微軟 (MSFT) 2018 Q3 法說會逐字稿

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

各位好，歡迎參加微軟2018財年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Mike Spencer, General Manager of Investor Relations. Thank you. You may begin.

現在，我榮幸地向大家介紹主持人，投資人關係總經理麥克‧史賓塞。謝謝。你可以開始了。

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, Deputy General Counsel and Corporate Secretary.

下午好，感謝各位今天蒞臨。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問兼公司秘書卡羅琳·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 provides reconciliation of differences between the GAAP and non-GAAP financial measures. Unless otherwise specified, we refer to non-GAAP metrics on the call.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，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。除非另有說明，否則我們在電話會議中會提及非GAAP指標。

The non-GAAP financial measures provided should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's third quarter performance, in addition to the impact that these items and events had on the financial results.

所提供的非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。列入這些項目是為了補充說明，幫助投資人進一步了解公司第三季的業績，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 refer to 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），以此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，我們只提成長率。

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, view the -- and view the transcript on the Microsoft Investor Relations website.

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。您可以重播電話會議，查看會議記錄，並在微軟投資者關係網站上查看會議記錄。

During this call, we will be making forward-looking statements which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during the conference call and in the Risk Factors section of our Form 10-K, Forms 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，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望或其他陳述。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、電話會議期間的評論以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他報告和文件中「風險因素」部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

Thank you, Mike, and thanks to everyone on the phone for joining. It was another strong quarter, the result of picking the right secular trends, delivering differentiated innovation and focused execution that results in increased engagement and usage.

謝謝你，麥克，也謝謝所有電話參與的朋友。又是一個強勁的季度，這得益於我們掌握了正確的長期趨勢，提供了差異化的創新，並採取了重點突出的執行措施，從而提高了用戶參與度和使用率。

The intelligent cloud and the intelligent edge era is already upon us. It represents a tremendous opportunity. We took significant steps this quarter to put this at the forefront of everything we do, realigning our entire engineering organization to accelerate innovation and better serve the needs of customers and partners. With that as the backdrop, I want to highlight key areas of innovation and growth across our customer solutions.

智慧雲端和智慧邊緣時代已經來臨。這代表著一個巨大的機會。本季我們採取了重要措施，將此置於我們一切工作的首位，重新調整了整個工程組織，以加速創新，更好地滿足客戶和合作夥伴的需求。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。

Creating a modern workplace where people can do their best work requires the right culture and the right technology. Microsoft 365 helps every organization empower their employees with AI-backed tools that unlock creativity, increase teamwork and fuel innovation, all the while ensuring compliance and protecting data from new cyber threats.

打造一個能讓員工充分發揮潛能的現代化工作場所，需要合適的企業文化和先進的技術。Microsoft 365 幫助每個組織利用人工智慧支援的工具賦能員工，從而激發創造力、增強團隊合作並推動創新，同時確保合規性並保護資料免受新的網路威脅。

Microsoft is a clear leader in cloud security. Advanced AI [releases] over hundreds of billions of signals each month to identify anomalies, automate detection and help customers respond to cyber threats. Just last week, we announced new value for customers, Microsoft Secure Score, Attack Simulator and Windows Defender ATP automatic detection and remediation capabilities as well as a new open API for the Intelligent Security Graph.

微軟在雲端安全領域無疑是領導者。先進的人工智慧每月發布數千億個訊號，用於識別異常情況、自動偵測並幫助客戶應對網路威脅。就在上週，我們宣布了為客戶帶來的新價值，包括 Microsoft 安全性評分、攻擊模擬器和 Windows Defender ATP 自動偵測和修復功能，以及智慧安全圖的新開放 API。

We've also built compliance capability directly into our cloud services. Thousands of organizations are using the recently launched compliance manager with new information protection scanner and built-in classification capability to help prepare for GDPR. Our comprehensive approach and proactive protection are one reason Coca-Cola chose Microsoft Cloud for their digital transformation.

我們也將合規功能直接建置到我們的雲端服務中。數千家組織正在使用最近推出的合規管理器，該管理器具有新的資訊保護掃描器和內建分類功能，以幫助做好 GDPR 的準備。我們全面的方法和積極主動的保護措施是可口可樂選擇微軟雲端進行數位轉型的原因之一。

One year in, Teams has rapidly become the hub for teamwork. More than 200,000 organizations in 181 markets use Teams, from Maersk to General Motors. Teams is now enabled for a broad spectrum of calling and meeting room devices. We're also building AI-powered services into Teams. We've integrated Microsoft Stream, our enterprise video service, into Teams for transcription and time coding of recorded meetings. We've added new facial recognition capabilities, which will attribute remarks to specific meeting attendees. And we are adding new Cortana capability to make calls, join a meeting or initiate 3-way calling just using your voice.

一年來，Teams 已迅速成為團隊協作的中心。從馬士基到通用汽車，全球 181 個市場的 20 萬多家機構都在使用 Teams。Teams 現在支援多種通話和會議室設備。我們也在 Teams 中建構人工智慧驅動的服務。我們已將企業視訊服務 Microsoft Stream 整合到 Teams 中，用於錄製會議的轉錄和時間編碼。我們新增了人臉辨識功能，可以將發言歸因於特定的會議參與者。我們還為 Cortana 添加了新的功能，讓用戶只需使用語音即可撥打電話、加入會議或發起三方通話。

All this innovation is driving customer usage. Windows 10 continues to gain traction in the enterprise, with Windows 10 commercial monthly active devices up 79% year-over-year. Office 365 commercial now has more than 135 million monthly active users and Office 365 consumer subscribers increased to 30.6 million.

所有這些創新都在推動用戶使用。Windows 10 在企業中持續獲得認可，Windows 10 商業月活躍裝置數較去年同期成長 79%。Office 365 商業版目前擁有超過 1.35 億月活躍用戶，Office 365 消費者訂閱用戶增加至 3,060 萬人。

Now I'll turn to LinkedIn and business applications. From the start, we recognized the opportunity for LinkedIn and Microsoft to combine forces to create economic opportunity for every member of the global workforce and enable professionals to be more productive and successful. A little over 1 year in, we feel great about the value we are delivering for members, customers and shareholders.

現在我要開始使用LinkedIn和商業應用程式了。從一開始，我們就意識到 LinkedIn 和微軟有機會強強聯合，為全球每位勞工創造經濟機會，並使專業人士能夠提高生產力並取得成功。一年多過去了，我們對為會員、客戶和股東創造的價值感到非常滿意。

Our integration model has enabled LinkedIn to accelerate growth while retaining its member-first ethos. Results are ahead of expectations across all lines of business, with revenue growth of 37% year-over-year. We saw record levels of engagement again this quarter with sessions growth of more than 30% year-over-year, driven by innovation across the platform. This increased engagement is driving strong demand for sponsored content and marketing solutions and record levels of job postings and job visitors again this quarter in Talent Solutions.

我們的整合模式使 LinkedIn 能夠在保持會員至上理念的同時加速成長。所有業務線的業績均超出預期，營收年增 37%。本季我們再次看到用戶參與度創下歷史新高，會話量年增超過 30%，這得益於平台各方面的創新。參與度的提高推動了對贊助內容和行銷解決方案的強勁需求，並再次帶動了人才解決方案領域本季度職位發布量和求職者數量的創紀錄增長。

Shifting to business applications. Dynamics 365 is gaining traction as our third commercial cloud growth engine, up 65% this quarter. We unleashed a wave of AI innovation in Dynamics with hundreds of new capabilities to transform sales and automate marketing, with Office 365 embedded inside Dynamics for productivity. Relationship analytics for sales and marketing leverage the Microsoft Graph and data from social networks to improve customer relationships, and predictive lead scoring help sellers identify and focus on high-quality leads.

轉向商業應用。Dynamics 365 已成為我們第三大商業雲端成長引擎，本季成長了 65%。我們在 Dynamics 中掀起了一股人工智慧創新浪潮，推出了數百項新功能，旨在變革銷售和自動化行銷，並將 Office 365 嵌入 Dynamics 中以提高生產力。銷售和行銷關係分析利用 Microsoft Graph 和社交網路數據來改善客戶關係，預測性線索評分可協助銷售人員識別並專注於高品質的線索。

We're investing in our business applications platform capabilities across Power BI, Power Apps, Flow and a Common Data model. Now customers can extend Dynamics 365 and Office 365 and quickly build applications using data from across the organization as well as third-party data with minimal custom code. The new power platform enables customers like Inter Cars, a leading European auto parts company, to go from paper to digitized workflows within days versus months. With the rapid growth of Power BI, we are now the leader in business analytics in the cloud.

我們正在投資提升我們在 Power BI、Power Apps、Flow 和通用資料模型方面的業務應用平台能力。現在，客戶可以擴展 Dynamics 365 和 Office 365，並使用來自整個組織的數據以及第三方數據，以最少的自訂程式碼快速建立應用程式。新的電力平台使像歐洲領先的汽車零件公司 Inter Cars 這樣的客戶能夠在幾天內（而不是幾個月）從紙本工作流程過渡到數位化工作流程。隨著 Power BI 的快速發展，我們現在已成為雲端商業分析的領導者。

Now I'll turn to infrastructure and AI platforms. Our architectural advantage of a consistent stack from the cloud to the edge is resonating with customers, with Azure revenue growth of 93% this quarter. Recent CIO surveys affirm our leadership position in hybrid, developer productivity, trusted security and compliance and new workloads such as IoT and AI at the edge.

接下來，我將談談基礎設施和人工智慧平台。從雲端到邊緣的一致架構優勢引起了客戶的共鳴，Azure 本季營收成長了 93%。最近的 CIO 調查證實了我們在混合雲、開發者生產力、可信賴安全性和合規性以及物聯網和邊緣人工智慧等新型工作負載方面的領先地位。

We have made the right investment decisions and they're having an impact, increasing our overall share in an expanding market. Our recent data center expansion, including the United Arab Emirates and Switzerland, brings our total number of regions to 50, more than any other cloud provider, and the additional availability zones provide the most comprehensive resiliency in the industry.

我們做出了正確的投資決策，這些決策正在產生影響，提高了我們在不斷擴大的市場中的整體份額。我們最近擴建了資料中心，包括阿聯酋和瑞士，使我們的區域總數達到 50 個，比任何其他雲端供應商都多，新增的可用區提供了業內最全面的彈性。

We also continue to see strong customer demand for Azure Stack across industries, and it's unlocking new workload scenarios across hybrid and edge. Industrial IoT is transforming the rules of manufacturing, fueling cloud and edge innovation, accelerating the evolution of digital factories and enhancing supply chain performance.

我們也看到各行各業對 Azure Stack 的客戶需求持續強勁，它正在混合和邊緣運算領域解鎖新的工作負載場景。工業物聯網正在改變製造業的規則，推動雲端運算和邊緣運算創新，加速數位化工廠的演進，並提升供應鏈績效。

Azure IoT and Azure Stack enable customers and partners to build industrial IoT solutions that run at the edge, so operators on the factory floor can manage devices and analyze data in real-time. And HoloLens is quickly becoming an indispensable tool as we take digital twin technology to the next level.

Azure IoT 和 Azure Stack 使客戶和合作夥伴能夠建立在邊緣運行的工業物聯網解決方案，以便工廠車間的操作人員可以即時管理裝置和分析資料。隨著數位孿生技術邁向新的高度，HoloLens 正迅速成為不可或缺的工具。

We're also innovating in silicon to help customers realize the promise of a connected world of devices and things. Our just announced Azure Sphere is a first of its kind, highly secure edge solution that combines chip design and IoT operating system and a cloud service to secure more than 9 billion microcontroller-powered devices entering the market each year.

我們也在矽晶片領域進行創新，以幫助客戶實現連網設備和物件世界的願景。我們剛發布的 Azure Sphere 是第一個如此高度安全的邊緣解決方案，它結合了晶片設計、物聯網作業系統和雲端服務，可保護每年進入市場的超過 90 億台微控制器驅動的設備。

And we're already seeing rapid customer adoption of IoT scenarios. Toyota Material Handling in Europe is using Azure as well as HoloLens to create a factory of the future. Using AI, drones learn complex processes to automate the flow of a factory, increasing supply chain and warehouse efficiency. And Microsoft and ABB are partnering to push the boundaries of smart manufacturing for industrial automation.

我們已經看到客戶對物聯網應用場景的快速接受。豐田歐洲物料搬運公司正在使用 Azure 和 HoloLens 來打造未來工廠。利用人工智慧，無人機可以學習複雜的流程，實現工廠流程的自動化，進而提高供應鏈和倉庫的效率。微軟和ABB正在合作，共同推動智慧製造在工業自動化領域的發展。

We're investing to make Azure the best cloud for enterprise data estates. In less than a year, Azure Cosmos DB, the first globally distributed multi-model and multi-model database, exceeded $100 million in annualized revenue. Azure database for MySQL and PostgreSQL makes it even easier to bring open source powered applications to Azure, expanding our opportunity in this space. We are seeing a rapid adoption of Azure Databricks for data preparation, advanced analytics and machine learning scenarios.

我們正在加強投入，力求將 Azure 打造成企業資料資產的最佳雲端平台。不到一年時間，Azure Cosmos DB（首個全球分散式多模型和多模態資料庫）的年化收入就超過了 1 億美元。Azure 資料庫支援 MySQL 和 PostgreSQL，讓將開源應用程式引入 Azure 變得更加容易，從而擴大了我們在該領域的機會。我們看到 Azure Databricks 在資料準備、進階分析和機器學習場景中得到了快速應用。

We continue to innovate to democratize AI. More than 1 million developers have already used cognitive services to quickly and easily create AI applications, and we have more services than any other cloud provider. Our Azure Bot Service has nearly 300,000 developers, up more than 150% year-over-year.

我們不斷創新，致力於普及人工智慧。已有超過 100 萬開發者使用認知服務快速輕鬆地創建 AI 應用，我們的服務比其他任何雲端供應商都多。我們的 Azure Bot 服務擁有近 30 萬名開發人員，較去年同期成長超過 150%。

Microsoft Translator brings AI-powered translation to developers where their data is, whether that's in the cloud or on the edge. And just last month, we reached human parity in language translation, a new milestone, in addition to our previous human parity achievements in object recognition, speech recognition and machine reading comprehension. We're also gaining traction in machine learning tools adoption with tens of thousands of customers using Azure ML.

微軟翻譯器將人工智慧驅動的翻譯功能帶到開發者的資料所在，無論資料是在雲端還是邊緣。就在上個月，我們在語言翻譯方面達到了與人類相同的水平，這是一個新的里程碑，此前我們在物體識別、語音識別和機器閱讀理解方面也取得了與人類相同的成就。我們在機器學習工具的採用方面也取得了進展，已有數萬名客戶在使用 Azure ML。

Finally, we are innovating with new GPU and FPGA-based offerings to lead in AI infrastructure for both training and inference. I'm excited to share more about our cloud and AI innovation at our developer conference next month at Build.

最後，我們正在透過基於 GPU 和 FPGA 的創新產品，引領人工智慧訓練和推理的基礎設施發展。我很高興能在下個月的Build開發者大會上與大家分享更多關於我們在雲端運算和人工智慧領域的創新。

Now to gaming. We continue to pursue our expansive opportunity in gaming from the way games are created and distributed to how they are played and viewed. We had one of the best quarters in gaming with strong revenue performance and record levels of engagement. Software and services revenue grew 24% as we continued to attract, retain and deepen user relationships across Xbox Live, Game Pass and Mixer.

接下來是遊戲環節。我們將繼續探索遊戲領域的廣闊機遇，從遊戲的創作和發行方式，到遊戲的遊玩和觀看方式。我們在遊戲領域取得了最佳季度之一的成績，營收表現強勁，用戶參與度也創下歷史新高。軟體和服務收入成長了 24%，因為我們繼續透過 Xbox Live、Game Pass 和 Mixer 吸引、留住和深化用戶關係。

Xbox Live monthly active users grew to 59 million, up 13%. Our new first-party game, Sea of Thieves, drove gameplay across Windows 10 and Xbox One, in addition to nearly 10 million hours of viewing on services like Mixer in its very first week. Our results speak to the strength of our platform and services for both first-party and third-party experiences. And we'll continue to invest in our platform, enhancing our cloud services with AI capabilities for developers to quickly build and monetize games across PC, console and mobile.

Xbox Live 月活躍用戶數成長至 5,900 萬，增幅達 13%。我們的全新第一方遊戲《盜賊之海》在 Windows 10 和 Xbox One 平台上的玩家數量激增，而且在 Mixer 等平台上的觀看時長在上線第一周就接近 1000 萬小時。我們的結果表明，無論是第一方體驗還是第三方體驗，我們的平台和服務都具有強大的實力。我們將繼續投資我們的平台，透過人工智慧功能增強我們的雲端服務，使開發者能夠快速建立遊戲並在 PC、主機和行動裝置上實現盈利。

In closing, intelligent cloud and intelligent edge represents a tremendous opportunity for our customers. It comes with a responsibility to ensure trust in technology. We are working to instill this trust in 3 key areas. The first is privacy. We recognize that privacy is a fundamental human right, and we have consistently acted accordingly. Our success is grounded in our customers' success. We have been working towards the May 25 GDPR implementation date since 2016, with hundreds of engineers across the company working on end-to-end privacy architecture, and we'll ensure that all our products and services are GDPR compliant.

總之，智慧雲和智慧邊緣為我們的客戶帶來了巨大的機會。這也帶來了確保人們對科技信任的責任。我們正努力在三個關鍵領域建立這種信任。首先是隱私問題。我們認識到隱私是一項基本人權，而且我們一直以來都依法行事。客戶的成功就是我們的成功。自 2016 年以來，我們一直致力於實現 5 月 25 日 GDPR 的實施日期，公司數百名工程師致力於端到端的隱私架構，我們將確保我們所有的產品和服務都符合 GDPR 的要求。

For customers, we will provide robust tools backed by a contractual commitment to help them comply with GDPR. In fact, for most customers, it will be more effective and less costly to host their data in Microsoft's GDPR-compliant cloud than to develop and maintain GDPR compliance tools themselves.

對於客戶，我們將提供強大的工具，並以合約承諾作為後盾，以幫助他們遵守 GDPR。事實上，對大多數客戶而言，將資料託管在微軟符合 GDPR 標準的雲端平台上，比自行開發和維護 GDPR 合規工具更有效、成本更低。

Second, cybersecurity. In response to escalating cyber attacks around the world, we are leading a bold initiative to defend and protect our customers. We recently led a coalition of 34 global technology and security companies in signing the Cybersecurity Tech Accord. The accord is an important first step by the industry to help create a safer and more secure online environment for everyone.

其次，網路安全。為應對全球日益嚴重的網路攻擊，我們正在主導一項大膽的舉措，以捍衛和保護我們的客戶。我們最近領導組織了由 34 家全球科技和安全公司組成的聯盟，簽署了《網路安全技術協議》。該協議是業界為幫助所有人創造更安全可靠的線上環境而邁出的重要一步。

Finally, we recently established the AI in Ethics and Engineering and Research Committee at Microsoft to ensure we always advance AI in an ethical and responsible way to benefit our customers and the broader society. This includes new investments in technology to detect and address bias in AI systems.

最後，我們最近在微軟成立了人工智慧倫理與工程研究委員會，以確保我們始終以合乎道德和負責任的方式推動人工智慧的發展，從而造福我們的客戶和更廣泛的社會。這包括對用於檢測和解決人工智慧系統中偏見的技術進行新的投資。

Microsoft stands for trust and this will continue to be a differentiating focus for us moving forward.

微軟代表信任，這將繼續是我們未來發展的差異化重點。

With that, I'll hand it over to Amy to cover our financial results in more detail and share our outlook, and I look forward to rejoining for your questions.

接下來，我將把發言權交給艾米，讓她更詳細地介紹我們的財務表現並分享我們的展望，期待稍後回來回答大家的問題。

Thank you, Satya, and good afternoon, everyone. Our third quarter revenue was $26.8 billion, up 16% and 13% in constant currency, with better-than-expected performance across all segments.

謝謝你，薩蒂亞，大家下午好。第三季營收為 268 億美元，年增 16%，以固定匯率計算成長 13%，所有業務部門的業績均優於預期。

Gross margin increased 16% and 13% in constant currency. Operating income increased 23% and 20% in constant currency. Earnings per share was $0.95, increasing 36% and 31% in constant currency. From a geographic perspective, we saw broad-based strength across markets of all sizes, benefiting from the positive global corporate IT spend environment.

以固定匯率計算，毛利率成長了16%，毛利率成長了13%。以固定匯率計算，營業收入成長了23%，成長了20%。每股收益為 0.95 美元，以固定匯率計算成長 36%，成長 31%。從地理角度來看，我們看到各個規模的市場都呈現普遍強勁的成長勢頭，這得益於全球企業 IT 支出環境的積極態勢。

Growth in cloud services increased our commercial annuity mix, up 2 points year-over-year, to 89%. Along with healthy renewals, our sales teams and partners drove a higher volume of new business, leading to commercial bookings growth of 26% and 18% in constant currency. Commercial unearned came in slightly above our expectations due to FX, growing 20% and 17% in constant currency.

雲端服務的成長使我們的商業年金組合佔比年成長 2 個百分點，達到 89%。除了健康的續約之外，我們的銷售團隊和合作夥伴還推動了新業務量的增加，使得商業預訂量以固定匯率計算分別增長了 26% 和 18%。由於匯率波動，商業未實現收入略高於我們的預期，以固定匯率計算增長了 20%，增長了 17%。

Commercial cloud revenue was $6 billion, increasing 58% and 55% in constant currency, highlighted by healthy growth in the U.S., Western Europe and the U.K. We again improved commercial cloud gross margin, now at 57%, up 6 points, with improvement in each cloud service, most notably Azure.

商業雲端收入達 60 億美元，以固定匯率計算成長 58% 和 55%，其中美國、西歐和英國市場表現強勁。商業雲毛利率再次提升至 57%，成長 6 個百分點，各項雲端服務均有所改善，其中 Azure 尤為突出。

We outperformed our expectation on company gross margin, finishing the quarter at 65%. We are up slightly year-over-year with improvement in our Productivity and Business Processes segment from Office 365 commercial and LinkedIn, offset by a decline in our Intelligent Cloud segment, driven by a greater mix of Azure revenue.

公司毛利率超出預期，本季達 65%。我們的業績年增率略有成長，這主要得益於 Office 365 商業版和 LinkedIn 帶來的生產力和業務流程部門的業績改善，但智慧雲端部門的業績下滑（主要原因是 Azure 收入佔比增加）抵消了這一成長。

FX positively impacted revenue growth by 1 point more than expected. 3 points of the company and Productivity and Business Processes level and 2 points on both Intelligent Cloud and More Personal Computing. FX added 2 points of growth to COGS and operating expenses, 1 point more than expected.

外匯波動對營收成長的正面影響比預期高出 1 個百分點。公司及生產力和業務流程水準獲得 3 分，智慧雲端和更多個人運算各獲得 2 分。外匯波動使銷售成本和營運費用增加了 2 個百分點，比預期高出 1 個百分點。

Operating expenses grew 10% and 8% in constant currency as we continued to invest in commercial sales capacity, cloud engineering and LinkedIn. Even with this accelerated pace of spend, we increased operating margin 2 points year-over-year, a direct result of our focused investments to drive top line growth.

由於我們持續投資於商業銷售能力、雲端工程和 LinkedIn，營運費用以固定匯率計算成長了 10% 和 8%。即使支出速度加快，我們的營業利潤率也比去年同期提高了 2 個百分點，這直接得益於我們集中投資以推動營收成長。

Now to the segment results. Revenue from Productivity and Business Processes was approximately $9 billion, increasing 17% and 14% in constant currency, with better-than-expected results from Office 365 commercial and LinkedIn.

現在來看細分市場的結果。來自生產力和業務流程的收入約為 90 億美元，以固定匯率計算分別增長了 17% 和 14%，其中 Office 365 商業版和 LinkedIn 的業績優於預期。

Office commercial revenue grew double digits again this quarter, up 14% and 12% in constant currency, including a couple of points from a greater mix of contracts with higher in-period recognition.

本季辦公商業收入再次實現兩位數成長，以固定匯率計算成長 14% 和 12%，其中幾個百分點來自更多當期確認收入的合約組合。

Office 365 commercial revenue grew 42% and 40% in constant currency, with continued installed base growth and ARPU expansion, driven by customer migration to our premium workloads in E3 and E5. Office 365 commercial seats grew 28%, in line with the expected trend, given the increasing size of the installed base.

Office 365 商業收入以固定匯率計算增長了 42% 和 40%，安裝基礎持續增長，ARPU 也隨之擴大，這主要得益於客戶遷移到 E3 和 E5 中的高級工作負載。Office 365 商業席位成長了 28%，與預期趨勢一致，因為已安裝用戶群規模不斷擴大。

Office consumer revenue increased 12% and 9% in constant currency, driven by recurring subscription revenue and a growing overall installed base.

辦公室消費收入按固定匯率計算增長了 12% 和 9%，這主要得益於經常性訂閱收入和不斷增長的整體裝機量。

Our Dynamics business accelerated this quarter, growing 17% and 14% in constant currency, driven by Dynamics 365 growth of 65%, 62% in constant currency.

本季度，我們的 Dynamics 業務加速成長，以固定匯率計算成長了 17% 和 14%，這主要得益於 Dynamics 365 成長了 65%（以固定匯率計算成長了 62%）。

LinkedIn revenue grew 37% and 33% in constant currency, with more than $1.3 billion in revenue. We continued to see outperformance across all segments, with record levels of engagement.

LinkedIn 的營收以固定匯率計算成長了 37%，成長了 33%，營收超過 13 億美元。所有細分市場均持續取得優異表現，用戶參與度也創下歷史新高。

Segment gross margin dollars increased 18% and 15% in constant currency. Gross margin percentage increased, with margin improvements in Office 365 commercial and LinkedIn, offsetting the increased mix of cloud revenue.

以固定匯率計算，分部毛利率成長了 18%，毛利率成長了 15%。毛利率有所提高，其中 Office 365 商業版和 LinkedIn 的利潤率提高，抵消了雲端收入佔比增加的影響。

Operating expenses grew 14% and 12% in constant currency as we continued to strategically invest in LinkedIn, commercial sales capacity and cloud engineering.

由於我們繼續對 LinkedIn、商業銷售能力和雲端工程進行策略性投資，營運費用以固定匯率計算成長了 14% 和 12%。

Operating income increased 23% and 19% in constant currency. The Intelligent Cloud segment delivered $7.9 billion of revenue, increasing 17% and 15% in constant currency, exceeding expectations due to our on-premises server business.

以固定匯率計算，營業收入成長了23%，成長了19%。智慧雲端業務板塊實現了 79 億美元的收入，按固定匯率計算增長了 17% 和 15%，由於我們的本地伺服器業務，這一成績超出了預期。

Server products and cloud services revenue grew 20% and 17% in constant currency to $6.3 billion, driven by continued strong Azure revenue growth of 93%, 89% in constant currency, on a significant revenue base. Our on-premises server business grew 3% and 1% in constant currency, driven by customer demand for hybrid solutions as well as increasing virtualization needs, resulting in the uptake of premium versions.

伺服器產品和雲端服務收入按固定匯率分別成長 20% 和 17%，達到 63 億美元，這主要得益於 Azure 營收持續強勁成長，達到 93%（以固定匯率計算成長 89%），且營收基數龐大。我們的本地伺服器業務以固定匯率計算增長了 3% 和 1%，這主要得益於客戶對混合解決方案的需求以及不斷增長的虛擬化需求，從而帶動了高級版本的普及。

Enterprise Services revenue increased 8% and 5% in constant currency, with growth in premium support services and Microsoft consulting services more than offsetting the continued decline in custom support agreements for Windows Server 2003.

企業服務收入以固定匯率計算成長了 8% 和 5%，其中高階支援服務和微軟諮詢服務的成長足以抵銷 Windows Server 2003 客製化支援協定的持續下滑。

Segment gross margin dollars grew 16% and 14% in constant currency, and gross margin percentage declined with a growing mix of Azure IaaS and PaaS revenue, mostly offset by another quarter of material improvement in Azure gross margin.

以固定匯率計算，分部毛利美元增加了 16% 和 14%，毛利率百分比下降，原因是 Azure IaaS 和 PaaS 收入佔比增加，但 Azure 毛利率的另一個季度大幅改善基本上抵消了這一下降。

Operating expenses increased 9% and 7% in constant currency, driven by our continued investment in sales capacity and cloud engineering. Operating income increased 24%, up 21% in constant currency.

受銷售能力和雲端工程持續投資的推動，營運費用按固定匯率計算增長了 9% 和 7%。營業收入成長24%，以固定匯率計算成長21%。

Now to the results of More Personal Computing. Revenue from the segment was $9.9 billion, up 13% and 11% in constant currency, with significantly better-than-expected results in gaming, Windows commercial and Surface.

現在來看「更多個人計算」項目的結果。該部門的收入為 99 億美元，以固定匯率計算成長 13% 和 11%，其中遊戲、Windows 商業和 Surface 的業績明顯優於預期。

Windows OEM revenue increased 4% this quarter. OEM Pro revenue grew 11%, in line with a strong commercial PC market.

本季Windows OEM營收成長4%。OEM Pro 營收成長了 11%，與強勁的商用 PC 市場相符。

We continued to see healthy enterprise demand for Windows 10 benefiting our OEM partners. OEM non-Pro revenue declined this quarter by 8%, below the consumer PC market, driven by a higher mix of lower-priced licenses and continued pressure in the entry-level price category. Inventory levels were within the normal range.

我們持續看到企業對 Windows 10 的強勁需求，這使我們的 OEM 合作夥伴受益。本季 OEM 非專業版營收下降了 8%，低於消費 PC 市場，原因是低價授權佔比更高，以及入門價格類別持續承壓。庫存水準在正常範圍內。

Windows commercial products and cloud services increased 21% and 17% in constant currency from strong double-digit billings as well as a higher mix of in-quarter recognition from multiyear agreements. The fundamentals of this business remained healthy, with installed base growth and adoption of our security solutions. As a reminder, under Accounting Standard 606, the Windows commercial growth rate will have significant variability quarter-to-quarter due to its relatively high mix of on-premises licensing revenue.

由於強勁的兩位數營收以及多年協議中季度確認收入佔比提高，Windows 商業產品和雲端服務按固定匯率計算分別增長了 21% 和 17%。業務的基本面依然健康，我們的安全解決方案的安裝基礎不斷增長，並且得到了廣泛採用。提醒一下，根據會計準則 606，由於 Windows 商業收入中本地部署授權收入佔比相對較高，其季度成長率將出現顯著波動。

Search revenue ex TAC grew 16% and 14% in constant currency, with higher revenue per search and search volume driven by Bing performance in the U.S. and international markets.

扣除 TAC 後的搜尋收入以固定匯率計算成長了 16% 和 14%，每次搜尋收入和搜尋量的成長主要得益於 Bing 在美國和國際市場的表現。

Surface revenue grew 32% and 27% in constant currency with better-than-expected performance from Surface Book as we continued to transition to the latest products in our portfolio and against the prior year comparable impacted by product end-of-life cycle dynamics.

Surface 營收以固定匯率計算成長了 32% 和 27%，其中 Surface Book 的表現優於預期，因為我們繼續向產品組合中的最新產品過渡，而前一年的可比性受到產品生命週期結束的影響。

Gaming revenue increased 18% and 16% in constant currency due to Xbox software and services revenue growth of 24% and 21% in constant currency.

由於 Xbox 軟體和服務收入分別以固定匯率成長了 24% 和 21%，遊戲收入分別以固定匯率成長了 18% 和 16%。

Momentum in digital distribution as well as record levels of engagement, driven by a third-party title, contributed to better-than-expected software and services revenue. We grew Xbox Live monthly active users by 13% to 59 million, with user expansion across Xbox One, Windows 10 and mobile platforms.

數位發行勢頭強勁，加上第三方遊戲帶來的創紀錄的用戶參與度，使得軟體和服務收入超出預期。Xbox Live 月活躍用戶成長了 13%，達到 5,900 萬，用戶範圍涵蓋 Xbox One、Windows 10 和行動平台。

Segment gross margin dollars increased 13% and 11% in constant currency, in line with revenue growth. Segment gross margin percentage was relatively flat year-on-year.

以固定匯率計算，分部毛利率成長了 13% 和 11%，與收入成長一致。該業務板塊毛利率比去年同期基本持平。

Operating expenses increased 5% and 3% in constant currency from investments in engineering across gaming, search and AI. Operating income grew 24% and 20% in constant currency.

由於在遊戲、搜尋和人工智慧領域的工程投資，營運費用以固定匯率計算成長了 5% 和 3%。營業收入成長了24%，以固定匯率計算成長了20%。

Now back to total company results. In line with our expectations, we increased capital expenditures on a sequential basis, with $3.5 billion invested to support current and future growth of our cloud offerings. Cash paid for property and equipment was $2.9 billion.

現在回到公司整體業績。正如我們預期的那樣，我們增加了資本支出，投資 35 億美元以支持我們雲端產品的當前和未來成長。購買房產和設備所支付的現金為29億美元。

Cash flow from operations was up 14%, driven by collections from strong billings growth. Free cash flow of $9.2 billion grew at a slower rate, 3%, due to an increasing cash use for property, plant and equipment.

受強勁的帳單成長帶來的收款推動，經營活動產生的現金流成長了 14%。由於用於購置物業、廠房和設備的現金支出增加，92億美元的自由現金流增速放緩至3%。

Other income and expenses was approximately $350 million from net recognized gains on investments and income from dividends and interest, partially offset by interest expense. Our effective tax rate came in at 14% due to a benefit from an R&D tax credit.

其他收入和支出約為 3.5 億美元，主要來自投資的已確認淨收益以及股息和利息收入，部分由利息支出抵消。由於研發稅收抵免政策，我們的實際稅率為 14%。

We returned $6.3 billion to shareholders through dividends and share repurchases, increasing total shareholder return by 37%. We nearly doubled our year-over-year amount buyback, accelerating our pace from the prior quarter and now have roughly $30 billion remaining of our current $40 billion share repurchase authorization.

我們透過股利和股票回購向股東返還了 63 億美元，使股東總回報提高了 37%。我們今年的股票回購金額幾乎翻了一番，比上一季加快了步伐，目前我們400億美元的股票回購授權中還剩下約300億美元。

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

現在讓我們來看看下一季的展望。

First on FX. Assuming current rates remain stable, we expect FX to increase revenue growth by 3 points, COGS by 1 point and operating expenses by 1 point.

FX電視台首播。假設當前匯率維持穩定，我們預期外匯將使營收成長增加 3 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。

Second, we again expect strong performance from our commercial business with solid execution in our largest quarter of the year. We expect commercial unearned revenue to be up 38% to 39% sequentially.

其次，我們預期商業業務將在一年中最重要的季度再次取得強勁業績，並實現穩健的執行。我們預計商業未實現營收將環比成長 38% 至 39%。

Third on CapEx. We expect sequential growth in capital expenditures on an accrual dollar basis as we continued to see strong demand signals globally.

第三點是資本支出。我們預計，隨著全球需求持續強勁，資本支出（以應計美元計算）將較上季成長。

Finally, we expect commercial cloud gross margin to be roughly flat to Q3, representing another quarter of material year-over-year improvement even with increasing Azure revenue mix.

最後，我們預計商業雲毛利率將與第三季基本持平，即使 Azure 營收佔比增加，也代表連續第二季年比大幅改善。

Now to the segments. In Productivity and Business Processes, we expect revenue between $9.55 billion and $9.75 billion. We expect Office commercial growth rates to normalize as we do not expect the same level of in-quarter recognition on multiyear contracts as we saw in Q3. Dynamics should see another quarter of double-digit revenue growth, driven by Dynamics 365 and LinkedIn growth should remain high.

現在進入正題。在生產力和業務流程方面，我們預計營收在 95.5 億美元至 97.5 億美元之間。我們預計 Office 商業成長率將趨於正常，因為我們預計不會像第三季那樣，在季度內確認多年期合約的收入。受 Dynamics 365 的推動，Dynamics 預計將連續第二季實現兩位數的營收成長，而 LinkedIn 的成長勢頭也將保持強勁。

In Intelligent Cloud, we expect revenue between $8.95 billion and $9.15 billion, with another quarter of server products and cloud services revenue growth in the high teens as our hybrid cloud leadership continues to be a differentiator for customers.

在智慧雲端領域，我們預計營收在 89.5 億美元至 91.5 億美元之間，伺服器產品和雲端服務收入將再成長一個季度，達到兩位數以上，因為我們在混合雲領域的領先地位將繼續為客戶帶來差異化優勢。

We expect the total Azure revenue growth to reflect the balance of our continued strength in infrastructure, data and application services and a moderating growth in our per user base services like EMS.

我們預計 Azure 總收入成長將反映出我們在基礎架構、數據和應用程式服務方面持續強勁的成長，以及像 EMS 這樣的按用戶基礎服務成長放緩的平衡。

In More Personal Computing, we expect $10.3 billion to $10.6 billion. Across both OEM Pro and non-Pro, we anticipate trends in Q3 to continue into Q4.

在「更多個人運算」領域，我們預計市場規模為 103 億美元至 106 億美元。無論是 OEM 專業版還是非專業版，我們預計第三季的趨勢將延續到第四季。

In our devices business, we expect Surface revenue growth in the high teens as we continued to transition to the latest products in our portfolio. Search ex TAC should see another mid-teens revenue growth quarter as it has the entire year.

在我們的設備業務方面，隨著我們不斷向產品組合中的最新產品過渡，我們預計 Surface 的營收成長將達到兩位數以上。搜尋業務（不包括TAC）的營收成長預計將像今年全年一樣，再保持兩位數中段的季度成長。

In gaming, we expect a higher revenue growth rate in Q3 as we continue to benefit from third-party game title performance and user engagement on our platform.

在遊戲領域，我們預計第三季營收成長率將更高，因為我們將繼續受益於第三方遊戲在我們平台上的表現和用戶參與。

We expect COGS between $9.6 billion and $9.8 billion, including 1 point of growth from FX. We expect operating expenses of $9.8 billion to $9.9 billion, with 1 point of growth from FX. This would place us slightly above the high end of our prior range for the full year operating expense growth due to the impact from FX and incremental revenue-driven expenses that support our continued strong top line growth.

我們預計銷售成本在 96 億美元至 98 億美元之間，其中包括 1 個百分點的匯率成長。我們預期營運支出為 98 億至 99 億美元，匯率波動將帶來 1 個百分點的成長。由於匯率波動的影響以及為支持我們持續強勁的營收成長而增加的收入驅動型支出，這將使我們全年營運支出成長略高於我們先前預測的區間上限。

In Q4, we expect other income and expense to be approximately $350 million as we continue to take gains on our equities portfolio and earn dividend and interest income, as we have in prior quarters. We expect our effective tax rate in Q4 to be approximately 16%, with some volatility in the final quarter of our fiscal year.

第四季度，我們預計其他收入和支出約為 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，就像我們在前幾個季度所做的那樣。我們預計第四季的實際稅率約為 16%，但本財年最後一季可能會有一些波動。

Finally, I want to offer a few early thoughts on FY '19. Assuming the macro environment remains consistent, many of the key drivers of our business should remain intact. Revenue growth will continue to be driven by the transition to cloud services. And within our commercial business, strong execution and our differentiated hybrid position should drive continued high teens growth in our server product and cloud services revenue KPI. Office 365, Dynamics 365 and LinkedIn should also continue to drive double-digit revenue growth in our Productivity and Business Processes segment.

最後，我想就 2019 財年談談我的一些初步看法。假設宏觀環境保持不變，我們業務的許多關鍵驅動因素應該會保持不變。營收成長將繼續受到向雲端服務轉型的推動。在我們的商業業務方面，強大的執行力和我們差異化的混合定位應該會推動我們的伺服器產品和雲端服務收入KPI繼續保持兩位數以上的成長。Office 365、Dynamics 365 和 LinkedIn 也將繼續推動我們生產力和業務流程部門實現兩位數的營收成長。

The gross margin percentage of every commercial cloud service will continue to improve, with more improvement in Azure IaaS and PaaS consumption-based services and less improvement in our per user SaaS services. While we expect continued improvement in the overall commercial cloud gross margin, the revenue mix shift to Azure will moderate the rate of improvement relative to FY '18.

每項商業雲端服務的毛利率百分比將繼續提高，其中 Azure IaaS 和 PaaS 按消費量計費的服務的提高幅度更大，而按用戶計費的 SaaS 服務的提高幅度較小。雖然我們預期整體商業雲毛利率將持續改善，但營收結構向 Azure 的轉變將減緩其相對於 2018 財年的改善速度。

We'll continue to grow our investment in capital expenditures to meet the growing demand for our cloud services. With the business results we delivered and the tremendous opportunities we see ahead, we will continue to see growth in operating expenses in key areas we discussed, including LinkedIn. We expect other income and expenses to be slightly negative in FY '19 as we don't expect to have any significant equity gains.

我們將繼續增加資本支出，以滿足市場對我們雲端服務日益增長的需求。鑑於我們取得的業務成果以及我們看到的巨大機遇，我們將繼續看到我們在討論過的關鍵領域（包括 LinkedIn）的營運費用成長。我們預計 2019 財年其他收入和支出將略微為負，因為我們預計不會有任何重大的股權收益。

And lastly, we continue to expect the full year FY '19 effective tax rate to be slightly below the new U.S. corporate tax rate of 21%, with variability across the quarters due to the mix of cloud versus license revenue and the timing of equity vests.

最後，我們仍預期 2019 財年全年實際稅率將略低於 21% 的美國新企業稅率，各季度之間會因雲端收入與授權收入的組合以及股權歸屬時間而有所波動。

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

那麼，麥克，接下來我們進入問答環節。

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

謝謝你，艾米。接下來進入問答環節。操作員，請您再重複一次您的指示好嗎？

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

（操作員說明）我們的第一個問題來自高盛的 Heather Bellini。

Great. You guys are seeing a really nice acceleration in Intelligent Cloud gross profit growth. And with 15 straight quarters now of triple-digit premium services growth in Azure, I know you mentioned some comments directionally about the gross margin ramp. But how do we think about the pace of the ramp in gross margin expansion from here for this -- for Azure, in particular, as you approach what we estimate to be roughly an $8 billion business in annualized revenue? And I guess, what -- the other thing that would be helpful is when you think of the COGS of commercial cloud, can you give us a rough ballpark of what percentage of COGS comes from CapEx depreciation?

偉大的。你們已經看到智能雲毛利潤成長出現了非常可觀的加速。Azure 高級服務已連續 15 個季度實現三位數成長，我知道您曾就毛利率成長方向發表過一些評論。但是，對於 Azure 而言，特別是當您接近我們估計的年化收入約 80 億美元的業務規模時，我們該如何看待毛利率從現在開始的成長速度？我想問的是—另外，當您考慮商業雲的銷售成本時，您能否大致估算一下資本支出折舊佔銷售成本的百分比？

So maybe I'll start and then I'll have you, Amy, go into some of the numbers. One of the things, Heather, that's happening is there is growth in Azure across each of the layers. And I think I've said this before. Sometimes, when you have new workloads and new customers onboard, they start with, in some sense, the IaaS and the data, more at a Blob Storage, but then scale to higher-layer services, like our Cosmos DB or even some of our compute higher-level services like in AI. So that, I think, will continue because we're still in the early innings of the cloud transition. We're investing aggressively, whether it's on the field side or on the CapEx side to attract more customers and more workloads per customer. So they will have that same profile, which is lower-margin services first, higher-margin services over time. That's just inside of Azure. And of course, you combine that with the rest. One of the things that, I think, should be fairly clear is the high correlation between our services in Office 365 as well as Dynamics 365 around data, in particular, with Azure. So that's why we think of this as one cloud play, but that should give you a feel for how the customers are looking at it.

那或許我會先開始，然後艾米，請你來分析一些數字。Heather，其中一件事是，Azure 的各個層面都在成長。我想我以前也說過這話。有時，當有新的工作負載和新客戶加入時，他們一開始會使用 IaaS 和數據，更像是 Blob 存儲，但隨後會擴展到更高層次的服務，例如我們的 Cosmos DB，甚至是我們的一些更高級別的計算服務，例如 AI 中的計算服務。所以我認為這種情況還會持續，因為我們仍處於雲端運算轉型初期。我們正在積極投資，無論是在現場建設方面還是在資本支出方面，以吸引更多客戶並增加每個客戶的工作負載。因此，它們的模式將相同，即先提供利潤率較低的服務，然後隨著時間的推移提供利潤率較高的服務。那隻是 Azure 內部的情況。當然，你還要把這些和其他因素結合在一起。我認為，比較明確的一點是，我們在 Office 365 和 Dynamics 365 中提供的服務與資料（特別是與 Azure）之間存在高度相關性。所以這就是為什麼我們把它看作是一個雲端服務案例，但這應該能讓你了解客戶是如何看待它的。

And I think to your specific questions, there were a couple in there, Heather. If you think about the portion of our commercial cloud gross margins that come from depreciation, it's best to think of it as roughly half. And actually, it's been going up as we begin to get scale through these services over time, actually. Some of the fixed costs, frankly, even in COGS, tend to come down as a percentage over time. So that should help you roughly to think about how much depreciation is to that number. Now if you think about sort of the dynamics that we've been going through in the Intelligent Cloud segment, in particular, the way I tend to think about that, as you've seen, our 20% growth this quarter in that server and product services KPI, 17% on a constant currency basis and are sort of confident that you should continue to see that, as I said, into Q4 and then into FY '19 as well. I tend to think about that as we'll have significant revenue growth in that segment. We'll have significant gross margin dollar growth in that segment, and you'll actually continue to see operating margin dollar growth as significant in that segment even as we reinvest into it, given the top line signal. If you think about gross margins, in particular, what you'll see is Azure continuing to be a growing percentage of the total revenue growth. So even with significant improvement again and what Satya was talking about, some of the lower level IaaS and PaaS services within Azure on the gross margin side, you'll see some gross margin percentage pressure in that segment through '19, but with significant dollar growth.

至於你提出的具體問題，我覺得裡面確實有幾個答案，Heather。如果考慮我們商業雲毛利率中來自折舊的部分，最好將其視為大約一半。事實上，隨著我們這些服務規模的逐步擴大，這個數字一直在上升。坦白說，一些固定成本，即使是銷售成本，隨著時間的推移，其百分比也會下降。這樣應該可以幫助你大致估算出折舊佔該數字的比例。現在，如果你仔細想想我們在智慧雲端領域所經歷的動態，特別是我個人的思考方式，正如你所看到的，我們本季度在伺服器和產品服務 KPI 方面實現了 20% 的成長，按固定匯率計算增長了 17%，我們有信心，正如我所說，這種增長勢頭將持續到第四季度，併延續到 2019 財年。我認為這一點很重要，因為我們在該領域將迎來顯著的收入成長。該業務板塊的毛利率將實現顯著增長，並且鑑於營收成長的良好勢頭，即使我們對該業務板塊進行再投資，您也會看到該業務板塊的營業利潤率繼續實現顯著增長。如果特別考慮毛利率，你會發現 Azure 在總收入成長中所佔的比例持續成長。因此，即使再次出現顯著改善，正如 Satya 所談到的，Azure 中一些較低級別的 IaaS 和 PaaS 服務在毛利率方面，到 2019 年，你會看到該領域的毛利率百分比面臨一些壓力，但美元增長顯著。

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

下一個問題來自 AllianceBernstein 的 Mark Moerdler。

CapEx increased significantly this quarter, $2.9 billion, you said, in cash and property and equipment. We know that you build out -- you significantly invested in the data center footprint ahead of demand, but you don't build out the equipment itself that far in advance. Is there a large corporate or government requirement or is it the acceleration in new data centers that ended up causing that lift? Or is there something else driving it? And as a follow-up, how should we think about that for the next couple of quarters?

您提到，本季資本支出大幅增加，達到 29 億美元，其中包括現金、固定資產和設備。我們知道你們會提前建造資料中心——在需求出現之前，你們已經對資料中心的佔地面積進行了大量投資，但是你們並沒有提前那麼長時間就建造好設備本身。是大型企業或政府的需求，還是新建資料中心的加速發展最終導致了這種成長？還是有其他原因？其次，我們該如何考慮接下來幾季的情況呢？

Thanks, Mark. I actually didn't think of it as a significant change in trajectory from what we expected. A year ago, Q3 was actually a little low. So on a year-over-year basis, I think it pops a little bit, Mark, when on really a sequential basis, I actually don't think, to me, it looks out of sorts especially with the type of demand we're seeing not just for Azure but across all of the cloud components. Those growth rates, really at 58% on that total cloud number, it's pretty good demand signal on a global basis. So I hear you on a year-over-year basis, but Q3 was a little funny a year ago on that front.

謝謝你，馬克。我其實不認為這會對我們預期的發展軌跡造成重大影響。一年前的第三季度實際上略低一些。所以，從同比來看，我認為它略有上升，馬克；但從環比來看，我其實並不覺得有什麼不妥，尤其是考慮到我們目前看到的不僅是 Azure 的需求，而是所有雲端元件的需求。整體雲端業務成長率高達 58%，這在全球範圍內是一個非常好的需求訊號。我明白你的意思，從年比來看，但去年第三季的情況有點特殊。

And we continue to really monitor the actual equipment in that supply chain and what-have-you, and if anything, there's a lot of automation and demand sensing capability we have there.

我們將繼續密切監控供應鏈中的實際設備等等，而且我們在這方面擁有大量的自動化和需求感知能力。

And I would say, Mark, while I appreciate your point that it takes -- and we do build data centers in advance, the majority of the cost obviously in a data center is in the equipment inside. And so while this really is -- the majority of this spend is servers.

馬克，我想說，雖然我理解你的觀點，建造資料中心需要時間——而且我們確實會提前建造資料中心——但顯然，資料中心的大部分成本在於內部的設備。因此，雖然這筆支出的大部分確實用於伺服器。

The next question is coming from the line of Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

And really nice quarter across the board. There's really not much to pick on in this quarter. One of the highlights from my perspective was definitely LinkedIn and what seems to be an acceleration in the revenue growth in LinkedIn. So 2-parter here. One, where are we in terms of that acquisition? Is this still just LinkedIn operating better as an independent company? Are we starting to see some of the synergies, specifically revenue synergies, come to bear from maybe broader distribution channel that they get from Microsoft or product integration? So have synergies started to kick in, number one? And number two, given where we are in terms of the M&A process on LinkedIn, what's the appetite for further, like large M&A, for Microsoft on a going-forward basis?

整體而言，本季表現非常出色。本季真的沒什麼好挑剔的。從我的角度來看，亮點之一絕對是 LinkedIn，以及 LinkedIn 收入成長似乎正在加速。所以，這是個分成兩個部分的內容。第一，就收購而言，我們目前進展如何？這是否仍然只是LinkedIn作為一家獨立公司運作得更好？我們是否開始看到一些協同效應，特別是收入協同效應，這些協同效應可能來自於他們從微軟獲得的更廣泛的分銷管道或產品整合？首先，協同效應是否已經開始顯現？第二，鑑於 LinkedIn 上的併購流程目前處於什麼階段，微軟未來進行更多（例如大型）併購的意願如何？

Thanks, Keith, for the question. Let me start and then, Amy, you can add to this. First of all, it is very important for us to ensure that we did everything to enable LinkedIn to keep their product and cultural ethos of putting members first and innovating on their behalf. I mean, that was sort of priority 1, 2 and 3. And that's what you see in their sessions growth, engagement growth, their quality member growth. And obviously, that all translates into the revenue growth as well across all of the marketing solutions, talent solutions and sale solutions. We also, during that 1 year, done integrations. You see it -- I see it every day in my Outlook mobile. I see it in Sales Navigator and Dynamics. And so you will see us -- and with Windows 10. So you'll see us continue to do these integrations that add value again to both the Microsoft 365 and Dynamics users as well as LinkedIn members. And clearly, that's increasing engagement as well. And that obviously then translates into revenue growth of those business solutions we mentioned. So yes, revenue synergies are showing up, but mostly because product synergies are showing up, and that's because of the product ethos of LinkedIn around member-first is what we have maintained throughout this integration.

謝謝你的提問，基斯。我先開始，然後艾米，你可以補充。首先，對我們來說，非常重要的是確保我們盡一切努力使 LinkedIn 能夠保持其以會員為先、代表會員進行創新的產品和文化理念。我的意思是，這算是他們的第一、第二和第三優先事項。而你也能從他們的會話成長、參與度成長和優質會員成長中看到這一點。顯然，這一切最終都會轉化為行銷解決方案、人才解決方案和銷售解決方案的收入成長。在那一年裡，我們也進行了整合工作。你看，我每天都在我的 Outlook 手機版上看到它。我在 Sales Navigator 和 Dynamics 中都看到了。所以你們將會看到我們──以及Windows 10。因此，您將會看到我們繼續進行這些集成，這將再次為 Microsoft 365 和 Dynamics 用戶以及 LinkedIn 會員帶來價值。顯然，這也提高了用戶參與度。而這顯然會轉化為我們所提到的那些商業解決方案的收入成長。所以，是的，收入綜效正在顯現，但這主要是因為產品協同效應正在顯現，而這是因為 LinkedIn 以會員為先的產品理念是我們在整個整合過程中一直堅持的。

And I will also add, Keith, the LinkedIn team has really done a tremendous job. So let me also say, after a year of working with them closely, my appreciation and frankly a lot of inspiration that I think you've seen at our own product development has been their focus on users and how important it is and how focused they are on it. In some of the products, I would urge people to look at the Outlook Mobile experience and how really meaningful the experiences for the user and the member. And I think sometimes it's harder for us to measure exactly what a revenue synergy means. But I think I look at this and say, "At a 37% growth rate plus some of the integrations we've seen and the growth in usage and users of things like Outlook Mobile, I believe that we're probably a little bit on the front end of the revenue synergies you'll see in product over time." When it comes to our appetite for M&A, I think it actually -- it has remained unchanged, which is when things meet our criteria and when we feel like it's in core areas for us, where markets are expanding, where the companies have a unique asset, I think that we -- our ability to both execute on those and see them both execute on their own and execute inside Microsoft, I actually feel quite good that our -- we don't worry about our ability to do them, but I wouldn't say that's new this quarter.

我還要補充一點，基思，LinkedIn 團隊真的做得非常好。所以，我還想說，在與他們密切合作一年之後，我非常欣賞他們，坦白說，也從他們身上獲得了許多靈感，我想你們在我們自己的產品開發中也看到了這一點，那就是他們對用戶的關注，以及他們對用戶的高度重視和專注。在某些產品中，我強烈建議大家關注 Outlook Mobile 的體驗，以及它為使用者和會員帶來的真正有意義的體驗。而且我認為，有時候我們很難準確衡量所得綜效的意義。但我認為，考慮到37%的成長率，加上我們已經看到的整合以及Outlook Mobile等產品用戶數量的增長，我相信我們目前可能正處於產品收入協同效應的初期階段，而這種協同效應會隨著時間的推移而逐漸顯現。至於我們對併購的興趣，我認為實際上並沒有改變，那就是當專案符合我們的標準，並且我們認為它屬於我們的核心領域，市場正在擴張，並且被收購公司擁有獨特的資產時，我認為我們有能力完成這些收購，並且能夠看到被收購公司在微軟內部以及獨立運營中取得成功。我對此感到非常滿意，我們並不擔心我們完成這些收購的能力，但我不會說這是本季的新情況。

Yes. And I think just to add on that, which is whether it's Minecraft or LinkedIn or many other acquisitions we've done as part of Azure, I think the key thing that we are very, very focused on is how do we make this culturally accretive, management times accretive as well as revenue. And that's where we're building good muscle and we'll continue on that.

是的。而且我認為需要補充的是，無論是 Minecraft、LinkedIn 或我們作為 Azure 的一部分進行的許多其他收購，我認為我們非常非常關注的關鍵是如何使這些收購在文化上、管理時間上以及收入上都具有增益作用。這就是我們正在努力增強實力的地方，我們將繼續朝著這個方向努力。

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

下一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

And just to start, Satya and team, congrats on getting Microsoft to over 10% organic growth. That's a big achievement for a company at your scale, and it looks like you're expecting the same for the June quarter, so congrats. So I guess, my question is in the spirit of this, to Amy, on the overall growth margin trade-off as you look into fiscal '19. Amy, when I go back to the Analyst Day you had almost a year ago, I left thinking that your messaging was really that you were going to press on revenue growth and not on big margin leverage. So I'm just wondering as we look into fiscal '19, is it correct to assume that, that's a similar framework with the focus on top line growth and not to expect much in the way of overall improvement in gross margins?

首先，薩蒂亞和他的團隊，祝賀微軟實現了超過 10% 的自然成長。對於你們這樣規模的公司來說，這是一個巨大的成就，而且看起來你們對六月的季度業績也有同樣的預期，所以恭喜你們。所以我想，我的問題是，本著這種精神，我想問 Amy，在展望 2019 財年時，關於整體成長利潤率的權衡取捨。艾米，當我回想起差不多一年前你舉辦的分析師日活動時，我當時的想法是，你真正想傳達的訊息是，你將專注於推動收入成長，而不是大幅提高利潤率。所以我想知道，展望 2019 財年，是否可以假設該財年框架與上一財年類似，重點在於營收成長，而對毛利率的整體改善不抱太大期望？

Thanks, Karl. Yes, I think that's a fair interpretation of my commentary both last year and this, which really speaks to consistency. I do believe that the market that which we are operating, the set of assets we've picked, the team we've built, the investments we made in our sales force, even to some extent, the acquisitions we've done, these are all showing up as top line revenue growth for us. You see it this quarter. You see it, frankly, in the guide. And I think your interpretation that our focus on being a growth company, even at our scale, is certainly the right interpretation.

謝謝你，卡爾。是的，我認為這是對我去年和今年評論的合理解讀，這確實體現了我的一貫性。我相信，我們所處的市場、我們選擇的資產組合、我們組建的團隊、我們對銷售團隊的投資，甚至在某種程度上，我們進行的收購，所有這些都轉化為我們的營收成長。本季就能看到。坦白說，指南裡有寫。我認為你對我們即使在目前規模下仍然專注於成為成長型公司的解讀，無疑是正確的。

The next question is coming from the line of Walter Pritchard with Citi.

下一個問題來自花旗銀行的華特‧普里查德。

I'm wondering, I guess, a combination of Amy and Satya, if you could talk about the forward kind of view of Azure growth and how we should think about the drivers of that as we go into '19. New customers, existing consumption, premium services and we're growing at eye-popping rates right now. We saw that with Office 365 in the early days. How should we expect this business to sort of level out over time as I think it inevitably will as we look to next year?

我想問的是，Amy 和 Satya，你們能否談談 Azure 未來發展前景以及我們在進入 2019 年時應該如何看待其驅動因素。新客戶、現有消費、優質服務，我們目前的成長速度令人瞠目結舌。我們在 Office 365 的早期階段就看到了這一點。我們該如何預期這個產業會隨著時間的推移而趨於穩定呢？我認為隨著我們展望明年，這種情況不可避免地會發生。

Yes, and I'll start qualitatively. And it's true that we are, at this point, at scale on Azure and with very, very high growth rates. But as I said, I think the key things that we think about is differentiation of Azure at each level because that's what is super important for us as we compete in this marketplace, and more importantly, double down on areas of differentiation we have. So the first thing is on the infrastructure side itself with the combination of the edge and the cloud, I believe, between Azure Stack and Azure as well as inclusive of our servers, we have the best cloud platform for what is going to be hybrid computing and we'll continue to push on that, so you'll see growth that just got a different margin profile. The layer about that is the place which we are very excited about. You've seen lots of consecutive quarters of growth in our high-level services but we're now seeing some good scale. I, for the first time, talked about Cosmos DB. This was actually a database we just launched last year. I mean, I've been around databases for a long time. I've never seen a product that's gotten to this kind of scale this quickly. And so we're very bullish about what can happen in the higher-level services and we'll continue to build on that piece. But as I said, one of the key things is architecturally, the way we build Azure, the way we build Office 365, the way we build our gaming cloud and the way we build even Dynamics are all pretty much one architecture. And you see that even in the way customers use it. So overall to your specific question on Azure, the growth will moderate as the numbers become big, and they've already become very big. But that said, we see plenty of opportunity for total gross margin growth in terms of dollars just because of the number of markets that we participate in, which we, by the way, never participated in the old server world.

是的，我先從定性分析開始。的確，目前我們在 Azure 上的規模已經相當可觀，而且成長率非常非常高。但正如我所說，我認為我們考慮的關鍵在於 Azure 在各個層面的差異化，因為這對我們在這個市場中競爭至關重要，更重要的是，我們要加倍努力，鞏固我們已有的差異化優勢。首先，從基礎架構方面來看，結合邊緣運算和雲端運算，我相信，Azure Stack 和 Azure 以及我們的伺服器，我們擁有混合運算的最佳雲端平台，我們將繼續推進這一發展，因此你會看到成長，只是利潤率有所不同。我們最興奮的就是它周圍的那一層。你們已經看到我們的高端服務連續多個季度實現成長，但現在我們看到了良好的規模經濟。我第一次談到了 Cosmos DB。這其實是我們去年剛推出的資料庫。我的意思是，我接觸資料庫已經很久了。我從未見過哪個產品能如此迅速地達到如此規模。因此，我們對更高層次的服務的發展前景非常樂觀，我們將繼續在此基礎上發展。但正如我所說，關鍵在於架構方面，我們建構 Azure 的方式、我們建構 Office 365 的方式、我們建構遊戲雲端的方式，甚至是我們建構 Dynamics 的方式，幾乎都是同一種架構。你甚至能從顧客的使用方式看出這一點。所以總的來說，針對你提出的關於 Azure 的具體問題，隨著使用者數量的成長，成長速度將會放緩，而使用者數量現在已經非常龐大了。但即便如此，我們看到毛利率在美元方面仍有很大的成長機會，這僅僅是因為我們參與的市場數量眾多，而順便說一句，我們在以前的伺服器領域從未涉足過這些市場。

And Walter, I think the way you see that show up is really in my conversation on FY '19, to Satya's point, really we talked about that server product and KPI being high teens through FY '19. We're really confident in double-digit growth in that PBT segment with the components of Office 365, Dynamics 365 and LinkedIn. So if you think about that as the primary components of our commercial cloud, overall, we're certainly saying that it's a big business growing very fast at $6 billion, not counting LinkedIn. At 58% growth, it certainly speaks to having a big base and a big growth number. On Azure, you're right. It will moderate through next year. But because of the scale at which it's operating, that's why you still see that server KPI remain at that high level even as the base grows. And so you will see also some different dynamics within that Azure revenue number. Satya mentioned the layers of Azure. If you think about the IaaS and PaaS numbers, I would expect to be on the higher end of growth rates. And some of the services that are more per user like, like EMS within the Azure frame, you would expect that growth to moderate somewhat more quickly just because it's a per seat business. You will actually, over time, see us be able to continue to add ARPU and growth in those segments. Think of it almost like an Office business. Internally, we call that component part of our Microsoft 365 value. That's how we sell it externally even. And so hopefully, that helps give a little context to the number as well as our overall ability to continue to grow the sort of hybrid cloud opportunity high teens.

沃爾特，我認為你真正看到這一點的方式，是在我關於 2019 財年的談話中，正如薩蒂亞所說，我們確實討論了服務器產品和 KPI 在 2019 財年期間保持在 10% 以上。我們對 Office 365、Dynamics 365 和 LinkedIn 這三家公司在稅前利潤 (PBT) 領域的兩位數成長充滿信心。因此，如果您將這些視為我們商業雲的主要組成部分，那麼總體而言，我們當然可以說這是一個規模龐大、成長迅速的業務，規模達 60 億美元，還不包括 LinkedIn。58% 的成長率，無疑說明其基數龐大，成長速度也很快。在 Azure 上，你說得對。明年情況將有所緩和。但正因為其營運規模龐大，所以即使用戶基數不斷成長，伺服器 KPI 仍保持在高水準。因此，您也會看到 Azure 收入資料中存在一些不同的動態變化。Satya提到了Azure的層次結構。如果考慮 IaaS 和 PaaS 的數據，我預計它們的成長率會處於較高水準。而像 Azure 框架內的 EMS 這類更偏向按使用者計費的服務，由於是按席位計費，其成長速度預計會更快一些。隨著時間的推移，您將會看到我們能夠在這些領域持續提高每位用戶平均收入 (ARPU) 並實現成長。你可以把它想像成辦公企業。在內部，我們將該組成部分稱為 Microsoft 365 價值的一部分。我們甚至在對外銷售時也是這樣做的。因此，希望這有助於更好地理解這個數字，以及我們繼續發展混合雲業務的整體能力，達到十幾個百分點。

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

下一個問題來自富國銀行的菲爾溫斯洛。

Satya, you touched on the synergies that you're seeing between applications businesses and LinkedIn helping the 2 out. Wonder if you can talk just sort of high level and strategically about applications and enterprise applications in Azure and how you kind of see the synergy of potentially coming up between those, especially when you think about Azure AI, ML services sort of -- kind of questions is how important or how critical are applications like the growth that we're seeing in Dynamics, et cetera?

Satya，你剛才提到了應用程式業務和 LinkedIn 之間正在產生的協同效應，LinkedIn 正在幫助這兩者發展。我想知道您能否從宏觀和戰略層面談談 Azure 中的應用程式和企業應用程序，以及您如何看待它們之間可能產生的協同效應，尤其是在考慮 Azure AI、ML 服務時——這類問題是，像我們在 Dynamics 等領域看到的增長，對於應用程式來說有多重要或多關鍵？

Yes, I mean, one of the things that I talked about in my remarks this time was this power platform. One of the areas of, in fact, real breakout growth in differentiation as being in Power BI, Power Apps and Flow. For the first time, in fact, in our own Microsoft history, we have an extensibility model that is the same for Office 365 and Dynamics 365. This has been a dream of mine for, I don't know, for 15 years probably. And we are finally here and we are executing super well. But the interesting thing is it's not just even for our own SaaS applications. It is the extensibility model for every SaaS application out there, including a common data model. So I think that, that's where the synergies lie because AI starts with having a data estate that can really bring data from all of your applications, silos, in some sense, together so that you can start doing, building an analytical power that you can then visualize and put in the hands of people using Power BI or run an AI model that does some prediction that you can deploy in your system, whether it's forecasting, sales lead scoring, what have you. So that workflow, we have every layer of it. We have the best deployment tools and development tools in Azure. We have this common data model. On top of this, we have the best BI visualization technology. So that's what you're seeing increasingly as the synergy. But most importantly, architectural benefit for customers because by having incoherence around these layers is where you may feel like you're making some great best-of-breed sort of choices in individual layers, but you'll bear that expense in your overall agility as well as your overall management of your data. And that's where I think we will be very differentiated.

是的，我的意思是，我這次發言中談到的內容之一就是這個權力平台。事實上，差異化方面真正實現突破性成長的領域之一是 Power BI、Power Apps 和 Flow。事實上，在微軟的歷史上，我們第一次實現了 Office 365 和 Dynamics 365 相同的可擴充性模型。這大概是我15年來的一個夢想吧。我們終於到達了這裡，而且執行得非常出色。但有趣的是，它甚至不僅適用於我們自己的 SaaS 應用程式。它是所有 SaaS 應用的可擴展性模型，包括一個通用資料模型。所以我認為，協同效應就在這裡，因為人工智慧始於擁有一個數據資產，它可以真正地將來自所有應用程式、某種意義上的數據孤島的數據整合在一起，這樣你就可以開始構建分析能力，然後將其可視化，並使用 Power BI 將其交付給用戶，或者運行一個人工智能模型來進行一些預測，你可以將其部署到你的銷售系統中，無論你的銷售系統評分等等。所以，我們已經掌握了工作流程的每一層。我們在 Azure 中擁有最好的部署工具和開發工具。我們有這樣一個通用的資料模型。除此之外，我們還擁有最好的BI視覺化技術。所以，這就是你越來越看到的綜效。但最重要的是，架構上的優勢在於能夠為客戶帶來好處，因為如果這些層之間缺乏一致性，你可能會覺得你在各個層都做出了一些非常好的最佳選擇，但你會在整體敏捷性和數據管理方面付出代價。我認為這正是我們與眾不同的地方。

The next question is coming from the line of Ross MacMillan with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

(technical difficulty)

（技術難題）

Okay. We'll move on to the next question, which is coming from the line of Brad Reback with Stifel.

好的。接下來，我們將討論下一個問題，這個問題來自 Stifel 公司的 Brad Reback。

Maybe Amy, quick question. The Windows OEM Pro business has been extraordinarily strong the last few quarters. Can you maybe give us a sense of how penetrated you guys are in the Windows 10 corporate upgrade cycle and the sustainability of that growth?

艾米，問個問題吧。近幾季以來，Windows OEM 專業版業務表現異常強勁。能否請您介紹一下貴公司在 Windows 10 企業升級週期中的滲透程度以及這種成長的可持續性？

Thanks, Brad. Let me -- first, I wouldn't say penetration is the word for this. Let me talk about this in 2 or even a couple of components because when you think about Windows 10, what we've seen over the past couple of years is you're right, a very strong enterprise deployment cycle and real pull for that product inside enterprises because of the security value prop of the product itself. When you see that deployment for security reasons, an externality of that is people often choose to upgrade machines in that process. We've seen good demand inside commercial entities for and when they make those upgrades to buy Windows PCs and often Surface devices in that choice. I think it's benefited our OEM partners and us. The portfolio of devices that are available are incredibly compelling. I think our partners have done a terrific job on that as well. The overall economy is certainly also quite good. And the installed base had actually gotten older. And so I think what you're starting to see is a process whereby there's a great product, there's a good macro environment. And you've got customers who really want to move to a modern infrastructure. A modern infrastructure has to both be secure at its very core and that can result, as you're seeing through that confluence of events, in a very strong PC market with very strong Pro performance. And I -- and certainly, the guide for Q4 continues to imply all those factors.

謝謝你，布拉德。首先，我不會用「滲透」這個詞來形容這件事。讓我分成兩到幾個部分來談談這個問題，因為當你想到 Windows 10 時，我們在過去幾年裡看到的是，你說得對，企業部署週期非常強勁，而且由於產品本身的安全價值主張，企業對該產品有著真正的需求。出於安全原因進行部署時，其帶來的一個外部影響是，人們通常會選擇在過程中升級機器。我們看到商業實體對 Windows PC 的需求很好，他們在進行系統升級時，通常會選擇購買 Surface 裝置。我認為這對我們的OEM合作夥伴和我們本身都有好處。現有設備產品組合極具吸引力。我認為我們的合作夥伴在這方面也做得非常出色。整體經濟情勢也相當不錯。而且用戶群其實已經老化了。所以我認為你現在看到的是一個這樣的過程：有了一個很棒的產品，也有一個好的宏觀環境。而且，還有一些客戶非常希望遷移到現代化的基礎設施。現代基礎設施必須從根本上保證安全，正如你從這些事件的匯合中看到的那樣，這可能會導致一個非常強大的個人電腦市場，以及非常強大的專業表現。而且我——當然，第四季的業績指引也繼續暗示了所有這些因素。

Our next question is coming from the line of Michael Nemeroff with Credit Suisse.

下一個問題來自瑞士信貸的邁克爾·內梅羅夫。

Satya or Amy, can you help us understand the large revenue outperformance and guide for continued strong growth in gaming? And Amy, could you please give us a sense of the margin profile of the areas of gaming that exceeded expectations? And if you could also comment on the strength of the MPC margin in the context of the gaming margin as well, that would be helpful.

Satya 或 Amy，你們能否幫助我們理解遊戲產業營收大幅超預期成長的原因，並指導其持續強勁成長？艾米，你能否為我們介紹一下遊戲領域中超出預期的部分的利潤率情況？如果您還能就 MPC 利潤率在遊戲利潤率方面的強勁程度發表一些看法，那就太好了。

Yes, I can start and then (inaudible) even on gaming, very much like how we talk about some of our commercial segments. We've gotten a strategy, which sort of really helps us articulate both the growth opportunity as well as our investments across all of the various layers. So first is the console itself is the highest engagement console out in the marketplace. So anytime a new game, whether it's first-party or third-party releases, the fact that Xbox is where the best engagement is driven, benefits us. So as a platform owner, that's a great growth area for us. But we don't stop there because now we have, whether it's Xbox Live, whether it's Game Pass or Mixer, these are all additional opportunities to really serve the gamer as they play more games or watch games on different platforms. So that's the other big opportunity. But the last one, which I think is new and is something which is already paying its dividends on the Azure growth side, is we've taken all the knowledge of what it means to go to any one of these first-party titles of ours and building it as a PaaS service in Azure for game developers, and the PlayFab acquisition speaks directly to that. So those are all the various levers we have in gaming. And you'll see it in the MPC segment and you'll see it, as I said, increasingly over time even on Azure.

是的，我可以先開始，然後（聽不清楚）甚至談到遊戲，就像我們談論一些商業板塊一樣。我們已經制定了一項策略，這確實有助於我們闡明成長機會以及我們在各個層面上的投資。首先，這款遊戲機本身就是市場上用戶參與度最高的遊戲機。因此，無論何時推出新遊戲，無論是第一方遊戲還是第三方遊戲，Xbox 平台都能帶來最佳的用戶參與度，這對我們來說都是有利的。所以作為平台所有者，這對我們來說是一個巨大的成長領域。但我們並不會止步於此，因為現在我們有了 Xbox Live、Game Pass 或 Mixer 等平台，這些都是為玩家提供更多服務的機會，讓他們能夠在不同的平台上玩更多遊戲或觀看遊戲。所以，這是另一個巨大的機會。但最後一點，我認為是新的，並且已經在 Azure 的成長方面帶來了回報，那就是我們把所有關於我們任何一款第一方遊戲的知識都運用到 Azure 中，將其構建為面向遊戲開發者的 PaaS 服務，而收購 PlayFab 就直接體現了這一點。以上就是我們在遊戲領域可以使用的所有控製手段。你會在 MPC 領域看到它，正如我所說，隨著時間的推移，你甚至會在 Azure 上看到它越來越多。

And I think, Michael, if you don't mind, I'm going to expand your question a little bit because I don't think the increase in the MPC guide is simply gaming. So let me talk a bit about the components and which ones, I think, are a bit more sustainable and which ones may have a temporal nature to them. The performance in Q3 and the guidance for Q4 shows actually strong performance in a number of places that we expect to continue. OEM Pro is a terrific example for the reasons I just gave in Brad's question. Windows commercial, which is really the business inside the enterprise of selling much of the security value on a far more annuity like basis. We've seen strong double-digit billings growth there and we expect that to continue into Q4 as well. The next piece that I would say is a part of that sort of uplift in Q4 is our Surface device. The reception to Surface Book 2 as well as Surface Pro with LTE has been quite good. And you see us reflect that again in Q4, even as the comparable gets a little bit more difficult than it was in Q3 for us when you saw a very large growth rate. We're still expecting high teens there. Then you get to that gaming component and specifically what Satya was talking about, the Xbox software and services component is where I would expect to see the impact of the continuation of Q3. Part of that, I want to be very clear, is consistent, even going back a few quarters. That has been a double-digit grower. It will be a double-digit grower. There'll be some volatility in the number like anything else. And third-party hit games will move it higher as they did this quarter and we're expecting in Q4, but there's also a really strong base to that business that is the result of what Satya is talking about in terms of having a vibrant platform with fans that believe in it and come to it with all the value that's been added. So that's how -- okay, great.

邁克爾，如果你不介意的話，我想稍微擴展一下你的問題，因為我認為 MPC 指南的增長不僅僅是遊戲造成的。那麼，讓我來談談這些組成部分，以及我認為哪些部分更具可持續性，哪些部分可能具有暫時性。第三季的業績和第四季的預期都表明，我們在許多領域都取得了強勁的業績，我們預計這種勢頭將會持續下去。OEM Pro 就是一個很好的例子，原因正如我在 Brad 的問題中所提到的。Windows 商業，實際上是企業內部以更像年金的方式銷售大部分安全價值的業務。我們看到該地區的帳單額實現了強勁的兩位數成長，我們預計這種成長勢頭將持續到第四季度。接下來要說的，也是第四季業績提升的一部分，就是我們的 Surface 設備。Surface Book 2 和 Surface Pro LTE 版的市場反應都相當不錯。您在第四季也看到了這一點，儘管與第三季相比，第四季的可比業績變得更加困難，因為第三季我們的成長率非常高。我們仍然預計那裡的氣溫會接近二十幾度。然後就涉及到遊戲部分，特別是薩蒂亞所談到的Xbox軟體和服務部分，我預計第三季的延續將對此產生影響。我想非常明確地指出，其中一部分是始終如一的，甚至可以追溯到幾個季度以前。該股一直保持著兩位數的成長。它的成長率將達到兩位數。和其他事物一樣，這個數字也會有一些波動。第三方熱門遊戲將推動其成長，就像本季一樣，我們預計第四季也會如此。但這項業務也擁有非常強大的基礎，這得益於薩蒂亞所說的，即擁有一個充滿活力的平台，粉絲們相信它，並帶著所有附加價值而來。原來如此——好的，太好了。

The next question is from the line of Ross MacMillan with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Hopefully, the line is clear this time. So Satya and Amy, I wanted to ask about server products because striking growth this quarter, given the comp. And Amy, you talked about expected strength into fiscal Q4 and all of that, I guess, is testament to the strength of the kind of hybrid leadership you have. The 2 questions, though, were really, is that strength in server products broad-based across Windows Server, SQL Server, System Center, et cetera? Or is there any sort of bias in the mix, if you will, in terms of what's driving that strength? And then Satya, you mentioned Cosmos DB and that was a striking number to me as well. And I was just curious, do you think, now you have the multi-model database in market, that, that can help you take market share within the data management database space?

希望這次界線清晰。所以 Satya 和 Amy，我想問伺服器產品的情況，因為考慮到同業比較，本季成長顯著。艾米，你談到了對第四財季的預期強勁表現等等，我想，這都證明了你們這種混合型領導模式的強大之處。但真正的兩個問題是：這種伺服器產品的優勢是否普遍存在於 Windows Server、SQL Server、System Center 等產品？或者說，在驅動這種優勢的因素方面，是否存在某種偏見？然後，Satya，你提到了 Cosmos DB，也是我印象非常深刻的數字。我只是好奇，您認為現在市場上有了多模型資料庫，這能否幫助您在資料管理資料庫領域獲得市場份額？

Yes. I mean, I'll take the second one. I think that yes, I mean, Cosmos DB's pretty unique capability, in combination with everything else we do in both the data layer, the AI layer and the infrastructure layer, I think we have a tremendous opportunity because, as I said, the AI era is mostly first data era. And that's where I think the opportunity lies. But to your previous question, even there, there are multiple trends, and Amy referenced it in her remarks, which is, for example, virtualization still continues to be a growth driver of server products. The other growth driver of server products is cybersecurity and the security value in our servers. So that's one. The fact that we now have SQL and, for example, when you think about SQL itself, it's a hybrid product. You can tier SQL databases with the cloud. SQL is an AI product because we are the one database that actually allows you to write Python and R in situ, store procedures right in your database. So for example, when we talk about data and AI close to data because computation will always go wherever data is, and a lot of data shows up in relational databases and we have a growth driver there as well. And then there is the hybrid choices where somebody's building a smart factory, they're now looking and saying, "What is the server I deploy in the factory to manage the millions of sensors that are there across the factory?" And that's where Azure Stack shows up. So multiple drivers of what is essentially the server and cloud number in combination.

是的。我的意思是，我要第二個。是的，我的意思是，Cosmos DB 非常獨特的功能，結合我們在資料層、人工智慧層和基礎設施層所做的一切，我認為我們擁有巨大的機會，因為正如我所說，人工智慧時代首先是一個資料時代。我認為機會就在這裡。但對於你之前的問題，即使在那裡，也存在多種趨勢，Amy 在她的演講中也提到了這一點，例如，虛擬化仍然是伺服器產品成長的驅動力。伺服器產品的另一個成長動力是網路安全以及我們伺服器的安全價值。這是其中之一。我們現在有了 SQL，例如，當你思考 SQL 本身時，它就是一種混合產品。您可以利用雲端技術對 SQL 資料庫進行分層部署。SQL 是一款人工智慧產品，因為我們是唯一一款真正允許您在資料庫中直接編寫 Python 和 R 程式碼、預存程序的資料庫。例如，當我們談論數據和人工智慧時，要緊跟數據，因為計算總是會去到有數據的地方，而大量數據出現在關聯式資料庫中，這也是我們的成長動力。此外，還有混合方案，例如有人正在建造智慧工廠，他們會問：「我應該在工廠裡部署什麼樣的伺服器來管理遍布工廠的數百萬個感測器？」 而這正是 Azure Stack 的用武之地。因此，伺服器和雲端數量本質上是由多種因素共同決定的。

And to your point on the component, the on-prem component even with tough comparable doing well, let me break Satya's comment into sort of 2 drivers that have been actually more sustaining. And it's across both Windows in particular, but also SQL, which are obviously the largest products within our server portfolio. The first, exactly with hybrid demand. We have something called hybrid -- Azure Hybrid Benefits. What it does is really provide confidence to our committed customers, buying on-prem servers that their transition to a hybrid, to cloud over a period of their agreement, is really about their choices, their time lines and their confidence. And so with that right, it lets them easily transition between Windows or SQL to those same benefits in Azure with a small uplift in price. I think that has actually been a core component. The second one was the virtualization drive or data center modernization, another one, do move the premium mix up a bit. So that's -- if you wanted to break it down into 2 more sustaining things, those are the types of things we're seeing in that number.

關於您提到的組件問題，即使面對難以匹敵的同類產品，本地部署組件的表現依然良好。讓我把 Satya 的評論分解成兩個更具支撐性的驅動因素。而且這種情況不僅發生在 Windows 系統上，也發生在 SQL 系統上，顯然，它們都是我們伺服器產品組合中最大的產品。第一種情況，正是混合需求。我們有所謂的混合模式—Azure 混合權益。它真正做到的是增強我們忠實客戶的信心，讓他們在協議期內向混合雲或雲端過渡，這完全取決於他們自己的選擇、時間安排和信心。因此，憑藉這項權利，使用者可以輕鬆地從 Windows 或 SQL 過渡到 Azure，享受相同的優勢，而價格只會略有上漲。我認為這實際上是一個核心組成部分。第二個是虛擬化驅動或資料中心現代化，另一個，確實可以稍微提升一下高階產品組合的水平。所以，如果你想把它分解成兩個更永續的因素，那就是我們從這個數字中看到的那些因素。

Our final question is coming from the line of Kash Rangan with Bank of America Merrill Lynch.

我們最後一個問題來自美國銀行美林證券的 Kash Rangan。

Last question will be the longest one, really, really long. Question for you, Satya. As you meet with CEOs of large companies, this is a recurring theme that we've been hearing from other software company CEOs, the theme of digitization. Can you help us understand just -- especially given that Microsoft's growth rate is accelerating, whereas the GDP growth rate is the GDP growth rate. So obviously, tech spending or IT spending as a percentage of GDP or revenue, average company revenue is going higher. So can you help us, given your perspective, which is pretty unique, help us understand, what is the baseline of IT that we've been operating in? When it comes to digital business transformation, what are the Phase 1, Phase 2, Phase 3 initiatives like? Where are companies likely to spend more? And what kinds of products and services that are new and upcoming or maybe you sell them today that comprise that incremental swing factor over the baseline of what IT is today versus wherever we're likely to go with the digitization of business processes?

最後一個問題會最長，真的非常非常長。薩蒂亞，我有個問題想問你。在與大型公司執行長會面時，我們發現，與其他軟體公司執行長一樣，數位化也是一個反覆出現的主題。您能否幫助我們理解這一點——尤其是在微軟的成長率正在加速，而GDP成長率仍然是GDP成長率的情況下。顯然，科技支出或IT支出佔GDP或收入、公司平均收入的百分比正在上升。鑑於您獨特的視角，您能否幫助我們了解一下，我們一直以來所處的 IT 基準是什麼？談到數位化業務轉型，第一階段、第二階段、第三階段的舉措分別是什麼樣的？企業更有可能在哪些方面增加支出？那麼，有哪些新興產品和服務，或您目前銷售的產品和服務，能夠構成相對於目前 IT 基準的增量轉變因素，從而推動業務流程數位轉型？

Yes, I mean, I think when we talk to customers and CTOs, CEOs, what have you, we talk about 4 digital transformational outcomes. In fact, everything that we do across our solution areas are all ingredients to helping our customers achieve digital transformation objectives on. For example, how do they engage their customers? When I talked about Cosmos DB growth, Cosmos DB happens to be one of the best database products to be able to capture the signals that you want around your customers from a variety of different sources. That's one example of it. The second piece is, of course, around empowering your employees. I mean, one of the things that now has increasingly become #1 priority for every CEO is to make sure that the right tools, the right products are in front of their own employees so that they can do their very best work and collaborate. So teams grow. That's a great example of how companies are modernizing their workforce with things like Microsoft 365. The third one is operational efficiency. When we see the Dynamics 365 growth or Azure IoT growth, that's -- taking every IoT project, it ends up as a field service project. So that's a classic way somebody says, "Let me sense something, predict something and then actually fix using field service." So that's a transformational outcome that we're very well positioned. And lastly, people are changing their business models. You take somebody like Nalco Water. You could say they're a water company, but now they're pure water service company. In other words, they put sensors that allow them to actually deliver a very differentiated business model to their customers. And so that's the transformational outcomes we see. And we feel we -- at Microsoft, we're well positioned both with the technology but also with our front-line sales capability, service capability and partner capacity to best address the digital transformation needs.

是的，我的意思是，我認為當我們與客戶、技術長、執行長等等交談時，我們會談到 4 個數位轉型成果。事實上，我們在各個解決方案領域所做的一切，都是為了幫助我們的客戶實現數位轉型目標。例如，他們如何與客戶互動？當我談到 Cosmos DB 的成長時，Cosmos DB 恰好是最好的資料庫產品之一，能夠從各種不同的來源捕獲您想要的客戶訊號。這是其中一個例子。第二點當然是關於如何賦予員工權力。我的意思是，現在每位CEO的首要任務之一，就是確保員工擁有合適的工具和產品，以便他們能夠發揮出最佳水平並進行協作。這樣團隊就能成長。這是企業如何利用 Microsoft 365 等工具實現員工隊伍現代化的一個很好的例子。第三個是營運效率。當我們看到 Dynamics 365 或 Azure IoT 的成長時，我們發現，每個 IoT 專案最終都會變成一個現場服務專案。所以，這是一種典型的溝通方式，有人會說：「讓我感知一些情況，預測一些情況，然後透過現場服務來實際解決問題。」 因此，我們在這方面具有非常強的變革性優勢。最後，人們正在改變他們的商業模式。以納爾科水業公司為例。你可以說他們以前是一家水務公司，但現在他們是一家純粹的水務服務公司。換句話說，他們安裝了感測器，使他們能夠真正為客戶提供差異化的商業模式。這就是我們看到的變革性成果。我們認為，微軟在技術、第一線銷售能力、服務能力和合作夥伴能力方面都處於有利地位，能夠最好地滿足數位轉型需求。

Wonderful. It seems like CRM, HCM, ERP, IoT, these are the predominant themes that are going to be driving your growth. Very useful, insightful.

精彩的。CRM、HCM、ERP、IoT，這些似乎是推動您成長的主要主題。非常實用，很有見地。

That wraps up the Q&A portion of today's earnings call. Thank you for joining us, and we look forward to speaking with all of you soon. You can find additional details at the Microsoft Investor Relations website.

今天的財報電話會議問答環節到此結束。感謝各位的參與，我們期待盡快與大家再次交流。您可以在微軟投資者關係網站上找到更多詳細資訊。

Thanks, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference. Again, we thank you for your participation, and you may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。再次感謝您的參與，您可以斷開線路了。