微軟 (MSFT) 2017 Q4 法說會逐字稿

Welcome to the Fourth Quarter Fiscal Year 2017 Microsoft Corporation earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the call over to Chris Suh, General Manager of Investor Relations. Chris, please proceed.

歡迎參加微軟公司2017財年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。我謹將電話轉交給投資人關係總經理 Chris Suh。克里斯，請繼續。

Thank you, Rhea. Good afternoon, and thank you for joining us today. On the call with me 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，瑞亞。下午好，感謝各位今天蒞臨。與我一同通話的有：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 the 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。

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're included as additional clarifying items to aid investors in further understanding the company's fourth 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。這些內容作為補充說明項目，旨在幫助投資者進一步了解公司第四季度的業績，以及這些項目和事件對財務業績的影響。

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

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），以此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。

At the start of fiscal '18, Microsoft adopted ASU 606, the new revenue accounting standard. Today's Q4 earnings report and any forward-looking statements follow the current revenue accounting standard, consistent with our reporting throughout fiscal '17. In early August, we will be holding a conference call to provide you with information that will aid you in the transition to the new standard.

在 2018 財年伊始，微軟採用了 ASU 606，即新的營收會計準則。今天的第四季財報和任何前瞻性聲明均遵循當前收入會計準則，與我們 2017 財年的報告一致。8月初，我們將召開電話會議，向您提供有助於您過渡到新標準的資訊。

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 July 20, 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 7 月 20 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 the call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any update -- 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。我們不承擔任何更新—即不負責更新任何前瞻性聲明。

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 thank you to everyone joining on the phone. This quarter, we delivered $24.7 billion in revenue, up 10% in constant currency. For the year, we are $96.7 billion in revenue, up 5%. I'm proud of the progress, particularly the strength of our commercial cloud results. FY '17 all up was a tremendous year of customer momentum with cloud, AI and digital transformation.

謝謝你，克里斯，也感謝所有透過電話參與的朋友。本季度，我們實現了 247 億美元的收入，以固定匯率計算成長了 10%。今年我們的營收為967億美元，成長了5%。我為所取得的進展感到自豪，尤其是我們在商業雲端領域的強勁成果。2017 財年整體而言是客戶在雲端運算、人工智慧和數位轉型方面取得巨大進展的一年。

Our technology worldview of an intelligent cloud and an intelligent edge is resonating with businesses everywhere. Every customer I talk to is looking for both innovative technology to drive new growth as well as a strategic partner who can help build their own digital capability. Microsoft is that trusted partner.

我們提出的智慧雲端和智慧邊緣的技術概念引起了世界各地企業的共鳴。我接觸到的每一位客戶都在尋找能夠推動業務成長的創新技術，以及能夠幫助他們建立自身數位化能力的策略夥伴。微軟是值得信賴的合作夥伴。

Now let's look at the progress we have made this quarter by segment, starting with Productivity and Business Process. The workplace is transforming, from changing employee expectations, a need for more diverse skills and globally distributed teams and increasingly complex threat environment. Only Microsoft gives customers a comprehensive approach for this new culture of work.

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。工作場所正在發生變革，包括員工期望的改變、對更多樣化技能的需求、全球分散式團隊的組成以及日益複雜的威脅環境。只有微軟能夠為客戶提供應對這種新型工作文化的全面解決方案。

Earlier this month, we introduced Microsoft 365, which brings together Office 365, Windows 10 and Enterprise Mobility + Security in a complete, secure solution to empower employees, safeguard businesses and simplify IT management. Microsoft 365 is a fundamental shift in how we design, build and go to market to address customer needs.

本月初，我們推出了 Microsoft 365，它將 Office 365、Windows 10 和企業行動 + 安全性整合到一個完整的、安全的解決方案中，旨在增強員工能力、保護企業安全並簡化 IT 管理。Microsoft 365 從根本上改變了我們設計、建構和推向市場以滿足客戶需求的方式。

Fortune 500 customers FedEx, Dow Chemicals, Staples, Progressive Insurance all chose Microsoft 365. The success of our secure productive enterprise offering with its triple-digit seat growth is one reason we are investing in Microsoft 365 for businesses of all sizes.

財富 500 強企業 FedEx、陶氏化學、史泰博、Progressive 保險公司都選擇了 Microsoft 365。我們安全高效的企業版產品取得了三位數的用戶成長，這也是我們投資各種規模企業的 Microsoft 365 的原因之一。

We continue to see strong growth of Office 365, with customers like Nissan, Quicken Loans, KeyBanc, Deutsche Telekom all choosing Office 365. And importantly, customers are moving beyond core workloads to adopt higher-value workloads. For example, we have seen a significant increase in SharePoint usage, which nearly doubled year-over-year.

我們持續看到 Office 365 的強勁成長，像是日產、Quicken Loans、KeyBanc、德國電信等客戶都選擇了 Office 365。更重要的是，客戶正在從核心工作負載轉向更高價值的工作負載。例如，我們看到 SharePoint 的使用量顯著增加，幾乎比前一年翻了一番。

The classroom is also transforming. This quarter, we introduced Microsoft Teams in Office 365 for education, the digital hub for students and teachers. Microsoft Teams gives educators a whole new way to create and inspire modern classroom environments. With rich learning tools and the ability to have digital conversations with students, share materials, manage assignments, Teams gives educators more time to focus on doing what they love the most: teaching.

教室也在改變。本季度，我們在學生和教師的數位化中心 Office 365 中推出了 Microsoft Teams。Microsoft Teams 為教育工作者提供了一種全新的方式來創造和激發現代化的課堂環境。Teams 擁有豐富的學習工具，能夠與學生進行數位化對話、分享資料、管理作業，讓教育工作者有更多時間專注於他們最熱愛的事情：教學。

Now I'll talk about the second part of our ambition in this segment, reinventing business process. We are investing in LinkedIn flagship experience to create new value for members and customers and accelerate growth. We saw continued momentum in mobile and strong engagement across the platform, with sessions up more than 20% for the third consecutive quarter. And we continue to innovate new ways for members to maximize the value of the platform. We launched a new messaging overlay, resulting in record levels of messages sent on LinkedIn, and introduced a career advice marketplace that will let members easily tap into the professional expertise of more than 500 million members around the world. On top of that, Talent Solutions saw record-level growth in confirmed hires and InMail response rates this quarter.

現在我將談談本部分我們目標的第二個方面，即重塑業務流程。我們正在投資LinkedIn旗艦體驗，以創造新的價值，為會員和客戶帶來更多價值，並加速成長。我們看到行動端持續保持成長勢頭，整個平台的用戶參與度也很高，連續第三個季度會話量成長超過 20%。我們將持續創新，探索新的方式，讓會員最大限度地利用平台的價值。我們推出了新的訊息疊加功能，使 LinkedIn 上發送的訊息數量創下歷史新高；我們還推出了職業建議市場，讓會員可以輕鬆獲得全球超過 5 億會員的專業知識。此外，人才解決方案部門本季在確認招募人數和 InMail 回覆率方面均實現了創紀錄的成長。

I've talked about the opportunities with Dynamics and LinkedIn. Earlier this month, we launched Microsoft Relationship Sales solution, bringing together LinkedIn Sales Navigator and Microsoft Dynamics, as well as Dynamics 365 solution for retail and talent. In a world where customers are increasingly digitizing every business process, we continue to invest and expand our portfolio of modern modular business applications that are infused with AI.

我之前談過 Dynamics 和 LinkedIn 帶來的機會。本月初，我們推出了 Microsoft Relationship Sales 解決方案，整合了 LinkedIn Sales Navigator 和 Microsoft Dynamics，以及針對零售和人才的 Dynamics 365 解決方案。在客戶日益將每個業務流程數位化的時代，我們將繼續投資並擴展我們融入人工智慧的現代化模組化業務應用程式組合。

We also introduced ISV Cloud Embed to make it easier for partners to modernize their existing business process applications, build new ones using Dynamics 365, Power BI, Power Apps and Microsoft Flow. A global health care solution provider and partner, Indegene, is using it to create a mobile CRM solution for medical sales. Customers like HSBC, Best Buy, Dolce & Gabbana all chose Dynamics 365 to transform their own business processes and experience the benefits of moving away from monolithic suites.

我們也推出了 ISV Cloud Embed，以便合作夥伴能夠更輕鬆地對其現有業務流程應用程式進行現代化改造，並使用 Dynamics 365、Power BI、Power Apps 和 Microsoft Flow 建立新的應用程式。全球醫療保健解決方案提供者和合作夥伴 Indegene 正在利用它為醫療銷售創建行動 CRM 解決方案。匯豐銀行、百思買、杜嘉班納等客戶都選擇 Dynamics 365 來轉變自己的業務流程，並體驗擺脫單一套件的好處。

Now let's talk about the progress we are making in our Intelligent Cloud segment. Our commercial cloud annualized revenue run rate now exceeds $18.9 billion. This quarter's cloud growth puts us squarely on track to reach the goal we set a little over 2 years ago of $20 billion in commercial cloud ARR in fiscal 2018. More than ever before, customers are placing their trust in the Microsoft Cloud.

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 189 億美元。本季雲端業務的成長使我們朝著兩年多前設定的目標穩步邁進，在 2018 財年實現 200 億美元的商業雲 ARR。如今，客戶對微軟雲端的信任度比以往任何時候都高。

Azure revenue accelerated this quarter, growing 97% year-over-year. CIOs and business decision-makers increasingly prefer Azure as they make decisions about their cloud strategy. They value our hybrid consistency, developer productivity, AI capabilities and trusted approach.

Azure 本季營收加速成長，年增 97%。資訊長和業務決策者在製定雲端策略時越來越傾向於選擇 Azure。他們重視我們混合架構的一致性、開發人員的生產力、人工智慧能力和值得信賴的方法。

And we keep investing in cloud computing to create broader economic benefit and opportunity, as we have done with our South Africa data center expansion, bringing Azure to 40 regions globally, more than any other cloud provider. And as part of our commitment to trust, we are helping our customers prepare to be GDPR-compliant and meet the requirements of the European Union ahead of the enforcement deadline.

我們將繼續投資雲端運算，以創造更廣泛的經濟效益和機會，就像我們擴大南非資料中心一樣，使 Azure 在全球 40 個地區提供服務，比其他任何雲端供應商都多。作為我們對信任承諾的一部分，我們正在幫助客戶做好準備，以符合 GDPR 的要求，並在強制執行期限之前滿足歐盟的要求。

AXA Global, KPMG, Dun & Bradstreet, Hearst, Walgreens, T-Mobile and Sephora all chose Azure to transform their businesses. Box announced that it'll bring its content and collaboration service to Azure and plans to use our AI to simplify discovery and use of all types of content across the enterprise. And Baidu will use Azure to take its autonomous driving platform worldwide.

AXA Global、畢馬威、鄧白氏、赫斯特、沃爾格林、T-Mobile 和絲芙蘭都選擇 Azure 來改造他們的業務。Box 宣布將把其內容和協作服務遷移到 Azure，並計劃利用我們的 AI 來簡化企業內所有類型內容的發現和使用。百度將利用 Azure 將其自動駕駛平台推廣到全球。

The core currency of any business going forward will be the ability to convert their data into AI that drives competitive advantage. It all starts with having the support for the comprehensive data estate spanning Azure Database, Cosmos DB, Data Warehouse, Data Lake, combined with SQL Server.

未來任何企業的核心競爭力都將在於能否將數據轉化為人工智慧，以獲得競爭優勢。這一切都始於對涵蓋 Azure 資料庫、Cosmos DB、資料倉儲、資料湖以及 SQL Server 的全面資料資產的支援。

Azure Cosmos DB is industry's first globally distributed database service. It enables customers to securely and reliably power data-intensive applications at unprecedented scale and performance, from IoT to AI to mobile and much more. Retailer jet.com is using Azure Cosmos DB to process trillions of transactions every day.

Azure Cosmos DB 是業界首個全球分散式資料庫服務。它使客戶能夠以前所未有的規模和性能安全可靠地為數據密集型應用提供支持，涵蓋物聯網、人工智慧、行動應用等眾多領域。零售商 jet.com 使用 Azure Cosmos DB 每天處理數兆筆交易。

Customers are infusing AI into their products and services using Azure AI infrastructure and services such as bot framework and cognitive services. Sabre, a leading technology provider to the global travel industry, is piloting AI-powered solutions for travel agencies to better serve customers; and Dixons Carphone is using Azure and our cognitive services to boost customer engagement and provide a more consistent, seamless experience across online and in their stores.

客戶正在使用 Azure AI 基礎架構和服務（例如機器人框架和認知服務）將 AI 融入他們的產品和服務中。Sabre 是全球旅遊業領先的技術供應商，正在試行為旅行社提供人工智慧解決方案，以更好地服務客戶；Dixons Carphone 正在使用 Azure 和我們的認知服務來提升客戶參與度，並在其線上和線下門市提供更一致、更無縫的體驗。

Azure is also unique in its support for these emerging Intelligent Cloud and Intelligent Edge applications. Azure IoT Edge extends cloud intelligence to edge devices. This means IoT devices can act locally at the edge while taking advantage of the cloud for global coordination and machine learning at scale.

Azure 在這些新興的智慧雲端和智慧邊緣應用程式的支援方面也獨樹一格。Azure IoT Edge 將雲端智慧擴展到邊緣裝置。這意味著物聯網設備可以在邊緣本地運行，同時利用雲端進行大規模的全球協調和機器學習。

Azure is the first cloud to provide true hybrid support that customers predominantly choose. Azure Stack extends Azure to enable developers to build and deploy applications the same way, whether they run on the intelligent cloud or at the intelligent edge, so customers can meet any regulatory requirement and bring cloud applications to remote or disconnected locations like cruise ships or oil rigs.

Azure 是首個真正提供混合雲支援的雲端平台，也是客戶普遍選擇的雲端平台。Azure Stack 擴展了 Azure 的功能，使開發人員能夠以相同的方式建置和部署應用程序，無論這些應用程式是在智慧雲端上運行還是在智慧邊緣運行，因此客戶可以滿足任何監管要求，並將雲端應用程式帶到遊輪或石油鑽井平台等偏遠或斷網地點。

Now I'll turn to our progress in More Personal Computing. Against the backdrop of more than 500 million Windows 10 monthly active devices and continued broad progress across the Windows ecosystem, I want to highlight a couple of key strategic areas this quarter. Windows 10 is made to inspire the creator in all of us and is pivotal to enabling employees to transform the way they work. Increasingly, commercial customers value Windows 10 as the foundation for a secure modern workplace. Enterprise and education deployments increased 33% over the last quarter as companies like NASCAR, Emirates Airline, BMW Group, Bank of China all adopt Windows 10.

現在我將談談我們在「更個人化的計算」方面的進展。在 Windows 10 月活躍設備超過 5 億台以及 Windows 生態系統持續取得廣泛進展的背景下，我想重點介紹本季度的幾個關鍵戰略領域。Windows 10 旨在激發我們每個人內心的創造力，對於幫助員工改變工作方式至關重要。越來越多的商業客戶將 Windows 10 視為建立安全現代工作場所的基礎。上一季度，企業和教育領域的部署量成長了 33%，NASCAR、阿聯酋航空、寶馬集團、中國銀行等公司都採用了 Windows 10。

This quarter, we introduced Windows 10 S, streamlined for simplicity, security and superior performance and tailored for the classroom. Our goal for Windows 10 S is to develop a vibrant ecosystem with partners like Acer, Asus, Dell, Fujitsu, HP, Samsung and Toshiba to introduce a new class of modern devices that enables affordable, powerful new scenarios, from Windows Ink to 3D. We also introduced the Surface Laptop and the new Surface Pro this quarter to continue to build and create momentum for new Windows device category.

本季度，我們推出了 Windows 10 S，它經過精簡，兼顧了簡潔性、安全性和卓越的性能，並專為課堂教學而設計。我們為 Windows 10 S 設定的目標是與 Acer、華碩、戴爾、富士通、惠普、三星和東芝等合作夥伴共同打造一個充滿活力的生態系統，推出新一代現代化設備，從而實現從 Windows Ink 到 3D 等各種經濟實惠、功能強大的全新應用場景。本季我們也推出了 Surface Laptop 和新款 Surface Pro，以繼續發展壯大，並為新的 Windows 裝置類別創造動能。

Now on to gaming. Our gaming business now is more than $9 billion and growing profitably. The gaming world is evolving faster than ever before, from gameplay across multiple devices to the explosive growth in streaming and e-sports to new subscription services and mixed-reality scenarios. We're uniquely positioned to capture a large share of this opportunity because of our ability to unite the global community of gamers through Xbox Live, now 53 million strong and growing, and to enable new experiences across PC, console and mobile.

接下來是遊戲環節。我們的遊戲業務目前規模超過90億美元，並且獲利成長。遊戲世界正以前所未有的速度發展，從跨多個設備進行遊戲，到串流媒體和電子競技的爆炸式增長，再到新的訂閱服務和混合現實場景。我們擁有獨特的優勢，能夠抓住這一機遇，因為我們能夠透過 Xbox Live 將全球遊戲玩家社群團結起來（目前擁有 5,300 萬用戶，並且還在不斷增長），並在 PC、遊戲主機和行動裝置上實現全新的體驗。

Our approach is to let gamers play the games they want with the people they want on the device they want. At E3, we celebrated the passion of gamers by introducing Xbox One X, broadening our portfolio of gaming devices with the world's most powerful console. We launched 2 new services that broaden our reach and enrich the gaming experience, both of which are off to a very strong start. Mixer, our new live-streaming service, makes it easier than ever before for gamers to create and share across platforms and to interact in entirely new ways. The Xbox Game Pass is a digital subscription service that expands our existing gaming value proposition.

我們的理念是讓玩家在自己喜歡的裝置上，和自己想一起的人玩自己想玩的遊戲。在 E3 遊戲展上，我們推出了 Xbox One X，以此來慶祝玩家們的熱情，並憑藉這款全球最強大的遊戲主機，進一步豐富了我們的遊戲設備產品線。我們推出了兩項新服務，擴大了我們的服務範圍，豐富了遊戲體驗，這兩項服務都取得了非常強勁的開局。Mixer 是我們全新的直播服務，它讓遊戲玩家比以往任何時候都更容易在平台上創作和分享內容，並以全新的方式進行互動。Xbox Game Pass 是一項數位訂閱服務，它擴展了我們現有的遊戲價值主張。

In closing, I'm proud of the progress this year, both in our own continued transformation and in how we are empowering customers to digitally transform. As technology disrupts every industry and has the power to make a difference in the lives of everyone, we strive to create local opportunity and growth and impact in every country around the world.

最後，我對今年的進展感到自豪，無論是在我們自身持續轉型方面，還是在我們如何賦能客戶進行數位轉型方面。隨著科技顛覆各行各業，並有能力改變每個人的生活，我們努力在世界各國創造本地機會、發展和影響力。

Our platforms and tools help drive small business productivity, large business competitiveness and public sector efficiency. We also support new start-ups, improve educational health outcomes and empower human ingenuity. Our sense of purpose lies in our customers' success. Transformation is a continuous process of renewal and reinvestment. We will continue to invest in the high-growth opportunities, lead innovation in cloud and AI and bring our technology and products together into experiences and solutions that unlock new value for customers.

我們的平台和工具有助於提高小型企業的生產力、大企業的競爭力以及公共部門的效率。我們也支持新興創業公司，改善教育健康成果，並激發人類的創造力。我們存在的意義在於客戶的成功。轉型是一個持續更​​新和再投資的過程。我們將繼續投資於高成長機遇，引領雲端運算和人工智慧領域的創新，並將我們的技術和產品整合到體驗和解決方案中，從而為客戶釋放新的價值。

Now I'll 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. This quarter, revenue was $24.7 billion, up 9% and 10% in constant currency, with stronger-than-expected performance across all segments. Gross margin grew 11% and 12% in constant currency. Operating income increased 13% and 16% in constant currency. And earnings per share was $0.98, increasing 42% and 43% in constant currency, which includes $0.23 from the utilization of phone-related losses from prior years that were previously nondeductible.

謝謝你，薩蒂亞，大家下午好。本季營收為 247 億美元，以固定匯率計算成長 9% 和 10%，所有業務部門的業績均強於預期。以固定匯率計算，毛利率成長了11%和12%。以固定匯率計算，營業收入成長了13%和16%。每股收益為 0.98 美元，以固定匯率計算增長了 42% 和 43%，其中包括利用以前年份不可抵扣的電話相關損失獲得的 0.23 美元。

At a company level, LinkedIn contributed approximately 5 points of revenue and gross margin growth. LinkedIn's operating loss of $361 million was a 6 point drag on total company operating income growth and is entirely attributable to the $371 million of amortization of acquired intangibles recorded in COGS and OpEx.

從公司層面來看，LinkedIn 為公司帶來了約 5 個百分點的收入和毛利率成長。LinkedIn 的 3.61 億美元營運虧損使公司整體營運收入成長下降了 6 個百分點，這完全是由於在銷售成本和營運支出中計入了 3.71 億美元的收購無形資產攤銷。

From a geographic perspective, our results were mostly in line with macroeconomic trends, though large markets like the U.S., Germany and Japan performed better than we expected. We had a strong quarter in our commercial business, reflecting terrific execution from our sales teams and partners in the largest quarter of our year.

從地理角度來看，我們的結果與宏觀經濟趨勢基本一致，儘管美國、德國和日本等大型市場的表現比我們預期的要好。我們商業業務在本季表現強勁，這反映了我們的銷售團隊和合作夥伴在一年中最重要的季度中出色的執行力。

We increased commitment to our commercial cloud and healthy renewals on a record volume of expirations. We closed the highest number of multimillion dollar Azure deals to date and improved our annuity mix to 86%, up 3 points year-over-year. As a result, commercial bookings grew 30% and commercial unearned revenue was $27.8 billion, significantly higher than we expected.

我們加大了對商業雲的投入，並在創紀錄的到期數量下實現了健康的續約。我們達成了迄今為止數量最多的數百萬美元 Azure 交易，並將我們的年金組合提高到 86%，比去年同期成長 3 個百分點。因此，商業預訂量成長了 30%，商業未實現收入為 278 億美元，遠高於我們的預期。

Our contracted not billed balance increased to more than $31.5 billion. As Satya mentioned earlier, our commercial cloud annualized revenue run rate exceeded $18.9 billion this quarter, growing 56%. We finished the year with nearly $15 billion in commercial cloud revenue.

我們已簽訂合約但尚未開立的餘額增加到超過 315 億美元。正如薩蒂亞之前提到的，本季我們的商業雲端年度營收運行率超過 189 億美元，成長了 56%。我們年底的商業雲收入接近150億美元。

At the start of the year, we committed to material improvement in commercial cloud gross margin percentage and dollars. This quarter, our commercial cloud gross margin percentage was 52%, up 10 points year-over-year, with positive gross margin in each cloud service. Commercial cloud gross margin dollars grew 92% from strength across all services. Our company gross margin was 66%, up 1 point from the prior year, as sales mix of higher-margin product and services offset the impact of a growing mix of cloud revenue and $217 million of LinkedIn amortization cost.

年初，我們承諾大幅提高商業雲業務的毛利率和毛利。本季度，我們的商業雲端毛利率為 52%，年增 10 個百分點，每項雲端服務均實現了正毛利率。由於所有服務的強勁表現，商業雲毛利潤成長了 92%。該公司毛利率為 66%，比上年增長 1 個百分點，高利潤率產品和服務的銷售組合抵消了雲端收入成長和 2.17 億美元 LinkedIn 攤銷成本的影響。

FX was mostly in line with our expectations with 1 point of negative impact on total revenue growth, even with a slightly weaker-than-expected U.S. dollar. At the segment level, FX had a negative impact of 2 points on Productivity and Business Processes, 1 point on Intelligent Cloud and 1 point on More Personal Computing. Total operating expenses grew 9% and 10% in constant currency, with LinkedIn contributing 12 points of growth, including $154 million of amortization of acquired intangibles expense.

外匯市場基本上符合我們的預期，即使美元略微走弱於預期，也僅對總收入成長產生了 1 個百分點的負面影響。從細分市場層面來看，外匯對生產力和業務流程產生了 2 個百分點的負面影響，對智慧雲端產生了 1 個百分點的負面影響，對更多個人運算產生了 1 個百分點的負面影響。總營運支出以固定匯率計算成長了 9% 和 10%，其中 LinkedIn 貢獻了 12 個百分點的成長，包括 1.54 億美元的收購無形資產攤銷費用。

Now to our segment results. Revenue from our Productivity and Business Processes segment grew 21% and 23% in constant currency to $8.4 billion, with LinkedIn contributing 15 points of growth. Office commercial revenue increased 5% and 6% in constant currency. Office 365 commercial revenue grew 43% and 44% in constant currency, with continued install base growth across all workloads, ARPU expansion and emerging E5 momentum. For the first time, Office 365 commercial revenue surpassed revenue from our traditional licensing business.

現在來看我們各部分的業績結果。我們的生產力和業務流程部門的營收以固定匯率計算成長了 21% 和 23%，達到 84 億美元，其中 LinkedIn 貢獻了 15 個百分點的成長。以固定匯率計算，辦公室商業收入成長了 5% 和 6%。Office 365 商業收入以固定匯率計算成長了 43% 和 44%，所有工作負載的安裝基礎持續成長，ARPU 擴大，E5 勢頭強勁。Office 365 商業收入首次超過了我們傳統授權業務的收入。

Office consumer revenue increased 13%, driven by recurring subscription revenue and growth in our subscriber base. Our Dynamics business grew 7% and 9% in constant currency, and Dynamics 365 grew 74% and 75% in constant currency. LinkedIn revenue for the quarter was approximately $1.1 billion, a bit better than expected.

辦公消費收入成長了 13%，這主要得益於經常性訂閱收入和用戶群的成長。我們的 Dynamics 業務以固定匯率計算成長了 7% 和 9%，Dynamics 365 業務以固定匯率計算成長了 74% 和 75%。LinkedIn本季營收約11億美元，略優於預期。

Segment gross margin dollars grew 14% and 16% in constant currency, with 12 points of contribution from LinkedIn, including $217 million of amortization. Gross margin percentage declined from an increasing cloud revenue mix and the impact of LinkedIn-related amortization. Operating expenses increased 41%, with 40 points from LinkedIn, including $154 million of amortization expense. Operating income declined 8% and 5% in constant currency, with 12 points of impact from LinkedIn.

以固定匯率計算，該業務部門毛利率增加了 14% 和 16%，其中 LinkedIn 貢獻了 12 個百分點，包括 2.17 億美元的攤銷。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。營運費用增加了 41%，其中 LinkedIn 貢獻了 40%，包括 1.54 億美元的攤銷費用。營業收入下降了 8%，以固定匯率計算下降了 5%，其中 LinkedIn 的影響為 12 個百分點。

The Intelligent Cloud segment delivered $7.4 billion in revenue, growing 11% and 12% in constant currency. Our server products and cloud services revenue grew 15% and 16% in constant currency, with double-digit annuity revenue growth.

智慧雲端業務板塊實現營收 74 億美元，以固定匯率計算成長 11% 和 12%。我們的伺服器產品和雲端服務收入以固定匯率計算分別成長了 15% 和 16%，年金收入實現了兩位數的成長。

Azure revenue growth accelerated to 97%, up 98% in constant currency. Azure Premium revenue grew triple digits for the 12th consecutive quarter. Enterprise Services revenue declined 3% and 1% in constant currency, driven by a lower volume of Windows Server 2003 custom support agreements, partially offset by growth in premier support services.

Azure 營收成長加速至 97%，以固定匯率計算成長 98%。Azure Premium 營收連續第 12 季實現三位數成長。企業服務收入以固定匯率計算下降了 3% 和 1%，主要原因是 Windows Server 2003 客製化支援協議數量減少，但高階支援服務的成長部分抵銷了這一影響。

Segment gross margin dollars grew 8% and 9% in constant currency, and segment gross margin percentage declined due to increasing cloud revenue mix and lower Enterprise Services margins, partially offset by material improvement in Azure margins. We grew operating expenses by 2% and 3% in constant currency, with continued investment in sales capacity and developer engagement. Operating income increased 15%, up 18% in constant currency.

以固定匯率計算，分部毛利美元成長了 8% 和 9%，分部毛利率下降，原因是雲端收入佔比增加和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。以固定匯率計算，我們的營運支出成長了 2% 至 3%，同時我們繼續投資於銷售能力和開發商參與。營業收入成長15%，以固定匯率計算成長18%。

Now to More Personal Computing. Revenue from this segment was $8.8 billion, down 2% and 1% in constant currency, with 4 points of decline from phone. Our OEM business grew 1% this quarter, as both our commercial and consumer OEM businesses were slightly ahead of the PC market. OEM Pro revenue grew 3%, ahead of the commercial PC market, mainly due to a higher mix of premium SKUs. Windows 10 deployment cycles continue to drive commercial customer hardware demand. OEM non-Pro revenue was flat ahead of the consumer PC market, with continued positive impact from Windows premium device mix. Inventories remain in their normal range.

現在進入個人電腦領域。該業務板塊的收入為 88 億美元，以固定匯率計算下降了 2%，下降了 1%，其中電話業務下降了 4 個百分點。本季我們的 OEM 業務成長了 1%，因為我們的商業和消費 OEM 業務都略微領先 PC 市場。OEM Pro 營收成長 3%，高於商用 PC 市場，這主要是由於高階 SKU 的比例較高。Windows 10 的部署週期持續推動商業客戶對硬體的需求。OEM 非專業設備收入與消費性 PC 市場持平，Windows 高階設備組合持續帶來正面影響。庫存保持在正常範圍內。

Windows commercial cloud products and services grew 8%, driven by annuity revenue growth. Enterprise customers increasingly chose Windows 10 on new and existing devices, which led to install base growth and higher adoption of our cloud security solutions. Patent licensing declined this quarter primarily from lower revenue per unit. Search revenue ex TAC grew 10% and 11% in constant currency, driven by higher revenue per search and search volume.

受年金收入成長的推動，Windows 商業雲端產品和服務成長了 8%。企業客戶越來越多地選擇在新設備和現有設備上使用 Windows 10，這導致我們的雲端安全解決方案安裝基礎成長，並提高了其採用率。本季專利授權收入下降，主要是單位收入減少。扣除TAC後的搜尋收入按固定匯率計算增加了10%和11%，這主要得益於每次搜尋收入和搜尋量的成長。

Devices revenue declined 28% and 27% in constant currency. Our Surface business performed better than we expected, declining 2% and 1% in constant currency, with strong sales execution on our Surface Pro product transition and early positive signals from customers and partners on our Surface Laptop launch in June.

設備收入以固定匯率計算下降了 28% 和 27%。我們的 Surface 業務表現優於預期，以固定匯率計算分別下降了 2% 和 1%，這得益於 Surface Pro 產品轉型銷售的強勁執行，以及客戶和合作夥伴對我們 6 月份推出的 Surface Laptop 的早期積極反饋。

Our gaming business grew 3% and 4% in constant currency. Xbox software and services growth of 11%, 13% in constant currency, offset declines in hardware. And our engaged user base grew 8% to 53 million monthly active users across console, mobile and Windows 10 platforms.

我們的遊戲業務以固定匯率計算成長了3%和4%。Xbox 軟體和服務成長 11%（以固定匯率計算成長 13%），抵銷了硬體的下滑。我們的活躍用戶群成長了 8%，達到每月 5,300 萬活躍用戶，涵蓋遊戲主機、行動裝置和 Windows 10 平台。

Segment gross margin dollars increased 9% and 10% in constant currency. Gross margin percentage increased, primarily due to a sales mix shift to higher-margin products and services. Operating expenses declined 10% and 9% in constant currency from lower phone expense as well as Surface and gaming marketing spend in the prior year. As a result, operating income grew 68% and 72% in constant currency.

以固定匯率計算，分部毛利率分別成長了 9% 和 10%。毛利率上升，主要是因為銷售組合轉向高利潤率的產品和服務。由於上一年手機支出以及 Surface 和遊戲行銷支出減少，營運支出以固定匯率計算下降了 10% 和 9%。因此，營業收入成長了 68%，以固定匯率計算成長了 72%。

Now back to the overall company results. This quarter, we invested approximately $3.3 billion in capital expenditures, including capital leases, up sequentially in part due to the planned Q3 data center spend pushed into this Q4. This includes approximately $2.3 billion of cash paid for property and equipment, which was down year-over-year as we utilized more capital leases.

現在回到公司整體業績。本季度，我們在資本支出方面投資了約 33 億美元，其中包括資本租賃，環比增長，部分原因是原計劃在第三季度進行的數據中心支出被推遲到了第四季度。這其中包括用於購買物業和設備的約 23 億美元現金，由於我們更多地使用了融資租賃，因此同比有所下降。

Free cash flow grew 50% year-over-year, driven primarily by operating cash flow growth of 30% as well as lower cash outlays for CapEx. Operating cash flow increased due to higher collections from customers following strong billings growth as well as working capital improvements in our hardware business. Other income and expense was $215 million, more than originally planned, as we continued to see opportunities in the equities market to realize gains throughout the quarter.

自由現金流年增 50%，主要得益於營運現金流成長 30% 以及資本支出現金支出減少。由於帳單金額強勁成長，客戶收款增加，以及硬體業務營運資金改善，營運現金流量也隨之增加。其他收入和支出為 2.15 億美元，超過了原計劃，因為我們在本季繼續看到股票市場有實現收益的機會。

Our non-GAAP effective tax rate was negative 6%, significantly lower than we expected due to a $1.8 billion impact related to the utilization of prior years' losses from our phone business that were not deductible in the years incurred. Excluding this item, our non-GAAP effective tax rate was 19% this quarter and 20% for the full year. This quarter, we returned $4.6 billion to shareholders through share repurchases and dividends.

由於利用了之前幾年電話業務的虧損（這些虧損在發生當年是不能扣除的），我們產生了 18 億美元的影響，因此我們的非 GAAP 實際稅率為 -6%，遠低於我們的預期。剔除此項因素後，本季我們的非GAAP有效稅率為19%，全年為20%。本季度，我們透過股票回購和分紅向股東返還了 46 億美元。

Now let's turn to the outlook. The key trends for FY '18 from the financial analyst briefing remain largely unchanged. For the full year, we expect about 1 point of negative FX impact, assuming current rates remain stable. In our Commercial business, we anticipate that increasing demand for cloud services and healthy renewals will continue to drive a higher annuity mix. Our commercial transactional business will continue to decline, driven by the transition to the cloud. We remain focused on improving our commercial cloud gross margin percentage in each of our cloud services. As a reminder, given seasonality and revenue mix, commercial cloud gross margin will experience quarterly variability.

現在讓我們來看看前景。根據金融分析師簡報，2018 財年的主要趨勢基本上保持不變。假設當前匯率保持穩定，我們預計全年匯率將受到約 1 個百分點的負面影響。在我們的商業業務中，我們預計對雲端服務的需求不斷增長以及續保情況良好，將繼續推動年金組合比例的上升。受雲端轉型的影響，我們的商業交易業務將持續下滑。我們將繼續專注於提高我們各項雲端服務的商業雲毛利率。需要提醒的是，考慮到季節性和收入結構，商業雲毛利率會存在季度波動。

Cloud migrations, deployments and new scenarios are driving greater customer usage. We will increase our capital investment to meet growing demand and capacity needs. Total CapEx spend will continue to have variability quarter-to-quarter.

雲端遷移、部署和新應用程式場景正在推動客戶使用量的增加。我們將增加資本投入，以滿足不斷增長的需求和產能需求。總資本支出將持續出現季度間的波動。

At the company level, our gross margin percentage should decline about 1 point in FY '18, with increasing cloud revenue mix; a full year of LinkedIn amortization; and hardware launches, including our new console, Xbox One X. We expect LinkedIn quarterly amortization expense and COGS to be approximately $220 million or about $880 million for the full year.

公司層面，由於雲端收入佔比增加、LinkedIn全年攤提以及包括新款遊戲主機Xbox One X在內的硬體產品發布，預計2018財年我們的毛利率將下降約1個百分點。我們預計LinkedIn季度攤提費用和銷售成本約為2.2億美元，全年約8.8億美元。

Next, operating expenses. You should think about our FY '18 operating expenses in 2 categories: first, organic Microsoft expenses, which we expect to grow between 3% and 4%, reflecting the investments we are making to support our top line growth; second, LinkedIn. We are making incremental investments in LinkedIn to fuel its continued strong revenue growth.

接下來是營運費用。您應該將我們 2018 財年的營運費用分為兩類：第一類是微軟的自然支出，我們預期其成長幅度在 3% 到 4% 之間，這反映了我們為支持營收成長而進行的投資；第二類是 LinkedIn。我們正在逐步增加對 LinkedIn 的投資，以推動其持續強勁的營收成長。

Additionally, we will recognize our first full year of operating expenses, including $620 million of amortization expense. Importantly, we expect our company operating margin to only decline by about 1 point as we continue to grow our cloud revenue, we fund new investment to support growth in strategic areas and absorb $1.5 billion of LinkedIn amortization in COGS and OpEx. Excluding the LinkedIn impact, operating margin should be flat year-over-year.

此外，我們將確認第一年的完整營運費用，其中包括 6.2 億美元的攤銷費用。重要的是，我們預計隨著雲端收入的持續成長、為支援策略領域的成長而進行的新投資以及將 LinkedIn 15 億美元的攤銷計入銷售成本和營運支出，公司營業利潤率只會下降約 1 個百分點。剔除 LinkedIn 的影響，營業利益率應與前一年持平。

Next, our effective tax rate. As a reminder, our tax rate is impacted by at least 3 major factors: the proportion of services revenue versus licensing revenue, the geographic mix of revenue and the timing of equity vest. As cloud revenue mix increases, we anticipate our tax rate will move higher. With quarterly variability based on these factors, we anticipate our full year non-GAAP tax rate to be 23%, plus or minus 2 points. And finally, we expect LinkedIn, ex purchase accounting, to be nondilutive in FY '18, as it was in Q4.

接下來，我們來看看實際稅率。提醒一下，我們的稅率至少受以下 3 個主要因素影響：服務收入與授權收入的比例、收入的地域組成以及股權歸屬的時間。隨著雲端運算收入佔比的提高，我們預計稅率將會上升。考慮到這些因素的季度波動，我們預期全年非GAAP稅率為23%，上下浮動2個百分點。最後，我們預期 LinkedIn（不計入收購會計處理）在 2018 財年不會稀釋股權，就像第四季一樣。

Now to the outlook for next quarter. Based on current FX rates, we expect less than 1 point of negative impact on revenue growth overall and for each segment. We expect commercial unearned revenue to be within the range of $24.85 billion to $25.05 billion. In Productivity and Business Processes, we expect revenue between $8.1 billion and $8.3 billion. Office 365 commercial revenue growth will continue to be driven by install base growth, ARPU expansion and adoption of premium services like E5 and should outpace the rate of transactional decline.

接下來展望一下下一季。根據目前的匯率，我們預期對整體及各業務板塊的營收成長將產生不到 1 個百分點的負面影響。我們預計商業未實現收入將在 248.5 億美元至 250.5 億美元之間。在生產力和業務流程方面，我們預計營收在 81 億美元至 83 億美元之間。Office 365 商業收入的成長將繼續由安裝基礎的成長、ARPU 的擴大以及 E5 等高級服務的採用所驅動，並且應該會超過交易量下降的速度。

We expect a more moderate rate of growth in our Office consumer business, given prior year comparables. In our Dynamics business, Dynamics 365 will continue to drive our cloud mix higher. And we expect approximately $1.1 billion of revenue from LinkedIn, adjusted for the impact of purchase accounting.

鑑於去年同期數據，我們預期辦公消費業務的成長速度將較為溫和。在我們的 Dynamics 業務中，Dynamics 365 將繼續推動我們的雲端業務組合佔比提升。我們預計 LinkedIn 的收入約為 11 億美元，並已根據收購會計的影響進行調整。

For Intelligent Cloud, we expect revenue between $6.9 billion and $7.1 billion. Customer demand for Azure and our hybrid cloud offerings remains strong, and we anticipate another quarter of double-digit revenue growth across server products and cloud services. Enterprise Services should decline, given lower volumes of custom support agreements.

對於智慧雲端業務，我們預計營收將在 69 億美元至 71 億美元之間。客戶對 Azure 和我們的混合雲產品的需求仍然強勁，我們預計伺服器產品和雲端服務的營收將在接下來的一個季度實現兩位數成長。鑑於定制支援協議的數量減少，企業服務業務應該會下滑。

We expect More Personal Computing revenue between $8.6 billion and $8.9 billion. We anticipate OEM revenue will move more closely in line with the PC market. Devices revenue growth will continue to be impacted by the prior year phone comparable. Surface revenue will continue to be driven by the product life cycle transition between Pro 4 and our new Surface Laptop and Surface Pro.

我們預計更多個人計算業務的收入將在 86 億美元至 89 億美元之間。我們預期OEM收入將與PC市場更加緊密地同步變化。設備收入成長將持續受到去年同期手機市場表現的影響。Surface 的收入將繼續受到 Pro 4 到我們新的 Surface Laptop 和 Surface Pro 之間的產品生命週期過渡的影響。

In search, Bing's revenue growth ex TAC should be similar to prior quarters, and we expect gaming to have a typical seasonality revenue pattern for a preholiday quarter.

在搜尋方面，Bing 扣除 TAC 後的營收成長應該與前幾季類似，我們預計遊戲業務在節前季度將呈現典型的季節性收入模式。

We expect COGS between $8.2 billion and $8.3 billion, including approximately $400 million from LinkedIn. LinkedIn COGS include about $220 million of amortization.

我們預計銷售成本在 82 億美元至 83 億美元之間，其中包括來自 LinkedIn 的約 4 億美元。LinkedIn 的銷售成本包含約 2.2 億美元的攤銷費用。

We expect CapEx on an accrual dollar basis to be similar to Q4 as we grow our investment to meet demand. We expect operating expenses of $8.6 billion to $8.7 billion, with about $1 billion of LinkedIn, of which roughly $155 million is related to amortization. Other income and expense should be about $250 million as we expect to realize more gains in our equities portfolio. Given the volume of equity vests that occur in our first quarter and based on today's stock value, we expect our first quarter non-GAAP effective tax rate to be approximately 4 points lower than the estimated full year tax rate.

我們預計以應計美元計算的資本支出將與第四季度類似，因為我們將增加投資以滿足需求。我們預計營運支出為 86 億美元至 87 億美元，其中 LinkedIn 的支出約為 10 億美元，約 1.55 億美元與攤提有關。其他收入和支出應約為 2.5 億美元，因為我們預計股票投資組合將獲得更多收益。鑑於第一季股權歸屬的數量以及目前的股票價值，我們預計第一季的非GAAP實際稅率將比預期的全年稅率低約4個百分點。

Finally, we adopted the new revenue standard, ASU 606, effective at the start of fiscal year '18. To assist in the transition, Chris, along with our Chief Accounting Officer, Frank Brod, will be hosting a conference call in early August to discuss these changes, present historical restated financial results and share Q1 guidance converted to the new standard. And with that, let's go to Q&A.

最後，我們採用了新的收入準則 ASU 606，該準則於 2018 財政年度開始生效。為了協助過渡，克里斯將與我們的首席會計官弗蘭克·布羅德一起，在 8 月初主持一次電話會議，討論這些變化，介紹歷史重述財務結果，並分享按新標準轉換後的第一季度業績指引。接下來，我們進入問答環節。

Thanks, Amy. We'll now move to the Q&A. Rhea, can you please repeat your instructions?

謝謝你，艾米。接下來進入問答環節。Rhea，你能再重複一次你的指示嗎？

(Operator Instructions) Our first question comes from the line of Heather Bellini with Goldman Sachs.

（操作說明）我們的第一個問題來自高盛的 Heather Bellini。

Great. Amy, I had a question about commercial cloud COGS, and I was wondering if you could give us a sense of what percentage of these roughly is related to depreciation, and how should we think about the pace of your CapEx deployments versus what you have been experiencing in commercial cloud to support the initiatives and the vast growth opportunities that you see ahead as we look out over the next 12 to 24 months? If there's anything you could share with us around that.

偉大的。艾米，我有一個關於商業雲成本的問題，我想知道你能否大致說明其中有多少百分比與折舊有關，以及我們應該如何看待你的資本支出部署速度與你在商業雲方面所經歷的情況，以支持你未來 12 到 24 個月內所看到的各項舉措和巨大的增長機會？如果您能就此與我們分享一些資訊就太好了。

Let me break down the question a couple ways. Overall, when you think about COGS and the pacing, the depreciation rates of our servers don't change. It's generally over a 3-year period. And there's other pieces of equipment that have longer or shorter depreciation lives. So that pace of depreciation doesn't change per se.

讓我從幾個方面來分析這個問題。總的來說，考慮到成本和節奏，我們伺服器的折舊率並沒有改變。通常需要三年時間。還有一些設備的折舊年資有長有短。所以折舊速度本身並沒有改變。

If you're looking to see how we see demand, obviously this quarter, in Q4 we felt very good about cloud demand across all 3 services but in particular with Azure. I feel confident in our ability to produce gross margin improvement across all those services. I feel confident in our ability to continue to make progress on our overall commercial cloud gross margin growth. And I am encouraged by the demand signals we're getting.

如果你想了解我們對需求的看法，顯然，在本季度，也就是第四季度，我們對所有 3 項雲端服務的需求都非常樂觀，尤其是 Azure。我對我們提升所有這些服務的毛利率的能力充滿信心。我對我們繼續在整體商業雲毛利率成長方面取得進展的能力充滿信心。我對我們收到的需求訊號感到鼓舞。

All of those things, I think -- it's not really about the pace, it's as much about the progress and demand and meeting those things as closely as we can, and I feel really good about the team's execution.

我認為所有這些因素——其實與速度無關，而更多地與進展和需求有關，以及我們盡可能地滿足這些需求，我對團隊的執行情況感到非常滿意。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

There's a lot of rumors and speculation around a sales reorganization, that you guys are sort of shifting around resources to sort of better distribute to cloud and new technologies. I was wondering if you guys could dig into that for us a little bit. What kind of changes are taking place in terms of go-to-market distribution heading into FY '18?

關於銷售重組有很多傳言和猜測，說你們正在重新分配資源，以便更好地向雲端和新技術領域發展。我想請你們幫我們稍微深入研究一下這個問題。進入 2018 財年，市場通路會發生哪些變化？

Yes, let me start there. And first of all, thank you for the question, Keith. Overall, the approach we have taken for multiple years now is to transform everything that we do inside the company, whether it's the product creation; how we are organized in the R&D; how we think about breaking down any silos and category definitions we may have had in the past; how we think about even marketing and the marketing approach; and then, of course, even with the go-to-market.

好的，我就從這裡開始吧。首先，謝謝你的提問，基斯。總的來說，我們多年來採取的方法是徹底改變公司內部的一切運作方式，無​​論是產品創造；研發部門的組織方式；打破過去可能存在的壁壘和類別定義的思考方式；甚至是行銷和行銷方法的思考方式；當然，還有上市策略。

And this transformation is ongoing. This has been happening over multiple years. But we have now got very good customer momentum, because ultimately this is all driven by the opportunity at hand, which is much bigger than anything that we have participated in the past. So the total addressable market is much bigger. And second, our customer expectations and our partner expectations of how we show up with them has changed. And so over the years, we have been making changes. And now that we have a lot more momentum and critical mass, we're going to that next phase. And that's what you are seeing us -- in terms of changing the skill sets, changing the scope of how we show up to support the digital transformation needs of both large customers as well as small businesses.

而這種轉變仍在持續。這種情況已經持續好幾年了。但我們現在擁有非常好的客戶成長勢頭，因為歸根結底，這一切都是由眼前的機會驅動的，而這個機會比我們過去參與的任何專案都要大得多。因此，潛在市場總量要大得多。其次，客戶和合作夥伴對我們與他們相處方式的期望都改變了。因此，這些年來，我們一直在做出改變。現在我們已經累積了更大的動力和足夠的規模，我們將進入下一個階段。這就是你們現在看到的——我們正在改變技能組合，改變我們為支援大型客戶和小型企業的數位轉型需求而展現出的能力範圍。

And I think in many ways, Keith, what we've done is really a natural extension of some of the investments we've made over the past 18 months to add technical resources, to be more present in customer accounts, to really drive their transformation towards success outcomes. You're seeing it even in our Intelligent Cloud results last quarter and this quarter. We're taking that learning over the past 18 months and really applying it at a broader scale across the sales force to put those resources where we feel confident that they'll have a good long-term return in that next phase of transformation.

基思，我認為在很多方面，我們所做的，實際上是我們在過去 18 個月裡進行的一些投資的自然延伸，這些投資包括增加技術資源、更多地參與客戶帳戶、真正推動他們的轉型並取得成功。即使在我們上季和本季的智慧雲端業績中，您也能看到這一點。我們正在吸取過去 18 個月的經驗教訓，並將其更廣泛地應用於整個銷售團隊，以便將這些資源投入到我們認為在下一階段的轉型中能夠獲得良好長期回報的地方。

Thank you, Keith.

謝謝你，基斯。

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。

Question for Amy. Amy, there were a lot of numbers in this print that look very strong, but one that stood out to me was the commercial bookings growth of 30%. You did touch on it a little bit in your remarks, but if you don't mind, I'd love to ask you a few questions. One is, you mentioned that maybe part of the strength was terrific execution on renewals. Does it feel like maybe last quarter was a little bit of a renewal flush? In other words, it might have been a bit of a onetime phenomenon?

問艾米一個問題。艾米，這份報告中有很多數字看起來都非常強勁，但最讓我印象深刻的是商業預訂量增加了 30%。您在發言中稍微提到了這一點，但如果您不介意的話，我很想問您幾個問題。其一，你提到過，或許部分優勢在於續約的優異執行力。感覺上季是不是有點像是大刀闊斧的改革？換句話說，這可能只是一次性的現象？

Secondly, is Microsoft doing anything different around contract structure or invoicing to -- that would result in bookings being unusually high, maybe collecting a little bit more up front?

其次，微軟在合約結構或發票方面是否採取了不同的做法——這可能會導致預訂量異常高，或許是預收了更多款項？

And lastly, is it fair to interpret the strong bookings performance as giving us, and I suppose you, comfort in your revenue growth profile in fiscal '18 as all those bookings obviously convert to reported revs?

最後，能否將強勁的預訂業績解讀為讓我們（我想也讓您）對 2018 財年的營收成長前景感到樂觀，因為所有這些預訂顯然都會轉化為報告的收入？

Thanks, Karl. Let me make sure I cover off on most of those. Let me start by saying the biggest driver in commercial bookings growth this quarter was excellent execution on a large base of renewals. The second component of that is the execution on new revenue, in particular Azure, as well as Windows commercial. And billings in the quarter were very good and quite encouraging overall. There was no change in any way to invoicing, people paying earlier, paying more up front. That's definitely not an impact on that number.

謝謝你，卡爾。讓我確保涵蓋大部分內容。首先我想說的是，本季商業預訂成長的最大驅動力是對大量續約訂單的出色執行。第二個組成部分是新收入的執行，特別是 Azure 和 Windows 商業版。本季的帳單情況非常好，整體來說相當令人鼓舞。開票方式沒有任何變化，人們仍然可以提前付款，預付更多款項。那肯定不會對這個數字產生影響。

And so overall I think, while it is certainly aided by the large expiry base because it tends to impact the CNB balance the most, it's really, I think, to your point, it is clearly encouraging because it gives us a very good base of support going into FY '18 to come in to the GAAP reporting numbers.

因此總的來說，我認為，雖然到期基數龐大肯定對此有所幫助，因為它往往對 CNB 餘額的影響最大，但正如您所說，這顯然令人鼓舞，因為它為我們進入 2018 財年並得出 GAAP 報告數據提供了非常好的支撐基礎。

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。

Amy, I'm wondering, on the gross profit growth, I was looking through the slide deck, and it looked like gross profit growth in PBP was up about 2%. You saw some strong trends in different parts of that business, and I think that 2% I would have thought would have been higher. Could you help us understand the puts and takes around gross profit growth in PBP?

艾米，我想問毛利成長的情況，我看了幻燈片，PBP 的毛利成長似乎達到了 2%。你看到了該業務各個領域的一些強勁趨勢，我認為 2% 這個數字原本應該更高。您能否幫助我們了解PBP毛利潤成長的相關利弊？

There's a couple things, but in general, it's almost always mix shift. While we saw improvement in the gross margin percentage in Office 365 and continue to make progress on that, it's also the balance, right? This is the first quarter where we've actually seen the balance tip in terms of recognized revenue to online versus perpetual. So I actually feel very good that, as we continue to accelerate the growth trajectory, that you're not seeing, frankly, much impact on the gross margin line, and we're seeing a lot of leverage in that through OpEx all the way down to the operating income line.

有好幾件事，但總的來說，幾乎總是混音轉換。雖然我們看到 Office 365 的毛利率有所提高，並且我們繼續在這方面取得進展，但平衡也很重要，對吧？這是第一個季度，我們真正看到已確認收入中線上收入與傳統收入的平衡發生了傾斜。因此，我感到非常欣慰的是，隨著我們繼續加速成長，坦白說，毛利率並沒有受到太大影響，而且我們看到透過營運支出，一直到營業收入，都得到了很大的提升。

Great. Thank you, Walter.

偉大的。謝謝你，沃特。

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。

Amy, commercial cloud ARR grew 24% Q-over-Q, which is the largest Q-over-Q growth so far. Completely understand that Q4 is a big quarter for closing business, but $3.7 billion is a large number. Can you give us some more color on exactly what's driving this growth? And then I have a quick follow-up.

Amy，商業雲 ARR 環比增長 24%，這是迄今為止最大的環比增長。完全理解第四季是完成交易的關鍵季度，但37億美元確實是一個很大的數字。您能否更詳細地介紹一下推動這項成長的具體因素？然後我還有一個簡短的後續問題。

Sure. When you think about -- you're right, it is a big number, and I feel very good about it. And for the year, on a pure basis, it was $15 billion of commercial cloud revenue. See, we're starting to get to that point, Mark, where you have a big base which is still growing at a fast rate, and so especially ARR numbers can see big jumps, in the one that you saw this quarter. And you're right, Q4 is also historically quite a big quarter, and this one certainly was as well.

當然。仔細想想——你說得對，這是一個很大的數字，我對此感到非常滿意。如果僅從商業雲端收入來看，當年的商業雲端收入為 150 億美元。馬克，你看，我們正開始達到那個階段，你的客戶基礎龐大，而且還在快速增長，因此，尤其是 ARR 數據可能會出現大幅增長，就像你在本季度看到的那樣。你說得對，第四季歷來都是一個非常重要的季度，今年也不例外。

But you also saw, and what really does matter, especially in Azure, is usage growth, really consumption growth, having customers use, deploy, be successful and really continue to get, you think, sort of meters up and running, and that continues to build on itself. And so when you start to see that, you can and I do think we'll continue to see good growth in this number.

但你也看到了，真正重要的，尤其是在 Azure 中，是使用量增長，真正的消費增長，讓客戶使用、部署、成功，並真正持續地獲得，你認為，某種指標開始運行，並且這種增長會不斷自我提升。所以當你開始看到這一點時，你就會明白，而且我認為我們將繼續看到這個數字的良好增長。

Excellent. As a quick follow-up, how should we think of how that sets us up for '18 in terms of hitting expectations, beating expectations, continuing strong 40s, 50s percent year-over-year growth?

出色的。作為後續的快速思考，我們應該如何看待這如何幫助我們在 2018 年達到預期目標、超越預期目標，以及繼續保持 40% 或 50% 的強勁同比增長率？

Let me start by saying, first, I feel very good about meeting our stated goal of $20 billion in commercial cloud ARR. Next, I think across every service, the momentum we've seen in Q4 -- and in particular, I would say I think not many people focus on it, but even things like Windows, E5, Advanced Threat Protection services, those types of deployments really will add to momentum in our offerings.

首先，我想說，我對我們實現商業雲端年度經常性收入 (ARR) 200 億美元的既定目標感到非常滿意。其次，我認為在所有服務中，我們在第四季度看到的勢頭——尤其是我認為很多人沒有關注到這一點，但即使是像 Windows、E5、高級威脅防護服務這樣的部署，也確實會為我們的產品帶來勢頭。

One of the things we often talk about is we sell Microsoft 365. That's Windows 10 with security and services. It's a modern workplace that includes up-to-date Office 365. It includes EMS. We really did see strength across all of them. So I don't really think it's about a percentage but it's about each of them continuing to make progress.

我們經常談到的一件事是，我們銷售 Microsoft 365。這是具有安全性和服務的 Windows 10。這是一個配備最新版 Office 365 的現代化工作場所。其中包括緊急醫療服務。我們確實看到了他們所有人的實力。所以我認為這並不關乎百分比，而是關乎他們每個人能否繼續進步。

Our next question comes from the line of Phil Winslow with Wells Fargo.

我們的下一個問題來自富國銀行的菲爾溫斯洛。

A question first for Amy on Office 365. Office 365 commercial revenue continues to outpace the unit growth, the monthly active users, so you're still seeing that trend up to E3, E5, et cetera. I wonder if you could take us through where we are in that life cycle.

首先問Amy一個關於Office 365的問題。Office 365 商業收入持續超過使用者數量成長和每月活躍用戶數成長，因此在 E3、E5 等版本中，您仍然可以看到這種趨勢。我想請您帶我們了解我們目前處於生命週期的哪個階段。

And also, just to follow on your comment to the last question, Satya, you launched at Inspire Microsoft 365 that Amy just mentioned. How should we think about Microsoft 365 in the context of Office 365, also just given the fact that Windows Commercial actually accelerated this quarter as well?

另外，Satya，我想接著你對上一個問題的評論，你在 Inspire Microsoft 365 上發布了 Amy 剛才提到的內容。鑑於本季 Windows 商業版也加速成長，我們該如何看待 Office 365 背景下的 Microsoft 365？

Yes, maybe I can start and then...

是的，或許我可以先開始，然後…

Why don't you start and I'll do the next one.

你先開始吧，我來做下一個。

So one of the things that we're very excited about and have learned a lot from is the Secure Productive Enterprise offer that we've had now last year, and in fact in Q4, it really accelerated significantly. And so that's helped us, in fact, come up with Microsoft 365 as this very strong offering that brings together Office 365, Windows 10 as well as our Enterprise Mobility + Security and support even cross-platform devices. So we think of the modern workplace as having a very significant footprint of Windows, but also people who use phones of iOS and Android, but they need both productivity, creativity, security across all of this estate of theirs. And that's where I think we have a competitive advantage and a great value proposition.

因此，我們非常興奮並從中受益匪淺的一件事是，我們去年推出的安全高效的企業解決方案，事實上，在第四季度，它的發展速度顯著加快。事實上，這幫助我們推出了 Microsoft 365，這是一個非常強大的產品，它將 Office 365、Windows 10 以及我們的企業行動 + 安全性整合在一起，甚至支援跨平台裝置。因此，我們認為現代工作場所中 Windows 的使用率非常高，但也有很多人使用 iOS 和 Android 手機，他們需要在所有這些裝置上實現生產力、創造力和安全性。我認為這就是我們的競爭優勢和巨大價值所在。

So that's what Microsoft 365 embodies. It's today available in -- for enterprises, and in the fall you will have the mid-market version of it, which I think is another very big opportunity, because it really helps take what we have learned in the large enterprises and scale it to where perhaps the need is even more acute. And so we are excited about that when -- at Inspire, the partner channel obviously is very excited about it as well.

這就是 Microsoft 365 所體現的理念。目前該產品已面向企業用戶推出，今年秋季還將推出面向中端市場的版本，我認為這是另一個非常重要的機會，因為它能真正幫助我們把在大企業中學到的經驗推廣到需求可能更加迫切的領域。因此，我們對此感到興奮——在 Inspire，合作夥伴管道顯然也對此感到非常興奮。

And Phil, to your point, and it's a nice transition from Satya's point about especially the mid-market offering coming in the fall for Microsoft 365, is the install base growth. You're right; in terms of Office Commercial 365, the primary driver is still install base, both the transition as well as new. I think we're optimistic as we head into FY '18 for the install base growth that's possible in particular for some of these mid-market offerings that we're quite proud of.

菲爾，你說得對，這與薩蒂亞的觀點（特別是微軟 365 將於秋季推出的面向中端市場的產品）很好地銜接起來，那就是安裝基礎的增長。你說得對；就 Office 商業版 365 而言，主要驅動因素仍然是安裝基數，包括過渡用戶和新用戶。我認為，展望 2018 財年，我們對安裝基礎的成長持樂觀態度，尤其是我們引以為傲的一些中階市場產品，其成長潛力巨大。

The ARPU growth that you saw and have seen the past couple of quarters continues to primarily, Phil, be related still to the E1 to E3 transition. When we mentioned E5, I think that's, frankly, encouraging for us, because all of these premium offers do best when you start the deployment motion. People start using E1, then they use E3, and then you start to see the momentum in E5. And we did see that. However, in terms of ARPU impact, very, very small in quarter. So that's something that, over time, you would continue to see improvement in, in terms of impact on ARPU.

Phil，你過去幾季看到的 ARPU 成長仍然主要與 E1 到 E3 的過渡有關。當我們提到 E5 時，坦白說，我認為這對我們來說是一個鼓舞，因為所有這些高級優惠在開始部署時效果最好。人們開始使用 E1，然後使用 E3，然後你會開始看到 E5 的發展動能。我們確實看到了這一點。然而，就 ARPU 而言，本季影響非常非常小。所以隨著時間的推移，這方面會不斷改善，對每位用戶平均收入的影響也會越來越大。

Thanks, Phil.

謝謝你，菲爾。

Our next question comes from the line of Kash Rangan with Merrill Lynch.

我們的下一個問題來自 Kash Rangan 與美林證券的合作。

Curious if you can shed a little bit more light on commercial bookings growth of 30%. Clearly, that's off the charts. And also, when I look at the $18.9 billion of annualized revenue, and judging from the fact that the commercial business, non-Azure component of it, was about steady in growth rate (inaudible) that Azure went through some significant acceleration which is yet to be reflected in your forward-looking revenues, if you could just shed a little bit more light and drill into any 2 or 3 product SKUs or areas or geographies that contributed to that off-the-charts performance, that would be great.

想請您進一步解釋一下商業預訂量成長 30% 的原因。顯然，這超出了正常範圍。另外，當我看到 189 億美元的年化收入，並且從商業業務（非 Azure 部分）增長率基本保持穩定（聽不清）這一事實來看，Azure 經歷了顯著的加速增長，但這尚未反映在你們的預期收入中。如果你們能進一步闡明，深入分析促成這種超額表現的 2 到 3 個產品 SKU、領域或地區，那就太好了。

Thanks, Kash. Let me go through the bookings. Again, with that 30%, the first and best contributor to that is the strong performance on the renewals in-quarter. It was reasonably consistent, Kash. There's not a geo in particular that I would say was a massive outlier, although, in 2 of our largest geos, the U.S. and Germany, they did have very good years, in particular in Q4.

謝謝你，卡什。讓我來查看一下預訂情況。同樣，這 30% 的成長，首要且最重要的貢獻因素是本季續約業務的強勁表現。卡什，這相當一致。我沒有特別指出哪個地區的業績特別突出，儘管在我們最大的兩個地區——美國和德國——的業績確實非常好，尤其是在第四季度。

Now if you separate the fact that we had the large base, which clearly contributes to that bookings number being big, aside from that, in particular Azure, in the last, to your point, did it really show up in that $18.9 billion, it didn't. The strong billings growth really showed up in that unearned outperformance, which you saw versus the guide, and it was significant. And a lot of that is the Azure billings. I think we felt very good. Those as well, I think, were pretty broad-based across industry, I would also say across geos. And so while we, of course, get some strength from our largest geos, and I would say they were probably the largest contributors, it was actually quite broad. There's not really one place for me to say that "We just saw it here."

現在，撇開我們龐大的用戶基數（這顯然有助於預訂量巨大）不談，特別是 Azure，正如你所說，它真的體現在 189 億美元的預訂量中了嗎？並沒有。強勁的帳單收入成長確實體現在未實現收益的超額表現上，正如你所看到的，與指導價相比，這一增長非常顯著。其中很大一部分是 Azure 帳單。我覺得我們感覺非常好。我認為這些影響也相當廣泛，遍及各個產業，我認為也遍及各個地區。因此，雖然我們當然從最大的地區獲得了一些力量，而且我認為他們可能是最大的貢獻者，但實際上影響範圍相當廣泛。我找不到一個地方可以讓我說「我們剛才在這裡看到了」。

And then the final component that I would say was better than we anticipated and where you'd see that, Kash, again, versus the unearned guidance and the beat that we had there, was that final piece around our security value prop, ATP. Windows annuity growth was very good. That's in the KPI Windows commercial products and services, is the place you'll look and see that number. And outside of that, I mean, those really are the biggest contributors.

最後，我認為比我們預期的要好，Kash，再次與我們未實現的預期和超出預期的結果相比，是我們安全價值主張 ATP 的最後一部分。Windows 的年金成長情況非常好。您可以在 KPI Windows 商業產品和服務中找到該數字。除此之外，我的意思是，這些才是真正的主要貢獻者。

Yes, I'm going to -- if I'll add one thing, I'll just say that nothing shows up in just 1 quarter. We have been working on this for a long time, whether it's the product and the approach we have taken from IaaS to PaaS to SaaS, even the diversity of our SaaS offerings, and also how we think about going to market. All of these have been multiple years of hard work. And clearly, there is momentum across the board, and that, I think, is what you're seeing. And we are excited about this quarter's execution and performance. And I think it bodes well for what we do in the future. But the key is for us to recognize that this is about sort of long-term commitment to a big opportunity and making sure that you line up your execution against that.

是的，我會的——如果我還要補充一點，那就是任何事情都不會在一個季度內顯現出來。我們在這方面已經努力了很長時間，無論是產品和我們從 IaaS 到 PaaS 再到 SaaS 所採取的方法，甚至是我們 SaaS 產品的多樣性，以及我們如何考慮進入市場。這一切都是多年辛勤工作的成果。很明顯，各個方面都呈現出強勁的發展勢頭，我認為，這就是你們現在所看到的。我們對本季的執行情況和業績感到興奮。我認為這對我們未來的工作來說是個好兆頭。但關鍵在於我們要認識到，這關乎對一個重大機會的長期承諾，並確保你的執行與此承諾保持一致。

And I think maybe I should have also mentioned, when you think about seeing that type of performance, and Satya mentioned, it's not just because of work done this quarter. It's a great point. But it's also the investments we've made. We've committed. We did sales overlays. We added technical resources. We put resources at customers ahead of the curve. We did that. You saw that in the operating -- in the Intelligent Cloud OpEx growth over the past few quarters. That execution is what's landing.

而且我覺得我或許也應該提到，當你看到那種表現時，就像薩蒂亞提到的那樣，這不僅僅是因為本季所做的工作。這是一個很好的觀點。但這與我們所做的投資也息息相關。我們已經做出承諾。我們做了銷售疊加廣告。我們增加了技術資源。我們提前為客戶投入資源。我們做到了。在過去幾季的營運中，智慧雲端營運支出成長就反映了這一點。關鍵就在於執行力。

Clearly something inflected and it looks like you're gaining share, so congratulations.

顯然，你的產品出現了一些變化，而且看起來你的市場份額正在成長，所以恭喜你。

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。

Amy, going back to the size of -- the large size of the expiry base in Q4, when we look back 3 years to June of '14, the -- in that quarter, the commercial bookings grew 23%. I'm just curious, is that representative of the portfolio that flowed through into this quarter on a 3-year cycle? Or is it more complex than that? And also, does it include or exclude LinkedIn contributions for the current period?

艾米，回到第四季到期基數龐大的問題上，當我們回顧三年前，也就是 2014 年 6 月時，該季度商業預訂量增加了 23%。我只是好奇，這是否代表了本季三年週期內的投資組合情況？或者，事情比這更複雜？另外，它是否包含或不包含本期 LinkedIn 貢獻？

And just finally, I'm wondering, again, looking back 3 years, it was a different number in the September quarter that follows, and can you help us just with the year-over-year growth of the expiry base for the September quarter? I'm not sure if you had commented on that.

最後，我想再次說明一下，回顧 3 年前的 9 月季度，這個數字與現在不同，您能否幫我們計算一下 9 月季度到期基數的同比增長率？我不確定你是否對此發表過評論。

Okay. You're right. Mark, it's not exactly. If I said is the Q3 from 3 years ago exactly the expiry base, it's not exactly, but it's directionally. And so that's a good example, to say every 3 years tends to be the length of our agreements. And so you do tend to see that repeated. And so that's what we mean by sort of the record or the largest expiry base, and that is the pattern. In terms of LinkedIn having any impact, it did not. So that is the cleanest way to think about that number.

好的。你說得對。馬克，不完全是這樣。如果我說 3 年前的第三季是否是到期基數，那並不完全是，但方向大致如此。所以這是一個很好的例子，說明我們的協議期限通常是每 3 年一次。所以你往往會看到這種情況反覆出現。這就是我們所說的記錄或最大的到期基數，這就是規律。就LinkedIn的影響而言，它並沒有產生任何影響。所以這是理解這個數字最簡潔的方式。

Thanks, Mark.

謝謝你，馬克。

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

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。

I'm actually going to ask a question about the traditional server products business, which once again had a pretty strong growth rate at 5%. I think the last 3 quarters we've been trending at mid-single digits or even higher. And Amy, I'd just love your thoughts, as we progress through fiscal '18 just so we think about this in the right way, how would you expect that sort of growth rate to trend? And should we be sort of aware of the comps that come up in Q2 and beyond?

我其實想問一個關於傳統伺服器產品業務的問題，該業務再次取得了相當強勁的成長率，達到 5%。我認為過去三個季度我們的成長率一直保持在個位數中段甚至更高。艾米，我很想聽聽你的想法，隨著我們進入 2018 財年，為了讓我們以正確的方式思考這個問題，你認為這種增長率會如何發展？我們是否應該關注第二季及以後出現的類似情況？

Maybe I can start and at least give you what -- how we think about it technically and product-wise, and then we can go into sort of talking about the future in terms of the results itself.

或許我可以先從科技和產品的角度談談我們的想法，然後再來討論未來以及最終成果。

First of all, we don't think of our servers as distinct from our cloud. In other words, this intelligent cloud and the intelligent edge is the architecture or pattern for which we are building, whether it's SQL Server 2017 or with Windows Server, the Container Service. Everything that we do assumes that distributed computing will actually remain distributed. And it turns out that it's helpful to think about it that way both for customers who are rationalizing their portfolios of apps as they lift, shift, modernize as to what they run in their data centers or in our data centers but also forward-looking new workloads. If you look at some of the most exciting things that are happening in the cloud is cloud applications that actively require an edge. Azure IoT or Azure Stack are becoming the run times of the edge, where you do need not only the ability to do compute and storage but to run the AI inference and the edge.

首先，我們並不認為我們的伺服器與我們的雲端是截然不同的。換句話說，這種智慧雲端和智慧邊緣是我們正在建構的架構或模式，無論是 SQL Server 2017 還是 Windows Server 容器服務。我們所做的一切都基於分散式計算將始終保持分散式的假設。事實證明，這樣想對客戶很有幫助，他們既可以合理化自己的應用程式組合，也可以在資料中心或我們的資料中心中遷移、現代化改造應用程序，從而更好地管理應用程序，還可以展望未來，開發新的工作負載。如果你觀察一下雲端運算領域正在發生的一些最令人興奮的事情，你會發現那些主動需要邊緣運算的雲端應用程式。Azure IoT 或 Azure Stack 正在成為邊緣的執行環境，您不僅需要運算和儲存能力，還需要執行 AI 推理和邊緣運算。

So to me, that's what we are building to. It's actually a big architectural shift from thinking purely of this as a migration to some public cloud to really thinking of this as a real future distributed computing infrastructure and applications that I, quite frankly, feel very, very good about leading. And so in that context, our server license revenue will fluctuate based on what the macro is and these transitions and mix shifts. But from a forward-looking perspective, I want us to be very, very clear that we anticipate the edge to be actually one of the more exciting parts of what's happening with our infrastructure.

所以在我看來，這就是我們努力的方向。實際上，這是一個巨大的架構轉變，從單純地將其視為遷移到某個公有雲，轉變為真正地將其視為一個真正的未來分散式運算基礎設施和應用程序，坦白說，我非常有信心領導這項工作。因此，在這種背景下，我們的伺服器授權收入將根據宏觀經濟狀況以及這些轉型和組合變化而波動。但從展望未來的角度來看，我想讓我們非常非常清楚地認識到，我們預計邊緣運算實際上將成為我們基礎設施發展中最令人興奮的部分之一。

And so that leads why I always tend to say I don't focus as much on the mix per se. I know both of them will matter. I know both of them are important. And so that's why I tend to focus on that all up server KPI combination of the progress in the cloud, Azure, as well as the Edge, which is the on-prem. And so I think we remain confident in that double-digit target that we have for that KPI. And there isn't really, I don't think, sort of a comparability challenge per se, but that's why we try to keep it at that high level, to not get too tied to one or the other, given we know the TAM expansion that's possible. We know we can grow within it.

所以，這就是為什麼我總是說我不太關注混音本身的原因。我知道這兩件事都很重要。我知道他們兩個都很重要。所以這就是為什麼我傾向於關注雲端（Azure）和邊緣（即本地）的整體伺服器 KPI 組合的原因。因此，我認為我們仍然有信心實現我們為該KPI設定的兩位數目標。我覺得實際上並沒有什麼可比性方面的挑戰，但正因如此，我們才努力將其保持在高水平上，以免過於拘泥於其中一方，因為我們知道 TAM 擴張的可能性。我們知道我們可以在其中成長。

And I apologize, I didn't answer Mark's last component, so let me just go back, and I had forgotten, which was, was there anything unique in the expiry base for Q1. The answer is it's up a little year-over-year but -- and certainly not through the same type of Q4 comparable. When we tend to have these, we try to call them out, like we did in Q3 leading into Q4. So Q1, I would say, is just up a little, so I wouldn't expect any material impact.

很抱歉，我沒有回答 Mark 的最後一個問題，所以讓我回去回答一下，我忘了，那就是，第一季到期基數有什麼特殊之處嗎？答案是，與去年同期相比略有成長，但——當然，這並非是與第四季同類情況相比的成長。當我們遇到這些問題時，我們會盡量指出來，就像我們在第三季進入第四季時所做的那樣。所以，我認為第一季只是略有增長，因此我預計不會產生任何實質影響。

Thank you, Ross.

謝謝你，羅斯。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

I wanted to drill in on the premium service in Azure. Satya, you talked a little bit about SharePoint taking off and being a big part. Can you talk a little bit about the portfolio you have there? And I also wanted to contrast it a little bit with one of your main competitors who keeps coming up with new products just to kind of get to that premium service and the advantage that you guys have, given the IP that you've built up over the years.

我想深入了解 Azure 的高級服務。Satya，你剛才談到了 SharePoint 的發展與壯大及其所扮演的重要角色。您能簡單介紹一下您在那裡的投資組合嗎？我還想稍微對比一下你們的一個主要競爭對手，他們不斷推出新產品，試圖達到高端服務的標準，而你們則憑藉多年來積累的知識產權，擁有了優勢。

Yes, I mean, I think we have premium services, whether it's in Office 365 or in the SaaS side with Dynamics 365, and that's where the SharePoint comment came, that there's a lot more in Office 365 adoption cycle beyond Exchange or e-mail.

是的，我的意思是，我認為我們有高級服務，無論是在 Office 365 中，還是在 Dynamics 365 的 SaaS 方面，而 SharePoint 的評論正是由此而來，Office 365 的採用周期遠不止 Exchange 或電子郵件那麼簡單。

On the Azure side, my comments, in fact, walked that entire tree, so to speak, which is there's the infrastructure there, where in fact even in the infrastructure side there is no such thing as one generic infrastructure, when I look at the diversity of the virtual machines, what's happening with AI infrastructure, with GPU compute. So there's a lot of richness there.

在 Azure 這邊，我的評論實際上涵蓋了整個架構，也就是說，那裡有基礎設施，但實際上即使在基礎設施方面，也不存在一個通用的基礎設施，當我看到虛擬機的多樣性、AI 基礎設施的發展以及 GPU 計算的情況時，就會發現這一點。所以那裡蘊含著豐富的內涵。

The layer above that, for me, is the data estate. One of the exciting things is the growth in Azure DB, the growth in Cosmos DB, our data warehouse product the Data Lake. So that's a place where we are seeing significant attach. On top of the data is where the AI services, whether it's the bot framework, the cognitive services. So that's all the rich services where we're seeing significant customer action.

對我來說，比這更高的一層是資料資產。令人興奮的是 Azure DB、Cosmos DB 以及我們的資料倉儲產品 Data Lake 的成長。所以，我們看到那裡出現了大量的附著物。人工智慧服務就運行在數據之上，無論是機器人框架還是認知服務。以上就是我們看到客戶行為顯著成長的所有優質服務。

The other side of it is the edge. So Azure IoT, our service both in the cloud and the edge, and Azure Stack now, truly starting this quarter, is going to be another way to extend out the rich services of Azure even beyond public cloud deployment. So that's what hopefully gives you a flavor for the IP that we have.

它的另一面就是邊緣。因此，Azure IoT（我們在雲端和邊緣提供的服務）以及 Azure Stack（從本季開始）將成為將 Azure 的豐富服務擴展到公有雲部署之外的另一種方式。希望以上內容能讓您對我們的智慧財產權有所了解。

And then one linchpin that we have between, in fact, our SaaS services as well as Azure is Azure Active Directory. 90% of all the enterprises use Azure -- use Active Directory, and all of them rendezvous with Azure Active Directory irrespective of what applications they have in whichever cloud, because that becomes a very key control plane for IT.

事實上，我們的 SaaS 服務與 Azure 之間的關鍵連結是 Azure Active Directory。90% 的企業都使用 Azure，都使用 Active Directory，而且無論它們在哪個雲端平台上運行什麼應用程序，它們最終都會與 Azure Active Directory 連接起來，因為這成為了 IT 的一個非常關鍵的控制平台。

And our last question will come from the line of Brad Reback with Stifel.

最後一個問題來自 Stifel 公司的 Brad Reback。

Amy, as the Azure business continues to gain scale and, to Raimo's question, the premium mix continues to become a bigger part of that, is there any reason to think that the gross margin gains shouldn't accelerate in '18 versus where they were in '17?

Amy，隨著 Azure 業務規模的不斷擴大，正如 Raimo 所問，高端業務組合在其中的佔比越來越大，那麼是否有理由認為 2018 年的毛利率增長速度不會比 2017 年更快呢？

Thanks, Brad. The way I tend to think about it is, with any service, you want the gross margin itself to improve. And that includes, in the Azure services, components themselves. The difference between core compute and store versus the premium layers can be significant, and we've had improvement across all of them.

謝謝你，布拉德。我的想法是，對於任何服務而言，你都希望毛利率本身能夠提高。這其中也包括 Azure 服務中的元件本身。核心運算和儲存與高階層之間的差異可能很大，而我們在所有這些方面都取得了改進。

So the real question on how and where should the Azure gross margin be is about sort of the ultimate mix of those. And we saw significant improvement this year. We expect a lot of improvement again next year on each of those service lines. And where the actual mix occurs among those lines, I think we'll just have to wait and see. But -- and that's why I tend to not focus at that layer. It's like, can you get every service better; can you make material improvement; and then, of course, can you get usage and consumption going. That leads to premium service usage. And of course, over time, you'd expect a higher mix of premium versus core.

所以，Azure 的毛利率應該如何以及在哪裡達到的真正問題，在於這些因素的最終組合。今年我們看到了顯著的進步。我們預計明年這些服務項目都會有很大的改善。至於這些線路之間實際的混合情況，我想我們只能拭目以待了。但是──正因如此，我往往不會把注意力集中在那一層。這就好比，你能否讓每項服務都變得更好；你能否在實質上有所改進；當然，還有，你能否讓使用和消費運轉起來。這會導致高級服務的使用。當然，隨著時間的推移，高端產品與核心產品的比例也會隨之提高。

So that wraps up the Q&A portion of today's earnings call. As Amy mentioned, Frank and I will be hosting a conference call in early August to discuss the changes under the new revenue standard. You can find additional details for that on the Microsoft Investor Relations website when available. Thank you again for joining us today.

今天的財報電話會議問答環節到此結束。正如艾米所提到的，我和法蘭克將在八月初召開一次電話會議，討論新收入準則下的變化。更多詳情可在微軟投資者關係網站上找到（如有）。再次感謝您今天加入我們。

Thank you all. Thanks.

謝謝大家。謝謝。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路了，感謝您的參與。