微軟 (MSFT) 2017 Q2 法說會逐字稿

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

歡迎參加微軟公司2017財年第二季財報電話會議。

(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，本次會議正在錄影。我謹將電話轉交給投資人關係總經理 Chris Suh。克里斯，請繼續。

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

謝謝接線生。下午好，感謝各位今天蒞臨。

On the call with me today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel and Corporate Secretary. On our website, Microsoft.com/Investor, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures.

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

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

微軟已於本季完成對 LinkedIn 的收購，並將於 2016 年 12 月 8 日開始公佈其生產力和業務流程部門的業績。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. Our press release and slide deck contain supplemental information regarding the impact of LinkedIn on our financial results.

此外，我們僅針對第二季度提供非GAAP業績（不包括LinkedIn），以幫助投資者將我們的業績與先前提供的季度業績指引進行比較。我們的新聞稿和幻燈片包含有關 LinkedIn 對我們財務表現影響的補充資訊。

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

除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列入這些項目是為了補充說明，幫助投資人進一步了解公司第二季的業績，以及這些項目和事件對財務表現的影響。

Additionally, any mention of operating 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. 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.

此外，任何提及的營運費用均指我們在 10-Q 表格腳註中定義的業務部門營運費用，其中包括研發、銷售和行銷以及一般管理費用，但不包括整合和重組費用的影響。除非另有說明，我們今天在電話會議上所做的所有成長比較均與去年同期相關。我們也會提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。

We will post our prepared remarks to our website immediately following today's 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 January 26, 2018.

在今天的電話會議結束後，我們將立即在網站上發布我們準備好的發言稿，直到完整的會議記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將出現在我們的直播文字稿中，並用於錄音的任何後續用途。您可以在 2018 年 1 月 26 日之前在微軟投資者關係網站上重播此電話會議並查看會議記錄。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and 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、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。

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. We do not undertake any duty to update any forward-looking statement. And with that, I'll turn the call over to Satya.

實際結果可能與預期有重大差異，原因包括今天發布的獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中風險因素部分所討論的因素。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

Thank you, Chris, and thanks to everyone on the phone for joining. Today I'll share the results for the second quarter and discuss what's ahead.

謝謝你，克里斯，也謝謝所有電話參與的朋友。今天我將分享第二季的業績，並討論未來的計畫。

We had a solid quarter overall, delivering $26.1 billion in revenue, up 4% in constant currency. More importantly, we're making progress by innovating in new areas, growing our addressable market opportunity, and transforming our culture.

本季整體表現穩健，營收達 261 億美元，以固定匯率計算成長 4%。更重要的是，我們透過在新領域進行創新、擴大潛在市場機會和轉變企業文化來取得進步。

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. Everyone I meet is talking about building their own digital capability to transform their product, service and business model. They're looking to Microsoft for security, productivity, business process, cloud and AI platforms to help drive their own transformation.

無論我走到哪裡，無論是與國家元首、非政府組織還是執行長交談，共同的主題都是數位科技具有變革力量，可以釋放新的機會。我遇到的每個人都在談論如何建立自己的數位化能力，以轉變他們的產品、服務和商業模式。他們希望藉助微軟的安全、生產力、業務流程、雲端和人工智慧平台來推動自身的轉型。

In this last quarter we have continued to build momentum across all of these areas, and in particular AI. 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. With that as the backdrop, I will turn to progress we've made this quarter by segment, starting with Productivity and Business Process.

在過去的一個季度裡，我們在所有這些領域，特別是人工智慧領域，都繼續保持發展勢頭。就在本月，我們收購了人工智慧深度學習新創公司 Maluuba，該公司在自然語言處理領域的工作將有助於推動我們實現人工智慧普及化的策略。在此背景下，我將按部門介紹我們本季的進展，首先是生產力和業務流程。

Office 365 commercial seats grew 37% year over year, and revenue is up 49% in constant currency. We're changing the nature of work with Office as the universal toolkit to help people and teams accomplish more together.

Office 365 商業席位較去年同期成長 37%，以固定匯率計算，營收成長 49%。我們正在改變工作的性質，將 Office 作為通用工具包，幫助個人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. 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. 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. 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.

為此，本季度我們推出了 Microsoft Teams，這是我們面向 Office 365 的全新基於聊天的辦公空間。它將 Office 365 的全部功能和深度整合在一起，並連接到第三方服務，所有這些都集中在安全的團隊協作中心。由於與 Office 平台其他部分的深度集成，我們看到現有 Office 365 客戶對預覽版的需求非常強勁。同時，尚未採用 Office 365 的客戶對這項新工作感到興奮——他們希望將 Teams 視為潛在的第一個雲端工作負載。

In addition to collaboration, our innovation in security and compliance continues to drive customer preference for Office 365. This quarter we added new capabilities to give IT better ways to help the user safely connect to the third-party applications. 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.

除了協作之外，我們在安全性和合規性方面的創新也持續推動客戶對 Office 365 的偏好。本季我們新增了多項功能，以便 IT 部門能夠更好地幫助使用者安全地連接到第三方應用程式。在合規方面，新的電子發現功能使組織能夠更輕鬆、更快速地找到和分析與法律和監管要求相關的資訊。

Customers also find value in the integration of SharePoint with PowerApps and Microsoft Flow to quickly and easily build mobile apps and automate workflows. In fact, just eight weeks after availability, we have seen more than 0.5 million people use PowerApps for Flow.

客戶還發現，將 SharePoint 與 PowerApps 和 Microsoft Flow 集成，可以快速輕鬆地建立行動應用程式並實現工作流程自動化，這很有價值。事實上，PowerApps for Flow 上線僅八週，我們就看到超過 50 萬人開始使用它。

This combination of productivity, security, and agility is incredibly valuable to customers, particularly in sectors like financial services and healthcare. 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. And AstraZeneca recently upgraded Office 365 E5 for its advanced voice capabilities.

生產力、安全性和靈活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行業。以全球金融服務公司 Willis Towers Watson 為例，該公司選擇了我們的高級企業產品，包括 Office 365 E5；全球財富 500 強企業；TD 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。阿斯特捷利康最近升級了 Office 365 E5，以增強其語音功能。

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

我們也在資訊工作者之外拓展成長機會，為零售、餐飲、旅館和製造業員工打造生產力解決方案，這些員工歷來都未獲得技術提供者的充分服務。Microsoft StaffHub 是 Office 365 中的一款新應用程序，為所有這些一線工作人員提供輪班安排、訊息傳遞和共享功能。

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

現在讓我來談談我們在這個領域第二個目標：重塑業務流程。我們於 12 月完成了對 LinkedIn 的收購，這標誌著我們將全球專業雲端平台與全球領先的專業社交網路相結合的旅程正式開始。

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不斷創新，為 LinkedIn 會員創造價值，並提高他們的日常參與。 LinkedIn 商業解決方案更高的市場銷售和學習能力代表著微軟更大的市場機遇，我們計劃認真掌握這一機遇，始終秉持會員至上的理念和重點。

We are seeing good results with the core experience, with our revamped mobile app driving significant engagement growth in 2016. This quarter, the sessions on LinkedIn grew more than 20% year over year, a consistent level of growth throughout 2016. 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.

我們看到核心體驗取得了良好的效果，我們改進後的行動應用程式在 2016 年推動了用戶參與度的顯著成長。本季度，LinkedIn 上的會話量年增超過 20%，與 2016 年全年維持的成長水準相當。我們也實現了行動頁面瀏覽量和資訊流互動量的歷史新高，為 LinkedIn 的行銷解決方案（包括快速成長的贊助更新）奠定了良好的基礎。

We also saw members engage with LinkedIn's hiring products at record levels as part of Talent Solutions. And LinkedIn's Sales Solutions have also seen rapid growth, Sales Navigator seats up more than 20% year over year during the quarter. 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.

我們也看到，作為人才解決方案的一部分，會員們對 LinkedIn 招募產品的參與度達到了創紀錄的水平。LinkedIn 的銷售解決方案也實現了快速成長，Sales Navigator 在本季同比成長超過 20%。Sales Navigator 在多個 CRM 平台上的成功使其成為每個 B2B 銷售人員的必備工具，而我們首批整合方案之一將是透過 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. 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.

LinkedIn 商業解決方案與 Dynamics 365 的結合，使我們擁有了更全面的商業 SaaS 解決方案組合，並鞏固了我們在這個不斷成長且競爭激烈的市場中的地位。本季 Dynamics 365 付費席次數量再次翻了一番多，越來越多的新企業客戶選擇我們的雲端解決方案，其中超過 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. Amway is using Dynamics 365 to modernize and empower their entrepreneurial sales force around the globe.

DefenseReady 使用 Dynamics 為軍事領導人提供其組織的 360 度視圖，以便快速就能力、計劃和行動做出明智的決策。安麗正在使用 Dynamics 365 來提升其全球銷售團隊的現代化水平並增強其銷售能力。

Now let's talk about the progress we are making in our Intelligent Cloud Segment. Our commercial cloud annualized revenue run rate now exceeds $14 billion, and we're on track to achieve our $20 billion in FY18.

現在我們來談談我們在智慧雲領域的進展。我們商業雲端的年化營收運行率現已超過 140 億美元，我們預計在 2018 財年實現 200 億美元的目標。

Customers choose the Microsoft Cloud of the following reasons. They want a trusted, global, hyperscale cloud provider that meets enterprise-grade needs. They want hybrid support that is architected into the hyperscale service, as well is the cloud servers. They want higher-level services to help build their own digital capability across IoT, enterprise, app-to-app, advanced analytics and AI capability.

客戶選擇微軟雲端的原因如下。他們需要一家值得信賴的、全球化的、超大規模的雲端服務供應商，以滿足企業級需求。他們希望超大規模服務和雲端伺服器都能提供混合支援架構。他們希望獲得更高層級的服務，以幫助他們在物聯網、企業、應用間通訊、進階分析和人工智慧等領域建立自身的數位化能力。

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

此外，最重要的是，資訊長、首席安全長、業務發展經理和開發人員都看到了整個數位資產（包括 Windows 10、雲端和安全管理、Office 365、Dynamics 365、企業行動性和 Azure）的營運一致性、生產力和安全性帶來的好處。瑪氏公司就是一個典型的例子，這家市值 350 億美元、擁有 60 個品牌的企業。

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

身為 Office 365 的早期採用者，瑪氏公司正在使用 Office 和 Windows 10 來改變其遍布全球的 8 萬名員工的協作方式，同時確保安全。最近，他們開始在 Azure 上執行關鍵任務工作負載，還有數百個工作負載正在開發中，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. Across industries we continue to see strong customer demand for our differentiated Cloud Solutions.

美國最大的卡車運輸公司之一 Swift Transportation 正在使用 Office 365 和 Skype 為近 20,000 名司機實現工作數位化，並使用 Azure 來利用其配備感測器的卡車的數據，以優化司機的生產力和安全性。各行各業都持續看到客戶對我們差異化雲端解決方案的強勁需求。

Azure revenue grew 95% in constant currency this quarter. Azure premium revenue grew triple digits for the 10th consecutive quarter, and more than three out of four Azure customers are using Premium Services.

本季 Azure 營收以固定匯率計算成長了 95%。Azure 高階版營收連續第十個季度實現三位數成長，超過四分之三的 Azure 客戶正在使用高階服務。

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

我們也引領下一代程式設計模型和開發者服務創新，透過對話機器人、微服務和事件驅動的無伺服器運算，幫助企業快速獲得雲端基礎設施帶來的好處。我們的機器人框架已被超過 77,000 名開發人員用於執行從電子商務到客戶服務的各種任務。Azure Functions 正在幫助 AccuWeather 和 [Plexture] 等公司快速輕鬆地實現業務關鍵型、事件驅動的無伺服器流程，從遊戲開發人員到金融服務公司，每個人都在使用 Azure Service Fabric 來實現其低延遲、高擴展性的微服務應用程式。

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

我們也在快速擴展我們在 Azure 中的資料和人工智慧功能組合。認知服務現已與 Azure 資料湖深度集成，使客戶能夠利用業界領先的 AI 功能輕鬆地以 TB 級規模分析圖像、文字、情緒、語音和情緒。為了滿足任何平台上任何開發者的需求，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，以加速實現我們的願景。

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. 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.

在我們的雲端邊緣，Windows Server 2016 和 SQL Server 2016 為企業提供 Azure 風格的擴充性和創新性，以實現安全的基礎架構和雲端應用程式。客戶已部署超過 100 萬個 Windows Server 2016 實例，而新的 SQL Server 在第二季度推動開發人員下載量比第一季成長了 5 倍。

Now I'll turn to our progress in more personal computing. This quarter we saw growth across Windows broadly. First, Windows 10 commercial customers are rapidly adopting Windows 10, driven by the need for a secure and trusted platform. In fact, this quarter enterprise and education deployments increased 52%.

現在我將談談我們在個人計算領域的進展。本季我們看到Windows系統整體實現了成長。首先，由於需要安全可靠的平台，Windows 10 商業客戶正快速採用 Windows 10。事實上，本季企業和教育領域的部署量成長了 52%。

Accenture, Broward County School District, UnitedHealthcare Group, are just a few that are choosing Windows 10 as their modern, secure, enterprise-grade platform. These three commercial customers alone have already deployed more than 300,000 seats, with commitments to deploy over 0.5 million.

埃森哲、布勞沃德縣學區、聯合健康集團等眾多公司都選擇 Windows 10 作為其現代化、安全、企業級平台。光是這三家商業客戶就已經部署了超過 30 萬個席位，並承諾部署超過 50 萬個席位。

The consumer PC market is also stabilizing. 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.

消費性個人電腦市場也趨於穩定。為了獲得最佳遊戲體驗，玩家越來越傾向於選擇 Windows 10 高級版 PC，今年他們在 PC 和平板電腦上的遊戲時長已超過 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. Xbox Live monthly active users grew to 55 million this quarter, a new record, with growth across PCs, mobile, as well as the console.

玩家喜歡 Windows 10 電腦的原因之一是，他們可以透過 Xbox Live 連接到自己喜歡的遊戲和社交網路。本季 Xbox Live 月活躍用戶成長至 5,500 萬，創歷史新高，PC、行動裝置和遊戲主機用戶均成長。

Windows 10 Creators update will bring 3-D mixed reality and game broadcasting to all Windows 10 customers. Partners like Dell, HP, Lenovo and Acer are investing to deliver cutting-edge virtual reality experiences for customers using Windows 10 holographic platform. 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.

Windows 10 創意者更新將為所有 Windows 10 用戶帶來 3D 混合實境和遊戲直播功能。戴爾、惠普、聯想和宏碁等合作夥伴正在投資，為使用 Windows 10 全像平台的客戶提供尖端的虛擬實境體驗。我們也正在擴大與晶片製造商英特爾和高通的合作機會，他們致力於打造下一代現代 Windows PC，這些 PC 將具備先進的安全性、連接性、人工智慧和混合實境遊戲功能。

Our services, innovation and user engagement on Windows 10 continues to grow. Users have asked Cortana more than 18 billion questions to date, and we're opening up new addressable markets with Cortana Devices SDK. BMW, Renault, Nissan, HAMANN are all using Cortana to embed voice-activated intelligence into their portfolio of products.

我們在 Windows 10 上的服務、創新和用戶參與度持續成長。迄今為止，用戶已向 Cortana 提出了超過 180 億個問題，我們正在透過 Cortana 設備 SDK 開拓新的目標市場。BMW、雷諾、日產、漢曼等公司都在使用Cortana將語音啟動智慧技術融入他們的產品組合中。

Finally, let's talk about devices. I'm excited about the customer reception to Surface Studio, our latest innovation in Surface line, and a new device category. Overall commercial demand for Surface remained strong, with three consecutive quarters of more than 25% growth. 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.

最後，我們來談談設備。我對 Surface Studio 的用戶反應感到非常興奮，這是我們在 Surface 產品線中的最新創新，也是一個全新的設備類別。Surface 的整體商業需求仍然強勁，連續三個季度成長超過 25%。各行各業的組織都在尋求 Surface 來幫助他們取得更大的成就，例如英國稅務海關總署已向其 25,000 多名員工推廣了 Surface。

We are expanding into new markets with HoloLens. 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.

我們正藉助HoloLens拓展新市場。像蒂森克虜伯電梯這樣的商業客戶正在使用 HoloLens 來提高服務速度，速度比以前快四倍，我們期待在今年上半年將 HoloLens 引入中國市場。

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

隨著使用者接受這些新型電腦和運算體驗，我們正在激發人們對 Windows 10 的熱情，以及它能夠釋放的全新表達方式和遊戲創造力。我為我們本季以及今年上半年的進展感到自豪。

We look to the second half with a clear focus on execution and innovation. We have a significant opportunity this year and beyond for growth across every one of our segments. 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.

展望下半年，我們將重點放在執行和創新上。今年及以後，我們各個業務板塊都擁有巨大的成長機會。我們擁有獨特的優勢，可以建立一種技術，幫助每個人和組織利用人工智慧等新技術，並利用這些技術推動自身的發展和轉型。

Now let me hand it over to Amy to walk through this quarter's results in more detail and share our outlook. And I look forward to rejoining you for questions.

現在，我把麥克風交給艾米，讓她更詳細地介紹本季的業績，並分享我們的展望。我期待著再次與大家見面，回答大家的問題。

Thank you, Satya and good afternoon, everyone. I want to reiterate that my commentary reflects our performance, inclusive of approximately three weeks of LinkedIn results. For this quarter only, I will comment on our results, excluding LinkedIn, for consistency with the guidance provided last quarter. I encourage you to reference our earnings slides for supplemental information.

謝謝你，薩蒂亞，大家下午好。我想重申，我的評論反映了我們的業績，包括大約三週的 LinkedIn 業績。僅就本季業績而言，我將不提及 LinkedIn 的業績，以與上季提供的業績指引保持一致。我建議您參考我們的收益報告投影片以獲取更多資訊。

Our second-quarter revenue was $26.1 billion, up 2% and 4% in constant currency. Gross margin grew 3%, up 5% in constant currency. Operating income grew 5%, or 8% in constant currency. And earnings per share was $0.83, an increase of 9%, and 13% in constant currency.

我們第二季的營收為 261 億美元，以固定匯率計算成長 2%，成長 4%。毛利率成長3%，以固定匯率計算成長5%。營業收入成長5%，以固定匯率計算成長8%。每股收益為 0.83 美元，成長 9%，以固定匯率計算成長 13%。

Excluding LinkedIn, our second-quarter revenue was $25.8 billion, up 1%, and 3% in constant currency. Gross margin increased 3%, and 4% in constant currency. Operating income grew 8%, and 11% in constant currency. And our EPS was $0.84, increasing 11%, and 15% in constant currency.

不計入 LinkedIn，我們第二季的營收為 258 億美元，成長 1%，以固定匯率計算成長 3%。毛利率成長了3%，以固定匯率計算成長了4%。營業收入成長8%，以固定匯率計算成長11%。我們的每股收益為 0.84 美元，成長了 11%，以固定匯率計算成長了 15%。

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

本季度，我們靈活的投資策略和高效的執行力取得了強勁的業績。從地理角度來看，我們的結果與宏觀經濟趨勢基本一致，並且受益於個人電腦市場（尤其是商業領域）的蓬勃發展。

Our commercial cloud services drove our annuity mix up slightly year over year to 84%, even with better-than-expected transactional revenue performance. Commercial bookings increased 7%, or 12% in constant currency. 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.

即使交易收入表現優於預期，我們的商業雲端服務仍推動年金收入比去年同期略微上升至 84%。商業預訂量成長了 7%，以固定匯率計算成長了 12%。商業未實現營收達到我們預期的 211 億美元，成長 8%，以固定匯率計算成長 9%，即使受到本季美元走強帶來的約 1.5 億美元的外匯不利影響。

And our contracted not billed balance reached an all-time high, exceeding $28 billion. Our commercial cloud revenue run rate grew to more than $14 billion, up 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.

我們的合約未結算餘額達到了歷史新高，超過 280 億美元。我們的商業雲端收入年化率成長至超過 140 億美元，成長 49%。我們的商業雲端毛利率為 48%，比去年提高了 2 個百分點，這主要得益於 Azure 毛利率的增加。

And gross margin dollars grew again, increasing 62% across the commercial cloud. We remain on track for material gross margin percentage and dollar improvement this fiscal year.

商業雲業務的毛利再次成長，增幅達 62%。本財年，我們仍有望實現毛利率和毛利的顯著提升。

Now to Company gross margin. Gross margin was approximately 62%, inclusive of LinkedIn, up slightly from the prior year. This quarter, the strengthening of the US dollar relative to major currencies created additional negative FX impact on total and segment-level revenue.

接下來是公司毛利率。毛利率約 62%（包括 LinkedIn 的業績），較上年略有成長。本季度，美元兌主要貨幣走強，對總收入和各業務部門收入造成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. In both Productivity and Business Processes and the Intelligent Cloud segments, the FX impact was 2 points, 1 point more than expected. And in More Personal Computing, FX had a 1-point impact, in line with expectations.

外匯對總收入產生了 2 個百分點的負面影響，比預期多 1 個百分點，LinkedIn 沒有產生額外影響。在生產力和業務流程以及智慧雲端領域，外匯影響均為 2 個百分點，比預期高出 1 個百分點。在「更多個人計算」領域，外匯影響了 1 個百分點，符合預期。

Total operating expenses grew 1%, and 2% in constant currency. Excluding LinkedIn, operating expenses declined 2%, also 2% in constant currency. Operating expenses were under our guidance range, primarily due to a favorable one-time legal settlement and FX benefits.

總營運支出成長了 1%，以固定匯率計算成長了 2%。剔除 LinkedIn 的影響，營運支出下降了 2%，以固定匯率計算也下降了 2%。營運費用低於預期範圍，主要得益於一次性法律和解的利多以及外匯收益。

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

現在，讓我們逐一來看每個部分。本季度，包括 LinkedIn 在內的生產力和業務流程部門的營收成長了 10%，以固定匯率計算成長了 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. 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.

在 Office 商業領域，營收成長了 5%，以固定匯率計算成長了 7%，因為 Office 365 的成長再次超過了從本地部署業務的轉變。Office 365 商業收入成長了 47%，以固定匯率計算成長了 49%，這主要得益於所有工作負載的安裝基礎成長和 ARPU 的擴大。

We also continued to see higher-than-expected results from our transactional business, in part due to an improving commercial PC market. 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. In addition, the higher growth rate this quarter aided by post-launch inventory drawdown in the prior period.

由於商用 PC 市場持續改善，我們的交易業務也持續取得高於預期的績效。辦公室消費收入成長了 22%，以固定匯率計算成長了 21%，因為我們的用戶群持續成長，經常性訂閱收入也持續成長。此外，本季較高的成長率也得益於上一季上市後庫存的減少。

Our Dynamics business grew 7%, up 9% in constant currency, and our Dynamics 365 install base more than doubled. LinkedIn revenue for the three-week period from December 8 to the end of the quarter was $228 million.

我們的 Dynamics 業務成長了 7%，以固定匯率計算成長了 9%，我們的 Dynamics 365 安裝基礎增加了一倍以上。LinkedIn 從 12 月 8 日到季度末的三週內收入為 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.

分部毛利美元成長了 5%，以固定匯率計算成長了 6%，而分部毛利率下降，原因是雲端銷售佔比增加，以及 LinkedIn 帶來的約 1 個百分點的影響。

Operating expenses grew 13%, 14% in constant currency, driven by the LinkedIn acquisition. Operating income declined slightly, but was up 1% in constant currency, and up 7% in constant currency, excluding LinkedIn.

受收購 LinkedIn 的影響，營運費用增加了 13%，以固定匯率計算成長了 14%。營業收入略有下降，但以固定匯率計算成長了 1%，若不計 LinkedIn 的影響，則成長了 7%。

The Intelligent Cloud segment delivered $6.9 billion in revenue, growing 8%, and 10% in constant currency. Server grew 12%, and 14% in constant currency, with strong momentum in our Azure business and another quarter of double-digit annuity revenue growth.

智慧雲端業務板塊實現營收 69 億美元，年增 8%，以固定匯率運算成長 10%。伺服器業務成長了 12%，以固定匯率計算成長了 14%，Azure 業務發展勢頭強勁，年金收入連續第二季實現兩位數成長。

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. 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.

發布後的需求以及在匯率波動導致價格調整之前進行的購買，促成了高於預期的交易收入，主要來自 Windows 和 SQL Server 2016。如預期的那樣，由於 Windows Server 2003 服務協定數量減少，本季企業服務收入成長下降了 4%，以固定匯率計算下降了 2%。

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

毛利（美元）成長了 2%，以固定匯率計算成長了 4%。由於雲端收入佔比增加和企業服務毛利率下降，該業務部門的毛利率百分比有所下降，但 Azure 毛利率的大幅提高部分抵消了這一影響。

We grew operating expenses by 12%, and 13% in constant currency, with continued investment in cloud engineering sales capacity and developer engagement. Operating income declined 7% and 4% in constant currency.

我們營運支出成長了 12%，以固定匯率計算成長了 13%，同時繼續投資於雲端工程銷售能力和開發者參與度。以固定匯率計算，營業收入下降了7%，下降了4%。

Now to our final segment, More Personal Computing. Revenue exceeded our expectation at $11.8 billion, primarily from stronger-than-expected performance from our Windows business. Overall revenue declined 5%, and 4% in constant currency.

現在進入最後一個環節，更多個人計算。營收達 118 億美元，超出預期，主要得益於 Windows 業務表現強於預期。整體收入下降了 5%，以固定匯率計算下降了 4%。

Our OEM business grew 5% this quarter. OEM Pro grew 6%, better than we anticipated, driven by an improving commercial PC market and enterprise demand for Windows 10. 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.

本季我們的OEM業務成長了5%。OEM Pro 成長 6%，優於我們的預期，這得益於商用 PC 市場的改善和企業對 Windows 10 的需求。OEM 非專業版市場成長了 5%，超過了消費 PC 市場，因為我們的合作夥伴生態系統在 Windows 高階設備類別中繼續保持成長並擴大市場份額。

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

庫存水準保持正常。Windows 商業產品和雲端服務成長了 5%，以固定匯率計算成長了 6%，年費帳單和安裝基礎均實現了兩位數的成長。

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

本季專利授權業務下滑，主因是單位銷售和單位收入下降。除了 TAC 外，我們的搜尋業務成長 10%，以固定匯率計算成長 11%，獲利能力不斷提高，Bing 也因每次搜尋收入和搜尋量增加而持續成長。

In our Devices Business, revenue declined 35%, down 34% in constant currency. Phone revenue declined 81%. And we closed the sale of our feature phone business during this quarter.

在我們的設備業務中，營收下降了 35%，以固定匯率計算下降了 34%。電話收入下降了81%。本季我們完成了功能手機業務的出售。

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

由於我們持續逐步淘汰 Surface 3 設備，Surface 的營收下降了 2%，以固定匯率計算則持平。重要的是，由於 Pro 4 和 Book 的市場份額不斷擴大，取代了 Surface 3，Surface 的毛利成長了 6%，以固定匯率計算增加了 17%。

In gaming, revenue declined 3%, and 1% in constant currency, due to lower console hardware pricing and Xbox 360 volumes. 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. This marks our first billion-dollar quarter in digital transactions for our gaming business through our universal store across Windows 10 and Xbox One.

遊戲業務收入下降了 3%，以固定匯率計算下降了 1%，原因是主機硬體價格下降和 Xbox 360 銷量下降。正如薩蒂亞所提到的，在這個假期季度，我們的 Xbox Live 活躍用戶數量達到了歷史新高，這有助於推動我們的遊戲軟體和服務收入增長 18%，按固定匯率計算增長 21%。這標誌著我們透過 Windows 10 和 Xbox One 上的通用商店，遊戲業務的數位交易額首次突破十億美元季度。

Segment gross margin percentage and dollars both increased this quarter. Gross margin dollars grew 3%, and 5% in constant currency. And gross margin percentage expanded, with the continued shift to higher-margin products and services.

本季各業務部門的毛利率和毛利金額均有所成長。毛利（美元）成長了 3%，以固定匯率計算成長了 5%。隨著企業不斷轉向利潤率更高的產品和服務，毛利率也隨之擴大。

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

由於電話費減少、一次性法律和解金和行銷支出減少，營運費用下降了 12%，以固定匯率計算也下降了 12%。Windows 10 的成長、向高毛利率產品和服務、設備和遊戲領域的轉型，以及嚴格的營運費用管理，使得營業收入成長了 33%，以固定匯率計算成長了 37%。

Now back to our overall Company results. 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. During the quarter, other income and expense was $186 million.

現在回到公司整體業績。我們投入了 25 億美元用於資本支出，其中包括資本租賃，以繼續支持我們在商業和消費者服務方面的客戶和合作夥伴的需求。本季其他收入和支出為 1.86 億美元。

Our non-GAAP effective tax rate was 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.

我們的非GAAP實際稅率為22%。我們透過股票回購和分紅向股東返還了 65 億美元，完成了先前承諾的 400 億美元股票回購計畫。

Now let's turn to the outlook. First, FX. 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. For Q3, we now expect about 1 point of negative impact on total revenue.

現在讓我們來看看前景。首先是FX。我們原本預計下半年外匯匯率會下降；然而，鑑於目前的匯率，我們預期今年剩餘時間貨幣匯率仍將面臨不利影響。我們現在預計第三季總收入將受到約 1 個百分點的負面影響。

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. 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.

在各個細分領域中，我們預期生產力和業務流程以及智慧雲端領域將受到約 2 個百分點的負面外匯影響，而更多個人運算領域將受到約 1 個百分點的負面影響。預計第四季度總收入將受到約 2 個百分點的負面影響，生產力和業務流程以及智慧雲端業務將受到 3 個百分點的影響，更多個人運算業務將受到 1 個百分點的影響。

Second, our commercial business. 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.

其次，我們的商業業務。我們預計，隨著安裝基礎的擴大、消費量的增加以及續約工作的順利開展，我們的商業雲端服務將繼續推動年金成長。

We expect commercial unearned revenue of $20.2 billion to $20.4 billion, in line with historic seasonality. We continue to expect some volatility in our transactional business, due to macroeconomic conditions and the ongoing shift to the cloud.

我們預計商業未實現收入為 202 億美元至 204 億美元，與歷史季節性規律相符。由於宏觀經濟狀況和持續向雲端遷移，我們預期交易業務仍將出現一些波動。

Third, CapEx. We will continue to meet customer demand by expanding data center capacity, while driving efficiencies through new technologies. With the addition of LinkedIn, we expect our capital expenditures, including capital leases, to grow sequentially to support a broader portfolio. For the full year, including LinkedIn, we continue to expect the CapEx growth rate to be lower than last year. Let's turn to our outlook for the individual segments.

第三，資本支出。我們將繼續透過擴大資料中心容量來滿足客戶需求，同時透過新技術提高效率。隨著 LinkedIn 的加入，我們預計資本支出（包括資本租賃）將逐週成長，以支援更廣泛的投資組合。包括 LinkedIn 在內，我們預計全年資本支出成長率將低於去年。讓我們來看看各個細分市場的前景。

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

在生產力和業務流程方面，我們預計營收為 76.5 億美元至 78.5 億美元。這反映了向雲端持續成長的趨勢，Office 365、Dynamics 的帳單收入實現了兩位數的成長，LinkedIn 的收入約為 9.5 億美元（已根據購買會計的影響進行調整）。

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.

在智慧雲端領域，我們預計營收將達到 64.5 億美元至 66.5 億美元，伺服器產品和雲端服務將繼續保持強勁的持續成長勢頭，並實現兩位數的收入成長。

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

企業服務。由於 Windows Server 2003 服務協定數量減少，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. In our OEM business, we anticipate revenue growth will exceed the overall PC market. 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. Our OEM non-Pro performance should grow ahead of the market, due to strength in the Premium device category.

此外，在「更多個人運算」領域，我們預計營收將達到 90.5 億美元至 93.5 億美元。在我們的OEM業務中，我們預期營收成長將超過整個PC市場。受 Windows 10 企業版發展勢頭的推動，Pro 市場將持續成長，其成長速度應與商用 PC 市場大致持平，而上一年的庫存累積還將帶來一些額外的好處。由於高階設備類別的強勁表現，我們的 OEM 非專業版產品性能應該會領先於市場成長。

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

在搜尋領域，我們預計 Bing 扣除 TAC 後的營收成長將與第二季類似。提醒大家，隨著我們與雅虎達成協議一週年以及相關的收入確認方式的改變，搜尋總收入的成長速度將會放緩。

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. In devices, we expect revenue to decline, driven primarily by phone. Surface revenue is expected to decline slightly, with our ongoing Surface portfolio mix shift to Pro 4 and Book.

在遊戲領域，我們預期節後趨勢正常，硬體主機銷售和價格將有所下降，但用戶參與度、使用率和交易量將有所提高，從而抵消節後趨勢的影響。在設備領域，我們預期收入將下降，主要原因是手機業務被拖累。由於 Surface 產品組合持續向 Pro 4 和 Book 轉變，Surface 的營收預計將略有下降。

We expect COGS of $8.35 billion to $8.45 billion, including approximately $400 million of LinkedIn expenses. LinkedIn COGS include approximately $220 million of amortization of acquired intangible assets. We expect operating expenses between $8.5 billion to $8.6 billion, with about $970 million from LinkedIn. The LinkedIn expense includes about $160 million for the amortization of acquired intangible assets.

我們預計銷售成本為 83.5 億美元至 84.5 億美元，其中包括約 4 億美元的 LinkedIn 支出。LinkedIn 的銷售成本包括約 2.2 億美元的收購無形資產攤提。我們預計營運支出在 85 億美元至 86 億美元之間，其中來自 LinkedIn 的支出約為 9.7 億美元。LinkedIn 的支出包括約 1.6 億美元用於攤提已收購的無形資產。

For the full year, we now expect operating expenses of $33.1 billion to $33.3 billion, with about $2.3 billion from LinkedIn. The LinkedIn expense includes roughly $360 million of amortization of acquired intangible assets.

我們現在預計全年營運支出為 331 億美元至 333 億美元，其中 LinkedIn 貢獻約 23 億美元。LinkedIn 的支出包括約 3.6 億美元的收購無形資產攤銷費。

Other income and expense should be $150 million. 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.

其他收入和支出應為 1.5 億美元。我們仍預期全年非GAAP稅率為20%，上下浮動2個百分點，具體變動取決於服務所得與授權所得的比例、所得的地域組成及股權歸屬的時間。

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. We will share more details as we get closer to the date. Chris, let's move to Q&A.

在進入問答環節之前，我想宣布，我們將於五月在西雅圖舉辦的Build開發者大會期間，為投資者群體舉辦一場財務分析師簡報會。隨著日期臨近，我們將分享更多細節。克里斯，我們進入問答環節吧。

Thanks, Amy. We'll now move to the Q&A portion of today's call. Operator, can you please repeat your instructions?

謝謝你，艾米。接下來我們將進入今天電話會議的問答環節。操作員，請您再重複一次您的指示好嗎？

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

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Very nice quarter, guys. Thank you for taking the questions.

出色的。夥計們，這季度真不錯。感謝您回答這些問題。

I wanted to ask a question about LinkedIn -- what our expectations should be for achieving revenues synergies on LinkedIn. It seems like there's a lot of real interesting things you can do with that asset, and combining with your own portfolio. And how should we think about the potential for achieving some expense synergies?

我想問一個關於 LinkedIn 的問題——我們應該對在 LinkedIn 上實現收入協同效應抱有怎樣的期望。看起來你可以用這項資產做很多非常有趣的事情，並將其與你自己的投資組合結合。那麼，我們應該如何考慮實現一些成本綜效的可能性呢？

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

顯然，他們的資產下有一個龐大的雲端基礎可供利用，而且艾米（Amy）非常看好市場，並且非常擅長控制支出。那麼，展望未來，我們該如何看待實現這些收益的時間框架呢？

Let me start, and then I'll turn it over to Amy to talk about the specifics of the synergies. The core focus, Keith, for us to start with, is to ensure that the innovation roadmap we have is all driving member value. 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.

我先開始，然後把麥克風交給艾米，讓她談談綜效的具體細節。基思，對我們來說，首要任務是確保我們所製定的創新路線圖能實際為會員創造價值。LinkedIn 的核心理念必須是會員至上，我們如何提高行動旗艦應用程式以及目前正在推出的全新桌面體驗的參與度。

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. So, that's how I see it. It's a two-sided market, which starts with the help of membership and member engagement.

我們認為，這才是他們能夠在商業解決方案中獲得所有收入成長的核心所在，這些解決方案在高階市場銷售。這就是我的看法。這是一個雙邊市場，始於會員制和會員參與。

That is where the product roadmap, whether it's the integration with Office 365 or Dynamics 365 -- we'll be staying focused on it. We expect to see that rollout pretty rapidly. 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. And I'll let Amy add more to it.

這就是產品路線圖的重點所在，無論是與 Office 365 還是 Dynamics 365 的整合——我們都將持續關注這一點。我們預計這項服務將很快推出。至於我們在收盤時給予的指引，例如對每股盈餘的影響——這些都是我們將繼續堅持的承諾。我會讓艾米補充更多內容。

Yes, I think Satya is correct. 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. 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.

是的，我認為薩蒂亞說得對。我們在公告發佈時給出的關於每股收益解決方案的指導意見（不包括收購會計的影響）是最小程度的稀釋，上下浮動 1%，這一指導意見仍然有效。其中包括在合理的情況下實現協同效應的目標，同時我們將繼續專注於發展核心業務並保持其健康發展，並實現我們知道在各個業務中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. 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. 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.

提醒一下，採購會計處理的兩個最大影響是──第一，它確實會影響遞延收入。因此，受此影響，季度收入預期將略有下降，此外，無形費用攤提也會造成影響。我們會盡力讓您了解這些情況，以便您繼續監督我們實現自己設定的目標。

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

謝謝你，基斯。接線員，我們進入下一個問題。

Brent Thill, UBS.

瑞銀集團的布倫特·蒂爾。

Thanks. 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. 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?

謝謝。不少投資人對2月1日進行的銷售重組感到疑惑。或許這種擔憂有些過頭了。您能否簡要說明一下—2 月 1 日將會發生哪些不同的變化，還是只是對未來市場推廣策略進行一些小的調整？

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

我可以對此發表一些看法。我不太清楚2月1日究竟會發生什麼事。

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

但我認為，我們正在經歷的整體變化——而且我認為這種變化已經持續了好幾年——正在改變我們的現場互動模式，我們正在為一線銷售人員注入更多的技術深度，以便他們能夠更好地與客戶互動。無論是資料專家、雲端專家、安全專家，甚至是生產力專家。因為在這個階段，當人們尋求解決方案來幫助他們進行數位轉型時，對我們來說，擁有與以往截然不同的銷售能力至關重要。

And that's the transformation. We have really reorganized ourselves, both in the headquarters and the in the field to be able to recognize such shift. What used to be large accounts for us, for example, are not by PC count anymore. And that's a pretty fundamental change.

這就是轉變。為了能夠適應這種變化，我們已經對總部和第一線部門進行了徹底的重組。例如，過去對我們來說的大客戶，現在已經不再以電腦數量來衡量了。這是一個相當根本的改變。

It's by consumption of cloud capacity, in many cases. And this is happening all over the world. So, that's the transformation that you will increasingly see us push forward.

在很多情況下，這是透過消耗雲端容量來實現的。這種情況正在世界各地發生。所以，這就是你們將越來越頻繁地看到我們所推動的改變。

And no status quo on any part of Microsoft's organization should be counted on. If anything, we'll push to make sure that we are addressing what is our growth opportunities pretty aggressively.

微軟組織內部任何部門都不能指望維持現狀。如果有什麼改變的話，那就是我們會積極主動地抓住我們的成長機會。

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. And we'll continue to do it.

布倫特，我認為，就存在一個日期——或者一個特定的日期——而言，正如薩蒂亞所說，在過去的幾年裡，我們一直在逐步改進。我們將繼續這樣做。

The guidance certainly doesn't imply any type of slowdown in the commercial business. In fact, in some ways it actually includes an acceleration in certain areas. I think that's how I tend to look at it.

該指導意見絕不意味著商業活動會放緩。事實上，在某些方面，它甚至包括某些領域的加速發展。我想我通常就是這麼看待這個問題的。

Thank you.

謝謝。

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

謝謝布倫特。請回答下一個問題。

Thank you. Heather Bellini, Goldman Sachs.

謝謝。Heather Bellini，高盛集團。

Great. Thank you very much. Amy, you noted a material improvement in Azure margins this quarter. 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.

偉大的。非常感謝。艾米，你注意到本季 Azure 的利潤率有了顯著提高。我想問一下，鑑於該領域收入成長如此迅速，我們能以多快的速度看到利潤率回升（顯然之前是負的）？

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? Can you walk us through the puts and takes? And then once you hit that scale point, is it something that we should see inflect pretty quickly? Thank you.

既然你們的收入已經相當可觀，那麼在類似的收入規模下，你們的毛利率——也就是你們可以從 AWS 的財務數據中反推出來的毛利率——有什麼理由不能與之匹敵呢？可以跟我們講解一下出手和出手的操作嗎？一旦達到那個規模點，我們是否應該很快就會看到情況改變？謝謝。

Thanks, Heather. Let me start by saying, we really do think about and talk about our cloud as containing all of the components. From the IS layer to the platform layer to the SaaS layer. You'll hear us talk about Dynamics 365, Office 36t, as well as our Azure Core and Premium services.

謝謝你，希瑟。首先我想說的是，我們確實將雲端視為包含所有元件的整體。從資訊系統層到平台層再到軟體即服務層。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. 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.

所以，當我想到我們在 Azure 上看到的實質毛利率改善時，這延續了我們一直以來所走的道路。正如我們一直在討論的那樣，隨著客戶不斷要求我們幫助他們透過一個介面以一致、安全的方式管理他們的數位資產，您實際上會看到雲端的所有組件都得到成長。

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

它不僅有利於 Azure 的利潤率，實際上也有利於整個雲端平台的利潤率。商業雲端毛利率年增 2 個百分點，即使 Azure 在這一年中實現了大幅成長，也確實顯示了我們預期的改善。

But, I tend to think you will consistently hear both Satya and I refer to our cloud in its entirety. But I do respect people always wonder, so I did comment that we saw material improvement in Azure, specifically

但是，我認為你會經常聽到我和薩蒂亞提到我們的整個雲端平台。但我尊重大家的好奇心，所以我評論說，我們在 Azure 方面看到了實質的改進，具體來說

Great. Thank you.

偉大的。謝謝。

Thanks, Heather. We'll take the next call please.

謝謝你，希瑟。請接聽下一個電話。

Thank you. Karl Keirstead, Deutsche Bank.

謝謝。卡爾‧基爾斯蒂德，德意志銀行。

Thank you. Amy, I'm going to ask another question on gross margins, but this time at the Microsoft level. Your prior guidance was for ex-LinkedIn FY17 gross margins to be down 100 basis points. So the quarter you just posted gross margins ex-LinkedIn were actually up. 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.

謝謝。艾米，我還要問一個關於毛利率的問題，但這次是關於微軟層面的。您先前的預期是，剔除 LinkedIn 的影響後，2017 財年的毛利率將下降 100 個基點。所以，你們剛剛公佈的那個季度，剔除LinkedIn的影響後，毛利率其實是上升的。如果我計算準確的話，你們預計三月季度（不包括 LinkedIn）的毛利率將基本持平。

It feels like you are outperforming the core Microsoft gross margin guidance you gave before. Are you sticking with the down 100, or has that improved? And if it has, what are the one or two biggest drivers of the gross margins feeling a little bit better, ex-LinkedIn? Thank you.

感覺你們的業績已經超過了先前給出的微軟核心毛利率預期。你還是堅持下坡100的策略，還是有所進步？如果確實如此，那麼對於前 LinkedIn 員工來說，毛利率略有改善的最主要一兩個因素是什麼？謝謝。

Thanks, Karl. I am sticking with it being about 1 point. That is the guidance we gave and, even inclusive of LinkedIn, I continue to believe it is about 1 point. 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.

謝謝你，卡爾。我堅持認為大約是 1 點。這就是我們給的指導意見，即使算上 LinkedIn，我仍然認為大約是 1 分。所以，從某種程度上來說，如果你是這樣想的話，可以說這意味著公司層面的情況略有改善。

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. And I mean that, not just in our OEM business, but also across the commercial business for Windows. That tends to have a very good margin profile.

卡爾，說真的，除了我們在雲端運算領域談到的整體毛利率提升之外，還有什麼能真正推動這一趨勢呢？那就是我們在 Windows 業務方面展現出的強勁實力。我的意思是，這不僅適用於我們的 OEM 業務，也適用於整個 Windows 商業業務。這種投資往往利潤率非常高。

And as we continue to improve the margin profile of our devices, we continue to see the OEM business health improve. And, actually, we continue to see the growth in the consumer services around the transactions that run through Xbox.

隨著我們不斷提高設備的利潤率，我們看到 OEM 業務的健康狀況也不斷改善。事實上，我們看到圍繞 Xbox 交易的消費者服務持續成長。

That's also good margin business for us that looks quite different than the hardware profile. So, all of those can impact it, Karl, as we look through the rest of the year. But in general, inclusive of LinkedIn, I'm still around 100 BPS.

這對我們來說也是一項利潤豐厚的業務，與硬體業務的模式截然不同。所以，卡爾，展望今年剩餘的時間，所有這些因素都可能產生影響。但總的來說，包括 LinkedIn 在內，我的 BPS 仍然在 100 左右。

Got it. Thanks, Amy.

知道了。謝謝你，艾米。

Thank you, Karl. Next question, please.

謝謝你，卡爾。下一個問題。

Thank you. Mark Moerdler, Bernstein Research.

謝謝。Mark Moerdler，伯恩斯坦研究公司。

Thank you. Congrats on the strong quarter and thanks for taking the question. So, Amy, the on-premise server and tools business grew 5%, 7% in constant currency. It was obviously helped by Windows Server 2016, Sequel Server 2016.

謝謝。恭喜你們本季業績出色，感謝你們回答這個問題。所以，Amy，當地伺服器和工具業務成長了 5%，以固定匯率計算成長了 7%。顯然，Windows Server 2016 和 SQL Server 2016 對此有所幫助。

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? How should we think about the impact of that? Thanks.

從長遠來看，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如何幫助雲端和 Azure 上的本地 ISIS 或年金業務？我們該如何看待這件事的影響？謝謝。

Thanks, Mark. Let me start by saying it's why we tend to focus all up at that server products and services KPI being double digits. Generally, an easier way for us to talk about it all up between Azure and the OnPrem business.

謝謝你，馬克。首先我想說的是，這就是為什麼我們傾向於將所有註意力集中在伺服器產品和服務 KPI 達到兩位數的原因。一般來說，這是我們在 Azure 和本地部署業務之間進行溝通的簡單方法。

But let me talk a little bit about what impacted the transactional business this quarter. And then we can talk about how to think about it in Q3 and maybe going forward. 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.

但我想稍微談談本季對交易業務造成影響的因素。然後我們可以討論一下第三季以及未來該如何看待這個問題。我們做到了，客戶（甚至包括我們的交易型客戶）對安全性和管理價值主張以及我們今年發布的 Sequel 和 Windows Server 2016 的混合特性的反應令我們倍感鼓舞。

That value prop is resonating. We saw some growth. I feel very good about that. And so I do think that can have an impact in H2.

這種價值主張引起了共鳴。我們看到了一些增長。我對此感到非常滿意。所以我認為這會對H2產生影響。

You heard me talk a little bit about it. With the major currency changes we saw in Q2, we've also done some price adjustments between certain geos for us. It did pull forward a bit of revenue into Q2.

你剛才聽我稍微提了一下。由於第二季貨幣匯率發生了重大變化，我們也對某些地區的匯率進行了一些調整。它確實將一部分收入提前到了第二季。

And so it will be a bit of a drag on Q3, which is taken into account in the guide. But, I would reiterate, the biggest driver of the transactional performance this quarter was really the value prop people saw.

因此，這將對第三季造成一定影響，這一點已在業績指南中考慮在內。但是，我要重申，本季交易業績的最大驅動因素實際上是人們看到的價值主張。

Excellent. Thank you so much. I appreciate it.

出色的。太感謝了。謝謝。

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

謝謝你，馬克。請回答下一個問題。

Walter Pritchard, Citi.

華特‧普里查德，花旗集團。

Hi. Thanks, Amy. 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.

你好。謝謝你，艾米。我想請您談談—我們仍然看到，營業利潤的大部分，或者說全部的成長，都來自MPC的年成長。

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? Is that something that you expect? What are the factors and timing there?

我想知道我們應該如何看待影響利潤成長從MPC移交給IC和PBP的因素和時間安排？這是你預料到的嗎？影響因素和時間節點有哪些？

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

正確的。實際上，我認為本季我們的 PBP 業務部門的營業收入也有所增長，以固定匯率計算，在未計入 LinkedIn 的情況下增長了 7%。我想說，其中一些影響確實體現在落地和成長方面。

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

但是，你問題的核心實際上是積體電路中的 MPC 過渡。依我看來，我們——薩蒂亞、我和領導團隊——大約在 18 個月前（現在已經過去一段時間了）決定要加大投資力度，因為我們在智慧雲端領域看到了巨大的潛力。

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

我們增加了招聘，加大了直接客戶獲取成本的投入，並且像薩蒂亞剛才提到的那樣，在銷售團隊的技術能力方面進行了很多投資。我們已經開始從營收資料中看到這種做法帶來的好處了。

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

伺服器產品和服務KPI達到12%或14%是一個非常不錯的數字。我仍然預期，隨著這些資源的招募、熟悉情況並最終為客戶創造價值，我們將看到收入成長。

A lot of that account value, frankly, Walter, today is coming in the form of consumed revenue. Consumed revenue is actually a great leading indicator for what we expect our Azure growth going forward to be. 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.

坦白說，沃爾特，如今許多帳戶價值都反映在消費收入上。實際上，已消耗收入是預測我們未來 Azure 成長趨勢的一個很好的領先指標。因此，我們對將營運支出的投資轉化為更大的收入成長充滿信心，部分原因在於我們看到了目前的收入成長趨勢，以及我們擁有的專案和客戶儲備。

I do think about that being an 18-month investment we've been making. It's starting to pivot to consumed. It will then land as billings, and ultimately in RP&L as GAAP revenue in quarter off the balance sheet.

我確實認為這是我們過去18個月以來所做的一項投資。它正開始向消費品轉型。然後，它將作為帳單金額入賬，並最終作為季度 GAAP 收入計入損益表，不再計入資產負債表。

But I think you're right. We have been working, and continuing to reinvest and save through the year as we look to get everything here more efficient. People often think we focus on cut here or add here.

但我認為你是對的。我們一直在努力，並且全年都在持續進行再投資和儲蓄，力求讓這裡的一切都更有效率。人們常常認為我們關注的是這裡減少什麼或那裡增加什麼。

It's also about -- are we putting every dollar most efficiently to help customers be successful? And I think that's a lot about what you heard Satya talk about the sales transition we're going through. Whether it's how we build products, and so I actually am confident you will start to see that transition land.

這還關乎——我們是否以最有效的方式利用每一分錢來幫助客戶成功？我想這和你聽到的薩蒂亞談到我們正在經歷的銷售轉型的大部分內容差不多。無論是我們如何打造產品，我都相信你會開始看到這種轉變的到來。

And I think Amy described it well in answering the very specific technical question of segment reporting and the margins in it. But architecturally, some of the examples are used are about the digital estate that actually doesn't start with Azure. In many cases, it starts with advanced [set] protection of Windows 10 estate, and then how does that relate to Office 365? How does that relate to Azure Active Directory?

我認為 Amy 在回答有關分部報告及其利潤率這個非常具體的技術問題時，描述得很好。但從架構角度來看，一些所使用的範例是關於數位資產的，而這些數位資產實際上並不是從 Azure 開始的。在許多情況下，這始於對 Windows 10 環境的高階 [設定] 保護，那麼這與 Office 365 有什麼關係呢？這與 Azure Active Directory 有什麼關係？

And then the workloads that they may want to put, which are T01 workloads in Azure. 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. So we always think at least of the technical architecture that makes us unique in differentiated spanning all of it. 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.

然後是他們可能想要部署的工作負載，也就是 Azure 中的 T01 工作負載。這與客戶端/伺服器時代的情況非常相似，但當然，起點和發展過程卻截然不同。因此，我們始終至少會考慮使我們與眾不同的技術架構，從而涵蓋所有方面。所以我不認為這是各個細分市場之間的利潤率變化，這也是為什麼我們把所有這些都看作一個數位資產，至少從客戶的角度來看是這樣。

Thank you.

謝謝。

Thanks, Walter. We'll go to the next question, please.

謝謝你，沃特。我們進入下一個問題。

Thank you. Mark Murphy, JPMorgan.

謝謝。馬克墨菲，摩根大通。

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

是的。謝謝。薩蒂亞。我想知道您認為要讓 Azure 在未來繼續保持高速成長勢頭，需要做些什麼。例如，未來是否會有與一級工作負載、大型資料中心遷移或無伺服器使用相關的漸進式活動浪潮，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? Do you think you're better off matching them, exceeding them? Or does it make sense, perhaps, warranting a Premium in many cases due to the differentiated IP that you have up the stack?

除此之外，艾米，我只是從哲學角度好奇，當計算和儲存價格下降時，你打算如何應對？你認為達到他們的水平更好，還是超越他們更好？或者，考慮到您在技術棧上游擁有差異化的知識產權，在許多情況下獲得高級許可或許是合理的？

Let me start. 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.

我先開始。總的來說，我認為你提到的一些趨勢，無論是 Tier 1 工作負載、無伺服器架構，甚至是整個資料中心的遷移，所有這些都正在發生。

And even the customer examples I gave, they were littered with example after example. 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. That's a place where we're seeing, in fact, activity, whether it is game development or trading applications.

即使是我提供的客戶案例，也充斥著一個又一個的例子。例如，在 [finsa] 中，一些頂級的交易應用程式現在使用我們在服務架構中的一些功能，這實際上是一項過去的服務，它允許您以低延遲和高擴展性管理微服務。事實上，我們看到那裡確實很活躍，無論是遊戲開發還是交易應用程式。

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

我們看到 Azure Functions 的一些更有趣的應用案例，它是完全無伺服器的。事實上，對於任何關心使用雲端服務的人來說，這甚至可以看作是一種降價——我們實際上提倡非常非常聰明地使用雲端服務，採用無伺服器架構。總的來說，我認為我們擁有合適的 IaaS、PaaS、SaaS 和完整用戶 SaaS 服務（如 Azure Active Directory）的組合，這使我們能夠獲得合適的組合，從而在長期內獲得合適的利潤率。

We're not concentrated in any one layer of the stack, which is something we do by design. 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. And we're now seeing even a single customer estate spanning all of these.

我們並沒有將精力集中在堆疊的任何一層，這是我們有意為之的。因為我們的願景始終是，我們當然希望提供所有這些層級，而客戶將根據他們的需求和場景進行選擇。現在我們看到，甚至有一個客戶群涵蓋了所有這些方面。

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

馬克，我不確定是否要在電話會議上深入探討我們未來的定價理論，例如我們是否會與競爭對手的價格持平。但我想說的是，這實際上與薩蒂亞關於整個技術堆疊差異化以及客戶在其數位資產中所做的事情的觀點有著根本聯繫。而透過這種方式賺取利潤的能力，實際上比你是否在核心定價上保持一致更有影響力。

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

謝謝你，馬克。請回答下一個問題。

Thank you. Kash Rangan, BofA Merrill Lynch.

謝謝。Kash Rangan，美國銀行美林證券。

Hi. Congrats on finishing up a great quarter, as well. One for you, Amy, one for you, Satya.

你好。恭喜你順利完成了一個非常棒的季度。艾米，給你一杯；薩蒂亞，給你一杯。

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

第一，Amy，當我看到你關於毛利率的評論時，很明顯你無法單獨計算 Azure 的毛利率。但我很好奇，您能否接受——您的商業雲目標約為 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. Curious what you think about that. Is that too aggressive, or within the ballpark?

因此，如果我大致劃分 Azure 和 SaaS 領域，並考察最好的（非主流）公司，那麼當你達到目標時，毛利率可以達到 70% 到 75%。很好奇你對此有何看法。這個方案是否過於激進，還是在合理範圍內？

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

薩蒂亞，對你來說，隨著雲端運算向企業發展，一些投資者認為 AWS 將成為企業領域一個強大而重要的競爭對手，因此它通常不會是他們的堡壘。我們如何看待微軟在企業領域的持久實力？我們有多大把握認為，隨著企業工作負載遷移到雲端，您能夠獲得應有的份額？謝謝。

Let me start with the second part, and then you can add. Kash, the way I think about it is, even in the client server era, we had tough competition. We had Oracle, we had VMware, and we had many other players we competed with and I grew up competing with.

我先從第二部分開始，然後你可以補充。Kash，我的看法是，即使在客戶端/伺服器時代，我們也面臨激烈的競爭。我們有Oracle，我們有VMware，我們還有許多其他競爭對手，我從小就和他們競爭。

And we now have AWS, who I think is going to be a credible competitor. So I feel that, as I said, we have a cloud strategy that is not just about infrastructure. It is about really SaaS and infrastructure.

現在我們又有了AWS，我認為它將成為一個強大的競爭對手。所以我覺得，正如我所說，我們的雲端策略不僅僅是關於基礎設施。它實際上是關乎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. 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.

在這種背景下，我們希望以獨特的視角思考我們可以做些什麼來使客戶在雲端的數位資產脫穎而出並增加價值。這就是我們應得份額的來源——在必須競爭的地方努力競爭，但更重要的是要考慮差異化。

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. 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.

至於是否存在業界領先的長期雲毛利率數字，我認為目前 SaaS 社群中有一個基準，可能與您提到的 SaaS 應用程式數量相似。然後，隨著從 PaaS 到 IaaS 層級的下降，利潤率顯然會下降，就像當它作為硬體解決方案運行時一樣。

The margins were not as high, either. I do think it will be a blend of those, but certainly at the SaaS end, I understand where you get that benchmark from.

利潤率也不算高。我確實認為它會是這些因素的混合體，但就 SaaS 領域而言，我理解你從哪裡得出這個基準。

Great.

偉大的。

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

謝謝你，卡什。請回答下一個問題。

Thank you. Phillip Winslow, Wells Fargo Securities.

謝謝。菲利普‧溫斯洛，富國證券。

Thanks for taking my question. I just wanted to focus back in on Office 365 on the commercial front. 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%.

謝謝您回答我的問題。我只想重新專注於 Office 365 的商業應用。你們又迎來了一個強勁的季度營收成長，以固定匯率計算成長了 49%，顯然，但營收成長仍然顯著超過了座位數成長，座位數成長雖然也很強勁，但只有 37%。

That commentary that you all are giving about premium mix in the past -- two questions here. First, to Satya, when you think about where we are in the progression -- call it up to E5, so to speak, or E3. How do you think this plays out? And how do you think about the mix of unit growth versus that premium mix and translating it to revenue?

你們過去對優質音樂組合的評論——這裡有兩個問題。首先，對 Satya 來說，當你思考我們目前所處的階段——比如說，到 E5 或 E3 為止。你覺得這件事會如何發展？您如何看待銷售成長與高端產品組合之間的關係，以及如何將其轉化為收入？

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. And now as this mix goes up, you're actually not just increasing revenue, but the margin is better, too. Is that fair? And then, how do you tie that back to your commercial cloud gross margin expectations long term?

然後，我想對 Amy 說，也許我們已經完成了 Office 365 過渡中利潤率低或低毛利率的部分。現在，隨著這種組合比例的提高，你不僅增加了收入，而且利潤率也更高了。這樣公平嗎？那麼，如何將這些與您長期的商業雲毛利率預期連結起來呢？

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

是的，我可以開始了。在產品方面，我們認為在 Office 365 中，我們正在持續努力實現三件事。首先，即使對於已經擁有 Office 365 且處於任何特定授權等級的客戶，我們也相當關注他們不斷成長的使用量和使用強度。

So, for example, one of the comments I made in my remarks was, for example SharePoint with PowerApps and Flow. That's, to us, the best way for us to keep having that recurring value. And so we focus quite a bit on adding additional value, even to the existing licensing levels and increasing intensity of usage.

例如，我在發言中提到的其中一則評論是，例如 SharePoint 與 PowerApps 和 Flow 的結合。對我們來說，這是我們保持這種持續價值的最佳方式。因此，我們非常注重增加附加價值，即使在現有授權等級和提高使用強度方面也是如此。

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. That's a way to expand seats, even beyond what is the traditional knowledge worker. Of course, we have a significant more opportunity in small- and medium-sized businesses, although we have good, healthy growth there.

然後，例如，我們正在採取一些措施，將我們的訊息傳遞給非知識型員工，例如零售業或製造業的受眾，例如，我們正在採取一些措施來安排員工排班。這是一種擴大就業範圍的方法，甚至可以超越傳統知識工作者的範疇。當然，我們在中小企業領域還有更大的發展機會，儘管我們在該領域的成長勢頭良好且健康。

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. Those are all opportunities ahead.

我認為用戶數量的成長將主要來自國際市場材料價格的上漲，以及部分受監管的市場領域最終向雲端遷移。這些都是擺在我們面前的機會。

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

最後，當然還有像 E5 這樣的技術在語音、分析和安全等方面帶來的新價值。因此，這三個方面，每個季度都會有所不同，但就我們對核心產品價值的投資而言，實際上這三個方面都在進行中。

And to your point on where we are and what's driving that delta and its consistency, frankly over time. Actually, still, the biggest impact is from the transition to E3. The transitions take time.

至於你提到的我們目前所處的位置以及造成這種差異及其長期穩定性的原因，坦白說，就是這樣。事實上，最大的影響還是來自於向 E3 的過渡。過渡需要時間。

You're just starting to see some of the impact from E5. 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. But really, from an ARPU perspective, the biggest driver continues to be the transition to E3.

你現在才開始感受到E5帶來的一些影響。我們很高興看到所有參與試用並已開始使用其價值的客戶，無論是安全性、日益增長的分析功能，還是最終的語音功能。但實際上，從 ARPU 的角度來看，最大的驅動因素仍然是向 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? And of course, the answer to that is we do believe that. But it certainly comes over a period of time and runs through our annuity base over that pace.

那麼這就引出了你的問題，隨著新增和更高價值的工作負載，你是否仍然認為利潤率還有提升的空間？當然，答案是肯定的，我們確實相信這一點。但這肯定需要一段時間，並且會以這樣的速度消耗我們的年金基礎。

Great.

偉大的。

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

謝謝你，菲爾。請回答下一個問題。

Ross MacMillan, RBC Capital Markets.

Ross MacMillan，加拿大皇家銀行資本市場。

Thanks so much, and congratulations from me, as well. Two questions. One for Amy first.

非常感謝，也請代我向你表示祝賀。兩個問題。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. And for the full year, it's obviously a pretty wide range, roughly 0% to 40% growth. I'm just curious, Amy, with LinkedIn, have you made any changes to your CapEx assumptions for core Microsoft?

當我們觀察資本支出時，如果不計入融資租賃，資本支出實際上逐年下降；但即使計入融資租賃，增長率也放緩了。而全年來看，成長幅度顯然相當大，大致在 0% 到 40% 之間。艾米，我很好奇，在 LinkedIn 上，你對微軟核心業務的資本支出假設做了哪些改變？

I guess I'm pointing to the fact that it did seem to decelerate quite a lot this quarter. I wondered if there is any additional color you could frame around growth rate for all-up Cap-Ex plus capital leases. Thanks.

我想指出的是，本季增速似乎確實大幅放緩。我想知道您是否可以就總資本支出加上資本租賃的成長率添加一些其他的顏色資訊。謝謝。

Sure. Let me first comment on that I've said it will be lower than it was previously. I certainly would help you in that number and say a little lower. Just so that you're getting into something closer -- I realize 0% to 40% is not as helpful.

當然。首先我想說明的是，我之前說過它會比以前更低。我當然可以幫您把這個數字定得更低。為了更準確地說明問題——我知道 0% 到 40% 這種說法不太有幫助。

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. And it was not at all impacted by LinkedIn. 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.

我還要說，業績確實不太穩定，這也是為什麼我不會每季都給出非常具體的業績指引的原因。而且它完全沒有受到LinkedIn的影響。當然，隨著時間的推移，我相信 LinkedIn 會希望利用我們的一些基礎設施資產，在我們共同建立新服務的過程中獲得優勢。

But in the short term, the most important thing, is they continue to add value and usage and great experience for their members. I have really no intention of messing with that in terms of capital expenditures in the short -- next six months, for sure. 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. But again, it is a bit lumpy.

但就短期而言，最重要的是，他們要繼續為會員增加價值、提高使用率和帶來良好的體驗。短期內，我絕對沒有打算在資本支出方面做出任何改變——至少在接下來的六個月內是如此。我認為，就年比數據以及對明年、下一個季度的影響而言，將會是環比成長。但是，它還是有點凹凸不平。

Okay.

好的。

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

謝謝你，羅斯。接線員，我們還有時間回答最後一個問題。

Thank you. Raimo Lenschow, Barclays Capital.

謝謝。Raimo Lenschow，巴克萊資本。

Thanks for squeezing me in, and congratulations, as well. I wanted to ask on Windows 10 -- Satya, you talked about at the beginning of that [cast] is trying to adopt it. And you mentioned pretty large ones already.

謝謝你抽出時間陪我，也恭喜你。我想問一下關於 Windows 10 的問題——Satya，你在那期節目的開頭提到過，[節目]正在嘗試採用它。而且你之前已經提到過一些相當大的了。

Can you talk a little bit about that cycle and how you seeing that's unfolding? And what the customer feedback is in terms of their intention to adopt it now versus waiting for little bit? Thank you.

您能否談談這個週期以及您如何看待它的演變過程？客戶反饋如何？他們是打算現在就採用，還是再等等？謝謝。

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

是的，我認為 Windows 10 在企業中的整體採用週期可能是我們所見過的任何新版 Windows 在企業中表現最好的。而主要驅動力是新版 Windows 的安全性和可管理性，這才是真正的驅動因素。

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. 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. So we are very excited about that.

但除此之外，我必須說，在採用週期中還有兩件事變得越來越重要，那就是遷移到 Office 365 和 Windows 10，並最終達到生產力的新前沿，即始終保持最新狀態且安全的操作系統，以及始終保持最新狀態且速度快的辦公體驗。我們越來越看到這種現象產生共鳴，不僅像過去那樣在小型企業和高科技產業，現在甚至在企業受監管的部門也產生了共鳴。我們對此感到非常興奮。

The other piece also that's driving is hardware innovation by the entire ecosystem. 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. And you saw that, even as [TES]. And the enterprise adoption of these new devices is also driving the overall excitement around Windows 10 and Windows 10 innovation.

另一個推動因素是整個生態系統的硬體創新。事實上，我們與 Surface 產品線合作所做的工作確實激發了整個生態系統進行一些最優秀的創新工作。即使在[TES]中，你也看到了這一點。企業對這些新設備的採用也推動了人們對 Windows 10 和 Windows 10 創新技術的整體熱情。

Correct. Thank you.

正確的。謝謝。

Thank you, Raimo. 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, the events will be webcast, and you can follow our comments on the Microsoft Investor Relations website. Please contact us if you need any additional details, and thank you for joining us today.

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

Thank you all.

謝謝大家。

Thank you, everyone.

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。您可以在此時斷開線路。感謝您的參與。