微軟 (MSFT) 2019 Q3 法說會逐字稿

Greetings. Welcome to the Microsoft Fiscal Year 2019 Third Quarter Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加微軟2019財年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mike Spencer, General Manager of Investor Relations. Mr. Spencer, you may begin.

現在我將把會議交給主持人，投資人關係總經理麥克‧史賓塞。史賓塞先生，你可以開始了。

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

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；以及副總法律顧問基思·多利弗。

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 not be considered as substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's third quarter performance in addition to the impact that these items and events had 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。列入這些項目是為了補充說明，幫助投資人進一步了解公司第三季的業績，以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we'll refer to 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），以此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 and 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, Form 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、展望和其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中風險因素部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

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

謝謝你，麥克，也謝謝所有電話參與的朋友。

It was another strong quarter with double-digit top line and bottom line growth, the result of picking the right secular trends, accelerating innovation and most importantly relentlessly focusing on our customers' success. Our trusted extensible cloud platform spanning application infrastructure, data and AI, productivity and collaboration as well as business applications enables every organization to create their own intelligent systems and experiences to compete and grow.

本季業績表現強勁，營收和利潤均實現了兩位數成長，這得益於我們把握了正確的長期趨勢，加快了創新步伐，最重要的是，我們始終不懈地關注客戶的成功。我們值得信賴的可擴展雲端平台涵蓋應用基礎架構、數據和人工智慧、生產力和協作以及業務應用，使每個組織都能創建自己的智慧系統和體驗，從而參與競爭並實現成長。

Now I'll briefly highlight key areas of innovation and growth across our business. Microsoft 365 empowers everyone from the largest multinationals to small businesses, from knowledge workers to first-line workers with an integrated, secure, compliant experience on any device. It's the only comprehensive productivity, collaboration and communication solutions that integrates with an organization's business process workflows.

現在我將簡要介紹我們業務中創新和成長的關鍵領域。Microsoft 365 為從大型跨國公司到小型企業、從知識工作者到第一線員工的每個人提供在任何裝置上整合、安全、合規的體驗。它是唯一一款能夠與組織業務流程工作流程整合的綜合性生產力、協作和溝通解決方案。

Microsoft Teams brings together everything a team needs: messaging, video conferencing, meetings and collaboration into a single integrated user experience scaffolding, eliminating the need for discrete apps that only increase an organization's security and compliance exposure. 91 of the Fortune 100 use Teams, and more than 150 organizations have over 10,000 active users. And we are expanding Teams to new industries like health care with priority notifications for patient care and the ability to securely access patient records.

Microsoft Teams 將團隊所需的一切功能（訊息、視訊會議、會議和協作）整合到一個統一的使用者體驗框架中，無需使用單獨的應用程序，從而避免增加組織的安全性和合規性風險。財富 100 強企業中有 91 家使用 Teams，超過 150 個組織擁有超過 10,000 名活躍用戶。我們正在將 Teams 擴展到醫療保健等新行業，提供患者護理的優先通知以及安全存取患者記錄的功能。

Cybersecurity is a central challenge, and Microsoft is the clear leader in cloud security with our unparalleled operational security posture and our growing portfolio of security and compliance solutions spanning identity, device endpoints, e-mail, information, cloud applications as well as infrastructure.

網路安全是一項核心挑戰，而微軟憑藉其無與倫比的營運安全態勢以及不斷增長的安全和合規解決方案組合（涵蓋身份、設備端點、電子郵件、資訊、雲端應用程式以及基礎設施），在雲端安全領域遙遙領先。

In financial services, National Bank of Canada; BNP Paribas; Refinitiv, a joint venture between Thomson Reuters and BlackRock all chose Microsoft 365 for our advanced security and compliance. We expanded Microsoft Threat Protection to include the Mac and manage vulnerabilities in third-party applications, providing the best defense for customers' heterogeneous environments. And we introduced 2 first-of-their-kind services. Azure Sentinel analyzes security signals at massive scale across an entire organization using AI to detect, investigate and respond rapidly to threats. Microsoft Threat Experts is a new cyber threat hunting service that provides access to our security experts on demand. All this innovation is driving growth. Office 365 Commercial now has 180 million users, our EMS installed base reached 100 million and the Outlook apps on iOS and Android surpassed more than 100 million users for the first time this quarter.

在金融服務領域，加拿大國家銀行、法國巴黎銀行、Refinitiv（湯森路透和貝萊德的合資企業）都選擇了 Microsoft 365 來實現其先進的安全性和合規性。我們將 Microsoft 威脅防護擴展到 Mac，並管理第三方應用程式中的漏洞，為客戶的異質環境提供最佳防禦。我們推出了兩項史無前例的服務。Azure Sentinel 利用人工智慧技術，大規模分析整個組織的安全訊號，從而快速偵測、調查和應對威脅。微軟威脅專家是一項全新的網路威脅搜尋服務，可按需提供與我們安全專家的對接服務。所有這些創新都在推動成長。Office 365 商業版目前擁有 1.8 億用戶，我們的 EMS 安裝基數達到 1 億，而本季 iOS 和 Android 上的 Outlook 應用用戶首次超過 1 億。

We expanded our Surface family of devices with Surface Hub 2S, which brings together Teams, Windows and our category-creating Surface hardware to power teamwork for organizations like Volvo, Domino's Pizza, Northwestern University and NASA Jet Propulsion Labs. Finally, Windows 10 is now active on more than 800 million devices and continues to gain traction in the enterprise as the most secure and productive operating system.

我們推出了 Surface Hub 2S，擴展了 Surface 設備系列，它將 Teams、Windows 和我們開創性的 Surface 硬體結合在一起，為Volvo、達美樂披薩、西北大學和 NASA 噴氣推進實驗室等組織提供團隊協作支援。最後，Windows 10 目前已在超過 8 億台裝置上運行，並作為最安全、最高效的作業系統，在企業中持續獲得認可。

Moving to business applications. Today, traditional systems of record and engagement are often siloed, limiting the value of an organization's most important asset: its data. Dynamics 365 solves this challenge, connecting all their systems and creating digital feedback loops, enabling any organization to become a true AI-first company. The open data initiative we announced last year with Adobe and SAP delivers on this promise and is already enabling customers like Unilever to unify their business data across all their lines of business applications to unlock new AI-driven insights.

轉向商業應用。如今，傳統的記錄和互動系統往往各自獨立，限制了組織最重要的資產──資料的價值。Dynamics 365 解決了這項挑戰，它連接了所有系統並創建了數位回饋迴路，使任何組織都能成為真正的 AI 優先公司。我們去年與 Adob​​e 和 SAP 共同宣布的開放數據計劃兌現了這一承諾，並且已經使聯合利華等客戶能夠統一其所有業務線應用程式的業務數據，從而解鎖新的 AI 驅動的洞察。

Personalization is increasingly key to every organization's marketing strategy, enabling them to effectively engage customers, tailor their experiences and increase return on investment. Tivoli, one of the world's oldest amusement parks, is using AI and Dynamics 365 to help personalize marketing campaigns and transform how their first-line workers engage with guests, reducing churn and increasing customer loyalty.

個人化對於每個組織的行銷策略都越來越重要，它能夠有效地吸引客戶、客製化客戶體驗並提高投資報酬率。蒂沃利是世界上最古老的遊樂園之一，它利用人工智慧和 Dynamics 365 來幫助個人化行銷活動，並改變第一線員工與遊客互動的方式，從而減少客戶流失並提高客戶忠誠度。

And we are not stopping there. We are leading in 2 emerging categories: robotic process automation and mixed reality. Our Power Platform brings together robotic process automation with self-service analytics and no-code/low-code app development. Recent updates enable citizen developers to build higher-quality Power Apps faster and easier and, along with new capabilities in Power BI, empower customers like SNCF, France's national railway, to create a more data-centric culture.

但我們不會就此止步。我們在兩個新興領域處於領先地位：機器人流程自動化和混合實境。我們的 Power Platform 將機器人流程自動化與自助式分析和無程式碼/低程式碼應用程式開發結合在一起。最近的更新使非專業開發者能夠更快、更輕鬆地建立更高品質的 Power Apps，並且與 Power BI 中的新功能一起，使法國國家鐵路公司 (SNCF) 等客戶能夠創建以數據為中心的文化。

Our new HoloLens 2 is the most advanced intelligent edge device available and, in combination with Dynamics 365 and new Azure Mixed Reality services, enables organizations like PACCAR and Chevron to digitize physical spaces and the interactions to empower their first-line employees with the right information at the right time in the context of their business process work. All this innovation is driving growth. Revenue for our Power Platform grew triple digit year-over-year, and for the first time, more than 50% of our Dynamics revenue was driven by the cloud.

我們全新的 HoloLens 2 是目前最先進的智慧邊緣設備，結合 Dynamics 365 和全新的 Azure 混合實境服務，能夠幫助 PACCAR 和 Chevron 等企業將實體空間和互動數位化，從而讓第一線員工在業務流程工作中，在正確的時間獲得正確的資訊。所有這些創新都在推動成長。我們的 Power Platform 收入年增了三位數，而且 Dynamics 收入的 50% 以上首次由雲端驅動。

Moving to LinkedIn. LinkedIn again exceeded expectations across all lines of business driven by record levels of engagement in the feed, content shared across the platform, the messages sent this quarter. Marketing solutions was up 46% year-over-year, and customers are relying on our new pages experience and audience-targeting capabilities to connect with LinkedIn's nearly 630 million members. We saw record job postings again this quarter and making -- are making it easier for job seekers to find more relevant and higher-paying jobs and get personalized salary insights.

遷移到領英平台。本季度，LinkedIn 在所有業務領域再次超越預期，這主要得益於資訊流互動、平台內容分享和訊息發送量均創​​歷史新高。行銷解決方案年增 46%，客戶依靠我們全新的頁面體驗和受眾定位功能與 LinkedIn 近 6.3 億會員建立聯繫。本季我們再次看到創紀錄的職缺發布量，並且正在讓求職者更容易找到更相關、薪資更高的工作，並獲得個人化的薪資資訊。

We have the most comprehensive solution for every organization to manage and engage their most important resource: their talent. New tools in Glint empower managers to quickly analyze and action feedback to have the greatest impact on team performance. And with our combination of LinkedIn Talent Solutions, Talent Insights, LinkedIn Learning and Glint, we are helping employers access data-driven insights to attract, retain and develop the best talent in an increasingly competitive jobs marketplace.

我們為每個組織提供最全面的解決方案，幫助他們管理和激勵最重要的資源：人才。Glint 中的新工具使管理者能夠快速分析回饋並採取行動，從而對團隊績效產生最大的影響。結合 LinkedIn Talent Solutions、Talent Insights、LinkedIn Learning 和 Glint，我們正在幫助雇主獲得數據驅動的洞察，以便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 let's talk about Azure. From the outset, we took a differentiated approach to the cloud to meet the real-world needs of customers. Our architectural advantage is a clear reason for our success. Azure is the only true hybrid hyperscale cloud that extends to the edge. Operational sovereignty is increasingly critical to customers, and Azure uniquely provides consistency across development environments, operating models and technology stacks whether connected or disconnected to the public cloud. And we are accelerating our innovation. Azure Stack extends our hybrid differentiation, enabling customers like Airbus Defence and Space to build and run cloud applications at the edge. And now with our new Azure Stack HCI, customers can build and run virtualized applications on-premise in a consistent way.

現在我們來談談 Azure。從一開始，我們就採取了差異化的雲端服務方式，以滿足客戶的實際需求。我們在建築設計方面的優勢是我們成功的重要原因。Azure是唯一真正意義上延伸到邊緣的混合型超大規模雲端平台。對客戶而言，營運自主性越來越重要，而 Azure 的獨特之處在於，無論連接到公有雲或斷開連接，它都能在開發環境、營運模式和技術堆疊之間提供一致性。我們正在加快創新步伐。Azure Stack 擴展了我們的混合優勢，讓像空中巴士防務與航太公司這樣的客戶能夠在邊緣建置和運行雲端應用程式。現在，借助我們全新的 Azure Stack HCI，客戶可以以一致的方式在本機上建置和執行虛擬化應用程式。

Azure Data Box Edge is a powerful new AI-enabled edge appliance that sits within a customer's environment, in their data center or on a factory floor so that they can use AI to reason over data at the edge. More than 95% of the Fortune 500 run their workloads on our cloud, including TD Bank, and AT&T chose Azure to shape the future of 5G with computing at the edge.

Azure Data Box Edge 是一款功能強大的全新 AI 邊緣設備，可部署在客戶的環境中，例如資料中心或工廠車間，以便客戶可以使用 AI 在邊緣對資料進行推理。超過 95% 的財富 500 強企業都在我們的雲端平台上運行其工作負載，包括 TD 銀行，而 AT&T 選擇 Azure 來塑造 5G 的未來，實現邊緣運算。

We are building Azure as the world's computer with more global data center regions, and now 2 in South Africa and more compliant certifications than any other cloud provider. And just last week, we announced 2 new Azure government regions to meet the stringent requirements for maintaining the security and integrity of classified U.S. government workloads.

我們正在將 Azure 打造成全球最大的計算機，擁有比任何其他雲端供應商都多的全球資料中心區域，目前在南非擁有 2 個資料中心，並且擁有比任何其他雲端供應商都多的合規認證。就在上週，我們宣布推出 2 個新的 Azure 政府區域，以滿足維護美國政府機密工作負載的安全性和完整性的嚴格要求。

Every organization needs an IoT strategy to manage the 20 billion connected devices coming online by 2020. Our comprehensive Azure IoT platform enables customers to build, manage and secure their connected devices. And our recently announced acquisition of Express Logic furthers our goal, bringing our cloud to more than 6 billion MCU-powered endpoints. BMW Group is partnering with us to speed the adoption of industrial IoT, both in automotive and more broadly in manufacturing. And Renault-Nissan-Mitsubishi Alliance and Volkswagen both chose Azure to fuel their new connected car experiences.

每個組織都需要製定物聯網策略，以管理 2020 年將上線的 200 億台連網設備。我們全面的 Azure IoT 平台使客戶能夠建置、管理和保護其連網裝置。我們最近宣布收購 Express Logic，進一步實現了我們的目標，使我們的雲端服務覆蓋超過 60 億個 MCU 終端。BMW集團正與我們合作，加速工業物聯網在汽車產業以及更廣泛的製造業中的應用。雷諾-日產-三菱聯盟和大眾汽車都選擇 Azure 為其全新的連網汽車體驗提供支援。

Data and analytics is the foundation for building an organization's AI capability, and we're investing to make Azure the best cloud for data estates from data warehousing to real-time stream analytics. Daimler chose Azure as its new platform for big data and advanced analytics, and third-party analysts affirm our price performance lead in this fast-growing space. And we're investing to make Azure the best place to build AI. This quarter, we introduced new Azure Cognitive Services for fraud detection and image identification. Telefónica is using Azure AI services to create new intelligent experiences for their customers around the world and transform customer engagement.

數據和分析是建立組織人工智慧能力的基礎，我們正在投資使 Azure 成為從資料倉儲到即時串流分析等資料資產的最佳雲端平台。戴姆勒選擇 Azure 作為其大數據和進階分析的新平台，第三方分析師也證實了我們在這快速成長的領域中具有價格效能領先優勢。我們正在加大投入，力求將 Azure 打造成建構人工智慧的最佳平台。本季度，我們推出了用於詐欺偵測和影像辨識的全新 Azure 認知服務。西班牙電信正在利用 Azure AI 服務，為全球客戶創造全新的智慧體驗，並轉變客戶互動方式。

The developers will play an increasingly vital role in value creation, and we are committed to giving them the tools they need to be productive on any platform. GitHub surpassed 36 million registered users, and free private repositories expanded the opportunities for all developers, with private repo creation more than doubling this quarter. The new Visual Studio 2019 optimizes developer productivity and team collaboration. And I'm excited to share more about how we are empowering developers at our Build Conference in 2 weeks.

開發者將在價值創造中發揮越來越重要的作用，我們致力於為他們提供在任何平台上高效工作所需的工具。GitHub 註冊用戶突破 3,600 萬，免費的私人倉庫為所有開發者拓展了機會，本季私有倉庫的創建數量翻了一番還多。全新的 Visual Studio 2019 優化了開發人員的工作效率和團隊合作。我很興奮能在兩週後的Build大會上與大家分享更多關於我們如何賦能開發者的資訊。

Now to gaming. We are investing in content, community and cloud to capture our massive opportunity in gaming, delivering record user engagement again this quarter. Microsoft Game Stack brings together our tools and services to empower game developers from independent creators to the biggest game studios to build, operate and scale cloud-first games across mobile, PC and console. Our Xbox Live community, now 63 million strong, is key to our approach, and we are enabling developers to reach these highly engaged gamers on iOS and Android for the first time.

接下來是遊戲環節。我們正在投資內容、社群和雲端技術，以抓住遊戲領域的巨大機遇，並在本季再次實現創紀錄的用戶參與度。Microsoft Game Stack 將我們的工具和服務整合在一起，旨在幫助從獨立創作者到大型遊戲工作室的遊戲開發者建立、營運和擴展跨行動裝置、PC 和主機平台的雲端優先遊戲。我們擁有 6,300 萬 Xbox Live 社群成員，這是我們發展策略的關鍵。我們正在首次幫助開發者在 iOS 和 Android 平台上觸及這些高度活躍的玩家。

Our fast-growing gaming subscription service, Game Pass, is expanding our reach bolstered by a growing pipeline of first-party content. And Project xCloud, our new game streaming service, will be in public trials later this year.

我們快速成長的遊戲訂閱服務 Game Pass，在不斷成長的第一方內容支援下，正在擴大我們的覆蓋範圍。我們的全新遊戲串流服務 Project xCloud 將於今年稍後進行公開測試。

In closing, I'm energized by our progress and incredibly optimistic about our opportunity ahead. Across all of our businesses, we are delivering differentiated value for customers and creating new categories of growth that position us well for the future.

最後，我對我們的進展感到振奮，並對未來的機會充滿信心。在我們所有的業務中，我們都在為客戶提供差異化的價值，並創造新的成長類別，這使我們能夠更好地迎接未來。

With that, I'll now hand it over to Amy who will cover the financial results in detail and share our outlook, and I look forward to rejoining for your questions.

接下來，我將把發言權交給艾米，她將詳細介紹財務表現並分享我們的展望，我期待稍後回來回答大家的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，薩蒂亞，大家下午好。

This quarter, revenue was $30.6 billion, up 14% and 16% in constant currency. Gross margin dollars increased 16% and 18% in constant currency. Operating income increased 25% and 27% in constant currency, and earnings per share was $1.14, increasing 20% and 22% in constant currency. Our sales teams and partners delivered strong results across each of our segments, once again resulting in double-digit top and bottom line growth.

本季營收為 306 億美元，年增 14%，以固定匯率計算成長 16%。以固定匯率計算，毛利成長了 16% 和 18%。營業收入以固定匯率計算成長了 25% 和 27%，每股收益為 1.14 美元，以固定匯率計算成長了 20% 和 22%。我們的銷售團隊和合作夥伴在各個業務領域都取得了強勁的業績，再次實現了兩位數的營收和利潤成長。

From a geographic perspective, most markets performed in line with our expectations. However, results in Japan were much stronger than we anticipated. In our commercial business, cloud services strength drove our annuity mix to 90%, up 1 point year-over-year. Commercial unearned revenue was better than expected at $25.1 billion, up 19% and 20% in constant currency. Commercial bookings growth was strong, increasing 30% and 34% in constant currency.

從地理角度來看，大多數市場的表現都符合我們的預期。然而，日本的成績遠遠超出我們的預期。在我們的商業業務中，雲端服務的強勁表現使我們的年金組合佔比達到 90%，年增 1 個百分點。商業未實現營收優於預期，達到 251 億美元，以固定匯率計算成長 19% 及 20%。商業預訂量成長強勁，以固定匯率計算成長了 30% 和 34%。

Bookings growth was driven by healthy renewals on an expiration base that was over 20% larger than a year ago as well as an increase in the number of larger long-term Azure contracts. As a reminder, an increased mix of these larger long-term Azure contracts with low upfront billings will drive more volatility in our commercial bookings and unearned revenue growth. Commercial cloud revenue was $9.6 billion, growing 41% and 43% in constant currency, highlighted by healthy growth in the U.S., Western Europe, the U.K. and Germany.

預訂量的成長得益於續約情況良好，到期基數比一年前增加了 20% 以上，以及大型長期 Azure 合約數量的增加。需要提醒的是，這些預付金額較低的大型長期 Azure 合約比例的增加，將導致我們的商業預訂和未實現收入成長更大的波動。商業雲端收入達 96 億美元，以固定匯率計算成長 41% 和 43%，其中美國、西歐、英國和德國的成長尤為強勁。

Commercial cloud gross margin percentage increased 5 points year-over-year to 63% driven again by significant improvement in Azure gross margin. Company gross margin percentage was 67%, ahead of our expectations and up year-over-year, primarily from an increase in margin in our More Personal Computing segment due to sales mix shift. FX reduced revenue growth by 2 points and COGS growth by 1 point in line with expectations. FX reduced operating expense growth by 1 point, less than anticipated. Even with this headwind, operating expenses grew in line with expectations, increasing 9% and 10% in constant currency. Strong revenue growth, improving gross margins and disciplined investment in strategic and high-growth areas resulted in operating margin expansion.

商業雲毛利率年增 5 個百分點至 63%，這再次得益於 Azure 毛利率的顯著提高。公司毛利率為 67%，高於我們的預期，並且同比增長，這主要得益於我們「更多個人計算」業務板塊的銷售組合變化帶來的利潤率增長。外匯波動導致營收成長下降 2 個百分點，銷售成本成長下降 1 個百分點，符合預期。外匯因素使營運費用成長減少了 1 個百分點，低於預期。即使面臨這種不利因素，營運支出仍如預期成長，以固定匯率計算成長了 9% 至 10%。強勁的收入成長、不斷提高的毛利率以及對策略性和高成長領域的審慎投資，促成了營業利潤率的擴張。

Now to segment results. Revenue from Productivity and Business Processes was $10.2 billion, increasing 14% and 15% in constant currency, ahead of expectations driven by performance in Japan and LinkedIn. Office Commercial revenue grew 12% and 14% in constant currency. Office 365 Commercial revenue grew 30% and 31% in constant currency driven by installed base expansion across all workloads and customer segments as well as ARPU growth from our customers' continued shift to our E3 and E5 offerings. Office 365 Commercial seats grew 27% and benefited from the strong performance of our Microsoft 365 academic offers.

現在將結果細分。生產力和業務流程收入為 102 億美元，以固定匯率計算成長 14% 和 15%，超出預期，這主要得益於日本和 LinkedIn 的出色表現。辦公室商業收入以固定匯率計算成長了 12% 和 14%。由於所有工作負載和客戶群的安裝基礎擴大，以及客戶持續轉向我們的 E3 和 E5 產品，導致 ARPU 成長，Office 365 商業收入按固定匯率計算增長了 30% 和 31%。Office 365 商業席位成長了 27%，這得益於我們 Microsoft 365 學術產品的強勁表現。

Office Consumer revenue grew 8% and 10% in constant currency, ahead of our expectations, with 4 points of growth from transactional sales in Japan. Office 365 Consumer subscribers grew to 34.2 million. Our Dynamics business grew 13% and 15% in constant currency driven by Dynamics 365 revenue growth of 43% and 44% in constant currency. We saw continued progress in our finance and operations offering with strong growth in customer billings and deployments.

辦公室消費收入以固定匯率計算成長了 8% 和 10%，超出預期，其中日本的交易銷售額成長了 4 個百分點。Office 365 消費者用戶成長至 3,420 萬。我們的 Dynamics 業務以固定匯率計算增長了 13% 和 15%，這主要得益於 Dynamics 365 收入按固定匯率計算增長了 43% 和 44%。我們在財務和營運方面取得了持續進步，客戶帳單和部署量均實現了強勁成長。

LinkedIn revenue increased 27% and 29% in constant currency with continued strength across all businesses. LinkedIn concessions increased 24% as engagement once again reached record levels. Segment gross margin dollars increased 15% and 17% in constant currency, and gross margin percentage increased 1 point year-over-year as improvements in LinkedIn and Office 365 margins more than offset increased cloud mix. Operating expenses increased 4% and 6% in constant currency driven by continued investment in LinkedIn and cloud engineering. Operating income increased 28% and 30% in constant currency.

LinkedIn 的營收以固定匯率計算成長了 27% 和 29%，所有業務均保持強勁成長動能。LinkedIn 的用戶互動量再次達到創紀錄水平，用戶讓步幅度增加了 24%。以固定匯率計算，各業務部門毛利分別成長了 15% 和 17%，毛利率年增 1 個百分點，其中 LinkedIn 和 Office 365 的利潤率提升超過了雲端業務組合的成長。由於持續投資於 LinkedIn 和雲端工程，營運費用以固定匯率計算成長了 4% 和 6%。以固定匯率計算，營業收入成長了28%和30%。

Next, the Intelligent Cloud segment. Revenue was $9.7 billion, increasing 22% and 24% in constant currency, ahead of expectations driven by continued customer demand for our differentiated hybrid offerings. Server products and cloud services revenue increased 27% and 29% in constant currency. Azure revenue grew 73% and 75% in constant currency driven by strong growth in our consumption-based business across all customer segments partially offset by tempering growth in our per-user business. Our Enterprise Mobility installed base grew 53% to over 100 million seats. And our on-premises server business grew 7% and 9% in constant currency driven by the continued strength of our hybrid solutions, premium offerings and GitHub as well as increased transactional demand ahead of the end of support of Windows Server and SQL Server 2008.

接下來是智慧雲部分。營收達 97 億美元，以固定匯率計算成長 22% 和 24%，超出預期，這主要得益於客戶對我們差異化混合產品的持續需求。以固定匯率計算，伺服器產品和雲端服務收入分別成長了 27% 和 29%。Azure 營收以固定匯率計算成長了 73% 和 75%，這主要得益於我們所有客戶群的消費型業務的強勁成長，但部分被我們按用戶計費業務成長放緩所抵消。我們的企業行動應用安裝量成長了 53%，超過 1 億個席位。在混合解決方案、進階產品和 GitHub 的持續強勁表現，以及 Windows Server 和 SQL Server 2008 停止支援前交易需求的增加的推動下，我們的本地伺服器業務按固定匯率計算增長了 7% 和 9%。

Enterprise Services revenue increased 4% and 5% in constant currency driven by growth in premier support services. Segment gross margin dollars increased 21% and 23% in constant currency. Gross margin percentage decreased slightly as the growing mix of Azure IaaS and PaaS revenue was partially offset by another quarter of material improvement in Azure gross margin. Operating expenses increased 22% and 23% in constant currency driven by continued investment in cloud and AI engineering, GitHub and commercial sales capacity. Operating income increased 21% and 23% in constant currency.

企業服務收入以固定匯率計算成長了 4% 和 5%，主要得益於高階支援服務的成長。以固定匯率計算，分部毛利率分別成長了 21% 和 23%。由於 Azure IaaS 和 PaaS 營收佔比不斷增長，部分抵銷了 Azure 毛利率連續第二季大幅改善的影響，毛利率百分比略有下降。由於持續投資於雲端運算和人工智慧工程、GitHub 和商業銷售能力，營運費用以固定匯率計算成長了 22% 和 23%。以固定匯率計算，營業收入成長了21%和23%。

Now to the More Personal Computing segment. Revenue was $10.7 billion, increasing 8% and 9% in constant currency as better-than-expected performance in Windows was partially offset by lower-than-expected gaming revenue. In Windows, the overall PC market was stronger than we anticipated, driven by improved chip supply that met both unfulfilled Q2 commercial and premium consumer demand as well as better-than-expected Q3 commercial demand. Therefore, OEM Pro revenue grew 15%, and OEM non-Pro revenue declined 1%. Inventory levels were within the normal range.

接下來是「更多個人計算」部分。營收達 107 億美元，以固定匯率計算成長 8% 和 9%，原因是 Windows 業務表現優於預期，但遊戲業務收入低於預期，部分抵消了這一增長。在 Windows 領域，整體 PC 市場表現強於預期，這得益於晶片供應的改善，既滿足了第二季未滿足的商業和高階消費需求，也滿足了第三季好於預期的商業需求。因此，OEM Pro 收入成長了 15%，而 OEM 非 Pro 收入下降了 1%。庫存水準在正常範圍內。

Windows Commercial products and cloud services revenue grew 18% and 20% in constant currency with continued double-digit billings growth and a higher mix of in-quarter recognition from multi-year agreements. Windows 10 deployments across new and existing devices remains healthy.

Windows 商業產品和雲端服務收入按固定匯率計算分別增長了 18% 和 20%，帳單金額繼續保持兩位數增長，並且在多年協議的季度內確認收入佔比更高。Windows 10 在新裝置和現有裝置上的部署情況仍然良好。

In gaming, revenue grew 5% and 7% in constant currency, below expectations, driven by lower-than-expected monetization across third-party titles and console sales. Xbox software and services revenue grew 12% and 15% in constant currency with continued momentum in Xbox Live and Game Pass subscriber growth. Surface revenue grew 21% and 25% in constant currency driven by continued strength across consumer and commercial segments, particularly in Japan.

在遊戲領域，以固定匯率計算，收入成長了 5% 和 7%，低於預期，主要原因是第三方遊戲和主機銷售的獲利低於預期。Xbox 軟體和服務收入以固定匯率計算分別成長了 12% 和 15%，Xbox Live 和 Game Pass 訂閱用戶成長動能持續強勁。受消費者和商業領域（尤其是日本）持續強勁成長的推動，表面收入以固定匯率計算成長了 21% 和 25%。

Surface revenue ex TAC increased 12% and 14% in constant currency primarily driven by Bing rate growth. Segment gross margin dollars increased 13% and 15% in constant currency, and gross margin percentage increased 2 points due to sales mix shift to higher-margin products in Windows and gaming. Operating expenses increased 1% and 2% in constant currency, and operating income increased 25% and 28% in constant currency.

地面收入（不含TAC）以固定匯率計算成長了12%和14%，主要得益於Bing費率的成長。以固定匯率計算，該業務部門的毛利分別成長了 13% 和 15%，毛利率也提高了 2 個百分點，這主要得益於銷售組合向 Windows 和遊戲等高利潤產品的轉變。以固定匯率計算，營業費用增加了 1% 和 2%，營業收入成長了 25% 和 28%。

Now back to our total company results. Capital expenditures, including finance leases, were down sequentially to $3.4 billion and lower than initially planned primarily due to normal quarterly spend variability and the timing of cloud infrastructure build-out. Cash paid for property, plant and equipment was $2.6 billion. Cash flow from operations increased 11% year-over-year driven by strong cloud billings and collections. Free cash flow was $11 billion and increased 19% year-over-year, reflecting the timing of lower cash payments for property, plant and equipment.

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 34 億美元，低於最初計劃，主要原因是正常的季度支出波動和雲端基礎設施建設的時間表。購買固定資產、廠房和設備所支付的現金為 26 億美元。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 11%。自由現金流為 110 億美元，年增 19%，這反映了用於購置物業、廠房和設備的現金支付時間減少。

Other income was $145 million driven by interest income and net gains on derivatives and investments offset partially by debt and finance lease expense. Our effective tax rate came in lower than expected at 16%. And finally, we returned $7.4 billion to shareholders through share repurchases and dividends, an increase of 17%.

其他收入為 1.45 億美元，主要來自利息收入和衍生性商品及投資的淨收益，部分被債務和融資租賃支出所抵銷。我們的實際稅率低於預期，為16%。最後，我們透過股票回購和分紅向股東返還了 74 億美元，成長了 17%。

Now let's move to next quarter's outlook. First, on FX. Assuming the current rates remain stable, we expect FX to decrease revenue growth by approximately 2 points and COGS operating expenses growth by approximately 1 point. Within the segments, we anticipate about 2 points of negative FX impact on revenue growth in Productivity and Business Processes and Intelligent Cloud, and 1 point in More Personal Computing. Second, we again expect customer demand and solid execution to drive continued strong performance across our commercial business in our largest quarter of the year.

現在我們來看看下一季的展望。首先，在FX頻道播出。假設當前匯率保持穩定，我們預期外匯波動將使營收成長下降約 2 個百分點，銷售成本營運費用成長下降約 1 個百分點。在各個細分領域中，我們預期匯率波動將對生產力和業務流程以及智慧雲端的收入成長產生約 2 個百分點的負面影響，對更多個人運算的收入成長產生約 1 個百分點的負面影響。其次，我們預期客戶需求和穩健的執行力將推動我們在一年中最重要的季度裡，商業業務繼續保持強勁的業績。

The expiry base will grow in Q4 but at a more moderated rate than in Q3, and we expect commercial unearned revenue to increase 36% to 37% sequentially. Commercial cloud gross margin percentage should continue to improve year-over-year as material improvement in Azure gross margin will be partially offset by the continued mix of revenue toward Azure IaaS and PaaS services.

第四季到期債券基數將成長，但成長速度將比第三季放緩，我們預計商業未實現營收將季增 36% 至 37%。商業雲端毛利率百分比應會繼續逐年提高，因為 Azure 毛利率的顯著提高將被 Azure IaaS 和 PaaS 服務收入的持續成長部分抵銷。

Third, CapEx. Our full year outlook remains unchanged. Therefore, we expect a sequential dollar increase in capital expenditures in Q4 as we continue to invest to meet growing customer demand.

第三，資本支出。我們的全年展望保持不變。因此，我們預計第四季度資本支出將環比增加，因為我們將繼續投資以滿足不斷增長的客戶需求。

Now to the segment guidance. In Productivity and Business Processes, we expect revenue between $10.55 billion and $10.75 billion. Office Commercial revenue growth rate will be slightly down sequentially as is normal for Q4 due to the high mix of cloud billings during this quarter. As a reminder, under ASC 606, a higher mix of cloud billing is reflected in more unearned revenue and less in-period revenue recognition.

接下來是分部績效指引。在生產力和業務流程方面，我們預計營收在 105.5 億美元至 107.5 億美元之間。由於本季雲端計費佔比較高，辦公室商業收入成長率將較上季略有下降，這在第四季屬於正常情況。提醒一下，根據 ASC 606，雲端計費佔比越高，未實現收入越多，當期收入確認就越少。

Dynamics should see another quarter of double-digit revenue growth driven by Dynamics 365. LinkedIn revenue growth should be in the low 20s against a high prior year comparable. In Intelligent Cloud, we expect revenue between 8 -- $10.85 billion and $11.05 billion. In Azure, we expect continued strong growth in our consumption-based business and moderating growth in our per-user business given the increasing in size of the installed base.

受 Dynamics 365 的推動，Dynamics 預計將連續第二季實現兩位數的營收成長。LinkedIn 的營收成長預計在 20% 左右，而去年同期成長率較高。在智慧雲端領域，我們預計營收將在 80 億美元至 108.5 億美元之間，到 110.5 億美元之間。在 Azure 中，鑑於已安裝用戶群的規模不斷擴大，我們預計按消費付費的業務將繼續保持強勁增長，而按用戶付費的業務成長將趨於溫和。

In our on-premise server business, demand for our hybrid solutions and premium offerings should remain strong. And we expect continued benefit from the upcoming end of support for Windows Server and SQL Server 2008 though, as a reminder, their prior year comparable will impact the year-over-year growth rate.

在我們的本地伺服器業務中，市場對我們的混合解決方案和高級產品的需求應該會保持強勁。我們預計，隨著 Windows Server 和 SQL Server 2008 即將停止支持，我們將繼續從中受益。不過要提醒的是，與前一年相比，它們的年比數據將影響年成長率。

In More Personal Computing, we expect revenue between $10.8 billion and $11.1 billion. In Windows, overall OEM growth rates should normalize with revenue growth roughly in line with the PC market. In Surface, we expect low double-digit growth with continued momentum across commercial and consumer segments. In search ex TAC, we expect revenue growth similar to Q3. And in gaming, we expect revenue to decline year-over-year driven by the tough comparable in Xbox software and services and the continuation of the hardware trends from Q3.

在「更多個人計算」領域，我們預計收入將在 108 億美元至 111 億美元之間。在 Windows 系統中，整體 OEM 成長率應該會趨於正常化，營收成長大致與 PC 市場保持一致。在 Surface 領域，我們預期商業和消費領域將保持低兩位數的成長動能。在搜尋業務（不含TAC）方面，我們預期營收成長與第三季類似。在遊戲方面，我們預期營收將年減，主要原因是 Xbox 軟體和服務的年比數據較高，以及第三季硬體趨勢的延續。

Now back to the overall company guidance. We expect COGS of $10.65 billion to $10.85 billion and operating expenses of $10.7 billion to $10.8 billion. Other income and expense should be approximately $50 million as interest income is partially offset by interest and finance lease expense. And finally, we expect our effective tax rate in Q4 to be approximately 17% with some potential volatility given it is the final quarter of our fiscal year.

現在回到公司整體指引。我們預計銷售成本為 106.5 億美元至 108.5 億美元，營運費用為 107 億美元至 108 億美元。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和融資租賃支出抵消。最後，我們預計第四季度的實際稅率約為 17%，考慮到這是我們財政年度的最後一個季度，可能會有一些波動。

Now I'd like to provide some closing thoughts as we look forward to FY '20. Overall, we feel very good about the progress we've made thus far in FY '19. Our decision to invest with significant ambition in high-growth areas, coupled with strong execution, has resulted in material revenue growth at scale and a stronger position in many key markets.

現在，在展望 2020 財年之際，我想提出一些總結性的想法。總的來說，我們對 2019 財年迄今的進展感到非常滿意。我們決定在高成長領域進行雄心勃勃的投資，並輔以強有力的執行，從而實現了規模化的實質收入成長，並在許多關鍵市場中佔據了更有利的地位。

As FY '20 approaches, we again see tremendous opportunity to drive sustained long-term growth. We will invest aggressively in strategic areas like cloud through AI and GitHub; business applications through Power Platform and LinkedIn; Microsoft 365 through Teams, Security and Surface as well as gaming. At the same time, we will continue to drive improvement and efficiency as our business scales. This consistent approach of investing in future growth while delivering strong operating performance will result in double-digit revenue and operating income growth in FY '20 with stable operating margins.

隨著 2020 財年的臨近，我們再次看到了推動長期持續成長的巨大機會。我們將大力投資於策略領域，例如透過人工智慧和 GitHub 進行雲端運算；透過 Power Platform 和 LinkedIn 進行業務應用；透過 Teams、安全性和 Surface 進行 Microsoft 365 開發，以及遊戲領域。同時，隨著業務規模的擴大，我們將繼續推動改進和效率提升。這種持續投資未來成長並同時實現強勁營運績效的做法，將在 2020 財年帶來兩位數的營收和營業利潤成長，並維持穩定的營業利潤率。

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 Heather Bellini from Goldman Sachs.

（操作說明）我們的第一個問題來自高盛的 Heather Bellini。

Amy, if I go back and look through your KPIs, it looks like the year-over-year growth in commercial bookings has never been this high on a constant currency basis; at least I was able to go back through fiscal '13. You mentioned an increase in the number of larger long-term Azure contracts, which obviously is a driver of this. But is there any more color you could share? Is this coming from a handful of customers, I mean, that are just driving all of their -- like outsourcing everything to you guys and shutting down their data centers? Or do you see this as kind of a broad-based trend even in some of the industries that have been slow to move to the cloud where this is really starting to snowball?

艾米，如果我回顧一下你的KPI，就會發現按固定匯率計算，商業預訂的同比增速從未如此之高；至少我能夠追溯到2013財年。您提到大型長期 Azure 合約數量的增加，這顯然是造成這種情況的原因之一。還能分享更多色彩嗎？這是少數客戶提出的要求嗎？我的意思是，他們把所有業務都外包給你們，然後關閉了自己的資料中心？或者您認為這是一種普遍趨勢，即使在一些向雲端遷移速度較慢的行業中，這種趨勢也開始迅速發展？

And then the follow-up would be just Azure gross margins where you guys have done a remarkable job just continuing to increase efficiency there. How much room is left to go? And how do you think about the percentage of COGS in Azure that are variable versus fixed? And has the ratio been changing?

接下來要關注的是 Azure 的毛利率，你們在這方面做得非常出色，並且持續提高效率。還有多少空間可以走？您如何看待 Azure 銷售成本中變動成本與固定成本所佔的比例？這個比例有變化嗎？

Great. Heather, let me try to take both of those questions. On your commercial bookings growth question, I find it easiest to think about commercial bookings, before I answer the larger question about onetime, in 2 ways. The first is the expiration base absolutely does matter, and that's why we talked about it. And we had a, actually, very good quarter here in terms of renewals and what I think of as revenue recapture where we're able to grow the revenue in existing contracts. And so that absolutely contributed and has contributed over the past couple of years to what I do believe has been reasonably consistent commercial bookings strength versus the expiration base.

偉大的。希瑟，讓我來嘗試回答這兩個問題。關於您提出的商業預訂成長問題，我認為在回答關於一次性預訂的更大問題之前，最好先從商業預訂的角度來考慮，分為兩方面。首先，有效期限確實很重要，這也是我們討論這個問題的原因。實際上，就續約和我認為的收入回收而言，我們本季表現非常好，我們能夠在現有合約中實現收入成長。因此，這絕對有助於並且在過去幾年中一直有助於商業預訂量相對於到期基數保持相當穩定的增長。

The second component is what I would put in bucket of new business whether that new business comes as what you saw this quarter, 2 ways: there was some on-prem strength this quarter. It does show up in bookings. It doesn't show up in unearned, and it does show up in the P&L. We had a good quarter there. And we did have some large Azure contracts, which tend to be longer-dated and tend to have low billings upfront. That means it shows up in bookings and again not in the unearned balance in the same way.

第二個組成部分是我會歸入新業務範疇的內容，無論這些新業務是否像你在本季度看到的那樣，有兩種方式：本季度有一些本地化業務的強勁增長。它會顯示在預訂記錄中。它不會出現在未實現收入中，但會出現在損益表中。我們在那裡度過了一個不錯的季度。我們確實有一些大型 Azure 合同，這些合約的期限往往較長，而且前期費用往往較低。這意味著它會顯示在預訂記錄中，但不會以相同的方式顯示在未賺取餘額中。

And so you will see as we go forward, and you're already starting to see it, more volatility in this number not just based on the way we've traditionally talked about it, which is the movement of the expiration base but also in some of these larger, longer-term commitments by what we now think of not just as customers, but these are really now partnership relationships that we have where, to your point, we're co-collaborating to help customers be successful as they build their digital future. And so you will see a little bit of volatility in this number as those contracts and those types of contracts start to land.

因此，隨著我們不斷深入，您將會看到（而且您已經開始看到了），這個數字的波動性會更大，這不僅基於我們傳統上談論的方式，即到期基礎的變動，還基於一些更大、更長期的承諾，我們現在不僅將他們視為客戶，而且視為真正的合作夥伴關係，正如您所說，我們正在與他們合作，幫助他們在取得成功的過程中取得成功。因此，隨著這些合約和這類合約開始生效，你會看到這個數字有些波動。

On your second question of Azure GM, we have continued to see strong improvement in the core gross margin of Azure. The team has done a nice job on a number of fronts, continue to make progress on both software innovation but also importantly hardware innovation and working with our supply chain to continue to have and see benefits on that side. Also is increasing use of premium services also contributed to Azure gross margin improvement. So while we remain focused on efficiency and the utilization of the hardware and software, it's also important to continue to see premium upsell, premium workload usage, so that customers are getting the most out of their deployments and usage of the Azure platform.

關於您提出的第二個問題，Azure GM，我們持續看到 Azure 核心毛利率的強勁成長。團隊在許多方面都做得很好，在軟體創新方面持續取得進展，更重要的是在硬體創新方面也取得了進展，並與我們的供應鏈合作，以繼續獲得併看到這方面的好處。此外，高級服務的日益普及也促進了 Azure 毛利率的提高。因此，雖然我們仍然專注於提高效率以及硬體和軟體的利用率，但繼續專注於高級增值銷售和高級工作負載使用情況也很重要，這樣客戶才能最大限度地利用其 Azure 平台的部署和使用。

In general, I -- it hasn't changed a ton in terms of that final component about fixed versus, I think, variable base. It's still been in that, I think, low 40% as a range for us in terms of what's depreciation versus what's more variable.

總的來說，我認為，就最後一個組成部分（即固定基數與可變基數）而言，並沒有太大的變化。我認為，就折舊和波動性因素而言，我們目前所佔的比例仍然在 40% 左右。

Our next question comes from the line of Keith Weiss from Morgan Stanley.

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

A very impressive quarter. I'm going to pick a similar question to Heather's but directed at you, Satya, to try to get a higher-level answer. In terms of -- during this quarter, it just sounds to me like I've heard Amy talk more about exceeding expectations than we have in prior quarters and exceeding plan more than we have in prior quarters. This matches up from what we're hearing in our CIO survey as we've been talking to customers. It almost sounds like there's an inflection point going on in the adoption of cloud and digitalization efforts. So the question to you is are you guys seeing that? Are you starting to see an inflection point in terms of these adoption trends and the investment that you guys have made behind this really starting to take hold?

本季表現非常出色。我打算問你一個和 Heather 的問題類似的問題，Satya，希望能得到一個更高層次的答案。就本季而言，我感覺艾米談到超越預期和超越計劃的次數比以往任何季度都多。這與我們透過與客戶溝通後在資訊長調查中聽到的內容相符。聽起來，雲端運算和數位轉型似乎正處於一個轉捩點。所以我想問你們，你們看到了嗎？您是否開始看到這些採用趨勢出現轉折點，並且您在這方面投入的資金開始真正發揮作用？

And then perhaps a follow-up for Amy. So operating margins really exceeded our expectations this quarter and I think consensus expectations. Could you talk a little bit about kind of what drove that and kind of why we wouldn't see as much of that on a go-forward basis in terms of operating margin expansion?

接下來或許可以為艾米做個後續報導。因此，本季的營業利潤率確實超出了我們的預期，也超出了市場普遍預期。您能否談談造成這種情況的原因，以及為什麼在未來的營運利潤率擴張方面，我們不會再看到這種情況的明顯改善？

Yes. Thanks, Keith, for the question. So let me start. I think overall, what we are seeing is continued momentum. If you think about even -- our overall approach has been to have a view of an architecture that is grounded in our customers' needs. So we always believe that in distribute computing, you need a cloud and an edge. You need hybrid. And guess what? Today, in 2019, hybrid's become much more mainstream, but we were talking about this even 5 years ago. They also sort of said things that will matter in this transition to the cloud will be consistency and productivity. So for example, whether it's developer productivity or IT productivity, it's not any one dimension, you need to bring IT and developers together to drive agility in an organization and the digital capability building. This is again a place where we've had also traditional strength and that's showing up in the marketplace.

是的。謝謝你的提問，基斯。那麼，就讓我開始吧。我認為總體而言，我們看到的是一種持續的成長動能。仔細想想—我們的整體方法是建立一個以客戶需求為基礎的架構。所以我們始終認為，在分散式運算中，你需要雲端和邊緣。你需要混合動力車。你猜怎麼著？如今，在 2019 年，混合動力車已經變得更加主流，但早在 5 年前我們就在討論這個問題了。他們也表示，在向雲端過渡的過程中，一致性和生產力將是關鍵。例如，無論是開發人員的生產力還是 IT 生產力，都不是單一維度的，你需要將 IT 和開發人員聚集在一起，以推動組織的敏捷性和數位化能力建構。這再次證明了我們在這方面擁有傳統優勢，而這種優勢也反映在了市場上。

And also, if you look at our cloud stack, we have application and infrastructure, data and AI, productivity and collaboration as well as business applications, that's pretty unique again. So that's, I think, what is showing up at scale as competitive differentiation, and that's what you see in our numbers. But most importantly, I think you see it in the customer momentum and what I believe is what is customer success. Digital technology today is not about tech companies doing innovation. It is about the rest of the world doing innovation with technology, and Microsoft's uniquely in position to enable that.

此外，如果您看一下我們的雲端堆疊，我們會發現我們擁有應用程式和基礎設施、數據和人工智慧、生產力和協作以及業務應用程序，這同樣非常獨特。所以，我認為，這就是大規模展現的競爭差異化，也是你從我們的數據中看到的。但最重要的是，我認為你可以從客戶的積極性以及我所認為的客戶成功中看到這一點。如今的數位技術不再只是科技公司進行創新。這關乎世界其他地區如何利用科技進行創新，而微軟則擁有獨特的優勢來實現這一點。

And on your operating margin question, Keith, there's a couple of things I would say that in this quarter in particular, the places where we had a lot of outperformance were especially high-margin areas, and I would point out 3. The first is obviously the OEM and chip supply. The improvement in that in Q3 is obviously very high margin and falls to the bottom. Japan as a geography for us is a high transactional market. And so when Japan is strong, it tends to be a very high margin landing down to the bottom line. And the other one is the on-premises server number, which is very good, in terms of hybrid demand this quarter also is high margin. So when that happens, you do see, because it's a lot of -- almost 100% in-quarter recognition, a lot of help at the operating margin line.

關於你提出的營業利潤率問題，Keith，我想說的是，在本季度，我們表現優異的領域都是利潤率特別高的領域，我想指出以下三點。第一點顯然是OEM和晶片供應。第三季的改善幅度顯然非常大，而且降到了最低點。對我們而言，日本是一個交易量很高的市場。因此，當日本經濟強勁時，往往會為企業帶來非常高的利潤率，最終影響到企業的獲利。另一個數據是本地伺服器數量，表現非常好，就混合需求而言，本季利潤率也很高。所以當這種情況發生時，你會看到，因為幾乎 100% 的季度內確認，對營業利潤率有很大的幫助。

Now the more sustainable conversation, I think, we continue to have on operating margin is our ability to pick the right secular markets and the right secular trends. You see significant revenue growth. We continue to focus on improving the gross margin of each individual product area, which creates leverage over time. And finally, focused investment in operating expense, and that obviously creates leverage. And I think you do see that in general through the year as we've continued to keep that formula.

我認為，現在我們繼續就營業利潤率進行的更永續的討論，是我們能否選出正確的長期市場和正確的長期趨勢。您看到了顯著的收入成長。我們將繼續專注於提高每個產品領域的毛利率，這將隨著時間的推移產生槓桿效應。最後，重點投資於營運費用，這顯然會產生槓桿效應。我認為，在過去一年中，隨著我們繼續堅持這一模式，總體上確實可以看到這一點。

Our next question comes from the line of Mark Moerdler from 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。

Congratulations on a really strong quarter, everyone. Amy, Satya. Amy, can you delve into the impact of Azure hybrid benefits on Azure revenues, server and tools, renewals? I don't think it's really well understood. Does it have any meaningful impact on Azure's reported revenue growth because of the fact that some of this is appearing in server and tools? And Satya, can you give us some added color on why this specific offering is resonating so well with customers, which is what we're hearing?

恭喜大家，本季業績非常出色！艾米，薩蒂亞。Amy，你能深入探討 Azure 混合權益對 Azure 收入、伺服器和工具以及續約的影響嗎？我覺得大家對它的理解還不夠透徹。由於部分收入出現在伺服器和工具領域，這是否會對 Azure 公佈的收入成長產生任何實質影響？薩蒂亞，你能否再詳細解釋一下，為什麼這款產品如此受顧客歡迎？我們聽到的回饋就是如此。

Yes. Maybe I can start on the second part and then leads to the first question. I would say, Mark, the main thing that this offering enables is the flexibility with which customers can adopt hybrid computing. And as I've always said that there is -- hybrid computing is important for workloads that are more in the characteristic or can be characterized as lift, shift and modernize. So that's one motion. And then there is new world hybrid as well, which is people are building. In fact, they'll do an AI training job in the cloud but want to deploy the model close to the edge. And in both of these cases, hybrid benefits actually help with -- our business model is basically differentiated in supporting the architectural needs and the flexibility needs.

是的。或許我可以先從第二部分開始，然後自然而然地引出第一個問題。馬克，我認為，這項服務的主要優勢在於它能讓客戶靈活地採用混合運算。正如我一直所說，混合計算對於那些更具特徵或可以被描述為「遷移、轉移和現代化」的工作負載來說非常重要。這是一個動作。此外，還有一種新的世界混合體，這是人們正在建造的。事實上，他們會在雲端進行 AI 訓練，但希望將模型部署在靠近邊緣的位置。在這兩種情況下，混合型福利實際上都有助於——我們的商業模式基本上是在支持架構需求和靈活性需求方面實現了差異化。

The one additional thing I'll mention, which is increasingly becoming clear to us, is operational sovereignty will become important. The world and its distributed computing needs is not going to become some homogeneous set of requirements, but it's going to be very heterogeneous, very, in many cases, regulated. And so what we provide in terms of both the technology and the business model, I think, shows up with the maximum flexibility.

我還要補充一點，這一點我們越來越清楚地認識到，營運主權將變得非常重要。世界及其分散式運算需求不會變成一套同質化的需求，而是會變得非常異質，而且在許多情況下會受到嚴格監管。因此，我認為，我們在技術和商業模式方面所提供的，都展現了最大的靈活性。

And maybe let me talk a little bit about the question around server products and services and how to think about the hybrid use benefits. In general, today, Mark, almost all of that benefit shows up in what I would say is the on-premise KPI. And so over time though, how you should think about that is it will eventually show up in Azure consumed revenue growth. This is a benefit that's fundamentally about high value and flexibility and meeting customers where they are so that they can make the determination of when to make that choice. And so it tends to be why I keep focusing people back on the all-up KPI because it's the best representation of really customer commitment and usage of our architected-from-the-beginning hybrid cloud. But to your specific question, it shows up today in the on-prem number, it's where you could see most of the strength of that value. And over time, as it gets used and consumed, it will show up more in the Azure ACR number.

也許我可以稍微談談伺服器產品和服務的問題，以及如何看待混合使用的好處。總的來說，馬克，如今幾乎所有這些好處都體現在我認為的本地 KPI 中。因此，從長遠來看，你應該這樣想：這最終會反映在 Azure 消費收入的成長上。這項優勢的根本在於高價值和靈活性，以及​​滿足客戶的需求，以便他們可以決定何時做出選擇。所以，我才會不斷地讓人們關注整體 KPI，因為它最能體現客戶對我們從一開始就設計的混合雲的真正承諾和使用情況。但就你提出的具體問題而言，它今天體現在本地部署的數量上，你可以從中看到這種價值的大部分優勢。隨著時間的推移，隨著它的使用和消耗，它將在 Azure ACR 資料中顯示更多。

Our next question comes from the line of Karl Keirstead from 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'd like to ask you about the big revenue beat in the Intelligent Cloud segment that drove much of the upside and in particular the server product KPI that was just addressed, up 9%. I'm just wondering if you could frame how material the contribution of the version 2008 upgrades were. And assuming that that lift can continue throughout calendar 2019, could it be enough to keep that on-prem KPI, as you described it, flat or even up slightly in the coming 2 quarters despite the tougher comps?

艾米，我想問你關於智慧雲端業務板塊大幅超出預期，特別是剛才提到的伺服器產品 KPI 成長 9% 的情況。我只是想問一下，您能否描述一下 2008 年版本升級的實質貢獻有多大？假設這種成長勢頭能夠持續到 2019 年全年，那麼正如您所描述的，即使面臨更嚴峻的比較，能否在未來兩個季度保持本地 KPI 不變甚至略有增長？

Thanks, Karl. In -- when I think about the on-prem number, I really divide it into things that have durable value and things that I think of as more onetime. When I think about the durable trends that I expect to see, it's been the hybrid value prop that we really just talked about on Mark's last question and then the premium mix. Those 2, we have seen and continue to see. I do think we saw some benefit of end of support, but I would not say it was the primary benefit this quarter. The primary benefit was the 2 things I just talked about. In the support, obviously we've got SQL in July and then Windows in January. And so I do think we saw some impact particularly in SQL, and I do expect we'll see some of that in Q4. But the Q4 comparable for on-prem is very big. And so even with some of that benefit of the durable trends plus, I think, a more temporal one of end of support, I do expect to see a deceleration in that number in Q4.

謝謝你，卡爾。當我考慮本地部署的成本時，我真的會把它分成具有持久價值的東西和我認為是一次性的東西。當我思考我預期會看到的持久趨勢時，我認為是我們在馬克最後一個問題中真正討論過的混合價值主張，以及高端產品組合。這兩個人，我們已經見過，而且還會繼續見到。我認為停止補貼確實帶來了一些好處，但我不會說這是本季的主要好處。主要好處就是我剛才提到的兩點。在技​​術支援方面，顯然我們有7月的SQL支持，然後是1月的Windows支援。因此，我認為我們在 SQL 方面確實看到了一些影響，而且我預計在第四季度我們會看到一些影響。但第四季本地部署的類似數據非常大。因此，即使考慮到一些持久趨勢帶來的好處，以及我認為的支撐結束這一更暫時的因素，我預計第四季度該數字將會放緩。

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

我們的下一個問題來自瑞銀集團的珍妮佛洛。

Great. I wanted to turn to the Office 365 Commercial business a bit, and that's been a consistent, very strong performer for you all and was again this quarter. But maybe just sort of 2 related questions there. First, if I heard you right, Satya, I think you said there was 180 million users now on Office 365 Commercial, which seems like you're hitting a lot of the customers that you thought might be there a couple of years ago. So I was just curious to get your view on how far along you are in that adoption cycle and if there's still a lot more opportunity in terms of seat expansion in the upcoming year.

偉大的。我想稍微談談 Office 365 商業業務，它一直以來都表現得非常出色，本季也不例外。但或許這裡只有兩個相關的問題。首先，如果我沒聽錯的話，Satya，你說過 Office 365 商業版現在有 1.8 億用戶，這似乎已經吸引了幾年前你認為可能存在的大量客戶。所以我很好奇，您認為貴公司目前的採用週期進展到了什麼程度，以及在未來一年裡，在席位擴展方面是否還有很大的發展空間。

And then related, Amy, you mentioned E3 and E5 were both pretty big contributors on the ASP front in the quarter. Are we starting to see a shifting where E5 is sort of increasing in relevance and E3 is played out a bit? Or is this sort of equally balanced? I'm just curious to get sort of the mixing there as well.

另外，Amy，你提到E3和E5在本季對ASP的貢獻都相當大。我們是否開始看到一種轉變，即 E5 的重要性似乎正在增加，而 E3 則有點過時了？或者說，這兩種情況算是勢均力敵嗎？我只是好奇想了解那裡的混合情況。

Sure. In terms of overall reach of Office 365, we continue to see significant opportunity going forward on multiple dimensions. So for example, we never participated as much in, I would call it, nondeveloped market medium and small businesses with all of the sophisticated workloads. So now that -- with the SaaS approach, you can reach a much broader base of business customers all over the world, is one opportunity.

當然。就 Office 365 的整體覆蓋範圍而言，我們繼續看到它在多個方面都具有巨大的發展機會。例如，我們從未過多參與到我稱之為不發達市場的中小型企業中，這些企業承擔著各種複雜的業務。所以現在，借助 SaaS 方法，您可以接觸到世界各地更廣泛的企業客戶群，這是一個機會。

The second opportunity is if you look at Teams as an example, we are now reaching a lot of first-line workers. So this is whether it's in health care, whether it's in manufacturing, whether it's in retail, just not knowledge workers but where you now have messaging solutions as well as business process workflows integrated. So it's that combination of things where you're going from knowledge workers to first-line, going -- and the ability to reach all sizes of businesses is what's going to continue to help us, I think, have overall feet growth or socket growth. And then of course, there is the other dimension, which is the levels of Office 365 all the way to E5 with significant value.

第二個機會是，以 Teams 為例，我們現在已經接觸到了許多第一線員工。所以，無論是在醫療保健產業、製造業或零售業，不僅僅是知識工作者，而是所有將訊息解決方案與業務流程工作流程整合在一起的產業。所以，正是這些因素的結合，從知識工作者到第一線員工，以及接觸各種規模企業的能力，我認為將繼續幫助我們實現整體的腳部成長或插座成長。當然，還有另一個層面，那就是 Office 365 的各個級別，最高可達 E5，它們都具有很高的價值。

And the one thing I would mention is having compliance security that spans all of these tools is also proving out to be a very big architectural advantage and a customer value proposition because I think as customers look to use more SaaS applications, they don't want an exponential increase in their security exposure or more compliance burden. And so therefore, Office 365's approach resonates even there.

我想提一點，將合規性安全擴展到所有這些工具，也被證明是一個非常大的架構優勢和客戶價值主張，因為我認為，隨著客戶尋求使用更多的 SaaS 應用程序，他們不希望安全風險呈指數級增長或合規負擔加重。因此，Office 365 的方法即使在那裡也引起了共鳴。

And Jen, maybe a little to your question, which is fundamentally about seat growth and ARPU as the drivers of that all-up Office 365 Commercial growth number. This quarter and a little bit last, I actually think some of the ARPU increase has been masked by some of the trends in seat growth. What I mean by that is that 27% seat growth is starting to include some lower ARPU seats that Satya just mentioned, whether that's in academic, in edu, in frontline workers. And that's really important for us to keep having that seat growth even if it's not at the same ARPU level, those are not seats that we ever could reach before at any level, and that's absolutely a new opportunity for us. But it does tend to mask a little some of the ARPU improvement that we've seen. It's still E3 and E5. There's opportunity on both, although we are starting to see the impact of E5 in that ARPU number.

Jen，也許這與你的問題有點關係，你的問題本質上是關於席位增長和 ARPU 作為 Office 365 商業版整體增長數字的驅動因素。本季和上個季度，我認為部分 ARPU 的成長實際上被座位成長的一些趨勢所掩蓋了。我的意思是，27% 的座位成長開始包括 Satya 剛才提到的一些 ARPU 較低的座位，無論是在學術界、教育界還是一線工作者中。對我們來說，保持座位成長非常重要，即使 ARPU 水平沒有達到之前的水平，這些座位也是我們以前在任何水平上都無法達到的，這絕對是一個新的機會。但這確實在一定程度上掩蓋了我們所看到的 ARPU 的一些改善。仍然是E3和E5。兩者都有發展機會，儘管我們已經開始看到 E5 對 ARPU 數據的影響。

Our next question comes from the line of Mark Murphy from JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Satya, we've seen many indications of Azure winning a greater share of enterprise workloads recently. Do you think that you have found the right formula now for Azure to win the majority of workloads in the enterprise IT world? And then Amy, just given the trajectory and the long-term commitments that you mentioned there, do you see a path for Azure to surpass Office 365 Commercial and thus become the largest revenue stream for Microsoft, say, in the next couple, a few years?

Satya，我們最近看到了許多跡象表明 Azure 正在贏得越來越多的企業工作負載份額。您認為現在 Azure 是否已經找到了贏得企業 IT 領域大部分工作負載的正確方法？那麼，Amy，鑑於你剛才提到的發展軌跡和長期承諾，你認為 Azure 是否有可能在未來幾年內超越 Office 365 商業版，從而成為微軟最大的收入來源？

Sure. I'll start, Mark. And I mean, having grown up essentially in our infrastructure business in Microsoft, I would say that compared to even the previous eras where we did well in the client/server era in the face of tough competition and in this era again in the face of a different set of competitors, we are doing well. And we are doing well, much better than we did in the previous era because we are seeing these Tier 1 workloads, which we never saw in the past. If you think about it, in the client/server era, we never participated in the core of the digital infrastructure of financial services or in health care or in retail or in manufacturing. And absolutely, when we think about the digital transformational design wins, deployment, consumption, it's kind of like what we would have done with some ISVs of the past, how we worked perhaps with SAP in the '90s when we were coming out with SQL Server and they were coming out with R/3, is what we are now doing with many, many, many businesses as they build out their digital businesses. So that sort of perhaps characterizes for you what's new in terms of Microsoft's own growth in this space.

當然。我先來，馬克。我的意思是，我基本上是在微軟的基礎設施業務中成長起來的，我想說，即使與我們在客戶端/伺服器時代面對激烈競爭取得良好成績的時代相比，以及在這個時代面對不同的競爭對手，我們仍然做得很好。我們做得非常好，比以前好得多，因為我們看到了這些一級工作負載，這是我們過去從未見過的。仔細想想，在客戶端/伺服器時代，我們從未參與過金融服務、醫療保健、零售或製造業的數位基礎設施的核心建設。當然，當我們思考數位轉型設計的成功、部署和應用時，這有點像我們過去與一些獨立軟體開發商 (ISV) 合作的方式，例如在 90 年代我們推出 SQL Server 而 SAP 推出 R/3 時，我們與 SAP 的合作方式，而現在我們正在與許多企業合作，幫助他們建立數位化業務。所以，這或許可以概括微軟在這個領域自身發展的新特色。

And the way that would show up, Mark, is a little bit, I think, where you were leading with the question you asked, which is when we think about the Microsoft commercial cloud at $9.6 billion and growing over 40%, how do you see that evolving? And really, the question is we have quite a bit of per-seat or per-user type businesses. But what Satya just talked about is really about the Azure concept of participating both in an expansionary total addressable market, which I think people have talked about for a long time. But what was different about what Satya just said is our ability frankly to have higher share in the next era than we had in the last era. And so if you look about then our ability to grow and will Azure be larger over any period of time than our per-seat or per-user businesses, it certainly could be. But I don't want that to really diminish the fact that there's a lot of room for us in our per-seat businesses, particularly in business applications across LinkedIn, the Power Platform work we're doing. Satya mentioned security, identity, compliance. There is a lot of room for us to continue to add value and growth in that area as well.

馬克，我認為，這在某種程度上與你提出的問題有關，那就是，當我們想到微軟商業雲規模達到 96 億美元，並且增長超過 40% 時，你認為它會如何發展？實際上，問題在於我們有很多按席位或按用戶計費的業務。但薩蒂亞剛才談到的其實是 Azure 參與不斷擴張的潛在市場這一概念，我認為人們已經談論這個概念很久了。但薩蒂亞剛才所說的與以往不同的是，坦白說，我們有能力在下一個時代比上個時代擁有更高的市場份額。因此，如果你環顧四周，你會發現我們的成長能力以及 Azure 在任何時期內是否會比我們按席位或按用戶計費的業務規模更大，這當然是有可能的。但我不想讓這真正削弱這樣一個事實：我們在按席位計費的業務領域，尤其是在 LinkedIn 的商業應用領域，以及我們正在進行的 Power Platform 工作，還有很多發展空間。Satya提到了安全、身分和合規性。我們在這個領域還有很大的提升空間，可以繼續創造價值並實現成長。

Our next question comes from the line of Ross MacMillan from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

My congratulations as well. We continue to see this really nice progression in the commercial cloud gross margin, and you called out the Azure gross margin improvements. And within that, there's some moving pieces. I think you've got better utilization and efficiency of core Azure. You've got premium services, and then you've got this maybe counter-prevailing force of the different growth in consumption versus user base.

我也要向你表示祝賀。我們持續看到商業雲毛利率出現非常好的成長，您也特別提到了 Azure 毛利率的改善。其中還有一些變數。我認為你們對 Azure 核心資源的使用率和效率都更高了。你擁有高級服務，但同時，消費成長與用戶基數成長之間存在著可能起到相反作用的力量。

Two questions on this, one for Satya. On the premium services, I'm just curious as to which 1 or 2 or 3 are you seeing maybe break out and become the largest or grow the fastest, which are most meaningful at this point? And then second, for Amy, as we think about this trend, are you convinced that we'll continue to see, not just for fiscal Q4 but into fiscal '20 and beyond, consistent progression and growth in the overall commercial cloud gross margin?

關於這個問題我有兩個問題，一個問薩蒂亞。關於付費服務，我很好奇您認為哪 1、2 或 3 項服務可能會脫穎而出，成為規模最大的服務或成長最快的服務，在目前這個階段，哪些服務最有意義？其次，Amy，當我們思考這一趨勢時，你是否確信，我們不僅在第四財季，而且在 2020 財年及以後，都會繼續看到整體商業雲毛利率的持續進步和增長？

Sure. I mean on the first question, Ross, as far as premium services, just even on the application infrastructure side, for example, in compute, there is increasing need for things like IoT services. Essentially, there is a new business application-like set of services that are getting developed to help people manage their complex IoT application development. IoT Central is a good example of that. When you have many, many connected devices, you need a control plane for many of those devices so that you can tame the complexity of your app deployments, security management. That's one example.

當然。羅斯，關於第一個問題，就高級服務而言，即使在應用基礎設施方面，例如在運算方面，對物聯網服務等的需求也在不斷增長。從本質上講，正在開發一套類似於商業應用程式的新型服務，以幫助人們管理其複雜的物聯網應用程式開發。IoT Central 就是一個很好的例子。當您擁有大量連網設備時，您需要一個控制平面來管理其中許多設備，以便簡化應用程式部署和安全管理的複雜性。這是一個例子。

The other one is, of course, data. And the sophistication of the data estate is growing exponentially both in terms of the needs of the databases required, the processing that is required close to data. So that's another place where something like Cosmos DB, which is very unique in its capability in the marketplace, is definitely another service that's got real traction. Even data warehousing, the scale at which -- this is another market, which we never participated in, in the past whereas now we have one of the most competitive products when it comes to benchmarking around data warehousing. So those are all things that I would say are premium services that's just talking about new applications being built on Azure, not counting all of the SaaS applications about that.

當然，另一個就是數據。資料資產的複雜性正在指數級增長，無論是對所需資料庫的需求，還是對資料附近處理的需求。所以，像 Cosmos DB 這樣的服務，憑藉其在市場上非常獨特的功能，絕對是另一個獲得真正關注的服務。即使是資料倉儲，其規模也達到了——這是另一個我們過去從未涉足的市場，而現在，在資料倉儲基準測試方面，我們擁有最具競爭力的產品之一。所以，這些都是我認為屬於高級服務的內容，這裡只討論在 Azure 上建立的新應用程序，還不包括所有相關的 SaaS 應用程式。

And to your overall commercial cloud gross margin question, you're right that the fundamental driver is, when I look forward into the next year, I expect each service, just like it did this year, to really see gross margin improvement, whether that service is LinkedIn or Dynamics or Office 365, Azure per user or Azure IaaS and PaaS. But what you'll see is a revenue mix shift, right, that will offset that to Azure IaaS and PaaS. And so what that generally will do will be a headwind to continued gross amount of the improvement, even though you'll see individual improvement across all of the GM services. And you'll continue to see Azure increase as a percentage of the total revenue.

至於您提出的關於整體商業雲毛利率的問題，您說得對，根本的驅動因素是，展望明年，我預計每項服務都會像今年一樣，真正實現毛利率的提高，無論這項服務是 LinkedIn、Dynamics、Office 365、Azure 按用戶計費，還是 Azure IaaS 和 PaaS。但你會看到收入結構轉變，對吧，這將抵消 Azure IaaS 和 PaaS 的影響。因此，儘管你會看到通用汽車所有服務中的個別改進，但這通常會對整體改進的持續進行造成阻礙。而且，Azure 在總收入中所佔的比例還會持續成長。

Our next question comes from the line of Brad Zelnick from Crédit Suisse.

我們的下一個問題來自瑞士信貸的布拉德·澤爾尼克。

And congrats on the strong outperformance. I want to follow up on Karl's question but more generally on database products. With the end of support coming for SQL Server 2008 in July, Satya, can you tell us how that's sparking conversations with customers about database offerings on Azure and moving workloads to the cloud? And Amy, can you perhaps help us contextualize the opportunity to move traditional database workloads onto Azure and what the expansion economics look like?

恭喜你們取得了優異的成績。我想就卡爾提出的問題做進一步探討，但更廣泛地說是關於資料庫產品的問題。Satya，隨著 SQL Server 2008 將於 7 月停止支持，您能否告訴我們，這會如何引發與客戶關於 Azure 資料庫產品以及將工作負載遷移到雲端的討論？艾米，你能不能幫我們分析一下將傳統資料庫工作負載遷移到 Azure 的機遇，以及擴充的經濟效益如何？

Yes. A couple of things, Brad. One is overall, the need to get on the latest and greatest database technology just because of what is the increasing need for compute and data at the edge is what's driving a lot of the conversations on SQL Server. Interestingly enough, we have a lot of requirements around edge devices even so that you can have databases with compute, so that you can really have what is needed at the edge. That's sort of one conversation.

是的。布拉德，有兩件事。一方面，整體而言，由於邊緣運算和資料需求不斷增長，需要採用最新、最好的資料庫技術，這正是推動 SQL Server 相關討論的主要原因。有趣的是，我們對邊緣設備有很多要求，即使這樣，你才能擁有具有運算能力的資料庫，從而真正獲得邊緣所需的一切。那算是其中一次談話吧。

The other one is in terms of the cloud migration, there is a variety of different use cases. We see people who are using SQL DB, which is essentially a PaaS service with the complete compatibility of SQL Server. They want managed services around SQL Server, which we have. And so both of those are all happening in parallel. A good example of this is, in fact, even the rewrite of -- complete revamp, I would say, of Dynamics. Dynamics 365 and its architecture, at least in my eyes, is a thing of beauty because it's completely been rewritten for the new database technology, whether it is in the database side or on the data warehouse side, again uses a whole bunch of micro services and functions so that you can do AI close to data. That type of architectural approach is what we see is possible now for every SaaS application when they're out there as well because we think about the number of SaaS -- number of business applications that were built on SQL Server, I feel that, that's an architecture that can support both what they want to do on the edge but as well as in the cloud.

另一方面，就雲端遷移而言，有各種不同的用例。我們看到有人在使用 SQL DB，它本質上是一種 PaaS 服務，與 SQL Server 完全相容。他們需要圍繞 SQL Server 的託管服務，而我們正好有。因此，這兩件事是同時發生的。事實上，Dynamics 的重寫就是一個很好的例子——或者說，是徹底的改造。在我看來，Dynamics 365 及其架構堪稱一件藝術品，因為它完全針對新的資料庫技術進行了重寫，無論是在資料庫端還是資料倉儲端，都再次使用了大量的微服務和功能，以便您可以靠近資料進行 AI 開發。我們看到，現在所有 SaaS 應用程式都可以採用這種架構方法，因為我們考慮到基於 SQL Server 建構的 SaaS（商業應用程式）的數量，我認為這種架構既可以支援它們在邊緣端的需求，也可以支援它們在雲端的需求。

And on the contextualizing the opportunity, the reason I said it's not the primary driver is because the vast, vast majority of our server business is annuity-based. And so when it's annuity-based, there's really no opportunity to see it as upside in Q4 from an end-of-support frame. For the smaller portion of our business, it's still not annuity per transactional. It does provide, as I talked about earlier, some opportunity, but it's not that large just because the nature of the commitment of our customers now is far more of the annuity type.

至於如何看待這個機會，我說它不是主要驅動因素的原因是，我們伺服器業務的絕大部分都是基於年金的。因此，當它是基於年金時，從支撐期結束的角度來看，第四季實際上沒有機會看到它的上漲空間。對於我們業務中較小的一部分而言，它仍然不是按交易計算的年金。正如我之前提到的，它確實提供了一些機會，但機會並不大，因為我們客戶現在的承諾性質更像是年金類型。

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

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

Can you talk a little on the Windows OEM side? You mentioned that the chipset situation is kind of easing a little bit. Are we kind of fully done there in terms of what do you see there from the Intel side? And did that create some pent-up demand for the coming quarters as people are thinking about moving over to Windows 10 with the end-of-life coming up?

能談談Windows OEM方面的狀況嗎？你提到晶片組的情況有所緩解。就英特爾方面而言，我們是否已經基本完成這部分工作了？隨著Windows 10即將停止支援，人們都在考慮升級到Windows 10，這是否在未來幾季造成了一些被壓抑的需求？

Thanks, Raimo. I think we actually, in Q3, as I said, met sort of the unfulfilled Q2 demand and Q3. So I don't think of it as a pent-up situation heading into Q4, and our guide certainly does not indicate that, that is what we believe will happen. What I would say is I think there's -- we feel good about the supply in the commercial segment and the premium consumer segment, which is where the vast majority of our revenue is in OEM. And so I think in those segments, we feel fine for Q4.

謝謝你，雷莫。正如我所說，我認為我們在第三季實際上滿足了第二季未滿足的需求。所以我不認為這是進入第四季前積壓的情況，我們的指導方針也肯定沒有表明這一點，但我們認為這種情況將會發生。我想說的是，我們對商業領域和高端消費領域的供應感到樂觀，而我們OEM業務的大部分收入都來自這兩個領域。所以我認為在這些領域，我們對第四季的業績感到滿意。

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

謝謝你，雷莫。今天的財報電話會議問答環節到此結束。感謝各位今天蒞臨，我們期待很快能與各位再次交流。

Thank you.

謝謝。

Thank you all.

謝謝大家。

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

今天的會議到此結束，您可以斷開線路了。感謝您的參與。