微軟 (MSFT) 2019 Q4 法說會逐字稿

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

歡迎參加 Microsoft 2019 財年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

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

我想把電話轉給投資者關係總經理 Mike Spencer。

Thank you.

謝謝你。

Please proceed.

請繼續。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and 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 a 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 fourth quarter performance in addition to the impact 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四季度的業績。

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 the website immediately following the call until the complete transcript is available.

我們將在通話結束後立即將我們準備好的評論發佈到網站上，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'll be making forward-looking statements which are predictions, projections and other statements about future events.

在這次電話會議中，我們將做出前瞻性陳述，這些陳述是關於未來事件的預測、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 sections of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、本次電話會議期間發表的評論以及我們的 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 is a strong finish to a record fiscal year.

這是對創紀錄的財政年度的強勁收官。

We delivered more than $125 billion in revenue for the full year with double-digit top line and bottom line growth.

我們全年實現了超過 1250 億美元的收入，實現了兩位數的頂線和底線增長。

Our commercial cloud business is the largest in the world, surpassing $38 billion in revenue for the year with gross margin expanding to 63%.

我們的商業雲業務是全球最大的，全年收入超過 380 億美元，毛利率擴大到 63%。

I'm proud of what we've accomplished over the last 12 months and I'm energized by the tremendous opportunity ahead.

我為我們在過去 12 個月中所取得的成就感到自豪，我對未來的巨大機遇充滿活力。

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.

每天，我們與客戶一起工作，幫助他們建立自己的數字能力，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。

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.

這種對客戶成功的承諾正在促成更深入的合作夥伴關係、更大的多年雲協議以及我們差異化技術堆棧的每一層的增長勢頭，從應用程序基礎架構到數據和人工智能到業務流程再到生產力和協作。

Now I'll briefly highlight our innovation and momentum.

現在我將簡要介紹我們的創新和動力。

In a world where every company is a software company, developers will play an increasingly vital role in value creation across every organization.

在每個公司都是軟件公司的世界中，開發人員將在每個組織的價值創造中發揮越來越重要的作用。

And GitHub is their home.

GitHub 是他們的家。

GitHub is used by more than 36 million developers as well as the largest enterprises, including a majority of the Fortune 50.

GitHub 被超過 3600 萬開發人員和大型企業使用，其中包括財富 50 強中的大多數。

And we're investing to build the complete toolchain for developers, independent of language, framework and cloud.

我們正在投資為開發人員構建完整的工具鏈，獨立於語言、框架和雲。

Visual Studio and Visual Studio Code are the most popular code editing tools in the world.

Visual Studio 和 Visual Studio Code 是世界上最流行的代碼編輯工具。

With Azure DevOps, you can build, test and deploy code to any platform.

借助 Azure DevOps，您可以構建、測試代碼並將其部署到任何平台。

And with Azure PlayFab, we have LiveOps, a complete backend platform to optimize engagement and interaction in real-time.

借助 Azure PlayFab，我們擁有 LiveOps，這是一個完整的後端平台，可實時優化參與和互動。

We are building Azure as the world's computer, addressing customers' real-world operational sovereignty and regulatory needs.

我們正在將 Azure 打造為世界計算機，以滿足客戶在現實世界中的運營主權和監管需求。

We have 54 data center regions, more than any other cloud provider, and we were the first in Middle East and in Africa.

我們擁有 54 個數據中心區域，比任何其他雲提供商都多，我們是中東和非洲第一家。

Azure is the only cloud that extends to the edge, spanning identity management, security and infrastructure.

Azure 是唯一擴展到邊緣的雲，涵蓋身份管理、安全性和基礎架構。

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.

今年，我們為邊緣服務和設備引入了新的雲，從 Azure Data Box Edge 到 Azure Stack HCI 再到 Azure Connect，將 Azure 的全部功能帶到了數據生成的地方。

Azure Sphere is a first-of-a-kind edge solution to secure the more than 9 billion MCU-powered endpoints coming online each year.

Azure Sphere 是首創的邊緣解決方案，用於保護每年上線的超過 90 億個 MCU 驅動的端點。

And now IoT plug-and-play seamlessly connects IoT devices to the cloud without having to write a single line of embedded code.

現在物聯網即插即用將物聯網設備無縫連接到雲端，而無需編寫一行嵌入式代碼。

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 是最開放的雲，本季度，我們擴大了與 Oracle、Red Hat 和 VMware 的合作夥伴關係，以使客戶在 Azure 上已經擁有一流的技術和工具。

Azure is the only cloud with limitless data and analytics capabilities across the customers' entire data estate.

Azure 是唯一具有跨客戶整個數據資產的無限數據和分析功能的雲。

The variety, velocity and the volume of data is increasing, and we are bringing hyperscale capabilities to relational database services with Azure SQL database.

數據的種類、速度和數量都在增加，我們正在通過 Azure SQL 數據庫為關係數據庫服務帶來超大規模功能。

New analytics support in Cosmos DB enables customers to build and manage analytics workloads that run real-time over globally distributed data.

Cosmos DB 中的新分析支持使客戶能夠構建和管理在全球分佈式數據上實時運行的分析工作負載。

And we offer the most comprehensive cloud analytics from Azure Data Factory to Azure SQL Data Warehouse to Power BI.

我們提供從 Azure 數據工廠到 Azure SQL 數據倉庫再到 Power BI 的最全面的雲分析。

The quintessential characteristic of any application being built in 2019 and beyond will be AI.

2019 年及以後構建的任何應用程序的典型特徵都將是人工智能。

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.

我們通過最全面的 AI 工具組合 Azure 認知服務使 AI 基礎設施工具和服務大眾化，因此開發人員可以將查看、聆聽、響應、翻譯、推理等功能嵌入到他們的應用程序中。

And this quarter, we introduced a new speech-to-text, search, vision and decision capabilities.

本季度，我們引入了新的語音轉文本、搜索、視覺和決策功能。

New updates to Azure ML streamlined the building, training and deployment of machine learning models, bringing a no-code approach to machine learning.

Azure ML 的新更新簡化了機器學習模型的構建、訓練和部署，為機器學習帶來了無代碼方法。

Our differentiated approach from developer tools and infrastructure to data and analytics to AI is driving growth.

我們從開發人員工具和基礎設施到數據和分析再到人工智能的差異化方法正在推動增長。

The world's leading companies trust Azure for their mission-critical workloads, including more than 95% of the Fortune 500.

世界領先的公司信任 Azure 來處理他們的關鍵任務工作負載，其中包括超過 95% 的財富 500 強企業。

And just yesterday, AT&T chose our cloud in one of the largest cloud commitments to date.

就在昨天，AT&T 在迄今為止最大的雲承諾之一中選擇了我們的雲。

Now let's move up the stack to business process.

現在讓我們將堆棧向上移動到業務流程。

We are redefining business processes with Dynamics 365 and Power Platform with modern, modular, extensible and AI-driven applications.

我們正在使用 Dynamics 365 和 Power Platform 重新定義業務流程，以及現代、模塊化、可擴展和 AI 驅動的應用程序。

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.

Dynamics 365 獨特地使任何組織能夠創建數字反饋循環並從一個系統獲取數據並使用它來優化另一個系統的結果，從而使任何企業成為人工智能優先的企業。

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.

我們與 SAP 和 Adobe 的開放數據計劃以這一承諾為基礎，為可口可樂、惠普、聯合利華和沃爾瑪等客戶提供基於一個數據湖上的一個數據模型構建的單一 360 度客戶視圖，消除數據孤島並推動實時洞察在規模上。

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.

今年，我們推出了 Dynamics 365 AI，這是為記錄系統轉換為參與和智能係統的時代而構建的新型 AI 應用程序。

The citizen developer movement is here and we are empowering it.

公民開發者運動就在這裡，我們正在賦予它權力。

500 new -- 500 million new apps will get created in the next 5 years and more than the total created in the last 40.

500 個新應用程序——未來 5 年將創建 5 億個新應用程序，超過過去 40 年創建的總數。

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.

企業將需要為領域專家提供創建應用程序的工具以及機器人流程自動化，以簡化和定制服務監控和時間和費用跟踪等工作流程。

Our Power Platform, spanning Power BI, Power Apps and Flow, is the only solution of its kind in the industry.

我們的 Power Platform 涵蓋 Power BI、Power Apps 和 Flow，是業內唯一的同類解決方案。

It brings together low-code, no-code app development, robotic process automation and self-service analytics into a single comprehensive platform.

它將低代碼、無代碼應用程序開發、機器人流程自動化和自助服務分析整合到一個綜合平台中。

Chevron has gone from 80 users of Power Apps to 5,500 in a year and now has over 200 apps in production.

Chevron 的 Power Apps 用戶在一年內從 80 個增加到 5,500 個，現在有 200 多個應用程序正在生產中。

This quarter, we introduced AI Builder, adding AI capabilities like object recognition to any Power App.

本季度，我們推出了 AI Builder，將對象識別等 AI 功能添加到任何 Power App 中。

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.

借助 Power BI，我們成為雲中商業智能的領導者，在該服務上託管了超過 2500 萬個模型，每小時處理了 1200 萬個查詢。

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.

我們不僅使客戶能夠數字化他們的業務流程，而且通過我們對混合現實雲的投資來連接物理世界和數字世界。

Spanning HoloLens 2, Azure Spatial Anchors and Dynamics 365 applications, we are seeing traction in every industry from manufacturing to retail to gaming.

跨越 HoloLens 2、Azure Spatial Anchors 和 Dynamics 365 應用程序，我們看到了從製造到零售再到遊戲的各個行業的牽引力。

Airbus alone is pursuing more than 300 use cases from training to design to remote assistance.

僅空客公司就在研究 300 多個從培訓到設計再到遠程協助的用例。

All this innovation is fueling rapid growth with more than 90% of the Fortune 500 using Dynamics 365 or Power Platform.

所有這些創新都在推動快速增長，超過 90% 的財富 500 強企業使用 Dynamics 365 或 Power Platform。

Now to LinkedIn.

現在到LinkedIn。

People are an organization's most valuable asset.

人是組織最寶貴的資產。

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.

我們強大的人才組合從人才解決方案和人才洞察到員工參與 Glint 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。

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.

新功能通過警報、更深入的洞察力和新的面試準備工具套件幫助求職者找到並獲得更相關和更高薪的工作，從而創造了另外四分之一的創紀錄職位發布。

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.

營銷解決方案現在是我們增長最快的業務，它擁有新的品牌和社區建設工具，使營銷人員更容易與 LinkedIn 的 6.45 億會員建立聯繫。

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.

通過結合 Dynamics 365 和 LinkedIn Sales Navigator，我們使每家企業都能夠推動關係銷售文化，並充分利用他們的社交網絡。

All this innovation contributed to another record year for LinkedIn driven by all-time high engagements across the platform.

在整個平台的高參與度推動下，所有這些創新為 LinkedIn 創造了又一個創紀錄的年份。

Now turning to Microsoft 365.

現在轉向 Microsoft 365。

Microsoft 365 is the world's productivity cloud.

Microsoft 365 是全球生產力雲。

It empowers everyone, including the 2 billion first-line workers around the world with an integrated, secure AI-infused experience on any device.

它使每個人，包括全球 20 億一線工作人員，都能在任何設備上獲得集成、安全的人工智能體驗。

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

它是唯一一款與組織的關鍵業務流程工作流集成的綜合生產力和協作通信解決方案。

Multinationals from L'Oréal and Walgreens Boots Alliance to the largest chemical producer in the world, BASF, all chose Microsoft 365 this year.

從歐萊雅和 Walgreens Boots Alliance 到全球最大的化學品生產商巴斯夫，跨國公司今年都選擇了 Microsoft 365。

And over the last 2 quarters, our premium offerings gained momentum with S&P Global, CenturyLink and KPMG all selecting Microsoft 365 E5.

在過去的兩個季度中，我們的優質產品獲得了動力，S&P Global、CenturyLink 和畢馬威都選擇了 Microsoft 365 E5。

Microsoft Teams has had a breakout year.

Microsoft Teams 迎來了突破性的一年。

Teams now has more than 13 million daily active users and 19 million weekly active users.

Teams 現在擁有超過 1300 萬日活躍用戶和 1900 萬週活躍用戶。

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.

它將團隊所需的一切、聊天、語音、會議、協作與 Office 應用程序的強大功能和業務流程工作流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的離散應用程序的需求.

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.

我們正在擴大我們的機會，將 Teams 帶入新的未充分滲透的市場，包括醫療保健、酒店和零售以及一線工人。

We are empowering them with mobile tools in Teams like shift scheduling and priority notifications.

我們正在使用 Teams 中的移動工具（如輪班安排和優先級通知）為他們提供支持。

And we are infusing AI across Microsoft 365 to enable new automation, prediction, translation and insight capabilities.

我們正在將 AI 注入到 Microsoft 365 中，以實現新的自動化、預測、翻譯和洞察功能。

Meetings are now more inclusive in Teams.

會議現在在 Teams 中更具包容性。

Presentations are more accessible in PowerPoint.

在 PowerPoint 中更易於訪問演示文稿。

Videos, more searchable in stream; and e-mails, more relevant in Outlook.

視頻，在流中更易於搜索；和電子郵件，在 Outlook 中更相關。

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.

借助 Workplace Analytics 和 Microsoft Search，我們可以製定關係計劃和活動，並提煉見解和知識，以幫助人們更聰明地工作，而不是延長工作時間。

We are investing in cybersecurity to protect customers in today's zero trust environment.

我們正在投資網絡安全，以在當今的零信任環境中保護客戶。

Microsoft is the only company that offers end-to-end security, spanning identity, device endpoints, information, cloud application as well as infrastructure.

Microsoft 是唯一一家提供端到端安全性、跨越身份、設備端點、信息、雲應用程序以及基礎架構的公司。

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.

它從 Azure Active Directory 開始，構建了我們今年推出的 3 項新服務：Microsoft 威脅防護、Azure Sentinel 和 Azure 機密計算。

We expanded our family of category-creating Surface devices this year, including the new Surface Go and Surface Hub 2S.

今年，我們擴展了創建類別的 Surface 設備系列，包括新的 Surface Go 和 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.

Windows 10 在超過 8 億台設備上運行，並在企業中加速採用，成為最安全、最高效的操作系統。

Finally, gaming.

最後，遊戲。

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.

我們正在投資使全球 20 億遊戲玩家能夠通過我們的新遊戲流媒體服務 Project xCloud 與任何人、任何地點、任何設備上玩他們想要的遊戲，該服務將於今年秋季進入公開測試階段，Xbox Live 月活躍用戶增加到記錄 6500 萬，迄今為止移動和 PC 用戶數量最多。

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.

我們正在通過 Minecraft Earth 和混合現實將世界上最受歡迎的視頻遊戲之一帶給新一代的手機遊戲玩家。

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.

今年，我們的第一方遊戲工作室幾乎翻了一番，以便為我們快速增長的訂閱服務提供差異化的內容，比如現在在主機和 PC 上都可以使用的 Xbox Game Pass。

In closing, I'm optimistic of what's ahead.

最後，我對未來的發展持樂觀態度。

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.

我們正在加速我們的創新，以通過從 GitHub 到 Azure 到 Dynamics 365 到 Microsoft 365 以及 Xbox Game Pass 的雲和邊緣為客戶提供差異化的價值。

We're investing in the right secular trends to expand our opportunity, and we are working to earn our customers' trust every day.

我們正在投資於正確的長期趨勢以擴大我們的機會，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.

有了這個，我將把它交給艾米，她將詳細介紹我們的財務業績並分享我們的前景。

I look forward to rejoining you after for questions.

我期待著再次加入你的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

Our fourth quarter revenue was $33.7 billion, up 12% and 14% in constant currency.

我們第四季度的收入為 337 億美元，按固定匯率計算分別增長 12% 和 14%。

Gross margin dollars increased 15% and 17% in constant currency.

按固定匯率計算，美元毛利率分別增長了 15% 和 17%。

Operating income increased 20% and 24% in constant currency.

按固定匯率計算，營業收入分別增長 20% 和 24%。

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.

本季度，我們將海外子公司的無形資產轉移到了美國和愛爾蘭，帶來了 26 億美元的淨稅收收益。

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.

從 18 財年第四季度開始對此和與減稅和就業法案相關的淨收益進行調整後，每股收益為 1.37 美元，按固定匯率計算分別增長 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.

在我們今年最大的季度中，我們的銷售團隊和合作夥伴取得了非凡的商業成果，推動了又一個季度實現兩位數的收入和利潤增長。

From a geographic perspective, we saw broad-based strength across markets of all sizes.

從地理角度來看，我們看到了各種規模市場的廣泛實力。

Customer commitment to our cloud platform continues to grow.

客戶對我們的雲平台的承諾持續增長。

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 19 財年，我們達成了創紀錄數量的價值數百萬美元的商業雲協議，其中超過 1000 萬美元的 Azure 協議數量大幅增長。

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.

商業預訂增長明顯超出預期，按固定匯率計算分別增長了 22% 和 25%，這得益於強勁的續訂執行和更大的長期 Azure 合同數量的增加。

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.

因此，我們的未確認合同收入為 910 億美元，同比增長 25%，反映了我們持續的發展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.

我們預計將在未來 12 個月內確認約 50% 的收入。

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.

即使較大的長期 Azure 合同的前期費用較低，商業未實現收入也符合預期，為 341 億美元，按固定匯率計算分別增長 13% 和 16%。

And this quarter, our annuity mix was again 90%.

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.

商業雲收入為 110 億美元，按固定匯率計算分別增長 39% 和 42%。

Commercial cloud gross margin percentage increased 6 points year-over-year to 65%, driven again by significant improvement in Azure gross margin.

商業雲毛利率同比增長 6 個百分點至 65%，這再次受到 Azure 毛利率顯著改善的推動。

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.

在商業許可和 OEM 的銷售組合的推動下，公司毛利率為 69%，同比增長 2 個百分點，超出我們的預期。

In line with expectations, foreign exchange reduced revenue growth by 2 points and COGS and operating expenses growth by 1 point.

與預期一致，外匯使收入增長降低了 2 個百分點，COGS 和運營費用增長降低了 1 個百分點。

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.

由於對雲和人工智能工程、LinkedIn 和 GitHub 的持續投資，運營費用的增長略高於預期，按固定匯率計算分別增長了 9% 和 10%。

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.

由於強勁的收入增長、提高的毛利率以及我們在過去 5 年中做出的投資於戰略和高增長領域的嚴格決策，本季度的營業利潤率再次擴大。

Now to our segment results.

現在來看我們的細分結果。

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.

在我們的雲和本地業務的推動下，生產力和業務流程的收入為 110 億美元，按固定匯率計算分別增長 14% 和 17%，超出預期。

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.

按固定匯率計算，辦公室商業收入分別增長了 14% 和 16%，其中大約 4 個百分點來自更多的合同組合，這些合同具有更高的期內確認，這對我們的雲和本地業務都有利。

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 商業版收入按固定匯率計算分別增長 31% 和 34%，這得益於所有工作負載和客戶細分市場的安裝基礎擴展，以及客戶持續轉向 E3 和 E5 產品帶來的 ARPU 增長。

Office 365 Commercial seats grew 23% on a prior year comparable that included the strong performance of our Microsoft 365 academic offers.

Office 365 商業版席位較上年同期增長 23%，其中包括我們的 Microsoft 365 學術版產品的強勁表現。

Office consumer revenue grew 6% and 8% in constant currency with 4 points of growth from transactional sales in Japan.

辦公消費收入增長 6% 和 8%（按固定匯率計算），其中日本的交易銷售額增長了 4 個百分點。

Office 365 Consumer subscriptions grew to 34.8 million.

Office 365 消費者訂閱增長到 3480 萬。

Our Dynamics business grew 12% and 15% in constant currency, driven by Dynamics 365 growth of 45% and 48% in constant currency.

在 Dynamics 365 增長 45% 和 48% 的推動下，我們的 Dynamics 業務按固定匯率計算分別增長了 12% 和 15%。

LinkedIn revenue increased 25% and 28% in constant currency with continued strength across all businesses, highlighted by marketing solutions growth of 42%.

LinkedIn 收入按固定匯率計算分別增長 25% 和 28%，所有業務持續強勁，其中營銷解決方案增長 42% 尤為突出。

LinkedIn sessions grew 22% with record levels of engagement and job postings again this quarter.

LinkedIn 會話增長了 22%，本季度的參與度和招聘信息再次創下歷史新高。

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.

以固定匯率計算，分部毛利率分別增長 16% 和 20%，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 8% or 9% 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，運營費用按固定匯率計算增長了 8% 或 9%。

Operating income increased 25% and 31% in constant currency.

按固定匯率計算，營業收入增長了 25% 和 31%。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

Revenue was $11.4 billion, increasing 19% and 21% in constant currency.

收入為 114 億美元，按固定匯率計算分別增長 19% 和 21%。

Our on-premises server business drove our better-than-expected performance.

我們的本地服務器業務推動了我們好於預期的表現。

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.

客戶對我們差異化混合解決方案的持續需求推動了服務器產品和雲服務收入的強勁增長，在可觀的收入基礎上，按固定匯率計算分別增長了 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.

Azure 收入增長 64% 和 68%（按固定匯率計算），我們基於消費的業務又實現了四分之一的強勁增長，我們的每用戶業務持續放緩。

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.

我們的本地服務器業務按固定匯率計算分別增長了 5% 和 7%，其中大約 4 個百分點來自對 SQL Windows Server 2008 的支持結束之前強於預期的需求，以及混合產品、高級版本和GitHub。

Enterprise Services revenue increased 4% and 6% in constant currency, driven by growth in Premier Support Services.

受首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 6%。

Segment gross margin dollars increased 19% and 21% in constant currency.

按固定匯率計算，分部毛利率分別增長 19% 和 21%。

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.

毛利率百分比與去年同期持平，因為 Azure 毛利率的另一個季度實質性改善抵消了 Azure IaaS 和 PaaS 收入組合的增長。

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.

由於對雲和人工智能工程和 GitHub 的持續投資，以及本季度強勁的收入驅動費用，運營費用按固定匯率計算分別增長了 23% 和 24%。

Operating income increased 15% and 19% in constant currency.

營業收入按固定匯率計算分別增長 15% 和 19%。

Now to the More Personal Computing segment.

現在到更多個人計算部分。

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.

收入為 113 億美元，按固定匯率計算分別增長 4% 和 6%，超出預期，因為 Windows 的表現好於預期，抵消了低於預期的遊戲和搜索收入。

In Windows, OEM non-Pro revenue declined 8%, below the consumer PC market, with continued pressure in the entry level category.

在 Windows 中，OEM 非專業版收入下降 8%，低於消費類 PC 市場，入門級類別的壓力持續存在。

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.

OEM Pro 收入增長 18%，領先於商用 PC 市場，這得益於健康的 Windows 10 需求、Windows 7 終止支持之前的強勁勢頭以及由於關稅的不確定性導致的庫存水平增加帶來了大約 4 個點的收益。

Therefore, inventory levels ended the quarter above the normal range.

因此，本季度末庫存水平高於正常範圍。

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.

Windows 商業產品和雲服務按固定匯率計算分別增長了 13% 和 16%，其中兩位數的強勁增長以及來自多年協議的季度內認可度更高。

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.

在 Surface 方面，由於我們商業部門的實力，特別是在美國、日本和加拿大，收入增長了 14% 和 17%（按固定匯率計算）。

Search revenue ex TAC increased 9% and 10% in constant currency, below expectations driven by lower-than-expected volume.

按固定匯率計算，不含 TAC 的搜索收入分別增長 9% 和 10%，低於預期，原因是銷量低於預期。

In gaming, revenue declined 10% and 8% in constant currency, below expectations driven by lower console sales and monetization across third-party titles.

在遊戲領域，按固定匯率計算，收入下降 10% 和 8%，低於預期，原因是遊戲機銷量下降和第三方遊戲的貨幣化。

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.

Xbox 軟件和服務收入按固定匯率計算分別下降 3% 和 1%，與去年第三方遊戲的強勁可比性抵消了 Xbox Live 和 Game Pass 用戶增長的持續勢頭。

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.

按固定匯率計算，分部毛利率分別增長了 8% 和 10%，由於銷售組合轉向我們利潤率更高的 Windows 業務，毛利率百分比增加了 2 個百分點。

Operating expenses declined 2% and 1% in constant currency.

營業費用按固定匯率計算分別下降 2% 和 1%。

As a result, operating income grew 18% and 22% in constant currency.

因此，按固定匯率計算，營業收入增長了 18% 和 22%。

Now back to the total company results.

現在回到公司的總業績。

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.

正如預期的那樣，在持續投資的推動下，包括融資租賃在內的資本支出連續上升至 53 億美元，以滿足對我們雲服務的需求。

Cash paid for PP&E was $4.1 billion.

為 PP&E 支付的現金為 41 億美元。

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.

在強勁的雲計費和收款推動下，運營現金流同比增長 41%，大約 8 個百分點受益於上一年的納稅。

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.

自由現金流為 120 億美元，同比增長 62%，反映了強勁的運營現金流和 PP&E 現金支付的時間安排。

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，我們創造了超過 520 億美元的運營現金流和 380 億美元的自由現金流，這得益於我們業務的利潤率和運營槓桿的提高以及運營改進以更好地優化現金流。

Other income was $191 million, higher than anticipated due to recording of mark-to-market gains.

其他收入為 1.91 億美元，高於預期，原因是記錄了按市值計價的收益。

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.

提醒一下，根據最近採用的金融投資會計準則，我們需要確認我們的股權投資組合的未實現損益。

As a result, we expect increased quarterly volatility in other income and expense.

因此，我們預計其他收入和支出的季度波動性會增加。

Our non-GAAP effective tax rate came in slightly lower than anticipated at 16%.

我們的非公認會計原則有效稅率為 16%，略低於預期。

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.

最後，本季度，我們通過股票回購和分紅向股東返還了 77 億美元，增長了 45%，使我們整個財年的股東現金回報總額超過 300 億美元。

Now let's move to the outlook, starting with Q1 where we expect another strong commercial quarter.

現在讓我們轉向展望，從第一季度開始，我們預計將迎來另一個強勁的商業季度。

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.

假設當前利率保持穩定，我們預計 FX 將使公司總收入、生產力和業務流程以及智能雲收入增長減少約 2 個百分點，個人計算收入和公司總銷貨成本和運營費用增長約 1 個百分點。

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.

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收入同比增長 11% 至 12%，並根據合同類型波動。

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.

商業雲毛利率將環比小幅上升，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對雲服務不斷增長的需求。

Now to segment guidance.

現在進行細分指導。

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.

在生產力和業務流程方面，我們預計在 Office Commercial、Dynamics 和 LinkedIn 兩位數增長的推動下，收入將在 107 億美元至 109 億美元之間。

In Intelligent Cloud, we expect revenue between $10.3 billion and $10.5 billion.

在智能雲方面，我們預計收入在 103 億美元至 105 億美元之間。

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.

在 Azure 中，收入增長將繼續反映我們基於消費的業務的強勁增長和我們每用戶業務的溫和增長之間的平衡。

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.

我們的本地服務器業務將受到對我們的混合解決方案和高級產品的需求以及結束對 SQL Server 和 Windows Server 2008 支持的持續收益的推動。

In More Personal Computing, we expect revenue between $10.7 billion and $11 billion.

在更多個人計算方面，我們預計收入在 107 億美元至 110 億美元之間。

In Windows, overall OEM revenue growth should be slightly ahead of the PC market driven by healthy commercial demand.

在 Windows 中，在健康的商業需求的推動下，整體 OEM 收入增長應該略高於 PC 市場。

Surface revenue will decline slightly year-over-year driven by product life cycle transition.

受產品生命週期過渡的推動，Surface 收入將同比略有下降。

Search ex TAC revenue growth should be roughly in line with Q4.

搜索前 TAC 收入增長應與第四季度大致一致。

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.

在遊戲方面，我們預計隨著我們進入這一代遊戲機的末期，以及與去年第三方遊戲相當的具有挑戰性的 Xbox 軟件和服務，收入將以與第四季度相似的速度同比下降。

Now back to overall company guidance.

現在回到整體公司指導。

We expect COGS of $10.55 billion to $10.75 billion and operating expenses of $10.1 billion to $10.2 billion.

我們預計銷貨成本為 105.5 億美元至 107.5 億美元，運營費用為 101 億美元至 102 億美元。

In other income and expense, interest income and expenses should offset each other.

在其他收入和支出中，利息收入和支出應相互抵消。

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.

接下來，由於第一季度發生的股權歸屬數量，我們預計第一季度的有效稅率將略低於我們全年預期的 17% 的稅率。

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，作為第一季度現金流的提醒，我們將支付 47 億美元與 TCJA 過渡稅和第四季度無形資產轉讓相關的稅款。

Now I'd like to share some comments on FY '20.

現在我想分享一些關於 20 財年的評論。

First, FX.

首先，外匯。

Assuming that current rates remain stable, we expect FX to reduce full year revenue and COGS growth by 1 point.

假設當前利率保持穩定，我們預計外匯將使全年收入和銷貨成本增長減少 1 個百分點。

FX should have no impact on operating expense growth.

外匯應該對運營費用增長沒有影響。

Next, revenue.

其次，收入。

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.

在公司層面，我們繼續期待兩位數的收入增長，以及我們的商業業務又一年的強勁表現和持續發展勢頭。

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.

提醒一下，我們下半年的商業、許可和 OEM Pro 業務將受到可比產品的影響，該可比產品受益於 SQL Server 2008、Windows Server 2008 和 Windows 7 支持的結束以及日本的交易實力.

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.

我們預計遊戲業務的收入將同比略有下降，因為 Xbox 軟件和服務的兩位數增長將被遊戲機銷售下降所抵消。

We do expect a stronger H2 than H1 in gaming as we work through a third-party titles comparison.

由於我們通過第三方遊戲比較工作，我們確實預計 H2 在遊戲中會比 H1 更強。

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.

提醒一下，越來越多的大型長期 Azure 合同將推動我們的商業預訂和未實現的收入增長出現更大的季度波動。

Next, commercial cloud gross margin.

其次，商業雲毛利率。

Revenue mix will continue to shift to our Azure consumption-based services.

收入組合將繼續轉向我們基於 Azure 消費的服務。

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.

即使有這種逆風，我們預計商業雲毛利率將小幅上升，因為我們再次推動 Azure 毛利率的顯著提高。

Capital expenditures will increase to meet the growing demand for our cloud services.

資本支出將增加，以滿足對我們的雲服務不斷增長的需求。

Finally, on operating expenses.

最後，關於運營費用。

We will continue to invest, given our strong execution, our growing competitive position and our significant ambition in high-growth areas.

鑑於我們強大的執行力、不斷增長的競爭地位以及我們在高增長領域的雄心壯志，我們將繼續投資。

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%.

通過 AI 和 GitHub 對雲等領域進行投資，通過 Dynamics、Power Platform 和 LinkedIn 進行業務應用程序，通過 Teams、安全和 Surface 投資 Microsoft 365 以及遊戲，應該會導致運營費用增長 11% 到 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.

即使有了這些戰略投資，繼續轉向我們的雲業務以及我們對 19 財年的強勁業績，我們預計營業收入將實現兩位數的增長以及穩定的營業利潤率。

We are looking forward to FY '20.

我們期待著 20 財年。

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 Instructions) Operator, can you please repeat your instructions?

（操作員說明）操作員，您能重複一下您的說明嗎？

(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.

並為非常強勁的 19 財年畫上了圓滿的句號。

I wanted to focus on the Office 365.

我想專注於 Office 365。

If I'm looking at this right, I think you guys saw acceleration in the Office 365 Commercial business.

如果我沒看錯的話，我想你們看到了 Office 365 商業業務的加速發展。

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.

進入那裡的方法似乎發生了一些變化，它更像是一種積極的定價，而不僅僅是座位增長。

Is there a changing dynamic in kind of what's pushing growth there?

推動增長的動力是否發生了變化？

Because we had seen the F1 SKU and the frontline workers bringing down the price point a little bit.

因為我們已經看到 F1 SKU 和一線工人稍微降低了價格點。

It looks like the pricing actually improved this quarter.

看起來本季度的定價實際上有所改善。

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?

我們應該如何考慮這種動態以及將推動 Office 365 增長到 20 財年及以後的因素？

Thanks, Keith.

謝謝，基思。

Let me walk through a little bit of this because there are some new behaviors that I think are important this quarter.

讓我稍微介紹一下，因為我認為本季度有一些新的行為很重要。

But the fundamentals that you talked about are relatively unchanged.

但是你談到的基本面相對沒有變化。

We continue to see and saw again installed base growth across all of our customer segments from the enterprise to small business.

我們繼續看到並再次看到從企業到小型企業的所有客戶群的安裝基數增長。

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.

發生這種情況不僅是因為一線工人，還因為我們看到有機會增加安裝基數的每個細分市場的持續擴張和持續流動。

We did see ARPU growth this quarter.

我們確實看到本季度的 ARPU 有所增長。

It wasn't as much different from past quarters.

它與過去幾個季度沒有太大不同。

We continue to see improvement from E3 and E5 transition, saw both again.

我們繼續看到 E3 和 E5 過渡的改進，再次看到兩者。

And I think we were quite encouraged by E5 performance particularly in Q4 as we ended the quarter, which was great to see.

我認為我們對 E5 的表現感到非常鼓舞，尤其是在第四季度結束時，這很高興看到。

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.

你看到的一點，我提到的，是更多的季度認可，但讓我談談為什麼會發生這種情況，因為它有 2 個重要且積極的趨勢作為其基礎。

The first thing is we're seeing longer commitments.

首先，我們看到了更長的承諾。

When you say longer commitments under 606, you often have more recognition upfront.

當您在 606 下說更長的承諾時，您通常會預先獲得更多認可。

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.

所以我們看到了更長的承諾，我們在本季度得到了更多的認可，所以你看到收入增長得更快。

The other thing that we saw is increasing focus.

我們看到的另一件事是越來越關注。

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.

隨著我們圍繞 Azure 跨組織進行更多對話並與我們重新思考他們的數字化轉型計劃，隨著人們經歷和思考這些轉型，圍繞 Microsoft 365 可以帶來的價值展開了一場非常大的對話。

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.

因此，我們經常看到擴展取代了之前對 Office 365 的承諾，再次延長並包括 Azure 合同。

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.

當這種情況發生時，幾乎就像他們在添加新產品和新價值一樣，當你看到這種情況發生時，其中很多都會在季度內得到更快的認可。

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，當您看到更長的合同以及您能夠銷售更多新事物並且我認為圍繞 Microsoft 365 進行的不同對話時，這是團隊的良好執行，我認為這是對價值的認可我們繼續投入我們相信是我們的英雄體驗。

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

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

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.

不僅祝賀今年的偉大結束，而且在增長、投資等方面對下一季度和明年充滿信心。

We met recently at E3 with your gaming team and heard a lot about the steps that were being taken.

我們最近在 E3 與您的遊戲團隊會面，聽到了很多關於正在採取的步驟的信息。

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?

Satya，您能否就您如何看待遊戲業務在未來幾年內融入公司整體方向給我們提供更多色彩解釋？

Specifically, how does gaming change?

具體來說，遊戲如何改變？

How does the synergy between gaming and the rest of the business change?

遊戲與其他業務之間的協同作用如何變化？

How should we think about that overall mix and that whole morph that's going to occur?

我們應該如何考慮整體組合和即將發生的整體變化？

Sure.

當然。

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.

首先，我會說我們在遊戲領域是因為我們相信游戲目標市場將發生長期變化。

We've always had a gaming position with console as well as the PC.

我們一直在遊戲機和 PC 上佔有一席之地。

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.

但展望未來，我們認為任何端點實際上都可以成為高端遊戲的一個很好的端點，這就是我們的結構定位所在。

And we now have a business model with Game Pass as well as all the supporting mechanisms for Game Pass like game streaming.

我們現在擁有一個包含 Game Pass 的商業模式以及 Game Pass 的所有支持機制，如游戲流媒體。

We have a social network in Xbox Live that is the best in the business.

我們在 Xbox Live 中擁有業內最好的社交網絡。

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.

因此，儘管多年來我們在遊戲領域取得了巨大的成功，但我覺得我們已經準備好迎接比傳統遊戲市場更大的市場了。

Now the second point is that it builds on the rest of the cloud investment.

現在第二點是它建立在其餘的雲投資之上。

So if you think about what we are doing with xCloud, it's a hero workload on top of Azure.

因此，如果您考慮一下我們使用 xCloud 所做的事情，它是 Azure 之上的英雄工作負載。

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.

因此，當我們考慮資本分配時，雲中發生了什麼，邊緣發生了什麼，我們如何構建網絡以優化流媒體，例如，相同的基礎設施也是索尼決定使用並在 Azure 上使用的東西以及使用我們的人工智能能力。

So you'll see significant synergies in terms of the architectural platform underneath gaming, Microsoft 365, Dynamics 365, LinkedIn all being the same.

因此，您將看到遊戲架構平台、Microsoft 365、Dynamics 365、LinkedIn 方面的顯著協同作用。

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集團的 Heather Bellini。

I had a couple of questions for Amy.

我有幾個問題要問艾米。

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?

考慮一下 Azure 組合在 IC 收入中所佔的比例越來越大，當你考慮到你繼續在 Azure 中展示的持續毛利率擴張時，我們應該如何考慮 IC 的整體毛利率潛力？

And I guess I also wanted to ask about the build-out of data centers related to the cloud build-out.

而且我想我還想問一下與雲構建相關的數據中心的構建。

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?

如果您願意，我們如何從覆蓋範圍的角度考慮您今天的存在點，而不是區域 - 您在未來幾年瞄準的收入口袋？

Great, Heather.

太好了，希瑟。

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.

讓我——在毛利率方面，在智能雲的任何長期內，鑑於廣泛的 TAM 和我們看到的增長機會，它將在長期內產生毛利率壓力。

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.

現在在下一個時期，特別是在上半年，我們繼續看到 - 期望看到非常好的混合性能和執行，這有助於抵消其中的一些。

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 層的毛利率有所提高，只要考慮到 TAM 和我們的機會，它將對該毛利率數字造成長期壓力，但當然，在毛利率方面有很多機會利潤美元增長，當然還有我們前進的營業利潤美元增長。

When it comes to our build-out, Heather, I tend to think it's 2 components.

當談到我們的擴建時，Heather，我傾向於認為它是 2 個組件。

The majority of our capital expenditures is actually in server equipment, it's new capacity.

我們的大部分資本支出實際上是在服務器設備上，它是新容量。

It's not necessarily in the overall geo footprint build-out.

它不一定在整體地理足跡建設中。

We'll, of course, continue to do that where it makes sense and where opportunity presents itself.

當然，我們會在有意義和機會出現的地方繼續這樣做。

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.

我們在供應鏈方面做得非常好，並且能夠很快啟動和運行。

But the majority of the investment today is continuing to build capacity inside existing incredibly large data centers.

但是今天的大部分投資是繼續在現有的非常大的數據中心內建立容量。

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

我們的下一個問題來自瑞銀的 Jennifer Lowe。

Satya, you mentioned the AT&T deal that was announced, I think, earlier this week.

Satya，你提到了本週早些時候宣布的 AT&T 交易。

IBM also had an announcement with AT&T.

IBM 還與 AT&T 發布了公告。

Oracle has been a long-time partner with AT&T in the cloud as well.

甲骨文也一直是 AT&T 在雲領域的長期合作夥伴。

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.

我不想特別詳述 AT&T，但我確實認為一些不同的大型雲播放器圍坐在那裡很有趣。

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?

因此，當您看到更多此類非常大的交易時，並且 Amy 提到了 1000 萬美元的交易增加，這些多雲交易和公司採用這種方法的頻率與那些致力於微軟的公司相比有多頻繁？

And how do you navigate that landscape?

你如何駕馭這片風景？

Yes.

是的。

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.

我的意思是我認為總體而言，我認為你們都做好了跟踪什麼是公共雲競爭，這是我們最關注的競爭。

And in this context, I think we see a mix.

在這種情況下，我認為我們看到了混合。

There are a few of us who are at scale in public cloud, who are very competitive.

我們中的一些人在公共雲中規模很大，他們非常有競爭力。

And anybody who decides to be multi-cloud, public cloud, those are the winners.

任何決定成為多雲、公共雲的人都是贏家。

When someone thinks of only using one cloud, we are definitely one of the names.

當有人想到只使用一個雲時，我們絕對是其中之一。

And in the case of AT&T, we were the only public cloud in there.

對於 AT&T，我們是那裡唯一的公共雲。

And so that's why we highlighted -- they highlighted us and we highlighted that in our quarterly announcement.

這就是我們強調的原因——他們強調了我們，我們在季度公告中強調了這一點。

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.

總的來說，我想說的是，我們所看到的，特別是隨著合同變得越來越大，對我們來說，在第 1 層工作負載下，我們真正看到 TAM 增長的機會，只是廣闊的。

And so Jennifer, listen, I kind of think about this as we have incredibly strong footprint inside existing enterprises today.

所以詹妮弗，聽著，我有點想這個，因為我們今天在現有企業中擁有非常強大的足跡。

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.

這一足跡，您可以在我們的結果中看到，客戶不僅依靠我們的足跡，而且隨著他們的不斷擴大，他們處於我們以前從未見過的第 1 層機會之下。

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.

因此，我們當然會在我們的許多大型賬戶中看到多雲，但這種重大承諾是一個機會，我認為，你們所有人都會繼續看到我們執行得很好。

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 Karl Keirstead。

Amy, I've got a question about the Windows business.

艾米，我有一個關於 Windows 業務的問題。

A couple of the metrics, 18% Windows OEM Pro and 16% on the volume licensing side were extraordinary.

一些指標，18% 的 Windows OEM Pro 和 16% 的批量許可方面非常出色。

I know you called out a couple of, call it, one-time issues around inventory levels and an uptick in in-quarter revs.

我知道你提出了一些關於庫存水平的一次性問題以及季度內轉速的上升。

But I wanted to ask you 2 questions.

但我想問你兩個問題。

How much of a tail do you think we have left on the Win 7 to Win 10 migration?

您認為我們在 Win 7 到 Win 10 的遷移上留下了多少尾巴？

Is it too cautious to say that there's really just 2 quarters of that tailwind left?

說真的只剩下四分之二的順風是不是太謹慎了？

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?

其次，在批量許可或商業和雲服務領域，您認為這可以在 20 財年為您的整體兩位數增長做出貢獻嗎？

Thanks, Karl.

謝謝，卡爾。

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.

我實際上並沒有將這些結合起來，因為實際上，有一個基本驅動程序位於其下方，然後我們可以了解支持終止的細節。

There is, I think, a recognized momentum with Windows 10, its deployment inside of enterprises for its security and management value prop.

我認為，Windows 10 有一種公認的勢頭，它在企業內部部署以實現其安全性和管理價值支撐。

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 Satya 提到了一些新功能，因為我們繼續投資於我們所有產品的安全性，我認為最能引起共鳴的地方之一是 Windows 10 及其價值所在。

The OEM Pro number, as I talked about, was impacted by a number of factors.

正如我所說，OEM Pro 編號受到許多因素的影響。

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.

但我們看到的是，在過去的 3 或 4 個季度中，一旦排除芯片供應和庫存水平對關稅的各種影響，就會出現相當穩定的高個位數表現。

That performance certainly has some end-of-support impact to it as we talked about before.

正如我們之前談到的那樣，這種性能肯定會對它產生一些終止支持的影響。

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.

我認為總的來說，我們在之前的版本中看到的是它確實比最後期限有所延長，尤其是在我們的中小型企業客戶中。

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.

繼續努力讓中小型企業找到前進的道路，以確保他們能夠體驗到我們擁有的最安全的計算環境，這對我們來說非常重要。

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.

所以我們會看到一些擴展通過，我們當然已經看到了 3 或 4 個季度，我們當然希望 H1 保持強勁。

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.

圍繞安全和管理價值支柱的更重要的部分實際上是我將再次轉向一點，因為這與我們在 Office 中看到的相同。

The Microsoft 365 value prop to customers, especially in the second half of the year and particularly in Q4, has 3 components.

Microsoft 365 對客戶的價值支持，尤其是在下半年，尤其是在第四季度，有 3 個組成部分。

It has Office 365, it has EMS and it has this Windows 10 commercial component.

它有 Office 365，它有 EMS，它有這個 Windows 10 商業組件。

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.

Windows 10 商業組件看起來更像我們在行動中的成功，總體上能夠銷售 Microsoft 365 價值道具。

It was a good quarter for that.

這是一個很好的季度。

We've seen consistent double-digit billings in this segment and it speaks to that.

我們在這一部分看到了一致的兩位數賬單，這說明了這一點。

I expect that to continue.

我希望這種情況會繼續下去。

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.

儘管您會有波動，因為該特定指標的有趣之處在於它對 606 的影響比我們感覺的要多一些，但它是一個本地產品。

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.

所以這個數字會有波動，但看到兩位數的賬單與我們在 Office 365 中的實力相匹配的一致主題，我認為並且我確實希望繼續下去。

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.

並祝賀一個偉大的接近偉大的一年。

I just want to focus in on M 365 particularly, Satya, your comments on Microsoft Teams.

Satya，我只想專注於 M 365，特別是您對 Microsoft Teams 的評論。

Really kind of 2 components to this question.

這個問題真的有兩個組成部分。

How do you think about the sort of why customers are adopting Teams, especially the larger ones you highlighted at the Ignite Conference?

您如何看待客戶採用 Teams 的原因，尤其是您在 Ignite Conference 上強調的大型團隊？

Is it the fact that it's a single app with those combined features you talked about?

是不是它是一個具有您所說的組合功能的單一應用程序？

Or is it the broader, call it, Office experience?

還是更廣泛的，稱之為 Office 體驗？

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?

然後我想 Amy 的一個問題是，當您考慮 Teams 在未來的基礎上保持遷移的相關性時，E1、E3、E5 以及與 Teams 相關聯的那些附加組件比如打電話等等，Teams 對長期來說有多重要，比如 Office 和 M 365 的價格遷移？

Yes.

是的。

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.

因此，總的來說，我認為，首先，毫無疑問，上一財年對於 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最重要的大規模部署和使用方面。

And I think in fact, unlike any other time other than Windows, we've not had this kind of platform effect.

而且我認為事實上，與 Windows 以外的任何其他時代不同，我們還沒有出現過這種平台效應。

Office has obviously had very, very successful individual products that have been deployed broadly.

Office 顯然擁有非常、非常成功且已廣泛部署的單個產品。

But each of them was a singular tool.

但他們每個人都是一個單一的工具。

Perhaps SharePoint was the last time we had a platform effect of this kind.

也許 SharePoint 是我們最後一次擁有這種平台效果。

But Teams is -- transcends all that.

但 Teams 超越了這一切。

It's the communications tool, it's the collaboration tool.

它是溝通工具，是協作工具。

It's the line of business tool for meetings as well as business process.

它是用於會議和業務流程的業務線工具。

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.

因此，通過部署為客戶創造的價值量是我們自己在每次部署時都真正學到了很多東西，無論是在第一線。

The other point about Teams is just not limited to knowledge workers, which has been really the only place traditionally we play.

關於 Teams 的另一點不僅限於知識工作者，這實際上是我們傳統上唯一玩的地方。

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.

甚至我們對非知識工作者的許可也只是我們為知識工作者構建的工具的許可，而現在我們實際上具有特定的價值，這實際上對那些一線工作者非常有價值。

And the thing that we realized is the businesses are in fact looking to spend more for those first-line worker productivity.

我們意識到，企業實際上正在尋求為一線工人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.

所以我們處於早期階段，但我們非常興奮。

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.

另一個好處是，為了梳理 Amy 的一些評論，安全合規性和治理對於大規模的企業客戶和商業客戶來說是一個巨大的問題。

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.

從某種意義上說，Teams 對他們有很大幫助，因為它建立在他們已經在 Office 365 中進行的所有其他投資的基礎上。

And so we see that benefit even on that front.

因此，即使在這方面，我們也看到了這種好處。

And I think it's an important component of our M 365 value, but it's really not outsized.

而且我認為它是我們 M 365 價值的重要組成部分，但它真的不算大。

I mean we have all these components of value.

我的意思是我們擁有所有這些價值組成部分。

That's really been the secret of what customers look and see.

這確實是客戶所見所聞的秘密。

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.

他們認為團隊不僅可以改變 Satya 所說的內容，而且還可以改變文化，讓員工能夠參與和協作，而不管組織結構圖如何。

And that is what you're going to see.

這就是你將要看到的。

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.

當您在未來 5 年內構建 5 億個新應用程序時，您將看到並且我相信，Teams 將成為實現體驗和業務流程重塑的主要接口之一。

Teams really span multiple categories.

團隊確實跨越多個類別。

So I wouldn't think of it just as productivity or even just collab or meetings.

所以我不認為它只是生產力，甚至只是協作或會議。

That is an interface.

那是一個界面。

As you see business process reinvention occur, I do think of this is the surface through which many people will experience it.

當您看到業務流程重塑發生時，我確實認為這是許多人將經歷的表面。

And so I would ask you to expand your thinking on this one.

所以我想請你擴展你對這個的思考。

It's not just Office or needed to be in Office.

這不僅僅是 Office 或需要在 Office 中。

It's really about having employees fundamentally experience Microsoft in a different way day to day.

這實際上是讓員工每天以不同的方式從根本上體驗 Microsoft。

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.

是的，我想指出我們剛剛完成的會議和一些演示，我認為尤其是客戶演示。

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.

我想說，這可能會讓您對人們如何看待部署特徵有最好的感覺。

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

我們的下一個問題來自摩根大通的 Mark Murphy。

Amy, you are mentioning large and long-term Azure contracts.

艾米，你提到了大型和長期的 Azure 合同。

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?

我想知道，當我們考慮到本季度您的商業預訂量增長 25% 的強勁增長時，大概有多少分來自這一點——來自長期合同類型的任何順風？

And then Satya, I wanted to ask you regarding the recent partnership with AT&T.

然後 Satya，我想問你關於最近與 AT&T 的合作關係。

Some media reports said it was worth over $2 billion.

一些媒體報導稱，它的價值超過 20 億美元。

Wondering if there's some hyperbole there in the media.

想知道媒體是否有些誇張。

Or is this an example of how Microsoft can play in every line of a company's OpEx budgets today?

或者這是否是微軟如何在當今公司運營支出預算的各個方面發揮作用的一個例子？

I'll just take the second one and Amy can go.

我就拿第二個，艾米就可以走了。

I mean I think it is a very significant deal.

我的意思是，我認為這是一筆非常重要的交易。

I'm not going to comment on any specific dollar terms.

我不會對任何具體的美元條款發表評論。

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.

這是我們簽署的規模最大的商業交易，我們看到了——我們已經看到了更多這樣的交易。

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.

當您考慮預訂增長時，我不確定，將其分解為 2 部分，我認為預訂，本季度非常好，有 2 個基本動作。

There's a motion around renewals and there's a motion around new.

有關於續約的動議，也有圍繞新的動議。

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.

本季度兩者都非常好，雖然長期 Azure 合同肯定不是新合同的重要組成部分，但他們並不是唯一一個成為新合同的唯一組成部分。

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.

續約，正如我之前提到的，我們不僅在季度續約方面看到了非常好的執行，而且在今年早些時候發生的可能到期方面，我們看到了非常健康的行為，因為新的價值支柱和承諾而得到更新。銷售團隊，以確保我們獲得了真正深思熟慮的高客戶價值交易。

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.

因此，雖然長期大合同將增加該數字的波動性，但如果您查看我們的 910 億美元餘額並看到這一數字也同比增長 25%，您會感覺到它對這一年的影響當然不是唯一的。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

And congrats for me as well.

也祝賀我。

I wanted to zone in on Dynamics.

我想專注於動態。

There, you obviously like you're playing in applications and we've seen other vendors kind of do SaaS applications.

在那裡，您顯然喜歡玩應用程序，我們已經看到其他供應商在做 SaaS 應用程序。

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.

如果您在線查看 Dynamics，您現在，根據我的數學計算，大約 20 億美元，仍然以有機增長的速度增長，而其他人沒有達到這樣的水平。

It's now bigger than your on-premise business.

它現在比您的本地業務更大。

Can you talk a little bit about the drivers there?

你能談談那裡的司機嗎？

And is there -- what are the ways to kind of -- how did you achieve that growth at this scale?

有沒有——有什麼方法——你是如何實現這種規模的增長的？

And what are the drivers going forward?

未來的驅動力是什麼？

Yes.

是的。

We are very, very excited about the progress again in the last fiscal year around Dynamics 365.

我們對上一財年圍繞 Dynamics 365 再次取得的進展感到非常、非常興奮。

Both the traditional business process applications themselves have become much more modular and much more modern.

傳統的業務流程應用程序本身都變得更加模塊化和現代化。

And we have a very disruptive business model as well that goes with it.

我們也有一個非常具有破壞性的商業模式。

And so therefore, we're becoming much more competitive with the large customers deploying, whether it's sales or operations.

因此，無論是銷售還是運營，我們在部署大客戶時都變得更具競爭力。

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.

另一個令人興奮的事情是我們擁有全新的應用程序類別，甚至在本週的會議上我也談到了這一點，即這些 AI 優先模塊，無論是用於銷售、營銷、客戶服務還是這個客戶 360。

And these are modules that there isn't an installed base of those anywhere nor competition even exists.

這些模塊在任何地方都沒有安裝基礎，甚至不存在競爭。

So in other words, we can, in fact, have these modules get deployed in commercial customers even on top of existing business applications.

因此，換句話說，我們實際上可以將這些模塊部署在商業客戶中，甚至是在現有業務應用程序之上。

And so we feel that we have plenty of opportunity ahead.

所以我們覺得我們有很多機會。

Again, this is a place where we are a very low-share player.

同樣，這是一個我們是一個非常低份額的玩家的地方。

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.

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的極具競爭力的供應商，我們對未來的機會感到滿意。

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

我們的最後一個問題將來自 Brent Bracelin 和 KeyBanc。

I wanted to drill down on the commercial cloud gross margins.

我想深入了解商業雲的毛利率。

They were up 200 basis points sequentially, 600 basis points year-over-year to 65%.

它們連續上漲 200 個基點，同比增長 600 個基點，達到 65%。

I guess my question here is how sustainable are the cloud gross margins now that you're at this $40 billion-plus scale.

我想我的問題是，既然您的規模已達到 400 億美元以上，那麼雲計算毛利率的可持續性如何。

Or were there some kind of onetime benefits we should think about in the quarter that helped you there?

或者我們應該在本季度考慮一些一次性的好處對你有幫助嗎？

There were not any one-time benefits in this quarter that helped us.

本季度沒有任何一次性福利對我們有所幫助。

This is really about seeing improvement in some of our largest services, the continuous improvement year-over-year in the larger services.

這實際上是為了看到我們一些最大的服務的改進，大型服務的逐年持續改進。

What we said for FY '20 and particularly in Q1 is we expect to be up sequentially in Q1.

我們對 20 財年特別是第一季度所說的是，我們預計第一季度將連續增長。

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.

由於我們預計全年強勁的 Azure IaaS 和 PaaS 增長，我們將繼續遇到一些不利因素，但我們當然認為 Azure 基本毛利率的提高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.

今天財報電話會議的問答部分到此結束。

We appreciate you joining us and look forward to speaking with all of you soon.

我們感謝您加入我們，並期待很快與大家交談。

Thanks.

謝謝。

Thanks, everyone.

感謝大家。

Thank you all.

謝謝你們。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。