微軟 (MSFT) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2022 Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brett Iversen, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Microsoft 2022 財年第四季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹您的主持人，投資者關係副總裁 Brett Iversen。謝謝你。你可以開始了。

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

下午好，感謝您今天加入我們。與我通話的是董事長兼首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Alice Jolla，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. 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 have on the financial results.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。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。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. 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 will refer to the growth rate only.

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。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。如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。今天的電話正在網絡直播和錄製。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。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 or 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 and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement. And with that, I'll turn the call over to Satya.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。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。由於今天的收益新聞稿中討論的因素以及本次電話會議期間以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格的風險因素部分以及其他報告和文件中的評論，實際結果可能存在重大差異.我們不承擔更新任何前瞻性陳述的義務。有了這個，我會把電話轉給 Satya。

Thank you, Brett. Amid this macroeconomic environment, the Microsoft Cloud surpassed $25 billion in quarterly revenue for the first time, up 28% and 33% in constant currency. When I talk with customers, it's clear there is a real opportunity to help organizations in every industry use digital technology to overcome today's challenges and emerge stronger.

謝謝你，布雷特。在這種宏觀經濟環境下，微軟雲的季度收入首次超過 250 億美元，按固定匯率計算分別增長 28% 和 33%。當我與客戶交談時，很明顯有一個真正的機會可以幫助各個行業的組織使用數字技術來克服當今的挑戰並變得更強大。

In this environment, we are focused on 3 things: first, no company is better positioned than Microsoft to help organizations deliver on their digital imperative so that they can do more with less. From infrastructure and data to business applications and hybrid work, we provide unique differentiated value to our customers. Second, we will invest to take share and build new businesses and categories where we have long-term structural advantage. Lastly, we will manage through this period with an intense focus on prioritization and executional excellence in our own operations to drive operational leverage.

在這種環境下，我們專注於三件事：首先，沒有哪家公司比微軟更能幫助組織實現數字化需求，從而事半功倍。從基礎設施和數據到業務應用程序和混合工作，我們為客戶提供獨特的差異化價值。二是投資入股，打造具有長期結構優勢的新業務新品類。最後，我們將在這一時期進行管理，重點關注我們自己運營的優先級和卓越執行，以推動運營槓桿。

With that, let me highlight our progress, starting with Azure. Organizations in every industry continue to choose our cloud to align their IT investments with demand. We are seeing larger and longer-term commitments and won a record number of $100 million-plus and $1 billion-plus deals this quarter. We have more data center regions than any other provider, and we will launch 10 regions over the next year.

有了這個，讓我強調一下我們的進展，從 Azure 開始。每個行業的組織都在繼續選擇我們的雲，以使其 IT 投資與需求保持一致。我們看到了更大、更長期的承諾，並在本季度贏得了創紀錄的 1 億美元和 10 億美元以上的交易。我們的數據中心區域比任何其他提供商都多，我們將在明年推出 10 個區域。

Our new Microsoft Cloud for Sovereignty helps public sector customers meet urgent compliance, security and privacy requirements. With Azure Arc, we are meeting customers where they are enabling companies like GM, Gregg, UBS and Uniper to run applications across on-prem edge and multi-cloud environments. We are seeing more customers move their mission-critical workloads to Azure.

我們新的 Microsoft Cloud for Sovereignty 可幫助公共部門客戶滿足緊迫的合規性、安全性和隱私要求。通過 Azure Arc，我們與客戶會面，他們使 GM、Gregg、UBS 和 Uniper 等公司能夠跨本地邊緣和多雲環境運行應用程序。我們看到越來越多的客戶將他們的關鍵任務工作負載遷移到 Azure。

American Airlines, for example, chose our cloud to run its key operational workloads, including its data warehouse. And Telstra will move its internal IT workloads to Azure. And we are the platform of choice for SAP apps on the cloud. Leaders in every industry, including Kraft Heinz, Fujitsu and Unilever have migrated ERP workloads to Azure. Just last week, we announced a new service to accelerate adoption of Oracle workloads on Azure. We are the only public cloud with simplified direct access to Oracle databases running in the Oracle Cloud.

例如，美國航空公司選擇我們的雲來運行其關鍵運營工作負載，包括其數據倉庫。 Telstra 將把其內部 IT 工作負載轉移到 Azure。我們是雲上 SAP 應用程序的首選平台。每個行業的領導者，包括卡夫亨氏、富士通和聯合利華，都已將 ERP 工作負載遷移到 Azure。就在上週，我們宣布了一項新服務，以加速在 Azure 上採用 Oracle 工作負載。我們是唯一一個可以簡化直接訪問在 Oracle 雲中運行的 Oracle 數據庫的公共雲。

Now on to data and AI. With our Microsoft Intelligent Data Platform, we provide a complete data fabric spanning operational databases, analytics and governance, helping customers focus on creating value instead of integrating fragmented data estate. More than 65% of the Fortune 1000 use 3 or more of our data solutions, and we are growing faster than the market. We are seeing leaders in every industry from LaLiga and Lenovo to Swiss Re and Walgreens unify their data using our tools. Cosmos DB is the go-to database powering the world's most demanding mission-critical workloads at any scale. Transactions in data volume increased over 100% year-over-year for the fourth quarter in a row.

現在談談數據和人工智能。借助我們的 Microsoft 智能數據平台，我們提供了一個涵蓋運營數據庫、分析和治理的完整數據結構，幫助客戶專注於創造價值，而不是集成零散的數據資產。超過 65% 的財富 1000 強企業使用我們的 3 種或更多數據解決方案，而且我們的增長速度快於市場。我們看到從 LaLiga 和聯想到瑞士再保險和沃爾格林的各個行業的領導者都使用我們的工具統一他們的數據。 Cosmos DB 是為世界上任何規模的要求最苛刻的任務關鍵型工作負載提供支持的首選數據庫。數據量交易量連續第四季度同比增長超過 100%。

When it comes to AI, we are seeing a paradigm shift as the world's large AI models become powerful platforms themselves. With our Azure OpenAI service, a diverse set of customers from HSBC, PwC and RTL Group to Shell and Wipro are applying language models to advanced scenarios like content and code generation.

在 AI 方面，我們正在看到範式轉變，因為世界上的大型 AI 模型本身成為強大的平台。借助我們的 Azure OpenAI 服務，從 HSBC、PwC 和 RTL Group 到 Shell 和 Wipro 的各種客戶正在將語言模型應用於內容和代碼生成等高級場景。

Now on to developer tools. We have the most popular developer tools across any cloud and any platform. Leaders in every industry from Ahold Delhaize to KPMG to Philips are all choosing GitHub to build software. GitHub Copilot is the first-of-its-kind AI pair programmer, which helps developers write better code faster. More than 400,000 people have subscribed since we made it generally available a month ago.

現在轉到開發人員工具。我們擁有跨任何云和任何平台的最流行的開發人員工具。從 Ahold Delhaize 到畢馬威再到飛利浦，各個行業的領導者都在選擇 GitHub 來構建軟件。 GitHub Copilot 是首創的 AI 結對程序員，可幫助開發人員更快地編寫更好的代碼。自從我們在一個月前正式推出以來，已有超過 400,000 人訂閱。

And with our expanding portfolio of container services, organizations like H&M can build modern, more resilient cloud-native applications. All up, revenue from Azure container services increased by triple digits.

隨著我們不斷擴大的容器服務組合，像 H&M 這樣的組織可以構建現代、更具彈性的雲原生應用程序。總而言之，來自 Azure 容器服務的收入增長了三位數。

Now on to Power Platform. With Power Platform, we are helping domain experts rapidly drive productivity gains at a time when it's never been more important. We now have nearly 25 million monthly active users, and we are innovating to make it even easier for teams of pro and citizen developers to build end-to-end business solutions together. AB InBev, ARM, Equinor, Toyota, Vodafone and Zurich Insurance have all built centers of excellence to train employees at scale on how to use Power Platform. PG&E, for example, expects to save at least 720,000 hours by eliminating redundant and manual processes across employee workflows.

現在到 Power Platform。借助 Power Platform，我們正在幫助領域專家在前所未有的重要時刻迅速提高生產力。我們現在每月有近 2500 萬活躍用戶，我們正在創新以使專業和公民開發人員團隊更容易共同構建端到端業務解決方案。 AB InBev、ARM、Equinor、Toyota、Vodafone 和 Zurich Insurance 都建立了卓越中心，以大規模培訓員工如何使用 Power Platform。例如，PG&E 預計通過消除員工工作流程中的冗餘和手動流程，至少可以節省 720,000 小時。

Now on to Dynamics 365. We are helping organizations digitize their customer experience, service, finance and supply chain functions as we continue to outgrow the market in every category. Our new Microsoft Digital Contact Center Platform brings together Dynamics 365, Microsoft Teams as well as enterprise AI capabilities from Nuance to help customers like HP deliver omnichannel customer engagement.

現在轉到 Dynamics 365。我們正在幫助組織數字化他們的客戶體驗、服務、財務和供應鏈功能，因為我們在每個類別中都繼續超越市場。我們新的 Microsoft 數字聯絡中心平台匯集了 Dynamics 365、Microsoft Teams 以及 Nuance 的企業 AI 功能，可幫助惠普等客戶提供全渠道客戶參與。

And new integrations between Dynamics 365 and Intelligent Order Management and Teams help people collaborate in the flow of work to overcome supply chain disruptions. We are winning customers as we help organizations address their most pressing challenges. Peet's Coffee is modernizing its supply chain with our business applications. Carlsberg is standardizing its field service and customer service operations. And Visa switched to Dynamics 365 for both its sales and call center organizations.

Dynamics 365 與 Intelligent Order Management 和 Teams 之間的新集成可幫助人們在工作流程中進行協作，以克服供應鏈中斷。當我們幫助組織解決他們最緊迫的挑戰時，我們正在贏得客戶。 Peet's Coffee 正在通過我們的業務應用程序對其供應鏈進行現代化改造。嘉士伯正在標準化其現場服務和客戶服務運營。 Visa 為其銷售和呼叫中心組織改用 Dynamics 365。

When it comes to our industry and cross-industry clouds, we are seeing strong adoption as we take a platform-driven approach to help organizations deliver on their digital imperative. For example, Microsoft Cloud for Healthcare, inclusive of Nuance, is becoming the platform of choice for companies across the health care value chain, looking to drive meaningful clinical and financial outcomes. Whether it's a provider modernizing care delivery, a health plan transforming the member experience or a retailer expanding into health services, having a technology partner that is truly dedicated to empowering their success is a significant differentiator for us. Intermountain Healthcare, for example, chose the Cloud for Healthcare as well as Nuance's DAX Ambient Intelligence solution as the pillar of its new digital strategy.

當談到我們的行業和跨行業雲時，我們看到了強大的採用率，因為我們採用平台驅動的方法來幫助組織實現其數字化需求。例如，包括 Nuance 在內的 Microsoft Cloud for Healthcare 正成為整個醫療保健價值鏈公司的首選平台，希望推動有意義的臨床和財務成果。無論是提供現代化護理服務的提供者、改變會員體驗的健康計劃，還是擴展到健康服務領域的零售商，擁有真正致力於幫助他們取得成功的技術合作夥伴對我們來說都是一個重要的差異化因素。例如，Intermountain Healthcare 選擇了醫療保健雲以及 Nuance 的 DAX 環境智能解決方案作為其新數字戰略的支柱。

Now on to Microsoft 365 and Teams. In this economic environment, every organization is looking to support employee flexibility and improve productivity. Hybrid work is now just work, and it's imperative that organizations reconnect and reengage the workforce at home, in the office and everywhere in between. To do this, companies need a digital fabric that connects employees as well as customers and partners wherever and whenever they work while reducing cost and complexity.

現在轉到 Microsoft 365 和 Teams。在這種經濟環境下，每個組織都希望支持員工的靈活性並提高生產力。混合工作現在只是工作，組織必須重新連接並重新吸引在家中、辦公室以及兩者之間的任何地方的員工。為此，公司需要一種數字結構，將員工以及客戶和合作夥伴隨時隨地連接起來，同時降低成本和復雜性。

We are all in on Teams. Over the past year, we've introduced more than 450 capabilities to empower frontline and knowledge workers to collaborate synchronously and asynchronously as well as remote and in-person. Teams is taking share across every category from collaboration to chat to meetings to calling and seeing higher usage intensity as companies turn to the platform to accelerate their digital transformation and orchestrate all their business process in the flow of work.

我們都加入了 Teams。在過去一年中，我們推出了 450 多項功能，使一線和知識工作者能夠同步和異步以及遠程和麵對面協作。隨著公司轉向該平台以加速其數字化轉型並在工作流程中協調所有業務流程，Teams 正在從協作到聊天到會議再到電話的各個類別中分享份額並看到更高的使用強度。

ISVs from Adobe to Workday have built deep integrations with Teams. And more than 100,000 companies, including Johnson & Johnson, Lumen Technologies and Progressive Insurance have deployed custom line of business applications in Teams. All up, the number of third-party and LOB apps with active usage increased by 40% year-over-year.

從 Adobe 到 Workday 的 ISV 已經與 Teams 建立了深度集成。包括強生、Lumen Technologies 和 Progressive Insurance 在內的超過 100,000 家公司已在 Teams 中部署了自定義業務線應用程序。總之，活躍使用的第三方和 LOB 應用程序的數量同比增長了 40%。

Teams Phone is the market leader in cloud calling across VoIP and PSTN. We now have over 12 million PSTN users, nearly double the number a year ago. And Teams Rooms bridges the gap between people working remotely and those in the office with innovations like AI-powered cameras. More than 60% of the Fortune 500 have chosen Teams Rooms to connect employees across the hybrid workplace.

Teams Phone 是跨 VoIP 和 PSTN 的雲呼叫市場領導者。我們現在擁有超過 1200 萬 PSTN 用戶，幾乎是一年前的兩倍。 Teams Rooms 通過 AI 驅動的攝像頭等創新技術彌合了遠程工作人員與辦公室人員之間的差距。超過 60% 的財富 500 強企業選擇了 Teams Rooms 來連接混合工作場所的員工。

We're also building a completely new suite with Microsoft Viva, as we create a new employee experience category. This is both a priority for our customers and an expansive and high-growth TAM for us. 25% of the Fortune 500 already use Viva as organizations increasingly recognize that employee experience and well-being are essential to their productivity. We have seen broad adoption across segments and industries from Commonwealth Bank, Fidelity Investments and Mastercard to AstraZeneca and Schlumberger. And this innovation is driving revenue growth across Microsoft 365. Asahi, Expedia Group and Qualcomm all chose our premium offerings to transform how employees work. E5 seats increased more than 60% year-over-year.

隨著我們創建一個新的員工體驗類別，我們還使用 Microsoft Viva 構建了一個全新的套件。這對我們的客戶來說既是一個優先事項，也是對我們來說是一個廣泛且高增長的 TAM。 25% 的財富 500 強企業已經在使用 Viva，因為組織越來越認識到員工體驗和福祉對其生產力至關重要。我們已經看到從聯邦銀行、富達投資和萬事達卡到阿斯利康和斯倫貝謝等各個領域和行業的廣泛採用。這項創新正在推動整個 Microsoft 365 的收入增長。Asahi、Expedia Group 和 Qualcomm 都選擇了我們的優質產品來改變員工的工作方式。 E5座位同比增長超過60%。

Now on to Windows. With Windows, we are putting people at the center to help them securely work, connect and play. Despite a changing market for PCs during the quarter, we continue to see more PCs shipped than pre pandemic and are taking share. And we are seeing higher monthly usage of Windows 11 applications with increased time spent across creative work, collaboration, gaming, media and writing code as people rely on the PC for its unique productivity capabilities, rich interactive experiences and to stay connected.

現在到 Windows。借助 Windows，我們以人為本，幫助他們安全地工作、連接和娛樂。儘管本季度 PC 市場發生了變化，但我們繼續看到 PC 出貨量超過大流行前，並且正在佔據份額。我們看到 Windows 11 應用程序的月度使用量增加，花在創意工作、協作、遊戲、媒體和編寫代碼上的時間增加，因為人們依賴 PC 的獨特生產力、豐富的交互體驗和保持聯繫。

We are transforming how Windows is experienced and managed with Azure Virtual Desktop and Windows 365. Azure Virtual Desktop monthly active usage increased nearly 60% year-over-year. One year in, we are seeing strong adoption of Windows 365 from organizations in every industry from Hamburg Commercial Bank and Kyndryl to LEGO Group and Schroders as they use cloud PCs to rapidly onboard new and temporary employees and speed M&A integration while reducing IT costs.

我們正在通過 Azure 虛擬桌面和 Windows 365 改變 Windows 的體驗和管理方式。Azure 虛擬桌面月度活躍使用量同比增長近 60%。一年後，我們看到從漢堡商業銀行和 Kyndryl 到樂高集團和施羅德的各個行業的組織都大力採用 Windows 365，因為他們使用雲 PC 快速入職新員工和臨時員工並加快併購整合，同時降低 IT 成本。

Now on to security. As the rate and pace of threats continue to accelerate, security is the top priority for every organization. We provide comprehensive solutions that integrate more than 50 categories informed by more than 43 trillion signals each day, reducing cost and complexity. We're taking share across all major categories we serve. All up, our security revenue increased 40%. We are the only cloud provider with protection for the top 3 cloud platforms, and we are seeing more and more customers turn to us to protect their multi-cloud, multi-platform infrastructure. Pearson VUE and Vodafone both chose our security stack to protect their digital estate across clouds.

現在談安全。隨著威脅的速度和速度不斷加快，安全是每個組織的首要任務。我們提供全面的解決方案，每天集成超過 43 萬億個信號的 50 多個類別，從而降低成本和復雜性。我們在我們服務的所有主要類別中佔有一席之地。總之，我們的安全收入增長了 40%。我們是唯一一家為三大雲平台提供保護的雲提供商，我們看到越來越多的客戶轉向我們來保護他們的多雲、多平台基礎架構。 Pearson VUE 和 Vodafone 都選擇了我們的安全堆棧來保護他們跨雲的數字資產。

And we're going further to help protect organizations. Our new Entra product family includes tools for permissions management, identity governance and identity verification. And we now offer managed threat detection and response with Microsoft Security Experts, the world's largest hedge fund, Bridgewater Associates, for example, will use the service to supplement its own security operations.

我們將進一步幫助保護組織。我們新的 Entra 產品系列包括用於權限管理、身份治理和身份驗證的工具。我們現在通過 Microsoft 安全專家提供託管威脅檢測和響應，例如，全球最大的對沖基金 Bridgewater Associates 將使用該服務來補充其自身的安全運營。

Now on to LinkedIn. We once again saw record engagement among the more than 850 million members, a testament to how mission-critical the platform is to connect job seekers with jobs, learners with skills and marketeers with buyers. We are seeing job candidates and employers alike prioritize skills to more efficiently find and source work. More than 40% of the companies on LinkedIn now rely on skills filters to identify candidates.

現在轉到LinkedIn。我們再次見證了超過 8.5 億會員的創紀錄參與度，這證明了該平台將求職者與工作聯繫起來、將學習者與技能聯繫起來、將營銷人員與買家聯繫起來的關鍵任務。我們看到求職者和雇主都優先考慮技能，以更有效地尋找和尋找工作。 LinkedIn 上超過 40% 的公司現在依靠技能篩選器來識別候選人。

LinkedIn Talent Solutions surpassed $6 billion in revenue over the past 12 months, up 39% year-over-year. And LinkedIn Marketing Solutions surpassed $5 billion in annual revenue for the first time. We are a leader in B2B digital advertising, and we continue to see customers choose us for higher reach and ROI. More broadly, despite the current headwinds in the ad market, we are expanding our opportunity in advertising as we look towards the long term.

LinkedIn Talent Solutions 過去 12 個月的收入超過 60 億美元，同比增長 39%。 LinkedIn 營銷解決方案的年收入首次超過 50 億美元。我們是 B2B 數字廣告領域的領導者，我們繼續看到客戶選擇我們以獲得更高的覆蓋面和投資回報率。更廣泛地說，儘管目前廣告市場存在逆風，但我們正在擴大我們在廣告方面的機會，因為我們著眼於長期。

We are creating a new monetization engine for the web, an alternative that offers marketeers and publishers more long-term viable ad solutions and supports consumer privacy and strong data governance. It starts with our first-party Internet experiences. We are focused on increasing our share and engagement across Edge, Bing and our personalized content feed, Microsoft Start. Daily content consumption across Start in categories like news, weather, finance and sports increased 80% since we launched the service 1 year ago.

我們正在為網絡創建一個新的貨幣化引擎，這是一種為營銷人員和出版商提供更長期可行的廣告解決方案並支持消費者隱私和強大的數據治理的替代方案。首先是我們的第一方互聯網體驗。我們專注於增加我們在 Edge、Bing 和我們的個性化內容源 Microsoft Start 中的份額和參與度。自一年前推出服務以來，Start 中新聞、天氣、金融和體育等類別的每日內容消費量增加了 80%。

And Edge continues to gain share as consumers use it to save money with our built-in coupon and price comparison features. Our approach extends to our third-party ad network. We closed our acquisition of Xandr last month and now power one of the world's largest marketplaces for premium advertising. With Microsoft advertising, every media and consumer Internet company now has a trusted platform for their own ad innovation and monetization.

隨著消費者使用它通過我們內置的優惠券和價格比較功能來省錢，Edge 繼續獲得份額。我們的方法擴展到我們的第三方廣告網絡。我們上個月完成了對 Xandr 的收購，現在為全球最大的優質廣告市場之一提供支持。借助 Microsoft 廣告，每家媒體和消費者互聯網公司現在都擁有了一個值得信賴的平台，用於他們自己的廣告創新和貨幣化。

Just 2 weeks ago, Netflix chose us as its exclusive technology and sales partner for its first ad-supported subscription offering, a validation of the differentiated value we provide to any publisher looking for a flexible partner willing to build and innovate with them. And with PromoteIQ, we are providing a platform for retailers like Home Depot, Kohl's and Kroger to build their own digital commerce and marketing channels. This quarter, Sephora chose our solution to help build a new advertising revenue stream while maintaining ownership of their own data and customer relationships.

就在 2 週前，Netflix 選擇我們作為其獨家技術和銷售合作夥伴，為其首個廣告支持的訂閱產品提供服務，這證明了我們為任何尋求靈活合作夥伴的發行商提供的差異化價值，並願意與他們一起構建和創新。通過 PromoteIQ，我們為 Home Depot、Kohl's 和 Kroger 等零售商提供了一個平台，以建立他們自己的數字商務和營銷渠道。本季度，絲芙蘭選擇了我們的解決方案來幫助建立新的廣告收入流，同時保持對自己的數據和客戶關係的所有權。

Now on to gaming. We offer the best value in the gaming industry. Our Xbox Game Pass subscription service includes access to hundreds of games, and Xbox Series S is the most affordable next-generation console. We sold more consoles live to date than any previous generation of Xbox and have been the market leader in North America for 3 quarters in a row amongst next-gen consoles. And with Xbox Cloud Gaming, we are bringing games to new endpoints. Players now can stream Xbox games on Samsung Smart TVs. And we partnered with Epic Games to make Fortnite available for free via the browser. Over 4 million people have streamed the game to date, including over 1 million who were new to our ecosystem.

現在開始遊戲。我們提供遊戲行業的最佳價值。我們的 Xbox Game Pass 訂閱服務包括訪問數百款遊戲，而 Xbox Series S 是最實惠的下一代遊戲機。迄今為止，我們售出的主機數量超過了任何上一代 Xbox，並且已連續 3 個季度成為北美下一代遊戲機的市場領導者。通過 Xbox Cloud Gaming，我們將游戲帶到了新的端點。玩家現在可以在三星智能電視上串流 Xbox 遊戲。我們與 Epic Games 合作，通過瀏覽器免費提供 Fortnite。迄今為止，已有超過 400 萬人觀看了這款遊戲，其中包括超過 100 萬的生態系統新手。

In closing, we are investing in sharpening our focus to help our customers during this critical moment and to capture the massive technological shifts underway. Our portfolio of best-of-category products and best-of-suite solutions, along with our durable business models and intense focus on prioritization and executional excellence, make me confident about our opportunity ahead in the coming year. With that, I'll hand it over to Amy.

最後，我們正在投資加強我們的重點，以在這個關鍵時刻幫助我們的客戶，並抓住正在進行的大規模技術轉變。我們一流的產品組合和一流的解決方案，以及我們持久的商業模式和對優先級和卓越執行的高度關注，讓我對來年的機遇充滿信心。有了這個，我會把它交給艾米。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $51.9 billion, up 12% and 16% in constant currency. Earnings per share was $2.23 and increased 3% and 8% in constant currency. I'd like to start by discussing the impact of the macroeconomic environment on our results this quarter.

謝謝你，Satya，大家下午好。本季度收入為 519 億美元，按固定匯率計算分別增長 12% 和 16%。每股收益為 2.23 美元，按固定匯率計算分別增長 3% 和 8%。我想首先討論宏觀經濟環境對我們本季度業績的影響。

First, FX. The U.S. dollar strengthened throughout the quarter, creating an additional headwind beyond what we shared mid-quarter. As a result, for the full quarter, revenue and EPS were negatively impacted by $595 million and $0.04 per share, beyond our expectations shared in April.

首先，外匯。美元在整個季度都走強，創造了超出我們在季度中所分享的額外逆風。因此，整個季度的收入和每股收益受到 5.95 億美元和每股 0.04 美元的負面影響，超出了我們 4 月份的預期。

Next, extended production shutdowns in China that continued through May and a deteriorating PC market in June contributed to a negative Windows OEM revenue impact of more than $300 million. And finally, reductions in advertising spend impacted LinkedIn Marketing Solutions and search and news advertising revenue by more than $100 million. In our consumer business, despite those macro challenges, we drove another quarter of share gains for Windows in the PC market and for Edge in browsers.

其次，中國持續到 5 月的停產時間延長以及 6 月 PC 市場的惡化導致 Windows OEM 收入的負面影響超過 3 億美元。最後，廣告支出的減少對 LinkedIn 營銷解決方案以及搜索和新聞廣告收入的影響超過 1 億美元。在我們的消費者業務中，儘管存在這些宏觀挑戰，我們還是推動了 Windows 在 PC 市場和 Edge 在瀏覽器市場的份額增長了四分之一。

In our commercial business, Q4 was the largest quarter ever for long-term commitments to our platform. And as you heard from Satya, we saw share gains in areas such as Data and AI, Dynamics, Teams and Security. Against a strong prior year comparable, commercial bookings increased 25% and 35% in constant currency, significantly ahead of expectations. Our record commitment quarter was driven by increases in the number of $100 million-plus Azure and $10 million-plus Microsoft 365 contracts as well as consistent strong execution across our core annuity sales motions.

在我們的商業業務中，第四季度是我們平台長期承諾的最大季度。正如您從 Satya 那裡聽到的那樣，我們在數據和人工智能、動態、團隊和安全等領域看到了份額增長。與去年強勁的可比數據相比，商業預訂按固定匯率計算分別增長了 25% 和 35%，大大超出預期。我們創紀錄的承諾季度得益於價值超過 1 億美元的 Azure 和超過 1000 萬美元的 Microsoft 365 合同數量的增加，以及我們核心年金銷售行動的持續強勁執行。

Commercial remaining performance obligation increased 34% and 37% in constant currency to $189 billion, roughly 45% will be recognized in revenue in the next 12 months, up 28% year-over-year. The remaining portion which will be recognized beyond the next 12 months, increased 39% year-over-year, and our acuity mix increased 1 point year-over-year to 96%. Microsoft Cloud revenue was $25 billion and grew 28% and 33% in constant currency. Microsoft Cloud gross margin percentage decreased slightly year-over-year to 69%. Excluding the impact from the change in accounting estimate for useful lives, Microsoft Cloud gross margin percentage increased roughly 1 point, driven by improvement across our cloud services, partially offset by sales mix shift to Azure.

商業剩餘履約義務按固定匯率計算分別增長 34% 和 37% 至 1890 億美元，其中約 45% 將在未來 12 個月內確認為收入，同比增長 28%。將在未來 12 個月之後確認的剩餘部分同比增長 39%，我們的敏銳度組合同比增長 1 個百分點至 96%。微軟雲收入為 250 億美元，按固定匯率計算分別增長 28% 和 33%。微軟雲毛利率同比略有下降至 69%。排除使用年限會計估計變化的影響，微軟雲的毛利率增加了大約 1 個百分點，這是由於我們的雲服務的改進，部分被銷售組合轉移到 Azure 所抵消。

Now back to total company level. As noted earlier, FX decreased total company revenue by 4 points, 2 points unfavorable to expectations. Additionally, FX decreased COGS and operating expense growth by 2 points, 1 point favorable to expectations. Gross margin dollars increased 10% and 15% in constant currency, and gross margin percentage decreased year-over-year to 68%. Excluding the impact of the change in accounting estimate and FX, gross margin percentage increased slightly as the improvement in cloud services noted earlier was partially offset by sales mix shift to cloud.

現在回到總公司層面。如前所述，外匯使公司總收入下降了 4 個百分點，低於預期的 2 個百分點。此外，外匯使 COGS 和運營費用增長下降 2 個百分點，優於預期 1 個百分點。按固定匯率計算，毛利率分別增長 10% 和 15%，毛利率同比下降至 68%。排除會計估計和外匯變化的影響，毛利率百分比略有增加，因為前面提到的雲服務的改善部分被銷售組合轉移到雲所抵消。

Operating expense increased 14% and 16% in constant currency, driven by increased investments in cloud engineering, LinkedIn and Nuance. OpEx growth included roughly 2 points from the decision to scale down operations in Russia, employee severance and the impact from the Xandr acquisition, which closed in June. At a total company level, headcount grew 22% year-over-year as we continued to invest in key areas such as cloud engineering, LinkedIn, sales and customer deployment, and included roughly 6 points of growth from the Nuance and Xandr acquisitions.

由於對雲工程、LinkedIn 和 Nuance 的投資增加，運營費用按固定匯率計算分別增長了 14% 和 16%。運營支出增長包括約 2 個百分點的縮減俄羅斯業務的決定、員工遣散以及 Xandr 收購的影響，該收購於 6 月結束。在整個公司層面，隨著我們繼續投資於雲工程、LinkedIn、銷售和客戶部署等關鍵領域，員工人數同比增長 22%，其中包括來自 Nuance 和 Xandr 收購的大約 6 個增長點。

Operating income increased 8% and 14% in constant currency, and operating margins decreased year-over-year to 40%. Excluding the impact of the change in accounting estimate and FX, operating margins were relatively unchanged as the improvement in cloud services noted earlier and sales mix shift to higher-margin businesses were offset by the impact of the Nuance acquisition.

按固定匯率計算，營業收入分別增長 8% 和 14%，營業利潤率同比下降至 40%。排除會計估計和外匯變化的影響，營業利潤率相對沒有變化，因為之前提到的雲服務改善和銷售組合轉向利潤率更高的業務被收購 Nuance 的影響所抵消。

Now to our segment results. Revenue from Productivity and Business Processes was $16.6 billion and grew 13% and 17% in constant currency. FX decreased segment revenue $159 million more than expected. When adjusting for the additional FX headwind, overall segment results were in line with expectations. Office commercial revenue grew 9% and 13% in constant currency. Office 365 commercial revenue increased 15% and 19% in constant currency, in line with expectations, driven by installed base expansion across all workloads and customer segments as well as higher ARPU from continued momentum in E5.

現在來看我們的細分結果。生產力和業務流程的收入為 166 億美元，按固定匯率計算分別增長 13% 和 17%。外匯部門收入比預期減少了 1.59 億美元。在調整額外的外匯逆風時，整體分部結果符合預期。按固定匯率計算，寫字樓商業收入分別增長 9% 和 13%。 Office 365 商業收入按固定匯率計算分別增長 15% 和 19%，符合預期，這主要得益於所有工作負載和客戶群的安裝基礎擴展以及 E5 持續增長帶來的更高 ARPU。

Paid Office 365 commercial seats grew 14% year-over-year, driven by our small and medium business and frontline worker offerings, although growth was impacted by some moderation in new deal volume outside of E5, particularly in the small and medium business customer segment. Demand for security, compliance and voice value in Microsoft 365 drove strong E5 momentum again this quarter. E5 now accounts for 12% of our Office 365 commercial installed base.

在我們的中小型企業和一線員工產品的推動下，付費 Office 365 商業席位同比增長 14%，儘管增長受到 E5 以外新交易量放緩的影響，尤其是在中小型企業客戶領域. Microsoft 365 對安全性、合規性和語音價值的需求在本季度再次推動了 E5 的強勁勢頭。 E5 現在占我們 Office 365 商業安裝基數的 12%。

Office commercial licensing was down 32% and 28% in constant currency, lower than expected, driven primarily by a lower mix of contracts with higher in-period revenue recognition. Office consumer revenue grew 9% and 12% in constant currency, in line with expectations, driven by continued momentum in Microsoft 365 subscriptions, which grew 15% to 59.7 million.

辦公室商業許可按固定匯率計算分別下降 32% 和 28%，低於預期，主要是由於期內收入確認較高的合同組合減少。 Office 消費者收入按固定匯率計算分別增長 9% 和 12%，符合預期，這得益於 Microsoft 365 訂閱的持續增長，增長 15% 至 5970 萬。

Dynamics revenue grew 19% and 24% in constant currency, driven by Dynamics 365, which grew 31% and 36% in constant currency, slightly below expectations due to lower-than-expected growth in new business even as our cloud growth continues to outpace the market. LinkedIn revenue increased 26% and 29% in constant currency, lower than expected as Marketing Solutions was impacted by the slowdown of advertising spend noted earlier. And Talent Solutions was impacted by weaker online job posts late in the quarter.

在 Dynamics 365 的推動下，Dynamics 收入按固定匯率計算分別增長 19% 和 24%，按固定匯率計算分別增長 31% 和 36%，儘管我們的雲增長繼續超過預期，但由於新業務增長低於預期而略低於預期市場。 LinkedIn 收入按固定匯率計算分別增長 26% 和 29%，低於預期，因為營銷解決方案受到前面提到的廣告支出放緩的影響。 Talent Solutions 受到本季度末在線職位發布疲軟的影響。

Segment gross margin dollars increased 12% and 17% in constant currency, and gross margin percentage decreased slightly year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 1 point, driven by improvement across all cloud services. Operating expense increased 12% and 14% in constant currency, and operating income increased 12% and 19% in constant currency.

按固定匯率計算，分部毛利率分別增長 12% 和 17%，毛利率同比略有下降。排除會計估計變更的影響，毛利率百分比增加了大約 1 個百分點，這是由所有云服務的改善所推動的。營業費用按固定匯率計算分別增長 12% 和 14%，營業收入按固定匯率計算分別增長 12% 和 19%。

Next, the Intelligent Cloud segment. Revenue was $20.9 billion, increasing 20% and 25% in constant currency. FX decreased segment revenue $309 million, more than expected. Excluding the additional FX headwind, segment results were in line with expectations. Overall, server products and cloud services revenue increased 22% and 26% in constant currency. Azure and other cloud services revenue grew 40% and 46% in constant currency, about 1 point lower than expected, driven by a slight moderation in Azure consumption growth across customer segments.

接下來是智能雲部分。收入為 209 億美元，按固定匯率計算分別增長 20% 和 25%。外匯部門收入減少 3.09 億美元，超過預期。排除額外的外匯逆風，分部業績符合預期。總體而言，服務器產品和雲服務收入按固定匯率計算分別增長了 22% 和 26%。 Azure 和其他雲服務收入按固定匯率計算分別增長 40% 和 46%，比預期低約 1 個百分點，這主要是受客戶細分市場 Azure 消費增長略有放緩的推動。

In our per user business, the Enterprise Mobility and Security installed base grew 21% to over 230 million seats, with some impact from the small and medium business deal moderation noted earlier. In our on-premises server business, revenue decreased 2% and increased 1% in constant currency, ahead of expectations, driven by a greater-than-expected number of contracts with higher in-period revenue recognition.

在我們的每用戶業務中，企業移動性和安全性安裝基數增長了 21%，達到超過 2.3 億個席位，這受到前面提到的中小型企業交易放緩的一些影響。在我們的本地服務器業務中，收入下降 2%，按固定匯率計算增長 1%，超出預期，原因是期內收入確認的合同數量高於預期。

Enterprise Services revenue grew 5% and 8% in constant currency, lower than expected, driven by declines in Microsoft Consulting Services. Segment gross margin dollars increased 15% and 19% in constant currency, and gross margin percentage decreased roughly 3 points year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage declined roughly 2 points, driven by sales mix shift to Azure, partially offset by improvements in Azure margins. Operating expenses increased 20% and 22% in constant currency, including roughly 7 points of impact from Nuance. And operating income grew 11% and 18% in constant currency.

受微軟諮詢服務下滑的推動，企業服務收入按固定匯率計算分別增長 5% 和 8%，低於預期。按固定匯率計算，分部毛利率分別增長 15% 和 19%，毛利率同比下降約 3 個百分點。排除會計估計變化的影響，毛利率下降了大約 2 個百分點，這是由於銷售組合轉向 Azure，部分被 Azure 利潤率的提高所抵消。按固定匯率計算，運營費用分別增長了 20% 和 22%，其中包括來自 Nuance 的大約 7 個影響點。營業收入按固定匯率計算分別增長 11% 和 18%。

Now to More Personal Computing. Revenue was $14.4 billion, increasing 2% and 5% in constant currency. FX decreased segment revenue $127 million more than expected. Excluding the additional FX headwind, segment results were below our guidance range, driven by the PC and ad trends mentioned earlier. Windows OEM revenue decreased 2% year-over-year. Despite the deteriorating PC market, we saw share gains again this quarter and volumes remained above pre-pandemic levels.

現在到更多的個人計算。收入為 144 億美元，按固定匯率計算分別增長 2% 和 5%。外匯部門收入比預期減少了 1.27 億美元。排除額外的外匯逆風，在前面提到的個人電腦和廣告趨勢的推動下，細分市場的結果低於我們的指導範圍。 Windows OEM 收入同比下降 2%。儘管個人電腦市場不斷惡化，但我們在本季度再次看到份額上漲，並且銷量仍高於大流行前的水平。

Windows commercial products and cloud services revenue grew 6% and 12% in constant currency, lower than expected due to some impact from the small and medium business deal moderation noted earlier. Surface revenue grew 10% and 15% in constant currency, driven by commercial sales.

Windows 商業產品和雲服務收入按固定匯率計算分別增長 6% 和 12%，低於預期，原因是前面提到的中小型商業交易放緩的一些影響。在商業銷售的推動下，按固定匯率計算，Surface 收入增長了 10% 和 15%。

Search and news advertising revenue ex TAC increased 18% and 21% in constant currency, lower than expected, driven by the slowdown in advertising spend noted earlier, partially offset by the inclusion of 3 weeks of results from Xandr.

搜索和新聞廣告收入（不含 TAC）按固定匯率計算分別增長 18% 和 21%，低於預期，原因是前面提到的廣告支出放緩，部分被 Xandr 的 3 週結果所抵消。

And in gaming, revenue declined 7% and 5% in constant currency, in line with expectations. Xbox hardware revenue declined 11% and 8% in constant currency. Xbox content and services revenue declined 6% and 4% in constant currency, driven by lower engagement hours and monetization in third-party and first-party content, partially offset by growth in Xbox Game Pass subscriptions.

在遊戲領域，按固定匯率計算，收入分別下降了 7% 和 5%，符合預期。 Xbox 硬件收入按固定匯率計算分別下降 11% 和 8%。 Xbox 內容和服務收入按固定匯率計算分別下降 6% 和 4%，這主要是受第三方和第一方內容的參與時間減少和貨幣化的推動，部分被 Xbox Game Pass 訂閱的增長所抵消。

Segment gross margin dollars were relatively unchanged and increased 4% in constant currency, and gross margin percentage decreased roughly 1 point year-over-year, driven by increased usage of Windows Commercial cloud services. Operating expenses increased 8% and 10% in constant currency, and operating income decreased 5% and was relatively unchanged in constant currency.

分部毛利率相對不變，按固定匯率計算增長 4%，毛利率百分比同比下降約 1 個百分點，這是由於 Windows Commercial 雲服務使用量增加所致。營業費用按固定匯率計算分別增長8%和10%，營業收入下降5%，按固定匯率計算基本沒有變化。

Now back to total company results. Capital expenditures, including finance leases, were $8.7 billion, in line with expectations. Cash paid for PP&E was $6.9 billion. Our data center investments continue to be based on significant customer demand and usage signals. Cash flow from operations was $24.6 billion, increasing 8%, driven by strong cloud billings and collections. Free cash flow was $17.8 billion, up 9% year-over-year.

現在回到公司的總業績。包括融資租賃在內的資本支出為 87 億美元，符合預期。為 PP&E 支付的現金為 69 億美元。我們的數據中心投資繼續基於重要的客戶需求和使用信號。運營現金流為 246 億美元，增長 8%，這得益於強勁的雲計費和收款。自由現金流為 178 億美元，同比增長 9%。

This quarter, other income and expense was negative $47 million, primarily driven by net losses on investments, including mark-to-market losses on our equity portfolio. Equity market declines drove net investment losses this quarter compared to net investment gains last year, resulting in a negative 3-point impact on EPS growth.

本季度，其他收入和支出為負 4700 萬美元，主要是由於投資淨虧損，包括我們股票投資組合的按市值計價虧損。與去年的淨投資收益相比，本季度股市下跌導致淨投資虧損，從而對每股收益增長產生 3 個負面影響。

Our effective tax rate was approximately 18%. And finally, we returned $12.4 billion to shareholders, up 19% year-over-year through share repurchases and dividends, bringing our total cash returned to shareholders to over $46 billion for the full fiscal year.

我們的有效稅率約為 18%。最後，我們通過股票回購和分紅向股東返還了 124 億美元，同比增長 19%，使我們在整個財年向股東返還的現金總額超過 460 億美元。

Now moving to our outlook. My commentary for both the full year and next quarter does not include any impact from Activision, which we still expect to close by the end of the fiscal year. Let me start with some full year commentary for FY '23. First, effective at the start of FY '23, we are extending the depreciable useful life for server and network equipment assets in our cloud infrastructure from 4 to 6 years, which will apply to the asset balances on our balance sheet as of June 30, 2022, as well as future asset purchases.

現在轉到我們的展望。我對全年和下一季度的評論不包括動視的任何影響，我們仍預計將在本財年末結束。讓我從 23 財年的一些全年評論開始。首先，從 23 財年開始，我們將雲基礎設施中服務器和網絡設備資產的可折舊使用壽命從 4 年延長至 6 年，這將適用於截至 6 月 30 日的資產負債表上的資產餘額， 2022 年以及未來的資產購買。

Investments in our software that increased efficiencies in how we operate our server and network equipment as well as advances in technology have resulted in lives extending beyond historical accounting useful lives. This change only impacts the timing of depreciation expense in the future for these assets.

對我們軟件的投資提高了我們操作服務器和網絡設備的效率以及技術的進步，導致壽命延長到歷史會計使用壽命之外。這一變化只會影響這些資產未來折舊費用的時間安排。

As a result, based on the outstanding balances as of June 30, we expect fiscal year '23 operating income to be favorably impacted by approximately $3.7 billion for the full fiscal year and approximately $1.1 billion in the first quarter. This has been included in the guidance we will provide on today's call. Additional details on the mechanics of the change are in our earnings materials.

因此，根據截至 6 月 30 日的未償餘額，我們預計 23 財年的營業收入將受到整個財年約 37 億美元和第一季度約 11 億美元的有利影響。這已包含在我們將在今天的電話會議上提供的指導中。有關更改機制的其他詳細信息，請參閱我們的收益材料。

Second, on FX. Assuming current rates remain stable, we expect a roughly 4-point impact to full year revenue growth with headwinds in H1 greater than in H2. FX should also decrease COGS and operating expense growth by 2 points.

第二，關於外匯。假設當前利率保持穩定，我們預計對全年收入增長的影響約為 4 個百分點，上半年的逆風大於下半年。外匯還應將銷貨成本和運營費用增長降低 2 個百分點。

Now to our full year business outlook based on the current macro environment. At every level of the company, we manage performance on a constant currency basis, as we have for many years. Therefore, with the FX volatility we have seen, I will comment on full year in constant currency and in U.S. dollars. We continue to expect double-digit revenue and operating income growth in both constant currency and U.S. dollars. Revenue growth will be driven by continued momentum in our commercial business and a focus on share gains across our portfolio.

現在來看我們基於當前宏觀環境的全年業務展望。在公司的各個層面，我們多年來一直以不變的貨幣為基礎管理績效。因此，鑑於我們已經看到的外匯波動，我將以固定貨幣和美元對全年發表評論。我們繼續預計以固定貨幣和美元計算的兩位數收入和營業收入增長。收入增長將由我們商業業務的持續發展勢頭和對我們投資組合中份額收益的關注推動。

Operating expense growth will be significant early in FY '23 and will moderate materially over the course of the year as we slow the rate of hiring to focus on key growth areas, increase the productivity of prior year headcount investments and anniversary the Nuance and Xandr acquisitions. And even with this significant level of investment in our future, we expect operating margins based on constant currency to be approximately flat year-over-year in FY '23, excluding the benefit from the latest change in useful life. And in U.S. dollars, we expect FY '23 full year margins to be roughly flat as the useful life benefit is mostly offset by the FX headwind mentioned earlier. And finally, we expect our FY '23 effective tax rate to be roughly 19%.

運營費用增長將在 23 財年初期顯著增長，並且隨著我們放慢招聘速度以專注於關鍵增長領域、提高上一年員工投資的生產力以及 Nuance 和 Xandr 收購週年紀念日，運營費用增長將在全年顯著放緩.即使對我們未來的投資水平如此之高，我們預計基於不變貨幣的營業利潤率在 23 財年將與去年同期持平，不包括使用壽命最新變化帶來的收益。以美元計算，我們預計 23 財年全年利潤率將大致持平，因為使用壽命收益大部分被前面提到的外匯逆風所抵消。最後，我們預計 23 財年的有效稅率約為 19%。

Now to the outlook for the first quarter, which unless specifically noted otherwise, is on a U.S. dollar basis. First, FX. With the stronger U.S. dollar and based on current rates, we expect FX to decrease total revenue growth by approximately 5 points and to decrease total COGS and operating expense growth by approximately 3 points. Within the segments, we anticipate roughly 6 points of negative FX impact on revenue growth in Productivity and Business Processes and Intelligent Cloud and 3 points in More Personal Computing.

現在來看第一季度的前景，除非另有特別說明，否則都是以美元為基礎的。首先，外匯。隨著美元走強並基於當前匯率，我們預計外匯將使總收入增長降低約 5 個百分點，並將總銷貨成本和運營費用增長降低約 3 個百分點。在這些細分市場中，我們預計對生產力和業務流程以及智能雲的收入增長產生大約 6 個負面外匯影響，在更多個人計算方面產生 3 個負面影響。

Overall, our outlook has the trends we saw in June continue through Q1. Continued weakness in the PC market demand and advertising spend will impact Windows OEM, Surface, LinkedIn and Search and news advertising revenue. Our differentiated market position, customer demand across our solution portfolio and consistent execution across the Microsoft Cloud should drive another strong quarter of revenue and share growth, although we expect to continue to see growth moderation in our small- and medium-sized business segment.

總體而言，我們在 6 月份看到的趨勢將持續到第一季度。 PC 市場需求和廣告支出的持續疲軟將影響 Windows OEM、Surface、LinkedIn 和搜索以及新聞廣告收入。我們差異化的市場地位、我們解決方案組合中的客戶需求以及整個微軟雲的一致執行應該會推動另一個強勁的季度收入和份額增長，儘管我們預計我們的中小型業務部門的增長將繼續放緩。

In commercial bookings, strong execution across our core annuity sales motions and increased commitment to our platform should drive healthy growth on a flat expiry base. As a reminder, the growing mix of larger long-term Azure contracts, which are more unpredictable in their timing, always drive increased quarterly volatility in our bookings growth rate.

在商業預訂方面，我們核心年金銷售行動的強有力執行以及對我們平台的更多承諾應該會在平坦的到期基礎上推動健康增長。提醒一下，較大的長期 Azure 合同的組合不斷增加，這些合同的時間更難以預測，這總是會導致我們的預訂增長率的季度波動性增加。

Microsoft Cloud gross margin percentage should be up roughly 2 points year-over-year, driven by the latest accounting estimate change noted earlier. Excluding the impact of the change in accounting estimate, Q1 gross margin percentage will decrease roughly 1 point, driven by revenue mix shift to Azure and the impact from the Nuance acquisition, partially offset by continued margin improvement in Azure. In capital expenditures, we expect a sequential decrease on a dollar basis, with normal quarterly spend variability and the timing of our cloud infrastructure build-out.

在前面提到的最新會計估計變化的推動下，微軟雲的毛利率應該會同比增長大約 2 個百分點。排除會計估計變化的影響，第一季度毛利率將下降約 1 個百分點，這是由於收入組合轉移到 Azure 和收購 Nuance 的影響，部分被 Azure 的持續利潤率提高所抵消。在資本支出方面，我們預計按美元計算會連續下降，季度支出變化正常，而且我們的雲基礎設施建設的時間安排。

Next to segment guidance. In Productivity and Business Processes, we expect revenue to grow between 12% and 14% in constant currency or USD 15.95 billion to USD 16.25 billion. In Office Commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and ARPU growth through E5. We expect Office 365 revenue growth to be sequentially lower by roughly 2 points on a constant currency basis with a bit more FX impact on U.S. dollar growth than at the segment level.

在細分指導旁邊。在生產力和業務流程方面，我們預計收入將增長 12% 至 14%，以固定貨幣或 159.5 億美元至 162.5 億美元計算。在商業辦公方面，Office 365 將再次推動收入增長，客戶細分市場的席位增長和 E5 帶來的 ARPU 增長。我們預計，按固定匯率計算，Office 365 的收入增長將連續下降約 2 個百分點，而外匯對美元增長的影響比在細分市場層面要大一些。

In our on-premises business, on a prior year comparable, which benefited from contracts with higher in-period revenue recognition, we expect revenue to decline in the mid- to high 30s. In Office consumer, we expect revenue to grow in the low to mid-single digits, driven by Microsoft 365 subscriptions.

在我們的本地業務中，與上一年度相比，受益於期內收入確認較高的合同，我們預計收入將在 30 年代中期至較高水平下降。在 Office 消費者中，我們預計在 Microsoft 365 訂閱的推動下，收入將以中低個位數增長。

For LinkedIn, we expect continued strong engagement on the platform, although results will be impacted by the slowdown in advertising spend and hiring, resulting in low to mid-teens rev growth. And in Dynamics, we expect revenue growth in the mid- to high teens, driven by share growth in Dynamics 365.

對於LinkedIn，我們預計該平台將繼續保持強勁的參與度，儘管結果將受到廣告支出和招聘放緩的影響，從而導致低至青少年的轉速增長。在 Dynamics 中，我們預計在 Dynamics 365 份額增長的推動下，收入將在中高位增長。

For Intelligent Cloud, we expect revenue to grow between 25% and 27% in constant currency or USD 20.3 billion to USD 20.6 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per-user business and from in-period revenue recognition, depending on the mix of contracts.

對於智能雲，我們預計收入將增長 25% 至 27%，以固定貨幣或 203 億美元至 206 億美元計算。收入將繼續由 Azure 驅動，提醒一下，主要來自我們的每用戶業務和期內收入確認，這取決於合同的組合，可能會出現季度變化。

We expect Azure revenue growth to be sequentially lower by roughly 3 points on a constant currency basis. Azure revenue will continue to be driven by strong growth in consumption, and our per-user business should continue to benefit from Microsoft 365 suite momentum, although we expect moderation in growth rates, given the size of the installed base.

我們預計 Azure 收入增長將在固定貨幣基礎上依次降低約 3 個百分點。 Azure 收入將繼續受到消費強勁增長的推動，我們的每用戶業務應繼續受益於 Microsoft 365 套件的發展勢頭，儘管鑑於安裝基數的規模，我們預計增長率將放緩。

In our on-premises server business, we expect revenue to decline low single digits, driven by strong demand for our hybrid offerings offset by the prior year comparable, which included benefit from contracts with higher in-period revenue recognition. At Enterprise Services, we expect revenue growth to be in the low single digits, driven by enterprise support, partially offset by declines in Microsoft Consulting Services. In More Personal Computing, we expect revenue to grow between 1% and 4% in constant currency or USD 13 billion to USD 13.4 billion.

在我們的本地服務器業務中，我們預計收入將下降低個位數，這是由於對我們的混合產品的強勁需求被去年可比的抵消，其中包括受益於具有更高的期內收入確認的合同。在企業服務方面，我們預計在企業支持的推動下，收入增長將處於低個位數，部分被微軟諮詢服務的下降所抵消。在更多個人計算方面，我們預計收入將增長 1% 至 4%，以固定貨幣或 130 億美元至 134 億美元計算。

In Windows OEM, we expect revenue to decline in the high single digits. Excluding the impact from the Windows 11 revenue deferral last year, revenue would decline mid-teens, reflecting continued weakness in the PC market. In Windows Commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive growth in the high single digits.

在 Windows OEM 中，我們預計收入將以高個位數下降。排除去年 Windows 11 收入延期的影響，收入將下降十幾歲，反映出 PC 市場持續疲軟。在 Windows 商業產品和雲服務中，客戶對 Microsoft 365 和我們的高級安全解決方案的需求應該會推動高個位數的增長。

In Surface, revenue should decline in the low single digits. Search and news advertising ex TAC should grow in the mid- to high teens, roughly 10 points faster than the overall Search and news advertising revenue, driven by growing first-party revenue and the inclusion of Xandr. And in Gaming, we expect revenue to decline in the low to mid-single digits, driven by declines in first-party content, partially offset by growth in Game Pass subscribers and consoles. We expect Xbox content and services revenue to decline in the low to mid-single digits.

在 Surface 中，收入應該會以低個位數下降。在第一方收入的增長和 Xandr 的加入的推動下，不含 TAC 的搜索和新聞廣告應該會在中高位增長，比整體搜索和新聞廣告收入快大約 10 個百分點。在遊戲方面，我們預計收入將下降中低個位數，主要是受第一方內容下降的推動，部分被 Game Pass 用戶和遊戲機的增長所抵消。我們預計 Xbox 內容和服務收入將以中低個位數下降。

Now back to company guidance. We expect COGS to grow between 12% and 14% in constant currency or to be between USD 14.9 billion and USD 15.1 billion and operating expense to grow between 19% and 20% in constant currency or to be between USD 13.3 billion and USD 13.4 billion. Total company headcount is expected to continue to grow, with 11,000 hires expected to start in Q1, primarily in cloud engineering, LinkedIn, customer deployment and commercial sales.

現在回到公司指導。我們預計 COGS 按固定匯率計算將增長 12% 至 14% 或在 149 億美元至 151 億美元之間，運營費用按固定匯率計算將增長 19% 至 20% 或在 133 億美元至 134 億美元之間.公司總員工人數預計將繼續增長，預計第一季度將有 11,000 名員工，主要從事雲工程、LinkedIn、客戶部署和商業銷售。

In other income and expense, interest income and expense should offset each other. As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio, which can increase quarterly volatility. And we expect our Q1 effective tax rate to be approximately 19%.

在其他收入和費用中，利息收入和費用應相互抵消。提醒一下，我們需要確認我們的股票投資組合的按市值計價的收益或損失，這可能會增加季度波動性。我們預計第一季度的有效稅率約為 19%。

Finally, as a reminder on Q1 cash flow, we will be making $3.2 billion of tax payments related to the TCJA transition tax and the transfer of intangible property completed in Q1 of FY '22. In closing, we continue to see strong demand for our products and services and increased commitment to our platform as we remain focused on delivering compelling customer value in this dynamic environment, resulting in continued share gains. As we manage through this period, we will continue to invest in future growth while maintaining intense focus on operational excellence and execution discipline. With that, let's go to Q&A, Brett.

最後，作為第一季度現金流的提醒，我們將支付 32 億美元與 TCJA 過渡稅和 22 財年第一季度完成的無形資產轉讓相關的稅款。最後，我們繼續看到對我們的產品和服務的強勁需求以及對我們平台的更多承諾，因為我們仍然專注於在這種動態環境中提供引人注目的客戶價值，從而導致持續的份額增長。在我們度過這一時期的過程中，我們將繼續投資於未來的增長，同時保持對卓越運營和執行紀律的高度關注。有了這個，讓我們去問答吧，布雷特。

Thanks, Amy. We'll now move over to Q&A. (Operator Instructions) Jesse, can you please repeat your instructions?

謝謝，艾米。我們現在將轉到問答環節。 （操作員說明）傑西，您能重複一下您的說明嗎？

(Operator Instructions) Our first question is coming from 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。

Very impressive results in a very difficult environment that we're all dealing with, particularly when it comes to those commercial cloud bookings. And that's where my question lies. You talked about the largest-ever number of big deals that you guys were able to sign in Q4. Typically, we think this type of environment is -- it makes it harder to sign those big deals.

在我們都在處理的非常困難的環境中取得了非常令人印象深刻的結果，尤其是在那些商業雲預訂方面。這就是我的問題所在。你們談到了你們能夠在第四季度簽署的有史以來最多的大宗交易。通常，我們認為這種類型的環境是——它使簽署這些大筆交易變得更加困難。

Can you talk to us a little bit about how you got that done? Was the consolidating impact that Microsoft brings to the market the price performance? And maybe the macro, is that actually a benefit for you guys to close these deals in this type of environment? Or was it just kind of a typical Q4 end-of-year kind of budget flush kind of thing for you guys? And it was absent of the environment or not really related to the environment?

你能和我們談談你是怎麼做到的嗎？微軟給市場帶來的綜合影響是價格表現嗎？也許從宏觀上來說，在這種環境下完成這些交易對你們來說真的有好處嗎？還是對你們來說，這只是一種典型的第四季度年底預算沖水之類的事情？它與環境無關或與環境沒有真正的關係？

Thank you, Keith, for the question. It was a record even for us, even with the context of Q4. So there's obviously something going on in the macro environment, which does feel that it does play to our strength. There are 2 things at least I've observed. One is the -- whether the bookings number or the Mac deals and the size of the Mac deals and the number of them, I think, speak to very much what we have been talking about for a long time now, which is as a percentage of GDP, IT spend is going to increase because every business is trying to fortify itself with digital tech to, in some sense, navigate this macro environment. So that, I think, is probably what is reflected in those numbers.

謝謝你，基思，這個問題。即使在第四季度的背景下，這對我們來說也是一個記錄。所以很明顯宏觀環境中發生了一些事情，這確實感覺它確實發揮了我們的力量。至少我觀察到了兩件事。一個是 - 無論是預訂數量還是 Mac 交易，以及 Mac 交易的規模和數量，我認為，這與我們長期以來一直在談論的內容非常相關，即百分比在 GDP 中，IT 支出將會增加，因為每個企業都在嘗試用數字技術來強化自己，以便在某種意義上駕馭這個宏觀環境。所以，我認為，這可能就是這些數字所反映的。

And then the second aspect is also what you just referenced, which is, we do have every layer of the tech stack, right, whether it's infra, data, hybrid work, security, even Power Platform. In each one of these, we do have this best-of-suite value, which includes best-of-category products. And that is leading to share gains. So if you want to bet on a vendor on a long-term basis where you have that best-of-suite value and then you're able to sort of consume it on your terms, I think that, that's effectively what some of those numbers are indicative of.

然後第二個方面也是你剛才提到的，也就是說，我們確實擁有技術堆棧的每一層，對，無論是基礎設施、數據、混合工作、安全性，甚至是 Power Platform。在其中的每一個中，我們都擁有最佳套件價值，其中包括最佳類別產品。這導致分享收益。因此，如果您想長期押注於具有最佳套件價值的供應商，然後您可以按照自己的條件消費它，我認為這實際上就是其中一些數字表示。

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。

Congratulations on the quarter. I'd like to follow up a little bit on that. With all the concerns about macro and recession, everyone is trying to understand how cloud and for Microsoft's case, more specifically, IaaS, PaaS offerings and this slowdown in recession, how do you think about Azure's resiliency? How do you think about Azure's exposure to advertising business, consumer Internet and SMB if we do see a real recession?

祝賀本季度。我想跟進一點。由於對宏觀和經濟衰退的所有擔憂，每個人都試圖了解雲和微軟的情況，更具體地說，IaaS、PaaS 產品和經濟衰退的放緩，你如何看待 Azure 的彈性？如果我們確實看到真正的衰退，您如何看待 Azure 在廣告業務、消費者互聯網和 SMB 方面的影響？

Yes. Maybe I'll start, and Amy, feel free to add. I mean, overall, we're not immune to what's happening in the macro broadly, right? To Keith's question and your question, Mark, I think I'd say I'd start there because whether it's on the demand side with consumers or SMBs, I think Amy in her remarks talked about some of that even in our results in the quarter.

是的。也許我會開始，艾米，隨時補充。我的意思是，總的來說，我們不能對宏觀上發生的事情免疫，對吧？對於基思的問題和你的問題，馬克，我想我會說我會從那裡開始，因為無論是在消費者還是中小型企業的需求方面，我認為艾米在她的講話中甚至在我們本季度的業績中也談到了其中的一些問題.

But what's happening with -- in Azure though, is in some sense, businesses trying to deal with the overall macroeconomic situation and doing -- trying to make sure that they can do more with less. So for example, moving to the cloud is the best way to shape your spend with demand uncertainty, right? Because -- and in fact, if anything, one of the things that we're seeing is an increased shift towards the cloud.

但是正在發生的事情——儘管在 Azure 中，在某種意義上，企業試圖應對整體宏觀經濟形勢並做——試圖確保他們可以事半功倍。例如，遷移到雲端是在需求不確定的情況下調整支出的最佳方式，對吧？因為 - 事實上，如果有的話，我們看到的一件事是向雲的轉移增加。

And then, of course, optimizing your bill. We are incenting even our own field to ensure that the bills for our customers come down. And that, in fact, even shows up in some of the volatility in our Azure numbers because that's one of the big benefits of the public cloud. And that's why I think coming out of this macroeconomic crisis, the public cloud will be even a bigger winner because it does act as that deflationary force.

然後，當然，優化你的賬單。我們甚至在鼓勵我們自己的領域，以確保我們的客戶的賬單下降。事實上，這甚至體現在我們 Azure 數據的一些波動中，因為這是公共雲的一大優勢。這就是為什麼我認為從這場宏觀經濟危機中走出來，公共雲將成為更大的贏家，因為它確實起到了通貨緊縮的作用。

So that's sort of what we are seeing in the Azure numbers. We will be exposed to consumer-driven businesses and SMBs. But at some level, our strength as a company is much stronger in the core commercial. So I think that we'll do fine there. The other one is also people building new applications at a completely new frontier.

這就是我們在 Azure 數字中看到的內容。我們將接觸到消費者驅動的企業和中小企業。但在某種程度上，我們作為一家公司的實力在核心商業方面要強得多。所以我認為我們會在那裡做得很好。另一個是人們在一個全新的領域構建新的應用程序。

I mean there are 2 numbers that I talked about. One is the triple-digit growth in Cosmos DB and triple-digit growth in container app services. You take those 2 things and you say, what are people doing? People are writing applications at a completely different frontier of efficiency, which is cloud-native serverless container-based types of applications. And so to me, that's one of the way for you to make sure that your IT spend goes a long way in a time like this.

我的意思是我談到了兩個數字。一是 Cosmos DB 的三位數增長和容器應用服務的三位數增長。你拿這兩件事說，人們在做什麼？人們正在以完全不同的效率前沿編寫應用程序，即基於雲原生無服務器容器類型的應用程序。所以對我來說，這是確保您的 IT 支出在這樣的時期大有幫助的方法之一。

Our next question is coming from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Amy, great to hear the double-digit guidance. I guess many are asking, are you embedding a worsening macro environment or a similar environment that we're in to get to that type of growth?

艾米，很高興聽到兩位數的指導。我想很多人都在問，你是在嵌入一個惡化的宏觀環境還是我們所處的類似環境來實現這種增長？

Thanks, Brent. As I said, it's trying to take into account the current macro environment. And as I said, I took what we saw in June, applied it as best we thought we could through the course of the fiscal year. And if you think about how the -- and if you try to look over the course of the year with some of my comments, you'd say, okay, in H1 versus H2, I would point out 3 things that changed a bit over the course of that time.

謝謝，布倫特。正如我所說，它試圖考慮到當前的宏觀環境。正如我所說，我採用了我們在 6 月份看到的情況，並在整個財政年度中盡可能地應用了它。如果你考慮一下——如果你試著用我的一些評論來回顧這一年的歷程，你會說，好吧，在 H1 與 H2 中，我會指出 3 件事發生了一些變化那個時候的過程。

First, of course, if we're talking about USD would be FX, it's a bigger headwind in H1, it's less of a headwind in H2. The second thing I would point to would be OpEx. As we've talked about in H1, we've obviously added 22% headcount this quarter. We still have 11,000 hires that we have starting in Q1. We've still got Nuance and Xandr in acquisitions, and we anniversary a lot of that as we focus our hiring and focus on the productivity of all of the hiring we've done over the past year.

首先，當然，如果我們談論美元將是外匯，它在上半年是一個更大的逆風，它在下半年的逆風較小。我要指出的第二件事是運營支出。正如我們在上半年談到的那樣，本季度我們顯然增加了 22% 的員工人數。從第一季度開始，我們仍有 11,000 名員工。我們仍然有 Nuance 和 Xandr 進行收購，並且我們在此進行了很多周年紀念，因為我們專注於招聘並專注於我們在過去一年中所做的所有招聘的生產力。

And then the OEM comparables obviously get a lot different when you get from H1 into H2. And so as you're trying to think about the shape and how did I consider it, I sort of took those things into account, thought about the trends we've been seeing in June and applied them as best we can.

然後，當您從 H1 進入 H2 時，OEM 可比產品顯然會有很大不同。因此，當您嘗試考慮形狀以及我是如何考慮的時，我將這些事情考慮在內，考慮了我們在 6 月份看到的趨勢並儘可能地應用它們。

Our next question is coming from the line of Karl Keirstead with UBS.

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

I'd love to probe a little bit more on Azure. Amy, you and Satya talked about very robust large new deal activity. I thought your guidance for Azure constant currency growth in the September quarter of a 3-point decel to 43 is fairly solid. But you did mention that in the June quarter, you experienced a little bit of consumption softness. Do you mind explaining what that was? And when you put all this together, how you're feeling about the Azure business in the next couple of quarters in terms of the slope of the likely deceleration?

我很想在 Azure 上做更多的探索。艾米，你和薩蒂亞談到了非常強勁的大型新交易活動。我認為你對 Azure 在 9 月季度的恆定貨幣增長的指導是 3 點減速至 43 點是相當可靠的。但您確實提到，在 6 月季度，您經歷了一點消費疲軟。你介意解釋那是什麼嗎？當你把所有這些放在一起時，就可能減速的斜率而言，你對 Azure 業務在接下來幾個季度的感覺如何？

Thanks, Karl. Maybe I'll start, and then, Satya, you obviously should add on to the commentary. I would point you, Karl, really to some of the things Satya mentioned, which is, and we said in our comments, we did see some deceleration, a point a little more than we had expected in the consumption side through the course of Q4. It really applied across all customer segments and, in general, applied across geographies.

謝謝，卡爾。也許我會開始，然後，薩蒂亞，你顯然應該添加到評論中。卡爾，我真的要指出薩蒂亞提到的一些事情，也就是說，我們在評論中說，我們確實看到了一些減速，這比我們在第四季度的消費方面預期的要多一點.它確實適用於所有客戶群，並且通常適用於各個地區。

You saw customers, as Satya discussed, much like they always do, focus on optimization and continuing to think about which new workflows to prioritize and start. We've really taken that frame and applied it as we thought to H1 and specifically to Q1 in that guidance. It does assume continued consumption deceleration of 3 points quarter-to-quarter. I still feel very good about the patterns we're seeing. I feel good about the workloads that Satya mentioned and where we feel like we can take some share.

正如 Satya 所討論的那樣，您看到客戶像往常一樣專注於優化並繼續考慮優先考慮和啟動哪些新工作流程。我們確實採用了該框架並將其應用於 H1，特別是該指南中的 Q1。它確實假設消費按季度持續減速 3 個百分點。我仍然對我們看到的模式感覺很好。我對 Satya 提到的工作負載以及我們認為可以分擔的工作感到滿意。

But at the same time, we really are focused on taking the agreements that we signed in Q4, making sure we're working with the customers on deployment, projects that have quick time to value, investing to make sure they're starting the projects that can save them money, that can help them innovate. And I think that's probably our larger focus rather than just the pure consumption number.

但與此同時，我們確實專注於接受我們在第四季度簽署的協議，確保我們正在與客戶合作進行部署、快速實現價值的項目、投資以確保他們正在啟動項目這可以為他們省錢，可以幫助他們創新。我認為這可能是我們更大的關注點，而不僅僅是純粹的消費數字。

Our next question is coming 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。

Along those lines on the customers kind of having slightly different spending priorities as they kind of try to maneuver this environment, can you talk a little bit more about what you're seeing in Office because, obviously, with Office E5, you're offering a much more comprehensive solution that is kind of getting very, very competitive on several aspects? What are you seeing there in terms of your willingness to -- of customers to kind of use this time to kind of consolidate further?

根據客戶在嘗試操縱這種環境時的支出優先級略有不同的那些思路，您能否多談談您在 Office 中看到的內容，因為顯然，使用 Office E5，您提供一個更全面的解決方案，在幾個方面變得非常非常有競爭力？您認為客戶願意利用這段時間進一步鞏固的意願如何？

Yes. Maybe I'll just start and Amy, you can add. I mean the 2 numbers that our usage -- user growth numbers, right, the 14% growth in the number of seats of Microsoft 365 and then the E5 growth of 60%, I think, speak to, again, that best-to-suite value in the core and in E5. So we're very, very competitive on both of those. And that's what you're seeing in that seat growth.

是的。也許我會開始和艾米，你可以添加。我的意思是我們使用的兩個數字——用戶增長數字，對，微軟 365 的席位數量增長 14%，然後是 E5 增長 60%，我認為，再一次，最好-核心和 E5 中的套件價值。所以我們在這兩個方面都非常非常有競爭力。這就是你在座位增長中看到的。

And I think where I would point to maybe, just to add a little bit. As you can see, I do think we've been building momentum really with E5. There's so much value and we've added and continue to add value to the E5 suite. And as that value has become more and more competitive, both at the category level and at the suite level, we are very focused on making sure customers get every bit of value in that SKU.

我想我可能會指出的地方，只是為了補充一點。正如你所看到的，我確實認為我們一直在用 E5 建立勢頭。有如此多的價值，我們已經為 E5 套件增加並繼續增加價值。隨著該價值變得越來越具有競爭力，無論是在類別級別還是在套件級別，我們都非常專注於確保客戶在該 SKU 中獲得每一點價值。

So focus on deployment, increasing usage, moving resources there, some of our investment that we've spent over the past 6 months and looking forward for hiring will be in those areas to make sure we are helping customers get the most out of that SKU. The team and in Q4 and specifically in some of the bookings numbers, E5 was a strong point in terms of both renewals and people adding E5 to their existing contract.

因此，專注於部署、增加使用、將資源轉移到那裡，我們在過去 6 個月中花費的一些投資以及期待招聘將在這些領域進行，以確保我們幫助客戶充分利用該 SKU .團隊和第四季度，特別是在一些預訂數字中，E5 在續約和將 E5 添加到現有合同中的人方面都是一個強項。

Makes sense. Congrats.

說得通。恭喜。

Our next question is coming from Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on a strong quarter. Amy, I just wanted to focus in on your comments about capital spending but also just utilization within Azure, and obviously, some of the supply chain issues you mentioned before. What are you -- sort of where utilization stands around Azure? And as you think about sort of demand trends relative to supply chain, how are you feeling about sort of where capacity stands right now? And is this actually driving any changes in your customer behavior, whether it be increased focus on reserved instances, et cetera? That would be great.

祝賀一個強勁的季度。艾米，我只想關注您對資本支出的評論，以及 Azure 內的利用率，顯然，您之前提到的一些供應鏈問題。你是什麼——Azure 周圍的利用率處於什麼位置？當您考慮與供應鏈相關的某種需求趨勢時，您對目前的產能狀況有何看法？這是否真的會推動您的客戶行為發生任何變化，是否增加對保留實例的關注等等？那很好啊。

Thank you. Maybe let me start by talking about Q4's capital spend. Obviously, the big driver of our growth this quarter was in data center spend, both new and newbuilds as well as adding capacity to existing data centers. We are seeing, obviously, good demand signal. So hence, we've guided to another strong spending quarter in Q1 in terms of capital. Although it's a sequential decline, I would think about that more as being timing. It's always -- can move around a little bit just based on when builds are complete or when shipments come in. We do feel that we've gotten in a good place on capacity on a global basis and are focused on making sure our customers can drive the new units they need, the new usage they need in those data centers. I don't know, Satya, if you wanted to add on anything to that.

謝謝你。也許讓我先談談第四季度的資本支出。顯然，本季度我們增長的主要驅動力是數據中心支出，包括新建和新建以及增加現有數據中心的容量。顯然，我們看到了良好的需求信號。因此，就資本而言，我們在第一季度引導了另一個強勁的支出季度。雖然這是一個連續的下降，但我會更多地認為這是時機。它總是 - 可以僅根據構建完成時間或發貨時間來移動一點點。我們確實認為我們在全球範圍內的產能處於有利位置，並專注於確保我們的客戶能夠驅動他們需要的新單元，他們在這些數據中心中需要的新用途。 Satya，我不知道您是否想對此添加任何內容。

Yes. I mean I think that you captured it right. And it is also right that customers are using more reserved instances. And so that's like essentially a price discount, right? So that's the kind of optimization that you see. So we're growing -- that growth numbers we are posting in consumption is with all that optimization in place.

是的。我的意思是我認為你抓住了它。客戶使用更多預留實例也是正確的。所以這本質上就像是價格折扣，對吧？這就是你看到的優化。所以我們正在增長——我們在消費中發布的增長數字是在所有優化到位的情況下。

Our next question is coming from the line of Kirk Materne with Evercore ISI.

我們的下一個問題來自於 Evercore ISI 的 Kirk Materne。

Amy, you noted a couple of times just seeing some weakness in more of the small business segment. Can you just talk about what's going on there? Is that an opportunity for you all to go in and try to sell more bundles and your suite? I guess how much of a drag has that been? And do you see it getting better or worse? So just if you could add a little bit more color on that part of your business, it would be helpful.

艾米，您曾多次指出，只是看到更多小型企業領域存在一些弱點。你能談談那裡發生了什麼嗎？這對你們來說是一個機會去嘗試銷售更多的捆綁包和你的套房嗎？我猜這有多大的阻力？你看到它變得更好還是更糟？因此，如果您可以在業務的那部分添加更多顏色，那將很有幫助。

That's a great question, Kirk. I did allude to it a couple of times when discussing Office EMS or the Azure per-user service as well as Windows commercial. And of course, that is because it's all related to selling Microsoft 365. And we did see, as I noted, some weakness in new deals, particularly in the SMB segment outside of E5. So to your point, think of them as SKUs are really intended, right, for that type of audience and customer base.

這是一個很好的問題，柯克。在討論 Office EMS 或 Azure 每用戶服務以及 Windows 商業時，我確實提到過幾次。當然，那是因為這一切都與銷售 Microsoft 365 有關。正如我所指出的，我們確實看到了新交易中的一些弱點，特別是在 E5 之外的 SMB 領域。因此，就您的觀點而言，將它們視為 SKU 確實是針對此類受眾和客戶群的。

And it came from a couple of things, Kirk, one of which we talked about before is that we are -- that is primarily sold through partner. And so we need to make sure we've got the best value props. We've got to make sure the price is right, offers right and make sure that we are tuning that value prop to what small business customers need today, which is great value, and so we'll keep executing that through partner. We're in the middle of that transition we talked about last quarter, and we're still working on it.

它來自幾件事，柯克，我們之前談到的其中一個是我們 - 主要通過合作夥伴銷售。所以我們需要確保我們擁有最有價值的道具。我們必須確保價格合適，提供合適的服務，並確保我們正在根據小企業客戶今天的需求調整價值支柱，這是非常有價值的，因此我們將繼續通過合作夥伴執行。我們正處於我們上個季度談到的過渡的中間，我們仍在努力。

The second thing is I would also say that is a spot where you tend to see macro weakness show itself, and we alluded to that as well in my comment because while I can't tell you, in particular, which part of that is some of the partner transition work we're doing versus macro, it certainly feels like both. And so that's certainly a spot that we're watching.

第二件事是我還要說這是一個你傾向於看到宏觀弱點表現出來的地方，我們在我的評論中也提到了這一點，因為雖然我不能特別告訴你，其中哪一部分是一些在我們正在做的合作夥伴過渡工作與宏觀方面，感覺肯定兩者兼而有之。所以這肯定是我們正在關注的地方。

I think your point around making sure we've got the right feed, which is absolutely do more with less and that we can help both modernize and get great value through the suites. But it's an important caveat to that. And you saw the way it shows itself, as you might notice is you saw the seat growth be a little lighter than you would have expected in the quarter. And then in Q1, that shows itself as a little bit of decel in that Office 365 growth number quarter-to-quarter.

我認為您的觀點是確保我們有正確的提要，這絕對是事半功倍，我們可以幫助現代化並通過套房獲得巨大的價值。但這是一個重要的警告。而且您看到了它的表現方式，您可能會注意到，您看到的座位增長比您在本季度的預期要輕一些。然後在第一季度，這表明 Office 365 的季度增長數字略有下降。

Our final question will come from the line of Alex Zukin with Wolfe Research.

我們的最後一個問題將來自 Wolfe Research 的 Alex Zukin。

I guess I wanted to double down on the consumption commentary with respect to Azure. Specifically, I guess, do you feel as though -- clearly, the guidance, I think, is very -- has a very confident posture. When you think about your visibility into those consumption dynamics, is it that you're seeing customers optimize their spend? Are you seeing them commit to longer duration contracts, and therefore, you kind of (inaudible) the different linearity of that consumption pace? And then if you think about it on a global basis, are there any different patterns domestically versus internationally in those moderating project starts or just general optimization conversations?

我想我想加倍關注有關 Azure 的消費評論。具體來說，我想，你是否覺得——很明顯，我認為指導非常——有一種非常自信的姿態。當您考慮對這些消費動態的可見性時，您是否看到客戶優化了他們的支出？您是否看到他們承諾簽訂更長期限的合同，因此，您有點（聽不清）這種消費速度的不同線性？然後，如果您在全球範圍內考慮，在那些緩和的項目啟動或只是一般的優化對話中，國內與國際是否有任何不同的模式？

Maybe I'll start and let Satya add. When we talked about it, what we saw in June and through the quarter, and then as we're thinking about Q1 is we have seen that deceleration in consumption apply really across customer segments. And in general, it was across geos. I wouldn't point in particular to any specific geo as showing a very different pattern than any other geo.

也許我會開始讓 Satya 添加。當我們談論它時，我們在 6 月和整個季度看到了什麼，然後在我們考慮第一季度時，我們已經看到消費減速確實適用於整個客戶群。總的來說，它是跨地域的。我不會特別指出任何特定的地理位置，因為它顯示出與任何其他地理位置截然不同的模式。

And certainly, we've not applied that logic as we look to Q1. I do think it speaks to what Satya and I have said, which is we see customers continuing to optimize, whether that's -- whether it's through reserved instance, whether it's through existing workloads and purchase patterns. And I expect that to continue, which is absolutely what the guide implies.

當然，我們在看第一季度時並沒有應用這種邏輯。我確實認為這與 Satya 和我所說的相符，即我們看到客戶繼續優化，無論是通過保留實例，還是通過現有工作負載和購買模式。我希望這種情況會繼續下去，這絕對是指南所暗示的。

And it implies that these Azure commitments that we signed through the course of the year, because it takes time for it to convert those large contracts until actual consumption and new project growth, as that work gets completed both at the customer and with our help, you'll start to see new projects add as the plus to the optimization that occurs. So it doesn't really -- I would not point to it as being different that we have certainly seen to this point. It's just a consistent deceleration that we've talked about.

這意味著我們在這一年中籤署的這些 Azure 承諾，因為它需要時間來轉換這些大合同，直到實際消耗和新項目增長，因為這項工作在客戶和我們的幫助下完成，您將開始看到新項目添加到發生的優化中。所以實際上並沒有——我不會指出它與我們目前已經看到的不同。這只是我們討論過的持續減速。

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

謝謝，亞歷克斯。今天財報電話會議的問答部分到此結束。感謝您今天加入我們，我們期待很快與大家交談。

Thank you.

謝謝你。

Thank you, all. Thank you.

謝謝你們。謝謝你。

Ladies and gentlemen, this does conclude today's teleconference. Once again, we thank you for your participation, and you may disconnect your lines at this time.

女士們，先生們，今天的電話會議到此結束。再次感謝您的參與，此時您可以斷開線路。