微軟 (MSFT) 2019 Q2 法說會逐字稿

Welcome to the Second Quarter Fiscal Year 2019 Microsoft Corporation Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the call over to Mike Spencer, General Manager of Investor Relations. Thank you. Please proceed.

歡迎參加微軟公司2019財年第二季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。我謹將電話轉交給投資人關係總經理麥克‧史賓塞。謝謝。請繼續。

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

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，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。這些項目並非作為財務報表的一部分列出，而是作為補充說明項目列出，以幫助投資者進一步了解公司第二季度的業績以及這些項目和事件對財務業績的影響。

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

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

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

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

During this call, we will 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 for joining on the phone. We delivered $32.5 billion in revenue this quarter with double-digit top line and bottom line growth driven by strength across all of our commercial cloud. Our commercial cloud revenue grew 48%, anchored by Azure revenue growth of 76%. These results speak to us picking the right secular trends in large and growing markets, many of which are still in their infancy, as well as focused innovation and execution.

謝謝你，麥克，也謝謝所有參與電話會議的朋友。本季我們實現了 325 億美元的收入，營收和利潤均實現了兩位數成長，這主要得益於我們所有商業雲端業務的強勁表現。我們的商業雲端收入成長了 48%，其中 Azure 收入成長了 76%。這些結果表明，我們在規模龐大且不斷成長的市場中，把握住了正確的長期趨勢（其中許多市場仍處於起步階段），同時我們也專注於創新和執行。

Leading companies in every industry are partnering with us to build their own digital capability to compete and grow. This is creating a broad opportunity for everyone, including our ecosystem. As one example, the co-sell program we introduced 18 months ago has already generated $8 billion in contracted partner revenue.

各行各業的領導企業都在與我們合作，以建立自身的數位化能力，從而提升競爭力並實現成長。這為所有人，包括我們的生態系統，創造了廣泛的機會。例如，我們 18 個月前推出的聯合銷售計畫已經為簽約合作夥伴創造了 80 億美元的收入。

Now I'll briefly highlight our momentum and innovation across our businesses. Microsoft 365 empowers everyone, enterprises, small businesses and then more than 2 billion first-line workers with an integrated secure experience that transcends any 1 device. We are helping every business build out their system of communication and collaboration to drive their productivity as well as their business transformation. Microsoft Teams is the hub for teamwork and a powerful on-ramp for Microsoft 365, and we're seeing increased usage of OneDrive, SharePoint, Yammer and the entire Office Suite of applications.

現在我將簡要介紹我們各業務部門的發展動能和創新情況。Microsoft 365 為每個人、企業、小型企業以及超過 20 億第一線工作人員提供超越任何單一裝置的整合安全體驗。我們正在幫助每個企業建立溝通與協作系統，以提高生產力並推動業務轉型。Microsoft Teams 是團隊協作的中心，也是 Microsoft 365 的強大入口，我們看到 OneDrive、SharePoint、Yammer 和整個 Office 套件應用程式的使用量都在增加。

Teams is the only enterprise-grade solution that brings together messaging, meetings, video conferencing as well as document collaboration. And as of this quarter, enhanced voice capabilities like group call forwarding, delegation, location-based routing are all being brought into Teams.

Teams 是唯一一款集訊息傳遞、會議、視訊會議和文件協作於一體的企業級解決方案。從本季開始，Teams 將引入增強的語音功能，例如群組呼叫轉移、委派、基於位置的路由等。

We are seeing rapid adoption of Teams with more than 420,000 organizations of all sizes and 89 of the Fortune 100 using Teams, including customers like Pfizer, who chose Teams as the collaboration platform for their 115,000 employees, and we are expanding into new and underpenetrated markets. This quarter, we introduced new capabilities to empower first-line workers in the service and task-oriented roles to communicate and collaborate more effectively on the go with mobile schedule management, location sharing as well as the ability to easily record and share secure audio messages.

我們看到 Teams 正在迅速普及，超過 42 萬個各種規模的組織和 89 家財富 100 強企業都在使用 Teams，其中包括輝瑞這樣的客戶，他們選擇 Teams 作為其 11.5 萬名員工的協作平台，我們正在向新的、滲透率較低的市場擴張。本季度，我們推出了新的功能，旨在幫助第一線服務和任務導向型員工隨時隨地更有效地溝通和協作，包括行動日程管理、位置共享以及輕鬆錄製和共享安全音訊訊息的功能。

We're expanding our opportunity in education with Microsoft 365, innovating in hardware and software to improve learning outcomes from the more collaborative classrooms with Teams to personalized learning tools in OneNote, to social learning with Flipgrid, to affordable easy-to-manage Windows 10 devices.

我們正在透過 Microsoft 365 拓展我們在教育領域的機遇，透過硬體和軟體創新來改善學習成果，從 Teams 中更具協作性的課堂，到 OneNote 中的個人化學習工具，再到 Flipgrid 中的社交學習，以及價格實惠且易於管理的 Windows 10 設備。

Cybersecurity is a central challenge, and Microsoft is leading the way, helping all organizations operate in what is known in the industry as a zero trust environment. It all starts with Azure AD Active Directory and the deep work we're doing with Microsoft Threat Protection to provide an integrated solution for our customers that extends across identities, device endpoints, e-mail, information, cloud applications and infrastructure. And this quarter, we introduced new advanced capabilities for identity and threat protection and for information protection and compliance. A comprehensive approach to security and compliance is another reason why customers are adopting Microsoft 365. Customers from Neiman Marcus to Brooks Running to global biopharmaceutical leader, Sanofi, all chose our solutions.

網路安全是一項核心挑戰，而微軟正引領潮流，幫助所有組織在業界所謂的零信任環境中運作。這一切都始於 Azure AD Active Directory，以及我們與 Microsoft Threat Protection 的深入合作，旨在為我們的客戶提供涵蓋身分、裝置端點、電子郵件、資訊、雲端應用程式和基礎架構的整合解決方案。本季度，我們推出了身分和威脅保護以及資訊保護和合規的新高級功能。全面的安全性和合規性方法是客戶採用 Microsoft 365 的另一個原因。從尼曼百貨到布魯克斯跑步用品，再到全球生物製藥領導者賽諾菲，所有客戶都選擇了我們的解決方案。

Surface had its biggest quarter ever this holiday, delivering strong double-digit growth in both consumer and commercial. We continue to innovate and expand our family of devices, setting the bar for the industry with newest Surface Pro, Surface Laptop and Surface Go. More broadly, Windows 10 continues to gain traction in the enterprise as the most secure and productive operating system. And at CES, our OEM partners showcased always connected Windows 10 PCs that deliver break-through levels of performance to enable powerful new scenarios like immersive gaming.

Surface 在今年假期季節取得了有史以來最好的季度業績，消費者和商業用戶均實現了強勁的兩位數成長。我們不斷創新，擴展我們的設備系列，憑藉最新的 Surface Pro、Surface Laptop 和 Surface Go，為業界樹立了標竿。更廣泛地說，Windows 10 作為最安全、最高效的作業系統，在企業中持續廣受認可。在 CES 展會上，我們的 OEM 合作夥伴展示了始終連接的 Windows 10 PC，這些 PC 可提供突破性的效能，從而實現沉浸式遊戲等強大的新場景。

Moving to business applications and LinkedIn. Dynamics 365 grew 51% this quarter as we win customers with our differentiated approach to systems of record and systems of engagement by making them more modular, extensible and AI-driven. Increasingly, business process automation includes digitizing physical spaces, activities and interactions. Dynamics 365, along with advances in Azure IoT, AI and Mixed Reality are leading the way for organizations to create these new systems of observation and systems of intelligence that drive end-to-end business processes and bridge the online and off-line worlds.

轉向商業應用和LinkedIn。本季 Dynamics 365 成長了 51%，因為我們透過使記錄系統和互動系統更加模組化、可擴展和人工智慧驅動，以差異化的方式贏得了客戶。業務流程自動化越來越多地包括將實體空間、活動和互動數位化。Dynamics 365 與 Azure IoT、人工智慧和混合現實的進步一起，引領組織創建這些新的觀察系統和智慧系統，從而驅動端到端的業務流程，並連接線上和線下世界。

For example, we now have the capability for customers to manage inventory in real-time from the shelf to the warehouse to the farm. But we're not stopping there. Our Power platform spanning Power BI, Power Apps and Flow enables anyone in an organization to start building an intelligent app or workflow where none exists. It is the only solution of its kind in the industry, bringing together no code or low code app development, robotic process automation and self-service analytics into a single comprehensive application platform. And it enables extensibility across Microsoft 365 and Dynamics 365 as well as leading third-party SaaS business applications.

例如，我們現在能夠讓客戶即時管理從貨架到倉庫再到農場的庫存。但我們不會就此止步。我們的 Power 平台涵蓋 Power BI、Power Apps 和 Flow，使組織中的任何人都能開始建立智慧應用程式或工作流程，即使以前不存在這些應用程式或工作流程。它是業界唯一此類解決方案，將無程式碼或低程式碼應用程式開發、機器人流程自動化和自助式分析整合到一個綜合應用程式平台中。它還支援在 Microsoft 365 和 Dynamics 365 以及領先的第三方 SaaS 業務應用程式中進行擴充。

With Power platform, Microsoft is fundamentally demarketizing business processes, empowering everyone to make smarter, faster decisions, and I'm energized about the tremendous opportunity in this space. Already, Centrica is relying on Power BI, Power Apps and Flow along with Dynamics 365 to transform scheduling and dispatch of its first-line workforce in the United Kingdom. Virgin Group is using Power Apps and Dynamics 365 to generate a single view of its passengers' surfacing insights to improve customer service and increase operational efficiency. And in Italy, postal service is using Dynamics 365 to jump start the digital transformation of thousands of the post offices across the country.

微軟的 Power 平台從根本上打破了業務流程的市場化格局，使每個人都能做出更明智、更快速的決策，我對這個領域蘊藏的巨大機會感到無比興奮。Centrica 目前已開始利用 Power BI、Power Apps 和 Flow 以及 Dynamics 365 來改變其在英國的第一線員工的排班和派遣方式。維珍集團正在使用 Power Apps 和 Dynamics 365 產生乘客回饋的單一視圖，以改善客戶服務並提高營運效率。在義大利，郵政部門正在使用 Dynamics 365 來加速全國數千家郵局的數位轉型。

Moving to LinkedIn. We continue to generate strong revenue growth across all businesses, with sessions growth of 30% year-over-year fueled by record levels of engagement in the feed and content shared across the platform. We also saw record job postings again this quarter. We introduced new brand and community building tools for marketeers with LinkedIn pages, making it easier for organizations of all sizes to foster strong connections with LinkedIn's 610 million members.

遷移到領英平台。我們所有業務的收入持續強勁成長，會話量年增 30%，這得益於平台上資訊流和內容分享的參與度創歷史新高。本季我們也再次看到職位發布數量創下歷史新高。我們為擁有 LinkedIn 頁面的行銷人員推出了新的品牌和社群建立工具，讓各種規模的組織都能更輕鬆地與 LinkedIn 的 6.1 億會員建立牢固的聯繫。

Finally, Glint broadens our market opportunity with its industry leading employee engagement platform. At a time when competing for talent and skill development is a priority for every leader, the combination of LinkedIn Talent Solutions, Talent Insights, LinkedIn Learning and now Glint helps every business attract, retain and develop the best talent in an increasingly competitive jobs marketplace.

最後，Glint憑藉著業界領先的員工敬業度平台，拓寬了我們的市場機會。在人才爭奪和技能發展成為每位領導者首要任務的當下，LinkedIn Talent Solutions、Talent Insights、LinkedIn Learning 以及現在的 Glint 的組合，可以幫助每個企業在競爭日益激烈的就業市場中吸引、留住和培養最優秀的人才。

Now turning to Azure. Azure is the only hyperscale cloud with a consistent computing stack that extends from the data center to the edge, and customers across every industry recognize this architectural advantage. In retail, Azure was front and center at the NRF. Kroger is partnering with us to redefine customer experience in stalls and provide employees with AI-driven insights, while the Gap chose our cloud to accelerate the digital transformation. And just this week, Albertsons chose Azure as its preferred cloud.

現在轉向Azure。Azure 是唯一擁有從資料中心延伸到邊緣的一致運算堆疊的超大規模雲，各行各業的客戶都認可這項架構優勢。在零售業方面，Azure 在 NRF 展會上佔據了中心位置。克羅格與我們合作，重新定義門市顧客體驗，並為員工提供人工智慧驅動的洞察；而蓋璞則選擇我們的雲端平台來加速數位轉型。就在本週，Albertsons 選擇 Azure 作為其首選雲端平台。

In financial services, MasterCard is partnering with us on a new, more secure way to verify digital identities. BlackRock is applying the power of the Microsoft Cloud to reimagine retirement planning, and UBS is using Azure to increase agility across the organization while meeting the highest bar of compliance and security.

在金融服務領域，萬事達卡正與我們合作，探索一種新的、更安全的數位身分驗證方式。貝萊德正在利用微軟雲端的強大功能重新構想退休規劃，而瑞銀正在使用 Azure 來提高整個組織的敏捷性，同時滿足最高的合規性和安全性標準。

In health care, Walgreens Boots Alliance chose Azure to put people at the center of their health and wellness with digital solutions to improve health care outcomes and lower costs. In addition, they will roll out Microsoft 365 to more than 380,000 employees in stores globally.

在醫療保健領域，沃爾格林博姿聯盟選擇 Azure，以數位化解決方案將人們置於自身健康和福祉的中心，從而改善醫療保健結果並降低成本。此外，他們還將向全球門市的 38 萬多名員工推廣 Microsoft 365。

We're accelerating our innovation in emerging workloads like IoT and edge AI. At CES, our partners showcased how Azure IoT and Azure AI are enabling them to build new connected devices and experiences that span the cloud and the edge from connected homes to cars to smart cities. Just this month, Starbucks chose Azure Sphere to secure its business-critical edge devices in the stores.

我們正在加速在物聯網和邊緣人工智慧等新興工作負載領域的創新。在 CES 上，我們的合作夥伴展示了 Azure IoT 和 Azure AI 如何幫助他們建立從智慧家庭到智慧汽車再到智慧城市的全新連網裝置和體驗，這些裝置和體驗涵蓋雲端和邊緣。就在本月，星巴克選擇 Azure Sphere 來保護其門市中業務關鍵邊緣設備的安全。

Developers will increasingly drive the influence business -- and influence business processes and functions across every organization. And we are committed to drive at giving developers the tools they need to be productive on any platform. More than 12 million developers around the world use Visual Studio to build applications, and new features enable them to collaborate in real-time and spend more time driving innovation.

開發人員將越來越影響業務，並影響每個組織的業務流程和功能。我們致力於為開發者提供在任何平台上高效工作所需的工具。全球超過 1200 萬開發者使用 Visual Studio 建立應用程序，而新功能使他們能夠即時協作，並花更多時間推動創新。

We closed our acquisition of GitHub this quarter, enabling us to bring our tools and services to new audiences while enabling GitHub to grow and retain its developer-first ethos. GitHub has more than 31 million developer accounts and recently surpassed 100 million code repositories, a major milestone. Development teams at more than half of the Fortune 50 do their work in GitHub Enterprise. This month, we announced significant updates to make GitHub accessible to even more developers, introducing unlimited private repos as well as new, simpler and unified enterprise offering already available through the Microsoft global sales force, and we're not stopping there. Just last week, we announced our acquisition of Citus Data, the leading provider of PostgreSQL, enhancing our overall data platform differentiation and building on our investments in Azure and making it the most comprehensive cloud for open source and proprietary workloads at any scale.

本季我們完成了對 GitHub 的收購，這使我們能夠將我們的工具和服務帶給新的用戶群體，同時也使 GitHub 能夠發展壯大並保持其以開發者為先的理念。GitHub 擁有超過 3,100 萬個開發者帳戶，並且最近突破了 1 億個程式碼庫，這是一個重要的里程碑。財星 50 強企業中超過一半的開發團隊都在使用 GitHub Enterprise 進行開發工作。本月，我們宣布了一系列重大更新，旨在讓更多開發者能夠使用 GitHub，包括推出無限私有儲存庫以及透過微軟全球銷售團隊提供的全新、更簡單、更統一的企業產品，而且我們不會止步於此。就在上週，我們宣布收購了領先的 PostgreSQL 供應商 Citus Data，這增強了我們整體資料平台的差異化優勢，並鞏固了我們在 Azure 上的投資，使其成為任何規模下開源和專有工作負載最全面的雲端平台。

And now I'll turn to gaming. We continue to pursue our expansive opportunity to transform how games are distributed, played and viewed. Our investments in content community and cloud services across every endpoint drove both record user engagement and record average revenue per user and contributed to our largest gaming revenue quarter ever, driven by software and services.

現在我要開始玩遊戲了。我們將繼續掌握機遇，改變遊戲的發行、遊玩和觀看方式。我們在各個終端的內容社群和雲端服務方面的投資，推動了用戶參與度和每用戶平均收入的創紀錄增長，並促成了我們有史以來最大的遊戲收入季度，這主要得益於軟體和服務的推動。

We acquired 2 new studios this quarter, bringing the total to 13 and more than doubling our first-party content capacity in the past 6 months. Xbox Live monthly active users reached a record 64 million, with the highest number of mobile and PC users to date. Xbox Game Pass subscribers and Mixer engagement also hit new all-time highs. And Minecraft, which continues to be one of the most popular and durable gaming franchises in the industry, delivered record revenue as we expanded into new platforms, geographies and segments like education. PlayFab surpassed 1 billion player accounts this quarter, and xCloud will be public trialed later this year as we make progress on our ambition to build a world-class gaming platform spanning mobile, PC and console.

本季我們收購了 2 家新工作室，使工作室總數達到 13 家，並在過去 6 個月中使我們的第一方內容能力增加了一倍多。Xbox Live 月活躍用戶數達到創紀錄的 6,400 萬，行動裝置和 PC 用戶數也創下歷史新高。Xbox Game Pass 訂閱用戶和 Mixer 互動量也創下歷史新高。Minecraft 作為業界最受歡迎、最經久不衰的遊戲系列之一，隨著我們拓展到新的平台、地區和教育等領域，實現了創紀錄的收入。PlayFab 本季玩家帳號數量突破 10 億，xCloud 將於今年稍晚進行公開試用，我們將朝著打造涵蓋行動裝置、PC 和主機的世界級遊戲平台的目標穩步邁進。

In closing, our accelerating customer momentum is driven by our deep and growing partnerships with leading companies and differentiated innovation across our portfolio. Every company is becoming a digital company, and they're looking for a trusted partner to help them build tech intensity. Microsoft is that partner.

總之，我們不斷加速的客戶成長勢頭得益於我們與領先企業之間日益深入的合作關係以及我們產品組合中的差異化創新。每家公司都在數位化轉型，他們都在尋找值得信賴的合作夥伴來幫助他們提昇技術實力。微軟就是那個合作夥伴。

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 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，我期待稍後與大家見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone. First, as a reminder, my comments across our results and outlook include the impact from GitHub, inclusive of purchase accounting, integration and transaction-related expenses.

謝謝你，薩蒂亞，大家下午好。首先提醒大家，我在我們的業績和展望中的評論包含了 GitHub 的影響，包括購買會計、整合和交易相關費用。

This quarter, revenue was $32.5 billion, up 12% and 13% in constant currency. Gross margin dollars increased 12%. Operating income increased 18%, and earnings per share was $1.10, increasing 15% and 14% in constant currency when adjusting for the net charges related to TCJA. Strong execution and continued customer demand for our hybrid cloud offerings drove another quarter of double-digit top and bottom line growth. We continued to benefit from favorable secular trends and IT spending conditions. From a geographic perspective, our performance was in line with macroeconomic trends with strength across the U.S., Western Europe and the U.K. partially offset by weaker performance in Central and Eastern Europe and the Middle East and Africa.

本季營收為 325 億美元，以固定匯率計算成長 12% 和 13%。毛利成長了12%。營業收入成長了 18%，每股收益為 1.10 美元，以固定匯率計算成長了 15% 和 14%（扣除與 TCJA 相關的淨費用後）。強勁的執行力和客戶對我們混合雲產品的持續需求，推動了公司營收和利潤連續第二季實現兩位數成長。我們持續受益於有利的長期趨勢和IT支出環境。從地理角度來看，我們的業績與宏觀經濟趨勢一致，美國、西歐和英國的強勁表現部分被中歐、東歐以及中東和非洲的疲軟表現所抵銷。

In our commercial business, annuity mix grew 3 points year-over-year to 89%. Commercial unearned revenue was $25.3 billion, growing 20%, slightly above our expectations. And commercial bookings were strong, growing 18% and 22% in constant currency driven by solid renewal execution and an increase in the number of larger, longer-term Azure contracts.

在我們的商業業務中，年金組合年增 3 個百分點，達到 89%。商業未實現收入為 253 億美元，成長 20%，略高於我們的預期。商業預訂表現強勁，以固定匯率計算分別增長了 18% 和 22%，這主要得益於穩健的續約執行以及規模更大、期限更長的 Azure 合約數量的增加。

As a reminder, strong performance in larger long-term Azure contracts, Azure consumption overages and pay-as-you-go contracts will drive bookings growth and in-period revenue but will have a limited impact on unearned revenue. Commercial cloud revenue was $9 billion, growing 48% and 47% in constant currency. Commercial cloud gross margin percentage increased 5 points year-over-year to 62% driven by significant improvement in Azure gross margin.

需要提醒的是，較大的長期 Azure 合約、Azure 使用量超額和按需付費合約的強勁表現將推動預訂量成長和當期收入，但對未實現收入的影響有限。商業雲端收入為 90 億美元，年增 48%，以固定匯率計算成長 47%。受 Azure 毛利率大幅提高的推動，商業雲毛利率年增 5 個百分點至 62%。

Our company gross margin percentage was 62%, flat year-over-year as improving cloud margins were offset by sales mix shift to commercial cloud and Surface hardware. The U.S. dollar was a bit stronger than anticipated, which resulted in a slightly greater impact to our results. FX reduced revenue, COGS and operating expense growth by less than 1 point. Operating expenses grew 7%, slightly lower than expectation as some marketing spend shifted to Q3. We again expanded operating margins as a result of focused investment, solid execution and improving gross margins in key product areas.

我公司毛利率為 62%，與去年持平，因為雲端利潤率的提高被銷售組合向商業雲端和 Surface 硬體的轉變所抵消。美元走強幅度略高於預期，對我們的業績產生了略大的影響。外匯波動導致收入、銷售成本和營運費用成長下降不到 1 個百分點。營運費用增加了 7%，略低於預期，因為部分行銷支出轉移到了第三季。透過專注於投資、穩健執行和提高關鍵產品領域的毛利率，我們再次擴大了營業利潤率。

Now to segment results. Revenue from Productivity and Business Processes was $10.1 billion, increasing 13% driven by Office 365 Commercial, LinkedIn and Dynamics 365. Office Commercial revenue grew 11%. Office 365 Commercial revenue increased 34% and 33% in constant currency driven by seat growth of 27% and ARPU expansion from continued customer migration to higher value E3 and E5 offerings. We saw installed base growth across all workloads and customer segments.

現在將結果細分。來自生產力和業務流程的收入為 101 億美元，成長 13%，主要得益於 Office 365 商業版、LinkedIn 和 Dynamics 365 的成長。辦公商業收入成長11%。Office 365 商業收入以固定匯率計算增長了 34% 和 33%，這主要得益於席位增長 27% 以及客戶持續遷移到更高價值的 E3 和 E5 產品帶來的 ARPU 增長。我們看到所有工作負載和客戶群的安裝基礎均有所成長。

Office Consumer revenue grew 1% and 2% in constant currency, below our expectation. As discussed on our last earnings call, Q2 revenue growth was impacted by channel inventories normalizing after the prelaunch builds in Q1 but was further negatively impacted by a smaller-than-expected consumer PC market and execution challenges through the quarter. Office 365 Consumer subscribers grew to 33.3 million, a sequential slowdown primarily due to changes made in how Office 365 is sold in Japan. Our Dynamics business grew 17% driven by Dynamics 365 revenue growth of 51% and 50% in constant currency. This quarter, more than 9 out of every 10 new Dynamics CRM customers chose our cloud offering.

辦公室消費收入以固定匯率計算成長了 1% 和 2%，低於我們的預期。正如我們在上次財報電話會議上所討論的，第二季度營收成長受到通路庫存在第一季預售生產後恢復正常的影響，但又受到消費者 PC 市場規模小於預期以及本季執行挑戰的進一步負面影響。Office 365 消費者訂閱用戶成長至 3,330 萬，較上季增速放緩，主要是由於 Office 365 在日本的銷售方式發生了變化。我們的 Dynamics 業務成長了 17%，這主要得益於 Dynamics 365 營收成長 51%（以固定匯率計算成長 50%）。本季度，每 10 位新 Dynamics CRM 客戶中就有超過 9 位選擇了我們的雲端產品。

LinkedIn revenue increased 29% and 30% in constant currency with continued strong execution across all businesses. LinkedIn sessions grew 30% as engagement once again reached record levels. Segment gross margin dollars increased 11%, and gross margin percentage declined slightly year-over-year as increased cloud mix offset the benefit from improvements in LinkedIn and Office 365 margins. Operating expenses increased 3% and 4% in constant currency as we continued to invest in LinkedIn and cloud engineering. Operating income increased 20% and 19% in constant currency.

LinkedIn 的營收以固定匯率計算成長了 29% 和 30%，所有業務均持續強勁成長。LinkedIn 會話數成長了 30%，用戶參與度再次達到創紀錄水準。該業務板塊毛利金額成長了 11%，但毛利率較去年同期略有下降，因為雲端業務佔比增加抵銷了 LinkedIn 和 Office 365 利潤率提高帶來的收益。由於我們繼續投資 LinkedIn 和雲端工程，營運費用以固定匯率計算成長了 3% 和 4%。以固定匯率計算，營業收入成長了20%和19%。

Next, the Intelligent Cloud segment, which now includes GitHub. Revenue was $9.4 billion, increasing 20% and 21% in constant currency, ahead of expectations, driven by continued strength in our hybrid solutions. Server products and cloud services revenue increased 24%. Azure revenue increased 76% with strong growth from both the consumption and per user base businesses. In our on-premises server business, continued customer demand for flexible hybrid solutions and our premium offerings drove growth of 3% and 4% in constant currency.

接下來是智慧雲端板塊，現在 GitHub 也包含在內。營收達 94 億美元，以固定匯率計算成長 20% 和 21%，超出預期，這主要得益於我們混合解決方案的持續強勁表現。伺服器產品和雲端服務收入成長了 24%。Azure 營收成長了 76%，消費業務和按用戶計費業務均實現了強勁成長。在我們的本地伺服器業務中，客戶對靈活的混合解決方案和我們優質產品的持續需求推動了以固定匯率計算 3% 至 4% 的成長。

Enterprise Services revenue increased 6% and 7% in constant currency, driven by growth in premier support services and Microsoft Consulting Services. Segment gross margin dollars increased 20%. Gross margin percentage was relatively unchanged as revenue mix to Azure IaaS and PaaS was offset by material improvement in the Azure gross margin percentage. Operating expenses increased 26% with continued investment in cloud and AI engineering as well as commercial sales capacity and the addition of GitHub. Operating income grew 16% and 15% in constant currency.

企業服務收入以固定匯率計算成長了 6% 和 7%，主要得益於高階支援服務和微軟諮詢服務的成長。分部毛利成長20%。由於 Azure IaaS 和 PaaS 的收入組成有所變化，但 Azure 毛利率大幅提高，因此毛利率基本上保持不變。由於持續投資於雲端運算和人工智慧工程以及商業銷售能力，並收購了 GitHub，營運費用增加了 26%。營業收入成長16%，以固定匯率計算成長15%。

Now to the results for More Personal Computing segment. Revenue was $13 billion, increasing 7%. Results in our Windows OEM business were lower than expected, partially offset by strong Surface results. In Windows, the overall PC market was smaller than we expected primarily due to the timing of chip supply to our OEM partners, which constrained an otherwise healthy PC ecosystem and negatively impacted both OEM Pro and non-Pro revenue growth. Windows OEM Pro revenue declined 2%, roughly in line with the commercial PC market. OEM non-Pro revenue declined 11%, below the market with continued pressure in the entry-level category.

接下來是「更多個人計算」部分的結果。營收達130億美元，成長7%。Windows OEM 業務的業績低於預期，但 Surface 業務的強勁表現部分抵消了這一影響。在 Windows 系統中，整體 PC 市場規模小於預期，這主要是由於晶片供應給 OEM 合作夥伴的時間安排限制了原本健康的 PC 生態系統，並對 OEM 專業版和非專業版的收入成長產生了負面影響。Windows OEM 專業版營收下降了 2%，與商用 PC 市場的情況大致相同。OEM 非專業版營收下降 11%，低於市場平均水平，入門級產品市場持續承壓。

Inventory levels ended the quarter below the normal range. Windows Commercial products and cloud services grew 13% and 14% in constant currency with continued customer adoption of our premium offerings. Windows 10 deployments across new and existing devices remained strong.

本季末庫存水準低於正常範圍。隨著客戶持續採用我們的進階產品，Windows 商業產品和雲端服務以固定匯率運算分別成長了 13% 和 14%。Windows 10 在新裝置和現有裝置上的部署仍然強勁。

Gaming revenue grew 8% and 9% in constant currency. Xbox software and services revenue increased 31% and 32% in constant currency, primarily driven by continued strength from a third-party title. Additionally, strong subscriber growth across Xbox Live and Game Pass helped to offset lower-than-expected performance from other third-party titles on the platform. Xbox hardware performed better than expected but declined year-over-year given the holiday launch of the Xbox One X a year ago.

以固定匯率計算，遊戲收入成長了 8% 和 9%。Xbox 軟體和服務收入以固定匯率計算分別成長了 31% 和 32%，主要得益於第三方遊戲的持續強勁表現。此外，Xbox Live 和 Game Pass 訂閱用戶的強勁成長也抵消了平台上其他第三方遊戲表現低於預期的影響。Xbox 硬體表現優於預期，但考慮到去年假日季 Xbox One X 的發布，其銷量較去年同期有所下降。

In Surface, revenue increased 39% and 41% in constant currency to nearly $1.9 billion, ahead of our expectations, driven by strong growth across both our consumer and commercial segments. Search revenue ex TAC increased 14%, driven by Bing rate growth and increased volume in U.S. and international markets. Segment gross margin dollars increased 6% and 7% in constant currency, and gross margin percentage decreased due to sales mix to our lower-margin Surface and gaming businesses. Operating expenses declined 4%. As a result, operating income increased 18% and 19% in constant currency.

Surface 業務收入以固定匯率計算成長 39% 和 41%，達到近 19 億美元，超出預期，主要得益於消費者和商業領域的強勁成長。扣除TAC費用後的搜尋收入成長了14%，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。以固定匯率計算，分部毛利美元成長了 6% 和 7%，但毛利率下降，因為銷售組合轉向了利潤率較低的 Surface 和遊戲業務。營運費用下降了4%。因此，以固定匯率計算，營業收入成長了 18% 和 19%。

Now back to total company results. Capital expenditures, including finance leases, were down sequentially to $3.9 billion, lower than originally planned mainly due to quarter-to-quarter variability and the timing of cloud infrastructure build-out. Cash paid for plant, property and equipment was $3.7 billion.

現在回到公司整體業績。資本支出（包括融資租賃）環比下降至 39 億美元，低於原計劃，主要原因是季度間的波動以及雲端基礎設施建設的時間表。用於購買廠房、物業和設備的現金支出為 37 億美元。

Cash flow from operations increased 13% year-over-year driven by strong cloud billings and collections. Free cash flow was $5.2 billion and decreased 2% year-over-year, reflecting the timing of higher cash payments for plant, property and equipment.

受強勁的雲端計費和收款推動，經營活動產生的現金流年增 13%。自由現金流為 52 億美元，年減 2%，反映了用於購置廠房、物業和設備的較高現金支付的時間安排。

Other income was $127 million, higher than anticipated, driven by interest income and investment gains partially offset by interest expense and net losses on foreign currency remeasurement. Our non-GAAP effective tax rate was slightly above 17%, in line with expectations.

其他收入為 1.27 億美元，高於預期，主要得益於利息收入和投資收益，但部分被利息支出和外幣重估淨損失所抵銷。我們的非GAAP實際稅率略高於17%，符合預期。

And finally, we returned $9.6 billion to shareholders through share repurchases and dividends, an increase of 91%. Our Q2 share repurchase was $6.1 billion, higher than our normal quarterly pace and aligned to our commitment of incremental buyback to fully offset stock consideration issued in the GitHub transaction by the end of the fiscal year.

最後，我們透過股票回購和分紅向股東返還了 96 億美元，成長了 91%。我們第二季的股票回購額為 61 億美元，高於我們正常的季度回購速度，這符合我們在本財年結束前逐步回購股票以完全抵銷 GitHub 交易中發行的股票對價的承諾。

Now let's move to the outlook. For Q3, first, FX. With the stronger U.S. dollar and assuming the current rates remain stable, we now expect FX to decrease revenue and operating expense growth by approximately 2 points and decrease COGS growth by approximately 1 point. With the segments, we anticipate about 2 points of negative FX impact on revenue growth and Productivity and Business Processes and Intelligent Cloud and 1 point in More Personal Computing.

現在我們來看看前景。第三季度，首先是外匯市場。由於美元走強，假設當前匯率保持穩定，我們現在預期匯率波動將使收入和營運費用成長下降約 2 個百分點，銷售成本成長下降約 1 個百分點。就各業務板塊而言，我們預期匯率波動將對收入成長、生產力和業務流程以及智慧雲端業務造成約 2 個百分點的負面影響，對更多個人運算業務造成約 1 個百分點的負面影響。

Second, continued strong customer demand, healthy bookings growth and increasing revenue annuity mix should drive another solid quarter in our Commercial business. Commercial unearned revenue is expected to decline approximately 2% to 3%, in line sequentially with historic trends. We expect commercial cloud gross margin percentage to continue to improve year-over-year as material improvement in Azure gross margin will again be partially offset by the mix of revenue toward Azure consumption-based services.

其次，持續強勁的客戶需求、健康的預訂成長和不斷增加的收入來源組合應該會推動我們的商業業務再創佳績。預計商業未實現收入將環比下降約 2% 至 3%，與歷史趨勢一致。我們預計商業雲毛利率將繼續逐年提高，因為 Azure 毛利率的顯著提高將再次被 Azure 按消費量服務收入佔比的部分抵銷。

Third, CapEx. We expect a sequential dollar increase in capital expenditures as we continue to invest to support increasing demand.

第三，資本支出。我們預計資本支出將逐週增加，因為我們將繼續投資以滿足不斷增長的需求。

Now to segment guidance. In Productivity and Business Processes, we expect revenue between $9.9 billion and $10.1 billion, driven by double-digit growth in Office Commercial and Dynamics as well as healthy LinkedIn growth on a strong prior year comparable. We expect Office Consumer revenue growth to continue to be in the low single digits as growth in Office 365 will be partially offset by the continuation of the consumer PC market headwinds.

現在開始細分指導。在生產力和業務流程方面，我們預計營收將在 99 億美元至 101 億美元之間，這主要得益於 Office Commercial 和 Dynamics 的兩位數成長，以及 LinkedIn 在去年同期強勁成長的基礎上實現的健康成長。我們預期 Office 消費者營收成長將持續維持在個位數低位，因為 Office 365 的成長將被消費者 PC 市場持續的不利因素部分抵銷。

For Intelligent Cloud, we expect revenue between $9.15 billion and $9.35 billion, with our hybrid demand continuing to drive strong growth in server products and cloud services. Azure growth will continue to reflect the balance between strong growth in our consumption-based businesses and moderating growth in our per-user business.

對於智慧雲端業務，我們預計營收將在 91.5 億美元至 93.5 億美元之間，混合需求將持續推動伺服器產品和雲端服務的強勁成長。Azure 的成長將持續反映我們以消費量計費業務的強勁成長與用戶計費業務的溫和成長之間的平衡。

In More Personal Computing, we expect revenue between $10.35 billion and $10.65 billion, with a shift in revenue mix to our Surface and gaming businesses.

在「更多個人計算」業務中，我們預計收入將在 103.5 億美元至 106.5 億美元之間，收入結構將轉向 Surface 和遊戲業務。

In Windows overall, OEM revenue growth should be in the low single digits as we anticipate continued market demand -- market impact from constrained chip supply in Q3. In Surface, continued momentum from Surface Pro 6, Surface Laptop 2 and Surface Go will drive another strong quarter of over 20% growth for Surface.

總體而言，由於我們預期市場需求將持續成長，Windows OEM 營收成長應為個位數低段－第三季晶片供應受限對市場的影響。Surface 產品線方面，Surface Pro 6、Surface Laptop 2 和 Surface Go 的持續成長動能將推動 Surface 產品線在下一個季度實現超過 20% 的強勁成長。

In search ex TAC, we expect revenue growth similar to Q2. In gaming, we expect revenue growth to be slightly higher than last quarter. Sales mix will shift to software and services where we expect healthy growth.

在搜尋業務（不含TAC）方面，我們預期營收成長與第二季類似。在遊戲領域，我們預計營收成長將略高於上一季。銷售結構將轉向軟體和服務領域，我們預計這些領域將穩健成長。

Now back to overall company guidance. We expect COGS of $10.35 billion to $10.55 billion and operating expenses of $10.1 billion to $10.2 billion dollars, inclusive of marketing spend that moved from Q2 to Q3. Other income and expense should be approximately $50 million as interest income is partially offset by interest expense. And finally, we expect our Q3 effective tax rate to be in line with the full year rate of 17%.

現在回到公司整體業績指引。我們預計銷售成本為 103.5 億美元至 105.5 億美元，營運費用為 101 億美元至 102 億美元，其中包括從第二季轉移到第三季的行銷支出。其他收入和支出應約為 5000 萬美元，因為利息收入部分被利息支出抵消。最後，我們預計第三季實際稅率將與全年稅率 17% 保持一致。

Now a few comments on our outlook for Q4 and the full fiscal year, which are unchanged from October. First on FX. In Q4, assuming rates remain stable, we expect FX to decrease revenue growth by approximately 2 points and COGS and operating expense growth by approximately 1 point.

現在就我們對第四季和整個財年的展望做一些說明，這些展望與10月份的展望相同。FX電視台首播。假設匯率保持穩定，我們預期第四季外匯波動將使營收成長下降約 2 個百分點，銷售成本和營運費用成長下降約 1 個百分點。

Second, in Q4, we expect continued strong performance in our commercial cloud business; but as a reminder, we also have several challenging comparisons from the prior year, specifically in on-premise server, LinkedIn, Windows OEM and the strength of a third-party title in gaming. In terms of operating expenses, we continue to expect full year growth of roughly 8%. We will continue to invest in strategic growth areas like Azure, GitHub, Dynamics, the Power platform, LinkedIn, Teams and gaming content given our significant growth opportunities, competitive advantage and growing momentum. We still expect full year operating margin to be up slightly year-over-year, inclusive of the full GAAP impact of GitHub.

其次，我們預計第四季度商業雲業務將繼續保持強勁表現；但需要提醒的是，與前一年相比，我們也面臨一些具有挑戰性的比較，尤其是在本地伺服器、LinkedIn、Windows OEM 以及第三方遊戲產品的表現方面。就營運費用而言，我們仍然預計全年增長約 8%。鑑於我們龐大的成長機會、競爭優勢和不斷成長的勢頭，我們將繼續投資於 Azure、GitHub、Dynamics、Power 平台、LinkedIn、Teams 和遊戲內容等策略成長領域。我們仍預期全年營業利潤率將比上年略有成長，其中包括 GitHub 的全部 GAAP 影響。

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

儘管我們滿足了市場對雲端服務的旺盛需求，但我們仍然預期今年的資本支出成長率將放緩。我們仍致力於在正常季度速度之外逐步回購股票，以在本財年結束前完全抵消在 GitHub 交易中發行的股票對價。最後，我們仍然預計全年實際稅率約為 17%，並存在季度波動。

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

那麼，麥克，我們進入問答環節吧。

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 comes from the line of Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

A question on Azure, and it's a 2-parter, 1 part for Satya and 1 for Amy. Satya, there's been a lot of press releases of you up on the stage with CEOs from guys like Albertson and Walgreens talking about these large strategic deals that you're doing with these companies. Can you help us understand sort of how do these large strategic deals translate into sort of the services being used on Azure changing? Like is there a mix shift in the type of services that are supporting these large digital transformations that we should be sort of aware of on a going-forward basis? And to Amy, one of the sort of big investor debates is a lot of suppliers into -- on the big cloud vendors like yourself are talking about weaker shipments into the suppliers. But you guys have seen very stable growth. I mean, Azure growth was dead solid from Q1 to Q2. Can you help us understand how the sort of capital intensity of some of these cloud businesses has been changing over time?

這是一個關於 Azure 的問題，分為兩個部分，一部分給 Satya，一部分給 Amy。薩蒂亞，有很多新聞稿都報導了你與艾伯森和沃爾格林等公司的首席執行官們一起站在台上，談論你與這些公司達成的這些大型戰略交易。您能否幫助我們了解一下，這些大型策略交易是如何轉化為 Azure 上使用的服務而改變的？例如，支援這些大型數位轉型的服務類型是否發生了某種組合變化，而我們應該在未來對此有所了解？艾米，投資者正在討論的一個重要問題是，像你這樣的大型雲端供應商正在談論供應商的出貨量減少的問題。但你們的成長一直非常穩定。我的意思是，Azure 的成長從第一季到第二季非常穩健。您能否幫助我們了解一下，隨著時間的推移，這些雲端業務的資本密集度又發生了哪些變化？

Sure. First of all, thank you, Keith, for the question. It is very true that, at this point, we have seen these very large digital transformational efforts and projects that we are partnered with. And they span, quite frankly, all the industries. I think in the last quarter, you saw in health care, in retail, in financial services. In fact, I sort of internally think of them as what our relationships with our traditional OEM partners in the PC ecosystem were. At this point, some of the partnerships we have with customers are of that same magnitude. And that just speaks to, I think, what's happening in the economy, which is every company is becoming a digital company, and essentially what used to be COGS and operating expense is all going digital. From a mix of services, it starts always with, I would say, infrastructure, so this is the edge and the cloud, the infrastructure being used as compute. In fact, you could say the measure of a company going digital is the amount of compute they use. So that's the base. Then on top of that, of course, all this compute means it's being used with data. So the data estate, one of the largest things that happens is people consolidate the data that they have and so that they can reason over it. And that's where things like AI services all get used. So we definitely see that path of -- where they're adopting the layers of Azure. But it doesn't stop in Azure. In fact, if you take Walgreens Boots Alliance, it was Microsoft 365 as well as Azure. In many cases, it's Dynamics 365. Any IoT project on Azure leads to a Dynamics field service project in most instances. So we're seeing the breadth and depth of our cloud offering, which is what we are really architected to have real synergies in the context of what our customers want to achieve, and that's what we are seeing. And one comment before I throw it over to Amy. Even on that -- our own demand for it, we don't see any change. In fact, it's very healthy and we think that it'll continue to be healthy. And if anything, at our scale, as you can imagine, we are becoming much more efficient in how we use software to utilize the capacity we have. So we have significant gains in utilization across our estate. So with that, I'll turn over to Amy.

當然。首先，謝謝基斯的提問。的確，目前我們已經看到了許多與我們合作的規模龐大的數位轉型專案和措施。坦白說，它們涵蓋了所有行業。我認為在上個季度，醫療保健、零售和金融服務業都出現了成長。事實上，我個人認為它們就像我們過去與 PC 生態系統中傳統 OEM 合作夥伴的關係一樣。目前，我們與客戶建立的一些合作關係也達到了相同的規模。我認為這恰恰反映了經濟正在發生的變化，那就是每家公司都在向數位轉型，而過去所謂的銷售成本和營運費用基本上都數位化了。各種服務的組合，總是從基礎設施開始，所以這裡指的是邊緣運算和雲端運算，基礎設施被用作運算資源。事實上，你可以說衡量一家公司數位化程度的指標是他們使用的計算量。這就是基礎。當然，除此之外，所有這些計算都意味著它是與數據一起使用的。因此，數據資產方面，最大的變化之一就是人們整合他們擁有的數據，以便他們可以對數據進行推理。而人工智慧服務等技術正是在這裡發揮作用的。所以我們確實看到了他們採用 Azure 各層架構的路徑。但這並不會止步於 Azure。事實上，以 Walgreens Boots Alliance 為例，它同時使用了 Microsoft 365 和 Azure。很多情況下，使用的是 Dynamics 365。大多數情況下，Azure 上的任何物聯網專案都會轉換為 Dynamics 現場服務專案。因此，我們看到了我們雲端產品的廣度和深度，這正是我們架構的真正目的，即在客戶想要實現的目標方面產生真正的協同效應，而這正是我們所看到的。在把話題交給艾米之前，我還有一點要補充。即使是我們自己提出的要求，也沒有看到任何改變。事實上，它非常健康，我們認為它會一直保持健康。而且，正如你所想，在我們這樣的規模下，我們在利用軟體來發揮現有能力方面正變得越來越有效率。因此，我們整個物業的利用率都得到了顯著提高。那麼，接下來我將把麥克風交給艾米。

And Keith, the thing I would add in addition to Satya's comment about investing and investing materially to make these improvements in performance and utilization, we've always had and seen, as you all have gotten a bit used to, it can be a little bit lumpy quarter-to-quarter, and so we expect a sequential growth into Q3, which is really just a movement that happens from time to time. Our guidance, really, in terms of overall capital spend is unchanged from 90 days ago even if the timing of that can move month-to-month.

基思，除了薩蒂亞關於投資和實質投資以改善業績和利用率的評論之外，我想補充一點，正如大家可能已經習慣的那樣，我們一直以來都看到，季度業績可能會有些波動，因此我們預計第三季度業績將環比增長，但這實際上只是偶爾發生的一種波動。事實上，就整體資本支出而言，我們的指導方針與 90 天前相比沒有變化，即使支出時間可能會逐月調整。

Our next question comes from the line of Karl Keirstead with Deutsche Bank.

我們的下一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

Amy, I just wanted to ask you a question about your March quarter guidance. The total looks terrific. The only area that might decelerate a little bit appears to be the Intelligent Cloud segment, where 17%, I think at the midpoint, it implies still amazing but down from 20-plus percent the last 3 quarters. So I'm wondering if you could just focus on that for a second and help us understand what some of the variables inside that Intelligent Cloud business are that might be impacting next quarter growth.

艾米，我只是想問你一個關於三月季度指導的問題。總成績看起來棒極了。唯一可能成長略有放緩的領域似乎是智慧雲端領域，我認為其中點為 17%，雖然仍然非常出色，但低於過去三個季度 20% 以上的增速。所以我想請您花一點時間，幫我們了解智慧雲端業務內部有哪些變數可能會影響下一季的成長。

Thanks, Karl. The first place to start is obviously FX. We've got a 2 point headwind on that range of 16% to 18%, so if you think about that and move your midpoint up to 19%. And then I think within that guidance, there's a reasonable amount of confidence that the server products and services KPI will remain quite healthy.

謝謝你，卡爾。首先顯然要從FX開始。16% 到 18% 這個區間有 2 個百分點的阻力，所以如果你考慮一下，就把中點上調到 19%。我認為，在這項指導原則的指導下，我們有相當大的信心伺服器產品和服務KPI將保持相當健康的狀態。

Our next question comes from the line of Mark Moerdler with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

I have a question for Satya and then one for Amy if you don't mind. Satya, in the different documents related to the earnings this quarter you have on product launches, et cetera, there's a discussion in there on the Microsoft launch of the Quantum Development Kit. Can you give us a bit of color on how you're thinking about quantum computing today, where the -- how soon the opportunity, where is it in the maturation? And then I have a follow-up for Amy.

如果你們不介意的話，我先問Satya一個問題，然後再問Amy一個問題。Satya，在與本季收益相關的各種文件中，有關於產品發布等的討論，其中有一篇關於微軟發布 Quantum 開發套件的文章。您能否簡要介紹一下您目前對量子運算的看法，以及它的發展機會何時到來，它處於成熟階段的哪個階段？然後我還要給艾米一個後續問題。

Sure. Thanks, Mark. So the way we think about our overall investment, I think of this as a systems investment because at the scale at which we operate, the Intelligent Cloud and the intelligent edge infrastructure, which you all track as Azure, you got to remember it's the core platform that's powering everything from our gaming ambitions to what we are doing with Microsoft 365, to what we are doing with Dynamics 365 and of course, our third-party business in Azure. So that's the core platform. And now when you think about the scale at which we operate, it is very important for us to make sure that every new breakthrough that happens in the system architecture that can improve efficiencies in what is distributed computing is something that we stay on the forefront of it. So that's why we have a very long-term view on Quantum, and the things that we did even in this last quarter is take things like the quantum simulator stuff and bring it to Azure. In fact, we are seeing very good adoption in scientific labs, in universities and some pharma companies and others who are looking at really building their quantum algorithmic promise long before the quantum computer [cloud] is real so that they are ready to be able to take advantage of that computing resource. So that's how we look at it, but you got to remember that before Quantum, there are many byproducts of a quantum effort that have significant implications on how we get more competitive, efficient in terms of providing computing to the world. So that's one of the reasons why you hear us talk about quantum as the long-term goal, but you can fully expect us to take a lot of learnings, advances in that roadmap and bring them to market earlier.

當然。謝謝你，馬克。因此，就我們整體投資的考量而言，我認為這是一項系統投資，因為在我們目前的營運規模下，智慧雲端和智慧邊緣基礎設施（你們都稱之為 Azure）是核心平台，它支撐著我們的一切，從遊戲開發到 Microsoft 365，再到 Dynamics 365，當然還有我們在 Azure 上的第三方業務。這就是核心平台。現在，考慮到我們營運的規模，對我們來說，確保分散式運算中每一個能夠提高效率的系統架構新突破都能讓我們保持領先地位，這一點非常重要。所以這就是為什麼我們對量子技術有著非常長遠的展望，即使在上個季度，我們也把量子模擬器之類的東西帶到了 Azure 上。事實上，我們看到科學實驗室、大學、一些製藥公司以及其他一些機構對量子演算法的採用情況非常好，這些機構都在量子電腦（雲端）真正普及之前很久就開始著手建立其量子演算法，以便能夠利用這種計算資源。這就是我們看待這個問題的方式，但你必須記住，在量子運算出現之前，量子運算領域的許多副產品對我們如何提高競爭力、提高向世界提供運算服務的效率有著重大影響。所以，這就是為什麼你會聽到我們把量子計算作為長期目標的原因之一，但你可以完全期待我們吸取該路線圖上的許多經驗教訓和進展，並提前將其推向市場。

I really appreciate it. Amy, you gave a lot of color this quarter, but in the quarter, there was overall transactional weakness. Can you give us a little more color? Is there something structural driving it, U.S. government, China weakness? Were there just simply less contracts up for renewal? Or is it the cloud? Any additional data would be helpful.

我非常感謝。艾米，你這季度表現得非常出色，但總體而言，本季的交易表現疲軟。能再詳細描述一下嗎？是否存在結構性因素在驅動這現象？例如美國政府的政策疲軟或中國的實力不足？是不是需要續約的合約數量比較少？還是雲？任何補充數據都將有所幫助。

Thanks, Mark, for the question. The only transactional weakness I felt in the quarter at all was what we covered, which was the OEM impact from the chip supply, which was about 1.5 points of growth on MPC, and the Office Consumer impact, which was secondary impact of the PC environment plus some execution challenges we had that I feel really good that we've gotten to the root of and will get handled in H2. Outside of that, our transactional execution was really precisely as we expected. Office Commercial actually had a pretty reasonable quarter given some of the impacts we had in Q1, a couple of points of impact of extra growth that we talked about. And the product and services KPI on prem and server was also quite good when we think about the balance and what that represents for hybrid demand. We continue to see good demand on DC -- sorry, data center modernization as well as some of the premium SKUs.

謝謝馬克提出的這個問題。本季我唯一感覺到的交易疲軟之處就是我們討論的那部分，即晶片供應對 OEM 的影響，導致 MPC 增長約 1.5 個百分點；以及辦公消費品的影響，這是 PC 環境的次要影響，加上我們遇到的一些執行挑戰，我感覺我們已經找到了問題的根源，並將在下半年得到解決。除此之外，我們的交易執行確實完全符合預期。考慮到我們在第一季受到的一些影響，以及我們討論過的額外成長帶來的幾個影響點，辦公室商業業務實際上在第二季表現相當不錯。當我們考慮到混合需求的平衡及其意義時，本地部署和伺服器上的產品和服務 KPI 也相當不錯。我們持續看到對資料中心現代化改造以及一些高端 SKU 的良好需求。

Our next question comes from the line of Phil Winslow with Wells Fargo.

我們的下一個問題來自富國銀行的菲爾溫斯洛。

Just wanted to focus on Windows. Amy, I think you've guided to low single-digit growth in Windows OEM revenue for Q3. And just wondering if you can sort of help us bridge that because you also talked about inventory levels, Windows being low in the OEMs as well as some mix. So maybe kind of help us bridge the gap between your comments about maybe continued storage as a component but -- the revenue growth. And then the other side of Windows, the Commercial, obviously it's been super strong, but we're starting to lap some -- there's some pretty big growth numbers Q3, Q4 last year, and then, obviously, there's some accounting change with 606. Maybe give us some color there. So I guess, one, on the OEM side and then, two, on the commercial side.

我只想專注於Windows系統。艾米，我認為你預測第三季 Windows OEM 收入將實現個位數低成長。我想知道您是否能幫我們解決這個問題，因為您也提到了庫存水平，Windows 在 OEM 廠商中的庫存較低，以及一些其他因素。所以，也許可以幫助我們彌合您關於繼續儲存作為組成部分的評論與收入成長之間的差距。而 Windows 的另一面，也就是商業領域，顯然表現非常強勁，但我們開始追趕上一些競爭對手——去年第三季和第四季的成長數據相當可觀，而且，顯然，606 也出現了一些會計變化。或許可以加點色彩。所以我想，一方面是 OEM 方面，另一方面是商業方面。

Great. Thank you. On the OEM side, the way to think about those comments is we do expect inventory levels to likely remain low as we exit the next quarter as well. So think about there having -- because your -- we do expect chip supply to remain constrained. I don't expect to see any impact from changing inventory levels through the next quarter. So I would sort of remove that as one of the mechanisms you're thinking about on overall OEM demand. I do think what we will see in Q3 is we're expecting a little better performance in the Pro side of the market in terms of seeing growth there, and that's probably helping a little bit. To your second question on Office -- I'm sorry, on Windows Commercial overall, our real investment -- and you're right, we are starting to reach some tougher comparables. But a lot of that comparability, which you referenced, is due a little bit of how it's licensed, which is a lot of this is new and gets recognized more upfront in quarter. That's going to continue to have some lumpiness still as we go over the years. As that business continues to grow, it'll get less of that impact. The primary driver in terms of billings is how I tend to think about that, has been pretty consistent. It's been double-digit consistent growth. It tends to look a lot like our Office 365 motion. It's sold with Microsoft 365. It's about the selling motion of E3 and E5 that we talk about. If you could almost take out that 606 impact in the billings team to almost mirror the Microsoft 365 SKUs we sell.

偉大的。謝謝。從OEM廠商的角度來看，我們可以這樣理解這些評論：我們預計下一季末庫存水準可能仍將保持較低水準。所以想想看，因為——我們預計晶片供應仍將受到限制。我預計下一季庫存水準的變化不會產生任何影響。因此，我認為應該把這個因素從你考慮的整體 OEM 需求機制中剔除出去。我認為第三季我們在專業市場方面會看到更好的表現，成長動能有望增強，這可能對業績有所幫助。關於您提出的第二個關於 Office 的問題——抱歉，就 Windows 商業版整體而言，這是我們真正的投資——您說得對，我們開始面臨一些更嚴峻的競爭。但你提到的這種可比性，很大程度是因為它的許可方式，因為很多東西都是新的，而且在季度初就能得到更充分的認可。隨著時間的推移，這種情況還會繼續存在一些不盡人意的地方。隨著該業務的不斷發展，它受到的影響將會減少。就帳單金額而言，我通常認為主要驅動因素是帳單金額，而且這種看法一直相當一致。一直保持著兩位數的穩定成長。它看起來很像我們的 Office 365 動態效果。它是與 Microsoft 365 一起銷售的。我們討論的是E3和E5的銷售策略。如果能夠消除計費團隊中 606 的影響，使其幾乎與我們銷售的 Microsoft 365 SKU 完全一致。

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

我們的下一個問題來自瑞銀集團的珍妮佛洛。

I appreciate getting the sort of visibility you have into the, as someone earlier alluded to, transactional businesses. It sounds like you feel pretty good or at least stable about the PC outlook for the remainder of this year. But given that Windows is a pretty material driver of profitability at Microsoft, if we do start to see a more protracted decline in PC unit sales and you think about your investments going out through the remainder of this calendar year, are there opportunities to sort of flex down the cost structure at this point to preserve profitability in margins? Or should we assume that much of the investments happening right now are really tied to the commercial cloud and some of the lower margin but higher opportunity businesses and maybe there isn't so much of an offset? Just how should we think about contingency planning if we do see a weaker -- an extended weakening in the global economic climate?

我很欣賞您能夠如此深入地了解（正如之前有人提到的）交易型企業。聽起來你對今年剩餘時間的個人電腦市場前景感覺相當不錯，或者至少比較穩定。但鑑於 Windows 是微軟獲利能力的重要驅動因素，如果我們開始看到 PC 銷量持續下滑，並考慮到今年剩餘時間的投資，目前是否有機會透過某種方式降低成本結構來維持利潤率？或者我們應該假設，目前的大部分投資實際上都與商業雲和一些利潤較低但機會較高的業務相關，也許並沒有那麼多的抵消作用？如果全球經濟環境出現疲軟——甚至是持續疲軟——我們該如何考慮應急計畫？

Let me start, and Amy, you can add to it. See, first of all, I'd say the opportunity for our shareholders when they think about Microsoft has never been better. When I look at every business becoming a digital business and then take that opportunity and map that to our capability, we have the broadest platform of anyone in the tech sector to really help every customer in every country become that digital business. And we have the business model that aligns with them and their interests and the trust. And so therefore, from a secular perspective, we are all in on making sure that we invest in our commercial cloud as well as our investments in things like gaming and going after the opportunity that is there in front of us. And as you even think about Microsoft 365, the value proposition of Microsoft 365 transcends Windows and Office on Windows. We think about the relevance of our applications across all device sockets. We think about the security, identity management, information protection and all that value across all device sockets, so therefore, I feel very, very good about the product investments and the go-to-market investments we are making to really help our shareholders realize that growth potential that's available in what is going to be an increasingly digital world. And I'll let Amy answer.

我先開始，艾米，你接著補充。首先，我認為對於我們的股東來說，投資微軟的機會從未如此好。當我看到每個企業都在數位化轉型，然後抓住這個機遇，並將其與我們的能力相結合時，我們擁有科技產業中最廣泛的平台，可以真正幫助每個國家的每個客戶轉型為數位化企業。我們擁有符合他們利益和信任的商業模式。因此，從世俗的角度來看，我們都致力於確保投資於商業雲以及遊戲等領域，並抓住擺在我們面前的機會。而當你考慮 Microsoft 365 時，你會發現 Microsoft 365 的價值主張超越了 Windows 和 Windows 上的 Office。我們會考慮我們的應用程式在所有裝置介面上的適用性。我們考慮所有設備介面的安全、身分管理、資訊保護以及所有這些價值，因此，我對我們正在進行的產品投資和市場推廣投資感到非常非常滿意，這些投資將真正幫助我們的股東實現日益數位化的世界中存在的成長潛力。就讓艾米來回答吧。

Let me just add a little bit, Jennifer, when it comes to really your question around OEM. We know that the signals we get from especially our commercial customers is that there's a healthy demand for the value that exists in Windows 10. We're seeing it in terms of deployments on new and existing devices and the security and manageability value prop that comes with a modern device and the experiences that employers want their employees to have and be able to take advantage of, along with some of the end-of-support deadlines that we have talked about, there is still an opportunity for us to remain focused on and execute on through this calendar year. And I still feel quite good about that, including the signals we're getting in the market.

珍妮弗，關於你提出的 OEM 問題，我只想補充一點。我們從商業客戶那裡得到的回饋表明，市場對 Windows 10 的價值有著旺盛的需求。我們看到，無論是在新設備還是現有設備上的部署，現代設備所帶來的安全性和可管理性價值主張，以及雇主希望員工擁有和能夠利用的體驗，再加上我們之前討論過的一些停止支持的最後期限，我們仍然有機會在今年繼續專注於此並加以執行。我對這一點仍然感覺相當不錯，包括我們從市場中獲得的訊號。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

I wanted to focus on the data and database side of your business. We saw the acquisition this quarter of the Postgres company. If you think about the ecosystem around the world, a lot of the cloud guys are talking a lot about database. Can you kind of maybe talk a little bit what you see around Cosmos, the whole database offering that you have and what you see in terms of client adoption there?

我想重點關注貴公司的數據和資料庫方面。本季我們看到了Postgres公司的收購。如果你看看世界各地的生態系統，你會發現很多雲端運算從業者都在談論資料庫。您能否簡單談談您對 Cosmos 的看法，包括您提供的整個資料庫產品以及您在客戶採用方面看到的情況？

Yes, we feel very, very good about the data platform and the portfolio we have, whether it's on the relational side with obviously SQL and now Postgres support. And then our Cosmos DB has become the leading multi-model, multi-region database. And so therefore, I feel very, very good, as I said even earlier, whenever these customer digital transformation projects start, they start by really getting their data into shape. And what that means is you bring all the data in its native format. You need the full comprehensive platform and then the ability to able -- to do things like AI and analytics on top of all of this data. So our data platform growth as well as competitiveness is very good and increasing. And we're the only provider still who can do this in a hybrid way. That is the consistency between what happens at the edge to the cloud when it comes to data tier becomes even more important as edge scenarios become very, very real. So therefore, I feel very good about our data story in Citus, which is the company we just bought for the Postgres capability, is something that we are very excited about.

是的，我們對現有的資料平台和產品組合感到非常滿意，無論是關係型資料庫方面（顯然包括 SQL，現在還有 Postgres 支援）。然後，我們的 Cosmos DB 就成為了領先的多模型、多區域資料庫。因此，我感覺非常好，正如我之前所說，每當這些客戶數位轉型專案啟動時，他們首先要做的就是真正整理好他們的數據。這意味著你要以原始格式匯入所有資料。你需要一個功能齊全的綜合平台，然後還得有能力——在所有這些數據之上進行人工智慧和分析等操作。因此，我們的數據平台發展和競爭力都非常好，而且還在不斷提高。而且我們是唯一一家仍然能夠以混合方式提供這種服務的供應商。隨著邊緣場景變得越來越真實，資料層中邊緣到雲端的一致性變得更加重要。因此，我對 Citus 的數據前景感到非常樂觀，我們剛剛收購 Citus 是為了獲得 Postgres 功能，我們對此感到非常興奮。

Our next question comes from the line of Walter Pritchard with Citi.

我們的下一個問題來自花旗銀行的華特‧普里查德。

Question on Azure and growth numbers this quarter were very strong. I'm wondering if you can talk about just your visibility into the growth in that business. A lot of that comes from enterprise agreements and commitments customers are making. Some of that's on sort of credits that they have to consume. I'm not sure if you're willing to give us sort of a growth kind of trajectory as you look out forward, but I think there's a lot of investor interest in terms of how much visibility

本季Azure的相關問題和成長數據非常強勁。我想請您談談您對該業務成長的看法。其中許多都源自於企業協議和客戶所做的承諾。其中一些是以積分的形式存在的，他們需要用掉這些積分。我不確定您是否願意展望未來的成長軌跡，但我認為投資者非常關注公司發展的可見性。

(technical difficulty)

（技術難題）

your perspective.

你的觀點。

Maybe I'll start, Satya. In terms of the Azure growth, most of the Azure growth is really driven by consumption. So this is about getting projects started, making those projects successful, making sure customers feel the value and get the value of their investment. And increasingly, that's why we've been talking a bit about the form of these contracts changing, larger commitments being made that are -- that land in bookings but not in unearned, right? So it's a bit different mechanism than you think about having in our standard EA, where it goes to the balance sheet and gets earned off. These are contracts that unless it is used and deployed and a customer gets value from, it does not land into the P&L. And so the part that looks a little bit more EA-like is the part we've talked about on a per-user basis, right? That's something you're going to deploy, whether that's EMS, is the best example. And so those have the characteristic you talk about, which is that it really comes from the EA and the recognition is more predictable. But on the IaaS and PaaS layer, that's about our execution each quarter and especially making an impact. The way that -- the only other way that, that Azure number, to think about it, is when we've talked about the Azure Hybrid Benefits that exist, those show up actually in the on-prem number, right, even if they ultimately get used on the Azure side. So there actually is some Azure Benefit revenue ultimately that shows "is on-prem."

或許我會先開始，薩蒂亞。就 Azure 的成長而言，Azure 的大部分成長實際上是由消費所驅動的。所以，關鍵在於啟動項目，使項目成功，確保客戶感受到價值並獲得投資價值。正因如此，我們一直在討論這些合約形式的改變，以及由此產生的更大承諾——這些承諾最終會轉化為預訂，但不會轉化為未賺取的收入，對吧？所以它的機制與我們標準EA中的機制略有不同，標準EA中的收益會進入資產負債表並從中獲利。這些合約只有在被使用和部署，並且客戶從中獲得價值後，才會計入損益表。所以，看起來更像企業架構（EA）的部分，就是我們之前討論過的按用戶計費的部分，對吧？這是你要部署的東西，無論是急救醫療服務（EMS）就是最好的例子。因此，它們具有你所說的特點，即它確實來自EA，並且其認可度更可預測。但在 IaaS 和 PaaS 層面，關鍵在於我們每季的執行情況，尤其是能否產生影響。另一種理解 Azure 數字的方式是——當我們討論現有的 Azure 混合權益時，這些權益實際上會出現在本機數位中，對吧，即使它們最終是在 Azure 端使用的。所以實際上，最終會有一些 Azure 福利收入顯示為「本地部署」。

Our next question comes 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。

Satya, in the last couple of quarters, you have announced a number of these large multiyear Azure wins with companies, including Walmart and Albertsons and Walgreens, as Keith mentioned earlier. I'm just curious whether you're sensing an amplified tailwind there due to Amazon's ambitions to actually compete with grocers and retailers and health care providers and other industries. And then, Amy, I am assuming that those wins are captured by this robustness that we're seeing in the commercial bookings growth, which is up 22%. But I guess, I don't understand if they're fully captured, if this is a consumption-based structure. Or are we only seeing a portion of those bookings if we look in the unearned revenue and in the KPI?

Satya，正如 Keith 之前提到的，在過去的幾個季度裡，你宣布了與多家公司達成的多項為期多年的 Azure 大型合作協議，其中包括沃爾瑪、艾伯森和沃爾格林。我只是好奇，你是否感覺到亞馬遜雄心勃勃地要與雜貨商、零售商、醫療保健提供者和其他行業競爭，從而為這方面帶來了更大的利好。然後，艾米，我假設這些勝利體現在我們看到的商業預訂成長的強勁勢頭中，目前商業預訂增長了 22%。但我猜，我不明白它們是否被完全捕獲，這是否是基於消費的結構。或者，如果我們查看未實現收入和關鍵績效指標 (KPI)，是否只能看到這些預訂的一部分？

Okay, I'll start. I mean, the first thing is to -- we need to have product truth and product competitiveness and capability to, first of all, play, and that's where I'll start. We have a very, very good compelling platform across our commercial cloud. That's what's really leading us to be able to do these types of partnerships that you referenced. It's clear that we also have a fantastic alignment of our business model with the interest of our customers. In other words, we want to make sure that we are, in fact, making our customers fully capable digital companies in their own right, whether they're in retail, whether they're in oil and gas, whether they're in health care because that's really what's in our long-term interest, which is to ensure that they have full digital capability, and then they'd use the subscriptions and the consumption capabilities of our cloud. And of course, that means we have a trusted relationship, which is a competitive advantage in a world where some of our competitors have more complex business models, where in some cases they give them platforms, in other cases where they compete with them or tax them. That's definitely something that I'm sure our customers pay attention to. But we are very focused on making sure that we have the right product that's competitive in the marketplace and then our business model that's long-term aligned with the interest of our customers, and we'll stay focused on it.

好的，我先來。我的意思是，首先，我們需要了解產品的真實情況、產品的競爭力以及發揮產品競爭力的能力，而這正是我要開始的地方。我們在商業雲端平台上擁有非常非常出色且極具吸引力的平台。正是這一點促使我們能夠開展您所提到的這類合作。很明顯，我們的商業模式與客戶的利益高度契合。換句話說，我們希望確保我們確實能夠讓我們的客戶成為真正意義上的數位化公司，無論他們身處零售業、石油天然氣業還是醫療保健業，因為這才是真正符合我們長遠利益的，那就是確保他們擁有完整的數位化能力，然後他們就可以使用我們雲端的訂閱和消費功能。當然，這意味著我們建立了信任關係，這在當今世界是一種競爭優勢，因為我們的一些競爭對手擁有更複雜的商業模式，在某些情況下，他們會為客戶創造平台，在其他情況下，他們會與客戶競爭或向客戶徵稅。我相信我們的客戶一定會注意這一點。但我們非常注重確保我們擁有在市場上具有競爭力的合適產品，以及與客戶利益長期一致的商業模式，我們將繼續專注於此。

And to your second question, most of these larger contracts are showing up in that commercial bookings number, and we referenced that on these -- when we say the longer -- larger, longer-term contracts, that is where they show up. Very little shows up in unearned, and that's the distinction that we're starting to see in many of these Azure contracts. It will, as it gets used, go straight to that Azure revenue growth number on the P&L.

至於你的第二個問題，這些較大的合約大多都體現在商業預訂數量中，我們之前也提到過——當我們說的是較長的、較大的、長期的合約時，它們就體現在那裡。未賺取的收入很少，這是我們在許多 Azure 合約中開始看到的差異。隨著使用量的增加，它將直接計入損益表上的 Azure 收入成長資料。

Our next question comes from the line of Brad Reback with Stifel.

我們的下一個問題來自 Stifel 的 Brad Reback 一線隊。

Satya, of late, you talked about Microsoft 365 being the new operating system, and I know you talked a bunch about that today. But as you think about going after the front-line worker, people you could not get to previously, how should we think about the TAM expansion from that from a seat standpoint?

薩蒂亞，最近你一直在談論微軟 365 作為新的作業系統，我知道你今天也談了很多關於這方面的內容。但是，當我們考慮爭取第一線工作人員，也就是以前無法接觸到的人群時，從席位角度來看，我們該如何看待TAM的擴張呢？

Yes, a good example of the first-line opportunity was something that you could have seen at NRF this January. We launched, for example, Teams for first-line workers, which had things like shift worker capabilities, secure messaging. One of the challenges in retail and in many other industries is what's that messaging tool that has actually got the security framework that they expect of any other enterprise tool as opposed to using one of these consumer messaging tools, which then all the liability is with the enterprise. So that's the opportunity we see, whether it's -- for all front line, whether it's in manufacturing, whether it's in retail, whether it's in healthcare. So that's the TAM expansion. So in other words, it can be -- start with Teams. It can start with some of our devices in the first-line worker. For example, one of the things that we see the most traction for HoloLens is with first-line workers. People in manufacturing and other in field service, where they were never issued a standard laptop or even a phone are being issued a HoloLens as their first computing device, and that's just because of the productivity it drives. So those are the kinds of TAM expansion we see across Microsoft 365.

是的，今年一月在 NRF 展會上就是一個很好的例子，說明了一線機會的重要性。例如，我們推出了第一線員工的 Teams，它具備輪班工作功能和安全訊息等功能。零售業和許多其他行業面臨的挑戰之一是，如何找到一款真正具備企業級工具所應有的安全框架的即時通訊工具，而不是使用消費者即時通訊工具，因為那樣一來，所有的責任都落在了企業身上。所以這就是我們看到的機會，無論是在製造業、零售業或醫療保健業，所有第一線人員都有機會。這就是TAM擴張的情況。換句話說，可以從 Teams 開始。它可以從第一線工作人員使用我們的一些設備開始。例如，我們發現 HoloLens 最受第一線工作人員歡迎。製造業和其他現場服務人員，他們以前從未被配發過標準筆記型電腦甚至手機，現在卻被配發了 HoloLens 作為他們的第一台計算設備，這僅僅是因為它能提高生產力。這就是我們在 Microsoft 365 中看到的 TAM 擴張類型。

Our final question will come from the line of Alex Zukin with Piper Jaffray.

我們最後一個問題將來自 Alex Zukin 和 Piper Jaffray 的問題。

Satya, you guys reorganized the sales and customer service organization about 18 months ago quite substantially, and you're now seeing the benefits both around much larger deals and broader deals that we've discussed on this call for your products across the portfolio. I wanted to ask, as the deal complexity increases, are you seeing any impact to your sales cycles as a result? And is there any impact that you're seeing on sales cycles maybe not from that but from kind of the macro volatility that we've seen in the headlines?

Satya，你們大約在 18 個月前對銷售和客戶服務部門進行了相當大的重組，現在你們看到了重組帶來的好處，無論是在更大的交易方面，還是在我們這次電話會議中討論的涵蓋你們所有產品的更廣泛的交易方面。我想問一下，隨著交易複雜性的增加，您是否發現這對您的銷售週期產生了任何影響？那麼，您是否觀察到銷售週期受到某種影響？或許不是直接受到宏觀經濟波動的影響，而是受到新聞頭條所報導的宏觀經濟波動的影響？

I mean, overall, a lot of our transformation, whether it's on the engineering side or on the marketing side or on the sales side, have all been driven by the opportunity we see with the broad platform capabilities we have across all of our commercial clouds, whether it's Azure or Dynamics 365 or Microsoft 365. So it is true that the deals are much broader, deeper. The relationships with the customers that we have now signed up with span a lot more of our capability and also drives a lot more of their own ambition. So for sure, the sales cycles are different. But at the same time, you've got to remember, at Microsoft, we do have a lot of different business that we do with the customers, which may include some things like refreshes of their on-premise infrastructure all the way to some very high-ambition digital transformation projects. So I would say we are well equipped to deal with that complexity and the variability of what our customers want us to be helping them with. And that's where a lot of the transformation we have done internally is helping us accelerate our Cloud business.

我的意思是，總的來說，我們的許多轉型，無論是在工程方面、行銷方面或銷售方面，都是由我們看到的機會所驅動的，這些機會來自我們所有商業雲端平台所擁有的廣泛平台能力，無論是 Azure、Dynamics 365 還是 Microsoft 365。所以，這些交易的確範圍更廣、更深入。我們與現在簽約的客戶建立的關係，不僅涵蓋了我們更多的能力，也推動了他們更多的雄心壯志。所以可以肯定的是，銷售週期是不同的。但同時，你也要記住，在微軟，我們與客戶開展了很多不同的業務，其中可能包括一些諸如更新其本地基礎設施之類的事情，以及一些雄心勃勃的數位轉型專案。所以我認為我們完全有能力應對這種複雜性以及客戶希望我們幫助他們解決的各種問題。而我們內部進行的許多轉型，正是幫助我們加速雲端業務發展的關鍵。

And I think the way we've seen this in the field is -- and our sales organization has been not unlike some of these Dynamics transactions or the Power platform transactions that require a fundamental understanding of business process and the changes you're trying to implement. Those do naturally have longer sales cycles. Azure has many of those same attributes at the higher end of the complexity and digital transformation Satya's talking about. And in these very large transactions, many of which we've been signing recently, where you'll see some of that volatility would be in bookings. But I think, in general, the goal is to have -- and continue to build on that business, but certainly, that would be where the "volatility" would show up.

我認為我們在實際工作中看到的是——我們的銷售組織與某些 Dynamics 交易或 Power 平台交易非常相似，這些交易需要對業務流程和您嘗試實施的變更有基本的了解。這些產品的銷售週期自然會更長。Azure 在複雜性和數位轉型方面具有許多與 Satya 所說的更高的特性相同的功能。在這些數額龐大的交易中（其中很多是我們最近簽署的），你會看到一些波動性體現在預訂量上。但我認為，總的來說，目標是擁有並繼續發展這項業務，但可以肯定的是，這正是「波動性」會顯現出來的地方。

Okay. Well, thanks, Alex. That wraps up the Q&A portion of today's earnings call. Thank you for joining us, and we look forward to speaking with all of you soon.

好的。謝謝你，亞歷克斯。今天的財報電話會議問答環節到此結束。感謝各位的參與，我們期待盡快與大家再次交流。

Thank you all.

謝謝大家。

Thank you.

謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。