微軟 (MSFT) 2016 Q4 法說會逐字稿

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

各位好，歡迎參加微軟2016財年第四季財報電話會議。

(Operator Instructions)

（操作說明）

It is now my pleasure to introduce your host, Mr. Chris Suh, General Manager Investor Relations. Thank you. You may begin.

現在，我很榮幸地向大家介紹主持人，投資人關係總經理 Chris Suh 先生。謝謝。你可以開始了。

Thank you. Good afternoon and thank you for joining us today.

謝謝。下午好，感謝各位今天蒞臨。

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. 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.

今天與我一起通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問兼公司秘書約翰·西索夫。在我們的網站 Microsoft.com/investor 上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。

Unless otherwise specified we will refer to non-GAAP metrics on the call. The non-GAAP financial measures provided should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. They'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.

除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列入這些項目是為了補充說明，幫助投資人進一步了解公司第四季的業績，以及這些項目和事件對財務表現的影響。

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. As a reminder, in May we announced plans to further streamline the phone hardware business. During the fourth quarter, restructuring and related impairment expenses were $1.1 billion.

此外，任何提及的營運費用均指我們在 10-Q 表格腳註中定義的部門營運費用，其中包括研發、銷售和行銷以及一般管理費用，但不包括整合和重組費用的影響。再次提醒大家，我們在五月宣布了進一步精簡手機硬體業務的計畫。第四季度，重組及相關減損支出為 11 億美元。

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

除非另有說明，我們今天在電話會議上所做的所有成長比較均與去年同期相關。我們也將提供以固定匯率計算的成長率（如有），以此作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。

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

在業務部門層面，我們以固定匯率計算收入和毛利率的成長。然而，由於我們最近對分部報告分組進行了調整，我們無法提供分部層級的固定匯率營運費用成長，因此也無法得出固定匯率分部營運收入。

We do provide constant currency operating expense and operating income growth at the Company-wide level. We'll post our prepared remarks to our website immediately following the call until the complete transcript is available.

我們提供公司整體層面的固定匯率計算的營業費用和營業收入成長。通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。

Today's call is being Webcast live and recorded. If you ask a question it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until July 19th, 2017.

今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播中、文字稿中以及將來對錄音的任何使用中。您可以在 2017 年 7 月 19 日之前在微軟投資者關係網站上重播電話會議並查看會議記錄。

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

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

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

說完這些，我將把電話轉給 Satya。

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

謝謝克里斯，也謝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. We are proud of what we achieved and particularly how we are positioned for new growth.

我要感謝所有為過去一年的成功做出貢獻的微軟團隊成員和合作夥伴。我們為所取得的成就感到自豪，尤其為我們未來的發展奠定了基礎。

Today Amy and I will share our fourth-quarter results and our perspective on the year ahead. We delivered $22.6 billion in revenue this quarter, an increase of 5% for the quarter in constant currency. 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.

今天，我和艾米將分享我們第四季的業績以及我們對未來一年的展望。本季我們實現了 226 億美元的收入，以固定匯率計算，比上一季成長了 5%。過去一年對於我們的轉型以及與同樣致力於數位轉型的客戶的合作而言都是至關重要的一年。

Our progress is best captured in the results of our three ambitions, starting with productivity and business process. In a world of infinite information but finite attention in time we aim to change the nature of work with digital technology. In pursuit of this ambition, we continue to add value to our products, grow usage and increase our addressable market.

我們的進步最好地體現在我們三大目標的成果上，首先是生產力和業務流程。在一個資訊無限而注意力有限的世界裡，我們旨在利用數位科技改變工作的本質。為了實現這個目標，我們不斷提升產品價值，提高產品使用率，並擴大目標市場。

Along these lines, let me start with Office 365 and then move to Dynamics 365. In the last quarter we advanced our collaboration tools. We launched Microsoft Planner which helps teams manage operations, as well as Skype meetings which is aimed at helping small businesses collaborate.

基於此，我先從 Office 365 開始，然後再介紹 Dynamics 365。上個季度，我們對協作工具進行了升級。我們推出了 Microsoft Planner，它可以幫助團隊管理營運；同時也推出了 Skype 會議，旨在幫助小型企業進行協作。

In June, we further strengthened our security value proposition with the release of Advanced Security Management. Lastly, we continue to add intelligence and machine learning to Office to help people out automate their tasks and glean insights from data. These advancements help to drive increased usage across enterprises, small and medium businesses and consumers.

6 月，我們發布了高階安全管理，進一步加強了我們的安全價值主張。最後，我們將繼續為 Office 添加智慧和機器學習功能，以幫助人們實現任務自動化並從數據中獲取洞察。這些進步有助於推動企業、中小企業和消費者更多地使用該產品。

In the enterprise, Office 365 commercial feeds grew 45% year-over-year and revenue grew 59% in constant currency. Also, 70% of our Office enterprise agreement renewals are in the Cloud. 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.

在企業領域，Office 365 商業版訂閱源年增 45%，以固定匯率計算，營收成長 59%。此外，我們70%的Office企業協議續約都是在雲端進行的。像 Facebook、好時、探索傳播公司、庫什曼·韋克菲爾德這樣的創新公司都採用了 Office 365，現在他們看到了這項服務對他們自身業務的變革性影響。

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. These customers tell us that they love the simplification that comes with standardizing across all of our productivity workloads. 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. We continue to grab share and adding over 50,000 customers each month for 28 consecutive months.

我們對使用我們新發布的 Office 365 E5 的公司給予的早期反饋和成長機會感到非常興奮，該版本包含強大的安全控制、高級分析和雲端語音功能。這些客戶告訴我們，他們非常喜歡我們所有生產力工作負載標準化所帶來的簡化效果。我們看到中小企業的發展勢頭強勁，越來越多的合作夥伴開始銷售 Office 365，目前已接近 9 萬家，較去年同期成長 25%。我們持續擴大市場份額，連續 28 個月每月新增客戶超過 5 萬名。

We also see momentum amongst consumers with now more than 23 million Office 365 subscribers. Across segments, customers increasingly experience the power of Office on their iOS and Android mobile devices. In fact, we now have more than 50 million iOS and Android monthly active devices, up more than four times over last year.

我們也看到消費者群也呈現強勁的成長勢頭，目前 Office 365 的用戶已超過 2,300 萬。在各個細分市場，客戶越來越能體驗到 Office 在其 iOS 和 Android 行動裝置上的強大功能。事實上，我們現在擁有超過 5000 萬台 iOS 和 Android 月活躍設備，比去年增長了四倍多。

Now let's talk about progress with the other pillar of this ambition, Dynamics 365. We're removing any impedance that existed between productivity, collaboration and business process. This month we took a major step forward with the introduction of Microsoft Dynamics 365 and Microsoft AppSource. Dynamics 365 provides business users with purpose-built SaaS applications.

現在讓我們來談談另一個實現這一目標的支柱——Dynamics 365 的進展。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。本月，我們推出了 Microsoft Dynamics 365 和 Microsoft AppSource，邁出了重要一步。Dynamics 365 為業務使用者提供專用的 SaaS 應用程式。

These applications have intelligence built in. They integrate deeply with communications and collaboration capabilities of Office 365. 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.

這些應用程式內建了智慧功能。它們與 Office 365 的通訊和協作功能深度整合。Dynamics 365 與 AppSource 和我們豐富的應用程式平台相結合，引入了一種顛覆性的以客戶為中心的業務模式，讓客戶能夠建立他們想要的東西，並且只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. Customers around the globe are harnessing the power of Dynamics in their own transformation, including 24 Hour Fitness and 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.

Dynamics 365 的推出鞏固了我們在這個行業已經看到的良好發展勢頭。全球各地的客戶都在利用 Dynamics 的強大功能進行自身轉型，其中包括 24 Hour Fitness 和 AccuWeather。總體而言，Dynamics 目前擁有近 1,000 萬個月付費席位，較去年同期成長超過 20%，第四季帳單年增超過 20%。

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

總體而言，業務流程代表著一個巨大的潛在市場，預計到 2020 年將超過 1,000 億美元。這是一個我們越來越關注的市場，我相信憑藉 Dynamics 365 和 Microsoft AppSource，我們已經做好準備，為我們的合作夥伴成長並創造機會。在 Office 365 和 Dynamics 365 中，開發人員越來越意識到利用 Microsoft Graph 建立創新應用程式和體驗的機會，目前已有超過 27,000 個應用程式連接到 Microsoft Graph。

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

Microsoft AppSource 將成為開發者提供服務並觸達全球客戶的新途徑。最後，借助 Office 365 和 Dynamics 365，我們有機會透過即將達成的 LinkedIn 交易，將全球專業雲端平台和全球專業網路連結起來。

Overall, the Microsoft Cloud is winning significant customer support. 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. Also, nearly 60% of the Fortune 500 companies have at least three of our Cloud offerings. And we continue to grow our annuity mix of our business. In fact, commercial annuity mix increased year-over-year to 83%.

總體而言，微軟雲端正在贏得大量客戶的支援。商業雲端年化營收運行率超過 120 億美元，我們預計在 2018 財年實現 200 億美元的目標。此外，近 60% 的財富 500 強企業至少使用了我們三項雲端服務產品。我們將繼續擴大年金業務在我們公司中的佔比。事實上，商業年金佔比年增至 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. Companies looking to digitally transform need a trusted cloud partner and turn to Microsoft. As a result, Azure revenue and usage again grew by more than 100% this quarter.

現在讓我們深入探討智慧雲端的具體細節，這是一個充滿巨大機會的領域，因為我們顯然是企業雲端領域的兩大領導者之一。希望進行數位轉型的公司需要值得信賴的雲端合作夥伴，而微軟正是他們的理想選擇。因此，本季 Azure 的營收和使用量再次成長超過 100%。

We see customers choose Microsoft for three reasons. They want a cloud provider that offers solutions that reflect the realities of today's world and their enterprise grade needs. They want higher level services to drive digital transformation and they want a cloud open to developers of all types.

我們發現客戶選擇微軟的原因主要有三。他們想要的是一個能夠提供符合當今世界實際情況和企業級需求的解決方案的雲端服務供應商。他們希望獲得更高層級的服務來推動數位轉型，並希望雲端平台對所有類型的開發者開放。

Let me expand on each. To start, a wide variety of customers turn to Azure because of their specific real world needs. Multinationals choose us because we are the only hybrid and hyper scale cloud spanning multiple jurisdictions. We cover more countries and regions than any other cloud provider from North America to Asia to Europe to Latin America. Our cloud respects data sovereignty and makes it possible for an enterprise application to work across these regions and jurisdictions.

讓我逐一詳細說明。首先，各種各樣的客戶都因為自身特定的實際需求而選擇 Azure。跨國公司選擇我們，是因為我們是唯一一家跨越多個司法管轄區的混合型超大規模雲端服務供應商。我們的業務覆蓋範圍比任何其他雲端服務供應商都更廣，從北美到亞洲，從歐洲到拉丁美洲，覆蓋的國家和地區都比我們更多。我們的雲端平台尊重資料主權，使企業應用程式能夠在這些地區和司法管轄區內運作。

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. 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.

由於我們在監管要求、高級安全性和隱私保護方面給予了領先支持，全球超過 80% 的大型銀行都是 Azure 的客戶。像 SAP 和 Citrix 這樣的大型獨立軟體開發人員以及像 Sprinklr 這樣的新創公司也選擇 Azure，因為我們擁有全球影響力和廣泛的平台服務。上週，通用電氣宣布將在其物聯網解決方案中採用我們的雲端服務。

Next, Azure customers also value our unique higher level services. Now with 33,000, we nearly doubled in one year the number of companies worldwide that have selected our Enterprise Mobility Solutions. 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.

其次，Azure 客戶也十分重視我們獨特的高級服務。現在，全球選擇我們企業行動解決方案的公司數量已達 33,000 家，一年內幾乎翻了一番。陶氏化學公司利用 EMS 以及 Azure、Office 365 和 Dynamics，使其數千名員工能夠隨時隨地安全地即時存取資料和應用程式。

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

就在昨天，我們宣布波音公司將使用 Azure IoT 套件和 Cortana Intelligence 來推動商業航空領域的數位轉型，實現連網航空公司係統最佳化、預測性維護等等。這建立在物聯網領域強勁的發展動能之上，包括我們與勞斯萊斯、史奈德電氣等公司的合作。

This is great progress, but our ambitions are set even higher. Our Intelligent Cloud also enables cognitive services. Cortana Intelligence Suite offers machine-learning capabilities and advanced predictive analytics. Customers like Jabil Circuit, Fruit of the Loom, Land O'Lakes, Libaire, already realize the benefits of these new capabilities.

這是一個巨大的進步，但我們的目標遠不止於此。我們的智慧雲端平台也支援認知服務。Cortana Intelligence Suite 提供機器學習功能和進階預測分析。像 Jabil Circuit、Fruit of the Loom、Land O'Lakes、Libaire 這樣的客戶已經體會到了這些新功能帶來的好處。

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

最後，我們智慧雲願景的核心是為開發者提供建立應用程式和服務所需的工具和功能，以便他們能夠選擇自己喜歡的平台和裝置。新的 Azure 容器服務、開源的 .NET core 1.0 以及我們與 Red Hat、Docker、Mesosphere 等公司的持續合作，都反映了這方面取得的重大進展。我們看到開源軟體持續獲得發展動力，Azure 上近三分之一的客戶虛擬機器運行的是 Linux 系統。

On the server side, premium server revenue grew double digits in constant currency year-over-year. New SQL Server 2016 helps us expand into new markets with built-in advanced analytics and unparalleled performance. More than 15,000 customers, including over 50% of the Fortune 500, have registered for the private preview of SQL Server for Linux. And we're not slowing down. We will launch Windows Server 2016 and System 7 Server 2016 later this year.

伺服器方面，高級伺服器收入以固定匯率計算年增兩位數。全新的 SQL Server 2016 憑藉其內建的高階分析功能和無與倫比的效能，幫助我們拓展新市場。超過 15,000 名客戶，其中包括超過 50% 的財富 500 強企業，已註冊參加 SQL Server for Linux 的私人預覽。我們不會放慢腳步。我們將於今年稍後發布 Windows Server 2016 和 System 7 Server 2016。

Now let's talk about the progress in More Personal Computing. We've increased Windows 10 monthly active devices and are now at more than 350 million. This is the fastest adoption rate of any prior Windows release.

現在我們來談談更個人化的計算領域的進展。Windows 10 月活躍設備數量已超過 3.5 億台。這是以往任何Windows版本中普及速度最快的。

While we are proud of these results, given changes to our phone plan, we changed how we will assess progress. 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. First, deliver more value and innovation, particularly for enterprise customers. Second, grow new monetization through services across our unified Windows platform. Third, innovate in new device categories in partnership with our OEMs.

雖然我們對這些結果感到自豪，但鑑於我們的手機計劃發生了變化，我們也改變了評估進展的方式。展望未來，我們將定期報告 Windows 10 月活躍設備數量的成長情況，以及我們在 Windows 策略三個方面的進展情況，以此來追蹤進度。首先，要為企業客戶提供更多價值和創新。其次，透過我們統一的 Windows 平台上的服務，拓展新的獲利模式。第三，與我們的原始設備製造商合作，在新設備類別中進行創新。

Let me walk through each. We continue to pursue our goal of moving people from needing Windows to choosing Windows to loving Windows. In two weeks, we will launch Windows 10 Anniversary Update which takes a significant step forward in security. 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. We expect these advances will drive increased adoption of Windows 10, particularly in the enterprise in the coming year. We already have strong traction with over 96% of our enterprise customers piloting Windows 10.

讓我逐一講解。我們將繼續努力，實現讓人們從需要 Windows 到選擇 Windows 再到愛上 Windows 的目標。兩週後，我們將發布 Windows 10 週年更新，這將在安全性方面邁出重要一步。我們還將擴展 Windows Hello 的功能，使其支援應用程式和網站，並推出一系列新功能，例如 Windows Ink 和 Microsoft Edge 的更新。我們預計這些進步將推動 Windows 10 的普及，尤其是在來年企業中的普及。我們已經取得了顯著進展，超過 96% 的企業客戶正在試用 Windows 10。

Next, as we grow our install base in engagement, we generate more opportunity for Microsoft and our ecosystem. Ink profitability continues to grow with greater than 40% of the search revenue in June from Windows 10 devices. Bing PC query share in the United States approached 22% this quarter, not including volume from AOL and Yahoo. The Cortana search box has over 100 million monthly active users, with 8 billion questions asked to date.

接下來，隨著我們用戶群的擴大，我們將為微軟和我們的生態系統創造更多機會。墨水業務的獲利能力持續成長，6 月超過 40% 的搜尋收入來自 Windows 10 裝置。本季度，Bing 在美國的個人搜尋查詢份額接近 22%，這還不包括 AOL 和雅虎的搜尋量。Cortana 搜尋框每月活躍用戶超過 1 億，迄今已收到 80 億個問題。

We continue to drive growth in gaming by connecting fans on Xbox Live across Windows 10, IoS and Android. Just this quarter we launched our Minecraft Realm subscription on Android and IoS. Overall engagement on Xbox live is at record levels with more than 49 million monthly active users, up 33% year-over-year.

我們透過 Xbox Live 將 Windows 10、iOS 和 Android 上的粉絲聯繫起來，從而持續推動遊戲業務的成長。就在本季度，我們推出了適用於安卓和iOS系統的Minecraft Realm訂閱服務。Xbox Live 的整體用戶參與度達到創紀錄水平，每月活躍用戶超過 4,900 萬，較去年同期成長 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. We also announced two new members of the Xbox One console family, the Xbox One S and 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.

在 E3 遊戲展上，我們公佈了 Xbox One 和 Windows 10 PC 平台有史以來最龐大的獨佔遊戲陣容，並宣布推出 Xbox Play Anywhere 遊戲，玩家只需購買一次遊戲，即可在 Windows 10 PC 和 Xbox One 上暢玩。我們也發表了 Xbox One 遊戲機家族的兩款新成員：Xbox One S 和 Project Scorpio。Windows 應用程式商店持續發展壯大，新增了美國銀行、Roku、Cirrus FM、Instagram、Facebook、Wine、Hulu 等通用 Windows 應用，以及《量子破碎》等熱門 PC 遊戲。

Finally, we're innovating in new device categories in partnership with OEMs. 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. 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. We recently announced new Surface enterprise initiatives with IBM and Booz Allen Hamilton, to enable more customer segments.

最後，我們正在與原始設備製造商 (OEM) 合作，在新的設備類別中進行創新。我們的硬體合作夥伴正在擁抱全新的個人運算願景，推出了 1500 多款新設備，旨在充分利用 Windows 10 的創新功能，例如觸控、筆、Hello 以及更高的效能和能源效率。微軟 Surface 系列設備持續推動品類成長，在通路夥伴的支持下，我們正在觸達更多各種規模的商業客戶。我們最近與 IBM 和 Booz Allen Hamilton 共同宣布了新的 Surface 企業計劃，旨在服務更多客戶群。

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

過去一年，我們的 Surface 商業合作夥伴通路也從 150 多家成長到 10,000 多家。最後，本季越來越多的開發者和企業客戶體驗到了微軟 Surface Hub 和微軟 HoloLens 這兩個全新的裝置類別。雖然這兩款設備目前仍處於早期階段，但我們看到它們在企業客戶和開發者中都獲得了極大的關注，這讓我們對未來的成長充滿信心。

In closing, I want to reflect on the opportunity ahead of us. Simply put, businesses will not just use digital technologies, but they will become digital companies. This generates enormous opportunity for Microsoft and our partners. We are the ones who can empower digital transformation across all industries, companies and geographies with our technology and platforms.

最後，我想談談我們面前的機會。簡而言之，企業不僅會使用數位技術，而且會成為數位化公司。這為微軟及其合作夥伴創造了巨大的機會。我們擁有能夠透過我們的技術和平台，賦予各行各業、各公司和各個地區的數位轉型的力量。

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.

接下來，我將把發言權交給艾米，讓她更詳細地介紹本季的業績並分享我們的展望。之後，我期待著再次與大家見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，薩蒂亞，大家下午好。

This quarter revenue was $22.6 billion, up 2% and 5% in constant currency. Gross margin was flat, but up 4% in constant currency.

本季營收為 226 億美元，年增 2%，以固定匯率計算成長 5%。毛利率持平，但以固定匯率計算成長了 4%。

Operating income this quarter declined by 3% and grew 6% in constant currency. And Earnings Per Share was $0.69, increasing 11% year-over-year, or 27% in constant currency. Across most markets our execution and results were generally as expected with some strength in the US. But we did see additional softness in Brazil, the Middle East, and Africa, which were impacted by macroeconomic headwinds.

本季營業收入下降了3%，但以固定匯率計算成長了6%。每股收益為 0.69 美元，年增 11%，以固定匯率計算成長 27%。在大多數市場，我們的執行和結果基本上符合預期，其中美國市場表現特別強勁。但我們確實看到巴西、中東和非洲的經濟進一步疲軟，這些地區受到了宏觀經濟逆風的影響。

From a seasonality perspective, the fourth quarter is always an important one for our commercial business. Our results were strong as our sales teams led with our Cloud offers. Healthy renewals helped to drive double-digit annuity performance in constant currency. Our total annuity mix reached 83%, up 1 point year-over-year.

從季節性角度來看，第四季對我們的商業業務來說始終是一個重要的季度。我們的銷售團隊大力推廣雲端服務，並取得了強勁的業績。健康的續約情況推動了年金以固定匯率計算實現兩位數的業績成長。我們的總年金組合佔比達到 83%，比去年同期成長 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. The dollar volume of expiring enterprise agreements was smaller this quarter than last year.

雖然我們的商業雲端業務繼續推動了整體年金收入佔比的提高，但我們的交易收入表現也優於預期，因為 Office 2016 和 SQL Server 2016 等產品產生了更多的交易量。本季到期企業協議的美元金額低於去年同期。

On that base, our commercial bookings increased 4% in constant currency, driven by customer preference for our Cloud offers. Commercial unearned revenue slightly beat our expectations at $24.6 billion, or 8% growth in constant currency. Our contracted-not-billed balance exceeded $25.5 billion.

在此基礎上，我們的商業預訂量以固定匯率計算成長了 4%，這主要得益於客戶對我們雲端服務的偏好。商業未實現收入略高於我們的預期，達到 246 億美元，以固定匯率計算成長 8%。我們已簽訂合約但尚未開立的餘額超過 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. Additionally, more than 70% of customers who signed enterprise agreements this quarter attached Cloud offerings. Our commercial Cloud gross margin was 42%, declining year-over-year, driven by investments for cloud capacity, deployment, and support.

正如薩蒂亞之前指出的那樣，我們的商業雲端年度收入運行率超過 121 億美元，年成長超過 50%。此外，本季簽署企業協議的客戶中，超過 70% 都附加了雲端服務。我們的商業雲端毛利率為 42%，年減，主要原因是雲端容量、部署和支援方面的投資。

Now let's turn to Company gross margin performance. We were above our COGS expectations due to approximately $200 million of inventory adjustments from the change in our phone hardware business. 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. Importantly, gross margin dollars expanded year-over-year in constant currency.

現在我們來看看公司的毛利率表現。由於手機硬體業務的變化，庫存調整金額約為 2 億美元，因此我們的銷售成本超出了預期。正如預期的那樣，我們的雲端服務收入佔比持續成長，導致生產力和業務流程以及智慧雲端部門的毛利率百分比下降。值得注意的是，毛利以固定匯率計算年增。

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

第四季度，匯率波動對總收入和各業務部門收入的影響符合預期。外匯對生產力、業務流程和智慧雲端結果產生了 3 個百分點的負面影響，對更多個人運算結果產生了 2 個百分點的負面影響。

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. This quarter total operating expenses grew 1% in constant currency, above our expectations due to legal settlements and revenue driven sales cost. At the Company level, our operating income grew 6% in constant currency as FX had a 9-point impact on our results.

正如我們在前幾季所指出的，我們無法提供分部層級營運費用的固定匯率影響，因此也無法提供分部營運收入的固定匯率影響。本季總營運支出以固定匯率計算成長了 1%，超出我們的預期，原因是法律和解和收入驅動的銷售成本。公司層面，由於匯率波動對我們的業績產生了 9 個百分點的影響，我們的營業收入以固定匯率計算成長了 6%。

Now let's turn to each segment. 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. In Office commercial, revenue increased by 5% and 9% in constant currency, as Office 365 growth outpaced the shift from our on-premises business.

現在我們來看每個部分。本季度，我們的生產力和業務流程部門業績超出預期，營收近 70 億美元，以固定匯率計算成長 5% 和 8%。在 Office 商業版方面，以固定匯率計算，營收成長了 5% 和 9%，因為 Office 365 的成長速度超過了我們本地部署業務的轉型速度。

Our seat growth was driven by broad-based momentum across commercial customers of all sizes. While we generally expect transactional purchasing to continue to decline, results across all products came in higher than anticipated this quarter. 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. And our Dynamics business grew 6%, up 7% in constant currency, with strong billings and seat growth.

我們的席位成長得益於各種規模的商業客戶的廣泛成長勢頭。雖然我們普遍預期交易性購買將持續下降，但本季所有產品的業績均高於預期。辦公室消費收入成長了 19%，以固定匯率計算增長了 18%，超過了消費 PC 市場，這主要得益於席位增長、經常性訂閱收入以及日本市場 6 個百分點的增長（日本市場去年同期表現特別疲軟）。我們的 Dynamics 業務成長了 6%，以固定匯率計算成長了 7%，營收和用戶席位均實現了強勁成長。

Segment gross margin dollars were flat and up 4% in constant currency. The gross margin percentage declined on a higher cloud revenue mix within the segment, coupled with an increase in cloud investments.

分部毛利率（美元）持平，以固定匯率計算成長 4%。由於該業務板塊中雲端收入佔比提高，加上雲端投資增加，毛利率下降。

Operating expenses grew 6% from investments in commercial cloud sales programs and engineering. As a result, operating income declined 5%. The Intelligent Cloud segment delivered slightly more than $6.7 billion in revenue, growing 7% and 10% in constant currency. 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.

由於對商業雲端銷售計劃和工程方面的投資，營運費用增加了 6%。因此，營業收入下降了 5%。智慧雲端業務部門實現營收略高於 67 億美元，以固定匯率計算成長 7% 至 10%。對我們混合雲產品的需求和使用，使得伺服器產品和雲端服務連續第二個季度實現了兩位數的年收入成長，但部分被我們交易型本地伺服器業務的下滑所抵消。

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. Gross margin dollars grew 1% and 5% in constant currency. And gross margin percentages declined as cloud mix accelerated. This quarter operating income declined 17%, driven by investment in sales resources and engineering.

由於本季客戶對 Windows Server 2003 停止支援協定和進階服務的需求持續成長，企業服務收入成長了 12%，以固定匯率計算成長了 14%。毛利（美元）以固定匯率計算成長了 1% 和 5%。隨著雲端業務的加速發展，毛利率百分比下降。本季營業收入下降了 17%，主要原因是銷售資源和工程的投資。

Now to our final segment, More Personal Computing. Revenue was $8.9 billion, down 4% and 2% in constant currency. First, our OEM results. 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.

現在進入最後一個環節，更多個人計算。營收為 89 億美元，年減 4%，以固定匯率計算下降 2%。首先，我們來看OEM測試結果。本季我們的 OEM 業務總量成長了 11%，超過了整個 PC 市場的表現，這在包括美國、英國和德國在內的大多數市場都優於我們的預期，但部分被印度和俄羅斯市場的疲軟所抵消。

OEM non-Pro revenue increased 27% and, similar to last quarter, was driven by a higher mix of premium devices. OEM Pro revenue grew 2%, reflecting a stabilizing commercial PC market and a higher mix of business PCs sold with Windows Pro.

OEM 非專業版營收成長了 27%，與上一季類似，主要得益於高階設備佔比的提高。OEM Pro 營收成長 2%，反映出商用 PC 市場趨於穩定，以及預載 Windows Pro 的商用 PC 銷售佔比更高。

Inventory across both OEM Pro and non-Pro remained at normal levels. Windows volume licensing grew 3% and 9% in constant currency with ongoing annuity growth. IP licensing declined, impacted by both a decrease in total unit volume and lower revenue per unit.

OEM 專業版和非專業版的庫存均維持在正常水準。Windows 批量授權以固定匯率計算成長了 3% 和 9%，並且持續實現年金成長。知識產權授權收入下降，受到總銷售量下降和單價降低的雙重影響。

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. As expected, devices revenues significantly decreased this quarter. Revenue declined 35%, also 35% in constant currency, due to phone, where revenue declined 70% in constant currency.

本季我們的搜尋業務繼續保持良好勢頭，正如我們所承諾的那樣，在每次搜尋收入和搜尋量不斷增長的推動下，Bing 在整個財年都實現了盈利。如預期，本季設備收入大幅下降。由於電話業務收入以固定匯率計算下降了 70%，因此總收入下降了 35%，以固定匯率計算也下降了 35%。

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.

Surface 營收以固定匯率計算成長了 9%，其中 Surface Pro 4 和 Surface Book 的成長部分被上一代 Surface 3 的銷售下滑所抵銷。而在遊戲方面，營收下降了 9%，以固定匯率計算下降了 8%，主要原因是 Xbox 360 的銷量下降以及 Xbox One 的價格下調。

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. 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. 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%.

我們的整體遊戲生態系統呈現健康成長，Xbox Live 月活躍用戶數達到 4,900 萬，成長 33%，Xbox Live 營收成長 4%。由於 Xbox 遊戲機和手機庫存調整導致的下降被 OEM 和搜尋結果部分抵消，該部門的毛利率下降了 3%，以固定匯率計算基本持平。本季營運支出下降了 13%，主要原因是電話支出減少以及展示廣告單元轉移到 AOL，使該部門的營運收入增加了 59%。

Now back to our overall Company results. 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. 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.

現在回到公司整體業績。我們投入了 31 億美元用於資本支出，這符合我們加速投資的計劃，因為我們增加了商業和消費者全球雲端容量，以滿足近期和長期的客戶需求。本季我們持續調整投資組合，由此產生了 2.67 億美元的其他收入和支出，其中包括投資淨收益，部分被利息支出抵銷。

Our non-GAAP effective tax rate was 15% this quarter, lower than we expected. Our income tax expense reflected a favorable mix between US and foreign countries, as well as benefits associated with distributions from foreign affiliates. This quarter we returned $6.4 billion to shareholders through stock repurchases and dividends.

本季我們的非GAAP實際稅率為15%，低於預期。我們的所得稅支出反映了美國和外國之間的有利組合，以及與外國附屬公司分配相關的收益。本季我們透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. My commentary, both on the year and next quarter, does not include LinkedIn. However, we still expect the transaction to close in the second quarter.

在展望下一季之前，我想先分享我們對下一財年情勢的看法。我對今年和下一季的評論均未包含 LinkedIn。不過，我們仍然預計該交易將在第二季完成。

For the full year we expect the FX impact to lessen throughout the year, assuming current rates remain stable. In H1 we expect a total impact of 1 point, reducing to zero in H2. The fundamentals of our commercial business remain strong and we anticipate that Cloud services and healthy renewals will continue to drive high annuity mix.

假設當前匯率保持穩定，我們預期全年匯率波動的影響將逐漸減弱。上半年我們預期總影響為 1 分，下半年將降至零。我們商業業務的基本面依然強勁，我們預期雲端服務和健康的續保將繼續推動年金業務的高比例。

As I've noted before, our commercial transactional business is influenced by different dynamics. Most important, it's impacted by a structural transition to the cloud across all workloads. But it's also more sensitive to overall macroeconomic conditions and changes in corporate budgets.

正如我之前提到的，我們的商業交易業務受到不同因素的影響。最重要的是，它受到了所有工作負載轉型為雲端結構性的影響。但它對整體宏觀經濟狀況和企業預算變化也更為敏感。

We expect volatility, as we saw in both Q3 and Q4 this year, to continue in the next fiscal year. Before discussing our total Company gross margin expectations, let me first address commercial Cloud gross margin. We expect the commercial Cloud gross margin percentage and dollars to materially improve next fiscal year. We have invested heavily to build share, expand geographically and ensure world class support and reliability for our commercial customers. Going forward, we expect those investments to provide benefits of scale.

我們預計，正如今年第三季和第四季所看到的那樣，下一財年市場波動仍將持續。在討論公司整體毛利率預期之前，讓我先談談商業雲的毛利率。我們預計下一財年商業雲業務的毛利率和毛利將大幅提高。我們投入大量資金來提升市場份額、拓展地域範圍，並確保為我們的商業客戶提供世界級的支援和可靠性。展望未來，我們預期這些投資能帶來規模效益。

We also anticipate our cloud capital expenditure growth curve will slow. Given seasonality and revenue mix, commercial cloud gross margin will see variability quarter-to-quarter but an overall trend of material improvement. 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. 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.

我們也預計，我們的雲端資本支出成長曲線將會放緩。考慮到季節性和收入結構，商業雲毛利率會逐季波動，但整體趨勢是顯著改善。從公司層級來看，隨著每項雲端服務的持續成長和毛利率的提高，我們公司的毛利率在 2017 財年應該只會下降約一個百分點。我們現在預計全年營運支出將達到 311 億美元至 314 億美元，因為我們將繼續優先考慮對策略成長機會的支出。

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

最後，我們的實際稅率；我們的稅率受三個因素影響：服務收入與授權所得的比例、所得的地域組成、股權歸屬的時間。隨著我們的雲端業務持續發展，我們預計稅率將會上升。考慮到這些因素的季度波動，我們預期全年非GAAP稅率為20%，上下浮動2個百分點。

Now to the outlook for the next quarter. Based on current currency rates and forecasted geographic mix of revenue, we expect 2 points of negative impact on total revenue in Q1. 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.

接下來展望下一季。根據目前的匯率和預測的收入地理組成，我們預計第一季總收入將受到 2 個百分點的負面影響。以細分領域來看，負面影響在生產力和業務流程方面為 2 分，在智慧雲端方面為 2 分，在更個人化的運算方面為 1 分。

We expect commercial unearned revenue to be within the range of $21.8 billion to $22 billion, in line with historic seasonality. In productivity and business process, we expect revenue to be $6.4 billion to $6.6 billion. We will continue to grow our install base and drive premium mix through offers like Office 365 E5. We anticipate continued transactional declines as customer migration to the cloud accelerates.

我們預計商業未實現收入將在 218 億美元至 220 億美元之間，與歷史季節性規律一致。在生產力和業務流程方面，我們預計營收將達到 64 億美元至 66 億美元。我們將繼續擴大安裝基礎，並透過 Office 365 E5 等產品推動高階產品組合。我們預計隨著客戶加速向雲端遷移，交易量將持續下降。

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

在消費品業務方面，我們將超越消費性個人電腦市場。但日本經濟從先前疲軟的時期中復甦所帶來的益處，以及去年 Office 2016 發布帶來的益處，預計不會重現。

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.

對於智慧雲端業務，我們預計營收將在 61 億美元至 63 億美元之間，這主要得益於 Azure 和混合雲產品持續強勁的年金收入，但同時也被本地交易伺服器業務的持續下滑以及企業服務支援協定成長放緩所抵消。

In More Personal Computing, we expect revenue between $8.7 billion and $9 billion. We anticipate that our OEM revenue will be more in line with overall PC market trends. Devices revenue will decline again from our actions in phone, gaming revenue will be driven by the same factors as in Q4. And in search, we expect Bing's growth trajectory to continue.

在「更多個人計算」領域，我們預計收入將在 87 億美元至 90 億美元之間。我們預期我們的OEM收入將更加符合PC市場的整體趨勢。受我們在手機領域的舉措影響，設備收入將再次下降；遊戲收入將受與第四季度相同的因素驅動。在搜尋領域，我們預計 Bing 的成長勢頭將繼續保持。

We expect COGS to be $7.5 billion to $7.6 billion with variability due to device sales. We expect operating expenses between $7.35 billion and $7.45 billion. We expect other income and expenses to be approximately zero as realized gains on investments should offset debt expense.

我們預計銷售成本為 75 億至 76 億美元，具體金額會因設備銷售情況而有所波動。我們預計營運支出將在73.5億美元至74.5億美元之間。我們預計其他收入和支出將接近零，因為投資的已實現收益應該可以抵消債務支出。

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

那麼，克里斯，接下來我們進入問答環節。

Thanks, Amy.

謝謝你，艾米。

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

接下來進入問答環節。操作員，請您再重複一次您的指示好嗎？

Thank you.

謝謝。

(Operator Instructions).

（操作說明）

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

我們的第一個問題來自摩根士丹利的基斯‧韋斯。請繼續您的問題。

Excellent. Thank you for taking the question, and very nice quarter. I wanted to dig into Azure and maybe one question for Satya and one question for Amy.

出色的。感謝您回答這個問題，而且這季度過得非常愉快。我想深入了解 Azure，也許會問 Satya 一個問題，再問 Amy 一個問題。

Satya, you mentioned the Boeing agreement. 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. I was wondering if you could touch a little bit on that?

薩蒂亞，你提到了波音公司的協議。有趣的是，這不僅僅是一家大公司將大量工作負載遷移到 Azure，而且從我的理解來看，這項協議似乎還包含分發方面的內容，即你們將在未來幫助分發其中一些應用程式。我想請您稍微談談這方面的問題？

Is that a one time thing or is that something that you look to do more often with some of these large companies? Moving workloads onto Azure. And then for Amy. Thank you for the additional detail on the cloud gross margin profile on a going forward basis.

這是一次性的合作，還是您希望與這些大公司更頻繁地進行此類合作？將工作負載遷移到 Azure。然後是艾米。感謝您提供的更多關於未來雲端業務毛利率狀況的詳細資訊。

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. Does that commentary still hold?

當我們深入研究 Azure 時，您過去曾說過，您期望其毛利率能夠達到亞馬遜網路服務的水平。這種說法現在還成立嗎？

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，您能否根據市場行情，對 Azure 的毛利率與您主要競爭對手的毛利率進行比較分析，說明您目前的進展？

Thanks, Keith, for those questions. Let me start on the first one.

謝謝基斯提出這些問題。讓我先從第一個開始。

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

您說得完全正確，現在的一個現像是，幾乎所有 Azure 客戶在某種程度上也都是獨立軟體供應商 (ISV)。而且，這不再僅限於傳統科技業或軟體產業的從業人員。GE、波音、賽德電氣、ABB 以及我們合作的任何客戶都是如此，因為他們都在將部分資產轉換為 Azure 上的 SaaS 應用程式。

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

事實上，我們將與這些公司簽訂分銷協議。對於 AppSource 來說，這是一個非常重要的公告，因為我們實際上為 SaaS 應用程式和基礎設施應用程式創建了一種透過我們和我們的管道分發其應用程式的方式，我認為這實際上使我們的雲端對其中許多應用更具吸引力。我認為，展望未來，你們將會看到，或者說你們會看到我們為許多其他客戶做更多這樣的事。

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. 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.

至於您提出的關於 Azure 毛利率的具體問題以及我們如何看待這個比較，首先我想說，我之前在評論中提到的實質改進也同樣適用於我們的 Azure 產品組合。我們對每年的進步感到鼓舞，我們預計 2017 財年將取得實質進步，這不僅得益於規模效益和我們所做的投資，更重要的是，也得益於我們所看到的收入軌跡和收入組成。

Boeing's agreement is one such agreement, in terms of embedding a premium service at a premium gross margin. We signed many of those this quarter that we feel quite good about. I think I have a strong line of sight to AWS's margin profile and still feel good about the progress we're making.

波音公司的協議就是這樣一項協議，它允許以較高的毛利率提供優質服務。本季我們簽下了許多讓我們非常滿意的球員。我認為我對 AWS 的利潤率狀況有清晰的了解，並且對我們取得的進展仍然感到滿意。

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

不僅在與 Azure 相關的工作負載方面，而且在我們更廣泛的雲端產品組合中，以及我們在 Dynamics 365 和 Office 365 方面保持非常健康的利潤率的能力，都得益於我們在 Azure 上進行的許多創新。雖然我關注的是工作負載的改進，但我同時也關注的是整個雲端環境中可能出現的情況。

Thanks, Keith.

謝謝你，基斯。

Excellent. Thank you very much.

出色的。非常感謝。

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

接線員，我們進入下一個問題。

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

我們的下一個問題來自德意志銀行的卡爾‧基爾斯蒂德。請繼續您的問題。

Thank you.

謝謝。

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. 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. 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?

所以，Satya 或 Amy，上個季度，由於你們的本地伺服器產品業務增速放緩，股價受到一定程度的衝擊，我認為你們對交易部分的評論表明，這種情況有所緩解。我認為你在這次電話會議中對交易業績的語氣好多了，而且看起來這項業務也略有加速成長。或許您可以解釋一下，在這三個月的時間裡發生了什麼變化，使得交易方面的情況，至少如果我理解正確的話，感覺好了一些？

Thank you.

謝謝。

Let me start and then, Amy, you can add to it. Overall, Karl, the focus for us is in what I describe as this hyper scale plus hybrid approach. 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.

我先開始，然後艾米，你可以補充。總的來說，卡爾，我們的重點是我所說的超大規模加混合方法。當你思考雲端運算方法時，這對我們來說相當獨​​特，而我們追蹤進展的方式是看看我們的伺服器業務的年金增長情況以及我們的雲端運算業務的成長情況。

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. 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. The transactional business is much more volatile because of the macro environment, IT budgets and also the secular shift to the cloud. The question again that gets asked is about the cannibalization.

如果你看一下上個季度，我們的年金業務實現了兩位數的成長，雲端業務實現了三位數的成長，這是一個相當健康的成長率。從技術架構、市場表現、銷售努力等方面來看，這都是精心設計的，而且進展順利，我們對未來的發展前景非常樂觀。由於宏觀環境、IT預算以及向雲端的長期轉變，交易業務的波動性要大得多。人們再次提出的問題是關於同類相食的現象。

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. 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.

但是，如果你看看波音公司，或者看看我提到的其他任何與雲端運算相關的例子，就會發現我們的伺服器從來沒有像這些客戶現在在我們的雲端平台上所做的那樣工作過。因此，從長遠來看，我們有了新的成長點和新的工作負載，這正是我們所關注的，而且這是一個比我們過去任何事務伺服器業務都大得多的潛在市場。

Thank you, Karl. We'll take the next question, please.

謝謝你，卡爾。請回答下一個問題。

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

我們的下一個問題來自瑞銀集團的 Brent Thill。請繼續您的問題。

Thanks, Amy.

謝謝你，艾米。

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

第三季交易業務疲軟，您說第四季業務反彈。這只是因為你清理了一些下滑的業務，還是你在第四季的交易業務中看到了一些已完成交易帶來的額外成長？

Thanks, Brent. Let me split your question into two components.

謝謝你，布倫特。讓我把你的問題分成兩個部分來回答。

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

我認為，我和薩蒂亞每季、每個月最關注的第一件事，就是我們有多少業務正在繼續轉移到年金，特別是轉移到雲端。我們公司的一切行動，從工程設計到市場推廣，再到銷售互動，以及投資決策，從根本上來說，都是為了實現市場的長期結構性轉型。至於你提出的交易績效問題，有些交易在第三季沒有完成，但在第四季完成了。

And there were some deals done in Q4 on the Office side with large companies that I'm thrilled by. But at the same time we still will focus on those deals moving to the Cloud over time. 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. 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.

第四季 Office 與一些大公司達成了一些交易，我對此感到非常興奮。但同時，我們仍將重點放在那些逐漸遷移到雲端的交易。因此，由於宏觀經濟和預算限制，我們將會看到波動，尤其是在交易方面，我們將專注於這種波動，因為我們期望出色的執行力，並且有責任在現場做到這一點。但我們始終將確保公司專注於年金成長和數位轉型作為首要任務，而實現這一目標的最佳途徑就是採取這種行動。

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

艾米，為了明確起見，就銷售趨勢而言，他們今年是否更傾向於雲端服務而不是交易服務？

Yes.

是的。

Absolutely.

絕對地。

Thank you.

謝謝。

Thanks, Brent. We'll move to the next question, please.

謝謝你，布倫特。我們進入下一個問題。

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

我們的下一個問題來自高盛的 Heather Bellini。請繼續您的問題。

Great.

偉大的。

Satya, I had a question for you on Azure. I was just wondering if you could talk about the percentage of Azure revenue coming from ISVs? And then how do you see this helping you compete with AWS? And can you talk about why these partners may be choosing you over the competition?

Satya，我有一個關於 Azure 的問題想問你。我想問一下，您能否談談Azure收入中來自獨立軟體開發商（ISV）的比例？那麼，您認為這將如何幫助您與 AWS 競爭？您能否談談這些合作夥伴為什麼會選擇您而不是您的競爭對手？

Thank you.

謝謝。

Sure.

當然。

Let me take that second part in terms of what is our differentiation. In my remarks I sort of pointed out the couple of dimensions. 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. So that's one massive advantage we have.

讓我從我們的差異角度來談談第二部分。我在發言中大致指出了這兩個面向。但總的來說，我認為這種超大規模加上混合架構對我們服務企業客戶非常有幫助，因為我們既能滿足他們當前的實際情況，也能滿足他們未來的數位轉型需求。所以這是我們的一大優勢。

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. 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. These are tools that our developers and system integrators and solution partners will use in order to be able to customize applications around Azure. And so to me, that's another huge advantage and a competitive differentiation for us.

對我們來說，第二個領域也是 Office 365、Dynamics 365、AppSource 等平台的發展動態之間的聯繫，事實上，上個季度一些最具戰略意義的公告都圍繞著我們的應用程式平台。在我們的合作夥伴大會上，我們發布了 PowerApps、Power BI、Azure Functions 和 Flow 等工具，引起了大家的極大興趣。我們的開發人員、系統整合商和解決方案合作夥伴將使用這些工具來客製化基於 Azure 的應用程式。所以對我來說，這是另一個巨大的優勢，也是我們的競爭優勢。

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

最後，我們為我認為是面向所有開發者的最開放的平台提供最好的支援。不僅 .NET 是一流的，Linux 也是一流的，Java 也是一流的，Azure 容器服務可以跨越在 Windows 上運行的容器和在 Linux 上運行的容器，所以再次體現了企業的實際需求。所以，這些就是我們具有相當差異化的領域，也是我們能夠獲得優勢的領域，無論是企業客戶還是獨立軟體開發商 (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. 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.

你提出的問題很有意思，如果我必須按傳統獨立軟體開發商 (ISV) 來劃分，那它將占我們收入的三分之一左右。但基斯提出的第一個問題可能更能說明問題所在，那就是每個客戶同時也是獨立軟體開發商 (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. 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，每個開始使用 Azure 的客戶，在大多數情況下，將他們的智慧財產權轉化為 ISV 解決方案，最終甚至會參與 AppSource。因此，我們至少有這樣的願景：每個客戶都是數位公司，都擁有數位智慧財產權，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. We've seen a lot of improvement in the past four quarters on that front.

Heather，我還想補充一點，在我們的現場組織和與 ISV 的市場推廣中，這種動態的重要性非常高，它使我們能夠與 ISV 一起銷售產品，既能幫助他們取得成功，也能幫助我們透過該平台建立非常重要的規模。過去四個季度，我們在這方面看到了很大的進步。

Great. Thank you.

偉大的。謝謝。

Thanks, Heather.

謝謝你，希瑟。

Thank you, Heather. We'll move to the next question, please.

謝謝你，希瑟。我們進入下一個問題。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。請繼續您的問題。

Thank you.

謝謝。

Amy, how much of the weakness in transactional has been caused by clients that otherwise would have bought a license now under annuity? In other words, are you driving the transactional weakness to some extent by driving the growth in on-prem?

艾米，交易業務的疲軟有多少是由於那些原本會購買年金許可證的客戶造成的？換句話說，您是否透過推動本地部署的成長，在一定程度上加劇了交易業務的疲軟？

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

然後我還有一個關於薩蒂亞的後續問題。

It's probably not exactly how I would say it, Mark. I do believe that every conversation that we're having with customers is Cloud-led. 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.

馬克，我可能不會這麼說。我相信我們與客戶進行的每一次對話都是以雲端為主導的。這種以雲端為主導的對話，以及為客戶制定計劃以更好地改變和轉型自己的業務，肯定比長期交易型購買者（例如 Office 用戶）有時需要的要深入得多，因為我們現在談論的實際上是為長期發展而調整業務方向。

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

因此，我相信肯定有一些例子表明，這種做法確實有充分的理由延長了銷售週期。但我通常會指出，這些大多是由結構層面驅動的，從結構上看，隨著時間的推移，本地交易業務將透過年金收入流轉移到雲端或混合結構。

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. But again, I don't view that as negative performance. I view that as strategic relevance long-term inside of digital accounts.

現在，在任何短期內，我們所看到的絕大多數情況實際上都是預算限制、宏觀經濟變化，或者正如你提出的問題，人們可能正在製定雲端轉型計劃，這可能在一定程度上延長了銷售週期。但我並不認為這是表現不佳。我認為這對於數位帳戶的長期策略意義是重要的。

That makes a lot of sense. Thanks.

這很有道理。謝謝。

Thanks, Mark.

謝謝你，馬克。

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

我們的下一個問題來自花旗銀行的華特‧普里查德。請繼續您的問題。

Hi, thanks.

您好，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. 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?

艾米，我想問一下，你本季未實現收入非常強勁，但我注意到你的合約積壓訂單環比增長低於典型的 6 月份季度水平，而商業預訂量增長了約 4%，這是在相對容易的基數上實現的。但是，我想請您幫我們了解一下，在新簽約和續約方面，是什麼因素導致了預訂量出現強勁的非預期成長趨勢，而預訂量卻略顯疲軟？

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. In terms of [C and D], that's the reference I made in my comments to the lower expiry base. Quarter-to-quarter and year-to-year we just had different amounts of contracts expiring. And so this was one of our lower contract bases and was lower than a year ago. So the fact that we were able to grow in that low expiry base is actually very good structural performance.

尤其強勁的未實現收入實際上優於預期 Azure 帳單，該季度未實現收入超過了我們預期的上限，我認為我們對這一表現相當滿意。至於 [C 和 D]，那就是我在評論中提到的較低的到期基數。每個季度和每年到期的合約數量都不一樣。所以這是我們較低的合約基數之一，比一年前還要低。因此，我們能夠在到期基數較低的情況下實現成長，這實際上是一個非常好的結構性表現。

Thank you, Walter. We'll take the next question, please.

謝謝你，沃特。請回答下一個問題。

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

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。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. 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?

關於辦公室方面有兩個問題；首先，你們顯然在席位數量方面達到了非常大的數字。您能否談談座椅成長情況？因為無論是消費級還是商用級座椅，似乎都在下降？

Is that kind of the law of large numbers coming in or is there anything else? 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. Can you talk a little about the source of the strength there?

這是大數定律在起作用，還是有其他原因？然後是消費者辦公室，消費者辦公室的表現非常非常強勁，交易量幾乎需要更大一些才能達到這個水平，否則我無法得出這樣的數字。您能談談那裡的力量來源嗎？

Thank you.

謝謝。

Thanks, Raimo.

謝謝你，雷莫。

Let me start with the Office consumer question. We haven't had a chance to touch on that. And then we'll talk about commercial seat growth.

讓我先回答Office用戶相關問題。我們還沒有機會討論這個問題。然後我們將討論商業座位成長情況。

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. One, the PC market was a little better than we thought. And particularly in developed markets, the PC growth was better than we thought.

你說得對，Office 消費者的成長仍然包含相當多的交易業務，即使我們已經轉型，你也看到了這種增長，訂閱用戶群的增長在某種程度上是實質性的，季度增長與我們的預期相比，實際上是兩個以交易為中心的因素。第一，PC市場比我們預想的要好一些。尤其是在已開發市場，個人電腦的成長情況比我們預想的還要好。

And developed markets are where we see the most transactional business with consumer Office that impacts in quarter. 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. And so that's how to think about that big delta.

已開發市場是我們看到消費者辦公業務交易量最大的地區，這些業務會對季度業績產生影響。因此，在已開發市場中表現優異或更好的市場和消費級PC所帶來的優勢，與我們在Office消費級產品中的表現直接相關。所以，這就是看待這個巨大差異的方式。

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. We have a lot of yen exposure in that segment. So the Japan performance being better also helped. That is a purely -- it's more transactional than even our Rest-of-World business. So you're right, Raimo, in terms of what impacted that number in-quarter versus the underlying market dynamics.

另一點是，日本的情況稍好一些，而當日本的情況好轉時，你也會看到以固定匯率計算出的有趣關係。我們在該領域有很多日元敞口。所以日本隊表現較好也起了一定的作用。那純粹是——它比我們在世界其他地區的業務更具交易性。所以你說得對，Raimo，影響季度內該數字的因素與潛在的市場動態有關。

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. 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.

關於商業座位，聽著，我們對這個巨大的成長數字感到非常自豪，但你說得對，我們的用戶基數也非常大。因此，雖然我們對繼續以這種速度增加席位、轉換用戶並增加淨新增用戶到我們的安裝基礎感到非常滿意，但你會看到成長率下降，因為業務規模已經相當大了。

Thank you.

謝謝。

Thanks, Raimo. We'll take the next question, please.

謝謝你，雷莫。請回答下一個問題。

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

我們的下一個問題來自 Cowen & Company 的 Gregg Moskowitz。請繼續您的問題。

Okay. Thanks very much and good afternoon.

好的。非常感謝，下午好。

Amy, you spoke about a slowdown in the Cloud CapEx growth curve in FY17. I assume you're referring to the growth in absolute dollars moderating and not just the rate of change in percentage terms? But any additional color that you could provide on the Company's CapEx requirements over the course of the next year would be appreciated.

艾米，你曾提到 2017 財年雲端資本支出成長曲線放緩。我猜你指的是絕對美元成長放緩，而不僅僅是百分比變化率放緩？如果您能提供關於公司未來一年資本支出需求的任何補充信息，我們將不勝感激。

Thanks, Greg.

謝謝你，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. It's a good clarification and thanks for asking.

你說得對，我的評論更側重於絕對金額，這也是我在評論中傾向於關注的內容。這是一個很好的解釋，謝謝你的提問。

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. But we're also seeing quite good growth in some of the consumer businesses, which also are built on our Cloud infrastructure. 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. And so the growth is pretty broad-based to support.

就我們如何看待這些絕對數字而言，首先我想說，我認為大多數人都會認為（而且在某種程度上也是事實），這其中很大一部分是我們在 Azure、Dynamics 和 Office 365 等商業領域的成長，這確實如此。但我們也看到一些消費者業務成長良好，這些業務也是建立在我們的雲端基礎設施之上的。搜尋、我們的一些遊戲資產、我們未來的 Xbox Live 業務，以及許多其他資產，包括在我們的生產力業務和 Office 中增加對我們消費者資產的使用，都需要資本支出。因此，這種增長具有相當廣泛的支撐基礎。

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

所以，當我思考適度的時候，我想到的是絕對的錢。這並非由於我們對收入成長曲線的期望或信念發生了任何變化，我想在此澄清這一點。關鍵在於繼續受益於規模和工程技術的進步，即使我們看到的是廣泛的成長，這些進步也能讓我們做到這一點。

Very helpful. Thank you.

很有幫助。謝謝。

We'll take the next question, please.

請回答下一個問題。

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

下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。請繼續您的問題。

Thanks so much for taking my question.

非常感謝您回答我的問題。

Amy, I had one on the same lines on CapEx, and I just wondered if you could provide some insights? We're at 26 data center regions today. I think you have 34 planned. So that would imply we're about three quarters of the way through that spending cycle. 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? And then I had one follow-up.

艾米，我有一個關於資本支出的類似問題，想請教一下您能否提供一些見解？我們目前擁有 26 個資料中心區域。我想你計畫了34個。所以這意味著我們已經完成了該消費週期的四分之三左右。但是我們應該把 34 個資料中心視為上限嗎？還是說，我們有可能看到在 34 個資料中心之外，還有更多的資料中心區域建成？然後我還有一次後續跟進。

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

我先開始，然後艾米，你可以補充。

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. 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. 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.

從某種意義上說，羅斯，你是在要求我們展望未來，並說明我們希望透過雲端服務世界各地各種類型企業的合法數位安全和數位主權需求是什麼。我們採取的立場是，我們希望在客戶所在的地方為他們提供服務，而不是簡單地認為可以透過減少資料中心來滿足客戶的數位主權需求。因為目前全球所有受監管行業都在向雲端遷移，我們認為從長遠來看，對我們和我們的投資者來說，更明智的做法是能夠滿足他們的需求，而這正是你們看到的我們。

We were the only cloud that operates in China under Chinese law, the only cloud that operates in Germany under German law. And these are critical competitive advantages to us. And so we will track that and we'll be very demand-driven.

我們是唯一在中國依照中國法律營運的雲端服務商，也是唯一在德國依照德國法律營運的雲端服務商。這些對我們來說是至關重要的競爭優勢。因此，我們會追蹤市場動態，並以市場需求為導向。

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. If anything, I think our cycle times have significantly come down. 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，在這種情況下，我們不會提前很久就根據需求決定開放哪些地區以及在哪裡開放。如果有什麼變化的話，我認為我們的生產週期已經顯著縮短了。所以這將取決於需求，但我不想設定上限，因為如果機會出現，而且對我們來說，開拓新地區的投資回報率更高，我們就會這樣做。

I would add, in addition to the number of regions, what Satya's talking about, it's also the capacity inside a region. Much of our spend is, as you note, on some of the infrastructure to put in place when you pick a location. The rest of it is continuing to build out in that location the number of servers and networking equipment required. 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.

我還要補充一點，除了薩蒂亞所說的區域數量之外，區域內的容量也很重要。正如您所指出的，我們的大部分支出都用於在選定地點後需要建立的一些基礎設施。其餘部分則是在該地點繼續擴建所需的伺服器和網路設備。所以實際上有兩個組成部分，我認為 Satya 已經談到了你為什麼要進入一個地區及其投資回報率，還有伺服器數量、支出以及根據需求隨時間推移而加快的速度之間的相關性。

Thanks so much. Maybe just one quick follow-up.

非常感謝。或許只需要一個簡短的後續問題。

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

卡爾提到的伺服器產品業務在本季確實出現了反彈，我認為以固定匯率計算，全年成長了約 4%。我知道你並不是特別指這個數字，而且你也談到了潛在的波動性。

But is there any range of outcomes that you're thinking about for that business? Will it grow? Is it not clear that it will grow? I'd just love any additional color there. Thank you.

但對於這項業務，您是否考慮過各種可能的結果？它會生長嗎？難道還不清楚它會發展壯大嗎？我真希望那裡能多一些顏色。謝謝。

In terms of server products and services, I tend to think of it as the all-up growth. It's really about growing the cloud, growing the hybrid, and then whatever happens in the transactional business happens.

就伺服器產品和服務而言，我傾向於將其視為整體成長。關鍵在於發展雲端運算，發展混合雲，然後交易業務方面的事情自然就會水到渠成。

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

事實上，我對本季的成長感到非常自豪。考慮到我們在企業服務領域討論過的支援協議方面可能存在的一些不利因素，我認為我們對第一季度的業績指引仍然預期，Azure 在該領域的業務將推動年金收入實現非常健康的兩位數增長。

Thanks, Ross.

謝謝你，羅斯。

Thanks again. Congratulations.

再次感謝。恭喜。

We'll go to the next question, please. Our next question comes from the line of Michael Turits with Raymond James. Please proceed with your question.

我們進入下一個問題。我們的下一個問題來自邁克爾·圖里茨和雷蒙德·詹姆斯。請繼續您的問題。

Hi, guys, thanks for taking my question. 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. Maybe given the amount of discussion here you could comment on the evolution of the strategy and your thought process around broad enterprise application?

大家好，感謝你們回答我的問題。Satya，在 LinkedIn 發佈公告前後，大家對如何利用 LinkedIn 上的資產和資訊來幫助建立 HCM 和 CRM 能力進行了很多討論，然後不久之後我們就收到了 Dynamics 365 和 AppSource 的公告。鑑於這裡討論了很多，您能否談談該策略的演變以及您關於廣泛企業應用的思考過程？

Thanks for that question.

謝謝你的提問。

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

所以我認為我們在 Office 365、Dynamics 365、AppSource 和 LinkedIn 方面所做的一切都是同一策略的一部分。因此，對於我們的客戶和我們而言，遷移到雲端不僅僅是以自助服務的方式提供相同價值的新途徑。這實際上是從孤立的應用程式轉變為雲端服務的轉變，在雲端，您可以對這些服務底層的活動和資料進行推理，從而使使用這些服務的客戶受益。

So that's what this notion of a graph represents. So when somebody moves to office 365, they graph their people, their relationships with other people inside the organization. Their work artifacts all move to the cloud. You can connect them with all the business process data that's in Dynamics 365. 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.

這就是圖表概念所代表的意義。因此，當有人遷移到 Office 365 時，他們會繪製出員工及其與組織內部其他員工的關係圖。他們的所有工作成果都遷移到了雲端。您可以將它們與 Dynamics 365 中的所有業務流程資料連接起來。但不僅僅是 Dynamics 365，AppSource 中的所有應用程式都是如此，因為業務流程市場始終會更加分散，而不是像以前那樣，按行業、垂直領域或國家/地區劃分只有一個市場份額領導者。

And so that's our strategy there. 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. Of course it's relevant in recruiting. It's relevant in training. It's relevant in marketing.

這就是我們在那裡的策略。現在，專業雲端或專業網路有助於在所有專業用途中使用，無論是在 Office 365 中，還是作為銷售人員使用任何與銷售相關的應用程序，您都希望您的專業網絡在那裡。當然，這與招募息息相關。這在培訓中很有意義。這與行銷相關。

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

所以，這就是我們對 LinkedIn 作為專業社交網絡，需要專業雲端服務的真正策略。所以您說得對，這些都是一個整體策略的一部分，最終目的都是為了給客戶增加價值。

Thanks, Michael.

謝謝你，麥可。

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

非常感謝。請容許我們再回答最後一個問題。

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

我們的最後一個問題來自摩根大通的馬克墨菲。請繼續您的問題。

Yes, thank you very much.

是的，非常感謝。

Satya, we noticed Office 365 commercial seat growth of 45% produced Office 365 commercial revenue growth of 59% in constant currency. So a favorable spread of about 14 points suggesting ASP growth. 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.

Satya，我們注意到 Office 365 商業席位成長了 45%，以固定匯率計算，Office 365 商業收入成長了 59%。因此，約 14 個百分點的有利價差表明 ASP 將會成長。想知道您能否幫助我們了解當前和未來的驅動因素，特別是對 E5 計劃的初步反應，以及您認為哪些產品（例如 Exchange、Skype for Business、Power BI、Yammer、SharePoint 等）正在推動成長。

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

我先開始，艾米，你接著說。

Overall, I'd say even in this last year, even just the broader spread of E3 has driven a lot of the growth. And then of course we're very excited about E5, but the very, very early days of E5. 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.

總的來說，我認為即使在去年，僅僅是 E3 的廣泛普及也推動了很大一部分成長。當然，我們對 E5 也感到非常興奮，但 E5 目前還處於非常非常早期的階段。E5 在所有三個領域都具有價值主張，無論是雲端語音、分析或安全，這三個領域對我們來說都是巨大的。

And I would say, if anything, the initial data from customers around security is very -- is gaining a lot of traction. 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. So E3, E5 and higher penetration of this is what's going to drive ASV growth.

而且我認為，從客戶那裡獲得的關於安全性的初步數據非常——正在獲得很大的關注。但同時，客戶正在尋求的一件事是，在所有工作負載中做出企業級架構決策。因此，E3、E5 以及更高的市場滲透率將推動 ASV 的成長。

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.

而且你可以看到，隨著時間的推移，我們也會為這些產品組合增加更多價值，因為我們的研發重點就在於此，即我們如何將這些價值創造的要素與未來的所有研發成果結合起來加以強化。

Thanks, Mark.

謝謝你，馬克。

So that wraps up the Q&A portion of today's earnings call. We look forward to seeing many of you in the coming months at various investor conferences. For those unable to attend in person these events will be Webcast and you can follow our comments at the Microsoft Investor Relations website. Please contact us if you need any additional details and thank you for joining us today.

今天的財報電話會議問答環節到此結束。我們期待在接下來的幾個月裡，在各種投資人會議上見到各位。對於無法親臨現場的人士，我們將進行網路直播，您可以在微軟投資者關係網站上關注我們的評論。如果您需要更多詳細信息，請與我們聯繫。感謝您今天的參與。

Thanks all.

謝謝大家。

Thank you.

謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。