微軟 (MSFT) 2017 Q2 法說會逐字稿

Welcome to the second quarter of FY17 Microsoft Corporation earnings conference call.

歡迎來到微軟公司 2017 財年第二季度財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

我想將電話轉給投資者關係總經理 Chris Suh。

Chris, please proceed.

克里斯，請繼續。

Thank you, operator.

謝謝你，接線員。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel and Corporate Secretary.

今天與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Frank Brod，首席會計官；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 provides the reconciliation of differences between GAAP and non-GAAP financial measures.

在我們的網站 Microsoft.com/Investor 上，您可以找到我們的收益新聞稿和財務摘要幻燈片，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

Microsoft completed the acquisition of LinkedIn this quarter, and is reporting its results in the Productivity and Business Processes segment beginning on December 8, 2016.

微軟本季度完成了對 LinkedIn 的收購，並於 2016 年 12 月 8 日開始報告其生產力和業務流程部門的業績。

Accordingly, our key investor metrics do not include the impact of LinkedIn.

因此，我們的關鍵投資者指標不包括 LinkedIn 的影響。

Additionally, for Q2 only we're providing non-GAAP results, excluding LinkedIn, to help investors compare our results to the guidance previously provided for the quarter.

此外，我們僅在第二季度提供非公認會計準則結果（不包括 LinkedIn），以幫助投資者將我們的結果與之前為該季度提供的指導進行比較。

Our press release and slide deck contain supplemental information regarding the impact of LinkedIn on our financial results.

我們的新聞稿和幻燈片包含有關 LinkedIn 對我們財務業績影響的補充信息。

Unless otherwise specified, we will refer to non-GAAP metrics on the call.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

The non-GAAP financial measures provided should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。

They are included as additional clarifying items to aid investors in further understanding the Company's second-quarter performance, in addition to the impact that these items and events had on the financial results.

除了這些項目和事件對財務業績的影響外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第二季度的業績。

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

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

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

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We also provide growth rates in constant currency, when available, as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations.

我們還提供不變貨幣（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。

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

我們將在今天的電話會議之後立即將我們準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

如果您提出問題，它將包含在我們的實時傳輸記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript on the Microsoft Investor Relations website until January 26, 2018.

在 2018 年 1 月 26 日之前，您可以在 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.

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。

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

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

實際結果可能會因今天的收益新聞稿中討論的因素而產生重大差異委員會。

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

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

謝謝你，克里斯，也感謝電話裡的每一個人的加入。

Today I'll share the results for the second quarter and discuss what's ahead.

今天我將分享第二季度的結果並討論未來的發展。

We had a solid quarter overall, delivering $26.1 billion in revenue, up 4% in constant currency.

我們的整體季度表現穩健，收入為 261 億美元，按固定匯率計算增長 4%。

More importantly, we're making progress by innovating in new areas, growing our addressable market opportunity, and transforming our culture.

更重要的是，我們正在通過在新領域進行創新、增加可尋址的市場機會和改變我們的文化來取得進展。

Wherever I go in my travels, whether it's in conversations with heads of state, NGOs or CEOs, the common thread is the transformative power of digital technology to unlock new opportunity.

無論我去哪裡旅行，無論是與國家元首、非政府組織還是首席執行官的對話，共同的主線是數字技術的變革力量，可以開啟新的機遇。

Everyone I meet is talking about building their own digital capability to transform their product, service and business model.

我遇到的每個人都在談論建立自己的數字能力來改變他們的產品、服務和商業模式。

They're looking to Microsoft for security, productivity, business process, cloud and AI platforms to help drive their own transformation.

他們希望 Microsoft 提供安全性、生產力、業務流程、雲和 AI 平台，以幫助推動他們自己的轉型。

In this last quarter we have continued to build momentum across all of these areas, and in particular AI.

在最後一個季度，我們繼續在所有這些領域，尤其是人工智能領域建立勢頭。

Just this month we acquired an AI deep learning startup, Maluuba, whose work in natural language processing will help advance our strategy to democratize AI for everyone.

就在本月，我們收購了一家 AI 深度學習初創公司 Maluuba，該公司在自然語言處理方面的工作將有助於推進我們為所有人普及 AI 的戰略。

With that as the backdrop, I will turn to progress we've made this quarter by segment, starting with Productivity and Business Process.

以此為背景，我將轉向我們在本季度取得的進展，從生產力和業務流程開始。

Office 365 commercial seats grew 37% year over year, and revenue is up 49% in constant currency.

Office 365 商業席位同比增長 37%，按固定匯率計算，收入增長 49%。

We're changing the nature of work with Office as the universal toolkit to help people and teams accomplish more together.

我們正在改變使用 Office 作為通用工具包的工作性質，以幫助人們和團隊共同完成更多工作。

To that end, this quarter we introduced Microsoft Teams, our new chat-based workspace for Office 365.

為此，本季度我們推出了 Microsoft Teams，這是我們用於 Office 365 的新的基於聊天的工作區。

It brings together the full breadth and depth of Office 365, as well as connection to third-party services, all in a secure hub for teamwork.

它匯集了 Office 365 的全部廣度和深度，以及與第三方服務的連接，所有這些都在一個安全的團隊合作中心。

We are seeing strong demand for the preview from our existing Office 365 customers, due to the deep integration of the rest of the Office platform.

由於 Office 平台其餘部分的深度集成，我們看到現有 Office 365 客戶對預覽版的強烈需求。

And at the same time, customers not yet on Office 365 are excited about this new work -- way to work to see Teams as a potential first cloud workload.

同時，尚未使用 Office 365 的客戶對這項新工作感到興奮——將 Teams 視為潛在的第一個雲工作負載的工作方式。

In addition to collaboration, our innovation in security and compliance continues to drive customer preference for Office 365.

除了協作之外，我們在安全性和合規性方面的創新繼續推動客戶對 Office 365 的偏好。

This quarter we added new capabilities to give IT better ways to help the user safely connect to the third-party applications.

本季度我們添加了新功能，為 IT 提供更好的方法來幫助用戶安全地連接到第三方應用程序。

And for compliance, new E-discovery capabilities make it easier and faster for organizations to find and analyze information related to legal and regulatory requests.

對於合規性，新的電子發現功能使組織能夠更輕鬆、更快速地查找和分析與法律和監管請求相關的信息。

Customers also find value in the integration of SharePoint with PowerApps and Microsoft Flow to quickly and easily build mobile apps and automate workflows.

客戶還發現 SharePoint 與 PowerApps 和 Microsoft Flow 集成的價值，可以快速輕鬆地構建移動應用程序和自動化工作流。

In fact, just eight weeks after availability, we have seen more than 0.5 million people use PowerApps for Flow.

事實上，僅在推出八週後，我們就看到超過 50 萬人使用 PowerApps for Flow。

This combination of productivity, security, and agility is incredibly valuable to customers, particularly in sectors like financial services and healthcare.

這種生產力、安全性和敏捷性的結合對客戶來說非常有價值，尤其是在金融服務和醫療保健等領域。

Take Willis Towers Watson, a global financial services firm who chose our premium enterprise offering, including Office 365 E5; global fortune 500 companies; TD Bank and ACSA; as well as Partners HealthCare and the University of Pittsburgh Medical Center, all chose Office 365 for its powerful security and productivity platform.

以全球金融服務公司 Willis Towers Watson 為例，該公司選擇了我們的優質企業產品，包括 Office 365 E5；世界500強企業；道明銀行和ACSA；以及 Partners HealthCare 和匹茲堡大學醫學中心，都選擇了 Office 365，因為它具有強大的安全性和生產力平台。

And AstraZeneca recently upgraded Office 365 E5 for its advanced voice capabilities.

而阿斯利康最近升級了 Office 365 E5 的高級語音功能。

We are also expanding our growth opportunity beyond information workers by creating productivity solutions for retail, restaurant, hospitality and manufacturing employees, who have traditionally been underserved by technology providers.

我們還通過為零售、餐廳、酒店和製造業員工創建生產力解決方案，將我們的增長機會擴展到信息工作者之外，這些員工傳統上得不到技術提供商的服務。

Microsoft StaffHub, a new application in Office 365, provides shift scheduling, messaging and sharing capabilities for all these front-line workers.

Microsoft StaffHub 是 Office 365 中的一個新應用程序，為所有這些一線工作人員提供輪班安排、消息傳遞和共享功能。

Now let me talk about the second part of our ambition in the segment, reinventing business process.

現在讓我談談我們在該領域的雄心壯志的第二部分，即重塑業務流程。

We completed the acquisition of LinkedIn in December, marking the start of our journey to bring together the world's professional cloud with the world's leading professional network.

我們在 12 月完成了對 LinkedIn 的收購，標誌著我們將世界專業雲與世界領先的專業網絡相結合的旅程的開始。

Our top priority is to ensure we innovate and drive value for LinkedIn members and grow their daily engagement., The LinkedIn Business Solutions' higher market sell and learn represent an expanded market opportunity for Microsoft, and we plan to diligently execute on this opportunity, keeping the member first ethos and focus.

我們的首要任務是確保我們為 LinkedIn 會員創新和創造價值，並提高他們的日常參與度。LinkedIn 商業解決方案更高的市場銷售和學習代表了微軟擴大的市場機會，我們計劃努力抓住這個機會，保持成員第一的精神和重點。

We are seeing good results with the core experience, with our revamped mobile app driving significant engagement growth in 2016.

我們在核心體驗方面看到了良好的結果，我們改進的移動應用程序在 2016 年推動了顯著的參與度增長。

This quarter, the sessions on LinkedIn grew more than 20% year over year, a consistent level of growth throughout 2016.

本季度，LinkedIn 上的會話量同比增長超過 20%，在 2016 年保持一致的增長水平。

We also achieved record levels of mobile page views and feed interaction, creating a healthy foundation for LinkedIn's marketing solutions, which includes the rapidly growing Sponsored Updates.

我們還實現了創紀錄的移動頁面瀏覽量和提要交互，為 LinkedIn 的營銷解決方案（包括快速增長的讚助商更新）奠定了健康的基礎。

We also saw members engage with LinkedIn's hiring products at record levels as part of Talent Solutions.

作為人才解決方案的一部分，我們還看到會員以創紀錄的水平使用 LinkedIn 的招聘產品。

And LinkedIn's Sales Solutions have also seen rapid growth, Sales Navigator seats up more than 20% year over year during the quarter.

而LinkedIn的銷售解決方案也出現了快速增長，本季度Sales Navigator席位同比增長超過20%。

Sales Navigator's success on multiple CRM platforms makes it an essential tool for every B2B salesperson, and one of our first integration scenarios will be to redefine social selling by enhancing Dynamics 365 with LinkedIn capabilities.

Sales Navigator 在多個 CRM 平台上的成功使其成為每個 B2B 銷售人員必不可少的工具，我們的第一個集成方案將是通過使用 LinkedIn 功能增強 Dynamics 365 來重新定義社交銷售。

The combination of LinkedIn's Business Solutions and Dynamics 365 gives us a more comprehensive portfolio of business SaaS solutions and strengthens our position in this growing and competitive market.

LinkedIn 的商業解決方案和 Dynamics 365 的結合為我們提供了更全面的商業 SaaS 解決方案組合，並鞏固了我們在這個不斷增長和競爭激烈的市場中的地位。

Dynamics 365 paid seats more than doubled again this quarter, and new enterprise customers are increasingly choosing our Cloud Solutions, with more than 80% using Dynamics 365.

本季度 Dynamics 365 付費席位再次增加了一倍多，新的企業客戶越來越多地選擇我們的雲解決方案，超過 80% 的客戶使用 Dynamics 365。

DefenseReady is using Dynamics to give military leaders a 360-degree view of their organizations to quickly make informed decisions about capacity, planning and operations.

DefenseReady 正在使用 Dynamics 為軍事領導人提供其組織的 360 度視圖，以便快速做出有關容量、規劃和運營的明智決策。

Amway is using Dynamics 365 to modernize and empower their entrepreneurial sales force around the globe.

Amway 正在使用 Dynamics 365 對其全球的創業型銷售團隊進行現代化改造並增強其能力。

Now let's talk about the progress we are making in our Intelligent Cloud Segment.

現在讓我們談談我們在智能雲領域取得的進展。

Our commercial cloud annualized revenue run rate now exceeds $14 billion, and we're on track to achieve our $20 billion in FY18.

我們的商業雲年化收入運行率現在超過 140 億美元，我們有望在 2018 財年實現 200 億美元。

Customers choose the Microsoft Cloud of the following reasons.

客戶選擇微軟雲的原因如下。

They want a trusted, global, hyperscale cloud provider that meets enterprise-grade needs.

他們想要一個值得信賴的全球超大規模雲提供商，以滿足企業級需求。

They want hybrid support that is architected into the hyperscale service, as well is the cloud servers.

他們想要構建到超大規模服務中的混合支持，以及雲服務器。

They want higher-level services to help build their own digital capability across IoT, enterprise, app-to-app, advanced analytics and AI capability.

他們需要更高級別的服務來幫助構建自己的跨物聯網、企業、應用程序到應用程序、高級分析和人工智能能力的數字能力。

Moreover, and most importantly, CIOs, CSOs, BDMs and developers are all seeing the benefit from operational consistency, productivity and security across their entire digital estate, spanning Windows 10, Cloud and Security Management, Office 365, Dynamics 365, Enterprise Mobility and Azure.

此外，最重要的是，CIO、CSO、BDM 和開發人員都看到了整個數字資產（包括 Windows 10、雲和安全管理、Office 365、Dynamics 365、企業移動性和 Azure）的運營一致性、生產力和安全性帶來的好處.

A prime example is Mars, a $35 billion business with 60 brands.

一個典型的例子是瑪氏，一家擁有 60 個品牌、價值 350 億美元的企業。

An early adopter of Office 365, Mars is using Office and Windows 10 to transform how its 80,000-strong global workforce collaborates while staying secure.

作為 Office 365 的早期採用者，Mars 正在使用 Office 和 Windows 10 來改變其 80,000 名全球員工的協作方式，同時保持安全。

And more recently, they have begun running mission-critical workloads on Azure, with hundreds more on the way, including inventory management using Azure IoT.

最近，他們開始在 Azure 上運行任務關鍵型工作負載，還有數百個正在進行中，包括使用 Azure IoT 進行庫存管理。

Swift Transportation, one of the largest trucking companies in the United States, is digitizing work for nearly 20,000 drivers with Office 365 and Skype, and is using Azure to harness the data from their sensors-equipped trucks to optimize driver productivity and safety.

Swift Transportation 是美國最大的貨運公司之一，正在使用 Office 365 和 Skype 將近 20,000 名司機的工作數字化，並使用 Azure 來利用配備傳感器的卡車的數據來優化司機的工作效率和安全性。

Across industries we continue to see strong customer demand for our differentiated Cloud Solutions.

在各個行業中，我們繼續看到客戶對我們差異化的雲解決方案的強勁需求。

Azure revenue grew 95% in constant currency this quarter.

Azure 收入本季度按固定匯率計算增長了 95%。

Azure premium revenue grew triple digits for the 10th consecutive quarter, and more than three out of four Azure customers are using Premium Services.

Azure 高級收入連續第 10 個季度增長了三位數，超過四分之三的 Azure 客戶正在使用高級服務。

We are also leading the next-generation programming model and developer services innovation, with conversational bots, microservices, and event-driven serverless compute to help businesses rapidly gain the benefits of cloud infrastructure.

我們還引領下一代編程模型和開發人員服務創新，通過對話機器人、微服務和事件驅動的無服務器計算來幫助企業快速獲得云基礎設施的好處。

Our bot framework is being used by more than 77,000 developers to do everything from e-commerce to customer service.

超過 77,000 名開發人員正在使用我們的機器人框架來完成從電子商務到客戶服務的所有工作。

Azure Functions is helping companies like AccuWeather and [Plexture] to quickly and easily implement business-critical, event-driven serverless processes, and everyone from game developers to financial services companies are using Azure Service Fabric for their low-latency, high-scale microservices applications.

Azure Functions 正在幫助 AccuWeather 和 [Plexture] 等公司快速輕鬆地實施關鍵業務、事件驅動的無服務器流程，從遊戲開發人員到金融服務公司，每個人都在使用 Azure Service Fabric 來實現低延遲、大規模的微服務應用程序。

We're also rapidly expanding our portfolio of data and AI capabilities in Azure.

我們還在 Azure 中快速擴展我們的數據和 AI 功能組合。

Cognitive Services, now deeply integrated with Azure Data Lake, enables customers to use industry-leading AI capabilities to easily analyze images, text, emotions, speech, sentiments at terabyte scale.

認知服務現已與 Azure Data Lake 深度集成，使客戶能夠使用行業領先的 AI 功能輕鬆分析 TB 級的圖像、文本、情感、語音和情緒。

In our push to meet the needs of any developer on any platform, we joined the Lennox Foundation, welcomed Google to .NET foundation, and announced new Azure partnership with OpenAI to accelerate our vision.

為了滿足任何平台上任何開發人員的需求，我們加入了 Lennox 基金會，歡迎 Google 加入 .NET 基金會，並宣布與 OpenAI 建立新的 Azure 合作夥伴關係，以加速我們的願景。

At the edge of our cloud, Windows Server 2016 and SQL Server 2016 give enterprises Azure-inspired scale and innovation for secure infrastructure and cloud applications.

在我們的雲邊緣，Windows Server 2016 和 SQL Server 2016 為企業提供了受 Azure 啟發的規模和安全基礎設施和雲應用程序的創新。

Customers have already deployed more than 1 million instances of Windows Server 2016, and the new SQL Server drove a 5 times increase in developer downloads in Q2 versus Q1.

客戶已經部署了超過 100 萬個 Windows Server 2016 實例，新的 SQL Server 在第二季度推動開發人員下載量比第一季度增長了 5 倍。

Now I'll turn to our progress in more personal computing.

現在我將談談我們在更多個人計算方面的進展。

This quarter we saw growth across Windows broadly.

本季度，我們看到了 Windows 的廣泛增長。

First, Windows 10 commercial customers are rapidly adopting Windows 10, driven by the need for a secure and trusted platform.

首先，Windows 10 商業客戶正在迅速採用 Windows 10，這是出於對安全和可信平台的需求的推動。

In fact, this quarter enterprise and education deployments increased 52%.

事實上，本季度企業和教育部署增加了 52%。

Accenture, Broward County School District, UnitedHealthcare Group, are just a few that are choosing Windows 10 as their modern, secure, enterprise-grade platform.

埃森哲、布勞沃德縣學區、UnitedHealthcare Group 只是選擇 Windows 10 作為其現代、安全的企業級平台的少數幾家公司。

These three commercial customers alone have already deployed more than 300,000 seats, with commitments to deploy over 0.5 million.

僅這三個商業客戶就已經部署了超過 300,000 個座位，並承諾部署超過 50 萬個。

The consumer PC market is also stabilizing.

消費類個人電腦市場也在企穩。

Gamers are increasingly turning to Windows 10 Premium PCs for the best gaming experiences, logging more than 26 billion hours of game play on PCs and tablets this year.

遊戲玩家越來越多地轉向 Windows 10 Premium PC 以獲得最佳遊戲體驗，今年在 PC 和平板電腦上的遊戲時間超過 260 億小時。

One reason gamers love their Windows 10 PC is because they can connect to their favorite games and social network on Xbox Live.

遊戲玩家喜歡他們的 Windows 10 PC 的原因之一是因為他們可以在 Xbox Live 上連接到他們最喜歡的遊戲和社交網絡。

Xbox Live monthly active users grew to 55 million this quarter, a new record, with growth across PCs, mobile, as well as the console.

本季度 Xbox Live 每月活躍用戶增長至 5500 萬，創下新紀錄，PC、移動設備和遊戲機均有所增長。

Windows 10 Creators update will bring 3-D mixed reality and game broadcasting to all Windows 10 customers.

Windows 10 Creators 更新將為所有 Windows 10 客戶帶來 3-D 混合現實和遊戲廣播。

Partners like Dell, HP, Lenovo and Acer are investing to deliver cutting-edge virtual reality experiences for customers using Windows 10 holographic platform.

戴爾、惠普、聯想和宏碁等合作夥伴正在投資，為使用 Windows 10 全息平台的客戶提供尖端的虛擬現實體驗。

We're also broadening our opportunity to partnerships with chips at makers Intel, as well as Qualcomm, who have committed to build the next generation of modern Windows PCs with advanced security, connectivity, AI and mixed reality in gaming.

我們還擴大了與製造商英特爾和高通的芯片合作夥伴關係的機會，它們致力於打造具有先進安全性、連接性、人工智能和遊戲混合現實的下一代現代 Windows PC。

Our services, innovation and user engagement on Windows 10 continues to grow.

我們在 Windows 10 上的服務、創新和用戶參與度持續增長。

Users have asked Cortana more than 18 billion questions to date, and we're opening up new addressable markets with Cortana Devices SDK.

迄今為止，用戶已經向 Cortana 提出了超過 180 億個問題，我們正在使用 Cortana 設備 SDK 開闢新的潛在市場。

BMW, Renault, Nissan, HAMANN are all using Cortana to embed voice-activated intelligence into their portfolio of products.

寶馬、雷諾、日產、HAMANN 都在使用 Cortana 將聲控智能嵌入到他們的產品組合中。

Finally, let's talk about devices.

最後，讓我們談談設備。

I'm excited about the customer reception to Surface Studio, our latest innovation in Surface line, and a new device category.

我對 Surface Studio 的客戶接待、我們在 Surface 系列的最新創新以及新的設備類別感到興奮。

Overall commercial demand for Surface remained strong, with three consecutive quarters of more than 25% growth.

Surface 的整體商業需求依然強勁，連續三個季度增長超過 25%。

Organizations across industries are looking to Surface to help them achieve more, such as Her Majesty's Revenue and Customs in the United Kingdom, rolling out Surface to more than 25,000 of its employees.

各行各業的組織都希望 Surface 能夠幫助他們實現更多目標，例如英國皇家稅務和海關總署 (Her Majesty's Revenue and Customs) 將 Surface 推廣到其超過 25,000 名員工。

We are expanding into new markets with HoloLens.

我們正在通過 HoloLens 進軍新市場。

Commercial customers, like ThyssenKrupp Elevator, are using HoloLens to enable servicing up to four times faster than ever before, and we look forward to making HoloLens available in China in the first half of this year.

像蒂森克虜伯電梯這樣的商業客戶正在使用 HoloLens 將服務速度提高到以往的四倍，我們期待今年上半年在中國推出 HoloLens。

As customers embrace these new computers and computing experiences, we're generating enthusiasm for Windows 10, and new forms of expression, creativity in gaming that it can unleash.

隨著客戶接受這些新的計算機和計算體驗，我們正在對 Windows 10 以及它可以釋放的新表達形式和遊戲創造力產生熱情。

I'm proud of the progress we made this quarter and during the entire first half of the year.

我為我們在本季度和整個上半年取得的進展感到自豪。

We look to the second half with a clear focus on execution and innovation.

展望下半年，我們將明確關注執行和創新。

We have a significant opportunity this year and beyond for growth across every one of our segments.

今年及以後，我們在每個細分市場都有很大的增長機會。

We are uniquely positioned to build a technology that helps every person and organization take advantage of new innovations, like AI, and use them to drive their own growth and transformation.

我們具有獨特的優勢，可以構建一種技術，幫助每個人和組織利用人工智能等新創新，並利用它們來推動自己的增長和轉型。

Now let me hand it over to Amy to walk through this quarter's results in more detail and share our outlook.

現在讓我把它交給艾米來更詳細地介紹本季度的結果並分享我們的展望。

And I look forward to rejoining you for questions.

我期待著再次加入您的提問。

Thank you, Satya and good afternoon, everyone.

謝謝你，Satya，大家下午好。

I want to reiterate that my commentary reflects our performance, inclusive of approximately three weeks of LinkedIn results.

我想重申，我的評論反映了我們的表現，包括大約三週的 LinkedIn 結果。

For this quarter only, I will comment on our results, excluding LinkedIn, for consistency with the guidance provided last quarter.

僅在本季度，我將評論我們的結果（不包括 LinkedIn），以與上季度提供的指導保持一致。

I encourage you to reference our earnings slides for supplemental information.

我鼓勵您參考我們的收益幻燈片以獲取補充信息。

Our second-quarter revenue was $26.1 billion, up 2% and 4% in constant currency.

我們第二季度的收入為 261 億美元，按固定匯率計算分別增長 2% 和 4%。

Gross margin grew 3%, up 5% in constant currency.

毛利率增長 3%，按固定匯率計算增長 5%。

Operating income grew 5%, or 8% in constant currency.

營業收入增長 5%，按固定匯率計算增長 8%。

And earnings per share was $0.83, an increase of 9%, and 13% in constant currency.

每股收益為 0.83 美元，增長 9%，按固定匯率計算增長 13%。

Excluding LinkedIn, our second-quarter revenue was $25.8 billion, up 1%, and 3% in constant currency.

不包括領英，我們第二季度的收入為 258 億美元，增長 1%，按固定匯率計算增長 3%。

Gross margin increased 3%, and 4% in constant currency.

毛利率增長 3%，按固定匯率計算增長 4%。

Operating income grew 8%, and 11% in constant currency.

營業收入增長 8%，按固定匯率計算增長 11%。

And our EPS was $0.84, increasing 11%, and 15% in constant currency.

我們的每股收益為 0.84 美元，增長 11%，按固定匯率計算增長 15%。

Our investment agility and execution focus resulted in strong performance this quarter.

我們的投資敏捷性和執行重點導致本季度表現強勁。

From a geographic perspective, our results were largely in line with macroeconomic trends, with additional benefit from a healthier PC market, particularly in the commercial segment.

從地理角度來看，我們的結果與宏觀經濟趨勢基本一致，另外還受益於更健康的個人電腦市場，尤其是在商業領域。

Our commercial cloud services drove our annuity mix up slightly year over year to 84%, even with better-than-expected transactional revenue performance.

我們的商業雲服務推動我們的年金組合同比小幅增長至 84%，即使交易收入表現好於預期。

Commercial bookings increased 7%, or 12% in constant currency.

商業預訂量增長 7%，按固定匯率計算增長 12%。

Commercial unearned revenue met our guidance range at $21.1 billion, growing 8%, and 9% in constant currency, even with an FX headwind of approximately $150 million, due to the strengthening US dollar through the quarter.

商業未實現收入達到我們的指導範圍，為 211 億美元，增長 8%，按固定匯率計算增長 9%，即使由於本季度美元走強，外匯逆風約為 1.5 億美元。

And our contracted not billed balance reached an all-time high, exceeding $28 billion.

我們的合同未開單餘額達到歷史最高水平，超過 280 億美元。

Our commercial cloud revenue run rate grew to more than $14 billion, up 49%.

我們的商業雲收入運行率增長到超過 140 億美元，增長了 49%。

Our commercial cloud gross margin percentage was 48%, up 2 points from last year, largely driven by improvement in the Azure gross margin percentage.

我們的商業雲毛利率為 48%，比去年上升了 2 個百分點，主要是受 Azure 毛利率提高的推動。

And gross margin dollars grew again, increasing 62% across the commercial cloud.

毛利率再次增長，整個商業雲增長了 62%。

We remain on track for material gross margin percentage and dollar improvement this fiscal year.

本財年我們仍有望實現實質性毛利率和美元改善。

Now to Company gross margin.

現在到公司毛利率。

Gross margin was approximately 62%, inclusive of LinkedIn, up slightly from the prior year.

包括領英在內的毛利率約為 62%，較上年略有上升。

This quarter, the strengthening of the US dollar relative to major currencies created additional negative FX impact on total and segment-level revenue.

本季度，美元相對於主要貨幣走強對總收入和部門收入產生了額外的負面外匯影響。

On total revenue, FX had a 2-point negative impact, 1 point more than expected, with no additional impact from LinkedIn.

在總收入方面，FX 產生了 2 個百分點的負面影響，比預期高 1 個百分點，LinkedIn 沒有產生額外影響。

In both Productivity and Business Processes and the Intelligent Cloud segments, the FX impact was 2 points, 1 point more than expected.

在生產力和業務流程以及智能雲部分，外匯影響為 2 分，比預期高 1 分。

And in More Personal Computing, FX had a 1-point impact, in line with expectations.

在更多個人計算方面，FX 產生了 1 分的影響，符合預期。

Total operating expenses grew 1%, and 2% in constant currency.

總運營費用增長 1%，按固定匯率計算增長 2%。

Excluding LinkedIn, operating expenses declined 2%, also 2% in constant currency.

不包括LinkedIn，運營費用下降了2%，按固定匯率計算也下降了2%。

Operating expenses were under our guidance range, primarily due to a favorable one-time legal settlement and FX benefits.

運營費用在我們的指導範圍內，主要是由於有利的一次性法律和解和外匯收益。

Now, let's turn to each segment.

現在，讓我們轉向每個部分。

This quarter, revenue from our Productivity and Business Processes segment, which includes LinkedIn, grew 10%, and 12% in constant currency, to $7.4 billion.

本季度，包括 LinkedIn 在內的生產力和業務流程部門的收入增長了 10%，按固定匯率計算增長了 12%，達到 74 億美元。

In Office commercial, revenue increased by 5%, and 7% in constant currency, as Office 365 growth again outpaced the shift from the on-premise business.

在 Office 商業方面，收入增長了 5%，按固定匯率計算增長了 7%，因為 Office 365 的增長再次超過了本地業務的轉變。

Office 365 commercial revenue increased by 47%, or 49% in constant currency, driven by a combination of install base growth across all workloads and ARPU expansion.

Office 365 商業收入增長了 47%，或按固定匯率計算增長了 49%，這得益於所有工作負載的安裝基數增長和 ARPU 擴展的共同推動。

We also continued to see higher-than-expected results from our transactional business, in part due to an improving commercial PC market.

我們還繼續看到我們的交易業務的業績高於預期，部分原因是商業 PC 市場的改善。

Office Consumer revenue grew 22%, or 21% in constant currency, as we continued to see an increase in our subscriber base and growth of recurring subscription revenue.

Office Consumer 收入增長 22%，或按固定匯率計算增長 21%，因為我們繼續看到我們的用戶群增加和經常性訂閱收入增長。

In addition, the higher growth rate this quarter aided by post-launch inventory drawdown in the prior period.

此外，本季度較高的增長率得益於前期發布後庫存的減少。

Our Dynamics business grew 7%, up 9% in constant currency, and our Dynamics 365 install base more than doubled.

我們的 Dynamics 業務增長了 7%，按固定匯率計算增長了 9%，我們的 Dynamics 365 安裝基數增加了一倍以上。

LinkedIn revenue for the three-week period from December 8 to the end of the quarter was $228 million.

從 12 月 8 日到本季度末的三週內，LinkedIn 的收入為 2.28 億美元。

Segment gross margin dollars grew 5%, and 6% in constant currency, while segment gross margin percentage declined due to increasing cloud sales mix, as well as roughly 1 point of impact from LinkedIn.

分部毛利率增長 5%，按固定匯率計算增長 6%，而分部毛利率下降是由於雲銷售組合的增加，以及來自 LinkedIn 的大約 1 個點的影響。

Operating expenses grew 13%, 14% in constant currency, driven by the LinkedIn acquisition.

在 LinkedIn 收購的推動下，運營費用增長了 13%，按固定匯率計算增長了 14%。

Operating income declined slightly, but was up 1% in constant currency, and up 7% in constant currency, excluding LinkedIn.

營業收入略有下降，但按固定匯率計算增長 1%，按固定匯率計算增長 7%，不包括 LinkedIn。

The Intelligent Cloud segment delivered $6.9 billion in revenue, growing 8%, and 10% in constant currency.

智能雲部門實現了 69 億美元的收入，增長 8%，按固定匯率計算增長 10%。

Server grew 12%, and 14% in constant currency, with strong momentum in our Azure business and another quarter of double-digit annuity revenue growth.

服務器增長了 12%，按固定匯率計算增長了 14%，我們的 Azure 業務勢頭強勁，年金收入又實現了兩位數增長。

Post-launch demand and purchasing ahead of currency-driven pricing adjustments contributed to a higher-than-expected transactional revenue, mainly from Windows and SQL Server 2016.

發布後需求和貨幣驅動定價調整之前的採購促成了高於預期的交易收入，主要來自 Windows 和 SQL Server 2016。

As expected, enterprise services revenue growth declined this quarter 4%, and 2% in constant currency, due to lower volumes of Windows Server 2003 service agreements.

正如預期的那樣，本季度企業服務收入增長下降 4%，按固定匯率計算下降 2%，原因是 Windows Server 2003 服務協議數量減少。

Gross margin dollars grew 2%, and 4% in constant currency.

美元毛利率增長 2%，按固定匯率計算增長 4%。

And segment gross margin percentage declined, due to an increasing cloud revenue mix and a lower enterprise services gross margin, partially offset by material improvement in Azure gross margin.

由於雲收入組合增加和企業服務毛利率下降，部分毛利率下降，部分被 Azure 毛利率的實質性改善所抵消。

We grew operating expenses by 12%, and 13% in constant currency, with continued investment in cloud engineering sales capacity and developer engagement.

隨著對雲工程銷售能力和開發人員參與度的持續投資，我們的運營費用增長了 12%，按固定匯率計算增長了 13%。

Operating income declined 7% and 4% in constant currency.

按固定匯率計算，營業收入下降了 7% 和 4%。

Now to our final segment, More Personal Computing.

現在到我們的最後一部分，更多個人計算。

Revenue exceeded our expectation at $11.8 billion, primarily from stronger-than-expected performance from our Windows business.

收入超過我們預期的 118 億美元，主要是由於我們的 Windows 業務表現強於預期。

Overall revenue declined 5%, and 4% in constant currency.

總收入下降 5%，按固定匯率計算下降 4%。

Our OEM business grew 5% this quarter.

本季度我們的 OEM 業務增長了 5%。

OEM Pro grew 6%, better than we anticipated, driven by an improving commercial PC market and enterprise demand for Windows 10.

OEM Pro 增長 6%，好於我們的預期，這得益於商業 PC 市場的改善和企業對 Windows 10 的需求。

OEM non-Pro grew 5%, ahead of the consumer PC market, as our partner ecosystem continued to see growth and share gains in the Windows Premium device category.

OEM 非專業版增長 5%，領先於消費 PC 市場，因為我們的合作夥伴生態系統在 Windows 高級設備類別中繼續增長並分享收益。

Inventory levels remain normal.

庫存水平保持正常。

Windows commercial products and cloud services grew 5%, and 6% in constant currency, with double-digit annuity billings growth and install base expansion.

Windows 商業產品和雲服務增長 5%，按固定匯率計算增長 6%，年金賬單增長兩位數，安裝基數擴大。

Patent licensing declined this quarter, driven by lower unit volume and revenue per unit.

由於單位數量和單位收入下降，本季度專利許可有所下降。

Our search business, ex-TAC, grew 10%, and 11% in constant currency, with improving profitability and continued growth in Bing from higher revenue per search and search volume.

我們的搜索業務（不包括 TAC）增長了 10%，按固定匯率計算增長了 11%，盈利能力提高，必應的持續增長得益於每次搜索和搜索量的更高收入。

In our Devices Business, revenue declined 35%, down 34% in constant currency.

在我們的設備業務中，收入下降了 35%，按固定匯率計算下降了 34%。

Phone revenue declined 81%.

電話收入下降了 81%。

And we closed the sale of our feature phone business during this quarter.

我們在本季度完成了功能手機業務的銷售。

Surface revenue was down 2%, and flat in constant currency, as we continue to phase out the Surface 3 device.

隨著我們繼續淘汰 Surface 3 設備，Surface 收入下降了 2%，按固定匯率計算持平。

Importantly, Surface gross margin dollars grew 6%, and 17% in constant currency, from increasing mix of Pro 4 and Book, replacing Surface 3 in the portfolio.

重要的是，由於 Pro 4 和 Book 組合的增加，Surface 毛利率增長了 6%，按固定匯率計算增長了 17%，取代了產品組合中的 Surface 3。

In gaming, revenue declined 3%, and 1% in constant currency, due to lower console hardware pricing and Xbox 360 volumes.

在遊戲領域，由於主機硬件定價和 Xbox 360 銷量下降，收入下降 3%，按固定匯率計算下降 1%。

In this holiday quarter, as Satya mentioned, we reached an all-time high of active Xbox Live users, which helped to drive our gaming software and services revenue to 18%, and 21% growth in constant currency.

正如 Satya 所說，在這個假期季度，我們的 Xbox Live 活躍用戶達到了歷史最高水平，這有助於推動我們的遊戲軟件和服務收入達到 18%，按固定匯率計算增長 21%。

This marks our first billion-dollar quarter in digital transactions for our gaming business through our universal store across Windows 10 and Xbox One.

這標誌著我們通過 Windows 10 和 Xbox One 的通用商店為我們的遊戲業務進行數字交易的第一個十億美元季度。

Segment gross margin percentage and dollars both increased this quarter.

本季度分部毛利率和美元均有所增長。

Gross margin dollars grew 3%, and 5% in constant currency.

美元毛利率增長 3%，按固定匯率計算增長 5%。

And gross margin percentage expanded, with the continued shift to higher-margin products and services.

毛利率百分比擴大，繼續轉向利潤率更高的產品和服務。

Operating expenses declined by 12%, also 12% in constant currency, from lower phone expense, a one-time legal settlement and reduced marketing spend.

運營費用下降了 12%，按固定匯率計算也下降了 12%，原因是電話費用降低、一次性法律和解以及營銷支出減少。

Growth from Windows 10, the shift towards higher gross margin products and services, and devices and gaming, and disciplined operating expense management resulted in operating income growth of 33%, and 37% in constant currency.

Windows 10 的增長、向更高毛利率產品和服務、設備和遊戲的轉變以及嚴格的運營費用管理導致營業收入增長 33%，按固定匯率計算增長 37%。

Now back to our overall Company results.

現在回到我們公司的整體業績。

We invested $2.5 billion in capital expenditures, inclusive of capital leases, as we continue to support customer and partner demand across our commercial and consumer services.

我們在資本支出（包括資本租賃）上投資了 25 億美元，因為我們繼續在我們的商業和消費者服務中支持客戶和合作夥伴的需求。

During the quarter, other income and expense was $186 million.

本季度，其他收入和支出為 1.86 億美元。

Our non-GAAP effective tax rate was 22%.

我們的非公認會計原則有效稅率為 22%。

We returned $6.5 billion to shareholders through stock repurchases and dividends, completing our prior $40 billion share repurchase program this quarter as we committed.

我們通過股票回購和股息向股東返還了 65 億美元，按照我們的承諾完成了本季度之前的 400 億美元股票回購計劃。

Now let's turn to the outlook.

現在讓我們轉向前景。

First, FX.

首先，外匯。

We had originally expected FX rates to lessen going into H2; however, given current rates, we expect continued currency headwinds for the rest of the year.

我們原本預計到下半年的匯率會降低；然而，鑑於目前的匯率，我們預計今年餘下時間將繼續面臨貨幣逆風。

For Q3, we now expect about 1 point of negative impact on total revenue.

對於第三季度，我們現在預計對總收入的負面影響約為 1 個百分點。

Within the segments, we anticipate about 2 points of negative FX impact in Productivity and Business Processes and Intelligent Cloud, and 1 point in More Personal Computing.

在這些細分市場中，我們預計生產力和業務流程以及智能雲的負面外匯影響約為 2 點，更多個人計算的負面影響為 1 點。

In Q4, we anticipate about 2 points of negative FX impact on total revenue, 3 points in Productivity and Business Processes and Intelligent Cloud, and 1 point in More Personal Computing.

在第四季度，我們預計總收入的負面外匯影響約為 2 個百分點，生產力和業務流程和智能雲為 3 個百分點，更多個人計算為 1 個百分點。

Second, our commercial business.

第二，我們的商業業務。

We expect our commercial cloud services to continue to drive annuity growth, as we expand our install base, grow consumption and execute well on renewals.

我們預計我們的商業雲服務將繼續推動年金增長，因為我們擴大了安裝基礎、增加了消費並在續訂方面表現良好。

We expect commercial unearned revenue of $20.2 billion to $20.4 billion, in line with historic seasonality.

我們預計商業未實現收入為 202 億美元至 204 億美元，與歷史季節性相符。

We continue to expect some volatility in our transactional business, due to macroeconomic conditions and the ongoing shift to the cloud.

由於宏觀經濟狀況和持續向雲的轉移，我們繼續預計我們的交易業務會出現一些波動。

Third, CapEx.

第三，資本支出。

We will continue to meet customer demand by expanding data center capacity, while driving efficiencies through new technologies.

我們將繼續通過擴大數據中心容量來滿足客戶需求，同時通過新技術提高效率。

With the addition of LinkedIn, we expect our capital expenditures, including capital leases, to grow sequentially to support a broader portfolio.

隨著 LinkedIn 的加入，我們預計我們的資本支出（包括資本租賃）將連續增長，以支持更廣泛的投資組合。

For the full year, including LinkedIn, we continue to expect the CapEx growth rate to be lower than last year.

對於包括LinkedIn在內的全年，我們繼續預計資本支出增長率將低於去年。

Let's turn to our outlook for the individual segments.

讓我們轉向我們對各個細分市場的展望。

In Productivity and Business Processes, we expect revenue of $7.65 billion to $7.85 billion.

在生產力和業務流程方面，我們預計收入為 76.5 億美元至 78.5 億美元。

This reflects a continued annuity shift to the cloud, with Office 365, Dynamics' double-digit billings growth, and LinkedIn revenue of approximately $950 million, adjusted for the impact of purchase accounting.

這反映了年金向雲的持續轉移，Office 365、Dynamics 的兩位數賬單增長和 LinkedIn 收入約為 9.5 億美元，並根據採購會計的影響進行了調整。

In Intelligent Cloud we expect $6.45 billion to $6.65 billion of revenue, with continued annuity strength and double-digit revenue growth across our server products and cloud services.

在智能雲方面，我們預計收入將達到 64.5 億美元至 66.5 億美元，我們的服務器產品和雲服務的年金實力和收入將保持兩位數增長。

Enterprise Services.

企業服務。

Revenue should decline again, due to a lower volume of Windows Server 2003 service agreements.

由於 Windows Server 2003 服務協議的數量減少，收入應該會再次下降。

And, in More Personal Computing, we expect revenue of $9.05 billion to $9.35 billion.

而且，在更多個人計算方面，我們預計收入為 90.5 億美元至 93.5 億美元。

In our OEM business, we anticipate revenue growth will exceed the overall PC market.

在我們的 OEM 業務中，我們預計收入增長將超過整個 PC 市場。

Continued growth in Pro, driven by enterprise momentum for Windows 10, should be roughly in line with the commercial PC market, with some additional benefit coming from the prior-year inventory build.

在 Windows 10 的企業發展勢頭的推動下，Pro 的持續增長應該與商用 PC 市場大致一致，並從去年的庫存增加中獲得一些額外的好處。

Our OEM non-Pro performance should grow ahead of the market, due to strength in the Premium device category.

由於高端設備類別的實力，我們的 OEM 非專業性能應該會領先於市場。

In search, we expect Bing's revenue growth ex-TAC to be similar to Q2.

在搜索方面，我們預計 Bing 的除 TAC 外的收入增長與第二季度相似。

As a reminder, total search revenue growth will slow now that we've passed the one-year anniversary of our Yahoo deal and the associated change in revenue recognition.

提醒一下，現在我們已經過了與雅虎交易的一周年以及收入確認的相關變化，總搜索收入增長將放緩。

And in gaming, we expect normal post-holiday trends, with declines in hardware console volumes and pricing, balanced by higher engagement, usage and transaction volume.

在遊戲方面，我們預計節後趨勢正常，硬件控制台數量和價格下降，但參與度、使用量和交易量增加。

In devices, we expect revenue to decline, driven primarily by phone.

在設備方面，我們預計收入將下降，主要受手機驅動。

Surface revenue is expected to decline slightly, with our ongoing Surface portfolio mix shift to Pro 4 and Book.

隨著我們正在進行的 Surface 產品組合轉向 Pro 4 和 Book，Surface 收入預計將略有下降。

We expect COGS of $8.35 billion to $8.45 billion, including approximately $400 million of LinkedIn expenses.

我們預計 COGS 為 83.5 億美元至 84.5 億美元，其中包括約 4 億美元的 LinkedIn 費用。

LinkedIn COGS include approximately $220 million of amortization of acquired intangible assets.

LinkedIn COGS 包括約 2.2 億美元的收購無形資產攤銷。

We expect operating expenses between $8.5 billion to $8.6 billion, with about $970 million from LinkedIn.

我們預計運營費用在 85 億美元至 86 億美元之間，其中約 9.7 億美元來自領英。

The LinkedIn expense includes about $160 million for the amortization of acquired intangible assets.

LinkedIn 的費用包括約 1.6 億美元的收購無形資產攤銷。

For the full year, we now expect operating expenses of $33.1 billion to $33.3 billion, with about $2.3 billion from LinkedIn.

對於全年，我們現在預計運營費用為 331 億美元至 333 億美元，其中約 23 億美元來自 LinkedIn。

The LinkedIn expense includes roughly $360 million of amortization of acquired intangible assets.

LinkedIn 的費用包括大約 3.6 億美元的收購無形資產攤銷。

Other income and expense should be $150 million.

其他收入和支出應為 1.5 億美元。

We continue to expect our full-year non-GAAP tax rate to be 20%, plus or minus 2 points, with variability driven by the proportion of services revenue versus licensing revenue, the geographic mix of revenue, and the timing of equity vest.

我們繼續預計我們的全年非 GAAP 稅率為 20%，上下浮動 2 個百分點，可變性受服務收入與許可收入的比例、收入的地理組合以及股權歸屬時間的影響。

Before moving to Q&A, I'd like to announce that we will hold a financial analyst briefing for the investor community in conjunction with our Build Developer Conference in May here in Seattle.

在進行問答之前，我想宣布，我們將在 5 月在西雅圖舉行的構建開發者大會期間為投資者社區舉辦金融分析師簡報會。

We will share more details as we get closer to the date.

隨著日期的臨近，我們將分享更多細節。

Chris, let's move to Q&A.

克里斯，讓我們進入問答環節。

Thanks, Amy.

謝謝，艾米。

We'll now move to the Q&A portion of today's call.

我們現在將轉到今天電話會議的問答部分。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

Thank you.

謝謝你。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Keith Weiss, Morgan Stanley.

基思韋斯，摩根士丹利。

Excellent.

出色的。

Very nice quarter, guys.

非常好的季度，伙計們。

Thank you for taking the questions.

感謝您提出問題。

I wanted to ask a question about LinkedIn -- what our expectations should be for achieving revenues synergies on LinkedIn.

我想問一個關於 LinkedIn 的問題——我們對在 LinkedIn 上實現收入協同效應的期望是什麼。

It seems like there's a lot of real interesting things you can do with that asset, and combining with your own portfolio.

似乎您可以使用該資產做很多真正有趣的事情，並與您自己的投資組合相結合。

And how should we think about the potential for achieving some expense synergies?

我們應該如何考慮實現一些費用協同效應的潛力？

Obviously, there's a big cloud base that you could utilize under their assets, and Amy [being bullish] and very good at keeping expenses very well-managed.

顯然，您可以在他們的資產下利用一個龐大的雲基礎，而 Amy [看好] 並且非常擅長將費用管理得很好。

So, as we go forward past the [forward] quarter, how should we think about the timeframe for achieving those benefits?

那麼，當我們在 [forward] 季度之後前進時，我們應該如何考慮實現這些收益的時間框架？

Let me start, and then I'll turn it over to Amy to talk about the specifics of the synergies.

讓我開始吧，然後我將把它交給艾米來談談協同效應的細節。

The core focus, Keith, for us to start with, is to ensure that the innovation roadmap we have is all driving member value.

Keith 的核心重點是確保我們擁有的創新路線圖都能推動會員價值。

The core ethos of LinkedIn needs to be about member first, how do we increase the engagement on the mobile flagship application, as well as the revamped desktop experience that is now rolling out.

LinkedIn 的核心理念是會員至上，我們如何提高移動旗艦應用程序的參與度，以及現在推出的改進的桌面體驗。

We think that that's at the core of being able to, in fact, then have all of the revenue growth in their business solutions, which across higher markets sell.

我們認為，事實上，這是能夠在其業務解決方案中實現所有收入增長的核心，這些解決方案在更高的市場銷售。

So, that's how I see it.

所以，這就是我的看法。

It's a two-sided market, which starts with the help of membership and member engagement.

這是一個雙向市場，始於會員和會員參與的幫助。

That is where the product roadmap, whether it's the integration with Office 365 or Dynamics 365 -- we'll be staying focused on it.

這就是產品路線圖的位置，無論是與 Office 365 還是 Dynamics 365 的集成——我們都將繼續關注它。

We expect to see that rollout pretty rapidly.

我們預計會很快看到這種推出。

And as far as the guidance we've given at close, in terms of what to expect, for example, around EPS impact -- those are things that we'll stay committed to.

就我們最近給出的指導而言，就預期的結果而言，例如圍繞每股收益的影響——這些都是我們將繼續致力於的事情。

And I'll let Amy add more to it.

我會讓艾米添加更多內容。

Yes, I think Satya is correct.

是的，我認為薩蒂亞是正確的。

The guidance we gave at the time of the announcement in terms of EPS solution, excluding the impact of purchase accounting, being minimally dilutive, 1%, plus or minus, stands.

我們在發佈公告時就每股收益解決方案提供的指導（不包括採購會計的影響）是最小稀釋的，1%，正負。

Including the goal to achieve synergies where they make sense, as we continue to focus on growing the core business and keeping it incredibly healthy and realizing the revenue synergies that we know exist across the businesses.

包括在有意義的情況下實現協同效應的目標，因為我們將繼續專注於發展核心業務並保持其非常健康，並實現我們所知道的跨業務存在的收入協同效應。

As a reminder, the two biggest impacts of purchase accounting -- one, is it does impact the deferred revenue.

提醒一下，採購會計的兩個最大影響 - 一是它確實會影響遞延收入。

So the in-quarter revenue in the guidance will look a bit lower due to that, as well as the amortization of intangible expenses, which also hit.

因此，由於這一點，以及無形費用的攤銷，指引中的季度收入看起來會略低一些，這也受到了影響。

We'll take care to give you insight into those so that you can continue to hold us against the goals we set for ourselves.

我們會注意讓您深入了解這些內容，以便您可以繼續阻止我們實現我們為自己設定的目標。

Thank you, Keith.

謝謝你，基思。

We'll move to the next question, please, operator.

我們將轉到下一個問題，請接線員。

Brent Thill, UBS.

瑞銀的布倫特希爾。

Thanks.

謝謝。

There are a number of investors that have been wondering about the sales reorg that takes place February 1. Perhaps this is being worried and overstated.

有許多投資者對 2 月 1 日發生的銷售重組感到疑惑。也許這是擔心和誇大了。

Can you just give us a sense -- are there changes that are happening that will take place February 1 that are different, or is this a minor tweak to the go-to-market going forward?

您能否給我們一個感覺——2 月 1 日發生的變化是否有所不同，或者這是對未來上市的一個小調整？

I can comment on it.

我可以對此發表評論。

I'm not particularly sure exactly what is happening on February 1.

我不太確定 2 月 1 日到底發生了什麼。

But, I would say the overall change that we're going through -- and this is been ongoing for, I would say, the last multiple years -- is transforming our field engagement model, where we are putting a lot more technical depth in the front line sellers so that they can engage.

但是，我想說的是，我們正在經歷的整體變化——我想說，過去幾年一直在進行——正在改變我們的現場參與模式，我們在其中投入了更多的技術深度一線賣家，以便他們參與。

Whether it's data specialists, cloud specialists, security specialists, or even productivity specialists.

無論是數據專家、雲專家、安全專家，甚至是生產力專家。

Because it's super important for us in this phase, when people are looking for solutions to help them digitally transform, for us to have a very fundamentally different type of capability in terms of our sales.

因為在這個階段對我們來說非常重要，當人們正在尋找解決方案來幫助他們進行數字化轉型時，我們在銷售方面擁有一種完全不同類型的能力。

And that's the transformation.

這就是轉變。

We have really reorganized ourselves, both in the headquarters and the in the field to be able to recognize such shift.

我們已經真正重組了自己，無論是在總部還是在外地，以便能夠認識到這種轉變。

What used to be large accounts for us, for example, are not by PC count anymore.

例如，過去對我們來說很大的帳戶不再按 PC 計數。

And that's a pretty fundamental change.

這是一個非常根本的變化。

It's by consumption of cloud capacity, in many cases.

在許多情況下，這是通過消耗雲容量來實現的。

And this is happening all over the world.

這正在世界各地發生。

So, that's the transformation that you will increasingly see us push forward.

因此，這就是您將越來越多地看到我們推動的轉變。

And no status quo on any part of Microsoft's organization should be counted on.

並且不應指望微軟組織任何部分的現狀。

If anything, we'll push to make sure that we are addressing what is our growth opportunities pretty aggressively.

如果有的話，我們將努力確保我們正在非常積極地解決我們的增長機會。

And I think, Brent, in terms of there being a date -- or a particular date -- this is something, to Satya's point, we've been doing in a step function improvement over time for the past couple years.

而且我認為，布倫特，就存在一個日期 - 或特定日期而言 - 這就是薩蒂亞的觀點，在過去的幾年裡，我們一直在逐步改進函數。

And we'll continue to do it.

我們將繼續這樣做。

The guidance certainly doesn't imply any type of slowdown in the commercial business.

該指南當然並不意味著商業業務會出現任何類型的放緩。

In fact, in some ways it actually includes an acceleration in certain areas.

事實上，在某些方面它實際上包括某些領域的加速。

I think that's how I tend to look at it.

我認為這就是我傾向於看待它的方式。

Thank you.

謝謝你。

Thanks Brent.

謝謝布倫特。

We'll take the next question, please.

請我們回答下一個問題。

Thank you.

謝謝你。

Heather Bellini, Goldman Sachs.

希瑟·貝里尼，高盛。

Great.

偉大的。

Thank you very much.

非常感謝。

Amy, you noted a material improvement in Azure margins this quarter.

艾米，你注意到本季度 Azure 利潤率有了實質性改善。

I was just wondering if you could share with us -- given how quickly revenue is growing in this area, how fast can we see margins ramp, which obviously were negative.

我只是想知道您是否可以與我們分享-鑑於該領域的收入增長速度有多快，我們可以看到利潤率增長多快，這顯然是負面的。

And now that you're getting to some big revenue numbers, is there any reason why, at a similar revenue scale you shouldn't be able to match the gross margins of what AWS -- what you can back into from the financials of AWS?

既然你得到了一些大的收入數字，有什麼理由為什麼在類似的收入規模下你不應該能夠與 AWS 的毛利率相匹配——你可以從 AWS 的財務狀況中恢復到什麼？ ?

Can you walk us through the puts and takes?

你能帶我們了解一下看跌期權嗎？

And then once you hit that scale point, is it something that we should see inflect pretty quickly?

然後，一旦你達到那個尺度點，我們應該看到它很快就會發生變化嗎？

Thank you.

謝謝你。

Thanks, Heather.

謝謝，希瑟。

Let me start by saying, we really do think about and talk about our cloud as containing all of the components.

首先讓我說，我們確實考慮並談論我們的雲包含所有組件。

From the IS layer to the platform layer to the SaaS layer.

從IS層到平台層再到SaaS層。

You'll hear us talk about Dynamics 365, Office 36t, as well as our Azure Core and Premium services.

您將聽到我們談論 Dynamics 365、Office 36t 以及我們的 Azure Core 和 Premium 服務。

So, when I think about the material gross margin improvement we saw on Azure, it continues the path we've actually been on.

因此，當我想到我們在 Azure 上看到的實質性毛利率改善時，它延續了我們實際走的道路。

Where we've been discussing, as you continue to see customers ask for us and our help in managing their digital estate consistently, securely, through one interface, you'll actually see growth across all components of that cloud.

在我們一直在討論的地方，當您繼續看到客戶要求我們以及我們幫助他們通過一個界面一致、安全地管理他們的數字資產時，您實際上會看到該雲的所有組件的增長。

It benefits margin, not just in Azure, but across, actually, the entirety of the cloud.

它不僅在 Azure 中，而且實際上在整個雲中都有益於利潤。

That 2 point year-over-year increase in the commercial cloud gross margin really, even with the massive growth in Azure over the course of the year, certainly implies the improvement that we expected.

商業雲毛利率同比增長 2 個百分點，即使 Azure 在一年中大幅增長，這當然意味著我們預期的改善。

But, I tend to think you will consistently hear both Satya and I refer to our cloud in its entirety.

但是，我傾向於認為你會一直聽到 Satya 和我提到我們的完整雲。

But I do respect people always wonder, so I did comment that we saw material improvement in Azure, specifically

但我確實尊重人們總是想知道，所以我確實評論說我們在 Azure 中看到了實質性的改進，特別是

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Heather.

謝謝，希瑟。

We'll take the next call please.

請接下一個電話。

Thank you.

謝謝你。

Karl Keirstead, Deutsche Bank.

德意志銀行的卡爾·凱爾斯特德。

Thank you.

謝謝你。

Amy, I'm going to ask another question on gross margins, but this time at the Microsoft level.

艾米，我要問另一個關於毛利率的問題，但這次是在微軟層面。

Your prior guidance was for ex-LinkedIn FY17 gross margins to be down 100 basis points.

您之前的指導是前領英 FY17 毛利率下降 100 個基點。

So the quarter you just posted gross margins ex-LinkedIn were actually up.

因此，您剛剛發布前領英的毛利率實際上上升了。

And if I ran the math accurately, it looks like for your March quarter, ex-LinkedIn you're expecting gross margins to be about flat.

如果我準確地進行了數學運算，那麼對於您的 3 月季度（前領英）來說，您預計毛利率將基本持平。

It feels like you are outperforming the core Microsoft gross margin guidance you gave before.

感覺你的表現優於你之前給出的核心微軟毛利率指導。

Are you sticking with the down 100, or has that improved?

你是堅持下跌100，還是有所改善？

And if it has, what are the one or two biggest drivers of the gross margins feeling a little bit better, ex-LinkedIn?

如果有的話，前領英（LinkedIn）的毛利率感覺更好的一兩個最大驅動因素是什麼？

Thank you.

謝謝你。

Thanks, Karl.

謝謝，卡爾。

I am sticking with it being about 1 point.

我堅持大約1分。

That is the guidance we gave and, even inclusive of LinkedIn, I continue to believe it is about 1 point.

這就是我們給出的指導，即使包括 LinkedIn，我仍然認為這大約是 1 分。

So, in some ways I guess you could say it implies a slightly better at the Company level, if that's how you're thinking about it.

所以，在某些方面，我猜你可以說這意味著公司層面的情況會稍微好一些，如果你是這麼想的話。

Really Karl, what can drive that, in addition to the overall gross margin improvement we talk about in the cloud, it's also really the strength we see in our Windows business.

真的 Karl，除了我們在雲中談論的整體毛利率提高之外，還有什麼可以推動這一點，這也是我們在 Windows 業務中看到的真正實力。

And I mean that, not just in our OEM business, but also across the commercial business for Windows.

我的意思是，不僅在我們的 OEM 業務中，而且在 Windows 的整個商業業務中。

That tends to have a very good margin profile.

這往往有一個非常好的利潤概況。

And as we continue to improve the margin profile of our devices, we continue to see the OEM business health improve.

隨著我們繼續提高設備的利潤率，我們繼續看到 OEM 業務健康狀況有所改善。

And, actually, we continue to see the growth in the consumer services around the transactions that run through Xbox.

而且，實際上，我們繼續看到圍繞通過 Xbox 運行的交易的消費者服務的增長。

That's also good margin business for us that looks quite different than the hardware profile.

這對我們來說也是很好的利潤業務，看起來與硬件配置文件完全不同。

So, all of those can impact it, Karl, as we look through the rest of the year.

所以，所有這些都會影響它，卡爾，當我們回顧今年剩下的時間時。

But in general, inclusive of LinkedIn, I'm still around 100 BPS.

但總的來說，包括 LinkedIn，我仍然在 100 BPS 左右。

Got it.

知道了。

Thanks, Amy.

謝謝，艾米。

Thank you, Karl.

謝謝你，卡爾。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Mark Moerdler, Bernstein Research.

Mark Moerdler，伯恩斯坦研究中心。

Thank you.

謝謝你。

Congrats on the strong quarter and thanks for taking the question.

祝賀強勁的季度，並感謝您提出問題。

So, Amy, the on-premise server and tools business grew 5%, 7% in constant currency.

因此，Amy，本地服務器和工具業務增長了 5%，按固定匯率計算增長了 7%。

It was obviously helped by Windows Server 2016, Sequel Server 2016.

它顯然得到了 Windows Server 2016、Sequel Server 2016 的幫助。

How should we think about, on a longer-term horizon over the next 12 months or even longer -- how those two should help on the on-premise isis or annuity business on the cloud and Azure?

在未來 12 個月甚至更長的時間裡，我們應該如何考慮——這兩者應該如何幫助雲和 Azure 上的本地 isis 或年金業務？

How should we think about the impact of that?

我們應該如何看待它的影響？

Thanks.

謝謝。

Thanks, Mark.

謝謝，馬克。

Let me start by saying it's why we tend to focus all up at that server products and services KPI being double digits.

首先讓我說這就是為什麼我們傾向於將所有註意力集中在服務器產品和服務 KPI 是兩位數的原因上。

Generally, an easier way for us to talk about it all up between Azure and the OnPrem business.

通常，這是我們在 Azure 和 OnPrem 業務之間討論這一切的一種更簡單的方式。

But let me talk a little bit about what impacted the transactional business this quarter.

但讓我談談本季度影響交易業務的因素。

And then we can talk about how to think about it in Q3 and maybe going forward.

然後我們可以討論如何在第三季度思考它，也許還有未來。

We did, and we're encouraged by the customer reaction -- even our transactional customers -- to the security and management value prop, as well as the hybrid nature of our Sequel and Windows Server 2016 releases that have taken place this year.

我們做到了，而且我們對客戶的反應——甚至是我們的交易客戶——對安全和管理價值支柱的反應以及我們今年發布的 Sequel 和 Windows Server 2016 版本的混合性質感到鼓舞。

That value prop is resonating.

這個價值支柱正在引起共鳴。

We saw some growth.

我們看到了一些增長。

I feel very good about that.

我對此感覺很好。

And so I do think that can have an impact in H2.

所以我確實認為這會對下半年產生影響。

You heard me talk a little bit about it.

你聽到我談了一點。

With the major currency changes we saw in Q2, we've also done some price adjustments between certain geos for us.

隨著我們在第二季度看到的主要貨幣變化，我們還為我們在某些地理區域之間進行了一些價格調整。

It did pull forward a bit of revenue into Q2.

它確實將一些收入推向了第二季度。

And so it will be a bit of a drag on Q3, which is taken into account in the guide.

因此，這將對第三季度產生一點拖累，這在指南中已被考慮在內。

But, I would reiterate, the biggest driver of the transactional performance this quarter was really the value prop people saw.

但是，我要重申，本季度交易表現的最大推動力實際上是人們看到的價值支撐。

Excellent.

出色的。

Thank you so much.

太感謝了。

I appreciate it.

我很感激。

Thank you, Mark.

謝謝你，馬克。

We'll take the next question, please.

請我們回答下一個問題。

Walter Pritchard, Citi.

花旗銀行的沃爾特·普里查德。

Hi.

你好。

Thanks, Amy.

謝謝，艾米。

I'm wondering if you could talk about -- we're still seeing the majority, or really all the growth, in operating profits come from MPC in the year-over-year basis.

我想知道您是否可以談論-我們仍然看到營業利潤的大部分或所有增長都來自MPC。

And I'm wondering how we should think about the factors impacting and the timing in the handoff of profit growth from MPC to IC and PBP?

我想知道我們應該如何考慮影響因素以及將利潤增長從 MPC 轉移到 IC 和 PBP 的時間？

Is that something that you expect?

這是你所期望的嗎？

What are the factors and timing there?

那裡的因素和時機是什麼？

Right.

正確的。

I would say, actually, we've also seen some operating income growth in our PBP segment this quarter, up in constant currency to 7% before LinkedIn.

我想說的是，實際上，我們在本季度的 PBP 部門也看到了一些營業收入增長，在 LinkedIn 之前以固定貨幣計算增長到 7%。

I do want to say some of that impact is absolutely landing, as well as growth.

我確實想說，其中一些影響絕對是著陸，以及增長。

But, the heart of your question is really about the MPC transition in IC.

但是，您問題的核心實際上是關於 IC 中的 MPC 轉換。

The way I think about it, we really -- Satya and I and the leadership team decided, gosh, about 18 months ago -- it's been a little longer than that now -- to over-index on investing, because the TM we saw in the intelligent cloud.

就我的想法而言，我們真的——Satya 和我以及領導團隊決定，天哪，大約 18 個月前——比現在長一點——對投資進行過度指數化，因為我們看到的 TM在智能雲中。

We increased hiring, and we invested in direct customer acquisition costs, and we invested in many of the things Satya just talked about in terms of technical capabilities in our sales force.

我們增加了招聘，我們投資了直接的客戶獲取成本，我們投資了 Satya 剛才談到的銷售人員技術能力方面的許多事情。

We're starting to see the benefit of that already in our top line numbers.

我們已經開始在我們的頂級數字中看到它的好處。

That 12% or 14% in the server product and services KPI is a very good number.

服務器產品和服務 KPI 中的 12% 或 14% 是一個非常好的數字。

And I continue to expect that we'll see growth in revenue as those resources both get hired, and get up to speed, and add value at accounts.

我繼續預計，隨著這些資源被雇用、跟上步伐並為客戶增加價值，我們將看到收入的增長。

A lot of that account value, frankly, Walter, today is coming in the form of consumed revenue.

坦率地說，沃爾特，很多賬戶價值今天都以消費收入的形式出現。

Consumed revenue is actually a great leading indicator for what we expect our Azure growth going forward to be.

消費收入實際上是我們預期 Azure 未來增長的一個很好的領先指標。

And so some of the confidence that we have in the transition of that investment in operating expense and to even more revenue growth comes from seeing the consumed revenue trend that we're seeing today, as well as the pipeline of projects and customers that we have.

因此，我們對將運營費用投資轉變為更多收入增長的信心來自於看到我們今天看到的消費收入趨勢，以及我們擁有的項目和客戶管道.

I do think about that being an 18-month investment we've been making.

我確實認為這是我們一直在進行的一項為期 18 個月的投資。

It's starting to pivot to consumed.

它開始轉向消費。

It will then land as billings, and ultimately in RP&L as GAAP revenue in quarter off the balance sheet.

然後它將作為帳單登陸，並最終在 RP&L 中作為資產負債表外季度的 GAAP 收入。

But I think you're right.

但我認為你是對的。

We have been working, and continuing to reinvest and save through the year as we look to get everything here more efficient.

我們一直在努力，並繼續在這一年裡進行再投資和儲蓄，因為我們希望讓這裡的一切變得更有效率。

People often think we focus on cut here or add here.

人們通常認為我們專注於此處的剪切或添加的此處。

It's also about -- are we putting every dollar most efficiently to help customers be successful?

這也是關於 - 我們是否最有效地投入每一美元來幫助客戶取得成功？

And I think that's a lot about what you heard Satya talk about the sales transition we're going through.

我認為這就是你聽到 Satya 談論我們正在經歷的銷售轉型的很多內容。

Whether it's how we build products, and so I actually am confident you will start to see that transition land.

無論是我們如何構建產品，所以我相信你會開始看到過渡的土地。

And I think Amy described it well in answering the very specific technical question of segment reporting and the margins in it.

我認為艾米在回答細分報告的非常具體的技術問題和其中的利潤時很好地描述了它。

But architecturally, some of the examples are used are about the digital estate that actually doesn't start with Azure.

但在架構上，使用的一些示例是關於實際上並非從 Azure 開始的數字資產。

In many cases, it starts with advanced [set] protection of Windows 10 estate, and then how does that relate to Office 365?

在許多情況下，它從 Windows 10 資產的高級 [設置] 保護開始，然後這與 Office 365 有何關係？

How does that relate to Azure Active Directory?

這與 Azure Active Directory 有何關係？

And then the workloads that they may want to put, which are T01 workloads in Azure.

然後是他們可能想要放置的工作負載，即 Azure 中的 T01 工作負載。

It's very similar to what happened even in the client/server era, but of course, the starting points and how this progresses is very different.

這與甚至在客戶端/服務器時代發生的情況非常相似，但當然，起點和進展方式非常不同。

So we always think at least of the technical architecture that makes us unique in differentiated spanning all of it.

因此，我們總是至少考慮使我們在差異化方面與眾不同的技術架構。

So I don't think of it as margin shifts across the segments, and that's why we think of all of this as one digital estate, at least from a customer end perspective.

所以我不認為它是跨領域的利潤轉移，這就是為什麼我們認為所有這些都是一個數字資產，至少從客戶端的角度來看是這樣。

Thank you.

謝謝你。

Thanks, Walter.

謝謝，沃爾特。

We'll go to the next question, please.

請我們進入下一個問題。

Thank you.

謝謝你。

Mark Murphy, JPMorgan.

馬克·墨菲，摩根大通。

Yes.

是的。

Thank you.

謝謝你。

Satya.

薩提亞。

I'm wondering what you think would be required to extend the hyper growth trajectory for Azure into the future.

我想知道您認為將 Azure 的超增長軌跡擴展到未來需要什麼。

For example, are there incremental waves of activity on the horizon that you would tie to Tier 1 workloads, or large data center migrations, or serverless usage which would enable that?

例如，是否會出現與第 1 層工作負載、大型數據中心遷移或無服務器使用相關的增量活動浪潮，從而實現這一點？

And separate from that, Amy, I'm curious just philosophically, how do you plan to handle price cuts for compute and storage when they occur?

除此之外，艾米，我只是在哲學上很好奇，當計算和存儲出現降價時，你打算如何處理？

Do you think you're better off matching them, exceeding them?

你認為你最好匹配它們，超過它們嗎？

Or does it make sense, perhaps, warranting a Premium in many cases due to the differentiated IP that you have up the stack?

或者，由於您在堆棧中擁有的差異化 IP，在許多情況下保證溢價是否有意義？

Let me start.

讓我開始吧。

Overall, I think some of the trends that you've referenced, whether it is Tier 1 workloads, or serverless, or even complete data center migrations, all of that is happening.

總的來說，我認為您提到的一些趨勢，無論是第 1 層工作負載，還是無服務器，甚至是完整的數據中心遷移，所有這些都在發生。

And even the customer examples I gave, they were littered with example after example.

甚至我給出的客戶示例，也充斥著一個又一個示例。

For example, in [finsa], some very Tier 1 trading applications now using some of our capabilities in service fabric, which is really a past service, which allows you to manage microservices with low latency and high scale.

例如，在 [finsa] 中，一些非常 1 級的交易應用程序現在使用我們在服務結構中的一些功能，這實際上是一種過去的服務，它允許您以低延遲和高規模管理微服務。

That's a place where we're seeing, in fact, activity, whether it is game development or trading applications.

事實上，這是我們看到活動的地方，無論是遊戲開發還是交易應用程序。

We're seeing even interesting use cases of Azure Functions, which is completely serverless.

我們甚至看到了 Azure Functions 的有趣用例，它完全是無服務器的。

In fact, you can even think of it as a price cut for anybody who cares about using consum -- being very, very smart about cloud consumption going serverless is something that we, in fact, advocate.

實際上，您甚至可以將其視為任何關心使用消費的人的降價 - 非常非常聰明地考慮到無服務器的雲消費是我們實際上所提倡的。

Across the board, I feel we have the right mix of IaaS, PaaS, SaaS, and full user SaaS services, like Azure Active Directory, which gives us the right mix to be able to even have the right margins long-term.

總體而言，我認為我們擁有 IaaS、PaaS、SaaS 和完整用戶 SaaS 服務（如 Azure Active Directory）的正確組合，這為我們提供了正確的組合，甚至能夠長期保持適當的利潤。

We're not concentrated in any one layer of the stack, which is something we do by design.

我們並不專注於堆棧的任何一層，這是我們設計的。

Because our vision has always been that we want to, of course, offer all of these layers, and customers will choose, depending on their needs and their scenarios.

因為我們的願景一直是，當然，我們希望提供所有這些層，客戶會根據他們的需求和場景進行選擇。

And we're now seeing even a single customer estate spanning all of these.

我們現在甚至看到一個客戶資產涵蓋所有這些。

And, Mark, I'm not sure I want to get into our pricing theory on the call on a go-forward basis in terms of whether or not we match competitors.

而且，馬克，我不確定我是否想在電話會議上討論我們是否與競爭對手相匹配的定價理論。

But what I would say, is really fundamentally related to Satya's point around differentiation of the entire stack and what customers are doing in their digital estate.

但我要說的是，與 Satya 關於整個堆棧的差異化以及客戶在其數字資產中所做的事情的觀點有著根本的關係。

And the ability to earn margin through that is actually more impactful than whether or not you match pricing at the core.

通過這種方式賺取利潤的能力實際上比你是否匹配核心定價更具影響力。

Thank you, Mark.

謝謝你，馬克。

We'll take the next question, please.

請我們回答下一個問題。

Thank you.

謝謝你。

Kash Rangan, BofA Merrill Lynch.

Kash Rangan，美國銀行美林證券。

Hi.

你好。

Congrats on finishing up a great quarter, as well.

也恭喜你完成了一個偉大的季度。

One for you, Amy, one for you, Satya.

一份給你，艾米，一份給你，薩蒂亞。

One, Amy, when I look at your comments on gross margin, clearly you're not in a position to break out Azure-only gross margin.

一，艾米，當我看到你對毛利率的評論時，很明顯你無法突破僅 Azure 的毛利率。

But I'm wondering if you could take -- come past your commercial cloud targets were about $20 billion.

但我想知道你是否可以接受——超過你的商業雲目標大約 200 億美元。

So if I take what I believe could be a rough split between Azure versus the SaaS segment and look at the best (abrate) companies, I could get to about 70%, 75% gross margin when you hit your targets.

因此，如果我認為 Azure 與 SaaS 細分市場之間的粗略劃分，並看看最好的 (abrate) 公司，當你達到目標時，我可以達到大約 70% 到 75% 的毛利率。

Curious what you think about that.

好奇你對此有何看法。

Is that too aggressive, or within the ballpark?

這是否過於激進，還是在球場內？

And for you, Satya, as cloud computing moves to the enterprise, there's some belief among investors that AWS is going to be a big, strong competitor in the enterprise, so just typically not the stronghold for them.

Satya 對你來說，隨著雲計算進入企業，投資者相信 AWS 將成為企業中一個強大的競爭對手，因此通常不是他們的據點。

How do we think of Microsoft's enduring strength in the enterprise?

我們如何看待微軟在企業中的持久實力？

And how confident can we be that you should be able to capture your fair share of enterprise workloads as they move to the cloud?

當企業工作負載遷移到雲時，我們對您應該能夠獲得公平份額的企業工作負載有多大信心？

Thank you.

謝謝你。

Let me start with the second part, and then you can add.

讓我從第二部分開始，然後你可以添加。

Kash, the way I think about it is, even in the client server era, we had tough competition.

Kash，我的想法是，即使在客戶端服務器時代，我們也有激烈的競爭。

We had Oracle, we had VMware, and we had many other players we competed with and I grew up competing with.

我們有甲骨文，我們有 VMware，我們還有很多其他的競爭對手，我和我一起長大。

And we now have AWS, who I think is going to be a credible competitor.

我們現在擁有 AWS，我認為它會成為一個可靠的競爭對手。

So I feel that, as I said, we have a cloud strategy that is not just about infrastructure.

所以我覺得，正如我所說，我們有一個不僅僅是基礎設施的雲戰略。

It is about really SaaS and infrastructure.

它是關於真正的 SaaS 和基礎設施。

We want to uniquely think about what are the things that we can do to differentiate and add value to our customers' digital estate in the cloud in that context.

我們想以獨特的方式思考在這種情況下，我們可以做些什麼來區分和增加客戶在雲中的數字資產的價值。

And that's where, if you will, our fair share will come from -- by competing hard where we have to, but also mostly thinking about differentiation.

這就是，如果你願意的話，我們的公平份額將來自 - 通過我們必須努力競爭，但也主要考慮差異化。

And in terms of, is there a long-term gross margin cloud number that is industry-leading, I think right now there's a benchmark in the SaaS community that's probably around the number you talked about in terms of more SaaS applications.

就雲計算的長期毛利率而言，是否存在行業領先的數字，我認為現在 SaaS 社區中有一個基準，可能與您談到的更多 SaaS 應用程序的數字差不多。

And then as you go down through the layers from PaaS to IaaS, that margin declines, obviously, much as it did when that was run as a hardware solution.

然後，當您從 PaaS 到 IaaS 的各個層級向下走時，該利潤顯然會下降，就像它作為硬件解決方案運行時一樣。

The margins were not as high, either.

利潤率也不高。

I do think it will be a blend of those, but certainly at the SaaS end, I understand where you get that benchmark from.

我確實認為這將是這些的混合，但肯定在 SaaS 端，我了解您從哪裡獲得該基準。

Great.

偉大的。

Thank you Kash.

謝謝卡什。

We will take the next question, please.

請回答下一個問題。

Thank you.

謝謝你。

Phillip Winslow, Wells Fargo Securities.

富國銀行證券的菲利普·溫斯洛。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to focus back in on Office 365 on the commercial front.

我只是想重新專注於商業方面的 Office 365。

You have another strong quarter of revenue growth, obviously at 49% constant currency, but it continues to meaningfully outpace the seat growth, which is still strong, but 37%.

你有另一個強勁的季度收入增長，顯然是 49% 的固定貨幣，但它繼續顯著超過座位增長，仍然強勁，但 37%。

That commentary that you all are giving about premium mix in the past -- two questions here.

你們過去對溢價組合的評論——這裡有兩個問題。

First, to Satya, when you think about where we are in the progression -- call it up to E5, so to speak, or E3.

首先，對於 Satya，當您考慮我們在進展中的位置時 - 可以稱之為 E5 或 E3。

How do you think this plays out?

你認為這會如何發展？

And how do you think about the mix of unit growth versus that premium mix and translating it to revenue?

您如何看待單位增長與溢價組合的組合併將其轉化為收入？

And then to Amy, I'd argue that maybe we've done the low margin, or low gross margin parts of the Office 365 transition.

然後對於 Amy，我認為也許我們已經完成了 Office 365 過渡的低利潤或低毛利率部分。

And now as this mix goes up, you're actually not just increasing revenue, but the margin is better, too.

現在隨著這種組合的增加，您實際上不僅在增加收入，而且利潤率也更好。

Is that fair?

這公平嗎？

And then, how do you tie that back to your commercial cloud gross margin expectations long term?

然後，您如何將其與您的商業雲長期毛利率預期聯繫起來？

Yes, I can start.

是的，我可以開始了。

On the product side, we think of actually three things which we're trying to do on a continuous basis in Office 365.

在產品方面，我們實際上想到了在 Office 365 中不斷嘗試做的三件事。

First, even for the customers already in Office 365 at any given licensing level, we focus quite a bit on their increased usage and intensity.

首先，即使對於任何給定許可級別已經使用 Office 365 的客戶，我們也非常關注他們增加的使用量和強度。

So, for example, one of the comments I made in my remarks was, for example SharePoint with PowerApps and Flow.

因此，例如，我在評論中發表的評論之一是，例如 SharePoint 與 PowerApps 和 Flow。

That's, to us, the best way for us to keep having that recurring value.

對我們來說，這是保持這種經常性價值的最佳方式。

And so we focus quite a bit on adding additional value, even to the existing licensing levels and increasing intensity of usage.

因此，我們非常關注增加附加值，甚至是現有許可級別和增加使用強度。

Then, things like, what we're doing to even go to non-knowledge workers, audiences in retail or manufacturing, with some of the things that we're doing with staff scheduling, for example.

然後，我們正在做的事情甚至是針對非知識工人、零售或製造業的觀眾，例如我們在員工調度方面所做的一些事情。

That's a way to expand seats, even beyond what is the traditional knowledge worker.

這是擴大席位的一種方式，甚至超出了傳統知識工作者的範圍。

Of course, we have a significant more opportunity in small- and medium-sized businesses, although we have good, healthy growth there.

當然，我們在中小型企業有更多的機會，儘管我們在那裡有良好、健康的增長。

I think seat growth will come, more from material increases internationally, as well as with some of the regulated segments of the market finally moving to the cloud.

我認為座位的增長將更多地來自國際上的物質增長，以及一些受監管的市場部分最終轉向雲端。

Those are all opportunities ahead.

這些都是未來的機會。

And then the last one, of course, is these new value in things like E5 with voice or analytics and security.

當然，最後一個是 E5 等具有語音或分析和安全性的新價值。

So all those three dimensions, there will be variability quarter to quarter in terms of what is happening, but in terms of our investments in the core product value, they are actually happening on all those three.

因此，所有這三個維度，每個季度都會發生變化，但就我們對核心產品價值的投資而言，它們實際上都發生在所有這三個維度上。

And to your point on where we are and what's driving that delta and its consistency, frankly over time.

坦率地說，隨著時間的推移，我們所處的位置以及驅動該增量及其一致性的因素是什麼。

Actually, still, the biggest impact is from the transition to E3.

實際上，最大的影響還是來自向 E3 的過渡。

The transitions take time.

過渡需要時間。

You're just starting to see some of the impact from E5.

您剛剛開始看到 E5 的一些影響。

We're excited about all the customers in trial and already starting to use the value, whether it's security, increasingly analytics, and ultimately voice.

我們對所有處於試用期並已經開始使用價值的客戶感到興奮，無論是安全性、越來越多的分析，還是最終的語音。

But really, from an ARPU perspective, the biggest driver continues to be the transition to E3.

但實際上，從 ARPU 的角度來看，最大的驅動力仍然是向 E3 的過渡。

Then that leads to your question on, do you continue to believe there is some margin expansion possible as you add newer and higher value workloads?

那麼這就引出了您的問題，您是否繼續相信隨著您添加更新和更高價值的工作負載，可能會擴大利潤？

And of course, the answer to that is we do believe that.

當然，答案是我們確實相信這一點。

But it certainly comes over a period of time and runs through our annuity base over that pace.

但它肯定會在一段時間內出現，並以這種速度貫穿我們的年金基礎。

Great.

偉大的。

Thank you, Phil.

謝謝你，菲爾。

We will take the next question, please.

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。

Thanks so much, and congratulations from me, as well.

非常感謝，我也祝賀你。

Two questions.

兩個問題。

One for Amy first.

先給艾米一個。

When we look at CapEx, it actually declines year over year ex capital leases, but even with capital leases, the growth rate decelerated.

當我們查看資本支出時，它實際上逐年下降，不包括資本租賃，但即使有資本租賃，增長率也有所放緩。

And for the full year, it's obviously a pretty wide range, roughly 0% to 40% growth.

而對於全年來說，這顯然是一個相當大的範圍，大約 0% 到 40% 的增長。

I'm just curious, Amy, with LinkedIn, have you made any changes to your CapEx assumptions for core Microsoft?

我只是好奇，Amy，LinkedIn，你對核心微軟的資本支出假設有什麼改變嗎？

I guess I'm pointing to the fact that it did seem to decelerate quite a lot this quarter.

我想我指的是本季度它似乎確實減速了很多。

I wondered if there is any additional color you could frame around growth rate for all-up Cap-Ex plus capital leases.

我想知道是否有任何其他顏色可以圍繞全部資本支出加資本租賃的增長率。

Thanks.

謝謝。

Sure.

當然。

Let me first comment on that I've said it will be lower than it was previously.

讓我先評論一下，我說過它會比以前低。

I certainly would help you in that number and say a little lower.

我當然會在這個數字上幫助你，並且說得低一點。

Just so that you're getting into something closer -- I realize 0% to 40% is not as helpful.

只是為了讓你更接近一些東西——我意識到 0% 到 40% 並沒有那麼有幫助。

I would also say that it does tend to be lumpy, and it's why I don't give very specific guidance every single quarter.

我還要說它確實往往是不穩定的，這就是為什麼我沒有在每個季度都給出非常具體的指導。

And it was not at all impacted by LinkedIn.

而且它根本沒有受到 LinkedIn 的影響。

Our real goal for LinkedIn is over time, of course, I'm sure they'll want to take advantage as we build new services together of some of our infrastructure assets.

我們對 LinkedIn 的真正目標是隨著時間的推移，當然，我相信他們會希望利用我們的一些基礎設施資產一起構建新服務。

But in the short term, the most important thing, is they continue to add value and usage and great experience for their members.

但在短期內，最重要的是他們繼續為會員增加價值和使用以及豐富的體驗。

I have really no intention of messing with that in terms of capital expenditures in the short -- next six months, for sure.

我真的無意在短期內（當然是接下來的六個月）的資本支出方面搞砸。

I think what you're seeing in terms of year-over-year and what does it mean for next year, this next quarter, it will be a sequential increase.

我認為您所看到的同比情況以及對明年和下個季度意味著什麼，這將是連續增長。

But again, it is a bit lumpy.

但同樣，它有點凹凸不平。

Okay.

好的。

Thank you, Ross.

謝謝你，羅斯。

We will have time for one more question, please, operator.

接線員，我們將有時間再回答一個問題。

Thank you.

謝謝你。

Raimo Lenschow, Barclays Capital.

Raimo Lenschow，巴克萊資本。

Thanks for squeezing me in, and congratulations, as well.

謝謝你把我擠進去，也恭喜你。

I wanted to ask on Windows 10 -- Satya, you talked about at the beginning of that [cast] is trying to adopt it.

我想問一下關於 Windows 10 的問題——Satya，你在開頭提到的那個 [演員] 正試圖採用它。

And you mentioned pretty large ones already.

你已經提到了相當大的。

Can you talk a little bit about that cycle and how you seeing that's unfolding?

你能談談那個週期以及你如何看待它的發展嗎？

And what the customer feedback is in terms of their intention to adopt it now versus waiting for little bit?

就他們現在採用它而不是等待一點點而言，客戶反饋是什麼？

Thank you.

謝謝你。

Yes, I think the overall adoption cycle of Windows 10 in the enterprise is perhaps the best that we've seen in the enterprise for any new release of Windows.

是的，我認為 Windows 10 在企業中的整體採用周期可能是我們在企業中看到的任何新版本 Windows 中最好的。

And primarily driven by security and manageability of the new Windows and that's what has been the driver.

主要由新 Windows 的安全性和可管理性驅動，這就是驅動因素。

But in addition to that, I must say there are two other things that are increasingly becoming fairly relevant in the adoption cycle, which is moving to both Office 365 and Windows 10 and getting essentially to this new frontier for productivity, which is an always up-to-date operating system, which is secure, and an always up-to-date office experience that is a fast service.

但除此之外，我必須說，在採用周期中，還有兩件事變得越來越相關，即同時轉向 Office 365 和 Windows 10，並從本質上進入生產力的新前沿，這是一個永遠向上的- 安全的最新操作系統，以及始終保持最新的辦公體驗，即快速服務。

We are increasingly seeing that resonate, not just in small business and high tech industry, as it has been in the past, but now even in the regulated parts of the enterprise.

我們越來越多地看到這種共鳴，不僅在小企業和高科技行業中，就像過去一樣，現在甚至在企業的受監管部分。

So we are very excited about that.

所以我們對此感到非常興奮。

The other piece also that's driving is hardware innovation by the entire ecosystem.

另一個推動因素是整個生態系統的硬件創新。

In fact, the work that we did with the Surface line has really stimulated the entire ecosystem to do some of the best innovative work.

事實上，我們對 Surface 系列所做的工作確實刺激了整個生態系統做一些最好的創新工作。

And you saw that, even as [TES].

你看到了，即使是 [TES]。

And the enterprise adoption of these new devices is also driving the overall excitement around Windows 10 and Windows 10 innovation.

這些新設備的企業採用也推動了 Windows 10 和 Windows 10 創新的整體興奮。

Correct.

正確的。

Thank you.

謝謝你。

Thank you, Raimo.

謝謝你，雷莫。

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

今天財報電話會議的問答部分到此結束。

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

我們期待在未來幾個月在各種投資者會議上見到你們中的許多人。

For those unable to attend in person, the events will be webcast, and you can follow our comments on the Microsoft Investor Relations website.

對於那些無法親自參加的活動，活動將進行網絡直播，您可以在 Microsoft 投資者關係網站上關注我們的評論。

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

如果您需要任何其他詳細信息，請與我們聯繫，感謝您今天加入我們。

Thank you all.

謝謝你們。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。