微軟 (MSFT) 2016 Q1 法說會逐字稿

Welcome to the first-quarter FY16 Microsoft Corporation earnings conference call.

歡迎參加微軟公司2016財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded. I would now like to turn the call over to Chris Suh, General Manager of Investor Relations. Chris, please proceed.

再次提醒，本次會議正在錄影。現在我將把電話交給投資人關係總經理 Chris Suh。克里斯，請繼續。

Thank you. Good afternoon and thanks for joining us today. On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.

謝謝。下午好，感謝各位今天收看我們的節目。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問約翰·西索夫。

On our website, www.microsoft.com/investor, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provide the reconciliation of differences between GAAP and non-GAAP financial measures. Our website also includes information related to our new financial reporting segments announced in September.

在我們的網站 www.microsoft.com/investor 上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。我們的網站也包含與我們9月份公佈的新財務報告分部相關的資訊。

This is also the first quarter that reflects the revenue recognition accounting for Windows 10. As a reminder, we report Windows revenue prior to any accounting adjustment in our More Personal Computing segment. The corresponding revenue deferral for Windows 10 sales is then reported in Corp and Other in our segment reporting.

這也是第一個反映 Windows 10 收入確認會計處理的季度。需要提醒的是，我們在「更多個人計算」業務板塊中報告的 Windows 收入是在進行任何會計調整之前計算的。然後，Windows 10 銷售的相應收入遞延將在我們的分部報告中列為「公司及其他」項下。

Earnings commentary today and going forward will focus on results prior to the net deferral impact, as we believe this is the best reflection of business health. Unless otherwise specified, we will refer to non-GAAP metrics on the call. The non-GAAP metrics exclude the impact of last year's integration and restructuring charges and the current Windows 10 net revenue deferral.

今天及以後的獲利評論將重點放在淨遞延影響之前的業績，因為我們認為這最能反映企業的健康狀況。除非另有說明，否則我們將在電話會議中提及非GAAP指標。非GAAP指標不包括去年的整合和重組費用以及目前的Windows 10淨收入遞延的影響。

The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the Company's first-quarter performance, in addition to the impact that these items and events had on the financial results.

所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列入這些項目是為了補充說明，幫助投資人進一步了解公司第一季的業績，以及這些項目和活動對財務表現的影響。

Additionally, any mention of operating expense refers to segment operating expenses as defined in the footnotes of our Form 10-Q, and includes research and development, sales and marketing, and general and administrative, but exclude the impact of last year's integration and restructuring charges. All growth comparisons we make on the call relate to the corresponding period of last year unless otherwise noted.

此外，任何提及的營運費用均指我們在 10-Q 表格腳註中定義的部門營運費用，包括研發、銷售和行銷以及一般和行政費用，但不包括去年的整合和重組費用的影響。除非另有說明，我們在電話會議中所做的所有成長比較均與去年同期相關。

We also provide growth rates in constant currency when available, as a framework for assessing how our underlying business has performed, excluding the effect of foreign currency rate fluctuations. At the segment level, we provide constant currency growth for both revenue and gross margin.

我們也會提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。在業務部門層面，我們以固定匯率計算收入和毛利率的成長。

However, due to the recent change in our segment reporting groupings, we aren't able to provide segment-level constant currency operating expense growth, and consequently cannot derive constant currency segment operating income either. We do provide constant currency operating expense and income growth at the Company-wide level.

然而，由於我們最近對分部報告分組進行了調整，我們無法提供分部層級的固定匯率營運費用成長，因此也無法得出固定匯率分部營運收入。我們提供以固定匯率計算的公司整體營運費用和收入成長數據。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission and in the transcript and any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until October 21, 2016.

通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播節目中，並出現在節目文字稿以及錄音的任何未來用途中。您可以在 2016 年 10 月 21 日之前在微軟投資者關係網站上重播此電話會議並查看會議記錄。

During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。

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 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement. And with that, I'll turn the call over to Satya.

實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

Thank you, Chris. Good afternoon, everyone. I'm looking forward to today's call. This quarter, we delivered $21.7 billion in revenue and grew profit. Also as part of our commitment to balanced capital returns, we meaningfully increased our quarterly dividend and continued our stock repurchase plan.

謝謝你，克里斯。大家下午好。我期待今天的電話會議。本季度，我們實現了 217 億美元的收入，利潤也實現了成長。同時，作為我們致力於實現平衡資本回報的一部分，我們大幅提高了季度股息，並繼續實施股票回購計畫。

More importantly, we are focused and making progress towards the goals for FY18 that we shared six months ago. Now more than 110 million active devices are running Windows 10. We are well on our way to reaching 1 billion Windows 10 active devices. People are moving from needing to choosing to loving Windows.

更重要的是，我們正專注於實現六個月前製定的 2018 財年目標，並取得了進展。目前已有超過 1.1 億台活躍裝置運行 Windows 10 系統。我們距離實現 10 億台 Windows 10 活躍裝置的目標已經指日可待。人們正在從需要Windows系統轉變為選擇Windows系統，最終愛上Windows系統。

Similarly, we are making great progress towards our goal of $20 billion in annualized commercial cloud revenue run rate, which now exceeds $8.2 billion. The results speak to our differentiated cloud strategy, expanded market opportunity, and the speed at which customers are adopting our service.

同樣，我們在實現商業雲年化收入 200 億美元的目標方面取得了巨大進展，目前已超過 82 億美元。結果體現了我們差異化的雲端策略、不斷擴大的市場機遇，以及客戶採用我們服務的速度。

As I reflect on the quarter, it is important to note that we are investing in significant addressable markets where we also have meaningful differentiation. Today, we'll walk through our financial results for the first quarter and discuss how we're delivering new innovation and growing users and usage across each of our three segments.

回顧本季度，值得注意的是，我們正在投資於具有重要潛在市場價值且我們擁有顯著差異化的領域。今天，我們將詳細介紹第一季的財務業績，並討論我們如何在三大業務板塊中不斷推陳出新，增加用戶數量和使用量。

Let's start off with Productivity and Business Process. Clearly, how people work has changed dramatically, but one thing remains true: everyone wants to get more out of every moment of their life. After all, time is our scarcest commodity. That's why we set out to reinvent productivity and business process.

我們先從生產力和業務流程談起。顯然，人們的工作方式發生了巨大變化，但有一點始終不變：每個人都希望充分利用生命中的每一刻。畢竟，時間是我們最稀缺的資源。這就是我們著手重塑生產力和業務流程的原因。

The recent release of Office is a big step forward. We designed Office 2016 and Office 365 to take the work out of working together. We want to help change the nature of work within organizations of all sizes by focusing on the mobility of the person's experience, enabling collaboration, and building a rich service that spans all aspects of how people work today.

Office 的最新版本是一大進步。我們設計 Office 2016 和 Office 365 的目的是為了簡化協作流程。我們希望透過專注於員工體驗的流動性、促進協作以及建立涵蓋當今人們工作方式各個方面的豐富服務，來幫助改變各種規模組織的工作性質。

This approach is resonating with both our consumer and commercial customers. More and more consumers are using Office across device platforms, which is driving Office 365 growth. There are now more than 18 million consumer Office 365 subscribers. We surpassed 200 million downloads of Office Mobile.

這種方法引起了我們的消費者和商業客戶的共鳴。越來越多的消費者在各種裝置平台上使用 Office，這推動了 Office 365 的成長。目前，Office 365 消費者用戶已超過 1,800 萬人。Office Mobile 的下載量已突破 2 億次。

More than 1 billion to do lists have been created so far in Wunderlist and more than 0.5 billion people manage their documents and photos in OneDrive. We continue to see strong adoption in the commercial space, as well. From our largest customers, such as Kraft, GE, Louis Vuitton, to schools and small businesses around the globe.

迄今為止，Wunderlist 中已創建了超過 10 億個待辦事項清單，超過 5 億人使用 OneDrive 管理他們的文件和照片。我們也持續看到該產品在商業領域廣泛應用。從我們最大的客戶，如卡夫、通用電氣、路易威登，到世界各地的學校和小型企業。

Of note, commercial Office 365 monthly active users grew to 60 million, with nearly 60% of our installed base using premium workloads. And we added 50,000 new small business customers in each of the last 19 consecutive months. As customers move to our cloud, it enables us to deliver even more value and push for new growth by entering new categories.

值得注意的是，Office 365 商業版月活躍用戶成長至 6,000 萬，其中近 60% 的用戶使用進階工作負載。在過去連續 19 個月中，我們每個月都新增了 5 萬家小型企業客戶。隨著客戶遷移到我們的雲端平台，我們能夠提供更大的價值，並透過進入新的領域推動新的成長。

Information protection is a great example where we have done this because of natural synergies with our existing services. In fact, nearly 20 million people already use our new premium information protection capabilities in Office 365. That's a tremendous validation of how the cloud accelerates the adoption of new workloads and grows our ability to monetize new value in the $10 billion information protection market.

資訊保護就是一個很好的例子，我們之所以能夠做到這一點，是因為它與我們現有的服務有著天然的協同效應。事實上，已有近 2,000 萬人使用 Office 365 中的全新進階資訊保護功能。這極大地驗證了雲端運算如何加速新工作負載的採用，並增強我們在價值 100 億美元的資訊保護市場中創造新價值的能力。

The new organizational analytics market is another area where we see growth opportunity. So we're investing with our acquisition of VoloMetrix, a powerful cloud-based tool for analyzing organizational productivity. The ability to visualize how people engage with others inside and outside an organization is something the cloud is uniquely suited to do.

新興的組織分析市場是我們看到的另一個成長機會領域。因此，我們透過收購 VoloMetrix 進行投資，VoloMetrix 是一款功能強大的基於雲端的工具，用於分析組織生產力。雲端運算非常擅長將人們在組織內外如何與他人互動視覺化。

It is exciting to be on the forefront of creating a new technology category. This illustrates how our vision for productivity goes beyond helping individuals to empowering group of people and entire organizations to accomplish more together. Our addressable opportunity will expand further as we launch more advanced security, voice, and analytics workloads in our new premium Office 365 SKU next quarter.

能夠站在開創全新技術類別的最前沿，真是令人興奮。這說明我們對生產力的願景不僅限於幫助個人，更在於賦能團隊和整個組織，讓他們共同取得更大的成就。隨著我們下個季度在新推出的高級 Office 365 SKU 中推出更先進的安全、語音和分析工作負載，我們的潛在市場機會將進一步擴大。

Let's talk about business processes. With Dynamics, we're making great progress in breaking down the boundaries between business process, collaboration, and productivity to truly empower organizations. The companies I talk with every day are under pressure to grow revenue while differentiating themselves on customer experience.

我們來談談業務流程。借助 Dynamics，我們在打破業務流程、協作和生產力之間的界限方面取得了巨大進展，從而真正賦能組織。我每天接觸的公司都面臨著在客戶體驗方面脫穎而出的同時，還要提高收入的壓力。

It's one reason usage of CRM is growing. Dynamics CRM Online enterprise seats more than tripled year-over-year. Dynamics AX revenue also grew double-digits as the operational system for agile business processes. And we have a new release for Dynamics NAV for small businesses that is tightly integration with Azure, Office 365, and Dynamics CRM.

這也是為什麼客戶關係管理（CRM）使用量不斷成長的原因之一。Dynamics CRM Online 企業版用戶數量較去年同期成長超過三倍。作為敏捷業務流程的營運系統，Dynamics AX 的營收也實現了兩位數的成長。我們為小型企業推出了 Dynamics NAV 的新版本，該版本與 Azure、Office 365 和 Dynamics CRM 緊密整合。

Moving to the Intelligent Cloud, before I talk about the great progress we're making with our Intelligent Cloud platform, I want to pause and reflect on where we are as an industry. While many companies are developing commercial cloud offerings, there are really only two driving enterprise cloud platform innovation at massive scale: Amazon and Microsoft.

邁向智慧雲端時代，在談到我們在智慧雲端平台方面取得的巨大進展之前，我想停下來反思一下我們作為一個產業所處的現狀。雖然許多公司都在開發商業雲端產品，但真正大規模推動企業雲端平台創新的只有兩家：亞馬遜和微軟。

We push each other and we each have a unique approach. Microsoft has bet on a strategy to build a hyper-scale public cloud, as well as reinvent servers as the edge of our cloud. This approach gives customers a true hybrid distributed computing platform that reflects their real world needs.

我們互相激勵，每個人都有自己獨特的方法。微軟押注於建構超大規模公有雲的策略，並將伺服器重新定義為雲端的邊緣。這種方法為客戶提供了一個真正的混合分散式運算平台，能夠反映他們實際的需求。

Our unique hybrid approach, coupled with high-value services is clearly a structural advantage. It's great to see our customers like Walmart, Jet.com, and Alaska Airlines seize the benefits of the cloud to transform and push for growth. Azure revenue and compute usage more than doubled year-over-year, and we are continuing to channel our innovation into high-growth scenarios with new features and services.

我們獨特的混合模式，加上高價值的服務，顯然是結構性優勢。很高興看到像沃爾瑪、Jet.com 和阿拉斯加航空這樣的客戶利用雲端運算的優勢進行轉型並推動成長。Azure 營收和運算使用量年增超過一倍，我們將繼續透過新功能和服務，將創新投入高成長領域。

In the last quarter alone, we have made major updates, spanning Azure App Services for building enterprise web and mobile apps; Azure Data Lake for infinite data management and analysis; Advanced Threat Analytics, which help organizations identify breaches and threats using behavioral analysis. CIOs are increasingly adopting our Azure premium service for security and manageability.

僅在上個季度，我們就進行了重大更新，涵蓋了用於建立企業級 Web 和行動應用程式的 Azure 應用程式服務；用於無限資料管理和分析的 Azure 資料湖；以及幫助組織使用行為分析來識別漏洞和威脅的高階威脅分析。資訊長們越來越多地採用我們的 Azure 高級服務，以提高安全性和可管理性。

Enterprise Mobility Services has more than doubled to 20,000-plus customers. Our installed base has increased nearly 6 times year-over-year, making EMS the largest mobility and identity management solution in a new and growing market. Our acquisition of Adallom, an innovator in cloud security, will bring customers visibility and control over application access and company data stored across popular cloud applications, including Office 365, Salesforce, ServiceNow, and many more.

企業行動服務客戶數量已成長一倍多，超過 2 萬家。我們的用戶基數年增近 6 倍，使 EMS 成為新興且不斷成長的市場中最大的行動和身分管理解決方案。我們收購了雲端安全領域的創新者 Adallom，這將使客戶能夠了解並控制儲存在熱門雲端應用程式（包括 Office 365、Salesforce、ServiceNow 等）中的應用程式存取權和公司資料。

To be a worldwide cloud player, global scale is a must. With that in mind, we launched new data centers in India, bringing our global total to over 20 regions, more than any other major cloud provider. We aren't just selling into these countries; we see the cloud as an accelerator of local economies by offering tools that empower emerging businesses, transform public sector services, and create value for new local partners.

要成為全球雲端服務商，全球規模是不可或缺的。考慮到這一點，我們在印度推出了新的資料中心，使我們的全球資料中心總數超過 20 個區域，比任何其他主要雲端供應商都多。我們不僅僅是向這些國家銷售產品；我們認為雲端運算可以加速當地經濟發展，透過提供工具賦能新興企業，變革公共部門服務，並為新的當地合作夥伴創造價值。

Our differentiated hybrid capabilities mean customers get to choose how they adopt the cloud and distribute their workloads. This in turn is driving the growth of our server business. Premium versions of Windows Server, SQL Server and System Center all grew double-digits.

我們差異化的混合雲功能意味著客戶可以選擇如何採用雲端以及如何分配工作負載。這反過來又推動了我們伺服器業務的成長。Windows Server、SQL Server 和 System Center 的高階版本均實現了兩位數的成長。

Lastly, we reached a big milestone with SQL Server, one that has been 20 years in the making. The database software market is still one of the largest, and now we are an unparalleled leader in Gartner's Operational DBMS Magic Quadrant.

最後，我們在 SQL Server 方面取得了重大里程碑式的成就，這項成就歷經 20 年才得以實現。資料庫軟體市場仍然是最大的市場之一，而我們現在在 Gartner 的營運資料庫管理系統魔力像限中處於無可爭議的領先地位。

That speaks to our differentiated vision in the category and the value we deliver to customers and we're certainly not done innovating. This milestone with SQL, juxtaposed with our rapid growth in Azure and its position in the Cloud Magic Quadrant, shows the overall strength and progress we're making with our Intelligent Cloud Platform.

這體現了我們在該領域的獨特願景以及我們為客戶帶來的價值，而且我們肯定不會停止創新。SQL 的這一里程碑，與我們在 Azure 的快速成長及其在雲端魔力像限中的地位並列，顯示了我們在智慧雲端平台方面取得的整體實力和進展。

Now let's shift to progress in our More Personal Computing segment, specifically, how the launch of Windows 10 is sparking new growth opportunities for the entire Windows ecosystem. As a platform Company, we think about bringing the needs of multiple constituencies together: developers, IT professionals, and users. We're seeing great response from all three.

現在讓我們轉向「更多個人運算」領域的進展，具體來說，就是 Windows 10 的發佈如何為整個 Windows 生態系統帶來新的成長機會。作為一家平台公司，我們致力於將多個群體的需求結合起來：開發者、IT 專業人員和使用者。這三者都獲得了很好的迴響。

There now than more 110 million monthly active devices running Windows 10. The majority of the upgrades in the first 10 weeks were naturally from consumers, and are 3 times that of Windows 7 over the same time period after launch. We're also seeing a fast start to business adoption, with more than 8 million business PCs now running Windows 10.

目前每月運行 Windows 10 的裝置超過 1.1 億台。在發布後的前 10 週內，大部分升級用戶自然是消費者，是 Windows 7 在發布後同一時期升級用戶的 3 倍。我們也看到企業採用 Windows 10 的速度也很快，目前已有超過 800 萬台商用電腦運行 Windows 10。

We are adding more enterprise features and we are making it easier for businesses to buy and support Windows devices. Our early success in attracting developers, apps, and store visits is also growing. Our stores have seen 1.25 billion visits and developer revenue per download has grown 4 times since the Windows 10 launch.

我們正在增加更多企業功能，並讓企業更容易購買和支援 Windows 裝置。我們在吸引開發者、應用程式和門市客流量方面取得的早期成功也在不斷增長。自 Windows 10 發布以來，我們的應用程式商店訪問量已達 12.5 億次，開發者每次下載的收入增加了 4 倍。

Developers are responding to the opportunity, including Facebook, which will release universal apps for Facebook, Instagram, and Messenger. Windows 10 is also driving increased usage of other Microsoft services. Specifically, Bing share is up to 20.7% in the US, and advertising revenue grew 29% worldwide, helped by Windows 10 users asking Cortana more than 1 billion questions.

開發者們正在抓住這一機遇，其中包括 Facebook，該公司將發布適用於 Facebook、Instagram 和 Messenger 的通用應用程式。Windows 10 也推動了其他微軟服務使用量的成長。具體來說，Bing 在美國的市佔率高達 20.7%，全球廣告收入成長了 29%，這得益於 Windows 10 用戶向 Cortana 提出了超過 10 億個問題。

Further, in gaming, we have also seen an increase in active users as we extend our gaming experiences from the console to Windows 10 PCs. Xbox Live continues to grow active usage, and every day nearly one-half of the Xbox One user base is engaged in the service.

此外，在遊戲領域，隨著我們將遊戲體驗從遊戲主機擴展到 Windows 10 PC，我們也看到活躍用戶數量增加。Xbox Live 的活躍用戶數量持續成長，每天幾乎有一半的 Xbox One 用戶都在使用這項服務。

It will be a great holiday for all gamers. The beta release of Minecraft for Windows 10 is off to a strong start, with players having already placed over a 0.5 billion blocks. Next week, we are excited to launch one of the most anticipated new games this holiday, with Halo 5: Guardians.

對於所有遊戲玩家來說，這將是一個很棒的假期。Windows 10 版 Minecraft 的測試版發布取得了強勁的開局，玩家們已經放置了超過 5 億個方塊。下週，我們將隆重推出今年假期最受期待的新遊戲之一——《最後一戰5：守護者》。

This new Halo includes an epic hunt for Master Chief, along with groundbreaking multi-player matches on Xbox Live. As a result, I confidently predict that time will become much more scarce for Xbox One owners starting on Tuesday.

這款新的《光環》遊戲包含了一場史詩般的追捕士官長的冒險，以及在 Xbox Live 上進行的突破性多人遊戲。因此，我自信地預測，從週二開始，Xbox One 用戶的時間將會變得更加稀缺。

We see all of this Windows 10 usage as an early indicator of our ability to drive growth over the lifetime of a device. Two weeks ago, we took the next major step in our journey with announcement of new Windows 10 premium devices from us and from our OEM partners. It's an incredible line-up across a broad spectrum of categories, from the new Surface Pro 4, Surface Book, to Lumia 950, 950 XL, to Microsoft Band 2, and HoloLens Developer Edition.

我們認為所有這些 Windows 10 的使用情況都是衡量我們是否能在裝置生命週期內推動成長的早期指標。兩週前，我們邁出了發展歷程中的另一個重要步驟，宣布推出我們和我們的 OEM 合作夥伴推出的全新 Windows 10 高級設備。從新款 Surface Pro 4、Surface Book，到 Lumia 950、950 XL，再到 Microsoft Band 2 和 HoloLens 開發者版，產品陣容涵蓋了廣泛的類別，令人驚嘆。

Every -- early reviews are generating excitement with customers, and we are delighted that our pre-order sales are reflecting the positive sentiment in the market. We're also seeing hundreds of new device designs from our partners, the widest range ever for this holiday. It's clear that by bringing together our applications, operating system, and hardware, we will invent new personal computers and new personal computing.

早期評論都引起了顧客的興奮，我們很高興預售情況反映了市場上的正面情緒。我們也看到了合作夥伴推出的數百款全新設備設計，這是今年假期季節產品種類最豐富的一次。很顯然，透過將我們的應用程式、作業系統和硬體結合起來，我們將發明出新的個人電腦和新的個人運算方式。

Overall, I'm proud of our results this quarter and I'm optimistic about our growth prospects. We are poised to seize the opportunity of the largest technology shift of our generation with the enterprise cloud. We're increasing users and engagement in services that cross every aspect of a person's life, from Office at work to Xbox at home, while at the same time we are positioning Windows for growth.

總的來說，我對本季的業績感到自豪，並且對我們的成長前景持樂觀態度。我們已做好準備，抓住企業雲端帶來的世代所經歷的最大技術變革的機會。我們正在增加用戶數量和參與度，這些服務涵蓋人們生活的方方面面，從工作場所的 Office 到家中的 Xbox，同時，我們也在為 Windows 的成長做好準備。

Our transformation is well underway. Quarter after quarter, we build new capability, we enter new markets, scale our new businesses and new business models, and we are being disciplined in our execution. I'll now hand off to Amy to talk about this quarter's results in greater detail and I'll look forward to rejoining you after to answer questions.

我們的轉型正在順利進行中。每個季度，我們都在建立新的能力，進入新的市場，擴大新業務和新商業模式的規模，並且在執行過程中保持嚴謹的態度。現在我將把發言權交給艾米，讓她更詳細地談談本季的業績，之後我期待著再次與大家見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone. Before addressing this quarter's results, I want to briefly comment on the reporting segment change we announced during the quarter. We believe our new segments, in combination with supplemental metrics and the profit measure of operating income, provide transparency into our progress against our ambitions.

謝謝你，薩蒂亞，大家下午好。在介紹本季業績之前，我想先簡單評論一下我們在本季宣布的報告分部變更。我們相信，新的業務板塊，結合補充指標和營業收入的利潤衡量標準，能夠更清楚地展現我們實現目標的進展。

As Chris mentioned, my commentary today on our results and outlook will reflect the new segments and excludes the net revenue deferral impact of Windows 10. Last quarter, we discussed the material impact the foreign exchange movements would have on our financial results through FY16.

正如克里斯所提到的，我今天對我們的業績和展望的評論將反映新的業務板塊，並且不包括 Windows 10 對淨收入遞延的影響。上個季度，我們討論了外匯波動對我們 2016 財年財務表現的重大影響。

In Q1, the FX impact on total revenue was 5 points, with most of the impact in the Intelligent Cloud and Productivity and Business Processes segments, given their high annuity mix. This was in line with the expectation we shared in July.

第一季度，匯率波動對總收入的影響為 5 個百分點，其中大部分影響集中在智慧雲端、生產力和業務流程部門，因為這些部門的年金佔比很高。這與我們七月的預期一致。

This quarter, revenue was $21.7 billion, down 7%, and 2% in constant currency, primarily due to the changes we've made in our phone business. Gross margin declined by 3%, but was up 3% in constant currency. We were thoughtful with operating expenses, realizing savings but investing, as well.

本季營收為 217 億美元，下降 7%，以固定匯率計算下降 2%，主要是由於我們在手機業務方面做出的改變。毛利率下降了3%，但以固定匯率計算則增加了3%。我們在營運支出方面非常謹慎，既實現了節約，也進行了投資。

As a result, operating income grew 1%, or 11% in constant currency. Earnings per share was $0.67, growing 3% and growing 15% in constant currency. We continued to see solid performance across most developed markets, while the challenging macro conditions in Brazil, China, Japan, and Russia persisted this quarter.

因此，營業收入成長了 1%，以固定匯率計算成長了 11%。每股收益為 0.67 美元，成長 3%，以固定匯率計算成長 15%。我們看到大多數已開發市場持續保持穩健表現，而巴西、中國、日本和俄羅斯的宏觀經濟環境在本季依然充滿挑戰。

Commercial results are now included in each of the reporting segments. Therefore, each quarter I will cover overall commercial results in my commentary. Our commercial business continues to be healthy, with momentum in cloud services and a higher annuity mix across all our segments.

商業績效現已納入各報告分部。因此，每個季度我都會在我的評論中涵蓋整體商業業績。我們的商業業務持續保持健康發展，雲端服務業務勢頭強勁，所有業務板塊的年金收入佔比均有所提高。

Commercial bookings were slightly better than we expected and grew 10% in constant currency. We executed well on expirations and commercial unearned revenue grew, came in as expected, growing 3% to $21 billion, up 10% in constant currency. Our contracted not billed balance was more than $23.5 billion, in line with seasonality for the quarter.

商業預訂量略好於預期，以固定匯率計算成長了 10%。我們在到期日執行得很好，商業未實現收入增長，如預期般增長了 3%，達到 210 億美元，按固定匯率計算增長了 10%。本季合約未結算餘額超過 235 億美元，與季節性因素相符。

As Satya remarked, our commercial cloud annualized revenue run rate surpassed $8.2 billion, growing nearly 70% year-on-year, and in line with our expectations. Consistent with the revenue pattern across our commercial business, we typically drive the largest volume of renewals in new agreements in June and consequently see a lower sequential growth rate Q1.

正如薩蒂亞所說，我們的商業雲端年度營收運行率超過 82 億美元，年成長近 70%，符合我們的預期。與我們的整個商業業務的收入模式一致，我們通常在 6 月完成新協議續約的最大量，因此第一季的環比成長率較低。

Importantly, our commercial cloud gross margin percentage improved again sequentially from Q4, as we benefited from increasing scale and efficiencies. As I will talk about shortly, our leading indicators around usage, new cloud services, and customer demand remain healthy, and we are clearly on track toward our $20 billion goal in FY18.

重要的是，由於規模和效率的提高，我們的商業雲毛利率將在第四季度再次環比增長。正如我稍後將要談到的，我們在使用情況、新雲端服務和客戶需求方面的領先指標依然良好，我們顯然正朝著 2018 財年 200 億美元的目標穩步前進。

Now let's turn to the detailed results of each segment. Our Productivity and Business Processes segment, which is made up of commercial and consumer Office, including Office 365, as well as Dynamics, delivered $6.3 billion in revenue, declining 3%, and growing 4% in constant currency. In Office commercial, revenue grew 5% in constant currency and was slightly better than we expected.

現在讓我們來看每個部分的詳細結果。我們的生產力和業務流程部門（包括商業和消費版 Office，如 Office 365 以及 Dynamics）實現了 63 億美元的收入，年減 3%，以固定匯率計算成長 4%。在辦公室商業領域，以固定匯率計算，收入成長了 5%，略好於我們的預期。

Increased channel sales capacity, a higher adoption of premium services, and continue to installed base growth all contributed to our performance. We saw broad-based Office 365 seat growth across both large enterprise and the SMB customer base. Office consumer revenue declined 4% in constant currency, better than the underlying consumer PC market and slightly better than we had expected.

通路銷售能力的提升、優質服務的普及以及用戶基數的持續成長，都對我們的業績做出了貢獻。我們看到 Office 365 用戶數量在大企業和中小企業客戶群中均實現了全面成長。以固定匯率計算，辦公室消費收入下降了 4%，優於基礎消費 PC 市場，也略優於我們的預期。

This quarter, recurring subscription revenue more than offset the impact of customers transitioning to Office 365. Our Dynamics business grew 12% in constant currency, slightly better than we expected. Growth was driven primarily by Dynamics CRM Online. We continue to make progress by investing in product innovation organically, as well as adding capabilities through acquisitions, like FieldOne and FantasySalesTeam.

本季度，經常性訂閱收入足以抵銷客戶過渡到 Office 365 的影響。以固定匯率計算，我們的 Dynamics 業務成長了 12%，略好於我們的預期。成長主要由 Dynamics CRM Online 推動。我們透過持續投資產品創新，以及透過收購（如 FieldOne 和 FantasySalesTeam）來增加能力，不斷取得進步。

Segment gross margin declined 6% but grew 1% in constant currency. Gross margin percentages have been impacted by the mix shift toward our rapidly growing cloud services, including our consumer properties like OneDrive. As Chris mentioned, this year we can't provide constant currency impact at the segment level for operating expenses and therefore operating income. That said, FX in general as at the Company level had a favorable impact on operating expenses, which declined 6%.

分部毛利率下降了 6%，但以固定匯率計算增加了 1%。毛利率受到業務結構轉變為快速成長的雲端服務（包括 OneDrive 等面向消費者的產品）的影響。正如克里斯所提到的，今年我們無法提供分部層級營運費用和營運收入的固定匯率影響。也就是說，就公司層級而言，外匯總體上對營運費用產生了有利影響，營運費用下降了 6%。

The Intelligent Cloud segment, which includes of our portfolio of server products, Azure cloud services, and enterprise services, delivered $5.9 billion in revenue, up 8%, and up 14% in constant currency, in line with our expectations. Our differentiated cloud platform offerings and rapid pace of innovation continue to be compelling to both new and existing customers.

智慧雲端業務部門（包括我們的伺服器產品組合、Azure 雲端服務和企業服務）實現了 59 億美元的收入，年增 8%，以固定匯率計算成長 14%，符合我們的預期。我們差異化的雲端平台產品和快速的創新步伐對新舊客戶都持續具有吸引力。

Segment gross margin grew 8%, or 15% in constant currency. We continue to invest in research and development resources to realize the large and growing addressable market opportunities and are accelerating our plans to add incremental sales capacity to support growing customer demand for cloud services. Segment operated income grew 14%.

分部毛利率成長 8%，以固定匯率計算成長 15%。我們將繼續投資研發資源，以實現龐大且不斷成長的潛在市場機遇，並加快增加銷售能力的計劃，以支援客戶對雲端服務日益增長的需求。分部經營收入成長14%。

Now to our final segment, More Personal Computing, which includes Windows, devices, gaming, and search. Revenue was $9.4 billion, declining 17%, and 13% in constant currency, mainly due to the changes in our phone strategy. As Satya mentioned, since the launch of Windows 10 in late July, we have seen solid momentum in our ecosystem and with our customers.

現在進入最後一個環節，更多個人計算，其中包括 Windows、裝置、遊戲和搜尋。營收為 94 億美元，年減 17%，以固定匯率計算下降 13%，主要原因是我們的手機策略發生了變化。正如薩蒂亞所提到的那樣，自從 Windows 10 在 7 月下旬發布以來，我們在生態系統和客戶群中都看到了強勁的發展勢頭。

Importantly, we saw positive engagement and usage signals across services like search and gaming that provide post-sale monetization opportunities. Overall, our OEM business declined 6% this quarter, outperforming the PC market and better than we had anticipated, driven primarily by non-Pro OEM. As we discussed previously, this was a transition quarter, as the ecosystem moves to Windows 10, and we believe overall inventory in the channel is at normal levels as we head into holiday.

重要的是，我們看到搜尋和遊戲等提供售後變現機會的服務領域出現了積極的參與和使用率訊號。總體而言，本季我們的 OEM 業務下降了 6%，優於 PC 市場，也比我們預期的要好，這主要得益於非專業 OEM 業務的下滑。正如我們之前討論的那樣，這是一個過渡季度，因為生態系統正在向 Windows 10 過渡，我們相信，隨著假期的臨近，頻道中的整體庫存已達到正常水平。

OEM non-Pro revenue declined 4%, as we saw OEMs focused on premium devices, aligned to the Windows 10 launch. This drove a richer mix to market leading to improvement in the average revenue per license. OEM Pro revenue declined 7%, slightly ahead of the overall commercial PC market.

OEM 非專業版收入下降了 4%，因為我們看到 OEM 廠商專注於高階設備，以配合 Windows 10 的發布。這促使市場產品組合更加豐富，從而提高了每張許可證的平均收入。OEM Pro 營收下降了 7%，略優於整體商用 PC 市場。

Windows volume licensing grew 4% in constant currency, with annuity growth in mid-single-digits. Search revenue increased to more than $1 billion this quarter, and we passed an important milestone as our search business reached profitability. In our devices portfolio, revenue declined 49%, and 45% in constant currency, mainly due phone revenue, which decreased $1.5 billion.

Windows 批量授權以固定匯率計算成長了 4%，年金成長為個位數中段。本季搜尋收入成長至超過 10 億美元，我們的搜尋業務實現了盈利，這是一個重要的里程碑。在我們的設備產品組合中，收入下降了 49%，以固定匯率計算下降了 45%，主要原因是手機收入減少了 15 億美元。

As expected, Surface revenue slowed with the market anticipation of a new Surface Pro device for the holidays. Surface continues to gain ground with businesses and schools, creating opportunities for our rapidly growing partner channel, which includes Accenture, Dell, and HP. Both the number and size of deals in our commercial segment for Surface have increased double-digits year-over-year.

正如預期的那樣，由於市場預期新款 Surface Pro 設備將在假期期間上市，Surface 的收入放緩。Surface 在企業和學校中持續獲得認可，為我們快速成長的合作夥伴管道（包括埃森哲、戴爾和惠普）創造了機會。Surface 商業領域的交易數量和規模均實現了兩位數的年增長。

This quarter in gaming, revenue grew 6% in constant currency. We saw growth in Xbox Live transactional revenue and our first-party game portfolio, offset by declines in hardware revenue due to lower volumes of Xbox 360 consoles sold.

本季遊戲業務收入按固定匯率計算成長了 6%。Xbox Live 交易收入和第一方遊戲組合均實現成長，但由於 Xbox 360 遊戲機銷量下降，硬體收入有所下滑，抵消了部分成長。

Segment gross margin declined 10%, or 4% in constant currency. Gross margin percentages were flat year-over-year excluding the phone. Segment operating expenses declined 13%, due primarily to lower phone expense; as a result, segment operating income decreased 4%.

分部毛利率下降10%，以固定匯率計算下降4%。不計手機業務，毛利率與去年同期持平。分部營運費用下降 13%，主要原因是電話費用降低；因此，分部營運收入下降 4%。

Now back to our overall Company results. As usage of our cloud service grows, we will continue to invest capital into our data centers and servers globally. This quarter, we invested $1.5 billion to support that demand-driven growth. Other income was negative $280 million, due in part to foreign currency remeasurements and interest expense.

現在回到公司整體業績。隨著我們雲端服務的使用量成長，我們將繼續在全球範圍內對資料中心和伺服器進行資金投入。本季度，我們投資了15億美元來支持這種需求驅動型成長。其他收入為負 2.8 億美元，部分原因是外幣重估和利息支出。

Our non-GAAP effective tax rate was 21%, below our guided range. This was driven by the change in geographic mix of our earnings and lower non-deductible operating losses associated with phones. This quarter, we returned $6.9 billion to shareholders, up 51%. This includes our recently announced 16% increase in the quarterly dividend to $0.36.

我們的非GAAP實際稅率為21%，低於我們預期的範圍。這主要是由於我們獲利的地域組成發生變化，以及與手機相關的不可抵扣經營虧損減少所致。本季，我們向股東返還了 69 億美元，成長了 51%。這其中包括我們最近宣布的季度股息增加 16% 至 0.36 美元。

With that overview of the quarter, let's move to the outlook. I'll start with some overall comments and then moved to a discussion by segment. First, on FX, based on current rates and the forecasted geographic mix of revenue, we expect 4 points of negative impact on total revenue in Q2.

回顧完本季情況，接下來讓我們展望未來。我先做一些整體評價，然後再分部分討論。首先，就外匯而言，根據目前的匯率和預測的收入地理組成，我們預計第二季總收入將受到 4 個百分點的負面影響。

By segment, we expect a 7-point drag in Productivity and Business Processes, 6 points in Intelligent Cloud, and 3 points in More Personal Computing. In H2, we expect the impact to lessen to around 3 points in total, weighted toward our segments with the highest percentage of annuity.

以細分領域來看，我們預期生產力和業務流程領域將下降 7 個百分點，智慧雲端領域將下降 6 個百分點，更多個人運算領域將下降 3 個百分點。下半年，我們預期影響將減弱至總共約 3 個百分點，主要影響年金佔比最高的業務部門。

Next to our commercial business, which we expect to remain healthy in Q2. Our annuity mix should trend up, with good execution on contract renewals and continued adoption of our commercial cloud services. Accordingly, we expect commercial unearned revenue to be within a range of $19.5 billion to $19.7 billion, benefiting from these positive trends. With the ongoing increase in cloud demand, we expect to accelerate our investment in data centers and capital equipment for the remainder of the fiscal year, expanding geographic coverage and capacity.

除了我們的商業業務之外，我們預計商業業務在第二季將保持健康。隨著合約續約的順利進行以及商業雲端服務的持續普及，我們的年金組合應該會呈上升趨勢。因此，我們預計，受這些正面趨勢的影響，商業未實現收入將在 195 億美元至 197 億美元之間。隨著雲端運算需求的持續成長，我們預計將在本財年剩餘時間內加快對資料中心和資本設備的投資，擴大地理覆蓋範圍和容量。

Now let me share some additional thoughts on each segment. In Productivity and Business Processes, we expect revenue of $6.6 billion to $6.7 billion. Adjusted for 7 points of expected FX impact, the revenue growth reflects continued momentum of Office 365 and our Dynamics portfolio, and as Satya discussed, with our new E5 SKU in Q2, we're expanding our opportunity into security, analytics, and voice.

現在我想就每個部分分享一些補充想法。在生產力和業務流程方面，我們預計營收為 66 億美元至 67 億美元。經過調整後，考慮到預期匯率影響的 7 個百分點，營收成長反映了 Office 365 和我們的 Dynamics 產品組合的持續成長動能。正如 Satya 所討論的，隨著我們在第二季推出新的 E5 SKU，我們正在將業務拓展到安全、分析和語音領域。

For the Intelligent Cloud segment, we expect revenue of $6.2 billion to $6.3 billion, including a 6-point FX impact. Our hybrid approach continues to drive growth in our server licensing business and robust growth in our services. Gross margin in this segment will reflect the accelerating mix of cloud services.

對於智慧雲端業務板塊，我們預計營收為 62 億美元至 63 億美元，其中包括 6 個百分點的匯率影響。我們的混合模式持續推動伺服器授權業務的成長和服務業務的強勁成長。該業務板塊的毛利率將反映出雲端服務佔比的加速成長。

We expect More Personal Computing revenue to be $12 billion to $12.4 billion, including the 3 points of FX impact. Because of the mix of devices and software in this segment, let me provide a bit more context. First on Windows, overall in Q2, we expect our OEM business to look similar to Q1, with non-Pro outperforming the underlying PC market.

我們預計更多個人運算業務的營收將達到 120 億美元至 124 億美元，其中包括 3 個百分點的匯率影響。由於該領域涉及多種設備和軟體，讓我再提供一些背景資訊。首先是 Windows 方面，我們預期第二季 OEM 業務整體狀況將與第一季類似，非專業版業務的表現將優於 PC 市場整體表現。

As we move deeper through the fiscal year, the device mix should evolve, as our OEM partners produce more models at a wider range of price points. In search, we expect Bing's strong trajectory to continue, remaining profitable for the remainder of the year. We will continue to see the impact of the phone restructuring.

隨著本財年的深入，設備組合也將隨之變化，因為我們的 OEM 合作夥伴將生產更多型號、價格範圍更廣的產品。在搜尋領域，我們預計 Bing 的強勁成長動能將繼續保持，並在今年剩餘時間內保持獲利。我們將繼續看到電話系統重組的影響。

Revenue declines and gross margin percentages in Q2 should look similar to Q1. And with the strong holiday Surface line-up, we expect revenue to grow in Q2. Gross margins will reflect the mix of device life cycles between Surface 3, Surface Pro 3, and a growing mix of Surface Book and Surface Pro 4.

第二季營收下降幅度及毛利率應與第一季類似。憑藉強勁的假期季節 Surface 產品陣容，我們預計第二季營收將成長。毛利率將反映 Surface 3、Surface Pro 3 以及 Surface Book 和 Surface Pro 4 等裝置生命週期的組合。

We expect COGS to be $9.7 billion to $9.9 billion, with variability driven by the device sales. We expect operating expenses between $8 billion and $8.1 billion in Q2. For the full year, we are lowering our guidance to $31.9 billion to $32.1 billion.

我們預計銷售成本為 97 億美元至 99 億美元，波動取決於設備銷售額。我們預計第二季營運支出將在 80 億美元至 81 億美元之間。我們將全年業績預期下調至 319 億美元至 321 億美元。

We are and will continue to thoughtfully reinvest operating expense savings to accelerate growth in key areas, to expand our addressable market, and transformed how we work, to better deliver products and services to our customers. We expect other income and expenses to be negative $300 million in Q2, similar to Q1. This includes the net cost of hedging and interest expense, offset by dividend and interest income.

我們現在和將來都會繼續深思熟慮地將營運費用節省再投資於關鍵領域，以加速成長，擴大目標市場，並改變我們的工作方式，從而更好地為客戶提供產品和服務。我們預計第二季其他收入和支出將為負 3 億美元，與第一季類似。這包括對沖淨成本和利息支出，但被股息和利息收入所抵消。

We expect our Q2 and full-year tax rate to be between 19% and 21%. Similar to Q1, this reflects the changing geographic mix of revenue, as well as lower non-deductible operating losses associated with phones. In closing, [guarantee] one, we exceeded our own expectations across many of our businesses.

我們預計第二季和全年稅率將在 19% 至 21% 之間。與第一季類似，這反映了收入地域組成的變化，以及與手機相關的不可抵扣營運虧損的減少。最後，[保證]一，我們在許多業務領域都超出了我們自己的預期。

More importantly, we saw healthy indicators of future growth. Through business model transitions and strategic shifts, our solid execution, paired with a focus on achieving our bold ambitions, has enabled us to take share in existing areas, while we enter new ones. And with that, I'll turn it back to Chris for Q&A.

更重要的是，我們看到了未來成長的健康跡象。透過商業模式轉型和策略調整，我們憑藉著紮實的執行力，以及對實現遠大目標的專注，在現有領域佔據了市場份額，同時進入了新的領域。接下來，我將把問答環節交給克里斯。

Thanks, Amy. We'll now move to Q&A. Operator, can you please repeat your instructions?

謝謝你，艾米。接下來進入問答環節。操作員，請您再重複一次您的指示好嗎？

(Operator Instructions)

（操作說明）

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Very nice quarter, indeed. I wanted to ask about the Azure, in particular, and the public cloud [forms] that you saw this quarter. Again, seems like you're seeing an acceleration in that overall business. More broadly, it seems like industry-wide, both you guys and [eight of us] are seeing something of an inflection point going on in terms of more and more business accruing to those public cloud environments.

確實是一個非常不錯的街區。我想特別詢問一下 Azure，以及您在本季看到的公有雲[形式]。再次看來，整體業務似乎正在加速成長。更廣泛地說，似乎整個行業，你們和我們八個人都看到了一個轉折點，越來越多的業務正在向公有雲環境轉移。

So my question is just that. Would you agree with that statement that there's been an inflection going on in the business? And if so, what do you think is causing that and is there a changing in nature in how people are using that cloud? And then maybe for Amy, is there something we should bear in mind in terms of your traditional business, the on-premise business that may be impacted as that infection takes place that we should bear in mind as you go forward?

所以我的問題就是這個。你是否同意「商業領域正在發生轉折」這種說法？如果是這樣，你認為造成這種情況的原因是什麼？人們使用雲端的方式是否發生了本質上的變化？那麼對艾米來說，就你的傳統業務，也就是可能受到疫情影響的現場業務而言，我們是否有一些需要注意的地方，以便你在未來的發展中能夠有所保障呢？

I'll start. Keith, thanks for the question. Overall, what we're seeing is the public cloud or cloud infrastructure makes it much more possible for businesses of all sizes and developers all sizes to get at infrastructure with much less friction than ever before. I grew up in our server business in the past. We were definitely the ones who democratized servers by bringing servers to small businesses.

我先來。基思，謝謝你的提問。總的來說，我們看到的是，公有雲或雲端基礎設施使得各種規模的企業和各種規模的開發人員能夠比以往任何時候都更容易獲得基礎設施，摩擦也大大減少。我以前就在我們公司的伺服器部門幫忙。我們絕對是讓伺服器普及化的人，把伺服器帶給了小型企業。

But when I think about what's happening, for example, in Office 365, where we're adding 50,000 small business customers who now get the most sophisticated server technology, but now have as a SaaS service, that's what's really happening world over with all application categories. And that's where the growth is.

但當我想到正在發生的事情，例如在 Office 365 中，我們新增了 5 萬家小型企業客戶，他們現在可以獲得最先進的伺服器技術，但現在是以 SaaS 服務的形式提供的，這才是世界各地所有應用程式類別正在發生的真實情況。而增長點就在這裡。

I don't know long-term whether there is a zero-sum equation, but in the -- right now, and in the intermediate time frame, we see, in our case growth, in both sides. And in our case the vision also we have for distributed cloud infrastructure is just that. It is distributed. So we don't think as our server as a legacy business. I think of it as the edge of our cloud.

我不知道長遠來看是否存在零和博弈，但在目前以及中期來看，就我們而言，雙方都在成長。而我們對分散式雲端基礎設施的願景也正是如此。它是分散式的。所以我們並不把我們的伺服器視為一項傳統業務。我認為它就像我們雲層的邊緣。

If you look at what we're doing with SQL, we will have the ability for any customer of SQL to stretch even a single table from between their on-premise to the cloud. Those are the kinds of things that we are excited about. But we clearly are seeing very rapid growth in adoption of our Azure cloud.

如果你看看我們在 SQL 方面所做的工作，我們將使任何 SQL 客戶都能將單一表從其本地環境擴展到雲端。這些都是讓我們感到興奮的事。但我們顯然看到 Azure 雲端平台的使用率正在快速成長。

But in our case, there are two unique aspects. One is this true distributed hybrid and second is we don't think of Azure in isolation. We think about it in the combination of Office 365, Dynamics, EMS, because really it's one cloud infrastructure, first of all, from a capital perspective that serves all of these, and there's a virtual cycle between all of these for our customers, as well.

但就我們的情況而言，有兩個獨特之處。第一點是真正的分散式混合模式，第二點是我們不會孤立地看待 Azure。我們從 Office 365、Dynamics 和 EMS 的組合角度來考慮這個問題，因為從資本角度來看，它實際上是一個雲端基礎設施，可以服務所有這些產品；而且對於我們的客戶來說，所有這些產品之間也存在一個虛擬循環。

Keith, to your second question, the place you'll actually see it will be in the gross margin percentage. As Satya said, I do expect both to grow, both the on-premise and the cloud, but I expect the mix to increasingly shift toward the cloud given its robust growth rate, which will impact the gross margin percentage over time.

Keith，關於你的第二個問題，你實際上會在毛利率百分比中看到它。正如薩蒂亞所說，我預計本地部署和雲端部署都會成長，但鑑於雲端部署的強勁成長速度，我預計兩者的比例會越來越傾向於雲端部署，這將隨著時間的推移影響毛利率。

Excellent. That's very helpful. Thank you.

出色的。這非常有幫助。謝謝。

Mark Moerdler, Bernstein Research.

Mark Moerdler，伯恩斯坦研究公司。

Congratulations on the quarter, everyone. Two questions. Let me relate it. Let me give you the first one. The commercial cloud annualized revenue run rate grew slightly from $8 billion to $8.2 billion or a little bit more than each of those, yet Office 365, Azure, Dynamics, CRM Online, all of them seem to be growing very fast. How should we think about the difference, should we figure that the run rate reaccelerates next quarter? And then I have a follow-up?

恭喜大家本季圓滿完成任務。兩個問題。讓我來解釋一下。讓我給你第一個。商業雲端的年化收入運行率從 80 億美元略微增長到 82 億美元，或略高於這個數字，但 Office 365、Azure、Dynamics、CRM Online 等所有產品似乎都在快速成長。我們該如何看待這種差異？我們是否應該預期下個季度運行速度會再次加快？然後我還有後續問題嗎？

The way to really think about that number, just because of some of the seasonality in our business, Mark, is to think about the year-over-year growth rate of 70%. For me, that is more symbolic of how you should think about the pace and that is a very fast number on an increasingly growing base.

馬克，考慮到我們業務的一些季節性因素，真正理解這個數字的方法是考慮 70% 的年增長率。對我來說，這更能像徵你應該如何看待這種速度，這是一個在不斷增長的基數上非常快的數字。

That makes perfect sense. Thank you. The second one is the cloud margins improved nicely. Given the data that's in here, it looks like they've all started to move up. Azure seems to move up. You had said in the [FAM], the gross margins for 2015 should be about 44%. How should we think about cloud gross margins for 2015? I know you don't know, obviously, the mix of all of our products, but how should we think about the improvement there?

這完全說得通。謝謝。第二點是雲層邊緣得到了很好的改善。根據現有數據來看，它們似乎都開始上漲了。Azure 似乎正在崛起。您在[FAM]中說過，2015年的毛利率應該在44%左右。我們該如何看待2015年雲端運算的毛利率？我知道您顯然不了解我們所有產品的組合情況，但我們應該如何考慮這方面的改進？

Thanks, Mark. Looking in the old segments, which I know you all have done, we saw year-over-year improvement in the overall Commercial Other segment that we disclosed this time, too, of about 10 points year-over-year. We saw sequential improvement from Q4 to Q1.

謝謝你，馬克。查看以往的細分市場數據（我知道你們都已經這樣做了），我們發現，我們這次也披露的「其他商業」細分市場整體同比增長了約 10 個百分點。我們看到從第四季到第一季度，業績逐週改善。

We're still focused on continuing to have that sequential improvement, especially as some of the things Satya talked about, which is the addition of premium services, the pace of innovation especially on the premium end. If you think about our launch of E5, which is a premium SKU in Office 365, it continues to give us the opportunity to both get more efficient in the infrastructure, and to add higher-margin products especially in the SaaS end.

我們仍然專注於繼續保持這種循序漸進的改進，特別是薩蒂亞談到的一些事情，例如增加高級服務，以及加快創新步伐，尤其是在高級服務領域。想想我們推出的 E5，它是 Office 365 中的高級 SKU，它繼續為我們提供了機會，既可以提高基礎設施的效率，也可以增加利潤更高的產品，尤其是在 SaaS 端。

The one thing that, structurally, that we think a lot about and we're very disciplined about is our capital allows us to build all of the cloud services from Office 365 to EMS to Dynamics to Azure. That diversity of workloads, long-term, is what will lead to margin improvement and there will be changes in seasonality from quarter-to-quarter. But structurally, those two things, the diversity of what we're doing and how capital is utilized across all of it, is a big structural differentiator for us.

從結構上講，我們非常重視並嚴格遵守的一點是，我們的資本使我們能夠建立從 Office 365 到 EMS 到 Dynamics 再到 Azure 的所有雲端服務。從長遠來看，這種工作量的多樣性將帶來利潤率的提高，並且每個季度都會出現季節性變化。但從結構上看，我們所做的事情的多樣性以及資本在所有這些事情中的運用方式，這兩點對我們來說是一個很大的結構性差異化因素。

Beautiful. It's great to see that improvement happening. Thank you very much.

美麗的。很高興看到這種進步。非常感謝。

Thank you, Mark.

謝謝你，馬克。

Philip Winslow, Credit Suisse.

Philip Winslow，瑞士信貸。

Congrats on a great quarter. Just a question for Satya, then a follow-up to Amy, Satya, you talked about good adoption of Office 365 on the commercial side, both in SMBs and large enterprise. Wondering if you just could break that down and where you're seeing the faster adoption? As you start to get into the enterprises especially that might have enterprise agreements with Microsoft, how is that sales motion going and what is the pitch there?

恭喜你本季表現出色。我先問Satya一個問題，然後接著問Amy一個問題。 Satya，你談到了Office 365在商業領域的良好普及，無論是在中小企業還是大型企業。我想知道您能否詳細解釋一下，以及您認為哪些領域的採用速度更快？當你開始接觸企業客戶，特別是那些可能與微軟簽訂企業協議的企業客戶時，銷售進度如何？你的銷售策略是什麼？

And then to Amy, I thought this was a key point, something that we've been looking for. You noted that these subscription recurring business now has offset the cannibalization on the license. Is that something that we should think about going forward or was there something specific about this quarter that would push that out? Thanks.

然後，我對艾米說，我認為這是一個關鍵點，是我們一直在尋找的東西。您指出，這些訂閱式循環業務現在已經抵消了許可證業務的蠶食。這是我們今後應該考慮的事情嗎？還是說本季有什麼特殊情況需要延後這件事？謝謝。

First, as far as the Office 365 usage itself, I talked about some of the numbers, of 60 million monthly active users, the fact that our seats grew 66% year-over-year. The small business number I talked about, the 50,000 per month additional customers that we're adding to Office 365. These are all the growth numbers and the usage growth numbers.

首先，關於 Office 365 的使用情況，我談到了一些數據，例如每月活躍用戶達 6000 萬，以及我們的席位同比增長了 66%。我之前提到的小型企業用戶數量，就是我們每月為 Office 365 新增的 5 萬名客戶。這些都是成長數據和使用量成長數據。

The mix even, that information protection, that's just another very important point, which is amongst the customers who are using Office 365, already 20 million are using some of these premium services, like information protection. Of course, we're going to further expand that with new SKUs and new categories that are going to become part of Office 365.

甚至連資訊保護這種混合模式，也是非常重要的一點，在使用 Office 365 的客戶中，已經有 2000 萬用戶在使用一些高級服務，例如資訊保護。當然，我們將透過新的 SKU 和新的類別進一步擴展這一範圍，這些都將成為 Office 365 的一部分。

So I see that stretching on both sides, which is to small business on one end and then these premiums SKUs on the other end. And we see nice attach as far as EAs to the cloud, as well and that's definitely a big driver of our growth.

所以我看到這種趨勢在兩端都有發展，一端是小型企業，另一端是這些高階 SKU。我們看到企業應用程式與雲端的結合也非常順利，這無疑是我們成長的一大驅動力。

Let me take the second and I'll add something to what Satya said. One of the important things that's distinct about the small business market is that there tends to not be much of a lag in terms of buying and deployment. They want to be able to instantaneously use and get value very quickly and that's something we've actually seen and a real testament to our ability to add so many customers in every quarter.

讓我來回答第二個問題，我再補充一些薩蒂亞剛才說的話。小型企業市場的一個重要特徵是，在購買和部署方面往往沒有太大的延遲。他們希望能夠立即使用產品並快速獲得價值，而這正是我們已經看到的，也是我們每季都能新增大量客戶的真正證明。

And what you've seen in the consumer side, which it was an important point, once we've built this installed base up to 18 million users on the consumer side, that recurring rate does, in fact, offset the deferral from new. And so it is an important inflection point for us this quarter.

而您在消費者方面看到的是，這一點很重要，一旦我們在消費者方面建立了 1800 萬用戶的安裝基礎，這種經常性付款率實際上可以抵消新用戶的延期付款。因此，這對我們來說是本季的一個重要轉捩點。

Great. (Multiple speakers.) Congrats.

偉大的。（多人發言）恭喜。

Heather Bellini, Goldman Sachs.

Heather Bellini，高盛集團。

I just had two quick questions. I was wondering, Satya, if you could give us a sense for a high-level commentary about the split of IaaS versus PaaS and Azure? And maybe some color on the growth you see in each of those and how you see them evolving?

我只有兩個問題要問。Satya，我想請教一下，您能否就 IaaS 與 PaaS 以及 Azure 的劃分，給我們做一個高屋建瓴的評論？或許可以談談你觀察到的每種成長情況，以及你認為它們會如何演變？

Then the second question would be related to the launch of Windows 10. You gave the Bing example for the month of September and the solid pull-forward there -- or pull-along there. I'm just wondering if you could share with us any other areas where you're seeing a similar pull along with Windows 10 adoption. Thank you.

那麼第二個問題就與 Windows 10 的發布有關。你舉了 Bing 九月的例子，以及那裡強勁的拉動效應——或者說是拉動效應。我想問一下，您能否和我們分享一下，在 Windows 10 普及的同時，您還看到了哪些其他領域的類似成長？謝謝。

Sure, Heather. On the first one, on the mix between IaaS and PaaS and SaaS, we think that we are seeing quite frankly all of these are growing, but the most interesting thing for me as a pattern is growth in IaaS leads to growth in other PaaS or SaaS services. To put it very concretely, take something like Azure Active Directory. That's probably the best manifestation of the virtual cycle that we see in any of the cloud options that we have.

當然可以，希瑟。關於第一點，即 IaaS、PaaS 和 SaaS 的混合，我們認為坦率地說，所有這些服務都在增長，但對我來說，最有趣的是，IaaS 的增長會導致其他 PaaS 或 SaaS 服務的增長。更具體地說，以 Azure Active Directory 為例。這可能是我們目前擁有的所有雲端服務選項中，虛擬循環的最佳體現。

Right? It could be someone coming from Office 365. It's can be someone coming from Azure, Dynamics, EMS. All of those tenants get into Azure Active Directory, which is our largest PaaS service because it has got even developer API, so that means more developers are using it, more IT professionals are using it as the control plane. So that's the network effect that we see when it comes to the PaaS services.

正確的？可能是來自 Office 365 的某個人。可能是來自 Azure、Dynamics 或 EMS 的人員。所有這些租用戶都會進入 Azure Active Directory，這是我們最大的 PaaS 服務，因為它甚至擁有開發者 API，這意味著更多的開發者正在使用它，更多的 IT 專業人員正在使用它作為控制平面。這就是我們在PaaS服務中看到的網路效應。

And then in terms of infrastructure itself, as again I said, there's people who are tiering even applications, people who build hybrid applications where the storage could be even on premise in some cases, but the mid-tier and the web and the mobile back-ends are in the cloud. We see a lot of growth there.

至於基礎設施本身，正如我再次所說，有人甚至對應用程式進行分層，有人構建混合應用程序，在某些情況下，存儲甚至可以在本地，但中間層、Web 和移動後端都在雲端。我們看到那裡發展勢頭強勁。

We see a lot of growth in our data, both in terms of infrastructure, but in the new services like our Data Lake services, which are PaaS services. Hadoop is another good example. We see lots of Hadoop usage inside of IaaS, but we also see HDInsight growth. So I would say there is real good mix of those two.

我們看到資料量大幅成長，不僅體現在基礎設施方面，也體現在像我們的資料湖服務這樣的新服務方面，這些服務都是 PaaS 服務。Hadoop是另一個很好的例子。我們看到 IaaS 中有很多 Hadoop 的使用，但我們也看到了 HDInsight 的成長。所以我覺得這兩者結合得很好。

And then on Windows 10, I'm very, very excited, obviously, about what's happening with Bing. Amy talked about, we have a $1 billion quarter with 29% growth and good share position growth in the United States. That's fantastic to see.

至於 Windows 10，我顯然對 Bing 的發展感到非常非常興奮。艾米談到，我們本季營收達到 10 億美元，成長 29%，在美國的市佔率也實現了良好的成長。看到這個真是太棒了。

But gaming is the other place where we talked about Xbox Live. Now that spans both console and PC. We see increased engagement. Because of that, we see, in fact, increased engagement with titles like Minecraft, so we have some high hopes for what we can achieve with engagement around Xbox Live across the console plus PC.

但我們還在另一個場合談到了 Xbox Live，那就是遊戲。現在這涵蓋了主機和PC平台。我們看到用戶參與度有所提高。正因如此，我們看到像《我的世界》這樣的遊戲的用戶參與度確實有所提高，所以我們對透過 Xbox Live 在主機和 PC 上的用戶參與度所取得的成就抱有很高的期望。

Thank you, Heather.

謝謝你，希瑟。

Brent Thill, UBS.

瑞銀集團的布倫特·蒂爾。

Satya, Michael Dell mentioned, with you on stage, a week ago, that he's seen from his perspective stronger Windows 10 adoption among enterprise customers, faster than he had seen in the past. I'm curious if you're starting to see a halo impact where those that are looking to move up are saying we want to go with more of the complete infrastructure set? Are you seeing different sales motions among those enterprise customers as those customers are coming back to you?

薩蒂亞，麥可戴爾一週前在台上和你一起提到，從他的角度來看，企業客戶對 Windows 10 的接受度更高，速度也比以往更快。我很好奇你是否開始看到光環效應，即那些想要晉升的人表示，他們想要更完整的配套基礎設施？隨著企業客戶的再次光顧，您是否觀察到他們銷售行為的差異？

Thanks, Brent. That is absolutely the case, that is we're seeing a much faster adoption cycle, obviously starting with the consumer side, but even the 8 million business PCs that are already running Windows 10. Before we have started in fact the push on enterprise, we expect the enterprise deployment to start in earnest the beginning of next calendar year or the second half of this fiscal year.

謝謝你，布倫特。情況確實如此，我們看到的是更快的普及週期，顯然是從消費者方面開始的，甚至包括已經運行 Windows 10 的 800 萬台商用電腦。在正式開始向企業推廣之前，我們預計企業部署將在下一個日曆年年初或本財年下半年正式開始。

But to your point, the fact that there is pull already is a very, very good indicator of -- and a good sign, and it's even better than what we saw with Windows 7. So to me, that's all positive news, but yet we are very, very focused on delivering new value to the enterprise customers.

但正如您所說，目前市場需求旺盛確實是一個非常好的跡象，甚至比Windows 7的情況還要好。所以對我來說，這都是好消息，但我們仍然非常專注於為企業客戶創造新的價值。

Because if you look at Windows 10, we've already talked a lot about all the consumer value, but just take security itself. Windows 10 represents a real breakthrough in terms of security on the endpoint, as well as in embedded, which we are very excited about in terms of driving the enterprise upgrade cycle.

因為如果你看看 Windows 10，我們已經談了很多關於它對消費者的價值，但就拿安全性本身來說吧。Windows 10 在終端安全性和嵌入式安全性方面都代表著真正的突破，我們對此感到非常興奮，因為它將推動企業升級週期。

Real quick, just for Amy on cash flow, is there anything that we should take into account this year versus what happened last year?

簡單問一下，關於現金流，今年和去年相比，有什麼需要注意的地方嗎？

I don't think anything unique that I would bring up, no.

我覺得沒什麼特別值得提出的。

Thank you.

謝謝。

Thanks, Brent.

謝謝你，布倫特。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Besides Azure in the Intelligent Cloud, you obviously have very, very good momentum on the classic server [and tools] business. Can you talk a little bit about the volume versus price effect that you see playing out here and how is it now and how do you expect that to play out going forward?

除了智慧雲端中的 Azure 之外，你們在傳統伺服器（和工具）業務方面顯然也擁有非常非常好的發展勢頭。您能否談談您觀察到的成交量與價格之間的關係，目前的情況如何，以及您預計未來會如何發展？

One of the things on Azure was usage, and you mentioned how that improved quite significantly. Satya, can you talk a little bit where you see that current usage standing and where do you think that can go? We obviously didn't get a number, just a growth rate, but where do we see usage, because that's obviously one of the things that one of your competitors keeps [poking] -- trying to knock on you?

Azure 的一個特點是使用率，您提到這方面有了相當大的改進。薩蒂亞，你能談談你認為目前這種使用方式的現狀以及未來的發展方向嗎？我們顯然沒有得到具體的數字，只有成長率，但是我們在哪裡可以看到使用情況呢？因為這顯然是你的某個競爭對手一直在[挑釁]——試圖攻擊你的地方之一？

The usage numbers is the one that, Raimo, that we talked about, which is doubling of compute, doubling of storage. We talked about the growth in EMS, which is a higher level service. We talked about the growth in Active Directory, so we have usage growth in Azure, which is very, very healthy.

Raimo，我們之前討論過的使用量資料就是運算能力翻倍、儲存能力翻倍的問題。我們討論了急救醫療服務（EMS）的發展，這是一種更高層次的服務。我們討論了 Active Directory 的成長，因此 Azure 的使用量也在成長，這非常非常健康。

And on the server question you asked at the beginning, let me say that we did see around 9% constant currency growth of the core server product. A lot of that was premium driven. I have a distinction between a price question that you asked versus seeing the value of a premium SKU and so I do think it was premium driven as opposed to a price driven, in particular.

至於你一開始提出的伺服器問題，我想說的是，我們的核心伺服器產品確實實現了約 9% 的固定匯率成長。很多時候，高端產品才是主要驅動因素。我認為你提出的價格問題與高端 SKU 的價值是有區別的，所以我認為這主要是高端產品驅動的，而不是價格驅動的。

Perfect. That's helpful. Thank you.

完美的。那很有幫助。謝謝。

Thank you, Raimo.

謝謝你，雷莫。

Karl Keirstead, Deutsche Bank.

卡爾‧基爾斯蒂德，德意志銀行。

I wouldn't mind going back to Windows 10. Three months ago on the June quarter call, the messaging was that Windows 10 would not likely lift Microsoft's performance results until the second half of FY16, yet it feels like, as early as this first quarter, it's creating a lift at least to the Windows OEM business. I just wanted to understand what's changed in the last three months such that it's having an earlier than expected positive impact on Microsoft? Thank you.

我並不介意重新使用Windows 10。三個月前，在 6 月的季度電話會議上，微軟方面表示，Windows 10 可能要到 2016 財年下半年才會提振微軟的業績，但現在看來，早在第一季度，它至少就對 Windows OEM 業務產生了提振作用。我只是想了解過去三個月發生了什麼變化，以至於它對微軟產生了比預期更早的正面影響？謝謝。

Why don't I take that and Satya can add? In particular, what we saw this quarter was really as much about the mix of the devices that the OEMs are bringing to market, as it was in the absolute unit distinction. You saw that in the non-Pro revenue performance.

為什麼我不拿那個，讓薩蒂亞來加呢？尤其值得注意的是，本季我們看到的不僅是 OEM 廠商推向市場的設備組合，還有絕對的銷售量。您在非專業版收入表現中已經看到了這一點。

And so for us, really the way to think about the early signs of the impact were the strong device mix, some higher priced units across a wide variety of OEMs as we build into holiday, did provide some slightly better than expected results, as you noted in the non-Pro business. But really some of the other upside that we saw in the quarter was from things that are the second derivative of that, which was our search results were better than we had thought because of some of these results about where the PCs were upgraded and the pace at which they were upgraded.

因此，對我們來說，真正理解早期影響跡象的方式是，隨著假期季節的臨近，各種 OEM 廠商推出的一些價格較高的設備組合確實帶來了一些比預期略好的結果，正如您在非專業業務中指出的那樣。但實際上，我們在本季看到的其他一些利好因素來自這些利好因素的衍生結果，即我們的搜尋結果比我們預想的要好，因為這些結果與個人電腦的升級地點和升級速度有關。

And so I do think we are encouraged, as Satya said, but we are a quarter in, and what's exciting for us is really the opportunity we have going forward. We're excited about Q2 when the devices hit the shelves, we're excited to have so many first-party devices in Q2. Then the next stage after that, which is really the enterprise deployment, which as Satya mentioned we expect in the second half of the year, so it's early, but you're right, we did see some incremental improvement over what we expected.

所以，正如薩蒂亞所說，我們確實受到了鼓舞，但賽季才進行了四分之一，真正讓我們興奮的是我們未來所擁有的機會。我們非常期待第二季這些設備上市，也很高興第二季能有這麼多第一方設備推出。接下來就是企業部署階段了，正如 Satya 所提到的，我們預計會在今年下半年進行，所以現在還為時過早，但你說得對，我們確實看到了一些比預期略有改善的情況。

Okay. Thank you, Amy.

好的。謝謝你，艾米。

Thanks, Karl.

謝謝你，卡爾。

Walter Pritchard, Citi.

華特‧普里查德，花旗集團。

Amy, I'm wondering if you could talk about, on the computing side, the Personal Computing side, you talked about this quarter seeing growth ahead of the PC market. You alluded to a diversity of devices coming in the second half. How do you think about that variable in the model, say, beyond this launch period where you have a little bit of a differing mix going on in devices?

艾米，我想請你談談電腦領域，特別是個人電腦領域。你提到本季個人電腦市場的成長超過了PC市場。你曾暗示下半年會推出各種各樣的設備。您如何看待模型中的這個變量，例如，在產品發布期之後，當設備組合略有不同時？

When you get to more of a steady-state out in years two and three of the Windows 10 launch, do you think you can grow ahead of the PC market, or do you think -- I know for the last few years, you've grown below the PC market. Just wondering how we should think about that?

當 Windows 10 發布後的第二年和第三年市場趨於穩定時，您認為您的成長速度會超過 PC 市場嗎？或者您認為—我知道在過去的幾年裡，您的成長速度一直低於 PC 市場。我只是想知道我們應該如何看待這個問題？

Thanks, Walter. Let me talk a little bit about what I said in my outlook. This quarter, as I just talked about, non-Pro outperformance versus the market was really due to a higher revenue per license. I expect that actually to continue into Q2. I expect our overall Pro business to remain in line with business PCs.

謝謝你，沃特。讓我稍微談談我的觀點。正如我剛才所說，本季非專業版產品相對於市場表現優異，實際上是由於每張授權的收入更高。我預計這種情況會持續到第二季​​。我預計我們的整體專業業務將與商用PC業務保持一致。

Once we worked through the end of XP bump, that really should be in line. And as we talked about, as we move through the year, I do expect things to more normalize overall in terms of RPL comparisons, but I do think that's probably the best way to think about the curve over the course of the year.

一旦我們解決了 XP 階段的最後階段問題，那應該就一切就緒了。正如我們之前討論過的，隨著時間的推移，我預計 RPL 的比較總體上會更加正常化，但我認為這可能是思考全年曲線的最佳方式。

And then on the commercial licensing part, specifically within productivity, I know you had an old breakout and a new breakout where we don't see commercial licensing necessarily within productivity, but would you expect that piece, the commercial licensing within productivity, given the transition going on, to be stable, or with that decline as you see the transition over to the cloud in productivity, specifically?

至於商業許可方面，特別是生產力領域的商業許可，我知道你們之前做過一次分階段分析，也做過一次新的分析，我們發現生產力領域並不一定存在商業許可。但是，考慮到目前正在進行的轉型，您認為生產力領域的商業授權會保持穩定，還是會隨著生產力領域向雲端轉型而下降呢？

Let me and if I missed the question or misunderstood it, you can help me again. You're asking about our core Office commercial business, the product side versus the service side.

如果我漏掉了問題或理解錯了，請您再幫我解答一下。您問的是我們的核心 Office 商業業務，也就是產品方面與服務的問題。

Correct?

正確的？

Okay. Good. The trend we saw there, as I said, we're 5% up in a constant currency basis. That was 70% cloud, minus 8% on-prem. That's a trend that's not new for us. We've thought about making this transition as quickly as possible, but what we're seeing, which you heard us talk about was the transition to increasing premium mix, selling more workloads, doing all that while we're growing the installed base.

好的。好的。正如我所說，我們看到的趨勢是，以固定匯率計算，我們上漲了 5%。其中 70% 為雲端部署，減去 8% 為本地部署。這對我們來說並不是什麼新鮮事。我們考慮過盡快完成這一轉變，但我們看到的情況（你們也聽到我們談過）是，要逐步增加高端產品組合，銷售更多工作負載，同時還要擴大安裝基礎。

So if you think back to how we've talked about the long-term -- the life-time value equation, it's those components that I really think about proving out over time and we had lots of encouraging signs about that. New users, Satya referenced, on the small business and mid-market side. Premium mix, we talked about how many premium services we're now selling.

所以，如果你回想一下我們之前討論的長期價值——終身價值等式，我認為真正需要隨著時間的推移來證明的是這些組成部分，而且我們在這方面也有很多令人鼓舞的跡象。Satya 提到，新用戶主要來自小型企業和中型市場。高端產品組合方面，我們討論了目前我們銷售的高端服務數量。

And then in terms of renewals, they're quite good, which we talked about, and so all of those, when you talk about should we expect the traditional business to be in decline, I don't think that's new. What's important is our ability to switch it to the services and add more over time, that I really focus on.

至於續約情況，情況相當不錯，我們也討論過這一點。所以，當談到我們是否應該預期傳統業務會衰退時，我認為這並不是什麼新鮮事。重要的是我們有能力將其切換到服務模式，並隨著時間的推移添加更多服務，這正是我真正關注的重點。

Okay. Thank you.

好的。謝謝。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Amy, I see the commercial bookings numbers in the KPI sheet, but I do not see the total bookings numbers. I'm wondering if you could comment on that, so that we can try to maintain a consistent analysis there, if it's relevant?

艾米，我在KPI表中看到了商業預訂數量，但我沒有看到總預訂數量。我想請您就此發表一下看法，以便我們能夠保持分析的一致性（如果相關的話）？

Also, Satya, now that SQL Server has taken over this number one position in the Gartner Quadrant for the database market, could you help us understand how the road map evolves from here? As we did notice, Amazon made its debut also in the leaders' quadrant and we're trying to understand how the movement to cloud platforms like Azure could further alter the database landscape and how you could capitalize on that?

另外，Satya，既然 SQL Server 已經在 Gartner 資料庫市場象限中佔據了第一的位置，您能否幫助我們了解接下來的發展路線圖將如何演變？正如我們所注意到的，亞馬遜也首次出現在領導者象限中，我們正在努力了解向 Azure 等雲端平台的遷移將如何進一步改變資料庫格局，以及您如何從中獲利？

Why don't you go first?

為什麼不先來？

Yes, I'll go first. The data architecture that underlies what's happening in the enterprise underneath applications is going through a dramatic change. That said, the relational database itself remains still a very strong component, but not the only component anymore, both on premise and off premise. What we want to make sure, as a Company, is to cover all of that landscape with a very rich data platform.

好的，我先來。企業應用底層的資料架構正經歷巨大的變革。也就是說，關聯式資料庫本身仍然是一個非常強大的組成部分，但無論是在本地還是在雲端，它都不再是唯一的組成部分了。作為一家公司，我們希望確保用一個非常豐富的數據平台覆蓋所有這些領域。

So if you look at what we're doing, the length and breadth of our ambition, as well as our delivery today, everything from what SQL itself is doing, we have now all in memory workloads for OLTP, BI, data warehousing, built in. We have the ability to now tier even the database with the cloud. This is all the things that are coming in SQL 2016 and we're excited about that.

所以，如果你看看我們正在做的事情，看看我們雄心勃勃的規模和範圍，以及我們今天的成果，看看 SQL 本身正在做的事情，我們現在已經將 OLTP、BI、資料倉儲的所有記憶體工作負載都內建其中。我們現在甚至能夠利用雲端技術對資料庫進行分層部署。這就是 SQL 2016 即將推出的所有功能，我們對此感到非常興奮。

When it comes to the cloud itself, we have a PaaS service for SQL, which is very unique in terms of SQL Azure. We have now the Data Lake service for basically petabyte, exabyte scale data management. We have higher-level data services like Azure ML, which is about advanced analytics, a category we didn't even participate in the past, so we've entered that category. Revolution R fits into that.

就雲端本身而言，我們有一個用於 SQL 的 PaaS 服務，這在 SQL Azure 中非常獨特。我們現在擁有資料湖服務，可以進行PB級、EB級的資料管理。我們擁有更高層級的資料服務，例如 Azure ML，它涉及進階分析，這是我們過去從未涉足的領域，所以我們現在已經進入了這個領域。Revolution R 也符合這一點。

So we have a very rich story, and this is not even talking about some of the other end user BI capabilities, like Power BI. So we have a very rich vision and execution on what is an expanding data platform opportunity, and it's nice to see us innovate on the new services, while we also, in what is still the big market, which is the relational database market, claim a leadership position.

所以我們有一個非常豐富的故事，而且這還沒有提到其他一些終端使用者 BI 功能，例如 Power BI。因此，我們對不斷擴展的資料平台機會有著非常豐富的願景和執行力，很高興看到我們在新服務方面不斷創新，同時，在關聯式資料庫這個仍然很大的市場中，我們也佔據了領導地位。

And Mark, on the total bookings number, the reason we moved to commercial bookings is it's a far more comparable number to look at, period-to-period. Total bookings, because of the volatility, frankly, in consumer businesses in times like the holiday period, it can make it far more volatile than usually what many of you have been asking for, which is the continuity and health of the overall commercial business. If you want to get to total bookings, you just add back in all the consumer revenue is technically how you would do it, but I do think the more helpful KPI for us in terms of bookings is the commercial one.

馬克，關於總預訂量，我們改用商業預訂量的原因是，從週期來看，這是一個更具可比性的數字。坦白說，由於假日等時期消費業務的波動性，總預訂量可能會比你們許多人一直要求的——整體商業業務的連續性和健康——波動更大。如果你想計算總預訂量，理論上你可以把所有消費者收入加回去，但我認為對我們來說，就預訂量而言，更有幫助的 KPI 是商業 KPI。

Thank you.

謝謝。

Thanks, Mark.

謝謝你，馬克。

Ross MacMillan, RBC Capital Markets.

Ross MacMillan，加拿大皇家銀行資本市場。

Thanks so much for squeezing me in and congrats on the quarter. Amy, I just had a couple. The first one, just your comment that the consumer Office business, you are seeing basically the subscription revenue now being larger than the offset, if you will, on the license side. Where do we stand with regard to that on the commercial side of the Office transition?

非常感謝您抽空接待我，也恭喜您本季業績優異。艾米，我剛吃了兩杯。第一點，正如您所說，在消費者 Office 業務方面，您現在基本上看到的是訂閱收入大於授權方面的抵銷收入。在Office過渡的商業方面，我們目前處於什麼階段？

The way to think about that, how I look at -- the way I would generally say it is you could look at each of the KPI as we get. So the Office commercial business grew 5%, it was negative 8%, there's some transition earning back off the balance sheet. The total cloud is 70%.

思考這個問題的方式，或者說我的看法——我通常會說的方式是，你可以逐一查看我們得到的每一個 KPI。所以辦公商業業務成長了 5%，之前是負 8%，現在有些過渡收益從資產負債表轉移出來了。雲量總量為 70%。

When we start to get to this point, and the percentage we already have in the cloud, it is really an offset. And that's probably, frankly, been true a little bit longer than we've talked about technically in terms of what goes off and what comes on, given we've now got, as Satya said, 60 million users and more than that in terms of [SQL].

當我們達到這個階段，並且考慮到我們在雲端已經擁有的比例時，這實際上是一種補償。坦白說，就技術層面而言，這種情況可能比我們討論的開啟和關閉的時間要長一些，因為我們現在正如薩蒂亞所說，擁有 6000 萬用戶，而且 [SQL] 用戶數量還更多。

That can technically, Ross, be interesting in certain quarters of the year where we have very heavy expirations. And so it just depends year-over-year -- that's why the commercial is slightly harder to do it on because there's some volatility in the ins-and-outs based on seasonality.

羅斯，從技術上講，在一年中的某些季度，當到期日非常多的時候，這可能會很有趣。所以，這取決於每年的情況——這就是為什麼商業廣告更難預測的原因，因為季節性因素會導致一些波動。

But just if I think about the incremental subscription revenues from the commercial side versus the license declines, it sounds like this year, this fiscal year, we're making that pivot like we have made on the consumer side. Would that be a fair statement?

但如果我考慮一下商業方面的新增訂閱收入與授權收入的下降，聽起來今年，也就是本財年，我們正在像在消費者方面所做的那樣進行轉型。這種說法公平嗎？

I want to make this simple, and unfortunately it's just slightly complicated. Because so much of our installed base was already on an annuity contract, it makes this transition mathematically hard. What you're asking is specifically for our transactional component, when the old transactional component has gone, but that's a component of the number not the total.

我想把事情說得簡單些，但很遺憾，事情還是有點複雜。由於我們的大部分用戶都已經簽訂了年金合同，因此這種轉變在數學上很困難。你問的其實是我們的事務處理元件，而舊的事務處理元件已經不存在了，但這只是總數的一部分，而不是總數。

So it's why it's technically difficult to answer the question you're specifically asking, Ross. But the way I would think about it is, we are moving such a substantive piece of our EA business, and with our annuity mix all up in commercial, up to 86%, we're feeling very good about our ability to transition people at LTV and grow the business overall at a very high level.

所以，羅斯，從技術上講，很難回答你提出的具體問題。但我的想法是，我們正在轉移EA業務中如此重要的部分，而且我們的年金組合全部轉向商業用途，高達86%，我們對在LTV中順利過渡員工以及在整體上實現業務的高速增長感到非常有信心。

Thank you, Ross.

謝謝你，羅斯。

Thank you very much.

非常感謝。

So that wraps up the Q&A portion of today's earnings call. We look forward to seeing many of you in the coming months at various investor conferences. For those unable to attend in person, these events with webcast and you can follow our comments at microsoft.com/investor. Please contact us if you need any additional details and thank you for joining today.

今天的財報電話會議問答環節到此結束。我們期待在接下來的幾個月裡，在各種投資人會議上見到各位。對於無法親臨現場的人，這些活動將進行網路直播，您可以在 microsoft.com/investor 上關注我們的評論。如果您需要更多詳細信息，請聯絡我們。感謝您今天的參與。

Thanks, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。