微軟 (MSFT) 2017 Q1 法說會逐字稿

Welcome to Microsoft's first quarter fiscal year 2017 earnings conference call.

歡迎參加微軟 2017 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

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

提醒一下，本次會議正在錄製中。我想將電話轉給投資者關係總經理 Chris Suh。克里斯，請繼續。

Thanks. Good afternoon, and thank you for joining us today. 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.

謝謝。下午好，感謝您今天加入我們。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；以及副總法律顧問兼公司秘書 John Seethoff。

On our website, Microsoft.com/investor, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provide the reconciliation and differences between GAAP and non-GAAP financial measures. Unless otherwise specified, we will refer to non-GAAP metrics on the call.

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中準備好的評論，並提供 GAAP 和非 GAAP 財務指標之間的對賬和差異。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. They are included as clarifying items to aid investors in further understanding the Company's first quarter performance, in addition to the impact that these items and events had on the financial results.

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。除了這些項目和事件對財務業績的影響外，它們被列為澄清項目，以幫助投資者進一步了解公司第一季度的業績。

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

此外，任何提及的運營費用均指分部運營費用，如我們的 10-Q 表格腳註中定義的那樣，包括研發、銷售和營銷以及一般和行政費用，但不包括整合和重組費用的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We also provide growth rates in constant currency, when available, as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations.

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。我們還提供不變貨幣（如果有）的增長率，作為評估我們的基礎業務表現的框架，不包括外幣匯率波動的影響。

During Q1, we provided an update to our key investor metrics for fiscal 2017. We provide these additional metrics to enhance our financial reporting results and provide transparency into our progress against our strategic imperative. We introduced three new metrics: commercial cloud gross margin percentage; total gaming revenue; and Windows commercial product and cloud services revenue growth. We will be referencing these metrics throughout the commentary today, and you can see them in our published KPIs on the IR website.

在第一季度，我們更新了 2017 財年的關鍵投資者指標。我們提供這些額外指標是為了提高我們的財務報告結果，並根據我們的戰略要求為我們的進展提供透明度。我們引入了三個新指標：商業雲毛利率百分比；博彩總收入； Windows 商業產品和雲服務收入增長。我們將在今天的評論中引用這些指標，您可以在我們在 IR 網站上發布的 KPI 中看到它們。

We'll post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included 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 October 20, 2017.

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。今天的電話正在網絡直播和錄製。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。您可以在 2017 年 10 月 20 日之前在 Microsoft 投資者關係網站上重播電話並查看通話記錄。

During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。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. We do not undertake any duty to update any forward-looking statement. And with that I'll turn the call over to Satya.

由於今天的收益新聞稿中討論的因素、本次電話會議期間發表的評論以及我們向證券和交易委員會。我們不承擔更新任何前瞻性陳述的義務。有了這個，我會把電話轉給 Satya。

Thank you, Chris, and thanks to everyone on the phone for joining. Today I will share the results for the first quarter and discuss how we are innovating into growing each of our segments. Overall, we are off to a good start in FY17. We delivered $22.3 billion in revenue this quarter, an increase of 5% in constant currency. I am proud of the continued progress.

謝謝你，克里斯，也感謝電話裡的每一個人的加入。今天我將分享第一季度的結果，並討論我們如何通過創新來發展我們的每個細分市場。總體而言，我們在 FY17 開局良好。本季度我們實現了 223 億美元的收入，按固定匯率計算增長了 5%。我為持續的進步感到自豪。

Our platforms are leading profound digital transformation outcomes for both people and organizations. At our IT conference, Ignite, I talked about how we are innovating in AI across the entire tech stack, and how AI will be infused into everything we do. To accelerate our innovation, we've created a dedicated organization to focus on artificial intelligence.

我們的平台正在為個人和組織帶來深刻的數字化轉型成果。在我們的 IT 會議 Ignite 上，我談到了我們如何在整個技術堆棧中進行人工智能創新，以及人工智能將如何融入我們所做的一切。為了加速我們的創新，我們創建了一個專注於人工智能的專門組織。

As I turn to progress we made by segment this quarter, I will highlight how these investments we're making in AI fuel innovation across all of our ambitions. Let's start with Productivity and Business Process. We're helping people be more productive by bringing intelligence to familiar office apps they use every day.

當我轉向本季度我們按細分市場取得的進展時，我將強調我們在人工智能方面所做的這些投資如何推動我們所有雄心的創新。讓我們從生產力和業務流程開始。我們通過將智能帶入他們每天使用的熟悉的辦公應用程序來幫助人們提高工作效率。

We recently introduced cloud-powered intelligence within Word, Excel, PowerPoint, and Outlook that uses machine learning and advanced natural language processing to help automate tasks, surface related content and connections, focus your inbox, and more easily create compelling content. We are also building intelligence into our apps to provide advanced security for customers.

我們最近在 Word、Excel、PowerPoint 和 Outlook 中引入了基於雲的智能，它使用機器學習和高級自然語言處理來幫助自動化任務、顯示相關內容和連接、集中收件箱並更輕鬆地創建引人注目的內容。我們還在我們的應用程序中構建智能，為客戶提供高級安全性。

This quarter we announced Office 365 Threat Intelligence, which analyzes billions of signals across Office, Azure, Windows, and external data sources to give customers broad visibility into attack trends and proactively recommend security policy adjustments. We're extending intelligence to compliance with our new Data Governance service, which helps customers achieve organizational compliance and automate data retention. These advancements are part of our ongoing commitment to strengthen security for our Office 365 E5 customers.

本季度我們發布了 Office 365 威脅情報，它分析了 Office、Azure、Windows 和外部數據源中的數十億個信號，使客戶能夠廣泛了解攻擊趨勢並主動建議安全策略調整。我們正在通過新的數據治理服務將智能擴展到合規性，該服務可幫助客戶實現組織合規性並自動化數據保留。這些進步是我們不斷致力於加強 Office 365 E5 客戶安全性的一部分。

We are seeing broad momentum with customers across enterprises, small business, and consumers. Monthly active users of Office 365 commercials are now over 85 million, up more than 40% year over year. Office 365 commercial seats were also up 40% year over year and revenue up 54% in constant currency.

我們在企業、小型企業和消費者中看到了廣泛的發展勢頭。 Office 365 商業廣告的月活躍用戶現已超過 8500 萬，同比增長超過 40%。 Office 365 商業席位也同比增長 40%，按固定匯率計算，收入增長 54%。

Across industries customers such as eBay; European airline, EasyJet; global pharmaceutical company Allergan; the Fortune 100 companies like the energy leader Exelon and Liberty Mutual Insurance, are choosing Office 365 to help make their employees more productive and secure. Customers love the power of Office on any device. We now have more than 45 million Outlook monthly active devices on iOS and Android, a more than 70% increase year over year.

跨行業客戶，例如 eBay；歐洲航空公司，易捷航空；全球製藥公司艾爾建；能源領導者 Exelon 和 Liberty Mutual Insurance 等財富 100 強公司正在選擇 Office 365 來幫助提高員工的工作效率和安全性。客戶喜歡在任何設備上使用 Office 的強大功能。現在，我們在 iOS 和 Android 上擁有超過 4500 萬台 Outlook 月活躍設備，同比增長超過 70%。

Last week we unveiled a new class of purpose-built, intelligent apps in Dynamics 365, designed to remove any impedance that exists between productivity, collaboration, and business process. Using advanced analytics and machine learning, these new apps glean insights from previously siloed data to transform how people work across finance, sales, marketing, and customer service. They monitor customer relationship help, reveal connections, forecast demand, and predict risk.

上週，我們在 Dynamics 365 中推出了一類新的專用智能應用程序，旨在消除生產力、協作和業務流程之間存在的任何障礙。這些新應用程序使用高級分析和機器學習，從以前孤立的數據中收集見解，從而改變人們在財務、銷售、營銷和客戶服務方面的工作方式。他們監控客戶關係幫助、揭示聯繫、預測需求和預測風險。

And the deep integration with Office 365 makes it easy to take action, communicate, and collaborate in real-time or schedule a follow-up. Our innovations in Dynamics 365 build on our existing momentum. Dynamics CRM Online paid seats more than doubled year over year, and customers increasingly prefer our cloud solutions, with more than 70% of the new Dynamics CRM and ERP enterprise customers choosing Dynamics online.

與 Office 365 的深度集成使得實時採取行動、溝通和協作或安排後續行動變得容易。我們在 Dynamics 365 中的創新建立在我們現有的勢頭之上。 Dynamics CRM Online 付費席位同比增長一倍以上，客戶越來越喜歡我們的雲解決方案，超過 70% 的新 Dynamics CRM 和 ERP 企業客戶選擇 Dynamics online。

Companies like HP Inc. are replacing their existing CRM systems with Dynamics 365 to take advantage of the built-in intelligence in our latest release and transform engagement with customers and partners. Overall, we are well-positioned to compete and grow our share in this large and growing market.

HP Inc. 等公司正在用 Dynamics 365 替換其現有的 CRM 系統，以利用我們最新版本中的內置智能並轉變與客戶和合作夥伴的互動。總體而言，我們處於有利地位，可以在這個龐大且不斷增長的市場中競爭並擴大我們的份額。

Now let's talk about the progress we are making in our Intelligent Cloud segment. Customers continue to choose the Microsoft Cloud to help transform their businesses and organizations. Our commercial cloud annualized revenue run rate now exceeds $13 billion, and we remain on track to achieve our goal of $20 billion in fiscal year 2018. Once enterprise customers choose one of our cloud services, they continue to adopt more services.

現在讓我們談談我們在智能雲領域取得的進展。客戶繼續選擇 Microsoft 雲來幫助他們的業務和組織轉型。我們的商業雲年化收入運行率現已超過 130 億美元，我們仍有望在 2018 財年實現 200 億美元的目標。一旦企業客戶選擇了我們的一項云服務，他們就會繼續採用更多服務。

More than 60% of the Fortune 500 now have at least three of our cloud offerings, up 20 points year over year. And as with last quarter, we continue to grow our commercial annuity mix which is now at 88%.

現在，超過 60% 的財富 500 強企業至少擁有我們的三種雲產品，同比增長 20 個百分點。與上個季度一樣，我們繼續擴大我們的商業年金組合，目前為 88%。

Customers choose Microsoft for three reasons. They want a trusted, global, hyper-scale cloud provider to meet the enterprise-grade needs. They want hybrid support that is architected into both the hyper-scale service and the cloud servers. They want higher level services to help them build their own digital capability, inclusive of dev-ops, productivity, new IoT and Enterprise App development, advanced analytics, and machine learning and AI capability. These differentiated features are leading our cloud infrastructure growth.

客戶選擇 Microsoft 的三個原因。他們需要一個值得信賴的全球超大規模雲提供商來滿足企業級需求。他們需要在超大規模服務和雲服務器中構建的混合支持。他們需要更高級別的服務來幫助他們建立自己的數字能力，包括開發運營、生產力、新的物聯網和企業應用程序開發、高級分析以及機器學習和人工智能能力。這些差異化功能正在引領我們的雲基礎架構增長。

Azure revenue, once again, grew triple-digits, 121% in constant currency, with Azure compute usage more than doubling year over year. We continue to invest in and expand our datacenter footprint, which now totals 38 regions including the announcement of our planned expansion into France and the recent opening of data centers in the United Kingdom and Germany.

Azure 收入再次增長了三位數，按固定匯率計算增長了 121%，Azure 計算使用量同比增長超過一倍。我們將繼續投資和擴大我們的數據中心足跡，現在共有 38 個地區，包括我們宣布計劃擴展到法國以及最近在英國和德國開設數據中心。

Enterprises like Renault-Nissan Alliance, AccorHotels, as well as public sector customers such as the United Kingdom Ministry of Defense, the Ireland's Health Services Executive, are choosing Azure to transform their organizations while meeting European data sovereignty, security, and compliance needs. Security and compliance remain paramount for enterprise customers. Azure is already the most trusted, most compliant cloud, with 49 certifications, more than any other cloud provider.

Renault-Nissan Alliance、AccorHotels 等企業以及英國國防部、愛爾蘭衛生服務執行官等公共部門客戶正在選擇 Azure 來轉變其組織，同時滿足歐洲數據主權、安全性和合規性需求。對於企業客戶而言，安全性和合規性仍然至關重要。 Azure 已經是最受信任、最合規的雲，擁有 49 項認證，比任何其他雲提供商都多。

And our US government cloud has the highest number of certifications and dedicated data center regions in the industry to meet the stringent requirements of our public sector customers. We are applying AI to security with the new Azure Security Center, which leverages advanced analytics and machine learning to detect threats and help enterprise customers respond with comprehensive cybersecurity and management.

我們的美國政府雲擁有業內最多的認證和專用數據中心區域，可滿足我們公共部門客戶的嚴格要求。我們正在通過新的 Azure 安全中心將 AI 應用於安全，該中心利用高級分析和機器學習來檢測威脅並幫助企業客戶通過全面的網絡安全和管理做出響應。

Looking beyond infrastructure services, across industries, customers like Daimler Trucks North America, Uber, and Lowe's are using Azure's intelligent services to build powerful new offerings for their customers. More than half of the Fortune 500 have our Enterprise Mobility services, up more than 20 points year over year.

除了基礎設施服務，跨行業的戴姆勒卡車北美公司、優步和勞氏等客戶正在使用 Azure 的智能服務為其客戶構建強大的新產品。超過一半的財富 500 強企業擁有我們的企業移動服務，同比增長超過 20 個百分點。

This quarter, we released a premium version of our Enterprise Mobility service that includes advanced security management for SaaS applications, automatic document classification and encryption, advanced identity protection, and we crossed 3/4 of a billion unique user identities in Azure Active Directory. This quarter, we announced a number of key partnerships. Adobe and SAP recognize Azure's leadership in the cloud and are bringing their industry-leading marketing and human resource solutions to our platform, giving our mutual customers powerful new ways to transform their business.

本季度，我們發布了企業移動服務的高級版本，其中包括 SaaS 應用程序的高級安全管理、自動文檔分類和加密、高級身份保護，並且我們在 Azure Active Directory 中跨越了 10 億個唯一用戶身份中的 3/4。本季度，我們宣布了一些重要的合作夥伴關係。 Adobe 和 SAP 認可 Azure 在雲領域的領導地位，並將其行業領先的營銷和人力資源解決方案引入我們的平台，為我們共同的客戶提供強大的新方式來轉變他們的業務。

Customers and developers are also choosing Azure for its openness. Enabling digital transformation for everyone means supporting the widest range of platforms, frameworks, and tools. This quarter we announced that we open-sourced Windows PowerShell, our industry-leading infrastructure management tool, and made it available on Linux. We continue to see strong interest in the preview for SQL server on Linux with 19,000 customers registered, including more than half of the Fortune 500.

客戶和開發人員也選擇 Azure 的開放性。為每個人實現數字化轉型意味著支持最廣泛的平台、框架和工具。本季度，我們宣布開源 Windows PowerShell，我們行業領先的基礎設施管理工具，並在 Linux 上提供它。我們繼續看到對 Linux 上的 SQL Server 預覽版的濃厚興趣，有 19,000 名客戶註冊，其中包括財富 500 強中的一半以上。

It's opening conversations with customers, spanning their entire data estate, both on premise and in the cloud. Azure's service fabric on Linux enables developers to build and manage high scale microservices and cloud applications. And we announced that our new FPGA-powered platform in Azure, capable of exascale compute, will support Caffe, TensorFlow, Torch, and our own CNTK frameworks for Deep Learning.

它正在與客戶展開對話，跨越他們的整個數據資產，無論是在本地還是在雲中。 Linux 上的 Azure 服務結構使開發人員能夠構建和管理大規模微服務和雲應用程序。我們還宣布，我們在 Azure 中基於 FPGA 的新平台能夠進行百億億次計算，將支持 Caffe、TensorFlow、Torch 和我們自己的用於深度學習的 CNTK 框架。

Finally, we're building our server products to become the edge of our cloud to support true hybrid computing. The new Windows Server 2016 gives IT professionals new layers of security and brings Azure- inspired innovation for infrastructure and cloud applications. And we extend our partnership with Docker to make the commercially-supported Docker Engine available to Windows 2016 customers at no additional cost.

最後，我們正在構建我們的服務器產品，使其成為我們雲的邊緣，以支持真正的混合計算。新的 Windows Server 2016 為 IT 專業人員提供了新的安全層，並為基礎架構和雲應用程序帶來了受 Azure 啟發的創新。我們擴展了與 Docker 的合作夥伴關係，使 Windows 2016 客戶可以免費使用商業支持的 Docker 引擎。

Now let's talk about More Personal Computing, where we are also seeing intelligence transform Windows 10 and our ecosystem of devices. We now have more than 400 million monthly active devices on Windows 10 and nearly 200 billion hours of usage. And we are expanding our growth opportunities for Windows with enterprises and in areas such as gaming.

現在讓我們談談更多個人計算，我們還看到智能正在改變 Windows 10 和我們的設備生態系統。現在，我們每月有超過 4 億台 Windows 10 活躍設備和近 2000 億小時的使用時間。我們正在與企業和遊戲等領域擴大 Windows 的增長機會。

Last quarter, I outlined three aspects of our Windows strategy. First, deliver more value and innovation, particularly for enterprise customers. Second, grow new monetization through services across a unified Windows platform. Third, innovate in new device categories in partnership with our OEMs. Let me talk through the progress we are making in each.

上個季度，我概述了我們 Windows 戰略的三個方面。首先，提供更多價值和創新，尤其是為企業客戶。其次，通過跨統一 Windows 平台的服務增加新的盈利能力。第三，與我們的 OEM 合作，在新的設備類別中進行創新。讓我談談我們在每個方面取得的進展。

This quarter, we released Windows 10 Anniversary Update, with advanced security features including Windows Defender Threat Protection, a cloud-enabled service that helps enterprises detect, investigate, and respond to advanced network attacks. And with threat intelligence sharing capabilities, we enable IT to investigate and respond to security threats across Windows 10 and Office 365.

本季度，我們發布了 Windows 10 週年更新，其中包含高級安全功能，包括 Windows Defender 威脅防護，這是一項支持雲的服務，可幫助企業檢測、調查和響應高級網絡攻擊。借助威脅情報共享功能，我們使 IT 能夠調查和響應 Windows 10 和 Office 365 中的安全威脅。

Our advancements in security helped to drive a 3X increase in Windows 10 enterprise deployments over the last six months. The growth in customer adoption is also driving increased developer, search, and Cortana engagement. The number of developers building and updating Universal Windows apps is up 3X year over year. More than 1,000 applications have been developed using the Cortana API, and Windows 10 Cortana search box now has 141 million monthly active users, with almost 13 billion questions asked to date.

在過去六個月中，我們在安全性方面的進步幫助推動了 Windows 10 企業部署的 3 倍增長。客戶採用率的增長也推動了開發人員、搜索和 Cortana 參與度的增加。構建和更新通用 Windows 應用程序的開發人員數量同比增長 3 倍。使用 Cortana API 開發了 1000 多個應用程序，Windows 10 Cortana 搜索框現在每月有 1.41 億活躍用戶，迄今為止提出了近 130 億個問題。

Gaming is a leading driver of engagement on Windows 10 and opens up new experiences and scenarios across Windows devices. For the past three consecutive months, Xbox One has been the number-one selling console in the United States, giving us strong momentum heading into the holiday season.

遊戲是 Windows 10 參與度的主要推動力，並在 Windows 設備上開闢了新的體驗和場景。在過去的三個月裡，Xbox One 一直是美國銷量第一的遊戲機，為我們進入假期旺季提供了強勁動力。

Our highly engaged Xbox Live fan base continues to grow across Windows 10, iOS, and Android, up 21% year over year, and we have more than 20 billion hours of gameplay on Windows 10 PCs and tablets, a more than 500% increase year over year. Our commitment to grow Xbox Live community led us to acquire Beam this quarter, an innovative and interactive livestreaming service that gives viewers the ability to watch and play along with their favorite game in real time.

我們高度參與的 Xbox Live 粉絲群在 Windows 10、iOS 和 Android 上繼續增長，同比增長 21%，我們在 Windows 10 個人電腦和平板電腦上的遊戲時間超過 200 億小時，同比增長超過 500%超過一年。我們對發展 Xbox Live 社區的承諾促使我們在本季度收購了 Beam，這是一種創新的交互式直播服務，讓觀眾能夠實時觀看和玩他們最喜歡的遊戲。

Finally, let's talk about our progress in new device categories. Surface continues to drive category growth, and more commercial customers are choosing to deploy Surface, with deals of 500 devices or more increasing 70% year over year. And we are reaching more commercial customers of all sizes with the support of our channel partners.

最後說說我們在新設備品類上的進展。 Surface 繼續推動品類增長，越來越多的商業客戶選擇部署 Surface，500 台或更多設備的交易量同比增長 70%。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。

The Windows Holographic Platform and Microsoft HoloLens are opening up new, differentiated opportunities on Windows. This quarter we made Microsoft HoloLens Development Edition available to all developers and business customers in the US and Canada, and last week we expanded our presence to six additional markets.

Windows Holographic Platform 和 Microsoft HoloLens 正在 Windows 上開闢新的、差異化的機會。本季度，我們向美國和加拿大的所有開發人員和商業客戶提供了 Microsoft HoloLens 開發版，上週我們將業務擴展到另外六個市場。

Enterprise customers like Audi, Volvo, Japan Airlines, and the PGA Tour are all embracing Microsoft HoloLens to transform the way they work and create new mixed reality experiences for customers. It's still early, but it's great to see the innovation and creativity that developers are bringing to the platform. And coming in 2017, we will enable our hardware partners to deliver entirely new, mixed-reality experiences with Windows Holographic and on Windows 10.

奧迪、沃爾沃、日本航空和 PGA 巡迴賽等企業客戶都在採用 Microsoft HoloLens 來改變他們的工作方式並為客戶創造新的混合現實體驗。現在還為時尚早，但很高興看到開發人員為平台帶來的創新和創造力。到 2017 年，我們將使我們的硬件合作夥伴能夠通過 Windows Holographic 和 Windows 10 提供全新的混合現實體驗。

In closing, we are leading digital transformation across all industries and geographies, creating enormous opportunity for Microsoft and our partners. As we infuse AI into all of our computing platforms and experiences, we will drive even greater transformational value for our customers. In the coming weeks, I'm looking forward to sharing news about our new innovation in Windows 10 and Office 365. Now let me hand it over to Amy to walk through this quarter's results in more detail and share our outlook, and I look forward to rejoining you after for questions.

最後，我們正在引領所有行業和地區的數字化轉型，為微軟和我們的合作夥伴創造了巨大的機會。隨著我們將 AI 注入到我們所有的計算平台和體驗中，我們將為客戶帶來更大的轉型價值。在接下來的幾周里，我期待分享有關我們在 Windows 10 和 Office 365 中的新創新的新聞。現在讓我把它交給 Amy 來更詳細地介紹本季度的結果並分享我們的展望，我很期待重新加入你的問題。

Thank you, Satya, and good afternoon, everyone. This quarter revenue was $22.3 billion, up 3% and 5% in constant currency. Gross margin was flat and up 2% in constant currency. Operating income was flat and grew 4% in constant currency, and earnings per share was $0.76, increasing 9%, or 13% in constant currency.

謝謝你，Satya，大家下午好。本季度收入為 223 億美元，按固定匯率計算分別增長 3% 和 5%。毛利率持平，按固定匯率計算增長 2%。營業收入持平，按固定匯率計算增長 4%，每股收益為 0.76 美元，增長 9%，按固定匯率計算增長 13%。

I'm pleased with the strong execution we saw in the first quarter from our sales teams and the partner ecosystem across both our commercial and consumer businesses. Across most markets, our results were in line with macroeconomic trends, with strength in key markets like the US, Western Europe, and Japan. Momentum and cloud services contributed to a total commercial annuity mix of 88%, up 2 points from the prior year.

我很高興我們在第一季度看到我們的銷售團隊和合作夥伴生態系統在我們的商業和消費者業務中的強大執行力。在大多數市場，我們的結果與宏觀經濟趨勢一致，在美國、西歐和日本等主要市場表現強勁。動量和雲服務對商業年金組合的貢獻率為 88%，比上年增加 2 個百分點。

We again saw higher-than-expected transactional deal volume, primarily driven by Office commercial products in our small and mid-size business segment. This quarter, the dollar volume of annuity expirations was significantly larger than the prior year, and with solid renewals from that base, we grew our commercial bookings by 18%. The larger base also drove our contracted not billed balance to more than $25.5 billion. Strong execution resulted in better-than-expected commercial unearned revenue of $22.3 billion or an 8% increase in constant currency.

我們再次看到交易量高於預期，主要受我們中小型業務部門的 Office 商業產品推動。本季度，年金到期的美元數量顯著高於去年，並且在該基礎上的穩健續訂，我們的商業預訂增長了 18%。更大的基數也推動我們的合同未開票餘額超過 255 億美元。強勁的執行力使商業未實現收入達到 223 億美元或按固定匯率計算增長 8%，好於預期。

Our commercial cloud revenue run rate exceeded $13 billion this quarter, growing 59%. As I've shared previously, we expect our commercial cloud gross margin percentage to materially improve throughout the year. This quarter, our commercial cloud gross margin percentage was 49%, up 7 points sequentially, although we do expect variability from quarter to quarter. Importantly, gross margin dollars grew by 61% across the total commercial cloud.

本季度我們的商業雲收入運行率超過 130 億美元，增長 59%。正如我之前分享的那樣，我們預計我們的商業雲毛利率將在全年大幅提高。本季度，我們的商業雲毛利率為 49%，環比增長 7 個百分點，儘管我們確實預計季度與季度之間存在差異。重要的是，整個商業雲的毛利率增長了 61%。

Now to Company gross margin. Our Company gross margin was approximately 65%, down a little less than 2 points from the prior year, impacted by an increasing mix of commercial cloud revenue, slightly offset by improvements in More Personal Computing. The revenue performance in More Personal Computing largely drove COGS above our expectations.

現在到公司毛利率。我們公司的毛利率約為 65%，比上年下降不到 2 個百分點，受到商業雲收入組合增加的影響，但被更多個人計算的改善略微抵消。 More Personal Computing 的收入表現在很大程度上推動了 COGS 超出我們的預期。

This quarter, the FX impact on total and segment level revenue was in line with expectations. FX had a 2 point negative impact on Productivity and Business Processes and Intelligent Cloud results, and a 1 point negative impact on More Personal Computing results. Total operating expenses were flat and grew 1% in constant currency from investments supporting our commercial cloud. At the Company level, operating income grew 4% in constant currency.

本季度，外匯對總收入和分部收入的影響符合預期。 FX 對生產力和業務流程以及智能雲結果產生了 2 分的負面影響，對更多個人計算結果產生了 1 分的負面影響。由於支持我們的商業雲的投資，總運營費用持平，按固定匯率計算增長了 1%。在公司層面，按固定匯率計算，營業收入增長了 4%。

Let's turn to each segment, where we can now discuss constant currency impact at the revenue and operating income levels. This quarter, our Productivity and Business Processes segment delivered results above our expectations, with approximately $6.7 billion in revenue, an increase of 6% and 8% in constant currency. In Office Commercial, revenue increased by 5% and 8% in constant currency, as Office 365 growth continued to outpace the shift from our on-premise business.

讓我們轉向每個部分，我們現在可以討論收入和營業收入水平的恆定貨幣影響。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，收入約為 67 億美元，按固定匯率計算分別增長 6% 和 8%。由於 Office 365 的增長繼續超過我們內部部署業務的轉變，Office Commercial 的收入增長了 5% 和 8%。

We again grew our installed base across all key workloads. In our Office 365 commercial business, our premium workload mix was above 60%. As mentioned earlier, our transactional results were higher than expected in the small- and mid-size customer segment and benefited from a stabilizing commercial PC market.

我們再次擴大了所有關鍵工作負載的安裝基礎。在我們的 Office 365 商業業務中，我們的高級工作負載組合超過 60%。如前所述，我們在中小型客戶領域的交易結果高於預期，並受益於穩定的商用 PC 市場。

Office consumer revenue grew 8%, also 8% in constant currency, benefited from a stronger-than-expected consumer PC market, subscriber seat growth, and recurring subscription revenue. And our Dynamics business grew 11%, up 13% in constant currency, as customer preference for our cloud services and CRM Online and Dynamics AX contributed to billings and seat growth.

辦公消費收入增長 8%，按固定匯率計算也增長 8%，這得益於強於預期的消費 PC 市場、用戶席位增長和經常性訂閱收入。我們的 Dynamics 業務增長了 11%，按固定匯率計算增長了 13%，因為客戶對我們的雲服務和 CRM Online 和 Dynamics AX 的偏好促進了賬單和座位的增長。

Segment gross margin dollars were flat, up 2% in constant currency. Segment gross margin percentage declined on an increasing cloud revenue mix. Operating expenses grew 2%, also 2% in constant currency, primarily driven by investments in cloud engineering. Operating income declined slightly, but was up 2% in constant currency.

分部毛利率持平，按固定匯率計算增長 2%。隨著雲收入組合的增加，部門毛利率下降。運營費用增長 2%，按固定匯率計算也增長 2%，主要受雲工程投資的推動。營業收入略有下降，但按固定匯率計算增長了 2%。

The Intelligent Cloud segment delivered nearly $6.4 billion in revenue, above our expectations, and grew 8%, or 10% in constant currency. Server products and cloud services grew 11% and 13% in constant currency. Demand for 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-premise server business.

智能雲部門實現了近 64 億美元的收入，超出了我們的預期，增長了 8%，即按固定匯率計算增長了 10%。服務器產品和雲服務按固定匯率計算分別增長 11% 和 13%。對我們的混合雲產品的需求導致服務器產品和雲服務的年金收入又實現了兩位數的增長，部分被我們的事務性本地服務器業務的下降所抵消。

Server premium products grew double digits in constant currency. As expected, enterprise services revenue growth slowed this quarter to 1% and 2% in constant currency, largely due to a decreasing volume of support agreements associated with Windows Server 2003 end of support. Gross margin dollars grew 2% and 4% in constant currency, and segment gross margin percentage declined, primarily due to increasing cloud revenue mix, partially offset by significant improvement in Azure gross margin.

服務器高級產品以固定匯率計算增長了兩位數。正如預期的那樣，本季度企業服務收入增長放緩至 1% 和 2%，這主要是由於與 Windows Server 2003 終止支持相關的支持協議數量減少。按固定匯率計算，毛利率分別增長 2% 和 4%，分部毛利率下降，主要是由於雲收入組合的增加，部分被 Azure 毛利率的顯著改善所抵消。

Given the growth opportunity in cloud, we increased our operating expenses by 21%, also 21% in constant currency, to fund cloud engineering, sales capacity, and developer engagement. Consequently, operating income declined 14% and 11% in constant currency.

鑑於雲計算的增長機會，我們將運營費用增加了 21%，按固定匯率計算也增加了 21%，以資助雲工程、銷售能力和開發人員參與。因此，按固定匯率計算，營業收入下降了 14% 和 11%。

Now to our final segment, More Personal Computing. Revenue was $9.3 billion, down 2% and 1% in constant currency, and better than expected across multiple businesses. First, our OEM results. Our total OEM business was flat this quarter, more in line with the PC market and better than we expected. OEM Pro revenue grew 1%, reflecting the stabilizing commercial PC market, particularly in the US.

現在到我們的最後一部分，更多個人計算。收入為 93 億美元，按固定匯率計算分別下降 2% 和 1%，好於多項業務的預期。首先，我們的 OEM 結果。本季度我們的 OEM 業務總額持平，更符合 PC 市場，好於我們的預期。 OEM Pro 收入增長 1%，反映了穩定的商用 PC 市場，尤其是在美國。

OEM Non-Pro revenue declined by 1%, slightly ahead of the consumer PC market driven by a higher mix of premium devices. Channel inventory levels for OEM Pro and Non-Pro remained at normal levels. As Satya said, we're seeing strong growth in Windows 10 enterprise deployments.

OEM Non-Pro 收入下降了 1%，略高於消費 PC 市場，這是由高端設備組合推動的。 OEM Pro 和 Non-Pro 的渠道庫存水平保持在正常水平。正如 Satya 所說，我們看到 Windows 10 企業部署的強勁增長。

The annuity portion of our Windows commercial business grew again in constant currency, as customers continued to commit to our differentiated security and management solutions. Overall, our total Windows commercial business revenue across small and mid-size businesses, enterprises, and academic institutions was flat, and grew 2% year over year in constant currency.

隨著客戶繼續致力於我們差異化的安全和管理解決方案，我們 Windows 商業業務的年金部分再次以不變貨幣增長。總體而言，我們在中小型企業、企業和學術機構的 Windows 商業業務總收入持平，按固定匯率計算同比增長 2%。

Patent licensing revenue increased this quarter, primarily due to favorable results in our annual contractual agreements. Our search business grew again this quarter, driven by rate and volume improvements in Bing. Though our growth rate has moderated, we continued to gain share and scale while delivering profit.

本季度專利許可收入增加，主要是由於我們的年度合同協議取得了有利的結果。本季度我們的搜索業務再次增長，這得益於 Bing 的速度和數量的提高。儘管我們的增長率有所放緩，但我們在實現利潤的同時繼續獲得份額和規模。

As expected, devices revenue declined this quarter. Revenue decreased 27%, down 25% in constant currency, due to Phone, where revenue declined 72% and 71% in constant currency. Surface revenue increased 38%, 39% in constant currency, driven by year-over-year growth for SurfacePro 4 and Book, which launched in Q2 of the prior year.

正如預期的那樣，本季度設備收入下降。收入下降 27%，按固定匯率計算下降 25%，原因是 Phone，收入下降 72%，按固定匯率計算下降 71%。在去年第二季度推出的 SurfacePro 4 和 Book 同比增長的推動下，Surface 收入增長了 38%，按固定匯率計算增長了 39%。

In gaming, revenue declined 5%, or 4% in constant currency, due to lower console hardware revenue. We continue to see strong engagement on our platform, with monthly active Xbox Live users up 21%. Our software and services revenue from console, PC, and other gaming devices grew 6%, or 8% in constant currency.

在遊戲領域，由於控制台硬件收入下降，收入下降了 5%，或按固定匯率計算下降了 4%。我們繼續在我們的平台上看到強大的參與度，每月活躍的 Xbox Live 用戶增長了 21%。我們來自遊戲機、PC 和其他遊戲設備的軟件和服務收入增長了 6%，或按固定匯率計算增長了 8%。

Segment gross margin dollars declined 1%, up 1% in constant currency, as decreases due to Xbox consoles and Phone were partially offset by our search and Surface results. Segment gross margin percentage improved slightly, given the revenue shift to higher margin products and services. Operating expenses decreased 13%, also 13% in constant currency, primarily based on reduced Phone spend and lower marketing spend, resulting in segment operating income growth of 26% and 31% in constant currency.

分部毛利率下降 1%，按固定匯率計算上升 1%，原因是 Xbox 遊戲機和手機造成的下降被我們的搜索和 Surface 結果部分抵消。鑑於收入轉向利潤率更高的產品和服務，分部毛利率略有改善。營業費用下降了 13%，按固定匯率計算也下降了 13%，主要是由於電話支出減少和營銷支出減少，導致分部營業收入增長 26% 和固定匯率 31%。

Now back to our Company results. We invested $2.3 billion in capital expenditures, a decline from Q4, but consistent with our plan for investment to support customer and partner demand for our commercial and consumer cloud services. During the quarter, we continued to rebalance our investment portfolio, which resulted in other income and expense of $100 million from net recognized gains on investments and income from dividends and interest, partially offset by interest expense.

現在回到我們公司的結果。我們投資了 23 億美元的資本支出，比第四季度有所下降，但符合我們的投資計劃，以支持客戶和合作夥伴對我們的商業和消費者云服務的需求。在本季度，我們繼續重新平衡我們的投資組合，從確認的投資淨收益和股息和利息收入中產生了 1 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 17% this quarter. As I've mentioned before, our income tax rate is impacted by three factors: the proportion of service revenue versus licensing revenue; the geographic mix of revenue; and the timing of equity vests. In our first quarter, equity vests impact the rate more significantly than in other quarters.

本季度我們的非公認會計原則有效稅率為 17%。正如我之前提到的，我們的所得稅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；以及股權歸屬的時間。在我們的第一季度，股權背心對利率的影響比其他季度更大。

We returned $6.6 billion to shareholders through stock repurchases and dividends. We also raised our quarterly dividend by 8% to $0.39. With that overview of the quarter, let's turn to the outlook. My commentary for the upcoming quarter does not include LinkedIn. We still expect the transaction to close in the second quarter.

我們通過股票回購和分紅向股東返還了 66 億美元。我們還將季度股息提高了 8% 至 0.39 美元。有了本季度的概述，讓我們轉向展望。我對下一季度的評論不包括 LinkedIn。我們仍然預計該交易將在第二季度完成。

Turning to FX, we expect 1 point of revenue impact at both the total Company and individual segment levels. We expect our commercial business to remain healthy. Though we will still see and experience variability in our transactional business, we will also see strong annuity growth, driven by solid renewal execution and increasing customer adoption and use of our cloud services. Therefore, we expect commercial unearned revenue to be within the range of $21.05 billion to $21.25 billion.

談到外匯，我們預計對整個公司和各個細分市場的收入影響為 1 個百分點。我們預計我們的商業業務將保持健康。儘管我們仍會看到和體驗交易業務的變化，但我們也將看到強勁的年金增長，這得益於穩健的續訂執行以及客戶對我們雲服務的採用和使用的增加。因此，我們預計商業未實現收入將在 210.5 億美元至 212.5 億美元之間。

Next on CapEx: we will continue to invest to meet growing demand and see quarterly variability in spend. We expect a sequential dollar increase in the upcoming quarter. For the full year, our total expected CapEx growth rate should be lower than FY16, given efficiency improvements.

接下來是資本支出：我們將繼續投資以滿足不斷增長的需求，並看到支出的季度變化。我們預計下一季度美元將連續上漲。鑑於效率提高，我們全年預期的總資本支出增長率應低於 2016 財年。

Now let me share some additional thoughts for each segment. In Productivity and Business Processes, we expect revenue of $6.9 billion to $7.1 billion. We expect the ongoing transition to the cloud to drive installed base growth, with continuing declines in our transactional business. For the Intelligent Cloud segment, we expect revenue of $6.55 billion to $6.75 billion, driven by strong annuity growth across our server products and cloud services.

現在讓我為每個部分分享一些額外的想法。在生產力和業務流程方面，我們預計收入為 69 億美元至 71 億美元。我們預計，向雲的持續過渡將推動安裝基礎的增長，而我們的交易業務將繼續下降。對於智能雲部門，我們預計收入將在 65.5 億美元至 67.5 億美元之間，這得益於我們的服務器產品和雲服務的強勁年金增長。

We anticipate that Enterprise Services revenue will decline due to lower volumes of Windows Server 2003 service agreements. We expect More Personal Computing revenue to be $11.2 billion to $11.6 billion. This segment is impacted by different trends than our other two segments, so some additional detail.

我們預計企業服務收入將因 Windows Server 2003 服務協議數量的減少而下降。我們預計更多個人計算收入將達到 112 億美元至 116 億美元。與我們的其他兩個部分相比，該部分受到不同趨勢的影響，因此需要一些額外的細節。

First, on Windows. We expect our OEM business and the underlying PC market to be closely aligned. As a reminder, in our OEM Pro business, we exited Q2 last year with a slightly higher level of inventory. We currently see normal inventory levels in the channel, which will dampen year-over-year growth a bit.

首先，在 Windows 上。我們預計我們的 OEM 業務和基礎 PC 市場將緊密結合。提醒一下，在我們的 OEM Pro 業務中，我們去年第二季度的庫存水平略高。我們目前看到渠道中的庫存水平正常，這將稍微抑制同比增長。

In Search, we expect Bing's revenue growth ex-TAC to be similar to Q1. Additionally, we expect that total Search revenue growth will slow considerably, as we pass the one-year anniversary of our Yahoo deal, and the associated change in revenue recognition. Phone revenue will continue to decline, and as we previously announced, we anticipate closing the sale of our feature phone business in Q2.

在搜索方面，我們預計必應的除 TAC 外的收入增長與第一季度相似。此外，我們預計隨著我們與雅虎交易一周年以及收入確認的相關變化，總搜索收入增長將大幅放緩。手機收入將繼續下降，正如我們之前宣布的，我們預計將在第二季度完成對功能手機業務的出售。

We expect Surface revenue to decline, as we anniversary the product launch from a year ago. And in Gaming, we expect strong share performance in key markets like the US and the UK this holiday, but overall revenue will decline, given lower price points and lower overall console units, as mix shifts towards Xbox One and Xbox One S. We expect continued active engagement growth on our gaming platform given the holiday season.

我們預計 Surface 收入將下降，因為我們是一年前推出產品的周年紀念日。在遊戲方面，我們預計這個假期在美國和英國等主要市場的股票表現將強勁，但由於價格點和整體遊戲機數量下降，隨著組合轉向 Xbox One 和 Xbox One S，整體收入將下降。我們預計鑑於假日季節，我們的遊戲平台上的活躍參與度持續增長。

We expect COGS to be $9.7 billion to $9.9 billion, with variability driven by device sales. We expect operating expenses between $7.85 billion and $7.95 billion in Q2, and we remain on path for full-year operating expense of $31.1 billion to $31.4 billion. We expect other income and expenses to be $150 million, as we continue to balance gains on equity investments and income from interest and dividends against the interest expense and the net cost of hedging.

我們預計 COGS 將在 97 億美元至 99 億美元之間，其中可變性受設備銷售驅動。我們預計第二季度的運營費用在 78.5 億美元至 79.5 億美元之間，全年運營費用仍將保持在 311 億美元至 314 億美元之間。我們預計其他收入和支出為 1.5 億美元，因為我們將繼續平衡股權投資收益以及利息和股息收入與利息支出和對沖淨成本。

We continue to expect our full-year tax rate to be 20%, plus or minus 2 points, with variability due to the three factors discussed earlier. And with that, I'll turn it back to Chris for Q&A.

我們繼續預計我們的全年稅率為 20%，上下浮動 2 個百分點，由於前面討論的三個因素而存在波動。有了這個，我會把它轉回給克里斯進行問答。

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

謝謝，艾米。我們現在將轉到問答環節。接線員，您能重複一下您的指示嗎？

(Operator Instructions) Brent Thill, UBS.

（操作員說明）Brent Thill，瑞銀。

Thanks, good afternoon. Satya, on Azure, the numbers were really impressive, given how hard the comp was. I'm curious if you could just help out, a little more color in terms of what you saw during the quarter, and maybe how some of the ticket sizes or size of these signs are changing from the past year? Thank you.

謝謝，下午好。 Satya，在 Azure 上，考慮到比賽的難度，這些數字確實令人印象深刻。我很好奇您是否可以幫忙，根據您在本季度看到的內容增加一點顏色，也許這些標誌的某些門票尺寸或尺寸與過去一年相比有何變化？謝謝你。

Thanks, Brent. Overall, again, I go back to how we think about Azure. We really have a view of distributed computing, which is more expansive than just even our hyper-scale cloud. We think about Azure and our servers as one distributed computing fabric that they're building.

謝謝，布倫特。總的來說，我再次回到我們對 Azure 的看法。我們確實對分佈式計算有一個看法，它甚至比我們的超大規模雲還要廣闊。我們將 Azure 和我們的服務器視為他們正在構建的一種分佈式計算結構。

We also don't think of Office 365 and Dynamics 365 as independent; we think of them all together, building out our commercial cloud, because take one of the bigger growth areas we have in Azure, it is IoT. But it's not just people connecting sensors and collecting data.

我們也不認為 Office 365 和 Dynamics 365 是獨立的；我們將它們放在一起考慮，構建我們的商業雲，因為我們在 Azure 中擁有的更大的增長領域之一就是物聯網。但這不僅僅是連接傳感器和收集數據的人。

They collect the data, they store the data, they analyze and do predictions on it. But then after you do predictions, you've got to do something about the predictions. So in many cases they choose to use, especially with the new Dynamics 365 field service module, automating field service.

他們收集數據、存儲數據、分析數據並對其進行預測。但是在你做了預測之後，你必須對預測做一些事情。因此，在許多情況下，他們選擇使用自動化的現場服務，尤其是使用新的 Dynamics 365 現場服務模塊。

So it is those higher-level scenarios that we are seeing in addition to the core infrastructure that supports hybrid that I think is accelerating, and that's something that obviously we didn't make the decision last quarter to do that.

因此，除了支持混合的核心基礎設施之外，我們看到的那些更高級別的場景正在加速，這顯然是我們上個季度沒有做出這樣做的決定。

This is a decision we made many, many years ago; in some sense, the inception of Azure was built for a future which is much more distributed computing done in a very different way than the client server era. I think we're just finally getting into the early innings of what is true hybrid computing, and it's good to see those in last quarter's results as well.

這是我們很多很多年前做出的決定；從某種意義上說，Azure 的誕生是為未來而構建的，未來分佈式計算以與客戶端服務器時代截然不同的方式完成。我認為我們終於進入了真正混合計算的早期階段，很高興在上個季度的結果中看到這些結果。

Thank you.

謝謝你。

We'll take the next question, please.

請我們回答下一個問題。

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Thank you, guys, for taking the question, and very nice quarter. I want to zero in on Office 365 a little bit. 40% growth in commercial seats is a really nice number, but even a nicer number on the revenue line, I think 54% constant currency growth in Office 365 commercial. That seems to imply you guys are seeing some nice ASP increase as the platform matures. Can you talk to us about where we are in that cycle of guys moving from E1 to E3? Is E5 part of the equation yet; are guys actually moving there yet?

謝謝你們，伙計們，提出這個問題，非常好的季度。我想在 Office 365 上稍微歸零。 40% 的商業席位增長是一個非常好的數字，但即使是收入線上的一個更好的數字，我認為 Office 365 商業版的 54% 不變貨幣增長。這似乎意味著隨著平台的成熟，你們看到了一些不錯的 ASP 增長。你能和我們談談我們在從 E1 轉到 E3 的那個週期中的位置嗎？ E5 是等式的一部分嗎？伙計們真的搬到那裡了嗎？

Thanks, Keith. Why don't I take that one? When I talk about the premium services mix in our Office commercial 365 business being above 60%, that is what's driving, whether that's the mix shift to E3 or ultimately to E5, you will continue to see it have headroom in that number. But you are right, we are encouraged by the ARPU growth and the value proposition that has customers choosing the premium SKUs and continuing to choose those premium SKUs over time.

謝謝，基思。我為什麼不拿那個？當我談到我們的 Office 商業 365 業務中的高級服務組合超過 60% 時，這就是驅動因素，無論是向 E3 還是最終向 E5 的混合轉變，你都會繼續看到它在這個數字上還有空間。但你是對的，我們對 ARPU 的增長和讓客戶選擇優質 SKU 並隨著時間的推移繼續選擇這些優質 SKU 的價值主張感到鼓舞。

I don't really think about there being a cap on that when you think about the mix percentage. Because part of it is, as you know, not just adding the first few nodes in E3, it's continuing to add E5 and new scenarios over time that will continue to create. So hopefully that's helpful, but you are right, it is ARPU-driven, the performance outside of the 40% seat growth.

當您考慮混合百分比時，我真的不認為有上限。如您所知，因為其中一部分不僅僅是在 E3 中添加前幾個節點，它還在繼續添加 E5 和隨著時間的推移將繼續創建的新場景。所以希望這會有所幫助，但你是對的，這是 ARPU 驅動的，是 40% 座位增長之外的表現。

Excellent. Thank you, guys.

出色的。感謝你們。

We will take the next question, please.

請回答下一個問題。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Great, thank you. Satya, I know that Brent asked you about Azure, but I'm just wondering if you could share with us, you mentioned that compute usage on Azure, I think you said more than doubled or nearly doubled, something to that effect. I'm just wondering if you could share with us how you see paths coming along and where do you think we are in getting the easier workloads to the cloud? And are you now starting to see the inflection, given we did see an inflection in growth on a year-over-year basis this quarter where you are starting to see significant production workloads that are on-premise actually starting to move over as well?

太好了謝謝。 Satya，我知道 Brent 向您詢問了有關 Azure 的問題，但我只是想知道您是否可以與我們分享，您提到 Azure 上的計算使用量，我想您說的是翻倍或幾乎翻倍，大意是這樣。我只是想知道您是否可以與我們分享您如何看待前進的道路，以及您認為我們在將更容易的工作負載轉移到雲方面的進展如何？您現在是否開始看到拐點，因為我們確實在本季度看到了同比增長的拐點，您開始看到內部部署的大量生產工作負載實際上也開始轉移？

Thanks, Heather. We definitely are seeing production workloads that are moving over from on-premise. But I think the more interesting thing, Heather, for us is to see new workloads. When I look at what's happening with [stage 6] some of the most innovative work we've done around distributed computing, which is service fabric, and how people are in fact going straight to building out, using our path services, some of the new hyper-scale cloud services using Micro Services.

謝謝，希瑟。我們肯定會看到生產工作負載正在從本地轉移。但我認為，Heather，對我們來說更有趣的是看到新的工作負載。當我查看 [階段 6] 發生的事情時，我們圍繞分佈式計算（即服務結構）所做的一些最具創新性的工作，以及人們實際上是如何使用我們的路徑服務直接構建的，其中一些使用微服務的新的超大規模雲服務。

And not only are they doing that, but we're also seeing great growth in our server-less infrastructure, which is Azure Functions. So I am actually as excited about new cloud growth from new cloud workloads from the same customers, so the most interesting thing that I am observing is that it could be the same model of customer that was participating with us in the client server area who are not just building or moving their IT, but they are building new digital services for hyper-scale. And that's what is probably unique in terms of what is changed year-over-year for us. It's not just the Silicon Valley startups anymore; it is the core enterprise that is also becoming a digital company. And we are well-positioned to serve them, and that's good to see.

他們不僅在這樣做，而且我們還看到我們的無服務器基礎架構（即 Azure Functions）的巨大增長。所以我實際上對來自相同客戶的新雲工作負載的新雲增長感到興奮，所以我觀察到的最有趣的事情是，它可能是與我們在客戶端服務器領域參與的相同客戶模型他們不僅在構建或遷移他們的 IT，而且還在為超大規模構建新的數字服務。就我們每年的變化而言，這可能是獨一無二的。不再只是矽谷的初創公司；它是核心企業，也正在成為一家數字公司。我們有能力為他們服務，這很高興。

Thank you so much.

太感謝了。

We will take the next question, please.

請回答下一個問題。

Karl Keirstead, Deutsche Bank.

德意志銀行的卡爾·凱爾斯特德。

Question for Amy. The operating cash flow generation, $11.6 billion, was extraordinary. I don't think you've had a 50%-plus cash flow margin since early 2012. Is this a little bit of an anomaly, maybe driven by unearned revenues? Or is something changing in the business model that might change the rate of cash flow generation in coming quarters as well? Thank you.

艾米的問題。 116 億美元的運營現金流量非常驚人。我認為自 2012 年初以來，您的現金流利潤率沒有超過 50%。這是否有點反常，可能是由於未賺取的收入所致？還是商業模式的某些變化也可能改變未來幾個季度的現金流生成率？謝謝你。

Karl, it is actually impacted by the same thing that impacted free cash flow this quarter, which is about a $1.3 billion unsettled cash -- a cash settlement impact. So you'll actually see that revert in Q2, although our free cash flow growth of 8% in the quarter was actually very good, and I do feel good about that. But I want to make sure you don't misunderstand the root cause that makes the number a bit of an anomaly.

卡爾，它實際上受到了影響本季度自由現金流的同一件事的影響，即大約 13 億美元的未結算現金——現金結算影響。所以你實際上會在第二季度看到這種恢復，儘管我們本季度 8% 的自由現金流增長實際上非常好，我對此感覺很好。但我想確保您不會誤解使數字有點異常的根本原因。

Okay. Thank you.

好的。謝謝你。

Thanks, Karl. We'll take the next one please.

謝謝，卡爾。請我們拿下一個。

Mark Moerdler, Bernstein.

馬克·莫德勒，伯恩斯坦。

Thank you, and congrats on the quarter. So want to drill in a little more. The margin for commercial cloud improved 7%, which given the size, is a large improvement. Can you give us some more details on what exactly is driving that margin improvement? You said it's going to be improving over the year, but how sustainable is that drive to improvement?

謝謝，並祝賀本季度。所以想再深入一點。商業雲的利潤率提高了 7%，考慮到規模，這是一個很大的進步。您能否詳細介紹一下究竟是什麼推動了利潤率的提高？你說它會在一年中有所改善，但這種改善的動力有多可持續？

Let me start, Mark, and then, Amy, you can add to it. Again, Mark, this goes back to a little bit of understanding, how we think about both CapEx as well as OpEx in terms of our cloud. The architectural design we have, for example, when we do CapEx, we are buying the equipment for everything that Microsoft does, which is everything from Azure to Office 365 to Dynamics 365, as well as our consumer services, like Xbox Live.

讓我開始，馬克，然後，艾米，你可以添加它。再次，馬克，這可以追溯到一點點理解，我們如何從雲的角度考慮資本支出和運營支出。我們擁有的架構設計，例如，當我們進行資本支出時，我們正在為微軟所做的一切購買設備，從 Azure 到 Office 365 再到 Dynamics 365，以及我們的消費者服務，如 Xbox Live。

And you see the growth that we talked about across all of this. Then we have a very common platform, both for our first-party workloads, as well as our third-party business. And so then as we drive efficiency in our cloud infrastructure, when we for example use FPGA to get more out of our network, that's efficiency that we gain across the marginal cost and gross margin that spans everything that we do.

您會看到我們在所有這些方面談到的增長。然後我們有一個非常通用的平台，既適用於我們的第一方工作負載，也適用於我們的第三方業務。因此，當我們提高雲基礎設施的效率時，例如，當我們使用 FPGA 從我們的網絡中獲得更多收益時，這就是我們在邊際成本和毛利率方面獲得的效率，涵蓋了我們所做的一切。

Then also what we think about as the mix, our goal is not just to sell commodity services, but to actually use commodity services, in some cases, as a bootstrap for higher-level services, because of things like data gravity. So there will be differences quarter to quarter. We may, in fact, onboard a few customers who first onboard a lot of storage at commodity service levels, and then later on start consuming some of the higher-level services.

然後也是我們認為的混合，我們的目標不僅僅是銷售商品服務，而是實際使用商品服務，在某些情況下，由於數據引力之類的原因，作為更高級別服務的引導程序。所以每個季度都會有差異。事實上，我們可能會吸引一些客戶，他們首先在商品服務級別上使用大量存儲，然後開始使用一些更高級別的服務。

So the margin improvement over a period of time is something that we are absolutely going to see, but for quarter-to-quarter there will be more volatility, but I would ask our investor base to think more about the architecture as well as the financial outlays of what we're building. We're not just building Azure; we're building Azure, Office 365, Dynamics 365, as well as our consumer services, which are all cloud-oriented. And it's the combination of that that's driving margin. But Amy, I will let you add to it.

因此，一段時間內的利潤率改善是我們絕對會看到的，但季度間波動性會更大，但我會要求我們的投資者群更多地考慮架構和財務我們正在建設的東西的支出。我們不只是在構建 Azure；我們正在構建 Azure、Office 365、Dynamics 365 以及我們的消費者服務，這些都是面向雲的。正是這些因素的結合推動了利潤率。但是艾米，我會讓你添加它。

I would say on terms of sustainability, or quarter to quarter, Satya is right. There is going to be variability. The variability is really two things. One is the pace of the mix shift to Azure. As it grows at the pace we've seen, it does impact quarter-to-quarter the overall commercial cloud revenue mix.

我想說就可持續性或季度而言，薩蒂亞是對的。會有變數。可變性實際上是兩件事。一是向 Azure 轉變的步伐。隨著它以我們所看到的速度增長，它確實會逐季影響整體商業雲收入組合。

But I would also say the directionality of the Azure gross margin, for example, which we said significantly improved, we expect to continue, certainly over the course of this year, as we have discussed. So I think the directionality of sustainability is correct. And I think the variability could certainly occur for many of the reasons Satya has talked about.

但我還要說 Azure 毛利率的方向性，例如，我們說過顯著改善，我們預計會繼續，當然在今年的過程中，正如我們所討論的那樣。所以我認為可持續性的方向性是正確的。而且我認為，由於薩蒂亞談到的許多原因，肯定會出現這種可變性。

Thanks. Appreciate it.

謝謝。欣賞它。

We will take the next question, please.

請回答下一個問題。

Walter Pritchard.

沃爾特·普里查德。

Amy, I am wondering on the segment operating margins, I know you don't guide those per se, but you have flat performance in operating income in PBP and declines in IC with growth in MPC. Do you expect to see, as we get towards the end of the year, that the two enterprise cloud segments move positive and MPC is not as much of a driver? How should we think about the evolution of the product contribution of the three segments over the year?

艾米，我想知道細分市場的營業利潤率，我知道您本身並沒有指導這些，但是您在 PBP 的營業收入方面表現平平，而隨著 MPC 的增長，IC 下降。當我們接近年底時，您是否期望看到兩個企業雲部門向積極的方向發展，而 MPC 不再是驅動力？我們應該如何看待這三個細分市場一年來產品貢獻的演變？

Sure. I am actually going to cover our commercial segments as one. Because really, when you think about the commercial cloud, it's really about capturing the opportunity of selling more complete solutions, which include Dynamics and Office, plus some components of Azure which is, I think, really the trend you'll see us talk about from here on out. So what I would say is, you will continue to see us focus on gross margin improvement, and we've talked about that.

當然。實際上，我將把我們的商業領域作為一個整體來報導。因為真的，當你想到商業雲時，它真的是要抓住銷售更完整解決方案的機會，其中包括 Dynamics 和 Office，以及 Azure 的一些組件，我認為這確實是你會看到我們談論的趨勢從這裡開始了。所以我想說的是，你將繼續看到我們專注於毛利率的提高，我們已經討論過了。

You will also continue to see us invest where we see massive market addressable expansion with sales capacity as well. So I think we have pivoted dollars to invest in that opportunity. You will continue to see us do that. But we also expect revenue growth and gross margin growth to come out of that investment.

您還將繼續看到我們在我們看到大規模市場可尋址擴張和銷售能力的地方進行投資。所以我認為我們已經將美元轉向投資於這個機會。您將繼續看到我們這樣做。但我們也預計該投資將帶來收入增長和毛利率增長。

So I do believe that's the continued pace you will see us on, and we feel good about the ROI of the investments we have made, especially in those commercial segments. In MPC, I generally expect you will continue to see improvement through the year, just based on the mix of products that we will have over the course of the year. That's not new.

所以我相信這是您將看到我們的持續步伐，我們對我們所做投資的投資回報率感覺良好，特別是在那些商業領域。在 MPC 中，我通常預計您將在一年中繼續看到改進，這僅基於我們在一年中將擁有的產品組合。這並不新鮮。

You saw the same mechanism last year through the year as we pivot from our phone business to some of our higher-margin products. And so, I suspect you will see a similar pattern on a similar desire by Satya and I to continue to invest toward growth, especially on the commercial side.

去年全年，當我們從電話業務轉向一些利潤率更高的產品時，你看到了同樣的機制。因此，我懷疑你會看到薩蒂亞和我有類似願望的類似模式，即繼續投資以實現增長，尤其是在商業方面。

Thanks, Walter.

謝謝，沃爾特。

Thank you.

謝謝你。

We will take the next question, please.

請回答下一個問題。

Mark Murphy, JPMorgan.

馬克·墨菲，摩根大通。

Thank you. I will add my congratulations. So, Amy, you are reporting an impressive buildup of the long-term deferred revenue; it's up 162% year-over-year. At the same time, some of your partners feel that you are gradually doing away with the three-year EAs that have existed for so long, and that you are replacing them with the MPSA vehicle, which is a little more flexible in terms of length of contract, and there could be some shorter lengths.

謝謝你。我會添加我的祝賀。所以，艾米，您報告的長期遞延收入令人印象深刻；同比增長 162%。同時，您的一些合作夥伴覺得您正在逐步取消存在已久的三年 EA，並且正在將它們替換為 MPSA 車輛，後者在長度上更靈活一些合同，並且可能有一些更短的長度。

Could you help us in terms of how to think through the long-term deferred revenue buildup as you do start to mix over to the MPSAs?

當您開始混入 MPSA 時，您能否幫助我們思考如何考慮長期遞延收入的增長？

Thanks, Mark. Let me break apart that long-term unearned balance a bit. I do really focus, and I think it's important if you're trying to understand the buildup of our commercial business to focus only on the unearned commercial balance. Our overall long-term unearned balance has been impacted by the Windows 10 deferral over the past bit. And so, it can make a bit of a distraction towards seeing the underlying trend.

謝謝，馬克。讓我打破這個長期不勞而獲的平衡。我真的很專注，我認為如果你想了解我們商業業務的建立，只關注不勞而獲的商業平衡，這一點很重要。過去一段時間，我們的整體長期未實現餘額受到了 Windows 10 延期的影響。因此，它可能會分散人們對潛在趨勢的關注。

That being said, our commercial unearned balance has seen good growth; I'm proud of our performance this quarter, both sequentially and year-over-year. If you think about any change we're making or not, in our partner agreements, our customer agreements, we still do generally rely the vast majority on three-year agreements. So whether or not the term were to change, given how we recognize revenue, I would you let know if it was going to be material. And I do not expect the change you are talking about to be material in any way on the commercial unearned balance.

話雖如此，我們的商業未實現餘額增長良好；我為我們本季度的表現感到自豪，無論是環比還是同比。如果您考慮我們是否正在做出任何改變，在我們的合作夥伴協議、我們的客戶協議中，我們通常仍然依賴絕大多數三年協議。所以無論這個術語是否會改變，考慮到我們如何確認收入，我會告訴你它是否會很重要。而且我不認為你所說的改變對商業不勞而獲的餘額有任何影響。

Thank you.

謝謝你。

We will go to the next question, please.

請繼續下一個問題。

Raimo Lenschow, Barclays Bank.

Raimo Lenschow，巴克萊銀行。

Thanks for taking my question, and congrats as well. Quick question more on an industry theme for Satya. We obviously saw a very interesting answer from AWS and VMware, which seems to suggest a hybrid cloud is the way forward, and both vendors have to react. Can you talk a little bit about your customer feedback around the hybrid cloud offering from you, and how your customer is thinking about that working with you together? Thank you.

感謝您提出我的問題，也恭喜您。關於 Satya 行業主題的更多問題。我們顯然從 AWS 和 VMware 看到了一個非常有趣的答案，這似乎表明混合雲是前進的方向，兩家供應商都必須做出反應。您能否談談您對混合雲產品的客戶反饋，以及您的客戶如何看待與您一起工作的想法？謝謝你。

Thanks, Raimo. I spoke to this a little earlier, because in some sense, from day one we had this vision of how we want to build for a future of distributed computing that included our hyper-scale cloud service, which is Azure. And in fact, Azure is built on hyper-V, and we always said that we were going to build our server as the edge of our hyper-scale cloud, and so that's what Windows Server 2016 represents. That is what SQL Server 2016 represents, and so we have these unique capabilities, like being able to stretch even a single table in a database in SQL 2016 all the way to the cloud for having infinite table capacity, and then having your apps and queries work.

謝謝，雷莫。我早些時候談到了這一點，因為從某種意義上說，從第一天起，我們就有了這樣一個願景，即我們希望如何構建分佈式計算的未來，其中包括我們的超大規模雲服務，即 Azure。事實上，Azure 是建立在 hyper-V 之上的，我們總是說我們要將服務器構建為超大規模雲的邊緣，這就是 Windows Server 2016 所代表的。這就是 SQL Server 2016 所代表的，因此我們擁有這些獨特的功能，例如能夠將 SQL 2016 中的數據庫中的單個表一直延伸到雲，以獲得無限的表容量，然後擁有您的應用程序和查詢工作。

How we're doing containers: for example, in Windows Server 2016, we have great container support, as well as support for things like our Service Fabric, so that people can have absolute application portability, and in fact, people can even tier applications. We have had many customers who tier their storage and compute across a hybrid backplane. So this is an architectural design point that we have built for from the ground up from day one, and it's good to see people validating it now and elsewhere, and we will take that as a validation of something that we thought of a long time ago.

我們如何做容器：例如，在 Windows Server 2016 中，我們有很好的容器支持，以及對我們的 Service Fabric 之類的東西的支持，這樣人們就可以擁有絕對的應用程序可移植性，實際上人們甚至可以對應用程序進行分層.我們有許多客戶在混合背板上分層存儲和計算。所以這是我們從一開始就從頭開始構建的架構設計點，很高興看到人們現在和其他地方驗證它，我們將把它作為對我們很久以前想到的東西的驗證.

Thanks, Raimo. We will take the next question, please.

謝謝，雷莫。請回答下一個問題。

Kash Rangan, BofA Merrill Lynch.

Kash Rangan，美國銀行美林證券。

Thank you very much. Satya, can you just compare and contrast AWS versus Azure, Azure versus AWS from a standpoint of the technology footprint that you are offering both these companies? And Amy, if you could just comment on the margin structure of your Azure business relative to AWS, and if you have time, talk about the Windows 10 cycle. Why is it going to be the best Windows 10 cycle for the enterprise, compared to the previous cycle? Thank you so much.

非常感謝。 Satya，您能否從您為這兩家公司提供的技術足蹟的角度來比較和對比 AWS 與 Azure、Azure 與 AWS？還有 Amy，如果您可以評論一下您的 Azure 業務相對於 AWS 的利潤率結構，如果您有時間，請談談 Windows 10 週期。與上一個週期相比，為什麼它將成為企業最佳的 Windows 10 週期？太感謝了。

Kash, I would say I talked about the reasons, the three big reasons why customers choose our cloud, and our cloud infrastructure in particular. One, it is about the hybrid design point that is at the core of how we are built, both Azure as well as our servers. It is because of the higher-level services that we have.

Kash，我想說我談到了原因，客戶選擇我們的雲的三大原因，特別是我們的雲基礎設施。第一，它是關於混合設計點，這是我們構建方式的核心，包括 Azure 和我們的服務器。這是因為我們擁有更高級別的服務。

It is also because of the design point we have around not just Azure, but as well as Dynamics 365 and Office 365, and the extensibility of our cloud services across all three of them. And that's really the fundamental reasons why customers choose us. The other thing I would mention is, we have more of a commitment, I would say, which has been there from a long time, to build out a global footprint. We have more regions than anyone. We have more certifications than anyone in terms of adhering to both regulated industry, as well as digital sovereignty needs.

這也是因為我們的設計點不僅圍繞著 Azure，還圍繞著 Dynamics 365 和 Office 365，以及我們的雲服務在這三者之間的可擴展性。這才是客戶選擇我們的根本原因。我要提到的另一件事是，我們有更多的承諾，我想說，它已經存在了很長時間，以建立全球足跡。我們的地區比任何人都多。在遵守受監管的行業以及數字主權需求方面，我們擁有比任何人更多的認證。

We've done unique things. We're the only public cloud provider, for example, that operates in China. We operate in Germany under German law. And that matters to multinational companies that also are trying to operate across many geographies and jurisdictions. So those are our core attributes that are driving our growth, and we'll continue to stay focused on them.

我們做了獨特的事情。例如，我們是唯一一家在中國運營的公共雲提供商。我們根據德國法律在德國運營。這對於也試圖在許多地區和司法管轄區開展業務的跨國公司來說很重要。因此，這些是推動我們增長的核心屬性，我們將繼續關注它們。

In terms of the gross margin question, I feel very good to talk about this quarter, about our improvement year-over-year and remain confident that we are heading in the right direction. And so, I think when you think about that plus the breadth of our offerings, I think we're pretty confident.

就毛利率問題而言，我覺得很高興談論本季度，關於我們的同比改進，並仍然相信我們正朝著正確的方向前進。因此，我認為當您考慮到這一點以及我們產品的廣度時，我認為我們非常有信心。

I will take the opportunity, because we haven't been asked about Windows 10 in the enterprise. I think we are encouraged by the pace of deployment, the number of proof-of-concepts, and actually some of the stability we've seen in the commercial PC market, in terms of starting to see some refresh rates. So I think overall, I think we will continue to watch, but our security and management value prop, I think really is paying off.

我會藉此機會，因為我們還沒有被問及企業中的 Windows 10。我認為我們對部署速度、概念驗證的數量以及我們在商用 PC 市場看到的一些穩定性感到鼓舞，就開始看到一些刷新率而言。所以我認為總的來說，我認為我們將繼續觀察，但我們的安全和管理價值支柱，我認為真的是有回報的。

Thanks so much.

非常感謝。

You bet. We will take the next question, please.

你打賭。請回答下一個問題。

Ross MacMillan, RBC Capital Markets.

羅斯麥克米倫，加拿大皇家銀行資本市場。

Thank you very much, and congrats from me as well. Satya, I actually had a question for you on SQL Server. As you think about the port to Linux, I wonder if you can provide an update on two things: one is just the timing of when we should see that in market, and then two, are there other things you need to do to meet that requirement of across the landscape?

非常感謝，我也祝賀你。 Satya，我實際上有一個關於 SQL Server 的問題。當您考慮移植到 Linux 時，我想知道您是否可以提供兩件事的更新：一是我們應該在市場上看到它的時間，二是您還需要做其他事情來滿足它嗎？跨越景觀的要求？

So, for example, do you have to think about supporting Java runtimes inside of SQL server, moving a little bit away from the traditional thought net development environment. Just curious as to how you are thinking about getting your arms around a wider set of use cases on alternative operating systems. Thanks.

因此，例如，您是否必須考慮在 SQL Server 內部支持 Java 運行時，稍微遠離傳統的思想網絡開發環境。只是好奇您如何考慮在替代操作系統上使用更廣泛的用例。謝謝。

Overall, we are very, very excited about what we are seeing with SQL on Linux, because the entire idea was to be able to have a full conversation around the data estate with customers. And to now be able to talk about the full SQL estate, one of the other conversations that we are having is not just about SQL, but our analytics and advanced analytics with R, where we've done some very, very compelling work, again, across Linux and Windows.

總的來說，我們對我們在 Linux 上看到的 SQL 感到非常非常興奮，因為整個想法是能夠與客戶圍繞數據資產進行全面對話。現在能夠談論完整的 SQL 資產，我們正在進行的其他對話之一不僅僅是關於 SQL，而是我們使用 R 進行的分析和高級分析，我們再次做了一些非常非常引人注目的工作，跨 Linux 和 Windows。

And then, of course, the cloud. So it's really the combination of SQL advanced analytics and the cloud, with things like Azure Data Lake, that are really the choices customers are trying to make as they think about their digital capability and the next generation of services and both the storage and processing capability they need.

然後，當然，雲。因此，SQL 高級分析和雲以及 Azure Data Lake 之類的東西確實是客戶在考慮他們的數字能力和下一代服務以及存儲和處理能力時試圖做出的選擇他們需要。

Now, in terms of having support for these different runtimes, you're absolutely right, that's the reason why, for example, on Azure itself, Java is first-class. We have Linux is first-class. We have real openness to all of the frameworks that you can call out to, and that's something that we stay very attuned to, which is we are not trying to fight some old battles. This is all about being able to serve customers on their needs today, and that's what is leading and driving a lot of our choices, as well as how we think about our market opportunity.

現在，就支持這些不同的運行時而言，您是絕對正確的，這就是為什麼，例如，在 Azure 本身上，Java 是一流的。我們的 Linux 是一流的。我們對您可以調用的所有框架都持真正的開放態度，這是我們非常關注的一點，那就是我們不會試圖打一些舊的戰鬥。這一切都是為了能夠滿足當今客戶的需求，這就是引領和推動我們做出許多選擇的原因，也是我們思考市場機會的方式。

Thank you, Ross. We will take the next question, please.

謝謝你，羅斯。請回答下一個問題。

Gregg Moskowitz, Cowen.

格雷格莫斯科維茨，考恩。

Thank you very much, and congratulations as well. Satya, you're making a much bigger bet on AI, and rightfully so. And you highlighted some very interesting use cases. Having said that, Microsoft has worked on AI projects for quite some time. So can you help us understand what degree of positive change you think will come from the combined group that you have recently formed, including when you think material AI benefits will become truly ingrained in your customers' workflows? And then secondly, how should we think about your incremental investment in AI going forward?

非常感謝，也祝賀你。 Satya，你在人工智能上下了更大的賭注，這是理所當然的。你強調了一些非常有趣的用例。話雖如此，微軟從事人工智能項目已經有一段時間了。那麼，您能否幫助我們了解您認為您最近組建的合併團隊會帶來多大程度的積極變化，包括您認為人工智能的實質性好處何時會真正根植於客戶的工作流程中？其次，我們應該如何看待你對人工智能的增量投資？

Overall, I am thrilled about both the AI group that we have formed, the AI research and the heritage we have with MSR. Even this week, I think we publicly are talking about setting the state-of-the-art when it comes to something like speech recognition, and it's something that we did even with image net and image recognition and object rec. So these are capabilities that are not easy to build if you don't have a real commitment to research, and then the ability to take that research and then ultimately turn it into products.

總的來說，我對我們組建的 AI 團隊、AI 研究以及我們在 MSR 中所擁有的傳統感到興奮。即使在本週，我認為我們公開談論在語音識別等方面設置最先進的技術，甚至在圖像網絡、圖像識別和對象記錄方面我們也這樣做了。因此，如果您沒有真正致力於研究，那麼這些能力就不容易建立，然後有能力進行研究，然後最終將其轉化為產品。

So the way to measure, though, from the investment side, is to see AI when it is infused into everything we do. Take HoloLens. The ability of HoloLens to be able to see the world, reconstruct it, and in that world to be able to superimpose holograms, that is AI -- applied AI that is working today. When you have Skype translate when two people are talking two different languages and are able to automatically translate without an interpreter between languages, it's using a deep neural net that is bringing together speech synthesis, speech recognition, and machine translation with Skype data. That is fairly magical.

因此，從投資方面衡量的方法是，當人工智能被注入我們所做的一切時，它就會被看到。以 HoloLens 為例。 HoloLens 能夠看到世界、重建世界並在那個世界中疊加全息圖的能力，這就是人工智能——如今正在運行的應用人工智能。當兩個人說兩種不同的語言並且能夠在沒有口譯員的情況下自動翻譯語言時，Skype 翻譯時，它使用了一個深度神經網絡，它將語音合成、語音識別和機器翻譯與 Skype 數據結合在一起。這是相當神奇的。

When you seeing FPGA capable of running CNTK or TensorFlow to create intelligence, that is what we are using, in fact, for our speech and vision work. That is AI as applied today. So I am not waiting for some future date to see ROI from AI; we're very much going forward, even the Office tools example I used. They're all using AI today.

當你看到 FPGA 能夠運行 CNTK 或 TensorFlow 來創造智能時，這就是我們正在使用的，事實上，我們的語音和視覺工作。這就是今天應用的人工智能。所以我不是在等待未來某個日期才能看到人工智能的投資回報率；我們正在向前邁進，甚至是我使用的 Office 工具示例。他們今天都在使用人工智能。

The PowerPoint designer, if you want the most practical use of it, even I can design great PowerPoint slides now because of AI. And so, that's how I measure progress. We are committed to long-term research, but we're also very focused on having the long-term research translated into everyday use products, and that's what you will see from us going forward.

PowerPoint 設計師，如果你想最實際地使用它，即使我現在也可以因為 AI 設計出很棒的 PowerPoint 幻燈片。所以，這就是我衡量進展的方式。我們致力於長期研究，但我們也非常專注於將長期研究轉化為日常使用的產品，這就是您將從我們那裡看到的未來。

Thank you.

謝謝你。

We will have time for one last question please, Operator.

接線員，我們將有時間回答最後一個問題。

Brad Reback, Stifel.

布拉德·雷貝克，斯蒂菲爾。

Great, thanks very much. Amy, quick question. With the recent release of Win Server 16, is there any reason to think that we shouldn't see some uptick in the transactional business, especially with the easing comps in the next couple of quarters? Thanks.

太好了，非常感謝。艾米，快速提問。隨著最近發布的 Win Server 16，我們是否有理由認為我們不應該看到交易業務出現增長，尤其是在接下來幾個季度的寬鬆政策下？謝謝。

Thanks, Brad. With our annuity mix as high as it is, it can impact it a couple points either way. But I don't think about that as really a material impact you should think about in the next couple of quarters. And our focus will always be making sure where we have a clear roadmap for customers to make long-term commitments through annuity. And so we are really trying to get away from some of that, quote-unquote, launch impact that you may normally expect to see.

謝謝，布拉德。由於我們的年金組合如此之高，無論哪種方式，它都會對其產生幾分影響。但我不認為這是你應該在接下來的幾個季度考慮的真正實質性影響。我們的重點將始終是確保我們有一個明確的路線圖，供客戶通過年金做出長期承諾。因此，我們真的在努力擺脫您通常期望看到的一些，引用-取消引用，發布影響。

Great, thanks very much.

太好了，非常感謝。

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 again for joining.

以上就是今天財報電話會議的問答部分。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。對於那些無法親自參加的人，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。如果您需要任何其他詳細信息，請與我們聯繫，再次感謝您的加入。

Thank you all.

謝謝你們。

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

謝謝你。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。