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財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

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.

再次提醒，本次會議正在錄音。現在我將把電話交給投資者關係總經理克里斯·蘇先生。克里斯，請開始。

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，感謝各位今天參加我們的電話會議。今天與我一起參加電話會議的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問兼公司秘書約翰·西索夫。

On our website, Microsoft.com/investor, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and 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.

您可以在我們的網站 Microsoft.com/investor 上找到我們的獲利新聞稿和財務摘要幻燈片，這些資料旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間的調節和差異。除非另有說明，我們將在電話會議上使用非 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。這些指標作為補充說明，旨在幫助投資者進一步了解公司第一季的業績，以及這些項目和事件對財務結果的影響。

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，任何提及的營運費用均指分公司營運費用，如我們的 10-Q 表格註腳所定義，其中包括研發、銷售和行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，我們今天電話會議上所有成長比較均與去年同期相關。我們也會提供以固定匯率計算的成長率（如有），以此作為評估我們各項業務表現的框架，排除外匯匯率波動的影響。

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.

第一季度，我們更新了2017財年的關鍵投資者指標。我們新增這些指標旨在完善財務報告，並提高我們實現策略目標的透明度。我們引入了三個新指標：商業雲毛利率；遊戲總收入；以及Windows商業產品和雲端服務收入成長率。我們將在今天的報告中提及這些指標，您也可以在投資者關係網站上查看我們已發布的關鍵績效指標。

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.

會議結束後，我們將立即在網站上發布準備好的發言稿，直到完整文字稿發布。今天的電話會議將進行網路直播並錄音。如果您提出問題，您的提問將包含在直播畫面、文字稿以及未來任何錄音的使用中。您可以在2017年10月20日之前造訪微軟投資者關係網站，回放本次電話會議並查看文字稿。

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.

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。

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.

實際結果可能因今日獲利新聞稿、本次電話會議中的發言以及我們向美國證券交易委員會提交的10-K表、10-Q表和其他報告及文件中風險因素部分所討論的因素而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。接下來，我將把電話交給薩蒂亞。

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.

謝謝克里斯，也謝謝所有電話參會的朋友們。今天我將分享第一季的業績，並探討我們如何透過創新來推動各個業務板塊的成長。整體而言，我們在2017財年開局良好。本季我們實現了223億美元的營收，以固定匯率計算成長了5%。我對我們所取得的持續進步感到自豪。

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遠的數位轉型成果。在我們的IT大會Ignite上，我談到了我們如何在整個技術堆疊中進行人工智慧創新，以及人工智慧將如何融入我們工作的方方面面。為了加速創新，我們專門成立了一個專注於人工智慧的團隊。

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.

接下來，我將介紹本季各業務部門的進展，重點在於闡述我們在人工智慧領域的投資如何推動我們所有目標的創新。首先，我們來看看生產力和業務流程。我們透過將智慧技術融入用戶日常使用的辦公室應用程序，幫助他們提高工作效率。

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 中引入了雲端智慧功能，利用機器學習和先進的自然語言處理技術，幫助您實現任務自動化、發現相關內容和關聯資訊、優化收件匣，並更輕鬆地創建引人入勝的內容。我們還在應用程式中建立智慧功能，為客戶提供更高級的安全保障。

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，該服務可分析 Office、Azure、Windows 和外部資料來源中數十億個訊號，從而幫助客戶全面了解攻擊趨勢，並主動提出安全策略調整建議。我們也透過全新的資料治理服務，將情報功能擴展到合規性領域，幫助客戶實現組織合規性並自動執行資料保留。這些進展是我們持續致力於加強 Office 365 E5 客戶安全性的體現。

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.

我們看到，企業、小型企業和消費者等各行各業的客戶都呈現出強勁的成長動能。 Office 365 商業版的每月活躍用戶現已超過 8,500 萬，較去年同期成長超過 40%。 Office 365 商業版席次也較去年同期成長了 40%，以固定匯率計算，營收成長了 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.

各行各業的客戶，例如 eBay、歐洲航空公司易捷航空 (EasyJet)、全球製藥公司艾爾建 (Allergan) 以及財富 100 強企業（如能源巨頭 Exelon 和 Liberty Mutual Insurance），都選擇 Office 365 來幫助員工提高工作效率和安全性。顧客喜愛 Office 在任何裝置上的強大功能。目前，iOS 和 Android 平台上的 Outlook 月活躍裝置超過 4,500 萬台，較去年同期成長超過 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 中推出了一系列全新客製化的智慧應用，旨在消除生產力、協作和業務流程之間的任何障礙。這些新應用利用高階分析和機器學習技術，從以往孤立的數據中提取洞察，從而變革財務、銷售、行銷和客戶服務等各部門的工作方式。它們能夠監控客戶關係、揭示關聯、預測需求並識別風險。

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，讓您能夠輕鬆地即時採取行動、溝通協作或安排後續事宜。我們在 Dynamics 365 中的創新，建立在我們現有發展動能的基礎上。 Dynamics CRM Online 的付費席位數量年增超過一倍，客戶也越來越傾向於選擇我們的雲端解決方案，超過 70% 的新 Dynamics CRM 和 ERP 企業客戶選擇了 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.

像惠普公司這樣的企業正在用 Dynamics 365 取代現有的 CRM 系統，以充分利用我們最新版本中內建的智慧功能，並轉變與客戶和合作夥伴的互動方式。總而言之，我們已做好充分準備，在這個龐大且不斷成長的市場中保持競爭力並擴大市場份額。

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.

現在我們來談談我們在智慧雲領域的進展。客戶持續選擇微軟雲端來幫助他們實現業務和組織的轉型。我們的商業雲端年化收入已超過 130 億美元，並且我們預計在 2018 財年實現 200 億美元的目標。企業客戶一旦選擇了我們的某項雲端服務，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%.

在財富 500 強企業中，超過 60% 的企業目前至少使用了我們三項雲端服務，較去年同期成長 20 個百分點。與上季一樣，我們的商業年金業務佔比持續成長，目前已達到 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.

客戶選擇微軟的原因有三點。他們需要值得信賴的全球超大規模雲端服務供應商，以滿足企業級需求。他們需要混合雲支持，這種支持架構已融入超大規模服務和雲端伺服器。他們需要更高層級的服務，以幫助他們建立自身的數位化能力，包括開發維運、生產力提升、新型物聯網和企業應用開發、進階分析以及機器學習和人工智慧能力。這些差異化特性正在引領我們的雲端基礎設施成長。

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 營收再​​次達到三位數成長，以固定匯率計算成長 121%，Azure 運算使用量較去年同期成長超過一倍。我們持續投資並擴展資料中心佈局，目前已涵蓋 38 個區域，其中包括先前宣布的進軍法國市場的計劃以及近期在英國和德國開設的資料中心。

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.

雷諾-日產聯盟、雅高酒店集團等企業，以及英國國防部、愛爾蘭衛生服務執行署等公共部門客戶，都選擇 Azure 來轉型其組織，同時滿足歐洲的資料主權、安全性和合規性要求。安全性和合規性對企業客戶至關重要。 Azure 已成為最值得信賴、合規性最高的雲端平台，擁有 49 項認證，超過任何其他雲端供應商。

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.

我們的美國政府雲端擁有業界最多的認證和專用資料中心區域，以滿足公共部門客戶的嚴格要求。我們正在將人工智慧應用於安全領域，推出了全新的 Azure 安全中心，該中心利用進階分析和機器學習技術來偵測威脅，並協助企業客戶進行全面的網路安全和管理。

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.

除了基礎設施服務之外，各行各業的客戶，例如戴姆勒卡車北美公司、優步和勞氏公司，都在使用 Azure 的智慧服務為其客戶建立強大的全新產品。超過一半的財富 500 強企業都在使用我們的企業行動服務，比去年同期成長超過 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，我們發布了企業行動服務的進階版本，其中包括針對 SaaS 應用程式的高階安全管理、自動文件分類和加密、進階身分保護等功能。此外，Azure Active Directory 中的唯一使用者身分數量突破了 7.5 億。本季度，我們宣布了一系列重要的合作夥伴關係。 Adobe 和 SAP 認可 Azure 在雲端領域的領導地位，並將他們業界領先的行銷和人力資源解決方案引入我們的平台，為我們的共同客戶提供強大的全新業務轉型方式。

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.

客戶和開發者選擇 Azure 的另一個原因是其開放性。要讓每個人都能實現數位轉型，就必須支援最廣泛的平台、框架和工具。本季度，我們宣布開源了業界領先的基礎架構管理工具 Windows PowerShell，並使其可在 Linux 上運作。我們持續看到市場對 Linux 版 SQL Server 預覽版的濃厚興趣，目前已有 19,000 家客戶註冊，其中包括超過一半的財富 500 強企業。

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.

它開啟了與客戶的對話，涵蓋了他們所有的資料資產，包括本地和雲端資料。 Azure 基於 Linux 的服務架構使開發人員能夠建置和管理大規模微服務和雲端應用程式。此外，我們也宣布，Azure 中基於 FPGA 的全新平台將支援 Caffe、TensorFlow、Torch 以及我們自主研發的深度學習的 CNTK 框架，該平台具備百億億次級運算能力。

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，我們將伺服器產品打造成為雲端的邊緣，以支援真正的混合運算。全新的 Windows Server 2016 為 IT 專業人員提供多層安全保障，並帶來源自 Azure 的基礎架構和雲端應用創新。此外，我們還擴展了與 Docker 的合作關係，使 Windows Server 2016 用戶能夠免費使用商業支援的 Docker Engine。

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.

現在我們來談談“更多個人運算”，在這個領域，智慧技術正在改變 Windows 10 和我們的設備生態系統。目前，Windows 10 的月活躍設備超過 4 億台，累計使用時長近 2,000 億小時。我們正在拓展 Windows 在企業和遊戲等領域的成長機會。

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策略的三個面向。首先，為企業客戶提供更多價值和創新。其次，透過統一的Windows平台服務拓展新的獲利模式。第三，與我們的OEM廠商合作，在新設備類別中進行創新。接下來，我將詳細介紹我們在每個方面所取得的進展。

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，其中包含進階安全功能，例如 Windows Defender 威脅防護。 Windows Defender 威脅防護是一項雲端服務，可協助企業偵測、調查和應對進階網路攻擊。此外，借助威脅情報共享功能，我們使 IT 人員能夠調查和應對 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.

我們在安全性方面的進步，協助 Windows 10 企業部署量在過去六個月內成長了三倍。客戶採用率的提升也帶動了開發者、搜尋和 Cortana 參與度的提升。建置和更新通用 Windows 應用程式的開發者數量比去年同期增加了三倍。目前已有超過 1000 個應用程式使用 Cortana API 開發，Windows 10 Cortana 搜尋框的月活躍用戶已達 1.41 億，迄今已收到近 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 用戶參與度的主要驅動力，並為 Windows 裝置開啟了全新的體驗和應用程式場景。過去三個月，Xbox One 一直是美國銷售第一的遊戲主機，為我們即將到來的假期季節奠定了強勁的勢頭。

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.

我們活躍的 Xbox Live 用戶群在 Windows 10、iOS 和 Android 平台上持續成長，較去年同期成長 21%。我們在 Windows 10 電腦和平板電腦上的遊戲時長已超過 200 億小時，較去年同期成長超過 500%。為了進一步發展 Xbox Live 社區，我們在本季收購了 Beam。 Beam 是一款創新且互動性強的直播服務，讓觀眾能夠即時觀看並參與自己喜愛的遊戲。

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，我們來談談我們在新設備類別方面的進展。 Surface 持續引領品類成長，越來越多的商業客戶選擇部署 Surface，500 台及以上的訂單量較去年同期成長 70%。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。

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 全像平台和 Microsoft HoloLens 為 Windows 平台開啟了全新的差異化機會。本季度，我們向美國和加拿大的所有開發者和企業客戶推出了 Microsoft HoloLens 開發版，上週，我們將業務拓展至另外六個市場。

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、Volvo、日本航空和 PGA 巡迴賽等企業客戶都在積極採用微軟 HoloLens，以改變他們的工作方式，並為客戶打造全新的混合實境體驗。雖然目前還處於早期階段，但我們很高興看到開發者為該平台帶來的創新和創造力。 2017 年，我們將協助硬體合作夥伴在 Windows Holographic 和 Windows 10 平台上提供全新的混合實境體驗。

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，我們正引領各行各業、遍及全球的數位轉型，為微軟及其合作夥伴創造巨大機會。隨著我們將人工智慧融入所有運算平台和體驗，我們將為客戶帶來更大的變革性價值。未來幾週，我期待與大家分享我們在 Windows 10 和 Office 365 的最新創新成果。現在，我將把發言權交給 Amy，讓她更詳細地介紹本季業績並分享我們的展望。之後，我期待與大家再次交流，回答大家的問題。

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.

謝謝薩蒂亞，大家下午好。本季營收為223億美元，年增3%，以固定匯率計算成長5%。毛利率持平，以固定匯率計算成長2%。營業利潤持平，以固定匯率計算成長4%。每股盈餘為0.76美元，較去年成長9%，以固定匯率計算成長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.

我對我們銷售團隊和合作夥伴生態系統在第一季在商業和消費業務方面取得的強勁表現感到滿意。在大多數市場，我們的業績與宏觀經濟趨勢相符，尤其是在美國、西歐和日本等關鍵市場表現強勁。業務成長動能和雲端服務使商業年金業務佔比達到88%，較上年同期成長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超出預期，這主要得益於中小企業客戶的 Office 商業產品。本季度，年金到期合約的金額顯著高於去年同期，加上這些合約的穩健續約，我們的商業訂單金額增加了 18%。更大的基數也使我們的已簽約未計費餘額超過 255 億美元。強勁的執行力帶來了超出預期的商業未實現收入，達到 223 億美元，以固定匯率計算成長 8%。

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.

本季我們的商業雲端收入年化率超過 130 億美元，成長 59%。正如我之前所說，我們預計全年商業雲毛利率將顯著提升。本季度，我們的商業雲毛利率為 49%，季增 7 個百分點，但我們預期各季度之間會有波動。值得注意的是，整個商業雲業務的毛利總額成長了 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.

現在來看公司毛利率。公司毛利率約65%，較前一年略為下降不到2個百分點，主要受商業雲端收入佔比上升的影響，但個人運算業務的改善略抵銷了這一影響。個人計算業務的收入表現顯著提升了銷售成本，使其超出預期。

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，匯率波動對總收入和各業務部門收入的影響符合預期。匯率波動對生產力與業務流程以及智慧雲端業務的績效造成了2個百分點的負面影響，對更多個人運算業務的績效造成了1個百分點的負面影響。總營運支出與上季持平，以固定匯率運算成長了1%，這主要得益於對商業雲端支援的投資。公司層面，以固定匯率計算，營業收入成長了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.

接下來，我們將逐一分析各個業務板塊，探討以固定匯率計算的收入和營業利益變動。本季度，我們的生產力和業務流程板塊業績超出預期，營收約67億美元，以固定匯率計算分別成長6%和8%。在Office商業業務板塊，營收以固定匯率計算成長5%和8%，這主要得益於Office 365業務的成長持續超過本地部署業務的轉型速度。

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裝置量。在 Office 365 商業業務中，高階工作負載佔比超過 60%。如前所述，我們在中小企業客戶群中的交易業績超出預期，這得益於商用 PC 市場的趨於穩定。

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.

辦公室消費業務收入成長8%，以固定匯率計算也成長8%，這得益於超出預期的消費PC市場、用戶數量成長以及經常性訂閱收入。我們的Dynamics業務成長11%，以固定匯率計算成長13%，這主要得益於客戶對我們雲端服務、CRM Online和Dynamics AX的偏好，從而推動了帳單金額和用戶數量的成長。

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（美元）持平，以固定匯率計算成長2%。由於雲端收入佔比上升，分部毛利率下降。營運費用成長2%，以固定匯率計算也成長2%，主要原因是雲端工程的投資。營業收入略有下降，但以固定匯率計算成長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.

智慧雲端業務部門營收近64億美元，超出預期，成長8%（以固定匯率計算成長10%）。伺服器產品和雲端服務業務以固定匯率計算分別成長11%和13%。市場對混合雲產品的需求推動伺服器產品和雲端服務業務連續第二季實現兩位數的年化收入成長，但部分被本地部署的交易型伺服器業務下滑所抵消。

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.

以固定匯率計算，伺服器高級產品實現了兩位數成長。如預期，本季度企業服務收入成長放緩至1%和2%（以固定匯率計算），主要原因是與Windows Server 2003停止支援相關的支援協議數量減少。毛利（美元）以固定匯率計算成長了2%和4%，但業務部門毛利率下降，主要原因是雲端收入佔比增加，部分被Azure毛利率的顯著提升所抵銷。

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.

鑑於雲端運算領域的成長機會，我們提高了營運支出21%（以固定匯率運算也提高了21%），用於支援雲端運算工程、銷售能力和開發者互動。因此，營業收入下降了14%（以固定匯率計算下降了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.

現在進入最後一個部分——更多個人計算業務。營收為93億美元，年減2%，以固定匯率計算下降1%，但多個業務部門的表現均優於預期。首先來看我們的OEM業績。本季OEM業務整體持平，與PC市場整體表現更為一致，且優於預期。 OEM Pro業務營收成長1%，反映商用PC市場趨於穩定，尤其是在美國市場。

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非專業版營收下降1%，略優於消費級PC市場，主要得益於高階設備佔比的提高。 OEM專業版和非專業版通路庫存水準保持正常。正如Satya所說，我們看到Windows 10企業部署量強勁成長。

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.

以固定匯率計算，我們Windows商業業務的年金部分再次成長，這得益於客戶對我們差異化安全性和管理解決方案的持續投入。整體而言，我們針對中小企業、大型企業和學術機構的Windows商業業務總營收與上年持平，以固定匯率計算年增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.

本季專利授權收入成長，主要得益於年度合約協議的良好執行。我們的搜尋業務在本季再次成長，主要得益於必應搜尋量和訪問量的提升。儘管成長速度有所放緩，但我們在實現盈利的同時，也持續擴大了市場份額和規模。

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.

如預期，本季設備業務收入有所下降。由於手機業務收入下降72%（以固定匯率計算下降71%），本季設備業務收入下降27%（以固定匯率計算下降25%）。 Surface業務營收成長38%（以固定匯率計算成長39%），主要得益於Surface Pro 4和Surface Book的年成長，這兩款產品均於去年第二季發表。

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.

遊戲業務收入下降5%，以固定匯率計算下降4%，主要原因是主機硬體收入減少。我們平台的用戶參與度依然強勁，Xbox Live月活躍用戶數成長21%。來自主機、PC和其他遊戲設備的軟體和服務收入成長6%，以固定匯率計算成長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.

由於Xbox遊戲機和手機業務的下滑，部分被搜尋和Surface產品的成長所抵消，導致分部毛利下降1%（以固定匯率計算成長1%）。鑑於收入轉向高利潤率產品和服務，分部毛利率略有提高。營運費用下降13%（以固定匯率計算也下降13%），主要原因是手機支出和行銷支出減少，使得分部營業收入成長26%（以固定匯率計算成長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.

現在回到公司業績。本季度，我們投入資本支出23億美元，較第四季度有所下降，但仍符合我們為支持客戶和合作夥伴對我們商業及消費雲服務的需求而製定的投資計劃。本季度，我們持續調整投資組合，產生了其他收入和支出1億美元，其中包括投資淨收益、股息和利息收入，部分被利息支出抵銷。

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.

本季我們的非GAAP實際稅率為17%。正如我之前提到的，我們的所得稅率受三個因素影響：服務收入與授權收入的比例；收入的地域構成；以及股權歸屬的時間。在第一季度，股權歸屬對稅率的影響比其他季度更為顯著。

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.

我們透過股票回購和分紅向股東返還了66億美元。此外，我們將季度股利提高了8%，至每股0.39美元。以上是本季的概覽，接下來讓我們展望未來。我對下一季的展望不包括LinkedIn。我們仍然預計該交易將在第二季完成。

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.

就外匯市場而言，我們預期公司整體及各業務部門的營收均會受到1個百分點的影響。我們預計商業業務將保持穩健成長。儘管交易業務仍會存在波動，但年金業務也將實現強勁增長，這主要得益於續約執行情況良好以及客戶對我們雲端服務的採用和使用不斷提高。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.

接下來是關於資本支出：我們將繼續投資以滿足不斷增長的需求，並預計支出將出現季度波動。我們預計下一季支出將較上季成長。考慮到效率的提升，我們預計全年資本支出成長率將低於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，我想就各個業務板塊分享一些補充想法。在生產力和業務流程板塊，我們預計營收為 69 億美元至 71 億美元。我們預計，隨著向雲端持續轉型，用戶基數將成長，而交易業務將持續下滑。在智慧雲端板塊，我們預計營收為 65.5 億美元至 67.5 億美元，主要得益於伺服器產品和雲端服務的強勁持續成長。

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.

我們預期企業服務收入將因 Windows Server 2003 服務協定數量減少而下降。我們預計更多個人計算業務的收入將在 112 億美元至 116 億美元之間。此業務板塊受其他兩個業務板塊不同趨勢的影響，因此需要補充一些細節。

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，關於Windows系統。我們預期我們的OEM業務和PC市場整體將保持高度一致。需要指出的是，去年第二季末，我們的OEM專業業務庫存水準略高於去年同期。目前渠道庫存水準正常，這將略微抑制年增速。

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.

在搜尋業務方面，我們預期必應（Bing）剔除流量獲取成本（TAC）後的營收成長將與第一季持平。此外，隨著我們收購雅虎交易完成一周年以及相關收入確認方式的改變，我們預計搜尋業務總收入成長將大幅放緩。電話業務收入將繼續下滑，正如我們之前宣布的那樣，我們預計將在第二季完成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的收入將有所下降，因為今年是該產品發布一周年紀念日。在遊戲方面，我們預計今年假期在美國和英國等主要市場的份額將表現強勁，但考慮到價格走低以及主機整體銷量下降（因為產品組合轉向Xbox One和Xbox One S），整體收入將會下滑。鑑於假期季節的到來，我們預期遊戲平台的用戶活躍度將持續成長。

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.

我們預計銷售成本為97億美元至99億美元，具體波動將受設備銷售影響。我們預計第二季營運費用為78.5億美元至79.5億美元，全年營運費用仍維持在311億美元至314億美元的預期範圍內。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、利息和股息收入與利息支出和淨對沖成本。

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.

我們仍預期全年稅率為20%，上下浮動2個百分點，具體浮動幅度取決於先前討論的三個因素。接下來，我將把問答環節交給克里斯。

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

謝謝，艾米。現在進入問答環節。接線員，請您再重複一次您的指示好嗎？

(Operator Instructions) Brent Thill, UBS.

（操作說明）布倫特‧蒂爾，瑞銀集團。

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，Azure 的數據確實令人印象深刻，考慮到競爭如此激烈。我想請你幫忙補充一些細節，例如你在本季觀察到的情況，以及與去年相比，一些訂單金額或標誌尺寸的變化？謝謝。

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，我還是要回到我們對 Azure 的思考方式。我們對分散式運算的理解遠比我們超大規模雲端的範疇要廣泛得多。我們將 Azure 和我們的伺服器視為一個正在建置的分散式運算架構。

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；我們將它們視為一個整體，共同建構我們的商業雲，因為以 Azure 中成長最快的領域之一為例，那就是物聯網。但這不僅僅是人們連接感測器和收集數據那麼簡單。

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、儲存數據、分析數據並進行預測。但是，在做出預測之後，還需要根據預測結果採取一些措施。因此，在許多情況下，他們選擇使用自動化現場服務，尤其是在使用新的 Dynamics 365 現場服務模組的情況下。

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，除了支持混合模式的核心基礎設施之外，我們還看到了更高層次的場景，我認為這些場景正在加速發展，而這顯然是我們上個季度沒有做出的決定。

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.

這是我們很多年前就做出的決定；從某種意義上說，Azure 的誕生是為了迎接一個更分散的未來，其實現方式與客戶端/伺服器時代截然不同。我認為我們終於開始真正邁入混合計算的初期階段，很高興看到這些成果也反映在上個季度的業績中。

Thank you.

謝謝。

We'll take the next question, please.

請回答下一個問題。

Keith Weiss, Morgan Stanley.

基斯‧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?

謝謝各位回答這個問題，你們這個季度表現非常出色。我想重點談談 Office 365。商業用戶席位成長 40% 的確是個不錯的數字，但收入方面更亮眼，我認為 Office 365 商業版按固定匯率計算增長了 54%。這似乎表明，隨著平台日趨成熟，你們的平均售價 (ASP) 也出現了可觀的成長。能否談談目前用戶從 E1 升級到 E3 的階段進度如何？ E5 是否已經提上行程？用戶是否已經開始升級到 E5 了？

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，基斯。不如我來回答這個問題吧？我之前提到，我們Office 365商業版業務中高階服務佔比超過60%，這正是推動成長的關鍵因素。無論是從E3到E5的轉變，或是最終到E5的轉變，這個數字都還有進步空間。不過你說得對，ARPU的成長以及顧客選擇高級SKU並持續選擇這些高階SKU的價值主張都讓我們倍感鼓舞。

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.

考慮到混合比例，我並不認為會存在上限。因為如你所知，這不僅意味著在E3中增加最初的幾個節點，還會隨著時間的推移不斷增加E5和其他新的應用場景。希望這些資訊對你有幫助。但你說得對，這確實是由ARPU驅動的，也就是在40%席位成長之外的表現表現。

Excellent. Thank you, guys.

太好了，謝謝各位。

We will take the next question, please.

請回答下一個問題。

Heather Bellini, Goldman Sachs.

Heather Bellini，高盛集團。

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問過你關於Azure的問題，但我還是想問你，你提到Azure的計算使用量翻了一番，或者差不多翻了一番，大概是這個意思。我想問你對未來的發展方向有什麼看法，以及你認為我們在將較簡單的工作負載遷移到雲端方面進展如何？鑑於我們本季確實看到了同比增長的拐點，你是否也開始看到一些重要的本地生產工作負載開始遷移到雲端了？

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，Heather。我們確實看到很多生產工作負載從本地遷移過來。但Heather，我認為對我們來說更有趣的是看到新的工作負荷。當我看到[第六階段]的發展情況時，我發現我們在分散式運算領域所做的一些最具創新性的工作，例如服務架構，實際上正在被人們直接用於構建一些基於微服務的新型超大規模雲端服務。

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.

他們不僅如此，我們還看到我們的無伺服器基礎架構（即 Azure Functions）實現了顯著成長。因此，我對來自同一客戶的新雲端工作負載帶來的新雲端成長同樣感到興奮。我觀察到的最有趣的一點是，這些客戶可能與我們之前在客戶端/伺服器領域合作的客戶模式相同，他們不僅在建置或遷移其 IT 系統，而且還在建立用於超大規模的全新數位服務。這或許是我們每年變化的獨特之處。如今，不僅是矽谷的新創公司，核心企業也正在轉型為數位化公司。我們已做好充分準備為他們提供服務，這令人欣喜。

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.

卡爾‧基爾斯蒂德，德意志銀行。

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，我有個問題。 116億美元的經營現金流非常驚人。我記得你們自2012年初以來，現金流利潤率從未超過50%。這算不算是個異常現象，或許是由未實現收入所推動的？還是說你們的商業模式正在發生變化，可能會影響未來幾季的現金流產生速度？謝謝。

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，實際上，這和本季影響自由現金流的因素一樣，都是由大約13億美元的未結算現金造成的——也就是現金結算的影響。所以，你會看到第二季這種情況有所改善，儘管我們本季8%的自由現金流成長確實非常不錯，我對此也感到滿意。但我希望你不要誤解導致這個數字略顯異常的根本原因。

Okay. Thank you.

好的，謝謝。

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

謝謝你，卡爾。請給我們下一個。

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，也恭喜你們本季業績出色。我想再深入探討一下。商業雲端業務的利潤率提高了7%，考慮到其規模，這是一個相當大的提升。能否詳細說明究竟是什麼因素推動了利潤率的提升？您提到利潤率會在今年持續改善，但這種改善動能持續多久？

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.

馬克，我先說，然後艾米，你可以補充。馬克，這又回到了我們對雲端業務中資本支出（CapEx）和營運支出（OpEx）的一些理解。例如，在我們目前的架構設計中，當我們進行資本支出時，我們購買的是微軟所有業務所需的設備，包括從 Azure 到 Office 365 再到 Dynamics 365 的所有產品，以及我們的消費者服務，例如 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.

正如我們之前提到的，所有這些方面都實現了成長。我們擁有一個非常通用的平台，既適用於我們自己的工作負載，也適用於第三方業務。因此，當我們提高雲端基礎架構的效率時，例如，當我們使用 FPGA 來提升網路效能時，這種效率的提升體現在邊際成本和毛利率的降低上，並涵蓋我們所做的每一件事。

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.

此外，我們認為應該採用混合模式，我們的目標不僅是銷售通用服務，而且在某些情況下，還要利用通用服務作為更高層級服務的啟動資金，例如資料引力效應。因此，每季都會有所不同。事實上，我們可能會先讓一些客戶大量購買通用儲存服務，然後再開始使用一些更高層級的服務。

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，隨著時間的推移，利潤率的提升是必然的，但季度環比波動會更大。我希望我們的投資者能夠更專注於我們正在建立的架構以及相關的財務投入。我們不僅在建置 Azure，還在建置 Azure、Office 365、Dynamics 365 以及面向消費者的各項雲端服務。正是這些服務的結合推動了利潤率的提升。艾米，接下來就由你來補充吧。

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.

就可持續性或季度環比而言，我認為薩蒂亞的說法是正確的。肯定會有波動。這種波動主要體現在兩個方面。一是遷移到 Azure 的速度。隨著 Azure 以我們目前看到的速度成長，它確實會對整體商業雲端收入組成產生季度環比的影響。

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.

但我也想說，例如Azure的毛利率，正如我們之前討論過的，已經顯著改善，我們預計這種趨勢會持續下去，至少在今年會如此。所以我認為永續發展的方向是正確的。而且我認為，薩蒂亞提到的許多原因都可能導致波動。

Thanks. Appreciate it.

謝謝，感激不盡。

We will take the next question, please.

請回答下一個問題。

Walter Pritchard.

華特·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，我想了解各業務板塊的營業利益率。我知道你通常不會給出具體的業績指引，但目前PBP的營業收入持平，IC的營業收入下降，而MPC則實現了成長。你預期隨著年底臨近，兩大企業雲端業務板塊的業績會轉正，而MPC的貢獻會減弱嗎？我們該如何看待這三大業務部門全年產品貢獻的變化？

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。我打算把我們的商業業務作為一個整體來介紹。因為說到底，商業雲端的本質在於抓住機遇，銷售更完整的解決方案，包括 Dynamics 和 Office，以及 Azure 的一些元件——我認為這才是我們接下來要重點討論的趨勢。所以，我想說的是，我們將繼續專注於提升毛利率，這一點我們也已經討論過了。

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.

我們將繼續投資於那些我們認為市場潛力巨大且銷售能力也十分強勁的領域。因此，我認為我們已經調整了資金方向，以抓住這些機會。我們將繼續這樣做。同時，我們也預期這些投資將帶來營收成長和毛利率成長。

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.

所以我相信我們會繼續保持這樣的發展速度，我們對已進行的投資報酬率感到滿意，尤其是在商業領域。在MPC方面，我預計今年業績會持續提升，這主要基於我們全年的產品組合。這並不令人意外。

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，我們也採取了同樣的策略，從手機業務轉向利潤更高的產品。因此，我預計今年薩蒂亞和我都會希望繼續投資於成長，尤其是在商業領域，我們也會出現類似的模式。

Thanks, Walter.

謝謝你，沃特。

Thank you.

謝謝。

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。我也要向你表示祝賀。艾米，你報告的長期遞延收入成長顯著，年增162%。同時，一些合作夥伴認為你正在逐步取消長期存在的三年企業協議，轉而採用MPSA（多方融資協議）模式。 MPSA在合約期限方面更加靈活，合約期限也可能更短。

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?

您能否幫助我們思考一下，在開始向多用途銷售協議 (MPSA) 過渡時，如何考慮長期遞延收入的累積？

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。讓我來詳細分析這個長期未實現收入餘額。我確實非常關注這一點，而且我認為，如果你想了解我們商業業務的成長情況，就應該只專注於未實現商業收入餘額。過去一段時間，Windows 10 的延期交付對我們的整體長期未實現收入餘額產生了一定的影響。因此，這可能會分散我們對潛在趨勢的注意力。

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.

儘管如此，我們的商業未實現收入餘額增長良好；我對本季的業績感到自豪，無論環比還是同比均表現良好。無論我們是否對合作夥伴協議或客戶協議進行任何調整，我們仍然主要依賴三年協議。因此，無論協議期限是否發生變化，考慮到我們的收入確認方式，如果變更會產生重大影響，我會告知您。而且，我預計您提到的變更不會對商業未實現收入餘額產生任何重大影響。

Thank you.

謝謝。

We will go to the next question, please.

請進入下一個問題。

Raimo Lenschow, Barclays Bank.

雷莫·倫肖，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.

感謝您回答我的問題，也恭喜您。我還有一個關於業界方面的問題想請教Satya。我們看到AWS和VMware的回答很有趣，似乎顯示混合雲是未來的發展方向，兩家廠商都必須做出相對應的調整。您能否談談貴公司客戶對混合雲產品的回饋，以及他們如何看待與貴公司合作？謝謝。

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 Raimo。我之前也稍微提到過這一點，因為從一開始，我們就對如何建構面向未來的分散式運算有一個願景，其中就包括我們的超大規模雲端服務 Azure。事實上，Azure 就是基於 Hyper-V 建構的，我們一直都說要把伺服器建置成超大規模雲端的邊緣，這就是 Windows Server 2016 的理念。 SQL Server 2016 也體現了這一點，因此我們擁有一些獨特的功能，例如可以將 SQL Server 2016 資料庫中的單一資料表擴展到雲端，從而實現無限的表容量，並確保應用程式和查詢能夠正常運作。

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.

我們是如何實現容器的：例如，在 Windows Server 2016 中，我們提供了強大的容器支持，以及對 Service Fabric 等服務的支持，從而確保應用程式的完全可移植性，甚至支援應用程式分層。我們有許多客戶在混合架構上實現了儲存和運算的分層。這是我們從一開始就著手建立的架構設計理念，很高興看到現在和其他地方的用戶都在驗證它，這證明了我們很久以前就提出的構想是正確的。

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

謝謝，雷莫。我們接下來回答下一個問題。

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架構角度，比較一下AWS和Azure，以及Azure和AWS？ Amy，您能否談談Azure業務相對於AWS的利潤率結構？如果您有時間，能否談談Windows 10的更新週期？為什麼與之前的Windows 10週期相比，這將是企業用戶最佳的Windows 10週期？非常感謝。

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.

卡什，我想說我談到了客戶選擇我們雲端服務，特別是我們雲端基礎設施的三大主要原因。首先，是我們建造的核心——混合設計，這體現在 Azure 和我們自己的伺服器上。其次，是我們提供的高階服務。

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.

這也得益於我們圍繞 Azure、Dynamics 365 和 Office 365 的設計理念，以及我們雲端服務在這三大平台上的可擴充性。這正是客戶選擇我們的根本原因。另外，我想提一下，我們長期以來一直致力於建立全球佈局。我們的區域數量超過任何其他公司，我們在遵守行業監管和數位主權要求方面也擁有最多的認證。

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.

我們做了一些獨特的事情。例如，我們是唯一一家在中國營運的公有雲服務供應商。我們在德國運營，並遵守德國法律。這對那些試圖在多個地區和司法管轄區開展業務的跨國公司來說至關重要。這些是我們推動成長的核心優勢，我們將繼續專注於此。

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，我對本季的業績非常滿意，我們實現了同比提升，並且仍然堅信我們正朝著正確的方向前進。因此，考慮到這一點以及我們豐富的產品和服務，我認為我們相當有信心。

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.

我會藉此機會談談Windows 10在企業領域的應用，因為之前還沒有人問過我們這個問題。我認為，Windows 10的部署速度、概念驗證的數量，以及我們在商用PC市場看到的穩定性（例如，更新頻率開始提高）都讓我們感到鼓舞。所以總的來說，我們會繼續關注，但我們在安全性和管理方面的價值主張確實正在發揮作用。

Thanks so much.

非常感謝。

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

當然。我們來回答下一個問題。

Ross MacMillan, RBC Capital Markets.

Ross MacMillan，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，也恭喜你。 Satya，我其實有個關於 SQL Server 的問題想問你。你正在考慮將 SQL Server 移植到 Linux 平台，我想請教你兩個問題：一是預計何時上市；二是除了 Linux 平台之外，你還需要做哪些其他工作來滿足整個市場的需求？

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.

例如，您是否需要考慮在 SQL Server 中支援 Java 執行時間，從而稍微偏離傳統的 ThoughtNet 開發環境？我只是好奇您是如何考慮在其他作業系統上應對更廣泛的用例的。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 SQL 在 Linux 上的表現感到非常興奮，因為我們最初的目標就是能夠與客戶就資料環境進行全面的對話。現在，我們不僅能夠討論完整的 SQL 環境，而且還在與客戶探討其他方面，例如我們使用 R 進行的分析和高級分析。我們在 R 語言方面也取得了一些非常令人矚目的成果，這些成果同樣涵蓋了 Linux 和 Windows 平台。

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.

當然，還有雲端運算。因此，真正的選擇是將 SQL 高級分析與雲端運算（例如 Azure 資料湖）相結合，這才是客戶在考慮其數位化能力、下一代服務以及所需的儲存和處理能力時真正考慮的因素。

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.

說到對這些不同執行環境的支持，您說得完全正確。正因如此，例如在 Azure 上，Java 和 Linux 都是一流支援。我們對所有可用的框架都持開放態度，並且始終密切關注這一點，也就是說，我們不想糾纏於過去的爭論。我們所做的一切都是為了滿足客戶當下的需求，這不僅引領和驅動著我們的許多選擇，也影響我們對市場機會的思考。

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

謝謝你，羅斯。我們接下來回答下一個問題。

Gregg Moskowitz, Cowen.

Gregg Moskowitz，Cowen。

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，也恭喜你。薩蒂亞，你對人工智慧的投入越來越大，這是理所當然的。你也重點介紹了一些非常有趣的應用案例。話雖如此，微軟在人工智慧專案上也已經耕耘多年。那麼，你能否幫我們了解一下，你認為你最近組建的團隊會帶來多大的正面改變？你認為人工智慧帶來的實質好處何時才能真正融入客戶的工作流程？其次，我們該如何看待你未來在人工智慧領域的持續投入？

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，我對我們組成的人工智慧團隊、人工智慧研究以及我們與微軟研究院（MSR）的淵源都感到非常興奮。就在本週，我們還在公開討論如何在語音辨識等領域樹立產業標桿，而我們在影像網路、影像辨識和物件辨識方面也取得了類似的成就。如果沒有對研究的真正投入，以及將研究成果最終轉化為產品的能力，這些能力是很難實現的。

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.

所以，從投資角度來看，衡量人工智慧應用價值的關鍵在於它融入我們生活的各個層面。以HoloLens為例，它能夠感知世界、重建世界，並在重建的世界中疊加全像影像，這就是人工智慧——如今已投入實際應用的人工智慧。再例如，當兩個人使用兩種不同的語言交談時，Skype能夠自動翻譯，無需翻譯人員，它利用的是深度神經網絡，將語音合成、語音識別和機器翻譯技術與Skype數據相結合。這簡直太神奇了。

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來創造智慧時，實際上，我們正​​是利用這些技術進行語音和視覺開發。這就是當今人工智慧的應用現況。所以我並不指望在未來某個特定的日子看到人工智慧的投資回報；我們正在穩步推進，即使是我之前提到的辦公工具範例，它們現在也都在使用人工智慧。

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.

如果您是 PowerPoint 設計者，並且想要了解它最實用的功能，那麼現在即使是我也能藉助人工智慧設計出精美的 PowerPoint 投影片。這就是我衡量進步的標準。我們致力於長期研究，同時也非常注重將長期研究成果轉化為日常使用的產品，而這正是您未來將看到的。

Thank you.

謝謝。

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

接線員，我們還有時間回答最後一個問題。

Brad Reback, Stifel.

Brad Reback，Stifel。

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，請問一下。隨著 Windows Server 2016 的發布，我們是否有理由認為交易業務不會有所成長，尤其是在未來幾季同比資料有所回落的情況下？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。由於我們的年金產品佔比很高，這可能會對業績產生幾個百分點的影響。但我認為這不會對未來幾季的業績造成實質影響。我們的重點始終是確保為客戶提供清晰的路線圖，幫助他們透過年金做出長期承諾。因此，我們正在努力避免通常會出現的所謂「產品發布初期影響」。

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.

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與各位投資者在各種投資者會議上見面。如果您無法親臨現場，這些會議將進行網路直播，您可以在微軟投資者關係網站上收聽我們的演講。如有任何疑問，請隨時與我們聯繫。再次感謝您的參與。

Thank you all.

謝謝大家。

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

謝謝。今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與。