微軟 (MSFT) 2017 Q3 法說會逐字稿

Welcome to Microsoft's Third Quarter Fiscal Year 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加微軟2017財年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

我謹將電話轉交給投資人關係總經理 Chris Suh。克里斯，請繼續。

Thanks, Maria. Good afternoon, and take you for joining us today. On the call with me today are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel and Corporate Secretary.

謝謝你，瑪麗亞。下午好，歡迎您今天加入我們。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。

On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provide the reconciliation of differences between GAAP and non-GAAP financial measures.

在微軟投資者關係網站上，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。

As a reminder, this is the first full quarter of LinkedIn results. As a result, comparisons made to prior years will be affected accordingly. During the call, Amy will discuss the financial impact of LinkedIn as she provides the overview of business results for the quarter. Our key investor metrics remain unchanged due to the LinkedIn acquisition.

提醒一下，這是 LinkedIn 公佈的第一個完整季度業績。因此，與往年進行的比較將受到相應影響。在電話會議中，Amy 將討論 LinkedIn 的財務影響，並概述本季的業務成果。收購 LinkedIn 後，我們的關鍵投資者指標保持不變。

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 third quarter performance in addition to the impact 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。列出這些項目是為了幫助投資人進一步了解公司第三季的業績，以及這些項目和事件對財務表現的影響。

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

除非另有說明，我們今天在電話會議上所做的所有成長比較均與去年同期相關。我們也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 the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until April 27, 2018.

通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播中、文字稿中以及將來對錄音的任何使用中。您可以在 2018 年 4 月 27 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 make 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. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，我們將發表前瞻性聲明，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。實際結果可能與今日獲利新聞稿、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」部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

Thank you, Chris, and thanks to everyone on the phone for joining. Today, I'll share the results of the third 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，我將分享第三季的業績，並討論未來的計畫。

I'm proud of the progress this quarter. We delivered $23.6 billion in revenue, up 7% in constant currency. Across all industries, organizations are looking to digitally transform with the state-of-the-art cloud services, AI and new natural user interface technology. Increasingly, these organizations are turning to Microsoft as a partner they can trust for the innovation and building their own digital capability.

我對本季取得的進展感到自豪。我們實現了 236 億美元的收入，以固定匯率計算成長了 7%。各行各業的組織都在尋求利用最先進的雲端服務、人工智慧和新型自然用戶介面技術進行數位轉型。越來越多的組織將微軟視為值得信賴的合作夥伴，以幫助他們進行創新並建立自身的數位化能力。

Now let's look at the progress we made this quarter by segment, starting with Productivity and Business Processes. We crossed a major milestone with more than 100 million monthly active users of Office 365 commercial. Office 365 commercial seats grew 35% year-over-year and revenue is up 45% in constant currency.

現在讓我們按部門來看看本季的進展，首先是生產力和業務流程。Office 365 商業版月活躍用戶超過 1 億，我們跨越了一個重要的里程碑。Office 365 商業席位較去年同期成長 35%，以固定匯率計算營收成長 45%。

Across industries, customers recognize Office 365 is the productivity platform of choice. Companies like H&R Block, Johnson & Johnson, Deutsche Börse AG, LVMH has all chose Office 365. And we continue to innovate and add new value. This quarter, we made Microsoft Teams broadly available to Office 365 customers in 181 markets. Our new chat-based workspace is already empowering a new way to work for more than 50,000 customers, including Accenture, J. Walter Thompson, J.B. Hunt and Expedia. Teams also creates a new platform opportunity for developers to reach 100 million Office 365 users with rich extensibility for bots, apps and services.

各行各業的客戶都認為 Office 365 是首選的生產力平台。H&R Block、強生公司、德意志交易所、LVMH 等公司都選擇了 Office 365。我們將持續創新，創造新的價值。本季度，我們在 181 個市場向 Office 365 客戶廣泛推出了 Microsoft Teams。我們全新的基於聊天的工作空間已經為超過 50,000 家客戶帶來了全新的工作方式，其中包括埃森哲、智威湯遜、J.B. Hunt 和 Expedia。Teams 也為開發者創造了一個新的平台機會，讓他們能夠透過豐富的擴充功能（用於機器人、應用程式和服務）觸及 1 億 Office 365 用戶。

Additionally, we're expanding the relevance of Office 365 to new segments. Retail, hospitality and manufacturing companies have a huge need to empower their frontline employees. Our expanded offering for this segment includes Microsoft StaffHub, Teams, OneDrive, Skype for Business and more to give these critical employees a robust collaboration toolkit to maximize their impact.

此外，我們正在將 Office 365 的應用範圍擴展到新的領域。零售、飯店和製造業公司迫切需要賦能第一線員工。我們為該領域擴展的產品包括 Microsoft StaffHub、Teams、OneDrive、Skype for Business 等，旨在為這些關鍵員工提供強大的協作工具包，以最大限度地發揮他們的影響力。

Now let me talk about the second part of our ambition in this segment, reinventing business process. Accelerating our growth with LinkedIn by driving value for members and customers remains our top priority. This quarter, we redesigned the LinkedIn desktop to create a more seamless intuitive experience across devices. We continue to invest in the LinkedIn feed, bringing curated news and views to help members stay informed on what's most important to them. Our innovation across both the desktop and mobile is driving strong engagement momentum, with sessions up more than 20% again this quarter.

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。透過為會員和客戶創造價值來加速我們在 LinkedIn 上的發展仍然是我們的首要任務。本季度，我們重新設計了 LinkedIn 桌面版，旨在跨裝置創造更流暢、更直覺的使用者體驗。我們持續投資 LinkedIn 資訊流，提供精選新聞和觀點，幫助會員了解對他們而言最重要的資訊。我們在桌面端和行動端的創新正在推動用戶參與度的強勁成長，本季會話量再次成長超過 20%。

LinkedIn marked an important milestone this week, exceeding 500 million members, and our jobs platform hit new record levels with more than 10 million jobs posted. The strong momentum with jobs and engagement is continuing to fuel the growth across talent, marketing, sales and learning solutions.

LinkedIn 本週迎來了一個重要的里程碑，會員人數突破 5 億，而我們的招募平台也創下了新的紀錄，發布的職位數量超過 1000 萬個。就業和員工敬業度的強勁勢頭持續推動著人才、行銷、銷售和學習解決方案等領域的成長。

We took significant steps this week to redefine social selling with deeper integration of Sales Navigator with Dynamics 365, enabling sales professionals to dramatically increase their effectiveness by drawing on the relationships in their personal networks. Customers like Visa are choosing Dynamics 365 because of our deep integration across Office 365 and now Sales Navigator. I'm excited to put the Microsoft enterprise sales force and partner ecosystem behind this new opportunity.

本週我們採取了重要措施，透過將 Sales Navigator 與 Dynamics 365 更深入地集成，重新定義了社交銷售，使銷售人員能夠利用其個人網絡中的關係，大幅提高銷售效率。像 Visa 這樣的客戶選擇 Dynamics 365，因為我們與 Office 365 以及現在的 Sales Navigator 實現了深度整合。我很高興能帶領微軟企業銷售團隊和合作夥伴生態系統，共同掌握這項新機會。

Dynamics 365 solves a critical challenge for businesses, helping them break free of monolithic siloed suites of applications to unlock insights across the entire organization. You see this in our new Dynamics 365 talent applications, which combines HR business processes with LinkedIn Recruiter to help companies manage the employee life cycle from recruiting to retention. Our innovation in Dynamics is driving strong revenue growth, with Dynamics 365 up 82% in constant currency this quarter.

Dynamics 365 解決了企業面臨的一項關鍵挑戰，幫助他們擺脫孤立的單體應用程式套件，從而獲得整個組織的洞察力。您可以在我們的全新 Dynamics 365 人才應用程式中看到這一點，該應用程式將人力資源業務流程與 LinkedIn Recruiter 相結合，幫助公司管理從招聘到留任的員工生命週期。我們在 Dynamics 領域的創新推動了強勁的營收成長，本季 Dynamics 365 按固定匯率計算成長了 82%。

Now let's talk about the progress we're making in our Intelligent Cloud segment. Our commercial cloud annualized revenue run rate now exceeds $15.2 billion. Customers are increasingly choosing the Microsoft Cloud. They value our differentiated approach as the most trusted global hyperscale cloud with hybrid support and higher-level services to help drive their digital transformation.

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收入運行率現已超過 152 億美元。客戶越來越傾向選擇微軟雲端。他們重視我們與眾不同的方法，我們是全球最值得信賴的超大規模雲，提供混合支援和更高層級的服務，以幫助推動他們的數位轉型。

Moreover, they appreciate the agility, operational consistency and security across the entire digital estate, spanning Enterprise Mobility, Office 365, Dynamics 365 and Azure. Take Maersk, the largest transport and logistics firm in the world with operations in 130 countries and a fleet of over 1,000 vessels. Maersk began the journey to the Microsoft Cloud with Office 365, Enterprise Mobility and Security and Windows 10.

此外，他們也欣賞整個數位資產（包括企業行動性、Office 365、Dynamics 365 和 Azure）的敏捷性、營運一致性和安全性。以馬士基為例，它是世界上最大的運輸和物流公司，業務遍及 130 個國家，擁有 1000 多艘船舶。馬士基透過 Office 365、企業行動性和安全性以及 Windows 10 開啟了邁向微軟雲端的旅程。

They choose -- they chose Dynamics 365 for operations to streamline container production and maintenance. Now Maersk is using Azure to digitally transform its supply chain management and global trade. The intelligent services in Azure deliver up-to-the-minute insights on carrier performance and equipment usage with real-time data, visualization and advanced analytics, enabling them to trim costs and create new revenue streams. For a company that ships 17 million containers annually, the ability to react quickly can mean the difference of tens of millions of dollars to the bottom line. This is a great example of our 3 clouds coming together to enable deep digital transformation.

他們選擇了 Dynamics 365 for Operations 來簡化貨櫃的生產和維護。現在，馬士基正在利用 Azure 對其供應鏈管理和全球貿易進行數位轉型。Azure 中的智慧服務提供關於營運商效能和裝置使用情況的最新洞察，包括即時數據、視覺化和進階分析，使營運商能夠降低成本並創造新的收入來源。對於一家每年運送 1700 萬個貨櫃的公司來說，快速反應的能力可能意味著數千萬美元的利潤差異。這是我們的三大雲端平台協同運作，實現深度數位轉型的絕佳例證。

Across industries, customers are choosing Azure. UBS announced they're using Azure for risk management, and GEICO chose Azure for hybrid capabilities. Publicis Groupe announced that they will use Azure and Cortana Intelligence Suite to deliver AI-powered marketing solutions at scale. Flipkart, India's leading online marketplace, chose Azure as the platform to enable their rapid growth.

各行各業的客戶都在選擇 Azure。瑞銀宣布他們將使用 Azure 進行風險管理，而 GEICO 選擇 Azure 來實現混合功能。陽獅集團宣布，他們將使用 Azure 和 Cortana 智慧套件大規模提供由人工智慧驅動的行銷解決方案。印度領先的線上市場 Flipkart 選擇 Azure 作為其快速發展的平台。

We continue to rapidly innovate and add new capability to drive further customer value. Microsoft IoT Central is the first SaaS offering that provides the end-to-end solution for organizations of all sizes to manage their entire IoT ecosystem across devices, cloud, analytics, networks and software.

我們持續快速創新，不斷增加新功能，以進一步提升客戶價值。Microsoft IoT Central 是第一個 SaaS 產品，可為各種規模的組織提供端到端的解決方案，以管理其涵蓋裝置、雲端、分析、網路和軟體的整個物聯網生態系統。

This week at Hannover Messe, the world's largest industrial trade shows, manufacturers showcased how they're using our solutions to transform all aspects of manufacturing, from water management to food and beverage, packaging, to improving safety on the factory floor.

本週在世界最大的工業貿易展——漢諾威工業博覽會上，製造商們展示了他們如何使用我們的解決方案來改變製造業的各個方面，從水資源管理到食品飲料、包裝，再到提高工廠車間的安全性。

When it comes to AI, this quarter, we made our cognitive services for face recognition and computer vision broadly available to enable any developer to become an AI developer.

在人工智慧領域，本季我們廣泛開放了人臉辨識和電腦視覺認知服務，使任何開發者都能成為人工智慧開發者。

We're excited about how Azure Stack and SQL Server are helping define the edge computing paradigm. Azure Stack will enable computers -- our customers to extend Azure capability to their private data center in a truly consistent hybrid computing environment. SQL Server 2017, coming this fall, is the first database with cloud tiering and artificial intelligence built in. It runs on Windows and Linux, supports Docker container deployment and popular programming languages such as R and Python for machine learning and data science. We will share more about all these advances and more at our upcoming Build Developer Conference.

我們很高興看到 Azure Stack 和 SQL Server 正在協助定義邊緣運算範式。Azure Stack 將使我們的客戶能夠在真正一致的混合運算環境中，將 Azure 功能擴展到他們的私人資料中心。今年秋季即將推出的 SQL Server 2017 是首個內建雲端分層和人工智慧的資料庫。它可在 Windows 和 Linux 系統上運行，支援 Docker 容器部署，並支援 R 和 Python 等流行的程式語言，用於機器學習和資料科學。我們將在即將舉行的 Build 開發者大會上分享更多關於這些進展以及更多內容的資訊。

Now I'll turn to our progress in More Personal Computing. Almost 2 years ago, we introduced a new approach with Windows 10, transforming the way customers experience Windows on all their devices. Now customers are always up-to-date, running the most secure Windows ever. This quarter, the Windows business grew 5% in constant currency, and we delivered the next phase of innovation with the Creators Update.

現在我將談談我們在「更個人化的計算」方面的進展。大約兩年前，我們推出了 Windows 10，這是一種全新的方法，徹底改變了客戶在所有裝置上體驗 Windows 的方式。現在，客戶始終擁有最新系統，運行有史以來最安全的 Windows 系統。本季度，Windows 業務以固定匯率計算成長了 5%，我們透過 Creators Update 推出了下一階段的創新。

Creators Update is about inspiring the creator in us all. We create technology so that others can create their own content and technology. We want to empower people to paint in 3D or paint with numbers in Excel. We empower people to create in Word or in Minecraft. These new forms of creation and expression are shaping Windows for the next generation.

Creators Update 旨在激發我們每個人心中的創作者。我們創造技術，是為了讓其他人也能創造自己的內容和技術。我們希望賦予人們在 Excel 中進行 3D 繪畫或用數字進行創作的能力。我們致力於幫助人們在 Word 或 Minecraft 中進行創作。這些新的創作和表達形式正在塑造下一代的 Windows 系統。

Gaming is a key scenario to expand our opportunity across the PC and console. We're building on our already strong foundation with Xbox One and our Xbox LIVE community, up 13% to 52 million active users this quarter. With Creators Update, we integrated gameplay broadcasting into Windows 10 PCs as well as Xbox One. We're off to a very strong start with both streamers and viewers. In fact, the majority of the streaming in this industry today is on the PC and console. And we are uniquely positioned to provide the best, most complete gaming experience from hardware to software to broadcast services. It's early days and we are excited to pursue this new growing opportunity.

遊戲是拓展我們在PC和主機領域機會的關鍵場景。我們在 Xbox One 和 Xbox LIVE 社群中擁有的強大基礎上持續發展，本季活躍用戶成長了 13%，達到 5,200 萬。在 Creators Update 中，我們將遊戲直播功能整合到了 Windows 10 PC 和 Xbox One 中。無論是主播還是觀眾，我們都取得了非常強勁的開局。事實上，目前該行業的大部分串流媒體播放都是在PC和遊戲主機上進行的。我們擁有得天獨厚的優勢，能夠提供從硬體到軟體再到直播服務的最佳、最完整的遊戲體驗。現在還處於初期階段，我們很高興能夠抓住這個新的發展機會。

This quarter, we also revealed more about our forthcoming project, Scorpio, which will be the most powerful console ever and will enable true 4K gaming in the living room.

本季度，我們還公佈了更多關於即將推出的項目 Scorpio 的信息，它將是有史以來最強大的遊戲主機，並將在客廳中實現真正的 4K 遊戲體驗。

Our commercial customers continue to adopt Windows 10 as the secure trusted platform of choice. Customers like the Department of Education in the United Kingdom, British Telecommunications, the Adventist Health System, one of the largest health care providers in the United States, all chose Windows 10.

我們的商業客戶繼續採用 Windows 10 作為安全可靠的首選平台。英國教育部、英國電信、美國最大的醫療保健提供者之一——基督復臨安息日會醫療系統等客戶都選擇了 Windows 10。

When I talk to businesses and government leaders, they value security and privacy of their data, the reliability of their systems and choice and control over how and when they deploy. We remain committed to our core values of trust, transparency, privacy and security for every customer.

當我與企業和政府領導人交談時，他們都非常重視資料的安全性和隱私性、系統的可靠性以及對部署方式和時間的選擇和控制。我們始終秉持信任、透明、隱私和安全的核心價值觀，為每位客戶提供優質服務。

Finally, Devices. This quarter, our Surface results fell short of expectations, impacted by end-of-product life cycle and increased price competition. We continue to innovate and invest in creating new computers and computing experiences. Surface Pro, Book, Hub, Studio, HoloLens are all creating new markets for the Windows ecosystem and pushing differentiation with new natural user interface capabilities: ink, vision, voice, touch and mixed reality.

最後，是設備。本季度，我們的 Surface 業務業績未達預期，受到產品生命週期結束和價格競爭加劇的影響。我們將繼續創新並投資，創造新型電腦和運算體驗。Surface Pro、Book、Hub、Studio、HoloLens 等產品都在為 Windows 生態系統創造新的市場，並透過新的自然用戶介面功能（墨水、視覺、語音、觸控和混合實境）推動差異化。

In the context of mixed reality, we just passed the 1-year anniversary of Microsoft HoloLens. We now have more than 150 exclusive HoloLens apps in the store. Moreover, many of our commercial customers are using HoloLens to drive digital transformation and seeing real impact. HoloLens-based innovation was featured front and center at NRF, HIMSS and most recently, this week at Hannover. Digital transformation across these industries is being shaped by new technologies from IoT to mixed reality to AI and the cloud.

在混合實境領域，我們剛剛慶祝了微軟 HoloLens 發布一周年。現在我們的應用程式商店裡有超過 150 款獨家 HoloLens 應用。此外，我們的許多商業客戶正在使用 HoloLens 來推動數位轉型，並看到了實際的影響。HoloLens 的創新在 NRF、HIMSS 以及最近的本週漢諾威國際通訊技術展上都成為了焦點。從物聯網到混合現實，再到人工智慧和雲端運算等新技術正在塑造這些產業的數位轉型。

thyssenkrupp Elevator is using HoloLens and Azure to digitize their entire sales and order process, shortening delivery times by 4x, and they chose Dynamics 365 to enable transformation in their steel division. Leading global medical technology company, Stryker, chose Office 365 to empower employees and is using HoloLens to improve operating room design for surgeons, staff and ultimately, the patients. All this creates a strong foundation for the broader opportunity ahead with digital transformation.

蒂森克虜伯電梯公司正在使用 HoloLens 和 Azure 實現其整個銷售和訂單流程的數位化，將交貨時間縮短了 4 倍，並且他們選擇 Dynamics 365 來實現其鋼鐵部門的轉型。全球領先的醫療科技公司 Stryker 選擇 Office 365 來賦能員工，並使用 HoloLens 來改善手術室的設計，從而造福外科醫生、工作人員以及最終的患者。這一切都為數位轉型帶來的更廣闊機會奠定了堅實的基礎。

I'm proud of the progress this quarter. I'm enthusiastic about what's to come. In the coming weeks, we will share more about how Microsoft is innovating uniquely to empower every customer, from students and teachers to business professionals to developers. 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 for your questions.

我對本季取得的進展感到自豪。我對未來充滿期待。在接下來的幾周里，我們將分享更多關於微軟如何透過獨特的創新來賦能每位客戶的信息，從學生和教師到商業專業人士再到開發人員。現在，我將把發言權交給艾米，讓她更詳細地介紹本季的業績並分享我們的展望，我期待稍後回來回答大家的問題。

Thank you, Satya, and good afternoon, everyone. Our third quarter revenue was $23.6 billion, up 6%, and 7% in constant currency. Gross margin grew 7%, and 9% in constant currency. Operating income grew 2% or 5% in constant currency, and earnings per share was $0.73, an increase of 16%, and 19% in constant currency.

謝謝你，薩蒂亞，大家下午好。我們第三季營收為 236 億美元，年增 6%，以固定匯率計算成長 7%。毛利率成長了7%，以固定匯率計算成長了9%。營業收入成長 2%（以固定匯率計算成長 5%），每股盈餘為 0.73 美元，成長 16%（以固定匯率計算成長 19%）。

This was the first full quarter of company results with LinkedIn, which had a significant impact on revenue, gross margin and operating income. At a company level, LinkedIn contributed approximately 4 points of revenue and gross margin growth and 6 points of drag on operating income growth, which includes $371 million from amortization of acquired intangibles.

這是該公司與 LinkedIn 合作後的第一個完整季度業績，對收入、毛利率和營業收入產生了重大影響。從公司層級來看，LinkedIn 貢獻了約 4 個百分點的營收和毛利率成長，但對營業收入成長造成了 6 個百分點的拖累，其中包括收購無形資產攤銷產生的 3.71 億美元。

From a geographic perspective, our results were mostly in line with macroeconomic trends. Our performance in Japan was better than expected, driven by increased public sector spending and improved market conditions. Our commercial annuity mix was 88%, even with another quarter of higher-than-expected transactional revenue results. Commercial bookings increased 12%, or 11% in constant currency. Commercial unearned revenue followed historical seasonal trends coming in at $20.4 billion and growing 9%, and 10% in constant currency. And our contracted not billed balance increased to more than $27.5 billion.

從地理角度來看，我們的結果與宏觀經濟趨勢基本一致。在日本，由於公共部門支出增加和市場狀況改善，我們的業績優於預期。即使交易收入連續第二季高於預期，我們的商業年金組合仍佔 88%。商業預訂量成長了 12%，以固定匯率計算成長了 11%。商業未實現收入遵循歷史季節性趨勢，達到 204 億美元，以固定匯率計算成長 9% 和 10%。我們已簽訂合約但尚未開立的餘額增加到超過 275 億美元。

Another strong quarter of cloud services performance drove our commercial cloud revenue run rate over $15.2 billion, growing 52%. Our commercial cloud gross margin percentage increased to 51%, up 6 points from last year, with improvement across Office 365, Azure and Dynamics. And gross margin dollars grew 74%, keeping us on pace for material gross margin percentage and dollar improvement this fiscal year.

雲端服務業績的強勁成長推動我們的商業雲端收入年化率超過 152 億美元，成長 52%。我們的商業雲毛利率增加至 51%，比去年提高了 6 個百分點，Office 365、Azure 和 Dynamics 均有所改善。毛利成長了 74%，使我們在本財年保持了毛利率和毛利金額大幅成長的勢頭。

As a reminder, our commercial cloud includes Office 365, Azure, Dynamics 365 and other cloud properties, but does not include LinkedIn. Our company gross margin was 66%, better than anticipated and up 1 point as the sales mix of higher-margin products and services, coupled with commercial cloud margin improvement, more than offset the impact of $218 million of LinkedIn amortization.

再次提醒，我們的商業雲端包括 Office 365、Azure、Dynamics 365 和其他雲端資產，但不包括 LinkedIn。該公司毛利率為 66%，高於預期，成長 1 個百分點，原因是高利潤率產品和服務的銷售組合，加上商業雲端利潤率的提高，抵消了 2.18 億美元 LinkedIn 攤銷的影響。

Now to FX. This quarter, the U.S. dollar was weaker than expected. As such, we had 1 point less FX impact across our individual reporting segments even though overall company impact was still approximately 1 point, as guided. FX impacted the Productivity and Business Processes and Intelligent Cloud segments by 1 point and had minimal impact in More Personal Computing. Total operating expenses grew 12%, with LinkedIn contributing 13 points of growth, including $153 million of amortization of acquired intangibles expense.

現在來看FX。本季美元走弱於預期。因此，儘管公司整體受到的影響仍然如預期那樣約為 1 個百分點，但我們各個報告分部的外匯影響減少了 1 個百分點。外匯波動對生產力和業務流程以及智慧雲端領域的影響為 1 個百分點，對更多個人運算的影響微乎其微。總營運支出成長了 12%，其中 LinkedIn 貢獻了 13 個百分點的成長，包括 1.53 億美元的收購無形資產攤銷費用。

Now let's move to segment results. Revenue from Productivity and Business Processes segment grew 22% and 23% in constant currency to $8 billion, with LinkedIn contributing 15 points of growth. Office commercial revenue increased 7%, and 8% in constant currency. Office 365 commercial revenue increased to 45%, driven by installed base growth across all workloads and continued ARPU expansion.

現在我們來看細分結果。以固定匯率計算，生產力和業務流程部門的營收成長了 22% 和 23%，達到 80 億美元，其中 LinkedIn 貢獻了 15 個百分點的成長。辦公室商業收入成長了 7%，以固定匯率計算成長了 8%。Office 365 商業收入成長 45%，這得益於所有工作負載的安裝基礎成長和 ARPU 的持續擴張。

Our transactional results came in higher than expected, mostly from performance in large markets like Japan and Western Europe. Office consumer revenue increased 15% and 14% in constant currency, primarily from recurring subscription revenue as well as growth in our subscriber base.

我們的交易表現高於預期，主要得益於日本和西歐等大型市場的表現。辦公室消費收入以固定匯率計算成長了 15% 和 14%，主要得益於經常性訂閱收入以及用戶群的成長。

Our Dynamics business grew 10% and 11% in constant currency, with Dynamics 365 customer momentum contributing to double-digit billings growth. LinkedIn revenue for the quarter was $975 million. Segment gross margin dollars grew 15% and 17% in constant currency, with 11 points of contribution from LinkedIn, including $218 million of amortization of acquired intangibles.

我們的 Dynamics 業務以固定匯率計算成長了 10% 和 11%，Dynamics 365 客戶的成長勢頭促成了兩位數的帳單成長。LinkedIn本季營收為9.75億美元。以固定匯率計算，該部門毛利率增加了 15% 和 17%，其中 LinkedIn 貢獻了 11 個百分點，包括 2.18 億美元的收購無形資產攤銷。

Gross margin percentage declined due to a higher mix of cloud revenue and the impact of LinkedIn-related amortization. Operating expenses increased 44% and 45% in constant currency with 43 points from LinkedIn, including $153 million of amortization expense. Operating income declined 7% and 4% in constant currency, with 13 points of impact from LinkedIn.

由於雲端收入佔比增加以及 LinkedIn 相關攤銷的影響，毛利率下降。營運費用以固定匯率計算成長了 44% 和 45%，其中 LinkedIn 貢獻了 43 個百分點，包括 1.53 億美元的攤銷費用。營業收入下降了 7%，以固定匯率計算下降了 4%，其中 LinkedIn 的影響為 13 個百分點。

The Intelligent Cloud segment delivered approximately $6.8 billion in revenue, growing 11% and 12% in constant currency. Server products and cloud services revenue increased 15%, up 16% in constant currency, demonstrating durable double-digit growth. Azure revenue increased 93%, up 94% in constant currency and annuity revenue again grew double digits. Azure Premium revenue grew triple digits for the 11th consecutive quarter, with more than 80% of Azure customers using our premium services.

智慧雲端業務板塊實現了約 68 億美元的收入，以固定匯率計算增長了 11% 和 12%。伺服器產品和雲端服務收入成長了 15%，以固定匯率計算成長了 16%，實現了持續的兩位數成長。Azure 營收成長 93%，以固定匯率計算成長 94%，年金營收再次達到兩位數成長。Azure Premium 營收連續第 11 季實現三位數成長，超過 80% 的 Azure 客戶使用我們的進階服務。

Our Windows Server and SQL Server transactional business continued to perform well, with better-than-expected results mainly from Japan and continuing post-launch demand. As expected, Enterprise Services revenue declined 1% and was flat in constant currency due to a lower volume of Windows Server 2003 custom support agreements.

我們的 Windows Server 和 SQL Server 事務業務持續表現良好，績效優於預期，主要來自日本市場，且產品發布後的需求持續強勁。如預期的那樣，由於 Windows Server 2003 客製化支援協議數量減少，企業服務收入下降了 1%，以固定匯率計算則持平。

Segment gross margin dollars grew 6% and 7% in constant currency, and segment gross margin percentage declined due to an increasing cloud revenue mix and lower Enterprise Services margins, partially offset by material improvement in Azure margins. We grew operating expenses by 11% with ongoing investment in sales capacity, cloud engineering and developer engagement. Operating income was flat and up 3% in constant currency.

以固定匯率計算，分部毛利美元成長了 6% 和 7%，分部毛利率下降，原因是雲端收入佔比增加以及企業服務利潤率下降，但 Azure 利潤率的大幅提高部分抵消了這一影響。由於持續投資於銷售能力、雲端工程和開發者參與，我們的營運支出增加了 11%。營業收入持平，以固定匯率計算成長3%。

Now to More Personal Computing. Revenue was $8.8 billion, declining 7% as phone and Surface results offset healthy growth in Windows, search and gaming. Our OEM business grew 5% this quarter. OEM Pro revenue grew 10% ahead of the commercial PC market mainly due to a higher mix of premium SKUs. Additionally, the commercial PC market was slightly below our expectations, negatively impacted by channel production timing changes and upcoming Windows SKU pricing changes. Commercial end customer demand signals remained consistent and positive. OEM non-Pro revenue declined 1%, ahead of the consumer PC market, with continued positive impact from the Windows premium device category. Overall, inventory levels remain in the normal range.

現在進入個人電腦領域。營收為 88 億美元，下降 7%，因為手機和 Surface 的業績抵消了 Windows、搜尋和遊戲業務的良好成長。本季我們的OEM業務成長了5%。由於高階 SKU 的比例較高，OEM Pro 的營收成長比商用 PC 市場高出 10%。此外，商用 PC 市場略低於我們的預期，受到通路生產時間變化和即將推出的 Windows SKU 定價變化的不利影響。商業終端客戶需求訊號保持穩定且積極。OEM 非專業設備收入下降 1%，高於消費 PC 市場，這主要得益於 Windows 高階裝置類別的持續正面影響。整體而言，庫存水準仍處於正常範圍內。

Windows commercial products and services grew 6%, with healthy enterprise demand as customers continue to deploy Windows 10 for its advanced security and management capabilities. Patent licensing declined this quarter, primarily from lower revenue per unit. Search revenue ex TAC grew 8% and 9% in constant currency, driven by higher revenue per search and search volume.

Windows 商業產品和服務成長了 6%，企業需求旺盛，因為客戶繼續部署 Windows 10 以獲得其進階安全性和管理功能。本季專利授權收入下降，主要原因是單位收入減少。扣除TAC後的搜尋收入以固定匯率計算成長了8%和9%，這主要得益於每次搜尋收入和搜尋量的成長。

Devices revenue declined 51%. We had no material phone revenue this quarter. Our Surface business declined 26% and 25% in constant currency as heightened price competition and product end-of-life cycle dynamics resulted in lower-than-expected Surface Pro unit volumes. Our gaming business grew 4% and 6% in constant currency as Xbox LIVE revenue growth offset declines in hardware. Xbox LIVE monthly active users grew 13% across Xbox One, Windows 10 and mobile platforms, which contributed to software and services revenue growth of 7% and 8% in constant currency.

設備收入下降了51%。本季我們沒有實質的電話業務收入。由於價格競爭加劇和產品生命週期結束，導致 Surface Pro 的銷售量低於預期，我們的 Surface 業務以固定匯率計算下降了 26% 和 25%。我們的遊戲業務以固定匯率計算成長了 4% 和 6%，Xbox LIVE 的營收成長抵消了硬體的下滑。Xbox LIVE 月活躍用戶在 Xbox One、Windows 10 和行動平台上成長了 13%，促成了軟體和服務收入以固定匯率計算分別成長 7% 和 8%。

Segment gross margin dollars were flat, up 2% in constant currency. Gross margin percentage increased with a sales shift to higher-margin product and services. Operating expenses declined 11% and 10% in constant currency from lower phone expense and Surface launch-related marketing spend in the prior year. Operating income grew 20% and 23% in constant currency.

分部毛利率（美元）持平，以固定匯率計算成長 2%。隨著銷售重心轉向高利潤率產品和服務，毛利率也隨之提高。由於與去年手機支出和 Surface 發布相關的行銷支出減少，營運費用以固定匯率計算分別下降了 11% 和 10%。以固定匯率計算，營業收入成長了20%和23%。

Now back to overall company results. We invested approximately $2.1 billion in capital expenditures, including capital leases, less than we expected, as a portion of the expense will move into Q4. Other income and expense was $322 million, greater than originally planned as we saw more opportunities in the equity market to realize gains during the quarter.

現在回到公司整體業績。我們在資本支出方面投入了約 21 億美元，其中包括資本租賃，低於我們的預期，因為部分支出將延至第四季。其他收入和支出為 3.22 億美元，高於原始計劃，因為我們在本季看到了股票市場更多實現收益的機會。

Our non-GAAP effective tax rate was approximately 23%. We returned $4.6 billion to shareholders, continuing our balanced approach to capital allocation through share repurchase and dividends. After a period of accelerated buyback, we've resumed a buyback pace consistent with our historical trend.

我們的非GAAP實際稅率約為23%。我們向股東返還了 46 億美元，繼續透過股票回購和分紅來實現資本配置的平衡。經過一段時間的加速回購後，我們已恢復到與歷史趨勢一致的回購速度。

Now let's turn to the outlook. First, FX. Given current rates, we now expect less FX headwinds in our fourth quarter. We expect about 1 point of negative impact on total revenue. Within the segments, we anticipate about 2 points of negative impact in Productivity and Business Processes and Intelligent Cloud and 1 point in More Personal Computing.

現在讓我們來看看前景。首先是FX。鑑於目前的匯率情勢，我們預期第四季外匯市場面臨的不利因素將有所減少。我們預計總收入將受到約 1 個百分點的負面影響。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將受到約 2 個百分點的負面影響，而更多個人運算將受到約 1 個百分點的負面影響。

Second, our commercial business. The fourth quarter is an important one for our commercial business, and we expect continued annuity growth and healthy renewals as customers adopt and use our growing portfolio of commercial cloud services. We expect unearned revenue between $26.8 billion and $27 billion, in line with historical seasonality. Additionally, we have a large expiry base in the fourth quarter, and our sales execution on renewals and upsell opportunities, while contemplated in our unearned revenue guidance, should also show up in a larger contracted not billed balance and commercial bookings growth.

其次，我們的商業業務。第四季對我們的商業業務來說非常重要，我們預計隨著客戶採用和使用我們不斷增長的商業雲端服務組合，年金收入將持續成長，續約情況也將保持良好。我們預計未實現收入將在 268 億美元至 270 億美元之間，與歷史季節性規律相符。此外，我們在第四季度有大量合約到期，雖然續約和追加銷售機會的銷售執行情況已納入我們的未實現收入預期，但也應該體現在更大的已簽約未計費餘額和商業預訂增長中。

Third, capital expenditure. We expect CapEx to grow sequentially and year-over-year. Quarterly spend variability will continue and we remain on track for our full year capital expenditure year-over-year growth curve to slow.

第三，資本支出。我們預計資本支出將環比增長，並同比增長。季度支出波動將持續，我們全年資本支出年增率放緩的趨勢仍將維持。

Let's move to the individual segments. In Productivity and Business Processes, we expect revenue of $8.2 billion to $8.4 billion, driven by the ongoing annuity shift to cloud and commercial Office 365. In Office consumer, we expect growth rates to moderate from prior quarters, which were impacted by prior year comparables. We expect consistent growth from Dynamics and approximately $1.05 billion of revenue from LinkedIn, adjusted for the impact of purchase accounting. Similar to Q3, we anticipate that LinkedIn, excluding amortization, will have minimal impact on segment operating income, and we continue to expect it to be minimally dilutive to non-GAAP EPS this fiscal year.

接下來我們來看各個部分。在生產力和業務流程方面，我們預計營收將達到 82 億美元至 84 億美元，這主要得益於向雲端和商業 Office 365 的持續年度轉型。辦公消費品方面，我們預期成長將較前幾季有所放緩，這是由於前幾季受到去年同期基數的影響。我們預計 Dynamics 將持續成長，LinkedIn 的營收約為 10.5 億美元（已根據收購會計處理的影響進行調整）。與第三季類似，我們預計，不計攤銷，LinkedIn 對分部營業收入的影響將微乎其微，我們繼續預期它對本財年非 GAAP 每股盈餘的稀釋作用也將微乎其微。

In Intelligent Cloud, we expect $7.2 billion to $7.4 billion in revenue. Performance trends from Q3 should continue into Q4, with annuity strength and double-digit revenue growth across our server products and cloud services. Enterprise Services should decline with lower volumes of Windows Server 2003 custom support agreements.

在智慧雲端領域，我們預計營收將達到 72 億美元至 74 億美元。第三季的業績趨勢應該會延續到第四季度，我們的伺服器產品和雲端服務將保持強勁的持續成長勢頭，並實現兩位數的營收成長。隨著 Windows Server 2003 客製化支援協定數量的減少，企業服務業務也應隨之下降。

In More Personal Computing, we expect revenue of $8.4 billion to $8.7 billion. In our OEM business, we anticipate that revenue growth will be more aligned with the overall PC market. OEM Pro growth will continue to be driven by Windows 10 enterprise momentum and aligned to a commercial PC market that should return to typical seasonality.

在「更多個人計算」領域，我們預計收入將達到 84 億美元至 87 億美元。在我們的OEM業務中，我們預期營收成長將與整個PC市場更加一致。OEM 專業版市場的成長將繼續受到 Windows 10 企業版發展勢頭的推動，並與應該恢復正常季節性的商用 PC 市場保持一致。

Our non-Pro revenue is expected to be above the consumer PC market, with continued benefit from a strong mix of premium devices. In search, we expect Bing's revenue growth ex TAC to be similar to Q3. In gaming, we expect to see continued healthy user engagement on our Xbox platform and we look forward to E3 in June. We will share more on Project Scorpio and new titles for next fiscal year.

預計我們的非專業版收入將高於消費級PC市場，並將繼續受益於高階設備的強勁組合。在搜尋領域，我們預計 Bing 扣除 TAC 後的營收成長將與第三季類似。在遊戲方面，我們預期 Xbox 平台的用戶參與度將繼續保持健康成長，我們期待六月的 E3 遊戲展。我們將分享更多關於「天蠍計畫」和下一財年新遊戲的資訊。

And in devices, we expect revenue to decline with negligible revenue from phone. With Surface, we expect a more moderate rate of decline, given the prior year comparable and current market dynamics.

在設備方面，我們預計收入將下降，其中手機收入幾乎可以忽略不計。鑑於去年同期數據和當前市場動態，我們預期 Surface 的下滑速度將較為溫和。

We expect COGS of $8.2 billion to $8.3 billion. This includes approximately $420 million of LinkedIn COGS, of which $220 million is related to amortization. We expect operating expenses of $9.1 billion to $9.2 billion, with roughly $1 billion from LinkedIn, of which $150 million is related to amortization. We now expect full year operating expenses between $32.9 billion and $33 billion, with approximately $2.3 billion from LinkedIn. That includes about $360 million of amortization expense. Other income and expense should be about $150 million. And for tax, we expect the full fiscal year non-GAAP effective tax rate to be approximately 21%, plus or minus 1 point.

我們預計銷售成本為 82 億美元至 83 億美元。這其中包括 LinkedIn 約 4.2 億美元的銷售成本，其中 2.2 億美元與攤提有關。我們預計營運支出為 91 億美元至 92 億美元，其中 LinkedIn 的支出約為 10 億美元，而 LinkedIn 的支出中約有 1.5 億美元與攤銷有關。我們現在預計全年營運支出在 329 億美元至 330 億美元之間，其中 LinkedIn 貢獻約 23 億美元。其中包括約 3.6 億美元的攤銷費用。其他收入和支出應該在1.5億美元左右。至於稅務方面，我們預期整個財政年度的非GAAP有效稅率約為21%，上下浮動1個百分點。

Finally, we encourage you to watch a few upcoming events: our education event on May 2, our Dynamics 365 event on May 3 and the upcoming keynotes from Bill to learn more about our ambitious plans leading into FY '18. We will also host our Financial Analyst Briefing on May 10. The webcast will be available on our Investor Relations website. Chris, let's move to Q&A

最後，我們鼓勵您關注以下即將舉行的活動：5 月 2 日的教育活動、5 月 3 日的 Dynamics 365 活動以及 Bill 即將發表的主題演講，以了解更多關於我們 2018 財年雄心勃勃的計劃。我們也將於5月10日舉辦金融分析師簡報會。網路直播將在我們投資者關係網站上提供。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 the 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，請您重複指令好嗎？

(Operator Instructions) The first question comes from the line of Keith Weiss from Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的基斯‧韋斯。

I wanted to dig into Azure a little bit. You gave us some really interesting statistics about gross margins going up, premium mix going up. One of the concerns I hear a lot from investors is what happens when we get these price cuts that go back and forth between you guys and AWS? And it doesn't seem like the price cuts this quarter really affected you guys. So I was hoping could sort of shed some light on it and how -- to what degree do those price cuts actually affect you? And then on the flip side, where does all that growth come from? Where do you get that sort of tripling of premium growth from? What kind of workloads are coming on board to kind of actually drive the underlying growth in that business?

我想稍微深入了解 Azure。您提供了一些非常有趣的統計數據，例如毛利率上升、高端產品佔比上升。我經常聽到投資者擔心，當你們和 AWS 之間進行這種來回的降價談判時會發生什麼？看來本季的降價並沒有真正影響到你們。所以我希望能夠對此進行一些解釋，以及這些降價措施究竟會在多大程度上影響你？另一方面，所有這些成長又來自哪裡呢？保費成長如此之快，翻了三倍，這是從哪裡來的？哪些類型的業務量將真正推動該業務的根本成長？

Sure, thanks for the question, Keith. Let me start and then Amy, if you want, you can add. Again, Keith, I talked -- when we look at either the capital expense or the technical architecture -- and the general approach we take is about all of our cloud. When you look at what we're trying to get done between Azure, we don't really see these scenes across Azure, O365, Dynamics 365 and also the things that we're doing with Xbox LIVE, for example. All build as one cloud infrastructure and a set of rich services in the cloud. So for example, some of the cognitive capabilities that are there in Azure first come because of our first-party AI investments, whether it's been speech or vision or anything else. Even the infrastructure that is there in Azure came out of some of our first-party investments in Office 365 or again, Bing and other areas. So we have an approach which takes all of our cloud pieces together. And that same thing is reflected even in the customer journeys. I think the Maersk example I walked you through is probably a good one. While it may start with some commodity workload on Azure or it may start with Office 365, but then it will end up with HoloLens and someone using Dynamics 365 for increased automation. In the case of Maersk, they were using field service and operations inside of Dynamics 365. So to me, those high-level services will, over time, attach in Azure but also in Dynamics as well as in Office 365. So to me, that's why Azure is pretty strategic for us, not just for the attachment of high-level services and what is defined as Azure, but the all-up digital transformation opportunity. That's how Amy and I even think about our margin structure. We need to improve in each one on the elements, but all-up we need to improve because we think that increased opportunity is what's unique about our approach.

當然，謝謝你的提問，基斯。我先開始，然後艾米，如果你願意的話，可以補充。Keith，我再說一次——當我們審視資本支出或技術架構時——我們採取的整體方法與我們的整個雲端業務有關。當你審視我們在 Azure 之間嘗試實現的目標時，你會發現 Azure、O365、Dynamics 365 以及我們正在使用 Xbox LIVE 所做的事情之間並沒有真正的協同效應。所有功能都建構成一個統一的雲端基礎架構和一套豐富的雲端服務。例如，Azure 中的一些認知能力首先源自於我們自身的 AI 投資，無論是語音、視覺或其他任何方面。甚至 Azure 中的基礎設施也源自於我們對 Office 365、Bing 和其他領域的一些第一方投資。因此，我們採用了一種將所有雲端組件整合在一起的方法。這一點也體現在客戶體驗旅程中。我認為我之前跟你解釋的馬士基的例子應該挺合適的。雖然它可能始於 Azure 上的一些通用工作負載，或始於 Office 365，但最終會發展到 HoloLens 和使用 Dynamics 365 來提高自動化程度。以馬士基為例，他們使用的是 Dynamics 365 中的現場服務和營運。所以在我看來，隨著時間的推移，這些進階服務不僅會整合到 Azure 中，還會整合到 Dynamics 和 Office 365 中。所以對我來說，這就是為什麼 Azure 對我們來說具有相當重要的戰略意義，不僅因為它提供了高級服務和 Azure 本身的定義，還因為它帶來了全面的數位轉型機會。艾米和我甚至就是這樣考慮我們的利潤結構的。我們需要在每個方面都做出改進，但總的來說，我們需要改進，因為我們認為增加機會是我們方法的獨特之處。

And I think what you're hearing in that answer from Satya, Keith, is really about whether the premium services exist as you heard at the Azure layer or whether they show themselves in our Productivity and Business Processes segment. The fact that you may see competition where there may be less differentiation, the real differentiation is where you've always been able to achieve margin and margin expansion, which is in the completeness of the solution or its delivery, the completeness of the business process change or not. And so I think, while I do understand that people ask a lot about that price competition at the lower level, I think what you're seeing is because we're able to continue to move people up the stack, including all the way up to the business process layer, I think you'll continue to see us be confident in our ability to move and create margin and growth.

基思，我認為你從薩蒂亞的回答中聽到的，實際上是關於高級服務是否像你在 Azure 層聽到的那樣存在，或者它們是否在我們的生產力和業務流程部分中體現出來。你可能會看到一些差異化程度較低的產品存在競爭，但真正的差異化在於你始終能夠實現利潤率和利潤率擴張的地方，這體現在解決方案或其交付的完整性，以及業務流程變更的完整性上。所以，雖然我理解大家對低端市場的價格競爭有很多疑問，但我認為，你們現在看到的是，因為我們能夠繼續推動用戶向上發展，包括一直到業務流程層，所以你們會看到我們繼續對自身的發展能力、創造利潤和增長充滿信心。

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

我們的下一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

I've got a follow-up actually on Azure, maybe to you Satya. And it's the interplay between the cloud piece, Azure, and mostly the on-prem piece, what you guys call the server product. Most of your peers, obviously, when they're pivoting to the cloud, are seeing weakness on the on-prem side, but what's unique about Microsoft is not only is Azure growth accelerating, but your server product growth at 7% is up meaningfully year-over-year as well. So we're not seeing that trade-off with Microsoft. I suspect part of the explanation is that a lot of the Azure growth is net new, but I'm just curious, when do you think customers will actually start migrating existing on-prem Microsoft workloads into Azure such that, that server product line might start to decelerate? Do you think there's a prospect of that occurring in fiscal '18?

我其實還有個關於 Azure 的後續問題，或許可以問你，Satya。這是雲端部分（Azure）和本地部分（你們稱之為伺服器產品）之間的相互作用。顯然，大多數同行在向雲端轉型時，都會發現本地部署方面存在不足，但微軟的獨特之處在於，Azure 的成長不僅在加速，而且其伺服器產品的成長也達到了 7%，同比增長顯著。所以，我們並沒有在微軟身上看到這種取捨。我懷疑部分原因是 Azure 的成長很大程度上是新增的，但我只是好奇，您認為客戶何時才會真正開始將現有的本機 Microsoft 工作負載遷移到 Azure，從而使該伺服器產品線的成長速度開始放緩？你認為這種情況在 2018 財政年度有可能發生嗎？

Yes, the time frames of these migrations and so on are a lot more complicated than they perhaps appear on the surface. So here's what we think of. For example, right when everyone's talking about the cloud, the most interesting part is the edge of the cloud. Whether it's IoT, whether it's the auto industry, whether it's what's happening in retail, essentially, compute is going where the data gets generated and increasingly, data is getting generated at the volumes in which it's drawing compute to it, which is the edge. So if you look at even our announcements over this quarter, a lot of what we have done with IoT is create an IoT edge. Of course, we have an amazing cloud with sort of the SaaS services for IoT, but the edge compute, the ability to run a neural network at the edge, do inferences at the edge is exciting. Azure Stack is going to completely change what hybrid is and the expectations customers have with hybrid. I mean, GEICO example is a good one. What's happening with SQL Server? SQL Server is no longer just about a database that's on-premise. It's a database that's on-premise that can be tiered with the cloud. Our single table can be extended to the cloud. The queries will work across both the tiering. And so to me, the innovative work we are doing is what I would characterize as the future of true distributed computing, which is it will remain distributed. And that's what we are building towards. We'll talk a lot more and build on -- about that architecture and what we're seeing with customers. Then, given that, what you are saying is true, which is there will be some which will be lift and shift of workloads, but then there is lift, shift and modernizing of workloads. And in that modernizing phase, it's not just being modernized to live only in what is called a cloud, but it will also be modernized to live in the edge of the cloud. And so that's the transformation at play, that's a multiyear and a generational transformation. Quarter-to-quarter, there will be all kinds of volatility, but what is clear to me and clear to Microsoft's engineers is that we have a very clear worldview of what it is that we want to get done and we stay focused on it.

是的，這些遷徙等等的時間框架比表面看起來複雜得多。我們是這樣想的。例如，當大家都在談論雲端的時候，最有趣的部分卻是雲的邊緣。無論是物聯網、汽車產業或零售業，本質上，運算都在向資料產生的地方轉移，而且資料產生的規模越來越大，以至於需要向邊緣運算匯聚。所以，即使看看我們本季發布的公告，我們利用物聯網所做的許多工作都是在打造物聯網邊緣。當然，我們擁有一個非常棒的雲端平台，可以提供物聯網的 SaaS 服務，但邊緣運算，即在邊緣運行神經網路、在邊緣進行推理的能力，才是真正令人興奮的。Azure Stack 將徹底改變混合雲的定義以及客戶對混合雲的期望。我的意思是，GEICO的例子就很好。SQL Server 出了什麼問題？SQL Server不再只是指部署在本機的資料庫。這是一個本地部署的資料庫，可以與雲端進行分層部署。我們的單一表格可以擴展到雲端。這些查詢將在兩種分層結構中都有效。因此，在我看來，我們正在進行的創新工作，正是我所說的真正分散式運算的未來，它將繼續保持分散式狀態。這就是我們努力的方向。我們會就此架構以及我們從客戶看到的回饋進行更深入的探討和拓展。那麼，既然如此，你的說法是正確的，即有些工作負載會直接遷移，但還有一些工作負載需要遷移、轉移和現代化改造。在這現代化階段，它不僅要現代化到只能生活在所謂的雲端，還要現代化到只能生活在雲端的邊緣。這就是正在發生的變革，這是一場歷時數年、跨越世代的變革。每個季度都會出現各種波動，但我和微軟的工程師都清楚，我們對想要完成的事情有著非常清晰的認識，並且我們會始終專注於此。

And I think, Karl, to your question about how that shows up, it's why you hear us focus more on the all-up KPIs between Azure and this sort of transactional or on-premise number because the line between them, both strategically and literally, is more important to be blurred and going in that direction. And so this quarter, you saw a little bit healthier than we had thought, I pointed out. It tends to be -- in this instance, Japan was a little better. It can be product launch-related, it can be macro impacted. But whether or not you see that in transactional, the uber trend of being able to see it through the all-up KPI, the dynamics Satya has talked about, you're going to hear us talk more and more about whether it's a "on-prem server launch" or an Azure feature about the integration of the 2.

卡爾，我認為，對於你提出的「這如何體現」的問題，這就是為什麼你會聽到我們更加關注 Azure 與這類交易或本地部署數字之間的總體 KPI，因為無論從戰略上還是實際意義上來說，模糊它們之間的界限並朝著這個方向發展都更加重要。因此，本季的情況比我們預想的要好一些，我指出。通常情況下是如此——就這次而言，日本的情況稍好一些。這可能與產品發布有關，也可能受到宏觀經濟因素的影響。但無論你是否在交易中看到這一點，能夠透過整體 KPI 來看到這一趨勢，以及 Satya 所談到的動態，你都會聽到我們越來越多地談論「本地伺服器啟動」或 Azure 功能，以及兩者的整合。

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

我們的下一個問題來自高盛的 Heather Bellini。

Again, I had a follow-up on Azure as well. I was just wondering, Satya, if you could share with us, and I know I've asked this in the past, but just kind of any qualitative commentary you could give us about PaaS adoption. And I'm also wondering in particular, given the high percentage of workloads on Azure running Linux, what type of services are you typically seeing run on top of the OS? And how do you see your monetization of those workloads playing out over time? And then Amy, just a follow-up for you would just be -- and I apologize, we did another earnings call tonight, so I might have missed it. But you usually give a comment about out-year OpEx on the call, and I was just wondering if you had any high-level thoughts there.

此外，我還對 Azure 進行了後續跟進。Satya，我只是想問，你能不能跟我們分享一下，我知道我以前也問過這個問題，但還是想聽聽你對 PaaS 採用情況的任何定性評論。另外，鑑於 Azure 上執行 Linux 的工作負載比例很高，我還想特別了解一下，您通常會在該作業系統之上執行哪些類型的服務？那麼，您如何看待這些工作量的變現方式？艾米，我還有一個後續問題要問你——很抱歉，我們今晚又開了一次財報電話會議，所以我可能錯過了。但你通常會在電話會議上對未來一年的營運支出發表評論，我只是想知道你對此有沒有什麼高屋建瓴的想法。

Sure, Heather, thanks for the question. Overall qualitatively in terms of PaaS adoption of Azure, a lot of it comes with what's happening, for example, in the services we talk about like IoT. We now have a much higher-level managed service. We even launched a new packaging of it with the IoT Central, which allows developers who are building IoT solutions and sort of assembling it themselves to be able to use this managed service to be that much more agile and productive. So that's usually the way we make the atomic parts available as well as these essentially SaaS services or PaaS services. Same thing with data. The DocumentDB is a massive thing for us. It's a planet scale database that supports JSON and much more, and we see that as a core part of the data tier for many, many applications. We even see -- or we see the end-user parts of the infrastructure when it comes to Enterprise Mobility. So all-up, we have multiple pieces. The other area is, of course, the entire tool chain of what's happening with Visual Studio to continuous integration to continuous deployment. And that's a place where we have a very, very differentiated solution for developers and developer productivity, which, in some sense, you can think of as it's kind of like the Office 365 for developers, but that's all part of Azure. So those are the places where there is PaaS services. But as I said earlier in response to the question, we also welcome the use of, I would say, the most atomic building blocks of Azure, whether it just be a Linux container, Azure functions, which is very cost-efficient for developers because we know that over time, maybe not just PaaS services in Azure, it could be, in fact, a Dynamics 365 module. I mean, the canonical example for me is someone who sort of collects data, does a prediction, ultimately then has to do something about that prediction, which means some automation, like field service. So a lot of what is Dynamics field service is actually in our module growth we are seeing because of Azure IoT. And that relationship is not just about Azure PaaS.

當然，希瑟，謝謝你的提問。從 PaaS 對 Azure 的採用情況來看，很大程度上取決於我們正在討論的 IoT 等服務的發展。我們現在擁有更高水準的託管服務。我們甚至推出了與 IoT Central 結合的新包裝，使建立 IoT 解決方案並自行組裝的開發人員能夠使用這種託管服務，從而更加敏捷和高效。所以，我們通常就是這樣提供原子零件以及這些本質上是 SaaS 服務或 PaaS 服務的。數據也是如此。DocumentDB 對我們來說意義重大。這是一個行星規模的資料庫，支援 JSON 等多種格式，我們認為它是許多應用程式資料層的核心部分。我們甚至可以看到——或者說，在企業行動化方面，我們可以看到基礎設施的最終用​​戶部分。總的來說，我們有多個部分。當然，另一個面向是整個工具鏈，包括 Visual Studio、持續整合和持續部署等所有環節。在這方面，我們為開發者和開發者生產力提供了一個非常、非常獨特的解決方案，從某種意義上說，你可以把它看作是面向開發者的 Office 365，但這都是 Azure 的一部分。所以，這些地方都提供PaaS服務。但正如我之前在回答這個問題時所說，我們也歡迎使用 Azure 最基本的建置模組，無論是 Linux 容器還是 Azure Functions，這對開發人員來說都非常經濟高效，因為我們知道，隨著時間的推移，它可能不僅僅是 Azure 中的 PaaS 服務，實際上還可以是 Dynamics 365 模組。我的意思是，對我來說，典型的例子是有人收集數據，進行預測，最終必須根據預測結果採取一些行動，這意味著需要一些自動化措施，例如現場服務。因此，Dynamics Field Service 的許多功能其實都得益於 Azure IoT 帶來的模組成長。而這段關係不僅僅是關乎 Azure PaaS。

And to your specific question, Heather, on FY '18 OpEx, I did not, because we're going to see each other and have more time on May 10 at the analyst briefing, and that's where I'll take some more time to walk through FY '18.

至於你提出的具體問題，Heather，關於 2018 財年的營運支出，我沒有，因為我們將在 5 月 10 日的分析師簡報會上見面，屆時我會花更多時間詳細講解 2018 財年的情況。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Two questions. What was the drivers of the big growth in Dynamics 365? Is this large seasonality specifically in this quarter? Is it a big deal or should we expect growth in the same vicinity for the -- in your future? And then as a second question, as discussed in the previous -- one of the previous questions about Server & Tools and the healthiness of that growth, I'm trying to understand the drivers. Is this the product refresh cycle? Is it Azure driving customer upgrades? Is it something else? Can you give a bit more color? That would be helpful. I appreciate it.

兩個問題。Dynamics 365 實現高速成長的驅動因素是什麼？這種明顯的季節性波動是否僅出現在本季？這算不算一件大事？或者我們應該預期未來在附近地區會有類似的成長？第二個問題，正如之前討論過的——之前關於伺服器和工具以及這種增長的健康狀況的問題之一，我正在嘗試了解其驅動因素。這是產品更新周期嗎？Azure 是否是推動客戶升級的因素？是別的什麼事嗎？能再添加一些顏色嗎？那會很有幫助。謝謝。

Sure, Mark, and let me start and then Amy, you can add. On the Dynamics 365, we're at the very, very beginning phase of the transition of Dynamics from primarily being on-premise to now being a very modern, modular SaaS service. The Dynamics 365 momentum is picking up. I talked about the revenue growth rate. And that's definitely going to be what's going to be true in the quarters to come and the years to come. But we do have a huge on-premise base. There is still a need for those on-premise products. That will continue, but our focus is on transitioning to the cloud. And you've seen us do this successfully with Office 365. You've seen us do that with Azure. And now we're ready to do that mainstream across what has been traditionally known as CRM and ERP without, in fact, us thinking and talking about those suites because we think that's a pretty old concept to have suites like that, which is we have now really made the entire Dynamics 365 much more modular, modern and much more efficient for customers, so that's what's happening in Dynamics. Same thing on Azure, which is the driver is -- a lot of it is net new. IoT, for example, was not a workload on the old server world whereas it's one of the big workloads for us. Same thing with AI, not an old workload. So there's new growth in Azure. There is the lift, shift and modernize motion as well as well as a new need for the edge of the cloud. So all 3 of them are in play while recognizing we had a large business called the server licensing business. So we have 3 new things that we are driving and the -- a lot of large licensing pieces that are just transitioning into these 3 motions.

當然可以，馬克，讓我先開始，然後艾米，你可以接著說。在 Dynamics 365 方面，我們正處於 Dynamics 從主要在本地部署向如今非常現代化的模組化 SaaS 服務過渡的最初階段。Dynamics 365 的發展動能正在增強。我談到了營收成長率。而且在未來幾季和幾年裡，這種情況肯定會持續下去。但我們的確擁有龐大的本地部署用戶群。市場仍然需要這些本地部署產品。這種情況還會持續，但我們的重點是向雲端過渡。您已經看到我們成功地利用 Office 365 來實現了這一點。您已經看到我們使用 Azure 實現了這一點。現在，我們準備將這種理念推廣到傳統上被稱為 CRM 和 ERP 的領域，而實際上，我們並沒有考慮和討論這些套件，因為我們認為擁有這樣的套件是一個相當老舊的概念。我們現在真正地讓整個 Dynamics 365 更加模組化、現代化，並且對客戶來說更加高效，這就是 Dynamics 正在發生的事情。Azure 也是如此，而驅動因素是——很多東西都是全新的。例如，物聯網在舊伺服器時代並不是一項工作負載，而現在它卻是我們伺服器的主要工作負載。人工智慧也是如此，它不是舊的工作負載。所以 Azure 出現了新的成長。存在著提升、轉變和現代化的趨勢，以及對雲端邊緣的新需求。所以這三者都在發揮作用，同時我們也意識到我們擁有一項名為伺服器授權業務的大型業務。所以，我們正在推動 3 個新項目，而且──許多大型授權項目正在過渡到這 3 個項目。

And in particular, in this quarter, how to think about, I think, some of the in-period outperformance versus what we see consistently, in the bucket of consistently, premium workload growth has been consistent for us. The double-digit annuity growth has been consistent for us and that, I think, is a driver we continue to look for and be confident in its execution quarter-to-quarter. In the more temporal bucket this quarter, as well as last, you saw a bit of it, some geo help in certain geos that may see and be more transactional in nature. Japan happens to be one of those geos. And then we are still seeing some post-launch impact, specifically in the Windows Server side and selling higher-end SKUs post-launch, which has to do with some of the value inherent. So that's how I kind of break down the drivers, Mark.

尤其是在本季度，我認為應該思考的是，一些當期超額收益與我們持續看到的優質工作量成長之間的關係，而優質工作量成長對我們來說一直都很穩定。我們一直保持著兩位數的年金成長，我認為，這是我們持續追求並有信心實現季度環比成長的驅動力。在本季度以及上個季度，在更偏向短期性的領域，您會看到一些這樣的例子，某些地區的地理援助可能會更偏向交易性質。日本恰好是其中之一。然後我們仍然看到一些發布後的影響，尤其是在 Windows Server 方面，以及發布後銷售的高端 SKU，這與產品固有的一些價值有關。馬克，這就是我對驅動因素的分析方法。

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

我們的下一個問題來自花旗銀行的華特‧普里查德。

Two things, Amy. I think you mentioned in the script that Windows -- there was some Windows volatility around some new SKU pricing. Could you go into some detail there? And then, secondarily, I know we may get this at Analyst Day, but around 606, I know you're going to adopt that early, and I think that will change, to some degree, your annuity revenue. I wonder if you could give us any color, even directionally, on what percentage of that annuity revenue is licensed that after 606 will go up front.

艾米，有兩件事。我想你在腳本中提到過 Windows 系統——Windows 系統在一些新 SKU 定價方面出現了一些波動。能詳細說說嗎？其次，我知道我們可能會在分析師日上看到這一點，但在 606 年左右，我知道你們會提前採用它，我認為這將在一定程度上改變你們的年金收入。我想知道您能否透露一些信息，哪怕只是大致方向，說明在 606 之後，這筆年金收入中有多少百分比是授權的，又有多少百分比會預先支付。

Great. On 606, we will talk about it in detail, actually on May 10, in terms of the timing and what you can expect. You'll also note in the Q this quarter, we do give a look at the initial impact on an annual basis, using last year as an example. The biggest difference on an annual basis with the adoption of 606 will really just be the change from Windows OEM. Now what we will talk about in more detail is that the quarter-to-quarter results in any given year will be a little bit more volatile. But over any annual period, the biggest difference will really just be the change, in some ways, back to how we thought about OEM revenue. So that's what I would think of on 606.

偉大的。在第 606 期節目中，我們將詳細討論此事，實際上是在 5 月 10 日，討論時間安排以及您可以期待的內容。您還會注意到，在本季的季度報告中，我們以去年為例，對年度的初步影響進行了分析。採用 606 版本後，每年最大的變化實際上只是從 Windows OEM 的變化。現在我們要更詳細地討論的是，任何一年中每季的業績波動都會更大一些。但從任何年度週期來看，最大的差異實際上只是在某種程度上改變了我們對 OEM 收入的看法。這就是我對 606 的看法。

And then question on the...

然後是關於…的問題

Oh Windows. I'm sorry, I answered them in the opposite order. And on the Windows pricing, which we talked about, we do and always have worked with Windows SKUs as we release new products and add new value. This quarter, we had a bit of a mix shift to a higher-end SKU. And starting in April, we've introduced other SKUs that have more value in them at lower processing specs. And so what you'll continue to see is that will normalize. Even though we saw some high-end SKUs this quarter do well, I would expect in Q4 to have the normal breadth of those SKUs and revert back to looking much more like the commercial PC market itself.

哦，Windows。對不起，我回答的順序反了。至於我們之前討論過的 Windows 定價問題，我們一直在發布新產品和增加新價值時採用 Windows SKU。本季度，我們的產品組合略微向高端 SKU 傾斜。從四月開始，我們推出了其他 SKU，這些 SKU 在較低的加工規格下具有更高的價值。所以你會看到這種情況會逐漸正常化。儘管本季一些高階 SKU 表現良好，但我預計第四季度這些 SKU 的廣度將恢復正常，並重新變得更像商用 PC 市場本身。

Our next question comes from the line of Brad Reback with Stifel.

我們的下一個問題來自 Stifel 的 Brad Reback 一線隊。

Great. So 2 quick questions. First off, Amy, there's been a lot about talk about tax law changes on the corporate side. Would a repatriation holiday impact how you guys allocate capital back to shareholders? And then just real quickly, on the OpEx side, I know you don't want to get too specific, but over the last few years, you've been able to effectively reallocate upwards of $2 billion from the phone business elsewhere. Is there still a fair amount of ability to reallocate internally?

偉大的。那麼，請問兩個問題。首先，艾米，關於公司稅法改革的討論很多。如果實施資金回流假期，這會影響你們分配資本給股東的方式嗎？然後，簡單來說，關於營運支出方面，我知道您不想說得太具體，但在過去幾年裡，您已經能夠有效地將超過 20 億美元的資金從電話業務重新分配到其他領域。內部重新分配資源的空間是否仍相當大？

Great, let me take both of those. Let me separate your first question because I think you're really asking too, that I probably don't relate as directly and I should do that for you. We've been a long-time advocate of structural tax reform, and so we'll just wait and see how things play out. And as decisions get made and proposals clarified, we'll share more about what that means for us. Next, in terms of how we thought about that impacting capital return. As you know, I think we've been -- and executed significant capital return program over the past couple of years, including accelerating a buyback program that I think I feel very good about at the corporate level in terms of the value it's created. And so I wouldn't say that I view those 2 things as waiting for one to do the other. We've, in fact, continued to do what we thought created the most value for shareholders, which is to invest in ourselves, acquire companies that help us expand our TAM and grow, return dividends as well as repurchase shares. And we've continued to do that this quarter as well. I think you'll continue to see us take a balanced approach, but I don't think of those as being related. The last question on OpEx, I think over the past couple of years, we've continued to make decisions that said every dollar we spend, are we putting it in the right place for the long term, whether that's reallocating or adding new. And what we expect is to grow new markets and perform really well in them with every dollar that we invest, whether frankly, Brad, it's in OpEx or in COGS. At this point, both of those are very large buckets of investments. What Satya and I as well as the whole senior leadership team spend the majority of our time, picking markets and making sure we execute in them. So in terms of our ability to continue to do that, of course, there's opportunities. We learn frankly, I think, every week where we can do better and where we can continue to invest to accelerate. That being said, I don't view any OpEx number as a constraint. More, I view, is the return healthy? Is it growing the top line? Are we executing well on it? And if we are, it will make sense to spend more, and if we aren't, it won't. And so I tend to take that approach as opposed to solving for any one number.

太好了，這兩個我都要。讓我先單獨回答你的第一個問題，因為我覺得你其實也是在問，我可能沒有直接感同身受，我應該為你做這件事。我們一直以來都支持結構性稅制改革，所以我們會拭目以待，看看事情會如何發展。隨著各項決定的做出和方案的明確，我們將分享更多這對我們來說意味著什麼。接下來，我們來談談我們如何看待這對資本回報的影響。如您所知，我認為我們在過去幾年中一直在執行一項重要的資本回報計劃，包括加速股票回購計劃，就其創造的價值而言，我對該計劃在公司層面的表現非常滿意。因此，我不會說我認為這兩件事是相互依存的。事實上，我們一直堅持做我們認為能為股東創造最大價值的事情，那就是投資自己，收購有助於我們擴大市場規模和實現成長的公司，派發股息以及回購股票。本季我們也繼續這樣做了。我認為我們將繼續採取平衡的方法，但我不認為這兩者之間存在關聯。關於營運支出的最後一個問題，我認為在過去的幾年裡，我們一直在做出這樣的決定：我們花的每一分錢，是否都用在了長遠發展的正確地方，無論是重新分配資源還是增加新的資源。我們期望的是，我們投入的每一美元，無論是營運支出還是銷售成本，都能開拓新市場並取得優異的業績。目前來看，這兩項投資都非常龐大。我和薩蒂亞以及整個高階領導團隊的大部分時間都花在挑選市場和確保我們在這些市場中執行策略。所以就我們能否繼續做到這一點而言，當然，機會是存在的。坦白說，我認為我們每週都會了解到哪些方面可以做得更好，哪些方面可以繼續投資以加快發展。也就是說，我不認為任何營運支出數字是一種限制。更重要的是，我認為這樣的回報是否合理？營收成長了嗎？我們執行得好嗎？如果答案是肯定的，那麼增加支出就有意義；如果答案是否定的，那麼增加支出就沒意義。因此，我傾向於採用這種方法，而不是求解某個具體的數字。

Our next question comes from the line of Kirk Materne with Evercore ISI.

我們的下一個問題來自 Kirk Materne 與 Evercore ISI 的合作團隊。

Amy, I want to follow up on your last point around investment and return on it. Around this time last year, you guys started spending a lot more or investing a lot more in OpEx on the Intelligent Cloud side in particular. This quarter, you saw Intelligent Cloud operating profit, on a constant currency basis, get back to growth again, which I think shows that those investments were indeed -- made some sense. Now that you've spent a lot, you've obviously added a lot in sales and marketing resources, R&D resources on that front. Could you just give us, I guess, qualitatively how you're thinking about that? It seemed like last year, you needed to catch up to a certain degree in terms of go-to-market capabilities. Do you feel better, I guess, where you are today versus your position, say, a year ago just in terms of being able to capture the opportunity on the Intelligent Cloud side?

艾米，我想就你上次提到的投資及其回報問題再補充一點。大約在去年這個時候，你們開始在智慧雲端的營運支出或投資大幅增加。本季度，以固定匯率計算，智慧雲端的營業利潤恢復成長，我認為這顯示這些投資確實——具有一定的意義。既然你已經投入了大量資金，顯然你也在銷售和行銷資源以及研發資源方面投入了大量資源。您能否簡要地、定性地描述一下您對此的看法？去年，你們在市場推廣能力方面似乎需要迎頭趕上。我想，就把握智慧雲端領域的機會而言，你現在的處境是否比一年前更好？

I'll start and then I'll transition to you, Amy. I mean, I don't view it that narrowly quarter-to-quarter or even year-to-year. These are generational opportunities, what's at play when it comes to the Intelligent Cloud or what's happening in augmented reality. Either one of those things, I think if we started viewing it quarter-to-quarter or year-to-year, we'll completely miss the trend. We definitely need to be smart about 2 things that Amy said before, which is pick markets that are secular growth markets and got big TAM. And most importantly, what's our role in it? Is this something that the world needs Microsoft to be doing? Or is it well served by others? That's where we spend most of our cycles in. The fact that we put some salespeople, and then there's increased productivity is something that we obviously celebrate and we track very closely. But the places where we are more likely to go and put our OpEx in the coming quarters, in the coming years are going to be about revenue that's going to show up for multiple years out. And it won't be very transparent to you, right, and that's how it is. I mean, if we had not gotten started on some of the distributed computing infrastructure in a completely different place, we wouldn't even have Azure. But I completely understand that all of you measure us by what we have done for you lately, and that's a fine way and we'll keep account of it, but that's not how it works.

我先開始，然後把麥克風交給你，艾米。我的意思是，我不會只從季度或年度的角度來看待這個問題。這些都是世代機遇，無論是在智慧雲端領域或是擴增實境領域，都蘊含著巨大的變革潛力。我認為，如果我們按季度或按年來看待這個問題，就會完全錯過趨勢。我們絕對需要像 Amy 之前提到的那樣，明智地選擇那些具有長期成長潛力且市場規模巨大的市場。最重要的是，我們在其中扮演什麼角色？這是世界需要微軟去做的事嗎？或者其他人也能很好地滿足它的需求？我們大部分的生理週期都處於這種狀態。我們增加了一些銷售人員，然後生產力提高了，這顯然是我們樂見其成並密切關注的結果。但在未來幾季和幾年裡，我們更有可能將營運支出投入那些能帶來多年持續收入的領域。而且你不會很清楚，對吧，事實就是如此。我的意思是，如果我們當初沒有在完全不同的地方著手建置一些分散式運算基礎設施，我們甚至都不會有 Azure。但我完全理解你們都以我們最近為你們所做的事來衡量我們，這當然很好，我們也會記住這一點，但事情並非如此運作。

Yes, and I think the important part in what Satya said is the distinction between really engineering investments that take multiple years of investment and worldview on a TAM and holding ourselves accountable to sales and marketing investments and are they earning the right return? Are we doing them in the right way? Are they in the right market? Are we investing in the right types of people and the right capabilities? What I look and say that this number shows is that we are doing, and it is encouraging, that the plan that we put in place that the sales team has done a really terrific job of executing on. And all that does is build more confidence that both we picked a good market and we're investing in the right type of people to make sure we land that opportunity at customers. And then the most important thing is that the customer success is what will breed revenue for the next quarter, the next year. And especially in this market, a generational move here really means, especially for many of the workloads being moved, these pay off every year for the next 10.

是的，我認為薩蒂亞所說的重點在於區分真正需要多年投資和全球視野的工程投資（基於TAM），以及對銷售和行銷投資負責，並評估它們是否獲得了正確的回報。我們這樣做的方式正確嗎？他們選對市場了嗎？我們是否在投資合適的人才和合適的能力？我認為這個數字表明，我們正在做的，而且令人鼓舞的是，我們制定的計劃得到了銷售團隊的出色執行。而這一切只會增強我們的信心，讓我們相信我們既選對了市場，也投資了合適的人才，以確保我們能抓住客戶的機會。而最重要的是，客戶的成功將為下一季、隔年帶來收入。尤其是在這個市場中，世代遷移意味著，特別是對於許多遷移的工作量而言，這些遷移將在未來 10 年內每年都帶來回報。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Satya, I'm curious how is the pace of conversations around Internet of Things, machine learning and cognitive services? And also what are you seeing as the killer app types of use cases that could resonate with customers in terms of the more mainstream applicability? And also Amy, just given the strength in commercial bookings and also commercial bookings guidance, macroeconomically, do you see any signs of enterprise budgets opening up somewhat or different activity levels, more receptivity to transformative projects? I'm just trying to understand maybe how we can separate out your company-specific momentum against any conceivable kind of incremental macro tailwinds.

Satya，我很好奇圍繞物聯網、機器學習和認知服務的討論進度如何？另外，您認為哪些類型的殺手級應用程式用例能夠引起使用者的共鳴，並具有更廣泛的適用性？艾米，鑑於商業預訂的強勁勢頭以及商業預訂指導，從宏觀經濟角度來看，你是否看到企業預算有所放鬆或出現不同的活動水平，對變革性項目有更大的接受度？我只是想了解一下，我們如何將貴公司特有的發展勢頭與任何可能出現的宏觀經濟利好因素區分開來。

That's great, so let me start. The best way to think about how people are using, whether it's Azure, Dynamics 365 or other capabilities we have, is in the context of that digital transformation and the outcome. So when you say killer apps, the killer apps are how are customers able to reimagine how they think about customer engagement, how they think about employee empowerment or the operational efficiency or how they can change the products and the business models and the products. And if you look at even the examples I used in this quarterly earnings call, Maersk and what they're trying to do across all of those is pretty transformative. There is machine learning and AI, there is IoT, there is new type of business process automation with operations. All of that is sort of transforming Maersk. What ThyssenKrupp has done in their elevator business and other business units who are using anything from HoloLens to a front-line worker, to how they're fundamentally moving their business model from essentially the margin on the thing, to the margin on the service, which has machine learning and AI built into it. Those are the killer transformation opportunities that we are seeing. And in fact, it's not about, in fact, taking any old workload per se, but it's about reimagining what they want to do across these. And in that context, of course, they are lifting and shifting some of the older workloads but they're modernizing the entire business process flow. And that's what's, I think, the killer opportunity, not any one technology, but the entire flow.

太好了，那我先開始吧。要了解人們如何使用 Azure、Dynamics 365 或我們擁有的其他功能，最好的方法是將其置於數位轉型及其結果的背景下進行思考。所以，當你說殺手級應用時，殺手級應用指的是顧客如何重新構想他們對顧客互動、員工賦權或營運效率的看法，或是他們如何改變產品和商業模式。即使看看我在這次季度財報電話會議上舉的例子，馬士基以及他們在所有這些方面所做的努力都是相當具有變革性的。有機器學習和人工智慧，有物聯網，還有新型的業務流程自動化和營運。所有這些都在某種程度上改變了馬士基。蒂森克虜伯在其電梯業務和其他業務部門所做的工作，包括將 HoloLens 等技術應用於第一線員工，以及他們如何從根本上改變其商業模式，使其從以產品利潤為核心，轉變為以服務利潤為核心，而服務中又內置了機器學習和人工智慧。這些就是我們看到的顛覆性轉型機會。事實上，這並非是要承擔任何舊的工作量，而是要重新構想他們想在這些工作中做什麼。當然，在這種背景下，他們正在遷移和轉移一些舊的工作負載，但他們正在對整個業務流程進行現代化改造。我認為，真正的機會在於整個流程，而不是某項技術。

And I think your question about, is it really budgets, I think you used the phrase opening up. What I think is really interesting is, I don't know, I read probably the same CIO surveys you all do. Frankly, the numbers in those in terms of IT spend or intent to spend aren't much different than we've seen. For me, what I think is missing in that question is really -- it's not about any one customer saying, "Wait, I'm going to spend 2% more or 3% more." These are companies actually deciding that change is required, not from an infrastructure perspective but to change how they're running their business itself. And so things that used to look more to them like capital expense through COGS or not just an IT budget, this is literally changing every business process they run or changing the services they offer and thinking about literally driving their revenue differently. And so I don't really associate it probably as much with a "budget" that sits in IT very narrowly. This is really about every budget that sits not just in IT but under every functional leader of a company being spent differently and being spent on our technology.

關於你提出的「是否真的是預算」的問題，我認為你用了「開放」這個詞。我覺得真正有趣的是，我不知道，我讀過的CIO調查報告可能跟你讀的都一樣。坦白說，就 IT 支出或支出意圖而言，這些數字與我們之前看到的並沒有太大區別。我認為這個問題真正缺少的是——並非是某個客戶說，「等等，我要多花2%或3%的錢。」而是這些公司真正意識到需要做出改變，不是從基礎設施的角度，而是從改變他們自身的業務運作方式的角度。因此，過去在他們看來更像是資本支出（透過銷售成本體現）或不僅僅是 IT 預算的事情，現在實際上正在改變他們運行的每一個業務流程，改變他們提供的服務，並思考如何以不同的方式推動收入成長。因此，我並不認為它與IT領域狹義上的「預算」有很大關係。這其實關乎公司裡每個部門的預算，不僅是IT部門的預算，而是每個職能部門負責人的預算，這些預算的支出方式各不相同，而且都用於我們的技術上。

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

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Two, I think, both for Amy. The first is that now that Azure gross margins have turned positive, would you say it'd be reasonable to assume that the [creative] cloud gross margin should continue to increase sequentially going forward? Or could other factors still create some volatility quarter-to-quarter?

我想應該是兩個，都是給艾米的。首先，既然 Azure 的毛利率已經轉正，您是否認為可以合理地假設（創意）雲端的毛利率在未來會繼續逐週成長？或者，其他因素仍會導致季度間波動？

Overall, we continue to expect each service is going to get better and better. That happens from 2 things: premium mix, revenue doing well as well as the efficiencies we expect to get in COGS resulting in gross margin improvement. Now to your specific question on can you expect it every quarter sequentially, the answer is not really. The mix amongst the services will always result in a pacing change. And so while year-over-year, you may not see as much, but you will see more sequential volatility as, frankly, you've seen over the past 6 quarters even when we've seen improvements in each of the underlying services, which tends to be how I focus on it a bit more.

整體而言，我們仍期待各項服務越來越好。這主要來自兩個方面：高端產品組合、良好的營收以及我們預期在銷售成本方面實現的效率提升，從而帶來毛利率的提高。至於你提出的具體問題，即是否可以每季依序取得，答案是否定的。各項服務的組合必然會導致節奏的變化。因此，雖然同比來看可能不會出現那麼大的波動，但你會看到更大的環比波動，坦白說，正如你在過去 6 個季度中所看到的，即使我們看到每項基礎服務都有所改善，這也是我更關注它的原因。

That's helpful. And maybe one other if I could. Just on CapEx, I know that it was -- there's a timing delta here between Q3 and Q4, but I just wanted to step back. If you think about your CapEx plans ex LinkedIn as you came into the year and how you think you'll end up, are you going to be about on plan or do you think you'll be above or below?

那很有幫助。如果可以的話，也許還會再添一個。就資本支出而言，我知道——第三季和第四季之間存在時間差，但我只是想退一步想想。如果你回顧年初時除 LinkedIn 之外的資本支出計劃，以及你認為最終結果會如何，你認為你會基本上按計劃完成，還是會超出或低於計劃？

Thanks. In general, for the full fiscal year, we'll be right at or a little below where I thought we would have been. And so that's why the full year perspective that growth will slow is still on track. And for simplicity, I generally would think about all the delta from Q3, I would encourage you just to move it into Q4 as you think about what to expect.

謝謝。總的來說，就整個財政年度而言，我們的實際業績將與我的預期基本持平或略低於我的預期。因此，全年成長放緩的預期仍然符合實際情況。為了簡單起見，我通常會考慮第三季的所有增量，我建議您在考慮預期結果時，將其移至第四季度。

Our last question will come from the line of Philip Winslow with Wells Fargo.

最後一個問題來自富國銀行的菲利普‧溫斯洛。

Just a question on Office commercial. You guys reported another strong quarter here, 8% constant currency growth. Obviously, continuing that acceleration that you've had over the first 3 quarters of this year. Now I guess the question to Satya and then Amy. Satya, you still have a positive mix shift going on here because we see the unit count growth but also the revenue growth, so a positive spread there. Maybe help me walk through where you think we are in sort of this life cycle of Office 365 because you obviously have a lot of SKUs. And then Amy, in that context, kind of to the last question on gross margins for commercial cloud. Obviously, you made a lot of headway on Azure. How do you think where we are similarly on the life cycle on the gross margin side of 365?

關於Office商業版，我有個問題。你們又公佈了一個強勁的季度業績，以固定匯率計算成長了 8%。顯然，要延續今年前三個季度以來的加速成長動能。現在我猜這個問題應該要問薩蒂亞，然後問艾米。Satya，你在這裡仍然呈現出積極的產品組合轉變，因為我們不僅看到了銷售增長，也看到了收入增長，所以這是一個積極的增長點。或許你可以幫我整理一下你認為我們目前在 Office 365 生命週期中的哪個階段，因為你們顯然有很多 SKU。然後，艾米在這種背景下，談到了關於商業雲毛利率的最後一個問題。顯然，你在 Azure 方面取得了巨大進展。您認為我們在365天的毛利率生命週期中的位置如何？

Yes, I can start. I mean, I think with Office 365, we are trying to expand the appeal of Office 365 on multiple dimensions. A lot of what we're still seeing in play is the rapid adoption or the increased adoption of Office 365 E3, which is what I think is driving a lot of the growth, the ASP growth. Now we have a good start with what is the high end of the enterprise value, which is E5. Some of the value we have, whether it's voice or analytics and security, it resonates. And we're learning, we're improving and we're pushing forward on that front. At the same time, we are also introducing new SKUs for the front-line workers. This is one of the other first-time trends I'm seeing where CEOs on are more interested in productivity of their front-line workers, and so that's another exciting space. It comes at a different ASP point so it's not exactly the same as E5, but very important for us strategically to be able to increase the appeal of Office 365. We also are working to make Office 365 and seeing good traction in segments like small business. The other aspect of Office 365 which is important for us is the international element, because we really never had very high penetration of our higher-end server SKUs in the international markets, and we finally get to sort of do that with the service offering. So those are all the areas where there's significant room left, and we're not just standing still in terms of adding value for new segments, so those are all in play.

是的，我可以開始了。我的意思是，我認為透過 Office 365，我們正在嘗試從多個方面擴大 Office 365 的吸引力。我們現在看到的許多現象仍然是 Office 365 E3 的快速普及或日益普及，我認為這是推動 ASP 成長的主要因素。現在我們已經有了良好的開端，企業價值的高階就是 E5。我們擁有的一些價值，無論是語音、分析或安全，都能引起共鳴。我們正在學習，我們正在改進，我們正在朝著這個方向努力。同時，我們也為第一線員工推出了新的 SKU。這是我觀察到的另一個新趨勢，即執行長們越來越關註第一線員工的生產力，這又是一個令人興奮的領域。它的 ASP 點不同，所以與 E5 並不完全相同，但從戰略上講，它對於提高 Office 365 的吸引力非常重要。我們也努力打造 Office 365，並在小型企業等領域看到了良好的發展動能。Office 365 對我們來說另一個重要的方面是國際化，因為我們的高階伺服器 SKU 在國際市場上的滲透率一直不高，而透過這項服務，我們終於可以實現這一點了。所以，這些領域都還有很大的發展空間，我們並沒有停滯不前，而是不斷為新的細分市場創造價值，這些領域都在積極探索中。

And the way you've seen that and I'll relate it to margins, is this continued and consistent installed base growth and even still having the opportunities Satya laid out. And most of the ARPU improvement that we've seen has been, in fact, still due to the E3 transition, not due to the E5 transition, so we still feel quite good about the opportunity, especially in some of the customers that have already moved to E3. And then in terms of gross margin, margin actually here has been steadily improving. We've been in this business a bit longer and it's more mature. I do think, here, the opportunity is also ARPU-based actually here in terms of continuing to see margin improvement, is continuing to raise the dollars per user that we realize to continue to see that grow.

正如你所看到的，我將其與利潤率聯繫起來，那就是持續穩定的裝機增長，以及薩蒂亞提出的各種機會。事實上，我們看到的 ARPU 改善大部分仍然是由於 E3 過渡，而不是由於 E5 過渡，所以我們仍然對這個機會感到非常樂觀，尤其是一些已經遷移到 E3 的客戶。而就毛利率而言，這方面的毛利率其實一直在穩定提高。我們從事這個行業的時間比較長，也更加成熟了。我認為，就利潤率的持續提高而言，這裡的機會實際上也與 ARPU（每用戶平均收入）有關，這意味著要繼續提高每個用戶收入，從而持續實現成長。

That wraps up the Q&A portion of today's call. We look forward to seeing many of you in the coming months at various investor conferences and events. You can find the details, including webcast information, at the Microsoft Investor Relations website. Thank you for joining us today.

今天的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，在各種投資者會議和活動中見到各位。您可以在微軟投資者關係網站上找到詳細信息，包括網路直播資訊。感謝您今天蒞臨。

Thanks, all.

謝謝大家。

Thank you very much.

非常感謝。

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。