微軟 (MSFT) 2018 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Greetings, and welcome to the First Quarter Fiscal Year 2018 Microsoft Corporation Earnings Conference Call.

    您好,歡迎來到微軟公司 2018 財年第一季度收益電話會議。

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

    (操作員說明)作為提醒,本次會議正在錄製中。

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

    我想將電話轉給投資者關係總經理 Chris Suh。

  • Chris, please proceed.

    克里斯,請繼續。

  • Chris Suh - General Manager of IR

    Chris Suh - General Manager of IR

  • Thanks, Jessie.

    謝謝,傑西。

  • 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 financial summary slide deck, which is intended to supplement our prepared remarks during today's call.

    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中準備的評論。

  • As a reminder, this is the first quarter we're reporting our results under the new revenue standard, ASC 606.

    提醒一下,這是我們根據新收入標準 ASC 606 報告業績的第一季度。

  • As we detailed during a conference call we hosted on August 3, the adoption of this standard had several impacts but most materially, the revenue recognition of Windows 10 OEM licenses and the license component of on-premises annuity contracts.

    正如我們在 8 月 3 日召開的電話會議中詳述的那樣,採用該標準產生了若干影響,但最重要的是 Windows 10 OEM 許可證的收入確認和本地年金合同的許可證組件。

  • As we discuss our Q1 results and share our outlook on the call, please keep in mind the following: first, the new standard allows us to simplify the communication of our results by eliminating the non-GAAP revenue reporting; second, there is no change in customer billings, cash flows or revenue recognition for our cloud services, hardware, Enterprise Services and advertising businesses; and lastly, the quarterly seasonality of our revenue within a given year does change, and we may experience higher quarterly volatility as well.

    當我們討論我們的第一季度業績並分享我們對電話會議的展望時,請記住以下幾點:首先,新標准允許我們通過取消非公認會計原則的收入報告來簡化我們的業績溝通;其次,我們的雲服務、硬件、企業服務和廣告業務的客戶賬單、現金流或收入確認沒有變化;最後,我們在給定年份內收入的季度季節性確實會發生變化,我們也可能會經歷更高的季度波動。

  • The prior periods we'll reference on this call and in the earnings materials on our IR website have been restated to reflect adoption of this new standard.

    我們將在本次電話會議和我們投資者關係網站上的收益材料中引用的先前時期已被重述,以反映這一新標準的採用。

  • During our August 3 call, we also translated our outlook for Q1 into the new standard, and all references to expectations on this call refer to that translated guidance.

    在我們 8 月 3 日的電話會議中,我們還將第一季度的展望翻譯為新標準,本次電話會議中對預期的所有引用均指該翻譯後的指南。

  • You can find additional information on this accounting change located on the IR website.

    您可以在 IR 網站上找到有關此會計變更的更多信息。

  • All growth comparisons we make on the call today will 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將與去年同期有關。

  • We'll also provide growth rates in constant currency, when available, as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations.

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

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

    我們將在通話後立即將準備好的評論發佈到我們的網站,直到獲得完整的成績單。

  • Today's call is being webcast live and recorded.

    今天的電話正在網絡直播和錄製。

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

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

  • You can replay the call and view the transcript on the Microsoft Investor Relations website until October 26, 2018.

    在 2018 年 10 月 26 日之前,您可以在 Microsoft 投資者關係網站上重播電話並查看記錄。

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

    在本次電話會議期間,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、本次電話會議期間發表的評論以及我們的 10-K 表、10-Q 表和其他向美國證券交易委員會提交的報告和文件的風險因素部分中討論的因素,實際結果可能存在重大差異委員會。

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

    我們不承擔更新任何前瞻性陳述的義務。

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

    有了這個,我會把電話轉給 Satya。

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

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

    謝謝你,克里斯,也感謝電話裡的每一個人的加入。

  • We're off to a very strong start in FY '18, delivering double-digit top and bottom line growth and exceeding $20 billion in commercial cloud ARR, outpacing the goal we set just over 2 years ago.

    我們在 18 財年的開局非常強勁,實現了兩位數的頂線和底線增長,商業雲 ARR 超過 200 億美元,超過了我們在 2 年前設定的目標。

  • I'm proud of our team's work behind these results that spanned all of our segments.

    我為我們團隊在這些跨越我們所有領域的成果背後所做的工作感到自豪。

  • We now have 120 million monthly active users of Office 365 commercial.

    我們現在擁有 1.2 億月度 Office 365 商業版活躍用戶。

  • We have more than 530 million LinkedIn members.

    我們擁有超過 5.3 億領英會員。

  • Dynamics 365 customers grew 40% year-over-year.

    Dynamics 365 客戶同比增長 40%。

  • Azure Compute usage more than doubled this quarter, and revenue grew 90%; and Windows 10 commercial monthly active devices grew 90% year-over-year.

    本季度 Azure Compute 使用量翻了一番多,收入增長了 90%; Windows 10 商業月活躍設備同比增長 90%。

  • These results reflect our accelerating innovation as well as increased usage and engagement across all businesses as customers continue to choose Microsoft to help them transform.

    這些結果反映了我們加速創新,以及隨著客戶繼續選擇 Microsoft 來幫助他們轉型,所有企業的使用和參與度都有所提高。

  • Amy will cover our financial results in more detail, but today I wanted to talk about the key areas of innovation and opportunity for growth in 2018 and beyond.

    艾米將更詳細地介紹我們的財務業績,但今天我想談談創新的關鍵領域和 2018 年及以後的增長機會。

  • Our focus is on bringing our technology and products together into experiences and solutions that deliver new value for customers by galvanizing around 5 key solution areas: first, top of mind for every CEO is empowering their own employees for the modern workplace.

    我們的重點是將我們的技術和產品整合到體驗和解決方案中,通過激發大約 5 個關鍵解決方案領域為客戶帶來新的價值:首先,每位 CEO 的首要考慮是賦予他們自己的員工以適應現代工作場所的能力。

  • Microsoft 365 is our core offering to address this $500 billion-plus market.

    Microsoft 365 是我們應對這個價值超過 5000 億美元的市場的核心產品。

  • We are bringing together Office 365, Windows 10 and Enterprise Mobility and Security as a complete integrated solution for organizations of all sizes.

    我們將 Office 365、Windows 10 和企業移動性和安全性結合在一起,作為適用於各種規模組織的完整集成解決方案。

  • It represents a profound shift in the way we design, build and deliver our productivity solutions, moving to a people-centered approach, spanning all their devices to unlock creativity and inspire teamwork, while simplifying security and management.

    它代表了我們設計、構建和交付生產力解決方案方式的深刻轉變,轉向以人為本的方法,跨越所有設備以釋放創造力並激發團隊合作,同時簡化安全性和管理。

  • This past quarter, we launched a wave of innovation across Microsoft 365.

    上個季度,我們在 Microsoft 365 中掀起了一波創新浪潮。

  • The Windows 10 Fall Creators Update empowers people with new AI-first [in phases], ranging from voice-activated commands through Cortana, inking, immersive 3D content, storytelling and mixed reality experiences.

    Windows 10 Fall Creators Update 為人們提供了新的 AI 優先 [分階段],範圍從通過 Cortana 的語音激活命令、墨跡書寫、沉浸式 3D 內容、講故事和混合現實體驗。

  • Cloud sharing and co-authoring experiences are now natively enabled with OneDrive files on demand.

    雲共享和共同創作體驗現在通過 OneDrive 文件按需本地啟用。

  • We are making Windows 10 more accessible to everyone with new features like the eye control, which gives people the ability to operate a PC using just their eyes.

    我們通過目視控制等新功能讓每個人都更容易使用 Windows 10,這使人們能夠僅用眼睛操作 PC。

  • You'll see a great line-up of new Windows 10 devices this holiday, from the new Surface Book 2 to a vibrant range of devices from our OEM partners.

    您將在這個假期看到一系列新的 Windows 10 設備,從新的 Surface Book 2 到我們 OEM 合作夥伴提供的各種設備。

  • This month, we also introduced Windows mixed reality broadly.

    本月,我們還廣泛介紹了 Windows 混合現實。

  • Mixed reality, which is a voice, gaze and gesture interface, will fundamentally change the way people and teams collaborate.

    混合現實是一種語音、注視和手勢界面,將從根本上改變人們和團隊的協作方式。

  • Our work with Ford is a great example of this promise.

    我們與福特的合作就是這一承諾的一個很好的例子。

  • Ford's designers are using mixed reality to blend 3D holograms digitally with models and physical production vehicles, allowing them to experiment and iterate on design much more quickly.

    福特的設計師正在使用混合現實技術將 3D 全息圖與模型和實體量產車進行數字化融合,從而使他們能夠更快地進行設計試驗和迭代。

  • HoloLens, Windows VR headsets and Microsoft 365 enable any customer to blend physical and digital worlds across devices, empowering people to collaborate in the same shared experience from anywhere in the world.

    HoloLens、Windows VR 耳機和 Microsoft 365 使任何客戶能夠跨設備融合物理和數字世界,使人們能夠在世界任何地方以相同的共享體驗進行協作。

  • AI is infused across Microsoft 365 in a myriad of helpful ways, making it easier for people to create high-impact presentations and documents, automate routine tasks and search and discover people and content in highly personalized and relevant ways.

    人工智能以無數有用的方式註入到 Microsoft 365 中,使人們能夠更輕鬆地創建具有影響力的演示文稿和文檔、自動化日常任務以及以高度個性化和相關的方式搜索和發現人員和內容。

  • Beyond new AI capabilities in PowerPoint, Word, OneNote, SharePoint, we're enabling AI-first workloads like Bing and Cortana using the Microsoft Graph.

    除了 PowerPoint、Word、OneNote、SharePoint 中的新 AI 功能外,我們還使用 Microsoft Graph 支持 Bing 和 Cortana 等 AI 優先工作負載。

  • Soon, you'll be able to search not only the public Internet but also corporate intranet sites, line of business applications and people with Bing for Business now in private preview.

    很快,您將不僅可以搜索公共 Internet,還可以搜索企業 Intranet 站點、業務線應用程序和使用 Bing for Business 現在私人預覽版的人員。

  • With Cortana, you'll be able to query your calendar and automate tasks like scheduling a meeting or replying to an e-mail using just your voice.

    使用 Cortana,你將能夠查詢日曆並自動執行任務,例如安排會議或僅使用語音回復電子郵件。

  • Microsoft Teams is core to our vision for the modern workplace as a digital hub for teamwork, bringing together conversations, meetings and content into a single canvas.

    Microsoft Teams 是我們將現代工作場所作為團隊合作數字中心的願景的核心,將對話、會議和內容整合到一個畫布中。

  • We are integrating AI and cognitive services to make meetings more productive for users today and longer term.

    我們正在整合 AI 和認知服務,以使今天和長期的用戶會議更加高效。

  • Lastly, Microsoft 365 connects users, devices and SaaS applications into a single control plane to simplify IT management while providing comprehensive security across the entire digital estate.

    最後,Microsoft 365 將用戶、設備和 SaaS 應用程序連接到單個控制平面中,以簡化 IT 管理,同時為整個數字資產提供全面的安全性。

  • Today's sophisticated threats require AI-based security approaches.

    當今復雜的威脅需要基於 AI 的安全方法。

  • Using the Microsoft Intelligent Security Graph, we process billions of signals to detect and remediate threats.

    使用 Microsoft Intelligent Security Graph,我們處理數十億個信號以檢測和修復威脅。

  • New conditional access capabilities evaluate risk in real-time based on the user's account, device and application and physical location.

    新的條件訪問功能根據用戶的帳戶、設備和應用程序以及物理位置實時評估風險。

  • Our leading-edge security and management capabilities are just one reason customers trust Microsoft 365 for their modern workplace needs.

    我們領先的安全和管理功能只是客戶信任 Microsoft 365 來滿足其現代工作場所需求的原因之一。

  • Now I'll turn to LinkedIn and our business applications.

    現在我將轉向 LinkedIn 和我們的業務應用程序。

  • From the outset, the priority one was to ensure that LinkedIn, on its own, accelerate its mission and growth while retaining its culture as part of Microsoft.

    從一開始,當務之急是確保 LinkedIn 自己加速其使命和發展,同時保持其作為微軟一部分的文化。

  • Nearly 1 year in, we are ahead of plan with LinkedIn contributing positively to EPS ex purchase accounting in fiscal '18.

    近 1 年以來,LinkedIn 為 18 財年的 EPS 收購前會計做出了積極貢獻,我們提前完成了計劃。

  • Second, we're seeing record levels of engagement.

    其次,我們看到了創紀錄的參與度。

  • LinkedIn is on target to surpass 21 billion sessions this calendar year and has seen its fourth consecutive quarter of 20%-plus sessions growth.

    LinkedIn 的目標是在本日曆年超過 210 億次會話,並且已連續第四個季度實現 20% 以上的會話增長。

  • Engagement across the platform is strong, with 65% year-over-year growth in jobs, visitors across mobile and desktop, 60% growth in feed update views and nearly 40% growth in messages sent, driven by more ubiquitous messaging.

    整個平台的參與度很高,在更無處不在的消息傳遞的推動下,工作崗位、移動和桌面訪問者同比增長 65%、摘要更新視圖增長 60% 以及發送的消息增長近 40%。

  • Third, innovation and execution are accelerating in both the business and in the product integrations across Microsoft, with a positive reception to native video, career advice marketplace and this week's launch of smart reply messaging.

    第三,微軟的業務和產品集成都在加速創新和執行,原生視頻、職業建議市場和本週推出的智能回复消息獲得了積極響應。

  • LinkedIn profile integration in Office 365 delivers rich people insights from both the LinkedIn Graph and the Microsoft Graph.

    Office 365 中的 LinkedIn 個人資料集成提供了來自 LinkedIn Graph 和 Microsoft Graph 的豐富的人員見解。

  • The Microsoft Relationship Sales solution brings together LinkedIn Sales Navigator and Microsoft Dynamics to transform business-to-business sales through social selling.

    Microsoft 關係銷售解決方案將 LinkedIn Sales Navigator 和 Microsoft Dynamics 結合在一起,通過社交銷售轉變企業對企業的銷售。

  • Dynamics 365 for talent with LinkedIn Recruiter and Learning gives HR professionals a complete solution to compete in the talent marketplace.

    借助 LinkedIn Recruiter and Learning 面向人才的 Dynamics 365 為 HR 專業人員提供了在人才市場中競爭的完整解決方案。

  • You'll see more product integration in fiscal '18 as we continue to accelerate our innovation to connect the world's leading professional cloud with the world's leading professional network.

    隨著我們繼續加快創新以將世界領先的專業雲與世界領先的專業網絡連接起來,您將在 18 財年看到更多的產品集成。

  • Now I'll turn to 2 areas of our hybrid cloud value proposition: applications and infrastructure and data and AI.

    現在我將轉向我們混合雲價值主張的兩個領域:應用程序和基礎架構以及數據和人工智能。

  • We've been focused on addressing the real-world needs of customers with our differentiated approach to the cloud, architecting for hybrid consistency, developer productivity, AI capabilities and trusted security and compliance.

    我們一直專注於通過我們差異化的雲方法、混合一致性架構、開發人員生產力、人工智能功能以及可信賴的安全性和合規性來滿足客戶的實際需求。

  • Moreover, customers are choosing the Microsoft Cloud for its operational consistency, productivity and security that spans the entire digital estate, inclusive of Windows 10, security and management, Dynamics 365, Enterprise Mobility and Security and Azure.

    此外,客戶之所以選擇 Microsoft Cloud,是因為其跨越整個數字資產的運營一致性、生產力和安全性,包括 Windows 10、安全性和管理、Dynamics 365、企業移動性和安全性以及 Azure。

  • Let's double click on hybrid.

    讓我們雙擊混合。

  • To support the emerging Intelligent Cloud, Intelligent Edge application pattern, you need a consistent stack across the public cloud and the edge.

    為了支持新興的智能雲、智能邊緣應用模式,您需要一個跨公有云和邊緣的一致堆棧。

  • Merely providing co-location services or connectivity between on-premise data centers and the public cloud is not sufficient to meet customer needs.

    僅僅在本地數據中心和公共雲之間提供託管服務或連接並不足以滿足客戶的需求。

  • You need consistency across the development environment, operating models and technology stacks.

    您需要跨開發環境、操作模型和技術堆棧保持一致。

  • Azure provides this consistency across the entire stack, inclusive of identity, data, app platform, security and management -- at the edge and in the cloud.

    Azure 在整個堆棧中提供這種一致性,包括身份、數據、應用程序平台、安全和管理——在邊緣和雲中。

  • Our hybrid cloud is one of the reasons nearly every Fortune 500 company has chosen to partner with Microsoft.

    我們的混合雲是幾乎所有財富 500 強公司都選擇與 Microsoft 合作的原因之一。

  • Costco recently chose Azure as its hybrid cloud platform, and we are excited to partner with them on their digital transformation.

    Costco 最近選擇 Azure 作為其混合雲平台,我們很高興能與他們合作進行數字化轉型。

  • 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推動競爭優勢的人工智能。

  • Azure SQL DB makes it possible for customers to take SQL Server from their on-premise data center to a fully managed instance in the cloud with no code changes.

    Azure SQL DB 使客戶能夠將 SQL Server 從其本地數據中心轉移到雲中的完全託管實例,而無需更改代碼。

  • SQL 2017 is now broadly available on Windows, Linux, Docker containers with everything built in, including the ability to run AI compute close to the data with Python or R.

    SQL 2017 現在可在 Windows、Linux、Docker 容器上廣泛使用,內置所有內容,包括使用 Python 或 R 運行接近數據的 AI 計算的能力。

  • Azure Cosmos DB is the first globally distributed multimodal database that enables developers to write apps for IoT and other event-based serverless applications.

    Azure Cosmos DB 是第一個全球分佈式多模式數據庫,使開發人員能夠為 IoT 和其他基於事件的無服務器應用程序編寫應用程序。

  • We're accelerating our innovation to help every developer be an AI developer with approachable new tools from Azure Machine Learning Studio for creating simple ML models to powerful Azure Machine Learning Workbench for the most advanced AI modeling in data science.

    我們正在加速我們的創新,以幫助每個開發人員成為 AI 開發人員,從用於創建簡單 ML 模型的 Azure Machine Learning Studio 到用於數據科學中最先進的 AI 建模的強大 Azure Machine Learning Workbench 的平易近人的新工具。

  • We continue to enhance our cognitive services to give every enterprise powerful building blocks to create their own AI applications.

    我們繼續增強我們的認知服務,為每個企業提供強大的構建塊來創建自己的人工智能應用程序。

  • Finally, we continue to invest in making Azure the most trusted cloud with AI-based security built in.

    最後,我們繼續投資以使 Azure 成為最受信任的雲,並內置基於 AI 的安全性。

  • Azure confidential computing enables encryption of in-use data to ensure that information is always under customer control, a first for any public cloud.

    Azure 機密計算支持對使用中的數據進行加密,以確保信息始終處於客戶控制之下,這是任何公共雲的首創。

  • Our ongoing data center expansion brings Azure to 42 regions globally, more than any other cloud provider and 69 compliance offerings and the most comprehensive compliance coverage in the industry.

    我們正在進行的數據中心擴展將 Azure 帶到全球 42 個地區,比任何其他雲提供商都多,提供 69 種合規性產品和業內最全面的合規性覆蓋。

  • And new Azure availability zones provide new levels of resiliency for high-availability apps within a region and across regions.

    新的 Azure 可用性區域為區域內和跨區域的高可用性應用程序提供了新級別的彈性。

  • Now let me turn to our last solution area: gaming.

    現在讓我轉向我們的最後一個解決方案領域:遊戲。

  • We are mobilizing to pursue our expansive opportunity in the $100 billion-plus gaming industry, broadening our approach to how we think about gaming end-to-end from the way games are created and distributed to how they are played and viewed.

    我們正在動員起來,在價值超過 1000 億美元的遊戲行業中尋求廣闊的機會,拓寬我們對端到端遊戲的思考方式,從遊戲的創建和分發方式到遊戲的播放和觀看方式。

  • We will continue to connect our gaming assets across PC, console and mobile and work to grow and engage the more than 53 million Xbox LIVE member network more deeply and frequently with new services like Game Pass and Mixer.

    我們將繼續在 PC、遊戲機和移動設備上連接我們的遊戲資產,並努力通過 Game Pass 和 Mixer 等新服務更深入、更頻繁地發展和參與超過 5300 萬 Xbox LIVE 會員網絡。

  • And we are a few days away from launching the Xbox One X, the most technically advanced and powerful console ever built.

    我們距離發布 Xbox One X 還差幾天,這是有史以來技術最先進、功能最強大的遊戲機。

  • Moreover, we have high expectations for our gaming business to bring more people to more Microsoft experiences and broaden our engagement and usage scenarios.

    此外,我們對我們的遊戲業務寄予厚望,希望能夠為更多人帶來更多微軟體驗,並拓寬我們的參與度和使用場景。

  • This means fundamentally rethinking how we measure progress in gaming.

    這意味著從根本上重新思考我們如何衡量遊戲的進展。

  • While we continue to innovate across the console, PC and Xbox LIVE services, we see substantial additional opportunities across e-sports and streaming.

    雖然我們繼續在控制台、PC 和 Xbox LIVE 服務方面進行創新,但我們看到了電子競技和流媒體方面的大量額外機會。

  • At 20% this quarter, our software and services revenue growth reflects the early-stage potential of this larger opportunity.

    本季度我們的軟件和服務收入增長 20%,反映了這一更大機會的早期潛力。

  • We also see the opportunity to empower developers who work on console, PC and mobile games to use our cloud infrastructure and services to enhance their gameplay and community.

    我們還看到了機會,讓從事主機遊戲、PC 和手機遊戲的開發者能夠使用我們的雲基礎設施和服務來增強他們的遊戲玩法和社區。

  • Gaming pushes the boundaries of hardware and software innovation, with some of the most CPU and GPU-intensive applications and content, giving us a huge opportunity in the cloud.

    遊戲推動了硬件和軟件創新的界限,一些 CPU 和 GPU 最密集的應用程序和內容,為我們在雲中提供了巨大的機會。

  • As one example, PUBG Corp., with the hit game PlayerUnknown: Battlegrounds, is not only partnering to make Xbox the exclusive console at launch but is also running on Azure.

    例如,PUBG Corp. 與熱門遊戲 PlayerUnknown: Battlegrounds 合作,不僅在發佈時將 Xbox 打造為獨家遊戲機,而且還在 Azure 上運行。

  • In closing, across the company, we are mobilizing to pursue our 5 core customer solution areas.

    最後,在整個公司範圍內,我們正動員起來追求我們的 5 個核心客戶解決方案領域。

  • We are partnering deeply with our customers so that our new technologies and innovations can help them digitally transform, grow and thrive.

    我們正在與客戶深入合作,以便我們的新技術和創新能夠幫助他們實現數字化轉型、成長和繁榮。

  • 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 you for the 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,我期待著再次加入您的問題。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • Thank you, Satya, and good afternoon, everyone.

    謝謝你,Satya,大家下午好。

  • This quarter, revenue was $24.5 billion, up 12% and 11% in constant currency with better-than-expected performance across all segments.

    本季度,收入為 245 億美元,按固定匯率計算分別增長 12% 和 11%,所有部門的業績都好於預期。

  • Gross margin increased 15%, operating income increased 15% and earnings per share was $0.84, increasing 17%.

    毛利率增長 15%,營業收入增長 15%,每股收益為 0.84 美元,增長 17%。

  • Our strong start to the fiscal year with double-digit top and bottom line growth is a result of our consistent execution and ongoing investment in product innovation and sales capacity.

    我們在本財年的強勁開局,實現了兩位數的營收和利潤增長,這得益於我們一貫的執行力以及對產品創新和銷售能力的持續投資。

  • At a company level, LinkedIn contributed approximately 5 points of revenue and gross margin growth and had a 4-point drag on operating income.

    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,並拖累了營業收入 4 個百分點。

  • Excluding the cost amortization of acquired intangibles, LinkedIn contributed $78 million to operating income.

    不計收購無形資產的成本攤銷,LinkedIn 為營業收入貢獻了 7800 萬美元。

  • We are confidently ahead of our original financial commitment for LinkedIn.

    我們有信心實現我們對 LinkedIn 最初的財務承諾。

  • We now expect LinkedIn, ex purchase accounting, to be accretive to EPS this fiscal year.

    我們現在預計LinkedIn(前採購會計)將在本財年增加每股收益。

  • Our results were in line with macroeconomic trends, with better-than-expected performance from large markets like France, Japan and the U.K. and stabilization in markets like Brazil and Russia.

    我們的結果與宏觀經濟趨勢一致,法國、日本和英國等大型市場的表現好於預期,巴西和俄羅斯等市場趨於穩定。

  • Our sales team and partners delivered strong commercial results this quarter.

    我們的銷售團隊和合作夥伴在本季度取得了強勁的商業成果。

  • Multiyear commitments from customers contributed to an 89% annuity mix.

    客戶的多年承諾促成了 89% 的年金組合。

  • On a roughly flat dollar volume of EA expirations, we grew commercial bookings 14% and 9% in constant currency.

    在 EA 到期的美元數量大致持平的情況下,我們以固定匯率計算的商業預訂量分別增長了 14% 和 9%。

  • Commercial unearned revenue came in higher than we expected at $21.5 billion, primarily from higher software assurance billings and FX benefit.

    商業未實現收入高於我們預期的 215 億美元,主要來自更高的軟件保障賬單和外匯收益。

  • Our commercial cloud business had another quarter of robust revenue growth and material gross margin improvement.

    我們的商業雲業務又實現了四分之一的強勁收入增長和實質性毛利率改善。

  • Revenue exceeded $5 billion this quarter, growing 56% year-over-year and gross margin increased 8 points to 57%, with improvement in each cloud service, most notably in Azure.

    本季度收入超過 50 億美元,同比增長 56%,毛利率增長 8 個百分點至 57%,每個雲服務都有所改善,尤其是 Azure。

  • Our company gross margin was 66%, up 2 points from prior year as sales mix of higher-margin products and services, along with improving cloud margins, more than offset the impact of the growing cloud mix of revenue and LinkedIn amortization cost.

    我們公司的毛利率為 66%,比上年增長 2 個百分點,原因是利潤率較高的產品和服務的銷售組合,以及雲利潤率的提高,抵消了不斷增長的雲收入組合和 LinkedIn 攤銷成本的影響。

  • The FX impact of a weaker-than-expected U.S. dollar increased total company revenue growth by 1 point.

    美元弱於預期的外匯影響使公司總收入增長了 1 個百分點。

  • At the segment level, FX had minimal impact on Productivity and Business Processes and increased revenue growth in both Intelligent Cloud and More Personal Computing by 1 point.

    在細分市場層面,FX 對生產力和業務流程的影響微乎其微,智能雲和更多個人計算的收入增長均提高了 1 個百分點。

  • FX added 1 point of growth to operating expenses this quarter, which grew 16% and 15% in constant currency.

    FX 本季度的運營費用增加了 1 個百分點,按固定匯率計算分別增長了 16% 和 15%。

  • LinkedIn contributed 14 points of growth, including $154 million of amortization of acquired intangible expense.

    LinkedIn 貢獻了 14 個增長點,其中包括 1.54 億美元的收購無形費用攤銷。

  • Now to our segment results.

    現在來看我們的細分結果。

  • Revenue from Productivity and Business Processes segment grew 28%, also 28% in constant currency to $8.2 billion, with better-than-expected results due to FX as well as Office commercial, consumer and LinkedIn.

    生產力和業務流程部門的收入增長了 28%,按固定匯率計算也增長了 28%,達到 82 億美元,由於 FX 以及 Office 商業、消費者和 LinkedIn 的影響,結果好於預期。

  • LinkedIn contributed 18 points of growth.

    LinkedIn貢獻了18個百分點的增長。

  • Office commercial revenue increased 10% as revenue mix continued to shift to Office 365 commercial.

    隨著收入組合繼續轉向 Office 365 商業,Office 商業收入增長了 10%。

  • Office 365 commercial revenue grew 42% from strong installed base growth and ARPU expansion.

    Office 365 商業收入增長了 42%,這得益於強勁的安裝基數增長和 ARPU 擴展。

  • Companies like Lowe's and Devon Energy chose Office 365 to connect their employees and empower them in the modern workplace.

    Lowe's 和 Devon Energy 等公司選擇 Office 365 來連接他們的員工並在現代工作場所賦予他們權力。

  • And with our channel partners, we added, on average, more than 50,000 small and medium business customers each month, a trend we have sustained for more than 3 years.

    通過我們的渠道合作夥伴,我們平均每月增加超過 50,000 名中小型企業客戶,這一趨勢已經持續了 3 年多。

  • Office 365 commercial seat growth was up 1 point sequentially to 32% and declined 8 points year-over-year.

    Office 365 商業座席增長環比增長 1 個百分點至 32%,同比下降 8 個百分點。

  • We do expect that year-over-year trend to continue, given the increasing size of the base.

    鑑於基地規模不斷擴大,我們確實預計這種同比趨勢將繼續下去。

  • Office consumer revenue increased 12% or 10% in constant currency, driven by recurring subscription revenue and growth in our subscriber base, now at 28 million.

    受經常性訂閱收入和我們用戶群增長(目前為 2800 萬)的推動,辦公室消費者收入按固定匯率計算增長了 12% 或 10%。

  • Our Dynamics business grew 13% and 12% in constant currency, driven by the revenue mix shift to Dynamics 365.

    在收入組合轉向 Dynamics 365 的推動下,我們的 Dynamics 業務按固定匯率計算分別增長了 13% 和 12%。

  • Customers like the U.S. Department of Veterans Affairs and the Seattle Seahawks, have adopted Dynamics 365 to modernize their business processes.

    美國退伍軍人事務部和西雅圖海鷹隊等客戶已採用 Dynamics 365 對其業務流程進行現代化改造。

  • Dynamics 365 grew 69%, same in constant currency with continued installed base and ARPU growth.

    Dynamics 365 增長 69%,按固定匯率計算,安裝基數和 ARPU 持續增長。

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

    LinkedIn 本季度的收入約為 11 億美元,略好於我們的預期。

  • Post-acquisition sales execution has been strong, with record levels of user engagement.

    收購後的銷售執行非常強勁,用戶參與度達到創紀錄水平。

  • This quarter, LinkedIn sessions again grew more than 20%.

    本季度,LinkedIn 會話再次增長超過 20%。

  • Segment gross margin dollars grew 25% and 24% in constant currency with 15 points of contribution from LinkedIn, including $218 million of amortization.

    LinkedIn 貢獻了 15 個百分點,其中包括 2.18 億美元的攤銷,按固定匯率計算,分部毛利率分別增長了 25% 和 24%。

  • Gross margin percentage declined due to the impact of LinkedIn-related amortization.

    由於領英相關攤銷的影響,毛利率下降。

  • Operating expenses grew 54% and 53% in constant currency with 49 points from LinkedIn, including $154 million of amortization expense.

    營業費用按固定匯率計算分別增長 54% 和 53%,領英獲得 49 分,其中包括 1.54 億美元的攤銷費用。

  • Operating income increased 3% and 4% in constant currency, with 10 points of negative impact from LinkedIn.

    營業收入按固定匯率計算分別增長 3% 和 4%,領英帶來了 10 個百分點的負面影響。

  • The Intelligent Cloud segment delivered $6.9 billion in revenue, growing 14% and 13% in constant currency with better-than-expected performance driven by hybrid cloud results as well as FX.

    智能雲部門實現了 69 億美元的收入,按固定匯率計算分別增長 14% 和 13%,在混合雲業績和外彙的推動下表現好於預期。

  • Server products and cloud services revenue grew 17%, also 17% in constant currency with another quarter of double-digit annuity revenue growth.

    服務器產品和雲服務收入增長了 17%,按固定匯率計算也增長了 17%,另外四分之一的年金收入增長了兩位數。

  • Azure revenue grew 90% and 89% in constant currency, and Azure premium revenue grew triple digits for the 13th consecutive quarter.

    Azure 收入按固定匯率計算分別增長了 90% 和 89%,Azure 高級收入連續第 13 個季度增長了三位數。

  • Our unique ability to provide a distributed hybrid model for the Intelligent Cloud and Intelligent Edge continues to attract customers to Microsoft.

    我們為智能雲和智能邊緣提供分佈式混合模型的獨特能力繼續吸引客戶加入 Microsoft。

  • Symantec, the industry's largest security vendor, has adopted a company-wide hybrid strategy with Azure, including delivery of its Norton consumer products to a global community of more than 50 million people.

    業界最大的安全供應商賽門鐵克已採用 Azure 的全公司混合戰略,包括向擁有超過 5000 萬人的全球社區提供諾頓消費產品。

  • And financial services firms like Bank of America, TD Bank and Sumitomo Mitsui Banking Corporation, are all using Azure and its data services to improve customer experiences.

    美國銀行、道明銀行和三井住友銀行等金融服務公司都在使用 Azure 及其數據服務來改善客戶體驗。

  • Enterprise Services revenue grew 1% and was flat in constant currency as premium support services growth offset declines in custom support agreements for Windows Server 2003.

    由於高級支持服務的增長抵消了 Windows Server 2003 定制支持協議的下降,企業服務收入增長了 1%,並且按固定匯率計算持平。

  • Segment gross margin dollars grew 10%, the same in constant currency, and segment gross margin percentage declined due to the increasing cloud revenue mix and lower Enterprise Services margins, partially offset by material improvement in Azure's gross margin.

    分部毛利率增長 10%,按固定貨幣計算,分部毛利率百分比下降,原因是雲收入組合增加和企業服務利潤率下降,部分被 Azure 毛利率的實質性改善所抵消。

  • This quarter, operating expenses grew 3% or 2% in constant currency from ongoing investments in sales capacity and engineering.

    本季度,由於對銷售能力和工程的持續投資,按固定匯率計算的運營費用增長了 3% 或 2%。

  • Operating income increased 20%, the same in constant currency.

    營業收入增長 20%,按固定匯率計算。

  • Now to More Personal Computing.

    現在到更多的個人計算。

  • Revenue from this segment was $9.4 billion with FX as well as each core business contributing to the segment's better-than-expected results.

    該部門的收入為 94 億美元,其中外匯以及每個核心業務對該部門的業績好於預期做出了貢獻。

  • Excluding phone, revenue grew 3%, the same in constant currency.

    不包括電話,收入增長 3%,按固定匯率計算相同。

  • Both the commercial and the consumer PC markets were better than we expected, contributing to OEM revenue growth of 4%.

    商用和消費 PC 市場都好於我們的預期,推動 OEM 收入增長 4%。

  • OEM Pro revenue grew 7%, ahead of the commercial PC market from a higher mix of premium SKUs and a couple points from timing of license purchases.

    OEM Pro 收入增長了 7%,領先於商用 PC 市場,原因是高級 SKU 的組合更高,許可證購買時間也增加了幾個點。

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

    我們繼續看到 Windows 10 部署週期推動商業客戶硬件需求。

  • OEM non-Pro revenue was down 1%, in line with the consumer PC market and reflecting healthier conditions in key markets like Brazil and Russia.

    OEM 非專業收入下降 1%,與消費 PC 市場一致,反映了巴西和俄羅斯等主要市場的健康狀況。

  • Inventory levels were in the normal range for a preholiday quarter.

    節前一個季度的庫存水平處於正常範圍內。

  • Windows commercial products and services grew 7% and 6% in constant currency, mainly driven by seat growth.

    Windows 商業產品和服務按固定匯率計算分別增長 7% 和 6%,主要受座席增長的推動。

  • We continue to see enterprise customer momentum with Coca-Cola Company, Her Majesty Revenue and Customs and Rogers Communications choosing Windows 10 for its intelligent security features and advanced management capabilities.

    隨著可口可樂公司、英國稅務海關總署和羅傑斯通信公司選擇 Windows 10 的智能安全功能和先進的管理功能,我們繼續看到企業客戶的勢頭。

  • Patent licensing declined this quarter, primarily due to onetime impact of IP deals signed in the prior year.

    本季度專利許可下降,主要是由於上一年簽署的知識產權交易的一次性影響。

  • Search revenue ex TAC grew 15%, the same in constant currency from higher revenue per search and stronger-than-expected performance from volume.

    搜索收入(不含 TAC)增長 15%,按固定匯率計算,每次搜索收入增加和銷量表現強於預期。

  • Our online businesses showed healthy improvement in revenue growth and profitability as we realized the benefits of scale.

    隨著我們意識到規模帶來的好處,我們的在線業務在收入增長和盈利能力方面表現出健康的改善。

  • Our Surface business grew 12% and 11% in constant currency, driven by sales of the new Surface Laptop in both the commercial and consumer segments.

    我們的 Surface 業務按固定匯率計算分別增長了 12% 和 11%,這得益於新款 Surface Laptop 在商業和消費領域的銷售。

  • We continued to see solid execution through the product life cycle transition between Pro 4 and our new devices.

    通過 Pro 4 和我們的新設備之間的產品生命週期過渡,我們繼續看到穩健的執行。

  • Gaming revenue grew 1% and was flat in constant currency as Xbox software and services growth offset declines in hardware.

    由於 Xbox 軟件和服務的增長抵消了硬件的下降,遊戲收入增長了 1%,並且按固定匯率計算持平。

  • Software and services revenue grew 21% or 20% in constant currency, driven by continued growth in monetization.

    在貨幣化持續增長的推動下,軟件和服務收入按固定匯率計算增長了 21% 或 20%。

  • Our engaged user base grew 13% to 53 million monthly active users across Xbox One, Windows 10 and mobile platforms.

    我們的活躍用戶群在 Xbox One、Windows 10 和移動平台上增長了 13%,達到每月 5300 萬活躍用戶。

  • Additionally, new services like Game Pass and Mixer, which create more opportunity for engagement and monetization, showed encouraging early results.

    此外,Game Pass 和 Mixer 等新服務為參與和貨幣化創造了更多機會,顯示出令人鼓舞的早期成果。

  • Segment gross margin dollars increased 10%.

    分部毛利率增長 10%。

  • Gross margin percentage increased, primarily due to 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 1% or 2% in constant currency from lower Windows and gaming marketing spend and our last full quarter of significant benefit from Phone savings.

    由於 Windows 和遊戲營銷支出的下降以及我們上一季度從電話節省中獲得的顯著收益,運營費用按固定匯率計算下降了 1% 或 2%。

  • Operating income grew 26%, the same in constant currency.

    營業收入增長 26%,按固定匯率計算相同。

  • Now back to our overall company results.

    現在回到我們公司的整體業績。

  • This quarter, we invested approximately $2.7 billion in capital expenditures, including finance leases, down sequentially and lower-than-originally planned, mainly due to quarter-to-quarter volatility.

    本季度,我們在資本支出(包括融資租賃)上的投資約為 27 億美元,環比下降且低於原計劃,主要是由於季度間波動。

  • Cash paid for property and equipment was approximately $2.1 billion.

    為財產和設備支付的現金約為 21 億美元。

  • Our significant capital investment continues based on customer demand and usage signal, and the teams remain focused on gross margin improvement as they deploy services globally to meet that demand signal.

    我們繼續根據客戶需求和使用信號進行重大資本投資,團隊繼續專注於提高毛利率,因為他們在全球部署服務以滿足該需求信號。

  • Free cash flow grew 10% from operating cash flow growth of 8%.

    自由現金流從經營現金流增長 8% 增長 10%。

  • As a reminder, in the prior year, we had $1.3 billion in unsettled cash equivalent positions that reversed the following quarter.

    提醒一下,在上一年,我們有 13 億美元的未結算現金等價物頭寸在下個季度扭轉。

  • Excluding this amount, free cash flow increased 27% from higher customer collections following strong billings growth and working capital improvement in the hardware business, primarily driven by our exit in the phone business.

    不包括這一數額,隨著硬件業務強勁的賬單增長和營運資金的改善,主要受我們退出電話業務的推動,客戶收款增加了 27% 的自由現金流。

  • Other income and expense was $276 million, a little more than planned as we continued to see opportunities in the equity market to realize gains throughout the quarter.

    其他收入和支出為 2.76 億美元,略高於計劃,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 effective tax rate was 18%, 1 point lower than we expected, primarily due to geographic mix of revenue.

    我們的有效稅率為 18%,比我們預期的低 1 個百分點,主要是由於收入的地域組合。

  • This quarter, we returned $4.8 billion to shareholders through dividends and share repurchases.

    本季度,我們通過股息和股票回購向股東返還了 48 億美元。

  • Now let's turn to the Q2 outlook.

    現在讓我們轉向第二季度的展望。

  • First on FX.

    首先是外匯。

  • Assuming current rates remain stable, we expect FX to increase revenue growth by 1 point, COGS growth by 1 point and OpEx growth by 2 points.

    假設當前利率保持穩定,我們預計外匯收入增長 1 個百分點,銷貨成本增長 1 個百分點,運營支出增長 2 個百分點。

  • Our commercial business should remain healthy, with solid renewal execution and increasing customer demand for our hybrid cloud services and new cloud solutions like Microsoft 365.

    我們的商業業務應該保持健康,續訂執行穩健,客戶對我們的混合雲服務和 Microsoft 365 等新雲解決方案的需求不斷增加。

  • Turning to commercial bookings.

    轉向商業預訂。

  • As you know, the underlying dollar volume of EA expirations impacts commercial bookings growth.

    如您所知,EA 到期的潛在美元交易量會影響商業預訂量的增長。

  • For the full year, total expirations will be up slightly, but Q2 expiration dollar volume will be down roughly 20%, impacting our Q2 commercial bookings growth.

    全年,總到期量將略有上升,但第二季度到期美元交易量將下降約 20%,影響我們第二季度的商業預訂增長。

  • We expect commercial unearned revenue to be down approximately 7% sequentially, reflecting normal seasonality.

    我們預計商業未實現收入將環比下降約 7%,反映正常的季節性。

  • We remain committed to material improvement in our commercial cloud gross margin percentage.

    我們仍然致力於大幅提高我們的商業雲毛利率百分比。

  • Margin performance is variable quarter-to-quarter, driven by revenue mix and seasonality as well as the timing of infrastructure spend.

    受收入組合和季節性以及基礎設施支出時間的推動,利潤率表現在每個季度都有所不同。

  • We expect continued year-over-year margin improvement and sequential trends consistent with prior years.

    我們預計利潤率將繼續同比提高,並且連續趨勢與往年一致。

  • Next to CapEx.

    在資本支出旁邊。

  • 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。

  • And on accrual dollar basis, we expect a sequential dollar increase next quarter.

    在應計美元的基礎上,我們預計下一季度美元將連續上漲。

  • In Productivity and Business Processes, we expect revenue between $8.75 billion and $8.95 billion.

    在生產力和業務流程方面,我們預計收入在 87.5 億美元至 89.5 億美元之間。

  • Office 365 commercial growth will continue to outpace the transactional decline.

    Office 365 的商業增長將繼續超過交易量的下降。

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

    考慮到上一年的可比性,我們預計我們的辦公消費者業務的增長率會更加溫和。

  • In Dynamics, we expect continued double-digit revenue growth, driven by the shift to Dynamics 365.

    在 Dynamics 方面,我們預計在轉向 Dynamics 365 的推動下,收入將繼續保持兩位數增長。

  • And we expect approximately $1.2 billion of LinkedIn revenue, reflecting continued strong sales execution by the team.

    我們預計 LinkedIn 收入約為 12 億美元,反映了團隊持續強勁的銷售執行力。

  • Intelligent Cloud, we expect revenue between $7.35 billion and $7.55 billion, with another quarter of double-digit revenue growth across server products and cloud services.

    智能雲,我們預計收入在 73.5 億美元至 75.5 億美元之間,服務器產品和雲服務的收入將再增長四分之一。

  • As a reminder, starting in Q2 of last year, the launch of Windows Server 2016 drove strong on-premises performance, resulting in 6% constant currency growth for server products.

    提醒一下,從去年第二季度開始,Windows Server 2016 的推出推動了強勁的本地性能,導致服務器產品的貨幣增長率為 6%。

  • This comparable will impact the segment year-over-year growth rate.

    這種可比性將影響該細分市場的同比增長率。

  • We expect enterprise services revenue growth to be similar to last quarter, driven by premier support services offsetting declines in custom support agreements.

    我們預計企業服務收入增長將與上一季度相似,主要支持服務抵消了定制支持協議的下降。

  • In More Personal Computing, we expect revenue between $11.7 billion to $12.1 billion.

    在更多個人計算方面,我們預計收入在 117 億美元至 121 億美元之間。

  • First on Windows.

    首先在 Windows 上。

  • OEM revenue should track roughly in line with the overall PC market.

    OEM 收入應該與整體 PC 市場大致一致。

  • Specifically, OEM Pro revenue growth should be more aligned to the commercial PC market, normalizing for a couple of points of growth from the timing of licensing purchasing in the first quarter.

    具體來說,OEM Pro 收入增長應該更符合商用 PC 市場,從第一季度的許可購買時間開始正常化幾個增長點。

  • Next, devices.

    接下來,設備。

  • In Surface, we expect revenue to be up slightly from Q1 as we continue to transition to the new Surface Pro, ramp Surface Laptop and launch the Surface Book 2. Also in November of last year, we closed the sale of our feature phone business, so this will be the final quarter of revenue comparability impacted by the phone.

    在 Surface 方面,隨著我們繼續過渡到新的 Surface Pro、推出 Surface 筆記本電腦並推出 Surface Book 2,我們預計收入將比第一季度略有增長。同樣在去年 11 月,我們完成了功能手機業務的銷售,所以這將是受手機影響的收入可比性的最後一個季度。

  • We expect double-digit revenue growth in search ex TAC, reflecting continued strong performance in both rate and volume.

    我們預計搜索引擎(不含 TAC)的收入將實現兩位數增長,這反映了速度和數量的持續強勁表現。

  • And finally, gaming.

    最後,遊戲。

  • We expect revenue growth from the launch of the Xbox One console and continued healthy growth of software and services revenue.

    我們預計 Xbox One 主機的推出以及軟件和服務收入的持續健康增長將帶來收入增長。

  • In Q2, the higher mix of gaming hardware revenue will significantly impact both the segment and company gross margin percentages.

    在第二季度,更高的遊戲硬件收入組合將顯著影響該部門和公司的毛利率百分比。

  • We expect COGS between $11 billion and $11.2 billion, in the normal range for a holiday quarter with new device launches and including 1 point of FX headwind.

    我們預計銷貨成本在 110 億美元至 112 億美元之間,處於假期季度的正常範圍內,新設備推出,包括 1 個外匯逆風點。

  • This includes approximately $400 million of LinkedIn COGS, of which $220 million is related to amortization expense.

    這包括約 4 億美元的 LinkedIn COGS,其中 2.2 億美元與攤銷費用有關。

  • We expect operating expenses of $9.1 billion to $9.2 billion, which includes 2 points of FX headwind.

    我們預計運營費用為 91 億至 92 億美元,其中包括 2 個外匯逆風。

  • This includes $1.1 billion of LinkedIn expenses, of which $154 million is related to amortization.

    這包括 11 億美元的 LinkedIn 費用,其中 1.54 億美元與攤銷有關。

  • Other income and expense should be approximately $450 million as we continued to take gains in our equities portfolio; and we expect this pace to continue until the end of the fiscal year.

    隨著我們繼續從股票投資組合中獲取收益,其他收入和支出應約為 4.5 億美元;我們預計這一步伐將持續到本財年末。

  • Now let me share some additional comments on fiscal '18, given our strong first quarter results, our business momentum and the changing currency landscape.

    鑑於我們強勁的第一季度業績、我們的業務勢頭和不斷變化的貨幣格局,現在讓我分享一些關於 18 財年的額外評論。

  • First on FX.

    首先是外匯。

  • For the full year at current rates, we expect FX to increase revenue, COGS and OpEx growth at the company level by 1 point.

    按照目前的速度,我們預計 FX 全年將使公司層面的收入、銷貨成本和運營支出增長 1 個百分點。

  • Therefore, we now expect full year operating expense growth, excluding LinkedIn, to be between 4% and 5%.

    因此,我們現在預計全年運營費用增長(不包括 LinkedIn)將在 4% 至 5% 之間。

  • This is unchanged from our prior outlook except for the updated FX impact.

    除了更新的外匯影響外,這與我們之前的展望沒有變化。

  • Second on margins.

    第二是利潤。

  • With our strong Q1 results and the FX impacts I just outlined, we are trending a bit better on both gross and operating margin relative to our original full year outlook of down roughly 1 point each.

    憑藉我們強勁的第一季度業績和我剛剛概述的外匯影響,我們的毛利率和營業利潤率都比我們最初的全年預期分別下降約 1 個百分點有所好轉。

  • We now expect operating margin ex LinkedIn, to be up year-over-year even as we increase investment to support long-term top line growth in commercial cloud, AI, mixed reality, quantum, new hardware launches and the continued transformation of our sales team.

    我們現在預計除 LinkedIn 外的營業利潤率將同比上升,儘管我們增加了投資以支持商業雲、人工智能、混合現實、量子、新硬件發布和我們銷售的持續轉型的長期收入增長團隊。

  • Third, tax rate.

    第三,稅率。

  • We're updating our full year tax rate to 22%, plus or minus 2 points, with variability due to the mix of service and license revenue, geographic mix of revenue and timing of equity vest and expect next quarter's tax rate to come in at the midpoint of that full year range.

    我們將全年稅率更新為 22%,正負 2 個百分點,由於服務和許可收入的組合、收入的地理組合和股權歸屬的時間而存在差異,預計下一季度的稅率將在全年範圍的中點。

  • Chris, let's go to Q&A.

    克里斯,我們去問答吧。

  • Chris Suh - General Manager of IR

    Chris Suh - General Manager of IR

  • Thanks, Amy.

    謝謝,艾米。

  • We'll now move to Q&A.

    我們現在將轉到問答環節。

  • Jessie, can you please repeat your instructions?

    傑西,你能重複一下你的指示嗎?

  • Operator

    Operator

  • (Operator Instructions) Our first question is coming from the line of Keith Weiss with Morgan Stanley.

    (操作員說明)我們的第一個問題來自摩根士丹利的 Keith Weiss。

  • Keith Weiss - Equity Analyst

    Keith Weiss - Equity Analyst

  • Satya, a question for you.

    Satya,問你一個問題。

  • We've been seeing Intelligent Cloud growing very well for quite some time, Azure sustaining very, very impressive growth rates, but even the server and tools business sustaining growth.

    很長一段時間以來,我們一直看到智能雲增長得非常好,Azure 保持了非常非常令人印象深刻的增長率,但即使是服務器和工具業務也在保持增長。

  • When we think about the drivers of that growth, is this just continued share gains by Microsoft enabling you guys to outgrow the market?

    當我們考慮這種增長的驅動力時,這僅僅是微軟持續的份額增長使你們能夠超越市場嗎?

  • Or have you started to see stuff like AI and all these additional cognitive services that you bring to the market actually accelerating workload growth within your customers?

    或者您是否開始看到諸如 AI 之類的東西以及您為市場帶來的所有這些額外的認知服務實際上加速了您客戶的工作負載增長?

  • You're actually like building new market opportunity for yourself with these additional services.

    您實際上喜歡通過這些附加服務為自己建立新的市場機會。

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Thanks, Keith, for the question.

    謝謝,基思,這個問題。

  • I would say, all of the above.

    我會說,以上所有。

  • One of the things that we started always, we always believed in distributed computing, and we've built for that -- so when we say hybrid, we never thought of it as some kind of a temporary state, but we always thought the edge and the cloud was going to be where the application pattern was in fact going to get to.

    我們總是開始做的事情之一,我們一直相信分佈式計算,並且我們為此而構建——所以當我們說混合時,我們從不認為它是某種臨時狀態,但我們一直認為邊緣計算雲將成為應用程序模式實際上要到達的地方。

  • In fact, I'm very excited about some of the new workloads.

    事實上,我對一些新的工作負載感到非常興奮。

  • If I look at whether it's IoT or AI, the 2 workloads that are new, both of them require both computation and intelligence on the edge and a very new way to do even computation, which is as event-driven computation.

    如果我看看它是物聯網還是人工智能,這兩個新的工作負載,它們都需要邊緣計算和智能,以及一種非常新的方式來進行甚至計算,即事件驅動計算。

  • So we feel good about new workload growth.

    因此,我們對新的工作量增長感到滿意。

  • We feel good about this lift, shift, modernize motions that are happening.

    我們對正在發生的這種提升、轉變和現代化運動感覺良好。

  • We feel that we're well positioned for both meeting today's realities of our enterprise customers but most importantly, where on a secular basis, I believe, hybrid computing is going, which is to this architectural pattern of Intelligent Cloud, Intelligent Edge.

    我們認為我們已經做好了滿足當今企業客戶現實的準備,但最重要的是,我相信混合計算的長期發展方向是智能雲、智能邊緣的架構模式。

  • Operator

    Operator

  • The next question is coming from the line of Heather Bellini with Goldman Sachs.

    下一個問題來自高盛集團的 Heather Bellini。

  • Heather Anne Bellini - Research Analyst

    Heather Anne Bellini - Research Analyst

  • I had a question related to Azure.

    我有一個與 Azure 相關的問題。

  • You guys mentioned on the call that premium services grew triple digits for the 13th quarter in a row.

    你們在電話會議上提到,優質服務連續第 13 個季度增長了三位數。

  • And I was wondering if you could give us a sense for how to think about the percentage of workloads that are now running premium services as a percentage of the total.

    我想知道您是否可以讓我們了解如何考慮現在運行高級服務的工作負載佔總數的百分比。

  • And/or is there -- are we at the point now where that's a high enough percentage of the mix that we're at a tipping point here, where what seems like very significant gross margin progression is going to continue at this similar clip?

    和/或是否存在 - 我們現在是否處於我們處於臨界點的足夠高比例的組合中,在這個類似的片段中似乎非常顯著的毛利率增長將繼續?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • I mean, I can start, and Amy, you can add to this.

    我的意思是,我可以開始,艾米,你可以補充一下。

  • The premium services, for example, the way we think about them is in everything related to our data is -- and especially the higher level databases.

    例如,優質服務,我們對它們的看法是與我們的數據相關的一切——尤其是更高級別的數據庫。

  • I'm not talking about raw storage, but this is Cosmos DB or Azure DB or any of the data services, our IoT services, our AI services are all the premium services.

    我不是在談論原始存儲,但這是 Cosmos DB 或 Azure DB 或任何數據服務,我們的 IoT 服務,我們的 AI 服務都是高級服務。

  • And there is a path.

    還有一條路。

  • Every customer sometimes just starts with Infrastructure as a Service and some storage.

    每個客戶有時只是從基礎架構即服務和一些存儲開始。

  • And then the lift, shift turns into lift, shift and modernize and that's where these premium services get activated.

    然後提升、轉移變成提升、轉移和現代化,這就是激活這些優質服務的地方。

  • So they definitely are margin accretive for us, but most importantly, they add a tremendous amount of value to the customers.

    因此,它們絕對可以為我們增加利潤,但最重要的是,它們為客戶增加了巨大的價值。

  • And I'll let Amy add any additional color to that.

    我會讓艾米為它添加任何額外的顏色。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • And I think Heather, it gives me good opportunity to talk a little bit about the real drivers of the Azure gross margin improvement.

    我認為 Heather,它給了我一個很好的機會來談談 Azure 毛利率提高的真正驅動因素。

  • There are really, when you think about it, 3. The first one's just pure revenue scale.

    仔細想想,確實有 3。第一個只是純粹的收入規模。

  • We've done such a terrific job, I think, of growing and focusing and the innovation we put in and having our sales teams, through investments we've made for the past couple of years, and competency building land that at customers.

    我認為,通過過去幾年的投資以及在客戶那裡建立土地的能力,我們在發展和專注以及我們投入的創新和擁有我們的銷售團隊方面做得非常出色。

  • The second component and the one you'd asked about is a little bit about that premium services revenue mix.

    第二個組成部分,也是您詢問的那個部分,是關於優質服務收入組合的一點點。

  • And you're absolutely seeing the impact of that growth as mix show up in the gross margin.

    而且您絕對可以看到這種增長的影響,因為毛利率中出現了混合。

  • In addition to the workload Satya mentioned, I also bring up EMF.

    除了 Satya 提到的工作量之外,我還提到了 EMF。

  • EMF continues to be, I think, an incredible value to customers.

    我認為,EMF 對客戶來說仍然具有難以置信的價值。

  • And I think we've done a very good job of pointing out its competitive advantages, and we're seeing that also benefit margins.

    而且我認為我們在指出其競爭優勢方面做得非常好,而且我們看到這也有利於利潤率。

  • And finally, just a strong work on the infrastructure team, both between hardware innovation done at everything from the network, all the way to the [products] and their integration with each other as well as the software innovation being done on top of it.

    最後,基礎架構團隊的工作非常出色,無論是在從網絡到 [產品] 的所有方面進行的硬件創新,以及它們之間的相互集成,以及在其之上進行的軟件創新。

  • Those things together, with premium being a component of that, are all lending itself to gross margin improvement.

    這些東西,加上溢價是其中的一個組成部分,都有助於提高毛利率。

  • Operator

    Operator

  • Our next question is coming from the line of Phil Winslow with Wells Fargo.

    我們的下一個問題來自富國銀行的 Phil Winslow。

  • Philip Alan Winslow - Senior Analyst

    Philip Alan Winslow - Senior Analyst

  • I just want to focus in on Office because you've obviously spent a fair amount of time on Azure, the gross margins there.

    我只想專注於 Office,因為您顯然在 Azure 上花費了相當多的時間,那裡的毛利率。

  • But within Office, you've got several secular trends as well as just mix shift going on there just from a price point perspective as well as the gross margin between the different levels of E1, E3, E5.

    但在 Office 中,你有幾個長期趨勢,並且只是從價格點的角度來看,以及 E1、E3、E5 不同級別之間的毛利率。

  • So wondering if you can give us some color on what we're seeing there because obviously, there is healthy seat growth, revenues outpacing and it seems like margins are as well.

    所以想知道你是否可以給我們一些關於我們在那裡看到的東西的顏色,因為很明顯,有健康的座位增長,收入超過了,而且似乎利潤率也是如此。

  • So just [rise] more color on sort of what we've been seeing an kind of how you think about that trending going forward.

    因此,只需在我們所看到的那種你對未來趨勢的看法上增加更多色彩。

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Let me just start at the highest levels because for us, again in this last quarter, some of the innovation that we launched, I think, is also pretty key as you look forward to what it means for Office and Office growth.

    讓我從最高級別開始,因為對我們來說,再次在上個季度,我認為我們推出的一些創新也是非常關鍵的,因為您期待它對 Office 和 Office 增長意味著什麼。

  • One of the new suites we have is called F1 and this is about first-line work.

    我們擁有的其中一個新套件稱為 F1,這是關於一線工作的。

  • So Office is no longer limited just to the knowledge workers.

    因此,Office 不再僅限於知識工作者。

  • In fact, we see significant opportunity for some of our teamwork, collaboration, communications as well as scheduling software to be very, very relevant for anyone who is on the manufacturing plant or a retail specialist.

    事實上,我們認為我們的一些團隊合作、協作、通信以及調度軟件對於製造工廠或零售專家的任何人來說都非常非常重要。

  • Some of our social tools like llama are increasingly getting used for broad communications, inclusive of Skype for Teams.

    我們的一些社交工具(例如 llama)正越來越多地用於廣泛的通信,包括 Skype for Teams。

  • So I just wanted to put that in there as well as the -- there is, of course, E3.

    所以我只是想把它放在那裡,當然還有E3。

  • There is E3 to E5.

    有 E3 到 E5。

  • But there is also F1, which is increasing the overall penetration.

    但也有F1,正在增加整體滲透率。

  • And not to mention the small business segment.

    更不用說小企業部門了。

  • And of course, all the markets that we participate in with Office 365 where we don't have much of a server business at all.

    當然,在我們使用 Office 365 參與的所有市場中,我們根本沒有太多的服務器業務。

  • We sold Office on-premise or Office perpetual clients.

    我們出售 Office 本地或 Office 永久客戶。

  • But now you can have a small business in a country like India buy Office 365 as a subscription service.

    但是現在您可以在印度這樣的國家/地區擁有一家小型企業,購買 Office 365 作為訂閱服務。

  • So those are all the things that are in play.

    所以這些都是在起作用的東西。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • And I do think that's important, Keith, in terms of the innovation and the value.

    我確實認為這很重要,Keith,就創新和價值而言。

  • I think sometimes, on this call particularly, we talked about there's installed base growth and there's ARPU increases.

    我認為有時,特別是在這次電話會議上,我們談到了安裝基數的增長和 ARPU 的增長。

  • Sitting underneath that is this very large $120 million (sic) [120 million] monthly active users in commercial.

    下面是這個非常大的 1.2 億美元(原文如此)[1.2 億] 月活躍用戶的商業廣告。

  • And they're experiencing frankly the latest innovations that the company has built.

    坦率地說,他們正在體驗公司建立的最新創新。

  • So I look and say, seeing growth in that number allows us to actually grow the ARPU, and the new services that Satya mentioned continues to let us grow the installed base.

    所以我看著並說,看到這個數字的增長使我們能夠真正提高 ARPU,而 Satya 提到的新服務繼續讓我們擴大安裝基礎。

  • Innovations around Teams, innovations in AI in the actual Office products themselves are now being experienced by our customers.

    現在,我們的客戶正在體驗圍繞團隊的創新、實際 Office 產品本身的人工智能創新。

  • I think when you have that happen, over time, it builds confidence in the product and it builds confidence in end user, confidence in it itself.

    我認為當你發生這種情況時,隨著時間的推移,它會建立對產品的信心,並建立對最終用戶的信心,對產品本身的信心。

  • And then purchasers are happy to continue to add SKUs and add and move up the scale.

    然後購買者很樂意繼續添加 SKU 並增加和提升規模。

  • We -- still, this is primarily the ARPU growth, continues to be some of the early -- earlier transitions we've always talked about, is that E3 transition as well as installed base growth.

    我們 - 仍然,這主要是 ARPU 的增長,仍然是我們一直談論的一些早期的 - 早期的過渡,是 E3 過渡以及安裝基數的增長。

  • E5 continues to see encouraging signs, starting to see it enter but that will take a long time as we talked about to actually land in ARPU.

    E5 繼續看到令人鼓舞的跡象,開始看到它進入,但這將需要很長時間,因為我們談到真正登陸 ARPU。

  • Operator

    Operator

  • The next question is coming from the line of Karl Keirstead with Deutsche Bank.

    下一個問題來自德意志銀行的 Karl Keirstead。

  • Karl Emil Keirstead - Director and Senior Equity Research Analyst

    Karl Emil Keirstead - Director and Senior Equity Research Analyst

  • This one's for Amy.

    這是給艾米的。

  • Amy, just a general sort of corporate-wide question on gross margins.

    艾米,只是一個關於毛利率的公司範圍內的一般問題。

  • Your revenue and COGS guide, if I ran the math correctly, imply about 60% gross margins for the December quarter.

    如果我的數學計算正確,您的收入和銷貨成本指南暗示 12 月季度的毛利率約為 60%。

  • So that's going to be down year-over-year and I suspect below some of the street estimates, but it sounds like your tone is a little bit better for gross margins for the full year.

    所以這將同比下降,我懷疑低於一些街頭估計,但聽起來你的語氣對於全年的毛利率來說要好一些。

  • So I just want to make sure I leave the call understanding what's happening here is the conclusion that 2Q is somewhat of a one-off, given the uptick in lower-margin hardware and thereafter will return to a more normal year-over-year pattern on gross margins.

    所以我只是想確保我離開電話了解這裡發生的事情是一個結論,即第二季度在某種程度上是一次性的,因為利潤率較低的硬件有所上升,此後將恢復到更正常的同比模式在毛利率上。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • Thanks, Karl.

    謝謝,卡爾。

  • Actually, this is really all the gaming Xbox One console launch.

    實際上,這確實是 Xbox One 遊戲機發布的所有內容。

  • It's very specific.

    這是非常具體的。

  • And so every other gross margin trend across IC, across PDP and across the rest of the MPC portfolio exhibits the exact same fundamental drivers and improvement.

    因此,IC、PDP 和其他 MPC 產品組合的所有其他毛利率趨勢都表現出完全相同的基本驅動力和改進。

  • And so really, this is really 100% the Xbox One X impact in Q2 of the launch on the company gross margin and in particular, the MPC gross margin.

    真的,這確實是 Xbox One X 在第二季度發佈時對公司毛利率,特別是 MPC 毛利率的 100% 影響。

  • Operator

    Operator

  • Our next question is coming 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。

  • Walter H Pritchard - MD and U.S. Software Analyst

    Walter H Pritchard - MD and U.S. Software Analyst

  • I think, another question for Amy here.

    我想,這裡是艾米的另一個問題。

  • Just looking at the -- trying to figure out the dependency of your Azure growth this year on your -- on the volume of annuity up for renewal.

    只是看看 - 試圖弄清楚你今年的 Azure 增長對你的 - 對更新年金量的依賴。

  • I know last year, you had very, very strong growth in annuity on that renewal cycle, and you're talking about some pressure in the Q2 and then slightly uptrend for the year.

    我知道去年,您在續訂週期中的年金增長非常非常強勁,您說的是第二季度的一些壓力,然後是今年的小幅上升趨勢。

  • But how dependent is Azure growth in customers attaching that to the volume of annuity up?

    但是,Azure 客戶的增長與年金數量的增加有多大關係?

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • Yes, I would -- I wouldn't call it pressure, Walter, just how I think about it.

    是的,我會 - 我不會稱之為壓力,沃爾特,只是我的想法。

  • There is just an expiration base that comes up every quarter and there's volatility to it.

    每個季度都會出現一個到期基數,並且存在波動性。

  • So the way to think about it is, over the year, it's up a little, and in Q2, it happens to be just a low quarter of the 12 that come up through the cycle, much like Q4 was quite large in the cycle.

    所以考慮它的方式是,在一年中,它略有上升,而在第二季度,它恰好只是整個週期中出現的 12 個季度中的一個低季度,就像第四季度在這個週期中相當大一樣。

  • And Azure actually falls a couple of patterns.

    Azure 實際上有幾種模式。

  • It's not just about EA attach, although it absolutely can be one of the motions.

    這不僅僅是關於 EA 附加,儘管它絕對可以是其中一項動議。

  • Because it tends to be project-based as well and many of the investments we've made in sales capacity and the reason we did some of the sales transformation was to invest a lot more in that project-led motion, which is a bit disconnected actually from the EA renewal cycles and you've really seen that.

    因為它也往往是基於項目的,我們在銷售能力方面進行的許多投資以及我們進行一些銷售轉型的原因是在以項目為主導的動議上投入更多,這有點脫節實際上來自 EA 更新周期,您已經真正看到了這一點。

  • The Azure pace is not, if you drew a line, as correlated to EAs as it even was 3 years ago as we both, I think, matured the product and matured our sales cycles.

    如果你劃清界限,Azure 的步伐與 EA 的相關性並不像 3 年前那樣相關,因為我認為,我們雙方都使產品成熟了,我們的銷售週期也成熟了。

  • Operator

    Operator

  • The next question is coming from the line of Kirk Materne with Evercore ISI.

    下一個問題來自於 Evercore ISI 的 Kirk Materne。

  • Stewart Kirk Materne - Senior MD and Fundamental Research Analyst

    Stewart Kirk Materne - Senior MD and Fundamental Research Analyst

  • Satya, yesterday, you were down at the GE event and announcing the partnership with them around Predix.

    Satya,昨天,您參加了 GE 活動並宣布與他們圍繞 Predix 建立合作夥伴關係。

  • And I was wondering, when we think about the opportunities for Azure to be that sort of trusted platform for ISVs, can you just talk about how you think the progress is going on that front because it seems to obviously just expand your overall TAM and the kind of use cases you can address by your bringing partners like GE onto your platform?

    我想知道,當我們考慮 Azure 成為 ISV 的那種受信任平台的機會時,您能否談談您認為這方面的進展如何,因為它似乎顯然只是擴展了您的整體 TAM 和您可以通過將 GE 等合作夥伴引入您的平台來解決哪些用例?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Yes, thank you for the question.

    是的,謝謝你的提問。

  • Overall, I think you sort of speak to, I think, one of the big advantages and one of the big value propositions we have on both sides.

    總體而言,我認為您可以說是我們雙方的一大優勢和重要價值主張之一。

  • One is to the enterprise customer, we are a trusted partner.

    一是對企業客戶來說,我們是值得信賴的合作夥伴。

  • And we support them with their hybrid computing needs and their AI needs.

    我們為他們的混合計算需求和人工智能需求提供支持。

  • One of the things that we emphasize is it's not about our technology but it's our ability to transfer that capability to our customer because they're increasingly becoming, whether you're in retail or you're in oil and gas or you're in financial services, every one of them is trying to build their own software capability and we're uniquely capable of doing so.

    我們強調的一件事是,這與我們的技術無關,而是我們將這種能力轉移給我們的客戶的能力,因為無論您是從事零售業、石油和天然氣業還是在金融服務,他們每個人都在嘗試建立自己的軟件能力,而我們是獨一無二的。

  • The second part is the ISVs.

    第二部分是 ISV。

  • We now, in fact, one of the big areas of investment this year was the co-sell capacity in our field so that ISVs can be successful on our platform.

    事實上,我們現在今年的一大投資領域是我們領域的聯合銷售能力,以便獨立軟件開發商能夠在我們的平台上取得成功。

  • Whether it is GE or Adobe and many others can all now benefit both because of our enterprise partnership and credibility and more importantly, because of the field resources we have put in place.

    由於我們的企業合作夥伴關係和信譽,更重要的是,由於我們已經到位的現場資源,因此無論是 GE 還是 Adobe 和許多其他公司現在都可以受益。

  • So we are really looking forward to accelerating our business with GE and many others to come.

    因此,我們非常期待與 GE 以及未來的許多其他公司加速我們的業務。

  • But it's a very important co-sell motion and, more importantly, building trust on both sides of that equation.

    但這是一個非常重要的聯合銷售動議,更重要的是,在這個等式的兩邊建立信任。

  • Operator

    Operator

  • The next question is coming from the line of Mark Moerdler with Bernstein.

    下一個問題來自 Mark Moerdler 和 Bernstein 的觀點。

  • Mark L. Moerdler - Senior Research Analyst

    Mark L. Moerdler - Senior Research Analyst

  • I'd like to look at Dynamics 365.

    我想看看 Dynamics 365。

  • It's been growing really fast.

    它的增長真的很快。

  • It was center stage at Envision in almost every presentation and discussion.

    在幾乎所有的演示和討論中,它都是 Envision 的中心舞台。

  • Can you talk a bit more about how you think about the opportunity and give us a sense of which of the offerings right now within 365, whether it's CRM or talent or ERP or whatever are driving the growth and could be part of the future growth?

    您能否多談談您對機會的看法,並讓我們了解 365 目前提供哪些產品,無論是 CRM、人才或 ERP,還是推動增長並可能成為未來增長一部分的任何東西?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Thank you, Mark, for that question.

    謝謝你,馬克,這個問題。

  • The way we designed Dynamics 365 both on the technology front as well as on the business model front was to get away from what I would describe as the old-school suite-based selling or suite-based building of these things, whether it's CRM or ERP or SEM.

    我們在技術方面和商業模式方面設計 Dynamics 365 的方式是擺脫我所說的基於老式套件的銷售或基於套件的構建這些東西,無論是 CRM 還是ERP 或 SEM。

  • Because we realized that, for example, you take any IoT project that is starting in Azure, it first translates into an analytics workload that pulls through some Azure high router analytics services.

    因為我們意識到,例如,您採用在 Azure 中啟動的任何 IoT 項目,它首先會轉化為分析工作負載,該工作負載會通過一些 Azure 高級路由器分析服務。

  • And then immediately after you do something like preventive maintenance, you need field service.

    然後,在您進行預防性維護之類的操作後,您需要立即進行現場服務。

  • And all they need is just a very robust field service module that's cost-effective and efficient.

    他們所需要的只是一個非常強大且經濟高效的現場服務模塊。

  • And so we're able to attach that to that project.

    因此,我們能夠將其附加到該項目中。

  • Similarly, on talent, they want to be able to -- if you start on LinkedIn with hiring, you want to be able to do the onboarding and talent management.

    同樣,在人才方面,他們希望能夠——如果你從 LinkedIn 開始招聘,你希望能夠進行入職和人才管理。

  • That's the module you want.

    這就是你想要的模塊。

  • Even on the operations side, we are realizing that even if you keep your financials the same, there is need -- with increasing digitization, there is more operational modules that you need.

    即使在運營方面,我們也意識到,即使您的財務狀況保持不變,也存在需求——隨著數字化程度的提高,您需要更多的運營模塊。

  • So that's what we have designed it for.

    這就是我們設計它的目的。

  • So the growth is actually across the board.

    所以增長實際上是全面的。

  • It's coming in customer service, it's coming in sales, it's coming in talent, it's coming in operations.

    它來自客戶服務,它來自銷售,它來自人才,它來自運營。

  • And we have some very competitive price points there.

    我們在那裡有一些非常有競爭力的價格點。

  • The other one is that there is no such thing as a canonical business.

    另一個是沒有規範的業務。

  • There is no such thing as a canonical business in time.

    時間上沒有規範的業務。

  • That means things are always changing.

    這意味著事情總是在變化。

  • So customization, customization and composition, especially with Office 365, is very important, and this is where we have some very differentiated offer with Power BI, Power Apps and Flow.

    因此,自定義、自定義和組合,尤其是 Office 365,非常重要,這就是我們在 Power BI、Power Apps 和 Flow 中提供一些非常差異化的產品的地方。

  • And that's another big driver of some of that growth across our enterprise customers.

    這是我們企業客戶的一些增長的另一個重要驅動力。

  • Operator

    Operator

  • Our next question is coming from the line of Adam Holt with MoffettNathanson.

    我們的下一個問題來自 Adam Holt 和 MoffettNathanson。

  • Adam Hathaway Holt - Partner & Senior Research Analyst

    Adam Hathaway Holt - Partner & Senior Research Analyst

  • I'm tempted to ask about the strength in Windows, which I know you don't talk about much and don't get much questions about.

    我很想問一下 Windows 的優勢,我知道您不會談論太多,也不會提出太多問題。

  • But really since we've launched, the question that I get, by far, the most is around the long-term margin potential in Azure.

    但實際上,自從我們推出以來,到目前為止,我得到的最多的問題是圍繞 Azure 的長期利潤潛力。

  • And with the gross margins being as good as they were this quarter, without giving us long-term guidance, is there any reason to believe that the long-term operating margins in Azure couldn't be -- we just saw AWS put up a mid-20s operating margin.

    在沒有給我們長期指導的情況下,毛利率與本季度一樣好,是否有理由相信 Azure 的長期運營利潤率不可能——我們剛剛看到 AWS 20 年代中期的營業利潤率。

  • Is there anything structural to -- that would lead us to believe that you couldn't do something in that range?

    有沒有什麼結構性的——這會讓我們相信你不能在那個範圍內做某事?

  • Or how should we think about the long-term framework to that business?

    或者我們應該如何考慮該業務的長期框架?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • I'll start, Adam.

    我開始吧,亞當。

  • The one thing I'd say is -- when I think about the long-term margin, I actually think of the long-term margin across our cloud.

    我要說的一件事是——當我考慮長期利潤時,我實際上想到的是我們雲計算的長期利潤。

  • I mean, when we even make our CapEx decisions, which is one of the drivers of margin, we think of -- first of all, first party equals third party.

    我的意思是,當我們甚至做出資本支出決定時,我們會想到——首先,第一方等於第三方。

  • A lot of what we do even in Windows, most people don't recognize, but one of the most important services we run is Windows Update as a cloud service.

    我們甚至在 Windows 中所做的很多事情,大多數人都不認識,但我們運行的最重要的服務之一是作為雲服務的 Windows 更新。

  • And so we have a lot of value that is across-the-board cloud services, whether it's Xbox LIVE, Windows Update, Office 365, Dynamics 365, and of course, all of the Azure services.

    因此,我們有很多價值在於全面的雲服務,無論是 Xbox LIVE、Windows 更新、Office 365、Dynamics 365,當然還有所有 Azure 服務。

  • And we want to build scale across all of them.

    我們希望在所有這些方面建立規模。

  • And so we would not -- in fact, we will be very aggressive in taking margin in one place, which is different as we see a path to margin in a different spot.

    所以我們不會——事實上,我們會非常積極地在一個地方獲取保證金,這是不同的,因為我們在不同的地方看到了一條通往保證金的道路。

  • That's something that we want to make sure we follow more, our opportunity in a customer across the board versus trying to micromanage to certain margins in very specific opportunities because we think that it's the integrated ability for us to deliver value is -- which I think long term, is what customers expect of Microsoft.

    這是我們想要確保我們更多地關注的事情,我們在客戶中的機會,而不是試圖在非常具體的機會中對某些利潤進行微觀管理,因為我們認為這是我們提供價值的綜合能力 - 我認為從長遠來看,這是客戶對 Microsoft 的期望。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • And I would just add that as we think about that long-term trajectory, our ability to continue to improve margins in our SaaS portfolio and our PaaS portfolio and IaaS portfolio still exist.

    我只想補充一點,當我們考慮長期軌跡時,我們繼續提高 SaaS 產品組合、PaaS 產品組合和 IaaS 產品組合利潤率的能力仍然存在。

  • And our ability to blend them into interesting products that solve customer solutions, which may not even be priced as the component parts is, I think, how we think about, especially in our solution areas that Satya talks about, how we talk about delivering it to a customer.

    我認為,我們將它們融入有趣的產品以解決客戶解決方案的能力,甚至可能不像組件那樣定價,這是我們的想法,特別是在 Satya 談到的解決方案領域,我們如何談論交付它給客戶。

  • So while I'm confident in our ability to continue to grow the core margin, I do think for us in particular, it really is a portfolio that we believe that we need to manage appropriately.

    因此,儘管我對我們繼續提高核心利潤率的能力充滿信心,但我確實認為,尤其是對我們而言,它確實是我們認為需要適當管理的投資組合。

  • Operator

    Operator

  • The next question is coming from the line of Michael Nemeroff with Crédit Suisse.

    下一個問題來自瑞士信貸的 Michael Nemeroff。

  • Michael Barry Nemeroff - Director

    Michael Barry Nemeroff - Director

  • My question is on the gaming business.

    我的問題是關於遊戲業務的。

  • Given the even larger focus you're putting on this segment in the near term, how quickly or in what time frame do you think gaming revenue could grow at or above the average gaming industry growth rate of mid- to high single digits?

    鑑於您在短期內更加關注這一細分市場,您認為遊戲收入的增長速度或在多長時間內可以達到或高於遊戲行業中高個位數的平均增長率?

  • And I know you don't break out segment margins, but could you give us a sense of how you think about gaming from a normalized contribution margin perspective relative to MPC and your overall company-wide margins, excluding the onetime Xbox launch effects?

    而且我知道您沒有細分細分市場利潤率,但您能否從相對於 MPC 和您的整體公司範圍內的整體利潤率(不包括一次性 Xbox 發布影響)的標準化貢獻利潤率角度讓我們了解您如何看待遊戲?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • I can start again.

    我可以重新開始。

  • I would say, from a gaming perspective, one of the bigger changes that has happened in the last, I would say, couple of years is one, of course, the vibrancy of the Xbox LIVE network across the PC and the console and now increasingly even on the phone because of titles like Minecraft.

    我想說,從遊戲的角度來看,過去幾年發生的更大變化之一,當然是 PC 和遊戲機之間的 Xbox LIVE 網絡的活力,現在越來越多甚至在電話上,因為像 Minecraft 這樣的標題。

  • And once you have the network, you have plenty of different opportunities.

    一旦你有了網絡,你就有很多不同的機會。

  • In particular, we now have a subscription offer with Game Pass that's off to a very good start, and our goal is to be able to have essentially a Netflix for games so that we can have the game subscriptions that people can use across all of the devices they play in.

    特別是,我們現在提供的 Game Pass 訂閱服務有了一個很好的開端,我們的目標是能夠擁有一個用於遊戲的 Netflix,這樣我們就可以擁有人們可以在所有遊戲中使用的遊戲訂閱。他們玩的設備。

  • The other area is streaming.

    另一個領域是流媒體。

  • As you know, there is gameplaying and game watching and there is secular growth on both fronts.

    如您所知,遊戲玩法和遊戲觀看以及這兩方面的長期增長。

  • And we feel very, very good about the engagement increases in a pretty unique value proposition we have in Mixer.

    我們對 Mixer 非常獨特的價值主張的參與度增加感到非常非常好。

  • So that's another opportunity that we believe will shape in addition to things like e-sports and so on.

    所以這是我們認為除了電子競技等之外的另一個機會。

  • So it's the totality of that.

    所以這就是全部。

  • And one of the numbers that I did put in my script was that 20% growth in what we call software and services, that's perhaps a leading indicator of where we think the opportunity lies.

    我確實在腳本中輸入的數字之一是我們所謂的軟件和服務增長了 20%,這可能是我們認為機會所在的領先指標。

  • These are early days for us, but that said, that's probably one of the key numbers to watch as we make progress and execute.

    這些對我們來說還處於早期階段,但話雖如此,這可能是我們取得進展和執行時需要關注的關鍵數字之一。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • And because of that, you're actually already seeing that impact in the MPC gross margins.

    正因為如此,您實際上已經在 MPC 毛利率中看到了這種影響。

  • Even this quarter is a great example.

    甚至本季度也是一個很好的例子。

  • There was material improvement in gross margin in that segment, and a lot of that was actually due to the higher margins that we have structurally in that software and services revenue from Xbox.

    該細分市場的毛利率有了實質性改善,其中很大一部分實際上是由於我們在 Xbox 的軟件和服務收入中的結構性利潤率更高。

  • And as I believe the industry that Satya is talking about pivots to be more about the engagement and monetization of that member network, you can expect that margin profile as well of our traditional, more hardware-focused Xbox to evolve, to be a real combination of those 2 things going forward.

    而且我相信 Satya 所談論的行業將更多地關注該會員網絡的參與度和貨幣化,您可以期待利潤率概況以及我們傳統的、更注重硬件的 Xbox 的發展,成為一個真正的組合在這 2 件事中。

  • And structurally, that would, of course, have higher operating margins.

    從結構上講,這當然會帶來更高的營業利潤率。

  • Operator

    Operator

  • Our next question is coming 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。

  • Raimo Lenschow - Director and Analyst

    Raimo Lenschow - Director and Analyst

  • The conversation we have on around Azure and adoption there seems to be changing with customers, where they seem to be seeking a deeper relationship with you guys now, given that your maturity has increased quite a bit over the last few quarters.

    我們圍繞 Azure 和採用率的對話似乎隨著客戶的變化而變化,他們現在似乎正在尋求與你們建立更深層次的關係,因為在過去幾個季度中你們的成熟度已經提高了很多。

  • Can you talk to that?

    你能談談嗎?

  • Is that something that just I picked up or is that what you're seeing in your customer relation -- in your conversations as well?

    這是我剛剛發現的,還是你在客戶關係中看到的——在你的談話中也是如此?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Hopefully, we picked it up a lot earlier than you did.

    希望我們比你更早地接受它。

  • But we have -- so we do have a very different dialogue.

    但是我們有——所以我們確實有一個非常不同的對話。

  • If I -- if you think about it, all of the customers that we have worked with, we have always worked with them historically even in our server days.

    如果我 - 如果您考慮一下,我們合作過的所有客戶,即使在我們的服務器時代,我們也一直與他們合作。

  • But to your point, Raimo, I think what has happened is the change, even in the financial services, the segments that you all represent, the kinds of workloads now that are moving to the cloud has qualitatively changed.

    但就你的觀點而言,Raimo,我認為發生的事情是發生了變化,即使是在金融服務領域,你們所代表的細分市場,現在正在遷移到雲的工作負載類型已經發生了質的變化。

  • In the past, we participated but a lot of Tier 1 workloads were not on Microsoft stack, whereas now, a lot of Tier 1 workloads are, in fact, increasingly on Microsoft Cloud.

    過去,我們參與了,但很多第 1 層工作負載不在 Microsoft 堆棧上,而現在,很多第 1 層工作負載實際上越來越多地在 Microsoft Cloud 上。

  • And so to me, that represents a qualitative change, and so the type of dialogue we have, whether it's with an auto company or a financial services company or a retail company, is much deeper, much broader.

    所以對我來說,這代表了質的變化,所以我們的對話類型,無論是與汽車公司、金融服務公司還是零售公司,都更深入、更廣泛。

  • And I would use the word, we are deeply partnering with them.

    我會用這個詞,我們正在與他們深入合作。

  • It's no longer just simple vendor relationships because as they are trying to build their own software capability, they need a trusted partner who's more interested in making sure that they build their own technology capability.

    這不再只是簡單的供應商關係,因為當他們試圖建立自己的軟件能力時,他們需要一個對確保他們建立自己的技術能力更感興趣的值得信賴的合作夥伴。

  • And that's what we're investing in.

    這就是我們所投資的。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • And I would say, Raimo, a way to think about this is, we've always had that trusted relationship, which we're incredibly proud of as a company with our enterprise customers.

    我想說的是,Raimo,考慮這一點的一種方式是,我們一直擁有這種值得信賴的關係,作為一家擁有企業客戶的公司,我們對此感到無比自豪。

  • The investments we've made over the past years are about hiring the type of talent that can go and sit with a customer and drive the customer's successful outcomes of the projects they deploy.

    我們在過去幾年中所做的投資是關於僱用可以與客戶坐在一起並推動客戶在他們部署的項目中取得成功成果的人才類型。

  • And that's what we mean.

    這就是我們的意思。

  • It's about the investment we've made in capability, the evolution of the product and its innovation, and I think using and trying to continue to earn the customer for us to deliver these world-class workloads.

    這是關於我們在能力、產品的發展及其創新方面的投資,我認為使用並嘗試繼續為我們贏得客戶以提供這些世界級的工作負載。

  • So I do think this is really an output of multiple years of concentration on delivering that capability.

    所以我確實認為這確實是多年專注於提供這種能力的結果。

  • Operator

    Operator

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

    我們的最後一個問題來自 RBC Capital Markets 的 Ross MacMillan。

  • Ross Stuart MacMillan - Co-Head of Software Sector

    Ross Stuart MacMillan - Co-Head of Software Sector

  • Satya, I was curious.

    薩蒂亞,我很好奇。

  • You've made a number of announcements with Adobe over the last year or so.

    在過去一年左右的時間裡,您與 Adobe 發布了許多公告。

  • And it seems like Microsoft's products and Adobe's products are getting more intertwined.

    微軟的產品和 Adobe 的產品似乎越來越交織在一起。

  • And just curious from your perspective, if you could just maybe give us some insights into where you see the big opportunities to work with a vendor like Adobe and what are the go-to-market actions that you're seeing being more successful?

    只是從您的角度很好奇,您是否可以向我們提供一些見解,以了解您在哪些方面看到與 Adobe 這樣的供應商合作的巨大機會,以及您認為哪些進入市場的行動更成功?

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Yes, we're very excited about the partnership with Adobe.

    是的,我們對與 Adobe 的合作感到非常興奮。

  • And as you said, Adobe and Microsoft have partnered, in fact, across our entire histories in many of the areas, but increasingly across of the creative cloud and their Document Cloud as well as their Experience Cloud, we have plenty going on.

    正如您所說,事實上,Adobe 和微軟在許多領域的整個歷史上都有合作,但在創意云、他們的 Document Cloud 以及他們的 Experience Cloud 方面越來越多,我們還有很多事情要做。

  • In fact, we are very excited about what we are doing with our devices and Adobe and with Windows because I think Windows and Windows 10 Creators Update is the ideal platform for all of the creators in the world because of the innovation in Windows and the innovation in devices, both Surface Book as well as our OEM devices.

    事實上,我們對使用我們的設備和 Adobe 以及 Windows 所做的事情感到非常興奮,因為我認為 Windows 和 Windows 10 Creators Update 是世界上所有創作者的理想平台,因為 Windows 的創新和創新在設備中,包括 Surface Book 以及我們的 OEM 設備。

  • So that's one area that I think you will see.

    所以這是我認為你會看到的一個領域。

  • I would love if you're an illustrator or a Photoshop user, you should just check out the dial support that they have in Surface, which just is beautiful.

    如果你是插畫家或 Photoshop 用戶,我會很高興,你應該看看他們在 Surface 中的錶盤支持,這很漂亮。

  • And then you go to Office 365.

    然後轉到 Office 365。

  • We have a partnership with them on e-signatures.

    我們在電子簽名方面與他們建立了合作夥伴關係。

  • We have good interoperability between our respective document clouds.

    我們各自的文檔雲之間具有良好的互操作性。

  • That will, in fact, continue.

    事實上,這將繼續下去。

  • And then on the creative side or on the experience side, in fact, we are adding a lot of data and AI capability, which is obviously key to Adobe as an ISV.

    然後在創意方面或體驗方面,事實上,我們正在添加大量數據和 AI 能力,這顯然是 Adobe 作為 ISV 的關鍵。

  • So we're looking forward to the -- ultimately the impact all this has with customers in terms of their ability to take advantage of our respective value and for them to be able to benefit from it all.

    因此,我們期待 - 最終所有這一切對客戶的影響,即他們能夠利用我們各自的價值並讓他們能夠從中受益。

  • And so these kinds of partnerships, whether it's with Adobe or others, we are very focused on making sure that ISVs and partners have success on our platforms.

    因此,無論是與 Adobe 還是其他合作夥伴,我們都非常專注於確保 ISV 和合作夥伴在我們的平台上取得成功。

  • And that's sort of our core heritage, and that's something that we want to absolutely focus on.

    這就是我們的核心遺產,也是我們想要絕對關注的事情。

  • Chris Suh - General Manager of IR

    Chris Suh - General Manager of IR

  • Thank you, Ross.

    謝謝你,羅斯。

  • 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。

  • Thank you for joining us today, and we look forward to speaking with all of you soon.

    感謝您今天加入我們,我們期待很快與大家交談。

  • Amy E. Hood - Executive VP & CFO

    Amy E. Hood - Executive VP & CFO

  • Thanks.

    謝謝。

  • Satya Nadella - CEO & Non-Independent Director

    Satya Nadella - CEO & Non-Independent Director

  • Thank you so much.

    太感謝了。

  • Thank you all.

    謝謝你們。

  • Operator

    Operator

  • 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 we thank you for your participation.

    您此時可以斷開線路,我們感謝您的參與。