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.

您好，歡迎參加 Microsoft 2018 財年第三季度收益電話會議。

(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。

It is now my pleasure to introduce your host, Mike Spencer, General Manager of Investor Relations.

現在我很高興向您介紹您的主持人，投資者關係總經理 Mike Spencer。

Thank you.

謝謝你。

You may begin.

你可以開始了。

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, Deputy General Counsel and Corporate Secretary.

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

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.

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

Unless otherwise specified, we refer to non-GAAP metrics on the call.

除非另有說明，否則我們在電話會議上指的是非 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.

所提供的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 third 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三季度的業績。

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.

我們還將在可用的情況下以不變貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。

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

如果以固定貨幣計算的增長率相同，我們僅指增長率。

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

您可以在 Microsoft 投資者關係網站上重播電話、查看和查看記錄。

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

在本次電話會議中，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, Forms 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 表格、10-Q 表格的風險因素部分以及提交給證券交易的其他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, Mike, and thanks to everyone on the phone for joining.

謝謝你，邁克，也感謝電話裡的每一個人的加入。

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.

這是另一個強勁的季度，這是選擇正確的長期趨勢、提供差異化創新和集中執行的結果，從而提高了參與度和使用率。

The intelligent cloud and the intelligent edge era is already upon us.

智能雲和智能邊緣時代已經來臨。

It represents a tremendous opportunity.

它代表了一個巨大的機會。

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.

我們在本季度採取了重大措施，將其置於我們所做的一切工作的最前沿，重新調整我們的整個工程組織，以加速創新並更好地滿足客戶和合作夥伴的需求。

With that as the 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。

Creating a modern workplace where people can do their best work requires the right culture and the right technology.

創建一個人們可以盡其所能的現代工作場所需要正確的文化和正確的技術。

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.

Microsoft 365 幫助每個組織使用 AI 支持的工具為員工賦能，這些工具可以釋放創造力、增強團隊合作和推動創新，同時確保合規性並保護數據免受新的網絡威脅。

Microsoft is a clear leader in cloud security.

微軟顯然是雲安全領域的領導者。

Advanced AI [releases] over hundreds of billions of signals each month to identify anomalies, automate detection and help customers respond to cyber threats.

高級 AI [發布] 每月超過數千億個信號，以識別異常、自動檢測並幫助客戶應對網絡威脅。

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.

就在上週，我們宣布了為客戶帶來的新價值、Microsoft Secure Score、Attack Simulator 和 Windows Defender ATP 自動檢測和修復功能，以及智能安全圖的新開放 API。

We've also built compliance capability directly into our cloud services.

我們還將合規能力直接構建到我們的雲服務中。

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.

成千上萬的組織正在使用最近推出的具有新信息保護掃描器和內置分類功能的合規管理器來幫助為 GDPR 做好準備。

Our comprehensive approach and proactive protection are one reason Coca-Cola chose Microsoft Cloud for their digital transformation.

我們全面的方法和主動保護是可口可樂選擇 Microsoft Cloud 進行數字化轉型的原因之一。

One year in, Teams has rapidly become the hub for teamwork.

一年後，Teams 迅速成為團隊合作的中心。

More than 200,000 organizations in 181 markets use Teams, from Maersk to General Motors.

從馬士基到通用汽車，181 個市場的超過 200,000 家組織使用 Teams。

Teams is now enabled for a broad spectrum of calling and meeting room devices.

Teams 現在可用於各種呼叫和會議室設備。

We're also building AI-powered services into Teams.

我們還將 AI 驅動的服務構建到 Teams 中。

We've integrated Microsoft Stream, our enterprise video service, into Teams for transcription and time coding of recorded meetings.

我們已將我們的企業視頻服務 Microsoft Stream 集成到 Teams 中，以便對錄製的會議進行轉錄和時間編碼。

We've added new facial recognition capabilities, which will attribute remarks to specific meeting attendees.

我們添加了新的面部識別功能，可以將評論歸因於特定的會議參與者。

And we are adding new Cortana capability to make calls, join a meeting or initiate 3-way calling just using your voice.

我們正在添加新的 Cortana 功能，讓您只需使用語音即可撥打電話、加入會議或發起 3 方通話。

All this innovation is driving customer usage.

所有這些創新都在推動客戶的使用。

Windows 10 continues to gain traction in the enterprise, with Windows 10 commercial monthly active devices up 79% year-over-year.

Windows 10 繼續在企業中獲得牽引力，Windows 10 商業月活躍設備同比增長 79%。

Office 365 commercial now has more than 135 million monthly active users and Office 365 consumer subscribers increased to 30.6 million.

Office 365 商業版現在每月有超過 1.35 億活躍用戶，Office 365 消費者訂閱者增加到 3060 萬。

Now I'll turn to LinkedIn and business applications.

現在我將轉向 LinkedIn 和業務應用程序。

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.

從一開始，我們就認識到 LinkedIn 和 Microsoft 有機會聯合起來為全球勞動力的每一位成員創造經濟機會，並使專業人士更有效率和更成功。

A little over 1 year in, we feel great about the value we are delivering for members, customers and shareholders.

一年多一點，我們對我們為會員、客戶和股東提供的價值感到非常滿意。

Our integration model has enabled LinkedIn to accelerate growth while retaining its member-first ethos.

我們的整合模式使 LinkedIn 能夠加速增長，同時保持其會員至上的精神。

Results are ahead of expectations across all lines of business, with revenue growth of 37% year-over-year.

所有業務線的業績均超出預期，收入同比增長 37%。

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.

在整個平台的創新推動下，本季度我們再次看到了創紀錄的參與度，會話量同比增長超過 30%。

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.

這種增加的參與度推動了對贊助內容和營銷解決方案的強勁需求，以及本季度人才解決方案中職位發布和求職者的創紀錄水平。

Shifting to business applications.

轉向業務應用程序。

Dynamics 365 is gaining traction as our third commercial cloud growth engine, up 65% this quarter.

作為我們的第三個商業雲增長引擎，Dynamics 365 越來越受歡迎，本季度增長了 65%。

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.

我們在 Dynamics 中掀起了一波 AI 創新浪潮，擁有數百種新功能來轉變銷售和自動化營銷，並將 Office 365 嵌入 Dynamics 以提高生產力。

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.

用於銷售和營銷的關係分析利用 Microsoft Graph 和來自社交網絡的數據來改善客戶關係，而預測性潛在客戶評分可幫助賣家識別和關注高質量的潛在客戶。

We're investing in our business applications platform capabilities across Power BI, Power Apps, Flow and a Common Data model.

我們正在投資於 Power BI、Power Apps、Flow 和通用數據模型的業務應用程序平台功能。

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.

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定義代碼快速構建應用程序。

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.

新的動力平台使歐洲領先的汽車零部件公司 Inter Cars 等客戶能夠在幾天而不是幾個月內從紙質工作流程轉變為數字化工作流程。

With the rapid growth of Power BI, we are now the leader in business analytics in the cloud.

隨著 Power BI 的快速增長，我們現在是雲中業務分析的領導者。

Now I'll turn to infrastructure and AI platforms.

現在我將轉向基礎設施和人工智能平台。

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.

我們從雲到邊緣的一致堆棧的架構優勢正在引起客戶的共鳴，本季度 Azure 收入增長了 93%。

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.

最近的 CIO 調查肯定了我們在混合、開發人員生產力、可信安全性和合規性以及邊緣物聯網和人工智能等新工作負載方面的領導地位。

We have made the right investment decisions and they're having an impact, increasing our overall share in an expanding market.

我們做出了正確的投資決策，它們正在產生影響，增加了我們在不斷擴大的市場中的整體份額。

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.

我們最近的數據中心擴建（包括阿拉伯聯合酋長國和瑞士）使我們的區域總數達到 50 個，比任何其他雲提供商都多，而且額外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.

我們還繼續看到各行各業對 Azure Stack 的強勁客戶需求，它正在跨混合和邊緣解鎖新的工作負載場景。

Industrial IoT is transforming the rules of manufacturing, fueling cloud and edge innovation, accelerating the evolution of digital factories and enhancing supply chain performance.

工業物聯網正在改變製造規則，推動雲和邊緣創新，加速數字工廠的發展並提高供應鏈績效。

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.

Azure IoT 和 Azure Stack 使客戶和合作夥伴能夠構建在邊緣運行的工業 IoT 解決方案，因此工廠車間的操作員可以管理設備並實時分析數據。

And HoloLens is quickly becoming an indispensable tool as we take digital twin technology to the next level.

隨著我們將數字孿生技術提升到新的水平，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.

我們還在芯片方面進行創新，以幫助客戶實現設備和事物互聯世界的承諾。

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.

我們剛剛宣布的 Azure Sphere 是同類中首個高度安全的邊緣解決方案，它結合了芯片設計、物聯網操作系統和雲服務，以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.

我們已經看到客戶快速採用物聯網場景。

Toyota Material Handling in Europe is using Azure as well as HoloLens to create a factory of the future.

歐洲的 Toyota Material Handling 正在使用 Azure 和 HoloLens 來創建未來工廠。

Using AI, drones learn complex processes to automate the flow of a factory, increasing supply chain and warehouse efficiency.

使用人工智能，無人機學習複雜的流程來自動化工廠流程，提高供應鍊和倉庫效率。

And Microsoft and ABB are partnering to push the boundaries of smart manufacturing for industrial automation.

微軟和 ABB 正在合作推動工業自動化智能製造的邊界。

We're investing to make Azure the best cloud for enterprise data estates.

我們正在投資以使 Azure 成為企業數據資產的最佳雲。

In less than a year, Azure Cosmos DB, the first globally distributed multi-model and multi-model database, exceeded $100 million in annualized revenue.

在不到一年的時間裡，第一個全球分佈式多模型和多模型數據庫 Azure Cosmos DB 的年化收入超過了 1 億美元。

Azure database for MySQL and PostgreSQL makes it even easier to bring open source powered applications to Azure, expanding our opportunity in this space.

適用於 MySQL 和 PostgreSQL 的 Azure 數據庫使將開源驅動的應用程序引入 Azure 變得更加容易，從而擴大了我們在這個領域的機會。

We are seeing a rapid adoption of Azure Databricks for data preparation, advanced analytics and machine learning scenarios.

我們看到 Azure Databricks 被迅速用於數據準備、高級分析和機器學習場景。

We continue to innovate to democratize AI.

我們繼續創新以使 AI 民主化。

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.

超過 100 萬開發人員已經使用認知服務快速輕鬆地創建 AI 應用程序，我們擁有的服務比任何其他雲提供商都多。

Our Azure Bot Service has nearly 300,000 developers, up more than 150% year-over-year.

我們的 Azure 機器人服務擁有近 300,000 名開發人員，同比增長超過 150%。

Microsoft Translator brings AI-powered translation to developers where their data is, whether that's in the cloud or on the edge.

Microsoft Translator 將 AI 驅動的翻譯帶給開發人員，無論是在雲端還是在邊緣。

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.

就在上個月，我們在語言翻譯方面達到了人類同等水平，這是一個新的里程碑，除了我們之前在物體識別、語音識別和機器閱讀理解方面取得的人類同等成就。

We're also gaining traction in machine learning tools adoption with tens of thousands of customers using Azure ML.

我們還在使用 Azure ML 的數万客戶中獲得了機器學習工具採用的吸引力。

Finally, we are innovating with new GPU and FPGA-based offerings to lead in AI infrastructure for both training and inference.

最後，我們正在通過基於 GPU 和 FPGA 的新產品進行創新，以引領用於訓練和推理的 AI 基礎設施。

I'm excited to share more about our cloud and AI innovation at our developer conference next month at Build.

我很高興在下個月的 Build 開發者大會上分享更多關於我們的雲和 AI 創新的信息。

Now to gaming.

現在玩遊戲。

We continue to pursue our expansive opportunity in gaming from the way games are created and distributed to how they are played and viewed.

從遊戲的創建和分發方式到遊戲的播放和觀看方式，我們將繼續追求我們在遊戲領域的廣闊機會。

We had one of the best quarters in gaming with strong revenue performance and record levels of engagement.

我們擁有強勁的收入表現和創紀錄的參與度，是遊戲行業表現最好的季度之一。

Software and services revenue grew 24% as we continued to attract, retain and deepen user relationships across Xbox Live, Game Pass and Mixer.

隨著我們繼續在 Xbox Live、Game Pass 和 Mixer 上吸引、保留和加深用戶關係，軟件和服務收入增長了 24%。

Xbox Live monthly active users grew to 59 million, up 13%.

Xbox Live 月活躍用戶增長到 5900 萬，增長 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.

我們的新第一方遊戲《盜賊之海》推動了 Windows 10 和 Xbox One 上的遊戲玩法，此外，第一周在 Mixer 等服務上的觀看時間接近 1000 萬小時。

Our results speak to the strength of our platform and services for both first-party and third-party experiences.

我們的結果說明了我們的平台和服務在第一方和第三方體驗方面的實力。

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.

我們將繼續投資於我們的平台，通過人工智能功能增強我們的雲服務，讓開發人員能夠在 PC、遊戲機和移動設備上快速構建遊戲並從中獲利。

In closing, intelligent cloud and intelligent edge represents a tremendous opportunity for our customers.

最後，智能雲和智能邊緣為我們的客戶提供了巨大的機會。

It comes with a responsibility to ensure trust in technology.

它有責任確保對技術的信任。

We are working to instill this trust in 3 key areas.

我們正在努力在 3 個關鍵領域灌輸這種信任。

The first is privacy.

首先是隱私。

We recognize that privacy is a fundamental human right, and we have consistently acted accordingly.

我們認識到隱私是一項基本人權，並且我們一貫採取相應的行動。

Our success is grounded in our customers' success.

我們的成功基於客戶的成功。

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.

自 2016 年以來，我們一直在努力實現 GDPR 的 5 月 25 日實施日期，公司內有數百名工程師致力於端到端隱私架構，我們將確保我們所有的產品和服務都符合 GDPR。

For customers, we will provide robust tools backed by a contractual commitment to help them comply with GDPR.

對於客戶，我們將提供以合同承諾為後盾的強大工具，以幫助他們遵守 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.

事實上，對於大多數客戶而言，將他們的數據託管在 Microsoft 的 GDPR 合規雲中會比自行開發和維護 GDPR 合規工具更有效且成本更低。

Second, cybersecurity.

第二，網絡安全。

In response to escalating cyber attacks around the world, we are leading a bold initiative to defend and protect our customers.

為了應對全球不斷升級的網絡攻擊，我們正在領導一項大膽的舉措來保護和保護我們的客戶。

We recently led a coalition of 34 global technology and security companies in signing the Cybersecurity Tech Accord.

我們最近領導了一個由 34 家全球技術和安全公司組成的聯盟，簽署了網絡安全技術協議。

The accord is an important first step by the industry to help create a safer and more secure online environment for everyone.

該協議是該行業邁出的重要的第一步，旨在幫助為每個人創造一個更安全、更安全的在線環境。

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.

最後，我們最近在微軟成立了人工智能倫理與工程和研究委員會，以確保我們始終以合乎道德和負責任的方式推進人工智能，以造福我們的客戶和更廣泛的社會。

This includes new investments in technology to detect and address bias in AI systems.

這包括對技術的新投資，以檢測和解決人工智能係統中的偏見。

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

微軟代表著信任，這將繼續成為我們前進的一個與眾不同的焦點。

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.

有了這個，我將把它交給艾米，以更詳細地介紹我們的財務業績並分享我們的前景，我期待再次加入您的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

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

我們第三季度的收入為 268 億美元，按固定匯率計算分別增長 16% 和 13%，所有部門的業績都好於預期。

Gross margin increased 16% and 13% in constant currency.

按固定匯率計算，毛利率分別增長 16% 和 13%。

Operating income increased 23% and 20% in constant currency.

營業收入按固定匯率計算分別增長 23% 和 20%。

Earnings per share was $0.95, increasing 36% and 31% in constant currency.

每股收益為 0.95 美元，按固定匯率計算分別增長 36% 和 31%。

From a geographic perspective, we saw broad-based strength across markets of all sizes, benefiting from the positive global corporate IT spend environment.

從地理角度來看，我們看到了各種規模市場的廣泛實力，受益於積極的全球企業 IT 支出環境。

Growth in cloud services increased our commercial annuity mix, up 2 points year-over-year, to 89%.

雲服務的增長增加了我們的商業年金組合，同比增長 2 個百分點，達到 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.

除了健康的續訂，我們的銷售團隊和合作夥伴推動了更高的新業務量，導致商業預訂量增長 26% 和 18%（按固定匯率計算）。

Commercial unearned came in slightly above our expectations due to FX, growing 20% and 17% in constant currency.

由於外匯，商業未賺取收入略高於我們的預期，按固定匯率計算分別增長 20% 和 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.

商業雲收入為 60 億美元，按固定匯率計算分別增長 58% 和 55%，這得益於美國、西歐和英國的健康增長。我們再次提高了商業雲毛利率，目前為 57%，增長了 6 個百分點，其中每個雲服務，尤其是 Azure。

We outperformed our expectation on company gross margin, finishing the quarter at 65%.

我們對公司毛利率的預期超過了我們的預期，本季度末達到 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.

由於 Office 365 商業版和 LinkedIn 的生產力和業務流程部分有所改善，我們同比略有增長，但由於 Azure 收入組合的增加，我們的智能雲部分有所下降。

FX positively impacted revenue growth by 1 point more than expected.

外匯對收入增長的積極影響比預期高出 1 個百分點。

3 points of the company and Productivity and Business Processes level and 2 points on both Intelligent Cloud and More Personal Computing.

公司和生產力和業務流程級別 3 分，智能雲和更多個人計算方面 2 分。

FX added 2 points of growth to COGS and operating expenses, 1 point more than expected.

外匯使銷貨成本和運營費用增加 2 個百分點，比預期高 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.

隨著我們繼續投資於商業銷售能力、雲工程和 LinkedIn，運營費用按固定匯率計算分別增長了 10% 和 8%。

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.

即使支出步伐加快，我們的營業利潤率仍同比增長 2 個百分點，這是我們集中投資以推動收入增長的直接結果。

Now to the segment results.

現在到分段結果。

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.

生產力和業務流程的收入約為 90 億美元，按固定匯率計算分別增長 17% 和 14%，Office 365 商業版和 LinkedIn 的業績好於預期。

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.

本季度寫字樓商業收入再次增長兩位數，按固定匯率計算分別增長 14% 和 12%，其中包括來自具有更高期內確認的更多合同組合的幾個點。

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.

在客戶遷移到我們在 E3 和 E5 的高級工作負載的推動下，Office 365 商業收入增長 42% 和 40%（按固定匯率計算），安裝基數持續增長和 ARPU 擴展。

Office 365 commercial seats grew 28%, in line with the expected trend, given the increasing size of the installed base.

鑑於安裝基數不斷擴大，Office 365 商業席位增長 28%，符合預期趨勢。

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

受經常性訂閱收入和不斷增長的整體安裝基數的推動，辦公室消費者收入增長了 12% 和 9%。

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

我們的 Dynamics 業務在本季度加速增長，在 Dynamics 365 增長 65% 和 62% 的推動下，按固定匯率計算分別增長了 17% 和 14%。

LinkedIn revenue grew 37% and 33% in constant currency, with more than $1.3 billion in revenue.

LinkedIn 收入增長 37% 和 33%，以固定匯率計算，收入超過 13 億美元。

We continued to see outperformance across all segments, with record levels of engagement.

我們繼續看到所有細分市場的出色表現，參與度達到創紀錄水平。

Segment gross margin dollars increased 18% and 15% in constant currency.

按固定匯率計算，分部毛利率分別增長 18% 和 15%。

Gross margin percentage increased, with margin improvements in Office 365 commercial and LinkedIn, offsetting the increased mix of cloud revenue.

毛利率百分比增加，Office 365 商業版和 LinkedIn 的利潤率提高，抵消了雲收入組合的增加。

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

隨著我們繼續對 LinkedIn、商業銷售能力和雲工程進行戰略投資，運營費用按固定匯率計算分別增長了 14% 和 12%。

Operating income increased 23% and 19% in constant currency.

營業收入按固定匯率計算分別增長 23% 和 19%。

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.

智能雲部門實現了 79 億美元的收入，按固定匯率計算分別增長了 17% 和 15%，由於我們的本地服務器業務，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.

服務器產品和雲服務收入按固定匯率計算分別增長 20% 和 17% 至 63 億美元，這得益於 Azure 收入持續強勁增長 93% 和 89%（按固定匯率計算），收入基礎顯著。

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.

在客戶對混合解決方案的需求以及不斷增長的虛擬化需求的推動下，我們的本地服務器業務增長了 3% 和 1%，從而導致了高級版本的採用。

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.

企業服務收入按固定匯率計算分別增長 8% 和 5%，高級支持服務和 Microsoft 諮詢服務的增長足以抵消 Windows Server 2003 定制支持協議的持續下降。

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.

按固定匯率計算，部門毛利率分別增長了 16% 和 14%，毛利率百分比隨著 Azure IaaS 和 PaaS 收入組合的增長而下降，大部分被 Azure 毛利率的另一個季度實質性改善所抵消。

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

在我們對銷售能力和雲工程的持續投資的推動下，按固定匯率計算的運營費用分別增長了 9% 和 7%。

Operating income increased 24%, up 21% in constant currency.

營業收入增長 24%，按固定匯率計算增長 21%。

Now to the results of More Personal Computing.

現在來看更多個人計算的結果。

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.

該部門的收入為 99 億美元，按固定匯率計算分別增長 13% 和 11%，其中游戲、Windows 商業和 Surface 的業績明顯好於預期。

Windows OEM revenue increased 4% this quarter.

本季度 Windows OEM 收入增長 4%。

OEM Pro revenue grew 11%, in line with a strong commercial PC market.

OEM Pro 收入增長 11%，與強勁的商用 PC 市場一致。

We continued to see healthy enterprise demand for Windows 10 benefiting our OEM partners.

我們繼續看到企業對 Windows 10 的健康需求使我們的 OEM 合作夥伴受益。

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.

本季度 OEM 非專業收入下降了 8%，低於消費類 PC 市場，原因是低價許可證的組合增加以及入門級價格類別的持續壓力。

Inventory levels were within the normal range.

庫存水平在正常範圍內。

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.

Windows 商業產品和雲服務增長 21% 和 17%（按固定匯率計算），原因是強勁的兩位數賬單以及多年協議的季度內認可組合增加。

The fundamentals of this business remained healthy, with installed base growth and adoption of our security solutions.

隨著安裝基礎的增長和我們安全解決方案的採用，該業務的基本面保持健康。

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.

提醒一下，根據會計標準 606，由於本地許可收入的混合相對較高，Windows 商業增長率將在季度間出現顯著變化。

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.

按固定匯率計算，不含 TAC 的搜索收入增長了 16% 和 14%，每次搜索的收入和搜索量的增長受到 Bing 在美國和國際市場的表現的推動。

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 收入增長 32% 和 27%，以固定匯率計算，Surface Book 的表現好於預期，因為我們繼續過渡到我們產品組合中的最新產品，並且與受產品生命週期結束動態影響的上一年相比。

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 軟件和服務收入增長 24% 和 21%（按固定貨幣計算），遊戲收入增長 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.

在第三方遊戲的推動下，數字發行的勢頭以及創紀錄的參與度促成了好於預期的軟件和服務收入。

We grew Xbox Live monthly active users by 13% to 59 million, with user expansion across Xbox One, Windows 10 and mobile platforms.

隨著 Xbox One、Windows 10 和移動平台的用戶擴展，我們的 Xbox Live 月活躍用戶增長了 13% 至 5900 萬。

Segment gross margin dollars increased 13% and 11% in constant currency, in line with revenue growth.

按固定匯率計算，分部毛利率分別增長 13% 和 11%，與收入增長一致。

Segment gross margin percentage was relatively flat year-on-year.

分部毛利率同比相對持平。

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

由於對遊戲、搜索和人工智能的工程投資，運營費用按固定匯率計算分別增長了 5% 和 3%。

Operating income grew 24% and 20% in constant currency.

按固定匯率計算，營業收入增長了 24% 和 20%。

Now back to total company results.

現在回到公司的總業績。

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.

與我們的預期一致，我們連續增加了資本支出，投資了 35 億美元來支持我們雲產品當前和未來的增長。

Cash paid for property and equipment was $2.9 billion.

為財產和設備支付的現金為 29 億美元。

Cash flow from operations was up 14%, driven by collections from strong billings growth.

在強勁的賬單增長催收的推動下，來自運營的現金流增長了 14%。

Free cash flow of $9.2 billion grew at a slower rate, 3%, due to an increasing cash use for property, plant and equipment.

由於物業、廠房和設備的現金使用增加，92 億美元的自由現金流以較慢的速度增長 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.

其他收入和支出約為 3.5 億美元，來自已確認的投資淨收益以及股息和利息收入，部分被利息支出抵消。

Our effective tax rate came in at 14% due to a benefit from an R&D tax credit.

得益於研發稅收抵免，我們的有效稅率為 14%。

We returned $6.3 billion to shareholders through dividends and share repurchases, increasing total shareholder return by 37%.

我們通過股息和股票回購向股東返還了 63 億美元，使股東總回報增加了 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.

我們的回購金額同比幾乎翻了一番，比上一季度加快了步伐，現在我們目前 400 億美元的股票回購授權中剩餘大約 300 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。

First on FX.

首先是外匯。

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.

假設當前利率保持穩定，我們預計外匯收入增長 3 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。

Second, we again expect strong performance from our commercial business with solid execution in our largest quarter of the year.

其次，我們再次預計我們的商業業務將在今年最大的一個季度取得強勁的業績表現。

We expect commercial unearned revenue to be up 38% to 39% sequentially.

我們預計商業未實現收入將環比增長 38% 至 39%。

Third on CapEx.

資本支出第三。

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

隨著我們繼續看到全球強勁的需求信號，我們預計按應計美元計算的資本支出將連續增長。

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，我們預計商業雲的毛利率將與第三季度大致持平，即使 Azure 收入組合增加，也代表了另一個季度的實質性同比增長。

Now to the segments.

現在到細分市場。

In Productivity and Business Processes, we expect revenue between $9.55 billion and $9.75 billion.

在生產力和業務流程方面，我們預計收入在 95.5 億美元至 97.5 億美元之間。

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.

我們預計 Office 商業增長率將正常化，因為我們預計多年期合同的季度內確認水平不會與我們在第三季度看到的水平相同。

Dynamics should see another quarter of double-digit revenue growth, driven by Dynamics 365 and LinkedIn growth should remain high.

在 Dynamics 365 和 LinkedIn 增長的推動下，Dynamics 應該會再看到一個兩位數的收入增長。

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.

在智能雲方面，我們預計收入將在 89.5 億美元至 91.5 億美元之間，另外四分之一的服務器產品和雲服務收入將增長到十幾歲，因為我們的混合雲領導地位繼續成為客戶的差異化因素。

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 總收入增長將反映我們在基礎設施、數據和應用程序服務方面的持續實力與我們的每用戶基礎服務（如 EMS）的適度增長之間的平衡。

In More Personal Computing, we expect $10.3 billion to $10.6 billion.

在更多個人計算方面，我們預計為 103 億至 106 億美元。

Across both OEM Pro and non-Pro, we anticipate trends in Q3 to continue into Q4.

在 OEM Pro 和非 Pro 中，我們預計第三季度的趨勢將持續到第四季度。

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.

在我們的設備業務中，隨著我們繼續過渡到我們產品組合中的最新產品，我們預計 Surface 收入將增長十幾歲。

Search ex TAC should see another mid-teens revenue growth quarter as it has the entire year.

Search ex TAC 應該會看到另一個十幾歲的收入增長季度，就像全年一樣。

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.

在遊戲方面，我們預計第三季度的收入增長率會更高，因為我們繼續受益於第三方遊戲的表現和我們平台上的用戶參與度。

We expect COGS between $9.6 billion and $9.8 billion, including 1 point of growth from FX.

我們預計銷貨成本在 96 億美元至 98 億美元之間，其中包括 1 個來自外彙的增長點。

We expect operating expenses of $9.8 billion to $9.9 billion, with 1 point of growth from FX.

我們預計運營費用為 98 億美元至 99 億美元，其中外匯增長 1 個百分點。

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.

這將使我們略高於我們先前全年運營費用增長范圍的高端，因為外彙和增加收入驅動的費用支持我們持續強勁的收入增長。

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.

在第四季度，我們預計其他收入和支出約為 3.5 億美元，因為我們將繼續從我們的股票投資組合中獲取收益並賺取股息和利息收入，就像我們在前幾個季度所做的那樣。

We expect our effective tax rate in Q4 to be approximately 16%, with some volatility in the final quarter of our fiscal year.

我們預計第四季度的有效稅率約為 16%，在我們財政年度的最後一個季度會有一些波動。

Finally, I want to offer a few early thoughts on FY '19.

最後，我想提供一些關於 19 財年的早期想法。

Assuming the macro environment remains consistent, many of the key drivers of our business should remain intact.

假設宏觀環境保持一致，我們業務的許多關鍵驅動因素應該保持不變。

Revenue growth will continue to be driven by the transition to cloud services.

收入增長將繼續受到向雲服務過渡的推動。

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.

在我們的商業業務中，強大的執行力和我們差異化的混合地位應該會推動我們的服務器產品和雲服務收入 KPI 的持續高速增長。

Office 365, Dynamics 365 and LinkedIn should also continue to drive double-digit revenue growth in our Productivity and Business Processes segment.

Office 365、Dynamics 365 和 LinkedIn 也應繼續推動我們的生產力和業務流程部門的兩位數收入增長。

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.

每個商業雲服務的毛利率百分比將繼續提高，Azure IaaS 和 PaaS 基於消費的服務改進更多，而我們的每用戶 SaaS 服務改進更少。

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.

雖然我們預計整體商業雲毛利率將持續改善，但收入組合向 Azure 的轉移將減緩相對於 18 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.

我們將繼續增加對資本支出的投資，以滿足對我們的雲服務不斷增長的需求。

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.

憑藉我們交付的業務成果和我們看到的巨大機遇，我們將繼續看到我們討論的關鍵領域的運營費用增長，包括 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.

我們預計其他收入和支出在 19 財年將略微為負，因為我們預計不會有任何顯著的股權收益。

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，我們繼續預計 19 財年全年有效稅率將略低於新的美國公司稅率 21%，由於雲計算收入與許可收入的混合以及股權歸屬的時機，各季度的可變性.

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

有了這個，邁克，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move over to Q&A.

我們現在將轉到問答環節。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

(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集團的 Heather Bellini。

Great.

偉大的。

You guys are seeing a really nice acceleration in Intelligent Cloud gross profit growth.

你們看到了智能雲毛利潤增長的非常好的加速。

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.

隨著 Azure 的高級服務連續 15 個季度實現三位數的增長，我知道你提到了一些關於毛利率上升的定向評論。

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?

但是，我們如何看待從這裡開始毛利率增長的步伐——特別是對於 Azure，當你接近我們估計的年化收入約為 80 億美元的業務時？

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?

我想，另一件有幫助的事情是，當你想到商業雲的 COGS 時，你能給我們大致了解一下資本支出折舊佔 COGS 的百分比嗎？

So maybe I'll start and then I'll have you, Amy, go into some of the numbers.

所以也許我會開始，然後我會讓你，艾米，進入一些數字。

One of the things, Heather, that's happening is there is growth in Azure across each of the layers.

Heather，其中一件事是 Azure 的每一層都有增長。

And I think I've said this before.

我想我之前已經說過了。

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.

有時，當您有新的工作負載和新客戶加入時，從某種意義上說，他們從 IaaS 和數據開始，更多的是在 Blob 存儲中，然後擴展到更高層的服務，例如我們的 Cosmos DB 甚至我們的一些計算更高級別的服務，例如 AI。

So that, I think, will continue because we're still in the early innings of the cloud transition.

因此，我認為這將繼續下去，因為我們仍處於雲過渡的早期階段。

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.

我們正在積極投資，無論是在現場還是資本支出方面，以吸引更多客戶和每位客戶的更多工作負載。

So they will have that same profile, which is lower-margin services first, higher-margin services over time.

因此，他們將擁有相同的配置文件，首先是利潤率較低的服務，隨著時間的推移會提供更高利潤率的服務。

That's just inside of Azure.

這只是在 Azure 內部。

And of course, you combine that with the rest.

當然，你把它和其他的結合起來。

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.

我認為應該相當清楚的一件事是我們在 Office 365 中的服務以及圍繞數據的 Dynamics 365 之間的高度相關性，尤其是與 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.

所以這就是為什麼我們認為這是一個雲遊戲，但這應該讓您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.

我認為對於您的具體問題，其中有一對，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.

如果您考慮我們的商業雲毛利率中來自折舊的部分，最好將其視為大約一半。

And actually, it's been going up as we begin to get scale through these services over time, actually.

實際上，隨著時間的推移，隨著我們開始通過這些服務擴大規模，它一直在上升。

Some of the fixed costs, frankly, even in COGS, tend to come down as a percentage over time.

坦率地說，即使在 COGS 中，一些固定成本也會隨著時間的推移而下降。

So that should help you roughly to think about how much depreciation is to that number.

因此，這應該可以幫助您粗略地考慮該數字的折舊程度。

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.

現在，如果您考慮一下我們在智能雲領域所經歷的動態，特別是我傾向於考慮的方式，正如您所看到的，我們本季度在該服務器和產品服務 KPI，按固定貨幣計算為 17%，並且有信心您應該繼續看到這一點，正如我所說，到第四季度，然後到 19 財年也是如此。

I tend to think about that as we'll have significant revenue growth in that segment.

我傾向於考慮這一點，因為我們將在該領域實現顯著的收入增長。

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.

我們將在該細分市場實現顯著的毛利率美元增長，您實際上將繼續看到該細分市場的營業利潤率美元增長同樣顯著，即使我們對其進行再投資，考慮到頂線信號。

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.

如果你特別考慮毛利率，你會看到 Azure 繼續佔總收入增長的百分比。

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.

因此，即使再次有了顯著的改進，而且 Satya 所說的，Azure 中的一些較低級別的 IaaS 和 PaaS 服務在毛利率方面，到 19 年，你會看到該細分市場的毛利率百分比壓力很大，但需要大量資金生長。

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

下一個問題來自與 AllianceBernstein 的 Mark Moerdler。

CapEx increased significantly this quarter, $2.9 billion, you said, in cash and property and equipment.

您說，本季度的資本支出顯著增加，達到 29 億美元，包括現金、財產和設備。

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.

我們知道您進行了擴建——您在需求之前對數據中心的佔地面積進行了大量投資，但您並沒有提前那麼遠地擴建設備本身。

Is there a large corporate or government requirement or is it the acceleration in new data centers that ended up causing that lift?

是否有大型企業或政府要求，或者是新數據中心的加速最終導致了這種提升？

Or is there something else driving it?

還是有其他東西在驅動它？

And as a follow-up, how should we think about that for the next couple of quarters?

作為後續行動，我們應該如何考慮接下來的幾個季度？

Thanks, Mark.

謝謝，馬克。

I actually didn't think of it as a significant change in trajectory from what we expected.

實際上，我並不認為這是我們預期的軌跡發生重大變化。

A year ago, Q3 was actually a little low.

一年前，第三季度實際上有點低。

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.

因此，在逐年的基礎上，我認為它會突然出現一點點，馬克，當實際上是按順序計算時，我實際上並不認為，它看起來不合時宜，尤其是對於我們的需求類型。不僅針對 Azure，而且針對所有云組件。

Those growth rates, really at 58% on that total cloud number, it's pretty good demand signal on a global basis.

這些增長率，實際上是總雲數量的 58%，這在全球範圍內是一個非常好的需求信號。

So I hear you on a year-over-year basis, but Q3 was a little funny a year ago on that front.

所以我每年都聽到你的消息，但一年前第三季度在這方面有點好笑。

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.

我們將繼續真正監控該供應鏈中的實際設備和你有什麼，如果有的話，我們在那裡有很多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.

我想說，馬克，雖然我很欣賞你的觀點——我們確實提前建立了數據中心，但顯然數據中心的大部分成本都在裡面的設備上。

And so while this really is -- the majority of this spend is servers.

因此，雖然這確實是 - 大部分支出是服務器。

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 Keith Weiss。

And really nice quarter across the board.

和非常好的季度全面。

There's really not much to pick on in this quarter.

本季度確實沒有什麼可挑剔的。

One of the highlights from my perspective was definitely LinkedIn and what seems to be an acceleration in the revenue growth in LinkedIn.

從我的角度來看，其中一個亮點肯定是 LinkedIn，而且 LinkedIn 的收入增長似乎在加速。

So 2-parter here.

所以這裡是 2-parter。

One, where are we in terms of that acquisition?

一，就收購而言，我們在哪裡？

Is this still just LinkedIn operating better as an independent company?

這仍然只是LinkedIn作為一家獨立公司運營得更好嗎？

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?

我們是否開始看到一些協同效應，特別是收入協同效應，可能來自他們從微軟或產品集成獲得的更廣泛的分銷渠道？

So have synergies started to kick in, number one?

那麼協同效應開始發揮作用了嗎，第一？

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?

第二，考慮到我們在 LinkedIn 上的併購流程，微軟在未來的基礎上對進一步的併購（比如大型併購）有什麼興趣？

Thanks, Keith, for the question.

謝謝，基思，這個問題。

Let me start and then, Amy, you can add to this.

讓我開始，然後，艾米，你可以補充一下。

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.

首先，確保我們盡一切努力使 LinkedIn 能夠保持其產品和文化精神，即會員至上並代表他們進行創新，這對我們來說非常重要。

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.

我的意思是，這是優先級 1、2 和 3。這就是你在他們的會話增長、參與度增長和質量成員增長中看到的。

And obviously, that all translates into the revenue growth as well across all of the marketing solutions, talent solutions and sale solutions.

顯然，這一切都轉化為所有營銷解決方案、人才解決方案和銷售解決方案的收入增長。

We also, during that 1 year, done integrations.

在那一年中，我們還進行了集成。

You see it -- I see it every day in my Outlook mobile.

你看到了——我每天都在我的 Outlook 手機上看到它。

I see it in Sales Navigator and Dynamics.

我在 Sales Navigator 和 Dynamics 中看到了它。

And so you will see us -- and with Windows 10.

因此，您將看到我們——以及使用 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.

因此，您將看到我們繼續進行這些集成，為 Microsoft 365 和 Dynamics 用戶以及 LinkedIn 成員再次增加價值。

And clearly, that's increasing engagement as well.

顯然，這也在增加參與度。

And that obviously then translates into revenue growth of those business solutions we mentioned.

這顯然會轉化為我們提到的那些業務解決方案的收入增長。

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.

所以是的，收入協同效應正在顯現，但主要是因為產品協同效應正在顯現，這是因為LinkedIn圍繞會員至上的產品精神是我們在整個整合過程中一直保持的。

And I will also add, Keith, the LinkedIn team has really done a tremendous job.

我還要補充一點，Keith，LinkedIn 團隊確實做得非常出色。

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.

所以我還要說，在與他們密切合作一年之後，我很感激，坦率地說，我認為你在我們自己的產品開發中看到的很多靈感是他們對用戶的關注，以及它的重要性和關注度在上面。

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.

在某些產品中，我會敦促人們關注 Outlook Mobile 體驗以及這些體驗對用戶和會員的真正意義。

And I think sometimes it's harder for us to measure exactly what a revenue synergy means.

而且我認為有時我們更難準確衡量收入協同效應的含義。

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.

但我想我看著這個並說，“以 37% 的增長率加上我們已經看到的一些集成以及 Outlook Mobile 之類的使用和用戶的增長，我相信我們可能有點隨著時間的推移，您將在產品中看到收入協同效應的前端。”當談到我們對併購的興趣時，我認為它實際上保持不變，這是當事情符合我們的標準時，當我們覺得它處於我們的核心領域時，市場正在擴大，公司擁有獨特的資產，我認為我們——我們既能執行這些任務，又能看到它們既能獨立執行又能在微軟內部執行，我實際上感覺很好，我們的——我們不擔心我們執行這些任務的能力，但是我不會說這是本季度的新內容。

Yes.

是的。

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.

我想補充一點，無論是 Minecraft 還是 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我們如何使這種文化增值，管理時間增加以及收入。

And that's where we're building good muscle and we'll continue on that.

這就是我們建立良好肌肉的地方，我們將繼續努力。

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 Karl Keirstead。

And just to start, Satya and team, congrats on getting Microsoft to over 10% organic growth.

首先，Satya 和團隊祝賀微軟實現了超過 10% 的有機增長。

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.

對於您這樣規模的公司來說，這是一項巨大的成就，看起來您對 6 月季度的預期也一樣，所以恭喜。

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.

所以我想，我的問題是本著這個精神，對艾米來說，在你查看 19 財年時，關於整體增長利潤率的權衡。

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.

艾米，當我回到你差不多一年前的分析師日時，我認為你的信息真的是你要推動收入增長，而不是大的利潤槓桿。

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?

所以我只是想知道，當我們研究 19 財年時，是否可以假設這是一個類似的框架，專注於頂線增長，而不是對毛利率的整體改善抱有太大期望？

Thanks, Karl.

謝謝，卡爾。

Yes, I think that's a fair interpretation of my commentary both last year and this, which really speaks to consistency.

是的，我認為這是對我去年和本次評論的公平解釋，這確實說明了一致性。

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.

我確實相信我們經營的市場，我們選擇的資產，我們建立的團隊，我們對銷售團隊的投資，甚至在某種程度上，我們所做的收購，這些都顯示為我們的收入增長。

You see it this quarter.

你會在本季度看到它。

You see it, frankly, in the guide.

坦率地說，你在指南中看到了它。

And I think your interpretation that our focus on being a growth company, even at our scale, is certainly the right interpretation.

而且我認為您對我們專注於成為一家成長型公司的解釋，即使在我們的規模上，這當然是正確的解釋。

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

下一個問題來自花旗集團的沃爾特·普里查德（Walter Pritchard）。

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.

我想，我想，Amy 和 Satya 的組合，如果你能談談 Azure 增長的前瞻性觀點，以及我們應該如何考慮進入 19 年的驅動因素。

New customers, existing consumption, premium services and we're growing at eye-popping rates right now.

新客戶、現有消費、優質服務，我們現在正以驚人的速度增長。

We saw that with Office 365 in the early days.

我們在早期的 Office 365 中看到了這一點。

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?

我們應該如何期望這項業務隨著時間的推移而趨於平穩，因為我認為它不可避免地會在我們期待明年的時候出現？

Yes, and I'll start qualitatively.

是的，我將從定性開始。

And it's true that we are, at this point, at scale on Azure and with very, very high growth rates.

確實，在這一點上，我們已經在 Azure 上實現了規模化，並且增長率非常非常高。

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.

但正如我所說，我認為我們考慮的關鍵是 Azure 在每個級別上的差異化，因為這對我們在這個市場上競爭時非常重要，更重要的是，在我們擁有的差異化領域加倍努力。

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.

因此，第一件事是基礎設施本身，結合了邊緣和雲，我相信，在 Azure Stack 和 Azure 以及我們的服務器之間，我們擁有用於混合計算的最佳雲平台我們將繼續推動這一點，因此您會看到剛剛獲得不同利潤率的增長。

The layer about that is the place which we are very excited about.

關於那一層是我們非常興奮的地方。

You've seen lots of consecutive quarters of growth in our high-level services but we're now seeing some good scale.

您已經看到我們的高級服務連續幾個季度增長，但我們現在看到了一些不錯的規模。

I, for the first time, talked about Cosmos DB.

我第一次談到 Cosmos DB。

This was actually a database we just launched last year.

這實際上是我們去年剛剛推出的數據庫。

I mean, I've been around databases for a long time.

我的意思是，我已經研究數據庫很長時間了。

I've never seen a product that's gotten to this kind of scale this quickly.

我從未見過如此迅速達到這種規模的產品。

And so we're very bullish about what can happen in the higher-level services and we'll continue to build on that piece.

因此，我們非常看好在更高級別的服務中可能發生的事情，我們將繼續在這方面進行建設。

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.

但正如我所說，關鍵的事情之一是架構，我們構建 Azure 的方式、我們構建 Office 365 的方式、我們構建遊戲雲的方式以及我們構建 Dynamics 的方式幾乎都是一個架構。

And you see that even in the way customers use it.

您甚至可以從客戶使用它的方式中看到這一點。

So overall to your specific question on Azure, the growth will moderate as the numbers become big, and they've already become very big.

因此，總體而言，對於您在 Azure 上的具體問題，隨著數字變大，增長將放緩，而且它們已經變得非常大。

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.

但話雖如此，我們看到了以美元計算的總毛利率增長的大量機會，這僅僅是因為我們參與的市場數量眾多，順便說一句，我們從未參與過舊的服務器世界。

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.

沃爾特，我認為你看到這種表現的方式真的是我在 19 財年的談話中，就 Satya 而言，我們真的談到了服務器產品和 KPI 在 19 財年處於青少年時期。

We're really confident in double-digit growth in that PBT segment with the components of Office 365, Dynamics 365 and LinkedIn.

我們對使用 Office 365、Dynamics 365 和 LinkedIn 的組件在 PBT 細分市場實現兩位數增長充滿信心。

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.

因此，如果您將其視為我們商業雲的主要組成部分，總體而言，我們肯定會說這是一項增長非常快的大業務，價值 60 億美元，不包括 LinkedIn。

At 58% growth, it certainly speaks to having a big base and a big growth number.

以 58% 的增長速度，這無疑意味著擁有龐大的基數和龐大的增長數字。

On Azure, you're right.

在 Azure 上，您是對的。

It will moderate through next year.

它將緩和到明年。

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.

但是由於它的運營規模，這就是為什麼您仍然看到服務器 KPI 保持在如此高的水平，即使基礎增長。

And so you will see also some different dynamics within that Azure revenue number.

因此，您還將在該 Azure 收入數字中看到一些不同的動態。

Satya mentioned the layers of Azure.

Satya 提到了 Azure 的層次。

If you think about the IaaS and PaaS numbers, I would expect to be on the higher end of growth rates.

如果你考慮 IaaS 和 PaaS 的數字，我預計增長率會更高。

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.

還有一些更多的每用戶服務，比如 Azure 框架內的 EMS，你會期望增長會更快地放緩，因為它是每座位的業務。

You will actually, over time, see us be able to continue to add ARPU and growth in those segments.

實際上，隨著時間的推移，您將看到我們能夠繼續增加這些細分市場的 ARPU 和增長。

Think of it almost like an Office business.

把它想像成一個辦公室業務。

Internally, we call that component part of our Microsoft 365 value.

在內部，我們稱其為 Microsoft 365 價值的組成部分。

That's how we sell it externally even.

這就是我們對外銷售的方式。

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.

因此，希望這有助於為這個數字以及我們繼續增加混合雲機會的整體能力提供一些背景信息。

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.

Satya，您談到了您在應用程序業務和 LinkedIn 之間看到的協同作用，幫助這 2 人擺脫困境。

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?

想知道您是否可以就 Azure 中的應用程序和企業應用程序進行高層次和戰略性的討論，以及您如何看待它們之間可能出現的協同作用，尤其是當您考慮 Azure AI、ML 服務時問題是我們在 Dynamics 等領域看到的增長等應用程序有多重要或有多重要？

Yes, I mean, one of the things that I talked about in my remarks this time was this power platform.

是的，我的意思是，我這次講話中談到的一件事就是這個權力平台。

One of the areas of, in fact, real breakout growth in differentiation as being in Power BI, Power Apps and Flow.

事實上，差異化真正突破性增長的領域之一是 Power BI、Power Apps 和 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.

事實上，在我們自己的 Microsoft 歷史中，我們第一次擁有與 Office 365 和 Dynamics 365 相同的可擴展性模型。

This has been a dream of mine for, I don't know, for 15 years probably.

我不知道，這可能是我 15 年以來的夢想。

And we are finally here and we are executing super well.

我們終於來了，我們執行得非常好。

But the interesting thing is it's not just even for our own SaaS applications.

但有趣的是，它甚至不僅適用於我們自己的 SaaS 應用程序。

It is the extensibility model for every SaaS application out there, including a common data model.

它是每個 SaaS 應用程序的可擴展性模型，包括通用數據模型。

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.

所以我認為，這就是協同效應的所在，因為人工智能從擁有一個數據資產開始，它可以真正將來自所有應用程序、孤島的數據在某種意義上整合在一起，這樣你就可以開始做，建立一種分析能力，你可以然後使用 Power BI 可視化並交到人們手中，或者運行一個 AI 模型，該模型可以進行一些可以部署在系統中的預測，無論是預測、銷售線索評分等等。

So that workflow, we have every layer of it.

所以這個工作流程，我們有它的每一層。

We have the best deployment tools and development tools in Azure.

我們擁有 Azure 中最好的部署工具和開發工具。

We have this common data model.

我們有這個通用的數據模型。

On top of this, we have the best BI visualization technology.

最重要的是，我們擁有最好的 BI 可視化技術。

So that's what you're seeing increasingly as the synergy.

所以這就是你越來越多地看到的協同作用。

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.

但最重要的是，客戶的架構優勢，因為通過圍繞這些層的不連貫性，您可能會覺得您在各個層中做出了一些同類最佳的選擇，但您將在整體敏捷性中承擔這筆費用以及您對數據的整體管理。

And that's where I think we will be very differentiated.

這就是我認為我們將非常差異化的地方。

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

下一個問題來自 RBC Capital Markets 的 Ross MacMillan。

(technical difficulty)

（技術難度）

Okay.

好的。

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

我們將繼續討論下一個問題，該問題來自 Brad Reback 和 Stifel 的系列。

Maybe Amy, quick question.

也許艾米，快速的問題。

The Windows OEM Pro business has been extraordinarily strong the last few quarters.

過去幾個季度，Windows OEM Pro 業務異常強勁。

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?

您能否讓我們了解一下你們在 Windows 10 企業升級週期中的滲透程度以及這種增長的可持續性？

Thanks, Brad.

謝謝，布拉德。

Let me -- first, I wouldn't say penetration is the word for this.

讓我 - 首先，我不會說滲透是這個詞。

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.

讓我用 2 個甚至幾個組件來討論這個問題，因為當您考慮 Windows 10 時，我們在過去幾年中看到的是您是對的，一個非常強大的企業部署週期和對該產品的真正吸引力企業內部因為產品本身的安全價值支撐。

When you see that deployment for security reasons, an externality of that is people often choose to upgrade machines in that process.

當您出於安全原因看到該部署時，其外部性是人們經常選擇在該過程中升級機器。

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.

我們在商業實體內部看到了良好的需求，並且當他們進行這些升級以購買 Windows PC 和通常選擇的 Surface 設備時。

I think it's benefited our OEM partners and us.

我認為這使我們的 OEM 合作夥伴和我們都受益。

The portfolio of devices that are available are incredibly compelling.

可用的設備組合非常引人注目。

I think our partners have done a terrific job on that as well.

我認為我們的合作夥伴在這方面也做得非常出色。

The overall economy is certainly also quite good.

整體經濟當然也相當不錯。

And the installed base had actually gotten older.

安裝基礎實際上已經變老了。

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.

所以我認為你開始看到的是一個過程，其中有一個偉大的產品，有一個良好的宏觀環境。

And you've got customers who really want to move to a modern infrastructure.

而且您的客戶確實想要遷移到現代基礎架構。

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.

現代基礎設施的核心必須是安全的，正如您通過事件的匯合所看到的那樣，這可能會導致一個非常強大的 PC 市場和非常強大的 Pro 性能。

And I -- and certainly, the guide for Q4 continues to imply all those factors.

我——當然，第四季度的指南繼續暗示所有這些因素。

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

我們的下一個問題來自瑞士信貸的 Michael Nemeroff。

Satya or Amy, can you help us understand the large revenue outperformance and guide for continued strong growth in gaming?

Satya 或 Amy，你能幫助我們了解巨大的收入表現並指導遊戲持續強勁增長嗎？

And Amy, could you please give us a sense of the margin profile of the areas of gaming that exceeded expectations?

艾米，您能否告訴我們超出預期的遊戲領域的利潤率概況？

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.

如果您也可以在遊戲保證金的背景下評論 MPC 保證金的強度，那將很有幫助。

Yes, I can start and then (inaudible) even on gaming, very much like how we talk about some of our commercial segments.

是的，我可以開始，然後（聽不清）甚至是遊戲，就像我們談論我們的一些商業領域一樣。

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.

我們已經制定了一項戰略，這確實有助於我們闡明增長機會以及我們在各個層面的投資。

So first is the console itself is the highest engagement console out in the marketplace.

首先是控制臺本身是市場上參與度最高的控制台。

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.

因此，無論何時推出一款新遊戲，無論是第一方還是第三方發布，Xbox 是推動最佳參與度的地方，這對我們有利。

So as a platform owner, that's a great growth area for us.

因此，作為平台所有者，這對我們來說是一個巨大的增長領域。

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.

但我們不會止步於此，因為現在我們擁有了，無論是 Xbox Live，無論是 Game Pass 還是 Mixer，這些都是真正為遊戲玩家服務的額外機會，因為他們在不同平台上玩更多遊戲或觀看遊戲。

So that's the other big opportunity.

所以這是另一個大機會。

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.

但最後一個，我認為是新的，並且已經在 Azure 增長方面產生了紅利，我們已經了解了使用我們的這些第一方遊戲中的任何一個意味著什麼並將其構建為 Azure 中面向遊戲開發人員的 PaaS 服務，而 PlayFab 的收購直接說明了這一點。

So those are all the various levers we have in gaming.

所以這些都是我們在遊戲中擁有的各種槓桿。

And you'll see it in the MPC segment and you'll see it, as I said, increasingly over time even on Azure.

你會在 MPC 領域看到它，正如我所說，隨著時間的推移，甚至在 Azure 上也會越來越多地看到它。

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.

我認為，Michael，如果你不介意，我會稍微擴展你的問題，因為我不認為 MPC 指南的增加僅僅是遊戲。

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.

所以讓我談談組件，我認為哪些組件更可持續，哪些組件可能具有時間性質。

The performance in Q3 and the guidance for Q4 shows actually strong performance in a number of places that we expect to continue.

第三季度的表現和第四季度的指導實際上顯示了我們預計將繼續的許多地方的強勁表現。

OEM Pro is a terrific example for the reasons I just gave in Brad's question.

由於我剛剛在 Brad 的問題中給出的原因，OEM Pro 就是一個很好的例子。

Windows commercial, which is really the business inside the enterprise of selling much of the security value on a far more annuity like basis.

Windows 商業，這實際上是企業內部的業務，以更類似於年金的方式出售大部分安全價值。

We've seen strong double-digit billings growth there and we expect that to continue into Q4 as well.

我們在那裡看到強勁的兩位數增長，我們預計這種情況也將持續到第四季度。

The next piece that I would say is a part of that sort of uplift in Q4 is our Surface device.

我要說的下一個部分是第四季度這種提升的一部分是我們的 Surface 設備。

The reception to Surface Book 2 as well as Surface Pro with LTE has been quite good.

Surface Book 2 和配備 LTE 的 Surface Pro 的反響非常好。

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.

你看到我們在第四季度再次反映了這一點，即使當你看到非常大的增長率時，對我們來說，可比性變得比第三季度更加困難。

We're still expecting high teens there.

我們仍然期待那裡的青少年。

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.

然後你會看到遊戲組件，特別是 Satya 所說的，Xbox 軟件和服務組件是我希望看到第三季度延續影響的地方。

Part of that, I want to be very clear, is consistent, even going back a few quarters.

其中一部分，我想非常清楚，是一致的，甚至可以追溯到幾個季度。

That has been a double-digit grower.

這是一個兩位數的增長。

It will be a double-digit grower.

這將是一個兩位數的增長。

There'll be some volatility in the number like anything else.

像其他任何事情一樣，這個數字會有一些波動。

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.

第三方熱門遊戲將像本季度一樣將其推高，我們預計在第四季度，但該業務也有一個非常強大的基礎，這是 Satya 所說的擁有一個充滿活力的平台的結果與相信它的粉絲一起，帶著所有增加的價值來到它。

So that's how -- okay, great.

就是這樣——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 RBC Capital Markets 的 Ross MacMillan。

Hopefully, the line is clear this time.

希望這次界限清晰。

So Satya and Amy, I wanted to ask about server products because striking growth this quarter, given the comp.

所以 Satya 和 Amy，我想問一下服務器產品，因為本季度有驚人的增長，考慮到競爭。

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.

艾米，你談到了第四財季的預期實力，我想所有這些都證明了你所擁有的那種混合領導力的力量。

The 2 questions, though, were really, is that strength in server products broad-based across Windows Server, SQL Server, System Center, et cetera?

不過，這兩個問題確實是，服務器產品的優勢是否廣泛地覆蓋了 Windows Server、SQL Server、System Center 等？

Or is there any sort of bias in the mix, if you will, in terms of what's driving that strength?

或者，如果你願意的話，在推動這種力量的因素方面，是否存在任何偏見？

And then Satya, you mentioned Cosmos DB and that was a striking number to me as well.

然後 Satya，你提到了 Cosmos DB，這對我來說也是一個驚人的數字。

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?

我只是好奇，你認為，現在你有市場上的多模型數據庫，那可以幫助你在數據管理數據庫領域佔據市場份額嗎？

Yes.

是的。

I mean, I'll take the second one.

我的意思是，我會拿第二個。

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.

我認為是的，我的意思是，Cosmos DB 非常獨特的能力，結合我們在數據層、人工智能層和基礎設施層所做的一切，我認為我們有一個巨大的機會，因為正如我所說，人工智能時代主要是第一個數據時代。

And that's where I think the opportunity lies.

這就是我認為機會所在。

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.

但是對於你之前的問題，即使有很多趨勢，Amy 在她的發言中也提到了這一點，例如，虛擬化仍然是服務器產品的增長動力。

The other growth driver of server products is cybersecurity and the security value in our servers.

服務器產品的另一個增長動力是網絡安全和我們服務器的安全價值。

So that's one.

所以這是一個。

The fact that we now have SQL and, for example, when you think about SQL itself, it's a hybrid product.

事實上，我們現在擁有 SQL，例如，當您考慮 SQL 本身時，它是一個混合產品。

You can tier SQL databases with the cloud.

您可以將 SQL 數據庫與雲分層。

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.

SQL 是一種 AI 產品，因為我們是一個真正允許您在原地編寫 Python 和 R 並將過程直接存儲在數據庫中的數據庫。

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.

例如，當我們談論數據和接近數據的人工智能時，因為計算總是在數據所在的地方進行，並且大量數據出現在關係數據庫中，我們在那裡也有增長動力。

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.

然後是混合選擇，有人正在建造一個智能工廠，他們現在正在尋找並說，“我在工廠部署的服務器是什麼來管理工廠中數百萬個傳感器？”這就是 Azure Stack 出現的地方。

So multiple drivers of what is essentially the server and cloud number in combination.

因此，本質上是服務器和雲數量組合的多個驅動程序。

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.

至於您對組件的看法，即使具有強硬可比性的本地組件也表現良好，讓我將 Satya 的評論分為兩種實際上更持久的驅動程序。

And it's across both Windows in particular, but also SQL, which are obviously the largest products within our server portfolio.

它不僅適用於 Windows，而且適用於 SQL，這顯然是我們服務器產品組合中最大的產品。

The first, exactly with hybrid demand.

第一個，完全符合混合需求。

We have something called hybrid -- Azure Hybrid Benefits.

我們有一種稱為混合的東西——Azure 混合權益。

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.

它所做的是真正為我們忠誠的客戶提供信心，購買本地服務器，讓他們在協議期間過渡到混合、雲計算，這實際上與他們的選擇、時間線和信心有關。

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.

因此，有了這項權利，他們就可以輕鬆地在 Windows 或 SQL 之間轉換，從而在 Azure 中獲得同樣的好處，而且價格略有上漲。

I think that has actually been a core component.

我認為這實際上是一個核心組成部分。

The second one was the virtualization drive or data center modernization, another one, do move the premium mix up a bit.

第二個是虛擬化驅動器或數據中心現代化，另一個，確實將溢價混合了一點。

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.

所以這就是——如果你想把它分解成另外兩個持續的東西，這些就是我們在這個數字中看到的東西類型。

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

我們的最後一個問題來自美銀美林的 Kash Rangan。

Last question will be the longest one, really, really long.

最後一個問題將是最長的一個，真的，真的很長。

Question for you, Satya.

你的問題，薩蒂亞。

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.

當您與大公司的 CEO 會面時，這是我們從其他軟件公司 CEO 那裡聽到的一個反復出現的主題，即數字化主題。

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.

你能不能幫助我們理解一下——特別是考慮到微軟的增長率正在加速，而 GDP 增長率就是 GDP 增長率。

So obviously, tech spending or IT spending as a percentage of GDP or revenue, average company revenue is going higher.

很明顯，技術支出或 IT 支出佔 GDP 或收入的百分比，公司平均收入正在上升。

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?

那麼，鑑於您非常獨特的觀點，您能否幫助我們，幫助我們了解我們一直在運營的 IT 基線是什麼？

When it comes to digital business transformation, what are the Phase 1, Phase 2, Phase 3 initiatives like?

談到數字業務轉型，第 1 階段、第 2 階段、第 3 階段計劃是什麼樣的？

Where are companies likely to spend more?

公司可能會在哪里花費更多？

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?

什麼樣的產品和服務是新的和即將推出的，或者你今天出售的產品和服務，它們構成了今天 IT 基線的增量擺動因素，而不是我們可能隨著業務流程數字化而走向的任何地方？

Yes, I mean, I think when we talk to customers and CTOs, CEOs, what have you, we talk about 4 digital transformational outcomes.

是的，我的意思是，我認為當我們與客戶和 CTO、CEO 交談時，我們會談論 4 種數字化轉型成果。

In fact, everything that we do across our solution areas are all ingredients to helping our customers achieve digital transformation objectives on.

事實上，我們在解決方案領域所做的一切都是幫助我們的客戶實現數字化轉型目標的要素。

For example, how do they engage their customers?

例如，他們如何吸引客戶？

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.

當我談到 Cosmos DB 的增長時，Cosmos DB 恰好是最好的數據庫產品之一，它能夠從各種不同的來源捕獲你想要的客戶信號。

That's one example of it.

這就是其中一個例子。

The second piece is, of course, around empowering your employees.

當然，第二部分是圍繞賦予員工權力。

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.

我的意思是，現在越來越成為每位 CEO 的第一要務之一就是確保將正確的工具、正確的產品擺在他們自己的員工面前，以便他們能夠做到最好的工作和協作。

So teams grow.

所以團隊成長。

That's a great example of how companies are modernizing their workforce with things like Microsoft 365.

這是公司如何使用 Microsoft 365 等工具實現員工現代化的一個很好的例子。

The third one is operational efficiency.

三是運營效率。

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.

當我們看到 Dynamics 365 的增長或 Azure IoT 的增長時，這就是 - 每個 IoT 項目最終都會成為一個現場服務項目。

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.

所以這是有人說的經典方式，“讓我感知一些東西，預測一些東西，然後使用現場服務進行實際修復。”所以這是我們處於有利位置的轉型成果。

And lastly, people are changing their business models.

最後，人們正在改變他們的商業模式。

You take somebody like Nalco Water.

你選擇像納爾科水這樣的人。

You could say they're a water company, but now they're pure water service company.

你可以說他們是一家自來水公司，但現在他們是純水服務公司。

In other words, they put sensors that allow them to actually deliver a very differentiated business model to their customers.

換句話說，他們放置了傳感器，使他們能夠真正為客戶提供非常差異化的商業模式。

And so that's the transformational outcomes we see.

這就是我們看到的轉型成果。

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.

我們認為，在微軟，我們在技術和一線銷售能力、服務能力和合作夥伴能力方面都處於有利地位，可以最好地滿足數字化轉型的需求。

Wonderful.

精彩的。

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

似乎 CRM、HCM、ERP、IoT，這些都是推動您成長的主要主題。

Very useful, insightful.

很有用，有見地。

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

今天財報電話會議的問答部分到此結束。

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

感謝您加入我們，我們期待很快與大家交談。

You can find additional details at the Microsoft Investor Relations website.

您可以在 Microsoft 投資者關係網站上找到更多詳細信息。

Thanks, everyone.

感謝大家。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference.

女士們，先生們，今天的電話會議到此結束。

Again, we thank you for your participation, and you may disconnect your lines at this time.

再次感謝您的參與，此時您可以斷開線路。