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. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael Spencer, General Manager, Investor Relations. Thank you, sir. You may begin.

各位好，歡迎參加微軟2018財年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我很高興向大家介紹主持人，投資者關係總經理麥可‧史賓塞。謝謝您，先生。你可以開始了。

Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and Carolyn Frantz, Deputy General Counsel and Corporate Secretary.

下午好，感謝各位今天蒞臨。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·布羅德；以及副總法律顧問兼公司秘書卡羅琳·弗蘭茨。

On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides reconciliation of differences between GAAP and non-GAAP financial measures.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。

Unless otherwise specified, we'll refer to non-GAAP metrics on the call. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's fourth quarter performance, in addition to the impact these items and events have on the financial results.

除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列出這些項目是為了幫助投資者進一步了解公司第四季度的業績，以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will also provide growth rates in constant currency, when available, as a framework for assessing how our underlying business performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only.

除非另有說明，我們今天在電話會議上所做的所有成長比較均與去年同期相關。我們也將提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只提及成長率。

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

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

During the call, we will be making forward-looking statements, which are predictions, projections and -- or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during 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. We do not undertake any duty to update any forward-looking statement.

在電話會議期間，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

Thank you, Mike, and thanks to everyone on the phone for joining. I'm proud of our strong results this quarter and even more proud of what we have accomplished over the last 12 months. We delivered more than $110 billion in revenue for the full year with double-digit top line and bottom line growth. And our commercial cloud business surpassed more than $23 billion in revenue for the year with gross margin expanding to 57%.

謝謝你，麥克，也謝謝所有電話參與的朋友。我為我們本季取得的優異成績感到自豪，更自豪的是我們在過去 12 個月中所取得的成就。我們全年營收超過 1100 億美元，營收和利潤均實現了兩位數成長。我們的商業雲端業務年度營收超過 230 億美元，毛利率擴大至 57%。

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

我們所取得的優異業績反映了創新步伐的加快，以及客戶對我們協助其數位轉型的信任。一年多前，我分享了我們對智慧雲端和智慧邊緣的願景，如今這一願景正在迅速成為現實，並影響著各行各業的每位客戶。

Everything we have accomplished this year has been about accelerating our lead in this new era and the tremendous opportunity ahead. We focus on the right secular technology trends and growing markets and follow that up with solid road map execution. 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.

我們今年所取得的所有成就都是為了在這個新時代加速鞏固我們的領先地位，並抓住未來巨大的機會。我們專注於正確的長期技術趨勢和不斷成長的市場，並以切實可行的路線圖執行為支撐。我們重組了工程團隊，以擺脫過去的分類，更好地適應從晶片到人工智慧再到用戶體驗的新興技術堆疊，從而更好地滿足我們客戶當前和未來的需求。

We reoriented our sales and marketing teams, adding industry and technical expertise to partner more deeply with our customers on their digital transformation journeys. And most importantly, we drove innovation to deliver differentiated value across the cloud and the edge.

我們重新調整了銷售和行銷團隊，增加了行業和技術方面的專業知識，以便與客戶在數位轉型之旅中建立更深入的合作關係。最重要的是，我們推動了創新，在雲端和邊緣提供了差異化的價值。

Now I'll briefly highlight some of our innovation and momentum. We introduced Microsoft 365 to empower employees in the modern workplace. 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.

現在我將簡要介紹我們的一些創新和發展勢頭。我們引進 Microsoft 365 是為了增強現代工作場所員工的能力。Microsoft 365 現已成為一項價值數十億美元的業務，它為我們的客戶提供了一條通往雲端的途徑，並透過新的、滲透率較低的市場擴大了我們的覆蓋範圍，其中包括超過 20 億的一線員工和特定行業的業務流程。

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

在 Microsoft 365 中，我們透過人工智慧技術，協助人們在任何裝置上提高工作效率、加強協作並確保安全，從而推動使用者使用。我們擁有超過 1.35 億 Office 365 商業版用戶。Outlook 行動版已在超過 1 億台 iOS 和 Android 裝置上使用，超過 20 萬個組織正在使用 Microsoft Teams 作為團隊合作中心。

We invested to make Windows 10 the most modern, secure, always up-to-date operating system. Windows 10 is now active on nearly 700 million devices, and the growth of the enterprise deployments this year exceeded our expectations.

我們投入大量資源，讓 Windows 10 成為最現代、最安全、始終保持最新狀態的作業系統。Windows 10 目前已在近 7 億台裝置上啟用，今年企業部署的成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. We saw record levels of engagement in job postings again this quarter, with sessions growth up 41% year-over-year. 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. 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.

對於 LinkedIn 來說，這是創紀錄的一年，目前擁有超過 5.75 億會員，第四季營收成長 37%，這是連續第五個季度營收加速成長。本季度，招募資訊的參與度再次創下歷史新高，訪問量較去年同期成長 41%。這種強烈的用戶參與度得益於高品質的資訊流、視訊訊息功能以及行動裝置使用量的快速成長，其中行動會話量較去年同期成長超過 55%。我們將持續投資，使 LinkedIn 成為連結全球專業人士的必備平台，並透過 LinkedIn 和 Microsoft Graphs 提供的體驗幫助他們取得更大成就。

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

Dynamics 365 為企業提供了一種替代方案，可以取代單一的、孤立的業務應用程式套件，它採用模組化、現代化、可擴展和 AI 驅動的應用程序，從而能夠挖掘企業各個部門（從銷售到人力資源）的洞察力。它正逐漸成為我們第三大商業雲端成長引擎，營收年增 61%。我們對 Power BI、Power Apps 和 Flow 作為新的分析和應用程式平台的投資，正在獲得獨立軟體開發人員 (ISV) 和企業客戶的廣泛認可。

Azure is the only hyperscale cloud that extends to the edge across identity, data, application, platform security and management. And our differentiated architectural approach drove another strong quarter of growth. We're investing aggressively to build Azure as the world's computer. 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. 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.

Azure 是唯一能夠將安全性擴展到邊緣的超大規模雲，涵蓋身分、資料、應用程式、平台安全和管理等面向。我們差異化的架構方法推動了另一個季度的強勁成長。我們正在大力投資，將 Azure 打造成世界電腦。我們將全球資料中心覆蓋範圍擴大到 54 個區域，超過任何其他雲端供應商，並擁有業界最全面的合規性覆蓋範圍。光是去年，我們就新增了近 500 項 Azure 功能，專注於現有工作負載和邊緣物聯網和人工智慧等新工作負載。

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

我們推出了 Azure Stack 和 Azure Sphere，這是兩款首創的雲端到邊緣解決方案，目前已獲得客戶的強烈需求。我們正在透過 Azure 認知服務、Azure ML 和 Azure Cosmos DB 等資料服務，普及資料科學和人工智慧，幫助各種規模的組織將其資料轉化為洞察和體驗，從而獲得競爭優勢。世界領先的公司都在使用 Azure，我特別感到自豪的是，沃爾瑪選擇 Azure 和 Microsoft 365 來加速員工和客戶的數位轉型。

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. We're investing aggressively in content, community and cloud services across every endpoint to expand usage and deepen engagement with gamers. The combination of Xbox Live, Game Pass subscriptions and Mixer are driving record levels of growth and engagement.

在遊戲領域，我們正在探索廣闊的發展機遇，從遊戲的創作和發行方式到遊戲的遊玩和觀看方式，今年的收入首次突破 100 億美元。我們正在大力投資各個終端的內容、社群和雲端服務，以擴大使用範圍並加深與遊戲玩家的互動。Xbox Live、Game Pass 訂閱和 Mixer 的結合正在推動用戶成長和參與度達到創紀錄的水平。

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成長，還投資於非有機成長的機會，以擴大我們的潛在市場，並為我們的平台和客戶創造價值。

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. 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. 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.

以 LinkedIn 為例，我們將世界領先的專業雲端平台與世界領先的專業社交網路相結合，並證明我們擁有一個行之有效的整合模式，使 LinkedIn 能夠在保持其會員至上理念的同時加速成長。透過 GitHub，我們認識到在智慧雲端和智慧邊緣時代，開發者在價值創造和成長中扮演著越來越重要的角色。我們即將完成的收購將使我們能夠將我們的工具和服務帶給新的用戶群體，同時使 GitHub 能夠發展壯大並保持其獨立性，並在社區中建立第一精神。

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 加速了我們為行動、PC 和主機遊戲產業建立世界一流雲端平台的願景，新增的 5 個遊戲工作室增強了我們的第一方內容開發能力，以支援我們快速成長的遊戲服務。

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，合作夥伴們也越來越看到我們平台上的更多機會，這激勵著 SAP、Adobe 和 GE 等領先公司以及 InMobi 等快速發展的初創公司，在我們充滿活力且不斷發展的合作夥伴生態系統中發揮更大的作用，這一優勢使我們在新時代擁有了規模。

In closing, our opportunity has never been greater. We will continue to innovate and invest across our solution areas and serving our customers and their unmet and unarticulated needs. With this tremendous opportunity comes great responsibility. We're relentlessly working to instill trust in technology across everything we do. 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.

最後，我們面臨的機會從未如此之大。我們將繼續在各個解決方案領域進行創新和投資，服務客戶並滿足他們尚未滿足和未明確表達的需求。巨大的機會伴隨著巨大的責任。我們正不懈努力，力求在我們所做的每一件事中都建立起對科技的信任。正因如此，我們將繼續引領業界內關於信任的對話，倡導客戶隱私，推動全行業的網路安全舉措，並倡導合乎道德的人工智慧。

Our investments and business model are fundamentally aligned with our customers' long-term interests and success. This opportunity and responsibility grounds us in our mission to empower every person in every organization on the planet to achieve more. 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。這一機會和責任讓我們更加堅定地履行我們的使命，即賦能全球每個組織中的每個人，讓他們取得更大的成就。我為我們所取得的進步感到自豪，也為全球超過 10 萬名微軟員工感到自豪，他們在這個新時代專注於幫助我們的客戶取得成功。

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.

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

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $30.1 billion, up 17% and 15% in constant currency. Gross margin dollars increased 19% and 16% in constant currency. Operating income increased 30% and 24% in constant currency. Earnings per share was $1.13, increasing 7% and 3% in constant currency. As a reminder, FY '17 included a $1.8 billion tax benefit related to previously nondeductible phone losses.

謝謝你，薩蒂亞，大家下午好。本季營收為 301 億美元，年增 17%，以固定匯率計算成長 15%。以美元計算，毛利增加了 19%，以固定匯率計算增加了 16%。以固定匯率計算，營業收入成長了30%和24%。每股收益為 1.13 美元，以固定匯率計算成長 7%，成長 3%。提醒一下，2017 財年包含 18 億美元的稅收優惠，該優惠與先前不可抵扣的電話損失有關。

In our largest quarter of the year, our sales teams and partners delivered exceptional commercial results. We saw strong performance in most of our geographic regions against a backdrop of favorable macroeconomic conditions and positive IT spending trends.

在一年中最重要的季度，我們的銷售團隊和合作夥伴取得了卓越的商業表現。在宏觀經濟環境良好、IT支出趨勢正面的背景下，我們在大多數地區都取得了強勁的表現。

Customer commitment to our cloud platform continues to increase. 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. Our annuity mix increased 3 points year-over-year to 89%. As a result, commercial bookings increased 18%, even with a strong prior year comparable. Commercial unearned revenue was $29 billion, growing 23% and 21% in constant currency, significantly higher than anticipated due to stronger-than-expected cloud billings.

客戶對我們雲端平台的忠誠度持續提升。在 2018 財年，我們簽訂了創紀錄的數百萬美元商業雲端協議，並將 1,000 萬美元以上的 Azure 協議數量增加了一倍以上。我們的年金組合年增 3 個百分點，達到 89%。因此，即使去年同期數據強勁，商業預訂量仍成長了 18%。商業未實現營收為 290 億美元，以固定匯率計算成長 23% 和 21%，遠高於預期，這主要得益於雲端帳單收入強於預期。

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%. 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. 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.

我們的商業雲端收入為 69 億美元，以固定匯率計算成長了 53% 和 50%，在美國、西歐和英國均表現強勁。商業雲毛利率成長了 6 個百分點，達到 58%。正如我們年初所承諾的那樣，我們提高了每項雲端服務的毛利率，其中 Azure 的提升最為顯著。我們公司的毛利率為 68%，高於預期，年增 1 個百分點，這主要得益於 Surface 產品推動的「更多個人運算」業務的成長。

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

外匯市場使收入成長提高了 2 個百分點，比預期低 1 個百分點，原因是美元走強。從細分市場層面來看，外匯對生產力和業務流程以及智慧雲端產生了 3 個百分點的正面影響，對更多個人運算收入產生了 1 個百分點的正面影響。外匯波動對銷售成本的影響微乎其微。

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. Strong revenue growth, improved device gross margin percentage and continued targeted investments in cloud engineering, cloud sales capacity and LinkedIn created operating income leverage. This quarter, operating income increased again, up 3 points year-over-year.

本季度，由於本季度強勁的業績，銷售薪酬等收入驅動型支出以及主要來自銷售組織的遣散費支出，營業費用按固定匯率計算增長了 9% 和 8%，高於我們的預期，但外匯有利因素抵消了這些增長。強勁的收入成長、設備毛利率的提高以及對雲端工程、雲端銷售能力和 LinkedIn 的持續有針對性的投資，創造了營業收入槓桿效應。本季營業收入再次成長，年增 3 個百分點。

Now to our segment results. 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.

現在來看我們各部分的業績結果。生產力和業務流程收入為 97 億美元，以固定匯率計算增長 13% 和 10%，符合我們的預期，即使受到美元走強以及本季度 Office 商業和 Dynamics 業務中雲計費比例高於預期等不利因素的影響。

As a reminder, under ASC 606, cloud revenue is ratably recognized, while annuity on-premises revenue has a component of upfront recognition. A higher mix of cloud billings is reflected more on earned revenue and less in period recognition in a quarter.

提醒一下，根據 ASC 606，雲端收入按比例確認，而本地部署的年金收入則包含預付確認部分。雲端計費佔比越高，在季度已實現收入中的佔比就越高，在當期確認收入中的佔比就越低。

Office commercial revenue increased 10% and 8% in constant currency. Office 365 commercial revenue grew 38% and 35% in constant currency, and Office 365 commercial seats grew 29%. We continued to see healthy installed base growth and ARPU expansion from customer adoption of premium workloads in E3 and E5. 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. Our Dynamics business grew 11% and 8% in constant currency with double-digit billings growth. Dynamics 365 grew 61% and 56% in constant currency.

辦公室商業收入以固定匯率計算成長了 10% 和 8%。Office 365 商業收入以固定匯率計算成長了 38% 和 35%，Office 365 商業席位成長了 29%。我們持續看到 E3 和 E5 中客戶採用高階工作負載帶來的健康安裝基礎成長和 ARPU 擴張。辦公室消費收入按固定匯率計算增長了 8% 和 6%，這主要得益於經常性訂閱收入的增長以及用戶群的增長，目前用戶群已達 3,140 萬。我們的 Dynamics 業務以固定匯率計算成長了 11% 和 8%，帳單金額實現了兩位數成長。Dynamics 365 的成長率為 61%，以固定匯率計算為 56%。

LinkedIn revenue grew 37% and 34% in constant currency with strong execution across all businesses. As Satya highlighted, engagement continued to accelerate, and we also saw record levels of job postings, benefiting from a robust U.S. job market.

LinkedIn 的營收以固定匯率計算成長了 37%，成長了 34%，所有業務都表現出色。正如薩蒂亞所強調的那樣，參與度持續加速成長，我們也看到了創紀錄的職缺發布量，這得益於美國強勁的就業市場。

Segment gross margin dollars grew 13% and 10% in constant currency. Gross margin percentage was relatively unchanged year-over-year even as cloud mix increased, driven by margin expansion in Office 365 and LinkedIn. Operating expenses increased 7% as we continued to invest in LinkedIn, cloud engineering and commercial sales capacity. Operating income increased 20% and 13% in constant currency.

以固定匯率計算，分部毛利成長了 13%，成長了 10%。儘管受 Office 365 和 LinkedIn 利潤率擴張的推動，雲端業務佔比有所提高，但毛利率比去年同期保持不變。由於我們持續投資於 LinkedIn、雲端工程和商業銷售能力，營運費用增加了 7%。以固定匯率計算，營業收入成長了20%，成長了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. 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.

智慧雲端業務部門的營收為 96 億美元，以固定匯率運算成長了 23% 和 20%，我們的本地部署業務和 Azure 業務的業績均優於預期。伺服器產品和雲端服務收入以固定匯率計算分別成長了 26% 和 24%，這主要得益於 Azure 收入持續強勁成長，以固定匯率計算分別成長了 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. 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.

Azure 以使用者計費服務表現超出預期，我們的企業行動部署基礎年增 55%，達到 8,200 萬以上。我們的本地伺服器業務以固定匯率計算成長了 8% 和 6%，其中高階伺服器產品收入實現了兩位數成長，續約情況良好，這得益於客戶對我們混合解決方案的巨大價值的認可。

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. Segment gross margin dollars increased 23% and 20% in constant currency. 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. Operating expenses increased 11% with ongoing investments in cloud engineering and sales capacity to support top line growth. Operating income grew 34%, up 30% in constant currency.

企業服務收入以固定匯率計算成長了 8% 和 7%，其中高階支援服務和微軟諮詢服務的成長部分被 Windows Server 2003 客製化支援協定的下降所抵銷。以固定匯率計算，分部毛利率成長了 23%，毛利率成長了 20%。由於 Azure 毛利率的顯著提高被 Azure IaaS 和 PaaS 收入佔比的增加所抵消，毛利率相對保持不變。由於持續投資於雲端工程和銷售能力以支持營收成長，營運費用增加了 11%。營業收入成長34%，以固定匯率計算成長30%。

Finally, More Personal Computing. Revenue was $10.8 billion, up 17% and 16% in constant currency, with better-than-expected results in Windows commercial, OEM Pro and Surface. In the commercial space, we saw an accelerating pace of Windows 10 enterprise deployments this quarter. 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. 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.

最後，更多個人計算。營收達 108 億美元，年增 17%，以固定匯率計算成長 16%，其中 Windows 商業版、OEM 專業版和 Surface 的業績均優於預期。在商業領域，我們看到本季 Windows 10 企業部署速度加快。客戶對現代化和安全硬體的需求，以及在專業設備佔比高的地區個人電腦銷售成長超出預期，推動 OEM 收入成長 14%，高於整體商業市場。以固定匯率計算，Windows 商業產品和雲端服務分別成長了 23% 和 19%，這主要得益於兩位數的帳單成長以及多年協議中季度確認收入佔比的提高。

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. Inventory levels were within the normal range. 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.

在消費領域，OEM 非專業收入下降了 3%，略低於消費 PC 市場，這是由於入門價格類別持續承壓所致，儘管我們在高端類別中繼續擴大市場份額。庫存水準在正常範圍內。扣除TAC後的搜尋收入按固定匯率計算增長了17%和16%，這主要得益於我們廣告平台的改進以及Bing在美國和國際市場的訪問量增長。

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. In gaming, revenue grew 39% and 38% in constant currency. Xbox software and services grew 36% and 35% in constant currency, mainly from a third-party title. Xbox Live monthly active users increased 8% to 57 million. Segment gross margin dollars grew 21% and 18% in constant currency. Gross margin percentage increased, driven by new Surface editions, offset by sales mix to lower-margin businesses.

地面收入以固定匯率計算增長了 25% 和 21%，這主要得益於產品組合中最新版本的強勁表現，而去年同期可比數據較低。遊戲業務收入以固定匯率計算成長了 39% 和 38%。Xbox 軟體和服務以固定匯率計算分別成長了 36% 和 35%，主要得益於第三方遊戲。Xbox Live 月活躍用戶數成長 8%，達到 5,700 萬。以固定匯率計算，分部毛利率成長了 21%，成長了 18%。毛利率成長，主要得益於新款 Surface 產品的推出，但被低利潤率業務的銷售組合所抵銷。

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

受季節性因素、廣告支出與上年相比的變化以及對搜尋和人工智慧工程的投資推動，營運支出按固定匯率計算增長了 9% 和 8%。營業收入成長了38%，以固定匯率計算成長了32%。

Now back to total company results. Capital expenditures, including finance leases, were $4.1 billion and increased on a sequential basis in line with expectations. 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.

現在回到公司整體業績。資本支出（包括融資租賃）為 41 億美元，季增，符合預期。用於購置物業、廠房和設備的現金支出為 40 億美元，這反映了為支持我們雲端業務成長而進行的投資，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. 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. Excluding the impact of these items, operating cash flow grew approximately 13%, driven by strong cloud billings and collections.

自由現金流為 74 億美元，年減 15%，反映出為支持我們的雲端業務而增加的資本支出。經營活動產生的現金流量年增 4%，其中包括與採用 ASC 606 和 TCJA 相關的稅款支付，以及比上一年更早開始為假日季節儲備硬體庫存。剔除這些項目的影響，受強勁的雲端帳單和收款推動，經營現金流成長約 13%。

Other income and expense was approximately $300 million, lower than expected due to FX remeasurement. Our non-GAAP effective tax rate was 18%, higher than anticipated due to the geographic mix of our revenue. And finally, we returned $5.3 billion to shareholders through dividends and share repurchases, an increase of 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.

其他收入和支出約為 3 億美元，低於預期，原因是外匯重新計量。由於所得的地域組成，我們的非GAAP有效稅率為18%，高於預期。最後，我們透過分紅和股票回購向股東返還了 53 億美元，成長了 16%。我們第四季的股票回購額為 21 億美元，年增 31%，但環比下降，這是因為在宣布收購 GitHub 之前暫停了股票回購活動。

Now let's move to the outlook. 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. 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.

現在我們來看看前景。我對全年和下一季的預測均未包含 GitHub 的任何影響，我們仍然預計 GitHub 將在年底前關閉。總體而言，我們下一財年的業務關鍵驅動因素和趨勢與 4 月相比基本保持不變，並假設宏觀環境保持穩定。

First on FX. Assuming that rates remain stable, we expect no impact to full year revenue growth, with any FX benefits in H1 offset in H2. FX should decrease COGS and operating expense growth by 1 point.

FX電視台首播。假設匯率保持穩定，我們預計全年營收成長不會受到影響，上半年的任何外匯收益將在下半年被抵銷。外匯波動應使銷售成本和營運費用成長率下降 1 個百分點。

Second, our commercial business. 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. As customer commitment to our cloud increases, we are seeing larger and longer-term agreements. As a result, we may see increased quarterly volatility in commercial bookings growth and commercial unearned revenue.

其次，我們的商業業務。鑑於企業 IT 支出樂觀，以及對雲端服務的需求不斷增長，加上我們強大的產品競爭地位和持續的銷售執行力，我們預計未來一年收入將持續強勁增長，商業業務的年金佔比也將提高。隨著客戶對我們雲端服務的投入不斷增加，我們看到協議的規模越來越大，期限也越來越長。因此，我們可能會看到商業預訂成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. Customer demand for our hybrid offerings should drive high teens growth in our server products and cloud services KPI.

在 Office 365、Dynamics 365 和 LinkedIn 的推動下，生產力和業務流程將繼續保持兩位數的成長。客戶對我們混合產品的需求應該會推動我們的伺服器產品和雲端服務 KPI 實現兩位數以上的成長。

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

具體到 Azure，我們預期 IaaS 和 PaaS 的消費收入將逐漸融合。在 Windows 領域，我們預期 OEM 專業版和 Windows 商業版業務的基本面將保持強勁，但與 2018 財年強勁的業績相比，今年的營收成長速度將會放緩。

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

第三，商業雲毛利率百分比。我們預計各項商業雲端服務以及整體商業雲毛利率將持續改善。與 2018 財年相比，由於收入結構持續向 Azure IaaS 和 PaaS 消費型服務轉變，我們的用戶服務收入年比改善幅度將有所減少，因此改善速度將放緩。我們將繼續增加資本支出，以滿足不斷增長的雲端服務需求，儘管我們預計今年的成長速度將會放緩。

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

接下來是營運費用。鑑於我們強大的執行力，我們將繼續投資於我們認為對創造長期股東價值至關重要的趨勢和成長市場。對商業雲、LinkedIn、遊戲和人工智慧的投資應該會導致營運費用增加約 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. 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.

即使進行了這些策略投資並持續向雲端業務轉型，我們預計營業利潤率仍將比去年略有成長。其他收入和支出應略微為負，與先前的預期和季度波動一致，主要原因是外匯重新計量、利率變化以及採用新的金融投資會計準則後的估值變化。

And finally, tax rate. 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.

最後，還有稅率。我們已經改進了對《減稅與就業法案》(TCJA) 的影響、服務收入與許可收入的組合以及收入的地域組合的估計，現在預計 2019 財年的實際稅率約為 17%，但會存在季度波動。

Now to the outlook for first quarter. First, FX. 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.

接下來展望第一季。首先是FX。假設當前匯率保持穩定，我們預計外匯將使收入成長增加約 1 個百分點，並使銷售成本和營運費用減少 1 個百分點。

Second, our commercial business. We expect another healthy quarter with commercial unearned revenue down approximately 10% sequentially, in line with historic seasonality. Commercial cloud gross margin percentage will improve slightly on a sequential basis.

其次，我們的商業業務。我們預計本季商業未實現營收將季減約 10%，與歷史季節性規律相符，並維持健康成長。商業雲端業務毛利率將較上季略有提高。

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

第三，我們預計資本支出將連續第二個季度成長，因為我們將繼續支持不斷增長的全球客戶需求。

Now to the segment guidance. 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. LinkedIn revenue growth should remain high on a stronger prior year comparable.

接下來是分部績效指引。在生產力和業務流程領域，我們預計營收將在 92.5 億美元至 94.5 億美元之間，這主要得益於 Office 商業版和 Dynamics 的兩位數成長。由於去年同期基數較高，LinkedIn 的營收成長應該會維持在高水準。

In Intelligent Cloud, we expect revenue between $8.15 billion and $8.35 billion. 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. In More Personal Computing, we expect revenue between $9.95 billion and $10.25 billion. In OEM Pro, we expect revenue growth in line with the commercial PC market. And in OEM non-Pro, we expect similar dynamics as seen in Q4.

在智慧雲端領域，我們預計營收將在 81.5 億美元至 83.5 億美元之間。Azure 營收成長應反映 IaaS 和 PaaS 消費型服務的持續強勁成長與按用戶計費服務的成長速度放緩之間的平衡。在「更多個人計算」領域，我們預計收入將在 99.5 億美元至 102.5 億美元之間。在 OEM Pro 領域，我們預期營收成長將與商用 PC 市場保持一致。在 OEM 非專業領域，我們預期會出現與第四季類似的動態。

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

在 Surface 產品方面，我們持續期待最新產品（包括新款 Surface Go）能夠保持強勁表現，推動成長，與去年第一季的成長類似。搜尋業務（不包括 TAC）預計在接下來的一個季度實現兩位數中段的成長，持續掌握費率和交易量成長機會。

In gaming, we expect mid-teens revenue growth with continued strong user engagement on our platform. The software and services growth rate will moderate due to strong third-party titles launched a year ago. We expect COGS of $9.5 billion to $9.7 billion and operating expenses of $9.2 billion to $9.3 billion. Other income and expense is expected to be approximately negative $100 million.

在遊戲領域，我們預計營收將實現兩位數中段的成長，這得益於我們平台上用戶持續強勁的參與度。由於一年前推出的第三方遊戲表現出色，軟體和服務的成長速度將會放緩。我們預計銷售成本為 95 億美元至 97 億美元，營運費用為 92 億美元至 93 億美元。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. Mike, let's go to Q&A.

最後，由於第一季有大量股權歸屬，我們預計第一季的實際稅率將略低於全年稅率。麥克，我們進入問答環節吧。

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

謝謝你，艾米。接下來進入問答環節。操作員，請您再重複一次您的指示好嗎？

(Operator Instructions) Our first question is coming from the line of 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. I wanted to dig into Azure a little bit. I think growth overall in Azure this quarter is probably ahead of most people's expectations. And it sounds like the type of business that's being done on Azure is becoming more strategic and changing a little bit. 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.

恭喜你本季業績非常出色。我想稍微深入了解 Azure。我認為本季 Azure 的整體成長可能超出了大多數人的預期。聽起來，在 Azure 上進行的業務類型變得越來越具有策略性，並且正在發生一些變化。所以薩蒂亞，我希望你能跟我們談談Azure上正在使用的工作負載類型、服務類型，以及過去一年來這些方面是如何發展的。

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%. 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? Is that growing in line with kind of the slowdown you were expecting? Or is that better than you had imagined?

艾米，對你來說，或許有一個新的KPI，我相信，你告訴我們企業移動性成長了55%。這是否符合您的預期？因為我知道您之前對我們在該業務領域的成長預期有所降低。這種成長趨勢是否符合你預期的放緩趨勢？或者說，這比你想像的還要好？

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

是的，那麼讓我——首先，謝謝基斯提出的問題，那麼讓我開始吧。總體而言，就工作負載組合而言，它一直相當穩定，這正是我們混合價值主張的真正意義所在——持續引起共鳴，這意味著有大量的工作負載正在遷移到雲端。人們同時使用 Azure Stack 和 Azure，因此，隨著人們基本上希望將他們目前的許多資料中心工作負載遷移到 Azure，這繼續推動我們的 IaaS 業務成長。

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.

此外，應用程式的現代化進程也在加速，這推動了許多更高層級的服務，特別是我們的資料服務和人工智慧服務。人工智慧服務本質上是運算，但所有這些計算都需要儲存和數據，這也是我們看到加速發展的另一個領域。

The one thing that I would say that I'm increasingly seeing is Tier 1 workloads. 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. And two, they're running it in the cloud. And so that's one thing that definitely is a market difference for us.

我越來越注意到的一點是，一級工作負載正在增加。從某種意義上說，當我們思考世界上一些最大品牌所做的承諾時，就他們所做的事情而言，第一，這對他們的營運至關重要。第二，他們是在雲端運行的。所以，這絕對是我們與市場之間的一個顯著差異。

And to your question on the per user services, specifically Enterprise Mobility, Keith, it was a bit better than I had anticipated in Q4. 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. And if you think about that, it's the Windows commercial, it's Office 365 commercial and 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.

Keith，關於你提出的按用戶服務，特別是企業移動性方面的問題，第四季度的情況比我預期的要好一些。而實際上，像 EMS 這樣的按使用者付費服務的驅動力，正是 Satya 所提到的、我們稱為 Microsoft 365 的價值主張，而且我們看到了它廣泛的優勢。仔細想想，這其實就是 Windows 的廣告、Office 365 的廣告和 EMS 的廣告。確實，我認為，我們經常聽到的是，安全性和管理功能不斷增加，支援更多端點，這為客戶帶來了巨大的價值，而且我們在第四季度確實看到了比我預期的更強勢。

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

下一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

Congrats on a good quarter. Amy, the commercial unearned revenue and bookings were again super strong, and evidently, Microsoft is benefiting from fairly strong EA renewal activity. So when you look out into fiscal '19, how would you compare the degree of renewal activity versus fiscal '18 and fiscal '17? 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.

恭喜你本季業績出色。艾米，商業未實現收入和預訂量再次表現非常強勁，顯然，微軟正受益於相當強勁的EA續約活動。那麼，展望 2019 財年，您會如何比較更新活動的程度與 2018 財年和 2017 財年相比呢？聽起來你仍然很有建設性，但我很想聽聽你更詳細的感受，例如感覺是否像你剛結束的那個財政年度一樣好。

Thanks, Karl. Let me break up that question a little bit because you actually asked a couple of things that are important. 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. 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. So really, Q4 wasn't just renewal activity, it was also new workloads and new value.

謝謝你，卡爾。讓我稍微拆分一下這個問題，因為你實際上問了幾個重要的問題。第一，你說得對，我們在第四季末看到的意外成長，是由於續約基數相當大，而且續約執行得非常好。但第四季在增加新的工作負載、創造新機會方面也做得非常好，例如 Azure 或 Dynamics 365 等。所以實際上，第四季不僅僅是續約活動，還有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. And the third component of your question was really how did the renewal base correlate to FY '18. The answer is it's a little bigger but it actually has the same amount of volatility quarter-to-quarter. So Q1's renewal base is actually almost equivalent to last year.

所以展望 2019 年，我對這兩方面都持樂觀態度，一方面是續約工作繼續保持良好執行力，另一方面是增加新的價值和新的機會。你的問題的第三個組成部分實際上是續約基數與 2018 財年有何關聯。答案是，雖然規模略大一些，但季度間的波動幅度實際上相同。所以第一季的續約基數其實幾乎與去年持平。

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

下一個問題來自高盛的 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. 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? And can you help us think about how this might be -- how that might be helping drive growth in your existing contracts?

Amy 或 Satya，我想請教一下，Azure 混合權益是如何改變你們在續訂 ELA 時遇到的淨擴展率的？我知道你和卡爾也稍微談到了這一點，但有沒有什麼方法可以幫助我們思考，這究竟是如何幫助這些帳戶提升擴張速度的呢？您能否幫助我們思考一下，這會如何幫助推動您現有合約的成長？

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. And I'm just kind of wondering if you could share with us, is there any gross margin impact there? Does one have higher gross margins than the other? 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?

然後，另一個問題是，您提到您正在從按用戶付費轉向按消費付費，您將會看到按消費付費的服務比按用戶付費的 Azure 工作負載增長更多。我只是想問一下，您能否和我們分享一下，這會對毛利率產生什麼影響？哪一款的毛利率比較高？從您對這些評論的解讀中，我們能否得出一些關於我們對 Azure 未來毛利率成長看法的結論？

Thanks, Heather. So on the first one, I actually think that these hybrid use benefits have been sort of the best kept secrets. 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. And we had a good set of sessions at our partner meetings this week, just really making sure everybody understands those benefits. So I don't think that that has really played out. If we have seen anything, all the growth we have seen is in spite of that not being broadly really driving growth.

謝謝你，希瑟。所以，關於第一點，我其實認為這些混合使用方式的好處一直以來都是鮮為人知的秘密。所以，我真心希望進入下一個財政年度，我們能做得更好，客戶也能做得更好，這對他們本身也有好處，因為 Azure 由於混合使用優勢，在整個工作負載方面都具有非常顯著的優勢。本週我們在合作夥伴會議上進行了一系列很好的培訓，確保每個人都了解這些好處。所以我覺得這件事並沒有真正發生。如果我們看到了什麼，那就是我們所看到的所有成長都是在這種成長並非真正推動成長的普遍因素的情況下實現的。

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. But the key is even the consumption services come in different forms. There is the IaaS services, there is the data services and some of the higher-level services. Some of these IoT services now even have SaaS components to it. So therefore, I think that the mix will be different by quarter by quarter. 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.

但對於你的第二個問題，我還要補充一點，我認為以使用者計算的毛利率和以消費計算的毛利率之間顯然存在差異。但關鍵在於，即使是消費服務也有不同的形式。包括 IaaS 服務、數據服務以及一些更高級別的服務。現在，部分物聯網服務甚至包含了SaaS元件。因此，我認為每個季度的組合都會有所不同。但我們的策略越來越傾向於讓客戶先使用核心儲存或核心運算，然後再讓他們擴展到更高層級的服務。

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. But it really was more in Windows. 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. 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.

Heather，關於這兩個方面，我想補充一點，Azure 混合優勢，正如 Satya 所說，我認為我們已經開始看到它對本地 KPI 產生一些影響，在我看來，從第四季度開始就產生了影響。但實際上，這個問題更出現在Windows系統中。而且，正如我們明年在 SQL 中繼續看到的那樣，我認為客戶有機會從這些混合優勢中獲得真正的價值。因此，這在某種程度上增強了我今年實現十幾個百分點的關鍵績效指標成長的信心，因為這是一個非常注重客戶價值的方案。

To your question on GM, Satya's obviously correct on that one. 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. 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. It tends to have good quarters when we do good execution on Office 365. 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.

關於你提出的GM問題，Satya的回答顯然是正確的。而且我認為，我們思考這個問題的方式實際上是——當你談論 Azure 的按用戶計費時，它實際上更接近 M365 的用戶計費。最好把它理解為它的行為方式和邊距結構更像 Office 365，並且表現得非常相似。當我們在 Office 365 方面執行得當時，它往往會有不錯的季度業績。因此，我的評論更多的是，並且仍然是，讓人們理解銷售的動態，以及它往往會朝著那個方向發展。

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

下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Congratulations on the quarter. So I have 2 related questions. 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%. Given the fast-growing lower-margin Azure business, we're not seeing any longer negative margin impact. Have you reached the point where the incremental dollar of Azure revenue is close to the overall Intelligent Cloud gross margin?

恭喜你本季取得佳績。所以我有兩個相關的問題。首先，如果你看本季的智慧雲端收入，它成長了 23%，毛利也成長了同樣的 23%。鑑於利潤率較低的 Azure 業務成長迅速，我們預計不會再出現任何負面的利潤率影響。Azure 的增量收入是否已經接近整個智慧雲端的毛利率？

And then, a second, I apologize, slightly long question. CapEx spending in the quarter and the full year were both strong. 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. How should we think about the mix in CapEx between building demand and replacing what's there?

然後，第二個問題，很抱歉，有點長。本季和全年資本支出均表現強勁。我們可以從兩個面向來探討：一是產能需求旺盛，二是設備老化需要大量資金更換。我們應該如何看待資本支出中用於滿足需求和替換現有設施的比例？

Let me take both those. On the first one, in terms of the GM this quarter, you're right. The improvements, particularly in the IaaS and PaaS gross margin of Azure did offset the cloud mix to Azure within the segment. Going forward, continuing to see that. 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. 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.

這兩個我都收下吧。關於第一點，就本季的總經理而言，你是對的。Azure 的 IaaS 和 PaaS 毛利率的改善，特別是其毛利率的改善，抵消了該細分市場中 Azure 的雲端產品佔比下降。接下來，我們將繼續觀察這一點。我認為，由於 Azure 的業務量以目前的速度成長，毛利率將面臨更大的壓力，但雲端 1 美元的毛利率仍不如當地部署 1 美元的毛利率。也就是說，正如你在本季所看到的，我們在毛利率方面還有很大的成長空間——即使在進入 2019 財年之前也是如此。

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. And that's why you're starting to see leverage, right, flow through the P&L. And I think that the rate of CapEx growth, as I said, in FY '19 will moderate. That happens because, of course, we're doing some replacement but we're also adding regions and seeing a lot of global demand. And so, we're actually -- and improving margins. 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. It's just going to be volatile, as CapEx tends to be, quarter-to-quarter based on both supply chain and demand.

關於您提出的第二個問題，即資本支出方面，從宏觀角度來看，我們的資本支出成長速度低於我們整體雲端收入的成長速度。所以你才會開始看到槓桿效應反映在損益表上。正如我之前所說，我認為 2019 財年的資本支出成長率將會放緩。當然，這是因為我們正在進行一些替換工作，但我們也在增加新的地區，並且看到了大量的全球需求。因此，我們實際上正在提高利潤率。所以我覺得——正如你問到的問題，從非常宏觀的角度來看，我傾向於認為收入增長速度超過了資本增長速度，你可以透過損益表看到槓桿效應，即使第一季度是一個大季度，我們也會在 2019 財年看到增速放緩。就像資本支出通常那樣，它會受到供應鏈和需求的影響，每個季度都會出現波動。

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

下一個問題來自花旗銀行的華特‧普里查德。

Amy, wondering on the Office product and services on the commercial side, you had, I think, 8% growth. It's the lowest you've seen. I know 606 drives some volatility in that business. Could you help us understand what drove that in the quarter? And I know you're making some changes like to support and so forth as we get into the out years. Is there any impact that you expect to the growth rate in that business as we look forward from those changes?

艾米，我想了解 Office 產品和服務在商業方面的成長情況，我記得你們的成長率為 8%。這是你見過的最低價。我知道606會為這個行業帶來一些波動。您能否幫助我們了解本季業績下滑的具體原因？我知道隨著我們步入晚年，你們也在做出一些改變，例如提供支持等等。展望未來，您認為這些變化會對該業務的成長率產生什麼影響？

Thanks, Walter. 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. Almost very little of that gets recognized in quarter. It almost all goes to the balance sheet. 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. So it is really 606-related is the way to think about it, plus a mix of billings and billings strength. So I don't really think about that as being a negative. And you saw the exact same behavior in Dynamics, so it is a pretty similar in-period, in-quarter impact.

謝謝你，沃特。就該 KPI 的整體影響而言，我其實對這個數字非常滿意，因為，考慮到我們未實現的收入超出預期 10 億美元以上，部分原因是本季度我們在 Office 365 的賬單方面實現了非常好的組合轉變。其中幾乎很少有部分能在季度中得到體現。幾乎所有收益都計入了資產負債表。因此，看到實際執行情況，我對 2019 財年實現我們在全年指導中提到的兩位數增長的信心更加堅定了。所以，這實際上與 606 有關，再加上帳單和帳單實力的綜合影響。所以我並不認為這是件壞事。在 Dynamics 中也看到了完全相同的行為，因此，當期和季度內的影響非常相似。

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. Amy, a question for you. You commented on the positive spread that you're seeing in the Windows OEM business, both overall but particularly on the commercial side. When you start to think forward over the next, call it, couple of quarters here, obviously, you told us what the positive drivers were. But how do you see those sort of playing out? And can we maintain that positive spread? And if so, why? And if it does maybe narrow, just sort of how do you think about the narrowing?

恭喜你們本季和本財年都取得了優異的成績。艾米，我有個問題想問你。您曾評論過 Windows OEM 業務的積極發展趨勢，無論是整體上還是在商業方面。當你開始展望接下來的幾個季度時，顯然，你已經告訴我們積極的驅動因素是什麼。但你覺得這些事情會如何發展呢？我們能否保持這種正面的傳播勢頭？如果真是如此，原因是什麼？如果範圍真的縮小了，你覺得這種縮小過程是怎麼樣的？

Sure. 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. When that happens, it does create demand for new devices and modern devices that improve security. So that then, in turn, results in a better and stronger overall OEM PC commercial market.

當然。首先，我想從我和我們所看到的真正以客戶為導向的事情來闡述，那就是，如果你從 Windows 10 開始，客戶看到的價值以及我們所看到的正在加速 Windows 10 的企業部署。當這種情況發生時，就會產生對新型設備和能夠提高安全性的現代化設備的需求。這樣一來，反過來又會造就一個更好、更強大的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，由於宏觀經濟狀況實際上相當不錯，加上一些商業樂觀情緒也為我們帶來了利好，我認為人們會說：「如果安全性和價值很重要，那麼現在正是投資現代個人電腦的好時機。」尤其是在專業電腦佔比強勁的市場，我仍然預計所有這些趨勢將在明年持續下去。

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. 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.

然而，如果所有這些情況都保持不變（如果經濟環境保持不變，我預計它們會保持不變），那麼下半年，儘管我們取得了非常強勁的收入增長和非常強勁的市場，但我認為，下半年的增長速度將會放緩，僅僅是因為 2017 年的基數要低得多。所以，即使我看到所有好的事情和好的趨勢，我認為這些都為我們銷售 Microsoft 365 創造了巨大的機會，但你也會看到下半年的成長率有所放緩。

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雷莫·倫肖。

Amy, can I go back to the server product? You partly answered it with the -- when Heather asked, and I believe hybrid cloud will be a factor here. But the growth was the best we've seen for a long time. Can you just talk about the drivers that kind of were at play here?

艾米，我可以返回伺服器產品頁面嗎？當 Heather 問起時，你已經部分回答了這個問題，而且我認為混合雲將在這裡發揮重要作用。但這是我們很長一段時間以來看到的最佳成長。您能談談促成此事發生的各種因素嗎？

Thank you. You're right. The first one was the benefits that we saw from hybrid, in particular, with an outsized impact on Windows Server. The second has been a trend we also have talked about a little bit before. We saw strong double-digit growth in premium. So it was both mix shift as well as, I think, strength in the hybrid benefits as a value prop to customers. Those 2 are the ones I would actually call out as drivers for the quarter.

謝謝。你說得對。首先，我們看到了混合部署帶來的好處，尤其對 Windows Server 產生了巨大的影響。第二個趨勢我們之前也稍微談過。我們看到保費收入實現了強勁的兩位數成長。所以，我認為這既是產品組合的轉變，也是混合型產品作為對顧客的價值主張的優勢。我認為這兩個人才是本季真正的主力球員。

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

好的。我的意思是，如果我聽從他們的——你——的建議，它們應該是相對可持續的。

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

我認為對我們來說真正重要的一件事是繼續專注於創造客戶價值。我相信，我們目前提供的獨特之處在於，當客戶承諾使用微軟平台時，他們可以以高價值的方式在本地部署和雲端之間輕鬆切換，從而為客戶創造很多價值並讓他們感到安心。

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，這更多的是一個宏觀問題，但從長遠來看，我很好奇你認為邊緣運算相對於集中式雲端運算會發展到什麼規模。

Yes, I mean, I think, the vision that we have always had is that distributed computing, in some sense, will remain distributed. So we don't split this into there's an edge computing, there's a cloud computing. The need for computing is, on a secular basis, going to increase. 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. That's what we are building for.

是的，我的意思是，我認為，我們一直以來的願景是，分散式運算在某種意義上將保持分散式的特性。所以，我們不會將其拆分為邊緣運算和雲端運算。從長遠來看，對計算機的需求將會增加。隨著運算技術在全球的普及，你需要處理大量數據，因此你不僅需要將儲存和運算資源集中部署在世界各地。這就是我們建設的初衷。

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. And the reality is these modern workloads, in fact, use it all. So it's not like I just build an Azure Sphere application. I build an application that's fundamentally distributed that also happens to run some compute on Azure Sphere. 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.

因此，如果您思考我們真正的競爭優勢和差異化優勢，那就是我們擁有一個程式設計模型、一個身分識別模型、安全性和管理，以便現代開發人員和 IT 人員可以使用從 Azure Sphere 到 Azure 的運算資源。而現實情況是，這些現代工作負載實際上會用到所有這些資源。所以，這並不是說我只需要建立一個 Azure Sphere 應用程式。我建立了一個本質上是分散式的應用程序，它恰好也在 Azure Sphere 上執行一些計算任務。我認為，這就是未來，分散式運算回歸到真正分散式、事件驅動、甚至無伺服器的本質，而不是像現在這樣一次性遷移到新的東西。

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. I'd like to understand how you view Dynamics' current positioning compared to the market opportunities? And the context of the question is Dynamics remains a fairly small part of Microsoft revenues. As well, if you look at the market share of where Dynamics serve, it's a fairly small part of the market served. So what do you think Microsoft needs to do to have a larger impact against the market opportunities?

薩蒂亞，如果可以的話，我想把這件事告訴你。我想了解您如何看待 Dynamics 目前的市場定位與市場機會之間的關係？而問題的背景是，Dynamics 在微軟的營收中所佔比例仍然相當小。此外，如果你看一下 Dynamics 所服務的市場份額，你會發現它只佔所服務市場的一小部分。那麼，你認為微軟需要做些什麼才能在市場機會中發揮更大的影響力？

Yes. So overall, we are very committed and very bullish about the opportunity in Dynamics. 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. I think it's very disruptive in the marketplace because it brings a very different value proposition. 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. I know folks think about it that way, but it's not. I mean, it's about one small category in one segment called enterprise. There is a share. High share is considered 20%, 35% or what have you.

是的。總而言之，我們對 Dynamics 的發展機會充滿信心，並且非常看好它。例如，在 Dynamics 365 中，您剛剛看到的是上一個財政年度，這是我們第一個完整的財政年度，我們採用了這種現代化的模組化方法來開發商業應用程式。我認為它對市場具有很強的顛覆性，因為它帶來了一個截然不同的價值主張。它具有價格優勢和價值優勢，對客戶而言，這是一個本質上分散的市場，這在商業應用領域，過去不是，將來也不會是贏家通吃的局面。我知道有些人會那樣想，但事實並非如此。我的意思是，這只是企業這個細分領域中的一個小類別而已。有股份。高份額指的是 20%、35% 或其他任何數字。

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. Take an IoT project, it translates into a preventive maintenance in Azure and then ends up as field service in Dynamics. That's been one pattern we've seen a ton of traction with. 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.

所以從某種意義上來說，這始終都是為了服務客戶，尤其是在日益數位化的世界中，對吧？因此，對業務流程自動化的需求也不斷增長。以物聯網專案為例，它在 Azure 中轉化為預防性維護，最終轉化為 Dynamics 中的現場服務。這是我們發現非常有效的模式。所以對我來說，我們未來的策略基本上就是要抓住這些新的長期成長機會，同時顛覆目前擁有高利潤和高價單一產品的現狀。

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

我們最後一個問題來自摩根大通的馬克墨菲。

I will add my congrats. So Amy, we keep expecting the Office 365 commercial seat growth to decelerate materially at some point based upon the penetration level. But this quarter, that seat growth actually accelerated about 1 point to 29%. And when we look back on it, the trajectory really isn't too different than where it was even a year ago. So I'm just curious, is there some underlying driver there that would keep that deceleration relatively manageable going forward? 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?

我謹向你們表示祝賀。所以艾米，根據滲透率來看，我們一直預計 Office 365 商業席位的成長速度會在某個時候大幅放緩。但本季度，該席次成長率實際上加快了約 1 個百分點，達到 29%。當我們回顧過去時，會發現其發展軌跡與一年前相比並沒有太大變化。所以我很好奇，是否存在某種潛在驅動因素，使得這種減速在未來能夠相對可控？或者，您會看到這種放緩趨勢持續下去，隨著時間的推移，這種放緩趨勢會對 Azure 的按用戶計費服務造成一定的拖累？

This is one where, over time, there certainly is going to be a deceleration just because this is a per user business. M365 has that characteristic and Office has it, EMS has it. 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. 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. 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.

隨著時間的推移，這種模式的成長速度肯定會放緩，因為這是按用戶付費的業務。M365 具有這種特性，Office 具有這種特性，EMS 也具有這種特性。因此，本季度我們實際上看到了教育領域的強勁表現，本季新增了相當多的席位，同時我們在其他領域的執行情況也很好。坦白說，我們在這個領域確實看到了一些成長，我們對此感到非常興奮，因為我們一直在努力在這個領域取得更多進展並增加價值。該團隊在這個領域確實做得很好，他們創造了一些非常現代化的產品，並將它們推向了目標市場。

But over the long term and as we continue to move aggressively, we will continue to see seat growth dissipate. But I would also say, this is going to take longer than I think maybe people would have thought. 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.

但從長遠來看，隨著我們繼續積極推進，我們將看到席位成長逐漸消失。但我還想說，這件事所需的時間可能會比人們預想的還要長。隨著我們不斷重新定義 Office 的功能，我們會在基礎功能的基礎上添加更多功能，因此會有許多用戶使用，無論是一線員工，還是越來越多的小型企業，他們終於能夠訪問和享受我們為他們創造的價值，涵蓋從日程安排到進行一些細微的業務流程調整（就像 Satya 談到的那樣）。

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，隨著我們不斷重新定義 Office 的含義，從人們一直以來與 Word、Excel 和 PowerPoint 聯繫起來的東西，到意味著行動裝置、串流影片或與 Teams 協作的東西，我認為我們有機會繼續增加新用戶，增加我們以前沒有接觸過的新類型的用戶，甚至為我們現有的用戶提供新的功能。

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

偉大的。謝謝你，馬克。今天的財報電話會議問答環節到此結束。感謝各位今天蒞臨，我們期待很快能與各位再次交流。您可以在微軟投資者關係網站上找到更多詳細資訊。謝謝。

Thank you.

謝謝。

Thank you, everyone.

謝謝大家。

Thank you very much.

非常感謝。

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

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