微軟 (MSFT) 2016 Q2 法說會逐字稿

Welcome to Microsoft's second-quarter FY16 earnings conference call.

歡迎參加微軟 2016 財年第二季度財報電話會議。

(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 turn the call over to Chris Suh, General Manager of Investor Relations.

我會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 thank you 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 and Corporate Secretary.

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；以及副總法律顧問兼公司秘書 John Seethoff。

On our website, 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 provides the reconciliation of differences between GAAP and non-GAAP financial measures.

在我們的網站 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。

Unless otherwise specified, we will refer to non-GAAP metrics on today's call.

除非另有說明，否則我們將在今天的電話會議上參考非 GAAP 指標。

The non-GAAP measures exclude the net impact from revenue deferrals and the impact of integration and restructuring charges.

非公認會計原則措施不包括收入遞延的淨影響以及整合和重組費用的影響。

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 second-quarter performance, in addition to the impact of 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二季度的業績。

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 businesses performed, excluding the effect of foreign currency rate fluctuations.

我們還提供不變貨幣（如果有）的增長率，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 recent change in our segment reporting groupings we aren't able to provide segment level constant currency operating expense growth.

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運營費用增長。

And consequently cannot derive constant currency segment operating income either.

因此也無法獲得固定貨幣部門的營業收入。

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

我們確實在公司範圍內提供固定貨幣運營費用和運營收入增長。

Please note that we have recast certain prior period items to conform to the current period presentation with no impact on consolidated net income or cash flow.

請注意，我們已經重鑄了某些前期項目以符合當前期間的呈現方式，而不會影響合併淨收入或現金流量。

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

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 on our live transmission, in the transcript and in any future use of the recording.

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

You can replay the call and view the transcript on the Microsoft Investor Relations website until January 27, 2017.

在 2017 年 1 月 27 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看記錄。

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

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

These statements are based on current expectations and assumptions that are subject to risks and 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 10K, form 10Q and other reports and filings with the Securities and Exchange Commission.

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

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.

謝謝克里斯。

Good afternoon everyone.

大家下午好。

Today Amy and I will share the results of our second quarter and look ahead.

今天艾米和我將分享我們第二季度的業績並展望未來。

Overall this quarter we had solid performance, and more importantly drove growth in areas that are key to our future.

總體而言，本季度我們的表現穩健，更重要的是推動了對我們未來至關重要的領域的增長。

We delivered $25.7 billion in revenue with an operating income of $7.9 billion.

我們實現了 257 億美元的收入，營業收入為 79 億美元。

We continue to advance towards our goals for FY18.

我們將繼續朝著 2018 財年的目標前進。

Our commercial cloud run rate surpassed $9.4 billion, up over 70% year over year, and almost halfway to our goal of $20 billion.

我們的商業雲運行率超過 94 億美元，同比增長超過 70%，接近我們 200 億美元目標的一半。

We nearly doubled our cloud customers over the last 12 months.

在過去的 12 個月裡，我們的雲客戶幾乎翻了一番。

We also made progress towards our goal of more than $1 billion Windows 10 monthly active devices.

我們還在實現每月超過 10 億美元的 Windows 10 活躍設備的目標方面取得了進展。

We crossed the 200 million milestone, and Windows 10 is outpacing adoption of any of our previous operating systems.

我們跨越了 2 億個里程碑，Windows 10 的採用速度超過了我們以前任何操作系統的採用率。

In fact, adoption is nearly 140% faster than Windows 7. I appreciate the incredible work and focus of both Microsoft team members and our partners to deliver these results.

事實上，採用率比 Windows 7 快了近 140%。我感謝 Microsoft 團隊成員和我們的合作夥伴為實現這些結果所做的令人難以置信的工作和專注。

Now let's get to the specifics for each of the three segments, starting with Productivity and Business Process.

現在讓我們從生產力和業務流程開始了解這三個部分的具體細節。

As we seek to help people get more out of every moment, we're delivering new innovation and seeing new opportunity with Office 365.

隨著我們力求幫助人們充分利用每一刻，我們正在通過 Office 365 提供新的創新並看到新的機會。

Consumer response to Office is strong.

消費者對 Office 的反應強烈。

Office attach rate is up.

辦公室附加率上升。

Office 2016 adoption is outperforming Office 2013 over the same period of time.

在同一時間段內，Office 2016 的採用性能優於 Office 2013。

And consumer subscriptions are up to more than 20 million.

消費者訂閱量高達2000萬以上。

We are also enthusiastic about how people use Office on other platforms.

我們也熱衷於人們如何在其他平台上使用 Office。

On iOS and Android, Skype is more than 900 million downloads and Office apps surpass 340 million this quarter.

在 iOS 和 Android 上，Skype 的下載量超過 9 億次，Office 應用程序本季度的下載量超過 3.4 億次。

There also 13 million iOS and Android active devices running Outlook.

還有 1300 萬台 iOS 和 Android 活動設備運行 Outlook。

Office 365 Commercial revenue grew nearly 70% in constant currency, while seats grew 59%.

按固定匯率計算，Office 365 商業版收入增長了近 70%，而席位增長了 59%。

It is clear customers value the ongoing innovation we're delivering in Office 365 and this allows us to advance further into markets like voice and information protection.

很明顯，客戶重視我們在 Office 365 中提供的持續創新，這使我們能夠進一步進入語音和信息保護等市場。

In December we released a major update to Skype for Business which drives productivity up and costs down.

12 月，我們發布了 Skype for Business 的重大更新，它提高了生產力並降低了成本。

Our customers can now use Skype for Business to get a dial tone without the need of their own PBX and conduct online meetings for up to 10,000 attendees.

我們的客戶現在可以使用 Skype for Business 來獲得撥號音，而無需他們自己的 PBX，並可以為多達 10,000 名與會者舉行在線會議。

Security is both a mandate and an opportunity for Microsoft across all of our segments.

對於 Microsoft 在我們所有的細分市場中，安全性既是一項任務，也是一個機會。

As customers look to protect themselves, we are creating new demand for all of our security solutions.

隨著客戶希望保護自己，我們正在為我們所有的安全解決方案創造新的需求。

The number of people using our information protection capabilities built into Office 365 increased 25% quarter over quarter.

使用我們在 Office 365 中內置的信息保護功能的人數環比增長了 25%。

At the same time, we released new capabilities like advanced [ware] protection, advanced E-discovery and customer lock box.

同時，我們發布了高級 [ware] 保護、高級 E-discovery 和客戶密碼箱等新功能。

These new innovations in voice and information protection accrue to our premium productivity and collaboration skew, E5, which we released last month.

這些語音和信息保護方面的新創新促成了我們上個月發布的優質生產力和協作偏差 E5。

Our Dynamics business is also contributing to our growth in the cloud.

我們的 Dynamics 業務也為我們在雲中的增長做出了貢獻。

This quarter we released major updates to Dynamics NAV and Dynamics CRM, both of which deliver enhancements in mobility, insights, and organizational productivity as well as deeper integration with Azure and Office 365.

本季度，我們發布了 Dynamics NAV 和 Dynamics CRM 的重大更新，這兩者都增強了移動性、洞察力和組織生產力，並與 Azure 和 Office 365 進行了更深入的集成。

Three out of four of our CRM customers are choosing to deploy in the cloud, which is driving continued triple digit paid seat growth for CRM online in the enterprise.

我們四分之三的 CRM 客戶選擇在雲中部署，這推動了企業在線 CRM 的持續三位數付費席位增長。

Our momentum with Office 365 and Dynamics creates a compelling case for developers.

我們在 Office 365 和 Dynamics 方面的發展勢頭為開發人員創造了令人信服的案例。

This quarter we exposed the data APIs which capture the relationships between people, conversations, projects, schedules, processes and content.

本季度我們公開了捕獲人員、對話、項目、日程安排、流程和內容之間關係的數據 API。

We call these APIs the Microsoft Graph.

我們將這些 API 稱為 Microsoft Graph。

The ability for developers to build on the Microsoft Graph presents a strategic opportunity for customers and partners.

開發人員在 Microsoft Graph 上進行構建的能力為客戶和合作夥伴提供了戰略機遇。

Smartsheet has already taken advantage of these APIs.

Smartsheet 已經利用了這些 API。

Oracle plans to use Microsoft Graph to enhance their line of business applications, like Oracle Sales Cloud, and many innovative startups are extending it to create new generation of productivity applications.

Oracle 計劃使用 Microsoft Graph 來增強他們的業務應用程序，例如 Oracle Sales Cloud，許多創新的初創公司正在擴展它以創建新一代的生產力應用程序。

Now let's move to the Intelligent Cloud segment.

現在讓我們轉到智能雲部分。

The enterprise cloud opportunity is massive, larger than any market we have ever participated in.

企業雲機會是巨大的，比我們曾經參與的任何市場都要大。

Last quarter I reflected on how we are now one of the two leaders in this space.

上個季度，我反思了我們現在如何成為該領域的兩位領導者之一。

At the same time, we are the only one in this market providing SaaS, PasS, IaaS and hybrid cloud at scale.

同時，我們是該市場上唯一一家大規模提供 SaaS、PassS、IaaS 和混合雲的公司。

We are growing in each of these areas simultaneously.

我們同時在這些領域中的每一個領域都在成長。

Our unique approach is resonating.

我們獨特的方法引起了共鳴。

Our cloud architecture reflects real-world distributed cloud computing needs and services that enable businesses to convert data into intelligence and drive business transformation.

我們的雲架構反映了現實世界的分佈式雲計算需求和服務，使企業能夠將數據轉化為智能並推動業務轉型。

Azure revenue grew 140% this quarter in constant currency, with revenue coming from new and existing customers.

Azure 收入本季度以固定匯率計算增長了 140%，收入來自新客戶和現有客戶。

We saw organizations like NTT DOCOMO, Honeywell, NASA's jet propulsion labs, Dow Chemical and the UN Development Program deploy innovative solutions on Azure.

我們看到 NTT DOCOMO、霍尼韋爾、NASA 噴氣推進實驗室、陶氏化學和聯合國開發計劃署等組織在 Azure 上部署了創新解決方案。

We see that Azure customers who also purchase Office 365 consume 8 times more Azure than other customers.

我們看到，同樣購買 Office 365 的 Azure 客戶消耗的 Azure 量是其他客戶的 8 倍。

More than 70% of the Fortune 500 have at least two different Microsoft cloud offerings, up 13 points year over year.

超過 70% 的財富 500 強企業至少擁有兩種不同的 Microsoft 雲產品，同比增長 13 個百分點。

And now we are continuing to grow in new ways.

現在，我們正在繼續以新的方式發展。

Together with Red Hat, Dell and Hewlett-Packard Enterprise, we will increase our ability to address real-world infrastructure needs.

與 Red Hat、Dell 和 Hewlett-Packard Enterprise 一起，我們將提高我們滿足現實世界基礎設施需求的能力。

These partnerships give customers the flexibility to connect their existing on-premise infrastructure or Linux-based applications based applications with our cloud.

這些合作夥伴關係使客戶能夠靈活地將其現有的本地基礎設施或基於 Linux 的應用程序與我們的雲連接。

We are leading innovation in new agile and DevOps workloads as well, with Azure app services, power apps and Visual Studio team services where we surpassed 3.8 million developer subscriptions.

我們也在新的敏捷和 DevOps 工作負載方面引領創新，通過 Azure 應用服務、Power 應用和 Visual Studio 團隊服務，我們的開發人員訂閱量已超過 380 萬。

We are adding thousands of new developers every day who are building cloud and mobile solutions that support industries like oil and gas, finance, e-commerce, consulting, and healthcare.

我們每天都在增加數以千計的新開發人員，他們正在構建支持石油和天然氣、金融、電子商務、諮詢和醫療保健等行業的雲和移動解決方案。

As we expand into new markets our revenue from premium services like security, mobility, management, and analytics nearly tripled year over year.

隨著我們向新市場的擴張，我們從安全、移動、管理和分析等優質服務中獲得的收入同比增長了近兩倍。

Enterprise mobility solution customers have more than doubled year over year, and we have nearly tripled our share among Fortune 500 in the last 12 months.

企業移動解決方案客戶同比增長了一倍多，在過去 12 個月中，我們在財富 500 強中的份額幾乎增加了兩倍。

Security is now a major driver of the cloud adoption.

安全性現在是雲採用的主要驅動力。

As threats become more frequent and sophisticated, Azure's unique technologies like Machine Learning, empower customers to adapt to these new realities.

隨著威脅變得更加頻繁和復雜，Azure 的獨特技術（如機器學習）使客戶能夠適應這些新現實。

This quarter we organized the Enterprise Cyber Security Group to help customers prepare for and respond to attacks.

本季度，我們組織了企業網絡安全小組來幫助客戶準備和應對攻擊。

We unveiled plans for new data centers in Germany and the UK that address customers' data access and sovereignty needs.

我們公佈了在德國和英國建立新數據中心的計劃，以滿足客戶的數據訪問和主權需求。

And we continue to release new capabilities like advanced threat analytics as part of our $1 billion product innovation and security spanning Azure, Office 365, Windows 10 and our enterprise mobility suite.

作為我們價值 10 億美元的產品創新和安全性的一部分，我們將繼續發布高級威脅分析等新功能，涵蓋 Azure、Office 365、Windows 10 和我們的企業移動套件。

At the heart of every business in the future will be systems of intelligence, powerful AI that helps people understand the past and predict the future.

未來每項業務的核心都將是智能係統，強大的人工智能可以幫助人們了解過去並預測未來。

Cortana Analytics is the building block for these systems of intelligence.

Cortana Analytics 是這些智能係統的基石。

We released Cortana Analytics last July.

我們於去年 7 月發布了 Cortana Analytics。

It's a comprehensive suite of services that enable businesses to reason over massive quantities of data that emanate from connected people, places, and things and converts them into intelligent insights and automation.

它是一套全面的服務，使企業能夠對來自相互關聯的人、地點和事物的大量數據進行推理，並將其轉化為智能洞察和自動化。

Coca-Cola, Russell Reynolds, and the Dartmouth-Hitchcock Health System already use Cortana Analytics to dramatically change the way they market products to customers, uncover talent in the workforce and offer patients predictive and more personalized healthcare.

Coca-Cola、Russell Reynolds 和 Dartmouth-Hitchcock Health System 已經使用 Cortana Analytics 極大地改變了他們向客戶推銷產品的方式，發掘勞動力中的人才，並為患者提供預測性和更加個性化的醫療保健。

Our goal is to make it possible for every company in every industry and every country to take advantage of this new artificial intelligence to transform.

我們的目標是讓每個行業和每個國家的每家公司都能利用這種新的人工智能進行轉型。

In the More Personal Computing segment I'm encouraged by our progress to unify our install base on Windows 10 and to create new opportunities for Microsoft and our entire ecosystem.

在更多個人計算部分，我對我們在 Windows 10 上統一安裝基礎並為 Microsoft 和我們整個生態系統創造新機會的進展感到鼓舞。

As of this month we crossed 200 million active devices running Windows 10.

截至本月，我們運行 Windows 10 的活躍設備已超過 2 億台。

Near term, in what analysts predicts will be relative flat market over this next year, we're focused on three ways to drive growth for our partners and for Microsoft.

近期，分析師預測明年市場將相對平穩，我們專注於三種方式來推動我們的合作夥伴和微軟的增長。

First, deliver more value and innovation, particularly for enterprise customers who need advanced productivity, security, and device management.

首先，提供更多價值和創新，特別是對於需要高級生產力、安全性和設備管理的企業客戶。

Second, grow new monetization through services across a unified Windows platform.

其次，通過跨統一 Windows 平台的服務增加新的盈利能力。

Third, continue to innovate in new device categories in partnership with our OEMs.

第三，與我們的原始設備製造商合作，繼續在新的設備類別方面進行創新。

Let me briefly expand on each.

讓我簡要介紹一下。

First, in November we released the first major update of Windows 10 with solutions designed to address critical business scenarios: security, manageability and ease of deployment.

首先，我們在 11 月發布了 Windows 10 的第一個重大更新，其中包含旨在解決關鍵業務場景的解決方案：安全性、可管理性和易於部署。

More than 76% of our enterprise customers are in active pilots, including organizations like Kimberly-Clark and Alaska Airlines, and 22 million enterprise and education devices are already running Windows 10.

我們超過 76% 的企業客戶處於積極的試點階段，包括金佰利和阿拉斯加航空公司等組織，並且 2200 萬台企業和教育設備已經在運行 Windows 10。

We are well-positioned to grow our commercial device footprint in the second half.

我們有能力在下半年擴大我們的商業設備足跡。

Next, as we unify and grow the Windows 10 platform we grow new monetization opportunities with the Windows store, search, and gaming.

接下來，隨著我們統一和發展 Windows 10 平台，我們通過 Windows 商店、搜索和遊戲增加了新的獲利機會。

This holiday season we doubled Windows store paid transactions from PC and tablets customers.

這個假日季節，我們將來自 PC 和平板電腦客戶的 Windows 商店付費交易翻了一番。

This increase is an outgrowth of Windows 10 monthly active devices all up and the addition of new Windows 10 applications.

這一增長是 Windows 10 月度活躍設備全部增加以及新的 Windows 10 應用程序增加的結果。

This quarter Netflix, Pandora, Uber, Wall Street Journal, NPR released new apps designed to take advantage of Windows 10 experiences.

本季度，Netflix、Pandora、Uber、華爾街日報、NPR 發布了旨在利用 Windows 10 體驗的新應用程序。

For example, you can ask Cortana to recognize a song on Shazam, play a movie on Netflix or book a ride via Uber.

例如，您可以讓 Cortana 識別 Shazam 上的一首歌曲、在 Netflix 上播放一部電影或通過 Uber 預訂一輛車。

With search, the clearest indicator of our progress is US search share, where Bing now exceeds 21%.

在搜索方面，我們進步的最明顯指標是美國搜索份額，Bing 現在超過 21%。

Nearly 30% of our search revenue in December came from Windows 10 devices, partly as a result of user engagement with Cortana.

12 月，我們近 30% 的搜索收入來自 Windows 10 設備，部分原因是用戶與 Cortana 的互動。

We are seeing increased search engagement and monetization on Windows 10 over previous versions.

我們發現 Windows 10 上的搜索參與度和盈利能力比以前的版本有所增加。

This holiday we saw record engagement on Xbox Live.

這個假期我們在 Xbox Live 上看到了創紀錄的參與度。

Active users grew to an all-time high of 48 million across consoles and PCs.

活躍用戶在主機和 PC 上增長到 4800 萬的歷史新高。

On December 28 we had more fans using Xbox Live that any of the other day in the Xbox history.

12 月 28 日，我們使用 Xbox Live 的粉絲比 Xbox 歷史上的任何一天都多。

Clearly with Xbox One now upgraded to Windows 10 our vibrant community joined the Windows ecosystem.

顯然，隨著 Xbox One 現在升級到 Windows 10，我們充滿活力的社區加入了 Windows 生態系統。

Our games also performed strongly this quarter.

我們的遊戲在本季度也表現強勁。

We doubled the number of Xbox One gamers playing Microsoft-published titles year over year.

玩 Microsoft 發布的遊戲的 Xbox One 遊戲玩家數量同比翻了一番。

Minecraft concluded the holiday as the top paid app globally on Windows 10, iOS and Android.

Minecraft 在假期結束時成為全球 Windows 10、iOS 和 Android 上付費最高的應用程序。

And we grew monthly active users by 18% year over year.

我們的月活躍用戶同比增長了 18%。

Lastly, we are innovating in new device categories and driving growth.

最後，我們正在創新新的設備類別並推動增長。

With Surface we created a new type of device, the two-in-one, and partners are now bringing similar devices to market with success.

借助 Surface，我們創造了一種新型設備，即二合一設備，合作夥伴現在正在成功地將類似設備推向市場。

At the same time this was the best quarter for Surface ever with over $1.3 billion in sales, driven by the launch of surface Pro 4 and the initial rollout of our brand-new Surface Book.

與此同時，由於 Surface Pro 4 的推出和我們全新的 Surface Book 的首次推出，這是 Surface 有史以來最好的一個季度，銷售額超過 13 億美元。

We see more opportunity ahead with Surface Book coming soon to China, Japan, the UK, France, Germany and other markets in Europe and Asia.

我們看到 Surface Book 即將在中國、日本、英國、法國、德國和歐洲和亞洲的其他市場推出更多機會。

We believe in our ability to grow the Windows ecosystem.

我們相信我們有能力發展 Windows 生態系統。

Near term we are taking the right steps.

近期我們正在採取正確的步驟。

We are also clear that long-term Windows growth and vibrancy rests on our ability to reinvent personal computers and personal computing.

我們也很清楚，Windows 的長期增長和活力取決於我們重塑個人計算機和個人計算的能力。

We accept the challenge as we see it as one of the greatest opportunities to prudently expand into new markets and generate shareholder value.

我們接受挑戰，因為我們認為這是謹慎拓展新市場和創造股東價值的最佳機會之一。

Before turning over to Amy, I want to briefly reflect on the past few months.

在交給艾米之前，我想簡要回顧一下過去幾個月。

I've had the opportunity to meet with customers from all over the globe and observe the effects of the macroeconomic trends impacting business today.

我有機會與來自世界各地的客戶會面，並觀察影響當今業務的宏觀經濟趨勢的影響。

Of course any macroeconomic uncertainty will create pressures for our business.

當然，任何宏觀經濟的不確定性都會給我們的業務帶來壓力。

But increasingly, I think it also creates opportunity for us.

但越來越多地，我認為這也為我們創造了機會。

Every organization is looking for ways to gain efficiencies, insights, and ultimately transform.

每個組織都在尋找提高效率、洞察力並最終實現轉型的方法。

This is at the heart of our mission.

這是我們使命的核心。

I believe Microsoft is uniquely positioned to empower them to find new growth areas while finding new growth for ourselves.

我相信微軟具有獨特的優勢，可以讓他們在為自己尋找新增長點的同時找到新的增長點。

With that, I'll hand it over to Amy to go through this quarter's results in greater detail and share our outlook for the next quarter.

有了這個，我將把它交給艾米更詳細地了解本季度的結果並分享我們對下一季度的展望。

And I look forward to rejoining you after to answer questions.

我期待著在回答問題後重新加入您的行列。

Thank you Satya, and good afternoon everyone.

謝謝 Satya，大家下午好。

This quarter revenue was $25.7 billion, down 2%, and up 3% in constant currency.

本季度收入為 257 億美元，下降 2%，按固定匯率計算增長 3%。

Gross margin declined slightly, but was up 5% in constant currency.

毛利率略有下降，但按固定匯率計算增長了 5%。

We grew operating income this quarter by 3%, and 13% in constant currency.

我們本季度的營業收入增長了 3%，按固定匯率計算增長了 13%。

And earnings per share was $0.78, growing 11%, or 23% in constant currency.

每股收益為 0.78 美元，增長 11%，或按固定匯率計算增長 23%。

We achieved strong results this quarter through targeted investments in innovation and consistent execution.

通過對創新和持續執行的有針對性的投資，我們在本季度取得了強勁的業績。

From a geographic perspective, our performance in most markets was as expected.

從地域角度來看，我們在大多數市場的表現符合預期。

The key markets like Brazil, China, Japan, and Russia continue to be challenging.

巴西、中國、日本和俄羅斯等主要市場繼續面臨挑戰。

Our commercial business once again delivered solid results, as we executed well in a large quarter for annuity renewals.

我們的商業業務再次取得了可觀的業績，因為我們在年金續約的一個大季度中表現良好。

Commercial bookings increased 12%, up 19% in constant currency.

商業預訂增長 12%，按固定匯率計算增長 19%。

And commercial unearned revenue was in line with expectations at $19.6 billion, or 8% growth in constant currency.

商業未實現收入符合預期，為 196 億美元，按固定匯率計算增長 8%。

In addition, our contracted-not-billed balance reached an all-time high of $25.5 billion.

此外，我們的合同未開票餘額達到了 255 億美元的歷史新高。

With our continued cloud growth, our commercial annuity mix reached 83%, up 5 points year over year.

隨著我們持續的雲增長，我們的商業年金組合達到 83%，同比增長 5 個百分點。

This quarter more than 60% of customers with enterprise agreements attached commercial cloud services, up 15 percentage points year over year.

本季度，超過 60% 的企業協議客戶附加了商業雲服務，同比增長 15 個百分點。

Additionally, we continue to make progress in improving our cloud gross margins.

此外，我們繼續在提高我們的雲毛利率方面取得進展。

In Q2 total commercial cloud gross margin was 46%, an increase of 9 points year over year, driven primarily by improvements in both Office 365 and Azure.

第二季度商業云總毛利率為 46%，同比增長 9 個百分點，這主要得益於 Office 365 和 Azure 的改進。

Last quarter I provided the expected foreign currency impact on total revenue as well as across each of the reporting segments.

上個季度，我提供了對總收入以及每個報告部分的預期外幣影響。

In Q2 the FX impact came in nearly as anticipated, though the US dollar trended stronger than expected in December.

在第二季度，外匯影響幾乎與預期一致，儘管美元在 12 月份的走勢強於預期。

This resulted in less than 1 point of additional negative impact to total revenue as compared to expectations, rounding up to 5 points.

與預期相比，這導致對總收入的額外負面影響不到 1 個百分點，四捨五入為 5 個百分點。

Consistent with Q1, and as Chris explained, we are not able to provide constant currency impact at the segment level for operating expenses and therefore segment operating income.

與第一季度一致，正如克里斯解釋的那樣，我們無法在部門層面為運營費用和部門運營收入提供恆定的貨幣影響。

In general, FX had a favorable impact of 3% on operating expenses at the total Company level.

總體而言，外匯對整個公司層面的運營費用產生了 3% 的有利影響。

Now let's turn to each segment's results.

現在讓我們看看每個部分的結果。

This quarter our Productivity and Business Processes segment delivered in line with our expectations, with $6.7 billion in revenue, declining 2%, but growing 5% in constant currency.

本季度，我們的生產力和業務流程部門的業績符合我們的預期，收入為 67 億美元，下降 2%，但按固定匯率計算增長 5%。

In office commercial revenue declined 1%, but grew 5% in constant currency driven by ongoing strength from Office 365, but revenue increased nearly 70% in constant currency.

辦公室商業收入下降 1%，但在 Office 365 持續強勁的推動下，按固定匯率計算增長了 5%，但按固定匯率計算，收入增長了近 70%。

80,000 transacting partners sold Office 365 to small business customers.

80,000 個交易合作夥伴將 Office 365 出售給小型企業客戶。

And our installed base continued to expand across Office, Exchange, SharePoint, and the Skype for Business workloads.

我們的安裝基礎繼續擴大到 Office、Exchange、SharePoint 和 Skype for Business 工作負載。

Office consumer revenue declined 14%, down 8% in constant currency ahead of the consumer PC market.

辦公消費收入下降 14%，以固定匯率計算下降 8%，領先於消費 PC 市場。

Subscribers increased to 20.6 million, attach rates grew and recurring subscription revenue continued to more than offset the impact of the customer transition to the cloud.

訂閱者增加到 2060 萬，附加率增加，經常性訂閱收入繼續抵消了客戶向雲過渡的影響。

And our Dynamics business grew 3%, or 11% in constant currency, with triple digit install base growth for Dynamics CRM online for the fifth consecutive quarter.

我們的 Dynamics 業務增長了 3%，即按固定匯率計算增長了 11%，Dynamics CRM online 的安裝基數連續第五個季度增長了三位數。

We look forward to the upcoming launch of Dynamics AX, our ERP cloud solution built on and for Azure that increases the breadth of our offerings in the business process market.

我們期待即將推出的 Dynamics AX，這是我們基於 Azure 構建的 ERP 雲解決方案，可擴大我們在業務流程市場中的產品範圍。

Segment gross margin declined 6%, up 1% in constant currency.

分部毛利率下降 6%，按固定匯率計算上升 1%。

The gross margin percentage declined, reflecting the increasing mix of cloud services within the segment.

毛利率百分比下降，反映了該部門內云服務組合的增加。

Segment operating expenses decreased 3% as we repositioned resources to align with our highest growth opportunities and as a result operating income declined 8%.

由於我們重新定位資源以適應我們最高的增長機會，因此分部運營費用下降了 3%，因此營業收入下降了 8%。

The Intelligent Cloud segment delivered over $6.3 billion in revenue, slightly ahead of our expectations.

智能雲部門的收入超過 63 億美元，略高於我們的預期。

And grew 5%, and 11% in constant currency.

增長 5%，按固定匯率計算增長 11%。

Our enterprise customers continue to choose, adopt, and use our hybrid cloud platform offerings, which resulted in server product and services growth, revenue growth of 10% in constant currency.

我們的企業客戶繼續選擇、採用和使用我們的混合雲平台產品，這導致了服務器產品和服務的增長，按固定匯率計算的收入增長了 10%。

Additionally, enterprise services revenue increased 10%, or 16% in constant currency, driven by our premier support services.

此外，在我們一流的支持服務的推動下，企業服務收入增長了 10%，即按固定匯率計算增長了 16%。

Segment gross margin grew 4%, or 11% in constant currency.

分部毛利率增長 4%，按固定匯率計算增長 11%。

Gross margin percentages were flat, as the rapid and continued growth of our cloud mix offset margin improvements in Azure and enterprise services.

毛利率百分比持平，因為我們的雲組合的快速和持續增長抵消了 Azure 和企業服務的利潤率提高。

Given the addressable market opportunity and enterprise customer demand, we continued our investment in research and development as well as sales and marketing resources.

鑑於潛在的市場機會和企業客戶需求，我們繼續投資於研發以及銷售和營銷資源。

This quarter operating income declined 1%.

本季度營業收入下降1%。

Now to our last segment, More Personal Computing.

現在到我們的最後一部分，更多個人計算。

Revenue exceeded our expectations at $12.7 billion, down 5%, and 2% in constant currency.

收入超過我們的預期，為 127 億美元，下降 5%，按固定匯率計算下降 2%。

First, our OEM results.

首先，我們的 OEM 結果。

Our total OEM business declined 5% this quarter, outperforming the overall PC market.

本季度我們的 OEM 業務總額下降了 5%，表現優於整體 PC 市場。

OEM non-Pro revenue declined 3%, outperforming the consumer PC market as we expected, driven by a higher mix of premium and midrange devices which led to higher average revenue per license then the prior year.

OEM 非專業收入下降 3%，表現優於我們預期的消費 PC 市場，這是由於高端和中端設備的混合增加，導致每個許可證的平均收入高於去年。

OEM Pro revenue declined 6%, slightly better than the commercial PC market.

OEM Pro 收入下降 6%，略好於商用 PC 市場。

Per license inventory is slightly above historical levels, which we expect to work through in Q3.

每個許可證庫存略高於歷史水平，我們預計將在第三季度解決。

Windows volume licensing grew 3% in constant currency with annuity growth partially offset by transactional declines.

Windows 批量許可按固定匯率計算增長了 3%，其中年金增長部分被交易量下降所抵消。

IP licensing declined, impacted by both a decrease in total unit volume and a higher mix of low royalty units.

受總單位數量減少和低版稅單位比例增加的影響，IP 許可下降。

Our search business performed well again this quarter with higher revenue per search, higher search volume and US market share growth, which resulted in continued profitability.

本季度我們的搜索業務再次表現良好，每次搜索收入增加、搜索量增加和美國市場份額增長，這導致持續盈利。

Devices revenue decreased 26%, or 22% in constant currency, primarily due to phone, where revenue declined 49% in constant currency, reflecting our change in strategy announced last July.

設備收入下降 26%，或按固定匯率計算下降 22%，主要是由於手機，按固定匯率計算，手機收入下降了 49%，這反映了我們去年 7 月宣布的戰略變化。

Surface revenue increased 22%, or 29% in constant currency, with the launch of Surface Pro 4 and Surface Book, with continued channel expansion and growing commercial sales.

隨著 Surface Pro 4 和 Surface Book 的推出，Surface 收入增長了 22%，或按固定匯率計算增長了 29%，渠道持續擴張，商業銷售不斷增長。

On a constant currency basis, device gross margin dollars declined 18% and gross margin percentage improved, driven by a shift in revenue to our higher-margin service portfolio.

在固定貨幣基礎上，設備毛利率下降了 18%，毛利率提高了，這是由於收入轉向我們利潤率更高的服務組合。

As Satya referenced, we had a good holiday for Xbox.

正如 Satya 所說，我們為 Xbox 度過了一個愉快的假期。

Gaming revenue increased 5%, or 9% in constant currency, driven by record Xbox Live transactions as well as first-party game releases.

受創紀錄的 Xbox Live 交易和第一方遊戲發布的推動，遊戲收入增長了 5%，或按固定匯率計算增長了 9%。

As expected, hardware revenue decreased due to lower volumes of Xbox 360 consoles sold.

正如預期的那樣，由於 Xbox 360 遊戲機銷量下降，硬件收入下降。

Segment gross margin declined 1%, or increased 5% in constant currency.

分部毛利率下降 1%，或按固定匯率計算增長 5%。

Operating expenses decreased 14%, primarily due to reduced expense in our phone business as well as a successful transition of display advertising sales to AOL.

運營費用減少了 14%，主要是由於我們的電話業務費用減少以及展示廣告銷售成功過渡到 AOL。

As a result, segment operating income grew 35%.

因此，分部營業收入增長了 35%。

And now, back to our overall Company results.

現在，回到我們公司的整體業績。

Customer adoption and usage of our cloud services continues to accelerate globally.

客戶對我們雲服務的採用和使用在全球範圍內繼續加速。

And we are investing capital into our data centers and servers to respond to this demand.

我們正在將資金投入到我們的數據中心和服務器中，以響應這一需求。

This quarter we invested $2 billion, up sequentially from the $1.5 billion invested last quarter.

本季度我們投資了 20 億美元，高於上一季度的 15 億美元。

Other income was negative $171 million due to interest expense and net losses on derivatives, partially offset by dividend and interest income and net recognized gains on investments.

由於利息支出和衍生品淨虧損，其他收入為負 1.71 億美元，部分被股息和利息收入以及已確認的投資淨收益所抵消。

Our non-GAAP effective tax rate was 19%, in line with our expectations, with the year-over-year decrease primarily due to an IRS audit adjustment in the prior year and lower nondeductible operating losses in the current.

我們的非公認會計原則有效稅率為 19%，符合我們的預期，同比下降主要是由於上一年的 IRS 審計調整和當前不可扣除的經營虧損減少。

This quarter we returned $6.5 billion to shareholders, an increase of 42%.

本季度我們向股東返還了 65 億美元，增長了 42%。

Let's move to the outlook.

讓我們轉向展望。

I want to preface my remarks with three overall comments, and then move to more specific comments by segment.

我想以三個總體評論作為我發言的前言，然後逐段轉向更具體的評論。

First, FX.

首先，外匯。

I previously stated that we expected the FX impact on total revenue to be about 3 points in H2.

我之前曾說過，我們預計下半年外匯對總收入的影響約為 3 個百分點。

For Q3, given the recent strengthening of the US dollar, we now expect an overall impact of 4 points.

對於第三季度，鑑於近期美元走強，我們現在預計整體影響為 4 個百分點。

By segment, we expect 5 points of impact on Productivity and Business Processes, 4 points in Intelligent Cloud and 3 points in More Personal Computing.

按細分市場，我們預計對生產力和業務流程的影響為 5 點，在智能雲中為 4 點，在更多個人計算中為 3 點。

And we anticipate continued lessening of FX impacts by segment and on total revenue in Q4, assuming current rates stay stable.

假設當前匯率保持穩定，我們預計第四季度各細分市場和總收入的外匯影響將繼續減弱。

Second, our commercial business.

第二，我們的商業業務。

We expect our commercial business to remain healthy, with ongoing shift to annuity as new and existing customers adopt and use our commercial cloud services.

隨著新老客戶採用和使用我們的商業雲服務，我們預計我們的商業業務將保持健康，並持續轉向年金。

Therefore, even with continuing currency headwinds, we expect commercial on our revenue to be within the range of $18.8 billion to $19 billion.

因此，即使貨幣逆風持續存在，我們預計我們的商業收入仍將在 188 億美元至 190 億美元之間。

Our commercial cloud run rate trajectory remains on path, with continued focus on gross margin improvement across each of our key services.

我們的商業雲運行率軌跡仍在繼續，繼續關注我們每項關鍵服務的毛利率提高。

Office 365, Azure, and Dynamics online (inaudible) the total commercial cloud gross margin percentage will be impacted by the mix of revenue.

Office 365、Azure 和 Dynamics online（聽不清）總商業雲毛利率百分比將受到收入組合的影響。

Third, we will continue to meet global customer demand for cloud services and we'll increase our investment in data centers and capital equipment in the second half of our fiscal year.

第三，我們將繼續滿足全球客戶對雲服務的需求，我們將在本財年下半年增加對數據中心和資本設備的投資。

Now let me share some additional commentary on each segment.

現在讓我分享一些關於每個部分的額外評論。

In Productivity and Business Processes we expect revenue of $6.4 billion to $6.6 billion, which reflects 5 points of negative FX impact.

在生產力和業務流程方面，我們預計收入為 64 億美元至 66 億美元，這反映了 5 個百分點的負面外匯影響。

This represents 6% year-over-year growth in constant currency, driven by Office 365 momentum and Dynamics online.

在 Office 365 勢頭和在線動態的推動下，按固定匯率計算，這意味著 6% 的同比增長。

For the Intelligent Cloud segment we expect revenue between $6.1 billion to $6.3 billion, which reflects 4 points of negative FX impact.

對於智能雲部分，我們預計收入在 61 億美元至 63 億美元之間，這反映了 4 個百分點的負面外匯影響。

Continued customer preference for our hybrid solutions will drive sustained growth in server products and cloud services, and robust demand for enterprise services.

客戶對我們的混合解決方案的持續偏好將推動服務器產品和雲服務的持續增長，以及對企業服務的強勁需求。

We expect this business to continue to grow double digits, as it has throughout the first half of our fiscal year.

我們預計這項業務將繼續增長兩位數，就像我們整個財年上半年一樣。

For More Personal Computing we expect revenue between $9.1 billion and $9.4 billion, which includes 3 points of negative FX impact.

對於更多個人計算，我們預計收入在 91 億美元至 94 億美元之間，其中包括 3 個點的負面外匯影響。

As this segment has both devices and software, I'll provide a bit more detail.

由於該部分既有設備也有軟件，所以我將提供更多細節。

First, Windows.

首先，窗戶。

As I mentioned earlier, we will return to normal levels of Pro inventory in Q3.

正如我之前提到的，我們將在第三季度恢復到 Pro 庫存的正常水平。

And we expect non-Pro revenue to align more closely with the consumer PC market.

我們預計非專業收入將更接近消費 PC 市場。

In search, Bing will continue to gain share and will remain profitable.

在搜索領域，必應將繼續獲得份額並保持盈利。

For phone, we expect similar year-over-year revenue climb, and in the gross margin percentage for Q3 should look similar to Q2.

對於手機，我們預計收入將出現類似的同比增長，第三季度的毛利率應該與第二季度相似。

After a solid launch quarter with Surface Book and Surface Pro 4, we anticipate continued momentum and growth with Surface Book expanding into additional countries.

在 Surface Book 和 Surface Pro 4 推出一個穩健的季度後，我們預計隨著 Surface Book 擴展到其他國家/地區，將繼續保持勢頭和增長。

And in gaming, we expect normal post-holiday seasonality.

在遊戲方面，我們預計節後季節性正常。

We expect COGS to be $7.7 billion to $7.8 billion with variability driven by device sales.

我們預計 COGS 將在 77 億美元至 78 億美元之間，並受設備銷售驅動。

We expect operating expenses between $7.7 billion and $7.8 billion.

我們預計運營費用在 77 億美元至 78 億美元之間。

And for the full year we are lowering our guidance to $31.4 billion to $31.6 billion, as we continue to improve efficiencies and invest in key growth opportunities.

隨著我們繼續提高效率並投資於關鍵的增長機會，我們將全年的指導下調至 314 億美元至 316 億美元。

We expect other income and expenses to be negative $300 million in Q3.

我們預計第三季度其他收入和支出為負 3 億美元。

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

這包括被股息利息收入抵消的對沖淨成本和利息費用。

We expect our Q3 and full-year tax rate to be between 19% and 21%.

我們預計我們的第三季度和全年稅率將在 19% 至 21% 之間。

In closing, our Q2 results and our Q3 outlook demonstrate our execution discipline and our investment in strategic areas to sustain long-term growth.

最後，我們的第二季度業績和第三季度展望展示了我們的執行紀律和我們在戰略領域的投資以維持長期增長。

We remain focused as we both create new markets and take share in existing ones.

我們在創造新市場並在現有市場中佔有一席之地時保持專注。

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）

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

我們的第一個問題來自瑞士信貸的 Philip Winslow。

Congrats on a great quarter.

祝賀一個偉大的季度。

I just wanted to focus in on commercial cloud and Azure specifically.

我只想專注於商業雲和 Azure。

Commercial cloud, as you mentioned, the run rate was up $9.4 billion.

正如您所提到的，商業雲的運行率增加了 94 億美元。

That's up like $2 billion quarter to quarter, 70% year over year.

這相當於每季度增加 20 億美元，同比增長 70%。

That's higher growth rate than even last quarter.

這甚至比上一季度還要高。

Azure [similar, if not even] accelerating growth versus even last quarter.

與上一季度相比，Azure [類似，甚至是] 加速增長。

So a question, Satya, and I'll follow up for Amy.

所以一個問題，薩蒂亞，我會跟進艾米。

Satya, when you look at the growth rates there in commercial cloud, and particularly Azure, you talk about new customer wins but also existing customers transitioning more workloads into Azure.

Satya，當您查看商業雲（尤其是 Azure）的增長率時，您會談到新客戶的勝利，以及將更多工作負載轉移到 Azure 的現有客戶。

I hope you can give us maybe some more color there as far as what you're seeing and how you think about the growth going forward there?

我希望你能給我們更多的色彩，就你所看到的以及你如何看待那裡的發展而言？

And then Amy, based on our calculations, it seems like Azure had a meaningful improvement in just the gross margin year over year.

然後是 Amy，根據我們的計算，Azure 似乎僅在毛利率方面有了顯著的改善。

Wondering if you could help us with the two curves in that business, and where we are in Azure's gross margin lifecycle?

想知道您是否可以幫助我們處理該業務中的兩條曲線，以及我們在 Azure 的毛利率生命週期中處於什麼位置？

Again, the fixed costs and the variable costs and how you are thinking about that?

再說一次，固定成本和可變成本，你是怎麼想的？

Thanks.

謝謝。

Thanks, Phil, for the question.

謝謝，菲爾，這個問題。

The way we think about cloud is how I described it in my remarks, which is it's the combination of the work we are actually doing in the SaaS, PasS, IaaS, and also a hybrid cloud layer.

我們對雲的看法是我在評論中描述的，它是我們在 SaaS、PassS、IaaS 以及混合雲層中實際所做工作的組合。

Because we don't think, for example, of our servers as a distinct part.

因為我們不認為，例如，我們的服務器是一個獨特的部分。

But it's in fact the edge of our cloud and we are building for that with things like Azure stack.

但它實際上是我們雲的邊緣，我們正在使用 Azure stack 之類的東西來構建它。

We think what we have done here by bringing these things together as one architecture for distributed computing and how people will consume applications and build applications in the future, we speak to more of the real-world needs, I think, of an IT organization or a business organization that is transform through digital technology.

我們認為，通過將這些東西整合為分佈式計算的一個架構以及人們在未來將如何使用應用程序和構建應用程序，我們在這裡所做的事情，我們更多地談到了現實世界的需求，我認為，IT 組織或通過數字技術進行轉型的商業組織。

If you put yourself as a CIO of a multinational organization and you want to operate in multiple geographies with different regimes for data sovereignty and then you want to be able to take some workloads, move them all to the cloud.

如果您將自己定位為跨國組織的 CIO，並且您希望在具有不同數據主權制度的多個地區開展業務，然後您希望能夠承擔一些工作負載，請將它們全部遷移到雲中。

Some you want to be able to tier with the cloud, that's the kind of flexibility we provide.

有些您希望能夠與雲分層，這就是我們提供的那種靈活性。

And we also see network effects between if you are using Office 365, you want to extend the data in Office 365 by building applications that join it with some other data inside of our data link service in Azure, obviously Azure becomes the natural choice for such application development.

如果您使用 Office 365，我們還看到了網絡效應，您希望通過構建應用程序來擴展 Office 365 中的數據，這些應用程序將其與我們在 Azure 中的數據鏈接服務中的一些其他數據連接起來，顯然 Azure 成為此類的自然選擇應用程序開發。

And we are increasingly seeing that.

我們越來越多地看到這一點。

That's really our strategy.

這確實是我們的策略。

Our strategy is not to complete in these constituent parts independently with different competitors.

我們的策略不是與不同的競爭對手獨立完成這些組成部分。

It is to bring one architecture and really drive the value for our customers because of that.

這是為了帶來一種架構，並因此真正為我們的客戶創造價值。

Let me quickly cover, I think, your gross margin question.

我想，讓我快速介紹一下您的毛利率問題。

You are right, we did actually make significant progress in both Azure as well as Office 365.

沒錯，我們確實在 Azure 和 Office 365 方面都取得了重大進展。

And then the mix of those, obviously impacts the overall commercial cloud gross margin.

然後這些組合顯然會影響整體商業雲的毛利率。

What's important, the dynamics are actually quite similar, even though the services are quite different.

重要的是，動態實際上非常相似，即使服務完全不同。

There are two fundamental components to gross margin improvement.

毛利率改善有兩個基本組成部分。

Number one is obviously scale efficiencies and where we are in that curve, which we are doing and continue to make consistent improvement in.

第一顯然是規模效率以及我們在這條曲線中的位置，我們正在這樣做並繼續進行持續改進。

The next, obviously, is the mix of premium services.

顯然，下一個是優質服務的組合。

Satya talked about some of the increasing mix of premium services in Azure.

Satya 談到了 Azure 中不斷增加的高級服務組合。

That has been encouraging, especially in existing customers over time and through adoption curves.

這是令人鼓舞的，尤其是隨著時間的推移和採用曲線在現有客戶中。

And in Office 365, as you know, we continue to be excited by our premium mix in the commercial segment.

如您所知，在 Office 365 中，我們繼續對我們在商業領域的優質組合感到興奮。

So those two combinations each quarter impact it as well as the overall.

因此，每個季度的這兩種組合都會對其以及整體產生影響。

Thanks, Phil.

謝謝，菲爾。

We will move to the next question, please.

我們將轉到下一個問題，拜託。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Very nice quarter, guys.

非常好的季度，伙計們。

And thank you for taking the question.

並感謝您提出問題。

Satya, you mentioned both new and existing customers increasingly using the Azure cloud.

Satya，您提到越來越多地使用 Azure 雲的新客戶和現有客戶。

I was hoping you could give us some color into what that looks like, specifically when an existing customers starts using Azure in terms of how does their overall spending get impacted and what happens to their spending for the more traditional server and tools?

我希望你能給我們一些顏色，特別是當現有客戶開始使用 Azure 時，他們的整體支出會受到怎樣的影響，以及他們在更傳統的服務器和工具上的支出會發生什麼變化？

How does that get impacted as people use the public cloud utility more and more?

隨著人們越來越多地使用公共雲實用程序，這將如何受到影響？

The thing that we notice is that with anyone who has moved to the cloud there is a real opportunity for us to expand to multiple workloads over time because it's a design win.

我們注意到的是，任何遷移到雲的人都有真正的機會隨著時間的推移擴展到多個工作負載，因為這是設計上的勝利。

It's like essentially an ISV win in the client server area where you could get someone to build on your core infrastructure.

本質上，這就像 ISV 在客戶端服務器領域的勝利一樣，您可以讓某人在您的核心基礎架構上進行構建。

They build their first application.

他們構建了他們的第一個應用程序。

And it turns out that you have done that, you would want to look at our infrastructure for a second workload and third workload.

事實證明，您已經這樣做了，您可能希望查看我們的基礎架構以獲取第二個工作負載和第三個工作負載。

So that is one side of what is happening with the expansion.

所以這是擴張所發生的事情的一方面。

The other side of the expansion is what I also referenced, which is if you are an Office 365 customer you have data in Office 365.

擴展的另一面是我也提到的，如果你是 Office 365 客戶，你在 Office 365 中有數據。

You want to build applications that tap into that data, then you use Azure.

您想要構建利用該數據的應用程序，然後使用 Azure。

That is the other piece.

那是另一塊。

The EMS growth is also very much related to that, which is if you deploy Exchange online you have Azure A/D.

EMS 的增長也與此密切相關，如果您在線部署 Exchange，您將擁有 Azure A/D。

And then the natural expansion from there is the full EMS suite with device management for all your mobile devices and also advanced threat protection and what have you.

然後從那裡自然擴展為帶有設備管理的完整 EMS 套件，適用於您的所有移動設備，以及高級威脅防護等。

We see both those trends from an application workload development synergies, as well as infrastructure from identity management, device management work out.

我們從應用程序工作負載開發協同效應以及身份管理、設備管理工作的基礎架構中看到了這些趨勢。

Thanks, Keith.

謝謝，基思。

Our next question comes from the line of Brent Thill with UBS.

我們的下一個問題來自瑞銀的 Brent Thill。

Good afternoon.

下午好。

Amy, macro is on everyone's mind.

艾米，宏在每個人的腦海中。

I'm curious if you guys could comment a little bit about what you are seeing.

我很好奇你們是否可以評論一下你們所看到的。

I know it may be too early to see some of the weakness that others have seen.

我知道現在看到其他人已經看到的一些弱點可能還為時過早。

But how are you looking at the demand environment and how does that change your plans as you look towards the back half of the year?

但是，您如何看待需求環境？當您展望下半年時，這將如何改變您的計劃？

Does any assumptions change in your minds?

你的想法有沒有改變？

Thanks, Brent, for the question.

謝謝布倫特的問題。

The geos, I specifically called out, obviously are where we are the most impacted, and they are the bigger geos.

我特別指出，地理環境顯然是我們受影響最大的地方，它們是更大的地理環境。

Really I think the focus that we have here is how we can best execute no matter what the macro environment turns out to be.

真的，我認為我們在這裡的重點是，無論宏觀環境如何，我們如何才能最好地執行。

Focus on our own execution, focus on continuing to drive cloud services, focus on continuing to drive on annuity mix.

專注於我們自己的執行，專注於繼續推動雲服務，專注於繼續推動年金組合。

Those movements actually -- and as we help customers transform, is really the best plan in the face of any uncertainty, which you are clearly asking me about.

實際上，當我們幫助客戶轉型時，這些動作確實是面對任何不確定性的最佳計劃，您顯然是在問我。

I tend to probably focus more on what we can control versus the external environment and how we can best react to that.

我傾向於更多地關注我們可以控制的東西與外部環境以及我們如何才能最好地對此做出反應。

Our next question comes from Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Thank you very much.

非常感謝。

I was just wondering, Satya, you mentioned, and I know there is been a lot of questions on Azure, but you mentioned strong growth in compute, and SQL usage on Azure being up, I think you said 5 times.

我只是想知道，Satya，你提到了，我知道 Azure 存在很多問題，但你提到計算的強勁增長，以及 Azure 上的 SQL 使用率上升，我想你說了 5 次。

I was wondering if you could give us your take on how you see the mix of Azure workloads?

我想知道您是否可以向我們介紹您如何看待 Azure 工作負載的組合？

Is it right now more new workload growth and it's very little existing workloads moving over?

現在是不是有更多的新工作負載增長而現有工作負載很少轉移？

I'm just trying to get a sense for how you see the wave cresting for new workloads versus existing workloads that can migrate over.

我只是想了解您如何看待新工作負載與可以遷移的現有工作負載的浪潮。

I'm also wondering if you see it helping (technical difficulties).

我還想知道您是否認為它有幫助（技術困難）。

You mentioned it is like a design win or an ISV win.

您提到這就像設計勝利或 ISV 勝利。

I am wondering if you could share with us how this might be impacting your share versus, say, 1X or versus other types of infrastructure platforms.

我想知道您是否可以與我們分享與 1X 或其他類型的基礎設施平台相比，這可能會如何影響您的份額。

Thank you.

謝謝你。

The thing, Heather, the move to the cloud has done for us is expanded the market opportunity that we have had more than ever before.

希瑟，遷移到雲為我們所做的事情是擴大了我們比以往任何時候都擁有的市場機會。

In some sense if you compare it to the TAM of STB versus what we now describe as Intelligent Cloud, we are operating in a much bigger market.

從某種意義上說，如果您將其與 STB 的 TAM 與我們現在描述的智能雲進行比較，我們正在一個更大的市場中運營。

And that's because, first of all, the move to the cloud combines a whole bunch of different categories, as well as take something that you mentioned, which is Linux.

那是因為，首先，向雲的遷移結合了一大堆不同的類別，以及你提到的一些東西，那就是 Linux。

We now have the ability to take Linux workloads and run them first-class.

我們現在有能力承擔 Linux 工作負載並一流地運行它們。

And over 20%-plus of Azure is Linux workloads, which is sort of a growth opportunity we tapped into with the cloud which we didn't have previously.

超過 20% 以上的 Azure 是 Linux 工作負載，這是我們利用雲計算的一種增長機會，這是我們以前沒有的。

And even take something like EMS, which is a service, you could say in the past, we participated with active directory, but we -- and some amount of system center.

甚至像 EMS 這樣的服務，你可以說過去，我們參與了活動目錄，但我們 - 以及一些系統中心。

But now with the growth of actually mobile devices and SaaS applications our opportunity with EMS is much bigger than anything that we had in the client/server era.

但是現在隨著實際移動設備和 SaaS 應用程序的增長，我們使用 EMS 的機會比我們在客戶端/服務器時代所擁有的任何東西都要大得多。

Clearly we are migrating some workloads.

顯然，我們正在遷移一些工作負載。

And structurally some of that helps us because we had that position in the client/server space.

在結構上，其中一些對我們有幫助，因為我們在客戶端/服務器空間中擁有這個位置。

But when we look at what we're doing in the cloud it's mostly about attaching to one of the secular growth trajectories going forward, be it open source, Linux development, mobile use and SaaS applications.

但是，當我們審視我們在雲中所做的事情時，主要是關於連接到未來的長期增長軌蹟之一，無論是開源、Linux 開發、移動使用和 SaaS 應用程序。

So those are things that we participate in which we didn't participate in the past.

所以這些是我們參與的事情，而我們過去沒有參與。

Our next question comes from the line of Mark Moerdler with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Mark Moerdler。

Thank you.

謝謝你。

Satya, Amy, congrats on the quarter.

Satya，Amy，祝賀本季度。

I've got for Satya and then a quick follow-up with Amy.

我有 Satya 和 Amy 的快速跟進。

Satya, following up on the cloud discussion, recognizing that SaaS, PasS, infrastructure as a server hybrid, they're all related, but as Azure continues to grow fast and become a bigger part of the business, how should we think about the opportunities or the opportunity size for PasS versus infrastructure as a service?

Satya，跟進云討論，認識到 SaaS、Pass、作為服務器混合的基礎設施，它們都是相關的，但是隨著 Azure 繼續快速增長並成為業務的更大一部分，我們應該如何思考機會還是 PassS 與基礎設施即服務的機會大小？

PasS is much smaller industry-wide today, but is the opportunity is big, bigger?

PassS 在整個行業範圍內要小得多，但機會是不是很大，更大？

How should we think about that?

我們應該怎麼想？

And then a follow-up for Amy.

然後是艾米的後續行動。

The opportunity I believe in both cases is high because it just comes in different forms.

我相信這兩種情況的機會都很大，因為它只是以不同的形式出現。

IaaS growth comes because people already have existing code that they want to move over.

IaaS 的增長是因為人們已經擁有想要遷移的現有代碼。

And then they start extending by writing more PasS because it is more efficient for them to write new code and new apps in PasS.

然後他們開始通過編寫更多的 PassS 來擴展，因為在 PassS 中編寫新代碼和新應用程序對他們來說效率更高。

So I think that depending what -- if you are bringing something over, your IaaS will be heavy first and then PasS will grow.

所以我認為這取決於什麼——如果你帶來一些東西，你的 IaaS 首先會很重，然後 Pass 會增長。

If you are starting new you will have Pass, which is going to be the first thing you do.

如果您是新手，您將擁有 Pass，這將是您要做的第一件事。

But then you'll always find the need to go integrate with something that was already existing, existing data, existing code in a virtual machine.

但是你總是會發現需要與已經存在的東西、現有數據、虛擬機中的現有代碼集成。

I, myself, in fact one of the things that Amy and I do is when we think about our CapEx, we think about all of these layers together.

我，我自己，事實上，艾米和我做的一件事就是當我們考慮我們的資本支出時，我們會一起考慮所有這些層面。

In fact, we amortize our CapEx across all of these.

事實上，我們在所有這些方麵攤銷了我們的資本支出。

And we pay attention to margin and premium mix because what we are comfortable -- understand is customers, depending on where they start, how they start have different mix profiles.

我們關注利潤和溢價組合，因為我們感到舒服——理解的是客戶，取決於他們從哪裡開始，他們如何開始有不同的組合配置文件。

So it is the [all-up].

所以它是[全部]。

As long as we're growing our premium services attach and margins for those remain strong, we feel that the mix can be different and it's okay.

只要我們不斷增加優質服務的附加值並且這些服務的利潤率保持強勁，我們認為組合可能會有所不同，這沒關係。

And we really want to speak to the needs of the customers more than any product strategy goal we have.

我們真的更想表達客戶的需求，而不是我們擁有的任何產品戰略目標。

Perfect, thank you.

完美，謝謝。

Amy, slightly different topic.

艾米，略有不同的話題。

Free cash flow grew 25% year on year, much faster than the other metrics.

自由現金流同比增長 25%，遠快於其他指標。

How should we think about this trend continuing?

我們應該如何看待這種趨勢繼續下去？

That was impacted, Mark, in the prior year by some integration and restructuring charges on the cash flow statement.

馬克，這在前一年受到現金流量表上的一些整合和重組費用的影響。

So it's really a one-time event more than anything else?

所以這真的是一次性事件比什麼都重要嗎？

Yes.

是的。

Just always make sure you check the integration and restructuring in the prior year.

只要始終確保檢查上一年的整合和重組。

Perfect.

完美的。

Thank you.

謝謝你。

I appreciate it.

我很感激。

Congrats.

恭喜。

Our next question comes from the line of Raimo Lenschow with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Raimo Lenschow。

Thanks for taking my question, and congrats from me as well.

感謝您提出我的問題，也向我表示祝賀。

Quick question for Satya.

薩蒂亞的快速問題。

Now that Windows 10 is on 200 million devices, what do you see on the developer network?

現在 Windows 10 在 2 億台設備上運行，您在開發者網絡上看到了什麼？

(Inaudible)[aims worth] you have a uniform platform for developers to go against PC, tablet, et cetera.

（聽不清）[目標值得] 你有一個統一的平台供開發人員對抗 PC、平板電腦等。

What do you see in terms of them starting to embrace the platform and use the opportunity there?

你認為他們開始擁抱這個平台並利用那裡的機會是什麼？

Thank you.

謝謝你。

Thanks for the question.

謝謝你的問題。

Yes, you're absolutely right.

是的，你完全正確。

That was one of our biggest strategic objectives was to get active devices and with store integrated into the install base and then a user experience so that we can increase the success for developers.

那是我們最大的戰略目標之一，就是將活躍的設備和商店集成到安裝基礎中，然後提供用戶體驗，這樣我們就可以增加開發人員的成功率。

We're seeing good early signs.

我們看到了良好的早期跡象。

In my open commentary I talked about both the increased [whiz-its] to the store and transactions as well as the fact that we are attracting new applications from developers like Netflix to Wall Street Journal, to others.

在我的公開評論中，我談到了商店和交易增加的 [whiz-its]，以及我們正在吸引從 Netflix 到華爾街日報等開發商的新應用程序這一事實。

As you can imagine our share is today in desktops, in emerging, in tablets, in two-in-one.

正如您可以想像的那樣，我們今天在台式機、新興市場、平板電腦和二合一市場中佔有一席之地。

And of course now with Xbox as well, which is got great attraction to gaming developers.

當然現在 Xbox 也是如此，這對遊戲開發者俱有極大的吸引力。

So those are the natural places where you will see us gain more developers and gain more traction.

因此，您將在這些自然的地方看到我們獲得更多開發人員並獲得更多牽引力。

We're big believers in a unified developer platform and a unified store.

我們堅信統一的開發者平台和統一的商店。

And then as Windows 10 monthly active devices increases and the store usage increases, we will see more and more developers take advantage of it.

然後隨著 Windows 10 每月活躍設備的增加和商店使用量的增加，我們將看到越來越多的開發人員利用它。

Thank you.

謝謝你。

Our next question comes from the line of Walter Pritchard with Citi.

我們的下一個問題來自花旗銀行的 Walter Pritchard。

Just a numbers question for Amy.

對艾米來說只是一個數字問題。

I noticed your long-term unearned revenue was up quite a bit.

我注意到您的長期非勞動收入增加了不少。

That is been a flattish trend, and it was paired with commercial bookings being much stronger, I think, than I was modeling.

這是一個平淡的趨勢，而且我認為商業預訂比我建模時要強得多。

I'm wondering if you could help us understand what drove the unearned and how that contributed to those commercial bookings?

我想知道您是否可以幫助我們了解是什麼推動了不勞而獲以及這對這些商業預訂有何貢獻？

Sure.

當然。

A couple things, Walter, which I know you recall.

沃爾特，我知道你記得有幾件事。

We do have a bit of lumpiness in our expirations.

我們的到期時間確實有點混亂。

As I said on the call, this was a big expiration quarter for us.

正如我在電話會議上所說，這對我們來說是一個重要的到期季度。

And so on occasion what that does, even with the negative currency impact on C&B, is have a bit of lumpiness over time.

因此，即使貨幣對 C&B 產生負面影響，有時也會隨著時間的推移而產生一些波動。

That being said, I want to point to the core which is that renewal rates were very good and a big quarter.

話雖如此，我想指出核心，即續訂率非常好，而且是一個很大的季度。

There was very strong performance on that front, very strong performance in moving customers to annuity as well as to the cloud.

在這方面有非常強勁的表現，在將客戶轉移到年金和雲方面的表現非常強勁。

So aside from a bit of the lumpiness that you do note, and we have from time to time, the execution in the quarter was very strong.

因此，除了您確實注意到的一點點不穩定之外，我們不時會遇到這種情況，本季度的執行非常強勁。

And then if I can just -- one other numbers question.

然後，如果我可以 - 另一個數字問題。

It looked like in the Q you called out actually Windows server declining as an offset to Intelligent Cloud growth.

看起來你在 Q 中提到的實際上 Windows 服務器的下降是對智能雲增長的抵消。

I'm wondering, we haven't seen that comment in the Q before.

我想知道，我們以前沒有在 Q 中看到過這樣的評論。

Was there something, sort of one-off driving that, or any further detail on that?

有沒有什麼東西，某種一次性駕駛，或任何進一步的細節？

The way I would think about that one, Walter, is in general our premium or enterprise workloads across Windows, SQL, system center, et cetera grew double digits.

我認為 Walter 的方式通常是我們跨 Windows、SQL、系統中心等的高級或企業工作負載增長了兩位數。

Some of that weakness, frankly, is in the non-annuity and very transactional business, which happened to impact Windows server a bit more than other workloads.

坦率地說，其中一些弱點在於非年金和非常交易的業務，與其他工作負載相比，它碰巧對 Windows 服務器的影響更大。

That is where macro pressure on occasion shows itself first, is in some of that non-annuity lumpiness.

這就是宏觀壓力有時首先表現出來的地方，在一些非年金的塊狀中。

So that's the nature of that comment.

這就是該評論的性質。

Great, thank you.

太好了謝謝。

Our next question comes from the line Karl Keirstead with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Karl Keirstead。

Amy, relative to your Q2 guide, the upside surprise really came in the personal computing business.

艾米，相對於你的第二季度指南，上行驚喜確實來自個人計算業務。

And at least relative to our third-quarter estimates, it's again the personal computing guidance that beat.

至少相對於我們第三季度的估計，它再次超越了個人計算指導。

I'm wondering if you could repeat the key factors that are contributing to the outperformance in that pretty important business?

我想知道您是否可以重複導致該非常重要業務表現出色的關鍵因素？

Thank you.

謝謝你。

Sure, Karl.

當然，卡爾。

In Q2, let me talk about two key ones.

在第二季度，讓我談談兩個關鍵。

Number one is really the device launches.

第一個是真正的設備啟動。

We actually launched a very broad portfolio of devices into the quarter with Surface Pro 4, Surface Book, Band 2, and the Lumia 950 and 950XL.

實際上，我們在本季度推出了非常廣泛的設備組合，包括 Surface Pro 4、Surface Book、Band 2 以及 Lumia 950 和 950XL。

Between all of those hardware products as well as our gaming performance, another hardware component in quarter, we did a little better than we had expected in our launches.

在所有這些硬件產品以及我們的遊戲性能（本季度的另一個硬件組件）之間，我們在發佈時的表現比我們預期的要好一些。

Now, when you launch mid-quarter there's always some timing aspect to that.

現在，當您在季度中期推出時，總會有一些時間方面的問題。

But I feel very good about the execution of those and that is a meaningful component of that outperformance.

但我對這些的執行感覺非常好，這是表現出色的一個有意義的組成部分。

The second one, which I talked about, is OEM Pro.

我談到的第二個是OEM Pro。

We did a little better in the quarter than I expected, but inventory levels are a little higher.

我們在本季度的表現比我預期的要好一些，但庫存水平要高一些。

I expect to work through that in Q3.

我希望在第三季度解決這個問題。

And that was a couple of points of impact, for example, on OEM Pro in quarter.

這是幾個影響點，例如，在本季度對 OEM Pro 的影響。

Okay, great.

好，太棒了。

Amy, for the third quarter your guide for that business is also pretty good.

艾米，對於第三季度，您對該業務的指導也很不錯。

Is that due to some of these similar factors or are there one or two others that are driving the, what appears to be appears to be, pretty solid 3Q performance in that unit as well?

這是由於其中一些類似的因素，還是有其他一兩個因素在推動該部門的第三季度表現也相當穩定？

It's similar drivers.

這是類似的驅動程序。

In that segment there is also some topics I tend to not get asked about in Q&A.

在該部分中，還有一些我在問答中往往不會被問到的話題。

Let me take the opportunity to talk about them.

讓我藉此機會談談他們。

Which is one, our search performance continues to be very good.

其中之一，我們的搜索性能仍然非常好。

Frankly, our display business has been quite good.

坦率地說，我們的顯示器業務一直很好。

If you go beyond that, I feel good about our gaming business sequentially.

如果超出此範圍，我對我們的遊戲業務順序感覺良好。

I feel good about the hardware, especially the Surface performance, as we launch into more geos.

隨著我們進入更多地區，我對硬件感覺很好，尤其是 Surface 性能。

If you think about all those components, which actually were very similar to Q2 in terms of their strength, you see them again in Q3.

如果您考慮所有這些組件，它們的強度實際上與第二季度非常相似，您會在第三季度再次看到它們。

So I'm not sure there's anything, quote-unquote, new, Karl, I would say other than that bit of mix between OEM Pro a little bit pulled into Q2 versus Q3.

所以我不確定是否有任何東西，引用-取消引用，新的，Karl，我想說的是除了 OEM Pro 之間的混合有點拉入第二季度和第三季度。

Terrific color.

很棒的顏色。

Thank you, Amy.

謝謝你，艾米。

Our next question comes from the line of Kash Rangan with Bank of America.

我們的下一個問題來自美國銀行的 Kash Rangan。

Thank you very much.

非常感謝。

Congrats on the quarter.

祝賀本季度。

I was curious to get your thoughts, Satya, on the Windows 10 upgrade cycle in the enterprise and also the consumer market, particularly after you anniversary the free offer for Windows 10.

Satya，我很想知道您對企業和消費者市場中的 Windows 10 升級週期的看法，尤其是在您免費提供 Windows 10 的周年紀念日之後。

And secondly and finally, thoughts on Surface?

其次，也是最後一點，關於 Surface 的想法？

It's off to a great start with the latest model.

最新型號是一個很好的開端。

Could that play a more important role in the corporate computing landscape?

這會在企業計算領域發揮更重要的作用嗎？

Thank you.

謝謝你。

That's it for me.

對我來說就是這樣。

Thanks, Kash, for the question.

謝謝，卡什，這個問題。

As far as the upgrade momentum, the fact that we crossed 200 million active devices, we feel very, very good about that.

至於升級勢頭，我們超過2億活躍設備的事實，我們對此感覺非常非常好。

And the pilots, the most -- the place which in the second half is going to be a huge focus for us is the enterprise deployment.

飛行員，最重要的 - 下半年我們將重點關注的地方是企業部署。

And that is where I think there's real excitement because of some of the core capabilities of Windows 10 when it comes to security, manageability.

這就是我認為真正令人興奮的地方，因為 Windows 10 在安全性和可管理性方面的一些核心功能。

That I think is going to create great value for enterprises, and that's showing up in all the pilots and the accelerant.

我認為這將為企業創造巨大的價值，這在所有的試點和促進劑中都有體現。

I've never seen a Windows in the enterprise with this level of accelerated deployment plans.

在企業中，我從未見過具有這種級別的加速部署計劃的 Windows。

So we obviously need to do a great job in continuing to push that and we are focused on it.

因此，我們顯然需要在繼續推動這一點方面做得很好，我們專注於它。

As far as Surface, Surface is playing a increasing role for us in both consumer as well as in the enterprise market.

就 Surface 而言，無論是在消費者市場還是在企業市場，Surface 都在為我們發揮越來越大的作用。

And also, we created a new category of two-in-ones where even our OEMs are finding success, which was one of our strategic objectives of doing the Surface.

此外，我們創建了一個新的二合一類別，甚至我們的原始設備製造商也在其中取得成功，這是我們製造 Surface 的戰略目標之一。

Overall, we do think that this tablets that can replace your laptop is ideally suited for productivity needs, which means it's great for your personal use as well as your use inside of the enterprise.

總的來說，我們確實認為這款可以替代筆記本電腦的平板電腦非常適合生產力需求，這意味著它非常適合您的個人使用以及您在企業內部的使用。

And we continue to see good growth.

我們繼續看到良好的增長。

I would just add one thing, is that we've actually announced a number of important partners to help us take the Surface portfolio into commercial customers.

我只想補充一件事，我們實際上已經宣布了一些重要的合作夥伴，以幫助我們將 Surface 產品組合帶入商業客戶。

And I think we will expect to see progress on that over the course of the year.

我認為我們將期望在這一年中看到這方面的進展。

If I could, your excitement is pretty palpable.

如果可以的話，你的興奮是顯而易見的。

What could be driving that 140% increase in adoption relative to Windows 7?

與 Windows 7 相比，是什麼推動了 140% 的採用率增長？

We all thought XP to 7 was a major transition, but it looks like there is another big transition happening here.

我們都認為 XP 到 7 是一個重大轉變，但看起來這裡正在發生另一個重大轉變。

I think there two aspects of it.

我認為有兩個方面。

We have a good operating system release for the core desktop user.

我們為核心桌面用戶提供了一個很好的操作系統版本。

And second, I believe is that we also expand out into new usage patterns.

其次，我相信我們還會擴展到新的使用模式。

If you look at even the thing that we're seeing is in terms of engagement with the browser, or things like Xbox Live, with the store or new device categories like the two-in-one; all I think make it much more possible for users to engage with Windows in more mobile formats and in more productivity scenarios.

如果您甚至看一下我們所看到的與瀏覽器或 Xbox Live 之類的事物、商店或二合一等新設備類別的互動；我認為所有這些都讓用戶更有可能以更多的移動格式和更高的生產力場景與 Windows 互動。

So I think it's the combination of all of that.

所以我認為這是所有這些的結合。

But it starts with having a good product [truth], which Windows 10 does deliver on.

但它始於擁有一個好的產品 [真相]，Windows 10 確實提供了它。

Our next question comes from the line of Ross MacMillan with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Ross MacMillan。

Satya, I had a question on commercial Office 365.

Satya，我有一個關於商業 Office 365 的問題。

I don't know if you gave us the number, but I think the last couple of quarters you've talked about monthly active users.

我不知道你是否給了我們這個數字，但我認為你在過去幾個季度談到了每月活躍用戶。

And I'm curious if you have an update on that number.

我很好奇你是否有關於這個號碼的更新。

And then I also was curious about thoughts around ARPU because you introduced the E5 SKU in December.

然後我也很好奇關於 ARPU 的想法，因為你在 12 月推出了 E5 SKU。

Where are we on the path of penetration, if you will, with the higher-value SKUs and the ability to see price list across the base over time?

如果您願意的話，我們在滲透的道路上處於何處，具有更高價值的 SKU 以及隨著時間的推移查看整個基礎的價目表的能力？

Thanks.

謝謝。

Yes, [Amy, maybe you can add].

是的，[艾米，也許你可以添加]。

That's right.

這是正確的。

Last time we talked about the 60 million monthly active users for Office 365, and that continues to grow.

上次我們談到了 Office 365 的每月 6000 萬活躍用戶，並且還在繼續增長。

In fact there is always -- I think we also talked about how we get licenses sold and then all subscriptions sold.

事實上，總是有——我認為我們還討論瞭如何出售許可證，然後出售所有訂閱。

And then there is deployment.

然後是部署。

And there's always lumpiness as well as increased deployment that happens once the users migrate.

一旦用戶遷移，總是會出現混亂和增加的部署。

And we'll continue to track that and we'll continue to disclose those numbers as they come along.

我們將繼續跟踪這一點，我們將繼續披露這些數字。

But I feel very, very good in the growth of that.

但我對它的成長感覺非常非常好。

The best proxy for you, really, beyond any numbers we talk about in terms of monthly active is our capital.

真的，除了我們談論的每月活躍的任何數字之外，對你來說最好的代表是我們的資本。

Because if you look at what we do is we spend our capital only to really fuel the growth, or to service the growth of usage across Office 365 and Azure, and you see that increasing.

因為如果您看看我們所做的是我們將我們的資金用於真正推動增長，或服務於 Office 365 和 Azure 的使用增長，您會看到這種增長。

In terms of the margin profile, the entire story of having the E3 mix first to be high and now E5, that is the thing that Amy talked about, which is we now have good premium tier value in all of our products.

就利潤率而言，E3 組合首先是高的，現在是 E5 的整個故事，這就是 Amy 談到的事情，這就是我們現在在我們所有的產品中都有很好的高端價值。

In Office 365 that is most evident with E3 and now E5.

在 Office 365 中，E3 和現在的 E5 最為明顯。

Even in Azure we have things like EMS, we have our data services, even our developer services.

即使在 Azure 中，我們也有諸如 EMS 之類的東西，我們有我們的數據服務，甚至我們的開發人員服務。

I think both of our cloud products, and the major cloud products, have these premium tiers that the mix shift to those, or the addition of those is something that we are focused on and we see in our result.

我認為我們的雲產品和主要的雲產品都具有這些高級層，這些高級層將混合轉移到這些層，或者添加這些層是我們關注的重點，我們會在結果中看到。

That's right.

這是正確的。

I would just add that we did see that premium mix go up in Office 365 on the commercial side, as you were noting.

我只想補充一點，正如您所指出的，我們確實看到 Office 365 在商業方面的高級組合有所增加。

Really, E5 only been in market for the last month of the quarter.

實際上，E5 僅在本季度的最後一個月上市。

We are excited about the number of customers that are trying it and that all the value it offers.

我們對嘗試它的客戶數量以及它提供的所有價值感到興奮。

But I would expect that to be a longer-term evolution as opposed to in Q2.

但我預計這將是一個長期的演變，而不是第二季度。

Could I just ask a quick follow-up, Amy?

艾米，我可以要求快速跟進嗎？

That was great.

那很棒。

Just on Windows, just so we all calibrate correctly.

就在 Windows 上，這樣我們都可以正確校準。

You've had this benefit from the RPL [columns] from last year.

您從去年的 RPL [列] 中受益匪淺。

Should we think about Windows really now beginning to trend in line with PC units, or can there still be some variability around that?

我們是否應該考慮現在 Windows 是否真的開始與 PC 單元保持一致，或者是否仍然存在一些變化？

Thanks.

謝謝。

In my guidance comments I talked a little bit about that.

在我的指導意見中，我談到了一點。

On the Pro side, as I mentioned, we will have a couple point impact that will make a difference between that on the Pro side.

正如我所提到的，在 Pro 方面，我們將產生一些影響，這將在 Pro 方面產生影響。

And I would expect, I think we actually even talked about that last quarter, that the RPL delta which we've seen in Q1 and Q2 would go away in Q3 and Q4.

而且我預計，我認為我們實際上甚至談到了上個季度，我們在第一季度和第二季度看到的 RPL 增量將在第三季度和第四季度消失。

And it would trend much more similarly to the overall consumer PC market.

它的趨勢將與整個消費 PC 市場更加相似。

Operator, we'll have time for one last question, please.

接線員，我們將有時間回答最後一個問題。

Our last question will come from the line of Ed Maguire with CLSA.

我們的最後一個問題來自里昂證券的 Ed Maguire。

Good afternoon.

下午好。

I wanted to ask if you have been able to quantify some of the uplift since you've been opening up Office to different platforms like iOS and Android, and now with the recent alliance with Red Hat opening a lot of opportunity to Linux developers?

我想問一下，自從您向 iOS 和 Android 等不同平台開放 Office 以來，您是否能夠量化一些提升，而現在最近與 Red Hat 結盟為 Linux 開發人員打開了很多機會？

Have you been able to quantify how much uplift you've gotten?

您是否能夠量化您獲得了多少提升？

And how do you see this impacting your broader market opportunity?

您如何看待這會影響您更廣泛的市場機會？

Let me speak to it in generic terms, because I don't think we have quantified it as narrowly perhaps just to address those specific moves we made.

讓我籠統地說一下，因為我認為我們並沒有把它量化得那麼狹隘，也許只是為了解決我們所做的那些具體舉措。

But overall the way we have thought about it is we want to make sure the Office subscription, both to consumers as well as to enterprise subscribers, is valuable across all their devices because it speaks to the vision that we have, which is the cloud is what enables the mobility of the human experience across all of the devices in your life.

但總的來說，我們考慮的方式是，我們希望確保 Office 訂閱，無論是對消費者還是對企業訂閱者，在他們所有的設備上都是有價值的，因為它說明了我們的願景，即云是是什麼使人類體驗在您生活中的所有設備上的移動性。

Because increasingly there will be more devices and we want to make sure that we are adding value.

因為將會有越來越多的設備，我們希望確保我們正在增加價值。

And if we add value in that context you would be more inclined to retain or purchase the Office subscription.

如果我們在這種情況下增加價值，您將更傾向於保留或購買 Office 訂閱。

That is been our goal, and that's working well.

這是我們的目標，而且效果很好。

And it is sort of shows up in our all-up growth.

它在我們的全面增長中有所體現。

Similarly with Azure, we're making sure that as people are tapping into the cloud and moving to the cloud we can get all workloads to be as first-class on Azure.

與 Azure 類似，我們確保隨著人們進入雲並遷移到雲，我們可以讓所有工作負載在 Azure 上成為一流的。

So that is why we have done the deals with Red Hat.

這就是我們與紅帽達成交易的原因。

We even did previously deals with Oracle.

我們之前甚至與甲骨文打過交道。

So Azure is a complete open platform where of course you can run all the Windows workloads, dot-net workloads.

所以 Azure 是一個完整的開放平台，當然您可以在其中運行所有 Windows 工作負載、點網工作負載。

But we're increasingly seeing the open source workloads, the Linux workloads, the Oracle workloads, the SAPs and what have you.

但我們越來越多地看到開源工作負載、Linux 工作負載、Oracle 工作負載、SAP 等等。

And more interestingly, a mix of all of them, because the enterprise is heterogeneous.

更有趣的是，所有這些都是混合的，因為企業是異構的。

It has been heterogeneous.

它是異類的。

We participated only in a portion of it.

我們只參與了其中的一部分。

Whereas with Azure we can participate as the total open platform.

而使用 Azure，我們可以作為完全開放的平台參與其中。

And that is how we thought about it and that is what we are executing on.

這就是我們的想法，這就是我們正在執行的。

Thanks Ed.

謝謝埃德。

And thanks everybody.

並感謝大家。

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

今天電話會議的問答部分到此結束。

We 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 will be webcast and you can follow the comments at microsoft.com/investor.

對於那些無法親自參加的人，這些活動將進行網絡直播，您可以在 microsoft.com/investor 上關注評論。

Please contact us if you need any additional details.

如果您需要任何其他詳細信息，請與我們聯繫。

And thank you again for joining us today.

再次感謝您今天加入我們。

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。