微軟 (MSFT) 2019 Q2 法說會逐字稿

Welcome to the Second Quarter Fiscal Year 2019 Microsoft Corporation Earnings Conference Call.

歡迎來到微軟公司 2019 財年第二季度收益電話會議。

(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。

I would like to turn the call over to Mike Spencer, General Manager of Investor Relations.

我想把電話轉給投資者關係總經理 Mike Spencer。

Thank you.

謝謝你。

Please proceed.

請繼續。

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.

與我通話的有：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 a 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期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

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

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

The non-GAAP financial measures provided should (sic) [should not] be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

提供的非公認會計原則財務措施應（原文如此）[不應]被視為替代或優於根據公認會計原則編制的財務業績措施。

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.

除了這些項目和事件對財務結果的影響之外，它們不包括在內——它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第二季度的業績。

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

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

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

我們還將在可能的情況下以固定貨幣提供增長率，作為評估我們基礎業務表現的框架，不包括外幣匯率波動的影響。

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

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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

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

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

您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

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

在本次電話會議期間，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 for joining on the phone.

謝謝你，邁克，也感謝大家通過電話加入。

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.

本季度我們實現了 325 億美元的收入，在我們所有商業雲的實力推動下實現了兩位數的頂線和底線增長。

Our commercial cloud revenue grew 48%, anchored by Azure revenue growth of 76%.

在 Azure 收入增長 76% 的推動下，我們的商業雲收入增長了 48%。

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.

這些結果表明我們在龐大且不斷發展的市場中選擇了正確的長期趨勢，其中許多市場仍處於起步階段，以及重點創新和執行。

Leading companies in every industry are partnering with us to build their own digital capability to compete and grow.

每個行業的領先公司都在與我們合作，以建立自己的數字化能力來競爭和發展。

This is creating a broad opportunity for everyone, including our ecosystem.

這為每個人創造了廣泛的機會，包括我們的生態系統。

As one example, the co-sell program we introduced 18 months ago has already generated $8 billion in contracted partner revenue.

例如，我們在 18 個月前推出的聯合銷售計劃已經為簽約合作夥伴帶來了 80 億美元的收入。

Now I'll briefly highlight our momentum and innovation across our businesses.

現在，我將簡要強調我們在業務中的發展勢頭和創新。

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.

Microsoft 365 為所有人、企業、小型企業以及超過 20 億一線工作人員提供超越任何一台設備的集成安全體驗。

We are helping every business build out their system of communication and collaboration to drive their productivity as well as their business transformation.

我們正在幫助每個企業建立他們的溝通和協作系統，以提高他們的生產力以及他們的業務轉型。

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.

Microsoft Teams 是團隊合作的中心，也是 Microsoft 365 的強大入口，我們看到 OneDrive、SharePoint、Yammer 和整個 Office 應用程序套件的使用率正在增加。

Teams is the only enterprise-grade solution that brings together messaging, meetings, video conferencing as well as document collaboration.

Teams 是唯一將消息傳遞、會議、視頻會議以及文檔協作結合在一起的企業級解決方案。

And as of this quarter, enhanced voice capabilities like group call forwarding, delegation, location-based routing are all being brought into Teams.

截至本季度，團隊呼叫轉移、委派、基於位置的路由等增強的語音功能都被引入 Teams。

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.

我們看到 Teams 迅速採用，超過 420,000 家各種規模的組織和 89 家財富 100 強企業使用 Teams，其中包括像輝瑞這樣的客戶，他們選擇 Teams 作為其 115,000 名員工的協作平台，我們正在向新的和未充分滲透的市場擴張.

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.

本季度，我們推出了新功能，使服務和任務導向型角色的一線工作人員能夠通過移動日程管理、位置共享以及輕鬆記錄和共享安全音頻消息的能力在旅途中更有效地進行溝通和協作.

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.

我們正在通過 Microsoft 365 擴大我們在教育領域的機會，在硬件和軟件方面進行創新以改善學習成果，從與 Teams 更加協作的課堂到 OneNote 中的個性化學習工具，再到使用 Flipgrid 的社交學習，再到經濟實惠且易於管理的 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.

網絡安全是一項核心挑戰，Microsoft 處於領先地位，幫助所有組織在業內所謂的零信任環境中運營。

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.

這一切都始於 Azure AD Active Directory 以及我們與 Microsoft 威脅防護開展的深入合作，為我們的客戶提供跨身份、設備端點、電子郵件、信息、雲應用程序和基礎架構的集成解決方案。

And this quarter, we introduced new advanced capabilities for identity and threat protection and for information protection and compliance.

本季度，我們為身份和威脅保護以及信息保護和合規性引入了新的高級功能。

A comprehensive approach to security and compliance is another reason why customers are adopting Microsoft 365.

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。

Customers from Neiman Marcus to Brooks Running to global biopharmaceutical leader, Sanofi, all chose our solutions.

從 Neiman Marcus 到 Brooks Running 再到全球生物製藥領導者賽諾菲，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.

Surface 在這個假期迎來了有史以來最大的一個季度，在消費者和商業領域都實現了兩位數的強勁增長。

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.

我們不斷創新和擴展我們的設備系列，以最新的 Surface Pro、Surface Laptop 和 Surface Go 為行業樹立標杆。

More broadly, Windows 10 continues to gain traction in the enterprise as the most secure and productive operating system.

更廣泛地說，Windows 10 作為最安全、最高效的操作系統繼續在企業中獲得關注。

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.

在 CES 上，我們的 OEM 合作夥伴展示了始終連接的 Windows 10 PC，它們提供了突破性的性能水平，以實現強大的新場景，如沉浸式遊戲。

Moving to business applications and LinkedIn.

轉向業務應用程序和 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.

Dynamics 365 本季度增長了 51%，因為我們通過使記錄系統和參與系統更加模塊化、可擴展和人工智能驅動的差異化方法贏得了客戶。

Increasingly, business process automation includes digitizing physical spaces, activities and interactions.

業務流程自動化越來越多地包括數字化物理空間、活動和交互。

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.

Dynamics 365 以及 Azure IoT、AI 和混合現實的進步正在引領組織創建這些新的觀察系統和智能係統，驅動端到端業務流程並連接在線和離線世界。

For example, we now have the capability for customers to manage inventory in real-time from the shelf to the warehouse to the farm.

例如，我們現在可以讓客戶實時管理從貨架到倉庫再到農場的庫存。

But we're not stopping there.

但我們不會止步於此。

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.

我們的 Power 平台涵蓋 Power BI、Power Apps 和 Flow，使組織中的任何人都可以在不存在的情況下開始構建智能應用程序或工作流。

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.

它是業內唯一的同類解決方案，將無代碼或低代碼應用程序開發、機器人流程自動化和自助服務分析整合到一個單一的綜合應用程序平台中。

And it enables extensibility across Microsoft 365 and Dynamics 365 as well as leading third-party SaaS business applications.

它支持跨 Microsoft 365 和 Dynamics 365 以及領先的第三方 SaaS 業務應用程序的可擴展性。

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.

借助 Power 平台，微軟從根本上將業務流程去市場化，使每個人都能夠做出更明智、更快速的決策，我對這個領域的巨大機會感到興奮。

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.

Centrica 已經依靠 Power BI、Power Apps 和 Flow 以及 Dynamics 365 來改變其在英國的一線員工的調度和調度。

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.

Virgin Group 正在使用 Power Apps 和 Dynamics 365 生成其乘客表面洞察力的單一視圖，以改善客戶服務並提高運營效率。

And in Italy, postal service is using Dynamics 365 to jump start the digital transformation of thousands of the post offices across the country.

在意大利，郵政服務正在使用 Dynamics 365 啟動全國數千個郵局的數字化轉型。

Moving to LinkedIn.

搬到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.

我們繼續在所有業務中實現強勁的收入增長，會話數同比增長 30%，這得益於對跨平台共享的提要和內容的創紀錄參與度。

We also saw record job postings again this quarter.

本季度我們還看到了創紀錄的招聘信息。

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.

我們通過 LinkedIn 頁面為營銷人員引入了新的品牌和社區建設工具，使各種規模的組織更容易與 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.

最後，Glint 憑藉其行業領先的員工敬業度平台拓寬了我們的市場機會。

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.

在競爭人才和技能發展是每個領導者的首要任務的時候，LinkedIn Talent Solutions、Talent Insights、LinkedIn Learning 和現在的 Glint 的結合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.

現在轉向 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.

Azure 是唯一具有從數據中心延伸到邊緣的一致計算堆棧的超大規模雲，各個行業的客戶都認識到這種架構優勢。

In retail, Azure was front and center at the NRF.

在零售方面，Azure 是 NRF 的前沿和中心。

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.

Kroger 正在與我們合作，重新定義攤位的客戶體驗並為員工提供 AI 驅動的洞察力，而 Gap 選擇我們的雲來加速數字化轉型。

And just this week, Albertsons chose Azure as its preferred cloud.

就在本週，Albertsons 選擇了 Azure 作為其首選雲。

In financial services, MasterCard is partnering with us on a new, more secure way to verify digital identities.

在金融服務領域，萬事達卡正在與我們合作，以一種新的、更安全的方式來驗證數字身份。

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.

BlackRock 正在利用 Microsoft Cloud 的力量重新構想退休計劃，而 UBS 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.

在醫療保健方面，Walgreens Boots Alliance 選擇 Azure，通過數字解決方案將人們置於健康和保健的中心，以改善醫療保健結果並降低成本。

In addition, they will roll out Microsoft 365 to more than 380,000 employees in stores globally.

此外，他們還將向全球商店的 380,000 多名員工推出 Microsoft 365。

We're accelerating our innovation in emerging workloads like IoT and edge AI.

我們正在加快物聯網和邊緣人工智能等新興工作負載的創新。

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.

在 CES 上，我們的合作夥伴展示了 Azure IoT 和 Azure AI 如何使他們能夠構建新的連接設備和體驗，這些設備和體驗跨越雲和邊緣，從聯網家庭到汽車再到智能城市。

Just this month, Starbucks chose Azure Sphere to secure its business-critical edge devices in the stores.

就在本月，星巴克選擇 Azure Sphere 來保護其商店中的關鍵業務邊緣設備。

Developers will increasingly drive the influence business -- and influence business processes and functions across every organization.

開發人員將越來越多地推動影響業務——並影響每個組織的業務流程和功能。

And we are committed to drive at giving developers the tools they need to be productive on any platform.

我們致力於為開發人員提供在任何平台上高效工作所需的工具。

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.

全球有超過 1200 萬開發人員使用 Visual Studio 構建應用程序，新功能使他們能夠實時協作並花費更多時間推動創新。

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.

我們本季度完成了對 GitHub 的收購，使我們能夠將我們的工具和服務帶給新的受眾，同時使 GitHub 能夠發展並保持其開發者至上的精神。

GitHub has more than 31 million developer accounts and recently surpassed 100 million code repositories, a major milestone.

GitHub 擁有超過 3100 萬個開發者帳戶，最近超過 1 億個代碼存儲庫，這是一個重要的里程碑。

Development teams at more than half of the Fortune 50 do their work in GitHub Enterprise.

財富 50 強中超過一半的開發團隊在 GitHub Enterprise 上工作。

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.

本月，我們宣布了重大更新，以使更多開發人員可以訪問 GitHub，引入了無限制的私有存儲庫以及已通過 Microsoft 全球銷售團隊提供的新的、更簡單和統一的企業產品，我們不會就此止步。

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.

就在上週，我們宣布收購 PostgreSQL 的領先供應商 Citus Data，增強我們整體數據平台的差異化，並在我們對 Azure 的投資基礎上，使其成為適用於任何規模的開源和專有工作負載的最全面的雲。

And now I'll turn to gaming.

現在我將轉向遊戲。

We continue to pursue our expansive opportunity to transform how games are distributed, played and viewed.

我們繼續尋求改變遊戲分發、播放和觀看方式的廣闊機會。

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.

我們在每個端點上對內容社區和雲服務的投資推動了創紀錄的用戶參與度和創紀錄的每用戶平均收入，並在軟件和服務的推動下為我們有史以來最大的遊戲收入季度做出了貢獻。

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.

本季度我們收購了 2 個新工作室，總數達到 13 個，在過去 6 個月中我們的第一方內容容量增加了一倍多。

Xbox Live monthly active users reached a record 64 million, with the highest number of mobile and PC users to date.

Xbox Live 月活躍用戶達到創紀錄的 6400 萬，是迄今為止移動和 PC 用戶數量最多的一次。

Xbox Game Pass subscribers and Mixer engagement also hit new all-time highs.

Xbox Game Pass 訂閱者和 Mixer 參與度也創下歷史新高。

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.

隨著我們擴展到新的平台、地區和教育等領域，Minecraft 仍然是業內最受歡迎和最持久的遊戲特許經營權之一，創造了創紀錄的收入。

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.

PlayFab 本季度的玩家賬戶超過 10 億，xCloud 將在今年晚些時候公開試用，因為我們在構建跨越移動、PC 和遊戲機的世界級遊戲平台的雄心方面取得了進展。

In closing, our accelerating customer momentum is driven by our deep and growing partnerships with leading companies and differentiated innovation across our portfolio.

最後，我們與領先公司的深厚且不斷增長的合作夥伴關係以及我們產品組合中的差異化創新推動了我們不斷增長的客戶勢頭。

Every company is becoming a digital company, and they're looking for a trusted partner to help them build tech intensity.

每家公司都在成為一家數字公司，他們正在尋找一個值得信賴的合作夥伴來幫助他們建立技術強度。

Microsoft is that partner.

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.

有了這個，現在我將移交給 Amy，他將詳細介紹我們的財務業績並分享我們的前景，我期待再次加入您的提問。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

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.

首先，提醒一下，我對我們的結果和前景的評論包括來自 GitHub 的影響，包括採購會計、集成和交易相關費用。

This quarter, revenue was $32.5 billion, up 12% and 13% in constant currency.

本季度收入為 325 億美元，按固定匯率計算分別增長 12% 和 13%。

Gross margin dollars increased 12%.

毛利率增加了 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.

營業收入增長 18%，每股收益為 1.10 美元，在調整與 TCJA 相關的淨費用後，按固定匯率計算分別增長 15% 和 14%。

Strong execution and continued customer demand for our hybrid cloud offerings drove another quarter of double-digit top and bottom line growth.

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又一個季度實現兩位數的營收和利潤增長。

We continued to benefit from favorable secular trends and IT spending conditions.

我們繼續受益於有利的長期趨勢和 IT 支出條件。

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.

從地域的角度來看，我們的表現與宏觀經濟趨勢一致，美國、西歐和英國的強勁表現被中歐和東歐以及中東和非洲的疲弱表現部分抵消。

In our commercial business, annuity mix grew 3 points year-over-year to 89%.

在我們的商業業務中，年金組合同比增長 3 個百分點至 89%。

Commercial unearned revenue was $25.3 billion, growing 20%, slightly above our expectations.

商業未實現收入為 253 億美元，增長 20%，略高於我們的預期。

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.

商業預訂強勁，在穩健的續訂執行和更大、更長期的 Azure 合同數量增加的推動下，按固定匯率計算分別增長了 18% 和 22%。

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.

提醒一下，大型長期 Azure 合同、Azure 消費超額和現收現付合同的強勁表現將推動預訂增長和期間收入，但對未賺取收入的影響有限。

Commercial cloud revenue was $9 billion, growing 48% and 47% in constant currency.

商業雲收入為 90 億美元，按固定匯率計算分別增長 48% 和 47%。

Commercial cloud gross margin percentage increased 5 points year-over-year to 62% driven by significant improvement in Azure gross margin.

受 Azure 毛利率顯著改善的推動，商業雲毛利率同比增長 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.

我們公司的毛利率為 62%，與去年同期持平，因為雲利潤率的提高被銷售組合轉向商業雲和 Surface 硬件所抵消。

The U.S. dollar was a bit stronger than anticipated, which resulted in a slightly greater impact to our results.

美元略強於預期，這對我們的業績產生了更大的影響。

FX reduced revenue, COGS and operating expense growth by less than 1 point.

外匯使收入、銷貨成本和運營費用增長減少了不到 1 個百分點。

Operating expenses grew 7%, slightly lower than expectation as some marketing spend shifted to Q3.

由於部分營銷支出轉移至第三季度，運營費用增長 7%，略低於預期。

We again expanded operating margins as a result of focused investment, solid execution and improving gross margins in key product areas.

由於重點投資、穩健的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.

現在對結果進行細分。

Revenue from Productivity and Business Processes was $10.1 billion, increasing 13% driven by Office 365 Commercial, LinkedIn and Dynamics 365.

生產力和業務流程的收入為 101 億美元，在 Office 365 Commercial、LinkedIn 和 Dynamics 365 的推動下增長了 13%。

Office Commercial revenue grew 11%.

寫字樓商業收入增長 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.

Office 365 商業版收入增長 34% 和 33%（按固定匯率計算），這得益於 27% 的席位增長和 ARPU 的擴張，原因是持續的客戶遷移到更高價值的 E3 和 E5 產品。

We saw installed base growth across all workloads and customer segments.

我們看到所有工作負載和客戶群的安裝基數都在增長。

Office Consumer revenue grew 1% and 2% in constant currency, below our expectation.

按固定匯率計算，Office Consumer 收入分別增長 1% 和 2%，低於我們的預期。

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.

正如我們上次財報電話會議所討論的那樣，第二季度收入增長受到第一季度預發布後渠道庫存正常化的影響，但進一步受到低於預期的消費個人電腦市場和整個季度執行挑戰的負面影響。

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.

Office 365 Consumer 訂閱者增長至 3330 萬，環比放緩主要是由於 Office 365 在日本的銷售方式發生了變化。

Our Dynamics business grew 17% driven by Dynamics 365 revenue growth of 51% and 50% in constant currency.

在 Dynamics 365 收入增長 51% 和按固定匯率計算 50% 的推動下，我們的 Dynamics 業務增長了 17%。

This quarter, more than 9 out of every 10 new Dynamics CRM customers chose our cloud offering.

本季度，每 10 個 Dynamics CRM 新客戶中就有超過 9 個選擇了我們的雲產品。

LinkedIn revenue increased 29% and 30% in constant currency with continued strong execution across all businesses.

LinkedIn 收入按固定匯率計算分別增長了 29% 和 30%，所有業務的執行力持續強勁。

LinkedIn sessions grew 30% as engagement once again reached record levels.

隨著參與度再次達到創紀錄水平，LinkedIn 會話增長了 30%。

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.

部門毛利率增長 11%，毛利率同比略有下降，因為雲組合的增加抵消了 LinkedIn 和 Office 365 利潤率提高帶來的好處。

Operating expenses increased 3% and 4% in constant currency as we continued to invest in LinkedIn and cloud engineering.

隨著我們繼續投資 LinkedIn 和雲工程，運營費用按固定匯率計算分別增長了 3% 和 4%。

Operating income increased 20% and 19% in constant currency.

按固定匯率計算，營業收入增長了 20% 和 19%。

Next, the Intelligent Cloud segment, which now includes GitHub.

接下來是智能雲部分，現在包括 GitHub。

Revenue was $9.4 billion, increasing 20% and 21% in constant currency, ahead of expectations, driven by continued strength in our hybrid solutions.

收入為 94 億美元，按固定匯率計算分別增長 20% 和 21%，超出預期，這得益於我們混合解決方案的持續實力。

Server products and cloud services revenue increased 24%.

服務器產品和雲服務收入增長 24%。

Azure revenue increased 76% with strong growth from both the consumption and per user base businesses.

Azure 收入增長了 76%，消費和每用戶基礎業務的強勁增長。

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.

在我們的本地服務器業務中，客戶對靈活的混合解決方案和我們的優質產品的持續需求推動了固定匯率 3% 和 4% 的增長。

Enterprise Services revenue increased 6% and 7% in constant currency, driven by growth in premier support services and Microsoft Consulting Services.

受主要支持服務和微軟諮詢服務增長的推動，企業服務收入按固定匯率計算分別增長了 6% 和 7%。

Segment gross margin dollars increased 20%.

分部毛利率增加了 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.

毛利率百分比相對沒有變化，因為 Azure IaaS 和 PaaS 的收入組合被 Azure 毛利率百分比的實質性改善所抵消。

Operating expenses increased 26% with continued investment in cloud and AI engineering as well as commercial sales capacity and the addition of GitHub.

隨著對雲和人工智能工程以及商業銷售能力的持續投資以及 GitHub 的加入，運營費用增長了 26%。

Operating income grew 16% and 15% in constant currency.

營業收入按固定匯率計算分別增長 16% 和 15%。

Now to the results for More Personal Computing segment.

現在來看更多個人計算部分的結果。

Revenue was $13 billion, increasing 7%.

收入為 130 億美元，增長 7%。

Results in our Windows OEM business were lower than expected, partially offset by strong Surface results.

我們的 Windows OEM 業務的業績低於預期，部分被強勁的 Surface 業績所抵消。

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.

在 Windows 中，整體 PC 市場比我們預期的要小，這主要是由於向我們的 OEM 合作夥伴供應芯片的時機，這限制了原本健康的 PC 生態系統，並對 OEM Pro 和非 Pro 的收入增長產生了負面影響。

Windows OEM Pro revenue declined 2%, roughly in line with the commercial PC market.

Windows OEM Pro 收入下降 2%，與商用 PC 市場大致持平。

OEM non-Pro revenue declined 11%, below the market with continued pressure in the entry-level category.

OEM 非專業收入下降 11%，低於市場水平，入門級類別持續承壓。

Inventory levels ended the quarter below the normal range.

本季度末庫存水平低於正常範圍。

Windows Commercial products and cloud services grew 13% and 14% in constant currency with continued customer adoption of our premium offerings.

隨著客戶繼續採用我們的優質產品，Windows Commercial 產品和雲服務按固定匯率計算分別增長了 13% 和 14%。

Windows 10 deployments across new and existing devices remained strong.

新設備和現有設備上的 Windows 10 部署仍然強勁。

Gaming revenue grew 8% and 9% in constant currency.

按固定匯率計算，博彩收入分別增長 8% 和 9%。

Xbox software and services revenue increased 31% and 32% in constant currency, primarily driven by continued strength from a third-party title.

Xbox 軟件和服務收入按固定匯率計算分別增長 31% 和 32%，這主要得益於第三方遊戲的持續增長。

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.

此外，Xbox Live 和 Game Pass 用戶的強勁增長有助於抵消平台上其他第三方遊戲低於預期的表現。

Xbox hardware performed better than expected but declined year-over-year given the holiday launch of the Xbox One X a year ago.

Xbox 硬件的表現好於預期，但由於一年前 Xbox One X 的假期發布，Xbox 硬件的表現比去年同期有所下降。

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.

Surface 的收入增長 39% 和 41%，以固定匯率計算，達到近 19 億美元，超出我們的預期，這得益於我們的消費和商業領域的強勁增長。

Search revenue ex TAC increased 14%, 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 外的搜索收入增長了 14%。

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.

按固定匯率計算，分部毛利率分別增長 6% 和 7%，毛利率百分比下降是由於我們低利潤率的 Surface 和遊戲業務的銷售組合。

Operating expenses declined 4%.

營業費用下降 4%。

As a result, operating income increased 18% and 19% in constant currency.

因此，按固定匯率計算，營業收入分別增長了 18% 和 19%。

Now back to total company results.

現在回到公司的總業績。

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.

包括融資租賃在內的資本支出環比下降至 39 億美元，低於最初的計劃，主要是由於季度間的變化和雲基礎設施建設的時機。

Cash paid for plant, property and equipment was $3.7 billion.

為廠房、物業和設備支付的現金為 37 億美元。

Cash flow from operations increased 13% year-over-year driven by strong cloud billings and collections.

在強勁的雲計費和收款的推動下，運營現金流同比增長 13%。

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.

自由現金流為 52 億美元，同比下降 2%，反映了廠房、物業和設備現金支付增加的時間。

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.

其他收入為 1.27 億美元，高於預期，原因是利息收入和投資收益部分被利息費用和外匯重新計量的淨損失所抵消。

Our non-GAAP effective tax rate was slightly above 17%, in line with expectations.

我們的非公認會計原則有效稅率略高於 17%，符合預期。

And finally, we returned $9.6 billion to shareholders through share repurchases and dividends, an increase of 91%.

最後，我們通過股票回購和分紅向股東返還了 96 億美元，增長了 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.

我們第二季度的股票回購為 61 億美元，高於我們正常的季度步伐，這與我們承諾增量回購以完全抵消 GitHub 交易中在本財年末發行的股票對價相一致。

Now let's move to the outlook.

現在讓我們轉向展望。

For Q3, first, FX.

對於第三季度，首先是外匯。

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.

隨著美元走強並假設當前匯率保持穩定，我們現在預計外匯將使收入和運營費用增長減少約 2 個百分點，並將 COGS 增長減少約 1 個百分點。

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.

對於這些細分市場，我們預計對收入增長、生產力和業務流程以及智能雲的負面外匯影響約為 2 個百分點，對更多個人計算產生 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.

其次，持續強勁的客戶需求、健康的預訂增長和不斷增加的年金收入組合應該會推動我們的商業業務又一個穩健的季度。

Commercial unearned revenue is expected to decline approximately 2% to 3%, in line sequentially with historic trends.

商業未實現收入預計將下降約 2% 至 3%，與歷史趨勢一致。

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.

我們預計商業雲毛利率將繼續同比提高，因為 Azure 毛利率的實質性改善將再次被 Azure 基於消費的服務的收入組合部分抵消。

Third, CapEx.

第三，資本支出。

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

隨著我們繼續投資以支持不斷增長的需求，我們預計資本支出將連續增加美元。

Now to segment guidance.

現在進行細分指導。

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.

在生產力和業務流程方面，我們預計收入將在 99 億美元至 101 億美元之間，這主要得益於辦公室商業和動態業務的兩位數增長以及 LinkedIn 與上年同期相比的強勁增長。

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.

我們預計 Office 消費者收入增長將繼續保持在低個位數，因為 Office 365 的增長將部分被消費者 PC 市場逆風的持續所抵消。

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.

對於智能雲，我們預計收入在 91.5 億美元至 93.5 億美元之間，我們的混合需求將繼續推動服務器產品和雲服務的強勁增長。

Azure growth will continue to reflect the balance between strong growth in our consumption-based businesses and moderating growth in our per-user business.

Azure 的增長將繼續反映我們基於消費的業務的強勁增長與我們每用戶業務的溫和增長之間的平衡。

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.

在更多個人計算方面，我們預計收入在 103.5 億美元至 106.5 億美元之間，收入組合將轉向我們的 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.

在 Windows 整體中，OEM 收入增長應該在低個位數，因為我們預計市場需求將持續——第三季度芯片供應受限對市場的影響。

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.

在 Surface 方面，Surface Pro 6、Surface Laptop 2 和 Surface Go 的持續發展勢頭將推動 Surface 又一個強勁的季度增長超過 20%。

In search ex TAC, we expect revenue growth similar to Q2.

在不含 TAC 的搜索中，我們預計收入增長與第二季度相似。

In gaming, we expect revenue growth to be slightly higher than last quarter.

在遊戲方面，我們預計收入增長將略高於上一季度。

Sales mix will shift to software and services where we expect healthy growth.

銷售組合將轉向我們預計健康增長的軟件和服務。

Now back to overall company guidance.

現在回到整體公司指導。

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.

我們預計 COGS 為 103.5 億美元至 105.5 億美元，運營費用為 101 億美元至 102 億美元，包括從第二季度到第三季度的營銷支出。

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

其他收入和支出應約為 5000 萬美元，因為利息收入被利息支出部分抵消。

And finally, we expect our Q3 effective tax rate to be in line with the full year rate of 17%.

最後，我們預計第三季度的有效稅率將與全年 17% 的稅率一致。

Now a few comments on our outlook for Q4 and the full fiscal year, which are unchanged from October.

現在對我們對第四季度和整個財政年度的展望發表一些評論，這些評論與 10 月相比沒有變化。

First on FX.

首先是外匯。

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.

在第四季度，假設利率保持穩定，我們預計外匯將使收入增長減少約 2 個百分點，銷貨成本和運營費用增長約 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.

其次，在第四季度，我們預計我們的商業雲業務將繼續保持強勁表現；但提醒一下，我們還與前一年進行了一些具有挑戰性的比較，特別是在本地服務器、LinkedIn、Windows OEM 和第三方遊戲在遊戲中的實力。

In terms of operating expenses, we continue to expect full year growth of roughly 8%.

在運營費用方面，我們繼續預計全年增長約 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.

鑑於我們的重大增長機會、競爭優勢和增長勢頭，我們將繼續投資於 Azure、GitHub、Dynamics、Power 平台、LinkedIn、Teams 和遊戲內容等戰略增長領域。

We still expect full year operating margin to be up slightly year-over-year, inclusive of the full GAAP impact of GitHub.

我們仍然預計全年營業利潤率將同比略有上升，其中包括 GitHub 對 GAAP 的全部影響。

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.

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高需求。

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.

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，這將在本財年末完全抵消 GitHub 交易中發行的股票對價。

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

最後，我們仍預計全年有效稅率約為 17%，且存在季度波動。

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 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.

Azure 上的一個問題，它分為 2 部分，1 部分給 Satya，1 部分給 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.

Satya，有很多關於你在舞台上發布的新聞稿，來自 Albertson 和 Walgreens 等人的首席執行官談論你與這些公司進行的這些大型戰略交易。

Can you help us understand sort of how do these large strategic deals translate into sort of the services being used on Azure changing?

你能幫助我們了解這些大型戰略交易如何轉化為 Azure 上使用的服務的變化嗎？

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?

例如，支持這些大型數字化轉型的服務類型是否存在混合轉變，我們應該在未來的基礎上意識到這一點？

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.

對 Amy 來說，投資者爭論的一個大問題是很多供應商進入 - 在像你這樣的大型雲供應商上，他們正在談論供應商的出貨量下降。

But you guys have seen very stable growth.

但是你們已經看到了非常穩定的增長。

I mean, Azure growth was dead solid from Q1 to Q2.

我的意思是，從第一季度到第二季度，Azure 的增長非常穩定。

Can you help us understand how the sort of capital intensity of some of these cloud businesses has been changing over time?

您能否幫助我們了解其中一些雲業務的資本密集度如何隨著時間的推移而發生變化？

Sure.

當然。

First of all, thank you, Keith, for the question.

首先，感謝 Keith 的提問。

It is very true that, at this point, we have seen these very large digital transformational efforts and projects that we are partnered with.

確實，在這一點上，我們已經看到了與我們合作的這些非常大的數字化轉型努力和項目。

And they span, quite frankly, all the industries.

坦率地說，它們跨越了所有行業。

I think in the last quarter, you saw in health care, in retail, in financial services.

我認為在上個季度，你看到了醫療保健、零售和金融服務。

In fact, I sort of internally think of them as what our relationships with our traditional OEM partners in the PC ecosystem were.

事實上，我在內部將它們視為我們與 PC 生態系統中傳統 OEM 合作夥伴的關係。

At this point, some of the partnerships we have with customers are of that same magnitude.

在這一點上，我們與客戶的一些合作夥伴關係具有同樣的規模。

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.

我認為，這只是說明了經濟中正在發生的事情，即每家公司都在成為一家數字公司，本質上，曾經是 COGS 和運營費用的東西都在數字化。

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.

從服務的混合開始，我會說，它總是從基礎設施開始，所以這是邊緣和雲，基礎設施被用作計算。

In fact, you could say the measure of a company going digital is the amount of compute they use.

事實上，你可以說衡量一家公司走向數字化的標準是他們使用的計算量。

So that's the base.

所以這是基礎。

Then on top of that, of course, all this compute means it's being used with data.

當然，除此之外，所有這些計算都意味著它正在與數據一起使用。

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.

所以數據資產，發生的最大的事情之一是人們整合他們擁有的數據，以便他們可以對其進行推理。

And that's where things like AI services all get used.

這就是人工智能服務之類的東西都被使用的地方。

So we definitely see that path of -- where they're adopting the layers of Azure.

因此，我們肯定會看到他們採用 Azure 層的路徑。

But it doesn't stop in Azure.

但它並不止於 Azure。

In fact, if you take Walgreens Boots Alliance, it was Microsoft 365 as well as Azure.

事實上，如果你拿 Walgreens Boots Alliance 來說，那就是 Microsoft 365 和 Azure。

In many cases, it's Dynamics 365.

在許多情況下，它是 Dynamics 365。

Any IoT project on Azure leads to a Dynamics field service project in most instances.

在大多數情況下，Azure 上的任何 IoT 項目都會導致 Dynamics 現場服務項目。

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.

因此，我們看到了我們的雲產品的廣度和深度，這是我們真正的架構，以便在客戶想要實現的背景下產生真正的協同效應，這就是我們所看到的。

And one comment before I throw it over to Amy.

在我把它交給艾米之前有一條評論。

Even on that -- our own demand for it, we don't see any change.

即使在這一點上——我們自己對它的需求，我們也看不到任何變化。

In fact, it's very healthy and we think that it'll continue to be healthy.

事實上，它非常健康，我們認為它會繼續保持健康。

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.

如果有的話，在我們的規模上，正如你可以想像的那樣，我們在如何使用軟件來利用我們擁有的能力方面變得更加高效。

So we have significant gains in utilization across our estate.

因此，我們在整個莊園的利用率方面取得了重大進展。

So with that, I'll turn over to Amy.

因此，我將交給艾米。

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.

基思，除了薩蒂亞關於投資和實質性投資以提高性能和利用率的評論之外，我還要補充一點，我們一直都有並看到，因為你們都已經有點習慣了，它可能有點季度到季度有點起伏，因此我們預計第三季度會出現連續增長，這實際上只是不時發生的變化。

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.

實際上，我們在總體資本支出方面的指導與 90 天前相比沒有變化，即使時間可能會逐月移動。

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 Karl Keirstead。

Amy, I just wanted to ask you a question about your March quarter guidance.

艾米，我只是想問你一個關於三月季度指導的問題。

The total looks terrific.

整體看起來棒極了。

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.

唯一可能減速的領域似乎是智能雲領域，我認為在中點，17% 仍然令人驚嘆，但低於過去 3 個季度的 20% 以上。

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.

因此，我想知道您是否可以只關注這一點，並幫助我們了解智能雲業務內部的哪些變量可能會影響下一季度的增長。

Thanks, Karl.

謝謝，卡爾。

The first place to start is obviously FX.

首先要開始的地方顯然是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%.

在 16% 到 18% 的範圍內，我們有 2 個逆風，所以如果你考慮一下並將中點提高到 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.

然後我認為在該指導下，服務器產品和服務 KPI 將保持相當健康的信心是合理的。

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

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

I have a question for Satya and then one for Amy if you don't mind.

如果你不介意的話，我有一個問題要問薩蒂亞，然後再問艾米。

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.

Satya，在與本季度產品發布等相關的不同文件中，有關於微軟推出量子開發工具包的討論。

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?

你能否給我們一些關於你如何看待今天的量子計算的色彩，機會在哪裡 - 機會在哪裡，它在哪裡成熟？

And then I have a follow-up for Amy.

然後我對艾米進行了跟進。

Sure.

當然。

Thanks, Mark.

謝謝，馬克。

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.

所以我們考慮我們的整體投資的方式，我認為這是一項系統投資，因為在我們運營的規模上，智能雲和智能邊緣基礎設施，你們都跟踪為 Azure，你必須記住它是核心從我們的遊戲雄心到我們正在使用 Microsoft 365 所做的事情，再到我們正在使用 Dynamics 365 所做的事情，當然還有我們在 Azure 中的第三方業務。

So that's the core platform.

這就是核心平台。

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.

現在，當您考慮我們的運營規模時，確保系統架構中發生的每一項可以提高分佈式計算效率的新突破都是我們保持在最前沿的事情，這一點非常重要它。

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.

這就是為什麼我們對 Quantum 有非常長遠的看法，甚至在上個季度我們所做的事情就是將量子模擬器之類的東西帶到 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.

事實上，我們在科學實驗室、大學和一些製藥公司以及其他正在考慮在量子計算機 [雲] 成為現實之前真正構建其量子算法承諾的公司得到了很好的採用，以便他們準備好能夠利用該計算資源。

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.

這就是我們看待它的方式，但你必須記住，在 Quantum 之前，量子努力有許多副產品，這些副產品對我們如何在向世界提供計算方面變得更有競爭力和效率產生重大影響。

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.

所以這就是為什麼你聽到我們談論量子作為長期目標的原因之一，但你完全可以期待我們在該路線圖上進行大量學習，取得進步並更早地將它們推向市場。

I really appreciate it.

對此，我真的非常感激。

Amy, you gave a lot of color this quarter, but in the quarter, there was overall transactional weakness.

艾米，你本季度給了很多顏色，但在本季度，整體交易疲軟。

Can you give us a little more color?

你能給我們多一點顏色嗎？

Is there something structural driving it, U.S. government, China weakness?

有什麼結構性的驅動，美國政府，中國的疲軟嗎？

Were there just simply less contracts up for renewal?

只是有更少的續約合同嗎？

Or is it the cloud?

還是雲？

Any additional data would be helpful.

任何額外的數據都會有所幫助。

Thanks, Mark, for the question.

謝謝，馬克，這個問題。

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.

我在本季度唯一感受到的交易弱點是我們所涵蓋的，即芯片供應對 OEM 的影響，MPC 增長了約 1.5 個百分點，以及辦公室消費者的影響，這是 PC 環境的次要影響加上我們遇到的一些執行挑戰，我感覺非常好，我們已經找到了根源，並將在 H2 中得到處理。

Outside of that, our transactional execution was really precisely as we expected.

除此之外，我們的交易執行確實完全符合我們的預期。

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.

考慮到我們在第一季度的一些影響，Office Commercial 實際上有一個相當合理的季度，我們談到了額外增長的幾個影響點。

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.

當我們考慮平衡以及混合需求代表什麼時，prem 和服務器上的產品和服務 KPI 也非常好。

We continue to see good demand on DC -- sorry, data center modernization as well as some of the premium SKUs.

我們繼續看到對 DC 的良好需求——抱歉，數據中心現代化以及一些高級 SKU。

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.

只是想專注於Windows。

Amy, I think you've guided to low single-digit growth in Windows OEM revenue for Q3.

艾米，我認為你已經引導第三季度 Windows OEM 收入的低個位數增長。

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.

只是想知道您是否可以幫助我們彌合這一點，因為您還談到了庫存水平、Windows 在 OEM 中的低位以及一些混合。

So maybe kind of help us bridge the gap between your comments about maybe continued storage as a component but -- the revenue growth.

因此，也許可以幫助我們彌合您關於可能將繼續存儲作為一個組件的評論之間的差距，但 - 收入增長。

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.

然後是 Windows 的另一面，商業版，顯然它非常強大，但我們開始超越一些 - 去年第三季度和第四季度出現了一些相當大的增長數字，然後，顯然，606 出現了一些會計變化.

Maybe give us some color there.

也許給我們一些顏色。

So I guess, one, on the OEM side and then, two, on the commercial side.

所以我想，一是在 OEM 方面，二是在商業方面。

Great.

偉大的。

Thank you.

謝謝你。

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.

在 OEM 方面，考慮這些評論的方式是，我們確實預計庫存水平可能會在我們退出下個季度時保持在低位。

So think about there having -- because your -- we do expect chip supply to remain constrained.

所以考慮一下——因為你的——我們確實預計芯片供應將繼續受到限制。

I don't expect to see any impact from changing inventory levels through the next quarter.

我預計下一季度庫存水平的變化不會產生任何影響。

So I would sort of remove that as one of the mechanisms you're thinking about on overall OEM demand.

因此，我會將其作為您考慮的整體 OEM 需求的機制之一。

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.

我確實認為我們將在第三季度看到的是，在看到增長方面，我們預計 Pro 市場的表現會更好一些，這可能會有所幫助。

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.

關於你關於 Office 的第二個問題——我很抱歉，關於 Windows Commercial 的整體，我們真正的投資——你是對的，我們開始達到一些更嚴格的可比性。

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.

但是，您提到的很多可比性都歸功於它的許可方式，其中很多是新的，並且在季度中得到了更多的認可。

That's going to continue to have some lumpiness still as we go over the years.

隨著我們多年來的發展，這將繼續存在一些塊狀。

As that business continues to grow, it'll get less of that impact.

隨著該業務的持續增長，它將受到的影響越來越小。

The primary driver in terms of billings is how I tend to think about that, has been pretty consistent.

賬單方面的主要驅動因素是我傾向於如何考慮這一點，一直非常一致。

It's been double-digit consistent growth.

這是兩位數的持續增長。

It tends to look a lot like our Office 365 motion.

它看起來很像我們的 Office 365 動作。

It's sold with Microsoft 365.

它與 Microsoft 365 一起出售。

It's about the selling motion of E3 and E5 that we talk about.

這是關於我們談論的E3和E5的銷售動作。

If you could almost take out that 606 impact in the billings team to almost mirror the Microsoft 365 SKUs we sell.

如果您幾乎可以消除比林斯團隊中的 606 影響，幾乎可以反映我們銷售的 Microsoft 365 SKU。

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

我們的下一個問題來自瑞銀的 Jennifer Lowe。

I appreciate getting the sort of visibility you have into the, as someone earlier alluded to, transactional businesses.

正如之前有人提到的那樣，我很欣賞你對交易業務的了解。

It sounds like you feel pretty good or at least stable about the PC outlook for the remainder of this year.

聽起來您對今年剩餘時間的 PC 前景感覺相當好或至少穩定。

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?

但鑑於 Windows 是微軟盈利的重要推動力，如果我們確實開始看到個人電腦銷量出現更持久的下降，並且您考慮到您的投資將在本日曆年剩餘時間內流出，那麼是否有機會在這一點上降低成本結構以保持利潤率的盈利能力？

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?

或者我們是否應該假設現在發生的大部分投資確實與商業雲和一些利潤率較低但機會較高的業務相關，也許沒有那麼多的抵消？

Just how should we think about contingency planning if we do see a weaker -- an extended weakening in the global economic climate?

如果我們確實看到全球經濟環境減弱——進一步減弱，我們應該如何考慮應急計劃？

Let me start, and Amy, you can add to it.

讓我開始吧，艾米，你可以添加它。

See, first of all, I'd say the opportunity for our shareholders when they think about Microsoft has never been better.

看，首先，我想說，當我們的股東想到微軟時，他們的機會從未如此美好。

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.

當我看到每家企業都成為數字企業，然後抓住這個機會並將其映射到我們的能力時，我們擁有技術領域最廣泛的平台，可以真正幫助每個國家的每個客戶成為數字企業。

And we have the business model that aligns with them and their interests and the trust.

我們擁有與他們以及他們的利益和信任相一致的商業模式。

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.

因此，從世俗的角度來看，我們都在確保我們投資於我們的商業雲以及我們對遊戲等事物的投資，並抓住擺在我們面前的機會。

And as you even think about Microsoft 365, the value proposition of Microsoft 365 transcends Windows and Office on Windows.

當您想到 Microsoft 365 時，Microsoft 365 的價值主張超越了 Windows 和 Windows 上的 Office。

We think about the relevance of our applications across all device sockets.

我們考慮我們的應用程序在所有設備套接字上的相關性。

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.

我們考慮了所有設備插座的安全性、身份管理、信息保護和所有價值，因此，我對我們為真正幫助股東實現而進行的產品投資和上市投資感到非常、非常好在日益數字化的世界中，這種增長潛力是可用的。

And I'll let Amy answer.

我會讓艾米回答。

Let me just add a little bit, Jennifer, when it comes to really your question around OEM.

詹妮弗，當談到關於 OEM 的真正問題時，讓我補充一點。

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.

我們知道，我們從特別是我們的商業客戶那裡得到的信號是，對 Windows 10 中存在的價值存在健康的需求。

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.

我們在新設備和現有設備上的部署以及現代設備附帶的安全性和可管理性價值支撐以及雇主希望其員工擁有並能夠利用的經驗以及一些我們已經討論過支持終止的最後期限，我們仍然有機會在這個日曆年繼續專注和執行。

And I still feel quite good about that, including the signals we're getting in the market.

我仍然對此感覺很好，包括我們在市場上獲得的信號。

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 Raimo Lenschow。

I wanted to focus on the data and database side of your business.

我想專注於您業務的數據和數據庫方面。

We saw the acquisition this quarter of the Postgres company.

我們在本季度看到了對 Postgres 公司的收購。

If you think about the ecosystem around the world, a lot of the cloud guys are talking a lot about database.

如果你想想世界各地的生態系統，很多雲計算人員都在談論數據庫。

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?

你能談談你在 Cosmos 周圍看到的東西，你所擁有的整個數據庫產品以及你在那裡看到的客戶採用情況嗎？

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.

是的，我們對我們擁有的數據平台和產品組合感覺非常非常好，無論是在關係方面，顯然是 SQL 和現在 Postgres 支持。

And then our Cosmos DB has become the leading multi-model, multi-region database.

然後我們的 Cosmos DB 已成為領先的多模型、多區域數據庫。

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.

因此，我感覺非常非常好，正如我之前所說的，每當這些客戶數字化轉型項目開始時，他們都會從真正讓他們的數據成形開始。

And what that means is you bring all the data in its native format.

這意味著您將所有數據以其原始格式提供。

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.

您需要完整的綜合平台，然後能夠在所有這些數據之上執行人工智能和分析等操作。

So our data platform growth as well as competitiveness is very good and increasing.

因此，我們的數據平台增長以及競爭力非常好，而且還在不斷增加。

And we're the only provider still who can do this in a hybrid way.

我們是唯一仍然可以以混合方式做到這一點的供應商。

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.

當邊緣場景變得非常非常真實時，當涉及到數據層時，在邊緣發生的事情與雲之間的一致性變得更加重要。

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.

因此，我對我們在 Citus 中的數據故事感到非常滿意，這是我們剛剛為 Postgres 功能而購買的公司，這是我們非常興奮的事情。

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 Walter Pritchard。

Question on Azure and growth numbers this quarter were very strong.

本季度有關 Azure 和增長數據的問題非常強烈。

I'm wondering if you can talk about just your visibility into the growth in that business.

我想知道您是否可以僅談談您對該業務增長的可見性。

A lot of that comes from enterprise agreements and commitments customers are making.

其中很多來自企業協議和客戶做出的承諾。

Some of that's on sort of credits that they have to consume.

其中一些是他們必須消耗的信用額度。

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

我不確定你是否願意在你展望未來時給我們一種增長軌跡，但我認為投資者對可見度有多大興趣

(technical difficulty)

（技術難度）

your perspective.

你的觀點。

Maybe I'll start, Satya.

也許我會開始，薩蒂亞。

In terms of the Azure growth, most of the Azure growth is really driven by consumption.

就 Azure 的增長而言，大部分 Azure 的增長實際上是由消費驅動的。

So this is about getting projects started, making those projects successful, making sure customers feel the value and get the value of their investment.

所以這是關於啟動項目，使這些項目成功，確保客戶感受到價值並獲得投資的價值。

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?

越來越多的，這就是為什麼我們一直在談論這些合同的形式發生了變化，做出了更大的承諾——這些承諾是預定的，而不是不勞而獲的，對吧？

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.

因此，它與您在我們的標準 EA 中所考慮的機制有點不同，它進入資產負債表並從中獲利。

These are contracts that unless it is used and deployed and a customer gets value from, it does not land into the P&L.

這些合同除非被使用和部署並且客戶從中獲得價值，否則不會進入損益表。

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?

所以看起來更像 EA 的部分是我們在每個用戶的基礎上討論過的部分，對吧？

That's something you're going to deploy, whether that's EMS, is the best example.

這就是你要部署的東西，無論是 EMS，都是最好的例子。

And so those have the characteristic you talk about, which is that it really comes from the EA and the recognition is more predictable.

所以這些都有你所說的特點，那就是它真的來自 EA 並且識別更可預測。

But on the IaaS and PaaS layer, that's about our execution each quarter and especially making an impact.

但在 IaaS 和 PaaS 層，這是關於我們每個季度的執行情況，尤其是產生影響。

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.

唯一的另一種方式是，該 Azure 號碼，考慮它，是當我們談到存在的 Azure 混合權益時，它們實際上出現在本地號碼中，對，即使他們最終在 Azure 端使用。

So there actually is some Azure Benefit revenue ultimately that shows "is on-prem."

因此，實際上有一些 Azure Benefit 收入最終顯示“在本地”。

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 Mark Murphy。

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.

Satya，在過去的幾個季度中，你已經宣布了許多 Azure 與公司的多年合作，包括沃爾瑪、艾伯森和沃爾格林，正如 Keith 之前提到的。

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.

我只是好奇你是否感覺到那裡的順風放大了，因為亞馬遜有野心與雜貨商、零售商、醫療保健提供商和其他行業競爭。

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%.

然後，艾米，我假設這些勝利被我們在商業預訂增長中看到的這種穩健性所捕獲，增長了 22%。

But I guess, I don't understand if they're fully captured, if this is a consumption-based structure.

但我想，我不明白他們是否被完全捕獲，如果這是一個基於消費的結構。

Or are we only seeing a portion of those bookings if we look in the unearned revenue and in the KPI?

或者，如果我們查看未賺取的收入和 KPI，我們是否只看到這些預訂的一部分？

Okay, I'll start.

好，我開始。

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.

我的意思是，第一件事是——我們需要有產品真實性和產品競爭力和能力，首先，玩，這就是我要開始的地方。

We have a very, very good compelling platform across our commercial cloud.

我們在我們的商業雲中擁有一個非常非常好的引人注目的平台。

That's what's really leading us to be able to do these types of partnerships that you referenced.

這就是真正使我們能夠建立您提到的這些類型的合作夥伴關係的原因。

It's clear that we also have a fantastic alignment of our business model with the interest of our customers.

很明顯，我們的商業模式也與客戶的利益完美契合。

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.

換句話說，我們希望確保我們實際上是讓我們的客戶擁有完全有能力的數字公司，無論他們是在零售業，還是在石油和天然氣業，還是在健康方面關心，因為這確實符合我們的長期利益，即確保他們擁有完整的數字能力，然後他們將使用我們雲的訂閱和消費能力。

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.

當然，這意味著我們有一個值得信賴的關係，這在我們的一些競爭對手擁有更複雜的商業模式的世界中是一種競爭優勢，在某些情況下，他們為他們提供平台，在其他情況下，他們與他們競爭或徵稅他們。

That's definitely something that I'm sure our customers pay attention to.

這絕對是我確信我們的客戶會關注的事情。

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.

但我們非常專注於確保我們擁有在市場上具有競爭力的正確產品，以及與客戶利益長期保持一致的商業模式，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.

對於你的第二個問題，這些較大的合同中的大多數都出現在該商業預訂數字中，我們在這些 - 當我們說更長的 - 更大、更長期的合同時提到了這一點，這就是它們出現的地方。

Very little shows up in unearned, and that's the distinction that we're starting to see in many of these Azure contracts.

很少出現不勞而獲的情況，這就是我們開始在許多 Azure 合同中看到的區別。

It will, as it gets used, go straight to that Azure revenue growth number on the P&L.

當它被使用時，它將直接進入損益表上的 Azure 收入增長數字。

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

我們的下一個問題來自 Brad Reback 與 Stifel 的系列。

Satya, of late, you talked about Microsoft 365 being the new operating system, and I know you talked a bunch about that today.

Satya，最近，你談到了 Microsoft 365 是新的操作系統，我知道你今天談到了很多。

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?

但是當你考慮去追求一線工人，你以前無法接觸到的人時，我們應該如何從座位的角度考慮 TAM 的擴張？

Yes, a good example of the first-line opportunity was something that you could have seen at NRF this January.

是的，第一線機會的一個很好的例子就是你可以在今年 1 月的 NRF 上看到的東西。

We launched, for example, Teams for first-line workers, which had things like shift worker capabilities, secure messaging.

例如，我們為一線員工推出了 Teams，它具有輪班員工功能、安全消息傳遞等功能。

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.

零售業和許多其他行業的挑戰之一是，與使用其中一種消費者消息傳遞工具相比，實際上擁有他們期望的任何其他企業工具的安全框架的消息傳遞工具是什麼，那麼所有責任都在於企業。

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.

所以這就是我們看到的機會，無論是 - 對於所有前線，無論是在製造業，無論是在零售業，還是在醫療保健領域。

So that's the TAM expansion.

這就是 TAM 擴展。

So in other words, it can be -- start with Teams.

換句話說，它可以是——從 Teams 開始。

It can start with some of our devices in the first-line worker.

它可以從我們在一線工作人員的一些設備開始。

For example, one of the things that we see the most traction for HoloLens is with first-line workers.

例如，我們看到對 HoloLens 最具吸引力的一件事是與一線工作人員合作。

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.

製造業和其他現場服務人員從未獲得過標準筆記本電腦甚至手機，但他們將 HoloLens 作為他們的第一台計算設備，這僅僅是因為它提高了生產力。

So those are the kinds of TAM expansion we see across Microsoft 365.

這就是我們在 Microsoft 365 中看到的 TAM 擴展類型。

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

我們的最後一個問題將來自 Alex Zukin 和 Piper Jaffray。

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.

Satya，你們大約在 18 個月前對銷售和客戶服務組織進行了相當大的重組，現在你們看到了我們在本次電話會議上討論過的更大交易和更廣泛交易的好處，這些交易對整個產品組合的產品進行了討論。

I wanted to ask, as the deal complexity increases, are you seeing any impact to your sales cycles as a result?

我想問一下，隨著交易複雜性的增加，您是否看到對您的銷售週期有任何影響？

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?

您是否看到對銷售週期的影響可能不是來自那個，而是來自我們在頭條新聞中看到的那種宏觀波動？

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.

我的意思是，總的來說，我們的許多轉型，無論是在工程方面、營銷方面還是在銷售方面，都是由我們在所有商業雲中擁有的廣泛平台功能所帶來的機會所推動的，無論是 Azure、Dynamics 365 還是 Microsoft 365。

So it is true that the deals are much broader, deeper.

因此，這些交易確實更廣泛、更深入。

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.

與我們現在簽約的客戶的關係跨越了我們更多的能力，也推動了他們更多的雄心壯志。

So for sure, the sales cycles are different.

所以可以肯定的是，銷售週期是不同的。

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.

但與此同時，你必須記住，在微軟，我們確實與客戶有很多不同的業務，其中可能包括一些事情，比如更新他們的本地基礎設施，一直到一些非常雄心勃勃的數字化轉型項目。

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.

所以我想說，我們有能力處理客戶希望我們幫助他們解決的複雜性和可變性。

And that's where a lot of the transformation we have done internally is helping us accelerate our Cloud business.

這就是我們在內部進行的許多轉型正在幫助我們加速我們的雲業務的地方。

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.

我認為我們在該領域看到的方式是——我們的銷售組織與其中一些 Dynamics 交易或 Power 平台交易沒有什麼不同，這些交易需要對業務流程和您嘗試進行的更改有基本的了解實施。

Those do naturally have longer sales cycles.

那些自然有更長的銷售週期。

Azure has many of those same attributes at the higher end of the complexity and digital transformation Satya's talking about.

在 Satya 所說的複雜性和數字化轉型的高端，Azure 具有許多相同的屬性。

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.

在這些非常大的交易中，其中許多是我們最近簽署的，您會看到一些波動性將出現在預訂中。

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.

但我認為，總的來說，目標是擁有並繼續建立該業務，但可以肯定的是，這將是“波動性”出現的地方。

Okay.

好的。

Well, thanks, Alex.

好吧，謝謝，亞歷克斯。

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

今天財報電話會議的問答部分到此結束。

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

感謝您加入我們，我們期待很快與大家交談。

Thank you all.

謝謝你們。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's conference.

今天的會議到此結束。

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

此時您可以斷開線路，感謝您的參與。