微軟 (MSFT) 2019 Q1 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2019 First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Spencer, General Manager, Investor Relations. Thank you. You may begin.

各位好，歡迎參加微軟2019財年第一季財報電話會議。（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，投資人關係總經理麥克‧史賓塞。謝謝。你可以開始了。

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

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

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

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。除非另有說明，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），作為評估我們基本業務表現的框架，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 this call, we'll be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during 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.

在本次電話會議中，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. We're off to a very strong start in fiscal '19, delivering record revenue and profit. Every organization today needs tech intensity to compete and grow in an increasingly digital world.

謝謝你，麥克，也謝謝所有電話參與的朋友。我們在 2019 財年開局非常強勁，實現了創紀錄的收入和利潤。如今，每個組織都需要強大的技術實力才能在日益數位化的世界中競爭和發展。

There are 2 aspects to this. Think of it as a simple equation. First, every organization needs to be a fast adopter of best-in-class technology. Second, they'll need to build their own proprietary digital capability. Our cloud platforms and tools enable our customers to build tech intensity while ensuring we're addressing their tough questions around trust, both trust in technology and trust that they have a partner whose business model is aligned to their success. No customer wants to be dependent on a provider that sells them technology on one end and competes with them on the other. Getting this equation right is key to their success going forward. Microsoft is uniquely positioned to help.

這件事包含兩個面向。把它想像成一個簡單的等式。首先，每個組織都需要快速採用一流的技術。其次，他們需要建立自己的專有數位能力。我們的雲端平台和工具能夠幫助客戶增強技術實力，同時確保我們能夠解決他們在信任方面遇到的難題，包括對技術的信任以及對他們擁有一個商業模式與他們的成功相一致的合作夥伴的信任。沒有哪個客戶願意依賴一個一方面向他們銷售技術，另一方面又與他們競爭的供應商。弄清楚這個公式是他們未來成功的關鍵。微軟擁有得天獨厚的優勢來提供協助。

Now I'll briefly highlight how we're innovating across our solution areas. A little over a year ago, we introduced Microsoft 365 to help organizations of all sizes empower their employees in the modern workplace. Today, it's a multibillion-dollar business that gives our customers a path to the cloud and broadens our reach with new and underpenetrated markets. Customers from large multinationals like Eli Lilly to Rio Tinto first-line field workers to small businesses are all choosing Microsoft 365.

現在我將簡要介紹我們在各個解決方案領域是如何進行創新的。一年多前，我們推出了 Microsoft 365，旨在幫助各種規模的組織在現代工作場所賦予員工權力。如今，它已發展成為一項價值數十億美元的業務，為我們的客戶提供了通往雲端的途徑，並透過新興和滲透率較低的市場擴大了我們的業務範圍。從禮來等大型跨國公司到力拓集團的第一線現場工作人員，再到小型企業，所有客戶都在選擇 Microsoft 365。

Cybersecurity is a central challenge. Microsoft security differentiation is based on 2 things: first, our unparalleled operational security posture; second, our comprehensive product suite spanning identity, information, application and device protection. We analyze more than 6.5 trillion signals each day, process 4 -- 50 billion authentications monthly and scan 400 billion e-mails for malware and phishing each month. These massive signals generate insights that fuel security innovations for customers. New capabilities in Microsoft 365 detect, investigate and remediate sophisticated cybersecurity threats across every endpoint, saving IT professionals thousands of hours.

網路安全是一項核心挑戰。微軟的安全差異化優勢基於兩點：第一，我們無與倫比的營運安全態勢；第二，我們涵蓋身分、資訊、應用程式和裝置保護的全面產品套件。我們每天分析超過 6.5 兆個訊號，每月處理 40 億至 500 億次身分驗證，每月掃描 4,000 億封電子郵件以查找惡意軟體和網路釣魚資訊。這些海量訊號能夠產生洞察，從而推動客戶的安全創新。Microsoft 365 的新功能可偵測、調查和修復每個終端機上的複雜網路安全威脅，從而為 IT 專業人員節省數千小時。

Microsoft Security Score gives organizations a dynamic report card on their security posture. In identity management, Microsoft is already a leader with Azure Active Directory, and we are innovating with new capabilities to eliminate passwords for the hundreds of thousands of Azure AD-connected apps that businesses use every day.

微軟安全評分能夠為組織提供一份關於其安全狀況的動態報告。在身分識別管理領域，微軟憑藉 Azure Active Directory 已成為領導者，我們正在透過新功能進行創新，以消除企業每天使用的數十萬個 Azure AD 連接應用程式的密碼。

The future of productivity and collaboration will be defined by AI innovation. And new AI-driven features across Microsoft 365 from automated slide design to proactive Cortana reminders to enhanced search experiences and real-time meeting transcription to org analytics are all augmenting human capability, making it easier for people to focus on what matters most.

人工智慧創新將決定未來生產力和協作方式的走向。從自動投影片設計到主動 Cortana 提醒，再到增強的搜尋體驗、即時會議轉錄和組織分析，Microsoft 365 中的各種人工智慧驅動的新功能都在增強人類的能力，使人們更容易專注於最重要的事情。

Another differentiator is Microsoft Teams. Microsoft Teams is the only enterprise-grade solution that brings together messaging, video conferencing, meetings and web-based collab into a single integrated user experience scaffolding. It eliminates the need for discrete single-point solutions that only increase an organization's security and compliance exposure. Customers recognize this value. Teams is now the hub for teamwork for 329,000 organizations, including 87 of the Fortune 100. And we are adding automated translation support for meetings, shift scheduling for first-line workers and new industry-specific offerings, including health care and small business.

另一個區別在於微軟Teams。Microsoft Teams 是唯一一款將訊息傳遞、視訊會議、會議和基於 Web 的協作整合到一個統一的使用者體驗框架中的企業級解決方案。它消除了對獨立單點解決方案的需求，而這些解決方案只會增加組織的安全性和合規性風險。顧客認同這種價值。Teams 現在是 329,000 個組織的團隊協作中心，其中包括財富 100 強中的 87 個組織。我們還增加了會議自動翻譯支援、第一線員工輪班安排以及新的行業特定服務，包括醫療保健和小型企業服務。

Windows 10 continues to gain traction in the enterprise as the most secure and productive operating system, and more than half of our commercial device installed base is now on Windows 10. Surface continues to set the bar for the industry for -- with 5 new category leading Surface devices, including the new Surface Go. Microsoft 365 and Surface are inspiring our OEM ecosystems to innovate, and we have the strongest line of devices going into the holiday season.

Windows 10 作為最安全、最高效的作業系統，在企業中持續獲得廣泛認可，我們超過一半的商業設備安裝量現在都運行 Windows 10。Surface 繼續為該行業樹立標竿——推出了 5 款全新領先類別的 Surface 設備，包括新款 Surface Go。Microsoft 365 和 Surface 正在激勵我們的 OEM 生態系統進行創新，我們在即將到來的假期季節擁有最強大的設備陣容。

Moving to business applications. AI-powered digital feedback loops that connect products, operations, customers and employees to create predictive power, automate workflows and ultimately, improve outcomes are key to all organizations. Dynamics 365 uniquely addresses this need. We expect Dynamics to deliver more than $2.5 billion in revenue this year with half of that total coming from Dynamics 365. And this quarter, we introduced Dynamics 365 AI, a new class of AI applications built for an era where the systems of record and engagement are converted into intelligence.

轉向商業應用。人工智慧驅動的數位回饋迴路將產品、營運、客戶和員工連接起來，從而創造預測能力、自動化工作流程並最終改善結果，這對所有組織來說都至關重要。Dynamics 365 以獨特的方式滿足了這項需求。我們預計 Dynamics 今年的營收將超過 25 億美元，其中一半將來自 Dynamics 365。本季度，我們推出了 Dynamics 365 AI，這是一種新型的 AI 應用，專為記錄和互動系統轉化為智慧的時代而打造。

Dynamics 365 mixed reality digitizes the physical spaces and interactions. Companies like Chevron and ZF Group are already using it to transform training and design for their first-line workers. And H&M, the world's second-largest clothing retailer, is relying on Dynamics 365 to digitize its critical business processes.

Dynamics 365 混合實境技術將實體空間和互動數位化。雪佛龍和採埃孚集團等公司已經在使用這項技術來改變第一線員工的培訓和工作設計。全球第二大服裝零售商 H&M 正在依靠 Dynamics 365 實現其關鍵業務流程的數位化。

These customers and others recognize the advantage of our modular extensible approach over the traditional SaaS model of monolithic suites or siloed apps. And our investments in our analytics and application platform spanning Power BI, Power Apps and Flow are driving momentum with customers and have made us a leader in no-code app building and business analytics in the cloud.

這些客戶和其他人認識到，與傳統的單體套件或孤立應用程式的 SaaS 模型相比，我們模組化可擴展的方法具有優勢。我們在分析和應用程式平台（包括 Power BI、Power Apps 和 Flow）方面的投資正在推動客戶的發展，並使我們成為雲端無程式碼應用程式建置和業務分析的領導者。

Our open data initiative, a strategic partnership with Adobe and SAP, takes this even further, delivering on our vision of one unified data model to provide unparalleled business insight from behavioral, transactional, financial and operational data. Together, we'll enable data to be exchanged and enriched across systems, making it a renewable resource that enables new intelligent customer experiences.

我們與 Adob​​e 和 SAP 建立的策略合作夥伴關係，以及我們的開放資料計劃，將這一理念更進一步，實現了我們建立統一資料模型的願景，從而從行為、交易、財務和營運數據中提供無與倫比的業務洞察。我們將共同努力，實現跨系統的資料交換和豐富，使其成為一種可再生資源，從而創造全新的智慧客戶體驗。

LinkedIn continues to be an essential platform to connect the world's professionals with sessions growth of 34% year-over-year and record levels of messages sent and content shared. We're innovating with new experiences that leverage the LinkedIn and Microsoft Graphs such as the ability to e-mail LinkedIn connections directly from Microsoft 365. Strong engagement across the platform is fueling demand for sponsored content and marketing solutions and Talent Solutions, which saw record job postings again this quarter.

LinkedIn 仍然是連結全球專業人士的重要平台，其會話量年增 34%，發送的訊息和分享的內容數量也創下歷史新高。我們正在利用 LinkedIn 和 Microsoft Graphs 進行創新，開發新的體驗，例如直接從 Microsoft 365 向 LinkedIn 聯絡人發送電子郵件。平台整體的強勁互動推動了對贊助內容、行銷解決方案和人才解決方案的需求，本季人才解決方案的職缺發布量再次創下紀錄。

Talent Insights is a new self-service analytics solution that gives HR professionals competitive intelligence and labor market trends for an increasingly competitive jobs market. And the pending acquisition of Glint brings employee insights alongside LinkedIn's workforce insights to create a powerful solution to help customers attract, retain and develop the best talent.

人才洞察是一款全新的自助式分析解決方案，可為人力資源專業人士提供競爭情報和勞動力市場趨勢，以應對日益激烈的就業市場競爭。即將完成的對 Glint 的收購，將員工洞察與 LinkedIn 的勞動力洞察相結合，打造出一個強大的解決方案，幫助客戶吸引、留住和培養最優秀的人才。

Now turning to Azure. Customers from multinationals like Volkswagen, Anheuser-Busch InBev, MasterCard to fast-growing startups like Grab are recognizing the architectural advantage of a consistent computing stack from the cloud to the edge. Azure is the only hyperscale cloud that extends to the edge across identity, data, application platform as well as security and management. We introduced 100 new Azure capabilities this quarter alone, focused on both existing workloads like security and new workloads like IoT and edge AI. With Azure Confidential Computing, Azure is now the first cloud to provide a secure platform for protecting the confidentiality and the integrity of data while in use, adding to our existing security protections to encrypt data in transit as well as in rest.

現在轉向Azure。從大眾汽車、百威英博、萬事達卡等跨國公司到 Grab 等快速發展的新創公司，客戶都認識到從雲端到邊緣的一致運算堆疊的架構優勢。Azure 是唯一一個能夠跨越身分、資料、應用程式平台以及安全性和管理等各個方面延伸到邊緣的超大規模雲端平台。光是本季我們就推出了 100 項新的 Azure 功能，重點放在現有工作負載（如安全性）和新工作負載（如物聯網和邊緣 AI）。借助 Azure 機密運算，Azure 現在是第一個提供安全平台來保護資料在使用過程中的機密性和完整性的雲端平台，它增強了我們現有的安全保護措施，可以加密傳輸中和靜態的資料。

Every company needs a strategy to take advantage of the billions of IoT devices entering the market each year. Azure Sphere, our end-to-end solution for securing microcontroller-powered devices, is now broadly available and seeing strong customer interest. Azure Digital Twins is a new service that models relationships and interactions across people, places and devices.

每年有數十億物聯網設備湧入市場，每家公司都需要製定策略來充分利用這些設備。Azure Sphere 是我們為保護微控制器驅動的裝置而推出的端到端解決方案，目前已廣泛推出，並受到了客戶的強烈關注。Azure 數位孿生是一項新服務，可對人、地點和裝置之間的關係和互動進行建模。

We're investing to make Azure the best cloud for enterprise data. Our data services spanning SQL Database, Cosmos DB, Data Warehouse and Data Lake provide the most comprehensive data platform needed for enterprise data estates. Azure ML builds on this foundation to further democratize data and AI to unlock insights, helping data scientists build and train AI models faster, then deploy them with the -- through the cloud or to the edge.

我們正在加大投入，力求將 Azure 打造成企業資料最佳雲端平台。我們的資料服務涵蓋 SQL 資料庫、Cosmos DB、資料倉儲和資料湖，為企業資料資產提供最全面的資料平台。Azure ML 在此基礎上進一步普及資料和 AI，從而釋放洞察力，幫助資料科學家更快地建立和訓練 AI 模型，然後透過雲端或邊緣部署它們。

Across industries, our customers and partners are using services like these to transform. BMW introduced an agent to redefine how people interact with their cars. Bühler, which processes 65% of the world's grain, is relying on Azure Cognitive Services to improve food safety. Shell is applying AI across its enterprise to optimize deal productivity and keep workers safe. And this week at Sibos Conference, the Microsoft Cloud is front and center, powering financial services transformation for organizations such as SWIFT, which is enabling secure payment transfers on Azure.

各行各業的客戶和合作夥伴都在使用這些服務進行轉型。BMW推出了一款智慧代理，旨在重新定義人車互動方式。加工全球 65% 穀物的布勒公司正依賴 Azure 認知服務來提升食品安全。殼牌公司正在其整個企業範圍內應用人工智慧技術，以優化交易效率並確保員工安全。在本週的 Sibos 大會上，微軟雲端成為焦點，為 SWIFT 等組織提供金融服務轉型支持，SWIFT 正在 Azure 上實現安全的支付轉帳。

Finally, our pending acquisition of GitHub, which we expect to close shortly, recognizes the increasingly vital role developers play in value creation and growth across every industry. I'm excited about the opportunity to bring our tools and services to new audiences while enabling GitHub to grow and retain its developer-first ethos.

最後，我們即將完成對 GitHub 的收購（預計不久後完成），這體現了開發者在各行各業的價值創造和成長中日益重要的作用。我很高興有機會將我們的工具和服務帶給新的用戶群，同時幫助 GitHub 成長並保持其以開發者為先的理念。

Now I'll turn to gaming. We continue to broaden our reach with more than 2 billion gamers worldwide and expand our opportunity from the way games are distributed to how they're played and viewed. We are investing in content, community and cloud services across every endpoint to expand usage and deepen engagement. First-party content is key to our approach, and we now have 11 Game Studios in our portfolio to deliver differentiated content for our fast-growing services like Game Pass. Xbox Live now has 57 million monthly active users, and Mixer usage growth is accelerating. This loyal high-value community is our strongest asset, creating expanding opportunity for monetization of first- and third-party games. Fortnite is a good example of that, and all up, we are seeing record software and services revenue and engagement being driven on our platform.

現在我要開始玩遊戲了。我們不斷擴大業務範圍，在全球擁有超過 20 億遊戲玩家，並將我們的機會從遊戲的分發方式擴展到遊戲的遊玩和觀看方式。我們正在投資於各個終端的內容、社群和雲端服務，以擴大使用範圍並加深用戶參與度。第一方內容是我們策略的關鍵，目前我們旗下擁有 11 家遊戲工作室，為我們快速成長的服務（如 Game Pass）提供差異化的內容。Xbox Live 目前擁有 5,700 萬月活躍用戶，Mixer 的使用成長速度也正在加快。這個忠誠且高價值的社群是我們最強大的資產，為第一方和第三方遊戲的獲利創造了不斷擴大的機會。Fortnite 就是一個很好的例子，總的來說，我們看到我們的平台上的軟體和服務收入和用戶參與度都創下了歷史新高。

Earlier this month, we announced Project xCloud, a breakthrough game streaming technology that puts gamers at the center of their gaming experience, enabling them to play games in high fidelity wherever and whenever they want on any device. And it will empower game developers to scale through hundreds of millions of new users across devices. It's early days, but I'm excited about our road map.

本月初，我們發布了 Project xCloud，這是一項突破性的遊戲流媒體技術，它將玩家置於遊戲體驗的中心，使他們能夠隨時隨地在任何設備上暢玩高保真遊戲。這將使遊戲開發者能夠透過各種設備，並為數億新用戶實現規模化成長。現在還處於早期階段，但我對我們的發展路線圖感到興奮。

Across our businesses, we are accelerating innovation, picking the right secular trends, investing in large growing markets, many of which are still in their infancy. Additionally, every one of our solutions is reinforcing our core intelligent cloud and intelligent edge platform. Not only are we optimistic about the opportunity for us and for our customers, we also recognize our responsibility.

在我們的各項業務中，我們正在加速創新，選擇正確的長期趨勢，投資於大型成長市場，其中許多市場仍處於起步階段。此外，我們的每項解決方案都在強化我們的核心智慧雲和智慧邊緣平台。我們不僅對自身和客戶的機會感到樂觀，也認識到我們肩負的責任。

We were one of the first companies in the United States to require suppliers doing substantial business with us to provide paid time-off for their employees. And this quarter, we took a further step to ensure that these suppliers also provide their employees with paid parental leave. We're ensuring that our enterprise-class security innovation not only helps our largest customers but also protects small businesses and consumers who are often the most vulnerable to attacks.

我們是美國最早要求與我們有實質業務往來的供應商為其員工提供帶薪休假的公司之一。本季度，我們進一步採取措施，確保這些供應商也為其員工提供帶薪育嬰假。我們正在確保我們的企業級安全創新不僅能夠幫助我們最大的客戶，還能保護那些最容易受到攻擊的小型企業和消費者。

Finally, we are putting AI into the hands of change-makers to address society's most pressing challenges with initiatives like AI for Humanitarian Action, which supports critical disaster recovery efforts around the world and more. This recognition of our broader responsibility, coupled with our bold innovation, makes me incredibly optimistic about our opportunity ahead.

最後，我們將人工智慧交到變革者手中，透過「人工智慧人道行動」等舉措，應對社會最迫切的挑戰，為世界各地的重要災後重建工作提供支援等等。我們對自身更廣泛責任的認識，加上我們大膽的創新精神，讓我對未來的機會充滿樂觀。

With that, 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 after for questions.

接下來，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，之後我期待與大家再次見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $29.1 billion, up 19% and 18% in constant currency. Gross margin dollars increased 18%. Operating income increased 29% and 28% in constant currency, and earnings per share was $1.14, increasing 36% and 33% in constant currency. Another quarter of double-digit revenue and operating income growth drove a record start to the fiscal year. We saw strength across each of our segments with strong sales execution by our partners and sales teams. Customer demand for our hybrid and cloud offerings drove the quarter, and we continued to benefit from favorable macroeconomic and IT spending trends.

謝謝你，薩蒂亞，大家下午好。本季營收為 291 億美元，年增 19%，以固定匯率計算成長 18%。毛利成長了18%。營業收入以固定匯率計算成長了 29% 和 28%，每股收益為 1.14 美元，以固定匯率計算成長了 36% 和 33%。連續第二季實現兩位數營收和營業收入成長，推動本財年開局創下歷史新高。我們看到各個業務板塊都表現強勁，這得益於我們的合作夥伴和銷售團隊的出色銷售執行力。本季客戶對我們混合雲端和雲端產品的需求推動了業績成長，我們也持續受益於有利的宏觀經濟和 IT 支出趨勢。

Now to our commercial business. As a reminder, starting this quarter, the commercial portion of LinkedIn is included in these metrics. Our commercial annuity -- our commercial revenue annuity mix increased 1 point year-over-year to 90%. Commercial unearned revenue was $27.3 billion, growing 22% and 21% in constant currency, in line with expectations.

現在進入正題。再次提醒，從本季開始，LinkedIn 的商業部分已納入這些指標。我們的商業年金－我們的商業收入年金組合年增 1 個百分點，達到 90%。商業未實現營收為 273 億美元，以固定匯率計算成長 22% 和 21%，符合預期。

On an expiry base that was roughly flat year-over-year, commercial bookings were better than expected and increased 15% and 16% in constant currency, benefiting from larger long-term Azure contracts, growth in Azure consumption overages and pay-as-you-go contracts and strength in on-premises revenue. These contract types impact bookings, reported revenue and unearned revenue in different ways. Let me explain.

在到期基數與去年同期基本持平的情況下，商業預訂量好於預期，按固定匯率計算增長了 15% 至 16%，這得益於更大的長期 Azure 合約、Azure 超額消費和按需付費合約的增長以及本地部署收入的強勁增長。這些合約類型對預訂量、已公佈收入和未實現收入的影響方式各不相同。讓我解釋一下。

First, under ASC 606, hybrid and on-premises offerings drive bookings growth and more in-period revenue recognition. Therefore, there's less impact on unearned revenue. Second, growth in Azure consumption overages and pay-as-you-go contracts drive bookings growth and in-period revenue but have little impact on unearned revenue. And finally, long-term Azure contracts drive significant bookings growth but have a smaller impact on in-period revenue and unearned revenue. The inclusion of LinkedIn results was immaterial to the growth rates of commercial unearned and commercial bookings.

首先，根據 ASC 606，混合型和本地部署產品推動了預訂量的成長和更多當期收入的確認。因此，對未實現收入的影響較小。其次，Azure 消費超額和按需付費合約的成長推動了預訂成長和當期收入，但對未實現收入的影響很小。最後，長期 Azure 合約推動了預訂量的顯著成長，但對當期收入和預收收入的影響較小。LinkedIn 結果的納入對商業未實現收入和商業預訂的成長率沒有影響。

Commercial cloud revenue was $8.5 billion, growing 47% and 46% in constant currency with strong performance in the U.S., Western Europe and the U.K. Commercial cloud gross margin percentage increased 4 points to 62%, driven again by significant improvement in Azure gross margin.

商業雲端收入達 85 億美元，以固定匯率計算成長 47% 和 46%，其中美國、西歐和英國市場表現強勁。商業雲毛利率成長 4 個百分點至 62%，這再次得益於 Azure 毛利率的顯著提高。

Company level, gross margin percentage was 66%, down slightly year-over-year with sales mix shift to gaming and commercial cloud. FX increased overall company and Productivity and Business Processes revenue by 1 point, in line with guidance. The impact to Intelligent Cloud and More Personal Computing revenue was immaterial, 1 point less favorable than expected. FX impact was immaterial to COGS and operating expenses, about 1 point less favorable than expected. Even with that headwind, operating expenses grew 8%, in line with expectations.

公司層面，毛利率為 66%，年比略有下降，原因是銷售組合轉向遊戲和商業雲。外匯業務使公司整體收入以及生產力和業務流程收入成長了 1 個百分點，符合預期。對智慧雲端和更多個人運算收入的影響微乎其微，比預期低 1 個百分點。匯率波動對銷售成本和營運費用的影響微乎其微，比預期略微不利約 1 個百分點。即使面臨這些不利因素，營運支出仍成長了 8%，符合預期。

Our engineering and sales capacity investments in large growing markets continue to deliver differentiated value for our customers while generating material operating income leverage. This quarter, we increased operating margin nearly 3 points year-over-year.

我們在大型成長市場的工程和銷售能力方面的投資，持續為客戶創造差異化價值，同時產生實質的營業收入槓桿作用。本季度，我們的營業利潤率年增近3個百分點。

Now to segment results. Revenue from Productivity and Business Processes was $9.8 billion, increasing 19% and 18% in constant currency, ahead of expectations, driven by both the on-premises and cloud businesses. Office commercial revenue grew 17% and 16% in constant currency, driven by continued Office 365 commercial growth and approximately 3 points of growth from increased demand ahead of a price increase with the launch of Office 2019.

現在將結果細分。生產力和業務流程收入為 98 億美元，以固定匯率計算成長 19% 和 18%，超出預期，這主要得益於本地部署和雲端業務的成長。Office 商業收入以固定匯率計算增長了 17% 和 16%，這主要得益於 Office 365 商業的持續增長，以及在 Office 2019 發布價格上漲之前需求增加帶來的約 3 個百分點的增長。

Office 365 commercial revenue grew 36% and 35% in constant currency with installed base expansion across all customer segments and ARPU growth as customers shift to E3 and E5 workloads. Office 365 commercial seats grew 29% and, in line with last quarter, benefited from strong performance of our Microsoft 365 academic offers.

隨著所有客戶群的安裝基礎擴大，以及客戶轉向 E3 和 E5 工作負載，Office 365 商業收入按固定匯率計算增長了 36% 和 35%，ARPU 也隨之增長。Office 365 商業席位成長了 29%，與上一季一樣，受益於我們 Microsoft 365 學術產品的強勁表現。

Office consumer revenue increased 16% and 17% in constant currency, driven by growth in Office 365 subscription revenue and approximately 5 points of growth from increased channel demand ahead of a price increase with the launch of Office 2019. Office 365 consumer subscribers grew to 32.5 million.

以固定匯率計算，Office 消費者收入成長了 16% 和 17%，這主要得益於 Office 365 訂閱收入的成長，以及在 Office 2019 發布價格上漲之前通路需求增加帶來的約 5 個百分點的成長。Office 365 消費者用戶成長至 3,250 萬。

Dynamics revenue grew 20%, including a few points from a greater mix of contracts with higher in-period recognition under ASC 606. Dynamics 365 grew 51% and 49% in constant currency.

Dynamics 的營收成長了 20%，其中幾個百分點來自 ASC 606 下當期確認金額較高的合約組合。Dynamics 365 的成長率為 51%，以固定匯率計算為 49%。

LinkedIn revenue increased 33% with strong execution across all businesses. Segment gross margin dollars grew 18% and 17% in constant currency, and gross margin percentage declined slightly year-over-year as cloud mix offset LinkedIn and Office 365 margin expansion. Operating expenses increased 7% and 8% in constant currency with ongoing investments in LinkedIn, cloud engineering and commercial sales capacity to support top line growth. Operating income increased 29% and 27% in constant currency.

LinkedIn 在所有業務領域都表現出色，營收成長了 33%。以固定匯率計算，各業務部門毛利分別成長了 18% 和 17%，但毛利率較去年同期略有下降，因為雲端業務組合抵銷了 LinkedIn 和 Office 365 的利潤成長。由於持續投資於 LinkedIn、雲端工程和商業銷售能力以支援營收成長，營運費用以固定匯率計算成長了 7% 和 8%。以固定匯率計算，營業收入成長了29%和27%。

Revenue from Intelligent Cloud was $8.6 billion, increasing 24%, better than anticipated driven by demand for our hybrid offerings. Server products and cloud services revenue grew 28%. Azure revenue increased 76%, in line with our expectations with strong growth across both consumption and per user base businesses. Our on-premises server business grew 10% and 9% in constant currency, driven by continued demand for premium versions and hybrid solutions as well as increased demand ahead of Q2 price increases for certain versions of our server products.

智慧雲端業務營收為 86 億美元，成長 24%，優於預期，這主要得益於市場對我們混合產品的需求。伺服器產品和雲端服務收入成長了 28%。Azure 營收成長了 76%，符合我們的預期，消費業務和用戶基數業務均實現了強勁成長。我們的本地伺服器業務以固定匯率計算增長了 10% 和 9%，這主要得益於對高級版本和混合解決方案的持續需求，以及在第二季度某些伺服器產品版本提價之前需求的增加。

Enterprise Services revenue grew 6% 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 28% and 27% in constant currency. Gross margin percentage increased year-over-year as material improvement in Azure gross margin percentage offset the growing mix of Azure IaaS and PaaS revenue. Operating expenses increased 19% and 20% in constant currency, driven by ongoing investments in cloud and AI engineering and commercial sales capacity. Operating income grew 37% and 35% in constant currency.

企業服務收入成長了 6%，其中高級支援服務和微軟諮詢服務的成長部分被 Windows Server 2003 客製化支援協議的下降所抵消。以固定匯率計算，分部毛利率分別成長了 28% 和 27%。由於 Azure 毛利率的顯著提高抵消了 Azure IaaS 和 PaaS 營收佔比的成長，毛利率較去年同期成長。受雲端運算和人工智慧工程以及商業銷售能力的持續投資推動，營運費用以固定匯率計算成長了 19% 和 20%。營業收入成長了37%，以固定匯率計算成長了35%。

Now to More Personal Computing. Revenue was $10.7 billion, increasing 15% with significantly better-than-expected results in gaming. Gaming revenue increased 44% and 45% in constant currency with better-than-expected results across both software and services and hardware.

現在進入個人電腦領域。營收達 107 億美元，成長 15%，其中遊戲業務的業績遠超預期。以固定匯率計算，遊戲收入成長了 44% 和 45%，軟體和服務以及硬體的表現都優於預期。

Xbox software and services revenue grew 36% with continued strength from a third-party title. Xbox hardware revenue grew 94% and 96% in constant currency with earlier-than-expected sell-in of holiday hardware bundles.

Xbox 軟體和服務收入成長了 36%，這主要得益於第三方遊戲的持續強勁表現。由於假日硬體套裝的銷售早於預期，Xbox 硬體收入按固定匯率計算增長了 94% 和 96%。

In Windows, we saw healthy Windows 10 commercial deployments as the OEM ecosystem continued to benefit from customer demand for modern and secure software and hardware. OEM Pro revenue grew 8%, a few points ahead of the commercial PC market from a higher mix of premium licenses. Windows commercial products and cloud services revenue increased 12%. In consumer, OEM non-Pro revenue declined 5%, below the consumer PC market with continued pressure in the entry-level price category. Inventory levels were within the normal range.

在 Windows 領域，我們看到 Windows 10 的商業部署發展良好，OEM 生態系統繼續受益於客戶對現代化、安全軟體和硬體的需求。由於高級授權佔比更高，OEM Pro 收入成長了 8%，比商用 PC 市場高出幾個百分點。Windows 商業產品和雲端服務收入成長了 12%。在消費領域，OEM 非專業版收入下降了 5%，低於消費 PC 市場，入門價格類別持續承壓。庫存水準在正常範圍內。

Search revenue ex TAC increased 17%, driven by Bing rate growth and increased volume in U.S. and international markets. In Surface, revenue grew 14%, driven by Surface Book 2 and Surface Go. Segment gross margin dollars grew 10%, and gross margin percentage decreased due to sales mix to our lower-margin gaming business. Operating expenses declined 1%. As a result, operating income grew 23%.

扣除TAC後的搜尋收入成長了17%，這主要得益於Bing的費率成長以及美國和國際市場搜尋量的成長。Surface 產品線營收成長 14%，主要得益於 Surface Book 2 和 Surface Go 的銷售成長。分部毛利金額成長了 10%，但毛利率下降，原因是銷售組合轉向了利潤率較低的遊戲業務。營運費用下降了1%。因此，營業收入成長了 23%。

Now back to our total company results. As expected, capital expenditures, including finance leases, were up sequentially to $4.3 billion, driven by ongoing investment to meet demand for our cloud services. Cash paid for property, plant and equipment was $3.6 billion.

現在回到公司整體業績。正如預期的那樣，資本支出（包括融資租賃）環比增長至 43 億美元，這主要得益於為滿足市場對我們雲端服務的需求而進行的持續投資。用於購買固定資產、廠房和設備的現金支出為 36 億美元。

Free cash flow was $10.1 billion and decreased 2% year-over-year due to higher capital expenditures in support of our cloud business. Cash flow from operations increased 10% year-over-year with strong cloud billings and collections partially offset by our first annual TCJA payment of $1.5 billion. Excluding the TCJA payment, free cash flow grew 12% and operating cash flow grew 22%.

自由現金流為 101 億美元，年減 2%，原因是為支持我們的雲端業務而增加了資本支出。經營活動產生的現金流年增 10%，這主要得益於強勁的雲端帳單和收款，但部分被我們第一筆 15 億美元的年度 TCJA 付款所抵銷。不計入 TCJA 付款，自由現金流成長 12%，營運現金流成長 22%。

Other income was $266 million, higher than anticipated, due to realized gains and the recording of mark-to-market gains under the new accounting rules for financial investments. Our effective tax rate was 14%. As a reminder, Q1 and Q3 rates are impacted by the volume of equity vests during those quarters. This Q1, the impact was a bit more than expected due to the movement of our share price within the quarter. And finally, in line with our continued commitment, we returned $6.1 billion to shareholders through dividends and share repurchases, an increase of 27% year-over-year.

其他收入為 2.66 億美元，高於預期，原因是已實現收益以及根據新的金融投資會計準則記錄了按市值計價的收益。我們的實際稅率為14%。提醒一下，第一季和第三季的利率會受到這兩個季度股權歸屬量的影響。今年第一季度，由於季度內股價波動，其影響比預期大一些。最後，為了履行我們一貫的承諾，我們透過股利和股票回購向股東返還了 61 億美元，年增 27%。

Now let's turn to our outlook. Given that we expect the GitHub acquisition to close shortly, my commentary includes the full impact of the deal, including purchase accounting, integration and transaction-related expenses based on our current understanding of the purchase price allocation and related deal accounting. We continue to expect the deal to be minimally dilutive to FY '19 and FY '20 EPS on a non-GAAP basis and accretive to FY '20 operating income on a non-GAAP basis.

現在讓我們來看看前景。鑑於我們預計 GitHub 收購案將很快完成，我的評論包含了該交易的全部影響，包括購買會計處理、整合以及基於我們目前對購買價格分配和相關交易會計處理的理解的交易相關費用。我們仍預期該交易對 2019 財年和 2020 財年非 GAAP 每股盈餘的影響最小，並且對 2020 財年非 GAAP 營業收入的增加具有正面意義。

For Q2, first, FX. Assuming current rates remain stable, we expect no impact to revenue growth. FX should decrease COGS and operating expense growth by approximately 1 point.

第二季度，首先是外匯。假設當前利率保持穩定，我們預計不會對收入成長產生影響。外匯波動應使銷售成本和營運費用成長率下降約 1 個百分點。

Second, our commercial business. We expect another quarter of healthy performance with solid bookings growth. Commercial unearned revenue is expected to grow approximately 19% year-over-year even with the ongoing shift toward the cloud contracts discussed earlier. Commercial cloud gross margin percentage should continue to improve on a year-over-year basis though at a more moderated rate than prior years given the continued mix of revenue toward Azure consumption-based services. Margin improvement will continue to vary on a quarterly basis driven by revenue mix, seasonality and the timing of infrastructure spend.

其次，我們的商業業務。我們預計本季業績將保持良好勢頭，預訂量將穩步增長。即使考慮到前面討論過的向雲端合約的持續轉變，商業未實現收入預計仍將同比增長約 19%。鑑於 Azure 按消費付費服務的營收佔比持續上升，商業雲毛利率應會持續逐年提高，但成長速度會比往年放緩。利潤率的改善將繼續按季度波動，並受收入結構、季節性因素和基礎設施支出時間的影響。

Third, we expect ongoing year-over-year growth in capital expenditure as we support growing demand. Given infrastructure spend timing, Q2 CapEx should be roughly in line with Q1.

第三，我們預期資本支出將持續年增，以滿足不斷增長的需求。考慮到基礎設施支出的時間安排，第二季資本支出應該與第一季大致持平。

Now to our segment guidance. In Productivity and Business Processes, we expect revenue between $9.95 billion and $10.15 billion. Office commercial and Dynamics should continue to exhibit double-digit growth, driven by strong cloud performance but with some moderation due to the on-premise drivers discussed earlier. Office consumer will see continued momentum in new subscribers but overall revenue growth will be negatively impacted as channel inventories normalize. LinkedIn revenue growth should remain healthy though on a stronger prior year comparable.

接下來是我們的分部業績展望。在生產力和業務流程方面，我們預計營收在 99.5 億美元至 101.5 億美元之間。受強勁的雲端效能推動，Office 商業版和 Dynamics 應該會繼續保持兩位數的成長，但由於前面討論過的本地部署因素，成長速度會有所放緩。辦公室用戶的新用戶成長動能將持續，但隨著通路庫存趨於正常化，整體收入成長將受到負面影響。儘管去年同期基數較高，但LinkedIn的營收成長應該仍將維持健康水準。

For Intelligent Cloud, which includes GitHub, we expect revenue between $9.15 billion and $9.35 billion. In Azure, we expect healthy growth across our consumption and per user base businesses, though per user services growth will moderate given the size of the installed base.

對於包括 GitHub 在內的智慧雲端業務，我們預計營收將在 91.5 億美元至 93.5 億美元之間。在 Azure 中，我們預期消費業務和按用戶基數業務將實現健康成長，但考慮到已安裝基數的規模，按用戶服務成長將會放緩。

In More Personal Computing, we expect revenue between $12.8 billion and $13.2 billion. OEM Pro revenue growth should be in line with the commercial PC market. As a reminder, prior year comparables strengthened throughout the remainder of the year. In Windows commercial products and cloud services, we expect continued strength as well as the benefit of a low prior year comparable. And for OEM non-Pro, we expect similar dynamics to Q1.

在「更多個人計算」領域，我們預計收入將在 128 億美元至 132 億美元之間。OEM Pro 的營收成長應該與商用 PC 市場保持一致。需要提醒的是，去年同期業績在今年剩餘時間內持續走強。在 Windows 商業產品和雲端服務方面，我們預計將繼續保持強勁勢頭，並受益於去年同期較低的基數。對於非專業 OEM 廠商，我們預期其動態與第一季類似。

In Surface, revenue growth should accelerate with the impact of recently launched devices, including Surface Pro 6 and Surface Laptop 2. Search ex TAC results should be similar to Q1 with durable growth in rate and volume.

Surface業務方面，隨著Surface Pro 6和Surface Laptop 2等近期發佈設備的推出，營收成長可望加速。搜尋（不包括TAC）結果應與第一季類似，成長率和銷售量將保持穩定成長。

In gaming, we expect revenue growth to moderate due to a prior year comparable that included the launch of Xbox One X. Software and services growth should be similar to Q1 with continued benefit from a third-party title plus overall platform strength.

遊戲業務方面，由於去年同期包含了Xbox One X的發布，我們預計營收成長將放緩。軟體和服務業務的成長應與第一季持平，這主要得益於第三方遊戲的持續成長以及平台整體的強勁表現。

Now, back to our company results. We expect COGS of $12.2 billion to $12.4 billion and operating expenses of $9.8 billion to $9.9 billion. Other income and expense should be approximately $50 million as interest income and investment gains are partially offset by interest expense. And finally, we expect our Q2 effective tax rate to be slightly above the full year estimate of 17%.

現在，讓我們回到公司業績。我們預計銷售成本為 122 億美元至 124 億美元，營運費用為 98 億美元至 99 億美元。其他收入和支出應約為 5000 萬美元，因為利息收入和投資收益部分被利息支出抵消。最後，我們預計第二季實際稅率將略高於全年預估的 17%。

Now a few comments on the fiscal year. First, FX. Assuming current rates remain stable, we expect a 1-point headwind to full year revenue growth with any benefit in H1 offset in H2. FX should decrease COGS and operating expense growth by approximately 1 point.

現在就本財政年度做幾點說明。首先是FX。假設當前利率保持穩定，我們預計全年營收成長將面臨 1 個百分點的阻力，上半年的任何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約 1 個百分點。

Second, operating expenses. We remain unchanged in our commitment to invest in strategic priorities that are key to driving long-term value creation. With the addition of GitHub as a strategic priority, we now expect operating expenses to grow roughly 8%. Growth, excluding GitHub, is expected to be in line with our prior guidance of roughly 7%.

其次，營運費用。我們始終堅持投資於對創造長期價值至關重要的策略重點領域。隨著 GitHub 被列為策略重點，我們現在預計營運費用將成長約 8%。不計入 GitHub 的成長，預計與我們先前約 7% 的預期一致。

Third on operating margin. Even with the full GAAP impact of GitHub purchase accounting now included in our guidance, we continue to expect our operating margin to be up slightly year-over-year. Margin leverage is a direct result of our focused investments in the right technology trends coupled with consistent execution.

第三名，營業利益率排名第三。即使 GitHub 收購會計處理的全部 GAAP 影響已納入我們的業績指引，我們仍預期我們的營業利潤率將比上年略有成長。利潤率的提升源自於我們對正確技術趨勢的專注投資以及持續有效的執行。

For CapEx, we continue to expect the growth rate for the year to moderate, even as we meet demand for our cloud services. Regarding the GitHub acquisition, we remain committed to an incremental share buyback beyond the normal quarterly pace that is expected to fully offset stock consideration issue in the transaction by the end of the fiscal year. And finally, we continue to expect the full year effective tax rate to be roughly 17% with quarterly variability.

儘管我們滿足了對雲端服務的需求，但我們仍然預期今年的資本支出成長率將放緩。關於 GitHub 收購案，我們仍致力於在正常季度速度之外逐步回購股票，預計到本財年末將完全抵銷該交易中的股票對價問題。最後，我們仍然預計全年實際稅率約為 17%，並存在季度波動。

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

那麼，麥克，接下來我們進入問答環節。

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

謝謝你，艾米。接下來進入問答環節。操作員，請您再重複一次您的指示好嗎？

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

（操作員說明）我們的第一個問題來自高盛的 Heather Bellini。

Amy and Satya, if I look at your Intelligent Cloud segment, and in particular the server products and cloud services, those continue to defy gravity a little bit here. And I'm just wondering if you could just give us a sense of how much maybe the pricing changes that went into effect at the beginning of the quarter that you're in now might have helped drive spending last quarter ahead of them going into effect. But also, can you share with us how the Azure Hybrid Benefit message might also be impacting Azure growth rate?

Amy 和 Satya，如果我看一下你們的智慧雲端業務板塊，特別是伺服器產品和雲端服務，它們在這裡仍然表現出一定的逆勢成長。我想問的是，您能否大致說明一下，您目前所在的季度初生效的價格調整，在上個季度生效之前，對推動消費增長起到了多大作用？另外，您能否與我們分享 Azure 混合權益資訊可能對 Azure 成長率產生的影響？

Sure. Thanks, Heather, for the question. I'll start and then, Amy, you can add. I mean, I think what you're fundamentally seeing in that overall KPI is what I think our 2 major advantages we have. One is an architectural technology advantage around hybrid, right? So we don't think of hybrid as some stopgap as a move to the cloud. We think about it's the coming together of distributed computing, where the cloud and the edge work together for not just the old workloads but most importantly, for new workloads. And that's where we're seeing some very significant good feedback loops and shaping even our future road map. And this is a place where we're leading. The second thing, as you pointed out in your question, is we have a business model advantage. The Azure benefits are things both for Windows Server as well as for SQL, which I think are very, very unique to us, and you see that. So the combination of the technology advantage and the business model advantage is what I see in the results, whether it's the stand-alone Azure growth, which is what we expected, and it's very strong. And the server KPI is even stronger. So I think that's at least how I would answer that question.

當然。謝謝Heather的提問。我先開始，然後艾米，你可以補充。我的意思是，我認為你從這個總體KPI中看到的，正是我認為我們擁有的兩大優勢。一是混合架構的技術優勢，對吧？因此，我們並不認為混合雲是遷移到雲端的權宜之計。我們認為這是分散式運算的融合，雲端和邊緣不僅可以共同處理舊的工作負載，更重要的是，還可以處理新的工作負載。而正是在這裡，我們看到了一些非常重要的好回饋循環，甚至塑造了我們未來的發展路線圖。而在這個領域，我們處於領先地位。第二點，正如你在問題中指出的那樣，我們擁有商業模式優勢。Azure 的優勢既包括 Windows Server 的優勢，也包括 SQL 的優勢，我認為這對我們來說非常獨特，這一點顯而易見。因此，我從結果中看到的是技術優勢和商業模式優勢的結合，無論是獨立的 Azure 成長（正如我們所預期的，而且非常強勁）。伺服器KPI表現甚至更出色。所以，至少我會這樣回答這個問題。

And to your specific question, Heather, on the impact of some of the price increases that went into effect in Q2, I'd say it's a couple of points, so I would not sort of over-rotate on that topic. The overall number, even if you take a couple of points off that 28%, is a very good performance, I believe, to Satya's point, is the impact you've seen of the very aligned technology road map on the architecture plus the business model that matches it.

至於你提出的具體問題，Heather，關於第二季生效的一些價格上漲的影響，我認為影響只有幾個點，所以我不會在這個主題上過度討論。即使從 28% 中減去幾個百分點，我認為總體數字仍然是一個非常好的表現。正如 Satya 所說，這反映了高度一致的技術路線圖對架構以及與之匹配的商業模式的影響。

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

下一個問題來自摩根士丹利的基斯‧韋斯。

I wanted to dig into capital efficiency here around your cloud assets a little bit. This quarter, you talked about Azure gross margins coming in sort of -- continuing to improve really nicely. CapEx came in, I mean, the growth there is slowing a little bit. Can you talk to us about sort of what's kind of driving that? Is it sort of the move to higher-level services? Do you get like better pricing against the capital? Is this sort of you're just not sort of pouring down as much cement, if you will, in terms of data expansion? Is it like better productivity of the core sort of compute stuff? Like can you help us understand sort of how capital intensity is trending in that -- Azure in particular but more broadly in the cloud businesses?

我想稍微深入探討一下你們雲端資產的資本效率問題。本季度，您提到 Azure 的毛利率正在持續穩定提升。資本支出方面，我的意思是，那方面的成長速度稍微放緩了。能跟我們談談這背後的驅動因素嗎？這是向更高層次服務邁進的一種方式嗎？你能獲得比資本更優惠的價格嗎？這是否意味著，在數據擴展方面，你們並沒有投入足夠的精力？它是不是像核心運算類別應用那樣提高了生產力？您能否幫助我們了解雲端運算業務（特別是 Azure，但更廣泛地說是整個雲端運算業務）的資本密集趨勢？

It's a great question, Keith. I would say the way we think about our capital efficiency and I, in fact, added that even to my commentary this time, which is we're building this intelligent cloud, intelligent edge platform to span everything, not only the Azure business but also the future of game streaming to what we are doing at Microsoft 365 or Dynamics 365. For the first time, what you see across Microsoft is really one platform, which spans all of these businesses and all of the margin structures that are there represented in it. So that's where, if you think about the thing that Amy and I focus a lot on is the capital efficiency end to end in that context versus getting caught up in even the capital efficiency as measured by any one of these individual pieces because we think that's what Microsoft's uniqueness long term lies. But that said on Azure, you're absolutely right. What you are seeing is 2 things: One is things like the Azure Hybrid Benefits as well as the higher-level services that create, I think, both uniqueness as well as good margins long term. I mean, especially on the database side is one place where I would say from a year-over-year worth of progress, whether it's just Azure database by itself, I mean, that service with full compatibility with SQL Server is a fantastic value proposition for our customers who have huge estates, whether it's the Data Warehouse that's become very, very competitive, the Data Lake. And Cosmos DB, I think, is very unique in its capability. So that's one place where -- as you know, any AI project first starts with data, and that's one place where we are seeing good traction.

基思，你問得好。我想說的是，我們思考資本效率的方式，事實上，我這次還在我的評論中補充了這一點，那就是我們正在建立一個智慧雲端、智慧邊緣平台，以涵蓋一切，不僅是 Azure 業務，還包括遊戲串流媒體的未來，以及我們在 Microsoft 365 或 Dynamics 365 中所做的工作。這是微軟首次真正打造出一個統一的平台，涵蓋了所有業務以及其中體現的所有利潤結構。所以，如果你仔細想想，我和艾米非常關注的是整個過程中的資本效率，而不是糾結於任何一個單獨環節的資本效率，因為我們認為這才是微軟長期獨特性的關鍵。但就 Azure 而言，你的說法完全正確。你看到的其實是兩件事：一是像 Azure 混合權益以及更高等級的服務，我認為這些服務既能創造獨特性，又能帶來良好的長期利潤。我的意思是，尤其是在資料庫方面，從一年又一年的進步來看，無論是 Azure 資料庫本身，還是與 SQL Server 完全相容的這項服務，對於擁有龐大資產的客戶來說，都是一個極具價值的方案，無論是競爭非常激烈的資料倉儲，還是資料湖。我認為 Cosmos DB 的功能非常獨特。所以，如你所知，任何人工智慧專案都先從數據開始，而我們也在這個領域看到了良好的進展。

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

下一個問題來自富國銀行的菲利普‧溫斯洛。

I just wanted to focus in on Office. Obviously, Amy, you called out some of the positives from the price increase that's coming up. But if I look at just Office 365, both commercial and consumer, just continued just strong growth on both those 2 and especially on the commercial side, there's still that gap between seat growth and revenue growth. So if you kind of just think where you are and I guess, in terms of just sort of the life cycle here and obviously, we've got multiple SKUs, maybe just kind of give us an update of how sort of you're thinking about where you stand and especially as you think about the full year here, how you sort of expect these metrics to progress.

我只想專注於Office。艾米，很明顯，你指出了即將到來的價格上漲帶來的一些正面影響。但如果只看 Office 365，無論是商業版還是消費者版，這兩個領域都持續強勁成長，尤其是在商業版方面，用戶成長和收入成長之間仍然存在差距。所以，如果你能思考一下你目前所處的位置，以及就生命週期而言，顯然我們有多個 SKU，那麼能否給我們更新一下你對自身處境的看法，特別是考慮到全年的情況，你預計這些指標將如何發展。

Sure, and I'm actually going to expand my comments a little bit because the sales motion is really broader than Office 365. The sales motion is really about Microsoft 365. And what that encompasses is both the Office 365 value proposition but also our management and security value proposition with EMS as well as Advanced Threat Protection and Windows value that shows up in that Windows commercial services KPI. So the bucket of those together, what we're seeing, is many of the workloads and movement to E3 within Microsoft 365 and to E5 continue to have good pull. There's great customer demand for the value that comes in security and analytics, in meetings, in voice, in collab. And I think when you look at the value, I think we feel good about the opportunity to continue to move these users, including new first-line or frontline users that we've not had access before. We got room on user growth, which as you -- you continue to see that number go up across segments. And we've got room in ARPU, which you've continued to see us have. So in many ways, your question shows itself in Office but the trends are the same if you look at EMS growth or if you were to look at that Windows commercial growth number.

當然，我還要稍微擴展一下我的評論，因為銷售策略實際上比 Office 365 的範圍更廣。這次銷售活動其實是圍繞著 Microsoft 365 展開的。這涵蓋了 Office 365 的價值主張，以及我們透過 EMS 提供的管理和安全價值主張，還有進階威脅防護和 Windows 價值，這些都體現在 Windows 商業服務 KPI 中。因此，綜合來看，我們看到的是，Microsoft 365 中許多工作負載和向 E3 以及 E5 的遷移仍然具有良好的吸引力。客戶對安全性和分析、會議、語音、協作等方面的價值有著巨大的需求。我認為，從價值的角度來看，我們對繼續推動這些用戶（包括我們以前沒有接觸過的新第一線或前線用戶）的機會感到滿意。我們在用戶成長方面還有提升空間，正如你所看到的，各個細分市場的用戶數量都在持續增長。而且我們在 ARPU 方面還有進步空間，你們也一直看到我們在這方面有進步空間。所以從很多方面來看，你的問題在 Office 中也有所體現，但如果你看看 EMS 的成長，或是看看 Windows 商業成長數據，趨勢也是一樣的。

And I'd just add that the seat growth as well as the ARPU growth, one of the things, even in spite of the success we may have achieved in the past, we never were that successful in penetrating with all of our workloads when it comes to small business and definitely across the globe. So that's another dimension that you see play out as well.

我還要補充一點，座位成長和 ARPU 成長，有一點是，即使我們過去可能取得了成功，但在小型企業領域，尤其是在全球範圍內，我們從未成功地將所有業務滲透到我們的所有工作中。所以，這也是你會看到的另一個面向。

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。

Satya, can you focus on gaming for a little bit? With the xCloud, you kind of announced something that the whole industry has kind of been dreaming about as like the Holy Grail where you want to go, eventually have it all in the cloud, deliver from the cloud, and subscription driven. Can you talk a little bit about the innovation that is involved in you being able to -- starting to deliver that now?

薩蒂亞，你能抽出點時間專心玩遊戲嗎？透過 xCloud，你們宣布了整個行業夢寐以求的東西，就像聖杯一樣，最終實現所有服務都在雲端，從雲端交付，並採用訂閱模式。您能否談談您現在能夠開始提供這種服務所涉及的創新之處？

Sure. But before I get to streaming, the thing that I'd say is most critical when you think about gaming is having a platform where the gamers are already there. That means you need to have a platform that has a community around it and monetized as well. So when you see some of the KPIs and some of the strength you saw in quarter, that's the foundation of Xbox. Xbox has the key gaming community and the monetization capabilities. Whether it's first-party games or third-party games, we are best in class in that monetization, and that's what's reflected in the results. So given that structural position, we are going to make sure that we keep increasing the strength of the community. You see that already with Minecraft going to all platforms and that increasing the intensity of the community, and you'll see us do more of that. Obviously, bringing Game Pass to even the PC is going to be a big element of that. And then streaming is just a natural sequence of it. And the advantage we have with streaming is we have a massive cloud advantage. And so we're going to bring obviously what we're doing with Azure, Azure networking all to bear in ensuring that Xbox and xCloud is one of the best workloads for it. So that's how I see it. It, of course, will increase our reach, but what I'm most excited about is the core content and community and the platform we have for monetizing that usage. And that, I think, is really what gives us even the permission to think about streaming.

當然。但在我談到直播之前，我想說，對於遊戲來說，最關鍵的是要有一個玩家已經聚集的平台。這意味著你需要一個擁有社群支援並且能夠獲利的平台。所以，當你看到一些關鍵績效指標以及你在本季看到的一些優勢時，那就是 Xbox 的基礎。Xbox 擁有核心的遊戲玩家群和獲利能力。無論是第一方遊戲還是第三方遊戲，我們在獲利方面都是業界最佳，這也反映在了結果上。鑑於這種結構性地位，我們將確保不斷增強社區的力量。你已經可以看到，《我的世界》已經登陸所有平台，這提高了社群的活躍度，我們也會在這方面做得更多。顯然，將 Game Pass 帶到 PC 平台將是其中的重要組成部分。然後，串流媒體播放就成了這一過程的自然延伸。我們在串流媒體方面的優勢在於我們擁有巨大的雲端優勢。因此，我們顯然會將我們在 Azure 和 Azure 網路所做的一切應用到 Xbox 和 xCloud 上，以確保它們成為最適合的工作負載之一。我就是這麼看的。當然，這將擴大我們的影響力，但我最興奮的是核心內容、社群以及我們利用這些資源來實現獲利的平台。我認為，正是這一點才真正賦予了我們思考串流媒體的資格。

Our next question is coming from the line of Jennifer Lowe with UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

I know you mentioned GitHub's closing soon. It's obviously not closed yet. But given you've got a few months under your belt now since it was announced and an opportunity to solicit some feedback from the developer communities that maybe aren't using Microsoft technologies on a regular basis but are very active with GitHub, do you have a sense yet of what the opportunities might be to do outreach to those developers that might be working closely with competing platforms and how closely you can kind of hug them into the Microsoft ecosystem versus just leaving GitHub as sort of a self-sustaining entity now that you have a little bit more opportunity to discuss that with customers in the field?

我知道你有提到GitHub即將關閉。顯然還沒關門。但鑑於自發布以來已經過去了幾個月，並且有機會從可能不經常使用微軟技術但非常活躍於 GitHub 的開發者社區徵求一些反饋意見，您是否已經意識到，有哪些機會可以接觸到那些可能與競爭平台密切合作的開發者，以及如何將他們更緊密地融入微軟生態系統，而不是僅僅讓 GitHub 保持某種自給自足的狀態？現在您有更多機會與第一線客戶討論這個問題了。

Sure. First of all, thank you for the question. We're very excited about GitHub closing, and quite frankly, primarily I'm excited because, for us, is that what we said, GitHub is not a means to some other end. It's an end onto its own, which is we have always cared about developer and developer productivity and especially at a time like this when there are more developers outside of the tech industry as the world goes digital. We think this is perhaps one of the big SaaS opportunities going forward. And so therefore, that's why we want to ensure that everything we do and the #1 priority for Nat and team at GitHub will be all about maintaining that GitHub community, the ethos around developers at the core. That said, I think we will do what is necessary to make sure that our products and services that are on Azure or elsewhere, our tooling, which are already many open source projects on GitHub, we do a good job of earning that developer trust and developer adoption. But we are very grounded in the fact that it has to be earned and not something that we will inherit because of being owners of GitHub.

當然。首先，感謝你的提問。我們對 GitHub 的關閉感到非常興奮，坦白說，我最興奮的原因是，對我們來說，正如我們所說，GitHub 不是達到其他目的的手段。這本身就是一個目的，那就是我們一直都很關心開發者和開發者的生產力，尤其是在當今世界數位化進程中，科技業之外的開發者越來越多的時候。我們認為這或許是未來 SaaS 領域最大的機會之一。因此，我們希望確保我們所做的一切，以及 Nat 和 GitHub 團隊的首要任務，都將圍繞著維護 GitHub 社區，以及以開發者為核心的精神。也就是說，我認為我們會盡一切努力確保我們在 Azure 或其他平台上的產品和服務，以及我們在 GitHub 上已經有很多開源專案的工具，能夠贏得開發者的信任和採用。但我們非常清楚，這一切都必須靠自己爭取，而不是因為我們是 GitHub 的擁有者就能繼承的。

The second thing I'll also mention is that, to me, the opportunity to win, I would say, new class of developers, we are making progress. In fact, this morning, I was reading a news article in Hacker News, which is a community where we've been working hard to make sure that Azure is growing in popularity, and I was pleasantly surprised to see that we made a lot of progress. In some sense, that at least basically said that we are neck to neck with Amazon when it comes to even elite developers as represented in that community. So we have more work to do, but we are making progress on all dimensions.

第二點我想提的是，對我來說，贏得新一代開發者的機會，我們正在取得進展。事實上，今天早上我在 Hacker News 上讀了一篇新聞文章，我們一直在 Hacker News 這個社群努力確保 Azure 越來越受歡迎，我驚訝地發現我們取得了很大的進展。從某種意義上說，這至少表明，即使是像亞馬遜社群中的精英開發者，我們也能與亞馬遜並駕齊驅。所以我們還有很多工作要做，但我們在各個方面都取得了進展。

The next question is coming from the line of Brad Zelnick with Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Amy, in your comments, you cited the continued benefit from a strong IT spending environment, and it's very clear from your results there's a lot of Microsoft-specific success and execution happening here as well. But as you look at your pipelines and all the various signals you see in the market, do you have a view on how long the environment persists? And what are the indicators that give you confidence?

艾米，你在評論中提到了強勁的 IT 支出環境帶來的持續好處，從你的結果中也很明顯地看出，微軟在這方面取得了許多成功並取得了顯著成效。但是，當你審視你的產品線以及你在市場上看到的各種訊號時，你認為這種環境會持續多久？哪些指標能讓你充滿信心？

Thanks, Brad, for the question. In general, the way I tend to look at this is the interactions we have with customers and the markets we're in and do we feel like they're expansive. And so when I look at the businesses that we built and the businesses we're investing in and do I feel like this need for tech intensity that Satya talked about that will ultimately drive the desire and need for customers to adopt technology, we're in the right places. And that's the signal actually we hear back from customers, whether that is Microsoft 365, Dynamics 365 and a new worldview on what business processes and business applications look like. Whether it's, frankly, our views on gaming that Satya just discussed, I feel like the signal we're hearing is that we're in the right part of the market with customer-focused value that can deliver a high ROI to them no matter what that IT budget looks like. And so I think as long as we focus on providing that value, we'll feel good about our opportunity to both grow and take share in the market.

謝謝你的提問，布拉德。總的來說，我傾向於從我們與客戶的互動以及我們所處的市場來看待這個問題，並思考我們是否覺得這些市場具有廣闊的發展前景。所以，當我審視我們創建的企業和我們正在投資的企業，並且感受到薩蒂亞所說的這種對技術強度的需求最終將推動客戶採用技術的願望和需求時，我認為我們正處於正確的位置。而這正是我們從客戶那裡得到的回饋，無論是 Microsoft 365、Dynamics 365，還是對業務流程和業務應用程式的新認識。坦白說，無論是薩蒂亞剛才談到的我們對遊戲的看法，我感覺我們聽到的信號是，我們進入了正確的市場領域，以客戶為中心的價值可以為他們帶來高投資回報率，無論他們的 IT 預算是多少。所以我認為，只要我們專注於提供這種價值，我們就會對自己的發展和市場份額的獲取機會充滿信心。

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, I'm wondering if you could talk about Azure, the outlook for the year. I know growth rate's been a bit volatile. I think you had a pretty strong Q4, including bookings in that business. Maybe you can help us understand relative to growth we're seeing right now how you expect the Azure trajectory to play out for the year?

艾米，我想請你談談 Azure，以及今年的展望。我知道成長率一直有些波動。我認為你們第四季業績相當不錯，包括該業務的預訂量。或許您可以幫助我們了解一下，相對於我們目前看到的成長情況，您預計 Azure 今年的發展軌跡會如何？

Sure, let me spend a couple of minutes on that. We actually saw better bookings in Q1 again on Azure, as I mentioned, just like we did in Q4. And so obviously, that's certainly encouraging as we look on a go-forward basis for the rest of the year. But as I think about -- I tend to focus, as you know, on the all-up server and product KPI because the Azure Hybrid Benefits that exist with Windows Server and SQL Server are really valuable to customers if they want to move to Azure on their own terms, it is the single best value proposition to a customer to make a commitment there. And so if we start to focus on one number or the other, I think we're missing the fact that our customer method and go to market is actually through the overall product portfolio. And so I tend to probably, as you might imagine, be more confident than I was in coming out of Q4 with a strong Q1 in that overall hybrid demand and Azure signal plus good Azure bookings when I talked about my confidence in high-teens growth in that KPI for the rest of the year.

當然，讓我花幾分鐘處理一下。正如我之前提到的，我們在第一季再次看到了 Azure 預訂量的改善，就像我們在第四季看到的那樣。因此，很顯然，這無疑令人鼓舞，也讓我們對今年剩餘時間的進展充滿信心。但當我思考時——如你所知，我傾向於專注於整體伺服器和產品 KPI，因為 Azure 與 Windows Server 和 SQL Server 的混合優勢對於想要以自己的方式遷移到 Azure 的客戶來說真的很有價值，這是客戶做出承諾的最佳價值主張。因此，如果我們開始關注某個數字，我認為我們就忽略了這樣一個事實：我們的客戶方法和市場推廣實際上是透過整個產品組合來實現的。因此，正如你可能想像的那樣，我可能比之前更有信心，因為在第四季度末，整體混合需求和 Azure 訊號強勁，加上 Azure 預訂情況良好，所以我對今年剩餘時間該 KPI 實現兩位數以上的成長充滿信心。

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

我們的下一個問題來自摩根大通的馬克墨菲。

Amy, last quarter, you mentioned that you could see increased volatility in time in commercial bookings growth as you were talking about the commitments were increasing to larger and longer-term agreements. But this quarter, the expiry portfolio was flattish, and yet your commercial bookings grew 16%. I think presumably, a very powerful performance with the renewals, the expansions and the new bookings. And I don't think you repeated that comment about bookings volatility in the same way. So I'm just curious, maybe could you help us connect the dots on that performance and also the potential for volatility in either direction going forward?

艾米，上個季度你提到，隨著承諾增加到更大、更長期的協議，商業預訂成長的時間波動性可能會增加。但本季到期投資組合基本上持平，但您的商業預訂量卻成長了 16%。我認為，續約、擴約和新預訂等一系列舉措，應該會取得非常強勁的業績。而且我認為你並沒有以同樣的方式重複關於預訂波動性的評論。所以我很好奇，您能否幫我們分析一下這場比賽的走勢，以及未來可能出現的波動？

Sure, thank you. That's a great question. You will see volatility in the bookings number for the reasons we've laid out before, the changing expiry base but also large contracts and commitments done by Azure. And to your point, we actually saw it this quarter because we again saw quite good performance in some of these larger long-term Azure contracts, which added on a flat expiry base to that 15% bookings growth, which was good. And so what that means is you'll see some volatility in that, and you're also going to see some volatility in commercial unearned, specifically because whenever you see hybrid strength, it won't land as much in unearned. So when we -- as the business gets bigger and we do bigger and larger deals and some of them are on-prem and some of them are in Azure, you're going to see volatility, frankly, in both of those. But what I tried to do is think about the impact of all the key data points, which is how do we do in quarter, how do we do on the unearned revenue on the balance sheet and how do we do in overall bookings. And if I triangulate between all those 3 just like I did in Q4, I feel really good about our commercial performance.

當然，謝謝。這是一個很好的問題。由於我們先前闡述的原因，預訂數量會出現波動，到期基數的變化，以及 Azure 簽訂的大合約和承諾。正如您所說，我們本季確實看到了這一點，因為我們再次看到一些較大的長期 Azure 合約表現相當不錯，這為 15% 的預訂成長增加了一個平穩的到期基數，這是個好消息。這意味著你會看到這方面出現一些波動，你也會看到商業未實現收益出現一些波動，特別是當你看到混合強勢時，它不會在未實現收益中佔太多份額。所以，隨著業務規模的擴大，我們達成的交易也越來越大，其中一些是在本地部署的，有些是在 Azure 上部署的，坦白說，你會看到這兩種情況都會出現波動。但我試著思考所有關鍵數據點的影響，例如我們本季的業績如何，資產負債表上的未實現收入如何，以及整體預訂量如何。如果我像第四季一樣對這三者進行綜合考量，我對我們的商業表現感到非常滿意。

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

下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Maybe 2 for Amy. Just first on that KPI of Azure plus server products, that high teens number was obviously a lot better this quarter. But is that still the framework for the year?

或許給艾米兩個。首先，Azure 和伺服器產品的關鍵績效指標 (KPI) 在本季明顯好轉，此前十幾個百分點的成績已經大幅提升。但這仍然是今年的框架嗎？

And then actually on Windows, we've seen such elevated strength on the Pro side, I think, because of the corporate Win 10 cycle, and I wondered if you could just -- as we think about the back half of the current fiscal year and we come up against some tougher comps, I wondered if you could just help us sort of think through that and how we should think about the puts and takes on that refresh cycle.

實際上，在 Windows 方面，我們看到專業版市場表現非常強勁，我認為這是因為企業版 Win 10 的推廣週期。我想請您幫忙分析一下，在考慮本財年下半年市場表現，以及我們將面臨一些更嚴峻的競爭情況時，我們應該如何看待這次更新周期中的買賣策略。

Sure. On the first question on the server and product KPI, obviously, the strong performance this quarter gives me higher confidence in my commitment to high teens growth in that number. But I'll update that generally longer in the quarter and will get me through Q2 before I make a longer commitment.

當然。關於伺服器和產品 KPI 的第一個問題，顯然，本季強勁的表現讓我更有信心實現該指標兩位數以上的成長。但我通常會在本季度內更新更長的計劃，並將確保計劃能夠持續到第二季​​度結束，之後我才會做出更長期的承諾。

And then separately on Windows 10 and the strength we've seen in OEM Pro, and I will also say it mirrors -- in some ways, you're also going to see some of that growth and strength in Windows commercial, so let me answer them a bit together. The Windows 10 Pro strength and, I think, commercial strength we've seen, we continue to see good signs on the commercial refresh. Really security, manageability of modern hardware and software together continues to be a good signal for us. We continue to watch the end of support. It's really critical for us, for customers to have a terrific experience as we upgrade them and ask them to move to Windows 10 with a lot of value. That end of support is about 5 quarters away, so we'll continue to expect good signal and good demand in that Pro segment. And it should, to your point, match increasingly the market, and we do get to some slightly bigger comps in H2, which I would agree with. But I don't want to diminish the signal because the signal is demand is very good for Windows 10 and upgrade to modern hardware when they realize the benefits. And so even if you have a tougher comp, I think the demand signal and our opportunity to continue to sell Microsoft 365 in that process and then upgrade to Office 365 as they do deployments is a big opportunity for us to excel.

然後，關於 Windows 10 以及我們在 OEM 專業版領域看到的強勁表現，我還要說，在某種程度上，這也反映了 Windows 商業版領域的成長和強勁勢頭，所以讓我一起來回答一下這些問題。我們看到了 Windows 10 專業版的強大實力，我認為它的商業實力也很強，而且我們繼續看到商業更新的良好跡象。現代硬體和軟體的安全性和可管理性對我們來說仍然是一個好兆頭。我們將繼續關注援助終止的情況。對我們來說，讓客戶在升級到 Windows 10 的過程中擁有絕佳的體驗至關重要，這樣才能為他們帶來許多價值。支撐期結束還有大約 5 個季度，因此我們將繼續預期 Pro 細分市場將有良好的訊號和良好的需求。正如你所說，它應該越來越符合市場，我們在下半年確實會遇到一些規模稍大的比較，這一點我同意。但我不想削弱這個訊號，因為這個訊號表明，市場對 Windows 10 的需求非常好，而且當他們意識到升級到現代硬體的好處時，就會升級。因此，即使面臨更嚴峻的競爭，我認為需求訊號以及我們繼續銷售 Microsoft 365 並隨著他們部署升級到 Office 365 的機會，對我們來說是一個脫穎而出的巨大機會。

Our final question is coming from the line of Brad Reback with Stifel.

我們最後一個問題來自 Stifel 公司的 Brad Reback。

Maybe one for Satya. Satya, as you think about the Dynamics business going forward, how do you weigh the potential need to do a larger acquisition there versus just organic development or small tuck-ins?

或許可以給薩蒂亞一個。Satya，在考慮 Dynamics 業務的未來發展時，你如何權衡是否需要更大規模的收購，還是僅僅依靠自身發展或小規模的補充？

Yes. I mean, overall, I feel very good about the opportunity ahead in business applications for us, and I think about the combination of both Dynamics 365 as well as what we're doing on the LinkedIn side. They all represent our participation in business applications. And the thing that I -- what's happening out there in the marketplace is, as things become more digital, there is, in fact, more need for business process automation. At the same time, there is a need for the application suite to be built very differently, and that's where, I think, we have an architectural advantage again with Dynamics 365. It's much more modular. It's modern. It's extensible with this power platform that gives us the ability to do things for customers and serve them in ways that is very differentiated. So that's our primary focus. We'll always look at opportunities outside. But in a time when there is a real fundamental shift in the category when it comes to both business models and technology, we feel we are well positioned to ride that.

是的。我的意思是，總的來說，我對我們在商業應用領域的未來發展機會感到非常樂觀，我認為 Dynamics 365 和我們在 LinkedIn 方面所做的工作結合起來會很有前景。它們都代表了我們參與商業應用的程度。而我認為，隨著市場變得越來越數位化，對業務流程自動化的需求實際上也越來越大。同時，應用程式套件的建構方式也需要大相逕庭，而我認為，這正是 Dynamics 365 再次展現架構優勢的地方。它更具模組化特性。它很現代。借助這個強大的平台，我們可以擴展業務，以非常差異化的方式為客戶提供服務。所以這是我們的主要關注點。我們會始終關注外部機會。但如今，無論從商業模式還是技術層面，該領域都發生了根本性的轉變，我們感覺我們已經做好了充分的準備，可以乘著這股潮流發展。

Thanks, Brad. That wraps up the Q&A portion for 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.

謝謝你，布拉德。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。

Thank you all.

謝謝大家。

Thanks all.

謝謝大家。

Thank you.

謝謝。

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

女士們、先生們，今天的會議到此結束。再次感謝您的參與，您可以斷開線路了。