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 財年第一季度財報電話會議。

(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。

I would now like to turn the call over to Chris Suh, General Manager of Investor Relations.

我現在想把電話轉給投資者關係總經理 Chris Suh。

Chris, please proceed.

克里斯，請繼續。

Thank you.

謝謝你。

Good afternoon and thanks for joining us today.

下午好，感謝您今天加入我們。

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.

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； Frank Brod，首席會計官；和副總法律顧問 John Seethoff。

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.

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，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬.

Our website also includes information related to our new financial reporting segments announced in September.

我們的網站還包括與我們在 9 月宣布的新財務報告部門相關的信息。

This is also the first quarter that reflects the revenue recognition accounting for Windows 10.

這也是反映 Windows 10 收入確認會計的第一季度。

As a reminder, we report Windows revenue prior to any accounting adjustment in our More Personal Computing segment.

提醒一下，我們在更多個人計算部門進行任何會計調整之前報告 Windows 收入。

The corresponding revenue deferral for Windows 10 sales is then reported in Corp and Other in our segment reporting.

然後在我們的分部報告中的 Corp 和 Other 中報告 Windows 10 銷售的相應收入遞延。

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.

今天和未來的收益評論將重點關注淨遞延影響之前的結果，因為我們認為這是業務健康的最佳反映。

Unless otherwise specified, we will refer to non-GAAP metrics on the call.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

The non-GAAP metrics exclude the impact of last year's integration and restructuring charges and the current Windows 10 net revenue deferral.

非 GAAP 指標不包括去年整合和重組費用以及當前 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.

所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。

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.

除了這些項目和事件對財務業績的影響外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第一季度的業績。

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.

此外，任何提及的運營費用均指我們的 10-Q 表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，但不包括去年整合和重組費用的影響.

All growth comparisons we make on the call relate to the corresponding period of last year unless otherwise noted.

除非另有說明，否則我們在電話會議上所做的所有增長比較均與去年同期有關。

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.

我們還在可用的情況下以固定貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外幣匯率波動的影響。

At the segment level, we provide constant currency growth for both revenue and gross margin.

在分部層面，我們為收入和毛利率提供恆定的貨幣增長。

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.

然而，由於最近我們分部報告分組的變化，我們無法提供分部級別的固定貨幣營業費用增長，因此也無法獲得固定貨幣分部營業收入。

We do provide constant currency operating expense and income growth at the Company-wide level.

我們確實在公司範圍內提供恆定的貨幣運營費用和收入增長。

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

我們將在通話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 and in the transcript and 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和記錄中，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 October 21, 2016.

在 2016 年 10 月 21 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.

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

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

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 10-K, 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 10-K 表格、10-Q 表格的風險因素部分以及向證券公司提交的其他報告和文件中討論的因素，實際結果可能存在重大差異和交易委員會。

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。

And with that, I'll turn the call over to Satya.

有了這個，我會把電話轉給 Satya。

Thank you, Chris.

謝謝你，克里斯。

Good afternoon, everyone.

大家下午好。

I'm looking forward to today's call.

我期待著今天的電話。

This quarter, we delivered $21.7 billion in revenue and grew profit.

本季度，我們實現了 217 億美元的收入並實現了利潤增長。

Also as part of our commitment to balanced capital returns, we meaningfully increased our quarterly dividend and continued our stock repurchase plan.

同樣作為我們對平衡資本回報承諾的一部分，我們有意義地增加了我們的季度股息並繼續我們的股票回購計劃。

More importantly, we are focused and making progress towards the goals for FY18 that we shared six months ago.

更重要的是，我們專注於實現 6 個月前共享的 2018 財年目標並取得進展。

Now more than 110 million active devices are running Windows 10.

現在有超過 1.1 億台活動設備正在運行 Windows 10。

We are well on our way to reaching 1 billion Windows 10 active devices.

我們正朝著達到 10 億台 Windows 10 活動設備的目標邁進。

People are moving from needing to choosing to loving Windows.

人們正在從需要轉向選擇熱愛 Windows。

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.

同樣，我們在實現 200 億美元年化商業雲收入運行率的目標方面取得了巨大進展，目前已超過 82 億美元。

The results speak to our differentiated cloud strategy, expanded market opportunity, and the speed at which customers are adopting our service.

結果說明了我們差異化的雲戰略、擴大的市場機會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.

當我回顧本季度時，重要的是要注意我們正在投資重要的潛在市場，我們也有有意義的差異化。

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.

今天，我們將回顧我們第一季度的財務業績，並討論我們如何在我們的三個細分市場中提供新的創新以及不斷增長的用戶和使用量。

Let's start off with Productivity and Business Process.

讓我們從生產力和業務流程開始。

Clearly, how people work has changed dramatically, but one thing remains true: everyone wants to get more out of every moment of their life.

顯然，人們的工作方式已經發生了巨大的變化，但有一件事仍然是真實的：每個人都希望從他們生活的每一刻中獲得更多。

After all, time is our scarcest commodity.

畢竟，時間是我們最稀缺的商品。

That's why we set out to reinvent productivity and business process.

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.

最近發布的 Office 是向前邁出的一大步。

We designed Office 2016 and Office 365 to take the work out of working together.

我們設計了 Office 2016 和 Office 365 以消除協同工作的工作。

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.

我們希望通過關注個人體驗的移動性、支持協作以及構建涵蓋當今人們工作方式的所有方面的豐富服務來幫助改變各種規模的組織內的工作性質。

This approach is resonating with both our consumer and commercial customers.

這種方法引起了我們的消費者和商業客戶的共鳴。

More and more consumers are using Office across device platforms, which is driving Office 365 growth.

越來越多的消費者跨設備平台使用 Office，這推動了 Office 365 的增長。

There are now more than 18 million consumer Office 365 subscribers.

現在有超過 1800 萬消費者 Office 365 訂閱者。

We surpassed 200 million downloads of Office Mobile.

我們的 Office Mobile 下載量超過 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.

到目前為止，Wunderlist 中已創建了超過 10 億個待辦事項列表，超過 5 億人在 OneDrive 中管理他們的文檔和照片。

We continue to see strong adoption in the commercial space, as well.

我們也繼續看到商業領域的廣泛採用。

From our largest customers, such as Kraft, GE, Louis Vuitton, to schools and small businesses around the globe.

從我們最大的客戶，如卡夫、通用電氣、路易威登，到全球的學校和小型企業。

Of note, commercial Office 365 monthly active users grew to 60 million, with nearly 60% of our installed base using premium workloads.

值得注意的是，商業 Office 365 每月活躍用戶增長到 6000 萬，我們近 60% 的安裝基礎使用高級工作負載。

And we added 50,000 new small business customers in each of the last 19 consecutive months.

在過去的 19 個月中，我們每個月新增了 50,000 名小企業客戶。

As customers move to our cloud, it enables us to deliver even more value and push for new growth by entering new categories.

隨著客戶遷移到我們的雲，它使我們能夠通過進入新類別來提供更多價值並推動新的增長。

Information protection is a great example where we have done this because of natural synergies with our existing services.

信息保護是一個很好的例子，我們這樣做是因為與我們現有服務的自然協同作用。

In fact, nearly 20 million people already use our new premium information protection capabilities in Office 365.

事實上，近 2000 萬人已經在 Office 365 中使用我們新的高級信息保護功能。

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.

這是對云如何加速採用新工作負載並增強我們在價值 100 億美元的信息保護市場中通過新價值貨幣化的能力的巨大驗證。

The new organizational analytics market is another area where we see growth opportunity.

新的組織分析市場是我們看到增長機會的另一個領域。

So we're investing with our acquisition of VoloMetrix, a powerful cloud-based tool for analyzing organizational productivity.

因此，我們正在投資收購 VoloMetrix，這是一種用於分析組織生產力的強大的基於雲的工具。

The ability to visualize how people engage with others inside and outside an organization is something the cloud is uniquely suited to do.

可視化人們如何與組織內外的其他人互動的能力是雲特別適合做的事情。

It is exciting to be on the forefront of creating a new technology category.

站在創建新技術類別的前沿是令人興奮的。

This illustrates how our vision for productivity goes beyond helping individuals to empowering group of people and entire organizations to accomplish more together.

這說明了我們對生產力的願景如何超越了幫助個人，使一群人和整個組織能夠共同完成更多工作。

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.

隨著我們在下個季度在新的高級 Office 365 SKU 中推出更高級的安全、語音和分析工作負載，我們的潛在機會將進一步擴大。

Let's talk about business processes.

讓我們談談業務流程。

With Dynamics, we're making great progress in breaking down the boundaries between business process, collaboration, and productivity to truly empower organizations.

借助 Dynamics，我們在打破業務流程、協作和生產力之間的界限以真正增強組織能力方面取得了巨大進展。

The companies I talk with every day are under pressure to grow revenue while differentiating themselves on customer experience.

我每天與之交談的公司都面臨著增加收入同時在客戶體驗上脫穎而出的壓力。

It's one reason usage of CRM is growing.

這是 CRM 使用量不斷增長的原因之一。

Dynamics CRM Online enterprise seats more than tripled year-over-year.

Dynamics CRM Online 企業席位同比增長三倍多。

Dynamics AX revenue also grew double-digits as the operational system for agile business processes.

作為敏捷業務流程的操作系統，Dynamics AX 的收入也實現了兩位數的增長。

And we have a new release for Dynamics NAV for small businesses that is tightly integration with Azure, Office 365, and Dynamics CRM.

我們為小型企業推出了與 Azure、Office 365 和 Dynamics CRM 緊密集成的 Dynamics NAV 新版本。

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.

轉向智能雲，在我談論我們在智能雲平台方面取得的巨大進步之前，我想停下來思考一下我們作為一個行業所處的位置。

While many companies are developing commercial cloud offerings, there are really only two driving enterprise cloud platform innovation at massive scale: Amazon and Microsoft.

雖然許多公司都在開發商業雲產品，但實際上只有兩個推動企業雲平台大規模創新：亞馬遜和微軟。

We push each other and we each have a unique approach.

我們互相推動，我們每個人都有獨特的方法。

Microsoft has bet on a strategy to build a hyper-scale public cloud, as well as reinvent servers as the edge of our cloud.

微軟已經押注於構建超大規模公共雲的戰略，以及將服務器重塑為我們雲的邊緣。

This approach gives customers a true hybrid distributed computing platform that reflects their real world needs.

這種方法為客戶提供了一個真正的混合分佈式計算平台，反映了他們的實際需求。

Our unique hybrid approach, coupled with high-value services is clearly a structural advantage.

我們獨特的混合方法，加上高價值的服務，顯然是一種結構優勢。

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.

很高興看到我們的客戶（如沃爾瑪、Jet.com 和阿拉斯加航空公司）利用雲的優勢進行轉型並推動增長。

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.

Azure 收入和計算使用量同比增長一倍以上，我們將繼續將我們的創新引入具有新功能和服務的高增長場景。

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.

僅在上個季度，我們就進行了重大更新，涵蓋用於構建企業 Web 和移動應用程序的 Azure 應用程序服務；用於無限數據管理和分析的 Azure 數據湖；高級威脅分析，幫助組織使用行為分析識別違規和威脅。

CIOs are increasingly adopting our Azure premium service for security and manageability.

CIO 越來越多地採用我們的 Azure 高級服務來提高安全性和可管理性。

Enterprise Mobility Services has more than doubled to 20,000-plus customers.

Enterprise Mobility Services 的客戶數量增加了一倍多，達到 20,000 多家。

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.

我們的安裝基數同比增長近 6 倍，使 EMS 成為新興且不斷增長的市場中最大的移動和身份管理解決方案。

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.

我們對雲安全創新者 Adallom 的收購將使客戶能夠對應用程序訪問和存儲在流行雲應用程序（包括 Office 365、Salesforce、ServiceNow 等）中的公司數據的可見性和控制權。

To be a worldwide cloud player, global scale is a must.

要成為全球雲玩家，全球規模是必須的。

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.

考慮到這一點，我們在印度推出了新的數據中心，使我們的全球總數達到 20 多個地區，比任何其他主要雲提供商都多。

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.

我們不只是向這些國家銷售產品；我們將雲視為當地經濟的加速器，它提供了賦能新興企業、轉變公共部門服務並為新的當地合作夥伴創造價值的工具。

Our differentiated hybrid capabilities mean customers get to choose how they adopt the cloud and distribute their workloads.

我們差異化的混合功能意味著客戶可以選擇他們如何採用雲並分配他們的工作負載。

This in turn is driving the growth of our server business.

這反過來又推動了我們服務器業務的增長。

Premium versions of Windows Server, SQL Server and System Center all grew double-digits.

Windows Server、SQL Server 和 System Center 的高級版本都實現了兩位數的增長。

Lastly, we reached a big milestone with SQL Server, one that has been 20 years in the making.

最後，我們在 SQL Server 上達到了一個重要的里程碑，它已經醞釀了 20 年。

The database software market is still one of the largest, and now we are an unparalleled leader in Gartner's Operational DBMS Magic Quadrant.

數據庫軟件市場仍然是最大的市場之一，現在我們是 Gartner 運營 DBMS 魔力像限中無與倫比的領導者。

That speaks to our differentiated vision in the category and the value we deliver to customers and we're certainly not done innovating.

這說明了我們在該類別中的差異化願景以及我們為客戶提供的價值，我們當然還沒有完成創新。

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.

SQL 的這一里程碑，與我們在 Azure 的快速增長及其在雲魔力像限中的地位並列，展示了我們在智能雲平台方面取得的整體實力和進步。

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.

現在讓我們轉向更多個人計算領域的進展，特別是 Windows 10 的發佈如何為整個 Windows 生態系統帶來新的增長機會。

As a platform Company, we think about bringing the needs of multiple constituencies together: developers, IT professionals, and users.

作為一家平台公司，我們考慮將多個支持者的需求結合在一起：開發人員、IT 專業人員和用戶。

We're seeing great response from all three.

我們看到這三個方面的反應都很好。

There now than more 110 million monthly active devices running Windows 10.

現在有超過 1.1 億台運行 Windows 10 的月活躍設備。

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.

前 10 週的大部分升級自然來自消費者，是 Windows 7 發布後同期的 3 倍。

We're also seeing a fast start to business adoption, with more than 8 million business PCs now running Windows 10.

我們還看到企業採用的快速開始，現在有超過 800 萬台商用 PC 運行 Windows 10。

We are adding more enterprise features and we are making it easier for businesses to buy and support Windows devices.

我們正在添加更多的企業功能，並讓企業更容易購買和支持 Windows 設備。

Our early success in attracting developers, apps, and store visits is also growing.

我們在吸引開發者、應用程序和商店訪問方面的早期成功也在不斷增長。

Our stores have seen 1.25 billion visits and developer revenue per download has grown 4 times since the Windows 10 launch.

自 Windows 10 發布以來，我們的商店的訪問量已達到 12.5 億次，每次下載的開發者收入增長了 4 倍。

Developers are responding to the opportunity, including Facebook, which will release universal apps for Facebook, Instagram, and Messenger.

開發人員正在響應這個機會，包括 Facebook，它將為 Facebook、Instagram 和 Messenger 發布通用應用程序。

Windows 10 is also driving increased usage of other Microsoft services.

Windows 10 也在推動其他 Microsoft 服務的使用增加。

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.

具體來說，在 Windows 10 用戶向 Cortana 提出超過 10 億個問題的幫助下，Bing 在美國的份額高達 20.7%，全球廣告收入增長了 29%。

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.

此外，在遊戲方面，隨著我們將游戲體驗從控制台擴展到 Windows 10 PC，活躍用戶也有所增加。

Xbox Live continues to grow active usage, and every day nearly one-half of the Xbox One user base is engaged in the service.

Xbox Live 的活躍使用量持續增長，每天有近一半的 Xbox One 用戶群使用該服務。

It will be a great holiday for all gamers.

對於所有遊戲玩家來說，這將是一個美好的假期。

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.

Windows 10 的 Minecraft Beta 版開局良好，玩家已經放置了超過 5 億塊。

Next week, we are excited to launch one of the most anticipated new games this holiday, with Halo 5: Guardians.

下週，我們很高興能在這個假期推出一款最受期待的新遊戲，《光環 5：守護者》。

This new Halo includes an epic hunt for Master Chief, along with groundbreaking multi-player matches on Xbox Live.

這個新的光環包括對士官長的史詩般的追捕，以及 Xbox Live 上的開創性多人比賽。

As a result, I confidently predict that time will become much more scarce for Xbox One owners starting on Tuesday.

因此，我有信心地預測，從周二開始，Xbox One 用戶的時間將變得更加稀缺。

We see all of this Windows 10 usage as an early indicator of our ability to drive growth over the lifetime of a device.

我們將所有這些 Windows 10 使用視為我們在設備生命週期內推動增長的能力的早期指標。

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.

兩週前，隨著我們和我們的 OEM 合作夥伴發布新的 Windows 10 高級設備，我們邁出了旅程的下一個重要步驟。

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.

從全新的 Surface Pro 4、Surface Book 到 Lumia 950、950 XL，再到 Microsoft Band 2 和 HoloLens 開發者版，這是一個令人難以置信的產品陣容。

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.

每一次——早期的評論都讓客戶興奮不已，我們很高興我們的預購銷售反映了市場的積極情緒。

We're also seeing hundreds of new device designs from our partners, the widest range ever for this holiday.

我們還看到來自合作夥伴的數百款新設備設計，這是這個假期有史以來範圍最廣的。

It's clear that by bringing together our applications, operating system, and hardware, we will invent new personal computers and new personal computing.

很明顯，通過將我們的應用程序、操作系統和硬件結合在一起，我們將發明新的個人計算機和新的個人計算。

Overall, I'm proud of our results this quarter and I'm optimistic about our growth prospects.

總的來說，我為我們本季度的業績感到自豪，我對我們的增長前景持樂觀態度。

We are poised to seize the opportunity of the largest technology shift of our generation with the enterprise cloud.

我們已準備好利用企業雲抓住我們這一代最大的技術轉變的機會。

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.

我們正在增加用戶和服務的參與度，這些服務涉及人們生活的方方面面，從工作中的 Office 到家庭中的 Xbox，同時我們也在為 Windows 定位增長。

Our transformation is well underway.

我們的轉型正在順利進行。

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.

一個季度一個季度，我們建立新的能力，進入新的市場，擴展我們的新業務和新的商業模式，並且我們在執行過程中受到紀律處分。

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.

我現在將交給艾米更詳細地討論本季度的結果，我期待在回答問題後重新加入您的行列。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

Before addressing this quarter's results, I want to briefly comment on the reporting segment change we announced during the quarter.

在談到本季度的業績之前，我想簡要評論一下我們在本季度宣布的報告部門變化。

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.

我們相信，我們的新部門，結合補充指標和營業收入的利潤衡量標準，為我們實現雄心壯志的進展提供了透明度。

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.

正如 Chris 所說，我今天對我們的業績和前景的評論將反映新的細分市場，並排除 Windows 10 的淨收入遞延影響。

Last quarter, we discussed the material impact the foreign exchange movements would have on our financial results through FY16.

上個季度，我們討論了外匯變動對我們 2016 財年財務業績的重大影響。

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.

在第一季度，外匯對總收入的影響為 5 個百分點，其中大部分影響發生在智能雲以及生產力和業務流程領域，因為它們的年金組合很高。

This was in line with the expectation we shared in July.

這與我們在 7 月份的預期一致。

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.

本季度，收入為 217 億美元，下降 7%，按固定匯率計算下降 2%，主要是由於我們對電話業務所做的改變。

Gross margin declined by 3%, but was up 3% in constant currency.

毛利率下降 3%，但按固定匯率計算則上升 3%。

We were thoughtful with operating expenses, realizing savings but investing, as well.

我們對運營費用進行了深思熟慮，實現了儲蓄但也進行了投資。

As a result, operating income grew 1%, or 11% in constant currency.

結果，營業收入增長了 1%，或按固定匯率計算增長了 11%。

Earnings per share was $0.67, growing 3% and growing 15% in constant currency.

每股收益為 0.67 美元，增長 3%，按固定匯率計算增長 15%。

We continued to see solid performance across most developed markets, while the challenging macro conditions in Brazil, China, Japan, and Russia persisted this quarter.

我們繼續看到大多數發達市場的穩健表現，而本季度巴西、中國、日本和俄羅斯的宏觀經濟形勢依然嚴峻。

Commercial results are now included in each of the reporting segments.

商業結果現在包含在每個報告部分中。

Therefore, each quarter I will cover overall commercial results in my commentary.

因此，每個季度我都會在我的評論中涵蓋整體商業結果。

Our commercial business continues to be healthy, with momentum in cloud services and a higher annuity mix across all our segments.

我們的商業業務繼續保持健康，雲服務勢頭強勁，所有細分市場的年金組合都更高。

Commercial bookings were slightly better than we expected and grew 10% in constant currency.

商業預訂略好於我們的預期，按固定匯率計算增長了 10%。

We executed well on expirations and commercial unearned revenue grew, came in as expected, growing 3% to $21 billion, up 10% in constant currency.

我們在到期時執行良好，商業未實現收入增長，如預期的那樣增長 3% 至 210 億美元，按固定匯率計算增長 10%。

Our contracted not billed balance was more than $23.5 billion, in line with seasonality for the quarter.

我們的合同未開單餘額超過 235 億美元，與本季度的季節性相符。

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.

正如 Satya 所說，我們的商業雲年化收入運行率超過 82 億美元，同比增長近 70%，符合我們的預期。

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.

與我們整個商業業務的收入模式一致，我們通常在 6 月份推動新協議的最大續訂量，因此第一季度的環比增長率較低。

Importantly, our commercial cloud gross margin percentage improved again sequentially from Q4, as we benefited from increasing scale and efficiencies.

重要的是，由於我們受益於規模和效率的提高，我們的商業雲毛利率百分比從第四季度開始再次環比提高。

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.

正如我稍後將談到的，我們圍繞使用、新雲服務和客戶需求的領先指標保持健康，我們顯然正朝著 2018 財年 200 億美元的目標邁進。

Now let's turn to the detailed results of each segment.

現在讓我們轉向每個細分市場的詳細結果。

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.

我們的生產力和業務流程部門由商業和消費類 Office（包括 Office 365 以及 Dynamics）組成，實現了 63 億美元的收入，按固定匯率計算下降了 3%，增長了 4%。

In Office commercial, revenue grew 5% in constant currency and was slightly better than we expected.

在辦公商業方面，按固定匯率計算，收入增長 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.

渠道銷售能力的提高、優質服務的更高采用率以及安裝基數的持續增長都為我們的業績做出了貢獻。

We saw broad-based Office 365 seat growth across both large enterprise and the SMB customer base.

我們在大型企業和 SMB 客戶群中看到了基礎廣泛的 Office 365 席位增長。

Office consumer revenue declined 4% in constant currency, better than the underlying consumer PC market and slightly better than we had expected.

辦公消費收入按固定匯率計算下降 4%，好於基礎消費 PC 市場，略好於我們的預期。

This quarter, recurring subscription revenue more than offset the impact of customers transitioning to Office 365.

本季度，經常性訂閱收入抵消了客戶過渡到 Office 365 的影響。

Our Dynamics business grew 12% in constant currency, slightly better than we expected.

我們的動態業務按固定匯率計算增長了 12%，略好於我們的預期。

Growth was driven primarily by Dynamics CRM Online.

增長主要由 Dynamics CRM Online 推動。

We continue to make progress by investing in product innovation organically, as well as adding capabilities through acquisitions, like FieldOne and FantasySalesTeam.

我們通過有機地投資於產品創新以及通過收購（如 FieldOne 和 FantasySalesTeam）來增加能力，從而繼續取得進展。

Segment gross margin declined 6% but grew 1% in constant currency.

分部毛利率下降 6%，但按固定匯率計算增長 1%。

Gross margin percentages have been impacted by the mix shift toward our rapidly growing cloud services, including our consumer properties like OneDrive.

毛利率百分比受到向我們快速增長的雲服務（包括我們的 OneDrive 等消費者資產）的轉變的影響。

As Chris mentioned, this year we can't provide constant currency impact at the segment level for operating expenses and therefore operating income.

正如克里斯所提到的，今年我們無法在部門層面為運營費用和運營收入提供恆定的貨幣影響。

That said, FX in general as at the Company level had a favorable impact on operating expenses, which declined 6%.

也就是說，總體而言，公司層面的外匯對運營費用產生了有利影響，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.

智能雲部門（包括我們的服務器產品組合、Azure 雲服務和企業服務）實現了 59 億美元的收入，增長 8%，按固定匯率計算增長 14%，符合我們的預期。

Our differentiated cloud platform offerings and rapid pace of innovation continue to be compelling to both new and existing customers.

我們差異化的雲平台產品和快速的創新步伐繼續吸引著新老客戶。

Segment gross margin grew 8%, or 15% in constant currency.

分部毛利率增長 8%，按固定匯率計算增長 15%。

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.

我們將繼續投資於研發資源以實現巨大且不斷增長的潛在市場機會，並正在加快我們增加增量銷售能力的計劃，以支持客戶對雲服務不斷增長的需求。

Segment operated income grew 14%.

分部營業收入增長 14%。

Now to our final segment, More Personal Computing, which includes Windows, devices, gaming, and search.

現在到我們的最後一部分，更多個人計算，其中包括 Windows、設備、遊戲和搜索。

Revenue was $9.4 billion, declining 17%, and 13% in constant currency, mainly due to the changes in our phone strategy.

收入為 94 億美元，下降 17%，按固定匯率計算下降 13%，主要是由於我們手機戰略的變化。

As Satya mentioned, since the launch of Windows 10 in late July, we have seen solid momentum in our ecosystem and with our customers.

正如 Satya 所說，自 7 月下旬推出 Windows 10 以來，我們的生態系統和客戶都看到了強勁的勢頭。

Importantly, we saw positive engagement and usage signals across services like search and gaming that provide post-sale monetization opportunities.

重要的是，我們在搜索和遊戲等服務中看到了積極的參與和使用信號，這些服務提供了售後貨幣化機會。

Overall, our OEM business declined 6% this quarter, outperforming the PC market and better than we had anticipated, driven primarily by non-Pro OEM.

總體而言，本季度我們的 OEM 業務下降了 6%，表現優於 PC 市場，並且好於我們的預期，主要受非專業 OEM 推動。

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.

正如我們之前所討論的，這是一個過渡季度，隨著生態系統轉向 Windows 10，我們相信隨著我們進入假期，渠道中的整體庫存處於正常水平。

OEM non-Pro revenue declined 4%, as we saw OEMs focused on premium devices, aligned to the Windows 10 launch.

OEM 非專業版收入下降 4%，因為我們看到 OEM 專注於高端設備，與 Windows 10 的發布保持一致。

This drove a richer mix to market leading to improvement in the average revenue per license.

這推動了更豐富的市場組合，從而提高了每個許可證的平均收入。

OEM Pro revenue declined 7%, slightly ahead of the overall commercial PC market.

OEM Pro 收入下降 7%，略高於整體商用 PC 市場。

Windows volume licensing grew 4% in constant currency, with annuity growth in mid-single-digits.

Windows 批量許可按固定匯率計算增長 4%，年金增長率為中個位數。

Search revenue increased to more than $1 billion this quarter, and we passed an important milestone as our search business reached profitability.

本季度搜索收入增長至超過 10 億美元，我們通過了一個重要的里程碑，因為我們的搜索業務實現了盈利。

In our devices portfolio, revenue declined 49%, and 45% in constant currency, mainly due phone revenue, which decreased $1.5 billion.

在我們的設備組合中，收入下降了 49%，按固定匯率計算下降了 45%，主要是由於電話收入減少了 15 億美元。

As expected, Surface revenue slowed with the market anticipation of a new Surface Pro device for the holidays.

正如預期的那樣，由於市場對假期新 Surface Pro 設備的預期，Surface 收入放緩。

Surface continues to gain ground with businesses and schools, creating opportunities for our rapidly growing partner channel, which includes Accenture, Dell, and HP.

Surface 繼續在企業和學校中佔據一席之地，為我們快速發展的合作夥伴渠道創造機會，其中包括埃森哲、戴爾和惠普。

Both the number and size of deals in our commercial segment for Surface have increased double-digits year-over-year.

我們在 Surface 商業領域的交易數量和規模都同比增長了兩位數。

This quarter in gaming, revenue grew 6% in constant currency.

本季度在遊戲領域，按固定匯率計算的收入增長了 6%。

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.

我們看到 Xbox Live 交易收入和我們的第一方遊戲組合有所增長，但被由於 Xbox 360 遊戲機銷量下降導致的硬件收入下降所抵消。

Segment gross margin declined 10%, or 4% in constant currency.

分部毛利率下降 10%，按固定匯率計算下降 4%。

Gross margin percentages were flat year-over-year excluding the phone.

毛利率百分比與去年同期持平，不包括手機。

Segment operating expenses declined 13%, due primarily to lower phone expense; as a result, segment operating income decreased 4%.

分部運營費用下降 13%，主要是由於電話費用減少；因此，分部營業收入減少了 4%。

Now back to our overall Company results.

現在回到我們公司的整體業績。

As usage of our cloud service grows, we will continue to invest capital into our data centers and servers globally.

隨著我們雲服務使用量的增長，我們將繼續在全球範圍內向我們的數據中心和服務器投資。

This quarter, we invested $1.5 billion to support that demand-driven growth.

本季度，我們投資了 15 億美元來支持需求驅動的增長。

Other income was negative $280 million, due in part to foreign currency remeasurements and interest expense.

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.

我們的非公認會計原則有效稅率為 21%，低於我們的指導範圍。

This was driven by the change in geographic mix of our earnings and lower non-deductible operating losses associated with phones.

這是由於我們收入的地域組合發生變化以及與手機相關的不可扣除經營虧損減少。

This quarter, we returned $6.9 billion to shareholders, up 51%.

本季度，我們向股東返還 69 億美元，增長 51%。

This includes our recently announced 16% increase in the quarterly dividend to $0.36.

這包括我們最近宣布將季度股息提高 16% 至 0.36 美元。

With that overview of the quarter, let's move to the outlook.

有了本季度的概述，讓我們轉向展望。

I'll start with some overall comments and then moved to a discussion by segment.

我將從一些總體評論開始，然後逐段進行討論。

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.

首先，在外匯方面，根據當前匯率和預測的收入地域組合，我們預計第二季度總收入將受到 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.

按細分市場，我們預計生產力和業務流程拖累 7 分，智能雲拖 6 分，更多個人計算拖 3 分。

In H2, we expect the impact to lessen to around 3 points in total, weighted toward our segments with the highest percentage of annuity.

在下半年，我們預計總體影響將減少到 3 個百分點左右，重點是年金比例最高的細分市場。

Next to our commercial business, which we expect to remain healthy in Q2.

除了我們的商業業務，我們預計第二季度將保持健康。

Our annuity mix should trend up, with good execution on contract renewals and continued adoption of our commercial cloud services.

我們的年金組合應呈上升趨勢，合同續簽執行良好，並繼續採用我們的商業雲服務。

Accordingly, we expect commercial unearned revenue to be within a range of $19.5 billion to $19.7 billion, benefiting from these positive trends.

因此，受益於這些積極趨勢，我們預計商業未實現收入將在 195 億美元至 197 億美元之間。

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.

隨著雲需求的持續增長，我們預計在本財年剩餘時間內加快對數據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.

現在讓我分享一些關於每個部分的額外想法。

In Productivity and Business Processes, we expect revenue of $6.6 billion to $6.7 billion.

在生產力和業務流程方面，我們預計收入為 66 億美元至 67 億美元。

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.

根據預期的 7 個外匯影響點進行調整後，收入增長反映了 Office 365 和我們的 Dynamics 產品組合的持續發展勢頭，正如 Satya 所討論的，通過我們在第二季度的新 E5 SKU，我們正在將我們的機會擴展到安全、分析和語音。

For the Intelligent Cloud segment, we expect revenue of $6.2 billion to $6.3 billion, including a 6-point FX impact.

對於智能雲部門，我們預計收入為 62 億美元至 63 億美元，包括 6 點的外匯影響。

Our hybrid approach continues to drive growth in our server licensing business and robust growth in our services.

我們的混合方法繼續推動我們的服務器許可業務的增長和我們服務的強勁增長。

Gross margin in this segment will reflect the accelerating mix of cloud services.

該細分市場的毛利率將反映雲服務的加速組合。

We expect More Personal Computing revenue to be $12 billion to $12.4 billion, including the 3 points of FX impact.

我們預計更多個人計算收入將在 120 億美元至 124 億美元之間，包括 3 個點的外匯影響。

Because of the mix of devices and software in this segment, let me provide a bit more context.

由於這一部分中設備和軟件的混合，讓我提供更多的背景信息。

First on Windows, overall in Q2, we expect our OEM business to look similar to Q1, with non-Pro outperforming the underlying PC market.

首先在 Windows 上，總體而言，在第二季度，我們預計我們的 OEM 業務看起來與第一季度相似，非 Pro 的表現優於基礎 PC 市場。

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.

隨著我們在本財年的深入推進，設備組合應該會發生變化，因為我們的 OEM 合作夥伴會以更廣泛的價格範圍生產更多型號。

In search, we expect Bing's strong trajectory to continue, remaining profitable for the remainder of the year.

在搜索方面，我們預計必應的強勁勢頭將繼續，在今年剩餘時間內保持盈利。

We will continue to see the impact of the phone restructuring.

我們將繼續看到手機重組的影響。

Revenue declines and gross margin percentages in Q2 should look similar to Q1.

第二季度的收入下降和毛利率百分比應該與第一季度相似。

And with the strong holiday Surface line-up, we expect revenue to grow in Q2.

憑藉強大的假日 Surface 陣容，我們預計第二季度的收入將增長。

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.

毛利率將反映 Surface 3、Surface Pro 3 之間的設備生命週期組合，以及不斷增長的 Surface Book 和 Surface Pro 4 組合。

We expect COGS to be $9.7 billion to $9.9 billion, with variability driven by the device sales.

我們預計 COGS 將在 97 億美元至 99 億美元之間，其中可變性由設備銷售驅動。

We expect operating expenses between $8 billion and $8.1 billion in Q2.

我們預計第二季度的運營費用在 80 億美元至 81 億美元之間。

For the full year, we are lowering our guidance to $31.9 billion to $32.1 billion.

對於全年，我們將指導下調至 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.

我們正在並將繼續深思熟慮地對節省的運營費用進行再投資，以加速關鍵領域的增長，擴大我們的潛在市場，改變我們的工作方式，更好地為我們的客戶提供產品和服務。

We expect other income and expenses to be negative $300 million in Q2, similar to Q1.

我們預計第二季度的其他收入和支出為負 3 億美元，與第一季度相似。

This includes the net cost of hedging and interest expense, offset by dividend and interest income.

這包括被股息和利息收入抵消的對沖和利息費用的淨成本。

We expect our Q2 and full-year tax rate to be between 19% and 21%.

我們預計我們的第二季度和全年稅率將在 19% 至 21% 之間。

Similar to Q1, this reflects the changing geographic mix of revenue, as well as lower non-deductible operating losses associated with phones.

與第一季度類似，這反映了不斷變化的收入地域組合，以及與手機相關的不可抵扣經營虧損減少。

In closing, [guarantee] one, we exceeded our own expectations across many of our businesses.

最後，[保證] 一，我們在許多業務中超出了我們自己的預期。

More importantly, we saw healthy indicators of future growth.

更重要的是，我們看到了未來增長的健康指標。

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.

通過業務模式轉型和戰略轉變，我們穩健的執行力，加上專注於實現我們的雄心壯志，使我們能夠在進入新領域的同時在現有領域中佔有一席之地。

And with that, I'll turn it back to Chris for Q&A.

有了這個，我會把它轉回給克里斯進行問答。

Thanks, Amy.

謝謝，艾米。

We'll now move to Q&A.

我們現在將轉到問答環節。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

(Operator Instructions)

（操作員說明）

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Very nice quarter, indeed.

非常好的季度，確實。

I wanted to ask about the Azure, in particular, and the public cloud [forms] that you saw this quarter.

我想特別問一下 Azure，以及您在本季度看到的公共雲 [forms]。

Again, seems like you're seeing an acceleration in that overall business.

同樣，您似乎看到整個業務都在加速。

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.

更廣泛地說，似乎在整個行業範圍內，你們和 [我們中的八個人] 都看到了一個轉折點，越來越多的業務累積到這些公共雲環境中。

So my question is just that.

所以我的問題就是這樣。

Would you agree with that statement that there's been an inflection going on in the business?

您是否同意這種說法，即業務中正在發生變化？

And if so, what do you think is causing that and is there a changing in nature in how people are using that cloud?

如果是這樣，您認為是什麼原因造成的？人們使用雲的方式是否發生了變化？

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?

然後也許對艾米來說，就您的傳統業務而言，我們是否應該牢記一些事情，即在發生感染時可能會受到影響的本地業務，在您前進時我們應該牢記這些事情嗎？

I'll start.

我會開始的。

Keith, thanks for the question.

基思，謝謝你的問題。

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.

總體而言，我們看到的是公共雲或云基礎設施使各種規模的企業和各種規模的開發人員更有可能以比以往更少的摩擦獲得基礎設施。

I grew up in our server business in the past.

我過去在我們的服務器業務中長大。

We were definitely the ones who democratized servers by bringing servers to small businesses.

我們絕對是通過將服務器引入小型企業來使服務器民主化的人。

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.

但是當我想到正在發生的事情時，例如，在 Office 365 中，我們正在增加 50,000 名小型企業客戶，他們現在獲得了最先進的服務器技術，但現在擁有 SaaS 服務，這就是世界各地所有應用程序真正發生的事情類別。

And that's where the growth is.

這就是增長所在。

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.

我不知道長期是否存在零和方程，但在 - 現在和中間時間範圍內，我們看到，在我們的案例中，雙方都在增長。

And in our case the vision also we have for distributed cloud infrastructure is just that.

在我們的案例中，我們對分佈式雲基礎設施的願景也是如此。

It is distributed.

它是分佈式的。

So we don't think as our server as a legacy business.

所以我們不認為我們的服務器是一個傳統業務。

I think of it as the edge of our cloud.

我認為它是我們雲的邊緣。

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.

如果您查看我們使用 SQL 所做的事情，我們將有能力讓任何 SQL 客戶將甚至單個表從他們的本地部署到雲之間延伸。

Those are the kinds of things that we are excited about.

這些是我們感到興奮的事情。

But we clearly are seeing very rapid growth in adoption of our Azure cloud.

但我們顯然看到我們的 Azure 雲採用率正在快速增長。

But in our case, there are two unique aspects.

但在我們的案例中，有兩個獨特的方面。

One is this true distributed hybrid and second is we don't think of Azure in isolation.

一是這種真正的分佈式混合，二是我們不會孤立地考慮 Azure。

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.

我們在 Office 365、Dynamics、EMS 的組合中考慮它，因為它實際上是一個雲基礎架構，首先，從資本的角度來看，它服務於所有這些，並且對於我們的客戶而言，所有這些之間存在一個虛擬循環，因為出色地。

Keith, to your second question, the place you'll actually see it will be in the gross margin percentage.

基思，關於你的第二個問題，你實際看到的地方是毛利率。

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.

正如 Satya 所說，我確實預計本地部署和雲計算都會增長，但鑑於其強勁的增長率，我預計該組合將越來越多地轉向雲計算，這將隨著時間的推移影響毛利率。

Excellent.

出色的。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

Mark Moerdler, Bernstein Research.

Mark Moerdler，伯恩斯坦研究中心。

Congratulations on the quarter, everyone.

祝賀這個季度，大家。

Two questions.

兩個問題。

Let me relate it.

讓我把它聯繫起來。

Let me give you the first one.

讓我給你第一個。

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.

商業雲的年化收入運行率從 80 億美元小幅增長到 82 億美元，或者略高於其中的每一個，但 Office 365、Azure、Dynamics、CRM Online 似乎都在快速增長。

How should we think about the difference, should we figure that the run rate reaccelerates next quarter?

我們應該如何考慮差異，我們是否應該認為下個季度的運行速度會重新加速？

And then I have a follow-up?

然後我有後續？

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%.

考慮到我們業務的一些季節性因素，馬克，真正考慮這個數字的方法是考慮 70% 的同比增長率。

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.

對我來說，這更像徵著你應該如何考慮速度，這是一個在不斷增長的基礎上非常快的數字。

That makes perfect sense.

這很有意義。

Thank you.

謝謝你。

The second one is the cloud margins improved nicely.

第二個是雲邊距得到了很好的改善。

Given the data that's in here, it looks like they've all started to move up.

鑑於這裡的數據，看起來它們都開始上升了。

Azure seems to move up.

Azure似乎向上移動。

You had said in the [FAM], the gross margins for 2015 should be about 44%.

你在 [FAM] 中說過，2015 年的毛利率應該在 44% 左右。

How should we think about cloud gross margins for 2015?

我們應該如何看待 2015 年的雲毛利率？

I know you don't know, obviously, the mix of all of our products, but how should we think about the improvement there?

我知道您顯然不知道我們所有產品的組合，但我們應該如何考慮那裡的改進？

Thanks, Mark.

謝謝，馬克。

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.

查看我知道你們都做過的舊細分市場，我們看到我們這次披露的整體商業其他細分市場同比增長約 10 個百分點。

We saw sequential improvement from Q4 to Q1.

我們看到從第四季度到第一季度的連續改善。

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.

我們仍然專注於繼續實現這種連續改進，特別是在 Satya 談到的一些事情上，即增加優質服務、創新步伐，尤其是在高端方面。

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.

如果您考慮一下我們推出的 E5，它是 Office 365 中的高級 SKU，它繼續為我們提供了提高基礎架構效率和添加更高利潤產品的機會，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.

在結構上，我們考慮很多並且非常自律的一件事是，我們的資金使我們能夠構建從 Office 365 到 EMS 到 Dynamics 再到 Azure 的所有云服務。

That diversity of workloads, long-term, is what will lead to margin improvement and there will be changes in seasonality from quarter-to-quarter.

長期來看，工作負載的多樣性將導致利潤率提高，並且每個季度都會發生季節性變化。

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.

但在結構上，這兩件事，我們正在做的事情的多樣性以及如何在所有這些方面利用資本，對我們來說是一個很大的結構差異化因素。

Beautiful.

美麗的。

It's great to see that improvement happening.

很高興看到這種改善正在發生。

Thank you very much.

非常感謝。

Thank you, Mark.

謝謝你，馬克。

Philip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

Congrats on a great quarter.

祝賀一個偉大的季度。

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.

只是向 Satya 提出的一個問題，然後是 Amy 的後續，Satya，您談到了在商業方面很好地採用了 Office 365，無論是在中小型企業還是大型企業中。

Wondering if you just could break that down and where you're seeing the faster adoption?

想知道您是否可以將其分解，以及您在哪裡看到更快的採用？

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?

當你開始涉足企業，尤其是可能與微軟簽訂企業協議的企業時，銷售動議進展如何，那裡的宣傳是什麼？

And then to Amy, I thought this was a key point, something that we've been looking for.

然後對艾米來說，我認為這是一個關鍵點，我們一直在尋找的東西。

You noted that these subscription recurring business now has offset the cannibalization on the license.

您注意到這些訂閱經常性業務現在已經抵消了許可證的蠶食。

Is that something that we should think about going forward or was there something specific about this quarter that would push that out?

這是我們應該考慮的事情，還是本季度有一些具體的事情會推動這一點？

Thanks.

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.

首先，就 Office 365 的使用本身而言，我談到了每月 6000 萬活躍用戶的一些數字，我們的席位同比增長 66%。

The small business number I talked about, the 50,000 per month additional customers that we're adding to Office 365.

我談到的小型企業數量，即我們正在向 Office 365 添加的每月 50,000 名額外客戶。

These are all the growth numbers and the usage growth numbers.

這些都是增長數字和使用增長數字。

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.

即使是信息保護，這只是另一個非常重要的一點，在使用 Office 365 的客戶中，已經有 2000 萬在使用其中一些高級服務，例如信息保護。

Of course, we're going to further expand that with new SKUs and new categories that are going to become part of Office 365.

當然，我們將通過將成為 Office 365 一部分的新 SKU 和新類別進一步擴展這一點。

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.

因此，我看到這兩種情況都在延伸，一端是小型企業，另一端是這些優質 SKU。

And we see nice attach as far as EAs to the cloud, as well and that's definitely a big driver of our growth.

我們也看到了 EA 與雲的良好連接，這絕對是我們增長的一大推動力。

Let me take the second and I'll add something to what Satya said.

讓我拿第二個，我會為 Satya 所說的添加一些內容。

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.

小型企業市場與眾不同的重要一點是，在購買和部署方面往往沒有太大的滯後。

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.

他們希望能夠立即使用并快速獲得價值，這是我們實際看到的，也是我們在每個季度增加如此多客戶的能力的真實證明。

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.

您在消費者方面看到的情況很重要，一旦我們在消費者方面建立了高達 1800 萬用戶的安裝基礎，這種重複率確實抵消了新用戶的延遲。

And so it is an important inflection point for us this quarter.

因此，這對我們來說是本季度的一個重要轉折點。

Great.

偉大的。

(Multiple speakers.) Congrats.

（多位發言者。）恭喜。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

I just had two quick questions.

我只有兩個簡單的問題。

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?

Satya，我想知道，您能否讓我們了解一下有關 IaaS 與 PaaS 和 Azure 的分離的高級評論？

And maybe some color on the growth you see in each of those and how you see them evolving?

也許你在每一個中看到的增長以及你如何看待它們的演變都有一些顏色？

Then the second question would be related to the launch of Windows 10.

那麼第二個問題將與Windows 10的推出有關。

You gave the Bing example for the month of September and the solid pull-forward there -- or pull-along there.

您給出了 9 月份的 Bing 示例，並且在那裡實現了穩固的拉動——或拉動。

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.

我只是想知道您是否可以與我們分享您在 Windows 10 採用中看到類似拉動的任何其他領域。

Thank you.

謝謝你。

Sure, Heather.

當然，希瑟。

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.

在第一個方面，關於 IaaS 與 PaaS 和 SaaS 的混合，我們坦率地認為我們看到所有這些都在增長，但對我來說最有趣的事情是 IaaS 的增長導致其他 PaaS 的增長或SaaS服務。

To put it very concretely, take something like Azure Active Directory.

更具體地說，使用 Azure Active Directory 之類的東西。

That's probably the best manifestation of the virtual cycle that we see in any of the cloud options that we have.

這可能是我們在我們擁有的任何云選項中看到的虛擬循環的最佳體現。

Right?

正確的？

It could be someone coming from Office 365.

可能是來自 Office 365 的人。

It's can be someone coming from Azure, Dynamics, EMS.

它可以是來自 Azure、Dynamics、EMS 的人。

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.

所有這些租戶都進入了 Azure Active Directory，這是我們最大的 PaaS 服務，因為它甚至擁有開發人員 API，這意味著更多的開發人員正在使用它，更多的 IT 專業人員正在使用它作為控制平面。

So that's the network effect that we see when it comes to the PaaS services.

這就是我們在 PaaS 服務中看到的網絡效應。

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.

然後就基礎設施本身而言，正如我所說的，有些人甚至將應用程序分層，有些人構建混合應用程序，在某些情況下，存儲甚至可以在本地存儲，但中間層、Web 和移動返回- 端點在雲端。

We see a lot of growth there.

我們在那裡看到了很多增長。

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.

我們看到我們的數據有很大的增長，無論是在基礎設施方面，還是在新服務中，比如我們的數據湖服務，即 PaaS 服務。

Hadoop is another good example.

Hadoop 是另一個很好的例子。

We see lots of Hadoop usage inside of IaaS, but we also see HDInsight growth.

我們看到 IaaS 內部大量使用 Hadoop，但我們也看到 HDInsight 增長。

So I would say there is real good mix of those two.

所以我想說這兩者的結合非常好。

And then on Windows 10, I'm very, very excited, obviously, about what's happening with Bing.

然後在 Windows 10 上，我顯然對 Bing 正在發生的事情感到非常非常興奮。

Amy talked about, we have a $1 billion quarter with 29% growth and good share position growth in the United States.

艾米談到，我們在美國有一個 10 億美元的季度增長 29% 和良好的份額增長。

That's fantastic to see.

這真是太棒了。

But gaming is the other place where we talked about Xbox Live.

但遊戲是我們談論 Xbox Live 的另一個地方。

Now that spans both console and PC.

現在，它跨越了控制台和 PC。

We see increased engagement.

我們看到參與度增加。

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.

正因為如此，我們看到，事實上，人們對 Minecraft 等遊戲的參與度有所增加，因此我們對通過主機和 PC 上的 Xbox Live 參與度能夠實現的目標寄予厚望。

Thank you, Heather.

謝謝你，希瑟。

Brent Thill, UBS.

瑞銀的布倫特希爾。

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.

Satya，Michael Dell 在一周前與您一起在舞台上提到，從他的角度來看，他看到企業客戶採用 Windows 10 的速度比他過去看到的更快。

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?

我很好奇你是否開始看到光環影響，那些希望向上移動的人說我們想要更多完整的基礎設施集？

Are you seeing different sales motions among those enterprise customers as those customers are coming back to you?

當這些客戶回到您身邊時，您是否看到這些企業客戶之間的不同銷售動作？

Thanks, Brent.

謝謝，布倫特。

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.

絕對是這樣，即我們看到了更快的採用周期，顯然從消費者端開始，甚至是已經運行 Windows 10 的 800 萬台商用 PC。

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.

在我們實際上開始推動企業之前，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.

但就你的觀點而言，拉動已經是一個非常非常好的指標——也是一個好兆頭，它甚至比我們在 Windows 7 上看到的還要好。所以對我來說，這都是好消息，但是我們非常非常專注於為企業客戶提供新價值。

Because if you look at Windows 10, we've already talked a lot about all the consumer value, but just take security itself.

因為如果你看看 Windows 10，我們已經談了很多關於所有消費者價值的內容，但只考慮安全性本身。

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.

Windows 10 代表了端點安全以及嵌入式安全方面的真正突破，我們對推動企業升級週期感到非常興奮。

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

真的很快，只是為了艾米的現金流，今年與去年相比，我們應該考慮什麼？

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

我不認為我會提出任何獨特的東西，不。

Thank you.

謝謝你。

Thanks, Brent.

謝謝，布倫特。

Raimo Lenschow, Barclays.

Raimo Lenschow，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.

除了智能雲中的 Azure，您顯然在經典服務器 [和工具] 業務上擁有非常非常好的勢頭。

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?

你能談談你在這裡看到的數量與價格的影響嗎？現在情況如何？你預計未來會如何？

One of the things on Azure was usage, and you mentioned how that improved quite significantly.

Azure 上的一件事是使用，你提到了它是如何顯著改善的。

Satya, can you talk a little bit where you see that current usage standing and where do you think that can go?

Satya，你能談談你認為目前的使用情況以及你認為可以去哪裡嗎？

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?

我們顯然沒有得到一個數字，只是一個增長率，但我們在哪裡看到了使用情況，因為這顯然是你的一個競爭對手一直在[戳]的事情之一——試圖敲你？

The usage numbers is the one that, Raimo, that we talked about, which is doubling of compute, doubling of storage.

Raimo，我們談到的使用數字是計算量翻倍，存儲量翻倍。

We talked about the growth in EMS, which is a higher level service.

我們談到了 EMS 的增長，這是一種更高級別的服務。

We talked about the growth in Active Directory, so we have usage growth in Azure, which is very, very healthy.

我們談到了 Active Directory 的增長，所以我們在 Azure 中的使用增長，這是非常非常健康的。

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.

關於你一開始提出的服務器問題，讓我說我們確實看到核心服務器產品的貨幣增長率約為 9%。

A lot of that was premium driven.

其中很多是溢價驅動的。

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.

我對您提出的價格問題與看到溢價 SKU 的價值有區別，因此我確實認為它是溢價驅動而不是價格驅動，特別是。

Perfect.

完美的。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Thank you, Raimo.

謝謝你，雷莫。

Karl Keirstead, Deutsche Bank.

德意志銀行的卡爾·凱爾斯特德。

I wouldn't mind going back to Windows 10.

我不介意回到 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.

三個月前，在 6 月季度電話會議上，消息是 Windows 10 可能要到 2016 財年下半年才能提升微軟的業績，但感覺早在第一季度，它至少會提升 Windows代工業務。

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?

我只是想了解過去三個月發生了什麼變化，從而對微軟產生了比預期更早的積極影響？

Thank you.

謝謝你。

Why don't I take that and Satya can add?

為什麼我不接受，Satya 可以添加？

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.

特別是，我們在本季度看到的實際上與原始設備製造商 (OEM) 推向市場的設備組合有關，就像絕對單位差異一樣。

You saw that in the non-Pro revenue performance.

您在非專業收入表現中看到了這一點。

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.

所以對我們來說，考慮影響的早期跡象的真正方式是強大的設備組合，隨著我們在假期中建立的各種 OEM 中的一些價格較高的設備，確實提供了一些略好於預期的結果，因為你在非專業業務中註明。

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.

但實際上，我們在本季度看到的其他一些好處來自二階導數，我們的搜索結果比我們想像的要好，因為其中一些結果是關於 PC 的升級位置和速度他們被升級了。

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.

因此，正如薩蒂亞所說，我確實認為我們受到了鼓勵，但我們已經完成了四分之一，對我們來說令人興奮的是我們真正擁有前進的機會。

We're excited about Q2 when the devices hit the shelves, we're excited to have so many first-party devices in Q2.

當設備上架時，我們對第二季度感到興奮，我們很高興在第二季度擁有如此多的第一方設備。

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.

然後是下一個階段，這實際上是企業部署，正如 Satya 所說，我們預計在下半年進行，所以現在還為時過早，但你是對的，我們確實看到了一些超出我們預期的漸進式改進。

Okay.

好的。

Thank you, Amy.

謝謝你，艾米。

Thanks, Karl.

謝謝，卡爾。

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

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.

艾米，我想知道您是否可以談談，在計算方面，個人計算方面，您談到本季度的增長領先於 PC 市場。

You alluded to a diversity of devices coming in the second half.

您提到下半年會出現多種設備。

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?

你如何看待模型中的這個變量，比如說，在這個發布期之後，你在設備中會有一些不同的組合？

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.

當你在 Windows 10 發布的第二年和第三年達到更穩定的狀態時，你是否認為你可以領先於 PC 市場，或者你認為 - 我知道在過去的幾年裡，你已經低於 PC 市場。

Just wondering how we should think about that?

只是想知道我們應該如何考慮？

Thanks, Walter.

謝謝，沃爾特。

Let me talk a little bit about what I said in my outlook.

讓我談談我在展望中所說的話。

This quarter, as I just talked about, non-Pro outperformance versus the market was really due to a higher revenue per license.

正如我剛才所說，本季度，非專業人士的表現優於市場實際上是由於每個許可證的收入較高。

I expect that actually to continue into Q2.

我預計這實際上會持續到第二季度。

I expect our overall Pro business to remain in line with business PCs.

我預計我們的整體 Pro 業務將與商用 PC 保持一致。

Once we worked through the end of XP bump, that really should be in line.

一旦我們完成了 XP 顛簸的結束，那真的應該是一致的。

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.

正如我們所談到的，隨著這一年的到來，我確實希望在 RPL 比較方面總體上會更加正常化，但我確實認為這可能是考慮一年中曲線的最佳方式。

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?

然後在商業許可部分，特別是在生產力方面，我知道你有一個舊的突破和一個新的突破，我們沒有看到商業許可必然在生產力中，但是你會期待那片，生產力中的商業許可，考慮到具體來說，過渡是在繼續，是穩定的，還是隨著您看到生產力向雲的過渡而下降？

Let me and if I missed the question or misunderstood it, you can help me again.

讓我，如果我錯過了這個問題或誤解了它，你可以再次幫助我。

You're asking about our core Office commercial business, the product side versus the service side.

您是在詢問我們的核心 Office 商業業務，即產品端與服務端。

Correct?

正確的？

Okay.

好的。

Good.

好的。

The trend we saw there, as I said, we're 5% up in a constant currency basis.

正如我所說，我們在那裡看到的趨勢是，按固定匯率計算，我們上漲了 5%。

That was 70% cloud, minus 8% on-prem.

那是 70% 的雲，負 8% 的本地。

That's a trend that's not new for us.

這對我們來說並不新鮮。

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.

我們已經考慮過盡快進行這種過渡，但我們所看到的，你聽到我們談論的是向增加高級組合的過渡，銷售更多的工作負載，在我們增加安裝基礎的同時做所有這些。

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.

因此，如果您回想一下我們如何談論長期 - 終身價值等式，我真正考慮的是隨著時間的推移證明這些組成部分，我們有很多令人鼓舞的跡象。

New users, Satya referenced, on the small business and mid-market side.

Satya 提到，新用戶來自小型企業和中型市場。

Premium mix, we talked about how many premium services we're now selling.

高級組合，我們談到了我們現在銷售多少高級服務。

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.

然後在續約方面，它們非常好，我們談到了，所以所有這些，當你談到我們是否應該預期傳統業務會下降時，我認為這不是新的。

What's important is our ability to switch it to the services and add more over time, that I really focus on.

重要的是我們能夠將其切換到服務並隨著時間的推移添加更多，這是我真正關注的。

Okay.

好的。

Thank you.

謝謝你。

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.

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。

I'm wondering if you could comment on that, so that we can try to maintain a consistent analysis there, if it's relevant?

我想知道您是否可以對此發表評論，以便我們可以嘗試在那裡保持一致的分析，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?

另外，Satya，既然 SQL Server 已經在數據庫市場的 Gartner 象限中佔據了第一名的位置，您能否幫助我們了解路線圖是如何從這裡演變而來的？

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?

正如我們所注意到的，亞馬遜也在領導者象限中首次亮相，我們正試圖了解向 Azure 等雲平台的轉變如何進一步改變數據庫格局，以及如何利用這一點？

Why don't you go first?

你為什麼不先走？

Yes, I'll go first.

是的，我先去。

The data architecture that underlies what's happening in the enterprise underneath applications is going through a dramatic change.

構成企業應用程序底層的數據架構正在經歷巨大的變化。

That said, the relational database itself remains still a very strong component, but not the only component anymore, both on premise and off premise.

也就是說，關係數據庫本身仍然是一個非常強大的組件，但不再是唯一的組件，無論是內部部署還是外部部署。

What we want to make sure, as a Company, is to cover all of that landscape with a very rich data platform.

作為一家公司，我們想要確保的是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.

因此，如果您看看我們正在做什麼，我們的雄心壯志的長度和廣度，以及我們今天的交付，從 SQL 本身所做的一切，我們現在擁有 OLTP、BI、數據倉庫、構建的所有內存工作負載在。

We have the ability to now tier even the database with the cloud.

我們現在甚至可以將數據庫與雲分層。

This is all the things that are coming in SQL 2016 and we're excited about that.

這就是 SQL 2016 中的所有內容，我們對此感到很興奮。

When it comes to the cloud itself, we have a PaaS service for SQL, which is very unique in terms of SQL Azure.

說到雲本身，我們有一個針對 SQL 的 PaaS 服務，這在 SQL Azure 方面是非常獨特的。

We have now the Data Lake service for basically petabyte, exabyte scale data management.

我們現在擁有用於基本 PB、EB 級數據管理的 Data Lake 服務。

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.

我們有更高級別的數據服務，比如 Azure ML，它是關於高級分析的，我們過去甚至沒有參與過這個類別，所以我們進入了那個類別。

Revolution R fits into that.

革命 R 適合這一點。

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.

所以我們有一個非常豐富的故事，這甚至沒有談論其他一些最終用戶 BI 功能，比如 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.

因此，我們對不斷擴大的數據平台機會有非常豐富的願景和執行力，很高興看到我們在新服務上進行創新，同時我們還在仍然是關係數據庫市場的大市場中聲稱一個領導職位。

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.

馬克，關於總預訂量，我們轉向商業預訂的原因是，它是一個更具可比性的數字，可以逐期查看。

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.

坦率地說，由於消費業務在假期等時期的波動性，總預訂量可能比你們許多人所要求的要波動得多，這是整個商業業務的連續性和健康狀況。

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.

如果您想獲得總預訂量，您只需將所有消費者收入加回來，這在技術上是您將如何做到的，但我確實認為在預訂方面對我們更有幫助的是商業 KPI。

Thank you.

謝謝你。

Thanks, Mark.

謝謝，馬克。

Ross MacMillan, RBC Capital Markets.

羅斯麥克米倫，加拿大皇家銀行資本市場。

Thanks so much for squeezing me in and congrats on the quarter.

非常感謝你擠我進來並祝賀這個季度。

Amy, I just had a couple.

艾米，我剛有一對。

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.

第一個，只是您對消費者 Office 業務的評論，您現在基本上看到訂閱收入大於許可方面的抵消（如果您願意的話）。

Where do we stand with regard to that on the commercial side of the Office transition?

在辦公室過渡的商業方面，我們的立場是什麼？

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.

考慮這一點的方式，我的看法——我通常會說的方式是，您可以查看我們獲得的每個 KPI。

So the Office commercial business grew 5%, it was negative 8%, there's some transition earning back off the balance sheet.

因此，Office 商業業務增長了 5%，負 8%，資產負債表上有一些過渡性收入。

The total cloud is 70%.

總雲量為 70%。

When we start to get to this point, and the percentage we already have in the cloud, it is really an offset.

當我們開始達到這一點時，以及我們已經在雲中擁有的百分比，它實際上是一個偏移量。

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].

坦率地說，這可能比我們在技術上討論的時間更長一點，因為我們現在已經有了，正如 Satya 所說，6000 萬用戶，而且更多[SQL] 的。

That can technically, Ross, be interesting in certain quarters of the year where we have very heavy expirations.

從技術上講，羅斯，在我們到期非常重的一年中的某些季度，這可能會很有趣。

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.

所以它只是逐年變化 - 這就是為什麼商業廣告稍微難做的原因，因為基於季節性的來龍去脈存在一些波動。

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.

但是，如果我考慮一下來自商業方面的增量訂閱收入與許可證的下降，聽起來今年，這個財政年度，我們正在像我們在消費者方面所做的那樣做出這樣的轉變。

Would that be a fair statement?

這會是一個公平的說法嗎？

I want to make this simple, and unfortunately it's just slightly complicated.

我想讓這個簡單，不幸的是它有點複雜。

Because so much of our installed base was already on an annuity contract, it makes this transition mathematically hard.

因為我們的大部分安裝基礎已經簽訂了年金合同，這使得這種過渡在數學上很困難。

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.

您要問的是我們的事務組件，當舊的事務組件已經消失時，但這是數量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.

所以這就是為什麼在技術上很難回答你具體提出的問題，羅斯。

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.

但我的想法是，我們正在轉移我們的 EA 業務中如此重要的一部分，並且我們的年金混合在商業中，高達 86%，我們對我們在LTV 並以非常高的水平整體發展業務。

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.

以上就是今天財報電話會議的問答部分。

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。

For those unable to attend in person, these events with webcast and you can follow our comments at microsoft.com/investor.

對於那些無法親自參加的人，這些活動通過網絡直播，您可以在 microsoft.com/investor 上關注我們的評論。

Please contact us if you need any additional details and thank you for joining today.

如果您需要任何其他詳細信息，請與我們聯繫，感謝您今天加入。

Thanks, everyone.

感謝大家。

Thank you, everyone.

謝謝大家。

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。