微軟 (MSFT) 2018 Q4 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2018 Fourth Quarter Earnings Conference Call.

您好，歡迎參加 Microsoft 2018 財年第四季度收益電話會議。

(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, Michael Spencer, General Manager, Investor Relations.

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

Thank you, sir.

謝謝你，先生。

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 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好的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

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

除非另有說明，否則我們將在電話會議上參考非 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 fourth quarter performance, in addition to the impact these items and events have 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四季度的業績。

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 business performed, excluding the effect of foreign currency rate fluctuations.

我們還將在可用時以固定貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外幣匯率波動的影響。

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

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

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

You can replay the call and view the transcript on the Microsoft Investor Relations website.

您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

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

在電話會議期間，我們將做出前瞻性陳述，即預測、預測和——或關於未來事件的其他陳述。

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 this 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、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及其他報告和提交給證券交易的文件的風險因素部分中討論的因素，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。

I'm proud of our strong results this quarter and even more proud of what we have accomplished over the last 12 months.

我為我們本季度的強勁業績感到自豪，更為我們在過去 12 個月中取得的成就感到自豪。

We delivered more than $110 billion in revenue for the full year with double-digit top line and bottom line growth.

我們全年實現了超過 1100 億美元的收入，實現了兩位數的頂線和底線增長。

And our commercial cloud business surpassed more than $23 billion in revenue for the year with gross margin expanding to 57%.

我們的商業雲業務全年收入超過 230 億美元，毛利率擴大到 57%。

The strength of our results reflects accelerating innovation and the trust customers are placing in us to power their digital transformation.

我們業績的優勢反映了加速創新和客戶對我們的信任，以推動他們的數字化轉型。

I shared our vision for the intelligent cloud and the intelligent edge a little over a year ago, a vision that is now quickly becoming reality and impacting every customer in every industry.

一年多前，我分享了我們對智能雲和智能邊緣的願景，這一願景現在正迅速成為現實，並影響著每個行業的每一位客戶。

Everything we have accomplished this year has been about accelerating our lead in this new era and the tremendous opportunity ahead.

今年我們所取得的一切都是為了加快我們在這個新時代和未來巨大機遇中的領先地位。

We focus on the right secular technology trends and growing markets and follow that up with solid road map execution.

我們專注於正確的長期技術趨勢和不斷增長的市場，並通過可靠的路線圖執行來跟進。

We've reorganized our engineering teams to break free of the categories of the past and better align with the emerging tech stack, from silicon to AI to experiences, to better serve the needs of our customers today and long into the future.

我們重組了我們的工程團隊，以擺脫過去的類別，更好地與新興的技術堆棧保持一致，從芯片到人工智能再到體驗，以更好地滿足我們客戶今天和未來的需求。

We reoriented our sales and marketing teams, adding industry and technical expertise to partner more deeply with our customers on their digital transformation journeys.

我們重新定位了我們的銷售和營銷團隊，增加了行業和技術專長，以便在客戶的數字化轉型之旅中與他們更深入地合作。

And most importantly, we drove innovation to deliver differentiated value across the cloud and the edge.

最重要的是，我們推動創新，在雲和邊緣提供差異化價值。

Now I'll briefly highlight some of our innovation and momentum.

現在我將簡要介紹我們的一些創新和動力。

We introduced Microsoft 365 to empower employees in the modern workplace.

我們推出了 Microsoft 365 以增強現代工作場所的員工能力。

Microsoft 365 is now a multibillion-dollar business that gives our customers a path to the cloud and broadens our reach with new and underpenetrated markets, including more than 2 billion first-line workers and industry-specific workflows.

Microsoft 365 現在是一項價值數十億美元的業務，它為我們的客戶提供了通向雲的途徑，並擴大了我們在新的和未充分滲透的市場中的影響力，包括超過 20 億一線員工和特定行業的工作流。

Across Microsoft 365, we are helping people be more productive, collaborate and stay secure on any device with AI-infused experiences they use every day, and it's driving usage.

在 Microsoft 365 中，我們通過他們每天使用的 AI 體驗幫助人們在任何設備上提高工作效率、協作和保持安全，並且正在推動使用。

We have more than 135 million users of Office 365 commercial.

我們擁有超過 1.35 億 Office 365 商業用戶。

Outlook mobile is being used on more than 100 million iOS and Android devices, and more than 200,000 organizations are using Microsoft Teams as the hub for teamwork.

超過 1 億台 iOS 和 Android 設備正在使用 Outlook 移動版，超過 200,000 個組織正在使用 Microsoft Teams 作為團隊合作的中心。

We invested to make Windows 10 the most modern, secure, always up-to-date operating system.

我們投資使 Windows 10 成為最現代、最安全、始終保持最新的操作系統。

Windows 10 is now active on nearly 700 million devices, and the growth of the enterprise deployments this year exceeded our expectations.

Windows 10 現在在近 7 億台設備上運行，今年企業部署的增長超出了我們的預期。

It was a record year for LinkedIn, now with more than 575 million members and revenue growth of 37% in Q4, the fifth consecutive quarter of revenue acceleration.

這是 LinkedIn 創紀錄的一年，現在擁有超過 5.75 億會員，第四季度收入增長 37%，連續第五個季度實現收入增長。

We saw record levels of engagement in job postings again this quarter, with sessions growth up 41% year-over-year.

本季度我們再次看到了創紀錄的招聘信息參與度，會話數同比增長 41%。

This strong engagement is driven by the quality of the feed, video messaging and acceleration of mobile usage, with mobile sessions up more than 55% year-over-year.

這種強大的參與度是由提要的質量、視頻消息傳遞和移動使用的加速推動的，移動會話同比增長超過 55%。

We will continually invest to make LinkedIn the essential platform to connect the world's professionals and help them achieve more with experiences powered by LinkedIn and Microsoft Graphs.

我們將不斷投資，使 LinkedIn 成為連接世界專業人士的重要平台，並通過 LinkedIn 和 Microsoft Graphs 提供的體驗幫助他們實現更多目標。

Dynamics 365 gives organizations an alternative to monolithic siloed suites of business applications with modular, modern extensible and AI-driven apps that unlock insights across every part of the organization, from sales to HR.

Dynamics 365 通過模塊化、現代可擴展和 AI 驅動的應用程序為組織提供了一種替代單一孤立的業務應用程序套件的方法，這些應用程序可以解鎖從銷售到人力資源的組織各個部分的洞察力。

It's gaining traction as our third commercial cloud growth engine with revenue up 61% year-over-year.

作為我們的第三個商業雲增長引擎，它越來越受到關注，收入同比增長 61%。

Our investments in Power BI, Power Apps and Flow as the new analytics and application platform are gaining significant momentum with ISVs and enterprise customers.

我們對 Power BI、Power Apps 和 Flow 作為新的分析和應用程序平台的投資正在獲得 ISV 和企業客戶的巨大動力。

Azure is the only hyperscale cloud that extends to the edge across identity, data, application, platform security and management.

Azure 是唯一一個跨身份、數據、應用程序、平台安全和管理擴展到邊緣的超大規模雲。

And our differentiated architectural approach drove another strong quarter of growth.

我們差異化的架構方法推動了又一個強勁的季度增長。

We're investing aggressively to build Azure as the world's computer.

我們正在積極投資，將 Azure 打造為世界計算機。

We expanded our global data center footprint to 54 regions, more than any other cloud provider, and with the most comprehensive compliance coverage in the industry.

我們將全球數據中心足跡擴展到 54 個地區，比任何其他雲提供商都多，並且具有業內最全面的合規性覆蓋。

We added nearly 500 new Azure capabilities in the last year alone, focused on both existing workloads and new workloads such as IoT and AI at the edge.

僅在去年，我們就增加了近 500 項新的 Azure 功能，重點關注現有工作負載和邊緣的 IoT 和 AI 等新工作負載。

We introduced Azure Stack and Azure Sphere, 2 first-of-their-kind cloud to edge solutions that are already seeing strong customer demand.

我們推出了 Azure Stack 和 Azure Sphere，這是同類中首創的兩種雲到邊緣解決方案，已經看到了強大的客戶需求。

We're democratizing data science and AI with Azure Cognitive Services, Azure ML and data services such as Azure Cosmos DB to help organizations of all sizes convert their data into insights and experiences for competitive advantage.

我們正在通過 Azure 認知服務、Azure ML 和 Azure Cosmos DB 等數據服務實現數據科學和人工智能的普及，以幫助各種規模的組織將其數據轉化為洞察力和體驗，從而獲得競爭優勢。

The world's leading companies are running on Azure, and I'm especially proud that Walmart chose Azure and Microsoft 365 to accelerate its digital transformation for their associates and customers.

世界領先的公司都在 Azure 上運行，我特別自豪沃爾瑪選擇 Azure 和 Microsoft 365 來加速其員工和客戶的數字化轉型。

In gaming, we are pursuing our expansive opportunity from the way games are created and distributed to how they're played and viewed, surpassing $10 billion in revenue this year for the first time.

在遊戲方面，我們正在尋求從遊戲的創建和分發方式到遊戲的播放和觀看方式的廣闊機會，今年的收入首次超過 100 億美元。

We're investing aggressively in content, community and cloud services across every endpoint to expand usage and deepen engagement with gamers.

我們正在積極投資於每個端點的內容、社區和雲服務，以擴大使用範圍並加深與遊戲玩家的互動。

The combination of Xbox Live, Game Pass subscriptions and Mixer are driving record levels of growth and engagement.

Xbox Live、Game Pass 訂閱和 Mixer 的結合正在推動創紀錄的增長和參與度。

Not only are we investing to grow organically but we're also investing inorganically in opportunities that expand our total addressable market and accrue value to our platforms and our customers.

我們不僅投資於有機增長，而且我們也在無機地投資於擴大我們的總潛在市場並為我們的平台和客戶創造價值的機會。

Take LinkedIn, we have united the world's leading professional cloud with the world's leading professional network and proved that we have an integration model that works, enabling LinkedIn to accelerate growth while retaining its member-first ethos.

以 LinkedIn 為例，我們將世界領先的專業雲與世界領先的專業網絡相結合，並證明我們擁有一種行之有效的集成模式，使 LinkedIn 能夠在保持會員至上精神的同時加速增長。

With GitHub, we recognize the increasingly vital role that developers play in value creation and growth in the era of the intelligent cloud and intelligent edge.

借助 GitHub，我們認識到開發人員在智能雲和智能邊緣時代在價值創造和增長中發揮著越來越重要的作用。

Our pending acquisition will enable us to bring our tools and services to new audiences while enabling GitHub to grow and retain its independence and develop a first ethos in community.

我們即將進行的收購將使我們能夠將我們的工具和服務帶給新的受眾，同時使 GitHub 能夠發展並保持其獨立性，並在社區中發展出第一精神。

PlayFab accelerates our vision to build a world-class cloud platform for the gaming industry across mobile, PC and console, and the addition of 5 new gaming studios bolsters our first-party content development to support our fast-growing gaming services.

PlayFab 加速了我們為移動、PC 和控制台的遊戲行業構建世界級雲平台的願景，並且新增 5 個遊戲工作室支持我們的第一方內容開發，以支持我們快速增長的遊戲服務。

Microsoft has always been a partner-led company, and partners increasingly see more opportunity on our platforms, inspiring leading companies like SAP, Adobe and GE as well as fast-growing start-ups, like InMobi, to play an even larger role in our vibrant and growing partner ecosystem, an asset that gives us scale in this new era.

微軟一直是一家以合作夥伴為主導的公司，合作夥伴越來越多地在我們的平台上看到更多機會，這激勵著 SAP、Adobe 和 GE 等領先公司以及 InMobi 等快速發展的初創企業在我們的平台上發揮更大的作用充滿活力且不斷發展的合作夥伴生態系統，這是在這個新時代為我們提供規模的資產。

In closing, our opportunity has never been greater.

最後，我們的機會從未像現在這樣大。

We will continue to innovate and invest across our solution areas and serving our customers and their unmet and unarticulated needs.

我們將繼續在我們的解決方案領域進行創新和投資，並為我們的客戶及其未滿足和未明確表達的需求提供服務。

With this tremendous opportunity comes great responsibility.

這個巨大的機會伴隨著巨大的責任。

We're relentlessly working to instill trust in technology across everything we do.

我們正在不懈地努力在我們所做的一切中灌輸對技術的信任。

It's why we will continue to lead the industry dialogue on trust, advocate for customer privacy, drive industry-wide cybersecurity initiatives and champion ethical AI.

這就是為什麼我們將繼續領導有關信任的行業對話、倡導客戶隱私、推動全行業的網絡安全計劃並支持道德人工智能。

Our investments and business model are fundamentally aligned with our customers' long-term interests and success.

我們的投資和商業模式從根本上與客戶的長期利益和成功保持一致。

This opportunity and responsibility grounds us in our mission to empower every person in every organization on the planet to achieve more.

這種機會和責任使我們的使命成為賦予地球上每個組織中的每個人以取得更多成就的使命。

I'm proud of our progress, and I'm proud of the more than 100,000 Microsoft employees around the world who are focused on our customers' success in this new era.

我為我們的進步感到自豪，我為全球 100,000 多名 Microsoft 員工感到自豪，他們專注於我們的客戶在這個新時代取得成功。

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

現在我將交給艾米，他將詳細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提問。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $30.1 billion, up 17% and 15% in constant currency.

本季度收入為 301 億美元，按固定匯率計算分別增長 17% 和 15%。

Gross margin dollars increased 19% and 16% in constant currency.

按固定匯率計算，美元毛利率分別增長 19% 和 16%。

Operating income increased 30% and 24% in constant currency.

按固定匯率計算，營業收入增長了 30% 和 24%。

Earnings per share was $1.13, increasing 7% and 3% in constant currency.

每股收益為 1.13 美元，按固定匯率計算分別增長 7% 和 3%。

As a reminder, FY '17 included a $1.8 billion tax benefit related to previously nondeductible phone losses.

提醒一下，17 財年包括與以前不可扣除的電話損失相關的 18 億美元稅收優惠。

In our largest quarter of the year, our sales teams and partners delivered exceptional commercial results.

在我們一年中最大的一個季度，我們的銷售團隊和合作夥伴取得了非凡的商業成果。

We saw strong performance in most of our geographic regions against a backdrop of favorable macroeconomic conditions and positive IT spending trends.

在有利的宏觀經濟條件和積極的 IT 支出趨勢的背景下，我們在大多數地理區域都看到了強勁的表現。

Customer commitment to our cloud platform continues to increase.

客戶對我們的雲平台的承諾不斷增加。

In FY '18, we closed a record number of multimillion-dollar commercial cloud agreements and more than doubled the number of $10 million-plus Azure agreements.

在 18 財年，我們達成了創紀錄的價值數百萬美元的商業雲協議，並將超過 1000 萬美元的 Azure 協議數量增加了一倍多。

Our annuity mix increased 3 points year-over-year to 89%.

我們的年金組合同比增長 3 個百分點，達到 89%。

As a result, commercial bookings increased 18%, even with a strong prior year comparable.

結果，商業預訂量增長了 18%，即使與上一年相比表現強勁。

Commercial unearned revenue was $29 billion, growing 23% and 21% in constant currency, significantly higher than anticipated due to stronger-than-expected cloud billings.

商業未實現收入為 290 億美元，按固定匯率計算分別增長 23% 和 21%，由於雲計費強於預期，顯著高於預期。

Our commercial cloud revenue was $6.9 billion, growing 53% and 50% in constant currency, with strong performance across the U.S., Western Europe and the U.K. Commercial cloud gross margin percentage increased 6 points to 58%.

我們的商業雲收入為 69 億美元，按固定匯率計算分別增長 53% 和 50%，在美國、西歐和英國表現強勁。商業雲毛利率百分比增長 6 個百分點至 58%。

In line with our commitment at the beginning of the year, we improved the gross margin percentage in each cloud service, with Azure seeing the most significant improvement.

根據我們年初的承諾，我們提高了每項云服務的毛利率百分比，其中 Azure 的改善最為顯著。

Our company gross margin percentage was 68%, ahead of our expectations, and up 1 point year-over-year from improvement in our More Personal Computing segment, driven by Surface.

我們公司的毛利率為 68%，超出了我們的預期，在 Surface 的推動下，我們的更多個人計算部門的改善同比增長 1 個百分點。

FX increased revenue growth by 2 points, 1 point lower than anticipated due to a stronger U.S. dollar.

由於美元走強，外匯收入增長 2 個百分點，比預期低 1 個百分點。

At the segment level, FX had a positive impact of 3 points on Productivity and Business Processes and Intelligent Cloud, and 1 point on More Personal Computing revenue.

在細分市場層面，FX 對生產力和業務流程以及智能雲產生了 3 分的積極影響，對更多個人計算收入產生了 1 分的積極影響。

The FX impact to COGS was immaterial.

外匯對 COGS 的影響並不重要。

This quarter, operating expenses grew 9% and 8% in constant currency, above our expectations, due to revenue-driven expense such as sales compensation, given the strength of the quarter, and severance expense primarily in our sales organizations, offset by FX favorability.

本季度，營業費用按固定匯率計算分別增長 9% 和 8%，高於我們的預期，原因是銷售薪酬等收入驅動的費用，鑑於本季度的強勁勢頭，以及主要在我們的銷售組織中的遣散費用，但被外匯優惠所抵消.

Strong revenue growth, improved device gross margin percentage and continued targeted investments in cloud engineering, cloud sales capacity and LinkedIn created operating income leverage.

強勁的收入增長、設備毛利率的提高以及對雲工程、雲銷售能力和 LinkedIn 的持續定向投資創造了營業收入槓桿。

This quarter, operating income increased again, up 3 points year-over-year.

本季度，營業收入再次增長，同比增長3個百分點。

Now to our segment results.

現在來看我們的細分結果。

Revenue from Productivity and Business Processes was $9.7 billion, increasing 13% and 10% in constant currency, in line with our expectations, even with the headwinds from a stronger dollar and a higher-than-anticipated mix of cloud billings in our Office commercial and Dynamics businesses during the quarter.

來自生產力和業務流程的收入為 97 億美元，按固定匯率計算分別增長 13% 和 10%，符合我們的預期，即使美元走強以及我們辦公室商業和業務中云計費組合高於預期的不利因素也是如此。本季度動態業務。

As a reminder, under ASC 606, cloud revenue is ratably recognized, while annuity on-premises revenue has a component of upfront recognition.

提醒一下，根據 ASC 606，雲收入是按比例確認的，而年金本地收入則包含預先確認的一部分。

A higher mix of cloud billings is reflected more on earned revenue and less in period recognition in a quarter.

更高的雲計費組合更多地反映在賺取的收入上，而更少地反映在一個季度的期間確認中。

Office commercial revenue increased 10% and 8% in constant currency.

寫字樓商業收入按固定匯率計算分別增長 10% 和 8%。

Office 365 commercial revenue grew 38% and 35% in constant currency, and Office 365 commercial seats grew 29%.

Office 365 商業收入增長 38% 和 35%，按固定匯率計算，Office 365 商業席位增長 29%。

We continued to see healthy installed base growth and ARPU expansion from customer adoption of premium workloads in E3 and E5.

由於客戶在 E3 和 E5 中採用高級工作負載，我們繼續看到健康的安裝基礎增長和 ARPU 擴展。

Office consumer revenue increased 8% and 6% in constant currency, driven by recurring subscription revenue and growth in the subscriber base, now at 31.4 million.

受經常性訂閱收入和用戶群增長（目前為 3140 萬）的推動，辦公室消費者收入增長 8% 和 6%。

Our Dynamics business grew 11% and 8% in constant currency with double-digit billings growth.

我們的 Dynamics 業務按固定匯率計算分別增長了 11% 和 8%，並實現了兩位數的賬單增長。

Dynamics 365 grew 61% and 56% in constant currency.

Dynamics 365 按固定匯率計算分別增長了 61% 和 56%。

LinkedIn revenue grew 37% and 34% in constant currency with strong execution across all businesses.

LinkedIn 收入增長了 37% 和 34%（按固定匯率計算），所有業務的執行力都很強。

As Satya highlighted, engagement continued to accelerate, and we also saw record levels of job postings, benefiting from a robust U.S. job market.

正如 Satya 所強調的那樣，參與度繼續加快，我們還看到了創紀錄的職位發布，這得益於美國強勁的就業市場。

Segment gross margin dollars grew 13% and 10% in constant currency.

按固定匯率計算，分部毛利率分別增長 13% 和 10%。

Gross margin percentage was relatively unchanged year-over-year even as cloud mix increased, driven by margin expansion in Office 365 and LinkedIn.

即使在 Office 365 和 LinkedIn 利潤率擴張的推動下，雲組合增加，毛利率百分比也相對保持不變。

Operating expenses increased 7% as we continued to invest in LinkedIn, cloud engineering and commercial sales capacity.

由於我們繼續投資於 LinkedIn、雲工程和商業銷售能力，運營費用增加了 7%。

Operating income increased 20% and 13% in constant currency.

按固定匯率計算，營業收入增長了 20% 和 13%。

Revenue from the Intelligent Cloud segment was $9.6 billion, increasing 23% and 20% in constant currency, with better-than-expected results in both our on-premises and Azure businesses.

智能雲部門的收入為 96 億美元，按固定匯率計算分別增長 23% 和 20%，我們的本地業務和 Azure 業務的業績都好於預期。

Server products and cloud services revenue increased 26% and 24% in constant currency, driven by continued strong Azure revenue growth of 89% and 85% in constant currency.

服務器產品和雲服務收入按固定匯率計算分別增長 26% 和 24%，這得益於 Azure 收入持續強勁增長，按固定匯率計算分別增長了 89% 和 85%。

Azure per user services have performed ahead of expectations, with our Enterprise Mobility installed base growing 55% year-over-year to over 82 million.

Azure 每用戶服務的表現超出預期，我們的企業移動安裝基數同比增長 55% 至超過 8200 萬。

Our on-premises server business grew 8% and 6% in constant currency, with double-digit growth in premium server products revenue and healthy renewals benefiting from the significant value customers see in our hybrid solutions.

我們的本地服務器業務按固定匯率計算分別增長了 8% 和 6%，高級服務器產品收入實現兩位數增長，並且受益於客戶在我們的混合解決方案中看到的重要價值，健康的續訂受益。

Enterprise Services revenue grew 8% and 7% in constant currency, as growth in premier support services and Microsoft consulting services was partially offset by a 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 7%，主要支持服務和 Microsoft 諮詢服務的增長被 Windows Server 2003 定制支持協議的下降部分抵消。

Segment gross margin dollars increased 23% and 20% in constant currency.

按固定匯率計算，分部毛利率分別增長 23% 和 20%。

Gross margin percentage was relatively unchanged as material improvement in the Azure gross margin percentage was offset by a growing mix of Azure IaaS and PaaS revenue.

毛利率百分比相對沒有變化，因為 Azure 毛利率百分比的實質性改善被 Azure IaaS 和 PaaS 收入的增長組合所抵消。

Operating expenses increased 11% with ongoing investments in cloud engineering and sales capacity to support top line growth.

隨著對雲工程和銷售能力的持續投資以支持收入增長，運營費用增加了 11%。

Operating income grew 34%, up 30% in constant currency.

營業收入增長 34%，按固定匯率計算增長 30%。

Finally, More Personal Computing.

最後，更多的個人計算。

Revenue was $10.8 billion, up 17% and 16% in constant currency, with better-than-expected results in Windows commercial, OEM Pro and Surface.

收入為 108 億美元，按固定匯率計算分別增長 17% 和 16%，Windows 商業、OEM Pro 和 Surface 的業績好於預期。

In the commercial space, we saw an accelerating pace of Windows 10 enterprise deployments this quarter.

在商業領域，我們看到本季度 Windows 10 企業部署步伐加快。

Customer demand for modern and secure hardware and stronger-than-expected PC growth in geographies where Pro mix was high contributed to OEM revenue growth of 14%, ahead of the overall commercial market.

客戶對現代和安全硬件的需求以及在 Pro 組合高的地區強於預期的 PC 增長推動 OEM 收入增長 14%，領先於整體商業市場。

Windows commercial products and cloud services grew 23% and 19% in constant currency, driven by double-digit billings growth as well as a higher mix of in-quarter recognition from multiyear agreements.

Windows 商業產品和雲服務按固定匯率計算分別增長了 23% 和 19%，這得益於兩位數的賬單增長以及多年期協議的季度內認可度增加。

In consumer, OEM non-Pro revenue declined 3%, slightly below the consumer PC market, driven by continued pressure in the entry-level price category, even as we continued to take share in the premium category.

在消費類產品中，OEM 非 Pro 收入下降 3%，略低於消費類 PC 市場，原因是入門級價格類別的持續壓力，儘管我們繼續在高端類別中佔據份額。

Inventory levels were within the normal range.

庫存水平在正常範圍內。

Search revenue ex TAC increased 17% and 16% in constant currency, driven by enhancements to our advertising platform and Bing volume growth across both U.S. and international markets.

搜索收入（不含 TAC）按固定匯率計算分別增長 17% 和 16%，這得益於我們廣告平台的增強以及美國和國際市場的 Bing 銷量增長。

Surface revenue increased 25% and 21% in constant currency, driven by strong performance of the latest editions in the portfolio against a low prior year comparable.

Surface 收入按固定匯率計算分別增長了 25% 和 21%，這得益於產品組合中最新版本的強勁表現，而去年同期較低。

In gaming, revenue grew 39% and 38% in constant currency.

在遊戲方面，收入增長了 39% 和 38%（按固定匯率計算）。

Xbox software and services grew 36% and 35% in constant currency, mainly from a third-party title.

Xbox 軟件和服務按固定匯率計算分別增長了 36% 和 35%，主要來自第三方遊戲。

Xbox Live monthly active users increased 8% to 57 million.

Xbox Live 月活躍用戶增加 8% 至 5700 萬。

Segment gross margin dollars grew 21% and 18% in constant currency.

按固定匯率計算，分部毛利率分別增長 21% 和 18%。

Gross margin percentage increased, driven by new Surface editions, offset by sales mix to lower-margin businesses.

在新 Surface 版本的推動下，毛利率百分比增加，但被低利潤率業務的銷售組合所抵消。

Operating expenses grew 9% and 8% in constant currency, driven by seasonality, changes in advertising spend versus the prior year and investments in engineering across search and AI.

受季節性因素、廣告支出與上一年相比的變化以及搜索和人工智能工程投資的推動，運營費用按固定匯率計算分別增長了 9% 和 8%。

Operating income grew 38% and 32% in constant currency.

按固定匯率計算，營業收入增長了 38% 和 32%。

Now back to total company results.

現在回到公司的總業績。

Capital expenditures, including finance leases, were $4.1 billion and increased on a sequential basis in line with expectations.

包括融資租賃在內的資本支出為 41 億美元，並按預期連續增加。

Cash paid for property, plant and equipment was $4 billion, reflecting investments to support growth in our cloud business as well as a $250 million real estate acquisition.

為不動產、廠房和設備支付的現金為 40 億美元，反映了支持我們雲業務增長的投資以及 2.5 億美元的房地產收購。

Free cash flow was $7.4 billion and down 15% year-over-year, reflecting higher capital expenditures in support of our cloud business.

自由現金流為 74 億美元，同比下降 15%，反映出支持雲業務的資本支出增加。

Cash flow from operations grew 4% year-over-year and included tax payments related to the adoption of ASC 606 and TCJA as well as an earlier start to the hardware inventory build for holiday than in the prior year.

運營現金流同比增長 4%，其中包括與採用 ASC 606 和 TCJA 相關的稅款，以及比去年更早開始為假期建立硬件庫存。

Excluding the impact of these items, operating cash flow grew approximately 13%, driven by strong cloud billings and collections.

排除這些項目的影響，在強勁的雲計費和收款的推動下，運營現金流增長了約 13%。

Other income and expense was approximately $300 million, lower than expected due to FX remeasurement.

由於外匯重新計量，其他收入和支出約為 3 億美元，低於預期。

Our non-GAAP effective tax rate was 18%, higher than anticipated due to the geographic mix of our revenue.

我們的非公認會計原則有效稅率為 18%，高於預期，這是由於我們收入的地域組合。

And finally, we returned $5.3 billion to shareholders through dividends and share repurchases, an increase of 16%.

最後，我們通過股息和股票回購向股東返還了 53 億美元，增長了 16%。

Our Q4 share repurchase was $2.1 billion, up 31% year-over-year but down sequentially, given the suspension of share repurchase activity in advance of the announced GitHub acquisition.

鑑於在宣布收購 GitHub 之前暫停股票回購活動，我們第四季度的股票回購為 21 億美元，同比增長 31%，但環比下降。

Now let's move to the outlook.

現在讓我們轉向展望。

My commentary for both the full year and next quarter does not include any impact from GitHub, which we still expect to close by the end of the calendar year.

我對全年和下一季度的評論不包括來自 GitHub 的任何影響，我們仍預計它將在日曆年年底前結束。

Overall, the key drivers and trends of our business for the next fiscal year remain largely unchanged from April and assume a consistent macro environment.

總體而言，我們下一財年業務的主要驅動因素和趨勢與 4 月份基本保持不變，並假設宏觀環境保持一致。

First on FX.

首先是外匯。

Assuming that rates remain stable, we expect no impact to full year revenue growth, with any FX benefits in H1 offset in H2.

假設利率保持穩定，我們預計不會對全年收入增長產生影響，上半年的任何外匯收益都會在下半年抵消。

FX should decrease COGS and operating expense growth by 1 point.

外匯應將銷貨成本和運營費用增長降低 1 個百分點。

Second, our commercial business.

第二，我們的商業業務。

Given corporate IT spend optimism and increasing demand for cloud services, our strong competitive product position and consistent sales execution, we expect another year of strong revenue growth and higher annuity mix across commercial business.

鑑於企業 IT 支出樂觀和對雲服務的需求不斷增長、我們強大的競爭產品地位和持續的銷售執行，我們預計整個商業業務的收入將再有一年強勁增長和更高的年金組合。

As customer commitment to our cloud increases, we are seeing larger and longer-term agreements.

隨著客戶對我們雲的承諾增加，我們看到了更大、更長期的協議。

As a result, we may see increased quarterly volatility in commercial bookings growth and commercial unearned revenue.

因此，我們可能會看到商業預訂增長和商業未實現收入的季度波動性增加。

Productivity and Business Processes should continue to grow double digits, driven by Office 365, Dynamics 365 and LinkedIn.

在 Office 365、Dynamics 365 和 LinkedIn 的推動下，生產力和業務流程應繼續增長兩位數。

Customer demand for our hybrid offerings should drive high teens growth in our server products and cloud services KPI.

客戶對我們的混合產品的需求應該會推動我們的服務器產品和雲服務 KPI 的高速增長。

And in Azure specifically, we expect an increasing mix of IaaS and PaaS consumption-based revenue.

特別是在 Azure 中，我們預計 IaaS 和 PaaS 基於消費的收入組合會越來越多。

In Windows, we expect strong business fundamentals in our OEM Pro and Windows commercial businesses, though the rates of revenue growth will slow through the year against a strong FY '18 comparable.

在 Windows 方面，我們預計 OEM Pro 和 Windows 商業業務的業務基本面強勁，儘管與 18 財年強勁的可比性相比，全年收入增長率將放緩。

Third, commercial cloud gross margin percentage.

第三，商業雲毛利率百分比。

We expect continued improvement in each commercial cloud service as well as in the overall commercial cloud gross margin percentage.

我們預計每項商業雲服務以及整體商業雲毛利率將持續改善。

The rate of improvement will moderate relative to FY '18 as revenue mix continues to shift to Azure IaaS and PaaS consumption-based services and we realize less year-over-year improvement in our per user services.

隨著收入組合繼續轉向 Azure IaaS 和 PaaS 基於消費的服務，並且我們實現每用戶服務的同比改進較少，相對於 18 財年，改進速度將放緩。

We will continue to increase our investments in CapEx to meet growing demand for our cloud services, although, we do expect the growth rate for the year to moderate.

我們將繼續增加對資本支出的投資，以滿足對雲服務不斷增長的需求，儘管我們確實預計今年的增長率將放緩。

Next, operating expenses.

其次，運營費用。

Given our strong execution, we will continue to invest in the trends and growing markets we believe are fundamental to long-term shareholder value creation.

鑑於我們強大的執行力，我們將繼續投資於我們認為對長期股東價值創造至關重要的趨勢和不斷增長的市場。

Investment in commercial cloud, LinkedIn, gaming and AI should result in operating expense growth of roughly 7%.

對商業雲、LinkedIn、遊戲和人工智能的投資應該會導致運營費用增長約 7%。

Even with these strategic investments and the continued shift to our cloud businesses, we expect operating margin to be up slightly year-over-year.

即使有這些戰略投資和繼續轉向我們的雲業務，我們預計營業利潤率將同比略有上升。

Other income and expense should be slightly negative, in line with prior guidance and with quarterly variability, primarily due to changes in FX remeasurement, interest rates and valuation changes with the adoption of the new accounting rules for financial investments.

其他收入和支出應略有負數，與先前的指導一致，並且隨著季度變化，主要是由於採用新的金融投資會計規則導致外匯重新計量、利率和估值變化的變化。

And finally, tax rate.

最後，稅率。

We've refined our estimates of the impacts from TCJA, the mix of service versus license revenue and the geographic mix of revenue and now expect our FY '19 effective tax rate to be roughly 17%, with quarterly variability.

我們已經完善了對 TCJA 的影響、服務與許可收入的組合以及收入的地理組合的估計，現在預計我們 19 財年的有效稅率約為 17%，並存在季度變化。

Now to the outlook for first quarter.

現在來看第一季度的展望。

First, FX.

首先，外匯。

Assuming current rates remain stable, we expect FX to increase revenue growth by approximately 1 point and decrease COGS and operating expenses by 1 point.

假設當前利率保持穩定，我們預計外匯將增加收入增長約 1 個百分點，並將 COGS 和運營費用降低 1 個百分點。

Second, our commercial business.

第二，我們的商業業務。

We expect another healthy quarter with commercial unearned revenue down approximately 10% sequentially, in line with historic seasonality.

我們預計另一個健康的季度，商業未實現收入將環比下降約 10%，與歷史季節性一致。

Commercial cloud gross margin percentage will improve slightly on a sequential basis.

商業雲毛利率將環比略有改善。

Third, we expect another quarter of sequential growth in capital expenditures as we continue to support growing global customer demand.

第三，隨著我們繼續支持不斷增長的全球客戶需求，我們預計資本支出將連續增長一個季度。

Now to the segment guidance.

現在進行細分指導。

In Productivity and Business Processes, we expect revenue between $9.25 billion and $9.45 billion, driven by double-digit growth in Office commercial and Dynamics.

在生產力和業務流程方面，我們預計收入在 92.5 億美元至 94.5 億美元之間，這得益於 Office 商業和動態業務的兩位數增長。

LinkedIn revenue growth should remain high on a stronger prior year comparable.

LinkedIn 的收入增長應該保持在較高的可比上一年的水平。

In Intelligent Cloud, we expect revenue between $8.15 billion and $8.35 billion.

在智能雲方面，我們預計收入在 81.5 億美元至 83.5 億美元之間。

Azure revenue growth should reflect a balance of continued strength in our IaaS and PaaS consumption-based services and a moderating growth -- rate of growth in our per user services.

Azure 收入增長應反映我們基於 IaaS 和 PaaS 消費的服務的持續增長與適度增長之間的平衡——我們每用戶服務的增長率。

In More Personal Computing, we expect revenue between $9.95 billion and $10.25 billion.

在更多個人計算方面，我們預計收入在 99.5 億美元至 102.5 億美元之間。

In OEM Pro, we expect revenue growth in line with the commercial PC market.

在 OEM Pro 中，我們預計收入增長與商用 PC 市場一致。

And in OEM non-Pro, we expect similar dynamics as seen in Q4.

在 OEM 非 Pro 中，我們預計與第四季度類似的動態。

In Surface, we continue to expect strong performance from our latest editions, including the new Surface Go, to drive growth similar to Q1 of the prior year.

在 Surface 方面，我們繼續期待我們最新版本（包括新的 Surface Go）的強勁表現，以推動與去年第一季度相似的增長。

Search ex TAC should see another quarter of mid-teens growth, with consistent execution against rate and volume growth opportunities.

Search ex TAC 應該會看到另外四分之一的青少年增長，並針對速率和數量增長機會持續執行。

In gaming, we expect mid-teens revenue growth with continued strong user engagement on our platform.

在遊戲方面，我們預計隨著我們平台上持續強勁的用戶參與度，收入將增長到十幾歲。

The software and services growth rate will moderate due to strong third-party titles launched a year ago.

由於一年前推出的強勁第三方遊戲，軟件和服務的增長率將放緩。

We expect COGS of $9.5 billion to $9.7 billion and operating expenses of $9.2 billion to $9.3 billion.

我們預計銷貨成本為 95 億至 97 億美元，運營費用為 92 億至 93 億美元。

Other income and expense is expected to be approximately negative $100 million.

其他收入和支出預計約為負 1 億美元。

And finally, we expect our Q1 effective tax rate to be slightly lower than our full year rate due to the volume of equity vests that take place during our first quarter.

最後，由於第一季度發生的股權歸屬數量，我們預計第一季度的有效稅率將略低於我們的全年稅率。

Mike, let's go to Q&A.

邁克，我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move 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 Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on the really nice quarter.

祝賀這個非常好的季度。

I wanted to dig into Azure a little bit.

我想深入了解一下 Azure。

I think growth overall in Azure this quarter is probably ahead of most people's expectations.

我認為本季度 Azure 的整體增長可能超出了大多數人的預期。

And it sounds like the type of business that's being done on Azure is becoming more strategic and changing a little bit.

聽起來，在 Azure 上開展的業務類型正在變得更具戰略性並發生了一些變化。

So Satya, I was hoping you could talk to us a little bit about the types of workloads, the type of sort of services that are being used on Azure, how that's evolved over the past year.

Satya，我希望你能和我們談談工作負載的類型，Azure 上使用的服務類型，以及過去一年的發展情況。

And Amy, for you, maybe there's a new KPI, I believe, you gave us sort of the growth in the Enterprise Mobility up 55%.

艾米，對你來說，也許有一個新的 KPI，我相信，你讓我們的企業移動性增長了 55%。

Was that in line with your expectations because I know you were sort of tempering our expectations on growth in that part of the business?

這是否符合您的期望，因為我知道您在某種程度上緩和了我們對這部分業務增長的期望？

Is that growing in line with kind of the slowdown you were expecting?

這是否與您預期的放緩相符？

Or is that better than you had imagined?

還是比你想像的要好？

Yes, so let me -- first of all, thanks, Keith, for the question, and so let me start.

是的，讓我來——首先，謝謝Keith 的提問，讓我開始吧。

Overall, in terms of the workload mix, it's been fairly stable, which is our hybrid value proposition really is -- continued to resonate, so that means there is a bunch of workloads that are migrating to the cloud.

總體而言，就工作負載組合而言，它相當穩定，這正是我們的混合價值主張——繼續引起共鳴，這意味著有大量工作負載正在遷移到雲中。

People use both Azure Stack plus Azure, so that continues to drive a lot of IaaS growth for us as people are sort of looking basically to lift and shift a lot of their current data center workloads.

人們同時使用 Azure Stack 和 Azure，因此這繼續為我們推動大量 IaaS 增長，因為人們基本上希望提升和轉移他們當前的許多數據中心工作負載。

Then, on top of it, we even have a modernization of apps that is accelerating, and that drives a lot of the higher-level services, in particular, our data services as well as our AI services when AI services are essentially compute, but what happens is all this compute then requires storage and data, and that's another place where we see increasing acceleration.

然後，除此之外，我們甚至還有一個正在加速的應用程序現代化，這推動了許多更高級別的服務，特別是我們的數據服務以及我們的人工智能服務，當人工智能服務本質上是計算時，但是發生的事情是所有這些計算都需要存儲和數據，這是我們看到加速增加的另一個地方。

The one thing that I would say that I'm increasingly seeing is Tier 1 workloads.

我會說我越來越多地看到的一件事是第 1 層工作負載。

In some sense, when we think about some of the commitments being made by some of the biggest brands in the world in terms of what they're doing, one, it's very core to their operation.

從某種意義上說，當我們考慮世界上一些最大的品牌在他們所做的事情方面做出的一些承諾時，第一，這是他們運營的核心。

And two, they're running it in the cloud.

第二，他們在雲中運行它。

And so that's one thing that definitely is a market difference for us.

所以這對我們來說絕對是市場差異的一件事。

And to your question on the per user services, specifically Enterprise Mobility, Keith, it was a bit better than I had anticipated in Q4.

對於您關於每用戶服務的問題，特別是企業移動性，Keith，這比我在第四季度的預期要好一些。

And really, the driver of these per user services such as EMS actually is the value proposition that Satya refers to and we refer to as Microsoft 365, and we saw strength broadly.

實際上，這些按用戶服務（例如 EMS）的驅動力實際上是 Satya 所指的價值主張，我們稱之為 Microsoft 365，我們廣泛地看到了實力。

And if you think about that, it's the Windows commercial, it's Office 365 commercial and EMS.

如果您考慮一下，這是 Windows 商業、Office 365 商業和 EMS。

And really that, I think, what we've heard a lot was the value of the security and management continuing to add more supported endpoints offer really tremendous value to customers, and we did see a bit more strength than I was anticipating in Q4.

事實上，我認為，我們聽到的很多是安全和管理的價值，繼續添加更多受支持的端點，為客戶提供了真正巨大的價值，我們確實看到了比我在第四季度預期的更多的力量。

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。

Congrats on a good quarter.

祝賀一個好季度。

Amy, the commercial unearned revenue and bookings were again super strong, and evidently, Microsoft is benefiting from fairly strong EA renewal activity.

艾米，商業不勞而獲的收入和預訂再次超強，顯然，微軟正在從相當強勁的 EA 更新活動中受益。

So when you look out into fiscal '19, how would you compare the degree of renewal activity versus fiscal '18 and fiscal '17?

因此，當您查看 '19 財年時，您如何比較更新活動與 '18 財年和 '17 財年的程度？

It sounds like you're still constructive, but I'd love to hear some color, whether it feels as good as the fiscal year you just ended.

聽起來你仍然很有建設性，但我很想听聽一些顏色，不管感覺和你剛剛結束的財政年度一樣好。

Thanks, Karl.

謝謝，卡爾。

Let me break up that question a little bit because you actually asked a couple of things that are important.

讓我稍微分解一下這個問題，因為您實際上問了一些重要的事情。

Number one, the unearned strength that we saw at the end of Q4, you're right, was very good execution on renewals on a reasonably large renewal base.

第一，我們在第四季度末看到的不勞而獲的力量，你是對的，在相當大的續約基礎上，續約執行非常好。

But there was also very good execution of adding new workloads, adding new opportunity in Q4, things such as Azure, as an example, or Dynamics 365, as an example.

但在第四季度添加新工作負載、增加新機會方面也有很好的執行，例如 Azure 或 Dynamics 365 等。

So really, Q4 wasn't just renewal activity, it was also new workloads and new value.

所以真的，第四季度不僅僅是更新活動，它也是新的工作量和新的價值。

So when you look into '19, I am optimistic on both of those fronts, good execution continuing on renewals as well as adding new value and new opportunity.

因此，當您查看 19 年時，我對這兩個方面都持樂觀態度，續約的良好執行以及增加新價值和新機會。

And the third component of your question was really how did the renewal base correlate to FY '18.

您問題的第三個組成部分實際上是續訂基礎與 18 財年有何關聯。

The answer is it's a little bigger but it actually has the same amount of volatility quarter-to-quarter.

答案是它稍微大一點，但實際上每個季度的波動量是一樣的。

So Q1's renewal base is actually almost equivalent to last year.

所以Q1的續訂基數其實和去年差不多。

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

下一個問題來自高盛集團的 Heather Bellini。

I was wondering, Amy or Satya, if you can help us think about how Azure Hybrid Benefit has changed the type of net expansion rate you're experiencing on your ELAs that come up for renewal.

我想知道，Amy 或 Satya，您是否可以幫助我們思考 Azure 混合權益如何改變您在即將更新的 ELA 上遇到的淨擴展率類型。

And I know you were kind of a little bit touching on that with Karl, but is there any way to help think about how that, in particular, might be helping the expansion rate to those accounts?

我知道你和 Karl 有點接觸過，但是有什麼方法可以幫助思考這可能如何幫助這些賬戶的擴張速度？

And can you help us think about how this might be -- how that might be helping drive growth in your existing contracts?

您能否幫助我們思考一下這可能會如何 - 這可能如何幫助推動您現有合同的增長？

And then, the other question would be, you mentioned that you're moving from per user consumption that you're going to see more growth in consumption-based services versus per user Azure workload growth.

然後，另一個問題是，你提到你正在從每用戶消費轉變為你將看到基於消費的服務的增長與每用戶 Azure 工作負載的增長相比。

And I'm just kind of wondering if you could share with us, is there any gross margin impact there?

我只是想知道您是否可以與我們分享，那裡有毛利率影響嗎？

Does one have higher gross margins than the other?

一個的毛利率是否比另一個高？

Is there anything that we should be taking from how you're parsing those comments about how we think of Azure's gross margin progression going forward?

我們應該從您如何解析這些關於我們如何看待 Azure 未來毛利率進展的評論中得到什麼？

Thanks, Heather.

謝謝，希瑟。

So on the first one, I actually think that these hybrid use benefits have been sort of the best kept secrets.

所以在第一個方面，我實際上認為這些混合使用的好處一直是最保守的秘密。

So I'm actually hoping that going into this next fiscal year, we do a much better job and customers do a much better job for their own benefit because the advantage Azure has because of the hybrid use benefits across the entire workload are pretty phenomenal.

因此，我實際上希望進入下一個財政年度，我們做得更好，客戶也能更好地為他們自己的利益做好工作，因為 Azure 的優勢在於整個工作負載的混合使用優勢非常顯著。

And we had a good set of sessions at our partner meetings this week, just really making sure everybody understands those benefits.

本週我們在合作夥伴會議上進行了一系列很好的會議，確保每個人都了解這些好處。

So I don't think that that has really played out.

所以我認為這並沒有真正發揮作用。

If we have seen anything, all the growth we have seen is in spite of that not being broadly really driving growth.

如果我們看到了什麼，我們看到的所有增長都是儘管沒有廣泛地真正推動增長。

But to your second question, I'll even say the following, which is that I think there is clearly a difference in GM between the per user and consumption.

但是對於你的第二個問題，我什至會說以下幾點，我認為每個用戶和消費之間的GM顯然存在差異。

But the key is even the consumption services come in different forms.

但關鍵是，就連消費服務也有不同的形式。

There is the IaaS services, there is the data services and some of the higher-level services.

有 IaaS 服務，有數據服務和一些更高級別的服務。

Some of these IoT services now even have SaaS components to it.

其中一些物聯網服務現在甚至具有 SaaS 組件。

So therefore, I think that the mix will be different by quarter by quarter.

因此，我認為每個季度的組合都會有所不同。

But increasingly, our strategy is, in many times, to get customers to get going with what is core storage or core compute but then they scale into these higher-level of services.

但越來越多的時候，我們的策略是讓客戶開始使用核心存儲或核心計算，然後他們擴展到這些更高級別的服務。

And I would say, Heather, on those 2 components, just to add, the Azure hybrid benefits, I think we're starting, as Satya said, we started to see some impact from that, in my opinion, in Q4 in the on-prem KPI.

我想說，Heather，在這兩個組件上，只是為了添加 Azure 混合的好處，我認為我們正在開始，正如 Satya 所說，我們開始看到一些影響，在我看來，在第四季度-prem KPI。

But it really was more in Windows.

但它確實更多地出現在 Windows 中。

And the value, as we continue to see in SQL next year, I do think there's some opportunity for customers to realize real value from these hybrid benefits.

而且價值，正如我們明年在 SQL 中繼續看到的那樣，我確實認為客戶有機會從這些混合優勢中實現真正的價值。

And so it sort of adds confidence to my high teens KPI growth for the year is that this is a very customer value-oriented offer.

因此，這增加了我今年高青少年 KPI 增長的信心，因為這是一個非常以客戶價值為導向的產品。

To your question on GM, Satya's obviously correct on that one.

對於你關於通用汽車的問題，薩蒂亞顯然是正確的。

And I would say, the way we think about it is actually more -- when you talk about Azure per user, it really does move more with M365 per user.

我想說的是，我們考慮它的方式實際上更多——當你談論每個用戶的 Azure 時，它確實在每個用戶的 M365 上移動得更多。

It's almost better to put that in your mind as behaving more and having margin structures more like Office 365 and behave quite similarly.

最好把它放在你的腦海中，因為它的行為更多並且具有更像 Office 365 的邊距結構並且行為非常相似。

It tends to have good quarters when we do good execution on Office 365.

當我們在 Office 365 上執行良好時，它往往會有很好的表現。

And so my comments were more and continue to be around having people understand that sales motion and that it tends to move in that direction.

所以我的評論更多，並且繼續圍繞著讓人們了解銷售動向，並且它傾向於朝那個方向發展。

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

下一個問題來自 Bernstein Research 的 Mark Moerdler。

Congratulations on the quarter.

祝賀本季度。

So I have 2 related questions.

所以我有兩個相關的問題。

The first is if you look at this quarter at Intelligent Cloud revenue, it grew 23% and the gross margin dollars grew the same 23%.

首先，如果你看一下本季度智能雲收入，它增長了 23%，毛利率也增長了 23%。

Given the fast-growing lower-margin Azure business, we're not seeing any longer negative margin impact.

鑑於快速增長的利潤率較低的 Azure 業務，我們不會再看到任何負面的利潤率影響。

Have you reached the point where the incremental dollar of Azure revenue is close to the overall Intelligent Cloud gross margin?

您是否已達到 Azure 收入增量接近整體智能雲毛利率的地步？

And then, a second, I apologize, slightly long question.

然後，我道歉，有點長的問題。

CapEx spending in the quarter and the full year were both strong.

本季度和全年的資本支出支出均強勁。

We could argue 2 possibilities, it's driven by all the capacity demand or you're having to spend a lot of it on replacing equipment as they're aging out.

我們可以爭論 2 種可能性，它是由所有容量需求驅動的，或者您必須花費大量資金來更換設備，因為它們已經老化。

How should we think about the mix in CapEx between building demand and replacing what's there?

我們應該如何考慮構建需求和替換現有資產之間的資本支出組合？

Let me take both those.

讓我把這兩個都拿走。

On the first one, in terms of the GM this quarter, you're right.

在第一個方面，就本季度的通用汽車而言，你是對的。

The improvements, particularly in the IaaS and PaaS gross margin of Azure did offset the cloud mix to Azure within the segment.

這些改進，尤其是 Azure 的 IaaS 和 PaaS 毛利率確實抵消了該細分市場中與 Azure 的雲組合。

Going forward, continuing to see that.

展望未來，繼續看到這一點。

I think we'll see more pressure on gross margin just because the amount of Azure in the mix at the rate it's growing, we're still not at that point where $1 of gross margin in the cloud is equivalent to $1 of on-prem.

我認為我們會看到毛利率面臨更大的壓力，因為 Azure 的數量以它的增長速度增長，我們仍然沒有達到雲中 1 美元的毛利率等於 1 美元的本地部署的水平.

That being said, we have a lot, as you saw this quarter, room to grow gross margin dollars in that within -- even within that frame going into FY '19.

話雖如此，正如您在本季度所看到的那樣，我們有很多空間可以在其中增長毛利率 - 即使在進入 19 財年的框架內也是如此。

On your second question in terms of capital spend, if you think about it at a high level, our capital expenditures are growing at a lower rate than our overall cloud revenue is growing.

關於資本支出的第二個問題，如果你從高層次上考慮，我們的資本支出增長速度低於我們整體雲收入的增長速度。

And that's why you're starting to see leverage, right, flow through the P&L.

這就是為什麼你開始看到槓桿作用在損益表中流動。

And I think that the rate of CapEx growth, as I said, in FY '19 will moderate.

正如我所說，我認為 19 財年的資本支出增長率將會放緩。

That happens because, of course, we're doing some replacement but we're also adding regions and seeing a lot of global demand.

發生這種情況是因為，當然，我們正在做一些更換，但我們也在增加地區並看到大量的全球需求。

And so, we're actually -- and improving margins.

因此，我們實際上正在提高利潤率。

So I think that's -- when I put it at a very high level as you asked the question, I tend to think revenue's growing faster than my capital, you're seeing leverage through the P&L, and we'll see a moderating rate in FY '19 even if Q1 is a big quarter.

所以我認為這是——當我把它放在一個非常高的水平時，我傾向於認為收入增長快於我的資本，你通過損益看到槓桿作用，我們會看到一個放緩的速度19 財年，即使第一季度是一個大季度。

It's just going to be volatile, as CapEx tends to be, quarter-to-quarter based on both supply chain and demand.

它只是會波動，因為資本支出往往是基於供應鍊和需求的季度到季度。

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）。

Amy, wondering on the Office product and services on the commercial side, you had, I think, 8% growth.

艾米，想知道商業方面的 Office 產品和服務，我認為你有 8% 的增長。

It's the lowest you've seen.

這是你見過的最低的。

I know 606 drives some volatility in that business.

我知道 606 推動了該業務的一些波動。

Could you help us understand what drove that in the quarter?

您能否幫助我們了解本季度的推動因素？

And I know you're making some changes like to support and so forth as we get into the out years.

我知道隨著我們進入最後幾年，你們正在做出一些改變，比如支持等等。

Is there any impact that you expect to the growth rate in that business as we look forward from those changes?

當我們期待這些變化時，您預計該業務的增長率是否會受到影響？

Thanks, Walter.

謝謝，沃爾特。

The entire impact in that KPI, I actually feel very good about that number because, if you think about the $1 billion-plus beat we had to the unearned, it was partially due to the fact that we had very good mix shift to Office 365 in terms of billings in the quarter.

該 KPI 的整體影響，我實際上對這個數字感覺非常好，因為如果您考慮到我們不得不為不勞而獲的 10 億美元以上的節拍，部分原因是我們向 Office 365 進行了非常好的混合轉換就本季度的賬單而言。

Almost very little of that gets recognized in quarter.

幾乎沒有什麼在季度得到認可。

It almost all goes to the balance sheet.

這幾乎都進入了資產負債表。

So my confidence for FY '19 in that number being the double digits we talked about in the full year guide only gets raised by seeing that execution.

因此，我對 19 財年的信心是我們在全年指南中談到的兩位數，只有通過看到執行情況才能提高。

So it is really 606-related is the way to think about it, plus a mix of billings and billings strength.

所以真的是606相關的就是這樣想的，加上billings和billings的組合實力。

So I don't really think about that as being a negative.

所以我真的不認為這是消極的。

And you saw the exact same behavior in Dynamics, so it is a pretty similar in-period, in-quarter impact.

您在 Dynamics 中看到了完全相同的行為，因此它是非常相似的期內、季度內影響。

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。

Congrats on a great quarter and a great fiscal year.

祝賀一個偉大的季度和一個偉大的財政年度。

Amy, a question for you.

艾米，問你一個問題。

You commented on the positive spread that you're seeing in the Windows OEM business, both overall but particularly on the commercial side.

您對您在 Windows OEM 業務中看到的積極傳播發表了評論，無論是總體上還是在商業方面。

When you start to think forward over the next, call it, couple of quarters here, obviously, you told us what the positive drivers were.

當你開始考慮下一步時，稱之為，這裡的幾個季度，顯然，你告訴我們積極的驅動因素是什麼。

But how do you see those sort of playing out?

但你如何看待這種情況？

And can we maintain that positive spread?

我們能保持這種積極的傳播嗎？

And if so, why?

如果是這樣，為什麼？

And if it does maybe narrow, just sort of how do you think about the narrowing?

如果它確實可能縮小，那麼你如何看待縮小？

Sure.

當然。

Let me frame it first as the things that I and we are seeing really customer-driven, which is, if you start with Windows 10 and the value that customers see and what we are seeing is accelerating enterprise deployment of Windows 10.

首先讓我把它描述為我和我們看到的真正由客戶驅動的東西，也就是說，如果您從 Windows 10 開始，客戶看到的價值以及我們看到的正在加速 Windows 10 的企業部署。

When that happens, it does create demand for new devices and modern devices that improve security.

當這種情況發生時，它確實會產生對提高安全性的新設備和現代設備的需求。

So that then, in turn, results in a better and stronger overall OEM PC commercial market.

因此，反過來又會產生一個更好、更強大的整體 OEM PC 商業市場。

In addition, because the macroeconomic conditions are actually quite good on this front and with some business optimism creating some wind at our back, I also think people look and say, "If security and value are important, this is a great time to invest in modern PCs." And particularly in markets where Pro mix has been strong, I continue to expect to see all of those things happen through the course of next year.

此外，由於這方面的宏觀經濟狀況實際上相當好，一些商業樂觀情緒在我們背後製造了一些風，我也認為人們會說，“如果安全和價值很重要，那麼現在是投資的好時機現代電腦。”尤其是在 Pro mix 一直很強勁的市場中，我繼續期待在明年看到所有這些事情發生。

Now what you will see, however, if all those things even do remain true, which I expect them to if the economic environment stays the same, H2, where we've had really strong revenue growth and a really strong market, will, I think, moderate growth-wise just because the base it was coming off of in '17 was just a lot lower.

然而，現在你會看到，如果所有這些事情都保持真實，如果經濟環境保持不變，我預計它們會如此，H2，我們已經實現了非常強勁的收入增長和非常強勁的市場，我將，我想想看，適度增長只是因為它在 17 年的基數要低得多。

So even if I see all the good things and good trends happening that I feel really create a great opportunity for us to sell Microsoft 365, you will see growth rates moderate in H2.

因此，即使我看到所有好事情和好趨勢正在發生，我認為這確實為我們銷售 Microsoft 365 創造了一個很好的機會，你也會看到下半年的增長率適中。

The next question is coming from the line of Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Amy, can I go back to the server product?

艾米，我可以回到服務器產品嗎？

You partly answered it with the -- when Heather asked, and I believe hybrid cloud will be a factor here.

當 Heather 問的時候，你部分回答了這個問題，我相信混合雲將成為這裡的一個因素。

But the growth was the best we've seen for a long time.

但增長是我們長期以來看到的最好的增長。

Can you just talk about the drivers that kind of were at play here?

你能談談在這裡發揮作用的司機嗎？

Thank you.

謝謝你。

You're right.

你是對的。

The first one was the benefits that we saw from hybrid, in particular, with an outsized impact on Windows Server.

第一個是我們從混合中看到的好處，特別是對 Windows Server 的巨大影響。

The second has been a trend we also have talked about a little bit before.

第二個是我們之前也談到過的趨勢。

We saw strong double-digit growth in premium.

我們看到保費實現兩位數的強勁增長。

So it was both mix shift as well as, I think, strength in the hybrid benefits as a value prop to customers.

因此，我認為這既是混合轉變，也是混合優勢作為客戶價值支柱的優勢。

Those 2 are the ones I would actually call out as drivers for the quarter.

這兩個是我實際上會稱為本季度驅動程序的那些。

Good.

好的。

I mean, they should be relatively sustainable if I listen to them -- to you.

我的意思是，如果我聽他們的話，他們應該是相對可持續的——聽你的。

I believe the one, I think, really important thing for us is continuing to focus on creating customer value.

我認為，對我們來說真正重要的是繼續專注於創造客戶價值。

The concept of adding a lot of value by having and giving comfort to a customer that as they make a commitment to the Microsoft platform, that they can move between a commitment to on-prem to the cloud in a high value way, I do believe, is a unique thing that we offer at this time.

我相信通過讓客戶放心並讓他們感到舒適來增加很多價值的概念，因為他們承諾使用 Microsoft 平台，他們可以以高價值的方式在對內部部署的承諾到雲之間移動，我相信, 是我們目前提供的獨一無二的東西。

The next question is coming from the line of Gregg Moskowitz with Cowen and Company.

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

Satya, this is more of a big picture question but over a longer-term period, I'm curious how large you think edge computing will become relative to centralized cloud computing.

Satya，這更像是一個全局問題，但從長遠來看，我很好奇您認為邊緣計算相對於集中式雲計算將變得多大。

Yes, I mean, I think, the vision that we have always had is that distributed computing, in some sense, will remain distributed.

是的，我的意思是，我認為，我們一直擁有的願景是分佈式計算，在某種意義上，將保持分佈式。

So we don't split this into there's an edge computing, there's a cloud computing.

所以我們不會把它分成邊緣計算和雲計算。

The need for computing is, on a secular basis, going to increase.

在長期的基礎上，對計算的需求將會增加。

And as you need to reason over large amounts of data, you need not only storage and compute to be colocated all over as the world gets embedded with computing.

由於您需要對大量數據進行推理，因此隨著世界嵌入計算，您不僅需要將存儲和計算集中在一起。

That's what we are building for.

這就是我們正在建設的目的。

So if you think about our real competitive advantage and differentiation is, we have one programming model, one identity model, security, management so that modern developers as well as IT can use the compute available from Azure Sphere to Azure.

因此，如果您考慮我們真正的競爭優勢和差異化，我們擁有一種編程模型、一種身份模型、安全性和管理，因此現代開發人員和 IT 可以使用從 Azure Sphere 到 Azure 的可用計算。

And the reality is these modern workloads, in fact, use it all.

而現實情況是，這些現代工作負載實際上都在使用它們。

So it's not like I just build an Azure Sphere application.

所以這不像我只是構建一個 Azure Sphere 應用程序。

I build an application that's fundamentally distributed that also happens to run some compute on Azure Sphere.

我構建了一個從根本上分佈式的應用程序，它也恰好在 Azure Sphere 上運行一些計算。

That's, I think, the future, which is distributed computing going back to what needs to be truly distributed, event-driven, server-less even versus this thing about let's just have onetime migration to something new.

我認為，這就是未來，分佈式計算回到真正需要分佈式、事件驅動、無服務器的東西，甚至與讓我們一次性遷移到新事物的東西相比。

Our next question is coming from the line of Keith Bachman with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Satya, I wanted to direct this to you, if I could.

薩蒂亞，如果可以的話，我想把這個告訴你。

I'd like to understand how you view Dynamics' current positioning compared to the market opportunities?

我想了解與市場機會相比，您如何看待 Dynamics 目前的定位？

And the context of the question is Dynamics remains a fairly small part of Microsoft revenues.

問題的背景是動態仍然是微軟收入的一小部分。

As well, if you look at the market share of where Dynamics serve, it's a fairly small part of the market served.

同樣，如果您查看 Dynamics 所服務的市場份額，它只是所服務市場的一小部分。

So what do you think Microsoft needs to do to have a larger impact against the market opportunities?

那麼你認為微軟需要做些什麼才能對市場機會產生更大的影響呢？

Yes.

是的。

So overall, we are very committed and very bullish about the opportunity in Dynamics.

因此，總的來說，我們非常堅定並且非常看好 Dynamics 的機會。

With Dynamics 365, for example, what you've even just seen in the last fiscal year, which has been the first full fiscal year where we've had this modern modular approach to business applications.

以 Dynamics 365 為例，您在上一財年甚至剛剛看到的情況，這是我們第一個完整的財年，我們對業務應用程序採用了這種現代模塊化方法。

I think it's very disruptive in the marketplace because it brings a very different value proposition.

我認為它在市場上非常具有破壞性，因為它帶來了非常不同的價值主張。

It has a price advantage and a value advantage for customers and in what is fundamentally a fragmented market, this is not business applications, never was and never will be a winner-take-all.

它對客戶而言具有價格優勢和價值優勢，並且在從根本上來說是一個分散的市場中，這不是業務應用程序，從來都不是，也永遠不會是贏家通吃。

I know folks think about it that way, but it's not.

我知道人們會這樣想，但事實並非如此。

I mean, it's about one small category in one segment called enterprise.

我的意思是，它是關於一個稱為企業的細分市場中的一個小類別。

There is a share.

有份額。

High share is considered 20%, 35% or what have you.

高份額被認為是 20%、35% 或者你有什麼。

So in some sense, this one has always been about being able to serve customers, especially in an increasing digitization world, right, which is the need for more business process automation is increasing.

所以從某種意義上說，這一直是關於能夠為客戶服務，尤其是在一個日益數字化的世界中，對，這就是對更多業務流程自動化的需求正在增加。

Take an IoT project, it translates into a preventive maintenance in Azure and then ends up as field service in Dynamics.

以 IoT 項目為例，它在 Azure 中轉化為預防性維護，然後在 Dynamics 中作為現場服務結束。

That's been one pattern we've seen a ton of traction with.

這是我們看到大量牽引力的一種模式。

So to me, us going, in fact, to these new secular growth opportunities while being disruptive to the status quo of anyone who has high margin and very high-priced monolithic products today is basically our strategy going forward.

所以對我來說，事實上，我們要抓住這些新的長期增長機會，同時破壞當今任何擁有高利潤和非常高價單片產品的人的現狀，這基本上是我們未來的戰略。

Our final question is coming from the line of Mark Murphy with JPMorgan.

我們的最後一個問題來自摩根大通的 Mark Murphy。

I will add my congrats.

我會添加我的祝賀。

So Amy, we keep expecting the Office 365 commercial seat growth to decelerate materially at some point based upon the penetration level.

因此，Amy，我們一直預計 Office 365 商業席位增長將在某個時候大幅減速，具體取決於滲透水平。

But this quarter, that seat growth actually accelerated about 1 point to 29%.

但本季度，該座位增長實際上加速了約 1 個百分點，達到 29%。

And when we look back on it, the trajectory really isn't too different than where it was even a year ago.

當我們回顧它時，軌跡實際上與一年前的情況並沒有太大的不同。

So I'm just curious, is there some underlying driver there that would keep that deceleration relatively manageable going forward?

所以我很好奇，是否有一些潛在的驅動因素可以使這種減速相對可控地向前發展？

Or would you continue to see that slowing in a way that, over time, would exert a little drag on Azure through those per user Azure services?

或者您是否會繼續看到這種放緩，隨著時間的推移，會通過每用戶 Azure 服務對 Azure 產生一點拖累？

This is one where, over time, there certainly is going to be a deceleration just because this is a per user business.

這是一個，隨著時間的推移，肯定會出現減速，因為這是一個每用戶的業務。

M365 has that characteristic and Office has it, EMS has it.

M365有這個特點，Office有，EMS有。

And so this quarter, actually, what we saw was actually some strength in education which added a good amount of seats this quarter as well as good execution across our other segments.

因此，本季度，實際上，我們看到的實際上是教育方面的一些實力，本季度增加了大量席位，並且在我們的其他部門也有良好的執行。

So we did see a bit of growth that we're excited to see, frankly, in a segment where we've been working hard to make additional progress and add value.

因此，坦率地說，我們確實看到了一些我們很高興看到的增長，這是我們一直在努力取得額外進展和增加價值的細分市場。

The team has actually done a nice job in that segment of creating some really modern offers to get that into the hands of that market as well.

實際上，該團隊在創造一些真正現代的報價以將其也掌握在該市場手中方面做得很好。

But over the long term and as we continue to move aggressively, we will continue to see seat growth dissipate.

但從長遠來看，隨著我們繼續積極行動，我們將繼續看到座位增長消退。

But I would also say, this is going to take longer than I think maybe people would have thought.

但我還要說，這將比我想像的人們想像的要花更長的時間。

There are lots of users as we continue to redefine what Office is that you add to the base, whether that's first-line workers, whether that's an increasing number of small businesses who finally have access and value that we're creating for them across things from scheduling all the way to being able to work through minor business process adjustments like Satya has talked about.

有很多用戶，因為我們繼續重新定義你添加到基礎的 Office，無論是一線工作人員，還是越來越多的小企業最終獲得我們為他們創造的跨事物的訪問權限和價值從安排一直到能夠像 Satya 所說的那樣進行微小的業務流程調整。

So really, as we continue to redefine what Office means from something that people have always associated with Word, Excel and PowerPoint to things that mean mobile or video with stream or collaboration with Teams, I think we have opportunity to continue to add those new users, new types of users that we haven't had access before and new capabilities even to users we have.

所以真的，隨著我們繼續重新定義 Office 的含義，從人們一直與 Word、Excel 和 PowerPoint 相關聯的東西，到意味著移動設備或視頻流或與 Teams 協作的東西，我認為我們有機會繼續添加這些新用戶，我們以前沒有訪問過的新類型的用戶，甚至我們擁有的用戶的新功能。

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

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 today and we look forward to speaking with all of you soon.

感謝您今天加入我們，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.

謝謝。

Thank you.

謝謝你。

Thank you, everyone.

謝謝大家。

Thank you very much.

非常感謝。

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。