微軟 (MSFT) 2018 Q2 法說會逐字稿

Welcome to the Second Quarter Fiscal Year 2018 Microsoft Corporation Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the call over to Chris Suh, General Manager of Investor Relations. Chris, please proceed.

歡迎參加微軟公司2018財年第二季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。我謹將電話轉交給投資人關係總經理 Chris Suh。克里斯，請繼續。

Thank you, Roya. 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 Carolyn Frantz, our new Deputy General Counsel, Corporate Secretary.

謝謝你，羅婭。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；以及我們新任副總法律顧問兼公司秘書卡羅琳·弗蘭茨。

On the Microsoft Investor Relations website you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provide the reconciliation of differences between GAAP and non-GAAP financial measures. This quarter, we incurred a tax charge related to the enactment of the Tax Cut and Jobs Act. We have excluded the impact of this tax charge in our non-GAAP net income and earnings per share metrics. These non-GAAP financial metrics should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's second quarter performance in addition to the impact that these items and events had on the financial results.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。本季度，我們因《減稅與就業法案》的頒布而產生了一筆稅。我們在非GAAP淨收入和每股盈餘指標中已剔除了這項稅收支出的影響。這些非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列出這些項目是為了幫助投資人進一步了解公司第二季的業績，以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will 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. Where growth rates are the same in constant currency, we will refer to the growth rate only.

除非另有說明，我們今天在電話會議上所做的所有成長比較均與去年同期相關。我們也將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。如果以固定匯率計算的成長率相同，我們將只提及成長率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website until January 31, 2019.

通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播中、文字稿中以及將來對錄音的任何使用中。您可以在 2019 年 1 月 31 日之前在微軟投資者關係網站上重播電話會議並查看文字記錄。

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 the 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。由於今天發布的獲利新聞稿、電話會議期間的評論以及我們在 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，實際結果可能與預期存在重大差異。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. Our results this quarter speak to us picking the right secular trends and markets and following that up with focused innovation and execution. The intelligent cloud and intelligent edge paradigm is fast becoming a reality. Azure growth accelerated. LinkedIn growth accelerated. Microsoft 365 and Dynamics 365 are driving our growth and transforming the workplace. Xbox is reaching new customers with new offers.

謝謝你，克里斯，也謝謝所有電話參與的朋友。本季的業績表明，我們選對了長期趨勢和市場，並在此基礎上進行了有針對性的創新和執行。智慧雲和智慧邊緣範式正迅速成為現實。Azure 成長加速。LinkedIn成長加速。Microsoft 365 和 Dynamics 365 正在推動我們的成長並改變工作場所。Xbox 透過新的優惠活動吸引新用戶。

With that as a backdrop, I want to highlight key areas of innovation and growth across our customer solutions. Every CEO I talk to is keen to start their transformation journey by empowering their employees and creating a modern workplace. They want productivity and collaboration tools that deliver continuous innovation and do so securely. Spectre and Meltdown are the latest instances in an increasingly complex threat environment. Our investments to make Windows 10 the most secure, always up-to-date operating system enabled us to move quickly to protect customers in the face of these threats.

在此背景下，我想重點介紹我們客戶解決方案中創新和成長的關鍵領域。我接觸過的每一位CEO都渴望透過賦予員工權力、打造現代化工作場所來開啟轉型之旅。他們需要能夠持續創新且安全高效的生產力和協作工具。Spectre 和 Meltdown 是日益複雜的安全威脅環境中的最新例證。我們投入巨資，使 Windows 10 成為最安全、始終保持最新狀態的作業系統，這使我們能夠迅速採取行動，在面對這些威脅時保護客戶。

Protecting customers will continue to be a top priority. Our continued commitment to operational security and advanced technology is one reason customers like BP, Goodyear, PayPal are choosing Microsoft 365. MasterCard chose Microsoft 365 to empower employees and inspire teamwork with integrated apps like Teams, Yammer and SharePoint. We're infusing AI across Microsoft 365 with the simple goal of helping people do their best work. Insights in Excel is a new service that uses machine learning to detect and highlight patterns. Translator brings 60 languages to Word. We are helping people be more productive on-the-go on any platform with real-time co-authoring in Office apps on iOS, Android and now the Mac.

保護客戶權益仍將是我們的首要任務。我們對營運安全和先進技術的持續投入，是 BP、固特異、PayPal 等客戶選擇 Microsoft 365 的原因之一。萬事達卡選擇 Microsoft 365，透過 Teams、Yammer 和 SharePoint 等整合應用程式賦能員工並激發團隊合作。我們正在將人工智慧融入 Microsoft 365 的各個方面，其目標很簡單，就是幫助人們做到最好。Insights in Excel 是一項利用機器學習來偵測和突顯模式的新服務。翻譯器支援將 60 種語言匯入 Word。我們正在幫助人們在任何平台上隨時隨地提高工作效率，在 iOS、Android 以及現在的 Mac 上的 Office 應用程式中實現即時協作。

And just this month, we announced that dictation will be available across multiple apps in Office 365, empowering users to write freely using only their voice. We are making voice a first-class input for productivity. Cortana can help manage your e-mail by pulling up important e-mails, reading them aloud and letting you reply using just your voice. We're also bringing Cortana's intelligence to Outlook mobile app, notifying you when it's time to leave a meeting to get to your next one based on your location and traffic. Mixed Reality empowers employees with new immersive experiences. Enterprise customers like Mercedes-Benz in Germany are using Mixed Reality to transform training, helping maintenance technicians learn everything from guided brake repair to how components in a new diesel engine work.

就在本月，我們宣布 Office 365 中的多個應用程式將提供語音輸入功能，使用戶能夠僅使用語音自由寫作。我們正在將語音打造成為提高生產力的一流輸入方式。Cortana 可以幫助您管理電子郵件，它會調出重要郵件，朗讀郵件內容，並讓您只使用語音回覆。我們還將 Cortana 的智慧功能引入 Outlook 行動應用，根據您的位置和交通狀況，在您需要離開當前會議前往下一個會議時通知您。混合實境技術為員工帶來全新的沉浸式體驗。像德國的梅賽德斯-奔馳這樣的企業客戶正在使用混合現實技術來改變培訓方式，幫助維修技術人員學習從指導煞車維修到新型柴油引擎零件工作原理等各種知識。

We are expanding our opportunity with Microsoft 365 for organizations of all types and sizes. Take first-line workers. Leading global telecommunications, retail and hospitality companies, such as BT, Target, Panera Bread and Delta Global Services all chose Office 365 to maximize the impact of their first-line workforce. In education, we are empowering every student with new learning tools natively built into Office 365 to improve reading, writing and comprehension as well as mixed reality experiences for immersive learning. This quarter, we launched Surface LTE and unveiled a new generation of always-on, always-connected Windows 10 PCs from our OEM partners. With up to 20 days of standby power, this new category of PCs deeply integrated with Cortana and with new near-field and far-field capability will fundamentally change productivity.

我們正在透過 Microsoft 365 為各種類型和規模的組織拓展機會。以一線工人為例。BT、Target、Panera Bread 和 Delta Global Services 等全球領先的電信、零售和酒店公司都選擇 Office 365 來最大限度地發揮其一線員工的作用。在教育方面，我們正在利用 Office 365 內建的新學習工具，為每位學生賦能，以提高他們的閱讀、寫作和理解能力，並提供混合現實體驗，以實現沉浸式學習。本季度，我們推出了 Surface LTE，並發布了來自我們 OEM 合作夥伴的新一代始終在線、始終連接的 Windows 10 PC。憑藉長達 20 天的待機續航時間，這款新型 PC 與 Cortana 深度集成，並具備全新的近場和遠場功能，將從根本上改變生產力。

Now I'll turn to LinkedIn and business applications. As we pass the 1-year mark of Microsoft and LinkedIn uniting the world's leading professional cloud with the world's leading professional network, LinkedIn continues its strong trajectory with accelerating revenue growth and record levels of engagement, the fifth consecutive quarter of more than 20% sessions growth. Appetite for conversations across the platform continues to grow, from sharing in the feed to video to one-on-one messages sent, all up more than 60% year-over-year. This increased engagement across the platform is driving strong growth in demand for sponsored content and marketing solutions and record levels of job postings and job visitors in Talent Solutions.

現在我要開始使用LinkedIn和商業應用程式了。在微軟和 LinkedIn 將世界領先的專業雲端平台與世界領先的專業社交網路合併一年之際，LinkedIn 持續保持強勁的成長勢頭，營收成長加速，用戶參與度創歷史新高，連續第五個季度會話成長超過 20%。用戶對平台上各種對話的需求持續增長，從訊息流分享到視訊通話再到一對一訊息發送，所有互動量同比增長均超過 60%。平台參與度的提高推動了對贊助內容和行銷解決方案的需求強勁增長，人才解決方案的職位發布量和職位訪問量也創下歷史新高。

LinkedIn is continually creating new ways for members to connect and engage with one another, such as this quarter's launch of Career Advice. From the deeper integration of Sales Navigator and Dynamics 365 for Sales and Dynamics for Talent to the launch of Profile Card to bring personalized LinkedIn insights directly into Office 365 to the new Resume Assistant, I'm excited about the many ways in which we are delivering powerful customer and member experiences that leverage both the Microsoft and LinkedIn graphs.

LinkedIn 不斷創造新的方式讓會員們彼此聯繫和互動，例如本季推出的「職涯建議」功能。從 Sales Navigator 與 Dynamics 365 for Sales 和 Dynamics for Talent 的深度集成，到推出 Profile Card 將個性化的 LinkedIn 見解直接引入 Office 365，再到全新的簡歷助手，我們利用 Microsoft 和 LinkedIn 的圖譜，以多種方式提供強大的客戶和會員體驗，我對此感到非常興奮。

We continue to see good momentum in Dynamics 365 with revenue growth of 67% year-over-year. Our modern and modular business process applications are resonating with customers, driving digital transformation. Park Place Technologies, a global leader in data center support, chose Dynamics 365 along with LinkedIn Sales Navigator integration. And United Technologies and Columbia Sportswear chose Dynamics 365 and Azure for their digital transformation.

Dynamics 365 持續保持良好的成長勢頭，營收年增 67%。我們現代化的模組化業務流程應用程式引起了客戶的共鳴，推動了數位轉型。全球領先的資料中心支援公司 Park Place Technologies 選擇將 Dynamics 365 與 LinkedIn Sales Navigator 整合。聯合技術公司和哥倫比亞運動服裝公司都選擇了 Dynamics 365 和 Azure 來進行數位轉型。

Now I'll talk about cloud and AI. As intelligent cloud/intelligent edge becomes more predominant, our architectural advantage is increasingly clear to our customers. You see this reflected in the latest CIO surveys as well as in our 98% Azure revenue growth this quarter. Only Microsoft delivers hybrid consistency, developer productivity, AI capabilities and trusted security and compliance. This architectural advantage helps us address both existing enterprise workloads and new workloads, such as IoT and edge AI. To thrive in this new era, customers need a consistent stack across public cloud and the edge, a model Azure Stack uniquely enables.

現在我來談談雲端運算和人工智慧。隨著智慧雲/智慧邊緣變得越來越普遍，我們的客戶也越來越清楚地認識到我們的架構優勢。這一點在最新的 CIO 調查以及我們本季 Azure 營收成長 98% 的業績中都有所體現。只有微軟能夠提供混合一致性、開發者生產力、人工智慧功能以及值得信賴的安全性和合規性。這種架構優勢有助於我們應對現有的企業工作負載以及物聯網和邊緣人工智慧等新的工作負載。為了在這個新時代蓬勃發展，客戶需要在公有雲和邊緣之間擁有一致的堆疊，而 Azure Stack 正好能夠實現這種模式。

Since broad availability just a few months ago, we are seeing incredible customer demand for Azure Stack across a diverse set of industries, including Schlumberger, ABB, Mitsui Knowledge Industry. We're democratizing data science and AI so any organization can convert their data into actionable insights and drive competitive advantage. Azure Cosmos DB is the first globally distributed multimodal database. It is unique in its support for a new class of low-latency, event-based serverless applications. Azure Databricks brings leading Apache Spark-based analytics. Our new SQL Server on Linux is off to a strong start with more than 5 million downloads and will bring more developers to the SQL ecosystem longer term.

自從幾個月前廣泛推出以來，我們看到各行各業的客戶對 Azure Stack 的需求非常旺盛，其中包括斯倫貝謝、ABB 和三井知識產業等。我們正在普及數據科學和人工智慧，以便任何組織都能將數據轉化為可操作的見解，並獲得競爭優勢。Azure Cosmos DB 是首個全球分散式多模態資料庫。它獨樹一幟之處在於支援一類新型的低延遲、基於事件的無伺服器應用程式。Azure Databricks 提供領先的基於 Apache Spark 的分析功能。我們在 Linux 上推出的全新 SQL Server 取得了強勁的開局，下載量已超過 500 萬次，從長遠來看，這將為 SQL 生態系統帶來更多開發人員。

To thrive in a world with millions of intelligent endpoints, every company needs an IoT strategy. Microsoft is giving customers comprehensive solutions to help them realize the promise of connected world of devices and things. Azure IoT Central is the first global-scale SaaS offering that enables customers to build intelligent, secure, enterprise-grade IoT app in hours. Azure Event Grid simplifies the creation of event-driven IoT solutions across millions of endpoints. Azure IoT Edge enables customers to run serverless computing and machine learning models at the edge.

要想在擁有數百萬個智慧終端的世界中蓬勃發展，每家公司都需要製定物聯網策略。微軟正在為客戶提供全面的解決方案，幫助他們實現萬物互聯的世界的願景。Azure IoT Central 是首個全球規模的 SaaS 產品，讓客戶能夠在數小時內建立智慧、安全、企業級的 IoT 應用。Azure 事件網格簡化了跨數百萬個端點建立事件驅動型 IoT 解決方案的過程。Azure IoT Edge 讓客戶能夠在邊緣執行無伺服器運算和機器學習模型。

Chevron is using Azure IoT to harness massive amounts of data from its oil fields to accelerate deployment of new intelligent solutions for oil exploration and to manage thousands of oil wells worldwide, increasing revenue and improving safety and reliability of their operations. Kohler is building connected, voice-activated products powered by Azure IoT. And Johnson Controls is using large-scale device management capabilities in Azure IoT and Windows IoT for their new smart GLAS thermostat with Cortana voice control.

雪佛龍正在利用 Azure IoT 從其油田獲取大量數據，以加速部署新的智慧石油勘探解決方案，並管理全球數千口油井，從而增加收入並提高營運的安全性和可靠性。科勒正在打造由 Azure IoT 提供支援的互聯語音啟動產品。江森自控正在利用 Azure IoT 和 Windows IoT 中的大規模設備管理功能，為其配備 Cortana 語音控制的新型智慧 GLAS 恆溫器提供支援。

We reached the human parity milestone in machine reading comprehension using the Stanford Question Answer Dataset benchmark, which is the ability for AI to read a document and answer questions about it. We're using this and other AI advances to address some of society's most stressing challenges by partnering broadly across industries.

我們使用史丹佛問答資料集基準測試，在機器閱讀理解方面達到了與人類匹敵的里程碑，即人工智慧能夠閱讀文件並回答有關文件的問題。我們正在利用這項技術和其他人工智慧技術的進步，透過與各行各業廣泛合作，來應對社會面臨的一些最嚴峻的挑戰。

In health care, we are partnering with Adaptive Biotechnologies to build a practical solution for mapping the human immune system to detect cancer and other diseases in their earlier stages. We have created a HIPAA-compliant health bot powered by Azure Cognitive Services to assist with questions about health insurance, symptoms and location on nearby doctors. Aurora Health Care, UPMC, Premera Blue Cross have already signed on.

在醫療保健領域，我們正與 Adaptive Biotechnologies 合作，建立一個實用的解決方案，用於繪製人體免疫系統圖譜，以便在早期階段檢測癌症和其他疾病。我們創建了一個符合 HIPAA 標準的健康機器人，該機器人由 Azure 認知服務提供支援，可協助解答有關健康保險、症狀和附近醫生位置的問題。Aurora Health Care、UPMC、Premera Blue Cross 等公司已經簽約。

In retail, Kroger is using Azure to power their digital grocery store display solution for real-time pricing and promotions based on customer data to boost sales. Lowe's autonomous in-store robot uses Azure to keep constant tabs on inventory and identify out-of-stock or misplaced items, freeing store employees to focus on their customers. And Publicis Groupe's new AI platform built on Azure and Office 365 will empower their 80,000 employees worldwide.

在零售業，克羅格公司正在使用 Azure 為其數位雜貨店顯示解決方案提供支持，該解決方案可根據客戶資料進行即時定價和促銷，從而提高銷售額。Lowe's 的自主店內機器人使用 Azure 來持續監控庫存，並識別缺貨或放錯位置的商品，從而解放店員，讓他們能夠專注於服務顧客。陽獅集團基於 Azure 和 Office 365 所建構的全新 AI 平台將賦予全球 8 萬名員工。

Now let me turn to gaming. Our new Xbox One X was the top-selling premium console this holiday in the United States, and we saw strong sales of Xbox One S. We will continue to innovate in console to attract high-value gamers who want immersive 4K experiences to build a broader subscription service with Game Pass and to extend our services to all devices in our customers' lives across the console, PC and mobile. Our decision to release exclusive game content on the Xbox Game Pass simultaneously with global release increases the value of the subscription for members and our partners, and we are off to a very good start. We grew gamer engagement again this quarter with 59 million monthly active Xbox LIVE members, record usage of our Xbox LIVE services, record viewers of our new streaming service, Mixer, and record Minecraft users.

現在讓我來聊聊遊戲吧。我們的新款 Xbox One X 是今年假期季節美國最暢銷的高階遊戲主機，Xbox One S 的銷售量也十分強勁。我們將繼續在遊戲主機領域進行創新，以吸引那些追求沉浸式 4K 體驗的高價值玩家，並透過 Game Pass 建立更廣泛的訂閱服務，並將我們的服務擴展到用戶生活中所有設備，包括遊戲主機、PC 和行動裝置。我們決定在 Xbox Game Pass 上同步發布獨家遊戲內容，與全球發行同步，這提高了會員和合作夥伴的訂閱價值，而且我們已經有了一個非常好的開始。本季，我們的玩家參與度再次提升，Xbox LIVE 月活躍會員數達到 5900 萬，Xbox LIVE 服務的使用量創歷史新高，新串流媒體服務 Mixer 的觀看人數也創歷史新高，Minecraft 用戶數量同樣創歷史新高。

Finally, we just acquired PlayFab, which serves more than 700 million gamers with more than 1,200 games from companies like Disney, Rovio and Atari. It's a complete back-end platform for mobile, PC and console game developers to build, launch and scale cloud-connected games, extending our investments in Azure to provide a world-class cloud platform for the gaming industry.

最後，我們收購了 PlayFab，該公司為超過 7 億玩家提供來自迪士尼、Rovio 和 Atari 等公司的 1,200 多款遊戲。這是一個完整的後端平台，供行動、PC 和主機遊戲開發者建立、發布和擴展雲端連接遊戲，擴展了我們在 Azure 上的投資，為遊戲產業提供世界一流的雲端平台。

Before I turn over to Amy, I want to reflect on a topic that is at the forefront of every customer conversation that I have. In an era where there is rapid transformation driven by digital technology, customers are looking for a trusted partner, someone with a business model that is aligned with their long-term interests, deep technical innovation and an understanding of the responsibility that goes along with this innovation. This perhaps is one of our key differentiators. Internally, we have a saying, "Microsoft runs on trust," and we strive to earn it every day with all of the constituents we serve.

在把麥克風交給艾米之前，我想談談我與每位客戶交談時都會提到的一個核心主題。在數位科技驅動的快速變革時代，客戶正在尋找值得信賴的合作夥伴，一個擁有符合其長期利益的商業模式、深厚的技術創新能力以及理解伴隨這種創新而來的責任的合作夥伴。這或許是我們的關鍵差異化優勢之一。在公司內部，我們有一句格言：“微軟的營運依賴於信任”，我們每天都努力贏得我們所服務的所有客戶的信任。

Now I'll hand it over to Amy, who will cover our financial results in more detail and share our outlook, and I look forward to rejoining you for the questions later.

現在我將把發言權交給艾米，她將更詳細地介紹我們的財務表現並分享我們的展望，我期待稍後與大家再次見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone. Our second quarter revenue was $28.9 billion, up 12% and 11% in constant currency with better-than-expected performance across all segments. Gross margin increased 12%. Operating income increased 10%. This quarter, we incurred a tax charge of $13.8 billion related to the enactment of the Tax Cuts and Jobs Act. Excluding that, earnings per share was $0.96, increasing 20%. We achieved another quarter of double-digit top and bottom line growth as we continued to realize the impact of strategic growth investments along with strong sales execution.

謝謝你，薩蒂亞，大家下午好。我們第二季營收為 289 億美元，年增 12%，以固定匯率計算成長 11%，所有業務部門的業績均優於預期。毛利率成長了12%。營業收入成長10%。本季度，由於《減稅與就業法案》的頒布，我們產生了 138 億美元的稅金支出。剔除此因素後，每股收益為 0.96 美元，成長 20%。我們連續第二季實現了兩位數的營收和利潤成長，這得益於我們持續發揮策略性成長投資的影響力以及強勁的銷售執行力。

At a company level, LinkedIn contributed approximately 4 points of revenue growth and 5 points of gross margin growth with minimal impact on operating income growth. Excluding the cost of amortization of acquired intangibles, LinkedIn contributed $111 million operating income and continues to be accretive to EPS this fiscal year, ahead of our original expectations.

從公司層級來看，LinkedIn 貢獻了約 4 個百分點的營收成長和 5 個百分點的毛利率成長，而對營業收入成長的影響卻微乎其微。不計入收購無形資產的攤銷成本，LinkedIn 貢獻了 1.11 億美元的營業收入，並在本財年繼續為每股收益做出貢獻，超出我們最初的預期。

Across most geographies, our results were in line with overall improving macroeconomic trends. Large markets, including the U.S., Western Europe and France, performed better than expected driven by commercial cloud momentum. Our sales teams and channel partners delivered another quarter of outstanding commercial results, even as we continue to work through our sales reorganization from July.

在大多數地區，我們的結果與整體宏觀經濟改善趨勢相符。受商業雲端發展動能推動，包括美國、西歐和法國在內的大型市場表現優於預期。儘管我們仍在推動從 7 月開始的銷售重組工作，但我們的銷售團隊和通路合作夥伴又取得了一個季度出色的商業業績。

Our commercial revenue annuity mix improved by 3 points year-over-year to 86% with healthy renewal rates. Commercial bookings increased 7% and 4% in constant currency even with a 20% smaller underlying expirations base. Commercial unearned revenue came in slightly higher-than-expected at more than $20.2 billion from growth in multiyear customer commitments to Azure. Commercial cloud revenue was $5.3 billion, growing 56% year-over-year with broad-based growth across geographic markets and customer segments. Gross margin increased by 7 points to 55%, in line with seasonal trends. We improved gross margin percentage in each cloud service, and Azure again saw the most significant margin improvement this quarter.

我們的商業收入年金組合年增了 3 個百分點，達到 86%，續保率也保持良好。即使到期合約基數減少了 20%，商業預訂量以固定匯率計算仍成長了 7% 和 4%。由於客戶對 Azure 的多年承諾增加，商業未實現收入略高於預期，超過 202 億美元。商業雲端收入達 53 億美元，年增 56%，在各個地理市場和客戶群中均實現了廣泛成長。毛利率上升7個百分點至55%，符合季節性趨勢。我們提高了各項雲端服務的毛利率，其中 Azure 在本季再次實現了最顯著的毛利率提升。

Company gross margin was 62% and flat year-over-year. Sales mix of higher-margin products and services, including better-than-expected performance from Windows Server and Windows OEM Pro, combined with improving cloud margins offset the impact of a growing mix of cloud revenue, LinkedIn amortization cost and device launches.

公司毛利率為 62%，與去年同期持平。高利潤率產品和服務的銷售組合，包括 Windows Server 和 Windows OEM Pro 超出預期的表現，再加上雲端利潤率的提高，抵消了雲端收入、LinkedIn 攤提成本和裝置發布等因素的影響。

The FX impact on company and segment revenue growth was in line with expectation. The weaker U.S. dollar increased revenue growth by less than 1 point. FX had only 1 point of impact on operating expense growth, less than expected. This quarter, operating expenses grew 14% and 13% in constant currency with 10 points of growth from LinkedIn, including $154 million of amortization expense. We continued to increase investments in cloud engineering, AI and sales capacity to drive future growth.

外匯波動對公司及各業務部門收入成長的影響符合預期。美元走軟僅使營收成長提高了不到1個百分點。外匯波動對營運費用成長的影響僅為 1 個百分點，低於預期。本季度，營運支出成長了 14%，以固定匯率計算成長了 13%，其中 LinkedIn 貢獻了 10 個百分點的成長，包括 1.54 億美元的攤銷費用。我們持續增加對雲端運算工程、人工智慧和銷售能力的投資，以推動未來的成長。

Now to the segment results. Productivity and Business Processes revenue grew 25% and 24% in constant currency to $9 billion, slightly better than expected, fueled by LinkedIn revenue acceleration. LinkedIn contributed 15 points of growth. Office commercial revenue grew double digits again this quarter, increasing 10% year-over-year. Office 365 commercial revenue increased 41% from an installed base growth across all customer segments and ARPU expansion from continued customer migration to higher-value offers in the E3 and E5 workloads. Office 365 commercial seats grew 30%, in line with the expected trend given the increasing size of the base.

現在來看細分市場的結果。生產力和業務流程收入按固定匯率計算增長了 25% 和 24%，達到 90 億美元，略好於預期，這主要得益於 LinkedIn 收入的加速增長。LinkedIn貢獻了15個百分點的成長。本季辦公商業收入再次實現兩位數成長，年增 10%。Office 365 商業收入成長了 41%，這得益於所有客戶群的安裝基礎成長，以及客戶持續向 E3 和 E5 工作負載中更高價值的產品遷移，從而帶動了 ARPU 的成長。Office 365 商業席位成長了 30%，這與用戶基數不斷擴大的預期趨勢相符。

Office consumer revenue increased 12% and 11% in constant currency driven by Office 365 recurring subscription revenue and growth in our subscriber base, now at 29.2 million. Our Dynamics business grew 10% and 9% in constant currency driven by Dynamics 365 revenue growth of 67% and 68% in constant currency. LinkedIn revenue for the quarter was better than expected at $1.3 billion driven by strong sales execution across all LinkedIn services. We saw continued strength in user engagement, customer acquisition, renewals and upsell performance.

受 Office 365 經常性訂閱收入和用戶群成長（目前為 2,920 萬）的推動，Office 消費者收入按固定匯率計算增長了 12% 和 11%。我們的 Dynamics 業務以固定匯率計算成長了 10% 和 9%，這主要得益於 Dynamics 365 營收以固定匯率計算分別成長了 67% 和 68%。LinkedIn本季營收達13億美元，超乎預期，主要得益於LinkedIn旗下所有服務的強勁銷售表現。用戶參與度、客戶獲取、續訂和追加銷售業績持續強勁成長。

Segment gross margin dollars increased 24% and 23% in constant currency with 14 points of contribution from LinkedIn, including the impact of $222 million of amortization expense. Gross margin percentage decreased slightly due to the impact of LinkedIn-related amortization expense and the increased mix of cloud services.

分部毛利率以固定匯率計算成長了 24% 和 23%，其中 LinkedIn 貢獻了 14 個百分點，包括 2.22 億美元的攤銷費用的影響。受 LinkedIn 相關攤銷費用和雲端服務佔比增加的影響，毛利率略有下降。

Operating expenses grew 41%, 39% in constant currency with 33 points of contribution from LinkedIn, including $154 million of amortization expense. Excluding LinkedIn, operating expenses increased on cloud engineering and sales capacity investments. Operating income increased 9% and 10% in constant currency with only 2 points of negative impact from LinkedIn.

營運支出成長了 41%，以固定匯率計算成長了 39%，其中 LinkedIn 貢獻了 33 個百分點，包括 1.54 億美元的攤銷費用。除 LinkedIn 外，營運費用因雲端工程和銷售能力投資而增加。以固定匯率計算，營業收入成長了 9% 和 10%，LinkedIn 只帶來了 2 個百分點的負面影響。

The Intelligent Cloud segment delivered $7.8 billion of revenue, growing 15% with better-than-expected performance driven by hybrid cloud. Server products and cloud services revenue grew 18% with another quarter of double-digit annuity revenue growth. Azure revenue growth accelerated to 98%, with Azure premium services revenue growing triple digits for the 14th consecutive quarter. Enterprise Services revenue grew 5% and 3% in constant currency as growth in Premier Support services and Microsoft consulting services was partially offset by declines in custom support agreements for Windows Server 2003.

智慧雲端業務板塊實現營收 78 億美元，成長 15%，混合雲業務表現超出預期。伺服器產品和雲端服務收入成長了 18%，年金收入連續第二季實現兩位數成長。Azure 營收成長加速至 98%，Azure 高階服務收入連續第 14 季實現三位數成長。企業服務收入以固定匯率計算成長了 5% 和 3%，其中高階支援服務和微軟諮詢服務的成長部分被 Windows Server 2003 客製化支援協定的下降所抵銷。

Segment gross margin dollars grew 13%, and gross margin percentage declined slightly as the impact of increasing cloud revenue mix was mostly offset by material improvement in Azure gross margin. Operating expenses grew 3% and 2% in constant currency from ongoing investments in sales capacity and cloud engineering. Operating income increased 24%.

分部毛利金額成長了 13%，但毛利率略有下降，因為雲端收入佔比增加的影響基本上被 Azure 毛利率的顯著改善所抵消。由於對銷售能力和雲端工程的持續投資，營運費用以固定匯率計算成長了 3% 和 2%。營業收入成長24%。

In More Personal Computing, revenue was $12.2 billion, up 2% with better-than-expected results driven by Windows and search. Excluding phone, revenue grew 4%. Our Windows OEM business grew 4% this quarter, better than we expected. OEM Pro revenue reflects a stronger-than-anticipated commercial PC market bolstered by improved macro conditions and continued healthy enterprise Windows 10 deployments. We benefited as well from higher mix of premium licenses and the timing of license purchases.

在更多個人運算業務方面，營收為 122 億美元，成長 2%，其中 Windows 和搜尋業務的業績優於預期。不計電話業務收入，收入成長了 4%。本季我們的Windows OEM業務成長了4%，優於預期。OEM 專業版營收反映出，受宏觀經濟環境改善和企業 Windows 10 部署持續健康成長的推動，商用 PC 市場表現強於預期。我們也受益於高級許可證比例的提高和許可證購買時機的把握。

OEM non-Pro revenue was down 5 points, below the stabilizing consumer PC market. We continued to see growth in the premium category in line with the market, but heightened price competition of entry-level devices contributed to lower volumes. Inventory levels remained in the normal range.

OEM 非專業級產品收入下降了 5 個百分點，低於趨於穩定的消費級 PC 市場。高階產品類別持續保持成長勢頭，與市場趨勢一致，但入門級設備的價格競爭加劇導致銷售下降。庫存水準保持在正常範圍內。

Windows commercial products and cloud services declined 4% and 5% in constant currency mainly due to the impact of a large deal in the prior year. Search revenue ex TAC grew 15% from higher revenue per search driven by continued optimization of our advertising platform and search volume growth in both the U.S. and international markets.

由於前一年一筆大交易的影響，Windows 商業產品和雲端服務以固定匯率計算分別下降了 4% 和 5%。由於廣告平台的持續優化以及美國和國際市場搜尋量的成長，每次搜尋的收入增加，搜尋收入（不含TAC）增加了15%。

Surface revenue grew 1%, roughly flat in constant currency, as we continue to transition our portfolio towards Surface Laptop, Pro with LTE and the new Surface Book 2. This holiday quarter, gaming revenue grew 8%, mainly driven by hardware revenue growth of 14%, 13% in constant currency from the launch of our premium console, the Xbox One X. Xbox software and services revenue growth was 4% with continued monetization growth partially offset by a prior year first-party AAA title launches.

Surface 營收成長 1%，以固定匯率計算基本持平，這主要得益於我們持續推動產品組合向 Surface Laptop、支援 LTE 的 Surface Pro 以及新款 Surface Book 2 的轉型。本季度，遊戲營收成長 8%，主要得益於硬體營收成長 14%（以固定匯率計算成長 13%），這主要歸功於我們高階遊戲主機 Xbox One X 的發布。 Xbox 軟體和服務收入成長 4%，持續的貨幣化成長部分被上一年第一方 AAA 級遊戲的發布所抵消。

Segment gross margin dollars were roughly flat year-over-year with the decline in gaming offset by growth in search and Surface. Segment gross margin percentage declined as expected with the console launch. Operating expenses increased 2% and 1% in constant currency from growth in engineering investments in search, AI and gaming that were partially offset by declines in Windows marketing and phone expenses. Operating income declined 2%. As a reminder, Q2 was the last quarter of phone comparability given the sale of feature phone business last year.

各業務板塊毛利與去年同期基本持平，遊戲業務的下滑被搜尋和 Surface 業務的成長所抵銷。隨著遊戲主機的發布，該業務板塊的毛利率如預期般下降。以固定匯率計算，營運費用成長了 2% 和 1%，這主要得益於搜尋、人工智慧和遊戲領域的工程投資成長，但部分被 Windows 行銷和手機費用的下降所抵消。營業收入下降2%。需要提醒的是，由於去年出售了功能手機業務，第二季是手機可比較的最後一個季度。

Now back to the overall company results. As expected, our capital expenditures, including finance leases, increased sequentially to $3.3 billion due to higher levels of customer demand and usage for our cloud services. Cash paid for property and equipment was $2.6 billion. Free cash flow generation -- free cash flow grew this quarter 23% driven by operating cash flow growth of 25%. Free cash flow increased from higher customer collections following strong billings growth, working capital improvements in the hardware business and contribution from LinkedIn. Other income and expenses was $490 million this quarter, more than planned due to higher interest income. Our non-GAAP effective tax rate this quarter was 18%, lower than anticipated, driven by an audit settlement as well as the normal variability between service and license revenue mix, geographic revenue mix and the timing of equity vest. We returned $5 billion to shareholders in share repurchases and dividends.

現在回到公司整體業績。正如預期的那樣，由於客戶對我們雲端服務的需求和使用量增加，我們的資本支出（包括融資租賃）將比去年同期成長至 33 億美元。購買房產和設備所支付的現金為26億美元。自由現金流產生－本季自由現金流成長23%，主要得益於經營現金流成長25%。強勁的帳單成長帶動客戶收款增加，硬體業務的營運資金改善，以及 LinkedIn 的貢獻，都促進了自由現金流的成長。本季其他收入和支出為 4.9 億美元，高於計劃，原因是利息收入增加。本季我們的非GAAP有效稅率為18%，低於預期，主要是由於審計和解以及服務和授權收入組合、地理收入組合和股權歸屬時間之間的正常波動所致。我們透過股票回購和分紅向股東返還了50億美元。

Now let's turn to next quarter's outlook. Assuming rates -- assuming current rates remain stable, we expect FX to increase revenue growth by 2 points, COGS by 1 point and operating expenses by 1 point. With positive IT spend signals, a strengthening commercial PC market and growing customer demand for hybrid cloud services, we expect our commercial business to remain strong as we drive annuity growth, expand our installed base and execute well on renewals. We expect commercial unearned revenue to be down approximately 2% to 3% sequentially, in line with historic seasonality. And our Q3 expiry base will return to year-over-year growth, impacting commercial bookings growth.

現在讓我們來看看下一季的展望。假設匯率－假設當前匯率維持穩定，我們預期外匯將使營收成長增加 2 個百分點，銷售成本增加 1 個百分點，營運費用增加 1 個百分點。鑑於 IT 支出訊號積極、商用 PC 市場走強以及客戶對混合雲服務的需求不斷增長，我們預計隨著年金增長、擴大裝機量以及續約工作的順利開展，我們的商業業務將保持強勁勢頭。我們預計商業未實現收入將環比下降約 2% 至 3%，與歷史季節性規律一致。第三季到期資產基數將恢復年增，這將影響商業預訂量的成長。

Third, CapEx. We will increase our capital expenditures to support increasing demand and capacity requirements. On an accrual dollar basis, we expect a sequential dollar increase next quarter. We expect year-over-year improvement in overall commercial cloud gross margin as Azure margin improvement continues to offset an increasing mix of Azure revenue.

第三，資本支出。我們將增加資本支出，以滿足不斷增長的需求和產能要求。以應計美元計算，我們預計下一季美元數額將環比增長。我們預計整體商業雲端毛利率將年比有所提高，因為 Azure 利潤率的持續提高將抵消 Azure 營收佔比不斷增加的影響。

In Productivity and Business Processes, we expect revenue between $8.6 billion and $8.8 billion. Both Office commercial and consumer revenue growth will be driven by Office 365 with growth rates for each consistent with Q2. We expect double-digit Dynamics revenue growth from the shift to Dynamics 365. LinkedIn should deliver approximately $1.2 billion, growing more than 20%.

在生產力和業務流程方面，我們預計營收在 86 億美元至 88 億美元之間。Office 商業版和消費者版營收的成長都將由 Office 365 推動，兩者的成長率均與第二季保持一致。我們預計，隨著向 Dynamics 365 的轉型，Dynamics 的營收將實現兩位數的成長。LinkedIn 的營收預計將達到約 12 億美元，成長超過 20%。

In Intelligent Cloud, we expect revenue between $7.55 billion and $7.75 billion, with strong double-digit revenue growth in server products and cloud services. In Enterprise Services, we expect a revenue growth rate similar to Q2 as growth in Premier Support should offset the decline of Windows 2003 custom support agreements. In More Personal Computing, we expect revenue between $9.1 billion and $9.4 billion. In Windows, we expect OEM revenue to be largely in line with the total PC market. Both OEM Pro revenue and non-Pro revenue should be impacted by similar dynamics seen in Q2.

在智慧雲端領域，我們預計營收將在 75.5 億美元至 77.5 億美元之間，其中伺服器產品和雲端服務將實現強勁的兩位數收入成長。在企業服務方面，我們預期營收成長率將與第二季類似，因為高階支援服務的成長應該可以抵銷 Windows 2003 客製化支援協議的下降。在「更多個人計算」領域，我們預計收入將在 91 億美元至 94 億美元之間。在 Windows 領域，我們預期 OEM 收入將與整個 PC 市場的收入基本保持一致。OEM 專業版營收和非專業版營收都將受到與第二季類似的動態影響。

Now to devices. Surface revenue should grow year-over-year from continued launch momentum from the latest Surface Pro, Book and Laptop, but decline sequentially consistent with holiday seasonality. In search ex TAC, we expect a similar strong rate of revenue growth to Q2. In gaming, we expect revenue growth similar to last quarter but with a revenue mix shift to software and services and continued year-over-year growth of our Xbox LIVE user base. We expect COGS between $9 billion and $9.2 billion, including 1 point of FX headwind. We expect operating expenses of $9.1 billion to $9.2 billion, including 1 point of FX headwind. Given the opportunity ahead of us and our execution to date, we will continue to invest in intelligent cloud, intelligent edge, AI and our sales teams to drive sustainable top line growth. Other income and expense should be approximate $350 million as we continue to take gains in our equities portfolio and earn dividend and interest income. This is lower than we previously expected, reflecting the impact of rising interest rates on our fixed income portfolio.

接下來是設備部分。由於最新款 Surface Pro、Surface Book 和 Surface Laptop 的持續上市勢頭，Surface 的收入應該會同比增長，但會因假期季節性因素而環比下降。在搜尋業務（不含TAC）方面，我們預期營收成長率將與第二季類似地強勁。在遊戲方面，我們預計營收成長與上一季類似，但營收結構將轉向軟體和服務，並且我們的 Xbox LIVE 用戶群將繼續同比增長。我們預計銷售成本在 90 億至 92 億美元之間，其中包括 1 個百分點的匯率不利影響。我們預計營運支出為 91 億美元至 92 億美元，其中包括 1 個百分點的匯率不利影響。鑑於我們面臨的機會和迄今為止的執行情況，我們將繼續投資於智慧雲端、智慧邊緣、人工智慧和我們的銷售團隊，以推動永續的營收成長。其他收入和支出應約為 3.5 億美元，因為我們將繼續從股票投資組合中獲利並獲得股息和利息收入。這低於我們先前的預期，反映了利率上升對我們固定收益投資組合的影響。

Now a few comments on the fiscal year. First, given our outperformance in the first half of the year, we are now ahead of our previous expectation for full year gross margin. We are now trending to be roughly flat year-over-year, including LinkedIn. Second, we still expect full year operating expenses, including LinkedIn, between $36.4 billion and $36.7 billion. We are confident in this investment given our significant growth opportunities, consistent execution and strong competitive position. Third, on operating margin. We are again trending ahead of our previous guidance. We now expect company operating margin, including LinkedIn, to be slightly up year-over-year. Excluding LinkedIn, company operating margin should improve by more than 1 point.

現在就本財政年度做幾點說明。首先，鑑於我們上半年的出色表現，我們目前的全年毛利率已經超過了先前的預期。目前來看，包括 LinkedIn 在內，我們的業績與去年同期基本持平。其次，我們仍然預計全年營運支出（包括 LinkedIn）將在 364 億美元至 367 億美元之間。鑑於我們巨大的成長機會、持續的執行力和強大的競爭地位，我們對這項投資充滿信心。第三，關於營業利益率。我們再次超越了先前的預期。我們現在預計，包括 LinkedIn 在內的公司營業利潤率將比去年同期略有上升。剔除 LinkedIn 的影響，公司營業利益率應提高 1 個百分點以上。

Fourth, tax rate. Based on our current understanding of the recently enacted tax law, we now expect our effective tax rate for H2 to be 16%, plus or minus 2 points. For FY '19, we expect our full year effective tax rate to be slightly below the new U.S. corporate rate of 21% due to the impact of tax law provisions effective for us July 1, 2018. We will continue to have quarterly variability based on the mix of service and license revenue, geographic mix of revenue and the timing of equity vests.

第四，稅率。根據我們目前對最近頒布的稅法的理解，我們現在預計 H2 的實際稅率為 16%，上下浮動 2 個百分點。由於 2018 年 7 月 1 日對我們生效的稅法條款的影響，我們預計 2019 財年的全年實際稅率將略低於 21% 的美國新企業稅率。我們將繼續面臨季度業績波動，這取決於服務和授權收入的組合、收入的地域組合以及股權歸屬的時間。

Finally, we remain consistent in our ongoing commitment to capital return. As always, we believe the highest shareholder value is created first through organic and inorganic investment to pursue the significant market opportunities ahead and are proud of our resource allocation changes and the results. And we've been focused on capital return through both dividend and share repurchase as a key part of our commitment to total shareholder return for many years. With the recent tax reform, we can continue that commitment without the need to access the capital markets.

最後，我們將一如既往地致力於實現資本回報。我們一如既往地相信，透過有機和非有機投資來抓住未來重要的市場機遇，首先才能創造最高的股東價值，我們為我們的資源配置調整及其成果感到自豪。多年來，我們一直致力於透過股利和股票回購來實現資本回報，這是我們對股東總回報承諾的關鍵組成部分。隨著最近的稅制改革，我們可以繼續履行這項承諾，而無需進入資本市場。

Before turning to Q&A, I have one special thank you. Chris Suh is moving to a new role as the senior finance leader of our Azure and Server business. On behalf of the company, thank you for your significant impact on Investor Relations for the past 5 years. And I'd like to welcome Mike Spencer, the former finance leader of our Office 365 business, as the new head of Investor Relations. We look forward to having you lead the team.

在進入問答環節之前，我有一個特別的感謝要說。Chris Suh 將調任至我們 Azure 和伺服器業務的高階財務主管一職。我謹代表公司，感謝您在過去五年中對投資者關係的重大貢獻。我謹代表公司歡迎前 Office 365 業務財務主管 Mike Spencer 出任投資人關係主管。我們期待您來領導這個團隊。

Now Chris, let's go to Q&A.

克里斯，現在我們進入問答環節。

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

謝謝你，艾米。接下來進入問答環節。羅婭，你能再重複一次你的指示嗎？

(Operator Instructions) Our first question comes from the line of Karl Keirstead with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

So relative to your guidance, over half the beat this quarter came in the Intelligent Cloud segment, so I wouldn't mind digging in there a little bit. And it wasn't just the amazing Azure performance. Your on-prem server product business accelerated despite the cautious commentary about a tough comp on the last call. Even Enterprise Services was plus 3 instead of flat, and your guide actually suggests that, that goodness in Intelligent Cloud should continue next quarter despite actually a way tougher comp. So I'm just curious, Amy or Satya, if there are any threads that you can weave through this Intelligent Cloud outperformance, if you saw any broader increase in enterprise spend in the December quarter, any change in behavior. Or is all of this goodness a little bit more Microsoft-specific? Amy, you called out IT spending signals, so I'm guessing maybe a little bit was macro.

所以，根據您的預期，本季超過一半的業績都來自智慧雲端領域，所以我不介意在這個領域再深入研究一下。不僅僅是 Azure 的出色效能。儘管上個財報季的比較情況嚴峻，但貴公司的本地伺服器產品業務依然實現了加速成長。即使是企業服務也成長了 3%，而不是持平，而且您的指南實際上表明，儘管下個季度的比較基數更大，但智慧雲端的良好勢頭應該會繼續下去。所以我很好奇，Amy 或 Satya，你們能否從智慧雲端的優異表現中找出一些線索，例如在 12 月份的季度中，企業支出是否有更廣泛的增長，或者企業行為是否有任何變化。或者說，這些優點是否更與微軟有關？艾米，你指出了IT支出訊號，所以我猜想其中可能有一部分是宏觀層面的。

Thanks, Karl. Let me start and Amy can add. For me, it all comes down to really having an architectural advantage on what is a new secular trend. So when we think about the intelligent cloud and the intelligent edge and then bring that to the Azure business, you can see it at each layer. When it comes to infrastructure, we're the only cloud provider that provides true hybrid cloud computing with Azure and Azure Stack. When it comes to the data tier, we have real uniqueness. Take something like Cosmos DB. It's the only planet-scale database that's multimodal, supports these new programming models of serverless and event-driven programming. Take SQL. What we are seeing in terms of SQL growth, in terms of Azure DB as well as SQL Server and SQL Server on Linux, that's, again, addressing the customer needs. There are new workloads that are being born that require both the cloud and the edge, IoT being a great example of that. And especially when you take that in combination with AI, again, you train on the cloud and you score on the edge. That's a real competitive advantage. We have everything from sort of the life cycle management of how these models get created and deployed and so on. So I think that's what you're seeing. There will be variability quarter-to-quarter. There will be mix differences. But overall, when I look at what is it that we need to get done is innovate on what is a fundamental architectural advantage to where the world is going.

謝謝你，卡爾。我先開始，艾米可以補充。對我來說，關鍵在於能否在新興的世俗趨勢中擁有建築方面的優勢。所以，當我們思考智慧雲端和智慧邊緣，然後將其應用到 Azure 業務時，你會發現它體現在每一層。在基礎架構方面，我們是唯一能夠提供真正的混合雲端運算（Azure 和 Azure Stack）的雲端服務供應商。在資料層方面，我們擁有真正的獨特性。以 Cosmos DB 為例。它是唯一一個支援多模態的行星級資料庫，支援無伺服器和事件驅動程式設計等新型程式設計模型。以 SQL 為例。就 SQL 的成長而言，無論是 Azure 資料庫、SQL Server 或 Linux 上的 SQL Server，我們都看到了這一點，這再次滿足了客戶的需求。一些新的工作負載正在湧現，它們既需要雲端運算也需要邊緣運算，物聯網就是一個很好的例子。尤其是當它與人工智慧結合使用時，你可以在雲端進行訓練，然後在邊緣端獲得分數。那是一項真正的競爭優勢。我們擁有從這些模型的創建和部署等生命週期管理的所有內容。所以我想這就是你看到的。各季度之間會有波動。會存在一些差異。但總的來說，我認為我們需要完成的是在建築方面進行創新，這才是世界發展方向的根本優勢。

And I would say, Karl, a couple of things. We've been investing here both in engineering to land the differentiation that Satya just talked about in sales resources and in continuing to invest in technical sales resources that can help our customers be successful in these deployments. I actually think you're continuing to see the impact of those investments growing in time and growing in expertise. And so I feel encouraged both by the technical differentiation but also the return on the investments we've made here that lead us to have a good amount of confidence that you do see in the guide in Q3. And yes, you're right. We do have a tougher comparable particularly on prem in Q3, which is correct.

卡爾，我有幾點想說。我們一直在投資，一方面是工程方面，以實現薩蒂亞剛才提到的銷售資源差異化；另一方面是繼續投資技術銷售資源，以幫助我們的客戶在這些部署中取得成功。我認為隨著時間的推移和專業知識的積累，這些投資的影響正在不斷擴大。因此，我既對技術差異化感到鼓舞，也對我們在這裡進行的投資的回報感到鼓舞，這使我們有了相當大的信心，正如您在第三季度指南中看到的那樣。是的，你說得對。第三季我們在本地部署方面確實面臨更嚴峻的挑戰，這是正確的。

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

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

Very -- again, a really solid quarter. And Chris, it's been great working with you. Sorry to see you go from this role. As for my questions, one question for Satya, and starting a little bit narrow and maybe running off from there. Gaming in the quarter, seems to have had a good quarter for gaming with the Xbox launch. But more broadly, there's some murmurings out there about Xbox falling behind PlayStation if you look at the sort of the bases of those 2 consoles. There's murmurings about not having enough kind of exclusive games on the console. I know you sort of mixed up the leadership a little bit there. How do you feel about your positioning in gaming from a narrow focus? And then more broadly, how are you guys feeling about your position in the home, if you will? When I go home, I'm talking to Alexa, not talking to Cortana. Is that something that you're comfortable with where we are today? Is that something we should see improving on a going-forward basis?

非常好——又是一個表現非常穩健的季度。克里斯，和你一起工作非常愉快。很遺憾你卸任這個職位。至於我的問題，我只有一個問題想問薩蒂亞，先從比較具體的問題開始，然後可能會從那裡展開。本季遊戲市場表現不錯，Xbox 的發布似乎為遊戲產業帶來了好運。但更廣泛地說，如果你看看這兩款遊戲機的市場定位，你會發現有一些關於 Xbox 落後於 PlayStation 的傳聞。有傳言說，這款遊戲機上獨佔遊戲的數量不夠多。我知道你在那邊領導階層的問題上有點搞混了。從狹義的遊戲視角來看，你如何看待自己在遊戲領域的定位？那麼更廣泛地說，你們對自己在家庭中的地位有何感想？我回家後，會和 Alexa 對話，而不是和 Cortana 對話。你對我們目前的狀況感到滿意嗎？這是我們應該期待未來會有所改進的地方嗎？

Thanks, Keith. So let me take both of those questions. So on gaming, we feel good about Xbox One X, the premium console launch. We also feel good about the volume we got for Xbox One S because we always wanted that halo effect of the premium console driving even the lower-end console because that creates the sockets for gaming for us. But our real strategy going forward is not only to do great work on the console, but to complement that with the work we're doing on the PC. PC gaming is a growth market. And so therefore, you see us whether it's our subscription offer, whether it's our streaming efforts that are increasingly bringing the console plus PC together and then not stopping there but going to other devices. So for example, mobile. Minecraft on mobile, we just launched, in fact, in the last quarter in China. We are seeing tremendous growth of Minecraft expansion on mobile platform in China. So overall, you will see us do good work on console. We'll compete there. But more importantly, we have a much more broader gaming view in terms of what value we can add with our subscription services, streaming services across all devices. And one other point, I think, I made in my remarks earlier is gaming also is a growth area for Azure. In other words, we have now increasing PaaS services that we are going to reinforce on Azure and attract more game developers. Some of the know-how that we have from Xbox is not just about the Xbox, but it's going to help developers across the board. So that, I think, will also transcend or lead into even media companies. So we are very excited about some of what we can get out of our investments in gaming. So that's our focus on gaming. In terms of Cortana and home, I think it's probably important, although the question I'll ask is -- you asked it narrowly, but my investments are much broader. In other words, I first start by saying let's make sure our best AI capability, whether it's speech, whether it's ultimately even image recognition and dialogue management because right now most assistants are fairly dumb in terms of just doing one-turn dialogue, but where we're going to go is multi-turn dialogue and that requires real natural language understanding. So all of those investments, for example, are available on Azure as Cognitive Services. I even referenced in my remarks how in health care, people are using those to build bots and skills and agents. That's where we will make sure we do our best building blocks and AI work. Of course, it will manifest for us with Cortana as an agent for Microsoft that has some special skills, especially around that crossover between work and life. Most agents and their knowledge of smarts come from the data access they have. In our case, it's going to be about things that are there in Office 365: the people, places, things and how we reason about it and help users whether they're at home or whether they're at work. Lastly, even when it comes to devices, we want to take an approach that brings all assistants. That's why we are working with Alexa. We would welcome it on our devices because we believe in a world where our own assistant should be available everywhere and so should other assistants be available on our devices versus thinking that the end game here is about speaking -- doing one-turn dialogues on one speaker in one home. That's just not our vision.

謝謝你，基斯。讓我來回答這兩個問題。所以就遊戲方面而言，我們對高階遊戲主機 Xbox One X 的發表感到滿意。我們對 Xbox One S 的銷售也感到滿意，因為我們一直希望高階主機能帶動低階主機的發展，因為這為我們創造了一個遊戲市場。但我們未來的真正策略不僅是在主機平台上做出卓越的成績，還要將其與我們在 PC 平台上所做的工作相輔相成。PC遊戲市場正在蓬勃發展。因此，你會看到，無論是我們的訂閱服務，還是我們的串流媒體服務，都在不斷地將遊戲主機和 PC 連接起來，而且我們並沒有止步於此，而是擴展到了其他設備。例如，行動裝置。事實上，我們上個季度才在中國推出了行動版 Minecraft。我們看到，Minecraft在中國行動平台上的擴張速度非常迅猛。總的來說，你們會看到我們在主機平台上表現出色。我們將參加那裡的比賽。但更重要的是，我們對遊戲領域有著更廣闊的視野，認為我們可以透過訂閱服務和跨所有裝置的串流服務增加價值。還有一點，我認為，我在之前的演講中也提到過，遊戲也是 Azure 的成長領域。換句話說，我們現在擁有越來越多的 PaaS 服務，我們將在 Azure 上加強這些服務，以吸引更多遊戲開發者。我們從 Xbox 獲得的一些專業知識不僅適用於 Xbox，而且還將幫助所有領域的開發者。所以，我認為這也會延伸到媒體公司，甚至可能導致媒體公司的出現。因此，我們對在遊戲領域的投資可能帶來的收益感到非常興奮。這就是我們在遊戲領域的重點。就 Cortana 和家庭應用而言，我認為這可能很重要，儘管我想問的問題是——你問得比較具體，但我的投資範圍要廣泛得多。換句話說，我首先要說的是，我們要確保我們最好的 AI 能力，無論是語音，還是最終的圖像識別和對話管理，因為目前大多數助手在進行單回合對話方面都相當笨拙，但我們未來的發展方向是多回合對話，而這需要真正的自然語言理解。例如，所有這些投資都可以在 Azure 上作為認知服務。我在演講中甚至提到，在醫療保健領域，人們正在利用這些技術來建立機器人、技能和代理。我們將在那裡確保我們能夠做好最出色的基礎架構和人工智慧工作。當然，這對我們來說將體現在 Cortana 作為微軟的代理商身上，她擁有一些特殊技能，尤其是在工作和生活交匯處。大多數智能體及其智能知識都來自他們所掌握的數據。就我們而言，它將與 Office 365 中的內容有關：人員、地點、事物，以及我們如何思考並幫助用戶，無論他們是在家還是在工作。最後，即使是設備方面，我們也希望採取能夠整合所有助手的方法。這就是我們與 Alexa 合作的原因。我們歡迎在我們的設備上使用這項功能，因為我們相信，在一個我們的個人助手應該隨時隨地可用，其他助手也應該在我們的設備上可用，而不是認為最終目標是說話——在一個家庭中用一個揚聲器進行一輪對話。那並非我們的願景。

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

我們的下一個問題來自 AB 的 Mark Moerdler 的提問。

Chris, congratulations on the new position. I'm sure you'll be greatly successful. Satya, I'd like to ask you a question. Can you give us a sense of what is the adoption of Azure in the U.S. versus international, not just in the revenue point of view, but in terms of the mix of premium workloads, types of workloads, et cetera? How should we think of where we are in that process?

克里斯，恭喜你榮升新職。我相信你一定會取得巨大的成功。薩蒂亞，我想問你一個問題。您能否簡要介紹美國和國際上 Azure 的採用情況，不僅從收入角度來看，還要從高階工作負載的組合、工作負載類型等方面來看？我們該如何看待自己在這個過程中所處的位置？

I would say the U.S. has been a lead market in general when it comes to the latest technology and architectural paradigm adoption, but let's take something like AI or the higher-level services around data. We clearly see, first, things happening in U.S. and quickly followed by geographies like Germany and the U.K. There are certain workloads, like the IoT workload, where we do see very advanced action in countries like Germany, especially with industrial customers in terms of smart factories, Japan. But I think broadly, I don't see any difference than, say, what we used to see or what we still see on our server or any other technology adoption curves. And they have differences in industry patterns because different industries are strong in different parts of the globe. So and then they represent different use cases in terms of the components of Azure that get used.

我認為，就最新技術和架構範式的採用而言，美國總體上一直是一個領先的市場，但讓我們以人工智慧或圍繞數據的高級服務為例。我們首先清楚地看到，美國正在發生一些事情，隨後德國和英國等地區也迅速跟進。在某些工作負載領域，例如物聯網工作負載，我們看到德國等國家，特別是智慧工廠的工業客戶，以及日本，已經採取了非常先進的行動。但總的來說，我認為它與我們過去在伺服器或其他任何技術採用曲線上看到的情況，或者我們現在仍然看到的情況，沒有任何區別。它們的產業格局也存在差異，因為不同的產業在世界不同的地區發展實力更強。因此，它們代表了 Azure 元件使用方面的不同用例。

Our next question comes from the line of Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Two questions. One, Amy, I guess you've been talking about, and so is IR, about the commercial bookings where the expiry base was down over year-over -- on a year-over-year basis. I'm just wondering, if you look ahead to 2019, is there anything you could share with us about the size of the expiry base in that period just so we could think about it? I know you don't give guidance that far out, but just as we start to think about -- thinking about further outgrowth. And then I guess the other question would be, you mentioned better IT spending. But just also given the significant savings companies in the U.S. are going to be seeing due to lower tax bills, is there any early feedback from partners or customers about the rate that this might be reinvested back into IT spending and digitization?

兩個問題。第一，艾米，我想你一直在談論的，還有IR也在談論的，是商業預訂中到期基數同比下降的問題——同比來看。我只是想問一下，如果您展望 2019 年，您能否和我們分享一下該時期到期資產基數的規模，以便我們思考一下？我知道您不會給予那麼長遠的指導，但就在我們開始思考—思考進一步發展的時候。那麼我想問的另一個問題是，您提到了增加IT支出。但考慮到美國企業由於稅收減少而將節省大量資金，合作夥伴或客戶是否有任何早期反饋，表明這些資金可能會以多快的速度重新投入 IT 支出和數位化？

Thanks, Heather. In general, FY '19 we'll have a higher base than FY '18 just as you start to think through the impacts on bookings for the next year. And as we talked about, Q3 has that same attribute. It's higher than it was a year ago Q2. The reason we called that out obviously because it was such an outlier. And if you look back 3 years sort of how this EA expiry base works, our performance this quarter was really strong compared to 3 years ago. So I feel great about our sales execution, especially in terms of growing the recapture rate at accounts. To your question on the demand signals we're seeing in the U.S. in particular, I think it is quite early. But as we've said, the U.S. has been a good market for us and a strong market for us for a good period of time, and it was again in Q2 as we noted. And I think we are optimistic as we look to H2 when we see the signals we're seeing in the market, whether it's PCs, server or the cloud demand.

謝謝你，希瑟。總的來說，2019 財年的基數將高於 2018 財年，而此時人們開始思考這對下一年的預訂量會產生哪些影響。正如我們之前討論的，Q3 也具有同樣的特性。比去年第二季高。我們之所以特別指出這一點，顯然是因為這是一個非常特別的案例。如果回顧過去 3 年，看看 EA 到期基礎是如何運作的，就會發現我們本季的業績與 3 年前相比非常強勁。我對我們的銷售執行情況感到非常滿意，尤其是在提高客戶挽回率方面。關於您提出的關於我們目前在美國看到的需求訊號的問題，我認為現在下結論還為時過早。但正如我們所說，美國一直是我們的好市場，也是我們長期以來的強勁市場，正如我們在第二季所指出的那樣。鑑於我們在市場上看到的訊號，無論是個人電腦、伺服器或雲端需求，我認為我們對下半年持樂觀態度。

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

我們的下一個問題來自富國銀行的菲爾溫斯洛。

Congrats not only just on the income statement, but also obviously the balance sheet where obviously the commercial, it was only down 5% versus your guide of 7%, so congrats there. The -- my focus is actually on the commercial side, but specifically on Office. Office 365 revenue continues to outpace fee growth there. We've talked about that in the past with pricing. But if I just look at also overall Office on the commercial side, up 10%, same as Q1, when you all think about just going forward just the mix of those 2, obviously, the on-prem business is still declining in the high teens and then Office 365 growing rapidly, how do you think about just the blended growth of Office commercial and the puts and takes there?

不僅要祝賀你們的損益表，顯然資產負債表也表現良好，商業收入僅下降了 5%，而你們的預期是 7%，所以這方面也值得祝賀。我主要的重點其實是商業方面，特別是 Office 辦公室軟體。Office 365 的營收成長速度持續超過費用成長速度。我們之前在討論定價問題時也提到過這一點。但是，如果我只看 Office 商業版的整體情況，成長了 10%，與第一季持平。當你們考慮未來這兩者的組合時，顯然，本地部署業務仍在以接近 10% 的速度下降，而 Office 365 則快速成長。你們如何看待 Office 商業版的綜合成長以及其中的優缺點？

This is one where I tend to -- when I think about that 10% number, it really is the same way I think about Office 365. Our goal and I think the real opportunity that remains with Office 365 and Microsoft 365 going forward is our ability to continue to grow the installed base and to also continue to grow ARPU. The combination of those 2 things and the opportunity we see is the reason in the sales reorg that we did in July, we continue to put resources and sales resources behind collaboration and communication and so many of the important workloads that allow us to give great value to customers. And you even started to see it this quarter, as you're pointing out, Phil. We saw a little bit more impact of E5 this quarter in ARPU than we had been seeing. It's been in the market a while. We're seeing that momentum, the value all up of E5 not just from an Office perspective, but from a Microsoft 365 perspective with security and management as well as some of the newer products that are getting some strong adoption like Teams. I think we feel really good about where we are and the value and our opportunity both from small business up to the large enterprise, from first-line workers to do all of these things and continue to execute well. So the guide certainly implies that continued optimism.

每當我想到 10% 這個數字時，我的想法就和想到 Office 365 時一樣。我認為，Office 365 和 Microsoft 365 未來的真正機會在於，我們能夠繼續擴大用戶基數，並繼續提高每位用戶平均收入 (ARPU)。正是這兩件事的結合以及我們看到的機會，促使我們在 7 月進行了銷售重組。我們繼續將資源和銷售資源投入到協作和溝通以及許多重要的工作中，從而能夠為客戶創造巨大的價值。正如你所指出的，菲爾，你甚至在本季就開始看到這種情況了。本季 E5 對 ARPU 的影響比以往更大一些。這款產品已經上市一段時間了。我們看到了這種勢頭，E5 的整體價值不僅體現在 Office 方面，還體現在 Microsoft 365 的安全性和管理方面，以及一些正在廣泛採用的新產品，例如 Teams。我認為我們對自身所處的位置、價值以及機會都感到非常滿意，無論是從小企業到大型企業，從第一線員工到所有相關人員，我們都能做好所有這些事情並繼續出色地執行。所以，該指南無疑暗示了持續的樂觀態度。

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

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

All the best for you, Chris. I just wanted to double click on the productivity gaze you see in the cloud, especially on Azure. Can you talk a little bit about the drivers there? I know one is that your build-out pattern was different than some of your competitors, so you're kind of filling capacity. But also talk a little bit about what you see in terms of how you're delivering the services in Azure and how that's evolving.

祝你一切順利，克里斯。我只是想強調你在雲端，尤其是在 Azure 上看到的生產力提升趨勢。可以簡單談談那裡的司機嗎？我知道其中一個原因是，你們的建設模式與一些競爭對手不同，所以你們某種程度上是在充分利用產能。但也要談談您在 Azure 中提供服務的方式以及這種服務方式的發展趨勢。

I mean, overall, we did take an approach that we want to make sure we meet the real-world needs across the globe, and we'll continue to do so. When we look at our CapEx spend, we want to make sure that the data center regions meet the needs of our customers globally across both consumer workloads and enterprise workloads where real data sovereignty requirements and speed-of-light issues are all really relevant. Having said that, the way it fills up is by the value-add that we can do. So that's why the mix of these higher-level services, especially around data and AI, is definitely driving a lot more consumption of our higher-level services. And even something like IoT, they're not just at the consumption meters, but they also got SaaS-like qualities to them. So I feel very, very good about ultimately having innovation that drives both the consumption of more higher-level services and then also making sure that we are available in all parts of the world where the demand is going to spread to because we're in the very, very early innings of, essentially, this new cloud growth. And there's only going to be increasing demand as there's more digitization of every city, every factory, every hospital and so on. So I think we have a long way to go to still fill up.

我的意思是，總的來說，我們採取的策略是確保滿足全球各地的實際需求，我們將繼續這樣做。在審視我們的資本支出時，我們希望確保資料中心區域能夠滿足全球客戶在消費者工作負載和企業工作負載方面的需求，因為真正的資料主權要求和光速問題都非常重要。話雖如此，它最終的實現方式是透過我們所能創造的附加價值。因此，這些更高層次的服務，特別是圍繞數據和人工智慧的服務的組合，無疑地正在推動我們更高層次服務的更多消費。即使是像物聯網這樣的技術，它們也不僅限於消費計量，而且還具有類似 SaaS 的特性。因此，我非常高興能夠最終實現創新，這既能推動對更高級別服務的消費，又能確保我們在世界各地都能提供服務，以滿足不斷增長的需求，因為我們基本上還處於這場新的雲端運算成長的非常早期階段。隨著每個城市、每個工廠、每個醫院等等的數位化程度不斷提高，需求只會越來越大。所以我覺得我們離填滿目標還有很長的路要走。

And I would say the way to think about that, and you see it in the gross margin percentages and the improvements we've continued to see, is the Azure premium revenue growth exceeding the overall revenue growth. That actually is a benefit to the gross margin rate. Then again, all the work we have done through the supply chain. So while we have a signal come in, you see a very quick turn from demand signal to us having servers in place and ready to be utilized very quickly. That work continues and the team has done a really nice job. And then as well, software improvements. They continue to go on to increase our ability to run more on less. Those, taken together, continue to show gross margin improvement.

我認為，看待這個問題的方式是，從毛利率百分比和我們持續看到的改進中可以看出，Azure 高級收入的成長超過了整體收入的成長。這其實有利於毛利率。再說，我們透過供應鏈所做的一切工作。因此，當收到訊號時，你會看到需求訊號很快就能轉化為伺服器到位並隨時可以使用。這項工作仍在繼續，團隊做得非常出色。此外，軟體方面也有所改進。它們不斷提高我們以更少資源運行更多項目的能力。這些因素綜合起來，繼續顯示出毛利率的改善。

Our next question comes from the line of Gregg Moskowitz with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Gregg Moskowitz。

Amy, I'd like to follow up on Heather's question because it's really difficult to grow commercial bookings by mid-single-digits constant currency in the face of 20% or so declining EA expirations. And so I'm wondering, looking beyond this quarter, if you could expand on how commercial bookings growth ex renewals is trending. And in other words, are you getting more separation, if you will, between reported growth and growth excluding renewal activity?

艾米，我想就希瑟的問題做個後續討論，因為在EA到期率下降約20%的情況下，要以中等個位數的固定匯率實現商業預訂量的增長真的很難。因此，我想知道，展望本季之後，您能否詳細介紹不計續訂的商業預訂成長趨勢。換句話說，您是否發現報告的成長與不包括續約活動在內的成長之間有更大的差異？

Let me take a shot. The way I think about bookings growth every quarter is you tend to look at a couple of things. And I would say I start with renewals, not just that we renew the contract, but how many new products, new services did we add to that contract. Did we expand our footprint, our percentage of the IT budget at a customer? Did they rely on us for more products and more services? This quarter is a good example of that happening. And if you think about the connection to why that happens, it's not just the terrific engineering work that we've done in product value. It's also the investments that we've made to put resources in some of these larger accounts to continue to add new workloads that are only possible in the cloud, and we've added resources that we're seeing the revenue get recaptured in that way. So that, I think, feels very good from a resource allocation and return perspective. And so then the next component obviously is being able to grow just brand-new accounts. Are we growing customer bases? Are we penetrating segments? And you also saw that in the quarter. So at a high level, you can either sort of add more expand your footprint or you get to add a new customer, and both of those are motions that we focus on. And I feel good about our execution. I think there's -- and you'll see that dynamic. So if the expiry base is a little bigger, you'd expect obviously a number bigger than that on the bookings side and when the expiry raises, there's growth. It's really about the delta between the 2, as you note, and our execution this quarter was quite good. But it's come from sustainable investment and our sales technical resources and in the engineering to deliver a differentiated value at the customer.

讓我試試看。我思考每季預訂量成長的方式是，你通常會關注以下幾個面向。我會說，我會從續約開始，不僅僅是續約，而是我們在合約中增加了多少新產品、新服務。我們是否擴大了業務範圍，提高了我們在客戶 IT 預算中所佔的比例？他們是否依賴我們提供更多產品和服務？本季就是這種情況的一個很好的例證。如果你思考一下造成這種情況的原因，你會發現這不僅僅是因為我們在產品價值方面所做的出色工程工作。此外，我們也進行了一些投資，為一些較大的客戶投入資源，以繼續增加只有在雲端才能實現的新工作負載，我們增加的資源也讓我們看到了收入的重新獲得。所以，從資源分配和回報的角度來看，我認為這感覺非常好。因此，下一個關鍵要素顯然是能夠發展全新的帳戶。我們的客戶群在成長嗎？我們是否成功滲透到細分市場？你在本季也看到了這一點。因此，從宏觀層面來看，你可以擴大你的業務範圍，或是獲得新的客戶，而這兩種情況都是我們關注的重點。我對我們的執行情況感到滿意。我認為存在這種現象——你會看到這種動態。因此，如果到期基數稍大一些，那麼顯然預訂量也會比到期基數大一些，而且隨著到期時間的延長，預訂量也會增加。正如你所指出的，關鍵在於這兩者之間的差距，而我們本季的執行情況相當不錯。但這源自於永續投資、我們的銷售技術資源以及工程技術，從而為客戶提供差異化的價值。

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

我們的下一個問題來自美國銀行美林證券的 Kash Rangan。

Satya, my 9-year-old kid insists that Minecraft is the best thing for his brain development. So whatever it is, congratulations. My serious question is with the cash repatriation, obviously, Microsoft has the ability to bring back a lot of money. I'm wondering what the priorities of the company are with respect to doing a large strategic deal or not so perhaps and perhaps even share repurchases and dividends. Clearly, this is once-in-a-lifetime opportunity, and there's a lot that can be done. Curious how you think about this.

我9歲的兒子薩蒂亞堅稱《我的世界》對他的大腦發展最有益。不管是什麼，恭喜你。我真正想問的是現金匯回的問題，顯然，微軟有能力匯回很多錢。我想知道公司在進行大型策略交易（或不進行交易）以及股票回購和股利方面的優先事項是什麼。顯然，這是一生難得的機會，有很多事情可以做。很好奇你對此有何看法。

I'll actually let Amy take it.

我還是讓艾米拿去吧。

Yes, why don't I take this? Number one, I would say we have -- when we have seen an opportunity to invest, we have not really waited for tax reform to do that. Our opportunity, the TAM, really the once-in-a-lifetime opportunity is really the technical transition and digital transformation that's occurring now. And so we've invested to make that happen. We've made acquisitions when they made sense. We have used the capital markets and the debt market to fund those to make sure that we made the right investments to grow our business. And so for us, we also didn't wait when we thought about capital return. Even this quarter, we returned almost all of our free cash flow generation in dividends and share repurchase. And we've been on that path for a number of years. Now that being said, I am pleased, obviously, to be able to access the cash more easily and not have to go through the debt market to be able to make these choices, whether it's investment in ourselves and the returns you've seen in this quarter in revenue growth, whether it's the acquisitions like LinkedIn that are performing better than we expected. And I think today, we would even say it's a more strategic asset than we even maybe thought a year ago in terms of the power of it to add to our graph and our understanding and then be able to return capital. So for me, while I appreciate the spirit behind the question, for us, we have felt a necessity to do that for years as a part of total shareholder return and our commitment to do that. And I think we've done a good job, and I'm proud of what we've done and I'm proud and excited for what we can continue to do.

是的，我為什麼不拿？首先，我想說的是，當我們看到投資機​​會時，我們並沒有真正等待稅制改革才去投資。我們的機會，TAM，真正千載難逢的機會，就是現在正在發生的技術轉型和數位轉型。因此，我們進行了投資以實現這一目標。我們只在適當的時機進行收購。我們利用資本市場和債務市場為這些項目提供資金，以確保我們做出正確的投資來發展業務。所以對我們來說，在考慮資本回報時，我們也沒有猶豫。即使是本季度，我們也幾乎將全部自由現金流用於分紅和股票回購。我們沿著這條路走了好幾年。話雖如此，我當然很高興能夠更容易獲得現金，而不必透過債務市場來做出這些選擇，無論是對我們自身的投資以及你們在本季度看到的營收成長回報，還是像 LinkedIn 這樣表現超出我們預期的收購。而且我認為，就其增強我們圖表和理解的能力以及回報資本的能力而言，今天我們甚至可以說它比一年前我們可能認為的更具戰略意義的資產。所以對我來說，雖然我理解這個問題背後的用意，但對我們來說，多年來我們一直覺得有必要這樣做，這是股東總回報的一部分，也是我們履行這項承諾的一部分。我認為我們做得很好，我為我們所做的一切感到自豪，也為我們能夠繼續做的事情感到自豪和興奮。

Our next question comes from the line of Michael Nemeroff with Crédit Suisse.

我們的下一個問題來自瑞士信貸的邁克爾·內梅羅夫。

This one's for Amy about the Office 365 commercial. Are there any limitations other than storage-related workloads that would limit Office 365 commercial gross margin from reaching, say, 80% over time? And what are some of the current limitations on that gross margin that you think could be improved upon for that to work higher than 70% over time?

這是給艾米的，關於 Office 365 廣告的。除了儲存相關的工作負載之外，還有哪些限制因素會阻礙 Office 365 商業毛利率隨著時間的推移達到 80% 左右？您認為目前毛利率有哪些限制可以改進，才能使其長期高於 70%？

Thanks. You're right. In general, workloads like Exchange and increasingly, SharePoint, which we have seen some really great encouraging numbers on usage of SharePoint in our Office 365 consumer -- commercial base, those do have storage requirements. And so you're absolutely right. They are slightly different than many of the very high-level SaaS workloads that you see. But we still do have room, which I think is really the core of the question. We still have some room to improve that Office 365 commercial gross margin from the new workloads we've added, which have even more of those pure SaaS-like workloads. And aside from Office in that same segment is Dynamics who -- or LinkedIn, which both have those SaaS-like margins and can and we see opportunity to both improve those as well. So I don't think there's necessarily a level, but there's certainly room even within these storage-heavy workloads.

謝謝。你說得對。總的來說，像 Exchange 這樣的工作負載，以及越來越多的 SharePoint（我們在 Office 365 消費者和商業用戶群中看到了 SharePoint 使用率非常可觀且令人鼓舞的數據），確實都有儲存需求。所以你的說法完全正確。它們與你所看到的許多非常高級的 SaaS 工作負載略有不同。但我們仍然有空間，我認為這才是問題的核心。我們仍有提升 Office 365 商業毛利率的空間，這得益於我們新增的工作負載，其中純粹的 SaaS 類工作負載更多。除了 Office 之外，同一領域的還有 Dynamics 或 LinkedIn，它們都具有類似 SaaS 的利潤率，而且我們看到了它們都有可能提高這些利潤率的機會。所以我認為不一定存在一個固定的級別，但即使在這些存儲密集型工作負載中，也肯定有提升空間。

Yes, I mean, just to add, but not specifically to the gross margin question, but the expansive nature of Microsoft 365 is for we think of it all up in that context. Amy already referenced how small businesses that perhaps never did advanced workloads are now able to do so. Emerging markets that never did are able to do so. So first of all, whether it's -- on first-line workers, we never had any solutions for first-line workers. So there is a market expansion in terms of users and the sophistication of the workloads that they can use or the higher-level services. The other thing is Office by itself, you talked about storage. It's an interesting question to say what is being stored in Office: in meetings going forward, at home office or people calling in, things like Mixed Reality being used in meetings. It's very different. It's not about you sitting in front of Word and entering text. That's not the full limit of Office. Office is about any people collaborating in voice or in -- with even computer vision and many other ways that I think collaboration will happen. So we have a very expansive view, much like Azure for infrastructure and data and AI in terms of human activity that gets digitized at work and at home is something that we are going after with Microsoft 365.

是的，我的意思是，補充一點，雖然不是專門針對毛利率的問題，但微軟 365 的擴張性正是我們在這種背景下思考所有問題的原因。艾米已經提到，以前可能從未處理過複雜工作負載的小型企業現在也能夠處理這類工作負載了。新興市場以前從未做到這一點，現在卻能夠做到。首先，無論是針對第一線工人，我們從來沒有針對第一線工人的任何解決方案。因此，從用戶數量和他們可以使用的工作負載的複雜性或更高階的服務來看，市場正在擴張。還有一點就是 Office 本身，你剛剛提到了儲存問題。這是一個很有趣的問題，那就是 Office 中究竟儲存了什麼：未來會議中的內容、在家工作或電話會議中的內容，以及會議中使用的混合實境技術等。情況截然不同。這並不是說你坐在Word前面輸入文字。那並非 Office 的全部功能。Office 指的是人們透過語音或其他方式進行協作——甚至包括電腦視覺以及我認為未來將會發生的許多其他協作方式。因此，我們的視野非常廣闊，就像 Azure 在基礎設施、資料和人工智慧方面一樣，而我們在 Microsoft 365 中追求的，是將工作和家庭中的人類活動數位化。

Our last question will come from the line of Alex Zukin with Piper Jaffray.

最後一個問題將來自 Alex Zukin 和 Piper Jaffray 的問題。

Satya, I wanted to ask you about Azure Stack adoption. You mentioned it was ahead of your expectations on the call. And I guess, if you think about your early traction with service providers and how you're empowering them to build these Azure-capable data centers globally, maybe longer term, how should we think about the impact of this on Azure hyper growth durability beyond fiscal '18 as you scale?

Satya，我想問你關於 Azure Stack 的採用情況。你在電話中提到它超出了你的預期。我想，如果你考慮到你早期與服務供應商的合作，以及你如何幫助他們在全球範圍內建立這些支援 Azure 的資料中心，那麼從長遠來看，隨著你的規模擴大，我們應該如何看待這對 2018 財年以後 Azure 超高速成長的持久性的影響呢？

See, our overall vision for how computing evolves is that it's going to be more distributed, not less distributed. Let's just take, for example, what's happening in a factory. In a factory, one thing that is secular is that they're putting lots and lots of more sensors. A lot of these sensors today are, in fact, rendezvousing some of that data straight to the cloud. As you do more of that, what happens is you need to -- and then you start doing sensor fusion, which is your multiple sensors that you want to be able to fuse and take action. The speed of light gets in the way. So they want local compute. And so in order to have that local compute in some of these factories with millions of sensors, you may, in fact, need Azure Stack. So it's not just about old workloads and service providers and essentially hybrid computing as we understand it. When I think about hybrid computing, at least in the fullness of time, it's more the future of distributed computing where there is a cloud, there is an edge and even the edge is not just one single edge, but it's got a typology associated with it going all the way to the sensors, whether it's at home, whether it's in a hospital, whether it's in a factory. So that's where we're going to end up, which is a true distributed computing fabric that the world needs in order to be digitally transformed. How and quarter-to-quarter will there be volatility, shifts, changes, that's all going to be the case. But we see the pattern emerge pretty clearly in terms of where we need to go.

你看，我們對計算發展方向的總體願景是，它將變得更加分散式，而不是更加分散。舉個例子，我們來看看工廠裡發生的事。在工廠裡，有一件事是普遍存在的，那就是他們正在安裝越來越多的感測器。事實上，如今許多感測器都會將部分資料直接傳輸到雲端。隨著你做的越來越多，就會出現這樣的情況——然後你就會開始進行感測器融合，也就是將你想要融合的多個感測器融合起來並採取行動。光速成了阻礙。所以他們需要本地計算。因此，為了在某些擁有數百萬個感測器的工廠中實現本地運算，您可能實際上需要 Azure Stack。所以，這不僅關乎舊的工作負載和服務供應商，也不僅僅關乎我們所理解的混合計算。當我思考混合運算時，至少從長遠來看，它更像是分散式運算的未來，其中包含雲端、邊緣，甚至邊緣也不僅僅是一個單一的邊緣，而是與感測器相關的類型，無論是在家中、醫院還是工廠。所以，這就是我們最終要達到的目標，那就是建構一個真正的分散式運算架構，而這正是世界實現數位轉型所需要的。季度之間肯定會有波動、變化和調整，這些都是必然的。但我們已經很清楚地看到，我們需要朝著哪個方向發展。

Thank you, Alex. So that wraps up the Q&A portion of today's earnings call. Thank you for joining us today. We look forward to seeing many of you at the coming months at various investor conferences and events. You can find the details on the Microsoft IR website. Thank you.

謝謝你，亞歷克斯。今天的財報電話會議問答環節到此結束。感謝您今天蒞臨。我們期待在接下來的幾個月裡，在各種投資者會議和活動中見到各位。您可以在微軟投資者關係網站上找到詳細資訊。謝謝。

Thank you all. Thanks very much.

謝謝大家。非常感謝。

Thank you, all. Thanks, Chris.

謝謝大家。謝謝你，克里斯。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。