微軟 (MSFT) 2017 Q3 法說會逐字稿

Welcome to Microsoft's Third Quarter Fiscal Year 2017 Earnings Conference Call.

歡迎參加微軟 2017 財年第三季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

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

我想將電話轉給投資者關係總經理 Chris Suh。

Chris, please proceed.

克里斯，請繼續。

Thanks, Maria.

謝謝，瑪麗亞。

Good afternoon, and take you for joining us today.

下午好，今天帶你加入我們。

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

今天與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Frank Brod，首席會計官；以及副總法律顧問兼公司秘書 John Seethoff。

On 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 Microsoft 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，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

As a reminder, this is the first full quarter of LinkedIn results.

提醒一下，這是領英第一個完整季度的業績。

As a result, comparisons made to prior years will be affected accordingly.

因此，與往年的比較將受到相應影響。

During the call, Amy will discuss the financial impact of LinkedIn as she provides the overview of business results for the quarter.

在電話會議期間，艾米將討論 LinkedIn 的財務影響，因為她提供了本季度業務結果的概述。

Our key investor metrics remain unchanged due to the LinkedIn acquisition.

由於收購 LinkedIn，我們的主要投資者指標保持不變。

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

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

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

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

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

除了這些項目和事件對財務業績的影響外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第三季度的業績。

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

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We'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.

我們還將在可用時以固定貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外幣匯率波動的影響。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

如果您提出問題，它將包含在我們的實時傳輸中、記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript on the Microsoft Investor Relations website until April 27, 2018.

在 2018 年 4 月 27 日之前，您可以在 Microsoft 投資者關係網站上重播電話並查看通話記錄。

During this call, we will make forward-looking statements, which are predictions, projections or other statements about future events.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

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

由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及其他報告和提交給證券交易的文件的風險因素部分中討論的因素，實際結果可能存在重大差異委員會。

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

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

謝謝你，克里斯，也感謝電話裡的每一個人的加入。

Today, I'll share the results of the third quarter and discuss what's ahead.

今天，我將分享第三季度的業績並討論未來的發展。

I'm proud of the progress this quarter.

我為本季度取得的進展感到自豪。

We delivered $23.6 billion in revenue, up 7% in constant currency.

我們實現了 236 億美元的收入，按固定匯率計算增長了 7%。

Across all industries, organizations are looking to digitally transform with the state-of-the-art cloud services, AI and new natural user interface technology.

在所有行業中，組織都在尋求利用最先進的雲服務、人工智能和新的自然用戶界面技術進行數字化轉型。

Increasingly, these organizations are turning to Microsoft as a partner they can trust for the innovation and building their own digital capability.

這些組織越來越多地將 Microsoft 作為他們可以信賴的合作夥伴來進行創新並建立自己的數字能力。

Now let's look at the progress we made this quarter by segment, starting with Productivity and Business Processes.

現在讓我們從生產力和業務流程開始，逐個查看本季度取得的進展。

We crossed a major milestone with more than 100 million monthly active users of Office 365 commercial.

我們跨越了一個重要的里程碑，Office 365 商業版每月活躍用戶超過 1 億。

Office 365 commercial seats grew 35% year-over-year and revenue is up 45% in constant currency.

Office 365 商業席位同比增長 35%，收入按固定匯率計算增長 45%。

Across industries, customers recognize Office 365 is the productivity platform of choice.

各行各業的客戶都認可 Office 365 是首選的生產力平台。

Companies like H&R Block, Johnson & Johnson, Deutsche Börse AG, LVMH has all chose Office 365.

H&R Block、強生、德意志交易所、路威酩軒等公司都選擇了 Office 365。

And we continue to innovate and add new value.

我們不斷創新並增加新的價值。

This quarter, we made Microsoft Teams broadly available to Office 365 customers in 181 markets.

本季度，我們向 181 個市場的 Office 365 客戶廣泛提供了 Microsoft Teams。

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.

我們基於聊天的新工作區已經為超過 50,000 名客戶提供了一種新的工作方式，包括埃森哲、J. Walter Thompson、J.B. Hunt 和 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.

Teams 還為開發人員創造了一個新的平台機會，通過機器人、應用程序和服務的豐富可擴展性來接觸 1 億 Office 365 用戶。

Additionally, we're expanding the relevance of Office 365 to new segments.

此外，我們正在將 Office 365 的相關性擴展到新的細分市場。

Retail, hospitality and manufacturing companies have a huge need to empower their frontline employees.

零售、酒店和製造公司迫切需要增強一線員工的能力。

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.

我們為該細分市場提供的擴展產品包括 Microsoft StaffHub、Teams、OneDrive、Skype for Business 等，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.

現在讓我談談我們在這一領域的雄心的第二部分，即重塑業務流程。

Accelerating our growth with LinkedIn by driving value for members and customers remains our top priority.

通過為會員和客戶創造價值來加速我們與 LinkedIn 的發展仍然是我們的首要任務。

This quarter, we redesigned the LinkedIn desktop to create a more seamless intuitive experience across devices.

本季度，我們重新設計了 LinkedIn 桌面，以創建跨設備更無縫的直觀體驗。

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.

我們將繼續投資於 LinkedIn 訂閱源，帶來精選的新聞和觀點，以幫助會員隨時了解對他們來說最重要的事情。

Our innovation across both the desktop and mobile is driving strong engagement momentum, with sessions up more than 20% again this quarter.

我們在桌面和移動設備上的創新推動了強勁的參與勢頭，本季度會話數再次增長了 20% 以上。

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.

本週，LinkedIn 標誌著一個重要的里程碑，會員人數超過 5 億，我們的工作平台發布了超過 1000 萬個工作崗位，創下新紀錄。

The strong momentum with jobs and engagement is continuing to fuel the growth across talent, marketing, sales and learning solutions.

就業和敬業度的強勁勢頭繼續推動人才、營銷、銷售和學習解決方案的增長。

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.

本週，我們採取了重大措施，通過將 Sales Navigator 與 Dynamics 365 進行更深入的集成來重新定義社交銷售，從而使銷售專業人員能夠通過利用其個人網絡中的關係來顯著提高他們的效率。

Customers like Visa are choosing Dynamics 365 because of our deep integration across Office 365 and now Sales Navigator.

像 Visa 這樣的客戶之所以選擇 Dynamics 365，是因為我們與 Office 365 和現在的 Sales Navigator 進行了深度集成。

I'm excited to put the Microsoft enterprise sales force and partner ecosystem behind this new opportunity.

我很高興能夠將 Microsoft 企業銷售團隊和合作夥伴生態系統置於這一新機遇的背後。

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.

Dynamics 365 解決了企業面臨的一項重大挑戰，幫助他們擺脫單片孤立的應用程序套件，從而解鎖整個組織的洞察力。

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.

您可以在我們新的 Dynamics 365 人才應用程序中看到這一點，該應用程序將 HR 業務流程與 LinkedIn Recruiter 相結合，幫助公司管理從招聘到保留的員工生命週期。

Our innovation in Dynamics is driving strong revenue growth, with Dynamics 365 up 82% in constant currency this quarter.

我們在 Dynamics 方面的創新推動了強勁的收入增長，Dynamics 365 本季度按固定匯率計算增長了 82%。

Now let's talk about the progress we're making in our Intelligent Cloud segment.

現在讓我們談談我們在智能雲領域取得的進展。

Our commercial cloud annualized revenue run rate now exceeds $15.2 billion.

我們的商業雲年化收入運行率現在超過 152 億美元。

Customers are increasingly choosing the Microsoft Cloud.

客戶越來越多地選擇 Microsoft 雲。

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.

他們將我們的差異化方法視為最值得信賴的全球超大規模雲，提供混合支持和更高級別的服務，以幫助推動他們的數字化轉型。

Moreover, they appreciate the agility, operational consistency and security across the entire digital estate, spanning Enterprise Mobility, Office 365, Dynamics 365 and Azure.

此外，他們欣賞整個數字資產的敏捷性、操作一致性和安全性，包括 Enterprise Mobility、Office 365、Dynamics 365 和 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.

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，擁有超過 1,000 艘船隻的船隊。

Maersk began the journey to the Microsoft Cloud with Office 365, Enterprise Mobility and Security and Windows 10.

Maersk 通過 Office 365、企業移動性和安全性以及 Windows 10 開啟了微軟雲之旅。

They choose -- they chose Dynamics 365 for operations to streamline container production and maintenance.

他們選擇了——他們選擇了 Dynamics 365 來簡化容器生產和維護。

Now Maersk is using Azure to digitally transform its supply chain management and global trade.

現在，馬士基正在使用 Azure 對其供應鏈管理和全球貿易進行數字化轉型。

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.

Azure 中的智能服務通過實時數據、可視化和高級分析提供有關運營商績效和設備使用情況的最新見解，使他們能夠削減成本並創造新的收入來源。

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.

對於一家每年運送 1700 萬個集裝箱的公司來說，快速反應的能力可能意味著與底線相差數千萬美元。

This is a great example of our 3 clouds coming together to enable deep digital transformation.

這是我們的 3 個雲融合在一起以實現深度數字化轉型的一個很好的例子。

Across industries, customers are choosing Azure.

各行各業的客戶都在選擇 Azure。

UBS announced they're using Azure for risk management, and GEICO chose Azure for hybrid capabilities.

UBS 宣布他們正在使用 Azure 進行風險管理，GEICO 選擇 Azure 來實現混合功能。

Publicis Groupe announced that they will use Azure and Cortana Intelligence Suite to deliver AI-powered marketing solutions at scale.

陽獅集團宣布，他們將使用 Azure 和 Cortana 智能套件大規模提供基於人工智能的營銷解決方案。

Flipkart, India's leading online marketplace, chose Azure as the platform to enable their rapid growth.

印度領先的在線市場 Flipkart 選擇 Azure 作為平台來實現快速增長。

We continue to rapidly innovate and add new capability to drive further customer value.

我們將繼續快速創新並增加新的能力，以進一步推動客戶價值。

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.

Microsoft IoT Central 是第一個為各種規模的組織提供端到端解決方案的 SaaS 產品，以跨設備、雲、分析、網絡和軟件管理其整個 IoT 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.

本週在全球最大的工業貿易展覽會漢諾威工業博覽會上，製造商展示了他們如何使用我們的解決方案來改變製造的各個方面，從水管理到食品和飲料、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.

在人工智能方面，本季度，我們廣泛提供了用於人臉識別和計算機視覺的認知服務，使任何開發人員都能成為人工智能開發人員。

We're excited about how Azure Stack and SQL Server are helping define the edge computing paradigm.

我們對 Azure Stack 和 SQL Server 如何幫助定義邊緣計算範式感到興奮。

Azure Stack will enable computers -- our customers to extend Azure capability to their private data center in a truly consistent hybrid computing environment.

Azure Stack 將使計算機——我們的客戶能夠在真正一致的混合計算環境中將 Azure 功能擴展到他們的私有數據中心。

SQL Server 2017, coming this fall, is the first database with cloud tiering and artificial intelligence built in.

SQL Server 2017 將於今年秋季推出，它是第一個內置雲分層和人工智能的數據庫。

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.

它在 Windows 和 Linux 上運行，支持 Docker 容器部署和流行的編程語言，如用於機器學習和數據科學的 R 和 Python。

We will share more about all these advances and more at our upcoming Build Developer Conference.

我們將在即將舉行的構建開發者大會上分享更多關於所有這些進步的信息。

Now I'll turn to our progress in More Personal Computing.

現在我將轉向我們在更多個人計算方面的進展。

Almost 2 years ago, we introduced a new approach with Windows 10, transforming the way customers experience Windows on all their devices.

大約 2 年前，我們在 Windows 10 中引入了一種新方法，改變了客戶在所有設備上體驗 Windows 的方式。

Now customers are always up-to-date, running the most secure Windows ever.

現在客戶始終處於最新狀態，運行著有史以來最安全的 Windows。

This quarter, the Windows business grew 5% in constant currency, and we delivered the next phase of innovation with the Creators Update.

本季度，Windows 業務按固定匯率計算增長了 5%，我們通過 Creators Update 實現了下一階段的創新。

Creators Update is about inspiring the creator in us all.

創作者更新旨在激發我們所有人的創作者。

We create technology so that others can create their own content and technology.

我們創造技術，以便其他人可以創造自己的內容和技術。

We want to empower people to paint in 3D or paint with numbers in Excel.

我們希望讓人們能夠在 3D 中繪畫或在 Excel 中使用數字繪畫。

We empower people to create in Word or in Minecraft.

我們使人們能夠在 Word 或 Minecraft 中進行創作。

These new forms of creation and expression are shaping Windows for the next generation.

這些新的創作和表達形式正在塑造下一代 Windows。

Gaming is a key scenario to expand our opportunity across the PC and console.

遊戲是擴大我們在 PC 和遊戲機上的機會的關鍵場景。

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.

我們在 Xbox One 和 Xbox LIVE 社區的堅實基礎上再接再厲，本季度活躍用戶增長 13%，達到 5200 萬。

With Creators Update, we integrated gameplay broadcasting into Windows 10 PCs as well as Xbox One.

通過 Creators Update，我們將游戲廣播集成到 Windows 10 PC 和 Xbox One 中。

We're off to a very strong start with both streamers and viewers.

我們在主播和觀眾方面都有一個非常好的開端。

In fact, the majority of the streaming in this industry today is on the PC and console.

事實上，當今這個行業的大部分流媒體都在 PC 和控制台上。

And we are uniquely positioned to provide the best, most complete gaming experience from hardware to software to broadcast services.

我們的獨特定位是提供從硬件到軟件再到廣播服務的最佳、最完整的遊戲體驗。

It's early days and we are excited to pursue this new growing opportunity.

現在還為時尚早，我們很高興能抓住這個新的增長機會。

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，我們還透露了有關我們即將推出的項目 Scorpio 的更多信息，它將成為有史以來最強大的遊戲機，並將在客廳實現真正的 4K 遊戲。

Our commercial customers continue to adopt Windows 10 as the secure trusted platform of choice.

我們的商業客戶繼續採用 Windows 10 作為首選的安全可信平台。

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.

英國教育部、英國電信、美國最大的醫療保健提供商之一的 Adventist Health System 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.

當我與企業和政府領導人交談時，他們重視數據的安全性和隱私性、系統的可靠性以及對部署方式和時間的選擇和控制。

We remain committed to our core values of trust, transparency, privacy and security for every customer.

我們始終致力於為每位客戶提供信任、透明度、隱私和安全的核心價值觀。

Finally, Devices.

最後，設備。

This quarter, our Surface results fell short of expectations, impacted by end-of-product life cycle and increased price competition.

本季度，受產品生命週期結束和價格競爭加劇的影響，我們的 Surface 業績低於預期。

We continue to innovate and invest in creating new computers and computing experiences.

我們繼續創新並投資於創造新的計算機和計算體驗。

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.

Surface Pro、Book、Hub、Studio、HoloLens 都在為 Windows 生態系統創造新市場，並通過新的自然用戶界面功能推動差異化：墨水、視覺、語音、觸摸和混合現實。

In the context of mixed reality, we just passed the 1-year anniversary of Microsoft HoloLens.

在混合現實的背景下，我們剛剛度過了 Microsoft HoloLens 的一周年紀念日。

We now have more than 150 exclusive HoloLens apps in the store.

我們現在在商店中擁有 150 多個獨家 HoloLens 應用程序。

Moreover, many of our commercial customers are using HoloLens to drive digital transformation and seeing real impact.

此外，我們的許多商業客戶正在使用 HoloLens 來推動數字化轉型並看到真正的影響。

HoloLens-based innovation was featured front and center at NRF, HIMSS and most recently, this week at Hannover.

基於 HoloLens 的創新在 NRF、HIMSS 以及最近的本週在漢諾威都成為了重點。

Digital transformation across these industries is being shaped by new technologies from IoT to mixed reality to AI and the cloud.

從物聯網到混合現實再到人工智能和雲的新技術正在塑造這些行業的數字化轉型。

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.

thyssenkrupp Elevator 正在使用 HoloLens 和 Azure 將其整個銷售和訂單流程數字化，將交付時間縮短 4 倍，他們選擇 Dynamics 365 來實現其鋼鐵部門的轉型。

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.

全球領先的醫療技術公司 Stryker 選擇 Office 365 來增強員工能力，並正在使用 HoloLens 為外科醫生、員工和最終患者改進手術室設計。

All this creates a strong foundation for the broader opportunity ahead with digital transformation.

所有這一切都為數字化轉型帶來更廣闊的機遇奠定了堅實的基礎。

I'm proud of the progress this quarter.

我為本季度取得的進展感到自豪。

I'm enthusiastic about what's to come.

我對即將發生的事情充滿熱情。

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.

在接下來的幾周里，我們將分享更多關於微軟如何通過獨特的創新來為每一位客戶提供支持，從學生和教師到商業專業人士再到開發人員。

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.

現在讓我把它交給艾米來更詳細地介紹本季度的結果並分享我們的展望，我期待再次加入您的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

Our third quarter revenue was $23.6 billion, up 6%, and 7% in constant currency.

我們第三季度的收入為 236 億美元，增長 6%，按固定匯率計算增長 7%。

Gross margin grew 7%, and 9% in constant currency.

毛利率增長 7%，按固定匯率計算增長 9%。

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.

營業收入按固定匯率計算增長 2% 或 5%，每股收益為 0.73 美元，增長 16%，按固定匯率計算增長 19%。

This was the first full quarter of company results with LinkedIn, which had a significant impact on revenue, gross margin and operating income.

這是LinkedIn公司第一個完整季度的業績，對收入、毛利率和營業收入產生了重大影響。

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.

在公司層面，LinkedIn 貢獻了大約 4 個點的收入和毛利率增長，以及 6 個點對營業收入增長的拖累，其中包括來自所購無形資產攤銷的 3.71 億美元。

From a geographic perspective, our results were mostly in line with macroeconomic trends.

從地理角度來看，我們的結果與宏觀經濟趨勢基本一致。

Our performance in Japan was better than expected, driven by increased public sector spending and improved market conditions.

在公共部門支出增加和市場狀況改善的推動下，我們在日本的表現好於預期。

Our commercial annuity mix was 88%, even with another quarter of higher-than-expected transactional revenue results.

我們的商業年金組合為 88%，即使交易收入結果又高於預期的四分之一。

Commercial bookings increased 12%, or 11% in constant currency.

商業預訂量增長 12%，按固定匯率計算增長 11%。

Commercial unearned revenue followed historical seasonal trends coming in at $20.4 billion and growing 9%, and 10% in constant currency.

商業未實現收入遵循歷史季節性趨勢，達到 204 億美元，增長 9%，按固定匯率計算增長 10%。

And our contracted not billed balance increased to more than $27.5 billion.

我們的合同未開票餘額增加到超過 275 億美元。

Another strong quarter of cloud services performance drove our commercial cloud revenue run rate over $15.2 billion, growing 52%.

另一個強勁的季度雲服務性能推動我們的商業雲收入運行率超過 152 億美元，增長 52%。

Our commercial cloud gross margin percentage increased to 51%, up 6 points from last year, with improvement across Office 365, Azure and Dynamics.

我們的商業雲毛利率提高到 51%，比去年提高了 6 個百分點，Office 365、Azure 和 Dynamics 都有所改善。

And gross margin dollars grew 74%, keeping us on pace for material gross margin percentage and dollar improvement this fiscal year.

毛利率增長了 74%，使我們在本財年保持了實質性毛利率和美元改善的步伐。

As a reminder, our commercial cloud includes Office 365, Azure, Dynamics 365 and other cloud properties, but does not include LinkedIn.

提醒一下，我們的商業雲包括 Office 365、Azure、Dynamics 365 和其他雲資產，但不包括 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.

我們公司的毛利率為 66%，好於預期，上升了 1 個百分點，因為利潤率較高的產品和服務的銷售組合，加上商業雲利潤率的提高，抵消了 LinkedIn 攤銷 2.18 億美元的影響。

Now to FX.

現在到外匯。

This quarter, the U.S. dollar was weaker than expected.

本季度，美元弱於預期。

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.

因此，我們對各個報告部門的外匯影響減少了 1 個百分點，儘管公司整體影響仍約為 1 個百分點，如指導。

FX impacted the Productivity and Business Processes and Intelligent Cloud segments by 1 point and had minimal impact in More Personal Computing.

FX 對生產力和業務流程以及智能雲細分市場的影響為 1 個百分點，而對更多個人計算的影響微乎其微。

Total operating expenses grew 12%, with LinkedIn contributing 13 points of growth, including $153 million of amortization of acquired intangibles expense.

總運營費用增長 12%，LinkedIn 貢獻了 13 個增長點，其中包括 1.53 億美元的收購無形資產費用攤銷。

Now let's move to segment results.

現在讓我們轉到細分結果。

Revenue from Productivity and Business Processes segment grew 22% and 23% in constant currency to $8 billion, with LinkedIn contributing 15 points of growth.

生產力和業務流程部門的收入按固定匯率計算分別增長 22% 和 23%，達到 80 億美元，LinkedIn 貢獻了 15 個增長點。

Office commercial revenue increased 7%, and 8% in constant currency.

寫字樓商業收入增長 7%，按固定匯率計算增長 8%。

Office 365 commercial revenue increased to 45%, driven by installed base growth across all workloads and continued ARPU expansion.

Office 365 商業收入增長至 45%，這得益於所有工作負載的安裝基數增長和 ARPU 持續增長。

Our transactional results came in higher than expected, mostly from performance in large markets like Japan and Western Europe.

我們的交易結果高於預期，主要來自日本和西歐等大型市場的表現。

Office consumer revenue increased 15% and 14% in constant currency, primarily from recurring subscription revenue as well as growth in our subscriber base.

辦公室消費者收入按固定匯率計算分別增長 15% 和 14%，主要來自經常性訂閱收入以及我們用戶群的增長。

Our Dynamics business grew 10% and 11% in constant currency, with Dynamics 365 customer momentum contributing to double-digit billings growth.

我們的 Dynamics 業務按固定匯率計算分別增長了 10% 和 11%，Dynamics 365 客戶的發展勢頭推動了兩位數的賬單增長。

LinkedIn revenue for the quarter was $975 million.

本季度領英收入為 9.75 億美元。

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.

按固定匯率計算，分部毛利率分別增長 15% 和 17%，LinkedIn 貢獻了 11 個百分點，其中包括 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.

由於雲收入的混合增加以及 LinkedIn 相關攤銷的影響，毛利率百分比下降。

Operating expenses increased 44% and 45% in constant currency with 43 points from LinkedIn, including $153 million of amortization expense.

營業費用按固定匯率計算分別增長 44% 和 45%，領英獲得 43 分，其中包括 1.53 億美元的攤銷費用。

Operating income declined 7% and 4% in constant currency, with 13 points of impact from LinkedIn.

營業收入按固定匯率計算分別下降 7% 和 4%，受到 LinkedIn 的 13 個影響點。

The Intelligent Cloud segment delivered approximately $6.8 billion in revenue, growing 11% and 12% in constant currency.

智能雲部門的收入約為 68 億美元，按固定匯率計算分別增長 11% 和 12%。

Server products and cloud services revenue increased 15%, up 16% in constant currency, demonstrating durable double-digit growth.

服務器產品和雲服務收入增長 15%，按固定匯率計算增長 16%，顯示出持久的兩位數增長。

Azure revenue increased 93%, up 94% in constant currency and annuity revenue again grew double digits.

Azure 收入增長 93%，按固定匯率計算增長 94%，年金收入再次增長兩位數。

Azure Premium revenue grew triple digits for the 11th consecutive quarter, with more than 80% of Azure customers using our premium services.

Azure Premium 收入連續第 11 個季度增長三位數，超過 80% 的 Azure 客戶使用我們的高級服務。

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.

我們的 Windows Server 和 SQL Server 事務業務繼續表現良好，主要來自日本的業績好於預期，並且發布後需求持續。

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.

正如預期的那樣，由於 Windows Server 2003 定制支持協議的數量減少，企業服務收入下降了 1%，並且按固定匯率計算持平。

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.

按固定匯率計算，部門毛利率分別增長 6% 和 7%，由於雲收入組合增加和企業服務利潤率下降，部分毛利率下降，部分被 Azure 利潤率的實質性改善所抵消。

We grew operating expenses by 11% with ongoing investment in sales capacity, cloud engineering and developer engagement.

通過對銷售能力、雲工程和開發人員參與度的持續投資，我們的運營費用增長了 11%。

Operating income was flat and up 3% in constant currency.

營業收入持平，按固定匯率計算增長 3%。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $8.8 billion, declining 7% as phone and Surface results offset healthy growth in Windows, search and gaming.

收入為 88 億美元，下降 7%，原因是手機和 Surface 的業績抵消了 Windows、搜索和遊戲的健康增長。

Our OEM business grew 5% this quarter.

本季度我們的 OEM 業務增長了 5%。

OEM Pro revenue grew 10% ahead of the commercial PC market mainly due to a higher mix of premium SKUs.

OEM Pro 收入比商用 PC 市場增長 10%，這主要是由於高級 SKU 的組合增加。

Additionally, the commercial PC market was slightly below our expectations, negatively impacted by channel production timing changes and upcoming Windows SKU pricing changes.

此外，商業 PC 市場略低於我們的預期，受到渠道生產時間變化和即將到來的 Windows SKU 定價變化的負面影響。

Commercial end customer demand signals remained consistent and positive.

商業終端客戶需求信號保持一致和積極。

OEM non-Pro revenue declined 1%, ahead of the consumer PC market, with continued positive impact from the Windows premium device category.

OEM 非專業收入下降 1%，領先於消費 PC 市場，Windows 高端設備類別的持續積極影響。

Overall, inventory levels remain in the normal range.

總體而言，庫存水平保持在正常範圍內。

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.

Windows 商業產品和服務增長了 6%，隨著客戶繼續部署 Windows 10 以實現其先進的安全和管理功能，企業需求健康。

Patent licensing declined this quarter, primarily from lower revenue per unit.

本季度專利許可下降，主要是由於單位收入下降。

Search revenue ex TAC grew 8% and 9% in constant currency, driven by higher revenue per search and search volume.

搜索收入（不含 TAC）按固定匯率計算分別增長 8% 和 9%，這主要得益於每次搜索收入和搜索量增加。

Devices revenue declined 51%.

設備收入下降了 51%。

We had no material phone revenue this quarter.

本季度我們沒有實質性的電話收入。

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.

由於價格競爭加劇和產品生命週期結束動態導致 Surface Pro 單位銷量低於預期，我們的 Surface 業務按固定匯率計算分別下降了 26% 和 25%。

Our gaming business grew 4% and 6% in constant currency as Xbox LIVE revenue growth offset declines in hardware.

由於 Xbox LIVE 收入增長抵消了硬件下降，我們的遊戲業務按固定匯率計算分別增長了 4% 和 6%。

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.

Xbox LIVE 每月活躍用戶在 Xbox One、Windows 10 和移動平台上增長了 13%，這對軟件和服務收入增長做出了貢獻，按固定匯率計算分別增長了 7% 和 8%。

Segment gross margin dollars were flat, up 2% in constant currency.

分部毛利率持平，按固定匯率計算增長 2%。

Gross margin percentage increased with a sales shift to higher-margin product and services.

隨著銷售轉向利潤率更高的產品和服務，毛利率百分比增加。

Operating expenses declined 11% and 10% in constant currency from lower phone expense and Surface launch-related marketing spend in the prior year.

運營費用下降 11% 和 10%（按固定匯率計算），原因是去年手機費用和 Surface 發布相關營銷支出下降。

Operating income grew 20% and 23% in constant currency.

營業收入按固定匯率計算分別增長 20% 和 23%。

Now back to overall company results.

現在回到公司的整體業績。

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.

我們在資本支出（包括資本租賃）上投入了大約 21 億美元，低於我們的預期，因為部分費用將進入第四季度。

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.

其他收入和支出為 3.22 億美元，高於原計劃，因為我們看到股票市場有更多機會在本季度實現收益。

Our non-GAAP effective tax rate was approximately 23%.

我們的非公認會計原則有效稅率約為 23%。

We returned $4.6 billion to shareholders, continuing our balanced approach to capital allocation through share repurchase and dividends.

我們向股東返還了 46 億美元，繼續通過股票回購和分紅來平衡資本配置。

After a period of accelerated buyback, we've resumed a buyback pace consistent with our historical trend.

經過一段時間的加速回購後，我們恢復了符合我們歷史趨勢的回購步伐。

Now let's turn to the outlook.

現在讓我們轉向前景。

First, FX.

首先，外匯。

Given current rates, we now expect less FX headwinds in our fourth quarter.

鑑於目前的利率，我們現在預計第四季度的外匯逆風會減少。

We expect about 1 point of negative impact on total revenue.

我們預計對總收入的負面影響約為 1 個百分點。

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

在這些細分市場中，我們預計生產力和業務流程以及智能雲會產生大約 2 個負面影響，而更多個人計算會產生 1 個負面影響。

Second, our commercial business.

第二，我們的商業業務。

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.

第四季度對我們的商業業務來說是一個重要的季度，隨著客戶採用和使用我們不斷增長的商業雲服務組合，我們預計年金將繼續增長並健康續約。

We expect unearned revenue between $26.8 billion and $27 billion, in line with historical seasonality.

我們預計未實現收入在 268 億美元至 270 億美元之間，與歷史季節性一致。

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.

此外，我們在第四季度的到期基數很大，我們在續訂和追加銷售機會方面的銷售執行，雖然在我們的未實現收入指導中有所考慮，但也應體現在更大的合同未開票餘額和商業預訂增長中。

Third, capital expenditure.

第三，資本支出。

We expect CapEx to grow sequentially and year-over-year.

我們預計資本支出將連續和同比增長。

Quarterly spend variability will continue and we remain on track for our full year capital expenditure year-over-year growth curve to slow.

季度支出變化將繼續，我們將繼續保持全年資本支出同比增長曲線放緩的軌道。

Let's move to the individual segments.

讓我們轉到各個部分。

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.

在生產力和業務流程方面，我們預計收入將在 82 億美元至 84 億美元之間，這得益於持續向雲計算和商業 Office 365 的年金轉移。

In Office consumer, we expect growth rates to moderate from prior quarters, which were impacted by prior year comparables.

在辦公室消費者方面，我們預計增長率將較前幾個季度放緩，這受到上年可比數據的影響。

We expect consistent growth from Dynamics and approximately $1.05 billion of revenue from LinkedIn, adjusted for the impact of purchase accounting.

我們預計 Dynamics 將持續增長，LinkedIn 的收入將達到約 10.5 億美元，並根據採購會計的影響進行調整。

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.

與第三季度類似，我們預計LinkedIn（不包括攤銷）將對分部營業收入的影響最小，並且我們繼續預計它對本財年非公認會計原則每股收益的稀釋程度最低。

In Intelligent Cloud, we expect $7.2 billion to $7.4 billion in revenue.

在智能雲方面，我們預計收入為 72 億至 74 億美元。

Performance trends from Q3 should continue into Q4, with annuity strength and double-digit revenue growth across our server products and cloud services.

第三季度的業績趨勢應該會持續到第四季度，我們的服務器產品和雲服務的年金實力和兩位數的收入增長。

Enterprise Services should decline with lower volumes of Windows Server 2003 custom support agreements.

企業服務應該會隨著 Windows Server 2003 定制支持協議數量的減少而下降。

In More Personal Computing, we expect revenue of $8.4 billion to $8.7 billion.

在更多個人計算方面，我們預計收入為 84 億至 87 億美元。

In our OEM business, we anticipate that revenue growth will be more aligned with the overall PC market.

在我們的 OEM 業務中，我們預計收入增長將與整體 PC 市場更加一致。

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.

OEM Pro 增長將繼續受到 Windows 10 企業發展勢頭的推動，並與應恢復典型季節性的商用 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.

我們的非專業收入預計將高於消費 PC 市場，並繼續受益於優質設備的強大組合。

In search, we expect Bing's revenue growth ex TAC to be similar to Q3.

在搜索方面，我們預計 Bing 的除 TAC 之外的收入增長與第三季度相似。

In gaming, we expect to see continued healthy user engagement on our Xbox platform and we look forward to E3 in June.

在遊戲方面，我們希望在我們的 Xbox 平台上看到持續健康的用戶參與，我們期待 6 月的 E3。

We will share more on Project Scorpio and new titles for next fiscal year.

我們將在下一財年分享更多關於天蠍計劃和新遊戲的信息。

And in devices, we expect revenue to decline with negligible revenue from phone.

在設備方面，我們預計收入將下降，手機收入微不足道。

With Surface, we expect a more moderate rate of decline, given the prior year comparable and current market dynamics.

考慮到上一年的可比性和當前的市場動態，我們預計 Surface 的下降速度會更溫和。

We expect COGS of $8.2 billion to $8.3 billion.

我們預計銷貨成本為 82 億至 83 億美元。

This includes approximately $420 million of LinkedIn COGS, of which $220 million is related to amortization.

這包括約 4.2 億美元的 LinkedIn COGS，其中 2.2 億美元與攤銷有關。

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.

我們預計運營費用為 91 億至 92 億美元，其中約 10 億美元來自 LinkedIn，其中 1.5 億美元與攤銷有關。

We now expect full year operating expenses between $32.9 billion and $33 billion, with approximately $2.3 billion from LinkedIn.

我們現在預計全年運營費用在 329 億美元至 330 億美元之間，其中約 23 億美元來自領英。

That includes about $360 million of amortization expense.

其中包括約 3.6 億美元的攤銷費用。

Other income and expense should be about $150 million.

其他收入和支出應約為 1.5 億美元。

And for tax, we expect the full fiscal year non-GAAP effective tax rate to be approximately 21%, plus or minus 1 point.

對於稅收，我們預計整個財年的非公認會計原則有效稅率約為 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.

最後，我們鼓勵您觀看一些即將舉行的活動：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，以詳細了解我們在 18 財年的雄心勃勃的計劃。

We will also host our Financial Analyst Briefing on May 10.

我們還將在 5 月 10 日舉辦財務分析師簡報會。

The webcast will be available on our Investor Relations website.

該網絡廣播將在我們的投資者關係網站上提供。

Chris, let's move to Q&A

克里斯，讓我們進入問答環節

Thanks, Amy.

謝謝，艾米。

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

我們現在將轉到今天電話會議的問答部分。

Operator, can you please repeat the instructions?

接線員，您能重複一下指示嗎？

(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 Keith Weiss。

I wanted to dig into Azure a little bit.

我想深入了解一下 Azure。

You gave us some really interesting statistics about gross margins going up, premium mix going up.

你給了我們一些關於毛利率上升、溢價組合上升的非常有趣的統計數據。

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?

我從投資者那裡聽到的很多擔憂之一是，當我們在你們和 AWS 之間來回降價時會發生什麼？

And it doesn't seem like the price cuts this quarter really affected you guys.

而且本季度的降價似乎並沒有真正影響到你們。

So I was hoping could sort of shed some light on it and how -- to what degree do those price cuts actually affect you?

所以我希望能對它有所了解，以及這些降價實際上在多大程度上影響了你？

And then on the flip side, where does all that growth come from?

另一方面，所有這些增長來自哪裡？

Where do you get that sort of tripling of premium growth from?

你從哪裡獲得這種三倍的保費增長？

What kind of workloads are coming on board to kind of actually drive the underlying growth in that business?

什麼樣的工作負載會真正推動該業務的潛在增長？

Sure, thanks for the question, Keith.

當然，謝謝你的問題，基思。

Let me start and then Amy, if you want, you can add.

讓我開始，然後是 Amy，如果你願意，你可以添加。

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.

同樣，基思，我談到了——當我們查看資本支出或技術架構時——我們採取的一般方法是關於我們所有的雲計算。

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.

當您查看我們試圖在 Azure 之間完成的工作時，我們並沒有真正看到 Azure、O365、Dynamics 365 以及我們使用 Xbox LIVE 所做的事情等這些場景。

All build as one cloud infrastructure and a set of rich services in the cloud.

所有這些都構建為一個雲基礎架構和雲中的一組豐富服務。

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.

例如，Azure 中的一些認知能力首先出現是因為我們的第一方 AI 投資，無論是語音、視覺還是其他任何東西。

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.

甚至 Azure 中的基礎設施也來自我們在 Office 365 或 Bing 和其他領域的一些第一方投資。

So we have an approach which takes all of our cloud pieces together.

所以我們有一種方法可以將我們所有的雲塊放在一起。

And that same thing is reflected even in the customer journeys.

甚至在客戶旅程中也反映了同樣的事情。

I think the Maersk example I walked you through is probably a good one.

我認為我向您介紹的馬士基示例可能是一個很好的示例。

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.

雖然它可能從 Azure 上的一些商品工作負載開始，也可能從 Office 365 開始，但最終會出現 HoloLens 和使用 Dynamics 365 以提高自動化程度的人。

In the case of Maersk, they were using field service and operations inside of Dynamics 365.

就 Maersk 而言，他們在 Dynamics 365 中使用現場服務和運營。

So to me, those high-level services will, over time, attach in Azure but also in Dynamics as well as in Office 365.

所以對我來說，隨著時間的推移，這些高級服務將附加在 Azure 中，還會附加在 Dynamics 和 Office 365 中。

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.

所以對我來說，這就是為什麼 Azure 對我們來說非常具有戰略意義，不僅僅是為了附加高級服務和被定義為 Azure，而是為了全面的數字化轉型機會。

That's how Amy and I even think about our margin structure.

這就是艾米和我對我們的保證金結構的看法。

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.

我們需要在每個元素上進行改進，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.

而且我認為您在 Satya、Keith 的回答中聽到的實際上是關於高級服務是否存在，如您在 Azure 層聽到的那樣，或者它們是否在我們的生產力和業務流程部分中展示自己。

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.

事實上，您可能會看到差異化程度較低的競爭，真正的差異化是您始終能夠實現利潤和利潤擴張的地方，即解決方案或其交付的完整性，業務流程的完整性改變與否。

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.

所以我認為，雖然我確實理解人們對較低級別的價格競爭提出了很多要求，但我認為你所看到的是因為我們能夠繼續讓人們向上移動，包括一路向上對於業務流程層，我認為您將繼續看到我們對我們移動和創造利潤和增長的能力充滿信心。

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 Karl Keirstead。

I've got a follow-up actually on Azure, maybe to you Satya.

實際上，我對 Azure 進行了跟進，也許是對你 Satya。

And it's the interplay between the cloud piece, Azure, and mostly the on-prem piece, what you guys call the server product.

它是雲部分、Azure 和大部分本地部分之間的相互作用，你們稱之為服務器產品。

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.

顯然，您的大多數同行在轉向雲計算時，都看到了本地方面的弱點，但微軟的獨特之處不僅在於 Azure 增長加速，而且您的服務器產品增長 7% 顯著增長年復一年也是如此。

So we're not seeing that trade-off with Microsoft.

所以我們沒有看到與微軟的這種權衡。

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?

我懷疑部分原因是 Azure 的很多增長都是全新的，但我只是好奇，你認為客戶什麼時候會真正開始將現有的本地 Microsoft 工作負載遷移到 Azure，這樣，該服務器產品線可能開始減速？

Do you think there's a prospect of that occurring in fiscal '18?

您認為在 18 財年有可能發生這種情況嗎？

Yes, the time frames of these migrations and so on are a lot more complicated than they perhaps appear on the surface.

是的，這些遷移等的時間框架比表面上看起來要復雜得多。

So here's what we think of.

所以這就是我們的想法。

For example, right when everyone's talking about the cloud, the most interesting part is the edge of the cloud.

例如，就在大家都在談論云的時候，最有趣的部分是雲的邊緣。

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.

無論是物聯網，還是汽車行業，無論是零售業正在發生的事情，本質上，計算都在生成數據的地方，而且越來越多的數據正在以大量計算的方式生成，這就是邊緣。

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.

因此，如果你看看我們在本季度的公告，我們對物聯網所做的很多事情就是創造物聯網優勢。

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.

當然，我們有一個令人驚嘆的雲，其中包含用於物聯網的 SaaS 服務，但邊緣計算、在邊緣運行神經網絡的能力、在邊緣進行推理是令人興奮的。

Azure Stack is going to completely change what hybrid is and the expectations customers have with hybrid.

Azure Stack 將徹底改變什麼是混合以及客戶對混合的期望。

I mean, GEICO example is a good one.

我的意思是，GEICO 的例子是一個很好的例子。

What's happening with SQL Server?

SQL Server 發生了什麼？

SQL Server is no longer just about a database that's on-premise.

SQL Server 不再只是一個本地數據庫。

It's a database that's on-premise that can be tiered with the cloud.

這是一個可以與雲分層的本地數據庫。

Our single table can be extended to the cloud.

我們的單表可以擴展到雲端。

The queries will work across both the tiering.

查詢將跨兩個分層工作。

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.

所以對我來說，我們正在做的創新工作就是我將其描述為真正分佈式計算的未來，即它將保持分佈式。

And that's what we are building towards.

這就是我們正在建設的目標。

We'll talk a lot more and build on -- about that architecture and what we're seeing with customers.

我們將談論更多並在此基礎上再接再厲——關於該架構以及我們在客戶中看到的內容。

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.

然後，鑑於此，您所說的是正確的，即會有一些工作負載的提升和轉移，但隨後會有工作負載的提升、轉移和現代化。

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.

在那個現代化階段，它不僅被現代化以生活在所謂的雲中，而且還將被現代化以生活在雲的邊緣。

And so that's the transformation at play, that's a multiyear and a generational transformation.

這就是正在發生的轉變，這是一個多年和一代人的轉變。

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.

每個季度都會有各種各樣的波動，但我和微軟工程師都清楚的是，我們對我們想要完成的事情有一個非常清晰的世界觀，並且我們會一直專注於它。

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.

我認為，Karl，對於你關於它如何顯示的問題，這就是為什麼你聽到我們更多地關注 Azure 和這種交易或本地數字之間的全部 KPI，因為它們之間的界限，無論是戰略上還是字面上，更重要的是被模糊並朝著那個方向前進。

And so this quarter, you saw a little bit healthier than we had thought, I pointed out.

所以這個季度，你看到的比我們想像的要健康一些，我指出。

It tends to be -- in this instance, Japan was a little better.

它往往是——在這種情況下，日本要好一點。

It can be product launch-related, it can be macro impacted.

它可能與產品發布有關，也可能受到宏觀影響。

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.

但是，無論您是否在交易中看到這一點，能夠通過全面 KPI 看到它的超級趨勢，Satya 談到的動態，您都會聽到我們越來越多地談論它是否是“on -prem server launch”或有關 2.x 集成的 Azure 功能。

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集團的 Heather Bellini。

Again, I had a follow-up on Azure as well.

同樣，我也對 Azure 進行了跟進。

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.

Satya，我只是想知道您是否可以與我們分享，我知道我過去曾問過這個問題，但是您可以就 PaaS 的採用向我們提供任何定性的評論。

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?

我還特別想知道，鑑於 Azure 上運行 Linux 的工作負載比例很高，您通常會看到哪些類型的服務在操作系統之上運行？

And how do you see your monetization of those workloads playing out over time?

隨著時間的推移，您如何看待這些工作負載的貨幣化？

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.

然後艾米，對你來說只是一個後續行動——我很抱歉，我們今晚又進行了一次財報電話會議，所以我可能錯過了。

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.

但是您通常會在電話會議上對年度運營支出發表評論，我只是想知道您是否有任何高層次的想法。

Sure, Heather, thanks for the question.

當然，希瑟，謝謝你的問題。

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.

總體而言，就 Azure 的 PaaS 採用而言，其中很多都伴隨著正在發生的事情，例如，在我們談論的物聯網等服務中。

We now have a much higher-level managed service.

我們現在擁有更高級別的託管服務。

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.

我們甚至使用 IoT Central 推出了它的新包裝，它允許正在構建 IoT 解決方案並自行組裝它的開發人員能夠使用此託管服務變得更加敏捷和高效。

So that's usually the way we make the atomic parts available as well as these essentially SaaS services or PaaS services.

所以這通常是我們提供原子部分以及這些本質上 SaaS 服務或 PaaS 服務的方式。

Same thing with data.

數據也是一樣。

The DocumentDB is a massive thing for us.

DocumentDB 對我們來說是一件大事。

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.

這是一個支持 JSON 等的全球規模數據庫，我們將其視為許多應用程序數據層的核心部分。

We even see -- or we see the end-user parts of the infrastructure when it comes to Enterprise Mobility.

在企業移動性方面，我們甚至看到了——或者我們看到了基礎設施的最終用戶部分。

So all-up, we have multiple pieces.

總而言之，我們有多個部分。

The other area is, of course, the entire tool chain of what's happening with Visual Studio to continuous integration to continuous deployment.

當然，另一個領域是從 Visual Studio 到持續集成到持續部署的整個工具鏈。

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.

在這裡，我們為開發人員和開發人員的生產力提供了非常非常差異化的解決方案，在某種意義上，您可以認為它有點像面向開發人員的 Office 365，但這都是 Azure 的一部分。

So those are the places where there is PaaS services.

所以那些是有 PaaS 服務的地方。

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.

但正如我之前在回答問題時所說，我們也歡迎使用，我想說的是，Azure 最原子的構建塊，無論它只是一個 Linux 容器，Azure 函數，這對開發人員來說非常具有成本效益，因為我們知道，隨著時間的推移，可能不僅僅是 Azure 中的 PaaS 服務，它實際上可能是 Dynamics 365 模塊。

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.

我的意思是，對我來說，典型的例子是收集數據，進行預測，最終必須對預測做一些事情，這意味著一些自動化，比如現場服務。

So a lot of what is Dynamics field service is actually in our module growth we are seeing because of Azure IoT.

因此，由於 Azure IoT，我們看到的很多動態現場服務實際上都在我們的模塊增長中。

And that relationship is not just about Azure PaaS.

這種關係不僅僅與 Azure PaaS 有關。

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.

關於你的具體問題，Heather，關於 18 財年的運營支出，我沒有，因為我們將在 5 月 10 日的分析師簡報會上見面並有更多時間，這就是我需要更多時間的地方走過 18 財年。

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

我們的下一個問題來自 Bernstein Research 的 Mark Moerdler。

Two questions.

兩個問題。

What was the drivers of the big growth in Dynamics 365?

Dynamics 365 大幅增長的驅動力是什麼？

Is this large seasonality specifically in this quarter?

這個大的季節性特別是在這個季度嗎？

Is it a big deal or should we expect growth in the same vicinity for the -- in your future?

這是一個大問題，還是我們應該期望在您的未來在同一附近增長？

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.

然後作為第二個問題，正如前面所討論的 - 關於服務器和工具以及這種增長的健康性的先前問題之一，我試圖了解驅動因素。

Is this the product refresh cycle?

這是產品更新周期嗎？

Is it Azure driving customer upgrades?

是 Azure 推動了客戶升級嗎？

Is it something else?

是別的嗎？

Can you give a bit more color?

可以多點顏色嗎？

That would be helpful.

那會很有幫助。

I appreciate it.

我很感激。

Sure, Mark, and let me start and then Amy, you can add.

當然，馬克，讓我開始，然後是艾米，你可以添加。

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.

在 Dynamics 365 上，我們正處於 Dynamics 從主要是內部部署到現在成為非常現代的模塊化 SaaS 服務的過渡的最開始階段。

The Dynamics 365 momentum is picking up.

Dynamics 365 的勢頭正在回升。

I talked about the revenue growth rate.

我談到了收入增長率。

And that's definitely going to be what's going to be true in the quarters to come and the years to come.

這肯定會在未來幾個季度和未來幾年成為現實。

But we do have a huge on-premise base.

但我們確實擁有龐大的內部部署基礎。

There is still a need for those on-premise products.

仍然需要這些本地產品。

That will continue, but our focus is on transitioning to the cloud.

這將繼續，但我們的重點是過渡到雲。

And you've seen us do this successfully with Office 365.

您已經看到我們使用 Office 365 成功地做到了這一點。

You've seen us do that with Azure.

您已經看到我們使用 Azure 做到了這一點。

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.

現在我們已經準備好在傳統上被稱為 CRM 和 ERP 的東西中成為主流，事實上，我們沒有思考和談論這些套件，因為我們認為擁有這樣的套件是一個非常古老的概念，我們有現在確實使整個 Dynamics 365 更加模塊化、現代並且對客戶來說更加高效，這就是 Dynamics 中正在發生的事情。

Same thing on Azure, which is the driver is -- a lot of it is net new.

Azure 上也是如此，即驅動程序——其中很多都是全新的。

IoT, for example, was not a workload on the old server world whereas it's one of the big workloads for us.

例如，物聯網不是舊服務器世界的工作負載，但它是我們的主要工作負載之一。

Same thing with AI, not an old workload.

人工智能也是如此，而不是舊的工作負載。

So there's new growth in Azure.

因此，Azure 有了新的增長。

There is the lift, shift and modernize motion as well as well as a new need for the edge of the cloud.

有提升、移動和現代化運動，以及對雲邊緣的新需求。

So all 3 of them are in play while recognizing we had a large business called the server licensing business.

因此，他們三個都在發揮作用，同時認識到我們有一項名為服務器許可業務的大型業務。

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.

因此，我們正在推動 3 項新事物，以及許多正在過渡到這 3 項議案的大型許可項目。

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.

尤其是在本季度，我認為，在持續的優質工作負載增長對我們來說，如何考慮與我們一貫看到的相比，一些期內的表現優於我們。

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.

兩位數的年金增長對我們來說是一致的，我認為，這是我們繼續尋找並對其季度執行充滿信心的驅動力。

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.

在本季度以及最後一個更臨時的時段中，您看到了一些，在某些地理區域中的一些地理幫助可能會在本質上看到並且更具交易性。

Japan happens to be one of those geos.

日本恰好是其中之一。

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.

然後我們仍然看到一些發布後的影響，特別是在 Windows Server 方面和發布後銷售更高端的 SKU，這與一些固有的價值有關。

So that's how I kind of break down the drivers, Mark.

所以這就是我分解驅動程序的方式，馬克。

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 Walter Pritchard。

Two things, Amy.

兩件事，艾米。

I think you mentioned in the script that Windows -- there was some Windows volatility around some new SKU pricing.

我認為您在腳本中提到了 Windows——一些新的 SKU 定價存在一些 Windows 波動。

Could you go into some detail there?

你能詳細介紹一下嗎？

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.

然後，其次，我知道我們可能會在分析師日得到這個，但在 606 左右，我知道你會儘早採用，我認為這會在某種程度上改變你的年金收入。

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.

我想知道您是否可以給我們任何顏色，甚至是方向性的，說明在 606 之後將獲得許可的年金收入的百分比是多少。

Great.

偉大的。

On 606, we will talk about it in detail, actually on May 10, in terms of the timing and what you can expect.

在 606 上，我們將詳細討論它，實際上是在 5 月 10 日，就時間和您可以期待的內容而言。

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.

您還會在本季度的 Q 中註意到，我們確實會以去年為例來看看每年的初始影響。

The biggest difference on an annual basis with the adoption of 606 will really just be the change from Windows OEM.

每年採用 606 的最大區別實際上只是與 Windows OEM 的變化。

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.

現在我們將更詳細地討論的是，任何一年的季度業績都會更加波動。

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.

但在任何年度期間，最大的區別實際上只是在某些方面的變化，回到我們對 OEM 收入的看法。

So that's what I would think of on 606.

這就是我對 606 的想法。

And then question on the...

然後問...

Oh Windows.

哦，窗戶。

I'm sorry, I answered them in the opposite order.

對不起，我按相反的順序回答了他們。

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.

在我們談到的 Windows 定價方面，我們在發布新產品和增加新價值時一直使用 Windows SKU。

This quarter, we had a bit of a mix shift to a higher-end SKU.

本季度，我們向高端 SKU 進行了一些混合轉變。

And starting in April, we've introduced other SKUs that have more value in them at lower processing specs.

從 4 月開始，我們推出了其他 SKU，它們在較低的處理規格下具有更高的價值。

And so what you'll continue to see is that will normalize.

因此，您將繼續看到這將正常化。

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.

儘管本季度我們看到一些高端 SKU 表現良好，但我預計第四季度這些 SKU 將具有正常的廣度，並恢復看起來更像商用 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 Brad Reback 與 Stifel 的系列。

Great.

偉大的。

So 2 quick questions.

所以2個快速問題。

First off, Amy, there's been a lot about talk about tax law changes on the corporate side.

首先，艾米，關於企業方面稅法變化的討論很多。

Would a repatriation holiday impact how you guys allocate capital back to shareholders?

遣返假期會影響你們如何將資金分配給股東嗎？

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.

然後真的很快，在運營支出方面，我知道你不想太具體，但在過去幾年裡，你已經能夠有效地從其他地方的電話業務重新分配超過 20 億美元。

Is there still a fair amount of ability to reallocate internally?

是否仍有相當數量的內部重新分配能力？

Great, let me take both of those.

太好了，讓我把這兩個都拿走。

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.

讓我將您的第一個問題分開，因為我認為您也確實在問，我可能沒有直接聯繫，我應該為您這樣做。

We've been a long-time advocate of structural tax reform, and so we'll just wait and see how things play out.

我們長期以來一直是結構性稅收改革的倡導者，因此我們將拭目以待，看看事情會如何發展。

And as decisions get made and proposals clarified, we'll share more about what that means for us.

隨著決策的製定和提案的澄清，我們將更多地分享這對我們意味著什麼。

Next, in terms of how we thought about that impacting capital return.

接下來，就我們如何考慮影響資本回報而言。

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.

如您所知，我認為我們在過去幾年中一直在執行重要的資本回報計劃，包括加速回購計劃，我認為就其創造的價值而言，我認為在公司層面上我感覺非常好。

And so I wouldn't say that I view those 2 things as waiting for one to do the other.

所以我不會說我認為這兩件事是在等待另一件事做。

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.

事實上，我們一直在繼續做我們認為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 TAM 和成長的公司，回報股息以及回購股票。

And we've continued to do that this quarter as well.

我們在本季度也繼續這樣做。

I think you'll continue to see us take a balanced approach, but I don't think of those as being related.

我想你會繼續看到我們採取平衡的方法，但我不認為這些是相關的。

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.

關於運營支出的最後一個問題，我認為在過去的幾年中，我們一直在做出決定，即我們花費的每一美元，我們是否將其長期放在正確的位置，無論是重新分配還是增加新的。

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.

我們期望用我們投資的每一美元來發展新市場並在其中表現出色，坦率地說，布拉德，它是在運營支出中還是在銷貨成本中。

At this point, both of those are very large buckets of investments.

在這一點上，這兩項都是非常大的投資。

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.

Satya 和我以及整個高級領導團隊花費了我們大部分時間，挑選市場並確保我們在其中執行。

So in terms of our ability to continue to do that, of course, there's opportunities.

因此，就我們繼續這樣做的能力而言，當然是有機會的。

We learn frankly, I think, every week where we can do better and where we can continue to invest to accelerate.

我認為，我們坦率地學習每周可以做得更好以及我們可以繼續投資以加速的地方。

That being said, I don't view any OpEx number as a constraint.

話雖如此，我不認為任何運營支出數量是一個限制因素。

More, I view, is the return healthy?

更多，我認為，回報是否健康？

Is it growing the top line?

它的收入增長了嗎？

Are we executing well on it?

我們執行得好嗎？

And if we are, it will make sense to spend more, and if we aren't, it won't.

如果我們是，花更多的錢是有意義的，如果我們不是，那就不會了。

And so I tend to take that approach as opposed to solving for any one number.

所以我傾向於採用這種方法，而不是解決任何一個數字。

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 和 Evercore ISI 的系列。

Amy, I want to follow up on your last point around investment and return on it.

艾米，我想跟進你關於投資和回報的最後一點。

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.

大約在去年的這個時候，你們開始在智能雲方面的 OpEx 投入更多或投入更多。

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.

本季度，您看到以固定貨幣計算的 Intelligent Cloud 營業利潤再次恢復增長，我認為這表明這些投資確實——是有道理的。

Now that you've spent a lot, you've obviously added a lot in sales and marketing resources, R&D resources on that front.

現在你花了很多錢，你顯然在銷售和營銷資源、研發資源方面增加了很多。

Could you just give us, I guess, qualitatively how you're thinking about that?

我想，您能否定性地告訴我們您對此的看法？

It seemed like last year, you needed to catch up to a certain degree in terms of go-to-market capabilities.

就像去年一樣，您需要在一定程度上趕上上市能力。

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?

我想，你現在的位置與一年前的位置相比，你感覺更好嗎？就能夠抓住智能雲方面的機會而言？

I'll start and then I'll transition to you, Amy.

我會開始，然後我會過渡到你，艾米。

I mean, I don't view it that narrowly quarter-to-quarter or even year-to-year.

我的意思是，我不認為它是按季度甚至逐年縮小的。

These are generational opportunities, what's at play when it comes to the Intelligent Cloud or what's happening in augmented reality.

這些都是世代相傳的機會，涉及到智能雲或增強現實中正在發生的事情。

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.

我認為，如果我們開始逐季或逐年查看其中任何一種情況，我們將完全錯過這一趨勢。

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.

我們絕對需要對艾米之前說過的兩件事保持聰明，那就是選擇長期增長市場並獲得大 TAM 的市場。

And most importantly, what's our role in it?

最重要的是，我們在其中扮演什麼角色？

Is this something that the world needs Microsoft to be doing?

這是世界需要微軟做的事情嗎？

Or is it well served by others?

還是別人服務好？

That's where we spend most of our cycles in.

那是我們大部分週期都在其中度過的地方。

The fact that we put some salespeople, and then there's increased productivity is something that we obviously celebrate and we track very closely.

我們安排了一些銷售人員，然後提高了生產力，這顯然是我們慶祝的事情，我們非常密切地跟踪。

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.

但是，我們更有可能在未來幾個季度、在未來幾年中投入運營支出的地方將是未來幾年內將出現的收入。

And it won't be very transparent to you, right, and that's how it is.

它對你來說不會很透明，對，就是這樣。

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.

我的意思是，如果我們沒有在完全不同的地方開始一些分佈式計算基礎設施，我們甚至不會擁有 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.

但我完全理解，你們所有人都以我們最近為你們所做的事情來衡量我們，這是一種很好的方式，我們會記錄下來，但這不是它的工作方式。

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?

是的，我認為薩蒂亞所說的重要部分是真正的工程投資之間的區別，需要多年的投資和對 TAM 的世界觀，以及讓我們自己對銷售和營銷投資負責，他們是否獲得了正確的回報？

Are we doing them in the right way?

我們是否以正確的方式進行操作？

Are they in the right market?

他們在正確的市場嗎？

Are we investing in the right types of people and the right capabilities?

我們是否投資於正確類型的人員和正確的能力？

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.

我看到並說這個數字表明我們正在做，而且令人鼓舞的是，我們制定的計劃讓銷售團隊在執行方面做得非常出色。

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.

所做的一切就是讓我們更加相信我們選擇了一個好的市場，並且我們正在投資於正確類型的人，以確保我們將這個機會帶給客戶。

And then the most important thing is that the customer success is what will breed revenue for the next quarter, the next year.

然後最重要的是，客戶的成功將為下一季度、明年帶來收入。

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.

尤其是在這個市場上，代際遷移確實意味著，特別是對於許多遷移的工作負載，這些工作每年都會為接下來的 10 年帶來回報。

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 Mark Murphy。

Satya, I'm curious how is the pace of conversations around Internet of Things, machine learning and cognitive services?

Satya，我很好奇圍繞物聯網、機器學習和認知服務的對話進展如何？

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?

此外，您認為哪些殺手級應用類型的用例可以在更主流的適用性方面與客戶產生共鳴？

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?

還有艾米，剛剛考慮到商業預訂和商業預訂指導方面的實力，從宏觀經濟角度來看，您是否看到任何跡象表明企業預算在某種程度上開放或不同的活動水平，更容易接受變革性項目？

I'm just trying to understand maybe how we can separate out your company-specific momentum against any conceivable kind of incremental macro tailwinds.

我只是想了解也許我們如何將貴公司的特定動力與任何可以想像的增量宏觀順風分開。

That's great, so let me start.

太好了，讓我開始吧。

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.

思考人們如何使用的最佳方式，無論是 Azure、Dynamics 365 還是我們擁有的其他功能，都是在數字化轉型和結果的背景下進行的。

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.

因此，當您說殺手級應用程序時，殺手級應用程序就是客戶如何能夠重新想像他們如何看待客戶參與、他們如何看待員工授權或運營效率，或者他們如何改變產品、商業模式和產品。

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.

如果你看看我在這個季度財報電話會議中使用的例子，馬士基以及他們在所有這些方面試圖做的事情都是相當具有變革性的。

There is machine learning and AI, there is IoT, there is new type of business process automation with operations.

有機器學習和人工智能，有物聯網，還有帶有運營的新型業務流程自動化。

All of that is sort of transforming Maersk.

所有這些都在某種程度上改變了馬士基。

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.

蒂森克虜伯在他們的電梯業務和其他使用從 HoloLens 到一線工人的任何東西的業務部門所做的事情，以及他們如何從根本上將他們的商業模式從本質上從事物的利潤轉移到服務的利潤，它內置了機器學習和人工智能。

Those are the killer transformation opportunities that we are seeing.

這些是我們看到的殺手級轉型機會。

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.

事實上，這實際上並不是要承擔任何舊的工作量本身，而是要重新構想他們想要在這些方面做些什麼。

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.

當然，在這種情況下，他們正在提升和轉移一些較舊的工作負載，但他們正在對整個業務流程進行現代化改造。

And that's what's, I think, the killer opportunity, not any one technology, but the entire flow.

這就是我認為的殺手鐧，不是任何一種技術，而是整個流程。

And I think your question about, is it really budgets, I think you used the phrase opening up.

我認為你的問題是，它真的是預算嗎，我認為你使用了開放這個詞。

What I think is really interesting is, I don't know, I read probably the same CIO surveys you all do.

我認為真正有趣的是，我不知道，我閱讀的 CIO 調查可能與你們所做的一樣。

Frankly, the numbers in those in terms of IT spend or intent to spend aren't much different than we've seen.

坦率地說，在 IT 支出或支出意圖方面的數字與我們看到的並沒有太大的不同。

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.

對我來說，我認為這個問題實際上缺少的是——這不是任何一位客戶說，“等等，我要多花 2% 或 3%。”這些公司實際上決定需要改變，而不是從基礎設施的角度，而是改變他們自己經營業務的方式。

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.

因此，過去在他們看來更像是通過 COGS 進行的資本支出或不僅僅是 IT 預算，這實際上正在改變他們運行的每個業務流程或改變他們提供的服務，並考慮以不同的方式推動他們的收入。

And so I don't really associate it probably as much with a "budget" that sits in IT very narrowly.

因此，我並沒有真正將它與非常狹隘的 IT 中的“預算”聯繫起來。

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.

這實際上是關於不僅在 IT 方面而且在公司的每個職能領導下的每一項預算，這些預算都以不同的方式花費在我們的技術上。

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

我們的下一個問題來自 RBC Capital Markets 的 Ross MacMillan。

Two, I think, both for Amy.

兩個，我想，都是為了艾米。

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?

首先是現在 Azure 的毛利率已經轉為正數，你認為是否可以合理地假設 [創意] 雲的毛利率應該繼續按順序增長？

Or could other factors still create some volatility quarter-to-quarter?

還是其他因素仍會造成季度間波動？

Overall, we continue to expect each service is going to get better and better.

總的來說，我們繼續期待每項服務都會越來越好。

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.

這源於兩件事：優質組合、收入表現良好以及我們期望在 COGS 中獲得的效率導致毛利率提高。

Now to your specific question on can you expect it every quarter sequentially, the answer is not really.

現在對於您是否可以按順序期望每個季度的具體問題，答案並非如此。

The mix amongst the services will always result in a pacing change.

服務之間的混合總是會導致節奏變化。

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.

因此，儘管與去年同期相比，您可能不會看到那麼多，但您會看到更多的連續波動，坦率地說，即使我們已經看到每個基礎服務都有所改善，您在過去 6 個季度中也看到過，這往往是我更關注它的方式。

That's helpful.

這很有幫助。

And maybe one other if I could.

如果可以的話，也許還有一個。

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.

就資本支出而言，我知道這是 - 在第三季度和第四季度之間存在時間差，但我只是想退後一步。

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?

如果您在進入這一年時考慮您在 LinkedIn 上的資本支出計劃以及您認為自己最終會如何，您會按計劃進行還是認為您會高於或低於？

Thanks.

謝謝。

In general, for the full fiscal year, we'll be right at or a little below where I thought we would have been.

總的來說，在整個財政年度，我們將處於或略低於我認為的水平。

And so that's why the full year perspective that growth will slow is still on track.

這就是為什麼全年增長將放緩的觀點仍在軌道上的原因。

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.

為簡單起見，我通常會考慮第三季度的所有增量，我鼓勵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.

我們的最後一個問題來自富國銀行的 Philip Winslow。

Just a question on Office commercial.

只是關於Office商業的問題。

You guys reported another strong quarter here, 8% constant currency growth.

你們在這里報告了另一個強勁的季度，8% 的固定貨幣增長。

Obviously, continuing that acceleration that you've had over the first 3 quarters of this year.

顯然，繼續你在今年前三個季度的加速。

Now I guess the question to Satya and then Amy.

現在我猜這個問題要問薩蒂亞，然後是艾米。

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.

Satya，你在這裡仍然有一個積極的混合轉變，因為我們看到單位數量增長而且收入增長，所以那裡有一個積極的傳播。

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.

也許可以幫助我了解一下您認為我們在 Office 365 生命週期中所處的位置，因為您顯然有很多 SKU。

And then Amy, in that context, kind of to the last question on gross margins for commercial cloud.

然後艾米，在這種情況下，有點像最後一個關於商業雲毛利率的問題。

Obviously, you made a lot of headway on Azure.

顯然，您在 Azure 上取得了很大進展。

How do you think where we are similarly on the life cycle on the gross margin side of 365?

您如何看待我們在 365 毛利率方面的生命週期中的類似情況？

Yes, I can start.

是的，我可以開始了。

I mean, I think with Office 365, we are trying to expand the appeal of Office 365 on multiple dimensions.

我的意思是，我認為通過 Office 365，我們正試圖在多個維度上擴大 Office 365 的吸引力。

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.

我們仍然看到的很多事情是 Office 365 E3 的快速採用或越來越多的採用，我認為這是推動大量增長的原因，即 ASP 增長。

Now we have a good start with what is the high end of the enterprise value, which is E5.

現在我們有了一個好的開始，什麼是企業價值的高端，即 E5。

Some of the value we have, whether it's voice or analytics and security, it resonates.

我們擁有的一些價值，無論是語音還是分析和安全，都會引起共鳴。

And we're learning, we're improving and we're pushing forward on that front.

我們正在學習，我們正在改進，我們正在這方面向前推進。

At the same time, we are also introducing new SKUs for the front-line workers.

同時，我們也在為一線工作人員推出新的SKU。

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.

這是我第一次看到的其他趨勢之一，CEO 對其一線員工的生產力更感興趣，所以這是另一個令人興奮的領域。

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.

它來自不同的 ASP 點，因此它與 E5 不完全相同，但對於我們能夠提高 Office 365 的吸引力的戰略意義非常重要。

We also are working to make Office 365 and seeing good traction in segments like small business.

我們還在努力開發 Office 365，並在小型企業等領域看到了良好的吸引力。

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.

Office 365 對我們來說很重要的另一個方面是國際元素，因為我們的高端服務器 SKU 在國際市場上的滲透率確實從未很高，而我們最終通過服務產品做到了這一點。

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.

所以這些都是剩下很大空間的領域，我們不僅僅是在為新細分市場增加價值方面停滯不前，所以這些都在發揮作用。

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.

你已經看到了這一點，我將把它與利潤率聯繫起來，這種持續和持續的安裝基數增長，甚至還有 Satya 佈局的機會。

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.

而且我們看到的大部分 ARPU 提昇實際上仍然是由於 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滿意，尤其是在一些已經搬到E3。

And then in terms of gross margin, margin actually here has been steadily improving.

然後就毛利率而言，實際上這裡的利潤率一直在穩步提高。

We've been in this business a bit longer and it's more mature.

我們從事這項業務的時間更長，而且更加成熟。

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.

我確實認為，在這裡，機會實際上也是基於 ARPU 的，就繼續看到利潤率提高而言，正在繼續提高我們意識到繼續看到增長的每用戶美元。

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

今天電話會議的問答部分到此結束。

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

我們期待在未來幾個月在各種投資者會議和活動中見到你們中的許多人。

You can find the details, including webcast information, at the Microsoft Investor Relations website.

您可以在 Microsoft 投資者關係網站上找到詳細信息，包括網絡廣播信息。

Thank you for joining us today.

感謝您今天加入我們。

Thanks, all.

謝謝大家。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。