微軟 (MSFT) 2017 Q4 法說會逐字稿

Welcome to the Fourth Quarter Fiscal Year 2017 Microsoft Corporation earnings Conference Call.

歡迎來到微軟公司 2017 財年第四季度財報電話會議。

(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。

Thank you, Rhea.

謝謝你，瑞亞。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me 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.

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 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 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。

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'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.

除了這些項目和事件對財務業績的影響之外，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四季度的業績。

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 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.

我們還提供以不變貨幣計算的增長率（如果有），作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。

At the start of fiscal '18, Microsoft adopted ASU 606, the new revenue accounting standard.

在 18 財年開始時，微軟採用了新的收入會計標準 ASU 606。

Today's Q4 earnings report and any forward-looking statements follow the current revenue accounting standard, consistent with our reporting throughout fiscal '17.

今天的第四季度收益報告和任何前瞻性陳述都遵循當前的收入會計標準，與我們在整個 17 財年的報告一致。

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.

8 月初，我們將召開電話會議，為您提供有助於您過渡到新標準的信息。

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 July 20, 2018.

在 2018 年 7 月 20 日之前，您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

During the call, we will be making forward-looking statements, which are predictions, projections or other statements about future events.

在電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 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、10-Q 表的風險因素部分以及其他向證券交易委員會提交的報告和文件中討論的因素，實際結果可能存在重大差異委員會。

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

我們不承擔任何更新——任何更新任何前瞻性陳述的責任。

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 thank you to everyone joining on the phone.

謝謝你，克里斯，也感謝所有通過電話加入的人。

This quarter, we delivered $24.7 billion in revenue, up 10% in constant currency.

本季度，我們實現了 247 億美元的收入，按固定匯率計算增長了 10%。

For the year, we are $96.7 billion in revenue, up 5%.

全年，我們的收入為 967 億美元，增長 5%。

I'm proud of the progress, particularly the strength of our commercial cloud results.

我為取得的進步感到自豪，尤其是我們的商業云成果的實力。

FY '17 all up was a tremendous year of customer momentum with cloud, AI and digital transformation.

17 財年是雲計算、人工智能和數字化轉型客戶勢頭強勁的一年。

Our technology worldview of an intelligent cloud and an intelligent edge is resonating with businesses everywhere.

我們對智能雲和智能邊緣的技術世界觀正在與世界各地的企業產生共鳴。

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.

與我交談的每一位客戶都在尋找創新技術來推動新的增長，以及能夠幫助建立自己的數字能力的戰略合作夥伴。

Microsoft is that trusted partner.

微軟就是那個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.

現在讓我們從生產力和業務流程開始，逐個查看我們在本季度取得的進展。

The workplace is transforming, from changing employee expectations, a need for more diverse skills and globally distributed teams and increasingly complex threat environment.

工作場所正在從不斷變化的員工期望轉變為對更多樣化技能和全球分佈團隊的需求以及日益複雜的威脅環境。

Only Microsoft gives customers a comprehensive approach for this new culture of work.

只有 Microsoft 為客戶提供了一種全面的方法來應對這種新的工作文化。

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.

本月早些時候，我們推出了 Microsoft 365，它將 Office 365、Windows 10 和企業移動性 + 安全性結合在一個完整、安全的解決方案中，以增強員工能力、保護業務並簡化 IT 管理。

Microsoft 365 is a fundamental shift in how we design, build and go to market to address customer needs.

Microsoft 365 是我們設計、構建和上市以滿足客戶需求的方式的根本轉變。

Fortune 500 customers FedEx, Dow Chemicals, Staples, Progressive Insurance all chose Microsoft 365.

財富 500 強客戶 FedEx、陶氏化學、史泰博、Progressive Insurance 都選擇了 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.

我們安全高效的企業產品以三位數的席位增長取得成功，這是我們為各種規模的企業投資 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.

我們繼續看到 Office 365 的強勁增長，日產、Quicken Loans、KeyBanc、德國電信等客戶都選擇了 Office 365。

And importantly, customers are moving beyond core workloads to adopt higher-value workloads.

重要的是，客戶正在超越核心工作負載，採用更高價值的工作負載。

For example, we have seen a significant increase in SharePoint usage, which nearly doubled year-over-year.

例如，我們看到 SharePoint 的使用量顯著增加，同比幾乎翻了一番。

The classroom is also transforming.

課堂也在發生變化。

This quarter, we introduced Microsoft Teams in Office 365 for education, the digital hub for students and teachers.

本季度，我們在 Office 365 教育版中引入了 Microsoft Teams，這是面向學生和教師的數字中心。

Microsoft Teams gives educators a whole new way to create and inspire modern classroom environments.

Microsoft Teams 為教育工作者提供了一種全新的方式來創建和激發現代課堂環境。

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.

憑藉豐富的學習工具以及與學生進行數字對話、共享材料、管理作業的能力，Teams 讓教育工作者有更多時間專注於做他們最喜歡的事情：教學。

Now I'll talk about the second part of our ambition in this segment, reinventing business process.

現在我將談談我們在這一領域的雄心壯志的第二部分，即重塑業務流程。

We are investing in LinkedIn flagship experience to create new value for members and customers and accelerate growth.

我們正在投資領英旗艦體驗，為會員和客戶創造新價值並加速增長。

We saw continued momentum in mobile and strong engagement across the platform, with sessions up more than 20% for the third consecutive quarter.

我們看到移動平台的持續發展勢頭和整個平台的強大參與度，會話連續第三個季度增長超過 20%。

And we continue to innovate new ways for members to maximize the value of the platform.

我們不斷為會員創新新方式，以最大限度地發揮平台價值。

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.

我們推出了一個新的消息覆蓋，使 LinkedIn 上發送的消息達到了創紀錄的水平，並推出了一個職業建議市場，讓會員可以輕鬆利用全球 5 億多會員的專業知識。

On top of that, Talent Solutions saw record-level growth in confirmed hires and InMail response rates this quarter.

最重要的是，Talent Solutions 在本季度確認的招聘人數和 InMail 回复率均創下歷史新高。

I've talked about the opportunities with Dynamics and LinkedIn.

我已經談到了 Dynamics 和 LinkedIn 的機會。

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.

本月早些時候，我們推出了 Microsoft 關係銷售解決方案，將 LinkedIn Sales Navigator 和 Microsoft Dynamics 以及面向零售和人才的 Dynamics 365 解決方案結合在一起。

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.

在客戶日益數字化每個業務流程的世界中，我們繼續投資和擴展我們注入人工智能的現代模塊化業務應用程序組合。

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.

我們還推出了 ISV Cloud Embed，讓合作夥伴更容易對其現有業務流程應用程序進行現代化改造，並使用 Dynamics 365、Power BI、Power Apps 和 Microsoft Flow 構建新的應用程序。

A global health care solution provider and partner, Indegene, is using it to create a mobile CRM solution for medical sales.

全球醫療保健解決方案提供商和合作夥伴 Indegene 正在使用它來創建用於醫療銷售的移動 CRM 解決方案。

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.

匯豐銀行、百思買、Dolce & Gabbana 等客戶都選擇了 Dynamics 365 來轉變他們自己的業務流程，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.

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 $18.9 billion.

我們的商業雲年化收入運行率現已超過 189 億美元。

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.

本季度的雲增長使我們完全有望實現我們在 2 年前設定的 2018 財年商業雲 ARR 達到 200 億美元的目標。

More than ever before, customers are placing their trust in the Microsoft Cloud.

客戶比以往任何時候都更加信任 Microsoft 雲。

Azure revenue accelerated this quarter, growing 97% year-over-year.

本季度 Azure 收入加速增長，同比增長 97%。

CIOs and business decision-makers increasingly prefer Azure as they make decisions about their cloud strategy.

CIO 和業務決策者在製定雲戰略決策時越來越喜歡 Azure。

They value our hybrid consistency, developer productivity, AI capabilities and trusted approach.

他們看重我們的混合一致性、開發人員生產力、人工智能功能和值得信賴的方法。

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.

我們不斷投資於雲計算，以創造更廣泛的經濟利益和機會，正如我們在南非數據中心擴建中所做的那樣，將 Azure 帶到全球 40 個地區，比任何其他雲提供商都多。

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.

作為我們對信任的承諾的一部分，我們正在幫助我們的客戶準備好遵守 GDPR 並在執行截止日期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.

AXA Global、KPMG、Dun & Bradstreet、Hearst、Walgreens、T-Mobile 和 Sephora 都選擇了 Azure 來改變他們的業務。

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.

Box 宣布將其內容和協作服務引入 Azure，併計劃使用我們的 AI 來簡化整個企業對所有類型內容的發現和使用。

And Baidu will use Azure to take its autonomous driving platform worldwide.

百度將使用 Azure 將其自動駕駛平台推向全球。

The core currency of any business going forward will be the ability to convert their data into AI that drives competitive advantage.

未來任何企業的核心貨幣都將是能夠將他們的數據轉換為能夠推動競爭優勢的人工智能。

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.

這一切都始於對跨 Azure 數據庫、Cosmos DB、數據倉庫、數據湖以及 SQL Server 的綜合數據資產的支持。

Azure Cosmos DB is industry's first globally distributed database service.

Azure Cosmos DB 是業界首個全球分佈式數據庫服務。

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.

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程序提供動力，從物聯網到人工智能再到移動設備等等。

Retailer jet.com is using Azure Cosmos DB to process trillions of transactions every day.

零售商 jet.com 每天使用 Azure Cosmos DB 處理數万億筆交易。

Customers are infusing AI into their products and services using Azure AI infrastructure and services such as bot framework and cognitive services.

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 注入他們的產品和服務中。

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.

Sabre 是全球旅遊業的領先技術提供商，正在為旅行社試行人工智能驅動的解決方案，以更好地為客戶服務； Dixons Carphone 正在使用 Azure 和我們的認知服務來提高客戶參與度，並在網上和他們的商店中提供更加一致、無縫的體驗。

Azure is also unique in its support for these emerging Intelligent Cloud and Intelligent Edge applications.

Azure 在支持這些新興的智能雲和智能邊緣應用程序方面也是獨一無二的。

Azure IoT Edge extends cloud intelligence to edge devices.

Azure IoT Edge 將雲智能擴展到邊緣設備。

This means IoT devices can act locally at the edge while taking advantage of the cloud for global coordination and machine learning at scale.

這意味著物聯網設備可以在邊緣本地運行，同時利用雲進行全球協調和大規模機器學習。

Azure is the first cloud to provide true hybrid support that customers predominantly choose.

Azure 是第一個提供客戶主要選擇的真正混合支持的雲。

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 Stack 擴展了 Azure，使開發人員能夠以相同的方式構建和部署應用程序，無論它們是在智能雲上還是在智能邊緣上運行，因此客戶可以滿足任何監管要求並將雲應用程序帶到遠程或斷開連接的位置，例如游輪或石油鑽機。

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。

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.

在每月有超過 5 億台 Windows 10 活躍設備和整個 Windows 生態系統持續廣泛發展的背景下，我想強調本季度的幾個關鍵戰略領域。

Windows 10 is made to inspire the creator in all of us and is pivotal to enabling employees to transform the way they work.

Windows 10 旨在激發我們所有人的創造者，對於讓員工改變他們的工作方式至關重要。

Increasingly, commercial customers value Windows 10 as the foundation for a secure modern workplace.

越來越多的商業客戶將 Windows 10 視為安全的現代工作場所的基礎。

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.

由於 NASCAR、阿聯酋航空、寶馬集團、中國銀行等公司都採用了 Windows 10，企業和教育部署在上個季度增長了 33%。

This quarter, we introduced Windows 10 S, streamlined for simplicity, security and superior performance and tailored for the classroom.

本季度，我們推出了 Windows 10 S，它經過精簡、安全和卓越的性能，專為課堂量身定制。

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.

我們對 Windows 10 S 的目標是與宏碁、華碩、戴爾、富士通、惠普、三星和東芝等合作夥伴一起開發一個充滿活力的生態系統，以推出一種新型現代設備，支持從 Windows Ink 到 3D 的經濟實惠、功能強大的新場景。

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.

我們還在本季度推出了 Surface 筆記本電腦和新的 Surface Pro，以繼續為新的 Windows 設備類別建立和創造動力。

Now on to gaming.

現在開始遊戲。

Our gaming business now is more than $9 billion and growing profitably.

我們的遊戲業務現在超過 90 億美元，並且盈利增長。

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.

遊戲世界的發展速度比以往任何時候都快，從跨設備的遊戲玩法到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。

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.

我們擁有獨特的優勢來抓住這一機會的大部分份額，因為我們有能力通過 Xbox Live 團結全球遊戲玩家社區，Xbox Live 現已擁有 5300 萬並且還在不斷增長，並且能夠在 PC、遊戲機和移動設備上提供新的體驗。

Our approach is to let gamers play the games they want with the people they want on the device they want.

我們的方法是讓遊戲玩家在他們想要的設備上與他們想要的人一起玩他們想要的遊戲。

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.

在 E3 上，我們通過推出 Xbox One X 來慶祝遊戲玩家的熱情，通過世界上最強大的遊戲機擴展我們的遊戲設備組合。

We launched 2 new services that broaden our reach and enrich the gaming experience, both of which are off to a very strong start.

我們推出了 2 項新服務，擴大了我們的覆蓋範圍並豐富了遊戲體驗，這兩項服務的開端都非常強勁。

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.

Mixer 是我們全新的直播服務，讓遊戲玩家可以比以往更輕鬆地跨平台創建和共享，並以全新的方式進行交互。

The Xbox Game Pass is a digital subscription service that expands our existing gaming value proposition.

Xbox Game Pass 是一項數字訂閱服務，可擴展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.

最後，我為今年取得的進展感到自豪，無論是在我們自身的持續轉型方面，還是在我們如何幫助客戶進行數字化轉型方面。

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.

由於技術顛覆了每個行業，並有能力改變每個人的生活，我們努力在全球每個國家創造本地機會、增長和影響。

Our platforms and tools help drive small business productivity, large business competitiveness and public sector efficiency.

我們的平台和工具有助於提高小型企業的生產力、大型企業的競爭力和公共部門的效率。

We also support new start-ups, improve educational health outcomes and empower human ingenuity.

我們還支持新的初創企業，改善教育健康成果並賦予人類創造力。

Our sense of purpose lies in our customers' success.

我們的使命感在於客戶的成功。

Transformation is a continuous process of renewal and reinvestment.

轉型是一個不斷更新和再投資的過程。

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.

我們將繼續投資於高增長機會，引領雲和人工智能領域的創新，並將我們的技術和產品整合到為客戶釋放新價值的體驗和解決方案中。

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，我將把它交給 Amy 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。

This quarter, revenue was $24.7 billion, up 9% and 10% in constant currency, with stronger-than-expected performance across all segments.

本季度，收入為 247 億美元，按固定匯率計算分別增長 9% 和 10%，所有部門的業績都強於預期。

Gross margin grew 11% and 12% in constant currency.

按固定匯率計算，毛利率分別增長 11% 和 12%。

Operating income increased 13% and 16% in constant currency.

按固定匯率計算，營業收入分別增長 13% 和 16%。

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.

每股收益為 0.98 美元，按固定匯率計算分別增長 42% 和 43%，其中包括利用以前不可抵扣的前幾年電話相關損失產生的 0.23 美元。

At a company level, LinkedIn contributed approximately 5 points of revenue and gross margin growth.

在公司層面，LinkedIn 貢獻了大約 5 個百分點的收入和毛利率增長。

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.

LinkedIn 3.61 億美元的營業虧損拖累了公司總營業收入增長 6 個百分點，這完全歸因於 COGS 和運營支出中記錄的收購無形資產攤銷 3.71 億美元。

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.

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好於我們的預期。

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.

我們的商業業務季度表現強勁，反映出我們的銷售團隊和合作夥伴在今年最大的季度表現出色。

We increased commitment to our commercial cloud and healthy renewals on a record volume of expirations.

我們在創紀錄的到期量上增加了對商業雲和健康續訂的承諾。

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.

我們完成了迄今為止最高數量的數百萬美元 Azure 交易，並將我們的年金組合提高到 86%，同比增長 3 個百分點。

As a result, commercial bookings grew 30% and commercial unearned revenue was $27.8 billion, significantly higher than we expected.

結果，商業預訂增長了 30%，商業未實現收入為 278 億美元，顯著高於我們的預期。

Our contracted not billed balance increased to more than $31.5 billion.

我們的合同未開票餘額增加到超過 315 億美元。

As Satya mentioned earlier, our commercial cloud annualized revenue run rate exceeded $18.9 billion this quarter, growing 56%.

正如 Satya 之前提到的，本季度我們的商業雲年化收入運行率超過 189 億美元，增長 56%。

We finished the year with nearly $15 billion in commercial cloud revenue.

我們以近 150 億美元的商業雲收入結束了這一年。

At the start of the year, we committed to material improvement in commercial cloud gross margin percentage and dollars.

今年年初，我們承諾大幅提高商業雲毛利率和美元。

This quarter, our commercial cloud gross margin percentage was 52%, up 10 points year-over-year, with positive gross margin in each cloud service.

本季度，我們的商業雲毛利率為 52%，同比增長 10 個百分點，每個雲服務的毛利率為正。

Commercial cloud gross margin dollars grew 92% from strength across all services.

所有服務的商業雲毛利率增長了 92%。

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.

我們公司的毛利率為 66%，比上年增長 1 個百分點，因為利潤率較高的產品和服務的銷售組合抵消了不斷增長的雲收入組合和 LinkedIn 2.17 億美元攤銷成本的影響。

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.

外匯基本符合我們的預期，對總收入增長造成 1 個百分點的負面影響，即使美元略弱於預期。

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.

在細分市場層面，FX 對生產力和業務流程產生了 2 分的負面影響，對智能雲產生了 1 分的負面影響，對更多個人計算產生了 1 分的負面影響。

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.

按固定匯率計算，總運營費用增長 9% 和 10%，LinkedIn 貢獻了 12 個增長點，其中包括 1.54 億美元的收購無形資產費用攤銷。

Now to our segment results.

現在來看我們的細分結果。

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.

我們的生產力和業務流程部門的收入按固定匯率計算分別增長 21% 和 23% 至 84 億美元，其中 LinkedIn 貢獻了 15 個增長點。

Office commercial revenue increased 5% and 6% in constant currency.

寫字樓商業收入按固定匯率計算分別增長 5% 和 6%。

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.

Office 365 商業收入增長 43% 和 44%（按固定匯率計算），所有工作負載的安裝基數持續增長、ARPU 擴展和新興的 E5 勢頭。

For the first time, Office 365 commercial revenue surpassed revenue from our traditional licensing business.

Office 365 商業收入首次超過了我們傳統許可業務的收入。

Office consumer revenue increased 13%, driven by recurring subscription revenue and growth in our subscriber base.

受經常性訂閱收入和用戶群增長的推動，辦公室消費者收入增長了 13%。

Our Dynamics business grew 7% and 9% in constant currency, and Dynamics 365 grew 74% and 75% in constant currency.

我們的 Dynamics 業務按固定匯率計算分別增長了 7% 和 9%，Dynamics 365 按固定匯率計算分別增長了 74% 和 75%。

LinkedIn revenue for the quarter was approximately $1.1 billion, a bit better than expected.

LinkedIn 本季度收入約為 11 億美元，略好於預期。

Segment gross margin dollars grew 14% and 16% in constant currency, with 12 points of contribution from LinkedIn, including $217 million of amortization.

按固定匯率計算，分部毛利率分別增長 14% 和 16%，LinkedIn 貢獻了 12 個百分點，其中包括 2.17 億美元的攤銷。

Gross margin percentage declined from an increasing cloud revenue mix and the impact of LinkedIn-related amortization.

由於雲收入組合的增加和 LinkedIn 相關攤銷的影響，毛利率百分比下降。

Operating expenses increased 41%, with 40 points from LinkedIn, including $154 million of amortization expense.

運營費用增長 41%，領英獲得 40 分，其中包括 1.54 億美元的攤銷費用。

Operating income declined 8% and 5% in constant currency, with 12 points of impact from LinkedIn.

營業收入按固定匯率計算分別下降 8% 和 5%，受到 LinkedIn 的 12 個影響點。

The Intelligent Cloud segment delivered $7.4 billion in revenue, growing 11% and 12% in constant currency.

智能雲部門實現了 74 億美元的收入，按固定匯率計算分別增長 11% 和 12%。

Our server products and cloud services revenue grew 15% and 16% in constant currency, with double-digit annuity revenue growth.

我們的服務器產品和雲服務收入按固定匯率計算分別增長 15% 和 16%，年金收入實現兩位數增長。

Azure revenue growth accelerated to 97%, up 98% in constant currency.

Azure 收入增長加速至 97%，按固定匯率計算增長 98%。

Azure Premium revenue grew triple digits for the 12th consecutive quarter.

Azure Premium 收入連續第 12 個季度增長了三位數。

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.

受 Windows Server 2003 定制支持協議數量減少的推動，企業服務收入按固定匯率計算分別下降 3% 和 1%，部分被主要支持服務的增長所抵消。

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.

按固定匯率計算，部門毛利率分別增長 8% 和 9%，由於雲收入組合增加和企業服務利潤率下降，部門毛利率下降，部分被 Azure 利潤率的實質性改善所抵消。

We grew operating expenses by 2% and 3% in constant currency, with continued investment in sales capacity and developer engagement.

以固定匯率計算，我們的運營費用分別增長了 2% 和 3%，繼續投資於銷售能力和開發人員參與度。

Operating income increased 15%, up 18% in constant currency.

營業收入增長 15%，按固定匯率計算增長 18%。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue from this segment was $8.8 billion, down 2% and 1% in constant currency, with 4 points of decline from phone.

該部門的收入為 88 億美元，按固定匯率計算下降 2% 和 1%，其中手機下降 4 個百分點。

Our OEM business grew 1% this quarter, as both our commercial and consumer OEM businesses were slightly ahead of the PC market.

本季度我們的 OEM 業務增長了 1%，因為我們的商業和消費 OEM 業務都略領先於 PC 市場。

OEM Pro revenue grew 3%, ahead of the commercial PC market, mainly due to a higher mix of premium SKUs.

OEM Pro 收入增長 3%，領先於商用 PC 市場，這主要是由於高級 SKU 的組合增加。

Windows 10 deployment cycles continue to drive commercial customer hardware demand.

Windows 10 部署週期繼續推動商業客戶硬件需求。

OEM non-Pro revenue was flat ahead of the consumer PC market, with continued positive impact from Windows premium device mix.

OEM 非專業收入與消費 PC 市場持平，Windows 高端設備組合繼續產生積極影響。

Inventories remain in their normal range.

庫存保持在正常範圍內。

Windows commercial cloud products and services grew 8%, driven by annuity revenue growth.

在年金收入增長的推動下，Windows 商業雲產品和服務增長了 8%。

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.

企業客戶越來越多地在新設備和現有設備上選擇 Windows 10，這導致安裝基礎增長和我們雲安全解決方案的更高采用率。

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 10% and 11% 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 10% 和 11%，這主要是由於每次搜索收入和搜索量增加。

Devices revenue declined 28% and 27% in constant currency.

按固定匯率計算，設備收入下降了 28% 和 27%。

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.

我們的 Surface 業務表現好於我們的預期，按固定匯率計算分別下降 2% 和 1%，這得益於 Surface Pro 產品過渡的強勁銷售執行以及客戶和合作夥伴在 6 月推出的 Surface Laptop 上的早期積極信號。

Our gaming business grew 3% and 4% in constant currency.

我們的遊戲業務按固定匯率計算分別增長了 3% 和 4%。

Xbox software and services growth of 11%, 13% in constant currency, offset declines in hardware.

Xbox 軟件和服務增長 11%，按固定匯率計算增長 13%，抵消了硬件的下降。

And our engaged user base grew 8% to 53 million monthly active users across console, mobile and Windows 10 platforms.

我們的活躍用戶群增長了 8%，每月活躍用戶達到 5300 萬，涵蓋控制台、移動和 Windows 10 平台。

Segment gross margin dollars increased 9% and 10% in constant currency.

按固定匯率計算，分部毛利率分別增長 9% 和 10%。

Gross margin percentage increased, primarily due to a sales mix shift to higher-margin products and services.

毛利率百分比增加，主要是由於銷售組合轉向利潤率更高的產品和服務。

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.

由於去年手機費用以及 Surface 和遊戲營銷支出下降，運營費用按固定匯率計算分別下降了 10% 和 9%。

As a result, operating income grew 68% and 72% in constant currency.

因此，按固定匯率計算，營業收入增長了 68% 和 72%。

Now back to the overall company results.

現在回到公司的整體業績。

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.

本季度，我們在資本支出（包括資本租賃）上投資了約 33 億美元，部分原因是計劃中的第三季度數據中心支出被推到了第四季度。

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.

這包括為財產和設備支付的大約 23 億美元現金，由於我們使用了更多的資本租賃，這一數字同比下降。

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.

自由現金流同比增長 50%，主要受運營現金流增長 30% 以及資本支出現金支出減少的推動。

Operating cash flow increased due to higher collections from customers following strong billings growth as well as working capital improvements in our hardware business.

由於強勁的賬單增長以及我們硬件業務的營運資金改善，客戶的收款增加，經營現金流增加。

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.

其他收入和支出為 2.15 億美元，比原計劃多，因為我們繼續看到股票市場在整個季度實現收益的機會。

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.

我們的非公認會計原則有效稅率為負 6%，顯著低於我們的預期，原因是與利用我們之前幾年的電話業務虧損相關的 18 億美元影響，這些虧損在發生的年份中不可扣除。

Excluding this item, our non-GAAP effective tax rate was 19% this quarter and 20% for the full year.

不包括這個項目，我們的非公認會計原則有效稅率本季度為 19%，全年為 20%。

This quarter, we returned $4.6 billion to shareholders through share repurchases and dividends.

本季度，我們通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.

現在讓我們轉向前景。

The key trends for FY '18 from the financial analyst briefing remain largely unchanged.

財務分析師簡報中 18 財年的主要趨勢基本保持不變。

For the full year, we expect about 1 point of negative FX impact, assuming current rates remain stable.

假設當前利率保持穩定，我們預計全年將產生約 1 個百分點的負面外匯影響。

In our Commercial business, we anticipate that increasing demand for cloud services and healthy renewals will continue to drive a higher annuity mix.

在我們的商業業務中，我們預計對雲服務和健康續訂的需求不斷增長將繼續推動更高的年金組合。

Our commercial transactional business will continue to decline, driven by the transition to the cloud.

在向雲過渡的推動下，我們的商業交易業務將繼續下降。

We remain focused on improving our commercial cloud gross margin percentage in each of our cloud services.

我們仍然專注於提高我們每項云服務中的商業雲毛利率百分比。

As a reminder, given seasonality and revenue mix, commercial cloud gross margin will experience quarterly variability.

提醒一下，鑑於季節性和收入組合，商業雲毛利率將經歷季度變化。

Cloud migrations, deployments and new scenarios are driving greater customer usage.

雲遷移、部署和新場景正在推動更多的客戶使用。

We will increase our capital investment to meet growing demand and capacity needs.

我們將增加資本投資以滿足不斷增長的需求和產能需求。

Total CapEx spend will continue to have variability quarter-to-quarter.

總資本支出將繼續按季度變化。

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.

在公司層面，隨著雲收入組合的增加，我們的毛利率將在 18 財年下降約 1 個百分點；一整年的LinkedIn攤銷；和硬件發布，包括我們的新遊戲機 Xbox One X。我們預計 LinkedIn 的季度攤銷費用和 COGS 約為 2.2 億美元或全年約 8.8 億美元。

Next, operating expenses.

其次，運營費用。

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.

您應該將我們 18 財年的運營費用分為兩類：第一，有機微軟費用，我們預計將增長 3% 至 4%，這反映了我們為支持我們的收入增長而進行的投資；第二，領英。

We are making incremental investments in LinkedIn to fuel its continued strong revenue growth.

我們正在對 LinkedIn 進行增量投資，以推動其持續強勁的收入增長。

Additionally, we will recognize our first full year of operating expenses, including $620 million of amortization expense.

此外，我們將確認我們第一個全年的運營費用，包括 6.2 億美元的攤銷費用。

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.

重要的是，我們預計我們公司的營業利潤率只會下降約 1 個百分點，因為我們繼續增加雲收入，我們為新投資提供資金以支持戰略領域的增長，並吸收 15 億美元的 LinkedIn 攤銷商品成本和運營支出。

Excluding the LinkedIn impact, operating margin should be flat year-over-year.

排除 LinkedIn 的影響，營業利潤率應該與去年同期持平。

Next, our effective tax rate.

接下來是我們的有效稅率。

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.

提醒一下，我們的稅率至少受到三個主要因素的影響：服務收入與許可收入的比例、收入的地域組合和股權歸屬的時間。

As cloud revenue mix increases, we anticipate our tax rate will move higher.

隨著雲收入組合的增加，我們預計我們的稅率會更高。

With quarterly variability based on these factors, we anticipate our full year non-GAAP tax rate to be 23%, plus or minus 2 points.

由於基於這些因素的季度變化，我們預計全年非公認會計原則稅率為 23%，上下浮動 2 個百分點。

And finally, we expect LinkedIn, ex purchase accounting, to be nondilutive in FY '18, as it was in Q4.

最後，我們預計 LinkedIn（前採購會計）在 18 財年不會像第四季度那樣具有稀釋性。

Now to the outlook for next quarter.

現在來看下個季度的展望。

Based on current FX rates, we expect less than 1 point of negative impact on revenue growth overall and for each segment.

根據當前的匯率，我們預計對整體收入增長和每個細分市場的負面影響不到 1 個百分點。

We expect commercial unearned revenue to be within the range of $24.85 billion to $25.05 billion.

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。

In Productivity and Business Processes, we expect revenue between $8.1 billion and $8.3 billion.

在生產力和業務流程方面，我們預計收入在 81 億美元至 83 億美元之間。

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.

Office 365 商業收入增長將繼續受到安裝基數增長、ARPU 擴展和採用 E5 等高級服務的推動，並且應該超過交易下降的速度。

We expect a more moderate rate of growth in our Office consumer business, given prior year comparables.

考慮到去年的可比數據，我們預計我們的 Office 消費者業務的增長率會更加溫和。

In our Dynamics business, Dynamics 365 will continue to drive our cloud mix higher.

在我們的 Dynamics 業務中，Dynamics 365 將繼續推動我們的雲組合更高。

And we expect approximately $1.1 billion of revenue from LinkedIn, adjusted for the impact of purchase accounting.

我們預計 LinkedIn 的收入約為 11 億美元，並根據採購會計的影響進行了調整。

For Intelligent Cloud, we expect revenue between $6.9 billion and $7.1 billion.

對於智能雲，我們預計收入在 69 億美元至 71 億美元之間。

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.

客戶對 Azure 和我們的混合雲產品的需求依然強勁，我們預計服務器產品和雲服務的收入將再增長四分之一。

Enterprise Services should decline, given lower volumes of custom support agreements.

鑑於定制支持協議的數量減少，企業服務應該會下降。

We expect More Personal Computing revenue between $8.6 billion and $8.9 billion.

我們預計更多的個人計算收入將在 86 億美元至 89 億美元之間。

We anticipate OEM revenue will move more closely in line with the PC market.

我們預計 OEM 收入將更接近 PC 市場。

Devices revenue growth will continue to be impacted by the prior year phone comparable.

設備收入增長將繼續受到上一年可比手機的影響。

Surface revenue will continue to be driven by the product life cycle transition between Pro 4 and our new Surface Laptop and Surface Pro.

Surface 收入將繼續受到 Pro 4 與我們新的 Surface 筆記本電腦和 Surface Pro 之間的產品生命週期過渡的推動。

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.

在搜索方面，必應除 TAC 外的收入增長應該與前幾個季度相似，我們預計遊戲在節前季度會有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.

我們預計銷貨成本在 82 億至 83 億美元之間，其中包括來自 LinkedIn 的約 4 億美元。

LinkedIn COGS include about $220 million of amortization.

LinkedIn COGS 包括約 2.2 億美元的攤銷。

We expect CapEx on an accrual dollar basis to be similar to Q4 as we grow our investment to meet demand.

隨著我們增加投資以滿足需求，我們預計按應計美元計算的資本支出將與第四季度相似。

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.

我們預計運營費用為 86 億美元至 87 億美元，其中 LinkedIn 約 10 億美元，其中約 1.55 億美元與攤銷有關。

Other income and expense should be about $250 million as we expect to realize more gains in our equities portfolio.

其他收入和支出應約為 2.5 億美元，因為我們預計將在我們的股票投資組合中實現更多收益。

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.

鑑於我們第一季度發生的股權歸屬數量以及基於今天的股票價值，我們預計我們的第一季度非公認會計原則有效稅率將比估計的全年稅率低約 4 個百分點。

Finally, we adopted the new revenue standard, ASU 606, effective at the start of fiscal year '18.

最後，我們採用了新的收入標準 ASU 606，從 18 財年開始生效。

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.

為了協助過渡，克里斯和我們的首席會計官弗蘭克布羅德將在 8 月初召開電話會議，討論這些變化，展示歷史重述的財務業績，並分享轉換為新標準的第一季度指導。

And with that, let's go to Q&A.

有了這個，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move to the Q&A.

我們現在將轉到問答環節。

Rhea, can you please repeat your instructions?

瑞亞，你能重複一下你的指示嗎？

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

（操作員說明）我們的第一個問題來自高盛集團的 Heather Bellini。

Great.

偉大的。

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?

艾米，我有一個關於商業雲 COGS 的問題，我想知道您是否可以讓我們了解其中大致與折舊相關的百分比，以及我們應該如何考慮您的資本支出部署速度與您一直以來的情況在我們展望未來 12 到 24 個月時，您是否正在體驗商業雲以支持您看到的計劃和巨大的增長機會？

If there's anything you could share with us around that.

如果有什麼可以與我們分享的。

Let me break down the question a couple ways.

讓我以幾種方式分解這個問題。

Overall, when you think about COGS and the pacing, the depreciation rates of our servers don't change.

總體而言，當您考慮 COGS 和節奏時，我們服務器的折舊率不會改變。

It's generally over a 3-year period.

一般為3年以上。

And there's other pieces of equipment that have longer or shorter depreciation lives.

還有其他設備的折舊年限更長或更短。

So that pace of depreciation doesn't change per se.

因此，折舊速度本身不會改變。

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.

如果你想看看我們如何看待需求，顯然本季度，在第四季度，我們對所有 3 種服務的雲需求感覺非常好，尤其是 Azure。

I feel confident in our ability to produce gross margin improvement across all those services.

我對我們在所有這些服務中提高毛利率的能力充滿信心。

I feel confident in our ability to continue to make progress on our overall commercial cloud gross margin growth.

我對我們繼續在整體商業雲毛利率增長方面取得進展的能力充滿信心。

And I am encouraged by the demand signals we're getting.

我對我們收到的需求信號感到鼓舞。

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.

所有這些事情，我認為——這並不是真正的節奏，而是進度和需求，以及我們盡可能密切地滿足這些事情，我對團隊的執行感覺非常好。

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 Keith Weiss。

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.

關於銷售重組有很多謠言和猜測，你們正在圍繞資源轉移，以便更好地分配到雲和新技術。

I was wondering if you guys could dig into that for us a little bit.

我想知道你們是否可以為我們深入研究一下。

What kind of changes are taking place in terms of go-to-market distribution heading into FY '18?

進入 18 財年的上市分銷方面正在發生什麼樣的變化？

Yes, let me start there.

是的，讓我從那裡開始。

And first of all, thank you for the question, Keith.

首先，謝謝你的問題，基思。

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.

總的來說，我們多年來採取的方法是改變我們在公司內部所做的一切，無論是產品創造；我們在研發中的組織方式；我們如何考慮打破過去可能存在的任何孤島和類別定義；我們如何看待均衡營銷和營銷方法；然後，當然，即使是進入市場。

And this transformation is ongoing.

這種轉變正在進行中。

This has been happening over multiple years.

這已經發生了多年。

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.

但是我們現在有很好的客戶動力，因為最終這一切都是由手頭的機會驅動的，這比我們過去參與的任何事情都要大得多。

So the total addressable market is much bigger.

所以總的潛在市場要大得多。

And second, our customer expectations and our partner expectations of how we show up with them has changed.

其次，我們的客戶期望和合作夥伴對我們如何與他們相處的期望發生了變化。

And so over the years, we have been making changes.

所以多年來，我們一直在做出改變。

And now that we have a lot more momentum and critical mass, we're going to that next phase.

現在我們有了更多的動力和臨界質量，我們將進入下一階段。

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.

這就是您所看到的我們——在改變技能組合、改變我們的展示範圍以支持大客戶和小企業的數字化轉型需求方面。

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.

我認為在很多方面，Keith，我們所做的實際上是我們在過去 18 個月中所做的一些投資的自然延伸，以增加技術資源，更多地出現在客戶賬戶中，真正推動他們的向成功結果轉變。

You're seeing it even in our Intelligent Cloud results last quarter and this quarter.

您甚至可以在我們上季度和本季度的智能雲結果中看到它。

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.

我們在過去 18 個月中吸取了這些教訓，並在整個銷售團隊中真正應用到更廣泛的範圍內，以將這些資源投入到我們有信心在下一階段的轉型中獲得良好長期回報的地方。

Thank you, Keith.

謝謝你，基思。

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。

Question for Amy.

艾米的問題。

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%.

艾米，這張照片中有很多看起來非常強勁的數字，但讓我印象深刻的是商業預訂量增長了 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.

你在發言中確實提到了一點，但如果你不介意，我很想問你幾個問題。

One is, you mentioned that maybe part of the strength was terrific execution on renewals.

一是，你提到也許部分優勢是在續約方面的出色執行。

Does it feel like maybe last quarter was a little bit of a renewal flush?

是不是感覺上個季度有點像更新潮？

In other words, it might have been a bit of a onetime phenomenon?

換句話說，這可能是一種曾經的現象？

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，微軟是否在合同結構或發票方面採取了不同的做法——這會導致預訂量異常高，可能會提前收取更多費用？

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，將強勁的預訂業績解釋為給我們（我想你）在 18 財年的收入增長情況帶來了安慰，因為所有這些預訂顯然都轉換為報告的轉速，這是否公平？

Thanks, Karl.

謝謝，卡爾。

Let me make sure I cover off on most of those.

讓我確保我掩蓋了其中的大部分。

Let me start by saying the biggest driver in commercial bookings growth this quarter was excellent execution on a large base of renewals.

首先讓我說本季度商業預訂增長的最大驅動力是在大量續訂基礎上的出色執行。

The second component of that is the execution on new revenue, in particular Azure, as well as Windows commercial.

第二個組成部分是新收入的執行，特別是 Azure，以及 Windows 商業。

And billings in the quarter were very good and quite encouraging overall.

本季度的賬單非常好，總體上非常令人鼓舞。

There was no change in any way to invoicing, people paying earlier, paying more up front.

開票方式沒有任何變化，人們更早付款，預付更多。

That's definitely not an impact on that number.

這絕對不會影響這個數字。

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.

總體而言，我認為，雖然它肯定得益於龐大的到期基數，因為它往往會最大程度地影響 CNB 平衡，但我認為，就你的觀點而言，這顯然是令人鼓舞的，因為它為我們提供了一個非常好的基礎支持進入 FY '18 以進入 GAAP 報告數字。

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。

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%.

艾米，我想知道，關於毛利潤增長，我正在看幻燈片，看起來 PBP 的毛利潤增長了大約 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.

您在該業務的不同部分看到了一些強勁的趨勢，我認為我認為 2% 會更高。

Could you help us understand the puts and takes around gross profit growth in PBP?

您能否幫助我們了解 PBP 毛利潤增長的看跌期權和回扣？

There's a couple things, but in general, it's almost always mix shift.

有幾件事，但總的來說，它幾乎總是混合轉變。

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?

雖然我們看到 Office 365 的毛利率有所改善並繼續在這方面取得進展，但這也是平衡，對吧？

This is the first quarter where we've actually seen the balance tip in terms of recognized revenue to online versus perpetual.

這是第一季度，我們實際上看到了在線收入與永久收入方面的平衡提示。

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.

所以我實際上感覺非常好，隨著我們繼續加速增長軌跡，坦率地說，你沒有看到對毛利率線有太大影響，而且我們一直通過 OpEx 看到了很多影響力下降到營業收入線。

Great.

偉大的。

Thank you, Walter.

謝謝你，沃爾特。

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。

Amy, commercial cloud ARR grew 24% Q-over-Q, which is the largest Q-over-Q growth so far.

Amy，商業雲 ARR 環比增長 24%，這是迄今為止最大的環比增長。

Completely understand that Q4 is a big quarter for closing business, but $3.7 billion is a large number.

完全理解第四季度是關閉業務的重要季度，但 37 億美元是一個很大的數字。

Can you give us some more color on exactly what's driving this growth?

您能給我們提供更多關於推動這種增長的確切原因嗎？

And then I have a quick follow-up.

然後我有一個快速跟進。

Sure.

當然。

When you think about -- you're right, it is a big number, and I feel very good about it.

當您考慮時-您是對的，這是一個很大的數字，我對此感覺很好。

And for the year, on a pure basis, it was $15 billion of commercial cloud revenue.

這一年，純粹的商業雲收入為 150 億美元。

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.

看，我們開始達到這一點，馬克，你有一個仍在快速增長的大基數，所以特別是 ARR 數字可以看到大幅躍升，在你本季度看到的那個。

And you're right, Q4 is also historically quite a big quarter, and this one certainly was as well.

你是對的，第四季度在歷史上也是一個相當大的季度，這個季度當然也是如此。

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.

但是你也看到了，真正重要的是，尤其是在 Azure 中，使用增長，真正的消費增長，讓客戶使用、部署、成功並真正繼續獲得，你認為，某種米開始運行，並且繼續建立在自己之上。

And so when you start to see that, you can and I do think we'll continue to see good growth in this number.

因此，當您開始看到這一點時，您可以而且我確實認為我們將繼續看到這個數字的良好增長。

Excellent.

出色的。

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?

作為快速跟進，我們應該如何看待這如何讓我們在 18 年達到預期、超出預期、持續強勁的 40 年代、50 年代的同比增長？

Let me start by saying, first, I feel very good about meeting our stated goal of $20 billion in commercial cloud ARR.

首先讓我說，首先，我對實現 200 億美元的商業雲 ARR 的既定目標感到非常高興。

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.

接下來，我認為在每項服務中，我們在第四季度看到的勢頭——特別是，我想說我認為沒有多少人關注它，但即使是像 Windows、E5、高級威脅防護服務，那些類型的部署確實會增加我們產品的動力。

One of the things we often talk about is we sell Microsoft 365.

我們經常談論的一件事是我們銷售 Microsoft 365。

That's Windows 10 with security and services.

那就是具有安全性和服務的 Windows 10。

It's a modern workplace that includes up-to-date Office 365.

這是一個包含最新 Office 365 的現代工作場所。

It includes EMS.

它包括EMS。

We really did see strength across all of them.

我們確實看到了所有人的力量。

So I don't really think it's about a percentage but it's about each of them continuing to make progress.

所以我真的不認為這是一個百分比，而是他們每個人都在繼續取得進步。

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.

艾米在 Office 365 上的第一個問題。

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.

Office 365 商業收入繼續超過單位增長，每月活躍用戶，所以你仍然看到 E3、E5 等的趨勢。

I wonder if you could take us through where we are in that life cycle.

我想知道您是否可以帶我們了解我們在該生命週期中所處的位置。

And also, just to follow on your comment to the last question, Satya, you launched at Inspire Microsoft 365 that Amy just mentioned.

而且，為了跟進您對最後一個問題 Satya 的評論，您在 Amy 剛剛提到的 Inspire Microsoft 365 上推出。

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?

在 Office 365 的背景下，我們應該如何看待 Microsoft 365，同時考慮到本季度 Windows Commercial 實際上也加速了這一事實？

Yes, maybe I can start and then...

是的，也許我可以開始然後...

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

你為什麼不開始，我會做下一個。

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.

因此，我們感到非常興奮並從中學到很多東西的一件事是我們去年提供的 Secure Productive Enterprise 產品，事實上在第四季度，它確實顯著加速。

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.

事實上，這有助於我們提出 Microsoft 365，因為它是一個非常強大的產品，它結合了 Office 365、Windows 10 以及我們的企業移動性 + 安全性，甚至支持跨平台設備。

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.

因此，我們認為現代工作場所具有非常重要的 Windows 足跡，但也有使用 iOS 和 Android 手機的人，但他們需要生產力、創造力和安全性。

And that's where I think we have a competitive advantage and a great value proposition.

這就是我認為我們具有競爭優勢和巨大價值主張的地方。

So that's what Microsoft 365 embodies.

這就是 Microsoft 365 所體現的。

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.

它今天可以在企業中使用，並且在秋季您將擁有它的中端市場版本，我認為這是另一個非常大的機會，因為它確實有助於吸收我們在大型企業中學到的知識並將其擴展到也許需要更加迫切。

And so we are excited about that when -- at Inspire, the partner channel obviously is very excited about it as well.

因此，我們對此感到興奮——在 Inspire，合作夥伴渠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.

Phil，就您而言，這是一個很好的轉變，從 Satya 的觀點來看，尤其是秋季為 Microsoft 365 推出的中端市場產品，是安裝基數的增長。

You're right; in terms of Office Commercial 365, the primary driver is still install base, both the transition as well as new.

你是對的;就 Office Commercial 365 而言，主要驅動因素仍然是安裝基礎，無論是過渡版還是新版。

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.

我認為，當我們進入 18 財年時，我們對安裝基數的增長持樂觀態度，尤其是對於我們引以為豪的一些中端市場產品而言。

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.

Phil，您在過去幾個季度看到和看到的 ARPU 增長仍然主要與 E1 到 E3 的過渡有關。

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.

當我們提到 E5 時，坦率地說，我認為這對我們來說是令人鼓舞的，因為當您開始部署動議時，所有這些優質產品都會發揮最佳作用。

People start using E1, then they use E3, and then you start to see the momentum in E5.

人們開始使用 E1，然後他們使用 E3，然後你開始看到 E5 的勢頭。

And we did see that.

我們確實看到了。

However, in terms of ARPU impact, very, very small in quarter.

但是，就 ARPU 的影響而言，季度非常非常小。

So that's something that, over time, you would continue to see improvement in, in terms of impact on ARPU.

因此，隨著時間的推移，在對 ARPU 的影響方面，您將繼續看到改進。

Thanks, Phil.

謝謝，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美林證券的 Kash Rangan。

Curious if you can shed a little bit more light on commercial bookings growth of 30%.

好奇您是否可以更清楚地了解 30% 的商業預訂增長。

Clearly, that's off the charts.

顯然，這不在圖表中。

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.

而且，當我查看 189 億美元的年化收入時，從商業業務（其中的非 Azure 組件）大致穩定的增長率（聽不清）來看，Azure 經歷了一些顯著的加速，但尚未為了反映在您的前瞻性收入中，如果您可以稍微了解一下並深入了解任何 2 或 3 個產品 SKU 或有助於該圖表外表現的地區或地區，那將是很棒的。

Thanks, Kash.

謝謝，卡什。

Let me go through the bookings.

讓我看看預訂單。

Again, with that 30%, the first and best contributor to that is the strong performance on the renewals in-quarter.

同樣，對於這 30%，第一個也是最好的貢獻者是本季度續訂的強勁表現。

It was reasonably consistent, Kash.

卡什，這是相當一致的。

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.

我會說沒有一個特別的地區是一個巨大的異常值，儘管在我們最大的兩個地區，美國和德國，他們確實有非常好的年份，特別是在第四季度。

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.

現在，如果您將我們擁有龐大的基礎這一事實分開，這顯然有助於預訂數量很大，除此之外，特別是 Azure，最後，根據您的觀點，它真的出現在 189 億美元中嗎？沒有。

The strong billings growth really showed up in that unearned outperformance, which you saw versus the guide, and it was significant.

強勁的賬單增長確實體現在不勞而獲的出色表現中，與指南相比，這是顯著的。

And a lot of that is the Azure billings.

其中很大一部分是 Azure 賬單。

I think we felt very good.

我認為我們感覺非常好。

Those as well, I think, were pretty broad-based across industry, I would also say across geos.

我認為，這些也是跨行業的廣泛基礎，我也會說跨地域。

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.

因此，雖然我們當然從我們最大的地理區域獲得了一些力量，我會說他們可能是最大的貢獻者，但它實際上相當廣泛。

There's not really one place for me to say that "We just saw it here."

真的沒有一個地方可以讓我說“我們剛剛在這裡看到它”。

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.

然後我要說的最後一個組件比我們預期的要好，你會看到，Kash 再次與不勞而獲的指導和我們在那裡的節拍相比，是圍繞我們的安全價值支柱 ATP 的最後一塊。

Windows annuity growth was very good.

Windows 年金增長非常好。

That's in the KPI Windows commercial products and services, is the place you'll look and see that number.

那是在 Windows 商業產品和服務的 KPI 中，是您將查看並看到該數字的地方。

And outside of that, I mean, those really are the biggest contributors.

除此之外，我的意思是，這些確實是最大的貢獻者。

Yes, I'm going to -- if I'll add one thing, I'll just say that nothing shows up in just 1 quarter.

是的，我會——如果我要添加一件事，我會說僅在 1 個季度內甚麼都沒有出現。

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.

我們已經為此努力了很長時間，無論是我們從 IaaS 到 PaaS 再到 SaaS 所採用的產品和方法，甚至是我們 SaaS 產品的多樣性，以及我們如何考慮進入市場。

All of these have been multiple years of hard work.

所有這些都是多年的辛勤工作。

And clearly, there is momentum across the board, and that, I think, is what you're seeing.

顯然，整體勢頭強勁，我認為這就是你所看到的。

And we are excited about this quarter's execution and performance.

我們對本季度的執行和表現感到興奮。

And I think it bodes well for what we do in the future.

我認為這對我們未來的工作來說是個好兆頭。

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.

但關鍵是我們要認識到，這是一種對重大機遇的長期承諾，並確保你的執行力與此一致。

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.

我想也許我也應該提到，當你考慮看到這種類型的表現時，Satya 提到，這不僅僅是因為本季度完成的工作。

It's a great point.

這是一個很好的觀點。

But it's also the investments we've made.

但這也是我們所做的投資。

We've committed.

我們已經承諾了。

We did sales overlays.

我們做了銷售覆蓋。

We added technical resources.

我們增加了技術資源。

We put resources at customers ahead of the curve.

我們將資源放在客戶的前面。

We did that.

我們做到了。

You saw that in the operating -- in the Intelligent Cloud OpEx growth over the past few quarters.

您在過去幾個季度的智能雲運營支出增長中看到了這一點。

That execution is what's landing.

執行就是著陸。

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

很明顯，有些事情發生了變化，看起來你正在獲得份額，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 Mark Murphy。

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%.

艾米，回到第四季度到期基數的規模，當我們回顧到 14 年 6 月的 3 年時，該季度的商業預訂量增長了 23%。

I'm just curious, is that representative of the portfolio that flowed through into this quarter on a 3-year cycle?

我只是好奇，這是否代表了以 3 年為周期流入本季度的投資組合？

Or is it more complex than that?

還是比這更複雜？

And also, does it include or exclude LinkedIn contributions for the current period?

此外，它是否包括或不包括當前期間的 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?

最後，我想再次回顧 3 年，在接下來的 9 月季度，這是一個不同的數字，您能否幫助我們了解 9 月季度到期基數的同比增長?

I'm not sure if you had commented on that.

我不確定你是否對此發表了評論。

Okay.

好的。

You're right.

你是對的。

Mark, it's not exactly.

馬克，不完全是。

If I said is the Q3 from 3 years ago exactly the expiry base, it's not exactly, but it's directionally.

如果我說的是 3 年前的 Q3 正是到期基數，它不完全是，但它是有方向的。

And so that's a good example, to say every 3 years tends to be the length of our agreements.

這是一個很好的例子，可以說每 3 年往往是我們協議的期限。

And so you do tend to see that repeated.

所以你確實傾向於看到這種重複。

And so that's what we mean by sort of the record or the largest expiry base, and that is the pattern.

這就是我們所說的記錄或最大到期基數的意思，這就是模式。

In terms of LinkedIn having any impact, it did not.

就LinkedIn有任何影響而言，它沒有。

So that is the cleanest way to think about that number.

所以這是考慮這個數字的最簡潔的方法。

Thanks, Mark.

謝謝，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 RBC Capital 的 Ross MacMillan。

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%.

我實際上要問一個關於傳統服務器產品業務的問題，該業務再次以 5% 的速度實現了相當強勁的增長。

I think the last 3 quarters we've been trending at mid-single digits or even higher.

我認為過去三個季度我們的趨勢是中個位數甚至更高。

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?

艾米，我很喜歡你的想法，隨著我們在 18 財年取得進展，我們以正確的方式思考這個問題，你認為這種增長率的趨勢如何？

And should we be sort of aware of the comps that come up in Q2 and beyond?

我們是否應該了解第二季度及以後出現的比賽？

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.

也許我可以開始，至少給你什麼——我們如何在技術和產品方面思考它，然後我們可以就結果本身來討論未來。

First of all, we don't think of our servers as distinct from our cloud.

首先，我們不認為我們的服務器有別於我們的雲。

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.

換句話說，這種智能雲和智能邊緣是我們正在構建的架構或模式，無論是 SQL Server 2017 還是 Windows Server 容器服務。

Everything that we do assumes that distributed computing will actually remain distributed.

我們所做的一切都假設分佈式計算實際上將保持分佈式。

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.

事實證明，以這種方式思考對於那些在提升、轉移和現代化他們在數據中心或我們的數據中心運行的應用程序組合的客戶以及具有前瞻性的新應用程序組合都是有幫助的工作量。

If you look at some of the most exciting things that are happening in the cloud is cloud applications that actively require an edge.

如果您查看雲中發生的一些最令人興奮的事情，那就是積極需要邊緣的雲應用程序。

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.

Azure IoT 或 Azure Stack 正在成為邊緣的運行時間，您不僅需要能夠進行計算和存儲，還需要運行 AI 推理和邊緣。

So to me, that's what we are building to.

所以對我來說，這就是我們正在建設的目標。

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.

這實際上是一個巨大的架構轉變，從純粹將其視為向某些公共雲的遷移到真正將其視為真正的未來分佈式計算基礎架構和應用程序，坦率地說，我對領導感到非常非常好。

And so in that context, our server license revenue will fluctuate based on what the macro is and these transitions and mix shifts.

因此，在這種情況下，我們的服務器許可收入將根據宏是什麼以及這些過渡和混合變化而波動。

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.

但從前瞻性的角度來看，我希望我們非常非常清楚，我們預計邊緣實際上是我們基礎設施正在發生的事情中更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.

這就是為什麼我總是傾向於說我不太關注混音本身的原因。

I know both of them will matter.

我知道他們兩個都很重要。

I know both of them are important.

我知道他們兩個都很重要。

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.

這就是為什麼我傾向於關注云、Azure 以及本地邊緣的所有服務器 KPI 組合。

And so I think we remain confident in that double-digit target that we have for that KPI.

因此，我認為我們對該 KPI 的兩位數目標仍然充滿信心。

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.

我不認為，它本身並不存在可比性挑戰，但這就是為什麼我們試圖將其保持在如此高的水平，不要過於依賴其中一個，因為我們知道 TAM擴展是可能的。

We know we can grow within it.

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.

我很抱歉，我沒有回答 Mark 的最後一個組件，所以讓我回到過去，我忘記了 Q1 的到期基數是否有任何獨特之處。

The answer is it's up a little year-over-year but -- and certainly not through the same type of Q4 comparable.

答案是同比增長了一點，但是——當然不是通過相同類型的 Q4 可比的。

When we tend to have these, we try to call them out, like we did in Q3 leading into Q4.

當我們傾向於擁有這些時，我們會嘗試將它們叫出來，就像我們在第三季度到第四季度所做的那樣。

So Q1, I would say, is just up a little, so I wouldn't expect any material impact.

所以第一季度，我想說，只是上升了一點，所以我預計不會有任何實質性影響。

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 Raimo Lenschow。

I wanted to drill in on the premium service in Azure.

我想深入了解 Azure 中的高級服務。

Satya, you talked a little bit about SharePoint taking off and being a big part.

Satya，你談到了 SharePoint 的起飛和重要的一部分。

Can you talk a little bit about the portfolio you have there?

你能談談你在那裡的投資組合嗎？

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.

我還想將它與您的主要競爭對手之一進行對比這些年。

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，我認為我們擁有高級服務，無論是在 Office 365 中還是在 Dynamics 365 的 SaaS 端，這就是 SharePoint 評論的來源，Office 365 採用周期中除了 Exchange 或電子郵件之外還有更多.

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.

在 Azure 方面，實際上，我的評論已經走過了整棵樹，可以這麼說，那裡有基礎設施，事實上，即使在基礎設施方面，也沒有像一個通用基礎設施這樣的東西，當我查看虛擬機的多樣性、AI 基礎設施的變化以及 GPU 計算。

So there's a lot of richness there.

所以那裡有很多豐富的東西。

The layer above that, for me, is the data estate.

對我來說，上面的層是數據資產。

One of the exciting things is the growth in Azure DB, the growth in Cosmos DB, our data warehouse product the Data Lake.

令人興奮的事情之一是 Azure DB 的增長，Cosmos DB 的增長，我們的數據倉庫產品 Data Lake。

So that's a place where we are seeing significant attach.

所以這是我們看到重要依附的地方。

On top of the data is where the AI services, whether it's the bot framework, the cognitive services.

數據之上是人工智能服務的位置，無論是機器人框架還是認知服務。

So that's all the rich services where we're seeing significant customer action.

這就是我們看到重要客戶行動的所有豐富服務。

The other side of it is the edge.

它的另一面是邊緣。

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.

因此，我們在雲和邊緣的服務 Azure IoT 以及現在的 Azure Stack，真正從本季度開始，將成為另一種將 Azure 的豐富服務擴展到公共雲部署之外的方式。

So that's what hopefully gives you a flavor for the IP that we have.

因此，這就是希望讓您對我們擁有的 IP 有所了解的原因。

And then one linchpin that we have between, in fact, our SaaS services as well as Azure is Azure Active Directory.

實際上，我們的 SaaS 服務和 Azure 之間的一個關鍵是 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.

90% 的企業都在使用 Azure——使用 Active Directory，並且無論他們在哪個雲中擁有什麼應用程序，它們都與 Azure Active Directory 會合，因為這成為 IT 的一個非常關鍵的控制平面。

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

我們的最後一個問題將來自 Brad Reback 和 Stifel 的系列。

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?

艾米，隨著 Azure 業務的規模不斷擴大，並且對於 Raimo 的問題，溢價組合繼續成為其中更大的一部分，是否有任何理由認為毛利率的增長不應該在 18 年比以前加速在 17 年？

Thanks, Brad.

謝謝，布拉德。

The way I tend to think about it is, with any service, you want the gross margin itself to improve.

我傾向於考慮的方式是，對於任何服務，您都希望毛利率本身提高。

And that includes, in the Azure services, components themselves.

在 Azure 服務中，這包括組件本身。

The difference between core compute and store versus the premium layers can be significant, and we've had improvement across all of them.

核心計算層和存儲層與高級層之間的差異可能很大，我們在所有這些層上都有改進。

So the real question on how and where should the Azure gross margin be is about sort of the ultimate mix of those.

因此，關於 Azure 毛利率應該如何以及在哪裡的真正問題是關於這些的最終組合。

And we saw significant improvement this year.

今年我們看到了顯著的進步。

We expect a lot of improvement again next year on each of those service lines.

我們預計明年每條服務線都會有很大的改進。

And where the actual mix occurs among those lines, I think we'll just have to wait and see.

在這些線路之間實際混合發生的地方，我認為我們只需要拭目以待。

But -- and that's why I tend to not focus at that layer.

但是——這就是為什麼我傾向於不關注這一層。

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.

就像，你能不能把每一項服務都做得更好；你能做出物質上的改進嗎？然後，當然，您能否繼續使用和消費。

That leads to premium service usage.

這會導致優質服務的使用。

And of course, over time, you'd expect a higher mix of premium versus core.

當然，隨著時間的推移，您會期望溢價與核心的組合更高。

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

以上就是今天財報電話會議的問答部分。

As Amy mentioned, Frank and I will be hosting a conference call in early August to discuss the changes under the new revenue standard.

正如艾米所說，弗蘭克和我將在 8 月初召開電話會議，討論新收入標準下的變化。

You can find additional details for that on the Microsoft Investor Relations website when available.

如果可用，您可以在 Microsoft 投資者關係網站上找到更多詳細信息。

Thank you again for joining us today.

再次感謝您今天加入我們。

Thank you all.

謝謝你們。

Thanks.

謝謝。

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, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。