微軟 (MSFT) 2019 Q4 法說會逐字稿

Welcome to the Microsoft Fiscal Year 2019 Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加微軟2019財年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

我謹將電話轉交給投資人關係總經理麥克‧史賓塞。謝謝。請繼續。

Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and 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 a 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 fourth quarter performance in addition to the impact 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。列出這些項目是為了幫助投資者進一步了解公司第四季度的業績，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 the 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，我們將立即將準備好的發言稿發佈到網站上，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'll 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 sections of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望和其他陳述。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向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他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 is a strong finish to a record fiscal year. We delivered more than $125 billion in revenue for the full year with double-digit top line and bottom line growth. Our commercial cloud business is the largest in the world, surpassing $38 billion in revenue for the year with gross margin expanding to 63%. I'm proud of what we've accomplished over the last 12 months and I'm energized by the tremendous opportunity ahead.

這是為創紀錄的財政年度畫下了一個完美的句點。我們全年營收超過 1,250 億美元，營收和利潤均實現了兩位數成長。我們的商業雲端業務是全球最大的，年度收入超過 380 億美元，毛利率擴大到 63%。我為過去 12 個月我們所取得的成就感到自豪，也為未來巨大的機會感到振奮。

Every day, we work alongside our customers to help them build their own digital capability, creating new businesses with them, innovating with them and earning their trust. This commitment to our customers' success is resulting in deeper partnerships, larger multi-year cloud agreements and growing momentum across every layer of our differentiated technology stack from application infrastructure to data and AI to business process to productivity and collaboration.

我們每天都與客戶並肩工作，幫助他們建立自己的數位化能力，與他們一起創造新業務，與他們一起創新，並贏得他們的信任。我們致力於客戶的成功，這促成了更深層的合作關係、更大的多年期雲端協議，以及在我們差異化技術堆疊的每一層（從應用程式基礎設施到資料和人工智慧，再到業務流程、生產力和協作）不斷增長的勢頭。

Now I'll briefly highlight our innovation and momentum. In a world where every company is a software company, developers will play an increasingly vital role in value creation across every organization. And GitHub is their home. GitHub is used by more than 36 million developers as well as the largest enterprises, including a majority of the Fortune 50. And we're investing to build the complete toolchain for developers, independent of language, framework and cloud. Visual Studio and Visual Studio Code are the most popular code editing tools in the world. With Azure DevOps, you can build, test and deploy code to any platform. And with Azure PlayFab, we have LiveOps, a complete backend platform to optimize engagement and interaction in real-time.

現在我將簡要介紹我們的創新和發展勢頭。在如今所有公司都是軟體公司的世界裡，開發人員將在各個組織的價值創造中發揮越來越重要的作用。GitHub 是他們的家。GitHub 擁有超過 3,600 萬開發者用戶，以及眾多大型企業用戶，其中包括大多數財富 50 強企業。我們正在投資建立完整的開發者工具鏈，使其獨立於語言、框架和雲端平台。Visual Studio 和 Visual Studio Code 是世界上最受歡迎的程式碼編輯工具。透過 Azure DevOps，您可以建置、測試程式碼並將其部署到任何平台。借助 Azure PlayFab，我們擁有 LiveOps，這是一個完整的後端平台，可以即時優化參與和互動。

We are building Azure as the world's computer, addressing customers' real-world operational sovereignty and regulatory needs. We have 54 data center regions, more than any other cloud provider, and we were the first in Middle East and in Africa. Azure is the only cloud that extends to the edge, spanning identity management, security and infrastructure. This year, we introduced new cloud to the edge services and devices from Azure Data Box Edge to Azure Stack HCI to Azure Connect, bringing the full power of Azure to where data is generated.

我們正在將 Azure 打造成世界計算機，以滿足客戶在現實世界中的營運自主權和監管需求。我們擁有 54 個資料中心區域，比其他任何雲端服務供應商都多，而且我們是中東和非洲的第一家。Azure 是唯一一個擴展到邊緣的雲端平台，涵蓋身分管理、安全性和基礎架構。今年，我們推出了從 Azure Data Box Edge 到 Azure Stack HCI 再到 Azure Connect 的全新雲端邊緣服務和設備，將 Azure 的全部功能帶到了資料產生的地方。

Azure Sphere is a first-of-a-kind edge solution to secure the more than 9 billion MCU-powered endpoints coming online each year. And now IoT plug-and-play seamlessly connects IoT devices to the cloud without having to write a single line of embedded code. Azure is the most open cloud and this quarter, we expanded our partnerships with Oracle, Red Hat and VMware to make the technologies and tools customers already have first class on Azure.

Azure Sphere 是首個邊緣解決方案，旨在保護每年上線的超過 90 億個由 MCU 驅動的終端設備。現在，物聯網即插即用技術可以將物聯網設備無縫連接到雲端，而無需編寫任何一行嵌入式程式碼。Azure 是最開放的雲端平台，本季度，我們擴大了與 Oracle、Red Hat 和 VMware 的合作關係，讓客戶在 Azure 上使用的技術和工具達到一流水準。

Azure is the only cloud with limitless data and analytics capabilities across the customers' entire data estate. The variety, velocity and the volume of data is increasing, and we are bringing hyperscale capabilities to relational database services with Azure SQL database. New analytics support in Cosmos DB enables customers to build and manage analytics workloads that run real-time over globally distributed data. And we offer the most comprehensive cloud analytics from Azure Data Factory to Azure SQL Data Warehouse to Power BI.

Azure 是唯一一個能夠覆蓋客戶整個資料資產的無限資料和分析能力的雲端平台。資料的種類、速度和數量都在不斷增加，我們正在透過 Azure SQL 資料庫為關聯式資料庫服務帶來超大規模能力。Cosmos DB 中的新分析支援可讓客戶建置和管理在全球分散式資料上即時運行的分析工作負載。我們提供最全面的雲端分析服務，涵蓋 Azure 資料工廠、Azure SQL 資料倉儲和 Power BI。

The quintessential characteristic of any application being built in 2019 and beyond will be AI. We are democratizing AI infrastructure tools and services with Azure Cognitive Services, the most comprehensive portfolio of AI tools so developers can embed the ability to see, hear, respond, translate, reason and more into their applications. And this quarter, we introduced a new speech-to-text, search, vision and decision capabilities. New updates to Azure ML streamlined the building, training and deployment of machine learning models, bringing a no-code approach to machine learning.

2019 年及以後開發的任何應用程式的本質特徵都將是人工智慧。我們正在透過 Azure 認知服務普及 AI 基礎設施工具和服務，這是最全面的 AI 工具組合，使開發人員能夠將視覺、聽覺、回應、翻譯、推理等能力嵌入到他們的應用程式中。本季度，我們推出了全新的語音轉文字、搜尋、視覺和決策功能。Azure ML 的新更新簡化了機器學習模型的建置、訓練和部署，實現了機器學習的無程式碼方法。

Our differentiated approach from developer tools and infrastructure to data and analytics to AI is driving growth. The world's leading companies trust Azure for their mission-critical workloads, including more than 95% of the Fortune 500. And just yesterday, AT&T chose our cloud in one of the largest cloud commitments to date.

我們從開發者工具和基礎設施到數據和分析再到人工智慧的差異化方法正在推動成長。全球領先的公司信賴 Azure 來處理其關鍵業務工作負載，其中包括超過 95% 的財富 500 強企業。就在昨天，AT&T 選擇使用我們的雲端服務，這是迄今為止規模最大的雲端服務部署之一。

Now let's move up the stack to business process. We are redefining business processes with Dynamics 365 and Power Platform with modern, modular, extensible and AI-driven applications. Dynamics 365 uniquely enables any organization to create digital feedback loops and take data from one system and use it to optimize the outcomes of another, enabling any business to become an AI-first business. Our Open Data Initiative with SAP and Adobe builds on this promise, giving customers like Coke, HP, Unilever and Walmart a single 360-view of their customers built on one data model on one data lake, eliminating data silos and driving real-time insights at scale.

現在讓我們向上移動到業務流程層面。我們正在利用 Dynamics 365 和 Power Platform，透過現代化、模組化、可擴展和人工智慧驅動的應用程序，重新定義業務流程。Dynamics 365 的獨特之處在於，它能夠讓任何組織創建數位回饋迴路，從一個系統獲取資料並利用這些資料來優化另一個系統的結果，從而使任何企業都能成為人工智慧優先的企業。我們與 SAP 和 Adob​​e 共同發起的開放資料計畫正是基於這項承諾，為可口可樂、惠普、聯合利華和沃爾瑪等客戶提供基於單一資料模型和單一資料湖的 360 度客戶視圖，消除資料孤島，並大規模地推動即時洞察。

This year, we introduced Dynamics 365 AI, a new class of AI applications built for an era where systems of record are converted into systems of engagement and intelligence. The citizen developer movement is here and we are empowering it. 500 new -- 500 million new apps will get created in the next 5 years and more than the total created in the last 40. Businesses will need to empower domain experts with tools to create applications as well as robotic process automation to streamline and customize workflow like service monitoring and time and expense tracking.

今年，我們推出了 Dynamics 365 AI，這是一種新型的 AI 應用，專為記錄系統轉變為互動和智慧系統的時代而構建。公民開發者運動已經到來，我們正在為其賦能。未來 5 年將新增 5 億個應用程序，超過過去 40 年新增應用程式的總數。企業需要賦予領域專家創建應用程式的工具，以及機器人流程自動化功能，以簡化和自訂工作流程，例如服務監控、時間和費用追蹤。

Our Power Platform, spanning Power BI, Power Apps and Flow, is the only solution of its kind in the industry. It brings together low-code, no-code app development, robotic process automation and self-service analytics into a single comprehensive platform. Chevron has gone from 80 users of Power Apps to 5,500 in a year and now has over 200 apps in production.

我們的 Power Platform，涵蓋 Power BI、Power Apps 和 Flow，是業界唯一此類解決方案。它將低程式碼、無程式碼應用程式開發、機器人流程自動化和自助式分析整合到一個綜合平台中。雪佛龍公司 Power Apps 的用戶數量在一年內從 80 個增加到 5500 個，現在已有 200 多個應用程式投入生產使用。

This quarter, we introduced AI Builder, adding AI capabilities like object recognition to any Power App. And with Power BI, we are the leader in business intelligence in the cloud with more than 25 million models hosted on the service and 12 million queries processed each hour. We are enabling our customers to digitize not only their business processes but to bridge the physical and digital worlds with our investments in Mixed Reality cloud. Spanning HoloLens 2, Azure Spatial Anchors and Dynamics 365 applications, we are seeing traction in every industry from manufacturing to retail to gaming. Airbus alone is pursuing more than 300 use cases from training to design to remote assistance. All this innovation is fueling rapid growth with more than 90% of the Fortune 500 using Dynamics 365 or Power Platform.

本季度，我們推出了 AI Builder，為任何 Power App 新增了物件辨識等 AI 功能。憑藉 Power BI，我們在雲端商業智慧領域處於領先地位，該服務託管了超過 2500 萬個模型，每小時處理 1200 萬個查詢。我們透過對混合實境雲的投資，不僅幫助客戶實現業務流程的數位化，而且還幫助客戶連接物理世界和數位世界。從 HoloLens 2、Azure Spatial Anchors 到 Dynamics 365 應用，我們看到各個行業，從製造業到零售業再到遊戲業，都獲得了市場認可。光是空中巴士一家公司就正在研究超過 300 個應用案例，涵蓋培訓、設計、遠端協助等領域。所有這些創新都在推動快速成長，財富 500 強企業中有超過 90% 的企業都在使用 Dynamics 365 或 Power Platform。

Now to LinkedIn. People are an organization's most valuable asset. Our strong talent portfolio from Talent Solutions and Talent Insights to employee engagement with Glint to LinkedIn Learning enables every organization to attract, retain and develop the best talent in an increasingly competitive jobs market. New capabilities help job seekers find and land more relevant and higher-paying jobs through alerts, deeper insights and the new suite of interview prep tools, contributing to another quarter of record job postings.

現在轉到領英。人才是組織最寶貴的資產。我們強大的人才組合，從人才解決方案和人才洞察到透過 Glint 提升員工敬業度，再到 LinkedIn Learning，使每個組織都能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。新功能透過提醒、更深入的洞察和一套新的面試準備工具，幫助求職者找到並獲得更相關、更高薪的工作，從而促成​​了另一個季度創紀錄的職位發布量。

Marketing solutions is now our fastest-growing business with new brand and community-building tools that make it easier for marketeers to connect with LinkedIn's 645 million members. And we are enabling every business to drive a culture of relationship selling and take full advantage of their social networks with the combination of Dynamics 365 and LinkedIn Sales Navigator. All this innovation contributed to another record year for LinkedIn driven by all-time high engagements across the platform.

行銷解決方案現在是我們成長最快的業務，新的品牌和社群建立工具使行銷人員更容易與 LinkedIn 的 6.45 億會員建立聯繫。我們正在幫助每個企業透過 Dynamics 365 和 LinkedIn Sales Navigator 的結合，推動建立關係銷售文化並充分利用其社交網絡。所有這些創新都促成了LinkedIn又一個創紀錄的年份，平台互動量也達到了歷史新高。

Now turning to Microsoft 365. Microsoft 365 is the world's productivity cloud. It empowers everyone, including the 2 billion first-line workers around the world with an integrated, secure AI-infused experience on any device. It's the only comprehensive productivity and collaboration communication solution that integrates with an organization's critical business process workflows.

現在轉向 Microsoft 365。Microsoft 365 是全球領先的生產力雲端平台。它讓包括全球 20 億一線工作人員在內的所有人，都能在任何設備上獲得整合、安全且融入人工智慧的體驗。它是唯一一款能夠與組織的關鍵業務流程工作流程整合的綜合性生產力和協作溝通解決方案。

Multinationals from L'Oréal and Walgreens Boots Alliance to the largest chemical producer in the world, BASF, all chose Microsoft 365 this year. And over the last 2 quarters, our premium offerings gained momentum with S&P Global, CenturyLink and KPMG all selecting Microsoft 365 E5. Microsoft Teams has had a breakout year. Teams now has more than 13 million daily active users and 19 million weekly active users. It brings together everything a team needs, chat, voice, meetings, collaboration with the power of Office apps and the business process workflow into a single integrated user experience, scaffolding, eliminating the need for discrete apps that only increase an organization's security and compliance exposure.

從歐萊雅和沃博聯到全球最大的化學生產商巴斯夫，許多跨國公司今年都選擇了 Microsoft 365。在過去的兩個季度裡，我們的高級產品獲得了發展動力，標普全球、CenturyLink 和畢馬威都選擇了 Microsoft 365 E5。微軟 Teams 今年取得了突破性進展。Teams 目前擁有超過 1,300 萬日活躍用戶和 1,900 萬週活躍用戶。它將團隊所需的一切（聊天、語音、會議、協作）與 Office 應用的強大功能以及業務流程工作流程整合到單一的整合用戶體驗和框架中，從而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。

And we are broadening our opportunity, bringing Teams to new under-penetrated markets, including health care, hospitality and retail as well as first-line workers. We are empowering them with mobile tools in Teams like shift scheduling and priority notifications.

我們正在擴大機會，將 Teams 帶入新的、滲透率較低的市場，包括醫療保健、酒店和零售業以及第一線工作人員。我們正在透過 Teams 中的行動工具（例如輪班安排和優先級通知）來增強他們的能力。

And we are infusing AI across Microsoft 365 to enable new automation, prediction, translation and insight capabilities. Meetings are now more inclusive in Teams. Presentations are more accessible in PowerPoint. Videos, more searchable in stream; and e-mails, more relevant in Outlook. And with Workplace Analytics and Microsoft Search, we take our relationship schedules and activities and distill insights and knowledge to help people work smarter, not longer.

我們正在將人工智慧融入 Microsoft 365 中，以實現新的自動化、預測、翻譯和洞察功能。Teams 中的會議現在更具包容性。PowerPoint簡報更容易存取。影片在資訊流中更易於搜尋；電子郵件在 Outlook 中更具相關性。借助 Workplace Analytics 和 Microsoft Search，我們可以收集人際關係、日程安排和活動信息，提煉出洞察和知識，幫助人們更有效率地工作，而不是延長工作時間。

We are investing in cybersecurity to protect customers in today's zero trust environment. Microsoft is the only company that offers end-to-end security, spanning identity, device endpoints, information, cloud application as well as infrastructure. It starts with Azure Active Directory and builds with 3 new services we introduced this year: Microsoft Threat Protection, Azure Sentinel and Azure Confidential Computing. We expanded our family of category-creating Surface devices this year, including the new Surface Go and Surface Hub 2S. And Windows 10 is active on more than 800 million devices with accelerating adoption in the enterprise as the most secure and productive operating system.

我們正在加大對網路安全的投入，以在當今的零信任環境下保護客戶。微軟是唯一一家提供端到端安全保障的公司，其安全範圍涵蓋身分​​、設備終端、資訊、雲端應用程式以及基礎架構。它以 Azure Active Directory 為基礎，並結合了我們今年推出的 3 項新服務：Microsoft Threat Protection、Azure Sentinel 和 Azure Confidential Computing。今年，我們擴充了 Surface 裝置系列，推出了全新的 Surface Go 和 Surface Hub 2S。Windows 10 目前已在超過 8 億台裝置上運行，並且作為最安全、最高效的作業系統，在企業中的普及速度也在不斷加快。

Finally, gaming. We're investing to empower the world's 2 billion gamers to play the games they want with anyone, anywhere on any device with our new game streaming service, Project xCloud, which will enter public trials this fall, Xbox Live monthly active users increased to a record 65 million with the highest number of mobile and PC users to date. We are bringing one of the world's most popular video games to a new generation of mobile gamers with Minecraft Earth and Mixed Reality. And we nearly doubled our first-party game studios this year to deliver differentiated content for our fast-growing subscription services like Xbox Game Pass now available on both console and PC.

最後，說說遊戲。我們正在投資，旨在讓全球 20 億遊戲玩家能夠透過我們全新的遊戲串流服務 Project xCloud，隨時隨地在任何裝置上與任何人暢玩他們想玩的遊戲。該服務將於今年秋季進入公開測試階段。 Xbox Live 月活躍用戶數增至創紀錄的 6,500 萬，行動和 PC 用戶數也達到迄今的最高水準。我們將透過 Minecraft Earth 和混合實境技術，把世界上最受歡迎的電玩遊戲之一帶給新一代行動遊戲玩家。今年，我們的第一方遊戲工作室數量幾乎翻了一番，以便為我們快速增長的訂閱服務（如 Xbox Game Pass，現已在主機和 PC 上推出）提供差異化的內容。

In closing, I'm optimistic of what's ahead. We are accelerating our innovation to deliver differentiated value to customers across the cloud and the edge from GitHub to Azure to Dynamics 365 to Microsoft 365 as well as Xbox Game Pass. We're investing in the right secular trends to expand our opportunity, and we are working to earn our customers' trust every day.

最後，我對未來充滿樂觀。我們正在加速創新，以期從 GitHub 到 Azure 到 Dynamics 365 到 Microsoft 365 以及 Xbox Game Pass，在雲端和邊緣為客戶提供差異化價值。我們正在投資正確的長期發展趨勢以擴大我們的機遇，並且我們每天都在努力贏得客戶的信任。

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

接下來，我將把發言權交給艾米，她將詳細介紹我們的財務表現並分享我們的展望。之後我期待與您再次交流，回答您的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，薩蒂亞，大家下午好。

Our fourth quarter revenue was $33.7 billion, up 12% and 14% in constant currency. Gross margin dollars increased 15% and 17% in constant currency. Operating income increased 20% and 24% in constant currency. This quarter, we transferred intangible properties from our foreign subsidiaries to the United States and Ireland which resulted in a net tax benefit of $2.6 billion. When adjusting for this and the net benefit related to the Tax Cuts and Jobs Act from the fourth quarter of FY '18, earnings per share was $1.37, increasing 21% and 24% in constant currency.

我們第四季營收為 337 億美元，年增 12%，以固定匯率計算成長 14%。以固定匯率計算，毛利成長了 15% 和 17%。以固定匯率計算，營業收入成長了20%和24%。本季度，我們將海外子公司的無形資產轉移到美國和愛爾蘭，從而獲得了 26 億美元的淨稅收優惠。考慮到 2018 財年第四季《減稅與就業法案》帶來的淨收益，每股收益為 1.37 美元，以固定匯率計算分別成長了 21% 和 24%。

In our largest quarter of the year, our sales teams and partners delivered exceptional commercial results, which drove another quarter of double-digit top and bottom line growth. From a geographic perspective, we saw broad-based strength across markets of all sizes. Customer commitment to our cloud platform continues to grow. In FY '19, we closed a record number of multi-million-dollar commercial cloud agreements with material growth in the number of $10 million-plus Azure agreements.

在一年中最重要的季度，我們的銷售團隊和合作夥伴取得了卓越的商業業績，推動公司營收和利潤連續第二季實現兩位數成長。從地域角度來看，我們看到各種規模的市場都呈現出普遍強勁的成長動能。客戶對我們雲端平台的忠誠度持續成長。在 2019 財年，我們簽訂了創紀錄數量的數百萬美元商業雲端協議，其中 1,000 萬美元以上的 Azure 協議數量實現了顯著增長。

Commercial bookings growth was significantly ahead of expectations, increasing 22% and 25% in constant currency, driven by strong renewal execution and an increase in the number of larger long-term Azure contracts. As a result, our contracted-not-recognized revenue was $91 billion, up 25% year-over-year, reflecting our continued momentum and growing long-term customer commitment.

商業預訂成長顯著超出預期，以固定匯率計算增長了 22% 和 25%，這主要得益於強勁的續約執行情況以及大型長期 Azure 合約數量的增加。因此，我們已簽訂合約但尚未確認的收入為 910 億美元，年增 25%，這反映了我們持續的成長勢頭和不斷增長的長期客戶承諾。

We expect to recognize approximately 50% of this revenue in the next 12 months. Even with the higher mix of larger long-term Azure contracts with low upfront billings, commercial unearned revenue was in line with expectations at $34.1 billion, up 13% and 16% in constant currency. And this quarter, our annuity mix was again 90%.

我們預計在未來 12 個月內確認約 50% 的收入。即使 Azure 長期大合約的比例較高，且預付款較低，商業未實現收入仍符合預期，達到 341 億美元，以固定匯率計算成長 13% 和 16%。本季度，我們的年金組合再次達到 90%。

Commercial cloud revenue was $11 billion, growing 39% and 42% in constant currency. Commercial cloud gross margin percentage increased 6 points year-over-year to 65%, driven again by significant improvement in Azure gross margin.

商業雲端收入達 110 億美元，以固定匯率計算成長 39% 和 42%。商業雲毛利率年增 6 個百分點至 65%，這再次得益於 Azure 毛利率的顯著提高。

The company gross margin percentage was 69%, up 2 points year-over-year and ahead of our expectations, driven by sales mix to commercial licensing and OEM. In line with expectations, foreign exchange reduced revenue growth by 2 points and COGS and operating expenses growth by 1 point. Operating expenses grew slightly ahead of expectations, increasing 9% and 10% in constant currency, driven by continued investment in cloud and AI engineering, LinkedIn and GitHub. Operating margins expanded again this quarter as a result of strong revenue growth, improving gross margin and disciplined decisions we've made over the past 5 years to invest in strategic and high-growth areas.

該公司毛利率為 69%，年成長 2 個百分點，超出預期，這主要得益於銷售組合向商業許可和 OEM 的轉變。如預期，外匯波動導致營收成長下降 2 個百分點，銷售成本和營運費用成長下降 1 個百分點。營運支出略高於預期，以固定匯率運算成長了 9% 和 10%，主要原因是持續投資於雲端運算和人工智慧工程、LinkedIn 和 GitHub。由於強勁的收入成長、毛利率的提高以及過去 5 年來我們對策略性和高成長領域進行投資的審慎決策，本季營業利潤率再次擴大。

Now to our segment results. Revenue from Productivity and Business Processes was $11 billion, increasing 14% and 17% in constant currency, ahead of expectations, driven by both our cloud and on-premises businesses. Office commercial revenue grew 14% and 16% in constant currency, including roughly 4 points from a greater mix of contracts with higher in-period recognition that benefited both our cloud and on-premises business.

現在來看我們各部分的業績結果。生產力和業務流程收入達 110 億美元，以固定匯率計算分別成長 14% 和 17%，超出預期，這主要得益於我們的雲端業務和本地部署業務的成長。辦公室商業收入以固定匯率計算增長了 14% 和 16%，其中約 4 個百分點來自合約組合中更高的當期確認收入，這使我們的雲端業務和本地業務都受益。

Office 365 Commercial revenue grew 31% and 34% 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 23% on a prior year comparable that included the strong performance of our Microsoft 365 academic offers. Office consumer revenue grew 6% and 8% in constant currency with 4 points of growth from transactional sales in Japan. Office 365 Consumer subscriptions grew to 34.8 million.

Office 365 商業收入以固定匯率計算成長了 31% 和 34%，這主要得益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 產品所帶來的 ARPU 成長。Office 365 商業席位比去年同期成長了 23%，這也包含了我們 Microsoft 365 學術產品的強勁表現。以固定匯率計算，辦公室消費收入成長了 6% 和 8%，其中日本的交易銷售額成長了 4 個百分點。Office 365 消費者訂閱用戶成長至 3,480 萬。

Our Dynamics business grew 12% and 15% in constant currency, driven by Dynamics 365 growth of 45% and 48% in constant currency. LinkedIn revenue increased 25% and 28% in constant currency with continued strength across all businesses, highlighted by marketing solutions growth of 42%. LinkedIn sessions grew 22% with record levels of engagement and job postings again this quarter.

我們的 Dynamics 業務以固定匯率計算成長了 12% 和 15%，這主要得益於 Dynamics 365 按固定匯率計算成長了 45% 和 48%。LinkedIn 的營收以固定匯率計算成長了 25% 和 28%，所有業務均保持強勁成長，其中行銷解決方案的成長尤為突出，達到 42%。本季 LinkedIn 會話數成長了 22%，互動量和職缺發布量再次創下歷史新高。

Segment gross margin dollars increased 16% and 20% 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 8% or 9% in constant currency, driven by continued investment in LinkedIn and cloud engineering. Operating income increased 25% and 31% in constant currency.

以固定匯率計算，各業務部門毛利分別成長了 16% 和 20%，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。受對 LinkedIn 和雲端工程的持續投資推動，營運費用以固定匯率計算增長了 8% 或 9%。以固定匯率計算，營業收入成長了25%和31%。

Next, the Intelligent Cloud segment. Revenue was $11.4 billion, increasing 19% and 21% in constant currency. Our on-premises server business drove our better-than-expected performance. Continued customer demand for our differentiated hybrid solutions drove strong server product and cloud services revenue growth, increasing 22% and 24% in constant currency on a significant revenue base.

接下來是智慧雲部分。營收達 114 億美元，以固定匯率計算成長 19% 及 21%。我們的本地伺服器業務推動了我們超出預期的業績。客戶對我們差異化混合解決方案的持續需求推動了伺服器產品和雲端服務收入的強勁成長，在龐大的收入基數下，以固定匯率計算分別成長了 22% 和 24%。

Azure revenue increased 64% and 68% in constant currency with another quarter of strong growth in our consumption-based business and continued moderation in our per-user business. And our on-premises server business grew 5% and 7% in constant currency with roughly 4 points from stronger-than-expected demand ahead of the end of support for SQL Windows Server 2008 as well as continued strength across hybrid offerings, premium version and GitHub.

Azure 營收以固定匯率計算成長了 64% 和 68%，其中以消費付費業務連續第二季實現強勁成長，而按用戶付費業務則持續保持溫和成長。我們的本地伺服器業務以固定匯率計算增長了 5% 和 7%，其中約 4 個百分點來自 SQL Windows Server 2008 停止支援前超出預期的需求，以及混合產品、高級版本和 GitHub 的持續強勁增長。

Enterprise Services revenue increased 4% and 6% in constant currency, driven by growth in Premier Support Services. Segment gross margin dollars increased 19% and 21% in constant currency. Gross margin percentage was flat year-over-year as another quarter of material improvement in Azure gross margin offset the growing mix of Azure IaaS and PaaS revenue.

企業服務收入以固定匯率計算成長了 4% 和 6%，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 19% 和 21%。由於 Azure 毛利率連續第二季大幅改善，抵銷了 Azure IaaS 和 PaaS 營收佔比不斷增長的影響，毛利率與去年同期持平。

Operating expenses increased 23% and 24% in constant currency driven by ongoing investments in cloud and AI engineering and GitHub as well as revenue-driven expenses given the strength of the quarter. Operating income increased 15% and 19% in constant currency.

由於本季業績強勁，持續投資於雲端運算和人工智慧工程以及 GitHub，加上收入驅動型支出，營運費用以固定匯率計算成長了 23% 和 24%。以固定匯率計算，營業收入成長了15%和19%。

Now to the More Personal Computing segment. Revenue was $11.3 billion, increasing 4% and 6% in constant currency, ahead of expectations as better-than-expected performance in Windows more than offset lower-than-expected gaming and search revenue. In Windows, OEM non-Pro revenue declined 8%, below the consumer PC market, with continued pressure in the entry level category. OEM Pro revenue grew 18%, ahead of the commercial PC market, driven by healthy Windows 10 demand, strong momentum in advance of the Windows 7 end of support and roughly 4 points of benefit from increased inventory levels due to uncertainty around tariffs. Therefore, inventory levels ended the quarter above the normal range.

接下來是「更多個人計算」部分。營收達 113 億美元，以固定匯率計算成長 4% 和 6%，超出預期，Windows 業務表現優於預期，足以抵消遊戲和搜尋業務收入低於預期的影響。在 Windows 系統中，OEM 非專業版營收下降了 8%，低於消費 PC 市場，入門級市場持續承壓。OEM 專業版營收成長 18%，高於商用 PC 市場，這主要得益於 Windows 10 的強勁需求、Windows 7 停止支援前的強勁勢頭，以及關稅不確定性導致庫存水準上升帶來的約 4 個百分點的收益。因此，本季末庫存水準高於正常範圍。

Windows commercial products and cloud services grew 13% and 16% in constant currency with strong double-digit billings growth and a higher mix of in-quarter recognition from multi-year agreements. In Surface, revenue grew 14% and 17% in constant currency driven by strength in our commercial segment, particularly in the U.S., Japan and Canada.

Windows 商業產品和雲端服務以固定匯率計算分別成長了 13% 和 16%，其中帳單收入實現了強勁的兩位數成長，並且多年協議的季度內確認收入佔比更高。在Surface業務方面，營收以固定匯率計算成長了14%和17%，這主要得益於我們商業部門的強勁表現，尤其是在美國、日本和加拿大。

Search revenue ex TAC increased 9% and 10% in constant currency, below expectations driven by lower-than-expected volume. In gaming, revenue declined 10% and 8% in constant currency, below expectations driven by lower console sales and monetization across third-party titles. Xbox software and services revenue declined 3% and 1% in constant currency, with the tough comparable from a third-party title in the prior year offsetting continued momentum in Xbox Live and Game Pass subscriber growth.

扣除TAC後的搜尋收入以固定匯率計算成長了9%和10%，低於預期，主要原因是搜尋量低於預期。遊戲業務收入以固定匯率計算下降了 10% 和 8%，低於預期，主要原因是主機銷量下降以及第三方遊戲獲利能力下降。以固定匯率計算，Xbox 軟體和服務收入分別下降了 3% 和 1%，上一年第三方遊戲的強勁表現抵消了 Xbox Live 和 Game Pass 用戶成長的持續勢頭。

Segment gross margin dollars increased 8% and 10% in constant currency, and gross margin percentage increased 2 points due to sales mix shift to our higher-margin Windows businesses. Operating expenses declined 2% and 1% in constant currency. As a result, operating income grew 18% and 22% in constant currency.

以固定匯率計算，分部毛利分別成長了 8% 和 10%，毛利率也提高了 2 個百分點，這主要得益於銷售組合轉移到利潤率更高的 Windows 業務。以固定匯率計算，營業費用下降了 2% 和 1%。因此，營業收入成長了 18%，以固定匯率計算成長了 22%。

Now back to the total company results. As expected, capital expenditures including finance leases were up sequentially to $5.3 billion driven by ongoing investment to meet demand for our cloud services. Cash paid for PP&E was $4.1 billion. Cash flow from operations increased 41% year-over-year driven by strong cloud billings and collections and roughly 8 points benefit from tax payments made in the prior year. Free cash flow was $12 billion and increased 62% year-over-year, reflecting strong operating cash flows and timing of cash payments for PP&E.

現在回到公司整體業績。正如預期的那樣，包括融資租賃在內的資本支出環比增長至 53 億美元，這主要得益於為滿足市場對我們雲端服務的需求而進行的持續投資。為固定資產支付的現金為 41 億美元。受強勁的雲端帳單和收款以及上一年繳納的稅款帶來的約 8 個百分點的收益的推動，經營活動產生的現金流同比增長 41%。自由現金流為 120 億美元，年增 62%，反映了強勁的經營現金流和固定資產現金支付的時機。

For the fiscal year, we generated over $52 billion in operating cash flow and $38 billion in free cash flow driven by improving margins and operating leverage across our businesses as well as operating improvements to better optimize cash flow.

在本財年，我們透過提高各業務的利潤率和營運槓桿以及改進營運以更好地優化現金流，實現了超過 520 億美元的營運現金流和 380 億美元的自由現金流。

Other income was $191 million, higher than anticipated due to recording of mark-to-market gains. As a reminder, under the recently adopted accounting standards for financial investment, we're required to recognize unrealized gains and losses on our equity portfolio. As a result, we expect increased quarterly volatility in other income and expense. Our non-GAAP effective tax rate came in slightly lower than anticipated at 16%. And finally, this quarter, we returned $7.7 billion to shareholders through share repurchases and dividends, an increase of 45%, bringing our total cash return to shareholders to over $30 billion for the full fiscal year.

其他收入為 1.91 億美元，高於預期，原因是提列了按市值計價的收益。再次提醒，根據最近通過的金融投資會計準則，我們需要確認權益投資組合的未實現收益和損失。因此，我們預計其他收入和支出的季度波動性將增加。我們的非GAAP實際稅率略低於預期，為16%。最後，本季我們透過股票回購和分紅向股東返還了 77 億美元，成長了 45%，使我們整個財年向股東返還的現金總額超過 300 億美元。

Now let's move to the outlook, starting with Q1 where we expect another strong commercial quarter. Assuming current rates remain stable, we expect FX to decrease total company, Productivity and Business Processes and Intelligent Cloud revenue growth by approximately 2 points and More Personal Computing revenue and total company COGS and operating expenses growth by approximately 1 point. In our commercial business, we expect continued customer demand to drive commercial unearned revenue up 11% to 12% year-over-year with volatility based on contract type. Commercial cloud gross margin percentage will be up slightly on a sequential basis, and we expect capital expenditures to be roughly line in with Q4 as we continue to invest to meet growing demand for our cloud services.

現在讓我們來看看前景，首先是第一季度，我們預計該季度商業表現將再次強勁。假設當前匯率保持穩定，我們預期外匯將使公司總收入、生產力和業務流程以及智慧雲端收入成長下降約 2 個百分點，使更多個人運算收入以及公司總銷售成本和營運費用成長下降約 1 個百分點。在我們的商業業務中，我們預計持續的客戶需求將推動商業未實現營收年增 11% 至 12%，但波動性會根據合約類型而有所不同。商業雲毛利率將環比略有上升，我們預計資本支出將與第四季度大致持平，因為我們將繼續投資以滿足不斷增長的雲端服務需求。

Now to segment guidance. In Productivity and Business Processes, we expect revenue between $10.7 billion and $10.9 billion driven by double-digit growth in Office Commercial, Dynamics and LinkedIn. In Intelligent Cloud, we expect revenue between $10.3 billion and $10.5 billion. In Azure, revenue growth will continue to reflect the balance of strong growth in our consumption-based business and moderating growth in our per-user business. Our on-premises server business will be driven by demand for our hybrid solutions and premium offerings as well as the continued benefit from the end of support for SQL Server and Windows Server 2008.

現在開始細分指導。在生產力和業務流程方面，我們預計營收將在 107 億美元至 109 億美元之間，這主要得益於 Office Commercial、Dynamics 和 LinkedIn 的兩位數成長。在智慧雲端領域，我們預計營收將在 103 億美元至 105 億美元之間。在 Azure 中，營收成長將繼續反映按消費付費業務的強勁成長與按用戶付費業務的溫和成長之間的平衡。我們的本地伺服器業務將受到市場對我們混合解決方案和進階產品的需求以及SQL Server和Windows Server 2008停止支援帶來的持續效益的推動。

In More Personal Computing, we expect revenue between $10.7 billion and $11 billion. In Windows, overall OEM revenue growth should be slightly ahead of the PC market driven by healthy commercial demand. Surface revenue will decline slightly year-over-year driven by product life cycle transition. Search ex TAC revenue growth should be roughly in line with Q4. And in gaming, we expect revenue to decline year-over-year at a similar rate to Q4 as we move through the end of this console generation and a challenging Xbox software and service comparable from a third-party title in the prior year.

在「更多個人計算」領域，我們預計收入將在 107 億美元至 110 億美元之間。在 Windows 系統中，受強勁的商業需求驅動，OEM 整體營收成長應該會略高於 PC 市場。受產品生命週期轉型的影響，地面收入將較去年同期略有下降。搜尋業務（不含TAC）的營收成長應該與第四季大致持平。在遊戲方面，我們預計營收將年減，與第四季類似，因為本世代主機即將結束，Xbox 軟體和服務將面臨挑戰，與去年的第三方遊戲相比，其表現將更加出色。

Now back to overall company guidance. We expect COGS of $10.55 billion to $10.75 billion and operating expenses of $10.1 billion to $10.2 billion. In other income and expense, interest income and expenses should offset each other. Next, we expect our Q1 effective tax rate to be slightly lower than our full year expected tax rate of 17% due to the volume of equity vests that take place during our first quarter.

現在回到公司整體業績指引。我們預計銷售成本為 105.5 億美元至 107.5 億美元，營運費用為 101 億美元至 102 億美元。在其他收入和支出中，利息收入和支出應該相互抵消。其次，由於第一季股權歸屬量較大，我們預期第一季的實際稅率將略低於全年預期稅率 17%。

And finally, as a reminder on Q1 cash flow, we will be making a $4.7 billion tax payment related to TCJA transition tax and the Q4 transfer of intangible property.

最後，提醒一下關於第一季現金流的情況，我們將支付 47 億美元的稅款，這筆稅款與 TCJA 過渡稅和第四季無形資產轉移有關。

Now I'd like to share some comments on FY '20. First, FX. Assuming that current rates remain stable, we expect FX to reduce full year revenue and COGS growth by 1 point. FX should have no impact on operating expense growth. Next, revenue. At the company level, we continue to expect double-digit revenue growth with another year of strong performance and continued momentum in our commercial business. As a reminder, our commercial, licensing and OEM Pro businesses in the second half of the year will be impacted by a comparable that benefited from the end of support of SQL Server 2008, Windows Server 2008 and Windows 7 as well as transactional strength in Japan.

現在我想分享一些關於2020財年的看法。首先是FX。假設當前匯率保持穩定，我們預期外匯波動將使全年收入和銷售成本成長減少 1 個百分點。匯率波動不會對營運費用成長產生影響。接下來是收入。公司層面，我們預計營收將繼續實現兩位數成長，商業業務也將保持強勁的業績和持續的成長動能。提醒各位，由於 SQL Server 2008、Windows Server 2008 和 Windows 7 停止支援以及日本市場的交易實力增強，我們下半年的商業、授權和 OEM 專業業務將受到可比公司業績的影響。

We expect revenue in our gaming business to be down slightly year-over-year as double-digit growth in Xbox software and services will be offset by declining console sales. We do expect a stronger H2 than H1 in gaming as we work through a third-party titles comparison. And as a reminder, an increasing number of large long-term Azure contracts will drive more quarterly volatility in our commercial bookings and unearned revenue growth.

我們預計遊戲業務的收入將同比略有下降，因為 Xbox 軟體和服務兩位數的成長將被遊戲機銷售的下降所抵消。我們預計下半年遊戲市場表現將強於上半年，因為我們正在進行第三方遊戲比較測試。再次提醒大家，越來越多的 Azure 大型長期合約將導致我們的商業預訂和未實現營收成長更大的季度波動。

Next, commercial cloud gross margin. Revenue mix will continue to shift to our Azure consumption-based services. Even with this headwind, we expect commercial cloud gross margin percentage to be up slightly as we again drive meaningful improvement in Azure gross margin. Capital expenditures will increase to meet the growing demand for our cloud services.

接下來是商業雲毛利率。收入結構將繼續轉向 Azure 按消費量付費服務。即使面臨這種不利因素，我們預計商業雲毛利率百分比仍將略有上升，因為我們將再次推動 Azure 毛利率的顯著提高。為滿足日益增長的雲端服務需求，資本支出將會增加。

Finally, on operating expenses. We will continue to invest, given our strong execution, our growing competitive position and our significant ambition in high-growth areas. Investment in areas like cloud through AI and GitHub, business applications through Dynamics, Power Platform and LinkedIn, Microsoft 365 through Teams, Security and Surface as well as gaming, should result in operating expense growth of 11% to 12%. Even with these strategic investments, the continued shift to our cloud business and our very strong finish to FY '19, we expect double-digit operating income growth as well as stable operating margins. We are looking forward to FY '20.

最後，關於營運費用。鑑於我們強大的執行力、不斷增強的競爭地位以及在高成長領域的巨大雄心，我們將繼續投資。透過人工智慧和 GitHub 等雲端技術、透過 Dynamics、Power Platform 和 LinkedIn 等商業應用、透過 Teams、安全性和 Surface 等 Microsoft 365 以及遊戲等領域的投資，應該會導致營運費用增加 11% 至 12%。即使進行了這些策略性投資，並持續向雲端業務轉型，以及在 2019 財年取得了非常強勁的收官成績，我們仍預計營業收入將實現兩位數增長，同時營業利潤率也將保持穩定。我們期待2020財年的到來。

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 Instructions) Operator, can you please repeat your instructions?

謝謝你，艾米。接下來進入問答環節。（操作員指令）操作員，請您重複您的指示好嗎？

(Operator Instructions) Our first question comes from the line of Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

And very nice end to a really strong FY '19. I wanted to focus on the Office 365. If I'm looking at this right, I think you guys saw acceleration in the Office 365 Commercial business. And the kind of recipe to get in there seemed to have changed a little bit in that it's more sort of positive pricing versus just the seat growth. Is there a changing dynamic in kind of what's pushing growth there? Because we had seen the F1 SKU and the frontline workers bringing down the price point a little bit. It looks like the pricing actually improved this quarter. How should we think about sort of the dynamics and what's going to be driving growth for Office 365 into FY '20 and beyond?

2019財年以非常漂亮的收尾完美落幕。我想重點介紹 Office 365。如果我理解沒錯，我認為你們已經看到了 Office 365 商業業務的加速成長。進入這個領域的策略似乎也略有改變，更多的是積極的定價策略，而不僅僅是座位數量的增長。推動該地區成長的因素是否正在改變？因為我們看到了 F1 SKU 和一線工作人員將價格稍微降低了一些。看來本季的定價確實有所改善。我們該如何看待 Office 365 在 2020 財年及以後的發展動態和成長驅動因素？

Thanks, Keith. Let me walk through a little bit of this because there are some new behaviors that I think are important this quarter. But the fundamentals that you talked about are relatively unchanged. We continue to see and saw again installed base growth across all of our customer segments from the enterprise to small business. That's happening not just because of frontline workers but also continued expansion and continued movement in every segment where we see the opportunity to increase the installed base.

謝謝你，基斯。讓我簡單介紹一下，因為我認為本季有一些新的行為非常重要。但你提到的那些基本面基本上都沒有改變。我們持續看到並再次看到，從企業客戶到小型企業，我們所有客戶群的裝機量都在成長。這不僅是因為第一線員工的努力，也是因為我們看到了各個細分市場的持續擴張和發展，在這些領域，我們看到了增加用戶基礎的機會。

We did see ARPU growth this quarter. It wasn't as much different from past quarters. We continue to see improvement from E3 and E5 transition, saw both again. And I think we were quite encouraged by E5 performance particularly in Q4 as we ended the quarter, which was great to see. What you saw a little bit, and I referred to it, was some more in-quarter recognition, but let me talk about why that's happening because it's got 2 important and positive trends that underlie it.

本季我們確實看到了ARPU值的成長。與前幾季相比，並沒有太大不同。我們持續看到 E3 和 E5 過渡階段的改進，再次看到了兩者的改進。我認為我們對 E5 在第四季的表現，尤其是第四季末的表現，感到非常鼓舞，這真是個好消息。你們剛才稍微看到了一點，我也提到了，是季度內的一些認可，但讓我談談為什麼會發生這種情況，因為它背後有兩個重要且積極的趨勢。

The first thing is we're seeing longer commitments. When you say longer commitments under 606, you often have more recognition upfront. And so we saw longer commitments and we got a little bit more recognition in the quarter, and so you saw then revenue grow a little faster. The other thing that we saw is increasing focus. As we were having more conversations across organizations around Azure and rethinking their digital transformation plans with us, it opens up a very large conversation around the value Microsoft 365 can bring as people go through and think about those transitions.

首先，我們看到的是更長的合約期限。如果你說的是606條款下的長期承諾，你通常會在前期獲得更多認可。因此，我們看到了更長期的承諾，並且在本季度獲得了更多認可，因此你會看到收入成長得更快一些。我們也觀察到另一個現象，那就是專注度提高了。隨著我們與各組織就 Azure 進行更多對話，並與他們重新思考數位轉型計劃，這引發了一場關於 Microsoft 365 能為人們帶來價值的廣泛討論，因為人們正在經歷並思考這些轉型。

And so the fact that we -- then we're often seeing extensions take place of prior commitments on Office 365 to again be longer and include the Azure contracts. When that happens, it's almost like they're adding new product and new value and a lot of that gets recognized faster in-quarter when you see that happen. And so when you have a dynamic where you're seeing longer contracts plus you're able to sell more and new things and I think different conversations around Microsoft 365, it was a good execution by the team and I think a recognition of the value that we continue to put into that what we believe is our hero experience.

因此，我們經常看到 Office 365 的延期取代了先前的承諾，延期時間更長，並且還包括 Azure 合約。當這種情況發生時，就好像他們增加了新產品和新價值，而當你看到這種情況發生時，很多東西都會在季度內更快地得到認可。因此，當合約期限延長，同時能夠銷售更多新產品，並且圍繞 Microsoft 365 展開不同討論時，團隊的執行力很強，我認為這體現了對我們持續投入的價值的認可，我們相信，這正是我們打造的卓越體驗。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

And congratulations not only on the great end to the year but confidence into next quarter and next year in terms of growth, investment, et cetera. We met recently at E3 with your gaming team and heard a lot about the steps that were being taken. Satya, can you give us more color explanation on how you see the gaming business fitting into the overall company's direction over the next few years? Specifically, how does gaming change? How does the synergy between gaming and the rest of the business change? How should we think about that overall mix and that whole morph that's going to occur?

不僅祝賀你們為這一年畫上了圓滿的句號，也祝賀你們對下一季和明年在成長、投資等方面充滿信心。我們最近在 E3 遊戲展上與你們的遊戲團隊進行了會面，並了解了很多關於你們正在採取的措施。Satya，你能否更詳細地解釋一下，你認為遊戲業務在未來幾年將如何融入公司的整體發展方向？具體來說，遊戲發生了哪些變化？遊戲業務與其他業務之間的綜效會發生怎樣的變化？我們應該如何看待這種整體混合以及即將發生的整個演變過程？

Sure. First, I would say we are in gaming because of what we believe are going to be the secular changes in the gaming addressable market for us. We've always had a gaming position with console as well as the PC. But going forward, we think that any endpoint can in fact be a great endpoint for high-end games, which is where our structural position is. And we now have a business model with Game Pass as well as all the supporting mechanisms for Game Pass like game streaming. We have a social network in Xbox Live that is the best in the business. So I feel we are well positioned to what is going to be a much larger market than what was traditionally gaming in spite of all the success we've had over the years in gaming.

當然。首先，我認為我們之所以進入遊戲產業，是因為我們相信遊戲市場將會發生長期變化，而這正是我們所關注的。我們一直以來都對遊戲主機和PC平台都有業務。但展望未來，我們認為任何終點實際上都可以成為高階遊戲的絕佳終點，而這正是我們的結構性定位所在。現在，我們已經有了 Game Pass 的商業模式，以及 Game Pass 的所有配套機制，例如遊戲串流。Xbox Live 擁有業界最好的社群網路。因此，我認為我們已經做好了充分準備，迎接一個比傳統遊戲市場大得多的市場，儘管多年來我們在遊戲領域取得了巨大的成功。

Now the second point is that it builds on the rest of the cloud investment. So if you think about what we are doing with xCloud, it's a hero workload on top of Azure. So when we think about capital allocation, what's happening in the cloud, what's happening in the edge, how we build the network to optimize the streaming, the same infrastructure, for example, is what Sony has decided to use as well and be on Azure as well as use our AI capabilities. So you'll see significant synergies in terms of the architectural platform underneath gaming, Microsoft 365, Dynamics 365, LinkedIn all being the same.

第二點是，它是在其他雲端投資的基礎上建構的。所以，如果你想想我們正在用 xCloud 做什麼，它就是在 Azure 之上建構的核心工作負載。所以當我們考慮資本配置時，會考慮雲端正在發生什麼，邊緣正在發生什麼，以及我們如何建立網路來優化串流媒體播放。例如，索尼也決定使用相同的基礎設施，在 Azure 上部署，並利用我們的人工智慧能力。因此，你會發現遊戲、Microsoft 365、Dynamics 365 和 LinkedIn 等底層架構平台之間有顯著的協同效應，因為它們都是相同的。

Our next question comes from the line of Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

I had a couple of questions for Amy. Just thinking through with the Azure mix becoming an ever bigger portion of IC revenue and when you factor in continued gross margin expansion that you continue to show in Azure, how should we think about the gross margin potential of IC overall? And I guess I also wanted to ask about the build-out of data centers related to the cloud build-out. How do we think about your points of presence today from a coverage perspective, if you will, versus the regional -- the revenue pockets that you're targeting over the next few years?

我有幾個問題想問艾米。仔細想想，Azure 業務在 IC 收入中所佔的比例越來越大，而且 Azure 業務的毛利率也持續成長，我們該如何看待 IC 整體的毛利率潛力？我也想問一下與雲端運算建置相關的資料中心建置情況。從覆蓋範圍的角度來看，我們如何看待您目前的業務覆蓋點，以及您在未來幾年內瞄準的區域性收入來源點？

Great, Heather. Let me -- on gross margin, over any long-term period in Intelligent Cloud, given the expansive TAM and the growth opportunity we see, it will create gross margin pressure over the long term. Now over the next period, especially in H1, we continue to see -- expect to see very good hybrid performance and execution, which helps to offset some of that.

太好了，希瑟。讓我說——就毛利率而言，從長遠來看，考慮到智慧雲端的巨大市場規模和我們所看到的成長機會，它將在長期內對毛利率造成壓力。接下來一段時間，尤其是在上半年，我們將繼續看到——預計會看到非常好的混合性能和執行力，這有助於抵消部分不利因素。

So even as we continue to see Azure gross margin improvement at the IaaS and PaaS layer, just given the TAM and our opportunities, it will create long-term pressure on that gross margin number but of course, a lot of opportunity in terms of gross margin dollar growth and of course, operating margin dollar growth as we move forward.

因此，即使我們繼續看到 Azure 在 IaaS 和 PaaS 層面的毛利率有所改善，但考慮到 TAM 和我們的機會，這將對毛利率數字造成長期壓力，但當然，隨著我們不斷前進，毛利率美元增長和營業利潤美元增長方面也存在很多機會。

When it comes to our build-out, Heather, I tend to think it's 2 components. The majority of our capital expenditures is actually in server equipment, it's new capacity. It's not necessarily in the overall geo footprint build-out. We'll, of course, continue to do that where it makes sense and where opportunity presents itself. And we do a very good job in terms of supply chain and being able to be able to get those up and running quite quickly. But the majority of the investment today is continuing to build capacity inside existing incredibly large data centers.

希瑟，就我們的建設而言，我傾向於認為它由兩個部分組成。我們的大部分資本支出其實都是用於伺服器設備，也就是新增容量。這不一定屬於整體地理佈局建設的範疇。當然，在合理且有機會的情況下，我們會繼續這樣做。我們在供應鏈方面做得非常好，能夠很快地讓供應鏈運作起來。但如今大部分投資都用於持續擴大現有規模龐大的資料中心。

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

我們的下一個問題來自瑞銀集團的珍妮佛洛。

Satya, you mentioned the AT&T deal that was announced, I think, earlier this week. IBM also had an announcement with AT&T. Oracle has been a long-time partner with AT&T in the cloud as well. I don't want to dwell on AT&T in particular, but I do think it's interesting that a few different large-scale cloud players are around the table there. So as you see more of these very large deals out there, and Amy mentioned the increase in $10 million deals, how often are those multi-cloud deals and companies taking that sort of approach versus ones that are committing to Microsoft? And how do you navigate that landscape?

薩蒂亞，你提到了AT&T的交易，我想應該是本週早些時候宣布的。IBM 也與 AT&T 共同發布了一項公告。Oracle 也一直是 AT&T 在雲端領域的長期合作夥伴。我不想過多談論 AT&T，但我認為有趣的是，幾家不同的大型雲端服務供應商都參與了討論。因此，隨著這類大額交易越來越多，Amy 也提到了 1000 萬美元交易的增加，那麼，這些多雲交易以及採取這種策略的公司與那些致力於微軟的公司相比，發生的頻率如何呢？那麼，你該如何應對這種局面呢？

Yes. I mean I think overall, you all, I think, do a good job of tracking what is the public cloud competition and that's the competition we pay most attention to. And in this context, I think we see a mix. There are a few of us who are at scale in public cloud, who are very competitive. And anybody who decides to be multi-cloud, public cloud, those are the winners. When someone thinks of only using one cloud, we are definitely one of the names. And in the case of AT&T, we were the only public cloud in there. And so that's why we highlighted -- they highlighted us and we highlighted that in our quarterly announcement.

是的。我的意思是，我認為總的來說，你們在追蹤公有雲競爭方面做得很好，而這正是我們最關注的競爭。在這種背景下，我認為我們看到的是一種混合情況。我們當中有少數幾家公司在公有雲領域實現了規模化發展，並且極具競爭力。任何決定採用多雲或公有雲架構的人，都將成為贏家。當人們考慮只使用一個雲端服務商時，我們絕對是其中之一。就 AT&T 而言，我們是其中唯一的公有雲服務供應商。所以，這就是為什麼我們在季度公告中重點強調了這一點——他們重點強調了我們，我們也強調了這一點。

And I would say in general, what we see, especially as contracts get larger, for us, the opportunity under Tier 1 workloads for us to really see TAM growth, it's just expansive. And so Jennifer, listen, I kind of think about this as we have incredibly strong footprint inside existing enterprises today. That footprint, and you could see it in our results, customers are relying on us for not only that footprint but as they continue to expand, they sit under of a Tier 1 opportunity we haven't seen before. And so we, of course, see multi-cloud in a lot of our larger accounts, but this type of significant commitment is an opportunity, I think, you all continue to see us execute well on.

總的來說，我們看到，尤其是在合約規模越來越大的情況下，一級工作負載為我們帶來了巨大的成長機會，讓我們有機會真正看到 TAM 的成長，這真是太好了。所以詹妮弗，聽著，我的想法是，我們目前在現有企業內部擁有非常強大的影響力。從我們的業績中可以看出，客戶不僅依靠我們現有的業務規模，而且隨著他們不斷擴張，他們正處於我們以前從未見過的頂級供應商的行列。因此，我們當然在許多大客戶中看到了多雲環境，但我認為，這種重大承諾是一個機會，你們都會繼續看到我們在這方面做得很好。

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

下一個問題來自德意志銀行的卡爾‧基爾斯蒂德。

Amy, I've got a question about the Windows business. A couple of the metrics, 18% Windows OEM Pro and 16% on the volume licensing side were extraordinary. I know you called out a couple of, call it, one-time issues around inventory levels and an uptick in in-quarter revs. But I wanted to ask you 2 questions. How much of a tail do you think we have left on the Win 7 to Win 10 migration? Is it too cautious to say that there's really just 2 quarters of that tailwind left? And secondly, on the volume licensing or commercial and cloud services segment, do you think that can, in fiscal '20, contribute to your overall double-digit growth?

艾米，我有個關於Windows業務的問題。其中兩個指標非常出色，Windows OEM 專業版佔 18%，大量授權方面佔 16%。我知道你指出了一些與庫存水準和季度收入成長相關的，可以說是一次性問題。但我還有兩個問題想問你。您認為Win 7到Win 10的遷移還剩下多少時間？如果說順風只剩下四分之二，是不是太保守了？其次，關於大量授權或商業和雲端服務業務，您認為在 2020 財年，這能否為貴公司整體兩位數的成長做出貢獻？

Thanks, Karl. I don't actually combine these because really, there's a fundamental driver that sits underneath this and then we can get to the specifics of end of support. There is, I think, a recognized momentum with Windows 10, its deployment inside of enterprises for its security and management value prop.

謝謝你，卡爾。我實際上並沒有把這些結合起來，因為實際上，這背後有一個根本性的驅動因素，然後我們可以討論支持終止的具體細節。我認為，Windows 10 憑藉其安全性和管理價值主張，在企業內部部署，已經形成了公認的發展動能。

We've worked hard and I think Satya mentioned some of the new features as we continue to invest in security for all of our products, one of the places I think that often resonates the most is Windows 10 and inside that value.

我們一直在努力工作，我認為薩蒂亞提到了一些新功能，因為我們將繼續投資所有產品的安全性，我認為最能引起共鳴的地方之一是 Windows 10 及其內部的價值。

The OEM Pro number, as I talked about, was impacted by a number of factors. But what we've seen is over the past 3 or 4 quarters, pretty consistent sort of high single-digit performance once you take out various impacts from chip supply and inventory levels on the tariffs. That performance certainly has some end-of-support impact to it as we talked about before. I think in general, what we've seen in prior releases is it does extend a bit past the deadline, especially in our small and midsize business customers. And it's really important for us to continue to work hard to have the small and medium businesses find a path forward to make sure they can experience the most secure computing environment we have.

正如我之前提到的，OEM Pro 的數量受到多種因素的影響。但我們看到的是，在過去的 3 或 4 個季度裡，一旦剔除晶片供應和庫存水準以及關稅等各種影響，業績就一直保持在較高的個位數水準。正如我們之前討論過的，這種表現肯定會對支持期結束產生一定影響。我認為總的來說，我們在之前的版本中看到的是，交付時間確實會比截止日期稍晚一些，尤其是在我們的中小企業客戶中。對我們來說，繼續努力幫助中小企業找到前進的道路，確保他們能夠體驗到我們擁有的最安全的運算環境，這一點非常重要。

And so we'll see some extensions pass the line, we certainly have seen 3 or 4 quarters of that and we certainly expect H1 to remain strong. The more important part around the security and management value prop is in fact I'm going to pivot back again a little bit because it's the same thing we saw in Office. The Microsoft 365 value prop to customers, especially in the second half of the year and particularly in Q4, has 3 components. It has Office 365, it has EMS and it has this Windows 10 commercial component.

因此，我們會看到一些延期付款的訂單通過，我們已經看到了三到四個季度的延期付款，我們當然也預計上半年訂單將繼續保持強勁勢頭。關於安全性和管理價值主張，更重要的部分實際上是我要稍微轉換主題，因為這和我們在 Office 中看到的情況是一樣的。微軟 365 為客戶帶來的價值主張，尤其是在下半年和第四季度，包含 3 個組成部分。它包含 Office 365、EMS 和 Windows 10 商業元件。

The Windows 10 commercial component will look far more like our success in our motions, in overall being able to sell the Microsoft 365 value prop. It was a good quarter for that. We've seen consistent double-digit billings in this segment and it speaks to that. I expect that to continue. Although you'll have volatility because what's interesting about that specific metric is it has a little bit more 606 impact than we've felt, it's an on-prem product. And so there will be volatility in this number but the consistent theme of seeing double-digit billings that really match our strength in Office 365, I think and I do expect to continue.

Windows 10 商業元件將更像我們在行動中的成功，即能夠全面推銷 Microsoft 365 的價值主張。就這一點而言，這算是一個不錯的季度。我們已經看到該領域持續保持兩位數的營收成長，這足以說明問題。我預計這種情況還會持續下去。雖然會有波動，因為這個特定指標的有趣之處在於它比我們感受到的要大一些，但它是一個本地部署產品。因此，這個數字會有波動，但這兩位數的帳單成長這一持續趨勢，確實與我們在 Office 365 方面的優勢相符，我認為，而且我預計這一趨勢還會繼續下去。

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

我們的下一個問題來自富國銀行的菲爾溫斯洛。

And congrats on a great close to a great year. I just want to focus in on M 365 particularly, Satya, your comments on Microsoft Teams. Really kind of 2 components to this question. How do you think about the sort of why customers are adopting Teams, especially the larger ones you highlighted at the Ignite Conference? Is it the fact that it's a single app with those combined features you talked about? Or is it the broader, call it, Office experience? And then I guess a question for Amy off that, when you think about sort of the relevance of Teams on a going-forward basis to keep the migration up, E1, E3, E5 and then plus those add-ons that are associated with Teams like calling, et cetera, how critical is Teams to the long-term, call it, like price migration here at Office and M 365?

恭喜你為精彩的一年畫上了一個完美的句點。Satya，我只想特別關心 M 365，以及你對 Microsoft Teams 的看法。這個問題其實包含兩個面向。您認為客戶採用 Teams 的原因是什麼？特別是您在 Ignite 大會上重點提到的那些大型客戶。是因為它是一款集您提到的那些功能於一體的應用程式嗎？或者說，是更廣泛的辦公室體驗？然後我想問 Amy 一個相關的問題，當你考慮 Teams 在未來保持遷移（E1、E3、E5）以及與 Teams 相關的附加元件（例如通話等）的重要性時，Teams 對於 Office 和 M 365 的長期價格遷移有多重要？

Yes. So overall, I think, first, there's no question this last fiscal year has been an absolute breakout year for Teams in terms of both the product innovation and most importantly at-scale deployment and usage that we're seeing. And I think in fact, unlike any other time other than Windows, we've not had this kind of platform effect. Office has obviously had very, very successful individual products that have been deployed broadly. But each of them was a singular tool. Perhaps SharePoint was the last time we had a platform effect of this kind.

是的。所以總的來說，我認為，首先，毫無疑問，上個財年對 Teams 來說絕對是突破性的一年，無論是在產品創新方面，還是在我們所看到的規模化部署和使用方面，都取得了巨大的進步。事實上，我認為與 Windows 以外的任何其他時期都不同，我們從未經歷過這種平台效應。Office 顯然擁有一些非常非常成功的獨立產品，這些產品已被廣泛部署。但它們每一個都是獨一無二的工具。或許 SharePoint 是我們上一次遇到這種平台效應。

But Teams is -- transcends all that. It's the communications tool, it's the collaboration tool. It's the line of business tool for meetings as well as business process. And so the amount of value creation for the customer by deployment is something that we ourselves are sort of really learning a lot each deployment, whether it's on the first-line.

但 Teams 超越了這一切。它是溝通工具，也是協作工具。它是用於會議和業務流程的業務工具。因此，每次部署（無論是在一線還是其他方面）我們自己都在不斷學習，以了解部署能為客戶創造多少價值。

The other point about Teams is just not limited to knowledge workers, which has been really the only place traditionally we play. Even our licenses to the non-knowledge workers were just mostly licenses of the tools we built for knowledge workers whereas now we actually have specific value which is in fact very valuable to those first-line workers. And the thing that we realized is the businesses are in fact looking to spend more for those first-line worker productivity.

關於 Teams 的另一點是，它並不局限於知識工作者，而知識工作者一直是我們傳統上唯一使用 Teams 的人。即使是我們之前向非知識工作者提供的許可證，也大多只是我們為知識工作者開發的工具的許可證，而現在我們實際上擁有具體的價值，這對那些一線工作者來說確實非常有價值。我們意識到，企業實際上正在尋求為提高第一線員工的生產力投入更多資金。

So we are in the very early innings of it but we're pretty excited. The one other benefit, to sort of tease off of some of the comments Amy was making, is that security compliance and governance is a huge issue for enterprise customers and commercial customers at scale. And Teams in some sense helps them a lot because it builds on all the rest of the investment they have made already in Office 365. And so we see that benefit even on that front.

雖然現在還處於非常早期的階段，但我們感到非常興奮。另一個好處，可以順著艾米的一些評論說一句，就是安全合規和治理對於企業客戶和大規模商業客戶來說都是一個巨大的問題。從某種意義上說，Teams 對他們幫助很大，因為它建立在他們已經在 Office 365 上進行的所有其他投資之上。因此，我們甚至在這一方面也看到了這種益處。

And I think it's an important component of our M 365 value, but it's really not outsized. I mean we have all these components of value. That's really been the secret of what customers look and see. They see Teams that can not only change what Satya talked about but also it's about culture change in terms of employees being able to be involved and collaborate regardless of the org chart. And that is what you're going to see. When you have 500 million new applications built in the next 5 years, you're going to see, and I believe, Teams to be one of the major interfaces through which that experience and business process reinvention will happen.

我認為這是我們 M 365 價值的重要組成部分，但它真的並不重要。我的意思是，我們擁有所有這些價值要素。這就是顧客真正關注和看到的秘密。他們看到的團隊不僅可以改變薩蒂亞所說的，還能改變文化，讓員工無論組織架構如何都能參與和合作。這就是你即將看到的。未來 5 年內，當新增 5 億個應用程式時，你會看到，而且我相信，Teams 將成為實現這種體驗和業務流程重塑的主要介面之一。

Teams really span multiple categories. So I wouldn't think of it just as productivity or even just collab or meetings. That is an interface. As you see business process reinvention occur, I do think of this is the surface through which many people will experience it. And so I would ask you to expand your thinking on this one. It's not just Office or needed to be in Office. It's really about having employees fundamentally experience Microsoft in a different way day to day.

這些隊伍確實跨越了多個類別。所以我不認為它只是提高生產力，甚至不僅僅是協作或會議。這是一個接口。當你看到業務流程重塑發生時，我認為這是許多人體驗它的表面現象。因此，我希望大家能就此問題展開更深入的思考。不只是辦公室，或者說不一定要在辦公室裡。這其實是要讓員工從根本上改變他們每天體驗微軟的方式。

Yes, and I would to point to the conference we just finished and some of the demos and I think the customer demos in particular. I would say that will sort of probably give you the best feel for how people look at this in terms of the deployment characteristics.

是的，我想指出我們剛剛結束的會議以及一些演示，特別是客戶演示。我認為這或許能讓你最好地了解人們是如何看待部署特性的。

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

我們的下一個問題來自摩根大通的馬克墨菲。

Amy, you are mentioning large and long-term Azure contracts. I'm wondering as we consider this robust 25% growth in your commercial bookings this quarter, roughly how many points are coming from that -- from any tailwind of the longer-duration types of contracts? And then Satya, I wanted to ask you regarding the recent partnership with AT&T. Some media reports said it was worth over $2 billion. Wondering if there's some hyperbole there in the media. Or is this an example of how Microsoft can play in every line of a company's OpEx budgets today?

艾米，你提到的是大型的、長期的 Azure 合約。考慮到本季度貴公司商業預訂量實現了強勁的 25% 增長，我想知道其中有多少點增長來自長期合約帶來的利好因素？然後，薩蒂亞，我想問你最近與 AT&T 的合作情況。一些媒體報導稱，它的價值超過20億美元。我想知道媒體報道中是否有誇張成分。或者，這是否說明微軟如今可以參與到公司營運支出預算的各個環節？

I'll just take the second one and Amy can go. I mean I think it is a very significant deal. I'm not going to comment on any specific dollar terms. It is the largest commercial deal that we have signed of the size and we see -- we have line of sight to many more such deals.

我拿第二個，艾米可以走了。我的意思是，我認為這是一件非常重要的事。我不會對任何特定的美元匯率發表評論。這是我們簽署過的規模最大的商業協議，而且我們看到——我們有望達成更多類似的協議。

And when you think about bookings growth, I'm not sure for me, break it down to 2 pieces, which is I think about bookings, which were very good this quarter, has 2 fundamental motions. There's a motion around renewals and there's a motion around new. Both were very good this quarter and it wasn't while certainly long-term Azure contracts had a meaningful component of the new, they weren't alone in being the only component of the new. And renewals, as I mentioned earlier, we saw very good execution not just on renewals in-quarter but really healthy behavior in terms of maybe expirations that we had seen happen earlier in the year getting renewed because of the new value prop and the commitment of the sales team to make sure that we landed a really thoughtful high customer value transaction. So while the long-term large contracts will add volatility to that number, if you look at our -- seen our balance of $91 billion and see that, that also grew 25% year-over-year, you'll get a sense that it certainly wasn't alone in its impact for the year.

當你考慮預訂量成長時，我不太確定，對我來說，把它分成兩部分，我認為預訂量（本季非常好）有兩個基本趨勢。一方面是續約的動議，另一方面是新的動議。本季兩者的表現都非常出色，雖然長期 Azure 合約在新業務中佔有重要地位，但它們並不是新業務的唯一組成部分。正如我之前提到的，續約方面，我們不僅在季度內續約方面表現出色，而且在年初到期的合約也得到了很好的續約，這得益於新的價值主張和銷售團隊的承諾，確保我們達成真正經過深思熟慮的高客戶價值交易。因此，雖然長期大額合約會增加該數字的波動性，但如果你看看我們——看看我們910億美元的餘額，並且看到它也同比增長了25%，你就會明白，它對這一年的影響肯定不止於此。

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

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

And congrats for me as well. I wanted to zone in on Dynamics. There, you obviously like you're playing in applications and we've seen other vendors kind of do SaaS applications. If you look at Dynamics online, you now, on my math, kind of around $2 billion, still growing at a clip that organically not many others have achieved. It's now bigger than your on-premise business. Can you talk a little bit about the drivers there? And is there -- what are the ways to kind of -- how did you achieve that growth at this scale? And what are the drivers going forward?

也恭喜我。我想重點研究 Dynamics。顯然，你喜歡玩應用程序，我們也看到其他供應商也在做 SaaS 應用程式。如果你查看 Dynamics 的線上數據，根據我的計算，它現在的市值大約為 20 億美元，並且仍在以其他許多公司都難以企及的速度自然增長。現在它比你的本地業務規模還要大。可以簡單談談那裡的司機嗎？那麼，你們是如何實現如此大規模成長的呢？那麼，未來的發展驅動因素是什麼？

Yes. We are very, very excited about the progress again in the last fiscal year around Dynamics 365. Both the traditional business process applications themselves have become much more modular and much more modern. And we have a very disruptive business model as well that goes with it. And so therefore, we're becoming much more competitive with the large customers deploying, whether it's sales or operations.

是的。我們對上個財政年度 Dynamics 365 的進展感到非常非常興奮。傳統業務流程應用程式本身都變得更加模組化和現代化。同時，我們也擁有與之相符的極具顛覆性的商業模式。因此，無論是在銷售還是營運方面，我們在與大型客戶的競爭中都變得越來越有競爭力。

The other exciting thing is we have this entire new class of applications and I talked about this even in this week's conference, which is these AI-first modules, whether it's for sales, for marketing, for customer service or this customer 360. And these are modules that there isn't an installed base of those anywhere nor competition even exists. So in other words, we can, in fact, have these modules get deployed in commercial customers even on top of existing business applications. And so we feel that we have plenty of opportunity ahead. Again, this is a place where we are a very low-share player. And so the fact that we have become a very competitive supplier of this technology at a time where the world needs more business process automation, we feel good about the opportunity ahead.

另一件令人興奮的事情是，我們擁有了一整類全新的應用程序，我在本週的會議上也談到了這一點，那就是這些以人工智能為先的模組，無論是用於銷售、營銷、客戶服務還是客戶 360 度視圖。而且這些模組目前在任何地方都沒有安裝用戶群，甚至連競爭對手都沒有。換句話說，我們實際上可以將這些模組部署到商業客戶現有的業務應用程式之上。因此，我們感到未來有很多機會。再次強調，我們在這個領域的市佔率非常低。因此，在世界需要更多業務流程自動化的時候，我們已經成為這項技術極具競爭力的供應商，我們對未來的機會感到樂觀。

Our final question will come from the line of Brent Bracelin with KeyBanc.

我們最後一個問題將來自 KeyBanc 的 Brent Bracelin。

I wanted to drill down on the commercial cloud gross margins. They were up 200 basis points sequentially, 600 basis points year-over-year to 65%. I guess my question here is how sustainable are the cloud gross margins now that you're at this $40 billion-plus scale. Or were there some kind of onetime benefits we should think about in the quarter that helped you there?

我想深入了解商業雲的毛利率。環比上升 200 個基點，較去年同期上升 600 個基點至 65%。我想問的是，既然你們的規模已經超過 400 億美元，那麼雲端業務的毛利率還能持續嗎？或者說，本季是否存在某些一次性收益對您有所幫助？

There were not any one-time benefits in this quarter that helped us. This is really about seeing improvement in some of our largest services, the continuous improvement year-over-year in the larger services. What we said for FY '20 and particularly in Q1 is we expect to be up sequentially in Q1. And we'll continue to get some headwind because of the strong Azure IaaS and PaaS growth we expect through the year but we certainly think that Azure fundamental gross margin improvement will help offset that next year.

本季沒有任何一次性收益對我們有幫助。這實際上是為了看到我們一些最大服務的改進，以及大型服務逐年持續改進。我們對 2020 財年，特別是第一季的預測是，我們預計第一季業績將較上季成長。由於我們預計 Azure IaaS 和 PaaS 業務將在全年保持強勁成長，我們將繼續面臨一些不利因素，但我們堅信 Azure 基本毛利率的改善將有助於抵消明年的不利影響。

That wraps up the Q&A portion of today's earnings call. We appreciate you joining us and look forward to speaking with all of you soon. Thanks.

今天的財報電話會議問答環節到此結束。感謝各位的參與，期待盡快與大家見面。謝謝。

Thanks, everyone.

謝謝大家。

Thank you all. Thank you very much.

謝謝大家。非常感謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。