微軟 (MSFT) 2016 Q3 法說會逐字稿

Welcome to Microsoft's third quarter FY16 earnings call.

歡迎參加微軟 2016 財年第三季度財報電話會議。

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

我想將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 today 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.

今天與我通話的有首席執行官 Satya Nadella、首席財務官 Amy Hood、首席會計官 Frank Brod 和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 provide 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 the call.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

The non-GAAP 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 third quarter performance, in addition to the impact that these items and events had on the financial results.

除了這些項目和事件對財務業績的影響外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第三季度的業績。

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.

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

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

在分部層面，我們為收入和毛利率提供恆定的貨幣增長。

However, due to recent change to our external reporting segments, we aren't able to provide segment level constant currency operating expense growth, and consequently, cannot derive constant currency segment operating income either.

然而，由於我們的外部報告部門最近發生了變化，我們無法提供部門級別的固定貨幣營業費用增長，因此也無法獲得固定貨幣部門營業收入。

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 in the third quarter of FY16, we adopted a new standard issued by the FASB, that made certain changes to accounting for stock-based compensation.

請注意，在 2016 財年第三季度，我們採用了 FASB 發布的新準則，對基於股票的薪酬會計進行了某些更改。

One of the more significant changes require that excess tax benefits and deficiencies be recorded as part of income tax expense, rather than as part of additional paid-in capital.

其中一項更重大的變化要求將多餘的稅收優惠和不足記錄為所得稅費用的一部分，而不是作為額外實收資本的一部分。

Adoption of the new guidance requires us to reflect adjustments as of July 1, 2015, and hence impacts our previously reported quarterly results for FY16.

採用新指引要求我們反映截至 2015 年 7 月 1 日的調整，因此會影響我們之前報告的 2016 財年季度業績。

You can find additional information in the financial summary slide deck, and in our 10-Q filing.

您可以在財務摘要幻燈片和我們的 10-Q 文件中找到更多信息。

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

我們將在電話會議後立即將我們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，並被記錄下來。

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

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

You can replay the call, and view the transcript on the Microsoft Investor Relations website until April 21, 2017.

您可以在 2017 年 4 月 21 日之前重播電話並在 Microsoft 投資者關係網站上查看通話記錄。

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

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

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

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

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

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thank you, Chris, and thanks to everyone on the phone for joining.

謝謝你，克里斯，也感謝電話裡的每一個人的加入。

Overall, we had a solid quarter.

總的來說，我們有一個穩定的季度。

Amy and I look forward to sharing more about the results, and what's ahead.

艾米和我期待著分享更多關於結果和未來的信息。

We delivered $22.1 billion in revenue, with an operating income of $6.8 billion.

我們實現了 221 億美元的收入，營業收入為 68 億美元。

We exceeded $10 billion in commercial cloud annualized revenue run rate.

我們的商業雲年化收入運行率超過 100 億美元。

We are halfway to our FY18 goal of $20 billion.

我們已經完成了 200 財年 200 億美元的目標。

This quarter, we surpassed 270 million monthly active devices running Windows 10.

本季度，我們每月有超過 2.7 億台運行 Windows 10 的活躍設備。

We are proud of our progress, and look forward to making more, as enterprise deployments accelerate.

隨著企業部署的加速，我們為我們的進步感到自豪，並期待取得更多進展。

Now let's get to the specifics of each of our three segments, starting with productivity and business process.

現在讓我們從生產力和業務流程開始，了解我們三個細分市場的具體細節。

We set out to reinvent productivity and business process, because we believe that people should get more out of every moment, and organizations should be able to reach new levels of effectiveness.

我們著手重塑生產力和業務流程，因為我們相信人們應該從每一刻中獲得更多，組織應該能夠達到新的效率水平。

This approach is opening up new growth opportunity for Microsoft in three ways.

這種方法在三個方面為微軟開闢了新的增長機會。

We can reach more users, enter new markets, and build a developer platform.

我們可以接觸到更多的用戶，進入新的市場，並建立一個開發者平台。

Let me talk through each.

讓我逐一談談。

First, we are reaching new users, and strengthening our productivity platform.

首先，我們正在接觸新用戶，並加強我們的生產力平台。

Consumer subscriptions of Office grew to more than 22 million.

Office 的消費者訂閱量增長到超過 2200 萬。

Devices with our mobile apps grew approximately 4 times year-over-year.

裝有我們移動應用程序的設備同比增長約 4 倍。

Commercial Office 365 customers surpassed 70 million monthly active users, and we grew seats by 57%.

商業 Office 365 客戶每月活躍用戶超過 7000 萬，我們的席位增長了 57%。

Second, we are expanding into new markets such as security, analytics, and cloud voice, where we see an opportunity, and where we can differentiate.

其次，我們正在向安全、分析和雲語音等新市場擴張，在這些市場中我們看到了機會，並且我們可以在這些市場中脫穎而出。

For example, the cybersecurity market is expanding rapidly, and it's a place where we have unique capabilities like advanced threat protection, cloud app security, and advanced e-discovery.

例如，網絡安全市場正在迅速擴張，這是我們擁有獨特能力的地方，例如高級威脅防護、雲應用安全和高級電子發現。

This combination drove a 35% quarter-over-quarter growth of monthly active users of our premium information protection services in Office 365.

這種組合推動我們在 Office 365 中的高級信息保護服務的月度活躍用戶環比增長 35%。

A key driver of this growth is our new premium Office 365 Suite E5.

這一增長的主要驅動力是我們全新的高級 Office 365 Suite E5。

Lastly, we're making Office 365 more than a world-class productivity and communications service.

最後，我們正在使 Office 365 不僅僅是一個世界級的生產力和通信服務。

It's becoming a growing platform for developers.

它正在成為開發人員不斷增長的平台。

There is an incredible amount of value developers can deliver by harnessing the data in this platform.

通過利用該平台中的數據，開發人員可以提供大量價值。

It can be as simple as Starbucks enabling somebody to email a cup of coffee, or it can be as a sophisticated as DocuSign, streamlining processes for digital signatures based on the understanding of people's availability and organizational hierarchy.

它可以像星巴克一樣簡單，讓人們可以通過電子郵件發送一杯咖啡，也可以像 DocuSign 一樣複雜，基於對人們可用性和組織層次結構的理解來簡化數字簽名流程。

We continue to make advances in our developer platform by expanding Microsoft Graph APIs, and opening Skype to developers.

我們通過擴展 Microsoft Graph API 並向開發人員開放 Skype，繼續在我們的開發人員平台上取得進步。

This is generating developer momentum.

這正在產生開發者的動力。

In fact, active apps calling on Microsoft Graph APIs are up month over month.

事實上，調用 Microsoft Graph API 的活躍應用程序逐月增加。

In business process applications, our Dynamics product line is expanding to include new scenarios such as IoT, field service, customer self-service, and built-in business intelligence and advanced analytics.

在業務流程應用程序中，我們的 Dynamics 產品線正在擴展以包括物聯網、現場服務、客戶自助服務以及內置商業智能和高級分析等新場景。

For example, Echo Labs uses CRM online with Azure IoT, not only to help their customers use water systems more efficiently, but also to predict equipment failure, and direct field engineers to respond.

例如，Echo Labs 將 CRM 與 Azure IoT 結合使用，不僅可以幫助客戶更有效地使用供水系統，還可以預測設備故障，並指導現場工程師做出響應。

And Just Eat in the UK uses Dynamics AX to make it easy for millions of people to order food for take-outs online.

英國的 Just Eat 使用 Dynamics AX 讓數百萬人可以輕鬆地在線訂購外賣食品。

These are scenarios are driving new growth.

這些情景正在推動新的增長。

Dynamics CRM online seats more than doubled this quarter, with over 80% of our new CRM customers deploying in the cloud.

本季度 Dynamics CRM 在線席位增加了一倍多，超過 80% 的新 CRM 客戶部署在雲中。

We grew Dynamics AX revenue double-digits.

我們將 Dynamics AX 收入增長了兩位數。

Now let's move to the intelligent cloud segment.

現在讓我們轉向智能雲部分。

The cloud is being built into every organization's quest to optimize and grow.

雲正在構建到每個組織追求優化和發展的過程中。

With our results this quarter, it remains clear, we are one of the two leaders in this market.

憑藉本季度的業績，很明顯，我們是該市場的兩大領導者之一。

Azure revenue increased 120% in constant currency, with revenue from premium services growing triple-digits for the seventh consecutive quarter.

Azure 收入按固定匯率計算增長 120%，高級服務收入連續第七個季度增長三位數。

We are innovating in new areas to help organizations digitally transform.

我們正在新領域進行創新，以幫助組織進行數字化轉型。

We're expanding our competitive strength in hybrid computing.

我們正在擴大我們在混合計算領域的競爭優勢。

We're generating opportunity for developers and partners.

我們正在為開發人員和合作夥伴創造機會。

To start, we added more differentiation to high-value services in Azure this quarter in three areas that are top of mind for our customers, artificial intelligence, IoT and business analytics.

首先，我們在本季度為 Azure 中的高價值服務增加了更多差異化，這三個領域是我們客戶最關注的領域，即人工智能、物聯網和業務分析。

We expanded Cortana Intelligence Suite, our big data and analytics service that transforms data into predictions and intelligent action.

我們擴展了 Cortana Intelligence Suite，這是我們的大數據和分析服務，可將數據轉換為預測和智能行動。

It now includes over 20 cognitive services ranging from object and emotion recognition to text and linguistic analysis.

它現在包括超過 20 種認知服務，從對象和情感識別到文本和語言分析。

The IoT market is expanding as companies look to deliver new services and value.

隨著公司尋求提供新的服務和價值，物聯網市場正在擴大。

Our new Azure IoT suite streamlines the process of building IoT applications, and acts as the hub for managing and monitoring millions of assets.

我們新的 Azure IoT 套件簡化了構建 IoT 應用程序的過程，並充當管理和監控數百萬資產的中心。

Each week, more than 2 trillion IoT messages are processed by Azure.

Azure 每周處理超過 2 萬億條 IoT 消息。

And analytics is another rapidly growing market, where Power BI has more than 200,000 customers and 5 million users.

分析是另一個快速增長的市場，Power BI 擁有超過 200,000 名客戶和 500 萬用戶。

Companies like Toyota, BMW, Johnson Controls are all using Cortana Intelligence Suite, Azure IoT, and Power BI to transform themselves as well as their industries.

豐田、寶馬、江森自控等公司都在使用 Cortana 智能套件、Azure IoT 和 Power BI 來改造自己以及所在行業。

Siemens is also using Azure to connect and analyze data from medical imaging systems around the world, helping providers in their effort to transform healthcare.

西門子還使用 Azure 連接和分析來自世界各地的醫學成像系統的數據，幫助供應商努力轉變醫療保健。

We're the only cloud provider that helps companies embrace the cloud on their own terms, and we continue to innovate in areas that make it easier for our customers, including the recently released preview of Azure Stack, and by bringing SQL Server to Linux.

我們是唯一一家幫助公司按照自己的方式擁抱雲的雲提供商，並且我們繼續在使我們的客戶更容易使用的領域進行創新，包括最近發布的 Azure Stack 預覽版，以及將 SQL Server 引入 Linux。

A critical part of this flexibility is giving customers tools to secure their data, wherever it is, on-premise, in the cloud, and across all their devices.

這種靈活性的一個關鍵部分是為客戶提供工具來保護他們的數據，無論數據在哪裡，在本地、在雲中以及在他們所有的設備上。

We continue to grow in this market with enterprise mobility suite customers more than doubling to over 27,000.

我們在這個市場上繼續增長，企業移動套件客戶增加了一倍多，達到 27,000 多個。

This is three consecutive quarters of triple-digit customer growth.

這是連續三個季度實現三位數的客戶增長。

This growth is driven by strong adoption across cloud services.

這種增長是由雲服務的廣泛採用推動的。

For example, more than one-third of our Office 365 enterprise suite installed base has also purchased Enterprise Mobility services.

例如，我們超過三分之一的 Office 365 企業套件安裝群還購買了企業移動服務。

And as I said earlier, perhaps the biggest impact we can make is to empower developers.

正如我之前所說，也許我們能產生的最大影響是賦予開發人員權力。

To this end, we are making Windows and Azure the very best environment for developers who want to build applications that run across multiple platforms.

為此，我們正在使 Windows 和 Azure 成為想要構建跨多個平台運行的應用程序的開發人員的最佳環境。

Our acquisition of Xamarin, and the inclusion of Bash in Windows 10 will make it easier to build intelligent experiences and apps that leverage our cloud, and run natively on Windows, iOS and Android.

我們對 Xamarin 的收購以及在 Windows 10 中包含 Bash 將使構建利用我們的雲並在 Windows、iOS 和 Android 上本機運行的智能體驗和應用程序變得更加容易。

We're excited to announce at Build that we're making Xamarin freely available as part of Visual Studio.

我們很高興在 Build 大會上宣布，我們將免費提供 Xamarin 作為 Visual Studio 的一部分。

Now let's move to More Personal Computing segment.

現在讓我們轉到更多個人計算部分。

We are reinventing personal computers and personal computing for the mobile-first cloud-first world.

我們正在為移動優先、雲優先的世界重塑個人電腦和個人計算。

In this world, what matters most is the mobility of a person's experience, not any one single device.

在這個世界上，最重要的是一個人體驗的流動性，而不是任何一個單一的設備。

As I shared last quarter, we think about our strategy along three lines.

正如我上個季度分享的那樣，我們從三個方面考慮我們的戰略。

First, we will deliver more value and innovation, particularly for enterprise customers.

首先，我們將提供更多價值和創新，尤其是為企業客戶。

Second, we will grow new monetization through services across the unified Windows platform.

其次，我們將通過跨統一 Windows 平台的服務增加新的盈利能力。

Third, we will innovate in new device categories in partnership with our OEMs.

第三，我們將與我們的原始設備製造商合作，在新的設備類別上進行創新。

First, let me talk through the innovation we're delivering that brings new levels of ease-of-use, trust, productivity to Windows, and specifically more value to our enterprise customers.

首先，讓我談談我們正在提供的創新，這些創新為 Windows 帶來了新水平的易用性、信任和生產力，特別是為我們的企業客戶帶來了更多價值。

What we hear most frequently from these customers is how much they value the advanced productivity, security, and device management capabilities in Windows 10.

我們從這些客戶那裡最常聽到的是他們對 Windows 10 中先進的生產力、安全性和設備管理功能的重視程度。

In fact this is what led to one of the most security-conscious organizations in the world, the United States Department of Defense, to upgrade all of their PCs and mobile devices to Windows 10 this year.

事實上，這就是導致世界上最具安全意識的組織之一美國國防部今年將其所有 PC 和移動設備升級到 Windows 10 的原因。

We see this trend across our enterprise customers, with 83% of them in active pilots to date.

我們在企業客戶中看到了這一趨勢，迄今為止，其中 83% 的客戶處於積極的試點階段。

We believe enterprise deployments will continue to drive up the over 270 million monthly active devices running Windows 10.

我們相信企業部署將繼續推動運行 Windows 10 的每月超過 2.7 億台活躍設備的增長。

The number of Windows 10 devices is twice that of Windows 7, over the same time period since launch.

自發布以來的同一時間段內，Windows 10 設備的數量是 Windows 7 的兩倍。

At Build, we gave people more reasons to upgrade with the announcement of new features in ink and touch interfaces, as well as Windows Hello biometric security, and deeper integration with Cortana, all coming this summer with the Windows 10 anniversary update.

在 Build 大會上，我們發布了墨水和触控界面的新功能，以及 Windows Hello 生物識別安全性以及與 Cortana 的更深入集成，為人們提供了更多升級的理由，所有這些都將在今年夏天與 Windows 10 週年更新一起推出。

Second, we're seeing new monetization through services across the Windows platform.

其次，我們通過 Windows 平台上的服務看到了新的貨幣化。

Windows Store received more than 5 billion visits.

Windows 應用商店的訪問量超過 50 億次。

We are excited about compelling new apps coming from Disney, Square Enix, Bank of America, King, Instagram and many others.

我們對來自迪士尼、史克威爾艾尼克斯、美國銀行、King、Instagram 和許多其他公司的引人注目的新應用程序感到興奮。

We grew the number of universal Windows app developers 60% this quarter.

本季度，我們將通用 Windows 應用程序開發人員的數量增加了 60%。

In search, developers have already built over 1,000 apps designed for Cortana.

在搜索領域，開發人員已經構建了 1000 多個專為 Cortana 設計的應用程序。

These new third-party experiences, and the 6.3 billion questions people have asked are helping make Cortana smarter and driving search engagement.

這些新的第三方體驗以及人們提出的 63 億個問題正在幫助 Cortana 變得更智能並推動搜索參與度。

Over 35% of our search revenue last month came from Windows 10 devices.

上個月我們超過 35% 的搜索收入來自 Windows 10 設備。

In gaming, monthly active users of Xbox Live grew 26% year-over-year, driven by the growth of Xbox One and Windows 10.

在遊戲方面，受 Xbox One 和 Windows 10 增長的推動，Xbox Live 的月活躍用戶同比增長 26%。

Xbox One continues to outpace prior generations in both reach and engagement.

Xbox One 在覆蓋面和參與度方面繼續超越前幾代產品。

At the same time, we continue to create synergies between Xbox One and Windows 10 devices.

同時，我們繼續在 Xbox One 和 Windows 10 設備之間創造協同效應。

Bringing top Xbox One titles to Windows Store helped grow gaming hours on Windows 10 by 50% over last quarter.

將頂級 Xbox One 遊戲引入 Windows 應用商店幫助 Windows 10 上的遊戲時間比上一季度增加了 50%。

And starting this summer, universal Windows apps will run on Xbox One, making it easy to build applications and games that work across devices.

從今年夏天開始，通用 Windows 應用程序將在 Xbox One 上運行，從而可以輕鬆構建跨設備運行的應用程序和遊戲。

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

第三，我們繼續與我們的 OEM 合作，在新的設備類別上進行創新。

We're pleased with the results from Surface this quarter.

我們對 Surface 本季度的結果感到滿意。

This is our second $1 billion revenue quarter for Surface in a row, and it's the first outside of a holiday period.

這是 Surface 連續第二個 10 億美元的收入季度，也是假期以外的第一個季度。

Revenue grew 61% in constant currency, driven by Surface Pro 4 and Surface Book.

在 Surface Pro 4 和 Surface Book 的推動下，按固定匯率計算的收入增長了 61%。

Certainly, consumers value these devices, but where we see the strongest momentum is through adoption in the commercial space, with particular strength in financial services, manufacturing, and healthcare.

當然，消費者看重這些設備，但我們看到最強勁的勢頭是通過商業領域的採用，尤其是在金融服務、製造和醫療保健領域。

Our OEM partners are also innovating in new device areas for consumers and business customers.

我們的 OEM 合作夥伴也在為消費者和企業客戶在新設備領域進行創新。

In particular, they too, are seeing growth in the two-in-one device category.

特別是，他們也看到了二合一設備類別的增長。

As you can see, we think about renewing growth of Windows, we think broadly about where growth can come from.

如您所見，我們考慮更新 Windows 的增長，我們廣泛考慮增長的來源。

We see early signs of success in Windows driving increased engagement and monetization of services like search, store and gaming, as well as new sources of revenue from Surface.

我們看到 Windows 成功的早期跡象推動了搜索、商店和遊戲等服務的參與度和貨幣化，以及 Surface 的新收入來源。

As we build premium devices and premium categories, we're also stimulating demand across our entire ecosystem.

隨著我們打造高端設備和高端品類，我們也在刺激整個生態系統的需求。

Ultimately, the largest potential for Microsoft's growth will come through reinvention of personal computers and personal computing, as well as the new platforms we create.

歸根結底，微軟增長的最大潛力將來自個人電腦和個人計算的再發明，以及我們創建的新平台。

This broader mobile-first cloud-first opportunity cuts across all of our financial segments and technology ambition.

這種更廣泛的移動優先雲優先機會跨越了我們所有的金融領域和技術雄心。

And this is what we shared with developers at Build, and with business leaders at EnVision a few weeks ago.

這就是幾週前我們在 Build 與開發人員以及在 EnVision 與業務負責人分享的內容。

I hope you have had the chance to watch these events as well.

我希望您也有機會觀看這些活動。

We are creating entirely new ways for people to interact with technology, and also new ways for them to build technology.

我們正在為人們與技術互動創造全新的方式，也為他們構建技術創造新的方式。

HoloLens developer kit is one such example.

HoloLens 開發者工具包就是這樣一個例子。

Organizations around the world like Volvo and NASA are using HoloLens to redefine what it means to build and explore, and Case Western University is redefining how students learn to be world-class surgeons.

沃爾沃和 NASA 等世界各地的組織正在使用 HoloLens 重新定義構建和探索的意義，凱斯西方大學正在重新定義學生如何學習成為世界級的外科醫生。

Conversational interfaces is another example.

對話界面是另一個例子。

We envision a world where people will more naturally interact with their devices in the future through conversation.

我們設想一個未來人們將通過對話更自然地與他們的設備交互的世界。

Imagine simply asking Cortana to book a hotel, or being able to order a pizza through an instant message in Skype.

想像一下簡單地要求 Cortana 預訂酒店，或者能夠通過 Skype 中的即時消息訂購披薩。

Conversations will be a new platform that every business, every app, and every website will begin to embrace, and we're at the forefront driving this platform shift.

對話將成為每個企業、每個應用程序和每個網站都將開始擁抱的新平台，我們處於推動這一平台轉變的最前沿。

We are building out cloud services and platform to enable every business, across every industry to digitally transform themselves, and in turn build their own capability to create more digital technology.

我們正在構建雲服務和平台，以使每個行業的每個企業都能夠進行數字化轉型，進而建立自己的能力來創造更多的數字技術。

Empowering people and organizations to thrive in this digital world is central to Microsoft's mission.

讓個人和組織在這個數字世界中茁壯成長是微軟使命的核心。

I'm proud of our execution so far, and what we have achieved, and I'm also grounded in the work ahead of us.

我為我們迄今為止的執行以及我們所取得的成就感到自豪，我也為我們面前的工作奠定了基礎。

With that, I'll hand 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 that to answer questions.

我期待著再次加入你，然後回答問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $22.1 billion, up 2%, and up 5% in constant currency.

本季度收入為 221 億美元，增長 2%，按固定匯率計算增長 5%。

Gross margin declined slightly, but was up 4% in constant currency.

毛利率略有下降，但按固定匯率計算增長了 4%。

We grew operating income this quarter by 1%, and 10% in constant currency.

我們本季度的營業收入增長了 1%，按固定匯率計算增長了 10%。

And earnings per share was $0.62, flat year-over-year, and up 10% in constant currency.

每股收益為 0.62 美元，同比持平，按固定匯率計算增長 10%。

Our effective tax rate was 24%, higher than we anticipated, which impacted our EPS.

我們的有效稅率為 24%，高於我們的預期，這影響了我們的每股收益。

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

從地域角度來看，我們在大多數市場的表現符合預期。

However, Latin America, the Middle East and Africa were more unfavorable than we expected.

然而，拉丁美洲、中東和非洲的情況比我們預期的更為不利。

In our commercial business, we continued to see healthy fundamentals which led to a solid quarter of results.

在我們的商業業務中，我們繼續看到健康的基本面，這導致了穩健的季度業績。

Commercial bookings increased 7%, up 9% in constant currency.

商業預訂增長 7%，按固定匯率計算增長 9%。

Our total commercial annuity business had double-digit revenue growth in constant currency, and commercial annuity mix reached 86%, up 4 points year-over-year.

商業年金業務總額按固定匯率計算實現兩位數的收入增長，商業年金組合佔比達到86%，同比提升4個百分點。

Commercial unearned revenue grew to just under $18.8 billion, up 3% and 8% in constant currency, slightly below expectations due to a higher mix of contracts with more in-period recognition, and some deal weakness in the geographic markets mentioned earlier.

商業未實現收入增長至略低於 188 億美元，按固定匯率計算分別增長 3% 和 8%，略低於預期，原因是具有更多期內確認的合同組合增加，以及前面提到的地理市場的一些交易疲軟。

Our contracted not billed balance again exceeded $25 billion.

我們的合同未開票餘額再次超過 250 億美元。

Most important, as Satya mentioned earlier, our commercial cloud annualized revenue run rate surpassed $10 billion.

最重要的是，正如 Satya 之前提到的，我們的商業雲年化收入運行率超過 100 億美元。

This quarter, more than 65% of customers who signed enterprise agreements attached our commercial cloud offers, up 15 points from last year.

本季度，超過 65% 的簽署企業協議的客戶附加了我們的商業雲服務，比去年增加了 15 個百分點。

Our customers continue to make long-term commitments based on our compelling road map.

我們的客戶繼續根據我們令人信服的路線圖做出長期承諾。

Our commercial cloud gross margin was 45% this quarter, declining year-over-year.

本季度我們的商業雲毛利率為 45%，同比下降。

This decrease was driven by a higher mix of Azure revenue, our ongoing investment in data center capacity and geographic expansion, and a small FX headwind.

這一下降是由 Azure 收入的增加、我們對數據中心容量和地域擴張的持續投資以及較小的外匯逆風推動的。

As I mentioned last quarter, even as we're focused on gross margin improvement within each of our key cloud services, our total commercial cloud gross margin will reflect the dynamics of change in revenue mix, and targeted investment.

正如我上個季度提到的那樣，即使我們專注於提高每個關鍵雲服務的毛利率，我們的商業云總毛利率也將反映收入組合和目標投資變化的動態。

In Q3, the FX impact of 3 points on year-over-year revenue growth was generally in line with the guidance, as the recent weakening in the US dollar created less than 1 point of impact overall, and across segments.

在第三季度，外匯對收入同比增長 3 個百分點的影響總體上符合預期，因為近期美元走軟對整體和各個細分市場的影響不到 1 個百分點。

As Chris explained earlier, we're not able to provide constant currency impact at the segment level for operating expenses, and therefore segment operating income.

正如克里斯之前解釋的那樣，我們無法在部門層面為運營費用提供恆定的貨幣影響，因此也無法對部門運營收入產生影響。

In general, FX had a favorable impact of 1 point 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 1 個百分點的有利影響。

As expected, our Company gross margin percentage declined this quarter, driven by our accelerating mix of cloud services, in our intelligent cloud, and productivity and business processes segment, offset by higher gross margin percentage performance from products within More Personal Computing.

正如預期的那樣，本季度我們公司的毛利率下降了，這是由於我們在智能雲、生產力和業務流程領域加速混合雲服務，但被更多個人計算產品的毛利率上升所抵消。

Now to our segment results.

現在來看我們的細分結果。

This quarter, our productivity and business processes segment delivered in line with our expectations, with $6.5 billion in revenue increasing 1% and 6% in constant currency, with higher annuity mix offsetting lower transactional weakness results due to a weaker PC market.

本季度，我們的生產力和業務流程部門的交付符合我們的預期，收入為 65 億美元，按固定匯率計算分別增長 1% 和 6%，較高的年金組合抵消了由於個人電腦市場疲軟導致的交易疲軟結果下降。

In office commercial, revenue was flat, and grew 7% in constant currency, driven by continued momentum in Office 365, with installed base growth across Office, Exchange, SharePoint, and Skype Workloads.

在辦公商業領域，收入持平，按固定匯率計算增長 7%，這得益於 Office 365 的持續發展勢頭，Office、Exchange、SharePoint 和 Skype 工作負載的安裝基數增長。

Our channel again expanded this quarter, as more than 85,000 transacting partners sold Office 365 to small business customers.

本季度我們的渠道再次擴大，超過 85,000 個交易合作夥伴向小型企業客戶銷售 Office 365。

Office consumer revenue increased 3% and 6% in constant currency, due to an increasing base of subscribers and recurring subscription revenue, and our dynamics business grew 4%, up 9% in constant currency.

由於訂戶基數和經常性訂閱收入的增加，辦公室消費者收入增長了 3% 和 6%，以不變貨幣計算，我們的動態業務增長了 4%，增長了 9%。

We more than doubled CRM online seats for the sixth consecutive quarter.

我們連續第六個季度將 CRM 在線席位增加了一倍以上。

Segment gross margin dollars declined 4%, up 1% in constant currency.

分部毛利率下降 4%，按固定匯率計算上升 1%。

As we've discussed, gross margin percentage declined on a higher cloud services revenue mix within the segment.

正如我們所討論的，由於該細分市場內更高的雲服務收入組合，毛利率百分比下降。

Operating expenses decreased 1%, even as we continued engineering investments in our Office 365 and dynamics businesses, and prioritized spend in growth areas like E5, security and voice capabilities.

即使我們繼續對 Office 365 和動態業務進行工程投資，並優先在 E5、安全和語音功能等增長領域進行支出，運營費用也下降了 1%。

As a result, operating income declined 7%.

結果，營業收入下降了7%。

The intelligent cloud segment delivered $6.1 billion in revenue, which grew 3% and 8% in constant currency, just at the low end of our guidance range.

智能雲部門實現了 61 億美元的收入，按固定匯率計算分別增長了 3% 和 8%，處於我們指導範圍的低端。

Our total server products and cloud services revenue was flat year-over-year, and increased 5% in constant currency against a prior year comparable that had 16% constant currency growth.

我們的服務器產品和雲服務總收入與去年同期持平，按固定匯率計算增長了 5%，而去年同期的固定匯率增長率為 16%。

This quarter, our enterprise server customers continued their commitment to our hybrid cloud platform offerings, which resulted in double-digit annuity revenue growth in constant currency, including over 100% growth in Azure.

本季度，我們的企業服務器客戶繼續致力於我們的混合雲平台產品，這導致以固定匯率計算的年金收入實現兩位數增長，其中 Azure 增長超過 100%。

That growth was partially offset by a larger than expected decline in our transactional on-premise server business, which impacted the in-quarter results.

這一增長部分被我們的事務性本地服務器業務下降幅度大於預期所抵消，這影響了季度業績。

Enterprise services continued to perform well, with 11% revenue growth or 15% in constant currency, driven by customer demand for our support services and solutions.

在客戶對我們的支持服務和解決方案的需求的推動下，企業服務繼續表現良好，收入增長 11% 或按固定匯率計算增長 15%。

Gross margin declined 2%, and grew 3% in constant currency.

毛利率下降 2%，按固定匯率計算增長 3%。

Gross margin percentage declined, as cloud mix accelerated, offsetting margin improvements in Azure and enterprise services.

隨著雲混合加速，毛利率百分比下降，抵消了 Azure 和企業服務的利潤率提高。

In response to enterprise customer demand, and to increase our share in the cloud market, we grew operating expenses by 13% through Azure-focused investments across engineering, additional sales and marketing capacity, and the acquisition of Xamarin.

為了響應企業客戶的需求，並增加我們在雲市場的份額，我們通過以 Azure 為重點的工程投資、額外的銷售和營銷能力以及收購 Xamarin，將運營費用增加了 13%。

This quarter, operating income declined 14%.

本季度，營業收入下降了 14%。

Now to our final 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 $9.5 billion, up 1% and 3% in constant currency.

收入超過我們的預期，達到 95 億美元，按固定匯率計算分別增長 1% 和 3%。

First, our OEM results.

首先，我們的 OEM 結果。

Our total OEM business declined 2% this quarter, outperforming the overall PC market which was weaker than we expected.

本季度我們的 OEM 業務總額下降 2%，表現優於弱於我們預期的整體 PC 市場。

OEM non-Pro revenue increased 15%, driven primarily by a higher than expected mix of premium devices.

OEM 非專業收入增長 15%，主要是由於高端設備組合高於預期。

OEM Pro revenue underperformed the commercial PC market, declining 11%, due to the higher inventory level in Q2, that I mentioned in my last earnings commentary.

由於我在上次收益評論中提到的第二季度庫存水平較高，OEM Pro 收入表現遜於商用 PC 市場，下降了 11%。

Windows volume licensing grew 6% in constant currency, and IP licensing continued to decline, impacted by both a decrease in total unit volume, and a higher mix of lower royalty units.

Windows 批量許可按固定匯率計算增長了 6%，而 IP 許可繼續下降，這受到總單位數量減少和較低版稅單位的混合增加的影響。

As expected, devices revenue decreased this quarter.

正如預期的那樣，本季度設備收入下降。

Revenue declined 11% or 9% in constant currency, primarily due to phone, where revenue declined 46% in constant currency.

按固定匯率計算，收入下降了 11% 或 9%，主要是由於電話，按固定匯率計算，收入下降了 46%。

Additionally, sell-through of our Lumia products was weak, and we exited the quarter with relatively high channel inventory.

此外，我們的 Lumia 產品的銷售疲軟，我們以相對較高的渠道庫存退出了本季度。

As Satya mentioned, momentum in our Surface business continued, as revenue increased 56% or 61% in constant currency, with strong commercial and consumer demand for our Surface lineup.

正如 Satya 所提到的，我們的 Surface 業務繼續保持增長勢頭，按固定匯率計算，收入增長了 56% 或 61%，商業和消費者對 Surface 系列的需求強勁。

Overall, device gross margin dollars grew, and gross margin percentage improved, primarily driven by a shift to our higher gross margin Surface portfolio.

總體而言，設備毛利率增長，毛利率提高，主要是由於我們轉向更高毛利率的 Surface 產品組合。

Our search business remains strong this quarter, with growth driven by higher revenue per search, and higher search volume.

本季度我們的搜索業務依然強勁，增長是由更高的每次搜索收入和更高的搜索量推動的。

We again had US PC share growth, and search continued to be profitable.

我們再次實現了美國 PC 份額的增長，搜索繼續盈利。

In gaming, revenue grew 4% or 6% in constant currency, with continued progress in the monetization of our installed base.

在遊戲領域，收入增長 4% 或 6%（按固定匯率計算），我們的安裝基礎貨幣化繼續取得進展。

We saw higher revenue from Xbox Live, driven by both higher volumes of transactions, and higher revenue per transaction, as well as an increase in revenue from our gaming studios.

我們看到 Xbox Live 的收入增加，這得益於更高的交易量和更高的每筆交易收入，以及來自我們遊戲工作室的收入增加。

As expected, Xbox hardware revenue declined, mainly driven by lower Xbox 360 consoles sold, and lower Xbox One pricing.

正如預期的那樣，Xbox 硬件收入下降，主要是由於 Xbox 360 遊戲機銷量下降和 Xbox One 定價下降。

Segment gross margin increased 2% or 6% in constant currency, driven primarily by gross margin percentage improvements in devices and gaming.

按固定匯率計算，分部毛利率增長 2% 或 6%，主要受設備和遊戲毛利率百分比提高的推動。

Operating expenses decreased 14%, primarily through our actions in phone, and the transition of our display business to AOL.

運營費用下降了 14%，主要是通過我們在電話方面的行動，以及我們的顯示業務向 AOL 的過渡。

As a result, segment operating income grew 57%.

結果，分部營業收入增長了57%。

Now back to our overall Company results.

現在回到我們公司的整體業績。

As planned, we accelerated our data center and cloud services investments to meet growing global demand.

按照計劃，我們加快了對數據中心和雲服務的投資，以滿足不斷增長的全球需求。

This quarter, we invested $2.3 billion in total capital expenditures, including an increase of 65% year-over-year primarily for data centers and servers.

本季度，我們在總資本支出上投資了 23 億美元，其中主要用於數據中心和服務器，同比增長 65%。

Other income was negative $247 million, driven by interest expense and net losses on derivatives, partially offset by dividends, interest income, and net recognized gains on investments.

其他收入為負 2.47 億美元，受利息支出和衍生品淨虧損的推動，部分被股息、利息收入和已確認的投資淨收益所抵消。

Our non-GAAP effective tax rate was 24%, higher than we expected, which reflected the changing mix of revenue across geographies, as well as an accelerating shift in revenue from software licensing to cloud services.

我們的非公認會計原則有效稅率為 24%，高於我們的預期，這反映了不同地區收入組合的變化，以及收入從軟件許可向雲服務的加速轉移。

The rate for the quarter included a catch-up adjustment from Q1 and Q2, reflecting the new full-year -- the new expected full-year non-GAAP effective tax rate.

本季度的稅率包括第一季度和第二季度的追趕調整，反映了新的全年——新的預期全年非公認會計原則有效稅率。

This quarter, we returned $6.4 billion to shareholders through share repurchases and dividends.

本季度，我們通過股票回購和分紅向股東返還了 64 億美元。

Now let's move to the outlook.

現在讓我們轉向展望。

First on FX, consistent with our guidance last quarter, we still expect FX to negatively impact year-over-year growth in Q4 by 3 points.

首先是外匯，與我們上季度的指導一致，我們仍然預計外匯將對第四季度的同比增長產生 3 個百分點的負面影響。

By segment, we expect 3 points of impact on productivity and business processes, 3 points in intelligent cloud, and 2 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 3 點，智能雲為 3 點，更多個人計算為 2 點。

Second, our commercial business.

第二，我們的商業業務。

Our commercial business will be on pace for continued strong annuity growth, as both new and existing enterprise customers adopt and use our growing portfolio of cloud services.

隨著新老企業客戶採用和使用我們不斷增長的雲服務組合，我們的商業業務將繼續保持強勁的年金增長。

Even with projections of tightening global IT spend and currency headwinds, we expect commercial unearned revenue to be $24.3 billion to $24.5 billion, in line with historic seasonality.

即使全球 IT 支出收緊和貨幣逆風的預測，我們預計商業未實現收入為 243 億美元至 245 億美元，與歷史季節性一致。

We remain on track toward our $20 billion commercial cloud revenue run rate goal, as we grow revenue, drive consumption, and focus on gross margin improvement in Office 365, Azure and Dynamics online.

隨著我們增加收入、推動消費並專注於 Office 365、Azure 和 Dynamics Online 的毛利率提高，我們將繼續朝著 200 億美元的商業雲收入運行率目標前進。

Finally, we will continue our investment in data centers and capital equipment to address customer demand for our cloud services.

最後，我們將繼續投資於數據中心和資本設備，以滿足客戶對我們雲服務的需求。

With that, let me share our view by segment.

有了這個，讓我按部分分享我們的觀點。

In productivity and business processes, we expect revenue to be $6.5 billion to $6.7 billion, with continued annuity shift to the cloud, offsetting the impact of a weaker PC market on our transactional business in our consumer and commercial segments.

在生產力和業務流程方面，我們預計收入將在 65 億美元至 67 億美元之間，同時年金將繼續轉移到雲端，以抵消個人電腦市場疲軟對我們在消費者和商業領域的交易業務的影響。

In intelligent cloud, we expect revenue between $6.5 billion to $6.7 billion, driven by annuity growth, offset by continued transactional weakness.

在智能雲方面，我們預計收入在 65 億美元至 67 億美元之間，受年金增長的推動，但被持續的交易疲軟所抵消。

In More Personal Computing, we expect revenue between $8.7 billion and $9 billion.

在更多個人計算方面，我們預計收入在 87 億美元至 90 億美元之間。

Here's a bit more detail on its individual components.

這是有關其各個組件的更多詳細信息。

In Windows, we expect our OEM Pro revenue to be largely in line with the commercial PC market.

在 Windows 中，我們預計我們的 OEM Pro 收入將在很大程度上與商用 PC 市場保持一致。

Our non-Pro revenue is expected to be above the consumer PC market, similar to what we saw in Q3, primarily due to the continued benefit from a strong mix of premium devices.

我們的非專業收入預計將高於消費 PC 市場，類似於我們在第三季度看到的情況，這主要是由於優質設備的強勁組合持續受益。

In devices, we anticipate continued momentum and growth for Surface Pro 4 and Surface Book, particularly with business customers.

在設備方面，我們預計 Surface Pro 4 和 Surface Book 將繼續保持增長勢頭，尤其是商業客戶。

For phone, we expect year-over-year revenue declines to steepen in Q4, as we work through our Lumia channel position.

對於手機，我們預計第四季度的收入同比下降幅度將加劇，因為我們正在努力通過我們的 Lumia 渠道定位。

In search, we will continue to show healthy revenue growth, with full-year profitability.

在搜索方面，我們將繼續呈現健康的收入增長，全年盈利。

Finally in gaming, we expect to see continued healthy user engagement on our Xbox platform, and we look forward to E3, where we will announce new titles for the upcoming fiscal year.

最後，在遊戲方面，我們希望在我們的 Xbox 平台上看到持續健康的用戶參與，我們期待 E3，我們將在此宣布下一個財年的新遊戲。

We expect COGS to be $7.8 billion to $7.9 billion.

我們預計銷貨成本為 78 億至 79 億美元。

We expect operating expenses between $8.2 billion and $8.3 billion.

我們預計運營費用在 82 億美元至 83 億美元之間。

Our full-year guidance is now down to $31 billion to $31.1 billion, as we concentrate our investments in engineering and technical sales, to accelerate our cloud growth heading into the next fiscal year.

隨著我們將投資集中在工程和技術銷售上，以加快進入下一財年的雲增長，我們的全年指導現在已降至 310 億美元至 311 億美元。

We expect other income and expenses to be negative $200 million in Q4.

我們預計第四季度其他收入和支出為負 2 億美元。

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

這包括被股息和利息收入抵消的對沖和利息費用的淨成本。

For tax, based on trends reflected in this quarter's full-year catch-up adjustment, we expect our Q4 effective tax rate to be 21% and 23%.

稅收方面，根據本季度全年追趕調整所反映的趨勢，我們預計第四季度的有效稅率為 21% 和 23%。

We expect our full-year effective tax rate to be between 20% and 21%.

我們預計全年有效稅率將在 20% 至 21% 之間。

Before I wrap up, I'd like to share a few directional comments on FY17.

在結束之前，我想分享一些關於 FY17 的定向評論。

This year, we saw strong growth in our commercial cloud portfolio, and we grew our annuity penetration across our commercial business.

今年，我們的商業雲產品組合實現了強勁增長，並且我們在商業業務中的年金滲透率也有所提高。

We anticipate those trends will continue next fiscal year, driving our revenue growth, and impacting our gross margin percentages.

我們預計這些趨勢將在下個財政年度繼續，推動我們的收入增長，並影響我們的毛利率百分比。

As we continue to unify and modernize our Windows installed base across our business customers, we will advance our progress in our post sale monetization scenarios, and execute on the Windows 10 enterprise deployment opportunity.

隨著我們繼續在我們的商業客戶中統一和現代化我們的 Windows 安裝基礎，我們將推進我們在售後貨幣化方案中的進展，並利用 Windows 10 企業部署機會。

Throughout FY16, our significant investment in engineering, sales and marketing has positioned us to support our customers' digital transformations, and to innovate in device form factors like Surface and HoloLens.

在整個 2016 財年，我們在工程、銷售和營銷方面的重大投資使我們能夠支持客戶的數字化轉型，並在 Surface 和 HoloLens 等設備外形方面進行創新。

In FY17, we expect to continue that investment, and reallocation process, therefore total operating expenses should be flat to up slightly.

2017 財年，我們預計將繼續進行投資和重新分配過程，因此總運營費用應持平至小幅上升。

I look forward to sharing more on our FY17 plans in July.

我期待在 7 月分享更多關於我們 2017 財年計劃的信息。

With that, Chris, let's go to Q&A.

有了這個，克里斯，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We will now move to Q&A.

我們現在將轉到問答環節。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Brent Thill, UBS.

瑞銀的布倫特希爾。

Good afternoon.

下午好。

Amy, just on the Q4 guide.

艾米，就在第四季度指南上。

You're guiding below the Street on many of the individual line items on the top line.

您在頂行上的許多單個訂單項上引導低於街道。

I'm just curious, is this more of the shift to the cloud, or is there some demand execution issues that you're seeing in the business?

我只是好奇，這更多的是向雲的轉變，還是您在業務中看到了一些需求執行問題？

Thanks, Brent.

謝謝，布倫特。

It's really, as we talked about, transactional weakness in productivity and business process.

正如我們所說，這確實是生產力和業務流程中的交易弱點。

We're continuing to expect strong annuity growth.

我們繼續期待強勁的年金增長。

We're continuing to expect a strong mix to the cloud.

我們繼續期待雲的強大組合。

We're continuing to expect ARPU increases, premium mix increases, and installed base growth.

我們繼續預計 ARPU 會增加、保費組合增加和安裝基數增長。

So really, in that segment, it's the PC weakness, and our traditional transactional office business that's impacting that segment.

所以說真的，在那個領域，PC 的弱點和我們傳統的事務性辦公業務正在影響那個領域。

In intelligent cloud, it's a very similar dynamic.

在智能雲中，這是一個非常相似的動態。

We're expecting renewal rates to remain strong as they've been.

我們預計續訂率將保持強勁。

We're expecting the mix to Azure to continue to grow.

我們預計 Azure 的組合將繼續增長。

We're expecting annuity double-digit revenue growth.

我們預計年金收入將實現兩位數增長。

And again, it's the transactional weakness that you're seeing overall, as well some -- the very specific geo weakness that we saw, which I called out earlier.

再說一次，這是你看到的整體交易弱點，以及一些 - 我們看到的非常具體的地理弱點，我之前提到過。

And in More Personal Computing, the largest change in that segment is frankly the phone.

在更多個人計算領域，坦率地說，該領域最大的變化是手機。

So I would really focus on that in that segment.

所以我真的會專注於那個部分。

The rest of it, frankly, is quite good.

坦率地說，其餘的都很好。

Thank you.

謝謝你。

Thanks, Brent.

謝謝，布倫特。

We'll take the next question now, please?

我們現在來回答下一個問題，好嗎？

Philip Winslow, Credit Suisse.

菲利普·溫斯洛，瑞士信貸。

Thanks for taking my question, and congrats on a great quarter.

感謝您提出我的問題，並祝賀一個偉大的季度。

I just want to focus in on Office here.

我只想在這裡專注於 Office。

Obviously, you called out Office 365 commercial suite growing 57% year-over-year, so very consistent with what your last quarter was.

顯然，您提到 Office 365 商業套件同比增長 57%，這與您上一季度的情況非常一致。

And Satya, you mentioned the mix shift as well with the release of E5.

Satya，你也提到了 E5 發佈時的混音轉變。

Wonder if you can just provide some color there, sort of a I guess, a grade of where you are right now?

想知道你是否可以在那裡提供一些顏色，我猜是一種你現在所處的等級？

And then, as you're contemplating guidance for Q4, and then thinking about 2017, how should we think -- or how are you guys thinking about that Office 365 transition there, sort of units and pricing?

然後，當您考慮第四季度的指導，然後考慮 2017 年時，我們應該怎麼想 - 或者你們如何考慮那裡的 Office 365 過渡、單位類型和定價？

I can start, and then Amy, you can add.

我可以開始，然後艾米，你可以添加。

Overall, the thing that we are most focused on with Office 365 is how do we make sure that we have the Office 365 endpoints everywhere and good usage.

總體而言，我們最關注 Office 365 的事情是我們如何確保我們在任何地方都有 Office 365 端點和良好的使用。

And I talked about how the mobile endpoints has been growing, and the mobile usage has been growing.

我還談到了移動終端是如何增長的，以及移動使用量是如何增長的。

I also talked about the 70 million monthly active users of Office.

我還談到了 Office 的 7000 萬月活躍用戶。

So we feel very good about that, which is users, both in terms of coverage and usage.

所以我們對此感覺非常好，這就是用戶，無論是在覆蓋範圍還是使用方面。

The next place where we're very focused on is really the new scenarios, and E5 is obviously a big element of it.

下一個我們非常關注的地方是真正的新場景，而 E5 顯然是其中的一個重要元素。

I talked about it in some detail, the security value proposition.

我詳細討論了安全價值主張。

That is really showing a lot of good traction for us, but we're also seeing traction in analytics and voice.

這確實為我們展示了很多良好的牽引力，但我們也看到了分析和語音方面的牽引力。

So we're in the very early innings of E5, but the value proposition and the TAM, or the total addressable market of those three scenarios is huge.

所以我們處於 E5 的早期階段，但價值主張和 TAM，或者這三個場景的總潛在市場是巨大的。

And so, we remain very excited about it.

因此，我們仍然對此感到非常興奮。

The other thing that I'm also excited about, when it comes to Office 365, is for the first time we're opening up Office 365.

當談到 Office 365 時，我也很興奮的另一件事是我們第一次開放 Office 365。

Not just as an end-user, and a enterprise tool and a service, but as a developer platform.

不僅作為最終用戶、企業工具和服務，而且作為開發人員平台。

In its own right, we think of Office as perhaps one of the most strategic developer assets we have, and with the Microsoft Graph API, and what we see as activity around it.

就其本身而言，我們認為 Office 可能是我們擁有的最具戰略意義的開發人員資產之一，並且與 Microsoft Graph API 以及我們所看到的圍繞它的活動有關。

We think about the platform effects of that, as also being very key.

我們認為它的平台效應也是非常關鍵的。

So that's, at least at the macro level, how I look at it.

所以，至少在宏觀層面上，我是這麼看的。

And Amy, if you want to talk a little more about it ?

還有艾米，如果你想多談談嗎？

And I think that the way that shows itself in our financial results is, you'd expect to continue to see the strong mix shift to the cloud.

而且我認為在我們的財務業績中表現出來的方式是，你會期望繼續看到強勁的組合轉移到雲端。

You'd expect to continue to see installed base growth, as even some of the items Satya talked about have more relevance, and continue to make us, the value prop higher, even in small business, which is where you've seen new user adds.

您預計安裝基數會繼續增長，因為即使 Satya 談到的某些項目也具有更大的相關性，並繼續使我們的價值支柱更高，即使在小型企業中也是如此，這是您看到新用戶的地方補充道。

I would continue to expect to see ARPU growth, as we see E5 have its impact through the year.

我會繼續期待 ARPU 的增長，因為我們看到 E5 全年都會產生影響。

And so, think about these same dynamics, Phil, for us, where we focus on new users, and ARPU increases, as we shift to Office 365, those are trends I'd expect to see, obviously as we look into 2017.

因此，Phil 為我們考慮這些相同的動態，我們專注於新用戶，隨著我們轉向 Office 365，ARPU 會增加，這些是我期望看到的趨勢，很明顯，當我們展望 2017 年時。

Great.

偉大的。

Thanks, guys.

多謝你們。

Thanks, Phil.

謝謝，菲爾。

We will take the next question, please?

我們將回答下一個問題，好嗎？

Thank you.

謝謝你。

Mark Moerdler, Bernstein Research.

Mark Moerdler，伯恩斯坦研究中心。

Sure.

當然。

Thank you very much.

非常感謝。

So if you look at productivity and process and intelligent cloud, obviously we're having a margin decrease that's occurring, and a good chunk of that is cloud.

因此，如果您查看生產力和流程以及智能雲，顯然我們正在發生利潤率下降，其中很大一部分是雲。

How should we think about the standalone license business, in terms of the margins, separated from the cloud side of it?

我們應該如何看待獨立許可業務，就利潤而言，與雲計算分離？

The standalone margins on the licensing business have been pretty stable.

許可業務的獨立利潤率相當穩定。

Just because transactionally, we understand and continue to bring down the fixed cost base there, and any that's required.

僅僅因為在交易方面，我們理解並繼續降低那裡的固定成本基礎，以及任何需要的成本。

So I don't feel like you'd expect any material change in those, Mark.

所以我覺得你不會期望這些有任何實質性的變化，馬克。

Okay.

好的。

I appreciate.

我很感激。

Thank you.

謝謝你。

Thanks.

謝謝。

Thank you, Mark.

謝謝你，馬克。

We'll take the next question, please?

請我們回答下一個問題好嗎？

Thank you.

謝謝你。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Great.

偉大的。

Thank you so much.

太感謝了。

Satya, I wanted to see if you could share a little bit on Azure?

Satya，我想看看你能不能在 Azure 上分享一點？

Just how you're thinking about the competitive positioning, versus Amazon, where you think your strengths are, versus them?

您如何看待競爭定位，與您認為自己的優勢所在的亞馬遜相比，與他們相比？

And also, as the business continues to ramp at such a fast pace, how do we think about the progression in gross margins?

此外，隨著業務繼續以如此快的速度增長，我們如何看待毛利率的增長？

I mean, Amazon gives us operating margins.

我的意思是，亞馬遜給了我們營業利潤。

But I guess, I'm wondering, is there a reason you shouldn't be able to reach similar operating margins with Azure at a similar scale, if we went back and looked at the progression that Amazon's been disclosing?

但我想，我想知道，如果我們回過頭來看看亞馬遜披露的進展情況，你是否有理由不能以類似的規模達到與 Azure 類似的營業利潤率？

Sure, Heather.

當然，希瑟。

Thanks for the question.

謝謝你的問題。

First of all, when Amy and I think about both our CapEx, as well as our OpEx, both on the engineering side, as well as on our sales and marketing side, we think about this still at a Microsoft cloud level.

首先，當艾米和我考慮我們的資本支出和運營支出時，無論是在工程方面，還是在我們的銷售和營銷方面，我們仍然在微軟雲層面考慮這一點。

Just because if you take something like enterprise mobility suite, that gives you an indication of how, for example, we attach to Office 365, essentially an infrastructure service that hasn't [SaaS-like] margins.

僅僅因為如果您採用企業移動套件之類的東西，就會知道我們如何附加到 Office 365，它本質上是一種沒有 [SaaS 類] 利潤的基礎設施服務。

Or even some of our application services in Azure that attach to office developer experiences.

甚至是我們在 Azure 中的一些應用程序服務，它們附加到辦公室開發人員體驗。

So we think about this part more holistically, and same thing with dynamics.

因此，我們更全面地考慮這部分，並且與動態相同。

But having said that, if -- to your specific question, of where our differentiation lies?

但是話雖如此，如果 - 對於您的具體問題，我們的差異化在哪裡？

The first one is hybrid.

第一個是混合的。

Most people think about hybrid where, they think about the cloud as the edge of their server.

大多數人想到混合，他們認為雲是他們服務器的邊緣。

We obviously support that with all of our service.

顯然，我們所有的服務都支持這一點。

Every server product of ours has cloud enrollment rights, whether it be SQL, whether it be Windows server, and you'll see that increasingly, even in this next wave of servers.

我們的每個服務器產品都擁有云註冊權限，無論是 SQL 還是 Windows 服務器，您會越來越多地看到這一點，即使在下一波服務器中也是如此。

But we also think of, in fact, our servers as the edge of our cloud.

但事實上，我們也認為我們的服務器是雲的邊緣。

That I think is where the world is going to go to, where distributed computing will remain distributors.

我認為這就是世界將走向何方，分佈式計算仍將是分銷商的地方。

So Azure Stack is completely unique to Microsoft.

所以 Azure Stack 對微軟來說是完全獨一無二的。

No one else who is in the public cloud business at any scale has that kind of capability.

任何規模的公共雲業務中的其他人都沒有這種能力。

So, I would say that's another point of differentiation.

所以，我會說這是另一個區別點。

So to your point about margins, I feel that we actually will have software licenses with hybrid rights.

因此，就您關於利潤的觀點而言，我認為我們實際上將擁有具有混合權利的軟件許可。

That's a different margin structure.

這是不同的保證金結構。

We will have [IAS] services, and you talked about the existence proof, at least from Amazon about what margins at scale can be achieved there.

我們將提供 [IAS] 服務，您談到了存在證明，至少來自亞馬遜的關於在那裡可以實現的大規模利潤。

We have PaaS services in infrastructure like EMS that have SaaS-like rev margins.

我們在 EMS 等基礎設施中提供 PaaS 服務，具有類似 SaaS 的轉速利潤率。

And then, of course, we have SaaS services in Office 365.

然後，當然，我們在 Office 365 中提供 SaaS 服務。

So I think the mix of our gross -- or rather that mix will define a long-term gross margin, and operating margin for our cloud services.

因此，我認為我們的毛利率組合——或者更確切地說，這種組合將定義我們雲服務的長期毛利率和運營利潤率。

But the mix will also shift each quarter, just because the mix is not a stable mix, we'll see growth in different in parts, at different times.

但是每個季度的組合也會發生變化，只是因為組合不是一個穩定的組合，我們會看到不同部分、不同時間的增長。

Great.

偉大的。

Thank you.

謝謝你。

Thank you, Heather.

謝謝你，希瑟。

We will go to the next one, please?

我們去下一個，好嗎？

Thank you.

謝謝你。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Excellent.

出色的。

Thank you, guys, for taking my question.

謝謝各位，接受我的提問。

Amy, when you're talking about the transactional declines particularly (technical difficulty) and the server portion of that, can you help us understand how much of that is due to maybe more macro factors, weaker overall spending environment, and how much of that comes from perhaps demand being reallocated towards infrastructure-as-a-service offerings that you guys have in Azure?

艾米，當您特別談到交易下降（技術難度）和服務器部分時，您能否幫助我們了解其中有多少可能是由於宏觀因素、整體支出環境疲軟以及其中有多少可能是因為需求被重新分配給你們在 Azure 中擁有的基礎設施即服務產品？

Is there something of a cannibalization taking place, within that transactional business today?

在今天的交易業務中，是否發生了某種蠶食？

Keith, that's good question.

基思，這是個好問題。

Let me go through a number of factors that really impact transactional business.

讓我來看看一些真正影響交易業務的因素。

First, you're right.

首先，你是對的。

There's clearly a macro impact, especially on the transactional business.

顯然存在宏觀影響，尤其是對交易業務。

Transactional businesses tend to be more impacted in emerging markets, where we have a higher percentage of new -- of non-annuity business as transactional business.

交易業務往往在新興市場受到更大的影響，在這些市場中，我們將新的非年金業務作為交易業務的比例更高。

Those have been the weakest markets in this macro environment, and specifically some of the geos we called out have more exposure in this place.

在這個宏觀環境中，這些市場一直是最弱的市場，特別是我們提到的一些地理區域在這個地方有更多的曝光率。

And so, you're certainly seeing the macro impact in the intelligent cloud segment, in the server weaknesses there.

因此，您肯定會看到智能雲領域的宏觀影響，以及那裡的服務器弱點。

And because frankly, we saw that macro weakness, you've even seen it, in terms of server shipments, right?

因為坦率地說，我們看到了宏觀上的弱點，你甚至已經看到了，就服務器出貨量而言，對吧？

If you look at server shipments, you'd say that's actually a macro statement.

如果您查看服務器出貨量，您會說這實際上是一個宏觀聲明。

We didn't see it any one particular workload.

我們沒有看到任何特定的工作量。

It's weakness across workloads, which tends to make more sense, frankly, with a macro or a budget IT spend constraint.

這是跨工作負載的弱點，坦率地說，在宏觀或預算 IT 支出限制的情況下，這往往更有意義。

And so, I actually think between those two items, it's the biggest impact that we've seen in the quarter.

因此，我實際上認為在這兩個項目之間，這是我們在本季度看到的最大影響。

And I expect to see it again next quarter, given I don't think the macro or IT spend environment should change in any way between these two quarters.

鑑於我認為宏觀或 IT 支出環境在這兩個季度之間不會發生任何變化，我預計下個季度會再次看到它。

So I think less about it being cannibalistic, because so many of the scenarios in this time period, we've seen the growth we expected.

所以我認為它是自相殘殺的，因為在這段時間裡有這麼多的場景，我們已經看到了我們預期的增長。

We've seen it across our premium services, as well as core compute.

我們已經在我們的高級服務以及核心計算中看到了這一點。

I should also say most of the weakness we saw was in the standard workloads, which I think lends itself again to some of those pressures.

我還應該說，我們看到的大部分弱點都存在於標準工作負載中，我認為這再次導致了其中的一些壓力。

We also saw and I would expect annuity shifts there, which is the final component.

我們也看到了，我預計那裡的年金會發生變化，這是最後一個組成部分。

Our annuity numbers and renewal numbers were very good in intelligent cloud.

我們的年金號和續期號在智能雲上非常好。

And in fact, they came right where we expected, in terms of unearned balances.

事實上，就未實現的餘額而言，它們正好符合我們的預期。

And so, for me I do tend to think it's a bit more on the macro pressure and budget impacts than it is, frankly, any other statement or execution.

因此，對我來說，坦率地說，我確實傾向於認為這更多地是對宏觀壓力和預算影響，而不是任何其他聲明或執行。

Excellent.

出色的。

That's very helpful.

這很有幫助。

Thank you, Keith.

謝謝你，基思。

We'll take the next question, please?

請我們回答下一個問題好嗎？

Thank you.

謝謝你。

Karl Keirstead, Deutsche Bank.

德意志銀行的卡爾·凱爾斯特德。

Thanks.

謝謝。

Amy, this one for you.

艾米，這個給你。

I wouldn't mind asking about the gross margin guidance.

我不介意詢問毛利率指導。

If I take the midpoint of your revenue guidance, the midpoint of your COGS guidance, it looks like you're guiding to another roughly 200 basis point decline in gross margins in the June quarter, which is about what you did in March.

如果我採用您的收入指導的中點，即您的銷貨成本指導的中點，看起來您正在指導 6 月季度的毛利率再下降約 200 個基點，這與您在 3 月份所做的差不多。

So if we look out to FY17, I know you touched on it a little bit, but just to be clear, it feels like you're guiding to a further year-over-year decline in gross margins.

因此，如果我們展望 2017 財年，我知道您對此有所了解，但為了清楚起見，感覺就像您正在引導毛利率進一步同比下降。

But it sounds like that will be offset in part by a continued good OpEx control.

但聽起來這將被持續良好的運營支出控制部分抵消。

So is that the right way to think about it?

那麼這是正確的思考方式嗎？

And is there any way that you could sort of bracket what the gross margin percentage decline might be in FY17?

有什麼方法可以算出 FY17 的毛利率下降幅度？

You probably don't want to give specific guidance, but maybe some high level color?

您可能不想給出具體的指導，但可能是一些高級顏色？

Thanks.

謝謝。

Directional.

定向的。

Karl, thanks for the question.

卡爾，謝謝你的問題。

And you're right, in general, and let me spend a few seconds on that.

總的來說，你是對的，讓我花幾秒鐘的時間。

You're right, we saw about a 200 basis point change this quarter.

沒錯，我們本季度看到了大約 200 個基點的變化。

It's entirely due to the shift to the cloud, both in our productivity and business process segment, as well as the intelligent cloud segment.

這完全是由於我們的生產力和業務流程部門以及智能雲部門向雲的轉變。

Those are the exact same drivers in the gross margin change that we guided to in Q4.

這些與我們在第四季度引導的毛利率變化的驅動因素完全相同。

And I would expect stability as we've seen it, in our More Personal Computing segment.

我希望在我們的更多個人計算部分中看到我們所看到的穩定性。

And so, as you think about 2017, with the continued acceleration of our cloud mix, and actually continued momentum in annuity, I would to see the same -- the same pressures continue to exist.

因此，當您考慮 2017 年時，隨著我們雲組合的持續加速以及年金業務的持續增長，我會看到同樣的情況——同樣的壓力繼續存在。

And you're right, in that our strong operating expense focus, because really this is the quarter when you've been able to see actually in Q2 and Q3 now, us really pivoting that investment in OpEx to our intelligent cloud, and the opportunity we see there across engineering, sales and marketing.

你是對的，因為我們非常關注運營費用，因為實際上這是你現在能夠在第二季度和第三季度看到的季度，我們真的將 OpEx 的投資轉向我們的智能雲，以及機會我們在工程、銷售和營銷領域看到了這一點。

And you're right, we do expect to see, and continue to do that as we lead into 2017, within the overall envelope I discussed.

你說得對，我們確實希望在我討論的總體範圍內看到並在我們進入 2017 年時繼續這樣做。

Great.

偉大的。

Thanks, Amy.

謝謝，艾米。

Thanks.

謝謝。

Thank you, Carl.

謝謝你，卡爾。

Next question, please?

請問下一個問題？

Thank you.

謝謝你。

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

Hi, thanks.

你好謝謝。

Amy, my question just on guidance, and your posture on guidance, a two-part question.

艾米，我的問題只是關於指導的問題，而你關於指導的姿勢，一個兩部分的問題。

I think we've seen you give very conservative guidance say, for the first half of the year.

我想我們已經看到你在今年上半年給出了非常保守的指導。

And in Q3, you ended up, putting it all together, at the lower end of your guidance.

在第三季度，您最終將所有內容放在一起，處於指導的低端。

And I'm wondering -- your posture, just generally around guidance, if it's changed at all, that you're factoring in things differently, and we should think about that range going forward?

我想知道——你的姿勢，一般來說只是圍繞指導，如果它發生了變化，你是否考慮到了不同的因素，我們應該考慮這個範圍嗎？

Should it be more like it's been in the past, where you've had very conservative assumptions, or more like what you just did here?

它應該更像過去，你有非常保守的假設，還是更像你剛剛在這裡所做的？

And then, the second part is, as you look forward maybe towards longer-term guidance, and the prospects of giving longer-term guidance, because I don't think I've seen an estimate spread on a company as large as this, in a long time, how are you thinking about possibly giving long-term guidance?

然後，第二部分是，因為您可能期待更長期的指導，以及提供長期指導的前景，因為我認為我沒有看到像這樣大的公司的估計分佈，在很長一段時間內，您如何考慮可能給予長期指導？

What the factors that are influencing your comfort in doing that?

哪些因素會影響您這樣做的舒適度？

Or is it more philosophical, and it's something you're just not going to do, that's not necessarily dependent on your view of the business?

還是它更具哲學性，這是您不打算做的事情，不一定取決於您對業務的看法？

Thanks, Walter.

謝謝，沃爾特。

My philosophical position doesn't change much.

我的哲學立場沒有太大變化。

I give the guidance that I expect for the quarter, and I do it on the earnings call to the best of my ability.

我給出了我對本季度的預期指導，並儘我所能在收益電話會議上做到了。

What you've seen this quarter is in fact the biggest in-quarter delta for us all the time is the non-annuity performance, than in our -- all of our segments, that is transactional business, that is the most impacted in quarter, by budget changes or macro changes.

您在本季度看到的實際上是我們一直以來最大的季度內增量是非年金業績，而不是我們所有的部門，即交易業務，這是本季度受影響最大的部門，通過預算變化或宏觀變化。

And so, the inherent volatility that you are talking about really, is about changes in quarter that we see and the impact of that.

因此，您真正談論的固有波動性是關於我們看到的季度變化及其影響。

So I don't think it's a philosophical shift.

所以我不認為這是一個哲學轉變。

It's just where you see volatility in quarter has always been in the transactional side of our business.

這正是您看到季度波動一直存在於我們業務的交易方面的地方。

The guidance we gave in our annuity positions, in terms of renewals and where we saw them were exactly, frankly, what we expected, with the small exception of the geos that I called out.

坦率地說，我們在年金職位上給出的指導，在續約方面以及我們看到它們的位置完全符合我們的預期，除了我提到的地理信息之外。

So I tend to think -- I'll talk a little bit about 2017, as I always do come July, give you all more of a shape to that.

所以我傾向於認為 - 我會談談 2017 年，就像我總是在 7 月到來時一樣，讓你們更加了解這一點。

But I tend to think, I would like to focus on where the Company is going, which is cloud mix shift, annuity growth, and overall world view of bringing Windows and the ecosystem growth through MPC.

但我傾向於認為，我想關注公司的發展方向，即云混合轉變、年金增長以及通過 MPC 帶來 Windows 和生態系統增長的整體世界觀。

Thank you.

謝謝你。

Thank you, Walter.

謝謝你，沃爾特。

We'll take one more, please?

我們再拿一個好嗎？

Thank you.

謝謝你。

Our next question comes from Ross MacMillan, RBC Capital.

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

Thanks a lot.

非常感謝。

Amy, I just wanted to go back on the intelligent cloud.

艾米，我只是想回到智能雲上。

We did see that deceleration in server product growth, but the comp was very tough.

我們確實看到了服務器產品增長的減速，但競爭非常艱難。

And as you commented, your annuity was up, and your deferred growth accelerated.

正如你所說，你的年金增加了，你的延遲增長加速了。

That server product line has grown about 5% constant currency in the last 12 months.

該服務器產品線在過去 12 個月中增長了約 5%。

I guess the question is, is there any structural reason why, going back to Keith's question, why that would decelerate more ex macro?

我想問題是，是否有任何結構性原因，回到基思的問題，為什麼這會在宏觀上進一步減速？

And then, another question I just had that's related to this.

然後，我剛剛提出的另一個與此相關的問題。

Can you just remind us, in the server product ex Azure line, and in the commercial office traditional non 365 line, how much is transactional in those two segments?

您能否提醒我們，在 Azure 線之前的服務器產品中，以及在商業辦公傳統的非 365 線中，這兩個細分市場的交易量是多少？

Thank you.

謝謝你。

Sure.

當然。

Ross, let me try to take this.

羅斯，讓我試著接受這個。

The first question around, is there anything structural or different in that server product line?

第一個問題是，該服務器產品線有什麼結構或不同之處嗎？

Really, it has been, and is that transactional component.

確實，它曾經是並且現在是交易組件。

You're right, we continue to see the annuity growth.

你是對的，我們繼續看到年金增長。

We continue see the growth through Azure, and the offset to that has been the transactional business.

我們繼續通過 Azure 看到增長，而抵消這一增長的是交易業務。

I'm not sure that I would say that there's any structural reason, other than -- that's changed my world view, other than maybe the budget and macro pressure tends to exert itself on that transactional business.

我不確定我會說有任何結構性原因，除了 - 這改變了我的世界觀，除了預算和宏觀壓力可能傾向於對該交易業務施加影響。

But overall, continuing to see the renewals we've seen, continuing to see the cloud growth we've seen, I'm not sure I think of it as a fundamental trajectory change, outside of that component we discussed.

但總的來說，繼續看到我們所看到的更新，繼續看到我們所看到的雲增長，我不確定我是否認為這是我們討論的那個組成部分之外的基本軌跡變化。

In terms of overall, rough orders of magnitude, the intelligent cloud segment has the least exposure to the transactional business.

就整體而言，粗略的數量級，智能雲部分對交易業務的敞口最少。

It's still less than 20%, but that 20%, right, lends itself in quarter to the volatility you see.

它仍然低於 20%，但是 20%，對，在季度中適合你看到的波動。

The productivity and business process segment has a bit more transactional exposure, just because it has both the consumer and commercial office business, which is more attached on a transactional basis to PCs.

生產力和業務流程部分有更多的交易風險，因為它同時擁有消費者和商業辦公業務，後者在交易基礎上更多地依賴於個人電腦。

So it's slightly higher, all up.

所以它稍微高一點，全部向上。

Thank you.

謝謝你。

Thanks, Ross.

謝謝，羅斯。

We'll go to the next question, please.

請我們進入下一個問題。

Thank you.

謝謝你。

Kash Rangan, Bank of America Merrill Lynch.

美國銀行美林證券的卡什蘭根。

Hi, a question for Amy.

嗨，艾米的問題。

Amy, you've been able to grow your Op income on a constant currency basis nicely double-digits, as you've been investing in the cloud.

艾米，由於您一直在投資雲計算，因此您已經能夠在固定貨幣基礎上將您的運營收入增長到兩位數。

As you look at the results this quarter, and the -- as you pointed out the Op margins in intelligent cloud and business process productivity that were impacted due to the shift to the cloud, do you think that as you look into next year that the cloud business is at scale, that it continues to grow and take share, relative to overall revenue?

當您查看本季度的結果時，以及您指出智能雲和業務流程生產力的運營利潤率因轉向雲而受到影響時，您是否認為在您展望明年時雲業務是規模化的，相對於總收入而言，它會繼續增長並佔據份額嗎？

The transaction business, who knows, it could be a bit of a macro pressure.

交易業務，誰知道呢，可能有點宏觀壓力。

Do you think that we're at the point where we could continue to entertain a scenario, that Op income could still continues to grow nicely, as it has in the last three, four quarters?

您是否認為我們已經到了可以繼續接受這樣一種情況的地步，即運營收入仍然可以像過去三四個季度那樣繼續保持良好增長？

Or is there some other structural change, with respect to the margin of the cloud business, or maybe the transaction business drops off a lot more dramatically, that it may be hard to sustain this nice double-digit Op income, at a very high level without going into the details?

或者是否有其他一些結構性變化，關於雲業務的利潤率，或者交易業務的下降幅度更大，可能很難維持如此高的兩位數運營收入不深入細節？

Thank you.

謝謝你。

Yes, at a very high level, Kash, let me talk about the opportunity.

是的，在一個非常高的層次上，Kash，讓我談談這個機會。

The opportunity for us, across what the cloud mix is possible for our commercial business, and this moment in time that I'm a believer in, of where companies are going to change their businesses to rely more deeply on technology than they ever have.

對我們來說，雲組合對我們的商業業務來說可能的機會，以及我所相信的這個時刻，公司將改變他們的業務，以比以往任何時候都更深入地依賴技術。

I believe that our setup for that is the investments we've been making for the past couple years, as well as the investments we're going to make for the next couple.

我相信我們的設置是我們過去幾年一直在進行的投資，以及我們將為下一對夫婦進行的投資。

I mean that, both in the capital concept, but also in my operating expense line.

我的意思是，無論是在資本概念上，還是在我的運營費用線中。

We've managed to do that by continuing to pivot to what I believe are these very high ROI opportunities, and pivoting away from opportunities where we've had a chance to become more efficient, and where the returns are not going to be as high, or the structural growth, it isn't there.

我們已經成功地做到了這一點，繼續轉向我認為的這些非常高的投資回報率機會，並遠離那些我們有機會變得更有效率、回報不會那麼高的機會，或結構性增長，它不存在。

And so for me, at a -- to your point, at a high level, I think we can continue to drive revenue, especially annuity and cloud revenue.

所以對我來說，就你而言，在高水平上，我認為我們可以繼續推動收入，尤其是年金和雲收入。

I think we can continue to improve gross margin percentages in the cloud, across all the core cloud services.

我認為我們可以繼續提高所有核心雲服務在雲中的毛利率百分比。

I think that we can grow profit dollars, and I think that we can do that, and the OpEx guidance I gave you from 2017, as we continue to pivot to that opportunity.

我認為我們可以增加利潤，我認為我們可以做到這一點，以及我從 2017 年開始給你的運營支出指導，因為我們將繼續轉向這個機會。

So, I think this is one where my optimism, frankly, for the structure of the market in the segment you chose, and my optimism for our positioning within that market is reflected in that investment number that you have seen.

因此，坦率地說，我認為這是我對您選擇的細分市場中的市場結構的樂觀態度，我對我們在該市場中的定位的樂觀態度反映在您所看到的投資數字中。

And so, I would continue to expect to see us do it.

所以，我會繼續期待看到我們這樣做。

It's good to see that you still expect profit to grow, because this seems like the new Microsoft, where you're balancing the need to invest strategically, but at the same time trying to grow profits in the near-term, versus the old Microsoft, where the investments were made, but with more of a longer term, quote/unquote, you never knew when the payoff was supposed -- was going to happen.

很高興看到您仍然期望利潤增長，因為這似乎是新的微軟，您在戰略性投資的需要之間取得平衡，但同時試圖在短期內增加利潤，與舊微軟相比，在哪裡進行投資，但更多的是更長期的報價/取消報價，你永遠不知道什麼時候應該得到回報——將會發生。

So it's good to see you emphasize that you're still focused on profit growth, notwithstanding the mix of factors that you cannot forecast.

因此，很高興看到您強調您仍然專注於利潤增長，儘管您無法預測各種因素。

Thank you, Kash.

謝謝你，卡什。

We'll go to the next question, please?

我們會去下一個問題，好嗎？

Thank you.

謝謝你。

Mark Murphy, JPMorgan.

馬克·墨菲，摩根大通。

Thank you very much.

非常感謝。

Satya, regarding the announcement that you will release your SQL Server database on the Linux platform.

Satya，關於您將在 Linux 平台上發布 SQL Server 數據庫的公告。

I was wondering if you can walk us through your decision tree, just in terms of what you think the potential risks are, and what you think the potential rewards are of reaching for that level of openness, if you will.

我想知道您是否可以引導我們完成您的決策樹，就您認為的潛在風險以及您認為達到這種開放程度的潛在回報而言，如果您願意的話。

And just how impactful do you think that that product can be in enhancing Microsoft's share of the database market?

您認為該產品在提升微軟數據庫市場份額方面的影響有多大？

Thanks for the question.

謝謝你的問題。

So the decision logic was driven primarily by what I would say is the increased competitiveness of SQL Server.

因此，決策邏輯主要是由我所說的 SQL Server 增強的競爭力所驅動的。

If you think about where SQL Server now, with this new release, SQL Server 2016, it's become a fantastic database for many, many of the workloads, everything from OLTP to data warehousing, to BI, to advanced analytics.

如果您考慮一下 SQL Server 現在的位置，在這個新版本 SQL Server 2016 中，它已成為許多工作負載的絕佳數據庫，從 OLTP 到數據倉庫，再到 BI，再到高級分析。

For the Tier 1, this is a capability that's been multiple decades in the work, but here we are, with very competitive total cost of ownership, price competitiveness, but with a technology that's in many cases, as Gartner talks about, at the top of the charts, when it comes to all of these workloads.

對於第 1 層，這是一項已經投入了數十年的能力，但我們在這裡，具有非常有競爭力的總擁有成本、價格競爭力，但正如 Gartner 所說，在許多情況下，這項技術處於領先地位圖表中，當涉及到所有這些工作負載時。

So now that we find ourselves with that capability, we're saying, look, what's the way to think about market, all the markets that we can, in fact, take this product to.

所以現在我們發現自己擁有這種能力，我們說，看看，思考市場的方式是什麼，事實上，我們可以把這個產品帶到所有的市場。

And the Linux operating system database market is not something that, which is mostly, primarily a Tier 1 segment, is something that we've never worked in.

Linux 操作系統數據庫市場並不是我們從未涉足的領域，它主要是一級細分市場。

And so, therefore, we look at that as an expansion opportunity, so we take that.

因此，我們將其視為擴張機會，因此我們接受了這一點。

We already made the call that Azure for Linux is first-class.

我們已經宣稱 Azure for Linux 是一流的。

We already have 20-plus points of -- 20%-plus of VNs in Azure are Linux, and we'll all increasingly have Linux, be a big share of our of percentage of what is happening in Azure.

我們已經有 20 多點——Azure 中超過 20% 的 VN 是 Linux，而且我們都將越來越多地擁有 Linux，在 Azure 中發生的事情中佔很大比例。

So for the first time now, we have the ability to go to an enterprise, and talk about their entire data estate across Windows and Linux.

所以現在第一次，我們有能力去一家企業，談論他們跨 Windows 和 Linux 的整個數據資產。

Now people don't really move between operating systems.

現在人們並沒有真正在操作系統之間移動。

Those choices have been made, but they, at the same time, now they have a choice around database.

已經做出了這些選擇，但與此同時，他們現在可以圍繞數據庫進行選擇。

And so, we think that that's a very good incremental opportunity for us.

因此，我們認為這對我們來說是一個非常好的增量機會。

Thank you.

謝謝你。

Thanks, Mark.

謝謝，馬克。

We'll have time for one more question, operator.

我們還有時間再問一個問題，接線員。

Thank you.

謝謝你。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Thanks very much, and thanks for squeezing me in.

非常感謝，也感謝你把我擠進去。

Satya, I wanted to talk a little bit just about the ISV ecosystem on top of Azure, and where you think that is today, and where you'd hope that potentially to be in 12 months, when we think about the opportunity around sort of platform-as-a-service, and building out more enterprise apps?

Satya，我想談談 Azure 之上的 ISV 生態系統，以及你認為今天的情況，以及你希望在 12 個月內可能達到的地方，當我們考慮圍繞某種機會的時候平台即服務，並構建更多企業應用程序？

I think you made some comments around some IoT applications that are now sitting on Azure.

我認為您對一些現在位於 Azure 上的 IoT 應用程序發表了一些評論。

What is sort of a good -- what should we be looking for in terms of new partners?

什麼是好的——我們應該在新合作夥伴方面尋找什麼？

On, from a survey, ISV perspective, you've had companies like BlackBox who re-platformed?

關於，從 ISV 的調查來看，你有像 BlackBox 這樣的公司進行了重新平台化嗎？

I'm wondering, do you expect that momentum to potentially accelerate, as we get further into the calendar year?

我想知道，隨著我們進入日曆年，您是否認為這種勢頭可能會加速？

Thanks.

謝謝。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

I mean, I think the overall for me, across all of our product lines, whether it be Windows or whether it'd be Office 365 or Azure, developer momentum, ISV momentum is super important priority for us, both in terms of our developer evangelism, our product engineering teams, as well as everything that we will do to even create success for our partners, through our field sales organization is a top of mind priority.

我的意思是，我認為對我來說，在我們所有的產品線中，無論是 Windows 還是 Office 365 或 Azure，開發人員的動力，ISV 的動力對我們來說都是非常重要的優先事項，無論是就我們的開發人員而言宣傳、我們的產品工程團隊以及我們將通過我們的現場銷售組織為我們的合作夥伴創造成功所做的一切都是我們的首要任務。

And this is something that Kevin Turner, myself, and Amy, and all of our leadership team is very focused on.

這是凱文·特納、我自己和艾米以及我們所有領導團隊都非常關注的事情。

So you will only increasingly see us deliver more design wins there.

所以你只會越來越多地看到我們在那裡提供更多的設計勝利。

In fact, I'm looking forward to our partner conference, to talk much more about what it is that we will be doing in the coming year, to drive more success for our partners, and in particular, ISVs.

事實上，我期待著我們的合作夥伴會議，更多地談論我們將在未來一年做些什麼，為我們的合作夥伴，特別是 ISV 帶來更多的成功。

The thing that I'm seeing a lot of, is we've had traditional strength with SQL as well as dot-net.

我經常看到的是，我們在 SQL 和 dot-net 方面擁有傳統優勢。

They are moving a significant number of them to the cloud, and in fact replatting, to be even multi-tenant cloud native.

他們正在將其中的相當一部分遷移到雲中，實際上是重新部署，甚至成為多租戶雲原生。

At the same time, we're also seeing a lot of open source ISVs also join -- be part of the Azure marketplace.

同時，我們也看到很多開源 ISV 也加入了——成為 Azure 市場的一部分。

If you go up to the Azure marketplace, surely you will see that.

如果你去 Azure 市場，你肯定會看到這一點。

So we are not only bringing people who have traditionally worked with us, helping them replat to a completely new model, but we're also bringing a lot of new ISVs into the fold as well.

因此，我們不僅帶來了傳統上與我們合作的人，幫助他們重新部署到一個全新的模式，而且我們也帶來了許多新的獨立軟件開發商。

And that's pretty exciting to see.

這很令人興奮。

Great.

偉大的。

Thanks a lot.

非常感謝。

Great.

偉大的。

Thanks, Kirk.

謝謝，柯克。

So that wraps up the Q&A portion of today's earnings call.

以上就是今天財報電話會議的問答部分。

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

我們期待在未來幾個月在各種投資者會議上見到你們中的許多人。

For those unable to attend in person, these events will be webcast at the Microsoft Investor Relations website.

對於那些無法親自參加的人，這些活動將在 Microsoft 投資者關係網站上進行網絡直播。

Thanks for joining us today.

感謝您今天加入我們。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

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。