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.

您好，歡迎參加 Microsoft 2019 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

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

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

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and Carolyn Frantz, Deputy General Counsel and Corporate Secretary.

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

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

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

All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted.

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We will also provide growth rates in constant currency, when available, as a framework for assessing our underlying business performance, excluding the effect of foreign currency rate fluctuations.

我們還將在可用時以固定貨幣提供增長率，作為評估我們基本業務績效的框架，不包括外幣匯率波動的影響。

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

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

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

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

您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

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

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及其他報告和提交給證券交易的文件的風險因素部分中討論的因素，實際結果可能存在重大差異委員會。

We do not undertake any duty to update any forward-looking statement.

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thank you, Mike, and thanks to everyone on the phone for joining.

謝謝你，邁克，也感謝電話裡的每一個人的加入。

We're off to a very strong start in fiscal '19, delivering record revenue and profit.

我們在 19 財年的開局非常強勁，實現了創紀錄的收入和利潤。

Every organization today needs tech intensity to compete and grow in an increasingly digital world.

當今的每個組織都需要技術強度來在日益數字化的世界中競爭和發展。

There are 2 aspects to this.

這有兩個方面。

Think of it as a simple equation.

把它想像成一個簡單的方程。

First, every organization needs to be a fast adopter of best-in-class technology.

首先，每個組織都需要快速採用一流的技術。

Second, they'll need to build their own proprietary digital capability.

其次，他們需要建立自己的專有數字能力。

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.

我們的雲平台和工具使我們的客戶能夠建立技術強度，同時確保我們解決他們圍繞信任的棘手問題，包括對技術的信任以及對他們有一個商業模式與其成功相一致的合作夥伴的信任。

No customer wants to be dependent on a provider that sells them technology on one end and competes with them on the other.

沒有客戶願意依賴一方面向他們銷售技術並另一方面與他們競爭的供應商。

Getting this equation right is key to their success going forward.

讓這個等式正確是他們未來成功的關鍵。

Microsoft is uniquely positioned to help.

Microsoft 在提供幫助方面具有獨特的優勢。

Now I'll briefly highlight how we're innovating across our solution areas.

現在，我將簡要介紹我們如何在解決方案領域進行創新。

A little over a year ago, we introduced Microsoft 365 to help organizations of all sizes empower their employees in the modern workplace.

一年多前，我們推出了 Microsoft 365，以幫助各種規模的組織在現代工作場所增強其員工的能力。

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.

今天，它是一項價值數十億美元的業務，它為我們的客戶提供了通向雲的途徑，並擴大了我們對新的和未充分滲透的市場的影響力。

Customers from large multinationals like Eli Lilly to Rio Tinto first-line field workers to small businesses are all choosing Microsoft 365.

從禮來 (Eli Lilly) 等大型跨國公司到力拓 (Rio Tinto) 一線現場工作人員再到小型企業，客戶都在選擇 Microsoft 365。

Cybersecurity is a central challenge.

網絡安全是一項核心挑戰。

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.

微軟的安全差異化基於兩件事：第一，我們無與倫比的運營安全態勢；其次，我們全面的產品套件涵蓋身份、信息、應用程序和設備保護。

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.

我們每天分析超過 6.5 萬億個信號，每月處理 4 - 500 億次身份驗證，每月掃描 4000 億封電子郵件以查找惡意軟件和網絡釣魚。

These massive signals generate insights that fuel security innovations for customers.

這些巨大的信號會產生洞察力，為客戶推動安全創新。

New capabilities in Microsoft 365 detect, investigate and remediate sophisticated cybersecurity threats across every endpoint, saving IT professionals thousands of hours.

Microsoft 365 中的新功能可跨每個端點檢測、調查和修復複雜的網絡安全威脅，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.

Microsoft 安全評分為組織提供有關其安全狀況的動態報告卡。

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.

在身份管理方面，Microsoft 已經是 Azure Active Directory 的領導者，我們正在通過新功能進行創新，以消除企業每天使用的數十萬個連接 Azure AD 的應用程序的密碼。

The future of productivity and collaboration will be defined by AI innovation.

生產力和協作的未來將由人工智能創新定義。

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.

Microsoft 365 中新的 AI 驅動功能，從自動幻燈片設計到主動 Cortana 提醒，再到增強的搜索體驗和實時會議轉錄到組織分析，都在增強人類能力，使人們更容易專注於最重要的事情。

Another differentiator is Microsoft Teams.

另一個差異化因素是 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.

Microsoft Teams 是唯一一款將消息傳遞、視頻會議、會議和基於 Web 的協作整合到一個集成的用戶體驗支架中的企業級解決方案。

It eliminates the need for discrete single-point solutions that only increase an organization's security and compliance exposure.

它消除了對只會增加組織的安全性和合規性風險的離散單點解決方案的需求。

Customers recognize this value.

客戶認可這一價值。

Teams is now the hub for teamwork for 329,000 organizations, including 87 of the Fortune 100.

Teams 現在是 329,000 個組織的團隊合作中心，其中包括財富 100 強中的 87 個。

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.

我們正在為會議、一線工作人員的輪班安排和新的行業特定產品（包括醫療保健和小型企業）添加自動翻譯支持。

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.

作為最安全、最高效的操作系統，Windows 10 繼續在企業中獲得關注，我們一半以上的商業設備安裝基礎現在都在 Windows 10 上。

Surface continues to set the bar for the industry for -- with 5 new category leading Surface devices, including the new Surface Go.

Surface 繼續為行業樹立標杆——推出 5 款領先的全新 Surface 設備，包括全新的 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.

Microsoft 365 和 Surface 正在激勵我們的 OEM 生態系統進行創新，我們擁有最強大的設備線進入假日季節。

Moving to business applications.

轉向業務應用程序。

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.

連接產品、運營、客戶和員工以創建預測能力、自動化工作流程並最終改善結果的 AI 驅動的數字反饋循環是所有組織的關鍵。

Dynamics 365 uniquely addresses this need.

Dynamics 365 獨特地滿足了這一需求。

We expect Dynamics to deliver more than $2.5 billion in revenue this year with half of that total coming from Dynamics 365.

我們預計 Dynamics 今年的收入將超過 25 億美元，其中一半來自 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.

本季度，我們推出了 Dynamics 365 AI，這是為記錄和參與系統轉化為智能的時代而構建的新型 AI 應用程序。

Dynamics 365 mixed reality digitizes the physical spaces and interactions.

Dynamics 365 混合現實將物理空間和交互數字化。

Companies like Chevron and ZF Group are already using it to transform training and design for their first-line workers.

雪佛龍和採埃孚集團等公司已經在使用它來改變其一線工人的培訓和設計。

And H&M, the world's second-largest clothing retailer, is relying on Dynamics 365 to digitize its critical business processes.

全球第二大服裝零售商 H&M 正依靠 Dynamics 365 將其關鍵業務流程數字化。

These customers and others recognize the advantage of our modular extensible approach over the traditional SaaS model of monolithic suites or siloed apps.

這些客戶和其他人認識到我們的模塊化可擴展方法相對於傳統的單體套件或孤立應用程序的 SaaS 模型的優勢。

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.

我們對跨越 Power BI、Power Apps 和 Flow 的分析和應用程序平台的投資正在推動客戶的發展勢頭，並使我們成為雲中無代碼應用程序構建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.

我們與 Adobe 和 SAP 建立戰略合作夥伴關係的開放數據計劃更進一步，實現了我們對統一數據模型的願景，從行為、交易、財務和運營數據中提供無與倫比的業務洞察力。

Together, we'll enable data to be exchanged and enriched across systems, making it a renewable resource that enables new intelligent customer experiences.

我們將共同實現跨系統交換和豐富數據，使其成為可再生資源，實現新的智能客戶體驗。

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.

LinkedIn 仍然是連接世界專業人士的重要平台，會話同比增長 34%，發送的消息和共享的內容達到創紀錄水平。

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.

我們正在通過利用 LinkedIn 和 Microsoft Graphs 的新體驗進行創新，例如直接從 Microsoft 365 通過電子郵件發送 LinkedIn 連接的能力。

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.

整個平台的強大參與推動了對贊助內容和營銷解決方案以及人才解決方案的需求，該解決方案在本季度再次出現了創紀錄的職位發布。

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.

Talent Insights 是一種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，以應對競爭日益激烈的就業市場。

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.

即將收購的 Glint 將員工洞察力與 LinkedIn 的勞動力洞察力一起帶來了強大的解決方案，以幫助客戶吸引、留住和培養最優秀的人才。

Now turning to Azure.

現在轉向 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.

從大眾汽車、百威英博、萬事達卡等跨國公司到 Grab 等快速發展的初創公司，客戶都認識到從雲到邊緣的一致計算堆棧的架構優勢。

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

Azure 是唯一跨身份、數據、應用程序平台以及安全和管理擴展到邊緣的超大規模雲。

We introduced 100 new Azure capabilities this quarter alone, focused on both existing workloads like security and new workloads like IoT and edge AI.

我們僅在本季度就推出了 100 項新的 Azure 功能，重點關注安全等現有工作負載以及物聯網和邊緣人工智能等新工作負載。

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.

借助 Azure 機密計算，Azure 現在是第一個提供安全平台的雲，用於在使用時保護數據的機密性和完整性，增加了我們現有的安全保護來加密傳輸中和靜止的數據。

Every company needs a strategy to take advantage of the billions of IoT devices entering the market each year.

每家公司都需要製定戰略來利用每年進入市場的數十億物聯網設備。

Azure Sphere, our end-to-end solution for securing microcontroller-powered devices, is now broadly available and seeing strong customer interest.

Azure Sphere 是我們用於保護由微控制器驅動的設備的端到端解決方案，現已廣泛使用，並引起了客戶的強烈興趣。

Azure Digital Twins is a new service that models relationships and interactions across people, places and devices.

Azure 數字孿生是一項新服務，可對人員、地點和設備之間的關係和交互進行建模。

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

我們正在投資以使 Azure 成為企業數據的最佳雲。

Our data services spanning SQL Database, Cosmos DB, Data Warehouse and Data Lake provide the most comprehensive data platform needed for enterprise data estates.

我們跨越 SQL 數據庫、Cosmos DB、數據倉庫和數據湖的數據服務提供了企業數據資產所需的最全面的數據平台。

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.

Azure ML 在此基礎上構建，進一步普及數據和 AI 以解鎖洞察力，幫助數據科學家更快地構建和訓練 AI 模型，然後通過雲或邊緣部署它們。

Across industries, our customers and partners are using services like these to transform.

在各個行業，我們的客戶和合作夥伴都在使用此類服務進行轉型。

BMW introduced an agent to redefine how people interact with their cars.

寶馬引入了一個代理來重新定義人們與汽車的互動方式。

Bühler, which processes 65% of the world's grain, is relying on Azure Cognitive Services to improve food safety.

加工全球 65% 穀物的布勒公司依靠 Azure 認知服務來改善食品安全。

Shell is applying AI across its enterprise to optimize deal productivity and keep workers safe.

殼牌正在其整個企業中應用人工智能，以優化交易效率並確保員工安全。

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.

本週在 Sibos 會議上，微軟云成為前沿和中心，為 SWIFT 等組織推動金融服務轉型，在 Azure 上實現安全支付轉移。

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.

最後，我們即將完成對 GitHub 的收購，這是對開發人員在每個行業的價值創造和增長中發揮的越來越重要的作用的認可。

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.

我很高興有機會將我們的工具和服務帶給新的受眾，同時使 GitHub 能夠發展並保持其開發者至上的精神。

Now I'll turn to gaming.

現在我將轉向遊戲。

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.

我們繼續擴大與全球超過 20 億遊戲玩家的聯繫，並將我們的機會從遊戲的分發方式擴展到遊戲的播放和觀看方式。

We are investing in content, community and cloud services across every endpoint to expand usage and deepen engagement.

我們正在對每個端點的內容、社區和雲服務進行投資，以擴大使用範圍並加深參與度。

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.

第一方內容是我們方法的關鍵，我們現在擁有 11 個遊戲工作室，為我們快速增長的服務（如 Game Pass）提供差異化內容。

Xbox Live now has 57 million monthly active users, and Mixer usage growth is accelerating.

Xbox Live 現在每月有 5700 萬活躍用戶，並且 Mixer 的使用增長正在加速。

This loyal high-value community is our strongest asset, creating expanding opportunity for monetization of first- and third-party games.

這個忠誠的高價值社區是我們最強大的資產，為第一方和第三方遊戲的貨幣化創造了不斷擴大的機會。

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.

Fortnite 就是一個很好的例子，總而言之，我們看到創紀錄的軟件和服務收入以及在我們的平台上推動的參與度。

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.

本月早些時候，我們宣布了 Project xCloud，這是一項突破性的遊戲流媒體技術，將游戲玩家置於其遊戲體驗的中心，使他們能夠隨時隨地在任何設備上以高保真度玩遊戲。

And it will empower game developers to scale through hundreds of millions of new users across devices.

它將使遊戲開發者能夠跨設備擴展數億新用戶。

It's early days, but I'm excited about our road map.

現在還為時尚早，但我對我們的路線圖感到興奮。

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.

在我們的業務中，我們正在加速創新，選擇正確的長期趨勢，投資於大型增長市場，其中許多市場仍處於起步階段。

Additionally, every one of our solutions is reinforcing our core intelligent cloud and intelligent edge platform.

此外，我們的每一個解決方案都在強化我們的核心智能雲和智能邊緣平台。

Not only are we optimistic about the opportunity for us and for our customers, we also recognize our responsibility.

我們不僅對我們和客戶的機會持樂觀態度，而且我們也認識到我們的責任。

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.

我們是美國最早要求與我們開展大量業務的供應商為其員工提供帶薪休假的公司之一。

And this quarter, we took a further step to ensure that these suppliers also provide their employees with paid parental leave.

本季度，我們進一步確保這些供應商也為其員工提供帶薪育兒假。

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.

我們確保我們的企業級安全創新不僅可以幫助我們最大的客戶，還可以保護通常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.

最後，我們將 AI 交到變革者手中，通過 AI for Humanitarian Action 等舉措應對社會最緊迫的挑戰，該舉措支持世界各地的關鍵災難恢復工作等。

This recognition of our broader responsibility, coupled with our bold innovation, makes me incredibly optimistic about our opportunity ahead.

這種對我們更廣泛責任的認識，加上我們大膽的創新，讓我對我們未來的機會感到無比樂觀。

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.

有了這個，現在我將交給艾米，他將詳細介紹我們的財務業績並分享我們的前景，我期待在提問後再次加入您的行列。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $29.1 billion, up 19% and 18% in constant currency.

本季度收入為 291 億美元，按固定匯率計算分別增長 19% 和 18%。

Gross margin dollars increased 18%.

毛利率增加了 18%。

Operating income increased 29% and 28% in constant currency, and earnings per share was $1.14, increasing 36% and 33% in constant currency.

營業收入按固定匯率計算分別增長 29% 和 28%，每股收益為 1.14 美元，按固定匯率計算分別增長 36% 和 33%。

Another quarter of double-digit revenue and operating income growth drove a record start to the fiscal year.

另一個季度的兩位數收入和營業收入增長推動了本財年創紀錄的開局。

We saw strength across each of our segments with strong sales execution by our partners and sales teams.

通過我們的合作夥伴和銷售團隊的強大銷售執行力，我們在每個細分市場都看到了實力。

Customer demand for our hybrid and cloud offerings drove the quarter, and we continued to benefit from favorable macroeconomic and IT spending trends.

客戶對我們的混合和雲產品的需求推動了本季度，我們繼續受益於有利的宏觀經濟和 IT 支出趨勢。

Now to our commercial business.

現在到我們的商業業務。

As a reminder, starting this quarter, the commercial portion of LinkedIn is included in these metrics.

提醒一下，從本季度開始，LinkedIn 的商業部分包含在這些指標中。

Our commercial annuity -- our commercial revenue annuity mix increased 1 point year-over-year to 90%.

我們的商業年金——我們的商業收入年金組合同比增長 1 個百分點，達到 90%。

Commercial unearned revenue was $27.3 billion, growing 22% and 21% in constant currency, in line with expectations.

商業未實現收入為 273 億美元，按固定匯率計算分別增長 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.

在與去年同期基本持平的到期基數上，商業預訂好於預期，按固定匯率計算分別增長了 15% 和 16%，這得益於更大的長期 Azure 合同、Azure 消費超額的增長和按比例付費你去合同和本地收入的實力。

These contract types impact bookings, reported revenue and unearned revenue in different ways.

這些合同類型以不同方式影響預訂、報告的收入和未賺取的收入。

Let me explain.

讓我解釋。

First, under ASC 606, hybrid and on-premises offerings drive bookings growth and more in-period revenue recognition.

首先，根據 ASC 606，混合和本地產品推動預訂增長和更多的期內收入確認。

Therefore, there's less impact on unearned revenue.

因此，對未實現收入的影響較小。

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.

其次，Azure 消費超額和現收現付合同的增長推動了預訂增長和期內收入，但對未賺取收入的影響不大。

And finally, long-term Azure contracts drive significant bookings growth but have a smaller impact on in-period revenue and unearned revenue.

最後，長期 Azure 合同推動了預訂量的顯著增長，但對期內收入和未實現收入的影響較小。

The inclusion of LinkedIn results was immaterial to the growth rates of commercial unearned and commercial bookings.

包含 LinkedIn 結果對商業未賺到的和商業預訂的增長率無關緊要。

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.

商業雲收入為 85 億美元，按固定匯率計算增長 47% 和 46%，在美國、西歐和英國表現強勁。商業雲毛利率百分比增長 4 個百分點至 62%，再次受 Azure 毛利率顯著改善的推動。

Company level, gross margin percentage was 66%, down slightly year-over-year with sales mix shift to gaming and commercial cloud.

公司層面，毛利率為 66%，同比略有下降，銷售組合轉向遊戲和商業雲。

FX increased overall company and Productivity and Business Processes revenue by 1 point, in line with guidance.

FX 將公司的整體收入以及生產力和業務流程收入提高了 1 個百分點，符合指引。

The impact to Intelligent Cloud and More Personal Computing revenue was immaterial, 1 point less favorable than expected.

對智能雲和更多個人計算收入的影響不大，比預期低 1 個百分點。

FX impact was immaterial to COGS and operating expenses, about 1 point less favorable than expected.

外匯影響對銷貨成本和運營費用無關緊要，比預期低約 1 個百分點。

Even with that headwind, operating expenses grew 8%, in line with expectations.

即使有這種逆風，運營費用也增長了 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.

我們在大型增長市場的工程和銷售能力投資繼續為我們的客戶提供差異化價值，同時產生重大的營業收入槓桿。

This quarter, we increased operating margin nearly 3 points year-over-year.

本季度，我們的營業利潤率同比增長近 3 個百分點。

Now to segment results.

現在對結果進行細分。

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.

在本地和雲業務的推動下，生產力和業務流程的收入為 98 億美元，按固定匯率計算分別增長 19% 和 18%，超出預期。

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.

Office 商業收入增長 17% 和 16%（按固定匯率計算），這得益於 Office 365 商業的持續增長，以及隨著 Office 2019 的推出而價格上漲之前需求增加帶來了大約 3 個增長點。

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.

隨著客戶轉向 E3 和 E5 工作負載，Office 365 商業收入增長 36% 和 35%（按固定匯率計算），所有客戶群的安裝基數都在擴大，ARPU 也有所增長。

Office 365 commercial seats grew 29% and, in line with last quarter, benefited from strong performance of our Microsoft 365 academic offers.

Office 365 商業席位增長 29%，與上一季度一致，得益於我們的 Microsoft 365 學術版產品的強勁表現。

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.

受 Office 365 訂閱收入增長的推動，Office 消費者收入增長了 16% 和 17%，在 Office 2019 推出之前價格上漲之前渠道需求增加帶來了大約 5 個增長點。

Office 365 consumer subscribers grew to 32.5 million.

Office 365 消費者訂閱者增長到 3250 萬。

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

Dynamics 收入增長了 20%，其中包括來自 ASC 606 下具有更高期間內確認的更多合同組合的幾個點。

Dynamics 365 grew 51% and 49% in constant currency.

Dynamics 365 按固定匯率計算分別增長了 51% 和 49%。

LinkedIn revenue increased 33% with strong execution across all businesses.

LinkedIn 收入增長了 33%，所有業務的執行力都很強。

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.

按固定匯率計算，分部毛利率分別增長 18% 和 17%，由於雲組合抵消了 LinkedIn 和 Office 365 的利潤率擴張，毛利率百分比同比略有下降。

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.

隨著對 LinkedIn、雲工程和商業銷售能力的持續投資以支持收入增長，運營費用按固定匯率計算分別增長了 7% 和 8%。

Operating income increased 29% and 27% in constant currency.

營業收入按固定匯率計算分別增長 29% 和 27%。

Revenue from Intelligent Cloud was $8.6 billion, increasing 24%, better than anticipated driven by demand for our hybrid offerings.

智能雲收入為 86 億美元，增長 24%，好於對我們混合產品需求的預期。

Server products and cloud services revenue grew 28%.

服務器產品和雲服務收入增長 28%。

Azure revenue increased 76%, in line with our expectations with strong growth across both consumption and per user base businesses.

Azure 收入增長了 76%，符合我們的預期，消費和每用戶業務的強勁增長。

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.

我們的本地服務器業務按固定匯率計算分別增長了 10% 和 9%，這得益於對高級版本和混合解決方案的持續需求，以及在我們的某些服務器產品版本的第二季度價格上漲之前需求增加。

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.

企業服務收入增長 6%，主要支持服務和 Microsoft 諮詢服務的增長被 Windows Server 2003 定制支持協議的下降部分抵消。

Segment gross margin dollars increased 28% and 27% in constant currency.

按固定匯率計算，分部毛利率分別增長 28% 和 27%。

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.

由於 Azure 毛利率百分比的實質性改善抵消了 Azure IaaS 和 PaaS 收入組合的增長，毛利率百分比同比增長。

Operating expenses increased 19% and 20% in constant currency, driven by ongoing investments in cloud and AI engineering and commercial sales capacity.

受對雲和人工智能工程以及商業銷售能力的持續投資的推動，運營費用按固定匯率計算分別增長了 19% 和 20%。

Operating income grew 37% and 35% in constant currency.

按固定匯率計算，營業收入增長了 37% 和 35%。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $10.7 billion, increasing 15% with significantly better-than-expected results in gaming.

收入為 107 億美元，增長 15%，遊戲業績明顯好於預期。

Gaming revenue increased 44% and 45% in constant currency with better-than-expected results across both software and services and hardware.

遊戲收入按固定匯率計算分別增長 44% 和 45%，軟件、服務和硬件的業績均好於預期。

Xbox software and services revenue grew 36% with continued strength from a third-party title.

Xbox 軟件和服務收入增長了 36%，第三方遊戲的持續強勁增長。

Xbox hardware revenue grew 94% and 96% in constant currency with earlier-than-expected sell-in of holiday hardware bundles.

Xbox 硬件收入按固定匯率計算分別增長 94% 和 96%，假日硬件捆綁銷售早於預期。

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.

在 Windows 中，我們看到了健康的 Windows 10 商業部署，因為 OEM 生態系統繼續受益於客戶對現代和安全軟件和硬件的需求。

OEM Pro revenue grew 8%, a few points ahead of the commercial PC market from a higher mix of premium licenses.

OEM Pro 收入增長了 8%，由於高級許可證組合的增加，比商用 PC 市場領先幾個百分點。

Windows commercial products and cloud services revenue increased 12%.

Windows 商業產品和雲服務收入增長 12%。

In consumer, OEM non-Pro revenue declined 5%, below the consumer PC market with continued pressure in the entry-level price category.

在消費者領域，OEM 非 Pro 收入下降 5%，低於消費 PC 市場，入門級價格類別持續承壓。

Inventory levels were within the normal range.

庫存水平在正常範圍內。

Search revenue ex TAC increased 17%, driven by Bing rate growth and increased volume in U.S. and international markets.

受 Bing 速率增長以及美國和國際市場銷量增長的推動，除 TAC 之外的搜索收入增長了 17%。

In Surface, revenue grew 14%, driven by Surface Book 2 and Surface Go.

在 Surface Book 2 和 Surface Go 的推動下，Surface 的收入增長了 14%。

Segment gross margin dollars grew 10%, and gross margin percentage decreased due to sales mix to our lower-margin gaming business.

分部毛利率增長 10%，毛利率百分比下降是由於我們的低利潤遊戲業務的銷售組合。

Operating expenses declined 1%.

營業費用下降 1%。

As a result, operating income grew 23%.

結果，營業收入增長了23%。

Now back to our total company results.

現在回到我們公司的總業績。

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.

正如預期的那樣，在滿足對我們雲服務需求的持續投資的推動下，包括融資租賃在內的資本支出環比上升至 43 億美元。

Cash paid for property, plant and equipment was $3.6 billion.

為不動產、廠房和設備支付的現金為 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.

由於支持我們的雲業務的資本支出增加，自由現金流為 101 億美元，同比下降 2%。

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.

來自運營的現金流量同比增長 10%，強勁的雲計費和收款部分被我們第一筆 15 億美元的 TCJA 年度付款所抵消。

Excluding the TCJA payment, free cash flow grew 12% and operating cash flow grew 22%.

不計 TCJA 付款，自由現金流增長 12%，經營現金流增長 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.

其他收入為 2.66 億美元，高於預期，這是由於根據新的金融投資會計規則實現的收益和按市值計價的收益記錄。

Our effective tax rate was 14%.

我們的有效稅率為 14%。

As a reminder, Q1 and Q3 rates are impacted by the volume of equity vests during those quarters.

提醒一下，第一季度和第三季度的利率受到這些季度股權歸屬量的影響。

This Q1, the impact was a bit more than expected due to the movement of our share price within the quarter.

由於我們的股價在本季度內的變動，這個第一季度的影響比預期的要多一些。

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.

最後，根據我們的持續承諾，我們通過股息和股票回購向股東返還了 61 億美元，同比增長 27%。

Now let's turn to our outlook.

現在讓我們轉向我們的展望。

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.

鑑於我們預計 GitHub 收購將很快完成，我的評論包括交易的全部影響，包括基於我們目前對購買價格分配和相關交易會計的理解的採購會計、集成和交易相關費用。

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.

我們繼續預計該交易在非公認會計原則基礎上對 19 財年和 20 財年每股收益的稀釋程度最低，並在非公認會計原則基礎上增加 20 財年營業收入。

For Q2, first, FX.

對於第二季度，首先是外匯。

Assuming current rates remain stable, we expect no impact to revenue growth.

假設當前利率保持穩定，我們預計收入增長不會受到影響。

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

外匯應該會降低銷貨成本和運營費用增長約 1 個百分點。

Second, our commercial business.

第二，我們的商業業務。

We expect another quarter of healthy performance with solid bookings growth.

我們預計另一個季度的健康表現和穩健的預訂增長。

Commercial unearned revenue is expected to grow approximately 19% year-over-year even with the ongoing shift toward the cloud contracts discussed earlier.

即使持續轉向前面討論的雲合同，商業未實現收入預計仍將同比增長約 19%。

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.

鑑於 Azure 基於消費的服務的收入持續組合，商業雲的毛利率應繼續同比增長，但增速比前幾年更為緩和。

Margin improvement will continue to vary on a quarterly basis driven by revenue mix, seasonality and the timing of infrastructure spend.

在收入組合、季節性和基礎設施支出時間的推動下，利潤率的改善將繼續按季度變化。

Third, we expect ongoing year-over-year growth in capital expenditure as we support growing demand.

第三，隨著我們支持不斷增長的需求，我們預計資本支出將持續同比增長。

Given infrastructure spend timing, Q2 CapEx should be roughly in line with Q1.

考慮到基礎設施支出時間，第二季度資本支出應與第一季度大致一致。

Now to our segment guidance.

現在到我們的細分指導。

In Productivity and Business Processes, we expect revenue between $9.95 billion and $10.15 billion.

在生產力和業務流程方面，我們預計收入在 99.5 億美元至 101.5 億美元之間。

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.

在強勁的雲性能的推動下，辦公商業和動態業務應該會繼續呈現兩位數的增長，但由於前面討論的本地驅動因素會有所放緩。

Office consumer will see continued momentum in new subscribers but overall revenue growth will be negatively impacted as channel inventories normalize.

辦公室消費者將看到新用戶的持續增長勢頭，但隨著渠道庫存正常化，整體收入增長將受到負面影響。

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

LinkedIn 的收入增長應該保持健康，儘管上一年的可比性更強。

For Intelligent Cloud, which includes GitHub, we expect revenue between $9.15 billion and $9.35 billion.

對於包括 GitHub 在內的 Intelligent Cloud，我們預計收入在 91.5 億美元至 93.5 億美元之間。

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.

在 Azure 中，我們預計我們的消費和每用戶業務的健康增長，儘管考慮到安裝基礎的規模，每用戶服務的增長將會放緩。

In More Personal Computing, we expect revenue between $12.8 billion and $13.2 billion.

在更多個人計算方面，我們預計收入在 128 億美元至 132 億美元之間。

OEM Pro revenue growth should be in line with the commercial PC market.

OEM Pro 收入增長應該與商用 PC 市場保持一致。

As a reminder, prior year comparables strengthened throughout the remainder of the year.

提醒一下，在今年剩餘時間裡，上一年的可比數據有所加強。

In Windows commercial products and cloud services, we expect continued strength as well as the benefit of a low prior year comparable.

在 Windows 商業產品和雲服務方面，我們預計將繼續保持強勁勢頭，並受益於與去年同期相比的低水平。

And for OEM non-Pro, we expect similar dynamics to Q1.

對於 OEM 非 Pro，我們預計與第一季度類似的動態。

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.

在 Surface 方面，收入增長應該會隨著最近推出的設備（包括 Surface Pro 6 和 Surface Laptop 2）的影響而加速。搜索前 TAC 的結果應該與第一季度相似，並且速度和數量都將持續增長。

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.

在遊戲方面，我們預計收入增長將放緩，因為上一年包括 Xbox One X 的推出。軟件和服務增長應該與第一季度相似，並繼續受益於第三方遊戲和整體平台實力。

Now, back to our company results.

現在，回到我們公司的業績。

We expect COGS of $12.2 billion to $12.4 billion and operating expenses of $9.8 billion to $9.9 billion.

我們預計銷貨成本為 122 億至 124 億美元，運營費用為 98 億至 99 億美元。

Other income and expense should be approximately $50 million as interest income and investment gains are partially offset by interest expense.

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被利息支出部分抵消。

And finally, we expect our Q2 effective tax rate to be slightly above the full year estimate of 17%.

最後，我們預計第二季度的有效稅率將略高於全年估計的 17%。

Now a few comments on the fiscal year.

現在對財政年度發表一些評論。

First, FX.

首先，外匯。

Assuming current rates remain stable, we expect a 1-point headwind to full year revenue growth with any benefit in H1 offset in H2.

假設當前利率保持穩定，我們預計全年收入增長將受到 1 個百分點的不利影響，上半年的任何收益都會在下半年抵消。

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

外匯應該會降低銷貨成本和運營費用增長約 1 個百分點。

Second, operating expenses.

二是運營費用。

We remain unchanged in our commitment to invest in strategic priorities that are key to driving long-term value creation.

我們將繼續致力於投資於推動長期價值創造的關鍵戰略重點。

With the addition of GitHub as a strategic priority, we now expect operating expenses to grow roughly 8%.

隨著 GitHub 作為戰略重點的加入，我們現在預計運營費用將增長約 8%。

Growth, excluding GitHub, is expected to be in line with our prior guidance of roughly 7%.

不包括 GitHub 的增長預計將符合我們之前約 7% 的指導。

Third on operating margin.

第三是營業利潤率。

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.

即使 GitHub 購買會計的全面 GAAP 影響現在包含在我們的指導中，我們仍然預計我們的營業利潤率將同比略有上升。

Margin leverage is a direct result of our focused investments in the right technology trends coupled with consistent execution.

保證金槓桿是我們專注於正確技術趨勢的投資以及一致執行的直接結果。

For CapEx, we continue to expect the growth rate for the year to moderate, even as we meet demand for our cloud services.

對於資本支出，我們繼續預計今年的增長率將放緩，即使我們滿足了對雲服務的需求。

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.

關於 GitHub 的收購，我們仍然致力於在正常的季度步伐之外進行增量股票回購，預計將在本財年末完全抵消交易中的股票對價問題。

And finally, we continue to expect the full year effective tax rate to be roughly 17% with quarterly variability.

最後，我們繼續預計全年有效稅率約為 17%，且存在季度波動。

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

有了這個，邁克，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move over to Q&A.

我們現在將轉到問答環節。

Operator, can you please repeat your instructions?

接線員，您能重複一下您的指示嗎？

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

（操作員說明）我們的第一個問題來自高盛集團的 Heather Bellini。

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.

艾米和薩蒂亞，如果我看看你們的智能雲部分，特別是服務器產品和雲服務，它們在這裡仍然有點挑戰重力。

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.

而且我只是想知道您是否可以讓我們了解在您現在所在的季度初生效的定價變化可能在多大程度上幫助推動了上個季度的支出，然後才生效.

But also, can you share with us how the Azure Hybrid Benefit message might also be impacting Azure growth rate?

而且，您能否與我們分享一下 Azure 混合權益消息如何影響 Azure 增長率？

Sure.

當然。

Thanks, Heather, for the question.

謝謝，希瑟，這個問題。

I'll start and then, Amy, you can add.

我會開始，然後，艾米，你可以添加。

I mean, I think what you're fundamentally seeing in that overall KPI is what I think our 2 major advantages we have.

我的意思是，我認為您在整個 KPI 中所看到的基本上是我認為我們擁有的兩個主要優勢。

One is an architectural technology advantage around hybrid, right?

一個是圍繞混合的架構技術優勢，對吧？

So we don't think of hybrid as some stopgap as a move to the cloud.

因此，我們不認為混合是向雲遷移的權宜之計。

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.

我們認為這是分佈式計算的融合，雲計算和邊緣計算不僅適用於舊工作負載，而且最重要的是適用於新工作負載。

And that's where we're seeing some very significant good feedback loops and shaping even our future road map.

這就是我們看到一些非常重要的良好反饋循環的地方，甚至塑造了我們未來的路線圖。

And this is a place where we're leading.

這是我們領先的地方。

The second thing, as you pointed out in your question, is we have a business model advantage.

第二件事，正如您在問題中指出的那樣，我們擁有商業模式優勢。

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.

Azure 的好處既適用於 Windows Server，也適用於 SQL，我認為這對我們來說是非常、非常獨特的，你看到了。

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.

所以技術優勢和商業模式優勢的結合是我在結果中看到的，無論是獨立的 Azure 增長，這是我們預期的，而且非常強勁。

And the server KPI is even stronger.

並且服務器KPI更加強大。

So I think that's at least how I would answer that question.

所以我認為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.

對於你的具體問題，Heather，關於第二季度生效的一些價格上漲的影響，我想說這是幾點，所以我不會在這個話題上過度旋轉。

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.

總體數字，即使你從這 28% 中減去幾分，也是一個非常好的表現，我相信，就 Satya 而言，是你所看到的非常一致的技術路線圖對架構和業務的影響與之匹配的型號。

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

下一個問題來自摩根士丹利的 Keith Weiss。

I wanted to dig into capital efficiency here around your cloud assets a little bit.

我想在這裡深入探討一下您的雲資產的資本效率。

This quarter, you talked about Azure gross margins coming in sort of -- continuing to improve really nicely.

本季度，您談到了 Azure 的毛利率——繼續非常好地提高。

CapEx came in, I mean, the growth there is slowing a little bit.

資本支出進來了，我的意思是，那裡的增長有點放緩。

Can you talk to us about sort of what's kind of driving that?

你能和我們談談是什麼推動了這一點嗎？

Is it sort of the move to higher-level services?

這是向更高級別服務的轉變嗎？

Do you get like better pricing against the capital?

您是否會獲得更好的資本定價？

Is this sort of you're just not sort of pouring down as much cement, if you will, in terms of data expansion?

就數據擴展而言，如果您願意的話，這種類型的您是否只是沒有傾倒那麼多的水泥？

Is it like better productivity of the core sort of compute stuff?

是不是像核心計算類東西的更高生產力？

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?

您能否幫助我們了解資本密集度在這方面的趨勢——尤其是 Azure，但在雲業務中更廣泛？

It's a great question, Keith.

這是一個很好的問題，基思。

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.

我想說的是我們對資本效率的看法，事實上，我甚至在這次評論中補充說，我們正在構建這個智能雲、智能邊緣平台來跨越一切，不僅是 Azure 業務，還有遊戲流的未來與我們在 Microsoft 365 或 Dynamics 365 中所做的事情有關。

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.

第一次，你在微軟看到的是一個真正的平台，它涵蓋了所有這些業務以及其中所代表的所有利潤結構。

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.

所以這就是，如果你想想艾米和我非常關注的事情，那就是在這種情況下端到端的資本效率，而不是被這些單獨的部分衡量的資本效率所吸引，因為我們認為這是微軟長期的獨特之處在哪裡。

But that said on Azure, you're absolutely right.

但這在 Azure 上說，你是絕對正確的。

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.

您看到的是兩件事：一是 Azure 混合權益以及更高級別的服務，我認為這些服務可以長期創造獨特性和良好的利潤。

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.

我的意思是，特別是在數據庫方面，我想說的是，從一年比一年的進步來看，無論它只是 Azure 數據庫本身，我的意思是，與 SQL Server 完全兼容的服務是一個極好的價值主張對於我們擁有龐大資產的客戶，無論是變得非常非常有競爭力的數據倉庫，還是數據湖。

And Cosmos DB, I think, is very unique in its capability.

我認為 Cosmos DB 的功能非常獨特。

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.

所以這是一個地方 - 如你所知，任何人工智能項目首先從數據開始，這是我們看到良好牽引力的地方。

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.

我只是想專注於 Office。

Obviously, Amy, you called out some of the positives from the price increase that's coming up.

顯然，艾米，你從即將到來的價格上漲中指出了一些積極因素。

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.

但是，如果我只看 Office 365，無論是商業版還是消費者版，都只是在這兩個方面繼續強勁增長，尤其是在商業方面，座位增長和收入增長之間仍然存在差距。

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.

所以如果你只是想你在哪裡，我猜，就這裡的生命週期而言，顯然，我們有多個 SKU，也許只是給我們一個關於你的想法的更新關於你的立場，尤其是當你考慮這裡的全年時，你對這些指標的進展有何期望。

Sure, and I'm actually going to expand my comments a little bit because the sales motion is really broader than Office 365.

當然，我實際上會稍微擴展我的評論，因為銷售動議確實比 Office 365 更廣泛。

The sales motion is really about Microsoft 365.

銷售動議實際上是關於 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.

這既包括 Office 365 價值主張，也包括我們的 EMS 管理和安全價值主張，以及顯示在 Windows 商業服務 KPI 中的高級威脅防護和 Windows 價值。

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.

因此，我們所看到的所有這些，是 Microsoft 365 和 E5 中的許多工作負載和遷移到 E3 繼續具有良好的吸引力。

There's great customer demand for the value that comes in security and analytics, in meetings, in voice, in collab.

客戶對安全和分析、會議、語音和協作的價值有著巨大的需求。

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.

而且我認為，當您查看價值時，我認為我們對有機會繼續轉移這些用戶感到滿意，包括我們以前無法訪問的新一線或一線用戶。

We got room on user growth, which as you -- you continue to see that number go up across segments.

我們在用戶增長方面留有空間，正如您一樣，您會繼續看到該數字在各個細分市場上都在上升。

And we've got room in ARPU, which you've continued to see us have.

我們在 ARPU 中也有空間，你會繼續看到我們有。

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.

因此，在許多方面，您的問題在 Office 中顯示出來，但如果您查看 EMS 增長或如果您要查看 Windows 商業增長數字，趨勢是相同的。

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.

我只想補充一點，座位增長和 ARPU 增長，其中一件事，即使我們過去可能取得了成功，但我們在滲透所有工作負載方面從未如此成功涉及小型企業，絕對是全球範圍內的。

So that's another dimension that you see play out as well.

所以這也是你看到的另一個維度。

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

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Satya, can you focus on gaming for a little bit?

Satya，你能專注於遊戲嗎？

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.

借助 xCloud，您宣布了整個行業一直在夢想的東西，就像您想去的聖杯一樣，最終將一切都放在雲中，從雲中交付並驅動訂閱。

Can you talk a little bit about the innovation that is involved in you being able to -- starting to deliver that now?

您能否談談您現在能夠實現的創新？

Sure.

當然。

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.

但在我開始直播之前，當你想到遊戲時，我要說的最關鍵的是擁有一個遊戲玩家已經在那裡的平台。

That means you need to have a platform that has a community around it and monetized as well.

這意味著您需要有一個平台，該平台有一個圍繞它的社區並且也可以貨幣化。

So when you see some of the KPIs and some of the strength you saw in quarter, that's the foundation of Xbox.

因此，當您看到一些 KPI 和您在季度中看到的一些實力時，這就是 Xbox 的基礎。

Xbox has the key gaming community and the monetization capabilities.

Xbox 擁有重要的遊戲社區和盈利能力。

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.

無論是第一方遊戲還是第三方遊戲，我們在貨幣化方面都是一流的，這就是結果所反映的。

So given that structural position, we are going to make sure that we keep increasing the strength of the community.

因此，鑑於這種結構性地位，我們將確保我們不斷增強社區的力量。

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.

你已經看到，隨著 Minecraft 進入所有平台，並且增加了社區的強度，你會看到我們做更多的事情。

Obviously, bringing Game Pass to even the PC is going to be a big element of that.

顯然，將 Game Pass 帶到 PC 上將是其中的一個重要因素。

And then streaming is just a natural sequence of it.

然後流媒體只是它的自然序列。

And the advantage we have with streaming is we have a massive cloud advantage.

我們在流媒體方面的優勢是我們擁有巨大的雲優勢。

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.

因此，我們將很明顯地將我們在 Azure、Azure 網絡上所做的一切都用於確保 Xbox 和 xCloud 是它的最佳工作負載之一。

So that's how I see it.

所以我就是這麼看的。

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.

當然，它會增加我們的影響力，但我最興奮的是核心內容和社區，以及我們通過這種使用獲利的平台。

And that, I think, is really what gives us even the permission to think about streaming.

我認為，這確實是讓我們甚至可以考慮流媒體的原因。

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

我們的下一個問題來自瑞銀的 Jennifer Lowe。

I know you mentioned GitHub's closing soon.

我知道你提到 GitHub 即將關閉。

It's obviously not closed yet.

顯然還沒有關閉。

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?

但是考慮到自從它宣布以來你已經有幾個月的時間了，並且有機會從可能沒有定期使用 Microsoft 技術但對 GitHub 非常活躍的開發者社區徵求一些反饋，你有嗎？了解與可能與競爭平台密切合作的開發人員進行外展的機會是什麼，以及您可以在多大程度上將他們融入 Microsoft 生態系統，而不是僅僅將 GitHub 作為一種自我維持的實體現在你有更多的機會與現場的客戶討論這個問題嗎？

Sure.

當然。

First of all, thank you for the question.

首先，謝謝你的提問。

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.

我們對 GitHub 的關閉感到非常興奮，坦率地說，我很興奮，因為對我們來說，正如我們所說的，GitHub 不是達到其他目的的手段。

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.

這本身就是一個終結，我們一直關心開發人員和開發人員的生產力，尤其是在這樣一個時代，隨著世界數字化，科技行業之外的開發人員越來越多。

We think this is perhaps one of the big SaaS opportunities going forward.

我們認為這可能是未來 SaaS 的重大機遇之一。

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.

因此，這就是為什麼我們要確保我們所做的一切以及 Nat 和 GitHub 團隊的第一要務都將是維護 GitHub 社區，以開發人員為核心的精神。

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.

也就是說，我認為我們將做必要的事情來確保我們在 Azure 或其他地方的產品和服務，我們的工具，已經是 GitHub 上的許多開源項目，我們在贏得開發人員的信任和開發人員採用。

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.

但我們非常基於這樣一個事實，即它必須獲得，而不是我們將因為是 GitHub 的所有者而繼承的東西。

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.

我還要提到的第二件事是，對我來說，贏得新一類開發人員的機會，我們正在取得進展。

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.

事實上，今天早上，我正在閱讀 Hacker News 上的一篇新聞文章，這是一個我們一直在努力確保 Azure 越來越受歡迎的社區，我很驚喜地看到我們做了很多進步。

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.

從某種意義上說，這至少基本上表明我們與亞馬遜並駕齊驅，即使是該社區中代表的精英開發人員。

So we have more work to do, but we are making progress on all dimensions.

因此，我們還有更多工作要做，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 Brad Zelnick。

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.

艾米，在您的評論中，您提到了強大的 IT 支出環境帶來的持續收益，從您的結果中可以清楚地看出，這裡也發生了許多特定於 Microsoft 的成功和執行。

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?

但是當您查看您的管道以及您在市場上看到的所有各種信號時，您是否對環境持續多長時間有看法？

And what are the indicators that give you confidence?

哪些指標讓您充滿信心？

Thanks, Brad, for the question.

謝謝，布拉德，這個問題。

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.

總的來說，我傾向於看待這一點的方式是我們與客戶的互動以及我們所處的市場，我們是否覺得它們很廣闊。

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.

因此，當我查看我們建立的業務和我們正在投資的業務時，我是否覺得 Satya 談到的這種對技術強度的需求最終會推動客戶採用技術的願望和需求，我們是在正確的地方。

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.

這實際上是我們從客戶那裡聽到的信號，無論是 Microsoft 365、Dynamics 365 還是關於業務流程和業務應用程序的新世界觀。

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.

坦率地說，無論是 Satya 剛剛討論的我們對遊戲的看法，我覺得我們聽到的信號是，我們處於市場的正確部分，以客戶為中心的價值，無論如何都可以為他們帶來高投資回報率IT 預算是什麼樣的。

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.

所以我認為，只要我們專注於提供這種價值，我們就會對我們在市場上增長和份額的機會感到滿意。

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

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

Amy, I'm wondering if you could talk about Azure, the outlook for the year.

艾米，我想知道你是否可以談談 Azure，今年的展望。

I know growth rate's been a bit volatile.

我知道增長率有點不穩定。

I think you had a pretty strong Q4, including bookings in that business.

我認為您的第四季度業績非常強勁，包括該業務的預訂量。

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?

也許您可以幫助我們了解相對於我們現在看到的增長，您預計今年 Azure 的發展軌跡會如何？

Sure, let me spend a couple of minutes on that.

當然，讓我花幾分鐘的時間。

We actually saw better bookings in Q1 again on Azure, as I mentioned, just like we did in Q4.

正如我所提到的，我們實際上在第一季度再次在 Azure 上看到了更好的預訂，就像我們在第四季度所做的那樣。

And so obviously, that's certainly encouraging as we look on a go-forward basis for the rest of the year.

很明顯，這肯定是令人鼓舞的，因為我們展望了今年餘下的時間。

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.

但正如我所想的那樣，我傾向於將重點放在全面的服務器和產品 KPI 上，因為 Windows Server 和 SQL Server 中存在的 Azure 混合優勢對於想要遷移到 Azure 的客戶來說真的很有價值就他們自己而言，這是對客戶做出承諾的唯一最佳價值主張。

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.

因此，如果我們開始關註一個數字或另一個數字，我認為我們錯過了這樣一個事實，即我們的客戶方法和進入市場實際上是通過整個產品組合。

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.

因此，正如您可能想像的那樣，當我談到我對青少年增長的信心時，我傾向於比我在第四季度的整體混合需求和 Azure 信號以及良好的 Azure 預訂方面更有信心。在該年剩餘時間的 KPI 中。

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 Mark Murphy。

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.

艾米，上個季度，您提到您可能會看到商業預訂增長的時間波動性增加，因為您談到對更大和更長期協議的承諾正在增加。

But this quarter, the expiry portfolio was flattish, and yet your commercial bookings grew 16%.

但本季度，到期投資組合持平，但您的商業預訂量卻增長了 16%。

I think presumably, a very powerful performance with the renewals, the expansions and the new bookings.

我想大概是在續訂、擴展和新預訂方面的強大表現。

And I don't think you repeated that comment about bookings volatility in the same way.

而且我認為您不會以同樣的方式重複有關預訂波動的評論。

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?

所以我很好奇，也許你能幫助我們將這些表現聯繫起來，以及未來任一方向波動的可能性嗎？

Sure, thank you.

當然，謝謝。

That's a great question.

這是一個很好的問題。

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.

由於我們之前列出的原因，您會看到預訂數量的波動，到期基數的變化以及 Azure 完成的大型合同和承諾。

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.

就您的觀點而言，我們實際上在本季度看到了這一點，因為我們再次看到其中一些較大的長期 Azure 合同的表現相當不錯，這在 15% 的預訂增長基礎上增加了持平的到期基數，這很好。

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.

所以這意味著你會看到一些波動，你也會看到商業非盈利的波動，特別是因為每當你看到混合力量時，它不會在非盈利中出現那麼多。

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.

因此，當我們 - 隨著業務變得越來越大，我們進行越來越大的交易，其中一些是本地的，其中一些是在 Azure 中，坦率地說，你會看到這兩者的波動。

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.

但我試圖做的是考慮所有關鍵數據點的影響，即我們在季度中如何做，我們如何處理資產負債表上的未實現收入以及我們如何處理整體預訂。

And if I triangulate between all those 3 just like I did in Q4, I feel really good about our commercial performance.

如果我像第四季度那樣在這三者之間進行三角測量，我對我們的商業表現感覺非常好。

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

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

Maybe 2 for Amy.

也許 2 給艾米。

Just first on that KPI of Azure plus server products, that high teens number was obviously a lot better this quarter.

就在 Azure 加服務器產品的 KPI 上，這個高青少年人數在本季度顯然要好得多。

But is that still the framework for the year?

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.

然後實際上在 Windows 上，我認為，由於企業 Win 10 週期，我們在 Pro 方面看到瞭如此強大的實力，我想知道你是否可以——就像我們考慮當前財年的後半段一樣我們遇到了一些更艱難的比賽，我想知道你是否可以幫助我們思考一下，以及我們應該如何考慮更新周期的投入和承擔。

Sure.

當然。

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.

關於服務器和產品 KPI 的第一個問題，顯然，本季度的強勁表現讓我對我致力於實現該數字的高青少年增長的承諾更有信心。

But I'll update that generally longer in the quarter and will get me through Q2 before I make a longer commitment.

但我通常會在本季度更長時間地更新它，並在我做出更長時間的承諾之前讓我度過第二季度。

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.

然後分別在 Windows 10 和我們在 OEM Pro 中看到的優勢，我也會說它反映了 - 在某些方面，你也會在 Windows 商業中看到一些增長和優勢，所以讓我一起回答他們。

The Windows 10 Pro strength and, I think, commercial strength we've seen, we continue to see good signs on the commercial refresh.

Windows 10 Pro 的實力，我認為，我們已經看到的商業實力，我們繼續看到商業更新的良好跡象。

Really security, manageability of modern hardware and software together continues to be a good signal for us.

現代硬件和軟件的真正安全性、可管理性仍然是我們的一個好信號。

We continue to watch the end of support.

我們繼續關注支持的結束。

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.

對我們來說，讓客戶在我們升級他們並要求他們遷移到具有很多價值的 Windows 10 時獲得極好的體驗對我們來說真的很重要。

That end of support is about 5 quarters away, so we'll continue to expect good signal and good demand in that Pro segment.

距離支持結束大約有 5 個季度，因此我們將繼續期待該 Pro 細分市場的良好信號和良好需求。

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.

就你的觀點而言，它應該越來越匹配市場，而且我們確實會在 H2 中獲得一些稍微大一點的組合，我會同意這一點。

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.

但我不想削弱信號，因為信號對 Windows 10 的需求非常好，並在他們意識到好處時升級到現代硬件。

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.

因此，即使您有更嚴格的競爭，我認為需求信號和我們在此過程中繼續銷售 Microsoft 365 並在他們進行部署時升級到 Office 365 的機會對我們來說是一個大好機會。

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

我們的最後一個問題來自 Brad Reback 和 Stifel。

Maybe one for Satya.

也許是給薩蒂亞的。

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?

Satya，當您考慮 Dynamics 業務的未來發展時，您如何權衡在那裡進行更大規模收購的潛在需求與僅進行有機開發或小型收購？

Yes.

是的。

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.

我的意思是，總的來說，我對我們在業務應用程序方面的機會感到非常滿意，我想到了 Dynamics 365 的結合以及我們在 LinkedIn 方面所做的事情。

They all represent our participation in business applications.

它們都代表了我們對商業應用的參與。

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.

而我 - 市場上正在發生的事情是，隨著事情變得更加數字化，事實上，對業務流程自動化的需求更大。

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.

同時，需要以非常不同的方式構建應用程序套件，我認為這就是 Dynamics 365 再次具有架構優勢的地方。

It's much more modular.

它更加模塊化。

It's modern.

它是現代的。

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.

它可以通過這個強大的平台進行擴展，使我們能夠為客戶做事並以非常差異化的方式為他們服務。

So that's our primary focus.

所以這是我們的主要關注點。

We'll always look at opportunities outside.

我們將始終關注外部機會。

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.

但是，在這個類別在商業模式和技術方面發生真正根本性轉變的時代，我們認為我們已經做好了駕馭它的準備。

Thanks, Brad.

謝謝，布拉德。

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

今天財報電話會議的問答部分到此結束。

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

感謝您今天加入我們，我們期待很快與大家交談。

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

您可以在 Microsoft 投資者關係網站上找到更多詳細信息。

Thank you all.

謝謝你們。

Thanks all.

謝謝大家。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

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

再次感謝您的參與，此時您可以斷開線路。