微軟 (MSFT) 2019 Q3 法說會逐字稿

Greetings.

問候。

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

歡迎參加 Microsoft 2019 財年第三季度收益電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

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

我現在將會議轉交給您的主持人，投資者關係總經理 Mike Spencer。

Mr. Spencer, you may begin.

斯賓塞先生，你可以開始了。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

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

與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Frank Brod，首席會計官；和副總法律顧問 Keith Dolliver。

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 not be considered as substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

所提供的非公認會計原則財務指標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指標。

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.

除了這些項目和事件對財務業績的影響外，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三季度的業績。

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.

我們還將在可用的情況下以不變貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。

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

在固定貨幣增長率相同的情況下，我們將僅指增長率。

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 and 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、預測和其他陳述。

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, Form 10-Q and other reports and filings with the Securities and Exchange Commission.

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

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

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

謝謝你，邁克，也感謝電話裡的每一個人的加入。

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.

這是另一個強勁的季度，收入和利潤均實現兩位數增長，這是選擇正確的長期趨勢、加速創新以及最重要的是不懈地關注客戶成功的結果。

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.

我們值得信賴的可擴展雲平台涵蓋應用程序基礎架構、數據和人工智能、生產力和協作以及業務應用程序，使每個組織都能夠創建自己的智能係統和體驗來競爭和發展。

Now I'll briefly highlight key areas of innovation and growth across our business.

現在，我將簡要介紹我們業務中創新和增長的關鍵領域。

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.

Microsoft 365 使從最大的跨國公司到小型企業，從知識工作者到一線工作者的所有人都能在任何設備上獲得集成、安全、合規的體驗。

It's the only comprehensive productivity, collaboration and communication solutions that integrates with an organization's business process workflows.

它是唯一與組織的業務流程工作流集成的綜合生產力、協作和通信解決方案。

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.

Microsoft Teams 將團隊所需的一切：消息傳遞、視頻會議、會議和協作整合到一個集成的用戶體驗腳手架中，消除了對只會增加組織安全性和合規性風險的離散應用程序的需求。

91 of the Fortune 100 use Teams, and more than 150 organizations have over 10,000 active users.

財富 100 強中有 91 家使用 Teams，超過 150 個組織擁有超過 10,000 名活躍用戶。

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.

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和安全訪問患者記錄的能力。

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.

網絡安全是一項核心挑戰，Microsoft 憑藉我們無與倫比的運營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、信息、雲應用程序以及基礎架構，無疑是雲安全領域的領導者。

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.

在金融服務方面，加拿大國家銀行；法國巴黎銀行； Refinitiv 是 Thomson Reuters 和 BlackRock 的合資企業，都選擇了 Microsoft 365 來實現我們先進的安全性和合規性。

We expanded Microsoft Threat Protection to include the Mac and manage vulnerabilities in third-party applications, providing the best defense for customers' heterogeneous environments.

我們擴展了 Microsoft 威脅防護，以包括 Mac 並管理第三方應用程序中的漏洞，為客戶的異構環境提供最佳防禦。

And we introduced 2 first-of-their-kind services.

我們推出了 2 項首創的服務。

Azure Sentinel analyzes security signals at massive scale across an entire organization using AI to detect, investigate and respond rapidly to threats.

Azure Sentinel 使用 AI 對整個組織的大規模安全信號進行分析，以檢測、調查和快速響應威脅。

Microsoft Threat Experts is a new cyber threat hunting service that provides access to our security experts on demand.

Microsoft Threat Experts 是一項新的網絡威脅搜尋服務，可按需提供對我們安全專家的訪問。

All this innovation is driving growth.

所有這些創新都在推動增長。

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.

Office 365 Commercial 現在擁有 1.8 億用戶，我們的 EMS 安裝基數達到 1 億，iOS 和 Android 上的 Outlook 應用在本季度首次超過 1 億用戶。

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.

我們通過 Surface Hub 2S 擴展了 Surface 系列設備，它將 Teams、Windows 和我們創建類別的 Surface 硬件結合在一起，為沃爾沃、Domino's Pizza、西北大學和 NASA 噴氣推進實驗室等組織提供團隊合作。

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.

最後，Windows 10 現在在超過 8 億台設備上運行，並且作為最安全、最高效的操作系統繼續在企業中獲得關注。

Moving to business applications.

轉向業務應用程序。

Today, traditional systems of record and engagement are often siloed, limiting the value of an organization's most important asset: its data.

今天，傳統的記錄和參與系統通常是孤立的，限制了組織最重要資產的價值：數據。

Dynamics 365 solves this challenge, connecting all their systems and creating digital feedback loops, enabling any organization to become a true AI-first company.

Dynamics 365 解決了這一挑戰，連接了他們的所有系統並創建了數字反饋循環，使任何組織都能成為真正的 AI 優先公司。

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.

我們去年與 Adobe 和 SAP 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在其所有業務應用程序線中統一他們的業務數據，以解鎖新的人工智能驅動的洞察力。

Personalization is increasingly key to every organization's marketing strategy, enabling them to effectively engage customers, tailor their experiences and increase return on investment.

個性化越來越成為每個組織營銷策略的關鍵，使他們能夠有效地吸引客戶、定制他們的體驗並增加投資回報。

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.

Tivoli 是世界上最古老的遊樂園之一，它正在使用 AI 和 Dynamics 365 來幫助個性化營銷活動並改變一線員工與客人互動的方式，從而減少客戶流失並提高客戶忠誠度。

And we are not stopping there.

我們並沒有就此止步。

We are leading in 2 emerging categories: robotic process automation and mixed reality.

我們在 2 個新興類別中處於領先地位：機器人過程自動化和混合現實。

Our Power Platform brings together robotic process automation with self-service analytics and no-code/low-code app development.

我們的 Power Platform 將機器人流程自動化與自助分析和無代碼/低代碼應用程序開發相結合。

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.

最近的更新使公民開發人員能夠更快、更輕鬆地構建更高質量的 Power Apps，並且與 Power BI 中的新功能一起，使法國國家鐵路公司 SNCF 等客戶能夠創建更加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.

我們新的 HoloLens 2 是最先進的智能邊緣設備，結合 Dynamics 365 和新的 Azure 混合現實服務，使 PACCAR 和 Chevron 等組織能夠數字化物理空間和交互，從而為一線員工提供正確的信息在業務流程工作的正確時間。

All this innovation is driving growth.

所有這些創新都在推動增長。

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.

我們的 Power Platform 收入同比增長了三位數，並且首次超過 50% 的 Dynamics 收入來自云計算。

Moving to LinkedIn.

搬到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.

LinkedIn 再次超出了所有業務線的預期，這得益於對提要、跨平台共享的內容以及本季度發送的消息的創紀錄水平。

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.

營銷解決方案同比增長 46%，客戶依靠我們的新頁面體驗和受眾定位功能與 LinkedIn 的近 6.3 億會員建立聯繫。

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.

我們在本季度再次看到了創紀錄的職位發布，並且正在使求職者更容易找到更相關和更高薪的工作，並獲得個性化的薪酬見解。

We have the most comprehensive solution for every organization to manage and engage their most important resource: their talent.

我們為每個組織提供最全面的解決方案來管理和利用他們最重要的資源：他們的人才。

New tools in Glint empower managers to quickly analyze and action feedback to have the greatest impact on team performance.

Glint 中的新工具使管理人員能夠快速分析並採取行動反饋，從而對團隊績效產生最大影響。

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.

通過將 LinkedIn Talent Solutions、Talent Insights、LinkedIn Learning 和 Glint 相結合，我們正在幫助雇主獲取數據驅動的洞察力，以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.

現在讓我們談談 Azure。

From the outset, we took a differentiated approach to the cloud to meet the real-world needs of customers.

從一開始，我們就採用差異化的雲方法來滿足客戶的實際需求。

Our architectural advantage is a clear reason for our success.

我們的架構優勢是我們成功的明顯原因。

Azure is the only true hybrid hyperscale cloud that extends to the edge.

Azure 是唯一真正延伸到邊緣的混合超大規模雲。

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.

運營主權對客戶來說越來越重要，Azure 獨特地提供了跨開發環境、運營模型和技術堆棧的一致性，無論是否連接到公共雲。

And we are accelerating our innovation.

我們正在加速我們的創新。

Azure Stack extends our hybrid differentiation, enabling customers like Airbus Defence and Space to build and run cloud applications at the edge.

Azure Stack 擴展了我們的混合差異化優勢，使 Airbus Defense and Space 等客戶能夠在邊緣構建和運行雲應用程序。

And now with our new Azure Stack HCI, customers can build and run virtualized applications on-premise in a consistent way.

現在，借助我們新的 Azure Stack HCI，客戶可以以一致的方式在本地構建和運行虛擬化應用程序。

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.

Azure Data Box Edge 是一種功能強大的新的支持 AI 的邊緣設備，位於客戶的環境中、數據中心或工廠車間中，因此他們可以使用 AI 對邊緣數據進行推理。

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.

超過 95% 的財富 500 強企業在我們的雲上運行他們的工作負載，包括 TD Bank，而 AT&T 選擇 Azure 來通過邊緣計算塑造 5G 的未來。

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.

我們正在將 Azure 打造為擁有更多全球數據中心區域的世界計算機，現在在南非有 2 個，並且比任何其他雲提供商都獲得了更多的合規認證。

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.

就在上週，我們宣布了 2 個新的 Azure 政府區域，以滿足維護美國政府機密工作負載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.

每個組織都需要物聯網戰略來管理到 2020 年上線的 200 億台聯網設備。

Our comprehensive Azure IoT platform enables customers to build, manage and secure their connected devices.

我們全面的 Azure IoT 平台使客戶能夠構建、管理和保護他們的連接設備。

And our recently announced acquisition of Express Logic furthers our goal, bringing our cloud to more than 6 billion MCU-powered endpoints.

我們最近宣布收購 Express Logic 進一步實現了我們的目標，將我們的雲服務帶入超過 60 億個 MCU 驅動的端點。

BMW Group is partnering with us to speed the adoption of industrial IoT, both in automotive and more broadly in manufacturing.

寶馬集團正在與我們合作，以加快工業物聯網在汽車和更廣泛的製造業中的採用。

And Renault-Nissan-Mitsubishi Alliance and Volkswagen both chose Azure to fuel their new connected car experiences.

雷諾-日產-三菱聯盟和大眾汽車都選擇 Azure 來推動他們新的聯網汽車體驗。

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.

數據和分析是構建組織 AI 能力的基礎，我們正在投資使 Azure 成為從數據倉庫到實時流分析的數據資產的最佳雲。

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.

戴姆勒選擇 Azure 作為其用於大數據和高級分析的新平台，第三方分析師確認我們在這個快速增長的領域中的性價比領先。

And we're investing to make Azure the best place to build AI.

我們正在投資以使 Azure 成為構建 AI 的最佳場所。

This quarter, we introduced new Azure Cognitive Services for fraud detection and image identification.

本季度，我們推出了用於欺詐檢測和圖像識別的新 Azure 認知服務。

Telefónica is using Azure AI services to create new intelligent experiences for their customers around the world and transform customer engagement.

Telefónica 正在使用 Azure AI 服務為其全球客戶創造新的智能體驗並轉變客戶參與度。

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.

開發人員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 surpassed 36 million registered users, and free private repositories expanded the opportunities for all developers, with private repo creation more than doubling this quarter.

GitHub 的註冊用戶超過 3600 萬，免費的私有存儲庫為所有開發人員擴大了機會，本季度私有存儲庫的創建量增加了一倍以上。

The new Visual Studio 2019 optimizes developer productivity and team collaboration.

新的 Visual Studio 2019 優化了開發人員的生產力和團隊協作。

And I'm excited to share more about how we are empowering developers at our Build Conference in 2 weeks.

我很高興在兩週後的 Build Conference 上分享更多關於我們如何為開發人員賦能的信息。

Now to gaming.

現在玩遊戲。

We are investing in content, community and cloud to capture our massive opportunity in gaming, delivering record user engagement again this quarter.

我們正在對內容、社區和雲進行投資，以抓住我們在遊戲領域的巨大機會，在本季度再次提供創紀錄的用戶參與度。

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.

Microsoft Game Stack 匯集了我們的工具和服務，使從獨立創作者到最大遊戲工作室的遊戲開發人員能夠跨移動設備、PC 和控制台構建、運營和擴展雲優先遊戲。

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.

我們現在擁有 6300 萬用戶的 Xbox Live 社區是我們方法的關鍵，我們正在讓開發人員首次在 iOS 和 Android 上接觸這些高度參與的遊戲玩家。

Our fast-growing gaming subscription service, Game Pass, is expanding our reach bolstered by a growing pipeline of first-party content.

我們快速增長的遊戲訂閱服務 Game Pass 正在擴大我們的覆蓋範圍，這得益於不斷增長的第一方內容管道。

And Project xCloud, our new game streaming service, will be in public trials later this year.

我們的新遊戲流媒體服務 Project xCloud 將於今年晚些時候進行公開試驗。

In closing, I'm energized by our progress and incredibly optimistic about our opportunity ahead.

最後，我對我們的進步感到振奮，並對我們未來的機會感到難以置信的樂觀。

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.

在我們所有的業務中，我們都在為客戶提供差異化的價值，並創造新的增長類別，為我們的未來做好準備。

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.

有了這個，我現在將把它交給艾米，她將詳細介紹財務結果並分享我們的前景，我期待再次加入您的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $30.6 billion, up 14% and 16% in constant currency.

本季度收入為 306 億美元，按固定匯率計算分別增長 14% 和 16%。

Gross margin dollars increased 16% and 18% in constant currency.

按固定匯率計算，美元毛利率分別增長 16% 和 18%。

Operating income increased 25% and 27% in constant currency, and earnings per share was $1.14, increasing 20% and 22% in constant currency.

營業收入按固定匯率計算分別增長 25% 和 27%，每股收益為 1.14 美元，按固定匯率計算分別增長 20% 和 22%。

Our sales teams and partners delivered strong results across each of our segments, once again resulting in double-digit top and bottom line growth.

我們的銷售團隊和合作夥伴在每個細分市場都取得了強勁的業績，再次實現了兩位數的收入和利潤增長。

From a geographic perspective, most markets performed in line with our expectations.

從地理角度來看，大多數市場的表現符合我們的預期。

However, results in Japan were much stronger than we anticipated.

然而，日本的結果比我們預期的要好得多。

In our commercial business, cloud services strength drove our annuity mix to 90%, up 1 point year-over-year.

在我們的商業業務中，雲服務實力推動我們的年金組合達到 90%，同比增長 1 個百分點。

Commercial unearned revenue was better than expected at $25.1 billion, up 19% and 20% in constant currency.

商業未實現收入為 251 億美元，好於預期，按固定匯率計算分別增長 19% 和 20%。

Commercial bookings growth was strong, increasing 30% and 34% in constant currency.

商業預訂增長強勁，按固定匯率計算分別增長了 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.

預訂量的增長是由到期基數比一年前增加 20% 以上的健康續訂以及更大的長期 Azure 合同數量的增加推動的。

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.

提醒一下，這些較大的長期 Azure 合同與較低的預付費用的增加組合將推動我們的商業預訂和非勞動收入增長的更大波動。

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.

商業雲收入為 96 億美元，按固定匯率計算分別增長 41% 和 43%，美國、西歐、英國和德國的健康增長凸顯了這一點。

Commercial cloud gross margin percentage increased 5 points year-over-year to 63% driven again by significant improvement in Azure gross margin.

商業雲毛利率同比增長 5 個百分點至 63%，這再次受到 Azure 毛利率顯著改善的推動。

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.

公司毛利率為 67%，高於我們的預期並同比上升，主要是由於銷售組合轉變導致我們的更多個人計算部門的利潤率增加。

FX reduced revenue growth by 2 points and COGS growth by 1 point in line with expectations.

FX 將收入增長降低了 2 個百分點，COGS 增長降低了 1 個百分點，符合預期。

FX reduced operating expense growth by 1 point, less than anticipated.

外匯將運營費用增長降低了 1 個百分點，低於預期。

Even with this headwind, operating expenses grew in line with expectations, increasing 9% and 10% in constant currency.

即使有這種逆風，運營費用也符合預期，按固定匯率計算分別增長了 9% 和 10%。

Strong revenue growth, improving gross margins and disciplined investment in strategic and high-growth areas resulted in operating margin expansion.

強勁的收入增長、提高的毛利率以及對戰略和高增長領域的嚴格投資導致營業利潤率擴大。

Now to segment results.

現在對結果進行細分。

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.

生產力和業務流程的收入為 102 億美元，按固定匯率計算分別增長 14% 和 15%，超過了日本和 LinkedIn 業績的預期。

Office Commercial revenue grew 12% and 14% in constant currency.

按固定匯率計算，寫字樓商業收入增長了 12% 和 14%。

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 商業版收入增長 30% 和 31%（按固定匯率計算），這是由於所有工作負載和客戶群的安裝基礎擴展以及我們的客戶繼續轉向我們的 E3 和 E5 產品而導致的 ARPU 增長。

Office 365 Commercial seats grew 27% and benefited from the strong performance of our Microsoft 365 academic offers.

Office 365 商業版席位增長 27%，受益於我們的 Microsoft 365 學術版產品的強勁表現。

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 Consumer 收入按固定匯率計算分別增長 8% 和 10%，超出我們的預期，其中日本的交易銷售額增長了 4 個百分點。

Office 365 Consumer subscribers grew to 34.2 million.

Office 365 消費者版訂閱者增長至 3420 萬。

Our Dynamics business grew 13% and 15% in constant currency driven by Dynamics 365 revenue growth of 43% and 44% in constant currency.

在 Dynamics 365 收入增長 43% 和 44% 的推動下，我們的 Dynamics 業務按固定匯率計算分別增長了 13% 和 15%。

We saw continued progress in our finance and operations offering with strong growth in customer billings and deployments.

我們看到我們的財務和運營產品持續取得進展，客戶賬單和部署強勁增長。

LinkedIn revenue increased 27% and 29% in constant currency with continued strength across all businesses.

LinkedIn 收入按固定匯率計算分別增長 27% 和 29%，所有業務均持續強勁。

LinkedIn concessions increased 24% as engagement once again reached record levels.

隨著參與度再次達到創紀錄水平，LinkedIn 的讓步增加了 24%。

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.

以固定匯率計算，部門毛利率分別增長 15% 和 17%，毛利率同比增長 1 個百分點，因為 LinkedIn 和 Office 365 利潤率的提高抵消了雲組合的增加。

Operating expenses increased 4% and 6% in constant currency driven by continued investment in LinkedIn and cloud engineering.

由於對 LinkedIn 和雲工程的持續投資，按固定匯率計算的運營費用分別增長了 4% 和 6%。

Operating income increased 28% and 30% in constant currency.

營業收入按固定匯率計算分別增長 28% 和 30%。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

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.

收入為 97 億美元，按固定匯率計算分別增長 22% 和 24%，超出了客戶對我們差異化混合產品的持續需求推動的預期。

Server products and cloud services revenue increased 27% and 29% in constant currency.

服務器產品和雲服務收入按固定匯率計算分別增長 27% 和 29%。

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.

Azure 收入增長了 73% 和 75%（按固定匯率計算），這是由於我們在所有客戶群中基於消費的業務的強勁增長，部分被我們每用戶業務的放緩增長所抵消。

Our Enterprise Mobility installed base grew 53% to over 100 million seats.

我們的企業移動安裝基礎增長了 53%，達到超過 1 億個座位。

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.

由於我們的混合解決方案、高級產品和 GitHub 的持續優勢以及在 Windows Server 和 SQL Server 2008 支持結束之前增加的交易需求，我們的本地服務器業務增長了 7% 和 9%。

Enterprise Services revenue increased 4% and 5% in constant currency driven by growth in premier support services.

受主要支持服務增長的推動，企業服務收入按固定匯率計算分別增長了 4% 和 5%。

Segment gross margin dollars increased 21% and 23% in constant currency.

按固定匯率計算，分部毛利率分別增長 21% 和 23%。

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.

由於 Azure IaaS 和 PaaS 收入的增長組合被 Azure 毛利率的另一個季度的實質性改善部分抵消，毛利率百分比略有下降。

Operating expenses increased 22% and 23% in constant currency driven by continued investment in cloud and AI engineering, GitHub and commercial sales capacity.

在雲和人工智能工程、GitHub 和商業銷售能力的持續投資推動下，運營費用按固定匯率計算分別增長了 22% 和 23%。

Operating income increased 21% and 23% in constant currency.

按固定匯率計算，營業收入分別增長 21% 和 23%。

Now to the More Personal Computing segment.

現在到更多個人計算部分。

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.

收入為 107 億美元，按固定匯率計算分別增長 8% 和 9%，因為 Windows 的好於預期的表現被低於預期的遊戲收入部分抵消。

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.

在 Windows 方面，整體 PC 市場強於我們的預期，這得益於芯片供應的改善，滿足了未滿足的第二季度商業和高端消費者需求，以及好於預期的第三季度商業需求。

Therefore, OEM Pro revenue grew 15%, and OEM non-Pro revenue declined 1%.

因此，OEM Pro 收入增長了 15%，OEM 非 Pro 收入下降了 1%。

Inventory levels were within the normal range.

庫存水平在正常範圍內。

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 Commercial 產品和雲服務收入增長 18% 和 20%（按固定匯率計算），持續兩位數的賬單增長以及多年協議的季度內認可組合增加。

Windows 10 deployments across new and existing devices remains healthy.

跨新設備和現有設備的 Windows 10 部署保持健康。

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.

在遊戲方面，由於第三方遊戲和遊戲機銷售的貨幣化低於預期，按固定匯率計算，收入增長了 5% 和 7%，低於預期。

Xbox software and services revenue grew 12% and 15% in constant currency with continued momentum in Xbox Live and Game Pass subscriber growth.

Xbox 軟件和服務收入按固定匯率計算分別增長 12% 和 15%，Xbox Live 和 Game Pass 用戶增長勢頭持續。

Surface revenue grew 21% and 25% in constant currency driven by continued strength across consumer and commercial segments, particularly in Japan.

受消費者和商業領域（尤其是日本）持續強勁的推動，按固定匯率計算，Surface 收入增長了 21% 和 25%。

Surface revenue ex TAC increased 12% and 14% in constant currency primarily driven by Bing rate growth.

按固定匯率計算，除 TAC 外的 Surface 收入增長 12% 和 14%，主要受 Bing 率增長的推動。

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.

按固定匯率計算，分部毛利率分別增長了 13% 和 15%，由於銷售組合轉向 Windows 和遊戲中利潤率更高的產品，毛利率百分比增加了 2 個百分點。

Operating expenses increased 1% and 2% in constant currency, and operating income increased 25% and 28% in constant currency.

營業費用按固定匯率計算分別增長 1% 和 2%，營業收入按固定匯率計算分別增長 25% 和 28%。

Now back to our total company results.

現在回到我們公司的總業績。

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.

包括融資租賃在內的資本支出環比下降至 34 億美元，低於最初計劃，這主要是由於正常的季度支出波動和雲基礎設施建設的時機。

Cash paid for property, plant and equipment was $2.6 billion.

為不動產、廠房和設備支付的現金為 26 億美元。

Cash flow from operations increased 11% 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 11%。

Free cash flow was $11 billion and increased 19% year-over-year, reflecting the timing of lower cash payments for property, plant and equipment.

自由現金流為 110 億美元，同比增長 19%，反映出物業、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.

其他收入為 1.45 億美元，主要由利息收入以及衍生品和投資的淨收益部分被債務和融資租賃費用抵消。

Our effective tax rate came in lower than expected at 16%.

我們的有效稅率為 16%，低於預期。

And finally, we returned $7.4 billion to shareholders through share repurchases and dividends, an increase of 17%.

最後，我們通過股票回購和分紅向股東返還了 74 億美元，增長了 17%。

Now let's move to next quarter's outlook.

現在讓我們轉到下一季度的展望。

First, on FX.

首先，關於外匯。

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.

假設當前利率保持穩定，我們預計外匯將使收入增長下降約 2 個百分點，COGS 運營費用增長約 1 個百分點。

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.

在這些細分市場中，我們預計生產力和業務流程以及智能雲對收入增長的負面外匯影響約為 2 個百分點，在更多個人計算方面將受到 1 個百分點的負面影響。

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.

其次，我們再次預計客戶需求和穩健的執行將推動我們商業業務在今年最大季度的持續強勁表現。

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.

到期基數將在第四季度增長，但增速比第三季度放緩，我們預計商業未實現收入將環比增長 36% 至 37%。

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.

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被 Azure IaaS 和 PaaS 服務的持續收入組合部分抵消。

Third, CapEx.

第三，資本支出。

Our full year outlook remains unchanged.

我們的全年展望保持不變。

Therefore, we expect a sequential dollar increase in capital expenditures in Q4 as we continue to invest to meet growing customer demand.

因此，隨著我們繼續投資以滿足不斷增長的客戶需求，我們預計第四季度資本支出將連續增加。

Now to the segment guidance.

現在進行細分指導。

In Productivity and Business Processes, we expect revenue between $10.55 billion and $10.75 billion.

在生產力和業務流程方面，我們預計收入在 105.5 億美元至 107.5 億美元之間。

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.

由於本季度雲計費的高組合，辦公商業收入增長率將與第四季度正常情況一樣環比略有下降。

As a reminder, under ASC 606, a higher mix of cloud billing is reflected in more unearned revenue and less in-period revenue recognition.

提醒一下，根據 ASC 606，更高的雲計費組合反映在更多的未賺取收入和更少的期間收入確認中。

Dynamics should see another quarter of double-digit revenue growth driven by Dynamics 365.

在 Dynamics 365 的推動下，Dynamics 應該會再看到四分之一的兩位數收入增長。

LinkedIn revenue growth should be in the low 20s against a high prior year comparable.

LinkedIn 的收入增長應該在 20 多歲的低點，而上一年的可比水平很高。

In Intelligent Cloud, we expect revenue between 8 -- $10.85 billion and $11.05 billion.

在智能雲中，我們預計收入在 8 到 108.5 億美元到 110.5 億美元之間。

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.

在 Azure 中，我們預計基於消費的業務將繼續強勁增長，鑑於安裝基數的增加，我們的每用戶業務增長將放緩。

In our on-premise server business, demand for our hybrid solutions and premium offerings should remain strong.

在我們的本地服務器業務中，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。

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.

我們預計將繼續受益於即將結束的對 Windows Server 和 SQL Server 2008 的支持，但提醒一下，它們上一年的可比性將影響同比增長率。

In More Personal Computing, we expect revenue between $10.8 billion and $11.1 billion.

在更多個人計算方面，我們預計收入在 108 億美元至 111 億美元之間。

In Windows, overall OEM growth rates should normalize with revenue growth roughly in line with the PC market.

在 Windows 中，整體 OEM 增長率應正常化，收入增長大致與 PC 市場一致。

In Surface, we expect low double-digit growth with continued momentum across commercial and consumer segments.

在 Surface 方面，我們預計在商業和消費領域將保持兩位數的低增長勢頭。

In search ex TAC, we expect revenue growth similar to Q3.

在不含 TAC 的搜索中，我們預計收入增長與第三季度相似。

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.

在遊戲方面，由於 Xbox 軟件和服務的可比性以及第三季度硬件趨勢的延續，我們預計收入將同比下降。

Now back to the overall company guidance.

現在回到整體公司指導。

We expect COGS of $10.65 billion to $10.85 billion and operating expenses of $10.7 billion to $10.8 billion.

我們預計銷貨成本為 106.5 億美元至 108.5 億美元，運營費用為 107 億美元至 108 億美元。

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

其他收入和費用應約為 5000 萬美元，因為利息收入被利息和融資租賃費用部分抵消。

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.

最後，鑑於這是我們財政年度的最後一個季度，我們預計第四季度的有效稅率約為 17%，可能存在一些波動。

Now I'd like to provide some closing thoughts as we look forward to FY '20.

現在我想提供一些結束的想法，因為我們期待 20 財年。

Overall, we feel very good about the progress we've made thus far in FY '19.

總體而言，我們對 19 財年迄今為止取得的進展感到非常滿意。

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.

我們決定以雄心壯志在高增長領域進行投資，加上強大的執行力，導致收入規模大幅增長，並在許多關鍵市場佔據更強大的地位。

As FY '20 approaches, we again see tremendous opportunity to drive sustained long-term growth.

隨著 20 財年的臨近，我們再次看到了推動持續長期增長的巨大機會。

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.

我們將通過 AI 和 GitHub 積極投資於雲計算等戰略領域；通過 Power Platform 和 LinkedIn 的業務應用程序； Microsoft 365 通過 Teams、Security 和 Surface 以及遊戲。

At the same time, we will continue to drive improvement and efficiency as our business scales.

同時，隨著業務規模的擴大，我們將繼續推動改進和效率。

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.

這種在實現強勁運營業績的同時投資於未來增長的一致方法將在 20 財年實現兩位數的收入和營業收入增長，並具有穩定的營業利潤率。

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 Heather Bellini from Goldman Sachs.

（操作員說明）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.

艾米，如果我回頭查看您的 KPI，看起來商業預訂的同比增長從未如此高（以固定貨幣計算）；至少我能夠回到 13 財年。

You mentioned an increase in the number of larger long-term Azure contracts, which obviously is a driver of this.

你提到了更大的長期 Azure 合同數量的增加，這顯然是其中的一個驅動因素。

But is there any more color you could share?

但是你可以分享更多的顏色嗎？

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?

這是否來自少數客戶，我的意思是，他們只是在推動他們的一切——比如將一切外包給你們並關閉他們的數據中心？

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?

或者你是否認為這是一種基礎廣泛的趨勢，即使在一些緩慢遷移到雲的行業中，這實際上已經開始滾雪球？

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.

然後跟進將只是 Azure 毛利率，你們已經做了出色的工作，只是繼續提高那裡的效率。

How much room is left to go?

還剩多少空間？

And how do you think about the percentage of COGS in Azure that are variable versus fixed?

您如何看待 Azure 中可變與固定的 COGS 百分比？

And has the ratio been changing?

比例是否發生了變化？

Great.

偉大的。

Heather, let me try to take both of those questions.

希瑟，讓我試著回答這兩個問題。

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.

關於您的商業預訂增長問題，我發現在回答有關一次性的更大問題之前，最容易考慮商業預訂，有兩種方式。

The first is the expiration base absolutely does matter, and that's why we talked about it.

首先是到期基數絕對重要，這就是我們談論它的原因。

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.

實際上，就續約和我認為的收入重新獲得而言，我們在這裡度過了一個非常好的季度，我們能夠在現有合同中增加收入。

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.

因此，在過去幾年中，我認為商業預訂強度相對於到期基數而言是相當一致的，這絕對是有貢獻的。

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.

第二個組成部分是我將在新業務桶中投入的新業務，無論新業務是否像您在本季度看到的那樣，有兩種方式：本季度有一些內部實力。

It does show up in bookings.

它確實出現在預訂中。

It doesn't show up in unearned, and it does show up in the P&L.

它不會出現在不勞而獲的情況下，它確實會出現在損益表中。

We had a good quarter there.

我們在那裡度過了一個很好的季度。

And we did have some large Azure contracts, which tend to be longer-dated and tend to have low billings upfront.

而且我們確實有一些大型 Azure 合同，這些合同往往期限較長，而且預付費用較低。

That means it shows up in bookings and again not in the unearned balance in the same way.

這意味著它會以同樣的方式出現在預訂中，而不是出現在未賺餘額中。

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.

因此，隨著我們向前發展，您將看到，並且您已經開始看到，這個數字的波動性更大，不僅基於我們傳統上談論的方式，即到期基數的移動，而且在其中一些更大、更長期的承諾是我們現在認為的不僅僅是客戶，而是我們現在真正擁有的合作夥伴關係，就您的觀點而言，我們正在合作幫助客戶在他們建立的過程中取得成功他們的數字未來。

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，隨著這些合同和那些類型的合同開始落地，你會看到這個數字有一點波動。

On your second question of Azure GM, we have continued to see strong improvement in the core gross margin of Azure.

關於 Azure GM 的第二個問題，我們繼續看到 Azure 核心毛利率的強勁增長。

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.

該團隊在許多方面都做得很好，繼續在軟件創新方面取得進展，但重要的是硬件創新和與我們的供應鏈合作，繼續在這方面獲得併看到收益。

Also is increasing use of premium services also contributed to Azure gross margin improvement.

此外，越來越多地使用高級服務也促進了 Azure 毛利率的提高。

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.

因此，在我們繼續關注硬件和軟件的效率和利用率的同時，繼續看到優質的追加銷售、優質的工作負載使用也很重要，這樣客戶才能從 Azure 平台的部署和使用中獲得最大收益。

In general, I -- it hasn't changed a ton in terms of that final component about fixed versus, I think, variable base.

總的來說，我 - 在關於固定與可變基數的最終組成部分方面並沒有太大變化。

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.

我認為，就折舊與更易變數而言，它仍然處於 40% 的低位範圍內。

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 Keith Weiss。

A very impressive quarter.

一個非常令人印象深刻的季度。

I'm going to pick a similar question to Heather's but directed at you, Satya, to try to get a higher-level answer.

我將選擇一個與 Heather 類似的問題，但針對的是 Satya，試圖獲得更高層次的答案。

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.

就 - 在本季度而言，在我看來，我聽過艾米更多地談論超出預期的內容比我們在前幾個季度的預期以及超出我們在前幾個季度的計劃更多。

This matches up from what we're hearing in our CIO survey as we've been talking to customers.

這與我們在與客戶交談時在 CIO 調查中聽到的情況相符。

It almost sounds like there's an inflection point going on in the adoption of cloud and digitalization efforts.

聽起來，在採用雲計算和數字化努力方面正在出現一個拐點。

So the question to you is are you guys seeing that?

那麼問題來了，你們看到了嗎？

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?

您是否開始看到這些採用趨勢的轉折點以及你們在這背後所做的投資真正開始站穩腳跟？

And then perhaps a follow-up for Amy.

然後也許是艾米的後續行動。

So operating margins really exceeded our expectations this quarter and I think consensus expectations.

因此，本季度的營業利潤率確實超出了我們的預期，我認為是共識預期。

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?

你能談談是什麼推動了這一點，以及為什麼我們在營業利潤率擴張方面看不到那麼多？

Yes.

是的。

Thanks, Keith, for the question.

謝謝，基思，這個問題。

So let me start.

那麼讓我開始吧。

I think overall, what we are seeing is continued momentum.

我認為總的來說，我們看到的是持續的勢頭。

If you think about even -- our overall approach has been to have a view of an architecture that is grounded in our customers' needs.

如果您考慮一下，我們的總體方法是了解基於客戶需求的架構。

So we always believe that in distribute computing, you need a cloud and an edge.

因此，我們始終認為，在分佈式計算中，您需要雲和邊緣。

You need hybrid.

你需要混合動力。

And guess what?

你猜怎麼著？

Today, in 2019, hybrid's become much more mainstream, but we were talking about this even 5 years ago.

今天，在 2019 年，混合動力變得更加主流，但我們甚至在 5 年前就在談論這個問題。

They also sort of said things that will matter in this transition to the cloud will be consistency and productivity.

他們還說，在向雲的過渡中，重要的事情將是一致性和生產力。

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.

因此，例如，無論是開發人員生產力還是 IT 生產力，都不是任何一個維度，您需要將 IT 和開發人員聚集在一起，以推動組織的敏捷性和數字能力建設。

This is again a place where we've had also traditional strength and that's showing up in the marketplace.

這又是一個我們也擁有傳統實力並且在市場上出現的地方。

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.

而且，如果你看看我們的雲堆棧，我們有應用程序和基礎設施、數據和人工智能、生產力和協作以及業務應用程序，這又是非常獨特的。

So that's, I think, what is showing up at scale as competitive differentiation, and that's what you see in our numbers.

所以，我認為，這就是規模化競爭差異化的體現，這就是你在我們的數據中看到的。

But most importantly, I think you see it in the customer momentum and what I believe is what is customer success.

但最重要的是，我認為您可以從客戶動力中看到它，我相信什麼是客戶成功。

Digital technology today is not about tech companies doing innovation.

今天的數字技術與科技公司的創新無關。

It is about the rest of the world doing innovation with technology, and Microsoft's uniquely in position to enable that.

它是關於世界其他地方用技術進行創新的，而微軟在實現這一點方面處於獨特的地位。

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.

關於您的營業利潤率問題，Keith，我要說幾件事，特別是在本季度，我們有很多出色表現的地方是利潤率特別高的領域，我要指出 3。首先是顯然是OEM和芯片供應。

The improvement in that in Q3 is obviously very high margin and falls to the bottom.

第三季度的改善顯然是非常高的利潤率並跌至谷底。

Japan as a geography for us is a high transactional market.

日本作為一個地理區域對我們來說是一個高交易市場。

And so when Japan is strong, it tends to be a very high margin landing down to the bottom line.

因此，當日本強大時，往往會以非常高的利潤率下降到底線。

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.

另一個是本地服務器數量，非常好，就本季度的混合需求而言，利潤率也很高。

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.

因此，當這種情況發生時，您確實會看到，因為它有很多 - 幾乎 100% 的季度認可度，對運營利潤率線有很大幫助。

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.

我認為，現在更可持續的對話，我們繼續在營業利潤率方面擁有的是我們選擇正確的長期市場和正確的長期趨勢的能力。

You see significant revenue growth.

您會看到顯著的收入增長。

We continue to focus on improving the gross margin of each individual product area, which creates leverage over time.

我們繼續專注於提高每個單獨產品領域的毛利率，這會隨著時間的推移產生影響。

And finally, focused investment in operating expense, and that obviously creates leverage.

最後，集中投資於運營費用，這顯然會產生影響。

And I think you do see that in general through the year as we've continued to keep that formula.

而且我認為你確實在這一年中看到了這一點，因為我們繼續保持這個公式。

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

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

Congratulations on a really strong quarter, everyone.

祝賀一個非常強勁的季度，每個人。

Amy, Satya.

艾米，薩蒂亞。

Amy, can you delve into the impact of Azure hybrid benefits on Azure revenues, server and tools, renewals?

Amy，您能否深入研究 Azure 混合權益對 Azure 收入、服務器和工具、續訂的影響？

I don't think it's really well understood.

我不認為它真的很好理解。

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?

由於其中一些出現在服務器和工具中，它對 Azure 報告的收入增長是否有任何有意義的影響？

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?

Satya，您能否給我們一些補充說明，為什麼這個特定的產品能在客戶中產生如此好的共鳴，這就是我們所聽到的？

Yes.

是的。

Maybe I can start on the second part and then leads to the first question.

也許我可以從第二部分開始，然後引出第一個問題。

I would say, Mark, the main thing that this offering enables is the flexibility with which customers can adopt hybrid computing.

馬克，我想說，這個產品的主要作用是客戶可以靈活地採用混合計算。

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.

正如我一直說的那樣——混合計算對於具有更多特徵或可以被描述為提升、轉移和現代化的工作負載很重要。

So that's one motion.

所以這是一項動議。

And then there is new world hybrid as well, which is people are building.

然後還有新的世界混合體，這是人們正在建造的。

In fact, they'll do an AI training job in the cloud but want to deploy the model close to the edge.

事實上，他們將在雲端進行 AI 訓練，但希望將模型部署在靠近邊緣的位置。

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.

在這兩種情況下，混合收益實際上都有幫助——我們的業務模型在支持架構需求和靈活性需求方面基本上是不同的。

The one additional thing I'll mention, which is increasingly becoming clear to us, is operational sovereignty will become important.

我要提到的另一件事，我們越來越清楚，運營主權將變得很重要。

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.

世界及其分佈式計算需求不會變成一組同質的需求，但它會變得非常多樣化，在很多情況下，非常受監管。

And so what we provide in terms of both the technology and the business model, I think, shows up with the maximum flexibility.

所以我們在技術和商業模式方面提供的東西，我認為，表現出最大的靈活性。

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.

也許讓我談談有關服務器產品和服務的問題以及如何考慮混合使用的好處。

In general, today, Mark, almost all of that benefit shows up in what I would say is the on-premise KPI.

總的來說，今天，馬克，幾乎所有這些好處都體現在我所說的本地 KPI 中。

And so over time though, how you should think about that is it will eventually show up in Azure consumed revenue growth.

因此，隨著時間的推移，您應該如何看待它最終會出現在 Azure 消費收入增長中。

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.

從根本上說，這是一項關於高價值和靈活性以及與客戶會面的好處，以便他們可以決定何時做出選擇。

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.

因此，這往往是我不斷將人們的注意力重新集中在全面 KPI 上的原因，因為它是真正客戶承諾和使用我們從一開始就構建的混合雲的最佳代表。

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.

但是對於您的具體問題，它今天顯示在本地數字中，這是您可以看到該價值的大部分優勢的地方。

And over time, as it gets used and consumed, it will show up more in the Azure ACR number.

隨著時間的推移，隨著它被使用和消耗，它將更多地出現在 Azure ACR 編號中。

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 Karl Keirstead。

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%.

艾米，我想問你智能雲領域的巨大收入增長推動了大部分上漲，特別是剛剛解決的服務器產品 KPI 增長了 9%。

I'm just wondering if you could frame how material the contribution of the version 2008 upgrades were.

我只是想知道您是否可以描述 2008 版升級的貢獻有多大。

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?

假設這種提升可以在整個日曆 2019 年持續下去，是否足以使您所描述的本地 KPI 在接下來的兩個季度保持平穩甚至略有上升，儘管競爭更加艱難？

Thanks, Karl.

謝謝，卡爾。

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.

在 - 當我考慮本地數字時，我真的將它分為具有持久價值的東西和我認為一次性的東西。

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.

當我想到我期望看到的持久趨勢時，這是我們剛剛在 Mark 的最後一個問題中談到的混合價值支柱，然後是優質組合。

Those 2, we have seen and continue to see.

那些 2，我們已經看到並繼續看到。

I do think we saw some benefit of end of support, but I would not say it was the primary benefit this quarter.

我確實認為我們看到了終止支持的一些好處，但我不會說這是本季度的主要好處。

The primary benefit was the 2 things I just talked about.

主要的好處是我剛才談到的兩件事。

In the support, obviously we've got SQL in July and then Windows in January.

在支持方面，顯然我們在 7 月份推出了 SQL，然後在 1 月份推出了 Windows。

And so I do think we saw some impact particularly in SQL, and I do expect we'll see some of that in Q4.

所以我確實認為我們看到了一些影響，特別是在 SQL 方面，我確實希望我們會在第四季度看到一些影響。

But the Q4 comparable for on-prem is very big.

但是第四季度可比本地部署非常大。

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.

因此，即使有一些持久趨勢的好處，加上我認為更暫時的支持結束，我確實希望在第四季度看到這個數字減速。

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

我們的下一個問題來自瑞銀的 Jennifer Lowe。

Great.

偉大的。

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.

我想稍微轉向 Office 365 商業業務，這對你們所有人來說都是一致的、非常強勁的表現，本季度再次如此。

But maybe just sort of 2 related questions there.

但也許只是有兩個相關的問題。

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.

首先，如果我沒聽錯的話，Satya，我想你說 Office 365 商業版現在有 1.8 億用戶，這似乎是你接觸到了很多你認為幾年前可能存在的客戶。

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.

因此，我只是想知道您對您在該採用周期中的進展情況的看法，以及來年在座位擴展方面是否還有更多機會。

And then related, Amy, you mentioned E3 and E5 were both pretty big contributors on the ASP front in the quarter.

然後相關的，艾米，你提到 E3 和 E5 在本季度的 ASP 方面都是相當大的貢獻者。

Are we starting to see a shifting where E5 is sort of increasing in relevance and E3 is played out a bit?

我們是否開始看到 E5 的相關性有所增加而 E3 出現了一點變化？

Or is this sort of equally balanced?

還是這種均衡？

I'm just curious to get sort of the mixing there as well.

我只是很好奇也能在那裡進行混合。

Sure.

當然。

In terms of overall reach of Office 365, we continue to see significant opportunity going forward on multiple dimensions.

就 Office 365 的整體覆蓋範圍而言，我們繼續在多個方面看到重大機遇。

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.

因此，例如，我們從來沒有參與過，我稱之為非發達市場中小型企業的所有復雜工作負載。

So now that -- with the SaaS approach, you can reach a much broader base of business customers all over the world, is one opportunity.

所以現在——通過 SaaS 方法，您可以接觸到世界各地更廣泛的商業客戶群，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.

第二個機會是以 Teams 為例，我們現在接觸到了很多一線員工。

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.

因此，無論是在醫療保健領域，還是在製造領域，還是在零售領域，都不是知識工作者，而是您現在可以集成消息傳遞解決方案和業務流程工作流的領域。

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.

因此，從知識型員工到一線，以及接觸各種規模企業的能力將繼續幫助我們實現整體足部增長或插座增長。 .

And then of course, there is the other dimension, which is the levels of Office 365 all the way to E5 with significant value.

當然，還有另一個維度，即 Office 365 一直到 E5 的具有重要價值的級別。

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.

我要提到的一件事是擁有涵蓋所有這些工具的合規安全性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希望使用更多的 SaaS 應用程序，他們不希望他們的安全風險呈指數級增長或合規性負擔增加。

And so therefore, Office 365's approach resonates even there.

因此，Office 365 的方法即使在那裡也能引起共鳴。

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.

Jen，也許對你的問題有點疑問，這基本上是關於座位增長和 ARPU 作為 Office 365 商業增長數字的驅動力。

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.

本季度和最後一點，我實際上認為 ARPU 的一些增長被座位增長的一些趨勢所掩蓋。

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.

我的意思是，27% 的席位增長開始包括 Satya 剛剛提到的一些較低 ARPU 的席位，無論是學術、教育還是一線工人。

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.

這對我們來說非常重要，即使它不在相同的 ARPU 水平上，保持座位增長也是如此，這些不是我們以前在任何水平上都可以達到的座位，這對我們來說絕對是一個新的機會。

But it does tend to mask a little some of the ARPU improvement that we've seen.

但它確實傾向於掩蓋我們已經看到的一些 ARPU 改進。

It's still E3 and E5.

它仍然是E3和E5。

There's opportunity on both, although we are starting to see the impact of E5 in that ARPU number.

兩者都有機會，儘管我們開始看到 E5 對該 ARPU 數字的影響。

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 Mark Murphy。

Satya, we've seen many indications of Azure winning a greater share of enterprise workloads recently.

Satya，我們最近看到許多跡象表明 Azure 贏得了更大份額的企業工作負載。

Do you think that you have found the right formula now for Azure to win the majority of workloads in the enterprise IT world?

您認為您現在找到了正確的公式，讓 Azure 贏得企業 IT 世界中的大部分工作負載嗎？

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?

然後 Amy，剛剛考慮到你在那裡提到的軌跡和長期承諾，你是否看到 Azure 超越 Office 365 Commercial 並因此成為微軟最大的收入來源的路徑，比如說，在接下來的幾個年？

Sure.

當然。

I'll start, Mark.

我要開始了，馬克。

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.

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，我想說的是，與之前的時代相比，我們在客戶端/服務器時代面對激烈的競爭以及在這個時代再次面對一組不同的競爭對手，我們做得很好。

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.

而且我們做得很好，比上一個時代要好得多，因為我們看到了這些第 1 層工作負載，這是我們過去從未見過的。

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.

如果你仔細想想，在客戶端/服務器時代，我們從未參與過金融服務或醫療保健、零售或製造等數字基礎設施的核心。

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.

絕對地，當我們考慮數字化轉型設計的勝利、部署、消費時，這有點像我們過去對一些 ISV 所做的事情，我們可能在 90 年代與 SAP 合作時使用 SQL Server 和他們推出了 R/3，這就是我們現在與許多、許多、許多企業在構建數字業務時所做的事情。

So that sort of perhaps characterizes for you what's new in terms of Microsoft's own growth in this space.

因此，就微軟自身在該領域的增長而言，這或許可以為您提供新的特徵。

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?

馬克，我認為這會出現的方式有點像你提出的問題，當我們考慮到微軟商業雲價值 96 億美元並且增長超過 40% 時，你怎麼看？看到進化了嗎？

And really, the question is we have quite a bit of per-seat or per-user type businesses.

實際上，問題是我們有相當多的每席位或每用戶類型的業務。

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.

但 Satya 剛剛談到的實際上是關於 Azure 的概念，即參與一個擴張性的總可尋址市場，我認為人們已經談論了很長時間。

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.

但與薩蒂亞剛才所說的不同的是，坦率地說，我們在下一個時代擁有比上一個時代更高的份額的能力。

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.

因此，如果你看看我們的增長能力，以及 Azure 在任何時期內的規模是否會超過我們的每座席或每用戶業務，那肯定是可能的。

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.

但我不希望這真的削弱這樣一個事實，即我們在每個席位的業務中有很大的空間，特別是在 LinkedIn 的業務應用程序中，我們正在做的 Power Platform 工作。

Satya mentioned security, identity, compliance.

Satya 提到了安全、身份、合規性。

There is a lot of room for us to continue to add value and growth in that area as well.

我們還有很大的空間可以繼續在該領域增加價值和增長。

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.

我也祝賀你。

We continue to see this really nice progression in the commercial cloud gross margin, and you called out the Azure gross margin improvements.

我們繼續看到商業雲毛利率的這種非常好的進展，並且您提到了 Azure 毛利率的提高。

And within that, there's some moving pieces.

在其中，有一些移動的部分。

I think you've got better utilization and efficiency of core Azure.

我認為您對核心 Azure 有更好的利用和效率。

You've got premium services, and then you've got this maybe counter-prevailing force of the different growth in consumption versus user base.

你有優質的服務，然後你就有了這種可能與消費增長與用戶群不同的反主流力量。

Two questions on this, one for Satya.

關於這個有兩個問題，一個是給薩蒂亞的。

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?

關於高級服務，我只是好奇你看到哪個 1 或 2 或 3 可能會爆發並成為最大或增長最快的，在這一點上哪個最有意義？

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?

其次，對於 Amy，當我們考慮這一趨勢時，您是否相信我們將繼續看到，不僅在第四財季，而且在 20 財年及以後，整體商業雲毛利率的持續進步和增長？

Sure.

當然。

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.

我的意思是第一個問題，羅斯，就優質服務而言，甚至在應用程序基礎設施方面，例如在計算方面，對物聯網服務等事物的需求也在增加。

Essentially, there is a new business application-like set of services that are getting developed to help people manage their complex IoT application development.

從本質上講，有一套新的業務應用程序類服務正在開發中，以幫助人們管理他們複雜的物聯網應用程序開發。

IoT Central is a good example of that.

IoT Central 就是一個很好的例子。

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.

當您有很多很多連接的設備時，您需要為其中許多設備設置一個控制平面，以便您可以控制應用程序部署和安全管理的複雜性。

That's one example.

這是一個例子。

The other one is, of course, data.

另一個當然是數據。

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.

數據資產的複雜性在所需數據庫的需求和接近數據所需的處理方面都呈指數級增長。

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.

所以這是另一個地方，像 Cosmos DB 這樣的東西在市場上的能力非常獨特，絕對是另一種真正受到關注的服務。

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.

即使是數據倉庫，它的規模——這是另一個我們從未參與過的市場，而現在我們擁有圍繞數據倉庫進行基準測試的最具競爭力的產品之一。

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.

所以這些都是我想說的高級服務，只是談論在 Azure 上構建的新應用程序，而不是所有關於此的 SaaS 應用程序。

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.

對於您的整體商業雲毛利率問題，您是對的，基本驅動因素是，當我展望明年時，我希望每項服務，就像今年一樣，真正看到毛利率提高，無論是服務是 LinkedIn 或 Dynamics 或 Office 365、Azure 每用戶或 Azure IaaS 和 PaaS。

But what you'll see is a revenue mix shift, right, that will offset that to Azure IaaS and PaaS.

但是你會看到收入組合的轉變，對，這將抵消 Azure IaaS 和 PaaS 的影響。

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.

因此，即使您會看到所有通用汽車服務的個別改進，這通常會成為持續改進總量的逆風。

And you'll continue to see Azure increase as a percentage of the total revenue.

您將繼續看到 Azure 佔總收入的百分比增加。

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 Brad Zelnick。

And congrats on the strong outperformance.

並祝賀強勁的表現。

I want to follow up on Karl's question but more generally on database products.

我想跟進 Karl 的問題，但更一般地關注數據庫產品。

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?

隨著對 SQL Server 2008 的支持將於 7 月結束，Satya，您能否告訴我們這如何引發與客戶就 Azure 上的數據庫產品和將工作負載遷移到雲的對話？

And Amy, can you perhaps help us contextualize the opportunity to move traditional database workloads onto Azure and what the expansion economics look like?

Amy，您能否幫助我們了解將傳統數據庫工作負載遷移到 Azure 的機會以及擴展經濟學的情況？

Yes.

是的。

A couple of things, Brad.

有幾件事，布拉德。

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.

一是總體而言，由於對邊緣計算和數據的需求不斷增加，因此需要使用最新和最出色的數據庫技術，這正是推動 SQL Server 上大量對話的原因。

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.

有趣的是，我們對邊緣設備有很多要求，即使你可以擁有帶計算功能的數據庫，這樣你才能真正擁有邊緣所需的東西。

That's sort of one conversation.

這是一種對話。

The other one is in terms of the cloud migration, there is a variety of different use cases.

另一個是在雲遷移方面，有多種不同的用例。

We see people who are using SQL DB, which is essentially a PaaS service with the complete compatibility of SQL Server.

我們看到有人在使用 SQL DB，它本質上是一個完全兼容 SQL Server 的 PaaS 服務。

They want managed services around SQL Server, which we have.

他們想要我們擁有的圍繞 SQL Server 的託管服務。

And so both of those are all happening in parallel.

所以這兩者都是同時發生的。

A good example of this is, in fact, even the rewrite of -- complete revamp, I would say, of Dynamics.

事實上，一個很好的例子就是重寫——我會說，徹底改造 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.

Dynamics 365 和它的架構，至少在我眼裡，是一件很美的事情，因為它完全是為新的數據庫技術重寫的，無論是在數據庫端還是在數據倉庫端，再次使用了一大堆微服務和功能，讓你可以做人工智能接近數據。

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.

這種架構方法是我們現在看到的對於每個 SaaS 應用程序來說都是可能的，因為我們考慮到 SaaS 的數量——構建在 SQL Server 上的業務應用程序的數量，我覺得，那就是一種架構，既可以支持他們想要在邊緣做的事情，也可以在雲端做。

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.

關於機會的背景化，我之所以說這不是主要驅動因素是因為我們絕大多數的服務器業務都是基於年金的。

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.

因此，當它基於年金時，實際上沒有機會從支持結束的框架中將其視為第四季度的上行空間。

For the smaller portion of our business, it's still not annuity per transactional.

對於我們業務的較小部分，它仍然不是每筆交易的年金。

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.

正如我之前所說，它確實提供了一些機會，但它並沒有那麼大，因為現在我們客戶的承諾性質更多的是年金類型。

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 Raimo Lenschow。

Can you talk a little on the Windows OEM side?

您能談談 Windows OEM 方面的問題嗎？

You mentioned that the chipset situation is kind of easing a little bit.

你提到芯片組的情況有點緩和。

Are we kind of fully done there in terms of what do you see there from the Intel side?

就您從英特爾方面看到的情況而言，我們是否已經完全完成了？

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?

當人們考慮在即將報廢的情況下遷移到 Windows 10 時，這是否會為未來幾個季度帶來一些被壓抑的需求？

Thanks, Raimo.

謝謝，雷莫。

I think we actually, in Q3, as I said, met sort of the unfulfilled Q2 demand and Q3.

正如我所說，我認為我們實際上在第三季度滿足了第二季度和第三季度未滿足的需求。

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.

所以我不認為這是進入第四季度的被壓抑的情況，我們的指南當然沒有表明，這就是我們相信會發生的事情。

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.

我想說的是，我認為有——我們對商業領域和高端消費者領域的供應感覺良好，這是我們絕大多數收入來自 OEM 的地方。

And so I think in those segments, we feel fine for Q4.

所以我認為在這些領域，我們對第四季度感覺很好。

Thanks, Raimo.

謝謝，雷莫。

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 today, and we look forward to speaking with all of you soon.

感謝您今天加入我們，我們期待很快與大家交談。

Thank you.

謝謝你。

Thank you all.

謝謝你們。

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

今天的會議到此結束，此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。