微軟 (MSFT) 2018 Q2 法說會逐字稿

Welcome to the Second Quarter Fiscal Year 2018 Microsoft Corporation Earnings Conference Call.

歡迎來到微軟公司 2018 財年第二季度收益電話會議。

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

（操作員說明）作為提醒，本次會議正在錄製中。

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

我想將電話轉給投資者關係總經理 Chris Suh。

Chris, please proceed.

克里斯，請繼續。

Thank you, Roya.

謝謝你，羅亞。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and Carolyn Frantz, our new Deputy General Counsel, Corporate Secretary.

與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Frank Brod，首席會計官；以及我們新任副總法律顧問兼公司秘書 Carolyn Frantz。

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.

在 Microsoft 投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

This quarter, we incurred a tax charge related to the enactment of the Tax Cut and Jobs Act.

本季度，我們因《減稅和就業法》的頒布而產生了稅費。

We have excluded the impact of this tax charge in our non-GAAP net income and earnings per share metrics.

我們在我們的非公認會計原則淨收入和每股收益指標中排除了這項稅收的影響。

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.

這些非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。

They 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.

除了這些項目和事件對財務業績的影響之外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第二季度的業績。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted.

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We 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.

我們還將在可能的情況下以固定貨幣提供增長率，作為評估我們基礎業務表現的框架，不包括外幣匯率波動的影響。

Where growth rates are the same in constant currency, we will refer to the growth rate only.

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

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

You can replay the call and view the transcript on the Microsoft Investor Relations website until January 31, 2019.

在 2019 年 1 月 31 日之前，您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

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

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

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

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during 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.

由於今天的收益新聞稿中討論的因素、電話會議期間的評論以及我們的 10-K 表、10-Q 表的風險因素部分以及其他向證券交易委員會提交的報告和文件中討論的因素，實際結果可能存在重大差異委員會。

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

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

謝謝你，克里斯，也感謝電話裡的每一個人的加入。

Our results this quarter speak to us picking the right secular trends and markets and following that up with focused innovation and execution.

我們本季度的業績表明我們選擇了正確的長期趨勢和市場，並通過專注的創新和執行來跟進。

The intelligent cloud and intelligent edge paradigm is fast becoming a reality.

智能雲和智能邊緣範式正在迅速成為現實。

Azure growth accelerated.

Azure 增長加速。

LinkedIn growth accelerated.

LinkedIn 增長加速。

Microsoft 365 and Dynamics 365 are driving our growth and transforming the workplace.

Microsoft 365 和 Dynamics 365 正在推動我們的發展並改變工作場所。

Xbox is reaching new customers with new offers.

Xbox 正在通過新優惠吸引新客戶。

With that as a backdrop, I want to highlight key areas of innovation and growth across our customer solutions.

以此為背景，我想強調我們客戶解決方案中創新和增長的關鍵領域。

Every CEO I talk to is keen to start their transformation journey by empowering their employees and creating a modern workplace.

與我交談的每一位 CEO 都熱衷於通過賦予員工權力和創建現代工作場所來開始他們的轉型之旅。

They want productivity and collaboration tools that deliver continuous innovation and do so securely.

他們需要生產力和協作工具來提供持續創新並安全地進行。

Spectre and Meltdown are the latest instances in an increasingly complex threat environment.

Spectre 和 Meltdown 是日益複雜的威脅環境中的最新實例。

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.

我們為使 Windows 10 成為最安全、始終處於最新狀態的操作系統所做的投資使我們能夠迅速採取行動，在這些威脅面前保護客戶。

Protecting customers will continue to be a top priority.

保護客戶仍將是重中之重。

Our continued commitment to operational security and advanced technology is one reason customers like BP, Goodyear, PayPal are choosing Microsoft 365.

我們對運營安全性和先進技術的持續承諾是 BP、固特異、PayPal 等客戶選擇 Microsoft 365 的原因之一。

MasterCard chose Microsoft 365 to empower employees and inspire teamwork with integrated apps like Teams, Yammer and SharePoint.

MasterCard 選擇 Microsoft 365 來增強員工能力，並通過 Teams、Yammer 和 SharePoint 等集成應用激發團隊合作。

We're infusing AI across Microsoft 365 with the simple goal of helping people do their best work.

我們在 Microsoft 365 中註入 AI，其簡單目標是幫助人們做到最好。

Insights in Excel is a new service that uses machine learning to detect and highlight patterns.

Excel 中的 Insights 是一項新服務，它使用機器學習來檢測和突出顯示模式。

Translator brings 60 languages to Word.

翻譯器為 Word 帶來了 60 種語言。

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.

我們通過在 iOS、Android 和現在的 Mac 上的 Office 應用程序中進行實時共同創作，幫助人們在任何平台上提高工作效率。

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.

就在本月，我們宣布將在 Office 365 中的多個應用程序中提供聽寫功能，使用戶能夠僅使用他們的聲音自由書寫。

We are making voice a first-class input for productivity.

我們正在使語音成為提高生產力的一流輸入。

Cortana can help manage your e-mail by pulling up important e-mails, reading them aloud and letting you reply using just your voice.

Cortana 可以通過提取重要的電子郵件、大聲朗讀它們並讓你只用你的聲音回復來幫助管理你的電子郵件。

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.

我們還將 Cortana 的智能引入 Outlook 移動應用程序，根據您的位置和流量通知您何時該離開會議以便前往下一個會議。

Mixed Reality empowers employees with new immersive experiences.

混合現實為員工提供全新的沉浸式體驗。

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.

像德國梅賽德斯-奔馳這樣的企業客戶正在使用混合現實來轉變培訓，幫助維護技術人員學習從引導式製動器維修到新柴油發動機組件如何工作的所有知識。

We are expanding our opportunity with Microsoft 365 for organizations of all types and sizes.

我們正在通過 Microsoft 365 為各種類型和規模的組織擴展我們的機會。

Take first-line workers.

以一線工人為例。

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.

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了 Office 365，以最大限度地發揮其一線員工的影響力。

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.

在教育方面，我們為每位學生提供內置於 Office 365 中的新學習工具，以提高閱讀、寫作和理解能力以及混合現實體驗，從而實現沉浸式學習。

This quarter, we launched Surface LTE and unveiled a new generation of always-on, always-connected Windows 10 PCs from our OEM partners.

本季度，我們推出了 Surface LTE，並推出了來自 OEM 合作夥伴的新一代始終在線、始終連接的 Windows 10 PC。

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.

憑藉長達 20 天的待機電源，這種與 Cortana 深度集成並具有新的近場和遠場能力的新型 PC 將從根本上改變生產力。

Now I'll turn to LinkedIn and business applications.

現在我將轉向 LinkedIn 和業務應用程序。

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.

隨著微軟和 LinkedIn 將世界領先的專業雲與世界領先的專業網絡相結合的 1 年大關，LinkedIn 繼續其強勁的發展軌跡，收入增長加快，參與度創歷史新高，會話次數連續第五個季度超過 20%生長。

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.

跨平台對話的需求持續增長，從分享提要到視頻再到發送的一對一消息，同比增長超過 60%。

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.

整個平台參與度的提高推動了對贊助內容和營銷解決方案的需求的強勁增長，以及人才解決方案中創紀錄的職位發布和求職者水平。

LinkedIn is continually creating new ways for members to connect and engage with one another, such as this quarter's launch of Career Advice.

LinkedIn 不斷為會員創造新的聯繫和互動方式，例如本季度推出的職業建議。

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.

從 Sales Navigator 與 Dynamics 365 for Sales 和 Dynamics for Talent 的深度集成，到推出個人資料卡以將個性化的 LinkedIn 見解直接引入 Office 365，再到新的簡歷助手，我對我們提供的多種方式感到興奮利用 Microsoft 和 LinkedIn 圖表的強大客戶和會員體驗。

We continue to see good momentum in Dynamics 365 with revenue growth of 67% year-over-year.

我們繼續看到 Dynamics 365 的良好勢頭，收入同比增長 67%。

Our modern and modular business process applications are resonating with customers, driving digital transformation.

我們現代和模塊化的業務流程應用程序正在與客戶產生共鳴，推動數字化轉型。

Park Place Technologies, a global leader in data center support, chose Dynamics 365 along with LinkedIn Sales Navigator integration.

Park Place Technologies 是數據中心支持領域的全球領導者，它選擇了 Dynamics 365 以及 LinkedIn Sales Navigator 集成。

And United Technologies and Columbia Sportswear chose Dynamics 365 and Azure for their digital transformation.

United Technologies 和 Columbia Sportswear 選擇 Dynamics 365 和 Azure 進行數字化轉型。

Now I'll talk about cloud and AI.

現在我將談談雲和人工智能。

As intelligent cloud/intelligent edge becomes more predominant, our architectural advantage is increasingly clear to our customers.

隨著智能雲/智能邊緣變得越來越占主導地位，我們的架構優勢對我們的客戶來說越來越清晰。

You see this reflected in the latest CIO surveys as well as in our 98% Azure revenue growth this quarter.

您可以在最新的 CIO 調查以及本季度 98% 的 Azure 收入增長中看到這一點。

Only Microsoft delivers hybrid consistency, developer productivity, AI capabilities and trusted security and compliance.

只有 Microsoft 才能提供混合一致性、開發人員生產力、AI 功能以及值得信賴的安全性和合規性。

This architectural advantage helps us address both existing enterprise workloads and new workloads, such as IoT and edge AI.

這種架構優勢幫助我們解決現有的企業工作負載和新的工作負載，例如物聯網和邊緣人工智能。

To thrive in this new era, customers need a consistent stack across public cloud and the edge, a model Azure Stack uniquely enables.

為了在這個新時代蓬勃發展，客戶需要一個跨公有云和邊緣的一致堆棧，這是 Azure Stack 獨特支持的模型。

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.

自幾個月前廣泛推出以來，我們看到不同行業的客戶對 Azure Stack 的需求令人難以置信，包括 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.

我們正在使數據科學和人工智能民主化，因此任何組織都可以將他們的數據轉化為可操作的見解並推動競爭優勢。

Azure Cosmos DB is the first globally distributed multimodal database.

Azure Cosmos DB 是第一個全球分佈式多模式數據庫。

It is unique in its support for a new class of low-latency, event-based serverless applications.

它在支持一類新的低延遲、基於事件的無服務器應用程序方面是獨一無二的。

Azure Databricks brings leading Apache Spark-based analytics.

Azure Databricks 帶來了領先的基於 Apache Spark 的分析。

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.

我們在 Linux 上的新 SQL Server 開局良好，下載量超過 500 萬次，並將長期為 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.

為了在擁有數百萬智能終端的世界中茁壯成長，每家公司都需要物聯網戰略。

Microsoft is giving customers comprehensive solutions to help them realize the promise of connected world of devices and things.

Microsoft 正在為客戶提供全面的解決方案，以幫助他們實現設備和物聯網世界的承諾。

Azure IoT Central is the first global-scale SaaS offering that enables customers to build intelligent, secure, enterprise-grade IoT app in hours.

Azure IoT Central 是第一個全球規模的 SaaS 產品，使客戶能夠在數小時內構建智能、安全的企業級 IoT 應用程序。

Azure Event Grid simplifies the creation of event-driven IoT solutions across millions of endpoints.

Azure 事件網格簡化了跨數百萬個端點創建事件驅動的 IoT 解決方案。

Azure IoT Edge enables customers to run serverless computing and machine learning models at the edge.

Azure IoT Edge 使客戶能夠在邊緣運行無服務器計算和機器學習模型。

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.

雪佛龍正在使用 Azure IoT 來利用來自其油田的大量數據，以加速部署新的石油勘探智能解決方案，並管理全球數千口油井，從而增加收入並提高其運營的安全性和可靠性。

Kohler is building connected, voice-activated products powered by Azure IoT.

Kohler 正在構建由 Azure IoT 提供支持的互聯語音激活產品。

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.

江森自控正在使用 Azure IoT 和 Windows IoT 中的大規模設備管理功能，用於其帶有 Cortana 語音控制的新型智能 GLAS 恆溫器。

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.

我們使用斯坦福問答數據集基准在機器閱讀理解方面達到了人類平等的里程碑，這是人工智能閱讀文檔並回答有關它的問題的能力。

We're using this and other AI advances to address some of society's most stressing challenges by partnering broadly across industries.

我們正在利用這一和其他人工智能進步，通過跨行業的廣泛合作來應對社會中一些最緊迫的挑戰。

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.

在醫療保健領域，我們正在與 Adaptive Biotechnologies 合作，構建一種實用的解決方案，用於繪製人體免疫系統圖，以檢測早期階段的癌症和其他疾病。

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.

我們創建了一個由 Azure 認知服務提供支持的符合 HIPAA 的健康機器人，以協助解決有關健康保險、症狀和附近醫生位置的問題。

Aurora Health Care, UPMC, Premera Blue Cross have already signed on.

Aurora Health Care、UPMC、Premera Blue Cross 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.

在零售業，Kroger 正在使用 Azure 為其數字雜貨店顯示解決方案提供支持，以根據客戶數據進行實時定價和促銷，從而促進銷售。

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.

Lowe 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，從而讓商店員工能夠專注於他們的客戶。

And Publicis Groupe's new AI platform built on Azure and Office 365 will empower their 80,000 employees worldwide.

陽獅集團基於 Azure 和 Office 365 構建的全新 AI 平台將為全球 80,000 名員工提供支持。

Now let me turn to gaming.

現在讓我轉向遊戲。

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.

我們的新 Xbox One X 是這個假期在美國最暢銷的高端遊戲機，我們看到 Xbox One S 的銷售強勁。我們將繼續在遊戲機方面進行創新，以吸引想要沉浸式 4K 體驗的高價值遊戲玩家來構建一個通過 Game Pass 提供更廣泛的訂閱服務，並將我們的服務擴展到我們客戶生活中的所有設備，包括控制台、PC 和移動設備。

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.

我們決定在全球發布的同時在 Xbox Game Pass 上發布獨家遊戲內容，這增加了會員和我們合作夥伴的訂閱價值，我們有了一個非常好的開始。

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.

本季度我們再次增加了遊戲玩家參與度，每月有 5900 萬活躍的 Xbox LIVE 會員，記錄我們的 Xbox LIVE 服務的使用量，記錄我們新的流媒體服務 Mixer 的觀眾，並記錄 Minecraft 用戶。

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.

最後，我們剛剛收購了 PlayFab，它為超過 7 億遊戲玩家提供來自迪士尼、Rovio 和 Atari 等公司的 1,200 多款遊戲。

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.

它是一個完整的後端平台，供移動、PC 和主機遊戲開發者構建、發布和擴展雲連接遊戲，擴展我們對 Azure 的投資，為遊戲行業提供世界級的雲平台。

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.

在我向 Amy 求助之前，我想回顧一下我所進行的每一次客戶對話中最重要的一個話題。

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.

在數字技術推動快速轉型的時代，客戶正在尋找一個值得信賴的合作夥伴，一個具有與其長期利益一致的商業模式、深入的技術創新和對隨之而來的責任的理解的人創新。

This perhaps is one of our key differentiators.

這也許是我們的主要區別之一。

Internally, we have a saying, "Microsoft runs on trust," and we strive to earn it every day with all of the constituents we serve.

在內部，我們有一句格言：“Microsoft 以信任為基礎”，我們每天都在努力與我們所服務的所有選民一起贏得它。

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.

現在我將把它交給艾米，她將更詳細地介紹我們的財務業績並分享我們的前景，我期待稍後再與您一起回答問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

Our second quarter revenue was $28.9 billion, up 12% and 11% in constant currency with better-than-expected performance across all segments.

我們第二季度的收入為 289 億美元，按固定匯率計算分別增長 12% 和 11%，所有部門的業績都好於預期。

Gross margin increased 12%.

毛利率增長 12%。

Operating income increased 10%.

營業收入增長10%。

This quarter, we incurred a tax charge of $13.8 billion related to the enactment of the Tax Cuts and Jobs Act.

本季度，我們因《減稅和就業法案》的頒布而產生了 138 億美元的稅費。

Excluding that, earnings per share was $0.96, increasing 20%.

除此之外，每股收益為 0.96 美元，增長 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.

隨著我們繼續意識到戰略增長投資的影響以及強大的銷售執行力，我們又實現了兩位數的收入和利潤增長。

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.

在公司層面，LinkedIn 貢獻了大約 4 個百分點的收入增長和 5 個百分點的毛利率增長，對營業收入增長的影響最小。

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.

不計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，並在本財年繼續增加每股收益，超出了我們最初的預期。

Across most geographies, our results were in line with overall improving macroeconomic trends.

在大多數地區，我們的結果與整體改善的宏觀經濟趨勢一致。

Large markets, including the U.S., Western Europe and France, performed better than expected driven by commercial cloud momentum.

在商業雲勢頭的推動下，包括美國、西歐和法國在內的大型市場表現好於預期。

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.

即使我們從 7 月開始繼續進行銷售重組，我們的銷售團隊和渠道合作夥伴又取得了四分之一的出色商業業績。

Our commercial revenue annuity mix improved by 3 points year-over-year to 86% with healthy renewal rates.

我們的商業收入年金組合同比增長 3 個百分點，達到 86%，續保率健康。

Commercial bookings increased 7% and 4% in constant currency even with a 20% smaller underlying expirations base.

即使基礎到期基數減少了 20%，商業預訂按固定匯率計算也分別增長了 7% 和 4%。

Commercial unearned revenue came in slightly higher-than-expected at more than $20.2 billion from growth in multiyear customer commitments to Azure.

由於對 Azure 的多年客戶承諾的增長，商業未實現收入略高於預期，超過 202 億美元。

Commercial cloud revenue was $5.3 billion, growing 56% year-over-year with broad-based growth across geographic markets and customer segments.

商業雲收入為 53 億美元，同比增長 56%，在地理市場和客戶群中實現了廣泛的增長。

Gross margin increased by 7 points to 55%, in line with seasonal trends.

毛利率增長 7 個百分點至 55%，與季節性趨勢一致。

We improved gross margin percentage in each cloud service, and Azure again saw the most significant margin improvement this quarter.

我們提高了每項云服務的毛利率百分比，Azure 在本季度再次看到了最顯著的利潤率增長。

Company gross margin was 62% and flat year-over-year.

公司毛利率為 62%，與去年同期持平。

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.

利潤率較高的產品和服務的銷售組合，包括 Windows Server 和 Windows OEM Pro 的表現好於預期，再加上雲利潤的提高，抵消了雲收入、LinkedIn 攤銷成本和設備推出組合不斷增長的影響。

The FX impact on company and segment revenue growth was in line with expectation.

外匯對公司和分部收入增長的影響符合預期。

The weaker U.S. dollar increased revenue growth by less than 1 point.

美元疲軟使收入增長不到 1 個百分點。

FX had only 1 point of impact on operating expense growth, less than expected.

外匯對營業費用增長的影響只有 1 個百分點，低於預期。

This quarter, operating expenses grew 14% and 13% in constant currency with 10 points of growth from LinkedIn, including $154 million of amortization expense.

本季度，按固定匯率計算的運營費用分別增長了 14% 和 13%，LinkedIn 增長了 10 個百分點，其中包括 1.54 億美元的攤銷費用。

We continued to increase investments in cloud engineering, AI and sales capacity to drive future growth.

我們繼續增加對雲工程、人工智能和銷售能力的投資，以推動未來的增長。

Now to the segment results.

現在到分段結果。

Productivity and Business Processes revenue grew 25% and 24% in constant currency to $9 billion, slightly better than expected, fueled by LinkedIn revenue acceleration.

在 LinkedIn 收入加速增長的推動下，生產力和業務流程收入增長 25% 和 24%（按固定匯率計算）至 90 億美元，略好於預期。

LinkedIn contributed 15 points of growth.

LinkedIn貢獻了15個百分點的增長。

Office commercial revenue grew double digits again this quarter, increasing 10% year-over-year.

本季度寫字樓商業收入再次增長兩位數，同比增長 10%。

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 商業收入增長了 41%，原因是所有客戶群的安裝基數增長，以及 ARPU 的增長，原因是持續的客戶遷移到 E3 和 E5 工作負載中更高價值的產品。

Office 365 commercial seats grew 30%, in line with the expected trend given the increasing size of the base.

Office 365 商業座席增長 30%，與基地規模不斷擴大的預期趨勢一致。

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.

受 Office 365 經常性訂閱收入和我們用戶群增長（目前為 2920 萬）的推動，Office 消費者收入增長了 12% 和 11%。

Our Dynamics business grew 10% and 9% in constant currency driven by Dynamics 365 revenue growth of 67% and 68% in constant currency.

在 Dynamics 365 收入增長 67% 和 68% 的推動下，我們的 Dynamics 業務按固定匯率計算分別增長了 10% 和 9%。

LinkedIn revenue for the quarter was better than expected at $1.3 billion driven by strong sales execution across all LinkedIn services.

由於所有 LinkedIn 服務的強勁銷售執行力，LinkedIn 本季度的收入為 13 億美元，好於預期。

We saw continued strength in user engagement, customer acquisition, renewals and upsell performance.

我們看到用戶參與、客戶獲取、續訂和追加銷售表現持續強勁。

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.

LinkedIn 貢獻了 14 個百分點，其中包括 2.22 億美元的攤銷費用的影響，按固定匯率計算，分部毛利率分別增長了 24% 和 23%。

Gross margin percentage decreased slightly due to the impact of LinkedIn-related amortization expense and the increased mix of cloud services.

由於 LinkedIn 相關的攤銷費用和雲服務組合增加的影響，毛利率百分比略有下降。

Operating expenses grew 41%, 39% in constant currency with 33 points of contribution from LinkedIn, including $154 million of amortization expense.

運營費用增長 41%，按固定匯率計算增長 39%，LinkedIn 貢獻了 33 個點，其中包括 1.54 億美元的攤銷費用。

Excluding LinkedIn, operating expenses increased on cloud engineering and sales capacity investments.

不包括LinkedIn，雲工程和銷售能力投資的運營費用有所增加。

Operating income increased 9% and 10% in constant currency with only 2 points of negative impact from LinkedIn.

營業收入按固定匯率計算分別增長了 9% 和 10%，而 LinkedIn 的負面影響僅為 2 個百分點。

The Intelligent Cloud segment delivered $7.8 billion of revenue, growing 15% with better-than-expected performance driven by hybrid cloud.

智能雲部門實現了 78 億美元的收入，增長 15%，混合雲推動的業績好於預期。

Server products and cloud services revenue grew 18% with another quarter of double-digit annuity revenue growth.

服務器產品和雲服務收入增長了 18%，年金收入又實現了兩位數增長。

Azure revenue growth accelerated to 98%, with Azure premium services revenue growing triple digits for the 14th consecutive quarter.

Azure 收入增長加速至 98%，Azure 高級服務收入連續第 14 個季度增長三位數。

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.

企業服務收入按固定匯率計算分別增長 5% 和 3%，主要支持服務和 Microsoft 諮詢服務的增長被 Windows Server 2003 定制支持協議的下降部分抵消。

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.

部門毛利率增長 13%，毛利率百分比略有下降，因為雲收入組合增加的影響大部分被 Azure 毛利率的實質性改善所抵消。

Operating expenses grew 3% and 2% in constant currency from ongoing investments in sales capacity and cloud engineering.

由於對銷售能力和雲工程的持續投資，運營費用按固定匯率計算分別增長了 3% 和 2%。

Operating income increased 24%.

營業收入增長 24%。

In More Personal Computing, revenue was $12.2 billion, up 2% with better-than-expected results driven by Windows and search.

在更多個人計算方面，收入為 122 億美元，增長 2%，Windows 和搜索推動的結果好於預期。

Excluding phone, revenue grew 4%.

不包括電話，收入增長了 4%。

Our Windows OEM business grew 4% this quarter, better than we expected.

本季度我們的 Windows OEM 業務增長了 4%，好於我們的預期。

OEM Pro revenue reflects a stronger-than-anticipated commercial PC market bolstered by improved macro conditions and continued healthy enterprise Windows 10 deployments.

OEM Pro 收入反映了強於預期的商用 PC 市場，這得益於宏觀條件的改善和持續健康的企業 Windows 10 部署。

We benefited as well from higher mix of premium licenses and the timing of license purchases.

我們也受益於高級許可證的更高組合和許可證購買的時機。

OEM non-Pro revenue was down 5 points, below the stabilizing consumer PC market.

OEM 非 Pro 收入下降 5 個百分點，低於穩定的消費 PC 市場。

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.

我們繼續看到高端類別的增長與市場一致，但入門級設備的價格競爭加劇導致銷量下降。

Inventory levels remained in the normal range.

庫存水平保持在正常範圍內。

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.

Windows 商業產品和雲服務按固定匯率計算分別下降了 4% 和 5%，這主要是由於去年一筆大額交易的影響。

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.

搜索收入（不含 TAC）增長了 15%，這是由於我們的廣告平台持續優化以及美國和國際市場的搜索量增長推動的每次搜索收入增加。

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 收入增長 1%，按固定匯率計算大致持平，因為我們繼續將我們的產品組合轉換為 Surface Laptop、帶 LTE 的 Pro 和新的 Surface Book 2。這個假日季度，遊戲收入增長了 8%，主要受硬件收入增長的推動14%，13%，從我們的高級遊戲機 Xbox One X 的推出開始。Xbox 軟件和服務收入增長 4%，持續的貨幣化增長部分被上一年第一方 AAA 遊戲的推出所抵消。

Segment gross margin dollars were roughly flat year-over-year with the decline in gaming offset by growth in search and Surface.

分部毛利率與去年同期大致持平，遊戲的下降被搜索和 Surface 的增長所抵消。

Segment gross margin percentage declined as expected with the console launch.

隨著遊戲機的推出，部門毛利率下降，正如預期的那樣。

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.

由於搜索、人工智能和遊戲工程投資的增長，運營費用按固定匯率計算分別增長了 2% 和 1%，這部分被 Windows 營銷和電話費用的下降所抵消。

Operating income declined 2%.

營業收入下降 2%。

As a reminder, Q2 was the last quarter of phone comparability given the sale of feature phone business last year.

提醒一下，考慮到去年出售功能手機業務，第二季度是手機可比性的最後一個季度。

Now back to the overall company results.

現在回到公司的整體業績。

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.

正如預期的那樣，由於客戶對我們雲服務的更高需求和使用率，我們的資本支出（包括融資租賃）環比增長至 33 億美元。

Cash paid for property and equipment was $2.6 billion.

為財產和設備支付的現金為 26 億美元。

Free cash flow generation -- free cash flow grew this quarter 23% driven by operating cash flow growth of 25%.

自由現金流的產生——在經營現金流增長 25% 的推動下，本季度的自由現金流增長了 23%。

Free cash flow increased from higher customer collections following strong billings growth, working capital improvements in the hardware business and contribution from LinkedIn.

在強勁的賬單增長、硬件業務的營運資金改善以及 LinkedIn 的貢獻之後，更高的客戶收款增加了自由現金流。

Other income and expenses was $490 million this quarter, more than planned due to higher interest income.

本季度其他收入和支出為 4.9 億美元，由於利息收入增加，超出計劃。

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.

我們本季度的非 GAAP 有效稅率為 18%，低於預期，原因是審計結算以及服務和許可收入組合、地理收入組合和股權歸屬時間之間的正常變化。

We returned $5 billion to shareholders in share repurchases and dividends.

我們通過股票回購和股息向股東返還了 50 億美元。

Now let's turn to next quarter's outlook.

現在讓我們轉向下一季度的展望。

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.

假設利率——假設當前利率保持穩定，我們預計外匯收入增長 2 個百分點，銷貨成本增長 1 個百分點，運營費用增長 1 個百分點。

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.

憑藉積極的 IT 支出信號、不斷增強的商用 PC 市場以及客戶對混合雲服務的需求不斷增長，我們預計我們的商業業務將保持強勁，因為我們推動年金增長、擴大我們的安裝基礎並在續訂方面表現良好。

We expect commercial unearned revenue to be down approximately 2% to 3% sequentially, in line with historic seasonality.

我們預計商業未實現收入將環比下降約 2% 至 3%，與歷史季節性一致。

And our Q3 expiry base will return to year-over-year growth, impacting commercial bookings growth.

我們的第三季度到期基數將恢復同比增長，影響商業預訂增長。

Third, CapEx.

第三，資本支出。

We will increase our capital expenditures to support increasing demand and capacity requirements.

我們將增加資本支出，以支持不斷增長的需求和產能需求。

On an accrual dollar basis, we expect a sequential dollar increase next quarter.

按應計美元計算，我們預計下一季度美元將連續上漲。

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.

我們預計整體商業雲毛利率將同比提高，因為 Azure 利潤率的提高繼續抵消 Azure 收入組合的增加。

In Productivity and Business Processes, we expect revenue between $8.6 billion and $8.8 billion.

在生產力和業務流程方面，我們預計收入在 86 億美元至 88 億美元之間。

Both Office commercial and consumer revenue growth will be driven by Office 365 with growth rates for each consistent with Q2.

Office 商業和消費者收入的增長都將受到 Office 365 的推動，兩者的增長率與第二季度一致。

We expect double-digit Dynamics revenue growth from the shift to Dynamics 365.

我們預計，由於轉向 Dynamics 365，Dynamics 收入將實現兩位數增長。

LinkedIn should deliver approximately $1.2 billion, growing more than 20%.

LinkedIn 應該會提供大約 12 億美元，增長超過 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.

在智能雲方面，我們預計收入在 75.5 億美元至 77.5 億美元之間，服務器產品和雲服務的收入將實現兩位數的強勁增長。

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.

在企業服務方面，我們預計收入增長率與第二季度相似，因為 Premier Support 的增長應該會抵消 Windows 2003 自定義支持協議的下降。

In More Personal Computing, we expect revenue between $9.1 billion and $9.4 billion.

在更多個人計算方面，我們預計收入在 91 億美元至 94 億美元之間。

In Windows, we expect OEM revenue to be largely in line with the total PC market.

在 Windows 中，我們預計 OEM 收入將與整個 PC 市場基本一致。

Both OEM Pro revenue and non-Pro revenue should be impacted by similar dynamics seen in Q2.

OEM Pro 收入和非 Pro 收入都應該受到第二季度類似動態的影響。

Now to devices.

現在到設備。

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.

由於最新的 Surface Pro、Book 和筆記本電腦的持續發布勢頭，Surface 收入應該會同比增長，但與假期季節性一致，會連續下降。

In search ex TAC, we expect a similar strong rate of revenue growth to Q2.

在不包括 TAC 的搜索中，我們預計與第二季度類似的強勁收入增長率。

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.

在遊戲方面，我們預計收入增長與上一季度相似，但收入組合將轉向軟件和服務，並且我們的 Xbox LIVE 用戶群持續同比增長。

We expect COGS between $9 billion and $9.2 billion, including 1 point of FX headwind.

我們預計銷貨成本在 90 億美元至 92 億美元之間，包括 1 個點的外匯逆風。

We expect operating expenses of $9.1 billion to $9.2 billion, including 1 point of FX headwind.

我們預計運營費用為 91 億至 92 億美元，包括 1 個外匯逆風。

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.

鑑於我們面前的機會和我們迄今為止的執行情況，我們將繼續投資於智能雲、智能邊緣、人工智能和我們的銷售團隊，以推動可持續的收入增長。

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.

隨著我們繼續從股票投資組合中獲取收益並賺取股息和利息收入，其他收入和支出應約為 3.5 億美元。

This is lower than we previously expected, reflecting the impact of rising interest rates on our fixed income portfolio.

這低於我們之前的預期，反映了利率上升對我們的固定收益投資組合的影響。

Now a few comments on the fiscal year.

現在對財政年度發表一些評論。

First, given our outperformance in the first half of the year, we are now ahead of our previous expectation for full year gross margin.

首先，鑑於我們上半年的出色表現，我們現在超過了我們之前對全年毛利率的預期。

We are now trending to be roughly flat year-over-year, including LinkedIn.

我們現在的趨勢是與去年同期相比大致持平，包括 LinkedIn。

Second, we still expect full year operating expenses, including LinkedIn, between $36.4 billion and $36.7 billion.

其次，我們仍預計包括 LinkedIn 在內的全年運營費用在 364 億美元至 367 億美元之間。

We are confident in this investment given our significant growth opportunities, consistent execution and strong competitive position.

鑑於我們巨大的增長機會、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。

Third, on operating margin.

第三，關於營業利潤率。

We are again trending ahead of our previous guidance.

我們再次領先於我們之前的指導。

We now expect company operating margin, including LinkedIn, to be slightly up year-over-year.

我們現在預計包括 LinkedIn 在內的公司營業利潤率將同比略有上升。

Excluding LinkedIn, company operating margin should improve by more than 1 point.

不包括LinkedIn，公司營業利潤率應該會提高1個百分點以上。

Fourth, tax rate.

第四，稅率。

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.

根據我們目前對最近頒布的稅法的理解，我們現在預計 H2 的有效稅率為 16%，正負 2 個百分點。

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.

對於 19 財年，由於 2018 年 7 月 1 日對我們生效的稅法規定的影響，我們預計我們的全年有效稅率將略低於 21% 的新美國公司稅率。

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.

我們將繼續根據服務和許可收入的組合、收入的地域組合和股權歸屬的時間來進行季度變動。

Finally, we remain consistent in our ongoing commitment to capital return.

最後，我們始終堅持對資本回報的持續承諾。

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.

一如既往，我們相信最高的股東價值首先是通過有機和無機投資創造的，以追求未來的重大市場機會，並為我們的資源配置變化和結果感到自豪。

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.

多年來，我們一直專注於通過股息和股票回購來實現資本回報，這是我們對股東總回報的承諾的關鍵部分。

With the recent tax reform, we can continue that commitment without the need to access the capital markets.

通過最近的稅制改革，我們可以繼續這一承諾，而無需進入資本市場。

Before turning to Q&A, I have one special thank you.

在轉向問答之前，我要特別感謝您。

Chris Suh is moving to a new role as the senior finance leader of our Azure and Server business.

Chris Suh 將擔任 Azure 和服務器業務的高級財務主管。

On behalf of the company, thank you for your significant impact on Investor Relations for the past 5 years.

代表公司感謝您在過去 5 年中對投資者關係的重大影響。

And I'd like to welcome Mike Spencer, the former finance leader of our Office 365 business, as the new head of Investor Relations.

我要歡迎我們 Office 365 業務的前財務負責人 Mike Spencer 擔任新的投資者關係主管。

We look forward to having you lead the team.

我們期待您帶領團隊。

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

現在克里斯，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move to the Q&A.

我們現在將轉到問答環節。

Roya, can you please repeat your instructions?

Roya，你能重複一下你的指示嗎？

(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 Karl Keirstead。

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.

因此，相對於您的指導，本季度超過一半的節拍來自智能雲部分，所以我不介意深入挖掘。

And it wasn't just the amazing Azure performance.

這不僅僅是令人驚嘆的 Azure 性能。

Your on-prem server product business accelerated despite the cautious commentary about a tough comp on the last call.

儘管對最後一次電話會議的艱難競爭發表了謹慎的評論，但您的本地服務器產品業務仍在加速發展。

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.

甚至企業服務也是加 3 而不是持平，而且您的指南實際上建議，智能雲的優點應該在下個季度繼續，儘管實際上競爭更加艱難。

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.

所以我很好奇，Amy 或 Satya，如果有任何線索可以通過這種智能雲的出色表現編織出來，如果你看到 12 月季度企業支出的更廣泛增長，行為的任何變化。

Or is all of this goodness a little bit more Microsoft-specific?

還是所有這些優點都更適合微軟？

Amy, you called out IT spending signals, so I'm guessing maybe a little bit was macro.

艾米，你提到了 IT 支出信號，所以我猜可能有點宏觀。

Thanks, Karl.

謝謝，卡爾。

Let me start and Amy can add.

讓我開始，艾米可以添加。

For me, it all comes down to really having an architectural advantage on what is a new secular trend.

對我來說，這一切都歸結為在新的世俗趨勢上真正擁有建築優勢。

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.

因此，當我們考慮智能雲和智能邊緣並將其帶到 Azure 業務時，您可以在每一層看到它。

When it comes to infrastructure, we're the only cloud provider that provides true hybrid cloud computing with Azure and Azure Stack.

在基礎架構方面，我們是唯一一家通過 Azure 和 Azure Stack 提供真正混合雲計算的雲提供商。

When it comes to the data tier, we have real uniqueness.

在數據層方面，我們具有真正的獨特性。

Take something like Cosmos DB.

以 Cosmos DB 為例。

It's the only planet-scale database that's multimodal, supports these new programming models of serverless and event-driven programming.

它是唯一一個多模式的全球級數據庫，支持這些新的無服務器和事件驅動編程的編程模型。

Take SQL.

以 SQL 為例。

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.

我們所看到的 SQL 增長、Azure DB 以及 Linux 上的 SQL Server 和 SQL Server 再次滿足了客戶的需求。

There are new workloads that are being born that require both the cloud and the edge, IoT being a great example of that.

正在誕生的新工作負載需要雲計算和邊緣計算，物聯網就是一個很好的例子。

And especially when you take that in combination with AI, again, you train on the cloud and you score on the edge.

尤其是當您將其與 AI 結合使用時，您再次在雲端進行訓練並在邊緣得分。

That's a real competitive advantage.

這是真正的競爭優勢。

We have everything from sort of the life cycle management of how these models get created and deployed and so on.

我們擁有從如何創建和部署這些模型的生命週期管理等所有內容。

So I think that's what you're seeing.

所以我認為這就是你所看到的。

There will be variability quarter-to-quarter.

每個季度都會有變化。

There will be mix differences.

會有混合差異。

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.

但總的來說，當我看到我們需要完成的工作是創新什麼是世界發展方向的基本架構優勢時。

And I would say, Karl, a couple of things.

我想說，卡爾，有幾件事。

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.

我們一直在這裡投資工程以實現 Satya 剛才談到的銷售資源方面的差異化，並繼續投資於可以幫助我們的客戶在這些部署中取得成功的技術銷售資源。

I actually think you're continuing to see the impact of those investments growing in time and growing in expertise.

實際上，我認為您將繼續看到這些投資的影響隨著時間的推移和專業知識的增長而增長。

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.

因此，我對技術差異以及我們在這裡所做的投資回報感到鼓舞，這使我們對您在第三季度的指南中看到的充滿信心。

And yes, you're right.

是的，你是對的。

We do have a tougher comparable particularly on prem in Q3, which is correct.

我們確實有一個更嚴格的可比性，尤其是在第三季度的內部，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 Keith Weiss。

Very -- again, a really solid quarter.

非常 - 再次，一個非常穩固的季度。

And Chris, it's been great working with you.

克里斯，和你一起工作真是太好了。

Sorry to see you go from this role.

很遺憾看到你離開這個角色。

As for my questions, one question for Satya, and starting a little bit narrow and maybe running off from there.

至於我的問題，Satya 的一個問題，開始有點狹窄，可能會從那裡跑掉。

Gaming in the quarter, seems to have had a good quarter for gaming with the Xbox launch.

本季度的遊戲，似乎有一個很好的季度與 Xbox 發布遊戲有關。

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.

但更廣泛地說，如果你看看這 2 個遊戲機的基礎，就會有一些關於 Xbox 落後於 PlayStation 的抱怨。

There's murmurings about not having enough kind of exclusive games on the console.

有人抱怨控制台上沒有足夠種類的獨家遊戲。

I know you sort of mixed up the leadership a little bit there.

我知道你在那裡有點混淆了領導層。

How do you feel about your positioning in gaming from a narrow focus?

從狹隘的角度來看，您對自己在遊戲中的定位有何看法？

And then more broadly, how are you guys feeling about your position in the home, if you will?

然後更廣泛地說，如果你們願意的話，你們對自己在家裡的位置感覺如何？

When I go home, I'm talking to Alexa, not talking to Cortana.

當我回家時，我在與 Alexa 交談，而不是與 Cortana 交談。

Is that something that you're comfortable with where we are today?

您對我們今天所處的位置感到滿意嗎？

Is that something we should see improving on a going-forward basis?

在未來的基礎上，這是我們應該看到的改進嗎？

Thanks, Keith.

謝謝，基思。

So let me take both of those questions.

所以讓我來回答這兩個問題。

So on gaming, we feel good about Xbox One X, the premium console launch.

所以在遊戲方面，我們對 Xbox One X 感覺很好，這是一款高級遊戲機。

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.

我們也對我們為 Xbox One S 獲得的音量感到滿意，因為我們一直希望高級遊戲機的光環效應甚至可以驅動低端遊戲機，因為這為我們創造了遊戲插座。

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.

但我們未來的真正戰略不僅是在控制台上做出出色的工作，而且還要與我們在 PC 上所做的工作相輔相成。

PC gaming is a growth market.

PC 遊戲是一個增長型市場。

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.

因此，無論是我們的訂閱服務，還是我們的流媒體努力，您都會看到我們越來越多地將控制台和 PC 結合在一起，然後不止於此，而是轉向其他設備。

So for example, mobile.

比如手機。

Minecraft on mobile, we just launched, in fact, in the last quarter in China.

移動版的 Minecraft，事實上，我們剛剛在中國上個季度推出。

We are seeing tremendous growth of Minecraft expansion on mobile platform in China.

我們看到了 Minecraft 在中國移動平台上的巨大增長。

So overall, you will see us do good work on console.

所以總的來說，你會看到我們在控制台上做得很好。

We'll compete there.

我們將在那裡競爭。

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.

但更重要的是，我們有一個更廣泛的遊戲視角，我們可以通過訂閱服務、跨所有設備的流媒體服務增加什麼價值。

And one other point, I think, I made in my remarks earlier is gaming also is a growth area for Azure.

還有一點，我認為，我之前在講話中提到，遊戲也是 Azure 的一個增長領域。

In other words, we have now increasing PaaS services that we are going to reinforce on Azure and attract more game developers.

換句話說，我們現在增加了 PaaS 服務，我們將在 Azure 上加強這些服務並吸引更多的遊戲開發者。

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.

我們從 Xbox 獲得的一些專業知識不僅與 Xbox 有關，而且將全面幫助開發人員。

So that, I think, will also transcend or lead into even media companies.

因此，我認為，這也將超越或引領媒體公司。

So we are very excited about some of what we can get out of our investments in gaming.

因此，我們對可以從遊戲投資中獲得的一些東西感到非常興奮。

So that's our focus on gaming.

這就是我們對遊戲的關注。

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.

就 Cortana 和家庭而言，我認為這可能很重要，儘管我要問的問題是——你問的範圍很窄，但我的投資範圍要廣泛得多。

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.

換句話說，我首先要說讓我們確保我們最好的人工智能能力，無論是語音，最終還是圖像識別和對話管理，因為現在大多數助手在只做單輪對話方面都相當愚蠢，但是在哪裡我們要去的是多輪對話，這需要真正的自然語言理解。

So all of those investments, for example, are available on Azure as Cognitive Services.

因此，所有這些投資都可以在 Azure 上作為認知服務使用。

I even referenced in my remarks how in health care, people are using those to build bots and skills and agents.

我什至在我的評論中提到了在醫療保健領域，人們如何使用它們來構建機器人、技能和代理。

That's where we will make sure we do our best building blocks and AI work.

這就是我們將確保我們做最好的構建模塊和人工智能工作的地方。

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.

當然，Cortana 作為 Microsoft 的代理會為我們體現出來，它具有一些特殊技能，尤其是在工作和生活之間的交叉方面。

Most agents and their knowledge of smarts come from the data access they have.

大多數代理及其智能知識來自他們擁有的數據訪問權限。

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.

在我們的案例中，它將與 Office 365 中的事物有關：人員、地點、事物以及我們如何推理並幫助用戶，無論他們是在家還是在工作。

Lastly, even when it comes to devices, we want to take an approach that brings all assistants.

最後，即使是在設備方面，我們也希望採取一種能夠帶來所有助手的方法。

That's why we are working with Alexa.

這就是我們與 Alexa 合作的原因。

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.

我們會歡迎它出現在我們的設備上，因為我們相信這樣一個世界，我們自己的助手應該隨處可用，其他助手也應該在我們的設備上可用，而不是認為這裡的最終遊戲是關於說話——在一個人上進行單輪對話一個家中的揚聲器。

That's just not our vision.

這不是我們的願景。

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。

Chris, congratulations on the new position.

克里斯，恭喜你獲得新職位。

I'm sure you'll be greatly successful.

我相信你會非常成功。

Satya, I'd like to ask you a question.

薩蒂亞，我想問你一個問題。

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?

您能否讓我們了解一下 Azure 在美國與國際上的採用情況，不僅從收入的角度來看，而且在高級工作負載的組合、工作負載類型等方面？

How should we think of where we are in that process?

我們應該如何看待我們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.

我想說，就最新技術和架構範式的採用而言，美國總體上一直是領先市場，但讓我們以人工智能或圍繞數據的更高級別服務為例。

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.

首先，我們清楚地看到，事情發生在美國，緊隨其後的是德國和英國等地區。有某些工作負載，如物聯網工作負載，我們確實看到德國等國家採取了非常先進的行動，特別是在智能方面的工業客戶日本, 工廠.

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.

但我認為從廣義上講，我認為與我們過去看到的或我們仍然在服務器上看到的或任何其他技術採用曲線相比沒有任何區別。

And they have differences in industry patterns because different industries are strong in different parts of the globe.

它們在行業模式上也存在差異，因為不同的行業在全球不同地區都很強大。

So and then they represent different use cases in terms of the components of Azure that get used.

然後它們代表不同的用例，就使用的 Azure 組件而言。

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集團的 Heather Bellini。

Two questions.

兩個問題。

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.

一，艾米，我想你一直在談論，IR 也是如此，關於到期基數同比下降的商業預訂 - 同比下降。

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?

我只是想知道，如果您展望 2019 年，您是否可以與我們分享有關該時期到期基數的大小的任何信息，以便我們考慮一下？

I know you don't give guidance that far out, but just as we start to think about -- thinking about further outgrowth.

我知道你沒有給出那麼遠的指導，但正如我們開始考慮的那樣——考慮進一步的發展。

And then I guess the other question would be, you mentioned better IT spending.

然後我想另一個問題是，你提到了更好的 IT 支出。

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?

但同樣考慮到美國公司將因稅收減少而節省大量資金，合作夥伴或客戶是否有任何早期反饋，說明將其重新投資於 IT 支出和數字化的速度？

Thanks, Heather.

謝謝，希瑟。

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.

一般來說，當您開始考慮對明年預訂的影響時，我們將擁有比 18 財年更高的基數。

And as we talked about, Q3 has that same attribute.

正如我們所說，第三季度具有相同的屬性。

It's higher than it was a year ago Q2.

它高於一年前的第二季度。

The reason we called that out obviously because it was such an outlier.

我們之所以把它叫出來，顯然是因為它太離群了。

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.

如果你回顧 3 年這個 EA 到期基礎的運作方式，我們本季度的表現與 3 年前相比非常強勁。

So I feel great about our sales execution, especially in terms of growing the recapture rate at accounts.

所以我對我們的銷售執行感覺很好，特別是在提高客戶的回收率方面。

To your question on the demand signals we're seeing in the U.S. in particular, I think it is quite early.

對於你關於我們特別是在美國看到的需求信號的問題，我認為現在還為時過早。

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.

但正如我們所說，美國對我們來說是一個很好的市場，在很長一段時間內對我們來說都是一個強大的市場，正如我們所指出的，第二季度再次出現。

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.

當我們看到我們在市場上看到的信號時，我認為我們對 H2 持樂觀態度，無論是個人電腦、服務器還是雲需求。

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.

不僅在損益表上恭喜，而且顯然在資產負債表上，顯然是商業的，與你的指導方針 7% 相比，它只下降了 5%，所以恭喜你。

The -- my focus is actually on the commercial side, but specifically on Office.

- 我的重點實際上是商業方面，但特別是 Office。

Office 365 revenue continues to outpace fee growth there.

Office 365 收入繼續超過那裡的費用增長。

We've talked about that in the past with pricing.

我們過去曾通過定價討論過這一點。

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?

但是，如果我只看商業方面的整體 Office，增長 10%，與第一季度相同，當你們都考慮僅將這兩者結合起來時，顯然，本地業務仍在高位下滑青少年，然後 Office 365 快速增長，您如何看待 Office 商業和投入產出的混合增長？

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.

這是我傾向於的——當我想到 10% 的數字時，我對 Office 365 的看法確實是一樣的。

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.

我們的目標，我認為 Office 365 和 Microsoft 365 未來的真正機會是我們有能力繼續擴大安裝基礎並繼續增加 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.

這兩件事和我們看到的機會的結合是我們在 7 月份進行的銷售重組的原因，我們繼續將資源和銷售資源放在協作和溝通以及許多重要的工作負載之後，這些工作使我們能夠提供巨大的價值給客戶。

And you even started to see it this quarter, as you're pointing out, Phil.

正如你所指出的，Phil，你甚至在本季度開始看到它。

We saw a little bit more impact of E5 this quarter in ARPU than we had been seeing.

我們看到本季度 E5 對 ARPU 的影響比我們之前看到的要大一些。

It's been in the market a while.

它在市場上已經有一段時間了。

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.

我們看到了這種勢頭，E5 的價值不僅從 Office 的角度來看，而且從 Microsoft 365 的角度來看，包括安全性和管理以及一些像 Teams 一樣得到廣泛採用的新產品。

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.

我認為我們對我們所處的位置以及從小型企業到大型企業，從一線工人做所有這些事情並繼續良好執行的價值和機會感覺非常好。

So the guide certainly implies that continued optimism.

因此，該指南當然暗示著持續的樂觀情緒。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

All the best for you, Chris.

祝你一切順利，克里斯。

I just wanted to double click on the productivity gaze you see in the cloud, especially on Azure.

我只是想雙擊您在雲中看到的生產力凝視，尤其是在 Azure 上。

Can you talk a little bit about the drivers there?

你能談談那裡的司機嗎？

I know one is that your build-out pattern was different than some of your competitors, so you're kind of filling capacity.

我知道一個是你的擴建模式與你的一些競爭對手不同，所以你有點填充能力。

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.

但也談談你在 Azure 中交付服務的方式以及它的發展方式方面的所見所聞。

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.

我的意思是，總的來說，我們確實採取了一種方法，我們希望確保我們滿足全球現實世界的需求，我們將繼續這樣做。

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.

當我們查看我們的資本支出支出時，我們希望確保數據中心區域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，其中真正的數據主權要求和光速問題都非常相關。

Having said that, the way it fills up is by the value-add that we can do.

話雖如此，它的填充方式是我們可以做的增值。

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.

這就是為什麼這些高級服務的組合，尤其是圍繞數據和人工智能的服務，肯定會推動我們對高級服務的更多消費。

And even something like IoT, they're not just at the consumption meters, but they also got SaaS-like qualities to them.

甚至像物聯網這樣的東西，它們不僅在消耗量表上，而且還具有類似 SaaS 的品質。

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.

因此，我對最終擁有能夠推動更高級別服務消費的創新感到非常非常好，然後確保我們在需求將傳播到的世界所有地區都可用，因為我們在本質上，這種新的雲增長的非常非常早期的局面。

And there's only going to be increasing demand as there's more digitization of every city, every factory, every hospital and so on.

隨著每個城市、每個工廠、每個醫院等的數字化程度越來越高，需求只會越來越大。

So I think we have a long way to go to still fill up.

所以我認為我們還有很長的路要走。

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.

我想說的是考慮這一點的方式，你可以從毛利率百分比和我們繼續看到的改進中看到，Azure 溢價收入增長超過了整體收入增長。

That actually is a benefit to the gross margin rate.

這實際上是對毛利率的好處。

Then again, all the work we have done through the supply chain.

再說一遍，我們通過供應鏈完成的所有工作。

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.

因此，當我們收到信號時，您會看到從需求信號到我們的服務器很快就位並準備好快速使用。

That work continues and the team has done a really nice job.

這項工作仍在繼續，團隊做得非常好。

And then as well, software improvements.

然後還有軟件改進。

They continue to go on to increase our ability to run more on less.

他們繼續提高我們以更少的資源運行更多的能力。

Those, taken together, continue to show gross margin improvement.

這些加在一起，繼續顯示毛利率提高。

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.

艾米，我想跟進希瑟的問題，因為面對 20% 左右的 EA 到期時間下降，很難以中個位數的固定貨幣增加商業預訂量。

And so I'm wondering, looking beyond this quarter, if you could expand on how commercial bookings growth ex renewals is trending.

因此，我想知道，在本季度之後，您是否可以擴展商業預訂增長前續訂的趨勢。

And in other words, are you getting more separation, if you will, between reported growth and growth excluding renewal activity?

換句話說，如果你願意的話，你是否在報告的增長和不包括更新活動的增長之間有更多的分離？

Let me take a shot.

讓我拍一張。

The way I think about bookings growth every quarter is you tend to look at a couple of things.

我認為每個季度的預訂量增長的方式是你傾向於看幾件事。

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.

我想說我從續約開始，不僅僅是我們續簽合同，還有我們在合同中添加了多少新產品、新服務。

Did we expand our footprint, our percentage of the IT budget at a customer?

我們是否擴大了我們的足跡，我們在客戶的 IT 預算中所佔的百分比？

Did they rely on us for more products and more services?

他們是否依賴我們提供更多產品和更多服務？

This quarter is a good example of that happening.

本季度就是一個很好的例子。

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.

而且，如果您考慮與為什麼會發生這種情況的聯繫，那不僅僅是我們在產品價值方面所做的出色工程工作。

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.

這也是我們進行的投資，將資源放入其中一些較大的帳戶中，以繼續添加只有在雲中才有可能實現的新工作負載，並且我們已經添加了資源，我們看到收入以這種方式重新獲得.

So that, I think, feels very good from a resource allocation and return perspective.

所以，我認為，從資源分配和回報的角度來看，感覺非常好。

And so then the next component obviously is being able to grow just brand-new accounts.

因此，下一個組件顯然是能夠增長全新的帳戶。

Are we growing customer bases?

我們是否正在擴大客戶群？

Are we penetrating segments?

我們是否正在滲透細分市場？

And you also saw that in the quarter.

您在本季度也看到了這一點。

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.

所以在高層次上，你可以增加更多的擴大你的足跡，或者你可以增加一個新客戶，這兩個都是我們關注的動作。

And I feel good about our execution.

我對我們的執行感覺很好。

I think there's -- and you'll see that dynamic.

我認為有 - 你會看到這種動態。

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.

因此，如果到期基數稍大一點，您預計顯然會比預訂方面的數字更大，並且當到期日增加時，就會出現增長。

It's really about the delta between the 2, as you note, and our execution this quarter was quite good.

正如您所指出的，這實際上是兩者之間的差異，我們本季度的執行情況非常好。

But it's come from sustainable investment and our sales technical resources and in the engineering to deliver a differentiated value at the customer.

但它來自可持續投資和我們的銷售技術資源，以及為客戶提供差異化價值的工程。

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銀美林的 Kash Rangan。

Satya, my 9-year-old kid insists that Minecraft is the best thing for his brain development.

Satya，我 9 歲的孩子堅持認為 Minecraft 是對他的大腦發育最好的東西。

So whatever it is, congratulations.

所以不管是什麼，恭喜。

My serious question is with the cash repatriation, obviously, Microsoft has the ability to bring back a lot of money.

我的嚴肅問題是現金匯回，顯然，微軟有能力帶回很多錢。

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.

我想知道公司在進行大型戰略交易方面的優先事項可能是什麼，甚至可能是股票回購和股息。

Clearly, this is once-in-a-lifetime opportunity, and there's a lot that can be done.

顯然，這是千載難逢的機會，還有很多事情可以做。

Curious how you think about this.

好奇你是怎麼想的。

I'll actually let Amy take it.

我真的會讓艾米接受它。

Yes, why don't I take this?

是的，我為什麼不拿這個？

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.

第一，我想說我們有——當我們看到投資機會時，我們並沒有真正等待稅收改革來做到這一點。

Our opportunity, the TAM, really the once-in-a-lifetime opportunity is really the technical transition and digital transformation that's occurring now.

我們的機會，TAM，真的是千載難逢的機會，真的是現在正在發生的技術轉型和數字化轉型。

And so we've invested to make that happen.

因此，我們已投資以實現這一目標。

We've made acquisitions when they made sense.

我們在有意義的時候進行了收購。

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.

我們利用資本市場和債務市場為其提供資金，以確保我們做出正確的投資來發展我們的業務。

And so for us, we also didn't wait when we thought about capital return.

所以對我們來說，當我們考慮資本回報時，我們也沒有等待。

Even this quarter, we returned almost all of our free cash flow generation in dividends and share repurchase.

即使在本季度，我們也將幾乎所有產生的自由現金流都用於股息和股票回購。

And we've been on that path for a number of years.

多年來，我們一直在這條路上。

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.

話雖如此，顯然我很高興能夠更輕鬆地獲得現金，而不必通過債務市場來做出這些選擇，無論是對我們自己的投資還是你所看到的回報本季度收入增長，無論是像LinkedIn這樣的收購表現都好於我們的預期。

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.

而且我認為今天，我們甚至會說它是一種比一年前我們甚至可能認為的更具戰略意義的資產，因為它能夠增加我們的圖表和我們的理解，然後能夠返還資本。

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.

所以對我來說，雖然我很欣賞這個問題背後的精神，但對我們來說，多年來我們一直覺得有必要這樣做，作為股東總回報和我們這樣做的承諾的一部分。

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.

我認為我們做得很好，我為我們所做的感到自豪，我為我們可以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 Michael Nemeroff。

This one's for Amy about the Office 365 commercial.

這是給 Amy 關於 Office 365 商業廣告的。

Are there any limitations other than storage-related workloads that would limit Office 365 commercial gross margin from reaching, say, 80% over time?

除了與存儲相關的工作負載之外，是否還有其他限制會限制 Office 365 商業毛利率隨著時間的推移達到 80%？

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?

您認為當前毛利率有哪些限制可以改進，以使其隨著時間的推移超過 70%？

Thanks.

謝謝。

You're right.

你是對的。

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.

一般來說，像 Exchange 和越來越多的 SharePoint 這樣的工作負載，我們在 Office 365 消費者（商業基礎）中看到了一些非常令人鼓舞的 SharePoint 使用數字，這些確實有存儲要求。

And so you're absolutely right.

所以你是絕對正確的。

They are slightly different than many of the very high-level SaaS workloads that you see.

它們與您看到的許多非常高級的 SaaS 工作負載略有不同。

But we still do have room, which I think is really the core of the question.

但我們仍然有空間，我認為這確實是問題的核心。

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.

我們仍然有一些空間可以從我們添加的新工作負載中提高 Office 365 商業毛利率，這些新工作負載甚至更多純 SaaS 類工作負載。

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.

除了同一領域的 Office 之外，還有 Dynamics 或 LinkedIn，它們都具有類似 SaaS 的利潤，並且我們也看到了改進這些利潤的機會。

So I don't think there's necessarily a level, but there's certainly room even within these storage-heavy workloads.

所以我認為不一定有一個級別，但即使在這些存儲繁重的工作負載中也肯定有空間。

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.

是的，我的意思是，只是補充，但不是專門針對毛利率問題，但 Microsoft 365 的擴展性是我們在這種情況下考慮的。

Amy already referenced how small businesses that perhaps never did advanced workloads are now able to do so.

Amy 已經提到了可能從未做過高級工作負載的小型企業現在如何能夠做到這一點。

Emerging markets that never did are able to do so.

從未有過的新興市場能夠做到這一點。

So first of all, whether it's -- on first-line workers, we never had any solutions for first-line workers.

因此，首先，無論是 - 對於一線工人，我們從來沒有為一線工人提供任何解決方案。

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.

因此，就用戶和他們可以使用的工作負載的複雜性或更高級別的服務而言，市場正在擴大。

The other thing is Office by itself, you talked about storage.

另一件事是 Office 本身，您談到了存儲。

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.

談論 Office 中存儲的內容是一個有趣的問題：在未來的會議中、在家辦公或打電話的人中，會議中使用混合現實之類的東西。

It's very different.

這是非常不同的。

It's not about you sitting in front of Word and entering text.

這與您坐在 Word 前面並輸入文本無關。

That's not the full limit of Office.

這不是 Office 的全部限制。

Office is about any people collaborating in voice or in -- with even computer vision and many other ways that I think collaboration will happen.

Office 是關於任何以語音或方式進行協作的人——甚至是計算機視覺以及我認為協作將會發生的許多其他方式。

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.

因此，我們有一個非常廣闊的視野，就像 Azure 用於基礎設施和數據，就人類活動而言，人工智能在工作和家庭中被數字化是我們在 Microsoft 365 中追求的東西。

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

我們的最後一個問題將來自 Alex Zukin 和 Piper Jaffray。

Satya, I wanted to ask you about Azure Stack adoption.

Satya，我想問你有關 Azure Stack 採用的問題。

You mentioned it was ahead of your expectations on the call.

你提到這超出了你在電話會議上的預期。

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?

而且我想，如果您考慮一下您對服務提供商的早期吸引力，以及您如何授權他們在全球範圍內（也許是長期）構建這些支持 Azure 的數據中心，我們應該如何考慮這對 Azure 超增長持久性的影響'18 財年隨著您的擴展？

See, our overall vision for how computing evolves is that it's going to be more distributed, not less distributed.

看，我們對計算如何發展的總體願景是它將更加分散，而不是分散。

Let's just take, for example, what's happening in a factory.

讓我們以工廠中發生的事情為例。

In a factory, one thing that is secular is that they're putting lots and lots of more sensors.

在工廠裡，世俗的一件事是他們放置了很多很多的傳感器。

A lot of these sensors today are, in fact, rendezvousing some of that data straight to the cloud.

事實上，今天的許多傳感器都將其中的一些數據直接傳送到雲端。

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.

當你做更多的事情時，你需要 - 然後你開始進行傳感器融合，這是你希望能夠融合併採取行動的多個傳感器。

The speed of light gets in the way.

光速擋住了路。

So they want local compute.

所以他們想要本地計算。

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.

因此，為了在其中一些擁有數百萬傳感器的工廠中進行本地計算，您實際上可能需要 Azure Stack。

So it's not just about old workloads and service providers and essentially hybrid computing as we understand it.

因此，這不僅僅是關於舊的工作負載和服務提供商，以及我們所理解的本質上的混合計算。

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.

當我想到混合計算時，至少在充足的時間裡，它更像是分佈式計算的未來，那裡有云，有邊緣，甚至邊緣不僅僅是一個單一的邊緣，但它有一種與它一直到傳感器，無論是在家裡，還是在醫院，無論是在工廠。

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.

這就是我們最終的目標，這是一個真正的分佈式計算結構，世界需要它來進行數字化轉型。

How and quarter-to-quarter will there be volatility, shifts, changes, that's all going to be the case.

波動性、變化、變化將如何以及每個季度都會出現，這一切都將如此。

But we see the pattern emerge pretty clearly in terms of where we need to go.

但我們看到模式非常清楚地出現在我們需要去的地方。

Thank you, Alex.

謝謝你，亞歷克斯。

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

以上就是今天財報電話會議的問答部分。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to seeing many of you at the coming months at various investor conferences and events.

我們期待在未來幾個月的各種投資者會議和活動中見到你們中的許多人。

You can find the details on the Microsoft IR website.

您可以在 Microsoft IR 網站上找到詳細信息。

Thank you.

謝謝你。

Thank you all.

謝謝你們。

Thanks very much.

非常感謝。

Thank you, all.

謝謝你們。

Thanks, Chris.

謝謝，克里斯。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。