微軟 (MSFT) 2018 Q1 法說會逐字稿

Greetings, and welcome to the First Quarter Fiscal Year 2018 Microsoft Corporation Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加微軟公司2018財年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

我謹將電話轉交給投資人關係總經理 Chris Suh。克里斯，請繼續。

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

謝謝你，傑西。下午好，感謝各位今天蒞臨。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問兼公司秘書約翰·西索夫。

On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，這些資料旨在補充我們今天在電話會議上的演講。

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

再次提醒大家，這是我們根據新的收入準則 ASC 606 報告業績的第一個季度。正如我們在 8 月 3 日主持的電話會議上詳細介紹的那樣，採用該標準產生了多方面的影響，但最實質性的影響是 Windows 10 OEM 許可證的收入確認以及本地年金合約的許可證部分。

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.

在電話會議上討論第一季度業績並分享展望時，請記住以下幾點：首先，新準則取消了非GAAP收入報告，從而簡化了業績溝通；其次，我們的雲端服務、硬體、企業服務和廣告業務的客戶帳單、現金流量或收入確認均未發生變化；最後，我們收入在特定年份的季節確實會發生變化，我們也可能面臨更高的季度波動性。

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

我們將在本次電話會議和投資者關係網站上的收益資料中提及的先前期間已進行重述，以反映此新標準的採用。在 8 月 3 日的電話會議上，我們也把第一季的展望轉換成了新標準，本次電話會議中所有關於預期的表述都指的是該轉換後的指引。您可以在IR網站上找到有關此會計變更的更多資訊。

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

除非另有說明，我們今天在電話會議上所做的所有成長比較都將與去年同期相關。我們也會提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。

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

通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。

Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until October 26, 2018.

今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播中、文字稿中以及將來對錄音的任何使用中。您可以在 2018 年 10 月 26 日之前在微軟投資者關係網站上重播此電話會議並查看會議記錄。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

Thank you, Chris, and thanks to everyone on the phone for joining. 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. I'm proud of our team's work behind these results that spanned all of our segments.

謝謝你，克里斯，也謝謝所有電話參與的朋友。我們在 2018 財年開局非常強勁，實現了兩位數的營收和利潤成長，商業雲 ARR 超過 200 億美元，超過了我們兩年前設定的目標。我為我們團隊在所有業務領域所取得的這些成果感到自豪。

We now have 120 million monthly active users of Office 365 commercial. We have more than 530 million LinkedIn members. Dynamics 365 customers grew 40% year-over-year. Azure Compute usage more than doubled this quarter, and revenue grew 90%; and Windows 10 commercial monthly active devices grew 90% year-over-year.

目前 Office 365 商業版的每月活躍用戶已達 1.2 億。我們在LinkedIn上擁有超過5.3億會員。Dynamics 365 客戶年增 40%。本季 Azure 運算使用量翻了一番多，營收成長了 90%；Windows 10 商業版月活躍裝置數較去年同期成長了 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. 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.

這些結果反映了我們不斷加速的創新，以及所有企業使用和參與度的提高，因為客戶繼續選擇微軟來幫助他們轉型。艾米將更詳細地介紹我們的財務業績，但今天我想談談2018年及以後創新和成長的關鍵領域和機會。

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. Microsoft 365 is our core offering to address this $500 billion-plus market. We are bringing together Office 365, Windows 10 and Enterprise Mobility and Security as a complete integrated solution for organizations of all sizes. 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.

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，透過圍繞 5 個關鍵解決方案領域開展工作，為客戶創造新的價值：首先，每位 CEO 最關心的是如何讓自己的員工適應現代工作場所。Microsoft 365 是我們以這個價值超過 5000 億美元的市場推出的核心產品。我們將 Office 365、Windows 10 和企業行動與安全性整合在一起，為各種規模的組織提供完整的整合解決方案。它代表我們在設計、建構和交付生產力解決方案的方式上發生了深刻的轉變，轉向以人為本的方法，涵蓋他們的所有設備，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. 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. Cloud sharing and co-authoring experiences are now natively enabled with OneDrive files on demand.

上個季度，我們在 Microsoft 365 中掀起了一波創新浪潮。Windows 10 秋季創意者更新分階段為用戶帶來全新的 AI 優先功能，包括 Cortana 語音激活命令、墨跡書寫、沉浸式 3D 內容、故事講述和混合現實體驗。現在，OneDrive 檔案按需共享和協作功能已原生支援。

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. 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.

我們正在透過諸如眼動控制等新功能，讓每個人都能更輕鬆地使用 Windows 10，該功能使人們能夠僅使用眼睛來操作電腦。今年假期，您將看到一系列全新的 Windows 10 設備，從全新的 Surface Book 2 到我們 OEM 合作夥伴推出的各種精彩設備。

This month, we also introduced Windows mixed reality broadly. Mixed reality, which is a voice, gaze and gesture interface, will fundamentally change the way people and teams collaborate. Our work with Ford is a great example of this promise. 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. 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.

本月，我們也全面推出了 Windows 混合實境技術。混合實境技術，即語音、眼神和手勢互動介面，將從根本上改變人們和團隊的協作方式。我們與福特公司的合作就是這項承諾的絕佳例子。福特的設計師正在使用混合實境技術，將 3D 全像圖以數位方式與模型和實際量產車融合在一起，使他們能夠更快地進行設計試驗和迭代。HoloLens、Windows VR 頭戴裝置和 Microsoft 365 讓任何客戶都能跨裝置融合實體世界和數位世界，使世界各地的人們能夠在同一個共享體驗中協作。

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.

人工智慧以各種有用的方式融入 Microsoft 365 中，使人們能夠更輕鬆地創建具有影響力的簡報和文檔，自動執行日常任務，並以高度個人化和相關的方式搜尋和發現人員和內容。

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

除了 PowerPoint、Word、OneNote 和 SharePoint 中的新 AI 功能外，我們還利用 Microsoft Graph 為 Bing 和 Cortana 等 AI 優先的工作負載提供支援。不久之後，您不僅可以搜尋公共互聯網，還可以使用 Bing for Business 搜尋企業內部網站、業務線應用程式和人員，目前 Bing for Business 正處於私人預覽階段。借助 Cortana，您只需使用語音即可查詢日曆並自動執行諸如安排會議或回覆電子郵件等任務。

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

Microsoft Teams 是我們打造現代工作場所願景的核心，它將成為一個數位化的團隊協作中心，把對話、會議和內容整合到一個統一的平台上。我們正在整合人工智慧和認知服務，以提高用戶當前和長期的會議效率。

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. Today's sophisticated threats require AI-based security approaches. Using the Microsoft Intelligent Security Graph, we process billions of signals to detect and remediate threats. New conditional access capabilities evaluate risk in real-time based on the user's account, device and application and physical location. Our leading-edge security and management capabilities are just one reason customers trust Microsoft 365 for their modern workplace needs.

最後，Microsoft 365 將使用者、裝置和 SaaS 應用程式連接到單一的控制平面，從而簡化 IT 管理，同時為整個數位資產提供全面的安全性。當今複雜的安全威脅需要基於人工智慧的安全方法。利用微軟智慧安全圖譜，我們處理數十億個訊號，以偵測和修復威脅。新的條件存取功能可根據使用者的帳戶、裝置、應用程式和實體位置即時評估風險。我們領先的安全和管理功能只是客戶信賴 Microsoft 365 以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. 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. Nearly 1 year in, we are ahead of plan with LinkedIn contributing positively to EPS ex purchase accounting in fiscal '18.

現在我要談談LinkedIn和我們的商務應用程式了。從一開始，首要任務就是確保 LinkedIn 在微軟旗下，能夠獨立加速實現其使命和發展，同時維持其企業文化。近一年過去了，我們的進度超過了計劃，LinkedIn 在 2018 財年對每股收益（不包括購買會計處理）做出了積極貢獻。

Second, we're seeing record levels of engagement. LinkedIn is on target to surpass 21 billion sessions this calendar year and has seen its fourth consecutive quarter of 20%-plus sessions growth. 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.

其次，我們看到參與度達到了創紀錄的水平。LinkedIn預計今年將突破210億次會話，並連續第四個季度實現20%以上的會話成長。平台整體用戶參與度強勁，職位數量年增 65%，行動端和桌面端訪客數量年增 65%，資訊流更新瀏覽量年增 60%，訊息發送量年增近 40%，這主要得益於更普及的消息傳遞方式。

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

第三，微軟在業務和產品整合方面都在加速創新和執行，原生影片、職業建議市場以及本週推出的智慧回覆訊息功能都受到了積極的反響。將 LinkedIn 個人資料整合到 Office 365 中，可從 LinkedIn Graph 和 Microsoft Graph 中獲得豐富的人員洞察。

The Microsoft Relationship Sales solution brings together LinkedIn Sales Navigator and Microsoft Dynamics to transform business-to-business sales through social selling. Dynamics 365 for talent with LinkedIn Recruiter and Learning gives HR professionals a complete solution to compete in the talent marketplace. 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.

微軟關係銷售解決方案將 LinkedIn Sales Navigator 和 Microsoft Dynamics 結合起來，透過社群銷售改變企業對企業銷售模式。Dynamics 365 for talent 與 LinkedIn Recruiter 和 Learning 相結合，為人力資源專業人士提供了一套完整的解決方案，幫助他們在人才市場中脫穎而出。在 2018 財年，您將會看到更多產品整合，我們將繼續加速創新，將世界領先的專業雲與世界領先的專業網絡連接起來。

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

現在我將談談我們混合雲端價值主張的兩個面向：應用程式和基礎設施以及資料和人工智慧。我們一直致力於透過差異化的雲端方法滿足客戶的實際需求，建構混合一致性架構，提高開發人員的生產力，增強人工智慧能力，並實現值得信賴的安全性和合規性。此外，客戶選擇微軟雲端是因為它在整個數位資產範圍內（包括 Windows 10、安全性和管理、Dynamics 365、企業行動性和安全性以及 Azure）具有營運一致性、生產力和安全性。

Let's double click on hybrid. To support the emerging Intelligent Cloud, Intelligent Edge application pattern, you need a consistent stack across the public cloud and the edge. Merely providing co-location services or connectivity between on-premise data centers and the public cloud is not sufficient to meet customer needs. You need consistency across the development environment, operating models and technology stacks.

讓我們雙擊混合型。為了支援新興的智慧雲、智慧邊緣應用模式，您需要在公有雲和邊緣之間建立一致的技術堆疊。僅提供託管服務或本地資料中心與公有雲之間的連接，不足以滿足客戶的需求。你需要確保開發環境、營運模式和技術棧的一致性。

Azure provides this consistency across the entire stack, inclusive of identity, data, app platform, security and management -- at the edge and in the cloud. Our hybrid cloud is one of the reasons nearly every Fortune 500 company has chosen to partner with Microsoft. Costco recently chose Azure as its hybrid cloud platform, and we are excited to partner with them on their digital transformation.

Azure 在整個堆疊中提供這種一致性，包括身分識別、資料、應用程式平台、安全性和管理——無論是在邊緣還是在雲端。我們的混合雲幾乎是所有財富 500 強企業選擇與微軟合作的原因之一。Costco 最近選擇了 Azure 作為其混合雲平台，我們很高興能與他們合作，共同推動其數位轉型。

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

未來任何企業的核心競爭力都將在於能否將數據轉化為人工智慧，以獲得競爭優勢。Azure SQL 資料庫可讓客戶將 SQL Server 從其本機資料中心遷移到雲端的完全託管實例，而無需變更任何程式碼。SQL 2017 現已廣泛適用於 Windows、Linux 和 Docker 容器，所有功能均已內置，包括使用 Python 或 R 在資料附近運行 AI 計算的功能。

Azure Cosmos DB is the first globally distributed multimodal database that enables developers to write apps for IoT and other event-based serverless applications. 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. We continue to enhance our cognitive services to give every enterprise powerful building blocks to create their own AI applications.

Azure Cosmos DB 是首個全球分散式多模態資料庫，使開發人員能夠為 IoT 和其他基於事件的無伺服器應用程式編寫應用程式。我們正在加速創新，透過易於使用的新工具，幫助每位開發者成為 AI 開發者，這些工具從 Azure 機器學習工作室（用於建立簡單的 ML 模型）到功能強大的 Azure 機器學習工作台（用於資料科學中最先進的 AI 建模）。我們不斷提升認知服務，為每個企業提供強大的建構模組，以創造自己的人工智慧應用。

Finally, we continue to invest in making Azure the most trusted cloud with AI-based security built in. Azure confidential computing enables encryption of in-use data to ensure that information is always under customer control, a first for any public cloud. 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. And new Azure availability zones provide new levels of resiliency for high-availability apps within a region and across regions.

最後，我們將繼續加大投入，使 Azure 成為最值得信賴的雲端平台，並內建基於人工智慧的安全功能。Azure 機密運算能夠對使用中的資料進行加密，以確保資訊始終處於客戶的控制之下，這在任何公有雲中都是首創。我們持續的資料中心擴張使 Azure 在全球擁有 42 個區域，超過任何其他雲端供應商，並提供 69 項合規性產品，以及業界最全面的合規性覆蓋範圍。新的 Azure 可用性區域為區域內和跨區域的高可用性應用程式提供了更高水準的彈性。

Now let me turn to our last solution area: gaming. 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. 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. And we are a few days away from launching the Xbox One X, the most technically advanced and powerful console ever built.

現在讓我們來看看最後一個解決方案領域：遊戲。我們正在積極行動，抓住價值超過 1000 億美元的遊戲產業的巨大機遇，拓寬我們對遊戲的思考方式，從遊戲的創作和發行方式到遊戲的遊玩和觀看方式，全面審視遊戲產業。我們將繼續將 PC、主機和行動裝置上的遊戲資源連接起來，並透過 Game Pass 和 Mixer 等新服務，更深入、更頻繁地發展和吸引超過 5,300 萬 Xbox LIVE 會員網路。距離 Xbox One X 的發布還有幾天時間，這是有史以​​來技術最先進、功能最強大的遊戲主機。

Moreover, we have high expectations for our gaming business to bring more people to more Microsoft experiences and broaden our engagement and usage scenarios. This means fundamentally rethinking how we measure progress in gaming. While we continue to innovate across the console, PC and Xbox LIVE services, we see substantial additional opportunities across e-sports and streaming. At 20% this quarter, our software and services revenue growth reflects the early-stage potential of this larger opportunity.

此外，我們對遊戲業務寄予厚望，希望它能為更多人帶來更多微軟體驗，並擴展我們的用戶參與度和使用場景。這意味著要從根本上重新思考我們如何衡量遊戲領域的進步。儘管我們不斷在主機、PC 和 Xbox LIVE 服務方面進行創新，但我們也看到了電子競技和串流媒體領域的巨大額外機會。本季我們的軟體和服務收入成長了 20%，反映了這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. 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. 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.

我們也看到了賦能主機、PC 和行動遊戲開發者的機會，讓他們能夠利用我們的雲端基礎設施和服務來增強他們的遊戲體驗和社群。遊戲不斷突破硬體和軟體創新的界限，其中一些應用和內容對 CPU 和 GPU 的要求極高，這為我們在雲端運算領域提供了巨大的機會。以 PUBG 公司為例，該公司憑藉熱門遊戲《絕地求生：大逃殺》不僅與 Xbox 合作，使其成為遊戲發佈時的獨佔主機，而且還在 Azure 上運行該遊戲。

In closing, across the company, we are mobilizing to pursue our 5 core customer solution areas. We are partnering deeply with our customers so that our new technologies and innovations can help them digitally transform, grow and thrive.

最後，全公司上下正齊心協力，推動我們的 5 個核心客戶解決方案領域。我們與客戶建立深度合作關係，以便我們的新技術和創新能夠幫助他們實現數位轉型、發展壯大。

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.

現在我將把發言權交給艾米，讓她更詳細地介紹本季的業績並分享我們的展望，我期待著稍後與大家見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $24.5 billion, up 12% and 11% in constant currency with better-than-expected performance across all segments. Gross margin increased 15%, operating income increased 15% and earnings per share was $0.84, increasing 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.

謝謝你，薩蒂亞，大家下午好。本季營收為 245 億美元，年成長 12%，以固定匯率計算成長 11%，所有業務板塊的業績均優於預期。毛利率成長15%，營業收入成長15%，每股盈餘為0.84美元，成長17%。本財年伊始，我們便實現了兩位數的營收和利潤成長，這得益於我們始終如一的執行力以及對產品創新和銷售能力的持續投入。

At a company level, LinkedIn contributed approximately 5 points of revenue and gross margin growth and had a 4-point drag on operating income. Excluding the cost amortization of acquired intangibles, LinkedIn contributed $78 million to operating income. We are confidently ahead of our original financial commitment for LinkedIn. We now expect LinkedIn, ex purchase accounting, to be accretive to EPS this fiscal year.

從公司層級來看，LinkedIn 貢獻了約 5 個百分點的營收和毛利率成長，但對營業收入造成了 4 個百分點的拖累。不計入收購無形資產的成本攤銷，LinkedIn 為公司貢獻了 7,800 萬美元的營業收入。我們目前在LinkedIn的投資金額已遠超過最初的財務承諾。我們現在預計，剔除收購會計處理後，LinkedIn 本財年將對每股盈餘產生增益。

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. Our sales team and partners delivered strong commercial results this quarter. Multiyear commitments from customers contributed to an 89% annuity mix. On a roughly flat dollar volume of EA expirations, we grew commercial bookings 14% and 9% in constant currency. Commercial unearned revenue came in higher than we expected at $21.5 billion, primarily from higher software assurance billings and FX benefit.

我們的業績與宏觀經濟趨勢一致，法國、日本和英國等大型市場表現優於預期，而巴西和俄羅斯等市場趨於穩定。本季度，我們的銷售團隊和合作夥伴取得了強勁的商業業績。客戶的多年承諾促成了 89% 的年金組合。在EA到期交易額基本上持平的情況下，我們以固定匯率計算的商業預訂量增加了14%和9%。商業未實現收入高於預期，達到 215 億美元，主要來自更高的軟體保障帳單和外匯收益。

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

我們的商業雲端業務連續第二個季度實現了強勁的營收成長和毛利率的顯著提高。本季營收超過 50 億美元，年增 56%，毛利率成長 8 個百分點至 57%，各項雲端服務均有所改善，其中 Azure 的改善最為顯著。

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.

該公司毛利率為 66%，比上年增長 2 個百分點，原因是高利潤率產品和服務的銷售組合，以及雲端利潤率的提高，超過了雲端收入佔比增長和 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. 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. FX added 1 point of growth to operating expenses this quarter, which grew 16% and 15% in constant currency. LinkedIn contributed 14 points of growth, including $154 million of amortization of acquired intangible expense.

美元走弱於預期帶來的外匯影響，使公司總收入成長提高了 1 個百分點。從細分市場層面來看，外匯對生產力和業務流程的影響微乎其微，但智慧雲端和更多個人運算的營收成長均提高了 1 個百分點。本季外匯交易使營運支出增加了 1 個百分點，以固定匯率計算，營運支出成長了 16%，成長了 15%。LinkedIn 貢獻了 14 個百分點的成長，其中包括 1.54 億美元的收購無形資產攤銷。

Now to our segment results. 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. LinkedIn contributed 18 points of growth.

現在來看我們各部分的業績結果。生產力和業務流程部門的營收成長了 28%，以固定匯率計算也成長了 28%，達到 82 億美元，業績好於預期，這主要得益於外匯以及 Office 商業版、消費版和 LinkedIn 的成長。LinkedIn貢獻了18個百分點的成長。

Office commercial revenue increased 10% as revenue mix continued to shift to Office 365 commercial. Office 365 commercial revenue grew 42% from strong installed base growth and ARPU expansion. Companies like Lowe's and Devon Energy chose Office 365 to connect their employees and empower them in the modern workplace. 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.

隨著收入結構持續向 Office 365 商業版轉變，Office 商業收入成長了 10%。由於用戶基數強勁成長和每位用戶平均收入 (ARPU) 擴大，Office 365 商業收入成長了 42%。像勞氏公司和德文能源公司這樣的企業選擇 Office 365 來連結員工，並在現代工作場所賦予員工力量。透過與通路合作夥伴的合作，我們平均每月新增超過 5 萬家中小企業客戶，這一趨勢已持續 3 年多。

Office 365 commercial seat growth was up 1 point sequentially to 32% and declined 8 points year-over-year. We do expect that year-over-year trend to continue, given the increasing size of the base. 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.

Office 365 商業席次成長率較上季上升 1 個百分點至 32%，較去年同期下降 8 個百分點。鑑於基數不斷擴大，我們預計這種同比趨勢將會持續下去。辦公室消費收入成長了 12%（以固定匯率計算成長了 10%），這主要得益於經常性訂閱收入的成長以及用戶群的成長（目前已達 2,800 萬）。

Our Dynamics business grew 13% and 12% in constant currency, driven by the revenue mix shift to Dynamics 365. Customers like the U.S. Department of Veterans Affairs and the Seattle Seahawks, have adopted Dynamics 365 to modernize their business processes. Dynamics 365 grew 69%, same in constant currency with continued installed base and ARPU growth.

我們的 Dynamics 業務成長了 13%，以固定匯率計算成長了 12%，這主要得益於營收結構轉向 Dynamics 365 的轉變。像美國退伍軍人事務部和西雅圖海鷹隊這樣的客戶已經採用 Dynamics 365 來實現業務流程的現代化。Dynamics 365 成長了 69%，以固定匯率計算也實現了同樣的成長，安裝基數和 ARPU 也持續成長。

LinkedIn revenue for the quarter was approximately $1.1 billion, a bit better than we expected. Post-acquisition sales execution has been strong, with record levels of user engagement. This quarter, LinkedIn sessions again grew more than 20%. Segment gross margin dollars grew 25% and 24% in constant currency with 15 points of contribution from LinkedIn, including $218 million of amortization. Gross margin percentage declined due to the impact of LinkedIn-related amortization.

LinkedIn本季營收約11億美元，略優於我們的預期。收購後的銷售執行情況良好，用戶參與度達到了創紀錄的水平。本季度，LinkedIn 會話量再次成長超過 20%。分部毛利率以固定匯率計算成長了 25% 和 24%，其中 LinkedIn 貢獻了 15 個百分點，包括 2.18 億美元的攤銷。受 LinkedIn 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. Operating income increased 3% and 4% in constant currency, with 10 points of negative impact from LinkedIn. 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.

營運費用以固定匯率計算成長了 54% 和 53%，其中 LinkedIn 貢獻了 49 個百分點，包括 1.54 億美元的攤銷費用。以固定匯率計算，營業收入成長了 3% 和 4%，但 LinkedIn 帶來了 10 個百分點的負面影響。智慧雲端業務部門實現營收 69 億美元，以固定匯率運算成長 14% 和 13%，業績好於預期，這主要得益於混合雲業務的良好表現以及外匯收益。

Server products and cloud services revenue grew 17%, also 17% in constant currency with another quarter of double-digit annuity revenue growth. Azure revenue grew 90% and 89% in constant currency, and Azure premium revenue grew triple digits for the 13th consecutive quarter. Our unique ability to provide a distributed hybrid model for the Intelligent Cloud and Intelligent Edge continues to attract customers to Microsoft.

伺服器產品和雲端服務收入成長了 17%，以固定匯率計算也成長了 17%，年金收入連續第二季實現兩位數成長。Azure 營收以固定匯率計算成長了 90% 和 89%，Azure 高階版營收連續第 13 季實現三位數成長。我們為智慧雲端和智慧邊緣提供分散式混合模式的獨特能力，持續吸引客戶選擇微軟。

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. 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.

賽門鐵克是業界最大的安全廠商，已採用與 Azure 的全公司混合策略，包括向全球超過 5,000 萬用戶提供 Norton 消費性產品。像美國銀行、道明銀行和三井住友銀行這樣的金融服務公司都在使用 Azure 及其資料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. 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.

企業服務收入成長了 1%，以固定匯率計算與上年持平，原因是高階支援服務的成長抵消了 Windows Server 2003 客製化支援協定的下降。分部毛利美元成長了 10%，以固定匯率計算也是如此，但分部毛利率下降，原因是雲端收入佔比增加以及企業服務利潤率下降，不過 Azure 毛利率的大幅改善部分抵消了這一影響。

This quarter, operating expenses grew 3% or 2% in constant currency from ongoing investments in sales capacity and engineering. Operating income increased 20%, the same in constant currency.

本季度，由於對銷售能力和工程的持續投資，營運費用增加了 3%（以固定匯率計算成長了 2%）。營業收入成長了20%，以固定匯率計算也是如此。

Now to More Personal Computing. 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. Excluding phone, revenue grew 3%, the same in constant currency. Both the commercial and the consumer PC markets were better than we expected, contributing to OEM revenue growth of 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. We continue to see Windows 10 deployment cycles drive commercial customer hardware demand.

現在進入個人電腦領域。該業務板塊的收入為 94 億美元，外匯及各項核心業務均對該板塊超出預期的業績做出了貢獻。剔除電話業務收入，營收成長3%，以固定匯率計算也成長了3%。商業和消費性 PC 市場均優於預期，推動 OEM 營收成長 4%。OEM Pro 收入成長了 7%，高於商用 PC 市場，這得益於高階 SKU 的更高佔比以及授權購買時機帶來的幾個百分點的成長。我們持續看到 Windows 10 的部署週期推動商業客戶對硬體的需求。

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. Inventory levels were in the normal range for a preholiday quarter. Windows commercial products and services grew 7% and 6% in constant currency, mainly driven by seat growth. 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.

OEM 非專業業務收入下降 1%，與消費 PC 市場的情況一致，反映出巴西和俄羅斯等主要市場的狀況更加健康。節前季度的庫存水準處於正常範圍內。以固定匯率計算，Windows 商業產品和服務分別成長了 7% 和 6%，主要得益於使用者數量的成長。我們持續看到企業客戶的成長勢頭，可口可樂公司、英國稅務海關總署和羅傑斯通訊公司都選擇 Windows 10，因為它具有智慧安全功能和高階管理功能。

Patent licensing declined this quarter, primarily due to onetime impact of IP deals signed in the prior year. Search revenue ex TAC grew 15%, the same in constant currency from higher revenue per search and stronger-than-expected performance from volume. Our online businesses showed healthy improvement in revenue growth and profitability as we realized the benefits of scale.

本季專利授權業務有所下降，主要原因是上一年簽署的智慧財產權協議的一次性影響。扣除 TAC 後的搜尋收入成長了 15%，以固定匯率計算也成長了 15%，這得益於每次搜尋收入的增加以及搜尋量超出預期。隨著我們認識到規模效應帶來的好處，我們的線上業務在收入成長和獲利能力方面都取得了健康的改善。

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

我們的 Surface 業務以固定匯率計算成長了 12% 和 11%，這主要得益於新款 Surface Laptop 在商業和消費領域的銷售。在 Pro 4 和我們的新設備之間的產品生命週期過渡期間，我們持續看到了穩健的執行力。

Gaming revenue grew 1% and was flat in constant currency as Xbox software and services growth offset declines in hardware. Software and services revenue grew 21% or 20% in constant currency, driven by continued growth in monetization. Our engaged user base grew 13% to 53 million monthly active users across Xbox One, Windows 10 and mobile platforms. Additionally, new services like Game Pass and Mixer, which create more opportunity for engagement and monetization, showed encouraging early results.

遊戲收入成長了 1%，以固定匯率計算與去年同期持平，原因是 Xbox 軟體和服務的成長抵消了硬體的下滑。軟體和服務收入成長了 21%（以固定匯率計算成長了 20%），這主要得益於貨幣化業務的持續成長。我們在 Xbox One、Windows 10 和行動平台上的活躍用戶數量增加了 13%，達到每月 5,300 萬。此外，像 Game Pass 和 Mixer 這樣的新服務，為用戶參與和盈利創造了更多機會，也取得了令人鼓舞的早期成果。

Segment gross margin dollars increased 10%. Gross margin percentage increased, primarily due to sales mix shift to higher-margin products and services. 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. Operating income grew 26%, the same in constant currency.

分部毛利成長10%。毛利率上升，主要是因為銷售組合轉向高利潤率的產品和服務。由於 Windows 和遊戲行銷支出減少，以及上個完整季度手機業務節省帶來的顯著收益，營運支出以固定匯率計算下降了 1% 或 2%。營業收入成長了 26%，以固定匯率計算也是如此。

Now back to our overall company results. 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. Cash paid for property and equipment was approximately $2.1 billion. 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.

現在回到公司整體業績。本季度，我們在資本支出（包括融資租賃）方面投資了約 27 億美元，環比下降，低於原計劃，主要原因是季度間的波動。購買房產和設備所支付的現金約為21億美元。根據客戶需求和使用情況，我們持續進行大量資本投資，團隊也持續專注於提高毛利率，在全球部署服務以滿足需求。

Free cash flow grew 10% from operating cash flow growth of 8%. As a reminder, in the prior year, we had $1.3 billion in unsettled cash equivalent positions that reversed the following quarter. 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.

自由現金流成長了 10%，而經營現金流成長了 8%。提醒一下，上一年，我們有 13 億美元的未結算現金等價物頭寸，這些頭寸在下一季發生了逆轉。除此金額外，由於硬體業務的帳單收入強勁增長和營運資本改善，客戶收款增加，自由現金流增長了 27%，這主要得益於我們退出電話業務。

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. Our effective tax rate was 18%, 1 point lower than we expected, primarily due to geographic mix of revenue. This quarter, we returned $4.8 billion to shareholders through dividends and share repurchases.

其他收入和支出為 2.76 億美元，略高於計劃，因為我們在本季繼續看到股票市場中實現收益的機會。我們的實際稅率為 18%，比預期低 1 個百分點，這主要是由於所得的地域組成所致。本季度，我們透過分紅和股票回購向股東返還了 48 億美元。

Now let's turn to the Q2 outlook. First on FX. 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. 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.

現在讓我們來看看第二季的展望。FX電視台首播。假設當前匯率維持穩定，我們預期外匯將使營收成長增加 1 個百分點，銷售成本成長增加 1 個百分點，營運支出成長增加 2 個百分點。我們的商業業務應該會保持健康發展，續約執行情況良好，客戶對我們的混合雲服務和微軟 365 等新雲端解決方案的需求不斷增長。

Turning to commercial bookings. As you know, the underlying dollar volume of EA expirations impacts commercial bookings growth. 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. We expect commercial unearned revenue to be down approximately 7% sequentially, reflecting normal seasonality.

轉向商業預訂。如您所知，EA到期交易的美元交易量會影響商業預訂成長。全年到期總額將略有上升，但第二季到期美元交易量將下降約 20%，這將影響我們第二季的商業預訂成長。我們預計商業未實現收入將環比下降約 7%，這反映了正常的季節性因素。

We remain committed to material improvement in our commercial cloud gross margin percentage. Margin performance is variable quarter-to-quarter, driven by revenue mix and seasonality as well as the timing of infrastructure spend. We expect continued year-over-year margin improvement and sequential trends consistent with prior years.

我們將繼續致力於大幅提升商業雲端業務的毛利率。利潤率表現因季度而異，受收入結構、季節性因素以及基礎設施支出時間的影響。我們預期利潤率將持續年增，並且連續成長的趨勢將與往年保持一致。

Next to CapEx. We will increase our capital investment to meet growing demand and capacity needs. And on accrual dollar basis, we expect a sequential dollar increase next quarter. In Productivity and Business Processes, we expect revenue between $8.75 billion and $8.95 billion. Office 365 commercial growth will continue to outpace the transactional decline. We expect a more moderate rate of growth in our Office consumer business, given the prior year comparable. In Dynamics, we expect continued double-digit revenue growth, driven by the shift to Dynamics 365. And we expect approximately $1.2 billion of LinkedIn revenue, reflecting continued strong sales execution by the team.

接下來是資本支出。我們將增加資本投入，以滿足不斷增長的需求和產能需求。以應計美元計算，我們預計下一季美元數額將環比增長。在生產力和業務流程方面，我們預計營收在 87.5 億美元至 89.5 億美元之間。Office 365 商業版的成長速度將持續超過交易版的下滑速度。鑑於去年同期數據，我們預期辦公室消費業務的成長速度將較為溫和。在 Dynamics 領域，我們預計營收將繼續保持兩位數成長，這主要得益於向 Dynamics 365 的轉型。我們預計 LinkedIn 的營收約為 12 億美元，這反映了團隊持續強勁的銷售表現。

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

智慧雲端業務預計營收在 73.5 億美元至 75.5 億美元之間，伺服器產品和雲端服務業務將連續第二季實現兩位數營收成長。提醒一下，從去年第二季開始，Windows Server 2016 的發布推動了本地部署業務的強勁成長，使得伺服器產品以固定匯率運算成長了 6%。這項可比較數據將影響該細分市場的年增速。

We expect enterprise services revenue growth to be similar to last quarter, driven by premier support services offsetting declines in custom support agreements. In More Personal Computing, we expect revenue between $11.7 billion to $12.1 billion.

我們預計企業服務收入成長將與上一季類似，主要得益於高級支援服務的成長抵消了客製化支援協議的下滑。在「更多個人計算」領域，我們預計收入將在 117 億美元至 121 億美元之間。

First on Windows. OEM revenue should track roughly in line with the overall PC market. 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.

首先是Windows平台。OEM廠商的收入應該與整個PC市場的收入大致保持一致。具體來說，OEM Pro 的營收成長應該與商用 PC 市場更加一致，第一季因授權購買時間而導致的幾個百分點的成長應該會趨於正常化。

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

接下來是設備。在Surface業務方面，我們預計營收將比第一季略有成長，因為我們將繼續向新款Surface Pro過渡，擴大Surface Laptop的銷量，並推出Surface Book 2。此外，我們在去年11月完成了功能手機業務的出售，因此這將是最後一個受手機業務影響的營收季度。我們預計搜尋業務（不含TAC）收入將實現兩位數成長，這反映出其在費率和銷售方面均持續強勁的表現。

And finally, gaming. We expect revenue growth from the launch of the Xbox One console and continued healthy growth of software and services revenue. In Q2, the higher mix of gaming hardware revenue will significantly impact both the segment and company gross margin percentages. 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. This includes approximately $400 million of LinkedIn COGS, of which $220 million is related to amortization expense.

最後，是遊戲。我們預計Xbox One遊戲機的上市將帶來收入成長，軟體和服務收入也將持續健康成長。第二季度，遊戲硬體收入佔比的提高將對該業務板塊和公司毛利率產生重大影響。我們預計銷售成本在 110 億美元至 112 億美元之間，這是假日季度新設備發布後的正常範圍，並且包含了 1 個百分點的匯率不利影響。這其中包括 LinkedIn 約 4 億美元的銷售成本，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. This includes $1.1 billion of LinkedIn expenses, of which $154 million is related to amortization. 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.

我們預計營運支出為 91 億美元至 92 億美元，其中包括 2 個百分點的匯率不利因素。這其中包括 LinkedIn 的 11 億美元支出，其中 1.54 億美元與攤銷有關。其他收入和支出約為 4.5 億美元，因為我們繼續從股票投資組合中獲利；我們預計這一速度將持續到本財年結束。

Now let me share some additional comments on fiscal '18, given our strong first quarter results, our business momentum and the changing currency landscape. First on FX. For the full year at current rates, we expect FX to increase revenue, COGS and OpEx growth at the company level by 1 point. Therefore, we now expect full year operating expense growth, excluding LinkedIn, to be between 4% and 5%. This is unchanged from our prior outlook except for the updated FX impact.

現在，鑑於我們強勁的第一季業績、業務發展勢頭以及不斷變化的貨幣環境，我想就 2018 財年再補充一些評論。FX電視台首播。以當前匯率計算，我們預計全年外匯將使公司層級的收入、銷售成本和營運支出成長增加 1 個百分點。因此，我們現在預計，不包括 LinkedIn 在內的全年營運費用成長率將在 4% 到 5% 之間。除了匯率影響更新外，其餘內容與我們先前的展望保持一致。

Second on margins. 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. 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.

其次是利潤率。由於第一季業績強勁，加上我剛才提到的匯率影響，我們的毛利率和營業利率都比我們最初預計的全年下降約 1 個百分點的情況略有好轉。我們現在預計，即使我們加大投資以支援商業雲、人工智慧、混合實境、量子運算、新硬體發布以及銷售團隊持續轉型方面的長期營收成長，不計 LinkedIn 的營業利潤率也將同比增長。

Third, tax rate. 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.

第三，稅率。我們將全年稅率更新為 22%，上下浮動 2 個百分點，具體浮動幅度取決於服務和許可收入的組合、收入的地域組合以及股權歸屬的時間，預計下一季度的稅率將處於全年稅率範圍的中點。

Chris, let's go to Q&A.

克里斯，我們進入問答環節吧。

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

謝謝你，艾米。接下來進入問答環節。傑西，你能再重複一次你的指示嗎？

(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。

Satya, a question for you. 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. When we think about the drivers of that growth, is this just continued share gains by Microsoft enabling you guys to outgrow the market? 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? You're actually like building new market opportunity for yourself with these additional services.

薩蒂亞，我有個問題想問你。我們已經看到智慧雲端發展勢頭良好，Azure 保持著非常非常驚人的成長率，甚至伺服器和工具業務也保持著成長。當我們思考這種成長的驅動因素時，這僅僅是因為微軟不斷擴大市場份額，從而使你們能夠超越市場嗎？或者，您已經開始看到人工智慧以及您推向市場的所有這些額外的認知服務，實際上加速了客戶的工作量成長？實際上，透過這些附加服務，你是在為自己創造新的市場機會。

Thanks, Keith, for the question. I would say, all of the above. 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. In fact, I'm very excited about some of the new workloads. 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. So we feel good about new workload growth. We feel good about this lift, shift, modernize motions that are happening. 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.

謝謝你的提問，基斯。我認為以上所有選項都正確。我們從一開始就相信分散式運算，並且為此進行了建構——所以當我們說混合時，我們從未將其視為某種臨時狀態，而是始終認為邊緣和雲端才是應用程式模式最終的發展方向。事實上，我對一些新的工作任務感到非常興奮。如果我看一下物聯網或人工智慧，這兩種新興的工作負載都需要在邊緣進行運算和智能，並且需要一種全新的運算方式，即事件驅動運算。因此，我們對新增工作量感到樂觀。我們對正在發生的這種提升、轉變和現代化進程感到欣慰。我們認為，我們完全有能力滿足當今企業客戶的實際需求，但更重要的是，從長遠來看，我認為混合運算的發展方向是智慧雲端、智慧邊緣的架構模式。

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

下一個問題來自高盛的 Heather Bellini。

I had a question related to Azure. You guys mentioned on the call that premium services grew triple digits for the 13th quarter in a row. 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. 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?

我有一個關於Azure的問題。你們在電話會議上提到，高級服務連續第 13 個季度實現了三位數的成長。我想知道您能否為我們介紹一下，目前運行高級服務的工作負載佔總工作負載的百分比應該如何理解。或者說，我們是否已經到了這樣一個階段：這一比例在產品組合中已經足夠高，以至於我們正處於一個轉折點，在這個階段，看似非常顯著的毛利率增長將繼續以類似的速度持續下去？

I mean, I can start, and Amy, you can add to this. 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. 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. And there is a path. Every customer sometimes just starts with Infrastructure as a Service and some storage. And then the lift, shift turns into lift, shift and modernize and that's where these premium services get activated. So they definitely are margin accretive for us, but most importantly, they add a tremendous amount of value to the customers. And I'll let Amy add any additional color to that.

我的意思是，我可以先開始，艾米，你可以補充。例如，我們認為高級服務涵蓋與我們資料相關的一切——尤其是高級資料庫。我說的不是原始存儲，而是 Cosmos DB、Azure DB 或任何資料服務、我們的物聯網服務、我們的人工智慧服務，這些都是高級服務。而且，還有一條路可走。每個客戶有時都只是從基礎設施即服務和一些儲存開始。然後，提升、轉型變成了提升、轉型和現代化，而這些高級服務正是在這裡被啟動的。因此，它們無疑能提高我們的利潤率，但最重要的是，它們能為客戶創造巨大的價值。至於其他細節，就交給艾米來補充。

And I think Heather, it gives me good opportunity to talk a little bit about the real drivers of the Azure gross margin improvement. There are really, when you think about it, 3. The first one's just pure revenue scale. 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. The second component and the one you'd asked about is a little bit about that premium services revenue mix. And you're absolutely seeing the impact of that growth as mix show up in the gross margin. In addition to the workload Satya mentioned, I also bring up EMF. EMF continues to be, I think, an incredible value to customers. And I think we've done a very good job of pointing out its competitive advantages, and we're seeing that also benefit margins. 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. Those things together, with premium being a component of that, are all lending itself to gross margin improvement.

我覺得 Heather，這給了我一個很好的機會來談談 Azure 毛利率改善的真正驅動因素。仔細想想，其實有 3 個因素。第一個因素就是純粹的營收規模。我認為，我們在發展、專注、創新以及銷售團隊方面做得非常出色。過去幾年，我們透過投資和能力建設，成功地將產品和服務帶給了客戶。第二個組成部分，也是您問的，是關於高級服務收入組成的部分。而且，這種成長的影響確實體現在產品組合的變化上，並反映在毛利率中。除了薩蒂亞提到的工作量之外，我還想提一下電磁場。我認為，EMF 對客戶而言仍然具有巨大的價值。我認為我們已經很好地指出了它的競爭優勢，而且我們也看到了由此帶來的收益。最後，基礎設施團隊表現出色，他們在硬體創新方面取得了巨大成功，從網路到產品及其相互集成，以及在此基礎上進行的軟體創新，都功不可沒。這些因素加在一起，其中溢價也是一部分，都有利於毛利率的提高。

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

下一個問題來自富國銀行的菲爾溫斯洛。

I just want to focus in on Office because you've obviously spent a fair amount of time on Azure, the gross margins there. 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. 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. So just [rise] more color on sort of what we've been seeing an kind of how you think about that trending going forward.

我只想重點談談 Office，因為您顯然在 Azure 上花費了相當多的時間，以及那裡的毛利率。但是，在 Office 產品中，從價格點以及 E1、E3、E5 等不同等級之間的毛利率來看，存在著一些長期趨勢以及產品組合的變化。所以，我想知道您能否為我們詳細介紹一下我們目前看到的情況，因為很明顯，座位數量增長健康，收入增長迅速，而且利潤率似乎也在增長。所以，請就我們目前所看到的現象，以及您對未來發展趨勢的看法，再補充一些細節。

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. One of the new suites we have is called F1 and this is about first-line work. So Office is no longer limited just to the knowledge workers. 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. Some of our social tools like llama are increasingly getting used for broad communications, inclusive of Skype for Teams. So I just wanted to put that in there as well as the -- there is, of course, E3. There is E3 to E5. But there is also F1, which is increasing the overall penetration. And not to mention the small business segment. 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. We sold Office on-premise or Office perpetual clients. But now you can have a small business in a country like India buy Office 365 as a subscription service. So those are all the things that are in play.

讓我先從最高層面說起，因為對我們來說，在上個季度推出的一些創新，我認為，對於展望 Office 和 Office 的成長而言，也是非常關鍵的。我們新推出的套件之一叫做 F1，它是用來處理第一線工作的。所以Office不再只限於知識工作者了。事實上，我們認為我們的一些團隊合作、協作、溝通以及排班軟體對於製造工廠的任何員工或零售專家來說都具有非常重要的意義。我們的一些社交工具，例如 Llama，正越來越多地被用於廣泛的溝通，包括 Skype for Teams。所以我也想把這個加進去——當然，還有E3。等級從E3到E5。但還有F1賽車，它正在提高賽車運動的整體普及率。更不用說小企業群體了。當然，還有我們參與的所有 Office 365 市場，在這些市場中，我們幾乎沒有任何伺服器業務。我們向本地部署版 Office 或永久版 Office 客戶銷售產品。但現在，像印度這樣的國家的小型企業也可以以訂閱服務的形式購買 Office 365。以上就是所有需要考慮的因素。

And I do think that's important, Keith, in terms of the innovation and the value. I think sometimes, on this call particularly, we talked about there's installed base growth and there's ARPU increases. Sitting underneath that is this very large $120 million (sic) [120 million] monthly active users in commercial. And they're experiencing frankly the latest innovations that the company has built. 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. Innovations around Teams, innovations in AI in the actual Office products themselves are now being experienced by our customers. 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. And then purchasers are happy to continue to add SKUs and add and move up the scale. 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. 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.

基思，我認為這一點很重要，因為它關乎創新和價值。我認為有時候，尤其是在這次電話會議上，我們討論了用戶基數增長和每用戶平均收入 (ARPU) 增加的問題。背後是商業領域高達 1.2 億美元（原文如此）[1.2 億] 的月活躍用戶。坦白說，他們正在體驗公司最新研發的創新成果。所以我認為，看到這個數字的成長，我們實際上可以提高每位用戶平均收入 (ARPU)，而 Satya 提到的新服務也讓我們能夠繼續擴大用戶基數。我們的客戶現在正在體驗到 Teams 的創新以及 Office 產品本身的 AI 創新。我認為，當這種情況發生時，隨著時間的推移，它會建立起消費者對產品的信心，也會建立起最終用戶對產品的信心，以及對產品本身的信心。然後，採購商樂於繼續添加 SKU，並不斷升級產品線。我們——儘管如此，這主要還是 ARPU 的成長，仍然是我們一直在談論的一些早期轉型，即 E3 轉型以及安裝基礎的成長。E5 持續展現出令人鼓舞的跡象，開始進入 ARPU 市場，但正如我們之前討論的，要真正實現 ARPU 成長還需要很長時間。

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卡爾‧基爾斯蒂德。

This one's for Amy. Amy, just a general sort of corporate-wide question on gross margins. Your revenue and COGS guide, if I ran the math correctly, imply about 60% gross margins for the December quarter. 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. 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.

這首歌獻給艾米。艾米，我有個關於公司整體毛利率的問題。如果我計算正確的話，根據你們的收入和銷售成本指南，12 月季度的毛利率約為 60%。所以年比會下降，我懷疑還會低於一些華爾街的預期，但聽起來你對全年毛利率的預期稍微樂觀一點。所以，我只是想確保我離開電話會議時明白，目前的結論是，鑑於低利潤硬體的成長，第二季的情況有些特殊，此後毛利率將恢復到更正常的同比模式。

Thanks, Karl. Actually, this is really all the gaming Xbox One console launch. It's very specific. 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. 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.

謝謝你，卡爾。實際上，這就是Xbox One遊戲主機發布的全部內容。它非常具體。因此，IC、PDP 和 MPC 投資組合其他所有毛利率趨勢都表現出完全相同的基本驅動因素和改善。因此，這完全是 Xbox One X 在第二季發布後對公司毛利率，特別是對 MPC 毛利率的影響。

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華特‧普里查德。

I think, another question for Amy here. 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. 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. But how dependent is Azure growth in customers attaching that to the volume of annuity up?

我想，這裡還有一個問題想問艾米。正在查看——試圖弄清楚您今年的 Azure 成長對——即將續訂的年金數量的依賴程度。我知道去年你們的年金續保週期成長非常強勁，你們也提到第二季面臨一些壓力，然後全年略有上升趨勢。但是，Azure 的客戶成長與年金交易量成長之間的關聯程度如何？

Yes, I would -- I wouldn't call it pressure, Walter, just how I think about it. There is just an expiration base that comes up every quarter and there's volatility to it. 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. And Azure actually falls a couple of patterns. It's not just about EA attach, although it absolutely can be one of the motions. 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. 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.

是的，我會——我不會稱之為壓力，沃爾特，這只是我的想法。每季都會出現到期債券，而且價格波動較大。所以，我們可以這樣理解：從全年來看，它略有上升，而第二季度恰好只是整個週期中 12 個季度中的一小部分，就像第四季度在周期中相當大一樣。Azure 實際上符合幾種模式。這不僅僅是關於EA的介入，儘管它絕對可能是其中一種方式。因為它往往也是以專案為基礎的，我們對銷售能力進行的許多投資，以及我們進行一些銷售轉型的原因，都是為了更多地投資於這種以專案為主導的模式，而這實際上與企業架構續約週期有點脫節，這一點你已經看到了。如果非要劃一條線，Azure 的發展速度與企業協議 (EA) 的相關性，已經不如 3 年前那麼高了，因為我認為我們雙方都使產品和銷售週期更加成熟了。

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

下一個問題來自Evercore ISI公司的Kirk Materne。

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

Satya，昨天你出席了GE的活動，並宣布了與GE就Predix計畫建立的合作關係。我想知道，當我們考慮 Azure 成為 ISV 值得信賴的平台的機會時，您能否談談您認為這方面進展如何？因為很明顯，透過將像 GE 這樣的合作夥伴引入您的平台，可以擴大您的整體潛在市場規模以及您可以解決的用例類型。

Yes, thank you for the question. 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. One is to the enterprise customer, we are a trusted partner. And we support them with their hybrid computing needs and their AI needs. 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. The second part is the ISVs. 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. 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. So we are really looking forward to accelerating our business with GE and many others to come. But it's a very important co-sell motion and, more importantly, building trust on both sides of that equation.

是的，謝謝你的提問。總的來說，我認為你提到了我們雙方的一大優勢和一大價值主張。第一，對於企業客戶而言，我們是值得信賴的合作夥伴。我們為他們提供混合計算和人工智慧方面的支援。我們強調的一點是，關鍵不在於我們的技術，而是我們能否將這種能力轉移給客戶，因為無論你身處零售業、石油天然氣業還是金融服務業，他們都在努力建立自己的軟體能力，而我們在這方面擁有獨特的能力。第二部分是獨立軟體開發商 (ISV)。事實上，我們今年的主要投資領域之一就是提升我們領域的聯合銷售能力，以便獨立軟體開發商 (ISV) 能夠在我們平台上取得成功。無論是 GE 還是 Adob​​e 以及其他許多公司，現在都可以從中受益，這既是因為我們與企業的合作關係和信譽，更重要的是，也因為我們投入的現場資源。因此，我們非常期待與通用電氣以及未來更多的其他公司加速業務合作。但這是一種非常重要的聯合銷售策略，更重要的是，它有助於建立雙方的信任。

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

下一個問題來自 Mark Moerdler 和 Bernstein 的連線。

I'd like to look at Dynamics 365. It's been growing really fast. It was center stage at Envision in almost every presentation and discussion. 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?

我想了解 Dynamics 365。它發展得非常迅速。在Envision大會上，幾乎每一場演講和討論都聚焦於此。您能否再詳細談談您如何看待這個機遇，並讓我們了解目前 365 中的哪些產品和服務（無論是 CRM、人才管理、ERP 還是其他任何方面）正在推動成長，並且可能成為未來成長的一部分？

Thank you, Mark, for that question. 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. 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. And then immediately after you do something like preventive maintenance, you need field service. And all they need is just a very robust field service module that's cost-effective and efficient. And so we're able to attach that to that project. 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. That's the module you want. 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. So that's what we have designed it for. So the growth is actually across the board. It's coming in customer service, it's coming in sales, it's coming in talent, it's coming in operations. And we have some very competitive price points there. The other one is that there is no such thing as a canonical business. There is no such thing as a canonical business in time. That means things are always changing. 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. And that's another big driver of some of that growth across our enterprise customers.

謝謝你的提問，馬克。我們在設計 Dynamics 365 時，無論是在技術方面還是在商業模式方面，都是為了擺脫我所說的基於套件的老式銷售或基於套件的構建方式，無論是 CRM、ERP 還是 SEM。因為我們意識到，例如，任何在 Azure 中啟動的 IoT 項目，首先都會轉換為分析工作負載，該工作負載會呼叫一些 Azure 高階路由器分析服務。然後，在你完成預防性維護等工作之後，你馬上就需要現場服務。他們需要的只是一個強大、經濟高效且性能優良的現場服務模組。因此，我們可以將它附加到該項目上。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培訓和人才管理。這就是你要找的模組。即使在營運方面，我們也意識到，即使財務狀況保持不變，隨著數位化程度的提高，也需要更多的營運模組。所以這就是我們設計它的用途。所以，成長其實是全面實現的。它正在滲透到客戶服務、銷售、人才和營運等各個方面。而且我們的價格非常有競爭力。另一個原因是，根本不存在所謂的經典商業模式。歷史上並不存在所謂的經典商業模式。這意味著事物總是在不斷變化。因此，自訂、自訂和組合，尤其是在 Office 365 中，非常重要，而這正是我們在 Power BI、Power Apps 和 Flow 方面提供的一些非常差異化的產品。這也是我們企業客戶業務成長的另一個重要驅動因素。

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。

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. But really since we've launched, the question that I get, by far, the most is around the long-term margin potential in Azure. 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. Is there anything structural to -- that would lead us to believe that you couldn't do something in that range? Or how should we think about the long-term framework to that business?

我很想問關於 Windows 系統的優勢，我知道你很少談論這個話題，也很少有人問到這個問題。但自從我們推出 Azure 以來，我被問到最多的問題是關於 Azure 的長期利潤潛力。鑑於本季毛利率如此之高，在沒有給出長期指引的情況下，有什麼理由相信 Azure 的長期營運利潤率不會如此之高？我們剛剛看到 AWS 的營運利潤率達到了 20% 左右。是否存在任何結構性因素——使我們相信你無法在該範圍內做些什麼？或者我們應該如何考慮該業務的長期框架？

I'll start, Adam. 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. 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. 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. 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. And we want to build scale across all of them. 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. 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.

我先來，亞當。我想說的是——當我考慮長期利潤時，我實際上考慮的是我們整個雲端平台的長期利潤。我的意思是，即使在我們做出資本支出決策時（這是利潤率的驅動因素之一），我們也會想到——首先，第一方等於第三方。即使在 Windows 系統中，我們所做的很多事情，大多數人都沒有意識到，但我們運行的最重要的服務之一就是作為雲端服務的 Windows 更新。因此，我們在各個雲端服務領域都擁有龐大的價值，無論是 Xbox LIVE、Windows 更新、Office 365、Dynamics 365，當然還有所有 Azure 服務。我們希望在所有這些方面都實現規模化發展。因此，我們不會——事實上，我們會在一個地方非常積極地獲取利潤，這與我們看到在另一個地方獲取利潤的途徑有所不同。我們希望確保更多地遵循這一點，即全面把握客戶機會，而不是在非常具體的機會中試圖進行微觀管理以實現某些利潤率，因為我們認為，我們交付價值的綜合能力——我認為這才是客戶對微軟的長期期望。

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. 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. 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.

我還要補充一點，當我們考慮長期發展軌跡時，我們仍然有能力繼續提高 SaaS 產品組合、PaaS 產品組合和 IaaS 產品組合的利潤率。我認為，我們能夠將它們整合到能夠解決客戶問題的有趣產品中，而這些產品的價格甚至可能低於其組成部分的價格，這正是我們思考的方式，尤其是在薩蒂亞談到的解決方案領域，以及我們如何向客戶交付產品的方式。因此，雖然我對我們繼續提高核心利潤率的能力充滿信心，但我認為對我們而言，這確實是一個我們需要妥善管理的投資組合。

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邁克爾·內梅羅夫。

My question is on the gaming business. 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? 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?

我的問題與遊戲產業有關。鑑於您在近期將更加重視這一領域，您認為遊戲收入的成長速度或時間範圍需要多久才能達到或超過遊戲產業平均中高個位數的成長率？我知道你們不會單獨列出各個業務板塊的利潤率，但是能否請您從標準化貢獻利潤率的角度，相對於 MPC 和公司整體利潤率（不包括 Xbox 一次性發布的影響），談談您是如何看待遊戲業務的？

I can start again. 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. And once you have the network, you have plenty of different opportunities. 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. The other area is streaming. As you know, there is gameplaying and game watching and there is secular growth on both fronts. And we feel very, very good about the engagement increases in a pretty unique value proposition we have in Mixer. So that's another opportunity that we believe will shape in addition to things like e-sports and so on. So it's the totality of that. 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. 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.

我可以重新開始。從遊戲角度來看，我認為近年來發生的最大變化之一，當然是 Xbox LIVE 網路在 PC 和遊戲主機上的蓬勃發展，現在由於像《我的世界》這樣的遊戲，其影響力甚至也越來越大，甚至擴展到了手機上。一旦你擁有了人脈，你就會有很多不同的機會。特別是，我們現在與 Game Pass 合作推出的訂閱服務開局非常順利，我們的目標是打造一個類似 Netflix 的遊戲平台，讓玩家可以在所有遊戲裝置上使用訂閱服務。另一個領域是串流媒體。如你所知，有玩遊戲和看遊戲兩種方式，而且這兩種方式都在不斷發展。我們對 Mixer 獨特的價值主張所帶來的用戶參與度提升感到非常非常滿意。所以，除了電子競技等領域之外，我們認為這也是一個將會產生影響的機會。所以，這就是所有這些因素的總和。我在腳本中提到的一個數字是，我們稱之為軟體和服務領域的 20% 的成長，這或許是我們認為機會所在之處的一個領先指標。對我們來說，現在還處於早期階段，但即便如此，這可能是我們在取得進展和執行過程中需要關注的關鍵數字之一。

And because of that, you're actually already seeing that impact in the MPC gross margins. Even this quarter is a great example. 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. 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. And structurally, that would, of course, have higher operating margins.

正因如此，你實際上已經在 MPC 的毛利率中看到了這種影響。本季就是一個很好的例子。該業務板塊的毛利率有了實質改善，這很大程度上要歸功於 Xbox 軟體和服務收入本身較高的利潤率。而且我認為，正如薩蒂亞所說，這個行業正在轉向更加註重會員網絡的參與度和盈利能力，因此，我們可以預期，我們傳統的、更注重硬體的 Xbox 的利潤率也會隨之改變，未來將成為這兩方面的真正結合。從結構上看，這當然會帶來更高的營業利益率。

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雷莫·倫肖。

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

我們圍繞 Azure 及其應用程式展開的討論似乎正在發生變化，客戶現在似乎希望與你們建立更深的關係，因為你們在過去幾個季度中成熟度有了很大的提高。你能跟它對話嗎？這是我單獨注意到的，還是你在客戶關係中——在你的對話中——也看到了這種情況？

Hopefully, we picked it up a lot earlier than you did. But we have -- so we do have a very different dialogue. 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. 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. 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. 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. And I would use the word, we are deeply partnering with them. 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. And that's what we're investing in.

希望我們比你們更早發現這個問題。但我們確實有——所以我們的對話方式截然不同。如果我——如果你仔細想想，我們合作過的所有客戶，我們一直以來都與他們保持著合作關係，甚至在我們做伺服器的時候就是如此。但正如你所說，雷莫，我認為已經發生的變化是，即使在金融服務領域，你們所代表的各個細分領域，現在遷移到雲端的工作負載類型也發生了質的變化。過去，我們也參與其中，但許多一級工作負載並不在微軟的技術棧上；而現在，許多一級工作負載實際上越來越多地部署在微軟雲端。因此，在我看來，這代表著一種質的變化，因此，我們與汽車公司、金融服務公司或零售公司進行的對話類型，都更加深入、更廣泛。我會用「我們與他們建立了深度合作關係」這個詞。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體能力時，他們需要一個值得信賴的合作夥伴，該合作夥伴更關心確保他們建立自己的技術能力。這就是我們投資的方向。

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. 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. And that's what we mean. 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. So I do think this is really an output of multiple years of concentration on delivering that capability.

雷莫，我想說，你可以這樣理解：我們一直與企業客戶保持信任關係，作為一家公司，我們為此感到無比自豪。過去幾年，我們所做的投資是為了招募能夠與客戶坐下來，推動客戶成功完成其部署專案的優秀人才。這就是我們的意思。這關乎我們對能力的投入、產品的演進和創新，我認為，利用並努力繼續贏得客戶，才能交付這些世界一流的工作負載。所以我認為這確實是多年來集中精力培養這種能力的成果。

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

最後一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Satya, I was curious. You've made a number of announcements with Adobe over the last year or so. And it seems like Microsoft's products and Adobe's products are getting more intertwined. 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?

薩蒂亞，我很好奇。在過去一年左右的時間裡，您與 Adob​​e 一起發布了一系列公告。而且微軟的產品和Adobe的產品似乎也越來越緊密地交織在一起。我很好奇，從您的角度來看，您能否分享一下您認為與 Adob​​e 這樣的供應商合作有哪些重大機遇，以及您認為哪些市場推廣策略更加成功？

Yes, we're very excited about the partnership with Adobe. 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. 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. So that's one area that I think you will see. 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. And then you go to Office 365. We have a partnership with them on e-signatures. We have good interoperability between our respective document clouds. That will, in fact, continue. 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. 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. 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. And that's sort of our core heritage, and that's something that we want to absolutely focus on.

是的，我們對與 Adob​​e 的合作感到非常興奮。正如您所說，Adobe 和微軟實際上在許多領域都有合作關係，而且這種合作關係貫穿了我們整個發展歷程，尤其是在創意雲端、文件雲和體驗雲等領域，我們有許多合作專案正在進行中。事實上，我們對我們正在與 Adob​​e 和 Windows 合作開發的設備感到非常興奮，因為我認為 Windows 和 Windows 10 創意者更新是全世界所有創作者的理想平台，這得益於 Windows 的創新以及 Surface Book 和我們的 OEM 設備等設備的創新。所以，我認為這是你會看到的一個面向。如果你是插畫家或 Photoshop 用戶，我強烈建議你看看 Surface 的撥號功能，它真的非常漂亮。然後你就可以使用 Office 365 了。我們與他們就電子簽名領域建立了合作關係。我們各自的文檔雲平台之間具有良好的互通性。這種情況其實還會持續下去。而在創意方面或體驗方面，我們實際上正在增​​加大量的數據和人工智慧能力，這顯然是 Adob​​e 作為獨立軟體開發商的關鍵所在。因此，我們期待這一切最終能對客戶產生怎樣的影響，讓他們能夠利用我們各自的價值，並從中受益。因此，無論是與 Adob​​e 還是其他公司建立此類合作關係，我們都非常注重確保獨立軟體開發商和合作夥伴在我們的平台上取得成功。這可以說是我們的核心傳承，也是我們想要專注的面向。

Thank you, Ross. So that wraps up the Q&A portion of today's earnings call. Thank you for joining us today, and we look forward to speaking with all of you soon.

謝謝你，羅斯。今天的財報電話會議問答環節到此結束。感謝各位今天蒞臨，我們期待很快能與各位再次交流。

Thanks.

謝謝。

Thank you so much. Thank you all.

太感謝了。謝謝大家。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。