers.

我們繼續看到我們的商業客戶從傳統許可向 Office 365 的強烈轉變。

In each of the last three quarters, we've added more Office 365 seats than transactional licenses with SMB customers.

在過去三個季度的每個季度中，我們增加的 Office 365 席位都多於 SMB 客戶的交易許可。

Server products and services continue to exhibit strong momentum, with revenue growth of 12%, and 16% in constant currency.

服務器產品和服務繼續呈現強勁勢頭，收入增長 12%，按固定匯率計算增長 16%。

Our portfolio is well-positioned to meet the needs of our customers for their private, public, and hybrid cloud solutions.

我們的產品組合能夠很好地滿足客戶對私有云、公共雲和混合雲解決方案的需求。

Adoption of our premium products remains strong, and revenue grew 25% across our premium offerings for SQL, Systems Center, and Windows Server.

我們的高級產品的採用率依然強勁，我們針對 SQL、Systems Center 和 Windows Server 的高級產品的收入增長了 25%。

Overall, revenue from our commercial cloud services more than doubled again this quarter.

總體而言，本季度我們的商業雲服務收入再次增長了一倍以上。

Enterprise penetration is accelerating with over half of all agreements signed during the quarter, including cloud services.

企業滲透率正在加快，本季度簽署的所有協議中超過一半，包括雲服務。

Within Office 365, premium workloads now make up more than 50% of the install base, and we are seeing strong attach of our Enterprise Mobility Solutions to Office 365.

在 Office 365 中，高級工作負載現在佔安裝基數的 50% 以上，我們看到我們的企業移動解決方案與 Office 365 緊密相連。

Azure usage grew rapidly this quarter and Dynamics CRM online benefited from strong customer growth.

本季度 Azure 的使用量迅速增長，Dynamics CRM 在線受益於強勁的客戶增長。

Moving now to operating expenses, which were favorable to our guidance, driven by decisions that we made during the quarter to reduce spending and to continue to reallocate resources to accelerate growth in key areas.

現在轉向運營費用，這有利於我們的指導，這是由我們在本季度做出的減少支出和繼續重新分配資源以加速關鍵領域增長的決定所推動的。

For instance, in markets where we are facing challenges, we reduced our sales and marketing expend to reflect the current environment.

例如，在我們面臨挑戰的市場中，我們減少了銷售和營銷支出以反映當前環境。

And as a mentioned earlier in my comment on the phone business, we took further actions to lower our cost base.

正如我在前面對電話業務的評論中提到的那樣，我們採取了進一步的行動來降低我們的成本基礎。

Across the Company, we continue to prioritize, reallocate our spend into activities with the highest impact.

在整個公司，我們繼續優先考慮，將我們的支出重新分配到影響最大的活動中。

The result was that operating expenses grew 4% for the Company.

結果是公司的運營費用增長了 4%。

Normalizing for the approximately $300 million year-over-year benefit from FX, and the addition of $570 million related to phone, operating expenses, grew just 1%.

正常化約 3 億美元的外匯收益同比增長，以及與電話、運營費用相關的 5.7 億美元的增加，僅增長 1%。

Our effective tax rate was 24%, which is five points higher than last year.

我們的有效稅率為 24%，比去年高 5 個百分點。

The increase is primarily driven by the inclusion of our phone results and our changing geographic mix.

這一增長主要是由於包含了我們的電話結果和我們不斷變化的地理組合。

We returned $7.5 billion to shareholders this quarter, which is an increase of $3 billion from Q2.

本季度我們向股東返還了 75 億美元，比第二季度增加了 30 億美元。

This change is consistent with our objective to increase capital return shareholders with a focus on value.

這一變化與我們以價值為重點，增加股東資本回報的目標是一致的。

With that overview of the current quarter let me now turn the to the outlook for the fourth quarter.

有了當前季度的概述，現在讓我轉向第四季度的展望。

I'll start with a few overall comments for additional context.

我將從一些總體評論開始，以獲取更多背景信息。

The guidance that we are providing is based on current FX rates.

我們提供的指導基於當前的外匯匯率。

Should actual rates differ, they will be reflected in the financial results.

如果實際利率不同，它們將反映在財務結果中。

As a reminder, in our annuity businesses the FX impact is first reflected in our unearned revenue, as it is based on rates when the contract is billed.

提醒一下，在我們的年金業務中，外匯影響首先反映在我們的未實現收入中，因為它基於合同計費時的費率。

Then into the P&L at the same rate as the revenue is recognized generally over the next year.

然後以與下一年一般確認的收入相同的比率計入損益表。

In Q4, unearned revenue will reflect three quarters of billing with the stronger US dollar, which will negatively impact year-over-year comparables.

在第四季度，未實現收入將反映在美元走強的三個季度中，這將對同比可比數據產生負面影響。

Likewise, we will be recognizing a higher percentage of revenue from periods with a stronger US dollar in both the recently completed Q3 and also the prior-year comparison.

同樣，我們將在最近完成的第三季度和去年的比較中確認更高百分比的收入來自美元走強的時期。

In total, we expect FX will impact revenue growth by approximately four points in Q4 with the majority of that impact in our commercial segments.

總的來說，我們預計外匯將在第四季度影響收入增長約 4 個百分點，其中大部分影響在我們的商業領域。

While XP related comparables remain top of for Q4 we're starting to anniversary the XP benefits from last year.

雖然與 XP 相關的可比產品在第四季度仍處於領先地位，但我們開始紀念 XP 與去年相比的優勢。

Finally, from a geographic perspective, we expect the year-over-year declines in Japan to continue.

最後，從地理角度來看，我們預計日本的同比下降將繼續。

With that additional context, I will now move to more specific items, starting with devices and consumer.

有了這個額外的背景，我現在將轉向更具體的項目，從設備和消費者開始。

In licensing in Q4 last year, we recognized $382 million of revenue related to the end of the commercial agreement with Nokia, which will impact year-over-year growth trends.

在去年第四季度的許可中，我們確認了與終止與諾基亞的商業協議相關的 3.82 億美元收入，這將影響同比增長趨勢。

For this Q4, we expect revenue to be $3.2 billion to $3.4 billion.

對於這個第四季度，我們預計收入將在 32 億美元至 34 億美元之間。

This range reflects the anniversary of XP, the impact of the Japanese economy, and is anticipated drawdown of inventories in the PC ecosystem ahead of the release of Windows 10 this summer.

這一範圍反映了 XP 週年紀念日、日本經濟的影響，以及預計在今年夏天發布 Windows 10 之前 PC 生態系統中的庫存下降。

Within consumer Office, we expect similar trends to Q3, including the continued transition to Office 365 subscriptions.

在消費者 Office 中，我們預計與第三季度類似的趨勢，包括繼續過渡到 Office 365 訂閱。

In computing and gaming hardware, with the addition of Surface 3, we expect revenues to be $1.5 billion to $1.6 billion.

在計算和遊戲硬件方面，隨著 Surface 3 的加入，我們預計收入將達到 15 億至 16 億美元。

In the phone hardware we expect revenue to the $1.3 billion to $1.4 billion, with continued momentum in value smartphones and anticipated decline in non-Lumia phones.

在手機硬件方面，我們預計收入將達到 13 億至 14 億美元，智能手機的價值將持續增長，非 Lumia 手機的預期下降。

Gross margins will reflect similar dynamics to Q3.

毛利率將反映與第三季度類似的動態。

In devices and consumer other, we expect revenue to be $2.1 billion to $2.2 billion with continued growth in Bing, Office 365, and Xbox LIVE transactions.

在設備和消費者其他方面，隨著必應、Office 365 和 Xbox LIVE 交易的持續增長，我們預計收入將達到 21 億至 22 億美元。

In commercial licensing, we expect revenue of $10.5 billion to $10.6 billion, with a continuing shift to annuity.

在商業許可方面，我們預計收入為 105 億至 106 億美元，並繼續轉向年金。

This range reflects roughly 4 points of negative impact from FX, in addition to the factors I discussed earlier.

除了我之前討論的因素外，該範圍還反映了外匯帶來的大約 4 個負面影響。

In commercial other, we expect momentum to continue in our commercial cloud with revenue of $3.0 billion to $3.1 billion.

在商業其他方面，我們預計我們的商業雲將繼續保持增長勢頭，收入將達到 30 億美元至 31 億美元。

In corporate, we don't expect any revenue impact.

在企業方面，我們預計不會對收入產生任何影響。

We expect COGS to be $7.2 billion to $7.4 billion, with variability being driven by both hardware segments.

我們預計 COGS 為 72 億至 74 億美元，可變性由兩個硬件部分驅動。

We expect operating expenses to be $8.4 billion to $8.5 billion, and this range implies that our full year operating expenses will be roughly $2 billion below our initial guidance for the year, while still investing in key growth opportunities across R&D and sales.

我們預計運營費用為 84 億美元至 85 億美元，這一範圍意味著我們全年的運營費用將比我們今年的初始指導低約 20 億美元，同時仍投資於研發和銷售方面的關鍵增長機會。

We have benefited from FX, but the biggest driver has been our ongoing cost discipline and prioritization effort.

我們從外匯中受益，但最大的推動力是我們持續的成本紀律和優先級工作。

In Q4, we expect to incur $100 million integration expenses, and separately another $100 million in restructuring expenses.

在第四季度，我們預計將產生 1 億美元的整合費用，另外還有 1 億美元的重組費用。

As a reminder, other income and expense includes dividends and interest income offset by interest expense and the net cost of hedging.

提醒一下，其他收入和支出包括被利息支出和對沖淨成本抵消的股息和利息收入。

Given the current FX environment, we expect our net cost of hedging to increase and other income and expense to be negative $200 million.

鑑於當前的外匯環境，我們預計我們的淨對沖成本將增加，其他收入和支出為負 2 億美元。

We expect our Q4 tax rate to be 22% to 24%.

我們預計第四季度的稅率為 22% 至 24%。

In Q4, we expect cutbacks to sequentially increase in support of our growing cloud business.

在第四季度，我們預計裁員將依次增加，以支持我們不斷增長的雲業務。

We expect unearned revenue will grow sequentially, in line with historical seasonality excluding the foreign currency impact.

我們預計未實現收入將連續增長，符合歷史季節性（不包括外匯影響）。

In closing, as you heard from Satya, we are making progress in our strategic goals and we are seeing our focused investments land in differentiated products, customer usage, and sales results.

最後，正如您從 Satya 那裡聽到的那樣，我們在戰略目標方面取得了進展，我們看到我們的重點投資落在了差異化產品、客戶使用和銷售成果上。

Customers are seeing and embracing our innovation, leading to increased usage of our cloud services, and a transition toward subscription and multiyear purchasing.

客戶正在看到並接受我們的創新，從而提高了我們雲服務的使用率，以及向訂閱和多年購買的過渡。

We continue to invest aggressively to capture opportunities where we see competitive advantages, while also becoming or efficient to accelerate our pace of innovation.

我們繼續積極投資，以抓住我們認為具有競爭優勢的機會，同時提高或有效地加快我們的創新步伐。

We encourage you next week to watch the webcast of keynotes from our Build Developer Conference.

我們鼓勵您在下週觀看我們的構建開發者大會主題演講的網絡直播。

We will share more of the innovation happening with Windows 10 and our cloud services.

我們將分享更多與 Windows 10 和我們的雲服務相關的創新。

We will also host the financial analyst briefing where Satya, Kevin Turner, and I will discuss how the Company's transformation provides unique growth opportunities that drive increased lifetime customer value across our core businesses.

我們還將主持金融分析師簡報會，薩蒂亞、凱文·特納和我將討論公司的轉型如何提供獨特的增長機會，從而推動我們核心業務的終生客戶價值增加。

We look forward to sharing that progress with you.

我們期待與您分享這一進展。

With that, let me turn it back over to Chris for Q&A.

有了這個，讓我把它交給克里斯進行問答。

Thanks, Amy.

謝謝，艾米。

We will now move to Q&A.

我們現在將轉到問答環節。

(Operator instructions)

（操作員說明）

The first question comes from the line of Brent Thill with UBS.

第一個問題來自瑞銀的 Brent Thill。

You had great momentum in the cloud.

你在雲端有很大的發展勢頭。

I'm curious if you could talk about the positioning both in on-prem and [COD] environments and also weave in what you're seeing with Azure.

我很好奇您是否可以談論在本地和 [COD] 環境中的定位，以及您在 Azure 中看到的內容。

Sure.

當然。

Thanks for the question.

謝謝你的問題。

Overall when I think about the Microsoft cloud, it's really the combination of Office 365, Dynamics, as well as Azure.

總的來說，當我想到 Microsoft 雲時，它實際上是 Office 365、Dynamics 以及 Azure 的組合。

We think about our capital allocation that way, we think about utilization, and product architecture, and customer value, and how uniquely we can bring these three assets together to serve our customers well.

我們以這種方式考慮我們的資本分配，我們考慮利用率、產品架構和客戶價值，以及我們如何獨特地將這三種資產結合在一起以更好地為客戶服務。

That's the momentum you see, and I talked about the run rate, the usage metrics and there is really increasing intensity of usage amongst organizational customers in our commercial cloud.

這就是你看到的勢頭，我談到了運行率、使用指標，以及我們商業雲中組織客戶的使用強度確實在增加。

One of the other things that's also a huge benefit for us is because our public cloud runs on our software asset, our software asset gets packaged up as service.

對我們來說也是一個巨大好處的另一件事是因為我們的公共雲在我們的軟件資產上運行，我們的軟件資產被打包為服務。

In fact, I think about servers as the edge of our cloud.

事實上，我認為服務器是我們雲的邊緣。

So the unique capability we now have in Windows servers, SQL Server, is becoming that much more competitive because we are running a public cloud in it and that is what anyone deploying their own private cloud expects to have.

因此，我們現在在 Windows 服務器中擁有的獨特功能 SQL Server 正變得更具競爭力，因為我們在其中運行公共雲，而這正是任何部署自己的私有云的人所期望的。

So, you see there are two sides, or benefits and two sides for us.

所以，你看我們有兩個方面，或者好處和兩個方面。

One is in our cloud momentum, which itself is a combination of SaaS applications, PaaS, and IaaS, which I believe is unique in the marketplace, as well as the software itself that is packaged up into our private cloud offering, be it Windows Server or SQL Server, and they are becoming increasingly competitive in the enterprise and data center additions.

一個是我們的雲動力，它本身是 SaaS 應用程序、PaaS 和 IaaS 的組合，我相信這在市場上是獨一無二的，以及打包到我們私有云產品中的軟件本身，無論是 Windows Server或 SQL Server，它們在企業和數據中心的添加中變得越來越有競爭力。

So that's what you see in our commercial results, both on the licensing side as well as on the cloud side.

這就是您在我們的商業成果中看到的，無論是在許可方面還是在雲方面。

Thanks.

謝謝。

Next question comes from the line of Philip Winslow with Credit Suisse.

下一個問題來自瑞士信貸的 Philip Winslow。

Congratulations on a great quarter.

祝賀一個偉大的季度。

I wanted to focus on Office 365.

我想專注於 Office 365。

Several of those metrics really jumped out to us.

其中一些指標確實讓我們眼前一亮。

It seems like overall revenue between your commercial and BMT for Office 365 is up over 100%.

Office 365 的商業和 BMT 之間的總收入似乎增長了 100% 以上。

If you look at the consumer and user count, it was up pretty huge just quarter to quarter there.

如果你看一下消費者和用戶數量，那裡的季度增長幅度相當大。

The question is both Satya and Amy.

問題是薩蒂亞和艾米。

Satya, when you think about the positioning and where we are in the adoption lifecycle of Office 365 on the consumer side, and the SMB and enterprise, where are we in terms of the inflection point there?

Satya，當您考慮到 Office 365 在消費者端以及 SMB 和企業的採用生命週期中的定位和位置時，就拐點而言，我們在哪裡？

Amy, how should we think about going forward in terms of the guidance that you gave, how we should think about the financial implications of where we are in that transition from on premise to Office 365?

艾米，根據您提供的指導，我們應該如何考慮前進，我們應該如何考慮從內部部署到 Office 365 過渡的財務影響？

Let me start.

讓我開始吧。

Amy, you can take it from there.

艾米，你可以從那裡拿走。

Overall, I would say there's a secular movement that's happening in particular with Office 365 and quite frankly it's happening across the entire product portfolio of Microsoft, which is more to what I would describe as annuity relationship as well as subscription relationships, because those are the long-term contracts of relationships we want to have with all customers be it consumer, be it small business, or large customers.

總的來說，我想說的是，Office 365 正在發生一場長期的運動，坦率地說，它正在發生在微軟的整個產品組合中，這更像是我所說的年金關係和訂閱關係，因為這些是我們希望與所有客戶建立長期關係合同，無論是消費者、小企業還是大客戶。

In all the years I've been at Microsoft, it was always our dream to be able to sell more of the sophisticated capabilities of Office to individual consumers as well as small businesses.

在我在微軟工作的這些年裡，我們一直夢想能夠向個人消費者和小型企業銷售更多複雜的 Office 功能。

It was hard to do in the previous generation because of the server infrastructure and sophistication of IT required.

由於服務器基礎架構和 IT 的複雜性，上一代很難做到這一點。

Whereas now with the cloud, for the first time, we now can serve both individuals as well as small businesses with the same kind of sophistication that in the past was exclusively available for the large enterprises.

而現在有了雲，我們現在可以第一次為個人和小型企業提供服務，其複雜程度與過去僅適用於大型企業相同。

So that's what you see when we see a subscription growth in consumer, we see subscription growth in small business.

這就是當我們看到消費者訂閱增長時你看到的，我們看到小企業訂閱增長。

These are folks who never bought a server from us.

這些人從未向我們購買過服務器。

So, that's what we are seeing is increasing what I would call annuity relationship and subscription relationship with all classes of customers and it's a new penetration.

因此，這就是我們所看到的正在增加我所說的與所有類別客戶的年金關係和訂閱關係，這是一種新的滲透。

It's not even a one-for-one replacement.

它甚至不是一對一的替代品。

Even for the enterprise customer, their consumption is going up.

即使對於企業客戶來說，他們的消費也在上升。

They may have consumed one or two workloads, but now they have the opportunity to consume the entirety of the portfolio and not just that.

他們可能已經消耗了一兩個工作負載，但現在他們有機會消耗整個投資組合，而不僅僅是這些。

If you look at the products in Office 365 that we have, take eDiscovery, it's a complete new space for us where we are able to do things in security, eDiscovery, and enterprise management that we didn't even do for the top end of the enterprise in the server side.

如果您查看我們擁有的 Office 365 中的產品，請以 eDiscovery 為例，它對我們來說是一個全新的空間，我們能夠在安全、電子發現和企業管理方面做一些我們甚至沒有為高端產品做的事情服務器端的企業。

That's what we are seeing.

這就是我們所看到的。

Phil, on the math that sits behind that, it's good timing.

菲爾，就其背後的數學而言，現在是個好時機。

Next week at the financial analyst briefing, I will have a lot more time to explain the actual lifetime value of each of these customer segments, especially in Office 365.

在下週的財務分析師簡報會上，我將有更多時間來解釋每個客戶群的實際生命週期價值，尤其是在 Office 365 中。

But I think in consumer, it may be the easiest want to talk about.

但我認為在消費者中，這可能是最容易談論的。

We talked about license growth of 10% when you correct for Japan.

當您糾正日本時，我們談到了 10% 的許可證增長。

Our ability to quickly, I think, move our customer base through stronger execution, both direct, through retail, and having our channel execute well and partner with us on this transition, I do think we've made a lot of progress.

我認為，我們有能力通過更強大的執行力（直接通過零售）快速轉移我們的客戶群，並讓我們的渠道執行良好並與我們合作完成這一過渡，我確實認為我們已經取得了很大進展。

Maybe more importantly, we continue to innovate in the product and deliver value to the end-user which is really what matters.

也許更重要的是，我們繼續在產品上進行創新並為最終用戶提供價值，這才是真正重要的。

So, I think we'll be able to show the progress we've made over every quarter and give you some goals going forward.

所以，我認為我們將能夠展示我們在每個季度取得的進展，並為您提供一些前進的目標。

I look forward to having the chance to spend more time on that in detail.

我期待有機會在這方面花更多的時間來詳細說明。

SMB looks very similar in some ways.

SMB 在某些方面看起來非常相似。

They purchase similarly; it was bought with a PC, it was bought one time, it was infrequent with an inability, as Satya said, to add workloads.

他們的購買方式類似；它是與 PC 一起購買的，是一次性購買的，正如 Satya 所說，它很少會因為無法添加工作負載而出現。

Those are some of the bigger transitions you've seen for us in terms of being able to increase the value.

在能夠增加價值方面，這些是您為我們看到的一些更大的轉變。

So, hopefully we'll be able to give you more details on that next week.

因此，希望我們能夠在下週為您提供更多詳細信息。

I've been waiting for those details for years.

多年來，我一直在等待這些細節。

I appreciate that.

我很感激。

Thank you.

謝謝你。

Thanks, Phil.

謝謝，菲爾。

Next?

下一個？

Keith Weiss with Morgan Stanley.

摩根士丹利的基思·韋斯。

Very nice quarter.

非常好的季度。

One of the highlights of the past year has definitely been the expense control, and I guess, a normalized OpEx growth of just 1% of the quarter, continues to be very impressive.

過去一年的亮點之一無疑是費用控制，我猜，本季度正常化的運營支出僅增長 1%，仍然令人印象深刻。

How should investors, or how should we think about the sustainability of that expense control?

投資者應該如何，或者我們應該如何考慮這種費用控制的可持續性？

How long can you keep investing for these growth initiatives like cloud, yet keep the overall OpEx growth rate so low on a go forward basis?

您可以為這些增長計劃（如雲計算）持續投資多長時間，同時保持整體運營支出增長率如此之低？

Let me start and then I will have Amy add.

讓我開始，然後我將添加 Amy。

Overall, the core of how I wanted to approach expenses is to make sure that we are not limited in our ability to invest in categories where we have unique things to contribute.

總的來說，我想如何處理費用的核心是確保我們在投資於我們有獨特貢獻的類別的能力方面不受限制。

So, we're going to do that, though, with great discipline.

所以，儘管如此，我們會以嚴格的紀律來做到這一點。

And that's what I think you've seen us do over the course of the last year and will continue to exhibit that.

這就是我認為您在去年看到我們所做的事情，並將繼續展示這一點。

At the same time, we will not shrink away from our ability to go put investment, be it in sales, marketing, or product R&D when we clearly have unique things in secular categories of growth and that's something that we have the capability of doing.

同時，當我們在世俗的增長類別中明顯有獨特的東西，這是我們有能力做的事情時，我們不會放棄我們的投資能力，無論是在銷售、營銷還是產品研發方面。

We want to be able to do that in a disciplined way.

我們希望能夠以有紀律的方式做到這一點。

And I would just add, I generally think about two key items that we've been able to think about across the leadership team.

我只想補充一點，我通常會考慮我們能夠在整個領導團隊中考慮的兩個關鍵項目。

First, I think we've exhibited an increasing ability over the course of the year to reallocate during the year, both at the organization level and at the team level, to make sure our dollars are going to the highest ROI things.

首先，我認為我們在這一年中展示了在組織層面和團隊層面重新分配的能力，以確保我們的資金用於最高投資回報率的事情。

Secondly, I think it's a general belief held at the highest levels of the Company that operating efficiency increases our ability to be responsive, both to the needs of the customers as well as to innovate faster inside this place, and I think when you take those two things along with what Satya said, being able to balance discipline, focus, and execution for us, I think we feel very good about the progress we've made.

其次，我認為公司最高層普遍認為，運營效率提高了我們對客戶需求的響應能力以及在這個地方更快地創新的能力，我認為當你接受這些時除了 Satya 所說的兩件事，能夠為我們平衡紀律、專注和執行，我認為我們對我們取得的進展感覺非常好。

Thank you.

謝謝你。

Next, operator.

接下來，運營商。

Next -- Rick Sherlund with Nomura.

下一個——Rick Sherlund 和野村。

Satya, you mentioned a year ago that we are going to see a next generation of personal productivity software.

Satya，您在一年前提到我們將看到下一代個人生產力軟件。

I wonder if you could update us on what that means and when we might see that as just an extension of Office 365 or how do we monetize those products and when will we hear more about them?

我想知道您是否可以向我們介紹這意味著什麼，以及我們何時可以將其視為 Office 365 的擴展，或者我們如何通過這些產品獲利，我們何時會聽到更多關於它們的信息？

And Amy, we didn't see any tech guarantees in the quarter for the upcoming Windows 10 launch, and we also haven't heard anything more about changes in accounting for Windows 10 given that there is going to be a big undelivered element there.

艾米，我們在本季度沒有看到即將推出的 Windows 10 的任何技術保證，而且我們也沒有聽到更多關於 Windows 10 會計變化的消息，因為那裡將有一個很大的未交付元素。

Is that something we should expect to hear more about next week?

這是我們應該期待下週聽到的更多消息嗎？

Let me start.

讓我開始吧。

Thanks, Rick.

謝謝，瑞克。

When I think about even just my own day-to-day usage of Office, even in the last year, it's gone through a drastic amount of change.

當我想到我自己對 Office 的日常使用時，即使是在去年，它也經歷了巨大的變化。

Of course, I use Word, PowerPoint, Excel, Outlook on a daily basis, but if I think about all the tools I'm using, which is all a part of Office 365, today on a daily basis and multiple times a day, I start my day, as I've talked about in many conferences, with Delve, which is a tool I love, which is in fact something that is uniquely possible because of the shift to Office 365 where we can take organizational data and break through all the boundaries of [organs] and silos inside an organization and have people discover information.

當然，我每天都在使用 Word、PowerPoint、Excel、Outlook，但如果我考慮一下我正在使用的所有工具，它們都是 Office 365 的一部分，今天每天都在使用，而且每天多次使用，正如我在許多會議上談到的那樣，我開始新的一天，使用我喜歡的工具 Delve，事實上，由於轉向 Office 365，我們可以獲取組織數據並突破組織內部的[器官]和孤島的所有邊界，並讓人們發現信息。

It's the richest way for me to visualize what is happening at Microsoft in real-time.

對我來說，這是實時可視化 Microsoft 正在發生的事情的最豐富的方式。

That newsfeed to me is the lifeblood of Microsoft.

對我來說，新聞源是微軟的命脈。

I use Power BI, one of the things we talked a lot about is usage.

我使用 Power BI，我們經常談論的一件事就是使用。

In fact, one of the cultural changes inside the Company is everyone, from the frontline engineer to the frontline sales person, is responsible for usage and given that, we want to have these leading indicators showing up in our dashboard, not as static report and Power BI is this rich canvas for us to one, visualize data as well as ask natural language questions.

事實上，公司內部的文化變化之一是每個人，從一線工程師到一線銷售人員，都負責使用，鑑於此，我們希望這些領先指標顯示在我們的儀表板中，而不是作為靜態報告和Power BI 為我們提供了一張豐富的畫布，用於可視化數據以及提出自然語言問題。

I look at my own usage of OneNote in Surface, that's gone through a sea change, both because of the hardware innovation, innovation in Windows, innovation in Office.

我看看我自己在 Surface 中對 OneNote 的使用，它經歷了翻天覆地的變化，無論是因為硬件創新、Windows 創新還是 Office 創新。

I look at something like Sway, which I'm pretty excited about because basically we are taking the concept of what is an interactive document and a website, and bringing it all together into the Sway documents, if you will, and we are excited about what that could mean in customer service, marketing, or for school reports.

我看到了 Sway 之類的東西，我對此感到非常興奮，因為基本上我們正在採用交互式文檔和網站的概念，如果您願意的話，將它們整合到 Sway 文檔中，我們很興奮這在客戶服務、營銷或學校報告中可能意味著什麼。

So, we are well into it.

所以，我們很喜歡它。

It's not going to be waiting for some future date to release anything that is new, but we are well on our way with all of these tools, and they're available today and of course we will be iterating continuously.

它不會等待某個未來的日期發布任何新的東西，但我們正在使用所有這些工具，它們今天可用，當然我們將不斷迭代。

Rick, on your other two questions specific to the tech guarantee that you would think about this time of year, due to the specific nature of the offer we have on Windows 10, there won't be a tech guarantee as you think about it for this upgrade cycle.

瑞克，關於您每年這個時候會考慮的技術保證的另外兩個問題，由於我們在 Windows 10 上提供的產品的特定性質，不會有您考慮的技術保證這個升級週期。

There's disclosure, in fact, in our revenue recognition section in the 10-Q that talks about that specifically.

事實上，我們在 10-Q 的收入確認部分有披露，專門討論了這一點。

When we talk about the accounting for Windows 10, I will touch on that next week.

當我們談論 Windows 10 的會計時，我將在下週談到這一點。

But as we get closer to the launch, we'll go into more specifics.

但隨著我們越來越接近發布，我們將進入更多細節。

I'm so excited about the space and I don't want to miss this one other scenario which is Cortana, that is perhaps the thing that's going to change personal productivity the most, especially with Windows 10 and how Cortana comes to Windows, both to the browser as well as to the start.

我對這個空間感到非常興奮，我不想錯過另一個場景，即 Cortana，這可能是最能改變個人生產力的事情，尤其是 Windows 10 以及 Cortana 如何進入 Windows，兩者到瀏覽器以及開始。

I think it completely changes what personal productivity software means from a day-to-day experience as well.

我認為它也完全改變了個人生產力軟件在日常體驗中的意義。

Thanks, Rick.

謝謝，瑞克。

Next -- Mark Moerdler with Bernstein.

下一個——馬克·莫德勒和伯恩斯坦。

Congrats on the quarter.

祝賀本季度。

Thank you for taking my question.

謝謝你接受我的問題。

If Windows OEM Pro has now stabilized, excluding the bump we saw from XP Refresh, and volume licensing, at least in constant currency, is stable growing, should we figure that we've now started to turn the corner on commercial Windows revenue?

如果 Windows OEM Pro 現在已經穩定下來，不包括我們從 XP Refresh 看到的增長，並且批量許可（至少以不變貨幣計算）穩定增長，我們是否應該認為我們現在已經開始在商業 Windows 收入方面出現轉機？

In addition, where do you think we are on the consumer side on the non-OEM Pro?

此外，您認為我們在非 OEM Pro 的消費者方面處於什麼位置？

Is that still going to continue to shrink for a bit?

這還會繼續縮小一點嗎？

Let me take that and Satya, you can add at the end if you want.

讓我接受這個，Satya，如果你願意，你可以在最後添加。

I think, Mark, you are reading it correctly.

我想，馬克，你沒看錯。

We've actually had our annuity volume licensing business, as you know, has been showing growth and stability for a while.

如您所知，我們實際上已經擁有年金批量許可業務，一段時間以來一直在增長和穩定。

As we talked about, Pro is back to the pre-XP levels.

正如我們所說，Pro 回到了 XP 之前的水平。

While you can see some fluctuation, I think this has been a very stable business for us for a long period of time when you take out that XP bump from last year.

雖然您可以看到一些波動，但我認為這對我們來說在很長一段時間內都是非常穩定的業務，因為您從去年開始剔除 XP 的增長。

Talking about consumer, I think, frankly, Satya and I both reflected a bit on it in our comments.

談到消費者，坦率地說，我和 Satya 在我們的評論中都對此有所反映。

We do expect to see some additional inventory drawdown in front of a launch, and that's not unusual, prior to a launch cycle.

我們確實希望在發布前看到一些額外的庫存下降，這在發布週期之前並不罕見。

That'll clearly impact our revenue in the quarter.

這顯然會影響我們本季度的收入。

But I think as I look to 2016, I'm excited about the designs we've seen, and I'm excited about the products that are possible with Windows 10.

但我認為，展望 2016 年，我對我們所看到的設計感到興奮，我對 Windows 10 可能推出的產品感到興奮。

And I think we feel good and are looking forward to sharing some of that excitement next week.

我認為我們感覺很好，並期待在下週分享一些興奮。

One thing I would also add is there is actually a much more fundamental transformation happening even with how we think about Windows and its delivery, and we'll talk more about this at the financial analyst briefing next week, because increasingly I think about the lifetime value we can deliver to the user of a Windows device, be it in consumer or even in the enterprise.

我還要補充的一件事是，即使我們如何看待 Windows 及其交付，實際上也會發生更根本的轉變，我們將在下週的財務分析師簡報會上更多地討論這個問題，因為我越來越多地考慮生命週期我們可以為 Windows 設備的用戶提供價值，無論是消費者還是企業。

And if you think about when we say Windows is a service, it is actually a pretty profound construct which involves us being able to not only think about what shifts with OEMs, but how do we on a continuous basis if it is the consumer we have things now in the store, we have subscriptions, we have gaming, and when it comes to the enterprise there is management, security, servicing, which is all unique value.

如果你想想當我們說 Windows 是一項服務時，它實際上是一個非常深刻的結構，它讓我們不僅能夠思考 OEM 發生了什麼變化，而且如果它是我們擁有的消費者，我們如何持續地思考現在商店裡有東西，我們有訂閱，我們有遊戲，而對於企業來說，管理、安全、服務都是獨一無二的價值。

So there's going to be an increasing emphasis in the concept of lifetime value that we can deliver to customers.

因此，我們可以向客戶提供的終生價值概念將越來越受到重視。

Perfect.

完美的。

Next -- John DiFucci with Jefferies.

接下來——John DiFucci 和 Jefferies。

Thanks.

謝謝。

It sounds like cloud Azure represents an opportunity to transition existing customers to a cloud model, but also to expand your customer base or penetrate -- penetration into your current customer base with -- incremental business is what I'm talking about.

聽起來雲 Azure 代表了將現有客戶轉變為雲模型的機會，而且還可以擴大您的客戶群或滲透 - 滲透到您當前的客戶群中 - 增量業務就是我所說的。

I think that most of Office 365, because most people were already on Office, represents transitions from the license model.

我認為 Office 365 的大部分內容，因為大多數人已經在使用 Office，代表了從許可模型的過渡。

But so far, and I know it's still early, but so far, what about the rest?

但到目前為止，我知道現在還為時過早，但到目前為止，剩下的呢？

Can you give us an idea of how much of this is new business and how much of this is transition business?

您能否告訴我們其中有多少是新業務，有多少是過渡業務？

Let me start and you can add.

讓我開始，你可以添加。

I think you have to sort of look at all the use cases.

我認為您必須查看所有用例。

In fact, as I said a lot of the Azure use case, I think you referenced this, has been non-zero sum, because people started building their mobile backend, web backend, using big data and not the workloads we have.

事實上，正如我所說的很多 Azure 用例，我認為你提到的這個，是非零和的，因為人們開始使用大數據而不是我們擁有的工作負載來構建他們的移動後端、Web 後端。

I look at everyday usage growth.

我關注日常使用量的增長。

Even if they are creating a web workload, it is a different type of web backend in a mobile backend, and the same thing with advanced analytics.

即使他們正在創建 Web 工作負載，它也是移動後端中不同類型的 Web 後端，與高級分析相同。

I even look at the growth of virtual machine instances on Azure.

我什至關注 Azure 上虛擬機實例的增長。

We not only see Windows server, obviously, but we see 20%-plus of Linux growth.

顯然，我們不僅看到了 Windows 服務器，而且看到了 20% 以上的 Linux 增長。

So that's again non-zero sum.

所以這又是非零和。

There is a significant traction we have in terms of moving beyond just one-for-one shift of a workload that traditionally ran on a server to our Azure cloud.

在將傳統上在服務器上運行的工作負載一對一轉移到我們的 Azure 雲方面，我們有很大的吸引力。

In fact, if anything the majority what we're seeing is new.

事實上，如果有的話，我們所看到的大多數都是新的。

Even in Office 365, it's not just one-for-one share.

即使在 Office 365 中，它也不僅僅是一對一的共享。

Of course, if you are using a large enterprise exchange and you move to Office 365, you moved to using exchange online and the same thing is true for SharePoint.

當然，如果您使用的是大型企業交換並遷移到 Office 365，則您會遷移到使用在線交換，SharePoint 也是如此。

But again take all the other things I described, Power BI, Delve, and the list goes on, take eDiscovery -- even for the largest of enterprise, these are things that had low penetration and low deployment, and we are seeing an increasing usage of it.

但是，再次以我描述的所有其他事物為例，Power BI、Delve 等等，以 eDiscovery 為例——即使對於最大的企業而言，這些事物的滲透率和部署率都較低，而且我們看到使用率正在增加其中。

Same thing with our Dynamics business.

我們的動態業務也是如此。

EMS.

特快專遞。

It's completely a new category.

這完全是一個新類別。

We never had that kind of a management footprint.

我們從未有過這樣的管理足跡。

We now have the ability to have one control plane for IT for all the devices, identity management, device management, data protection; that's a new workload.

我們現在有能力為所有設備、身份管理、設備管理、數據保護提供一個 IT 控制平面；這是一個新的工作量。

So, that's what we are seeing.

所以，這就是我們所看到的。

We definitely are seeing one-for-one migration for the opportunity in every one of the offerings from Office 365 to Dynamics to Azure has a non-zero sum component to it.

我們肯定會看到從 Office 365 到 Dynamics 到 Azure 的每一項產品中的機會的一對一遷移都有一個非零和組件。

Thanks.

謝謝。

I want to be clear because you said something -- other than Office 365, did you say the majority of the cloud business is new business?

我想澄清一下，因為您說了一些東西——除了 Office 365，您是否說大部分雲業務是新業務？

Again, I know it can't be -- maybe you know exactly what it is, but I'm sure some of it is somewhat cloudy -- no pun intended -- or vague.

再說一次，我知道這不可能——也許你確切地知道它是什麼，但我敢肯定其中一些有點模糊——沒有雙關語的意思——或者含糊不清。

Do you think most it at this point is new business?

您認為此時最重要的是新業務嗎？

Is that what I heard you say?

這是我聽到你說的嗎？

Yes, also, it comes in interesting ways.

是的，它也以有趣的方式出現。

One thing -- IT, as you know, it's not about replacing what you have, it's always augmenting what you have.

有一件事——正如你所知，IT 並不是要取代你所擁有的東西，它總是會增加你所擁有的東西。

A classic scenario would be take a SQL database application and bring it to the cloud, and then build a new mobile backend using the same data.

一個經典的場景是將一個 SQL 數據庫應用程序帶到雲端，然後使用相同的數據構建一個新的移動後端。

So, reuse of code, reuse of data.

所以，代碼的重用，數據的重用。

You would use some amount of IaaS infrastructure and then PaaS consumption.

您將使用一定數量的 IaaS 基礎設施，然後使用 PaaS。

That's one of the very typical enterprise solutions you will see.

這是您將看到的非常典型的企業解決方案之一。

In fact, our own IT systems, take what we've done with our HR and our financial systems and some of those things, as they moved to the cloud, we bring some existing and then add to it.

事實上，我們自己的 IT 系統，利用我們對人力資源和財務系統所做的事情以及其中一些事情，當它們遷移到雲中時，我們會帶來一些現有的，然後添加到其中。

John, to your specific question, you're right -- a lot of the Azure is new.

約翰，對於你的具體問題，你是對的——很多 Azure 都是新的。

Especially our Dynamics business.

尤其是我們的動態業務。

CRM online and some of the work we've done across AX is certainly all new.

在線 CRM 和我們在 AX 上所做的一些工作肯定是全新的。

And the lower down in the segment of Office you get, the more new it is.

而且你得到的Office部分越低，它就越新。

That's the way to think about it.

這就是思考的方式。

Great.

偉大的。

Thank you very much.

非常感謝。

Next -- Walter Pritchard from Citi.

接下來——花旗的沃爾特·普里查德。

Please proceed.

請繼續。

A follow-up to the question John had on Azure.

John 在 Azure 上提出的問題的後續行動。

Amazon released their profitability for the first time on AWS and it was higher than most people were expecting.

亞馬遜首次在 AWS 上公佈了盈利能力，高於大多數人的預期。

I'm wondering how we should think about your mix of business in Azure, you're running Linux, you're running a lot of services based on open source software, you're also running some of your own IP there.

我想知道我們應該如何考慮您在 Azure 中的業務組合，您正在運行 Linux，您正在運行許多基於開源軟件的服務，您還在那裡運行一些您自己的 IP。

How should we think about where your margins are today and should we think of Amazon's AWS margins as a good benchmark for where you could be at scale they are at today?

我們應該如何考慮您今天的利潤率，我們是否應該將亞馬遜的 AWS 利潤率視為您今天可能達到的規模的良好基準？

First of all, I don't think of the comparison between Azure and AWS is the true north for me.

首先，我不認為 Azure 和 AWS 之間的比較對我來說是真正的北方。

I think about the Microsoft cloud, because even the way we do capital, the way we measure utilization, is all with the complete unit, which is, of course, all of Office 365 runs on Azure.

我想到了微軟雲，因為即使我們做資本的方式，我們衡量利用率的方式，都是完整的單元，當然，所有的 Office 365 都在 Azure 上運行。

Azure AD powers all of our cloud, so it's really its entirety that we think of as our unique value.

Azure AD 為我們所有的雲提供支持，因此我們認為它的整體是我們的獨特價值。

That means we have SaaS, which is a huge component between 365 and dynamics, PaaS which is a huge component of Azure itself.

這意味著我們擁有 SaaS，它是 365 和動態之間的一個巨大組件，PaaS 是 Azure 本身的一個巨大組件。

We see many customers who use our PaaS services and even AWS.

我們看到許多使用我們的 PaaS 服務甚至 AWS 的客戶。

For example, you can in fact do a single sign-on using EMS and Azure AD in Azure and use your resources on AWS.

例如，您實際上可以在 Azure 中使用 EMS 和 Azure AD 進行單點登錄，並在 AWS 上使用您的資源。

Then, of course, we have our IaaS business.

然後，當然，我們有我們的 IaaS 業務。

That's how we think about it.

這就是我們的想法。

Then it is reflected even in our margins.

然後它甚至反映在我們的利潤中。

We look at the cloud margins, they will have revenue quality which is very different that is a combination of PaaS, IaaS, and SaaS, and that's how we want to make sure we make progress, because that is where both product value which is unique to us, and also the quality of revenue that is unique to us.

我們看看雲利潤，它們的收入質量會非常不同，它是 PaaS、IaaS 和 SaaS 的組合，這就是我們希望確保我們取得進展的方式，因為這兩種產品價值都是獨一無二的對我們來說，以及我們獨有的收入質量。

But one other thing -- my worldview is not that all compute storage networks just go to one place.

但另一件事——我的世界觀並不是所有的計算存儲網絡都集中在一個地方。

That's why I think about servers as the edge of the cloud and as I said there's a huge software asset in there, which is becoming increasingly competitive.

這就是為什麼我將服務器視為雲的邊緣，正如我所說，那裡有巨大的軟件資產，競爭越來越激烈。

Of course, we don't count that in our run rate, when we talk about the $6 billion-plus run rate, that's pure public cloud number and that's fantastic to see and we want to measure it that way.

當然，我們不會將其計入我們的運行率，當我們談論超過 60 億美元的運行率時，那是純粹的公共雲數字，這真是太棒了，我們希望以這種方式來衡量它。

But, quite frankly if you looked at what is broadly happening in the cloud transition, we are participating in both the private hybrid cloud as well as the public cloud.

但是，坦率地說，如果您查看雲轉型中廣泛發生的情況，我們會同時參與私有混合雲和公共雲。

Amy, on OpEx, you have -- I guess not necessarily you, but the Company generally at this time has given some color into the next fiscal year's OpEx.

艾米，關於運營支出，你有 - 我猜不一定是你，但公司通常此時已經為下一財年的運營支出提供了一些色彩。

Is that something we should expect at the Build event with your analyst meeting next week?

這是我們應該在下週與您的分析師會議的 Build 活動中期待的嗎？

I'm sure you're not going to give us today here, but I wanted to figure out the expectations around when I should hear about that.

我敢肯定你今天不會在這裡給我們，但我想弄清楚我什麼時候應該聽到的期望。

We will continue to talk generally about it.

我們將繼續一般性地談論它。

I don't expect to get a specific guidance on FY16 next week.

我預計下週不會收到關於 FY16 的具體指導。

Thank you very much.

非常感謝。

Next -- Heather Bellini with Goldman Sachs.

下一個——Heather Bellini 與高盛。

Two questions, one was related to the success of the sub-$250 machines that you guys and the market have been seeing.

兩個問題，一個與你們和市場所看到的低於 250 美元的機器的成功有關。

What geos have seen the best uptake for those so far?

到目前為止，哪些地理區域對那些人的吸收最好？

And just if there is a little bit more color you could share about the drivers of the commercial licensing business.

如果你可以分享更多關於商業許可業務驅動因素的色彩。

I recognize, obviously, that you guys just give guidance for Q4.

顯然，我認識到你們只是為第四季度提供指導。

But as we look out over the next year or two, what are the big puts and takes, in particular, maybe, on the server and tool side that we need to think about?

但是，當我們展望未來一兩年時，我們需要考慮的主要是什麼，尤其是在服務器和工具方面？

I'll start.

我會開始的。

I think as far as the low-cost devices, it's pretty broad, I think.

我認為就低成本設備而言，它相當廣泛。

We think of the US itself being, in fact, a big driver of some of the growth on the consumer side.

事實上，我們認為美國本身就是消費端部分增長的主要推動力。

We're also obviously stimulated there so we can be much more effective even in the educational markets worldwide.

我們顯然也受到了刺激，因此即使在全球教育市場上，我們也可以更加有效。

And Amy can add to that, if we have any more detail on it.

如果我們有更多詳細信息，艾米可以補充。

When it comes to our commercial licensing and servers, it's the same trend, Heather, which is the big shift that's happening is our enterprise and data center products being Windows Servers, System Center, SQL Server are more competitive.

當談到我們的商業許可和服務器時，趨勢是一樣的，Heather，正在發生的重大轉變是我們的企業和數據中心產品，即 Windows Server、System Center、SQL Server 更具競爭力。

It's the same thing I would say at least in the last couple of years clearly have played out.

至少在過去的幾年裡，我會說同樣的事情顯然已經發生了。

There's clearly -- in fact, as our products are becoming competitive there has been a mix shift.

很明顯——事實上，隨著我們的產品變得越來越有競爭力，已經發生了混合轉變。

People have bought from us previously just standard editions, are able to now look at our enterprise editions, and that is what is playing out.

人們以前從我們這裡購買的只是標準版，現在可以查看我們的企業版，這就是正在發生的事情。

There's definitely some pricing action we were able to take, mostly because we were able to deliver the incremental value.

我們肯定能夠採取一些定價行動，主要是因為我們能夠提供增量價值。

Even with all the pricing action we took, we from a total cost of ownership or just raw pricing perspective, are very competitive versus what is available in the market.

即使我們採取了所有定價措施，但從總擁有成本或僅原始定價的角度來看，與市場上可用的產品相比，我們仍然非常具有競爭力。

So, that's what we see.

所以，這就是我們所看到的。

So these cycles, some of the pricing actions were anniversary out, but the overall thing that I'm focused on is how can we continue to run our software asset ourselves in public cloud and translate that into our servers and really paint this vision and make it a reality of hybrid computing and drive the secular growth of that.

所以這些週期，一些定價行動是周年紀念日，但我關注的總體問題是我們如何繼續在公共雲中運行我們自己的軟件資產，並將其轉化為我們的服務器，並真正描繪出這個願景並做出它是混合計算的現實，並推動了它的長期增長。

Thank you.

謝謝你。

Thanks, Heather.

謝謝，希瑟。

One more question.

還有一個問題。

Our last question comes from the line of Mark Murphy with JPMorgan.

我們的最後一個問題來自摩根大通的 Mark Murphy。

Thank you.

謝謝你。

Satya, I'm wondering what inning you think we are in, in terms of building out the next generation data centers that you'll need to support the commercial cloud.

Satya，我想知道您認為我們處於什麼階段，就構建您需要支持商業雲的下一代數據中心而言。

For example, do you think you've built out data center capacity to support the commercial cloud business all the way to a $10 billion run rate or a $20 billion run rate?

例如，您是否認為您已經構建了數據中心容量來支持商業雲業務，一直到 100 億美元或 200 億美元的運行率？

If there's any way you can help us to try to gauge how much overhead you have in the capacity, and perhaps what type of data center footprint you envision a few years down the road?

如果有任何方法可以幫助我們嘗試衡量您的容量開銷，以及您設想的幾年後的數據中心佔用空間類型，您是否可以？

In fact, one of the big changes that has happened I would say in the last couple of years, and I will have Amy even detail out, is the way that we are going about everything from the very long lead things like actual data center locations and buildouts to the procurement of individual machines and essentially the work in progress inventory of that.

事實上，我會說在過去幾年中發生的重大變化之一，而且我還會向 Amy 詳細介紹，是我們從長期領先的事情（例如實際數據中心位置）開始處理所有事情的方式以及對單台機器的採購以及主要是在製品庫存的擴建。

We have driven significant process improvement to essentially make it as efficient as one can make it and that is a continuous process for us.

我們推動了重大的流程改進，從本質上使其盡可能高效，這對我們來說是一個持續的過程。

So, when I think about even the capital allocation per quarter, we carefully look at what is our current utilization forecast and what our demand forecast is.

因此，當我考慮每季度的資本分配時，我們會仔細查看我們當前的利用率預測和需求預測。

And we now have the ability to be much more dynamic.

我們現在有能力變得更有活力。

Surely, there are some things which are long lead, like data center locations but you don't need to build out data centers much before they are really being utilized.

當然，有些事情是長期領先的，比如數據中心的位置，但你不需要在數據中心真正被利用之前建立太多的數據中心。

So we have a very good process and that is a place where quite frankly a lot of the proprietary advantage of someone who is an at scale public cloud provider, not just with one application, and this is where the huge distinction is.

因此，我們有一個非常好的流程，坦率地說，這是一個擁有大規模公共雲提供商的很多專有優勢的地方，而不僅僅是一個應用程序，這就是巨大的區別所在。

After all, we did run large scale consumer services ourselves, between Xbox LIVE and Bing, but the business of supporting a highly geo-distributed enterprise cloud business is very different than just running in one mass scale public cloud service and we've learned a lot with what is our workload diversity as well as our geodiversity, and our supply chain management is optimized for it.

畢竟，我們自己確實在 Xbox LIVE 和 Bing 之間運行過大規模的消費者服務，但是支持高度地理分佈的企業雲業務的業務與僅在一個大規模的公共雲服務中運行有很大不同，我們已經了解到我們的工作量多樣性和地理多樣性是什麼，我們的供應鏈管理已針對它進行了優化。

I would add, Mark, this is a place as Satya just said, we have made a lot of progress in being data driven and this is down to a monthly review, by workload, by property, by geo.

我要補充一點，馬克，正如 Satya 剛才所說，我們在數據驅動方面取得了很大進展，這取決於按工作量、按財產、按地理位置進行的每月審查。

This is a place where I feel that we are in a terrific position, frankly, to respond to data sovereignty demands, changes politically, and our ability to execute that to provide what our customers demand, in terms of security and manageability and location.

坦率地說，在這個地方，我覺得我們處於非常有利的位置，可以響應數據主權要求、政治變化以及我們執行這些要求的能力，以提供客戶在安全性、可管理性和位置方面的需求。

This is something that we care a lot about.

這是我們非常關心的事情。

Thank you.

謝謝你。

Thanks, Mark.

謝謝，馬克。

That wraps up the Q&A portion of today's call.

今天電話會議的問答部分到此結束。

We encourage you to tune into Build, our annual developer conference, which will be webcast live at www.buildwindows.com, as well as our financial analyst briefing on Wednesday, April 29, which will be webcast live on our investor relations website.

我們鼓勵您收看我們的年度開發者大會 Build，該大會將在 www.buildwindows.com 上進行網絡直播，以及 4 月 29 日星期三的金融分析師簡報會在我們的投資者關係網站上進行網絡直播。

We look forward to seeing many of you in the coming months at various investor conferences.

我們期待在未來幾個月在各種投資者會議上見到你們中的許多人。

Thank you for joining us and talk to you soon.

感謝您加入我們並儘快與您交談。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。