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財年第二季財報電話會議。

(Operator Instructions)

（操作說明）

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

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

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

謝謝。下午好，感謝各位今天蒞臨。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問兼公司秘書約翰·西索夫。

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，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調整表。

Unless otherwise specified, we will refer to non-GAAP metrics on today's call. The non-GAAP measures exclude the net impact from revenue deferrals and the impact of integration and restructuring charges. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the Company's second-quarter performance, in addition to the impact of these items and events had on the financial results.

除非另有說明，我們今天的電話會議將使用非GAAP指標。非GAAP指標不包括收入遞延的淨影響以及整合和重組費用的影響。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列入這些項目是為了補充說明，幫助投資人進一步了解公司第二季的業績，以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call relate to the corresponding period of last year, unless otherwise noted. 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. At the segment level we provide constant currency growth for both revenue and gross margin. However, due to recent change in our segment reporting groupings we aren't able to provide segment level constant currency operating expense growth. And consequently cannot derive constant currency segment operating income either. We do provide constant currency operating expense and operating income growth at the Company-wide level.

除非另有說明，我們在電話會議中所做的所有成長比較均與去年同期相關。我們也會提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。在業務部門層面，我們以固定匯率計算收入和毛利率的成長。然而，由於我們最近對分部報告分組進行了調整，我們無法提供分部層級的固定匯率營運費用成長。因此，也無法得出以固定匯率計算的部門營業收入。我們提供公司整體層面的固定匯率計算的營業費用和營業收入成長。

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. 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.

請注意，我們已對某些前期項目進行重述，以符合本期列報方式，但這不會對合併淨利潤或現金流量產生任何影響。此外，任何提及的營運費用均指我們在 10Q 表格腳註中定義的部門營運費用，包括研發、銷售和行銷以及一般和行政費用，但不包括去年的整合和重組費用的影響。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included on our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until January 27, 2017.

通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將出現在我們的直播節目中、節目文字稿中以及錄音的任何未來用途中。您可以在 2017 年 1 月 27 日之前在微軟投資者關係網站上重播此電話會議並查看會議記錄。

During this call we will be making forward-looking statements which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. 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. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望或其他陳述。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中風險因素部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

Thank you Chris. Good afternoon everyone. Today Amy and I will share the results of our second quarter and look ahead.

謝謝你，克里斯。各位下午好。今天，我和艾米將分享我們第二季的業績，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. We delivered $25.7 billion in revenue with an operating income of $7.9 billion. We continue to advance towards our goals for FY18. Our commercial cloud run rate surpassed $9.4 billion, up over 70% year over year, and almost halfway to our goal of $20 billion. We nearly doubled our cloud customers over the last 12 months.

本季整體業績穩健，更重要的是，我們在對公司未來至關重要的領域實現了成長。我們實現了 257 億美元的營收，營業收入為 79 億美元。我們正朝著2018財年的目標穩步前進。我們的商業雲端業務運行收入超過 94 億美元，年成長超過 70%，距離 200 億美元的目標已接近一半。過去 12 個月，我們的雲端客戶數量幾乎翻了一番。

We also made progress towards our goal of more than $1 billion Windows 10 monthly active devices. We crossed the 200 million milestone, and Windows 10 is outpacing adoption of any of our previous operating systems. 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.

我們在實現 Windows 10 月活躍設備超過 10 億台的目標方面也取得了進展。我們已經突破了 2 億大關，Windows 10 的普及速度超過了我們以往任何作業系統。事實上，Windows 的普及速度比 Windows 7 快了近 140%。我非常感謝微軟團隊成員和我們的合作夥伴為取得這些成果所付出的辛勤努力和專注精神。

Now let's get to the specifics for each of the three segments, starting with Productivity and Business Process. As we seek to help people get more out of every moment, we're delivering new innovation and seeing new opportunity with Office 365. Consumer response to Office is strong. Office attach rate is up. Office 2016 adoption is outperforming Office 2013 over the same period of time. And consumer subscriptions are up to more than 20 million. We are also enthusiastic about how people use Office on other platforms. On iOS and Android, Skype is more than 900 million downloads and Office apps surpass 340 million this quarter. There also 13 million iOS and Android active devices running Outlook.

現在讓我們來具體了解這三個部分，首先是生產力和業務流程。為了幫助人們充分利用每一刻，我們正在透過 Office 365 實現新的創新並發現新的機會。消費者對Office的反應強烈。辦公室附件使用率上升。同期 Office 2016 的採用率超過了 Office 2013。消費者訂閱用戶已超過 2000 萬。我們也對人們如何在其他平台上使用 Office 充滿熱情。本季度，Skype 在 iOS 和 Android 平台上的下載量超過 9 億次，Office 應用程式的下載量超過 3.4 億次。此外，還有 1,300 萬台 iOS 和 Android 活躍裝置運行 Outlook。

Office 365 Commercial revenue grew nearly 70% in constant currency, while seats grew 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. In December we released a major update to Skype for Business which drives productivity up and costs down. 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.

Office 365 商業收入以固定匯率計算成長近 70%，席次成長 59%。很明顯，客戶重視我們在 Office 365 中不斷帶來的創新，這使我們能夠進一步擴展語音和資訊保護等市場。去年12月，我們發布了Skype for Business的重大更新，提高了生產力並降低了成本。現在我們的客戶可以使用 Skype for Business 獲得撥號音，而無需自己的 PBX，並可召開最多 10,000 名與會者的線上會議。

Security is both a mandate and an opportunity for Microsoft across all of our segments. As customers look to protect themselves, we are creating new demand for all of our security solutions. The number of people using our information protection capabilities built into Office 365 increased 25% quarter over quarter. At the same time, we released new capabilities like advanced [ware] protection, advanced E-discovery and customer lock box. These new innovations in voice and information protection accrue to our premium productivity and collaboration skew, E5, which we released last month.

對微軟而言，安全既是我們的使命，也是我們所有業務領域的機會。隨著客戶尋求保護自身安全，我們所有的安全解決方案都產生了新的需求。使用 Office 365 內建資訊保護功能的使用者數量較上季成長 25%。同時，我們也發布了高級軟體保護、高級電子發現和客戶安全箱等新功能。這些語音和資訊保護的新創新成果，都融入了我們上個月發布的優質生產力和協作解決方案 E5 中。

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

我們的 Dynamics 業務也為我們在雲端的成長做出了貢獻。本季我們發布了 Dynamics NAV 和 Dynamics CRM 的重大更新，這兩項更新均增強了行動性、洞察力和組織生產力，並加深了與 Azure 和 Office 365 的整合。四分之三的 CRM 客戶選擇在雲端部署，這推動了企業 CRM 線上付費席位持續實現三位數成長。

Our momentum with Office 365 and Dynamics creates a compelling case for developers. This quarter we exposed the data APIs which capture the relationships between people, conversations, projects, schedules, processes and content. We call these APIs the Microsoft Graph. The ability for developers to build on the Microsoft Graph presents a strategic opportunity for customers and partners. Smartsheet has already taken advantage of these APIs. 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.

我們在 Office 365 和 Dynamics 方面取得的進展，為開發人員提供了強而有力的支援。本季我們推出了資料 API，用於捕捉人員、對話、專案、日程安排、流程和內容之間的關係。我們將這些 API 稱為 Microsoft Graph。開發者能夠基於 Microsoft Graph 進行開發，這為客戶和合作夥伴帶來了策略機會。Smartsheet 已經利用了這些 API。Oracle 計劃使用 Microsoft Graph 來增強其業務線應用程序，例如 Oracle Sales Cloud，許多創新新創公司正在擴展它的功能，以創建新一代生產力應用程式。

Now let's move to the Intelligent Cloud segment. The enterprise cloud opportunity is massive, larger than any market we have ever participated in. Last quarter I reflected on how we are now one of the two leaders in this space. At the same time, we are the only one in this market providing SaaS, PasS, IaaS and hybrid cloud at scale. We are growing in each of these areas simultaneously.

現在我們進入智慧雲部分。企業雲端市場機會龐大，比我們以往參與過的任何市場都要大。上個季度我反思了我們現在是如何成為該領域兩大領導者之一的。同時，我們是市場上唯一一家能夠大規模提供 SaaS、Pass、IaaS 和混合雲服務的公司。我們在這些領域都在同步發展。

Our unique approach is resonating. Our cloud architecture reflects real-world distributed cloud computing needs and services that enable businesses to convert data into intelligence and drive business transformation. Azure revenue grew 140% this quarter in constant currency, with revenue coming from new and existing customers. We saw organizations like NTT DOCOMO, Honeywell, NASA's jet propulsion labs, Dow Chemical and the UN Development Program deploy innovative solutions on Azure.

我們獨特的方法引起了共鳴。我們的雲端架構反映了現實世界的分散式雲端運算需求和服務，使企業能夠將數據轉化為智慧並推動業務轉型。本季 Azure 營收以固定匯率計算成長了 140%，營收來自新客戶和現有客戶。我們看到 NTT DOCOMO、Honeywell、NASA 噴射推進實驗室、陶氏化學和聯合國開發計畫署等組織在 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. More than 70% of the Fortune 500 have at least two different Microsoft cloud offerings, up 13 points year over year. And now we are continuing to grow in new ways. Together with Red Hat, Dell and Hewlett-Packard Enterprise, we will increase our ability to address real-world infrastructure needs. These partnerships give customers the flexibility to connect their existing on-premise infrastructure or Linux-based applications based applications with our cloud.

我們發現，同時購買 Office 365 的 Azure 客戶所使用的 Azure 數量是其他客戶的 8 倍。在財富 500 強企業中，超過 70% 的企業至少擁有兩種不同的微軟雲端服務，較去年同期成長 13 個百分點。現在我們正以新的方式繼續發展壯大。我們將與紅帽、戴爾和惠普企業攜手合作，提升我們滿足現實世界基礎設施需求的能力。這些合作關係使客戶能夠靈活地將他們現有的本地基礎設施或基於 Linux 的應用程式與我們的雲端連接起來。

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

我們在新的敏捷和 DevOps 工作負載方面也處於創新領先地位，Azure 應用服務、Power Apps 和 Visual Studio Team Services 的開發者訂閱量已超過 380 萬。我們每天都在新增數千名開發人員，他們正在建立雲端和行動解決方案，以支援石油和天然氣、金融、電子商務、諮詢和醫療保健等行業。隨著我們拓展到新市場，我們在安全、行動、管理和分析等高級服務方面的收入年增了近三倍。企業行動解決方案客戶數量年增超過一倍，過去 12 個月裡，我們在財富 500 強企業中的份額增加了近三倍。

Security is now a major driver of the cloud adoption. As threats become more frequent and sophisticated, Azure's unique technologies like Machine Learning, empower customers to adapt to these new realities. This quarter we organized the Enterprise Cyber Security Group to help customers prepare for and respond to attacks. We unveiled plans for new data centers in Germany and the UK that address customers' data access and sovereignty needs. 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.

安全性如今已成為推動雲端運算普及的主要因素。隨著威脅變得越來越頻繁和複雜，Azure 的獨特技術（例如機器學習）使客戶能夠適應這些新的現實。本季我們組成了企業網路安全小組，以協助客戶做好應對網路攻擊的準備。我們公佈了在德國和英國建造新資料中心的計劃，以滿足客戶的資料存取和主權需求。我們將繼續發布新功能，例如進階威脅分析，這是我們價值 10 億美元的產品創新和安全計畫的一部分，涵蓋 Azure、Office 365、Windows 10 和我們的企業行動套件。

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. Cortana Analytics is the building block for these systems of intelligence. We released Cortana Analytics last July. 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. 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. 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.

未來所有企業的核心都將是智慧系統，強大的人工智慧將幫助人們了解過去並預測未來。Cortana Analytics 是這些智慧系統的基礎建置模組。我們在去年7月發布了Cortana Analytics。它是一套全面的服務，使企業能夠對來自互聯的人、地點和事物的大量數據進行推理，並將其轉化為智慧洞察和自動化。可口可樂、羅盛諾德公司和達特茅斯-希契科克醫療系統已經使用 Cortana Analytics 來徹底改變他們向客戶推銷產品、發掘勞動力人才以及為患者提供預測性和更個性化的醫療保健的方式。我們的目標是讓每個產業、每個國家的每家公司都能利用這種新型人工智慧進行轉型。

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. As of this month we crossed 200 million active devices running Windows 10. 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. First, deliver more value and innovation, particularly for enterprise customers who need advanced productivity, security, and device management. Second, grow new monetization through services across a unified Windows platform. Third, continue to innovate in new device categories in partnership with our OEMs.

在「更多個人運算」領域，我們取得了令人鼓舞的進展，統一了我們在 Windows 10 上的安裝基礎，並為微軟和我們整個生態系統創造了新的機會。截至本月，運行 Windows 10 的活躍裝置數量已突破 2 億台。短期內，分析師預測未來一年市場將相對平穩，我們將專注於三種方式來推動合作夥伴和微軟的成長。首先，要提供更多價值和創新，特別是對於需要高階生產力、安全性和設備管理的企業客戶。其次，透過統一的 Windows 平台上的服務實現新的獲利模式。第三，繼續與我們的原始設備製造商合作，在新設備類別中進行創新。

Let me briefly expand on each. 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. 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. We are well-positioned to grow our commercial device footprint in the second half.

讓我分別簡單說明一下。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。超過 76% 的企業客戶正在進行試點項目，其中包括金佰利公司和阿拉斯加航空公司等機構，目前已有 2,200 萬台企業和教育設備運行 Windows 10。我們已做好充分準備，在下半年擴大我們的商用設備市場佔有率。

Next, as we unify and grow the Windows 10 platform we grow new monetization opportunities with the Windows store, search, and gaming. This holiday season we doubled Windows store paid transactions from PC and tablets customers. This increase is an outgrowth of Windows 10 monthly active devices all up and the addition of new Windows 10 applications. This quarter Netflix, Pandora, Uber, Wall Street Journal, NPR released new apps designed to take advantage of Windows 10 experiences. For example, you can ask Cortana to recognize a song on Shazam, play a movie on Netflix or book a ride via Uber.

接下來，隨著我們統一和發展 Windows 10 平台，我們將透過 Windows 應用程式商店、搜尋和遊戲獲得新的獲利機會。今年假期季，我們來自PC和平板電腦用戶的Windows應用程式商店付費交易金額翻了一番。這一增長是 Windows 10 月活躍設備總數增加以及新增 Windows 10 應用程式的結果。本季度，Netflix、Pandora、Uber、華爾街日報、NPR 等公司發布了旨在充分利用 Windows 10 體驗的新應用程式。例如，你可以讓 Cortana 在 Shazam 上識別歌曲，在 Netflix 上播放電影，或透過 Uber 預訂車輛。

With search, the clearest indicator of our progress is US search share, where Bing now exceeds 21%. Nearly 30% of our search revenue in December came from Windows 10 devices, partly as a result of user engagement with Cortana. We are seeing increased search engagement and monetization on Windows 10 over previous versions.

在搜尋領域，衡量我們進展的最清晰指標是美國搜尋份額，Bing 目前已超過 21%。12 月份，我們近 30% 的搜尋收入來自 Windows 10 設備，部分原因是用戶與 Cortana 的互動。與先前的版本相比，我們發現 Windows 10 上的搜尋參與度和獲利能力都有所提高。

This holiday we saw record engagement on Xbox Live. Active users grew to an all-time high of 48 million across consoles and PCs. On December 28 we had more fans using Xbox Live that any of the other day in the Xbox history. Clearly with Xbox One now upgraded to Windows 10 our vibrant community joined the Windows ecosystem.

今年假期期間，Xbox Live 的用戶參與度創下歷史新高。主機和PC平台的活躍用戶總數達到歷史新高4800萬人。12月28日，Xbox Live 的用戶數量超過了 Xbox 歷史上任何一天。顯然，隨著 Xbox One 升級到 Windows 10，我們充滿活力的社群也加入了 Windows 生態系統。

Our games also performed strongly this quarter. We doubled the number of Xbox One gamers playing Microsoft-published titles year over year. Minecraft concluded the holiday as the top paid app globally on Windows 10, iOS and Android. And we grew monthly active users by 18% year over year.

本季我們的遊戲表現也十分強勁。我們讓玩微軟發行遊戲的 Xbox One 玩家數量比去年同期增加了一倍。Minecraft 在假期結束時成為 Windows 10、iOS 和 Android 平台上全球付費應用程式排名最高的應用程式。我們的每月活躍用戶數較去年同期成長了 18%。

Lastly, we are innovating in new device categories and driving growth. With Surface we created a new type of device, the two-in-one, and partners are now bringing similar devices to market with success. 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. We see more opportunity ahead with Surface Book coming soon to China, Japan, the UK, France, Germany and other markets in Europe and Asia.

最後，我們正在新的設備類別中進行創新，並推動成長。我們憑藉 Surface 創造了一種新型設備——二合一設備，現在我們的合作夥伴也成功地將類似的設備推向市場。同時，Surface 也迎來了有史以來最好的季度，銷售額超過 13 億美元，這主要得益於 Surface Pro 4 的發布和全新 Surface Book 的首次推出。隨著 Surface Book 即將登陸中國、日本、英國、法國、德國以及歐洲和亞洲的其他市場，我們看到了更多機會。

We believe in our ability to grow the Windows ecosystem. Near term we are taking the right steps. We are also clear that long-term Windows growth and vibrancy rests on our ability to reinvent personal computers and personal computing. We accept the challenge as we see it as one of the greatest opportunities to prudently expand into new markets and generate shareholder value.

我們相信我們有能力發展壯大 Windows 生態系統。短期來看，我們正在採取正確的措施。我們也清楚地認識到，Windows 的長期成長和活力取決於我們能否重新發明個人電腦和個人運算。我們接受這個挑戰，因為我們認為這是謹慎地拓展新市場、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. 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. Of course any macroeconomic uncertainty will create pressures for our business. But increasingly, I think it also creates opportunity for us. Every organization is looking for ways to gain efficiencies, insights, and ultimately transform.

在把麥克風交給艾米之前，我想先簡單回顧一下過去幾個月的情況。我有機會與來自世界各地的客戶會面，並觀察當今影響商業的宏觀經濟趨勢。當然，任何宏觀經濟的不確定性都會對我們的業務造成壓力。但我認為，這越來越能為我們創造機會。每個組織都在尋找提高效率、獲取洞察力並最終實現轉型的方法。

This is at the heart of our mission. I believe Microsoft is uniquely positioned to empower them to find new growth areas while finding new growth for ourselves.

這是我們使命的核心。我相信微軟擁有獨特的優勢，能夠幫助他們找到新的成長領域，同時也能為自己找到新的成長點。

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

接下來，我將把發言權交給艾米，讓她更詳細地介紹本季的業績，並分享我們對下一季的展望。我期待之後能再與大家見面，回答大家的問題。

Thank you Satya, and good afternoon everyone.

謝謝你，薩蒂亞，大家下午好。

This quarter revenue was $25.7 billion, down 2%, and up 3% in constant currency. Gross margin declined slightly, but was up 5% in constant currency. We grew operating income this quarter by 3%, and 13% in constant currency. And earnings per share was $0.78, growing 11%, or 23% in constant currency.

本季營收為257億美元，年減2%，以固定匯率計算成長3%。毛利率略有下降，但以固定匯率計算增加了 5%。本季我們的營業收入成長了 3%，以固定匯率計算成長了 13%。每股收益為 0.78 美元，成長 11%，以固定匯率計算成長 23%。

We achieved strong results this quarter through targeted investments in innovation and consistent execution. From a geographic perspective, our performance in most markets was as expected. The key markets like Brazil, China, Japan, and Russia continue to be challenging.

本季度，我們透過對創新進行有針對性的投資和持續穩定的執行，取得了強勁的業績。從地理角度來看，我們在大多數市場的表現都符合預期。巴西、中國、日本和俄羅斯等主要市場仍充滿挑戰。

Our commercial business once again delivered solid results, as we executed well in a large quarter for annuity renewals. Commercial bookings increased 12%, up 19% in constant currency. And commercial unearned revenue was in line with expectations at $19.6 billion, or 8% growth in constant currency. In addition, our contracted-not-billed balance reached an all-time high of $25.5 billion. With our continued cloud growth, our commercial annuity mix reached 83%, up 5 points year over year. This quarter more than 60% of customers with enterprise agreements attached commercial cloud services, up 15 percentage points year over year.

我們的商業業務再次取得了穩健的業績，我們在年金續保業務量龐大的季度中表現出色。商業預訂量成長了 12%，以固定匯率計算成長了 19%。商業未實現營收符合預期，為 196 億美元，以固定匯率計算成長 8%。此外，我們的合約未結算餘額達到了歷史新高 255 億美元。隨著雲端運算業務的持續成長，我們的商業年金業務佔比達到 83%，年增 5 個百分點。本季度，超過 60% 的企業協議客戶附加了商業雲端服務，年增 15 個百分點。

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

此外，我們在提高雲端業務毛利率方面也持續取得進展。第二季商業雲毛利率總計為 46%，較去年同期成長 9 個百分點，主要得益於 Office 365 和 Azure 的績效提升。

Last quarter I provided the expected foreign currency impact on total revenue as well as across each of the reporting segments. In Q2 the FX impact came in nearly as anticipated, though the US dollar trended stronger than expected in December. This resulted in less than 1 point of additional negative impact to total revenue as compared to expectations, rounding up to 5 points. 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. In general, FX had a favorable impact of 3% on operating expenses at the total Company level.

上個季度我提供了預期的外匯波動對總收入以及各個報告分部的影響。第二季外匯波動的影響基本上符合預期，儘管12月份美元走勢強於預期。與預期相比，這導致總收入額外受到的負面影響不到 1 個百分點，四捨五入後為 5 個百分點。與第一季一致，正如 Chris 所解釋的那樣，我們無法提供分部層級營運費用和分部營運收入的固定匯率影響。總體而言，外匯對公司整體營運費用產生了 3% 的有利影響。

Now let's turn to each segment's results. 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. 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. 80,000 transacting partners sold Office 365 to small business customers. And our installed base continued to expand across Office, Exchange, SharePoint, and the Skype for Business workloads.

現在讓我們來看看每個部分的結果。本季度，我們的生產力和業務流程部門業績符合預期，營收為 67 億美元，年減 2%，但以固定匯率計算成長 5%。辦公業務收入下降了 1%，但以固定匯率計算增長了 5%，這主要得益於 Office 365 的持續強勁增長，而按固定匯率計算，收入增長了近 70%。80,000 個交易合作夥伴向小型企業客戶銷售了 Office 365。我們的安裝用戶群持續擴大，涵蓋 Office、Exchange、SharePoint 和 Skype for Business 等工作負載。

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

辦公室消費市場收入下降了 14%，以固定匯率計算下降了 8%，高於消費 PC 市場。訂閱用戶增至 2,060 萬，附加率成長，經常性訂閱收入持續超過客戶遷移到雲端的影響。我們的 Dynamics 業務成長了 3%，以固定匯率計算成長了 11%，Dynamics CRM Online 的安裝基數連續第五個季度實現了三位數成長。我們期待即將推出 Dynamics AX，這是我們基於 Azure 建置並專為 Azure 設計的 ERP 雲端解決方案，它將擴大我們在業務流程市場的產品和服務範圍。

Segment gross margin declined 6%, up 1% in constant currency. The gross margin percentage declined, reflecting the increasing mix of cloud services within the segment. Segment operating expenses decreased 3% as we repositioned resources to align with our highest growth opportunities and as a result operating income declined 8%.

分部毛利率下降 6%，以固定匯率計算則成長 1%。毛利率下降，反映出該業務板塊中雲端服務的佔比不斷提高。由於我們重新調整資源配置以適應我們最高的成長機會，部門營運費用下降了 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. And grew 5%, and 11% in constant currency. 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. Additionally, enterprise services revenue increased 10%, or 16% in constant currency, driven by our premier support services. Segment gross margin grew 4%, or 11% in constant currency. Gross margin percentages were flat, as the rapid and continued growth of our cloud mix offset margin improvements in Azure and enterprise services. Given the addressable market opportunity and enterprise customer demand, we continued our investment in research and development as well as sales and marketing resources. This quarter operating income declined 1%.

智慧雲端業務板塊營收超過 63 億美元，略高於我們的預期。成長了 5%，以固定匯率計算成長了 11%。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，這帶來了伺服器產品和服務的成長，以固定匯率計算，收入成長了 10%。此外，企業服務收入成長了 10%，以固定匯率計算成長了 16%，這主要得益於我們一流的支援服務。分部毛利率成長 4%，以固定匯率計算成長 11%。毛利率保持穩定，因為雲端業務組合的快速持續成長抵消了 Azure 和企業服務利潤率的提高。鑑於可觸及的市場機會和企業客戶需求，我們持續增加對研發以及銷售和行銷資源的投入。本季營業收入下降了1%。

Now to our last segment, More Personal Computing. Revenue exceeded our expectations at $12.7 billion, down 5%, and 2% in constant currency. First, our OEM results. Our total OEM business declined 5% this quarter, outperforming the overall PC market. 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 Pro revenue declined 6%, slightly better than the commercial PC market. Per license inventory is slightly above historical levels, which we expect to work through in Q3.

現在進入最後一個環節，更多個人計算。營收超出預期，達 127 億美元，下降 5%，以固定匯率計算下降 2%。首先，我們來看OEM廠商的測試結果。本季我們的OEM業務總量下降了5%，優於整個PC市場的表現。OEM 非專業收入下降了 3%，正如我們預期的那樣，優於消費 PC 市場，這主要得益於高階和中階裝置比例的提高，從而導致每個授權的平均收入高於上一年。OEM Pro 收入下降了 6%，略優於商用 PC 市場。每個許可證的庫存略高於歷史水平，我們預計將在第三季解決這個問題。

Windows volume licensing grew 3% in constant currency with annuity growth partially offset by transactional declines. IP licensing declined, impacted by both a decrease in total unit volume and a higher mix of low royalty units. 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.

Windows 大量授權以固定匯率計算成長了 3%，其中年金成長部分被交易量下降所抵銷。智慧財產權授權業務下滑，受到總銷售下降和低版稅產品佔比上升的雙重影響。本季我們的搜尋業務再次表現出色，每次搜尋的收入更高，搜尋量更大，美國市場份額也增長了，從而實現了持續盈利。

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. 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. 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. As Satya referenced, we had a good holiday for Xbox. Gaming revenue increased 5%, or 9% in constant currency, driven by record Xbox Live transactions as well as first-party game releases. As expected, hardware revenue decreased due to lower volumes of Xbox 360 consoles sold.

設備收入下降了 26%，以固定匯率計算下降了 22%，主要原因是手機收入以固定匯率計算下降了 49%，這反映了我們去年 7 月宣布的策略變化。隨著 Surface Pro 4 和 Surface Book 的推出，以及通路的持續擴張和商業銷售的成長，Surface 的營收成長了 22%，以固定匯率計算成長了 29%。以固定匯率計算，設備毛利美元下降了 18%，毛利率有所提高，這主要得益於收入轉向了我們利潤率更高的服務組合。正如薩蒂亞所說，我們度過了一個 Xbox 遊戲體驗很棒的假期。受 Xbox Live 交易量創紀錄以及第一方遊戲發布的推動，遊戲收入增長了 5%，按固定匯率計算增長了 9%。正如預期的那樣，由於 Xbox 360 遊戲機的銷量下降，硬體收入也隨之下降。

Segment gross margin declined 1%, or increased 5% in constant currency. 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. As a result, segment operating income grew 35%.

分部毛利率下降 1%，以固定匯率計算則成長 5%。營運費用下降了 14%，主要原因是電話業務費用減少以及展示廣告銷售成功過渡到 AOL。因此，該部門的營業收入成長了 35%。

And now, back to our overall Company results. Customer adoption and usage of our cloud services continues to accelerate globally. And we are investing capital into our data centers and servers to respond to this demand. This quarter we invested $2 billion, up sequentially from the $1.5 billion invested last quarter. 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. 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. This quarter we returned $6.5 billion to shareholders, an increase of 42%.

現在，讓我們回到公司整體業績。在全球範圍內，客戶對我們雲端服務的採用和使用持續加速。我們正在加大對資料中心和伺服器的投入，以滿足這一需求。本季我們投資了 20 億美元，比上季的 15 億美元投資額有所增加。其他收入為負 1.71 億美元，原因是利息支出和衍生性商品淨虧損，部分被股息和利息收入以及投資淨確認收益所抵銷。我們的非GAAP實際稅率為19%，符合我們的預期，年減主要是由於上一年國稅局的審計調整以及本年度不可抵扣的經營虧損減少。本季我們向股東返還了 65 億美元，成長了 42%。

Let's move to the outlook. I want to preface my remarks with three overall comments, and then move to more specific comments by segment. First, FX. I previously stated that we expected the FX impact on total revenue to be about 3 points in H2. For Q3, given the recent strengthening of the US dollar, we now expect an overall impact of 4 points. 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. And we anticipate continued lessening of FX impacts by segment and on total revenue in Q4, assuming current rates stay stable.

接下來我們來看看前景。我想先提出三點總體看法，然後再分部分進行更具體的評論。首先是FX。我之前說過，我們預期下半年匯率波動對總收入的影響約為 3 個百分點。鑑於美元近期走強，我們預計第三季整體影響將達到 4 個百分點。以細分領域來看，我們預期生產力和業務流程將受到 5 個百分點的影響，智慧雲端將受到 4 個百分點的影響，更多個人運算將受到 3 個百分點的影響。我們預計，假設當前匯率保持穩定，第四季各業務板塊和總收入受外匯波動的影響將繼續減弱。

Second, our commercial business. 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. Therefore, even with continuing currency headwinds, we expect commercial on our revenue to be within the range of $18.8 billion to $19 billion. Our commercial cloud run rate trajectory remains on path, with continued focus on gross margin improvement across each of our key services. Office 365, Azure, and Dynamics online (inaudible) the total commercial cloud gross margin percentage will be impacted by the mix of revenue. 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.

其次，我們的商業業務。我們預計我們的商業業務將保持健康發展，隨著新舊客戶採用和使用我們的商業雲端服務，我們將持續向年金模式轉型。因此，即使面臨持續的匯率不利因素，我們也預期商業收入將在 188 億美元至 190 億美元之間。我們的商業雲端業務運行率軌跡仍維持正常，我們將持續專注於提高各項關鍵服務的毛利率。Office 365、Azure 和 Dynamics Online（聽不清楚）的總商業雲毛利率百分比將受到營收組合的影響。第三，我們將繼續滿足全球客戶對雲端服務的需求，並將在本財年下半年增加對資料中心和資本設備的投資。

Now let me share some additional commentary on each segment. In Productivity and Business Processes we expect revenue of $6.4 billion to $6.6 billion, which reflects 5 points of negative FX impact. This represents 6% year-over-year growth in constant currency, driven by Office 365 momentum and Dynamics online.

現在讓我對每個部分做一些補充說明。在生產力和業務流程方面，我們預計營收為 64 億美元至 66 億美元，這反映了 5 個百分點的負面匯率影響。以固定匯率計算，這相當於年增 6%，主要得益於 Office 365 的發展動能和 Dynamics Online 的推動。

For the Intelligent Cloud segment we expect revenue between $6.1 billion to $6.3 billion, which reflects 4 points of negative FX impact. Continued customer preference for our hybrid solutions will drive sustained growth in server products and cloud services, and robust demand for enterprise services. We expect this business to continue to grow double digits, as it has throughout the first half of our fiscal year.

對於智慧雲端業務板塊，我們預期營收在 61 億美元至 63 億美元之間，這反映了 4 個百分點的負面匯率影響。客戶對我們混合解決方案的持續偏好將推動伺服器產品和雲端服務的持續成長，以及對企業服務的強勁需求。我們預計這項業務將繼續保持兩位數的成長，就像本財年上半年一樣。

For More Personal Computing we expect revenue between $9.1 billion and $9.4 billion, which includes 3 points of negative FX impact. As this segment has both devices and software, I'll provide a bit more detail. First, Windows. As I mentioned earlier, we will return to normal levels of Pro inventory in Q3. And we expect non-Pro revenue to align more closely with the consumer PC market.

對於更多個人運算業務，我們預期營收在 91 億美元至 94 億美元之間，其中包括 3 個百分點的負面匯率影響。由於這一部分既包含設備也包含軟體，我將提供更詳細的說明。首先是Windows系統。正如我之前提到的，我們將在第三季恢復到正常的Pro庫存水準。我們預期非專業版收入將與消費級PC市場更加緊密地結合。

In search, Bing will continue to gain share and will remain profitable. For phone, we expect similar year-over-year revenue climb, and in the gross margin percentage for Q3 should look similar to Q2. 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. And in gaming, we expect normal post-holiday seasonality. We expect COGS to be $7.7 billion to $7.8 billion with variability driven by device sales. We expect operating expenses between $7.7 billion and $7.8 billion.

在搜尋領域，Bing將繼續擴大市場份額，並保持獲利。對於手機業務，我們預期營收將與去年同期類似成長，第三季的毛利率應該與第二季類似。Surface Book 和 Surface Pro 4 在經歷了穩健的首發季度後，我們預計隨著 Surface Book 拓展到更多國家，其成長動能將持續下去。而對於遊戲產業來說，我們預期會出現正常的節後季節性波動。我們預計銷售成本為 77 億美元至 78 億美元，波動取決於設備銷售額。我們預計營運支出將在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. We expect other income and expenses to be negative $300 million in Q3. This includes the net cost of hedging and interest expense offset by dividend interest income. We expect our Q3 and full-year tax rate to be between 19% and 21%.

由於我們將繼續提高效率並投資於關鍵成長機會，因此我們將全年營收預期下調至 314 億美元至 316 億美元。我們預計第三季其他收入和支出將為負3億美元。這包括對沖淨成本和利息支出，但需扣除股息利息收入。我們預計第三季和全年稅率將在 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. We remain focused as we both create new markets and take share in existing ones.

總之，我們的第二季業績和第三季展望體現了我們的執行紀律和對策略領域的投資，以維持長期成長。我們將繼續專注於開拓新市場和擴大現有市場份額。

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

接下來，我將把問答環節交給克里斯。

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

謝謝你，艾米。接下來進入問答環節。操作員，請您再重複一次您的指示好嗎？

(Operator Instructions)

（操作說明）

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菲利普‧溫斯洛。

Congrats on a great quarter. I just wanted to focus in on commercial cloud and Azure specifically. Commercial cloud, as you mentioned, the run rate was up $9.4 billion. That's up like $2 billion quarter to quarter, 70% year over year. That's higher growth rate than even last quarter. Azure [similar, if not even] accelerating growth versus even last quarter.

恭喜你本季表現出色。我只想專注於商業雲，特別是 Azure。正如您所提到的，商業雲的運行速度成長了 94 億美元。這比上一季成長了約 20 億美元，年增了 70%。這比上個季度的成長率還要高。Azure 的成長速度與上個季度相比，即使不是更快，也至少與之相當。

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

薩蒂亞，我有個問題，我會替艾米問的。Satya，當你觀察商業雲，特別是 Azure 的成長率時，你會發現不僅有新客戶的贏得，還有現有客戶將更多工作負載遷移到 Azure。我希望您能更詳細地介紹一下您觀察到的情況，以及您對未來發展的看法？

And then Amy, based on our calculations, it seems like Azure had a meaningful improvement in just the gross margin year over year. Wondering if you could help us with the two curves in that business, and where we are in Azure's gross margin lifecycle? Again, the fixed costs and the variable costs and how you are thinking about that? Thanks.

然後，Amy，根據我們的計算，Azure 的毛利率似乎比前一年有了顯著提高。想請您幫我們分析一下該業務中的兩條曲線，以及我們目前在 Azure 毛利率生命週期中的位置？再說一遍，固定成本和變動成本，你是怎麼考慮這些成本的？謝謝。

Thanks, Phil, for the question. 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. Because we don't think, for example, of our servers as a distinct part. But it's in fact the edge of our cloud and we are building for that with things like Azure stack. 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.

謝謝你的提問，菲爾。我們對雲的理解正如我在演講中所描述的那樣，它是我們在 SaaS、Pass、IaaS 以及混合雲層中實際開展的工作的結合。例如，因為我們並沒有把伺服器視為一個獨立的部分。但實際上，這是我們雲端的邊緣，我們正在利用 Azure Stack 等技術為此進行建置。我們認為，我們在這裡所做的，是將這些事物整合到一個分散式運算架構中，並探討人們未來如何使用應用程式和建立應用程序，我認為這更能滿足IT組織或透過數位技術轉型而實現業務轉型的組織的實際需求。

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. Some you want to be able to tier with the cloud, that's the kind of flexibility we provide. 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. And we are increasingly seeing that. That's really our strategy. Our strategy is not to complete in these constituent parts independently with different competitors. It is to bring one architecture and really drive the value for our customers because of that.

如果你把自己想像成跨國公司的資訊官，你想在多個地區開展業務，而這些地區有著不同的資料主權制度，然後你想將一些工作負載全部遷移到雲端。有些用戶希望能夠與雲端進行分層部署，而這正是我們所提供的彈性。我們也看到了網路效應，如果您正在使用 Office 365，並且想要透過建立應用程式來擴展 Office 365 中的數據，這些應用程式將 Office 365 中的資料與我們 Azure 資料連結服務中的其他資料連接起來，那麼顯然 Azure 就成為了此類應用程式開發的自然選擇。我們越來越看到這種情況。這確實是我們的策略。我們的策略不是在這些組成部分上與不同的競爭對手獨立競爭。這樣做是為了引入統一的架構，並真正因此為我們的客戶創造價值。

Let me quickly cover, I think, your gross margin question. You are right, we did actually make significant progress in both Azure as well as Office 365. And then the mix of those, obviously impacts the overall commercial cloud gross margin. What's important, the dynamics are actually quite similar, even though the services are quite different. There are two fundamental components to gross margin improvement.

讓我快速回答一下你關於毛利率的問題。您說得對，我們在 Azure 和 Office 365 方面確實都取得了重大進展。而這些因素的組合顯然會影響商業雲的整體毛利率。重要的是，儘管服務內容大相逕庭，但其運作機制實際上非常相似。提高毛利率有兩個基本要素。

Number one is obviously scale efficiencies and where we are in that curve, which we are doing and continue to make consistent improvement in. The next, obviously, is the mix of premium services. Satya talked about some of the increasing mix of premium services in Azure. That has been encouraging, especially in existing customers over time and through adoption curves. And in Office 365, as you know, we continue to be excited by our premium mix in the commercial segment. So those two combinations each quarter impact it as well as the overall.

首要因素顯然是規模效率以及我們目前所處的階段，我們正在努力提高規模效率，並將繼續持續改進。接下來，很顯然，就是高級服務的組合。Satya 談到了 Azure 中日益增加的優質服務組合。這一點令人鼓舞，尤其是在現有客戶中，隨著時間的推移和採用曲線的變化。如您所知，在 Office 365 中，我們對商業領域的優質產品組合感到持續興奮。因此，每季的這兩個組合都會對季度業績以及整體業績產生影響。

Thanks, Phil. We will move to the next question, please.

謝謝你，菲爾。請進入下一個問題。

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基斯‧韋斯。

Very nice quarter, guys. And thank you for taking the question. Satya, you mentioned both new and existing customers increasingly using the Azure cloud. 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? How does that get impacted as people use the public cloud utility more and more?

夥計們，這季度真不錯。感謝您回答這個問題。Satya，你提到新舊客戶都在越來越多地使用 Azure 雲端。我希望您能為我們詳細介紹一下具體情況，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伺服器和工具方面的支出會發生什麼變化？隨著人們越來越多地使用公有雲服務，這會受到怎樣的影響？

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. It's like essentially an ISV win in the client server area where you could get someone to build on your core infrastructure. They build their first application. And it turns out that you have done that, you would want to look at our infrastructure for a second workload and third workload. So that is one side of what is happening with the expansion.

我們注意到，對於任何已經遷移到雲端的用戶來說，隨著時間的推移，我們都有機會擴展到多種工作負載，因為這是設計上的優勢。這本質上就像是獨立軟體開發商在客戶端/伺服器領域取得的勝利，你可以讓別人在你的核心基礎架構上進行建置。他們開發了他們的第一個應用程式。事實證明，您已經完成了這項工作，您可能想要查看我們的基礎設施，以支援第二個工作負載和第三個工作負載。這是擴張過程中發生的一個面向。

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. You want to build applications that tap into that data, then you use Azure. That is the other piece. The EMS growth is also very much related to that, which is if you deploy Exchange online you have 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. We see both those trends from an application workload development synergies, as well as infrastructure from identity management, device management work out.

擴充的另一面也是我之前提到的，那就是如果您是 Office 365 客戶，那麼您的資料就在 Office 365 中。如果你想建立能夠利用這些資料的應用程序，那麼你就可以使用 Azure。這是另一塊拼圖。EMS 的成長也與此密切相關，也就是說，如果您部署 Exchange Online，您就擁有了 Azure A/D。然後，自然而然地，接下來就是完整的 EMS 套件，它包含所有行動裝置的裝置管理、進階威脅防護等等功能。我們從應用程式工作負載開發協同效應以及身分管理、裝置管理等基礎架構中都看到了這兩種趨勢。

Thanks, Keith.

謝謝你，基斯。

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

我們的下一個問題來自瑞銀集團的 Brent Thill。

Good afternoon. Amy, macro is on everyone's mind. I'm curious if you guys could comment a little bit about what you are seeing. I know it may be too early to see some of the weakness that others have seen. 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? Does any assumptions change in your minds?

午安.艾米，宏觀經濟是大家都在關注的議題。我很想知道你們能否就你們所看到的情況發表一下看法。我知道現在就看出其他人已經看到的某些弱點可能還為時過早。但您如何看待市場需求環境？展望下半年，這將如何改變您的計劃？你們的想法是否有改變？

Thanks, Brent, for the question. The geos, I specifically called out, obviously are where we are the most impacted, and they are the bigger geos. 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. Focus on our own execution, focus on continuing to drive cloud services, focus on continuing to drive on annuity mix. 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. I tend to probably focus more on what we can control versus the external environment and how we can best react to that.

謝謝布倫特的提問。我特別提到的這些地區，顯然是我們受影響最大的地區，而且它們也是較大的地區。我認為我們現在的重點在於，無論宏觀環境如何變化，我們都能如何最好地執行計劃。專注於我們自身的執行，專注於繼續推動雲端服務發展，專注於繼續推動年金產品組合發展。實際上，這些舉措——正如我們幫助客戶轉型一樣——是面對任何不確定性的最佳方案，而您顯然正在向我詢問這些不確定性。我可能更傾向於專注於我們能夠控制的事情，而不是外在環境，以及我們如何才能最好地應對外在環境。

Our next question comes from Heather Bellini with Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

Thank you very much. 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. I was wondering if you could give us your take on how you see the mix of Azure workloads? Is it right now more new workload growth and it's very little existing workloads moving over? 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.

非常感謝。薩蒂亞，我只是想問一下，你提到過，我知道關於 Azure 有很多問題，但你提到運算能力強勁成長，而且 Azure 上的 SQL 使用量也在上升，我想你說了 5 次。我想請您談談您對 Azure 工作負載組合的看法？目前新增工作負載較多，而現有工作負載轉移較少嗎？我只是想了解一下，您如何看待新工作負載和可以遷移的現有工作負載之間的競爭格局。

I'm also wondering if you see it helping (technical difficulties). You mentioned it is like a design win or an ISV win. 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. Thank you.

我還想知道您是否認為它有助於解決（技術​​難題）。你提到這就像設計專案或獨立軟體開發商專案一樣。我想知道您能否和我們分享一下，與 1X 或其他類型的基礎設施平台相比，這可能會對您的市場份額產生怎樣的影響。謝謝。

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

希瑟，遷移到雲端為我們帶來的，是比以往任何時候都更大的市場機會。從某種意義上說，如果將機上盒的市場規模與我們現在所說的智慧雲端的市場規模進行比較，我們會發現我們身處一個更大的市場。首先，遷移到雲端融合了許多不同的類別，就像你提到的 Linux 一樣。我們現在有能力以一流的效能運行 Linux 工作負載。超過 20% 的 Azure 工作負載是 Linux 工作負載，這為我們利用雲端運算創造了一個以前沒有的成長機會。

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. 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. Clearly we are migrating some workloads. And structurally some of that helps us because we had that position in the client/server space. 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. So those are things that we participate in which we didn't participate in the past.

即使是像 EMS 這樣的服務，可以說在過去，我們參與了活動目錄，但我們——以及一些系統中心。但現在隨著行動裝置和 SaaS 應用程式的蓬勃發展，我們在 EMS 方面的機會比我們在客戶端/伺服器時代擁有的機會要大得多。顯然，我們正在遷移一些工作負載。從結構上看，這對我們有所幫助，因為我們在客戶端/伺服器領域佔據了這樣的地位。但當我們審視我們在雲端運算領域所做的事情時，就會發現它主要是為了順應未來的長期成長趨勢，無論是開源、Linux 開發、行動應用還是 SaaS 應用。所以，這些都是我們過去沒有參與過的事情，現在我們開始參與了。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Thank you. Satya, Amy, congrats on the quarter. I've got for Satya and then a quick follow-up with Amy. 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? PasS is much smaller industry-wide today, but is the opportunity is big, bigger? How should we think about that? And then a follow-up for Amy.

謝謝。Satya，Amy，恭喜你們本季取得好成績。我先給薩蒂亞打了個電話，然後迅速跟進艾米的狀況。Satya 接著討論雲端運算，他意識到 SaaS、PasS、基礎設施即伺服器混合模式都是相關的，但隨著 Azure 繼續快速成長並成為業務中越來越重要的部分，我們應該如何看待 PasS 與基礎設施即服務的機會或機會規模？目前，PassS 在整個行業中的規模要小得多，但機會是否很大，甚至更大？我們該如何看待這個問題？然後是給艾米的後續採訪。

The opportunity I believe in both cases is high because it just comes in different forms. IaaS growth comes because people already have existing code that they want to move over. 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. So I think that depending what -- if you are bringing something over, your IaaS will be heavy first and then PasS will grow. If you are starting new you will have Pass, which is going to be the first thing you do. 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.

我認為這兩種情況下機會都很大，只是機會以不同的形式出現而已。IaaS 的成長源自於人們已經擁有想要遷移的現有程式碼。然後他們開始透過寫更多 PaS 來擴展，因為對他們來說，用 PaS 編寫新程式碼和新應用程式效率更高。所以我覺得這取決於具體情況——如果你要遷移某些東西，那麼你的 IaaS 服務會先變得很重，然後 PassS 服務才會發展壯大。如果你是新手，你將擁有 Pass 技能，這將是你做的第一件事。但你總會發現需要與虛擬機器中已有的東西、已有的資料、現有的程式碼整合。

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. In fact, we amortize our CapEx across all of these. 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. So it is the [all-up]. 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. And we really want to speak to the needs of the customers more than any product strategy goal we have.

事實上，我和艾米在考慮資本支出時，會把所有這些層面都考慮在內。事實上，我們將資本支出分攤到所有這些項目中。我們關注利潤率和高端產品組合，因為我們比較了解的是，客戶根據他們的起點和起點不同，會有不同的產品組合狀況。所以這就是[總而言之]。只要我們的優質服務附加價值不斷成長，而這些服務的利潤率保持強勁，我們就覺得產品組合可以有所不同，而且這樣做也沒關係。我們真正想做的，是滿足客戶的需求，而不是追求任何產品策略目標。

Perfect, thank you. Amy, slightly different topic. Free cash flow grew 25% year on year, much faster than the other metrics. How should we think about this trend continuing?

太好了，謝謝。艾米，稍微換個話題。自由現金流年增 25%，遠高於其他指標。我們該如何看待這種趨勢的持續？

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

馬克，這在前一年受到了現金流量表中一些整合和重組費用的影響。

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

所以這其實只是一次性事件而已？

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

是的。務必查看上一年的整合和重組。

Perfect. Thank you. I appreciate it. Congrats.

完美的。謝謝。謝謝。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雷莫·倫肖。

Thanks for taking my question, and congrats from me as well. Quick question for Satya. Now that Windows 10 is on 200 million devices, what do you see on the developer network? (Inaudible)[aims worth] you have a uniform platform for developers to go against PC, tablet, et cetera. What do you see in terms of them starting to embrace the platform and use the opportunity there? Thank you.

感謝您回答我的問題，也恭喜您。問薩蒂亞一個問題。現在 Windows 10 已安裝在 2 億台裝置上，您在開發者網路上看到了什麼？（聽不清楚）[目標價值] 你有一個統一的平台供開發者對抗 PC、平板電腦等。您認為他們會在何時開始接受這個平台並利用其中的機會？謝謝。

Thanks for the question. Yes, you're absolutely right. 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. We're seeing good early signs.

謝謝你的提問。是的，你說得完全正確。我們最大的策略目標之一就是將活躍設備和商店整合到安裝基礎中，然後提升使用者體驗，從而提高開發者的成功率。我們看到了一些良好的早期跡象。

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. As you can imagine our share is today in desktops, in emerging, in tablets, in two-in-one. And of course now with Xbox as well, which is got great attraction to gaming developers. So those are the natural places where you will see us gain more developers and gain more traction. We're big believers in a unified developer platform and a unified store. 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.

在我的公開評論中，我談到了商店和交易量的增加，以及我們正在吸引像 Netflix 和《華爾街日報》這樣的開發商的新應用程式的事實。正如您所想，我們目前的市場份額涵蓋桌上型電腦、新興市場電腦、平板電腦和二合一電腦。當然，現在還有 Xbox，它對遊戲開發商來說也極具吸引力。所以，在這些地方，我們自然會吸引更多開發者，獲得更多關注。我們堅信統一的開發者平台和統一的應用程式商店。隨著 Windows 10 月活躍裝置數量的增加和應用程式商店使用量的增加，我們將看到越來越多的開發者利用它。

Thank you.

謝謝。

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華特‧普里查德。

Just a numbers question for Amy. I noticed your long-term unearned revenue was up quite a bit. That is been a flattish trend, and it was paired with commercial bookings being much stronger, I think, than I was modeling. I'm wondering if you could help us understand what drove the unearned and how that contributed to those commercial bookings?

艾米，我有個數字問題想問你。我注意到您的長期未實現收入大幅成長。這是一個相對平穩的趨勢，而且我認為，這與商業演出邀請比我做模特兒時的情況要好得多的情況同時發生。我想請您幫助我們了解造成未賺取收入的原因以及這些未賺取收入如何促成商業預訂？

Sure. A couple things, Walter, which I know you recall. We do have a bit of lumpiness in our expirations. As I said on the call, this was a big expiration quarter for us. And so on occasion what that does, even with the negative currency impact on C&B, is have a bit of lumpiness over time. That being said, I want to point to the core which is that renewal rates were very good and a big quarter. There was very strong performance on that front, very strong performance in moving customers to annuity as well as to the cloud. 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.

當然。沃特，有幾件事你一定記得。我們的產品在過期後確實會有一些結塊。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。因此，即使匯率對 C&B 產生負面影響，有時也會導致其隨著時間的推移出現一些波動。話雖如此，我想指出的是，續約率非常好，而且本季業績非常出色。在這方面表現非常出色，在將客戶遷移到年金和雲端方面都表現非常出色。所以，除了您提到的一些波動（我們偶爾也會遇到這種情況）之外，本季的執行情況非常強勁。

And then if I can just -- one other numbers question. It looked like in the Q you called out actually Windows server declining as an offset to Intelligent Cloud growth. I'm wondering, we haven't seen that comment in the Q before. Was there something, sort of one-off driving that, or any further detail on that?

然後，如果可以的話，我再問一個關於數字的問題。看起來你在問答中提到了 Windows 伺服器的下滑，這抵消了智慧雲端的成長。我很好奇，我們之前在問答環節中沒有看過這則評論。是否有某種特殊情況或一次性事件導致這種情況發生，或者有其他細節需要說明嗎？

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. 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. That is where macro pressure on occasion shows itself first, is in some of that non-annuity lumpiness. So that's the nature of that comment.

華特，我的看法是，總的來說，我們在 Windows、SQL、系統中心等方面的優質或企業級工作負載都實現了兩位數的成長。坦白說，這種弱點部分體現在非年金和交易性很強的業務中，而這恰好對 Windows 伺服器的影響比其他工作負載更大一些。宏觀壓力有時會先體現在一些非年金性大宗商品中。這就是那條評論的本質。

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卡爾‧基爾斯蒂德。

Amy, relative to your Q2 guide, the upside surprise really came in the personal computing business. And at least relative to our third-quarter estimates, it's again the personal computing guidance that beat. I'm wondering if you could repeat the key factors that are contributing to the outperformance in that pretty important business? Thank you.

艾米，相對於你第二季的業績指引，真正的驚喜來自個人電腦業務。至少相對於我們第三季的預期，個人電腦業務的業績指引再次超出預期。我想請您再次說明一下，是什麼關鍵因素促成了這家非常重要的企業的出色表現？謝謝。

Sure, Karl. In Q2, let me talk about two key ones. Number one is really the device launches. 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. 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. Now, when you launch mid-quarter there's always some timing aspect to that. But I feel very good about the execution of those and that is a meaningful component of that outperformance.

當然可以，卡爾。第二季度，我想談談其中兩個關鍵點。第一點其實就是設備發布。本季我們實際上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。綜合所有硬體產品以及我們的遊戲表現（本季另一個硬體組件），我們的產品發表表現比預期略好一些。現在，在季度中期推出產品時，總是會涉及一些時機問題。但我對這些措施的執行情況感到非常滿意，這是取得優異成績的重要因素。

The second one, which I talked about, is OEM Pro. We did a little better in the quarter than I expected, but inventory levels are a little higher. I expect to work through that in Q3. And that was a couple of points of impact, for example, on OEM Pro in quarter.

我提到的第二個是 OEM Pro。本季業績比我預期的略好，但庫存水準略高。我預計在第三季解決這個問題。例如，這在季度中對 OEM Pro 產生了一些影響。

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

好的，太好了。艾米，你對那家公司第三季的業績預測也相當不錯。這是由於上述某些類似因素造成的，還是還有其他一兩個因素也促成了該部門看似相當穩健的第三季業績？

It's similar drivers. In that segment there is also some topics I tend to not get asked about in Q&A. Let me take the opportunity to talk about them. Which is one, our search performance continues to be very good. Frankly, our display business has been quite good. If you go beyond that, I feel good about our gaming business sequentially. I feel good about the hardware, especially the Surface performance, as we launch into more geos. 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. 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.

驅動方式類似。在這個部分，還有一些我在問答環節中不太常被問到的話題。讓我藉此機會談談它們。第一，我們的搜尋效能依然非常出色。坦白說，我們的展示業務一直都相當不錯。如果進一步分析，我對我們遊戲業務的後續發展感到樂觀。我對硬體配置感到滿意，尤其是 Surface 的效能，因為我們即將拓展到更多地區。如果你仔細想想那些組成部分，它們在強度方面實際上與 Q2 非常相似，你會在 Q3 中再次看到它們。所以，卡爾，我不確定除了 OEM Pro 稍微推遲到 Q2 和 Q3 之間之外，還有什麼所謂的「新」東西。

Terrific color. Thank you, Amy.

顏色真棒。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 Kash Rangan 與美國銀行的聯繫。

Thank you very much. Congrats on the quarter. 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. And secondly and finally, thoughts on Surface? It's off to a great start with the latest model. Could that play a more important role in the corporate computing landscape? Thank you. That's it for me.

非常感謝。恭喜你本季取得佳績。Satya，我很想聽聽你對企業和消費者市場的 Windows 10 升級週期的看法，尤其是在 Windows 10 免費試用期結束後。其次，也是最後一點，您對 Surface 有什麼看法？最新車型開局非常順利。這能否在企業運算領域中發揮更重要的作用？謝謝。就這些了。

Thanks, Kash, for the question. As far as the upgrade momentum, the fact that we crossed 200 million active devices, we feel very, very good about that. 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. 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. That I think is going to create great value for enterprises, and that's showing up in all the pilots and the accelerant. I've never seen a Windows in the enterprise with this level of accelerated deployment plans. So we obviously need to do a great job in continuing to push that and we are focused on it.

謝謝Kash的提問。就升級勢頭而言，我們已經突破了 2 億活躍設備，對此我們感到非常非常滿意。而飛行員，最重要的是──下半年我們將重點關注的是企業部署。我認為真正令人興奮的地方在於 Windows 10 在安全性、可管理性等方面的一些核心功能。我認為這將為企業創造巨大價值，這一點在所有試點項目和加速器中都得到了體現。我從未見過企業級 Windows 系統擁有如此快速的部署計劃。所以，我們顯然需要繼續努力推進這項工作，我們也專注於此。

As far as Surface, Surface is playing a increasing role for us in both consumer as well as in the enterprise market. 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. 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. And we continue to see good growth.

至於 Surface，它在消費者市場和企業市場都扮演著越來越重要的角色。此外，我們也創造了一種全新的二合一產品類別，甚至我們的 OEM 廠商也從中獲得了成功，這也是我們推出 Surface 的策略目標之一。總的來說，我們認為這種可以取代筆記型電腦的平板電腦非常適合提高生產力，這意味著它非常適合個人使用以及企業內部使用。我們持續看到良好的成長動能。

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

我只想補充一點，我們已經宣布了一些重要的合作夥伴，以幫助我們把 Surface 產品組合推向商業客戶。我認為我們有望在今年內看到這方面取得進展。

If I could, your excitement is pretty palpable. What could be driving that 140% increase in adoption relative to Windows 7? We all thought XP to 7 was a major transition, but it looks like there is another big transition happening here.

如果可以的話，我能真切地感受到你的興奮之情。是什麼因素導致其採用率相對於 Windows 7 提高了 140%？我們都認為從 XP 到 7 的轉變是重大變革，但現在看來，另一個重大變革正在發生。

I think there two aspects of it. We have a good operating system release for the core desktop user. And second, I believe is that we also expand out into new usage patterns. 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. So I think it's the combination of all of that. But it starts with having a good product [truth], which Windows 10 does deliver on.

我認為這其中包含兩個面向。我們為核心桌面使用者提供了一個優秀的作業系統版本。其次，我認為我們也會拓展到新的使用模式。即使從我們目前看到的瀏覽器互動、Xbox Live、應用程式商店或二合一等新裝置類別來看，我認為所有這些都讓用戶更有可能以更行動的方式和更有效率的場景使用 Windows。所以我認為這是所有這些因素綜合起來的結果。但這一切都始於擁有一個好的產品[事實]，而 Windows 10 的確做到了這一點。

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

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Satya, I had a question on commercial Office 365. 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. And I'm curious if you have an update on that number. And then I also was curious about thoughts around ARPU because you introduced the E5 SKU in December. 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? Thanks.

Satya，我有一個關於商業版 Office 365 的問題。我不知道您是否給了我們這個數字，但我認為在過去的幾個季度裡，您一直在談論每月活躍用戶數。我很想知道您關於這個數字是否有最新進展。另外，我也想了解您對 ARPU 的看法，因為您在 12 月推出了 E5 SKU。如果可以這麼說的話，我們目前在滲透率提升方面處於什麼階段？我們能否隨著時間推移查看整個產品線的價格表？謝謝。

Yes, [Amy, maybe you can add]. That's right. Last time we talked about the 60 million monthly active users for Office 365, and that continues to grow. In fact there is always -- I think we also talked about how we get licenses sold and then all subscriptions sold. And then there is deployment. And there's always lumpiness as well as increased deployment that happens once the users migrate. And we'll continue to track that and we'll continue to disclose those numbers as they come along. But I feel very, very good in the growth of that. The best proxy for you, really, beyond any numbers we talk about in terms of monthly active is our capital. 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.

是的，[艾米，也許你可以補充]。這是正確的。上次我們談到 Office 365 的每月活躍用戶數達到 6,000 萬，而且這個數字還在持續成長。事實上，一直都有——我想我們也討論過如何銷售許可證，以及如何銷售所有訂閱服務。然後就是部署階段。用戶遷移後，總是會出現部署不均衡和部署量增加的情況。我們將繼續追蹤這些數據，並會隨時公佈這些數據。但我對這方面的成長感到非常非常滿意。實際上，除了我們談論的任何每月活躍用戶數量之外，對你來說最好的衡量標準是我們的資本。因為如果你看看我們所做的，你會發現我們只把資金用於真正推動成長，或是用於服務 Office 365 和 Azure 的使用成長，你會看到這種成長還在增加。

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. In Office 365 that is most evident with E3 and now E5. Even in Azure we have things like EMS, we have our data services, even our developer services. 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.

就利潤率而言，E3 產品組合最初很高，現在又達到了 E5，這正是 Amy 所說的，那就是我們現在所有產品都具有良好的高端價值。在 Office 365 中，這一點在 E3 和現在的 E5 版本中最為明顯。即使在 Azure 中，我們也有 EMS 之類的服務、資料服務，甚至還有開發人員服務。我認為我們的兩款雲端產品以及主要的雲端產品都有這些高級套餐，客戶組合會向這些套餐轉移，或者增加這些套餐，這是我們關注的重點，我們也從我們的業績中看到了這一點。

That's right. I would just add that we did see that premium mix go up in Office 365 on the commercial side, as you were noting. Really, E5 only been in market for the last month of the quarter. We are excited about the number of customers that are trying it and that all the value it offers. But I would expect that to be a longer-term evolution as opposed to in Q2.

這是正確的。我還要補充一點，正如您所指出的，我們確實看到 Office 365 商業版的付費用戶比例上升。實際上，E5 只是在本季最後一個月才上市的。我們很高興看到這麼多客戶正在嘗試這款產品，並且它能帶來如此多的價值。但我預計這將是一個長期的過程，而不是在第二季發生。

Could I just ask a quick follow-up, Amy? That was great. Just on Windows, just so we all calibrate correctly. You've had this benefit from the RPL [columns] from last year. Should we think about Windows really now beginning to trend in line with PC units, or can there still be some variability around that? Thanks.

艾米，我可以再問一個後續問題嗎？那很棒。僅限 Windows 系統，這樣我們才能正確校準。您從去年的 RPL [專欄] 中受益匪淺。我們是否應該認為 Windows 的發展趨勢真的開始與 PC 裝置保持一致了，還是說這方面仍然存在一些變數？謝謝。

In my guidance comments I talked a little bit about that. 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. 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. And it would trend much more similarly to the overall consumer PC market.

我在指導意見中稍微談到了這一點。正如我之前提到的，在專業版方面，我們會有一些影響點，這些影響點會對專業版產生影響。而且我預計，我們上個季度也討論過這個問題，我們在第一季和第二季看到的 RPL 差值將在第三季和第四季消失。而且它的走勢將與整體消費PC市場更加相似。

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

接線員，我們還有時間回答最後一個問題，謝謝。

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

最後一個問題來自里昂證券的艾德·馬奎爾。

Good afternoon. 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? Have you been able to quantify how much uplift you've gotten? And how do you see this impacting your broader market opportunity?

午安.我想問一下，自從你們將 Office 開放給 iOS 和 Android 等不同平台以來，以及最近與 Red Hat 的合作為 Linux 開發人員帶來許多機會之後，你們是否能夠量化這些提升帶來的影響？你是否能夠量化你所獲得的提升幅度？您認為這將如何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. 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. Because increasingly there will be more devices and we want to make sure that we are adding value. And if we add value in that context you would be more inclined to retain or purchase the Office subscription. That is been our goal, and that's working well. And it is sort of shows up in our all-up growth.

讓我用一般性的術語來談談這個問題，因為我認為我們還沒有對其進行足夠細緻的量化，僅僅針對我們採取的那些具體舉措。但總的來說，我們的想法是，我們希望確保 Office 訂閱（無論是面向消費者還是企業用戶）都能在所有設備上發揮價值，因為它體現了我們的願景，即雲端能夠讓人們在生活中的所有設備上獲得行動體驗。因為未來會有越來越多的設備，我們希望確保我們能夠創造價值。如果我們能在這方面提供價值，您就更有可能保留或購買 Office 訂閱。這就是我們的目標，而且目前進展順利。而且這在某種程度上也體現在我們的整體成長中。

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. So that is why we have done the deals with Red Hat. We even did previously deals with Oracle. So Azure is a complete open platform where of course you can run all the Windows workloads, dot-net workloads. But we're increasingly seeing the open source workloads, the Linux workloads, the Oracle workloads, the SAPs and what have you. And more interestingly, a mix of all of them, because the enterprise is heterogeneous. It has been heterogeneous. We participated only in a portion of it. Whereas with Azure we can participate as the total open platform. And that is how we thought about it and that is what we are executing on.

同樣，對於 Azure，我們正在確保隨著人們使用雲端服務並遷移到雲端，我們能夠讓所有工作負載在 Azure 上達到一流水準。所以這就是我們與紅帽公司達成合作協議的原因。我們之前甚至還和Oracle有過合作。所以 Azure 是一個完全開放的平台，當然您可以在上面執行所有 Windows 工作負載和 .NET 工作負載。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 工作負載等等。更有趣的是，它們都是混合體，因為企業本身就是異質的。它一直呈現出異質性。我們只參與了其中的一部分。而藉助 Azure，我們可以作為完全開放的平台參與其中。這就是我們的想法，也是我們正在執行的。

Thanks Ed. And thanks everybody.

謝謝你，艾德。謝謝大家。

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

今天的電話會議問答環節到此結束。我們期待在接下來的幾個月裡，在各種投資人會議上見到各位。對於無法親臨現場的人，這些活動將進行網路直播，您可以在 microsoft.com/investor 上關注評論。如有任何疑問，請與我們聯絡。再次感謝您今天蒞臨本節目。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。