微軟 (MSFT) 2016 Q4 法說會逐字稿

Greetings and welcome to Microsoft's fourth-quarter FY16 earnings call.

問候並歡迎參加微軟 2016 財年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

It is now my pleasure to introduce your host, Mr. Chris Suh, General Manager Investor Relations.

現在我很高興向您介紹主持人，投資者關係總經理 Chris Suh 先生。

Thank you.

謝謝你。

You may begin.

你可以開始了。

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.

今天與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Frank Brod，首席會計官和 John Seethoff 副總法律顧問兼公司秘書。

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 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're included as additional clarifying items to aid investors in further understanding the Company's fourth-quarter performance in addition to the impact of these items and events had on 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四季度的業績。

Additionally, any mention of operating expense refers to segment operating expenses as defined in the footnotes of our Form 10-Q, which include research and development, sales and marketing, and general administrative, but excludes the impact of integration and restructuring charges.

此外，任何提及的運營費用均指我們的 10-Q 表格腳註中定義的分部運營費用，包括研發、銷售和營銷以及一般行政管理費用，但不包括整合和重組費用的影響。

As a reminder, in May we announced plans to further streamline the phone hardware business.

提醒一下，我們在 5 月宣布了進一步精簡手機硬件業務的計劃。

During the fourth quarter, restructuring and related impairment expenses were $1.1 billion.

第四季度，重組和相關減值費用為 11 億美元。

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

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We will 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.

我們還將在可用的情況下以不變貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。

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 changes to our segment reporting groupings, we're not able to provide segment level constant currency operating expense growth and consequently cannot derive constant currency segment operating income either.

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

We do provide constant currency operating expense and 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。

We'll 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.

今天的電話正在現場直播和錄製。

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 July 19th, 2017.

在 2017 年 7 月 19 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看記錄。

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

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

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

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、本次電話會議期間發表的評論以及我們的 10-K 表、10-Q 表的風險因素部分以及其他報告和提交給證券公司的文件中討論的因素，實際結果可能存在重大差異。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 to everyone on the call for joining.

謝謝你，克里斯，也感謝所有參加電話會議的人。

I want to thank all the Microsoft team members and partners who contributed to a successful year.

我要感謝為成功的一年做出貢獻的所有 Microsoft 團隊成員和合作夥伴。

We are proud of what we achieved and particularly how we are positioned for new growth.

我們為我們所取得的成就感到自豪，特別是我們如何為新的增長做好準備。

Today Amy and I will share our fourth-quarter results and our perspective on the year ahead.

今天艾米和我將分享我們第四季度的業績和我們對來年的看法。

We delivered $22.6 billion in revenue this quarter, an increase of 5% for the quarter in constant currency.

本季度我們實現了 226 億美元的收入，按固定匯率計算，本季度增長了 5%。

This past year was a pivotal one in both our transformation and in our partnerships with customers who are also driving their own digital transformation.

過去的一年是我們轉型的關鍵一年，也是我們與也在推動自己的數字化轉型的客戶建立合作夥伴關係的關鍵一年。

Our progress is best captured in the results of our three ambitions, starting with productivity and business process.

我們的進步最好體現在我們三個雄心壯志的結果中，從生產力和業務流程開始。

In a world of infinite information but finite attention in time we aim to change the nature of work with digital technology.

在一個信息無限但注意力有限的世界裡，我們的目標是用數字技術改變工作的性質。

In pursuit of this ambition, we continue to add value to our products, grow usage and increase our addressable market.

為了實現這一雄心壯志，我們將繼續為我們的產品增加價值、增加使用量並擴大我們的潛在市場。

Along these lines, let me start with Office 365 and then move to Dynamics 365.

按照這些思路，讓我從 Office 365 開始，然後轉到 Dynamics 365。

In the last quarter we advanced our collaboration tools.

在上個季度，我們改進了我們的協作工具。

We launched Microsoft Planner which helps teams manage operations, as well as Skype meetings which is aimed at helping small businesses collaborate.

我們推出了幫助團隊管理運營的 Microsoft Planner，以及旨在幫助小型企業協作的 Skype 會議。

In June, we further strengthened our security value proposition with the release of Advanced Security Management.

6 月，我們通過發布高級安全管理進一步加強了我們的安全價值主張。

Lastly, we continue to add intelligence and machine learning to Office to help people out automate their tasks and glean insights from data.

最後，我們繼續向 Office 添加智能和機器學習，以幫助人們自動執行任務並從數據中收集見解。

These advancements help to drive increased usage across enterprises, small and medium businesses and consumers.

這些進步有助於推動企業、中小型企業和消費者的使用量增加。

In the enterprise, Office 365 commercial feeds grew 45% year-over-year and revenue grew 59% in constant currency.

在企業中，Office 365 商業訂閱源同比增長 45%，收入按固定匯率計算增長 59%。

Also, 70% of our Office enterprise agreement renewals are in the Cloud.

此外，我們 70% 的 Office 企業協議續訂都在雲端。

Innovative companies like Facebook, Hershey's, Discovery Communications, Cushman Wakefield, all adopted Office 365 and now see how transformative this service can be for their own business.

Facebook、Hershey's、Discovery Communications、Cushman Wakefield 等創新公司都採用了 Office 365，現在看到了這項服務對他們自己的業務的變革性。

We are enthusiastic about the early feedback and growth opportunity from companies using our newly released Office 365 E5, which includes powerful security controls, advanced analytics and Cloud Voice.

我們對使用我們新發布的 Office 365 E5 的公司的早期反饋和增長機會充滿熱情，其中包括強大的安全控制、高級分析和雲語音。

These customers tell us that they love the simplification that comes with standardizing across all of our productivity workloads.

這些客戶告訴我們，他們喜歡我們所有生產力工作負載的標準化所帶來的簡化。

We see momentum in small and medium businesses with a growing number of partners selling Office 365, now up to nearly 90,000, a 25% increase year-over-year.

我們看到了中小型企業的發展勢頭，越來越多的合作夥伴銷售 Office 365，目前已達到近 90,000 個，同比增長 25%。

We continue to grab share and adding over 50,000 customers each month for 28 consecutive months.

我們繼續搶占市場份額，連續 28 個月每月增加超過 50,000 名客戶。

We also see momentum amongst consumers with now more than 23 million Office 365 subscribers.

我們還看到現在擁有超過 2300 萬 Office 365 訂閱者的消費者的勢頭。

Across segments, customers increasingly experience the power of Office on their iOS and Android mobile devices.

在各個細分市場中，客戶越來越多地在其 iOS 和 Android 移動設備上體驗到 Office 的強大功能。

In fact, we now have more than 50 million iOS and Android monthly active devices, up more than four times over last year.

事實上，我們現在每月有超過 5000 萬台 iOS 和 Android 活躍設備，比去年增長了四倍多。

Now let's talk about progress with the other pillar of this ambition, Dynamics 365.

現在讓我們談談這一雄心壯志的另一個支柱 Dynamics 365 的進展。

We're removing any impedance that existed between productivity, collaboration and business process.

我們正在消除生產力、協作和業務流程之間存在的任何障礙。

This month we took a major step forward with the introduction of Microsoft Dynamics 365 and Microsoft AppSource.

本月，隨著 Microsoft Dynamics 365 和 Microsoft AppSource 的推出，我們向前邁出了一大步。

Dynamics 365 provides business users with purpose-built SaaS applications.

Dynamics 365 為業務用戶提供專門構建的 SaaS 應用程序。

These applications have intelligence built in.

這些應用程序具有內置智能。

They integrate deeply with communications and collaboration capabilities of Office 365.

它們與 Office 365 的通信和協作功能深度集成。

Dynamics 365, along with AppSource and our rich application platform, introduces a disruptive and customer-centric business model, so customers can build what they want and use just the capabilities they need.

Dynamics 365 與 AppSource 和我們豐富的應用程序平台一起，引入了一種以客戶為中心的顛覆性業務模型，因此客戶可以構建他們想要的東西並使用他們需要的功能。

The launch of Dynamics 365 builds on the momentum we're already seeing in this business.

Dynamics 365 的推出建立在我們已經在該業務中看到的勢頭之上。

Customers around the globe are harnessing the power of Dynamics in their own transformation, including 24 Hour Fitness and AccuWeather.

全球客戶正在利用 Dynamics 的力量進行自己的轉型，包括 24 Hour Fitness 和 AccuWeather。

Overall, Dynamics now has nearly 10 million monthly paid seats, up more than 20% year-over-year and Q4 billings grew more than 20% year-over-year.

總體而言，Dynamics 現在每月有近 1000 萬個付費席位，同比增長超過 20%，第四季度的賬單同比增長超過 20%。

Overall, business processes represent an enormous addressable market projected to be more than $100 billion by 2020.

總體而言，業務流程代表了一個巨大的潛在市場，預計到 2020 年將超過 1000 億美元。

It's a market we're increasingly focused on and I believe we're poised with both Dynamics 365 and Microsoft AppSource to grow and drive opportunity for our partners.

這是一個我們越來越關注的市場，我相信我們已經準備好與 Dynamics 365 和 Microsoft AppSource 一起為我們的合作夥伴發展和創造機會。

Across Office 365 and Dynamics 365, developers increasingly see the opportunity to build innovative apps and experiences with the Microsoft Graph and we now have over 27,000 apps connected to it.

在 Office 365 和 Dynamics 365 中，開發人員越來越多地看到使用 Microsoft Graph 構建創新應用程序和體驗的機會，我們現在有超過 27,000 個應用程序連接到它。

Microsoft AppSource will be a new way for developers to offer their services and reach customers worldwide.

Microsoft AppSource 將成為開發人員提供服務和接觸全球客戶的一種新方式。

Lastly, with Office 365 and Dynamics 365, we have the opportunity to connect the world's professional cloud and the world's professional network with our pending LinkedIn deal.

最後，借助 Office 365 和 Dynamics 365，我們有機會將全球專業雲和全球專業網絡與我們未決的 LinkedIn 交易連接起來。

Overall, the Microsoft Cloud is winning significant customer support.

總體而言，Microsoft Cloud 正在贏得大量客戶支持。

With more than $12 billion in commercial Cloud annualized revenue run rate, we are on track to achieve our goal of $20 billion in FY18.

憑藉超過 120 億美元的商業雲年化收入運行率，我們有望在 2018 財年實現 200 億美元的目標。

Also, nearly 60% of the Fortune 500 companies have at least three of our Cloud offerings.

此外，近 60% 的財富 500 強公司至少擁有我們的三種雲產品。

And we continue to grow our annuity mix of our business.

我們繼續發展我們業務的年金組合。

In fact, commercial annuity mix increased year-over-year to 83%.

事實上，商業年金組合同比增長至 83%。

Now let's get into the specifics of the Intelligent Cloud, an area of massive opportunity as we are clearly one of the two enterprise cloud leaders.

現在讓我們深入了解智能雲的細節，這是一個蘊藏著巨大機遇的領域，因為我們顯然是兩個企業雲領導者之一。

Companies looking to digitally transform need a trusted cloud partner and turn to Microsoft.

希望進行數字化轉型的公司需要值得信賴的雲合作夥伴並求助於 Microsoft。

As a result, Azure revenue and usage again grew by more than 100% this quarter.

因此，本季度 Azure 的收入和使用量再次增長了 100% 以上。

We see customers choose Microsoft for three reasons.

我們看到客戶選擇 Microsoft 的三個原因。

They want a cloud provider that offers solutions that reflect the realities of today's world and their enterprise grade needs.

他們需要一個能夠提供反映當今世界現實及其企業級需求的解決方案的雲提供商。

They want higher level services to drive digital transformation and they want a cloud open to developers of all types.

他們想要更高級別的服務來推動數字化轉型，他們想要一個對所有類型的開發人員開放的雲。

Let me expand on each.

讓我對每一個進行擴展。

To start, a wide variety of customers turn to Azure because of their specific real world needs.

首先，各種各樣的客戶由於其特定的現實需求而轉向 Azure。

Multinationals choose us because we are the only hybrid and hyper scale cloud spanning multiple jurisdictions.

跨國公司之所以選擇我們，是因為我們是唯一跨越多個司法管轄區的混合和超大規模雲。

We cover more countries and regions than any other cloud provider from North America to Asia to Europe to Latin America.

從北美到亞洲，從歐洲到拉丁美洲，我們覆蓋的國家和地區比任何其他雲提供商都多。

Our cloud respects data sovereignty and makes it possible for an enterprise application to work across these regions and jurisdictions.

我們的雲尊重數據主權，使企業應用程序可以跨這些地區和司法管轄區工作。

More than 80% of the world's largest banks are Azure customers because of our leadership support for regulatory requirements, advanced security and commitment to privacy.

全球 80% 以上的大型銀行都是 Azure 客戶，這得益於我們對監管要求、高級安全性和隱私承諾的領先支持。

Large ISVs like SAP and Citrix as well as startups like Sprinklr also choose Azure because of our global reach and our broad set of platform services Last week GE announced it will adopt our Cloud for its IoT approach.

SAP 和 Citrix 等大型 ISV 以及 Sprinklr 等初創公司也選擇 Azure，因為我們的全球影響力和廣泛的平台服務 上週 GE 宣布將採用我們的雲來實現其物聯網方法。

Next, Azure customers also value our unique higher level services.

其次，Azure 客戶也重視我們獨特的更高級別的服務。

Now with 33,000, we nearly doubled in one year the number of companies worldwide that have selected our Enterprise Mobility Solutions.

現在，我們擁有 33,000 家，一年內選擇我們的企業移動解決方案的全球公司數量幾乎翻了一番。

The Dow Chemical Company leverages EMS along with Azure, Office 365 and Dynamics to give its thousands of employees secure real time access to data and apps from anywhere.

陶氏化學公司利用 EMS 以及 Azure、Office 365 和 Dynamics 為其數千名員工從任何地方安全地實時訪問數據和應用程序。

Just yesterday we announced Boeing will use Azure IoT Suite and Cortana Intelligence to drive digital transformation in commercial aviation with connected airline system optimization, predictive maintenance and much more.

就在昨天，我們宣布波音將使用 Azure 物聯網套件和 Cortana 智能，通過互聯航空公司係統優化、預測性維護等來推動商業航空的數字化轉型。

This builds on great momentum in IoT, including our work with Rolls Royce, Snyder Electric and others.

這建立在物聯網的巨大發展勢頭之上，包括我們與勞斯萊斯、斯奈德電氣等公司的合作。

This is great progress, but our ambitions are set even higher.

這是很大的進步，但我們的雄心壯志更高。

Our Intelligent Cloud also enables cognitive services.

我們的智能雲還支持認知服務。

Cortana Intelligence Suite offers machine-learning capabilities and advanced predictive analytics.

Cortana Intelligence Suite 提供機器學習功能和高級預測分析。

Customers like Jabil Circuit, Fruit of the Loom, Land O'Lakes, Libaire, already realize the benefits of these new capabilities.

Jabil Circuit、Fruit of the Loom、Land O'Lakes、Libaire 等客戶已經意識到這些新功能的好處。

Lastly, central to our Intelligent Cloud ambition is providing developers with the tools and capabilities they need to build apps and services for the platforms and devices of their choice.

最後，我們智能雲雄心的核心是為開發人員提供為他們選擇的平台和設備構建應用程序和服務所需的工具和功能。

The new Azure Container Service, as well as .NET core 1.0 for open source and our ongoing work with companies such as Red Hat, Docker, Mesosphere, reflects significant progress on this front.

新的 Azure 容器服務以及開源的 .NET core 1.0 以及我們與 Red Hat、Docker、Mesosphere 等公司的持續合作，都反映了這方面的重大進展。

We continue to see traction from open source with nearly a third of customer virtual machines on Azure running Linux.

我們繼續看到開源的吸引力，Azure 上近三分之一的客戶虛擬機運行 Linux。

On the server side, premium server revenue grew double digits in constant currency year-over-year.

在服務器方面，高級服務器收入按固定匯率計算同比增長兩位數。

New SQL Server 2016 helps us expand into new markets with built-in advanced analytics and unparalleled performance.

新的 SQL Server 2016 通過內置的高級分析和無與倫比的性能幫助我們拓展新市場。

More than 15,000 customers, including over 50% of the Fortune 500, have registered for the private preview of SQL Server for Linux.

超過 15,000 名客戶（包括超過 50% 的財富 500 強企業）註冊了 SQL Server for Linux 的私人預覽版。

And we're not slowing down.

我們並沒有放慢腳步。

We will launch Windows Server 2016 and System 7 Server 2016 later this year.

我們將在今年晚些時候推出 Windows Server 2016 和 System 7 Server 2016。

Now let's talk about the progress in More Personal Computing.

現在讓我們談談更多個人計算的進展。

We've increased Windows 10 monthly active devices and are now at more than 350 million.

我們增加了 Windows 10 月度活躍設備，目前已超過 3.5 億。

This is the fastest adoption rate of any prior Windows release.

這是以前任何 Windows 版本中最快的採用率。

While we are proud of these results, given changes to our phone plan, we changed how we will assess progress.

雖然我們為這些結果感到自豪，但鑑於我們的電話計劃發生了變化，我們改變了評估進展的方式。

Going forward, we will track progress by regularly reporting the growth of Windows 10 monthly active devices, in addition to progress on three aspects of our Windows strategy.

展望未來，我們將通過定期報告 Windows 10 月度活躍設備的增長情況以及我們 Windows 戰略三個方面的進展來跟踪進展情況。

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

首先，提供更多價值和創新，尤其是為企業客戶。

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

其次，通過我們統一的 Windows 平台上的服務增加新的盈利能力。

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

第三，與我們的 OEM 合作，在新的設備類別中進行創新。

Let me walk through each.

讓我逐一介紹。

We continue to pursue our goal of moving people from needing Windows to choosing Windows to loving Windows.

我們將繼續追求我們的目標，即讓人們從需要 Windows 到選擇 Windows 再到熱愛 Windows。

In two weeks, we will launch Windows 10 Anniversary Update which takes a significant step forward in security.

兩週後，我們將推出 Windows 10 週年更新，這將在安全性方面邁出重要一步。

We're also extending Windows Hello to support apps and websites and delivering a range of new features like Windows Ink and updates to Microsoft Edge.

我們還在擴展 Windows Hello 以支持應用程序和網站，並提供一系列新功能，例如 Windows Ink 和 Microsoft Edge 更新。

We expect these advances will drive increased adoption of Windows 10, particularly in the enterprise in the coming year.

我們預計這些進步將推動 Windows 10 的普及，尤其是在未來一年的企業中。

We already have strong traction with over 96% of our enterprise customers piloting Windows 10.

我們已經吸引了超過 96% 的企業客戶試用 Windows 10。

Next, as we grow our install base in engagement, we generate more opportunity for Microsoft and our ecosystem.

接下來，隨著我們在參與度方面擴大安裝基礎，我們將為 Microsoft 和我們的生態系統創造更多機會。

Ink profitability continues to grow with greater than 40% of the search revenue in June from Windows 10 devices.

Ink 的盈利能力繼續增長，6 月份超過 40% 的搜索收入來自 Windows 10 設備。

Bing PC query share in the United States approached 22% this quarter, not including volume from AOL and Yahoo.

本季度美國必應 PC 查詢份額接近 22%，不包括 AOL 和雅虎的數量。

The Cortana search box has over 100 million monthly active users, with 8 billion questions asked to date.

Cortana 搜索框每月有超過 1 億活躍用戶，迄今為止提出了 80 億個問題。

We continue to drive growth in gaming by connecting fans on Xbox Live across Windows 10, IoS and Android.

我們通過在 Windows 10、IoS 和 Android 上連接 Xbox Live 上的粉絲來繼續推動遊戲增長。

Just this quarter we launched our Minecraft Realm subscription on Android and IoS.

就在本季度，我們在 Android 和 IoS 上推出了 Minecraft Realm 訂閱。

Overall engagement on Xbox live is at record levels with more than 49 million monthly active users, up 33% year-over-year.

Xbox live 的整體參與度達到創紀錄水平，每月活躍用戶超過 4900 萬，同比增長 33%。

At E3 we announced our biggest lineup of exclusive games ever for Xbox One and Windows 10 PCs and we announced Xbox Play Anywhere titles where gamers can buy a game once and play it on both their Windows 10 PC and Xbox One.

在 E3 上，我們宣布了有史以來最大規模的 Xbox One 和 Windows 10 PC 獨家遊戲陣容，我們還發布了 Xbox Play Anywhere 遊戲，玩家只需購買一次遊戲，即可在他們的 Windows 10 PC 和 Xbox One 上暢玩。

We also announced two new members of the Xbox One console family, the Xbox One S and Project Scorpio.

我們還宣布了 Xbox One 主機系列的兩個新成員，Xbox One S 和 Project Scorpio。

The Windows Store continues to grow with new universal Windows apps like Bank of America, Roku, Cirrus FM, Instagram, Facebook, Wine, Hulu and popular PC games like Quantum Break.

Windows 應用商店繼續增長，推出新的通用 Windows 應用程序，例如 Bank of America、Roku、Cirrus FM、Instagram、Facebook、Wine、Hulu，以及流行的 PC 遊戲，例如 Quantum Break。

Finally, we're innovating in new device categories in partnership with OEMs.

最後，我們正在與 OEM 合作，在新的設備類別中進行創新。

Our hardware partners are embracing the new personal computing vision with over 1,500 new devices designed to take advantage of Windows 10 innovations like touch, pen, Hello, and better performance and power efficiency.

我們的硬件合作夥伴正在通過 1,500 多款新設備擁抱新的個人計算願景，這些設備旨在利用 Windows 10 的創新技術，如觸控、筆、Hello 以及更好的性能和能效。

Microsoft's family of Surface devices continues to drive category growth and we're reaching more commercial customers of all sizes with the support of our channel partners.

Microsoft 的 Surface 設備系列繼續推動類別增長，在我們的渠道合作夥伴的支持下，我們正在接觸更多各種規模的商業客戶。

We recently announced new Surface enterprise initiatives with IBM and Booz Allen Hamilton, to enable more customer segments.

我們最近與 IBM 和 Booz Allen Hamilton 宣布了新的 Surface 企業計劃，以支持更多的客戶群。

Also in the past year, we grew our commercial Surface partner channel from over 150 to over 10,000.

同樣在過去的一年裡，我們的商業 Surface 合作夥伴渠道從 150 多個增加到 10,000 多個。

Lastly, this quarter more and more developers and enterprise customers got to experience two entirely new device categories from Microsoft Surface Hub and Microsoft HoloLens.

最後，本季度越來越多的開發人員和企業客戶體驗了 Microsoft Surface Hub 和 Microsoft HoloLens 的兩個全新設備類別。

While we are still in the early days of both of these devices, we are seeing great traction with both enterprise customers and developers, making us optimistic about future growth.

雖然我們仍處於這兩種設備的早期階段，但我們看到了企業客戶和開發人員的巨大吸引力，使我們對未來的增長持樂觀態度。

In closing, I want to reflect on the opportunity ahead of us.

最後，我想反思一下我們面前的機會。

Simply put, businesses will not just use digital technologies, but they will become digital companies.

簡而言之，企業不僅會使用數字技術，還會成為數字公司。

This generates enormous opportunity for Microsoft and our partners.

這為 Microsoft 和我們的合作夥伴創造了巨大的機會。

We are the ones who can empower digital transformation across all industries, companies and geographies with our technology and platforms.

我們是能夠利用我們的技術和平台在所有行業、公司和地區實現數字化轉型的人。

With that, I'll hand it over to Amy to go through this quarter's results in greater detail and share our outlook, and I look forward to rejoining you after that to answer questions.

有了這個，我將把它交給艾米更詳細地了解本季度的結果並分享我們的展望，我期待在此之後重新加入你的行列以回答問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter revenue was $22.6 billion, up 2% and 5% in constant currency.

本季度收入為 226 億美元，按固定匯率計算分別增長 2% 和 5%。

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

毛利率持平，但按固定匯率計算增長 4%。

Operating income this quarter declined by 3% and grew 6% in constant currency.

本季度營業收入下降 3%，按固定匯率計算增長 6%。

And Earnings Per Share was $0.69, increasing 11% year-over-year, or 27% in constant currency.

每股收益為 0.69 美元，同比增長 11%，或按固定匯率計算增長 27%。

Across most markets our execution and results were generally as expected with some strength in the US.

在大多數市場中，我們的執行和結果總體上符合預期，在美國有一些優勢。

But we did see additional softness in Brazil, the Middle East, and Africa, which were impacted by macroeconomic headwinds.

但我們確實看到巴西、中東和非洲受到宏觀經濟逆風的影響進一步疲軟。

From a seasonality perspective, the fourth quarter is always an important one for our commercial business.

從季節性的角度來看，第四季度對我們的商業業務來說始終是一個重要的季度。

Our results were strong as our sales teams led with our Cloud offers.

由於我們的銷售團隊以我們的雲產品為主導，我們的業績非常強勁。

Healthy renewals helped to drive double-digit annuity performance in constant currency.

健康的續約有助於推動兩位數的固定貨幣年金業績。

Our total annuity mix reached 83%, up 1 point year-over-year.

我們的年金組合總額達到 83%，同比增長 1 個百分點。

While our commercial Cloud continued to drive a higher annuity mix overall, we also had better than expected transactional revenue performance, as products like Office 2016 and SQL Server 2016 generated more deal volume.

雖然我們的商業云總體上繼續推動更高的年金組合，但我們的交易收入表現也好於預期，因為 Office 2016 和 SQL Server 2016 等產品產生了更多的交易量。

The dollar volume of expiring enterprise agreements was smaller this quarter than last year.

本季度到期的企業協議的美元交易量低於去年。

On that base, our commercial bookings increased 4% in constant currency, driven by customer preference for our Cloud offers.

在此基礎上，由於客戶對我們的雲服務的偏好，我們的商業預訂按固定匯率計算增加了 4%。

Commercial unearned revenue slightly beat our expectations at $24.6 billion, or 8% growth in constant currency.

商業未實現收入為 246 億美元，略高於我們的預期，按固定匯率計算增長 8%。

Our contracted-not-billed balance exceeded $25.5 billion.

我們的合同未開票餘額超過 255 億美元。

As Satya called out earlier, our commercial Cloud annualized revenue run-rate exceeded $12.1 billion, growing more than 50% year-over-year.

正如 Satya 早些時候所說，我們的商業雲年化收入運行率超過 121 億美元，同比增長超過 50%。

Additionally, more than 70% of customers who signed enterprise agreements this quarter attached Cloud offerings.

此外，本季度簽署企業協議的客戶中有 70% 以上附加了雲產品。

Our commercial Cloud gross margin was 42%, declining year-over-year, driven by investments for cloud capacity, deployment, and support.

在雲容量、部署和支持投資的推動下，我們的商業雲毛利率為 42%，同比下降。

Now let's turn to Company gross margin performance.

現在讓我們轉向公司毛利率表現。

We were above our COGS expectations due to approximately $200 million of inventory adjustments from the change in our phone hardware business.

由於我們的電話硬件業務發生變化導致大約 2 億美元的庫存調整，我們超出了我們的 COGS 預期。

And, as expected, our mix of Cloud services revenue continued to increase, resulting in gross margin percentage declines in the productivity and business processes and Intelligent Cloud segments.

而且，正如預期的那樣，我們的雲服務收入組合繼續增加，導致生產力和業務流程以及智能雲部門的毛利率下降。

Importantly, gross margin dollars expanded year-over-year in constant currency.

重要的是，按固定匯率計算，毛利率同比增長。

In Q4, the FX impact on total and segment level revenue was in line with expectations.

第四季度，外匯對總收入和分部收入的影響符合預期。

FX had a 3-point negative impact on productivity and business processes and Intelligent Cloud results and a 2-point negative impact on More Personal Computing results.

FX 對生產力和業務流程以及智能雲結果產生了 3 點的負面影響，對更多個人計算結果產生了 2 點的負面影響。

As we've noted in previous quarters, we're not able to provide constant currency impact at the segment level for operating expenses and therefore segment operating income.

正如我們在前幾個季度所指出的那樣，我們無法在部門層面為運營費用和部門運營收入提供恆定的貨幣影響。

This quarter total operating expenses grew 1% in constant currency, above our expectations due to legal settlements and revenue driven sales cost.

由於法律和解和收入驅動的銷售成本，本季度總運營費用按固定匯率計算增長 1%，高於我們的預期。

At the Company level, our operating income grew 6% in constant currency as FX had a 9-point impact on our results.

在公司層面，我們的營業收入按固定匯率計算增長了 6%，因為外匯對我們的業績產生了 9 個百分點的影響。

Now let's turn to each segment.

現在讓我們轉向每個部分。

This quarter our productivity and business processes segment delivered results above our expectations with nearly $7 billion in revenue, an increase of 5% and 8% in constant currency.

本季度，我們的生產力和業務流程部門的業績超出了我們的預期，收入接近 70 億美元，按固定匯率計算分別增長 5% 和 8%。

In Office commercial, revenue increased by 5% and 9% in constant currency, as Office 365 growth outpaced the shift from our on-premises business.

在 Office 商業中，收入增長了 5% 和 9%（按固定匯率計算），因為 Office 365 的增長速度超過了我們本地業務的轉變。

Our seat growth was driven by broad-based momentum across commercial customers of all sizes.

我們的座位增長是由各種規模的商業客戶的廣泛動力推動的。

While we generally expect transactional purchasing to continue to decline, results across all products came in higher than anticipated this quarter.

雖然我們普遍預計交易性採購將繼續下降，但所有產品的業績均高於本季度的預期。

Office consumer revenue increased 19%, and 18% in constant currency, outperforming the consumer PC market, driven by seat growth, recurring subscription revenue and 6 points of growth from Japan, which had a particularly weak quarter a year ago.

辦公消費收入增長 19%，按固定匯率計算增長 18%，在座位增長、經常性訂閱收入和來自日本的 6 個增長點的推動下，其表現優於消費 PC 市場，而日本在一年前的季度表現尤為疲軟。

And our Dynamics business grew 6%, up 7% in constant currency, with strong billings and seat growth.

我們的 Dynamics 業務增長 6%，按固定匯率計算增長 7%，賬單和座位增長強勁。

Segment gross margin dollars were flat and up 4% in constant currency.

分部毛利率持平，按固定匯率計算增長 4%。

The gross margin percentage declined on a higher cloud revenue mix within the segment, coupled with an increase in cloud investments.

由於該細分市場內較高的雲收入組合以及雲投資的增加，毛利率百分比下降。

Operating expenses grew 6% from investments in commercial cloud sales programs and engineering.

運營費用增長了 6%，主要來自對商業雲銷售計劃和工程的投資。

As a result, operating income declined 5%.

結果，營業收入下降了5%。

The Intelligent Cloud segment delivered slightly more than $6.7 billion in revenue, growing 7% and 10% in constant currency.

智能雲部門的收入略高於 67 億美元，按固定匯率計算分別增長 7% 和 10%。

Demand and use of our hybrid cloud offerings led to another quarter of double-digit annuity revenue growth within Server products and Cloud services, partially offset by a decline in our transactional on-premises server business.

對我們混合雲產品的需求和使用導致服務器產品和雲服務的年金收入又實現了兩位數增長，部分被我們的交易本地服務器業務的下降所抵消。

Enterprise services revenue grew 12%, 14% in constant currency, as customer demand for Windows Server 2003 end of support agreements and premier services continued this quarter.

企業服務收入增長了 12%，按固定匯率計算增長了 14%，因為本季度客戶對 Windows Server 2003 終止支持協議和優質服務的需求仍在繼續。

Gross margin dollars grew 1% and 5% in constant currency.

按固定匯率計算，美元毛利率分別增長 1% 和 5%。

And gross margin percentages declined as cloud mix accelerated.

隨著雲混合加速，毛利率百分比下降。

This quarter operating income declined 17%, driven by investment in sales resources and engineering.

由於對銷售資源和工程的投資，本季度營業收入下降了 17%。

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 was $8.9 billion, down 4% and 2% in constant currency.

收入為 89 億美元，按固定匯率計算分別下降 4% 和 2%。

First, our OEM results.

首先，我們的 OEM 結果。

Our total OEM business grew 11% this quarter, outperforming the overall PC market, which was better than we expected in most markets including the US, the UK and Germany, partially offset by incremental weakness in India and Russia.

本季度我們的 OEM 業務總額增長 11%，優於整體 PC 市場，這在包括美國、英國和德國在內的大多數市場都好於我們的預期，但部分被印度和俄羅斯的疲軟所抵消。

OEM non-Pro revenue increased 27% and, similar to last quarter, was driven by a higher mix of premium devices.

OEM 非 Pro 收入增長 27%，與上一季度相似，主要得益於高端設備組合的增加。

OEM Pro revenue grew 2%, reflecting a stabilizing commercial PC market and a higher mix of business PCs sold with Windows Pro.

OEM Pro 收入增長 2%，反映了穩定的商用 PC 市場以及與 Windows Pro 一起銷售的商用 PC 組合的增加。

Inventory across both OEM Pro and non-Pro remained at normal levels.

OEM Pro 和非 Pro 的庫存均保持在正常水平。

Windows volume licensing grew 3% and 9% in constant currency with ongoing annuity growth.

Windows 批量許可按固定匯率計算分別增長 3% 和 9%，年金收入持續增長。

IP licensing declined, impacted by both a decrease in total unit volume and lower revenue per unit.

受總單位數量減少和單位收入下降的影響，IP 許可下降。

We continued to execute well in our search business this quarter and, as we committed, Bing was profitable for the full fiscal year, driven by increasing revenue per search and search volume.

本季度我們的搜索業務繼續表現良好，正如我們所承諾的那樣，在每次搜索收入和搜索量增加的推動下，必應在整個財年都實現了盈利。

As expected, devices revenues significantly decreased this quarter.

正如預期的那樣，本季度設備收入顯著下降。

Revenue declined 35%, also 35% in constant currency, due to phone, where revenue declined 70% in constant currency.

由於電話的原因，收入下降了 35%，按固定匯率計算也下降了 35%，按固定匯率計算，收入下降了 70%。

Surface revenue increased 9% in constant currency as Surface Pro 4 and Surface Book growth was partially offset by unit declines in our prior generation Surface 3. And in gaming, revenue declined 9%, or 8% in constant currency driven by lower Xbox 360 unit volumes and reduced Xbox One pricing.

由於 Surface Pro 4 和 Surface Book 的增長被我們上一代 Surface 3 的單位下降部分抵消，Surface 收入增長了 9%。在遊戲方面，收入下降了 9%，即由於 Xbox 360 單位下降而導致的固定貨幣收入下降了 8%量和降低 Xbox One 的價格。

Our overall gaming ecosystem showed healthy growth with 49 million monthly active Xbox Live users, or a 33% increase and 4% Xbox Live revenue growth.

我們的整體遊戲生態系統顯示出健康增長，每月活躍的 Xbox Live 用戶達到 4900 萬，即增長 33% 和 4% 的 Xbox Live 收入增長。

Segment gross margin dollars declined 3% or roughly flat in constant currency as decreases due to Xbox consoles and the phone inventory adjustment were partially offset by our OEM and search results.

由於 Xbox 遊戲機和手機庫存調整部分被我們的 OEM 和搜索結果抵消，分部毛利率下降 3% 或按固定匯率計算大致持平。

Operating expenses decreased this quarter by 13%, based primarily on reduced phone spend and the transition of display advertising cells to AOL, resulting in segment operating income growth of 59%.

本季度運營費用下降了 13%，主要是由於電話支出減少以及顯示廣告單元向 AOL 的過渡，導致部門運營收入增長 59%。

Now back to our overall Company results.

現在回到我們公司的整體業績。

We invested $3.1 billion in capital expenditures, consistent with our plan for accelerated investment as we added both commercial and consumer global cloud capacity to meet near term and longer term customer demand.

我們投資了 31 億美元的資本支出，這與我們的加速投資計劃一致，因為我們增加了商業和消費者全球雲容量以滿足近期和長期客戶的需求。

During the quarter we continued to rebalance our investment portfolio, which resulted in other income and expense of $267 million from net recognized gains on investments, partially offset by interest expense.

在本季度，我們繼續重新平衡我們的投資組合，從已確認的投資淨收益中產生了 2.67 億美元的其他收入和支出，部分被利息支出抵消。

Our non-GAAP effective tax rate was 15% this quarter, lower than we expected.

本季度我們的非公認會計原則有效稅率為 15%，低於我們的預期。

Our income tax expense reflected a favorable mix between US and foreign countries, as well as benefits associated with distributions from foreign affiliates.

我們的所得稅費用反映了美國和外國之間的有利組合，以及與外國子公司的分配相關的好處。

This quarter we returned $6.4 billion to shareholders through stock 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。

Before turning to next quarter's outlook, I want to share our view on the shape of next fiscal year.

在轉向下一季度的展望之前，我想分享我們對下一財年形態的看法。

My commentary, both on the year and next quarter, does not include LinkedIn.

我對今年和下一季度的評論不包括 LinkedIn。

However, we still expect the transaction to close in the second quarter.

不過，我們仍預計該交易將在第二季度完成。

For the full year we expect the FX impact to lessen throughout the year, assuming current rates remain stable.

假設當前匯率保持穩定，我們預計全年外匯影響將減弱。

In H1 we expect a total impact of 1 point, reducing to zero in H2.

在上半年，我們預計總影響為 1 點，在下半年降至零。

The fundamentals of our commercial business remain strong and we anticipate that Cloud services and healthy renewals will continue to drive high annuity mix.

我們商業業務的基本面依然強勁，我們預計雲服務和健康的續約將繼續推動高年金組合。

As I've noted before, our commercial transactional business is influenced by different dynamics.

正如我之前提到的，我們的商業交易業務受到不同動態的影響。

Most important, it's impacted by a structural transition to the cloud across all workloads.

最重要的是，它受到跨所有工作負載向雲的結構性過渡的影響。

But it's also more sensitive to overall macroeconomic conditions and changes in corporate budgets.

但它對整體宏觀經濟狀況和企業預算的變化也更為敏感。

We expect volatility, as we saw in both Q3 and Q4 this year, to continue in the next fiscal year.

正如我們在今年第三季度和第四季度看到的那樣，我們預計下一財年將繼續波動。

Before discussing our total Company gross margin expectations, let me first address commercial Cloud gross margin.

在討論我們的公司總毛利率預期之前，讓我先談談商業雲毛利率。

We expect the commercial Cloud gross margin percentage and dollars to materially improve next fiscal year.

我們預計商業雲的毛利率百分比和美元將在下一財年大幅改善。

We have invested heavily to build share, expand geographically and ensure world class support and reliability for our commercial customers.

我們投入巨資建立份額、擴大地域範圍並確保為我們的商業客戶提供世界一流的支持和可靠性。

Going forward, we expect those investments to provide benefits of scale.

展望未來，我們預計這些投資將帶來規模效益。

We also anticipate our cloud capital expenditure growth curve will slow.

我們還預計我們的雲資本支出增長曲線將放緩。

Given seasonality and revenue mix, commercial cloud gross margin will see variability quarter-to-quarter but an overall trend of material improvement.

考慮到季節性和收入組合，商業雲的毛利率將出現季度變化，但總體趨勢是實質性改善。

At the Company level, as each cloud service continues to grow and improve its gross margin percentage, our Company gross margin should only decline roughly a point in FY17.

在公司層面，隨著每項云服務繼續增長並提高其毛利率百分比，我們公司的毛利率在 2017 財年應該只會下降大約一個點。

We now expect our full-year operating expense will be $31.1 billion to $31.4 billion as we continue to prioritize spend on strategic growth opportunities.

我們現在預計我們的全年運營費用將在 311 億美元至 314 億美元之間，因為我們將繼續優先考慮在戰略增長機會上的支出。

Lastly, our effective tax rate; our tax rate is impacted by three factors: the proportion of services revenue versus licensing revenue, the geographic mix of revenue and the timing of equity vests.

最後，我們的有效稅率；我們的稅率受三個因素的影響：服務收入與許可收入的比例、收入的地域組合和股權歸屬的時間。

As our Cloud continues to gain momentum, we expect our tax rate to increase.

隨著我們的雲繼續獲得動力，我們預計我們的稅率會增加。

With quarterly variability based on these factors, we anticipate our non-GAAP tax rate to be 20% for the full year, plus or minus 2 points.

由於基於這些因素的季度變化，我們預計全年的非公認會計原則稅率為 20%，上下浮動 2 個百分點。

Now to the outlook for the next quarter.

現在來看下個季度的展望。

Based on current currency rates and forecasted geographic mix of revenue, we expect 2 points of negative impact on total revenue in Q1.

根據當前匯率和預測的收入地理組合，我們預計第一季度總收入將受到 2 個百分點的負面影響。

By segment, the negative impact is 2 points in productivity and business process, 2 points in Intelligent Cloud, and 1 point in More Personal Computing.

按細分市場來看，負面影響是生產力和業務流程 2 分，智能雲 2 分，更多個人計算 1 分。

We expect commercial unearned revenue to be within the range of $21.8 billion to $22 billion, in line with historic seasonality.

我們預計商業未實現收入將在 218 億美元至 220 億美元之間，符合歷史季節性。

In productivity and business process, we expect revenue to be $6.4 billion to $6.6 billion.

在生產力和業務流程方面，我們預計收入為 64 億至 66 億美元。

We will continue to grow our install base and drive premium mix through offers like Office 365 E5.

我們將繼續擴大我們的安裝基礎，並通過 Office 365 E5 等服務推動優質組合。

We anticipate continued transactional declines as customer migration to the cloud accelerates.

我們預計隨著客戶向雲遷移的加速，交易量將繼續下降。

In our consumer business, we will outpace the consumer PC market.

在我們的消費業務中，我們將超越消費 PC 市場。

But the benefit from Japan's improved results over a weak prior period and the benefit from last year's Office 2016 launch are not expected to repeat.

但是，日本在過去疲軟時期的業績改善以及去年推出 Office 2016 帶來的好處預計不會重複。

For Intelligent Cloud we expect revenue between $6.1 billion and $6.3 billion driven by continued annuity strength across Azure and our hybrid cloud offerings, offset by ongoing declines in our transactional on-premises server business, and moderating growth from support agreements in enterprise services.

對於智能雲，我們預計收入在 61 億美元至 63 億美元之間，這主要得益於 Azure 和我們的混合雲產品的持續年金實力，但被我們的本地交易服務器業務的持續下滑以及企業服務支持協議的增長放緩所抵消。

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。

We anticipate that our OEM revenue will be more in line with overall PC market trends.

我們預計我們的 OEM 收入將更符合整體 PC 市場趨勢。

Devices revenue will decline again from our actions in phone, gaming revenue will be driven by the same factors as in Q4.

由於我們在手機方面的行動，設備收入將再次下降，遊戲收入將受到與第四季度相同的因素的推動。

And in search, we expect Bing's growth trajectory to continue.

在搜索方面，我們預計必應的增長軌跡將繼續。

We expect COGS to be $7.5 billion to $7.6 billion with variability due to device sales.

我們預計 COGS 為 75 億至 76 億美元，並因設備銷售而變化。

We expect operating expenses between $7.35 billion and $7.45 billion.

我們預計運營費用在 73.5 億美元至 74.5 億美元之間。

We expect other income and expenses to be approximately zero as realized gains on investments should offset debt expense.

我們預計其他收入和支出將接近於零，因為已實現的投資收益應抵消債務支出。

And 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'll move now to the Q&A section.

我們現在將轉到問答部分。

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）。

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

我們的第一個問題來自摩根士丹利的 Keith Weiss。

Please proceed with your question.

請繼續您的問題。

Excellent.

出色的。

Thank you for taking the question, and very nice quarter.

感謝您提出問題，非常好的季度。

I wanted to dig into Azure and maybe one question for Satya and one question for Amy.

我想深入研究 Azure，也許是 Satya 的一個問題和 Amy 的一個問題。

Satya, you mentioned the Boeing agreement.

Satya，你提到了波音協議。

What was interesting about that is, not just a large company moving significant workloads onto Azure, but from my reading, sounds like there's a distribution side of this agreement that you are going to help distribute some of those applications on a going-forward basis.

有趣的是，不僅僅是一家大公司將大量工作負載轉移到 Azure 上，而且從我的閱讀中，聽起來該協議的分發方將幫助您在未來的基礎上分發其中一些應用程序。

I was wondering if you could touch a little bit on that?

我想知道你能不能稍微談談這個？

Is that a one time thing or is that something that you look to do more often with some of these large companies?

這是一次性的事情，還是您希望與這些大公司中的一些更經常做的事情？

Moving workloads onto Azure.

將工作負載遷移到 Azure。

And then for Amy.

然後是艾米。

Thank you for the additional detail on the cloud gross margin profile on a going forward basis.

感謝您提供有關未來雲毛利率概況的更多詳細信息。

When we dig into just Azure, you said in the past that you expect to match the gross margin profile of what we're seeing in Amazon web services.

當我們只研究 Azure 時，您過去曾說過，您希望與我們在亞馬遜網絡服務中看到的毛利率相匹配。

Does that commentary still hold?

那個評論還成立嗎？

And then you could give us a sort of mark-to-market on how you're doing in terms of matching up Azure's gross margin profile to what you've seen from your top competitor there?

然後，您可以向我們提供一種按市值計價的方法，說明您在將 Azure 的毛利率狀況與您從那裡的主要競爭對手那裡看到的情況相匹配方面的表現？

Thanks, Keith, for those questions.

謝謝，基思，這些問題。

Let me start on the first one.

讓我從第一個開始。

You're absolutely right that one of the phenomena now is that pretty much anyone who is a customer of Azure is also in some form an ISV.

你說得對，現在的一種現像是，幾乎所有 Azure 的客戶也是某種形式的 ISV。

And that's no longer just limited to people who are quote-unquote in the classic tech industry or the software business.

這不再僅限於那些在經典科技行業或軟件行業中引用-未引用的人。

That's the same case with GE, it's the same case with Boeing, it's the same case with Seider Electric or ABB or any one of the customers we are working with, because they all are taking some of their assets and converting them into SaaS applications on Azure.

通用電氣也是如此，波音也是如此，Seider Electric 或 ABB 或我們正在與之合作的任何一個客戶也是如此，因為他們都在將他們的一些資產轉換為 SaaS 應用程序天藍色。

And that's something that we will in fact have distribution agreements with.

這就是我們實際上將與之簽訂分銷協議的東西。

And AppSource, it's a pretty major announcement for us, because we essentially created, for SaaS applications and infrastructure applications, a way to distribute their applications through us and our channel and I think it makes, in fact, our Cloud more attractive to many of them because of that.

AppSource，這對我們來說是一個非常重要的公告，因為我們基本上為 SaaS 應用程序和基礎設施應用程序創建了一種通過我們和我們的渠道分發他們的應用程序的方式，我認為它實際上使我們的雲對許多人更具吸引力他們正因為如此。

I think going forward we will -- you'll look to see or you'll see us do much more of this with many other customers of ours.

我認為未來我們會 - 你會看到或者你會看到我們與我們的許多其他客戶一起做更多的事情。

And to your question on Azure gross margin specifically and how we think about that in comparison, let me first say, the additional color I gave in terms of comments in terms of material improvement clearly also apply to our Azure portfolio as well.

對於你關於 Azure 毛利率的問題，以及我們對此的看法，首先讓我說，我在材料改進方面的評論中給出的額外顏色顯然也適用於我們的 Azure 產品組合。

We're encouraged by the improvements we've seen year-over-year and we do expect material improvement in FY17, both from the benefits of scale and the investments we've made, but importantly also in the revenue trajectory we're seeing and the makeup of that revenue.

我們對同比看到的改進感到鼓舞，我們確實預計 FY17 會出現實質性改善，這既來自規模效益和我們所做的投資，但重要的是我們看到的收入軌跡以及該收入的構成。

Boeing's agreement is one such agreement, in terms of embedding a premium service at a premium gross margin.

波音的協議就是這樣一項協議，以高毛利嵌入優質服務。

We signed many of those this quarter that we feel quite good about.

我們在本季度簽下了許多我們感覺很好的人。

I think I have a strong line of sight to AWS's margin profile and still feel good about the progress we're making.

我認為我對 AWS 的利潤率狀況有很強的洞察力，並且仍然對我們正在取得的進展感到滿意。

Not just on the workloads that are relevant, apples-to-apple with Azure, but also in our broader Cloud portfolio and our ability to have very healthy margins across Dynamics 365 as well as Office 365 in conjunction with many of the innovations we're doing across Azure.

不僅在與 Azure 完全相關的工作負載上，而且在我們更廣泛的雲產品組合中，以及我們在 Dynamics 365 和 Office 365 以及我們的許多創新中擁有非常健康的利潤率的能力在 Azure 中執行。

While I am focused on both the workload improvements, I'm also focused on what's possible across the entirety of the cloud.

雖然我專注於工作負載的改進，但我也專注於整個雲中可能發生的事情。

Thanks, Keith.

謝謝，基思。

Excellent.

出色的。

Thank you very much.

非常感謝。

We'll go to the next question, please, Operator.

我們將進入下一個問題，請操作員。

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

我們的下一個問題來自德意志銀行的 Karl Keirstead。

Please proceed with your question.

請繼續您的問題。

Thank you.

謝謝你。

So Satya or Amy, last quarter, the stock was hit in part on a deceleration in your on-premises server product business, and I think your commentary around the transactional part of that suggested it softened a little bit.

所以 Satya 或 Amy，上個季度，股票部分受到了本地服務器產品業務減速的打擊，我認為你對交易部分的評論表明它有所軟化。

I think your tone on this call is a lot better around the transactional performance, and it looks like that business accelerated a little bit.

我認為你在這次電話會議上的語氣在交易性能方面要好得多，而且看起來業務加速了一點。

Perhaps you could explain what changed in the course of the three months to make the transactional piece, at least if I'm hearing you correctly, feel a little bit better?

也許你可以解釋一下在三個月的過程中發生了什麼變化來製作交易片，至少如果我沒聽錯的話，感覺好一點？

Thank you.

謝謝你。

Let me start and then, Amy, you can add to it.

讓我開始，然後，艾米，你可以添加它。

Overall, Karl, the focus for us is in what I describe as this hyper scale plus hybrid approach.

總的來說，Karl，我們的重點是我所說的這種超大規模加混合方法。

When you think about the cloud approach, which is pretty unique to us, and the way we track progress is to see how is our annuity growth of our server business and how is our Cloud growth.

當您考慮對我們來說非常獨特的雲方法時，我們跟踪進度的方式是查看我們的服務器業務的年金增長情況以及我們的雲增長情況。

And if you look at this last quarter, our annuity grew double digits and our cloud grew triple digits, and that's a pretty healthy growth rate.

如果你看看上個季度，我們的年金增長了兩位數，我們的雲增長了三位數，這是一個相當健康的增長率。

And that's something that, by design both in terms of the technical architecture, as well as the traction we have in the marketplace and our sales efforts, and so on are playing out well and we are very bullish about that going forward.

從技術架構的設計，以及我們在市場上的吸引力和我們的銷售努力等方面來看，這都是很好的結果，我們非常看好這一點。

The transactional business is much more volatile because of the macro environment, IT budgets and also the secular shift to the cloud.

由於宏觀環境、IT 預算以及向雲的長期轉變，交易業務的波動性要大得多。

The question again that gets asked is about the cannibalization.

再次被問到的問題是關於自相殘殺。

But if you look at Boeing or you look at any of the other examples that I talk about when it comes to the Cloud, our servers never did what these customers are now doing in our Cloud.

但是，如果你看看波音，或者你看看我談到的任何其他關於雲的例子，我們的服務器從來沒有像這些客戶現在在我們的雲中做的那樣。

So at a fundamental long-term secular basis, we have new growth, new workloads and that's what we're focused on and that's a much bigger addressable market than anything our transactional server business had in the past.

因此，在長期的長期基礎上，我們有新的增長，新的工作負載，這就是我們所關注的，這是一個比我們過去的交易服務器業務更大的潛在市場。

Thank you, Karl.

謝謝你，卡爾。

We'll take the next question, please.

請我們回答下一個問題。

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

我們的下一個問題來自瑞銀的 Brent Thill。

Please proceed with your question.

請繼續您的問題。

Thanks, Amy.

謝謝，艾米。

In Q3 the transactional business was weak and you said the business bounced back in Q4.

第三季度交易業務疲軟，您說該業務在第四季度反彈。

Was that just a mere fact of you cleaning up some of the slipped business, or did you see additional strength on top of some of those closed transactions on the transactional business in Q4?

這僅僅是您清理一些下滑業務的事實，還是您在第四季度交易業務的一些已關閉交易之上看到了額外的實力？

Thanks, Brent.

謝謝，布倫特。

Let me split your question into two components.

讓我把你的問題分成兩個部分。

The first thing, really, that I think Satya and I both focus on every quarter, every month is how much of our business are we continuing to shift to annuity and specifically to the cloud.

首先，我認為 Satya 和我都關注每個季度、每個月的第一件事是，我們有多少業務繼續轉向年金，特別是雲計算。

We structure all of our motions at this Company from how we engineer to how we do our go-to-markets, to how we think about sales engagement, to how we do our investments, Fundamentally, toward that long-term structural transition in the market.

我們在這家公司構建了我們所有的動議，從我們如何設計到我們如何進入市場，到我們如何看待銷售參與，再到我們如何進行投資，從根本上說，朝著長期的結構轉型市場。

And so to your question on transactional performance, there were some deals that didn't get done in Q3 that got done in Q4.

因此，對於您關於交易績效的問題，有些交易在第三季度沒有完成，而在第四季度完成了。

And there were some deals done in Q4 on the Office side with large companies that I'm thrilled by.

在第四季度，Office 方面與大公司達成了一些令我興奮的交易。

But at the same time we still will focus on those deals moving to the Cloud over time.

但與此同時，隨著時間的推移，我們仍將關注那些轉移到雲端的交易。

And so this volatility that we are going to see because of macro and because of budget constraints, especially on transactional, we will focus on because we expect excellent execution and have accountability to do that in the field.

因此，由於宏觀和預算限制，我們將看到這種波動，特別是在交易方面，我們將重點關注，因為我們期望出色的執行力並有責任在該領域做到這一點。

But our first priority every time is to make sure we are focused on annuity growth and digital transformation at our Company, which is best done through that motion.

但我們每次的首要任務是確保我們專注於公司的年金增長和數字化轉型，最好通過該議案來完成。

Just to be clear, Amy, in terms of the sales motion, are they incented more towards cloud versus transactional going into this year?

需要明確的是，艾米，就銷售動議而言，今年他們是否更傾向於雲而不是交易？

Yes.

是的。

Absolutely.

絕對地。

Thank you.

謝謝你。

Thanks, Brent.

謝謝，布倫特。

We'll move to the next question, please.

請移步下一個問題。

Our next question comes from the line of Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛集團的 Heather Bellini。

Please proceed with your question.

請繼續您的問題。

Great.

偉大的。

Satya, I had a question for you on Azure.

Satya，我有一個關於 Azure 的問題。

I was just wondering if you could talk about the percentage of Azure revenue coming from ISVs?

我只是想知道您能否談談來自 ISV 的 Azure 收入百分比？

And then how do you see this helping you compete with AWS?

那麼您如何看待這有助於您與 AWS 競爭？

And can you talk about why these partners may be choosing you over the competition?

你能談談為什麼這些合作夥伴會選擇你而不是競爭對手嗎？

Thank you.

謝謝你。

Sure.

當然。

Let me take that second part in terms of what is our differentiation.

讓我來談談我們的差異化。

In my remarks I sort of pointed out the couple of dimensions.

在我的評論中，我有點指出了這兩個維度。

But overall, I believe this hyper scale plus hybrid architecturally helps us a lot with enterprise customers because we meet them where their realities are today and also the digital transformation needs going forward.

但總體而言，我相信這種超大規模和混合架構在企業客戶方面對我們有很大幫助，因為我們可以滿足他們今天的現實情況以及未來的數字化轉型需求。

So that's one massive advantage we have.

這是我們擁有的一大優勢。

The second area for us is also the nexus between what's happening in Office 365, Dynamics 365, AppSource, and in fact this last quarter some of the most strategic announcements were all around our application platform.

對我們來說，第二個領域也是 Office 365、Dynamics 365、AppSource 中發生的事情之間的聯繫，事實上，上個季度的一些最具戰略意義的公告都圍繞著我們的應用程序平台。

At our partner conference there was significant amount of excitement with the tools that we announced like PowerApps and Power BI, Azure functions and flow.

在我們的合作夥伴大會上，我們發布的工具如 PowerApps 和 Power BI、Azure 函數和流程讓我們非常興奮。

These are tools that our developers and system integrators and solution partners will use in order to be able to customize applications around Azure.

這些是我們的開發人員、系統集成商和解決方案合作夥伴將使用的工具，以便能夠圍繞 Azure 自定義應用程序。

And so to me, that's another huge advantage and a competitive differentiation for us.

所以對我來說，這對我們來說是另一個巨大的優勢和競爭差異化。

And then lastly, we have the best support for what I would say is the most open platform for all developers.

最後，我們對我所說的對所有開發人員來說最開放的平台有最好的支持。

Not only is .NET first class, but Linux is first class, Java is first class, Azure Container Service cuts across both containers running on Windows, running across Linux, so again, speaks to the enterprise realities.

不僅 .NET 是一流的，Linux 也是一流的，Java 是一流的，Azure 容器服務跨越了在 Windows 上運行的兩個容器，在 Linux 上運行，所以再一次說明了企業的現實。

So those would be the places where we are fairly differentiated and that's what you see us gaining, both for enterprise customers and ISVs.

因此，這些將是我們相當差異化的地方，這就是您看到我們獲得的，無論是對於企業客戶還是 ISV。

The question you asked is an interesting one, which is if I had to slice it by classic ISVs, it would be one-third or so of our revenue.

你問的問題很有趣，如果我必須用經典的 ISV 來分割它，那將是我們收入的三分之一左右。

But the thing that -- the first question that Keith asked is probably more indicative of what's happening, which is every customer's also an ISV.

但是，Keith 提出的第一個問題可能更能說明正在發生的事情，即每個客戶也是 ISV。

So every customer who starts off consuming Azure is also turning what is their IP in some -- most cases into an ISV solution, which ultimately will even participate in AppSource.

因此，每個開始使用 Azure 的客戶也在某些情況下將他們的 IP（大多數情況下）轉變為 ISV 解決方案，最終甚至會參與 AppSource。

So at least the vision that we have is that every customer is a digital company that will have a digital IP component to it and that we want to be able to partner with them in pretty unique ways.

因此，至少我們的願景是，每個客戶都是一家擁有數字 IP 組件的數字公司，我們希望能夠以非常獨特的方式與他們合作。

I would also add, Heather, the importance of the motion in our field organization and go-to-market with ISVs is incredibly high in terms of selling with and along with those ISVs, both making them successful and thereby helping us build very important scale through the platform.

我還要補充一點，Heather，就與這些 ISV 一起銷售以及與這些 ISV 一起銷售而言，該動議在我們的現場組織和進入市場中的重要性非常高，這既使它們成功，也幫助我們建立了非常重要的規模通過平台。

We've seen a lot of improvement in the past four quarters on that front.

在過去的四個季度中，我們在這方面看到了很多改進。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Heather.

謝謝，希瑟。

Thank you, Heather.

謝謝你，希瑟。

We'll move to the next question, please.

請移步下一個問題。

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

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

Please proceed with your question.

請繼續您的問題。

Thank you.

謝謝你。

Amy, how much of the weakness in transactional has been caused by clients that otherwise would have bought a license now under annuity?

艾米，交易方面的弱點有多少是由客戶造成的，否則他們現在會在年金下購買許可證？

In other words, are you driving the transactional weakness to some extent by driving the growth in on-prem?

換句話說，您是否通過推動本地增長在一定程度上推動了交易疲軟？

And then I have a quick follow-up for Satya.

然後我對 Satya 進行了快速跟進。

It's probably not exactly how I would say it, Mark.

這可能不是我會說的，馬克。

I do believe that every conversation that we're having with customers is Cloud-led.

我確實相信我們與客戶進行的每一次對話都是以雲為主導的。

That Cloud-led conversation and making a plan for customers to best change and transform their own business, certainly far more in-depth one than on occasion is required by long-time transactional purchasers, especially in Office, as an example, because what we're talking about now is really pivoting your business for the long term.

以雲為主導的對話並為客戶制定計劃以最好地改變和轉變他們自己的業務，當然比有時更深入的交易是長期交易購買者所需要的，尤其是在 Office 中，例如，因為我們'現在正在談論的是真正使您的業務長期發展。

And so I'm sure there are examples where that has elongated the sales cycle for good reason.

所以我敢肯定，有一些例子表明，這有充分的理由延長了銷售週期。

But I would generally point back to say most of these are driven at the structural level, which is structurally over time on-premises transactional business will move to the cloud or to a hybrid structure through an annuity revenue stream.

但我通常會指出，其中大部分是在結構層面驅動的，隨著時間的推移，內部交易業務將通過年金收入流轉移到雲或混合結構。

Now over any short term period, the majority of what we have seen is really -- is either budget constraint, a macroeconomic change or people, to the question you've laid out, maybe in the midst of making their cloud transition plan and maybe that has elongated the sales cycle to an extent.

現在，在任何短期內，我們所看到的大部分都是真的——要么是預算約束、宏觀經濟變化，要么是人，對於你提出的問題，也許是在製定他們的雲過渡計劃，也許這在一定程度上延長了銷售週期。

But again, I don't view that as negative performance.

但同樣，我不認為這是負面的表現。

I view that as strategic relevance long-term inside of digital accounts.

我認為這是數字賬戶內部的長期戰略相關性。

That makes a lot of sense.

這很有意義。

Thanks.

謝謝。

Thanks, Mark.

謝謝，馬克。

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

我們的下一個問題來自花旗銀行的 Walter Pritchard。

Please proceed with your question.

請繼續您的問題。

Hi, thanks.

你好謝謝。

Amy, I'm wondering, you saw very strong unearned revenue in the quarter, but I note that you saw contracted backlog that grew sequentially below what a typical June quarter does in commercial bookings that were up about 4%, off of a fairly easy comp.

艾米，我想知道，您在本季度看到了非常強勁的未實現收入，但我注意到您看到合同積壓訂單的連續增長低於典型的 6 月季度商業預訂增長約 4%，這是相當容易的比較

But, I'm wondering if you could just help us understand the dynamics between -- in new and renewal signings that drove that combination of really strong unearned but somewhat weaker trends in the bookings?

但是，我想知道您是否可以幫助我們了解新簽約和續約簽約之間的動態，這些簽約推動了非常強大的未賺到的預訂趨勢的組合？

Sure.

當然。

Strong unearned in particular was actually better than expected Azure billings in the quarter that drove unearned above the high end of our guide and I think we were quite pleased by that performance.

尤其是強勁的未實現收入實際上比本季度的預期 Azure 賬單要好，該季度未實現收入超過了我們指南的高端，我認為我們對這種表現感到非常滿意。

In terms of [C and D], that's the reference I made in my comments to the lower expiry base.

就 [C 和 D] 而言，這是我在評論中對較低到期基數的參考。

Quarter-to-quarter and year-to-year we just had different amounts of contracts expiring.

我們只是有不同數量的合同到期。

And so this was one of our lower contract bases and was lower than a year ago.

所以這是我們較低的合同基數之一，低於一年前。

So the fact that we were able to grow in that low expiry base is actually very good structural performance.

因此，我們能夠在如此低的到期基數中增長這一事實實際上是非常好的結構性能。

Thank you, Walter.

謝謝你，沃爾特。

We'll take the next question, please.

請我們回答下一個問題。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Please proceed with your question.

請繼續您的問題。

Two questions on the Office side; first of all, you obviously reaching very large numbers in terms of the numbers of seats that you have.

辦公室方面的兩個問題；首先，就您擁有的席位數量而言，您顯然達到了非常大的數量。

Can you talk a little bit about what's the seat growth because, both for consumer and for commercial, it seemed to be coming down?

您能否談談座位增長情況，因為無論是對於消費者還是對於商業，它似乎都在下降？

Is that kind of the law of large numbers coming in or is there anything else?

是那種大數定律進來還是有別的什麼？

And then the consumer Office, the consumer Office performance was very, very strong and that almost needs to be stronger from transactions because otherwise I don't get to the numbers.

然後是消費者辦公室，消費者辦公室的表現非常非常強大，幾乎需要從交易中變得更強，否則我無法獲得數字。

Can you talk a little about the source of the strength there?

你能談談那裡的力量來源嗎？

Thank you.

謝謝你。

Thanks, Raimo.

謝謝，雷莫。

Let me start with the Office consumer question.

讓我從 Office 消費者問題開始。

We haven't had a chance to touch on that.

我們還沒有機會談到這一點。

And then we'll talk about commercial seat growth.

然後我們將討論商業座位的增長。

You're right, the Office consumer growth still has quite a bit of transactional business to it, even though we have moved, and you saw that growth, the subscriber base sort of materially, the growth in quarter versus our expectations was really two things that are transactionally focused.

你是對的，Office 消費者的增長仍然有相當多的交易業務，即使我們已經搬家了，你看到了增長，訂戶基數有點實質性，季度增長與我們的預期相比實際上是兩件事以交易為重點。

One, the PC market was a little better than we thought.

一，個人電腦市場比我們想像的要好一些。

And particularly in developed markets, the PC growth was better than we thought.

特別是在發達市場，個人電腦的增長比我們想像的要好。

And developed markets are where we see the most transactional business with consumer Office that impacts in quarter.

發達市場是我們看到影響本季度的消費者 Office 交易最多的市場。

So the strength from that outperformance or better market and consumer PCs in developed markets is a direct correlation to our performance in Office consumer.

因此，在發達市場的表現優於或更好的市場和消費類 PC 的優勢與我們在 Office 消費類產品中的表現直接相關。

And so that's how to think about that big delta.

這就是如何看待這個大三角洲。

The other thing was Japan was a little better and when Japan is better, it's why you also see the interesting relationship in constant currency.

另一件事是日本稍微好一點，當日本好一點時，這就是為什麼你也會看到不變貨幣的有趣關係。

We have a lot of yen exposure in that segment.

我們在該領域有很多日元敞口。

So the Japan performance being better also helped.

因此，日本表現更好也有所幫助。

That is a purely -- it's more transactional than even our Rest-of-World business.

這純粹是——它甚至比我們在世界其他地區的業務更具交易性。

So you're right, Raimo, in terms of what impacted that number in-quarter versus the underlying market dynamics.

所以你是對的，Raimo，就本季度這個數字與潛在市場動態的影響而言，你是對的。

On commercial seats, listen, we're very proud of that big number, growth number, but you're right, we're also getting a very big base.

在商業座位上，聽著，我們為這個龐大的增長數字感到非常自豪，但你是對的，我們也獲得了一個非常大的基礎。

And so, while we feel great about continuing to add seats at that type of rate, converting and adding net new into our install base, you will see that growth rate come down just because the business is getting quite big.

因此，雖然我們對繼續以這種速度增加席位、轉換並在我們的安裝基礎中增加淨新用戶感到非常高興，但您會看到增長率下降只是因為業務變得相當大。

Thank you.

謝謝你。

Thanks, Raimo.

謝謝，雷莫。

We'll take the next question, please.

請我們回答下一個問題。

Our next question comes from the line of Gregg Moskowitz with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Gregg Moskowitz。

Please proceed with your question.

請繼續您的問題。

Okay.

好的。

Thanks very much and good afternoon.

非常感謝，下午好。

Amy, you spoke about a slowdown in the Cloud CapEx growth curve in FY17.

艾米，您談到了 2017 財年雲資本支出增長曲線的放緩。

I assume you're referring to the growth in absolute dollars moderating and not just the rate of change in percentage terms?

我假設您指的是絕對美元增長放緩，而不僅僅是百分比變化率？

But any additional color that you could provide on the Company's CapEx requirements over the course of the next year would be appreciated.

但是，您可以在明年的過程中為公司的資本支出要求提供任何額外的顏色，我們將不勝感激。

Thanks, Greg.

謝謝，格雷格。

You're right, my comments are more pivoted toward the absolute dollar amounts, which is what I tend to focus on in my comments.

你說得對，我的評論更側重於絕對金額，這是我在評論中傾向於關注的內容。

It's a good clarification and thanks for asking.

這是一個很好的澄清，感謝您的提問。

In terms of how we think about the absolute numbers, first I should say I think most people assume, and it is true to a certain extent, so much of this is the growth in our commercial businesses across Azure and Dynamics and Office 365 and that's true.

就我們如何看待絕對數字而言，首先我應該說我認為大多數人都假設，並且在一定程度上是正確的，這在很大程度上是我們在 Azure、Dynamics 和 Office 365 上的商業業務的增長，這就是真的。

But we're also seeing quite good growth in some of the consumer businesses, which also are built on our Cloud infrastructure.

但我們也看到一些消費業務的增長相當不錯，這些業務也建立在我們的雲基礎設施之上。

Search, some of our gaming assets, our Xbox Live business going forward, and so many of these assets, including increased usage of our consumer properties inside our productivity business and Office do require capital spend.

搜索、我們的一些遊戲資產、我們未來的 Xbox Live 業務以及其中許多資產，包括我們生產力業務和 Office 中消費者資產的使用增加，確實需要資本支出。

And so the growth is pretty broad-based to support.

因此，增長的支持範圍非常廣泛。

And so, as I think about moderation, it is the absolute dollar.

因此，當我想到適度時，它是絕對的美元。

It's from -- it's not due to any change in our aspiration or belief in the growth curve of revenue and I want to be clear on that.

它來自 - 這不是由於我們對收入增長曲線的願望或信念發生任何變化，我想明確這一點。

It really is about continuing to benefit from scale and engineering improvements that will allow us to do that even as we see broad-based growth.

這實際上是關於繼續從規模和工程改進中受益，這將使我們能夠做到這一點，即使我們看到了廣泛的增長。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

We'll take the next question, please.

請我們回答下一個問題。

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

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

Please proceed with your question.

請繼續您的問題。

Thanks so much for taking my question.

非常感謝您提出我的問題。

Amy, I had one on the same lines on CapEx, and I just wondered if you could provide some insights?

艾米，我在資本支出方面也有類似的情況，我只是想知道你能否提供一些見解？

We're at 26 data center regions today.

我們今天在 26 個數據中心區域。

I think you have 34 planned.

我想你有 34 個計劃。

So that would imply we're about three quarters of the way through that spending cycle.

因此，這意味著我們已經完成了該支出週期的四分之三。

But should we view 34 as a ceiling, or is it possible that we could see further data center regions built out beyond that 34?

但是我們是否應該將 34 視為一個上限，或者我們是否有可能在 34 之外看到更多的數據中心區域？

And then I had one follow-up.

然後我進行了一次跟進。

Let me start and then, Amy, you can add to this.

讓我開始，然後，艾米，你可以補充一下。

In some sense Ross you're trying to ask us to project forward and say what is the legitimate digital security and digital sovereignty needs of all the different types of businesses that we want to serve using the cloud all over the world.

從某種意義上說，羅斯試圖讓我們向前推進，並說出我們希望在全球範圍內使用雲服務的所有不同類型企業的合法數字安全和數字主權需求是什麼。

The position that we have taken is that we want to serve customers where they are and not assume some very simplistically that that digital sovereignty needs of customers can be met out of a fewer data center approach.

我們採取的立場是，我們希望為客戶提供服務，而不是簡單地假設客戶的數字主權需求可以通過更少的數據中心方法來滿足。

Because right now, given the secular trend to of move to the cloud across all of the regulated industries across the globe, we think it's wiser for us and our investors long-term to be able to meet them where they are and that's what you see us.

因為現在，鑑於全球所有受監管行業都向雲遷移的長期趨勢，我們認為我們和我們的投資者長期能夠在他們所在的地方與他們會面是更明智的做法，這就是你所看到的我們。

We were the only cloud that operates in China under Chinese law, the only cloud that operates in Germany under German law.

我們是唯一根據中國法律在中國運營的雲，也是唯一根據德國法律在德國運營的雲。

And these are critical competitive advantages to us.

這些對我們來說都是至關重要的競爭優勢。

And so we will track that and we'll be very demand-driven.

因此，我們將跟踪這一點，我們將非常受需求驅動。

So there is, in this case, we're not taking these positions of which regions to open and where to open them well in advance of our demand.

因此，在這種情況下，我們並沒有在我們的需求之前就在哪些地區開放以及在哪裡開放這些職位。

If anything, I think our cycle times have significantly come down.

如果有的話，我認為我們的周期時間已經顯著下降。

So it will be demand driven, but I don't want to essentially put a cap because if the opportunity arises and for us it's a higher ROI decision to open a new region, we will do so.

所以這將是需求驅動的，但我不想本質上設定上限，因為如果機會出現並且對我們來說，開設一個新地區是一個更高投資回報率的決定，我們會這樣做。

I would add, in addition to the number of regions, what Satya's talking about, it's also the capacity inside a region.

我要補充的是，除了地區的數量之外，Satya 所說的還有一個地區內的容量。

Much of our spend is, as you note, on some of the infrastructure to put in place when you pick a location.

正如您所指出的，我們的大部分支出都用於在您選擇地點時要建立的一些基礎設施上。

The rest of it is continuing to build out in that location the number of servers and networking equipment required.

其餘部分將繼續在該位置建立所需的服務器和網絡設備數量。

So there's really two components and I think Satya's talked about why you would enter a region and its ROI and there's also the correlation to how many servers and that spend and pace over time based on demand.

所以實際上有兩個組成部分，我認為 Satya 談到了你為什麼要進入一個地區及其投資回報率，還有服務器數量的相關性，以及根據需求隨著時間的推移而花費和節奏。

Thanks so much.

非常感謝。

Maybe just one quick follow-up.

也許只是一個快速的跟進。

The server products business that Karl talked about did rebound this quarter and I think it was up about 4% constant currency for the year.

Karl 談到的服務器產品業務在本季度確實出現了反彈，我認為該業務全年上漲了約 4%。

I know you're not guiding to that number specifically and you talked about potential volatility.

我知道您並沒有專門針對該數字進行指導，並且您談到了潛在的波動性。

But is there any range of outcomes that you're thinking about for that business?

但是，您是否正在為該業務考慮任何範圍的結果？

Will it grow?

它會成長嗎？

Is it not clear that it will grow?

不知道它會增長嗎？

I'd just love any additional color there.

我只是喜歡那裡的任何其他顏色。

Thank you.

謝謝你。

In terms of server products and services, I tend to think of it as the all-up growth.

在服務器產品和服務方面，我傾向於將其視為全面增長。

It's really about growing the cloud, growing the hybrid, and then whatever happens in the transactional business happens.

這實際上是關於發展雲，發展混合，然後交易業務中發生的任何事情都會發生。

And we -- I'm very proud, actually, of the growth this quarter.

我們 - 實際上，我對本季度的增長感到非常自豪。

I think our guide for Q1, given some of the headwinds we expect in terms of support agreements that we talked about in enterprise services, continues to expect very healthy double-digit annuity growth driven fundamentally by Azure in that segment.

我認為，鑑於我們在企業服務中談到的支持協議方面的一些不利因素，我認為我們的第一季度指南繼續預計 Azure 在該領域的基本推動下實現非常健康的兩位數年金增長。

Thanks, Ross.

謝謝，羅斯。

Thanks again.

再次感謝。

Congratulations.

恭喜。

We'll go to the next question, please.

請我們進入下一個問題。

Our next question comes from the line of Michael Turits with Raymond James.

我們的下一個問題來自 Michael Turits 和 Raymond James。

Please proceed with your question.

請繼續您的問題。

Hi, guys, thanks for taking my question.

嗨，伙計們，感謝您提出我的問題。

Satya, around the LinkedIn announcement there was a lot of discussion about some of the opportunities to use the assets and information there to help build your HCM and CRM capabilities, and then we fairly shortly afterwards got the announcement of Dynamics 365 and AppSource.

Satya，圍繞 LinkedIn 公告，有很多關於使用那裡的資產和信息來幫助構建 HCM 和 CRM 功能的機會的討論，然後我們很快就收到了 Dynamics 365 和 AppSource 的公告。

Maybe given the amount of discussion here you could comment on the evolution of the strategy and your thought process around broad enterprise application?

也許考慮到這裡的討論量，您可以評論戰略的演變和您圍繞廣泛企業應用程序的思考過程？

Thanks for that question.

謝謝你的問題。

So I look at what we're doing with Office 365, Dynamics 365, AppSource, LinkedIn, as all being part of one strategy.

因此，我將 Office 365、Dynamics 365、AppSource、LinkedIn 視為一項戰略的一部分。

So the move to the cloud for our customers and for us is not just about a new way of delivering the same value, just as a self service.

因此，對於我們的客戶和我們來說，遷移到雲端不僅僅是一種交付相同價值的新方式，而是一種自助服務。

It's really the transformation from having applications that are silos to becoming more services in the cloud where you can reason about the activity and the data underneath these services to benefit the customers who are using these services.

這實際上是從擁有孤島應用程序到成為更多雲服務的轉變，您可以在其中推理這些服務下的活動和數據，以使使用這些服務的客戶受益。

So that's what this notion of a graph represents.

這就是圖表的概念所代表的。

So when somebody moves to office 365, they graph their people, their relationships with other people inside the organization.

因此，當有人搬到 Office 365 時，他們會繪製他們的人員，以及他們與組織內其他人的關係。

Their work artifacts all move to the cloud.

他們的工作工件都移到了雲端。

You can connect them with all the business process data that's in Dynamics 365.

您可以將它們與 Dynamics 365 中的所有業務流程數據連接起來。

But not just in Dynamics 365, but all the applications in AppSource, because business process will always be a much more fragmented market as opposed to just one market share leader by industry, by vertical, by country.

但不僅在 Dynamics 365 中，而且在 AppSource 中的所有應用程序中，因為業務流程將始終是一個更加分散的市場，而不是按行業、垂直和國家/地區劃分的市場份額領先者。

And so that's our strategy there.

這就是我們在那裡的策略。

And now the professional Cloud or the professional network helps usage across all of that professional usage, whether it's in Office 365, or whether you're a salesperson using any application related to sales, you want your professional network there.

現在，專業雲或專業網絡可幫助所有專業用途的使用，無論是在 Office 365 中，還是您是使用任何與銷售相關的應用程序的銷售人員，您都需要您的專業網絡。

Of course it's relevant in recruiting.

當然，這與招聘有關。

It's relevant in training.

這與培訓有關。

It's relevant in marketing.

它與營銷有關。

So that's really our strategy with LinkedIn as the professional network needing the professional cloud.

因此，這確實是我們將 LinkedIn 作為需要專業雲的專業網絡的戰略。

And so you're right to point out that these are all part of one overarching strategy, and ultimately it's about adding value to customers.

因此，您正確地指出，這些都是一項總體戰略的一部分，最終是為客戶增加價值。

Thanks, Michael.

謝謝，邁克爾。

Thanks so much.

非常感謝。

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

請有時間再回答一個問題。

Our final question comes from the line of Mark Murphy with JPMorgan.

我們的最後一個問題來自摩根大通的 Mark Murphy。

Please proceed with your question.

請繼續您的問題。

Yes, thank you very much.

是的謝謝你。

Satya, we noticed Office 365 commercial seat growth of 45% produced Office 365 commercial revenue growth of 59% in constant currency.

Satya，我們注意到 Office 365 商業席位增長 45%，導致 Office 365 商業收入增長 59%（按固定匯率計算）。

So a favorable spread of about 14 points suggesting ASP growth.

因此，大約 14 個點的有利價差表明 ASP 增長。

Wondering if you could help us understand the drivers, both now and into the future, particularly in terms of the initial response to the E5 plan, and also which products you think are driving the strength as you consider across Exchange, Skype for Business, Power BI, Yammer, SharePoint, et cetera.

想知道您是否可以幫助我們了解現在和未來的驅動因素，特別是在對 E5 計劃的初步響應方面，以及您認為哪些產品正在推動您考慮跨 Exchange、Skype for Business、Power 的力量BI、Yammer、SharePoint 等。

Let me start and, Amy, you can add to it.

讓我開始吧，艾米，你可以添加它。

Overall, I'd say even in this last year, even just the broader spread of E3 has driven a lot of the growth.

總的來說，我想說即使在去年，即使只是 E3 的更廣泛傳播也推動了很多增長。

And then of course we're very excited about E5, but the very, very early days of E5.

當然，我們對 E5 感到非常興奮，但 E5 非常非常早期。

E5 value proposition across all three of the areas, whether it's cloud voice or analytics or security are all three massive areas for us.

所有三個領域的 E5 價值主張，無論是雲語音、分析還是安全，對我們來說都是三個重要領域。

And I would say, if anything, the initial data from customers around security is very -- is gaining a lot of traction.

我想說，如果有的話，來自客戶的關於安全的初始數據非常 - 正在獲得很多關注。

But we're at the same time -- one of the things that customers are looking for is making an enterprise-wide architectural decision across all of the workloads.

但我們同時 - 客戶正在尋找的一件事是針對所有工作負載做出企業範圍的架構決策。

So E3, E5 and higher penetration of this is what's going to drive ASV growth.

因此，E3、E5 和更高的滲透率將推動 ASV 的增長。

And you can see -- you'll see us add more value to these packages as time goes on, as well, because our R&D is focused on that, which is how do we take these buckets of value creation and reinforce them with all of the future R&D as well.

你可以看到——隨著時間的推移，你會看到我們為這些軟件包增加更多的價值，因為我們的研發專注於這一點，這就是我們如何利用這些創造價值的桶並用所有的未來的研發也是如此。

Thanks, Mark.

謝謝，馬克。

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 and you can follow our comments at the Microsoft Investor Relations website.

對於那些無法親自參加這些活動的人，這些活動將通過網絡直播，您可以在 Microsoft 投資者關係網站上關注我們的評論。

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

如果您需要任何其他詳細信息，請與我們聯繫，感謝您今天加入我們。

Thanks all.

謝謝大家。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。