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，歡迎參加微軟 2022 財年第四季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、投資者關係副總裁 Brett Iversen。謝謝。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。與我一起參加電話會議的還有董事長兼首席執行官薩蒂亞·納德拉 (Satya Nadella)；艾米·胡德 (Amy Hood)，首席財務官； Alice Jolla，首席會計官；以及副總法律顧問 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.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們在今天電話會議上的準備好的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的對帳。

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，我們將在電話會議上參考非 GAAP 指標。所提供的非 GAAP 財務指標不應被視為替代或優於依照 GAAP 編製的財務績效指標。它們作為額外的澄清項目，旨在幫助投資者進一步了解公司第四季度的業績以及這些項目和事件對財務結果的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only.

除非另有說明，我們今天在電話會議上進行的所有成長比較均與去年同期有關。我們還將提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，不包括外匯匯率波動的影響。如果以不變貨幣計算的成長率相同，我們將只參考成長率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.

我們將在電話會議結束後立即將準備好的發言發佈到我們的網站上，直到完整的記錄可用為止。今天的電話會議正在進行網路直播和錄音。如果您提出問題，它將包含在我們的直播、記錄以及錄音的任何未來使用中。您可以在微軟投資者關係網站上重播該通話並查看記錄。

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、預期或其他陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。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和我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他報告和文件中的風險因素部分所作的評論，實際結果可能會有重大差異。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 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。在這樣的宏觀經濟環境下，微軟雲端季度營收首度突破250億美元，年增28%，以固定匯率計算成長33%。當我與客戶交談時，很明顯地存在著一個真正的機會來幫助每個行業的組織利用數位技術克服當今的挑戰並變得更加強大。

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，沒有任何一家公司比微軟更有能力幫助企業實現其數位化目標，從而讓他們能夠用更少的資源做更多的事情。從基礎設施和數據到業務應用程式和混合工作，我們為客戶提供獨特的差異化價值。第二，我們將投資以佔領市場份額並打造我們具有長期結構優勢的新業務和新類別。最後，我們將在這段期間重點關注自身營運的優先順序和卓越執行，以提高營運槓桿率。

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.

接下來，讓我重點介紹一下我們的進展，首先是 Azure。各行各業的組織繼續選擇我們的雲端來使他們的 IT 投資與需求保持一致。我們看到了更大、更長期的承諾，本季贏得了創紀錄數量的 1 億美元以上和 10 億美元以上的交易。我們的資料中心區域比其他任何供應商都多，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.

我們全新的 Microsoft Cloud for Sovereignty 可協助公共部門客戶滿足緊急的合規性、安全性和隱私要求。借助 Azure Arc，我們與客戶會面，他們支援 GM、Gregg、UBS 和 Uniper 等公司在本地邊緣和多雲環境中運行應用程式。我們看到越來越多的客戶將關鍵任務工作負載轉移到 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端來運行其關鍵營運工作負載，包括其資料倉儲。而 Telstra 將把其內部 IT 工作負載轉移到 Azure。我們是雲端 SAP 應用程式的首選平台。包括卡夫亨氏、富士通和聯合利華在內的各行各業的領導者都已將 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。我們是唯一可以簡化直接存取 Oracle 雲端中執行的 Oracle 資料庫的公有雲。

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.

現在討論數據和人工智慧。透過我們的 Microsoft 智慧數據平台，我們提供涵蓋營運資料庫、分析和治理的完整資料結構，幫助客戶專注於創造價值，而不是整合碎片化的資料資產。超過 65% 的《財富》1000 強企業使用我們的 3 個或更多數據解決方案，而且我們的成長速度快於市場。我們看到從西甲聯賽和聯想到瑞士再保險公司和沃爾格林等各行各業的領導者都在使用我們的工具來統一他們的數據。 Cosmos DB 是支援世界上任何規模的最苛刻的關鍵任務工作負載的首選資料庫。數據交易量連續四個季度年增超過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.

談到人工智慧，我們看到了範式轉變，因為世界上的大型人工智慧模型本身就成為了強大的平台。透過我們的 Azure OpenAI 服務，匯豐銀行、普華永道、RTL 集團、殼牌和 Wipro 等眾多客戶正在將語言模型應用於內容和程式碼產生等高階場景。

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.

現在開始討論開發者工具。我們擁有跨任何雲端和任何平台的最受歡迎的開發人員工具。從阿霍德德爾海茲 (Ahold Delhaize) 到畢馬威 (KPMG) 再到飛利浦 (Philips)，各行各業的領導者都選擇 GitHub 來建立軟體。 GitHub Copilot 是首個人工智慧結對程式設計器，可協助開發人員更快地編寫出更好的程式碼。自我們一個月前正式推出以來，已有超過 40 萬人訂閱。

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，H&M 等組織可以建立現代、更具彈性的雲端原生應用程式。整體而言，Azure容器服務的收入成長了三位數。

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.

現在轉到 Power Platform。借助 Power Platform，我們正在幫助領域專家快速提高生產力，而這在任何時候都顯得尤為重要。我們現在每月有近 2500 萬活躍用戶，我們正在進行創新，使專業和公民開發人員團隊能夠更輕鬆地共同建立端到端的業務解決方案。百威英博、ARM、Equinor、豐田、沃達豐和蘇黎世保險都建立了卓越中心，大規模培訓員工如何使用 Power Platform。例如，PG&E 預計透過消除員工工作流程中的冗餘和手動流程可節省至少 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.

現在談 Dynamics 365。隨著我們在每個類別中繼續超越市場，我們正在幫助組織數位化他們的客戶體驗、服務、財務和供應鏈功能。我們全新的 Microsoft 數位聯絡中心平台匯集了 Dynamics 365、Microsoft Teams 以及 Nuance 的企業 AI 功能，協助 HP 等客戶提供全通路客戶互動。

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 與智慧訂單管理和團隊之間的新整合可協助人們在工作流程中協作以克服供應鏈中斷。當我們幫助組織解決最迫切的挑戰時，我們也贏得了客戶。 Peet's Coffee 正在利用我們的商業應用程式來實現其供應鏈的現代化。嘉士伯正在標準化其現場服務和客戶服務營運。 Visa 的銷售和呼叫中心組織均已改用 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.

當談到我們的產業和跨產業雲端時，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位化需求。例如，包括 Nuance 在內的 Microsoft Cloud for Healthcare 正在成為整個醫療保健價值鏈中各公司首選的平台，旨在推動有意義的臨床和財務成果。無論是醫療服務現代化的提供者、改變會員體驗的健康計劃，還是擴展到醫療服務的零售商，擁有真正致力於助力其成功的技術合作夥伴對我們來說都是一個顯著的區別因素。例如，Intermountain Healthcare 選擇了醫療保健雲端以及 Nuance 的 DAX Ambient Intelligence 解決方案作為其新數位策略的支柱。

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，每個組織都在尋求支持員工靈活性並提高生產力。混合工作現在只是工作，組織必須重新連結並重新吸引在家、辦公室以及任何地方的員工。為了實現這一目標，公司需要一種數位化結構，能夠隨時隨地連接員工、客戶和合作夥伴，同時降低成本和複雜性。

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。在過去的一年裡，我們推出了 450 多項功能，使第一線和知識工作者能夠同步和非同步協作以及遠端和麵對面協作。隨著企業轉向該平台來加速數位轉型並在工作流程中協調所有業務流程，Teams 在從協作到聊天到會議到通話等各個類別中都佔據著份額，並且使用強度也在不斷提高。

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 Adob​​e 到 Workday 的 ISV 都與 Teams 建立了深度整合。強生、Lumen Technologies 和 Progressive Insurance 等超過 100,000 家公司已在 Teams 中部署了客製化業務線應用程式。總體而言，活躍使用的第三方和 LOB 應用程式數量同比增長了 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 VoIP 和 PSTN 雲端呼叫領域的市場領導者。我們現在擁有超過 1,200 萬 PSTN 用戶，幾乎是一年前的兩倍。 Teams Rooms 透過人工智慧攝影機等創新技術彌合了遠距辦公人員和辦公室辦公室人員之間的差距。超過 60% 的《財星》500 強企業選擇 Teams Rooms 在混合工作場所中連結員工。

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.

我們還與 Microsoft Viva 合作建立了一個全新的套件，以創建新的員工體驗類別。這既是我們客戶的優先事項，也是我們擴大和高成長的 TAM。隨著企業越來越認識到員工體驗和福祉對生產力至關重要，25% 的財富 500 強企業已經使用 Viva。我們已經看到從聯邦銀行、富達投資和萬事達卡到阿斯特捷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 Microsoft 365 的營收成長。朝日集團、Expedia 集團和高通都選擇了我們的優質產品來改變員工的工作方式。 E5 座位數較去年同期成長超過 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.

現在轉到 Windows。透過 Windows，我們以人為本，幫助他們安全地工作、連接和娛樂。儘管本季度個人電腦市場發生了變化，但我們仍然看到個人電腦的出貨量比疫情前有所增加，並且市場份額也在不斷擴大。我們看到，Windows 11 應用程式的每月使用量不斷增加，人們在創意工作、協作、遊戲、媒體和編寫程式碼上花費的時間也不斷增加，因為人們依賴 PC 獨特的生產力功能、豐富的互動體驗和保持聯繫。

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.

我們正在透過 Azure 虛擬桌面和 Windows 365 改變 Windows 的體驗和管理方式。 Azure 虛擬桌面的每月活躍使用量較去年同期成長了近 60%。一年來，我們看到從漢堡商業銀行和 Kyndryl 到樂高集團和施羅德等各行各業的組織都大力採用 Windows 365，因為他們使用雲端 PC 快速引導新員工和臨時員工，加快併購整合速度，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.

現在討論安全性。隨著威脅的速度和步伐不斷加快，安全已成為每個組織的首要任務。我們提供全面的解決方案，整合每天由超過 43 兆個訊號提供資訊的 50 多個類別，從而降低成本和複雜性。我們在所服務的所有主要類別中都佔有一定份額。總的來說，我們的安全收入增加了40%。我們是唯一為前三大雲端平台提供保護的雲端供應商，我們看到越來越多的客戶轉向我們來保護他們的多雲、多平台基礎設施。 Pearson VUE 和 Vodafone 都選擇了我們的安全堆疊來保護他們在雲端的數位資產。

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.

我們將進一步協助保護組織。我們的新 Entra 產品系列包括權限管理、身分治理和身分驗證工具。現在，我們與 Microsoft Security Experts 合作提供託管威脅偵測和回應，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營運。

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.

現在前往 LinkedIn。我們再次看到超過 8.5 億會員的參與度創下歷史新高，這證明了該平台在連結求職者與工作、學習者與技能、行銷人員與買家方面發揮著多麼重要的作用。我們看到求職者和雇主都優先考慮技能，以便更有效地尋找和獲得工作。目前，LinkedIn 上超過 40% 的公司依靠技能過濾器來識別候選人。

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 個月的營收超過 60 億美元，年增 39%。 LinkedIn 行銷解決方案年收入首次突破 50 億美元。我們是 B2B 數位廣告領域的領導者，我們不斷看到客戶選擇我們以獲得更高的覆蓋率和投資報酬率。更廣泛地說，儘管目前廣告市場面臨阻力，但著眼於長遠，我們正在擴大廣告領域的機會。

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.

我們正在為網路創建一個新的貨幣化引擎，這種替代方案可以為行銷人員和出版商提供更多長期可行的廣告解決方案，並支援消費者隱私和強大的資料治理。它始於我們的第一方網路體驗。我們專注於提高 Edge、Bing 和個人化內容來源 Microsoft Start 的份額和參與度。自從我們一年前推出這項服務以來，Start 上新聞、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.

隨著消費者利用其內建的優惠券和價格比較功能來省錢，Edge 的市場份額不斷擴大。我們的方法延伸至我們的第三方廣告網路。我們上個月完成了對 Xandr 的收購，現在為世界上最大的優質廣告市場之一提供支援。借助微軟廣告，每家媒體和消費者網路公司現在都擁有一個值得信賴的平台，用於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.

就在兩週前，Netflix 選擇我們作為其首個廣告支援訂閱服務的獨家技術和銷售合作夥伴，這證明了我們為任何尋求願意與其共同建設和創新的靈活合作夥伴的出版商提供的差異化價值。透過 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位商務和行銷管道。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來源，同時保持其自身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。我們提供遊戲產業的最佳價值。我們的 Xbox Game Pass 訂閱服務包括存取數百款遊戲，Xbox Series S 是最實惠的下一代遊戲機。迄今為止，我們銷售的遊戲機數量超過了以往任何一代 Xbox 遊戲機，並且已連續 3 個季度在北美下一代遊戲機市場處於領先地位。借助 Xbox 雲端遊戲，我們將遊戲帶到了新的終端。玩家現在可以在三星智慧電視上播放 Xbox 遊戲。我們與 Epic Games 合作，讓 Fortnite 可以透過瀏覽器免費使用。迄今為止，已有超過 400 萬人觀看了該遊戲，其中包括 100 多萬名新加入我們生態系統的玩家。

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，以便在這個關鍵時刻幫助我們的客戶，並抓住正在發生的巨大技術變革。我們擁有一流的產品和最佳的解決方案組合，以及我們持久的商業模式和對優先排序和卓越執行的高度關注，這讓我對來年的機會充滿信心。說完這些，我就把它交給艾米。

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，薩蒂亞，大家下午好。本季營收為 519 億美元，成長 12%，以固定匯率計算成長 16%。每股收益為 2.23 美元，以固定匯率計算成長 3% 和 8%。我想先討論一下宏觀經濟環境對我們本季業績的影響。

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，FX。美元在整個季度走強，為我們帶來了比我們在季度中期所分享的更多的不利因素。因此，整個季度的營收和每股盈餘受到負面影響 5.95 億美元和每股 0.04 美元，超出了我們 4 月的預期。

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，中國持續整個 5 月的停產以及 6 月 PC 市場的惡化，對 Windows OEM 收入造成了超過 3 億美元的負面影響。最後，廣告支出的減少對 LinkedIn 行銷解決方案以及搜尋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，儘管面臨這些宏觀挑戰，我們仍然推動 Windows 在 PC 市場的份額和 Edge 在瀏覽器市場的份額再增長一個季度。

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，第四季是我們平台長期承諾最多的一個季度。正如您從 Satya 那裡聽到的，我們在數據和人工智慧、動態、團隊和安全等領域的份額有所增長。與去年同期相比，商業預訂量增長了 25%，按固定匯率計算增長了 35%，大大超出了預期。我們創紀錄的承諾季度得益於 1 億美元以上的 Azure 和 1000 萬美元以上的 Microsoft 365 合約數量的增加，以及我們核心年金銷售動議的持續強勁執行。

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.

商業剩餘履約義務成長 34%，以固定匯率計算成長 37%，達到 1,890 億美元，其中約 45% 將在未來 12 個月內計入收入，年增 28%。剩餘部分將在未來 12 個月後確認，年增 39%，我們的敏銳度組合年增 1 個百分點，達到 96%。微軟雲端運算營收為 250 億美元，成長 28%，以固定匯率運算成長 33%。微軟雲毛利率較去年同期略有下降至69%。不計入會計估計變更對使用壽命的影響，微軟雲毛利率百分比增加了約 1 個百分點，這得益於我們雲端服務的改進，但部分被銷售組合向 Azure 的轉變所抵銷。

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.

現在回到整個公司層面。如前所述，FX 導致公司總收入下降 4 個百分點，比預期低 2 個百分點。此外，外匯使 COGS 和營運費用成長降低了 2 個百分點，比預期高出 1 個百分點。毛利率以固定匯率計算成長了 10% 和 15%，毛利率百分比較去年同期下降至 68%。排除會計估計變更和外匯的影響，毛利率百分比略有上升，因為先前提到的雲端服務的改善被銷售組合向雲端的轉變部分抵消。

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.

由於對雲端工程、LinkedIn 和 Nuance 的投資增加，營運費用增加了 14%，以固定匯率計算增長了 16%。營運支出成長包括決定縮減俄羅斯業務、員工遣散以及 6 月完成的 Xandr 收購的影響，約佔 2 個百分點。從整個公司層面來看，由於我們繼續在雲端工程、LinkedIn、銷售和客戶部署等關鍵領域進行投資，員工總數比去年同期成長了 22%，其中包括透過收購 Nuance 和 Xandr 實現的約 6 個百分點的成長。

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.

營業收入以固定匯率計算成長 8% 和 14%，營業利益率年減至 40%。排除會計估計變更和外匯的影響，營業利潤率相對保持不變，因為先前提到的雲端服務的改善和銷售組合向高利潤業務的轉變被 Nuance 收購的影響所抵消。

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.

現在來看看我們的分部業績。生產力和業務流程收入為 166 億美元，以固定匯率計算成長 13% 和 17%。 FX 部門營收減少 1.59 億美元，比預期多。在調整額外的外匯不利因素後，整體分部績效符合預期。辦公室商業收入以固定匯率計算成長了 9%，為 13%。 Office 365 商業收入成長 15%，以固定匯率計算成長 19%，符合預期，這得益於所有工作負載和客戶群的安裝基數擴大，以及 E5 持續成長帶來的更高 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.

付費 Office 365 商業席位年增 14%，這主要得益於我們為中小型企業和第一線員工提供的產品，儘管成長受到 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。本季度，對 Microsoft 365 的安全性、合規性和語音價值的需求再次推動了 E5 的強勁發展勢頭。 E5 目前占我們 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.

辦公室商業許可收入按固定匯率計算下降了 32% 和 28%，低於預期，主要原因是合約組合減少，而期內收入確認增加。 Office 消費者收入以固定匯率計算成長 9% 和 12%，符合預期，這得益於 Microsoft 365 訂閱量的持續成長，訂閱量成長 15% 至 5,970 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.

Dynamics 營收成長 19%，以固定匯率計算成長 24%，這得益於 Dynamics 365 的成長，Dynamics 365 成長 31%，以固定匯率計算成長 36%，由於新業務成長低於預期，即使我們的雲端成長持續超過市場，Dynamics 營收也略低於預期。 LinkedIn 營收成長 26%，以固定匯率計算成長 29%，低於預期，因為行銷解決方案受到先前提到的廣告支出放緩的影響。而人才解決方案則因本季末線上招募資訊減少而受到影響。

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.

以固定匯率計算，分部毛利率成長了 12%，毛利率百分比較去年同期略有下降。排除會計估計變更的影響，毛利率百分比增加了約 1 個百分點，這得益於所有雲端服務的改善。營業費用以固定匯率計算成長了 12%，以固定匯率計算成長了 14%，營業收入以固定匯率計算成長了 12%，以固定匯率計算成長了 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.

接下來是智慧雲部分。營收為 209 億美元，成長 20%，以固定匯率計算成長 25%。 FX 部門營收減少 3.09 億美元，降幅超乎預期。排除額外的外匯不利因素，該部門業績符合預期。總體而言，伺服器產品和雲端服務收入以固定匯率計算分別成長了 22% 和 26%。 Azure 和其他雲端服務收入以固定匯率計算分別成長 40% 和 46%，比預期低約 1 個百分點，這主要是由於各個客戶群的 Azure 消費成長略有放緩。

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，企業行動性和安全性安裝基數成長了 21%，達到超過 2.3 億個席位，這受到了前面提到的中小型企業交易放緩的一些影響。在我們的內部伺服器業務中，收入下降了 2%，按固定匯率計算則增長了 1%，超出了預期，這得益於期內收入確認金額較高的合約數量超出預期。

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.

企業服務收入以固定匯率計算成長 5%（8%），低於預期，受微軟諮詢服務下滑的影響。以固定匯率計算，分部毛利率成長了 15%，毛利率百分比較去年同期下降了約 3 個百分點。排除會計估計變更的影響，毛利率下降約 2 個百分點，這是由於銷售組合轉向 Azure 所致，但 Azure 利潤率的增加部分抵消了這一影響。營運費用以固定匯率計算成長了 20% 和 22%，其中包括來自 Nuance 的約 7 個點的影響。以固定匯率計算，營業收入成長了 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.

現在開始更個人化地計算。營收為 144 億美元，成長 2%，以固定匯率計算成長 5%。 FX 部門營收減少 1.27 億美元，比預期多。排除額外的外匯不利因素，受前面提到的個人電腦和廣告趨勢的影響，該部門的表現低於我們的預期範圍。 Windows OEM營收年減2%。儘管個人電腦市場不斷惡化，但本季我們的市佔率再次上漲，銷售量仍高於疫情前的水平。

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 商業產品和雲端服務收入以固定匯率計算分別成長 6% 和 12%，低於預期，原因是先前提到的中小企業交易放緩產生了一定影響。在商業銷售的推動下，地面收入成長了 10%，以固定匯率計算成長了 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.

扣除 TAC 後的搜尋和新聞廣告收入按固定匯率計算增長了 18% 和 21%，低於預期，這主要是由於之前提到的廣告支出放緩，但 Xandr 三週業績的納入部分抵消了這一影響。

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.

遊戲業務收入下降 7%，以固定匯率計算下降 5%，符合預期。 Xbox 硬體收入下降了 11%，以固定匯率計算下降了 8%。 Xbox 內容和服務收入以固定匯率計算分別下降 6% 和 4%，原因是第三方和第一方內容的參與時間以及貨幣化減少，但 Xbox Game Pass 訂閱量的成長部分抵消了這一影響。

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.

分部毛利率基本上保持不變，以固定匯率計算增長了 4%，毛利率百分比比去年同期下降約 1 個百分點，這主要是由於 Windows 商業雲端服務使用量的增加。營業費用增加 8%，以固定匯率計算增加 10%，營業收入減少 5%，以固定匯率計算基本維持不變。

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.

現在回到公司整體業績。包括融資租賃在內的資本支出為 87 億美元，符合預期。用於 PP&E 的現金支付額為 69 億美元。我們的資料中心投資繼續基於重要的客戶需求和使用訊號。經營現金流為 246 億美元，成長 8%，這得益於強勁的雲端運算帳單和收款。自由現金流為178億美元，較去年同期成長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 4,700 萬美元，主要原因是投資淨損失，包括我們股票投資組合的以市價計價的損失。與去年的淨投資收益相比，股市下跌導致本季淨投資出現虧損，對每股收益成長產生了 3 個百分點的負面影響。

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，我們透過股票回購和股利向股東返還了 124 億美元，年增 19%，使我們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.

現在轉向我們的展望。我對全年和下一季的評論不包括動視的任何影響，我們仍然預計動視將在本財年結束前關閉。首先，我想對 23 財年做一些全年評論。首先，從 23 財年開始，我們將雲端基礎設施中伺服器和網路設備資產的折舊使用壽命從 4 年延長至 6 年，這將適用於截至 2022 年 6 月 30 日的資產負債表上的資產餘額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.

我們對軟體的投資提高了我們操作伺服器和網路設備的效率，加上技術的進步，使得這些設備的使用壽命超出了歷史會計使用壽命。這項變更僅影響這些資產未來的折舊費用的時間。

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 財年全年營業收入將受到約 37 億美元的影響，第一季營業收入將受到約 11 億美元的影響。這已包含在我們今天的電話會議上提供的指導中。有關此變更機制的更多詳細資訊請參閱我們的收益資料。

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，我們預計全年收入成長將受到約 4 個百分點的影響，上半年的阻力將大於下半年。 FX 也應使 COGS 和營運費用成長降低 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.

現在根據當前的宏觀環境來展望全年業務。在公司的各個層面，我們都按照固定匯率來管理績效，就像我們多年來所做的那樣。因此，鑑於我們所看到的外匯波動，我將以固定匯率和美元對全年進行評論。我們繼續預計，以固定匯率和美元計算，收入和營業收入都將實現兩位數成長。收入成長將受到我們商業業務持續成長勢頭以及對整個投資組合份額成長的關注的推動。

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%.

營運費用成長將在 23 財年初顯著成長，並且隨著我們放慢招募速度以專注於關鍵成長領域、提高上一年員工投資的生產力以及紀念 Nuance 和 Xandr 收購，營運費用成長將在全年大幅放緩。即使我們對未來進行瞭如此大規模的投資，我們預計，基於固定匯率計算的營業利潤率在 23 財年將與去年同期基本持平，這還不包括最新使用壽命變化帶來的好處。以美元計算，我們預計 23 財年全年利潤率將基本持平，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.

現在來看看第一季的展望，除非另有特別說明，否則都是以美元為基礎的。首先，FX。由於美元走強且基於當前匯率，我們預計外匯將使總收入成長降低約 5 個百分點，並使總銷貨成本和營運費用成長降低約 3 個百分點。在這些領域中，我們預期外匯因素將對生產力和業務流程以及智慧雲端的收入成長產生約 6 個百分點的負面影響，對個人運算的收入成長產生 3 個百分點的負面影響。

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，我們預計 6 月看到的趨勢將持續到第一季。 PC 市場需求和廣告支出的持續疲軟將影響 Windows OEM、Surface、LinkedIn 和搜尋以及新聞廣告收入。我們差異化的市場地位、整個解決方案組合的客戶需求以及整個 Microsoft Cloud 的一致執行應該會推動本季度收入和份額的又一次強勁增長，儘管我們預計中小型企業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，我們核心年金銷售動議的強勁執行以及對我們平台的不斷增加的承諾應該會在平穩的到期基礎上推動健康增長。需要提醒的是，Azure 長期合約規模越來越大，而且合約簽訂時間越來越難以預測，這總是會導致我們的預訂量成長率季度波動加劇。

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.

受先前提到的最新會計估計變化的影響，微軟雲毛利率應比去年同期上升約 2 個百分點。排除會計估計變更的影響，第一季毛利率百分比將下降約 1 個百分點，這主要是由於收入組合向 Azure 轉移以及收購 Nuance 的影響，但 Azure 的持續利潤率改善部分抵消了這一影響。在資本支出方面，我們預期美元支出將連續下降，季度支出將出現正常波動，並且與雲端基礎設施建設的時間有關。

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.

接下來是細分指導。在生產力和業務流程方面，我們預計營收將以固定匯率成長 12% 至 14%，即 159.5 億美元至 162.5 億美元。在 Office Commercial 領域，營收成長將再次受到 Office 365 的推動，這得益於客戶群的席位成長和 E5 的 ARPU 成長。我們預計，以固定匯率計算，Office 365 的營收成長將環比下降約 2 個百分點，且外匯對美元成長的影響將比分部層面的影響更大。

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.

在我們的內部部署業務中，與去年相比，由於合約期間收入確認較高，我們預計收入將下降 30% 左右。在 Office 消費者方面，我們預計在 Microsoft 365 訂閱的推動下，營收將低至中等個位數成長。

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，儘管業績將受到廣告支出和招聘放緩的影響，導致收入成長率處於低至中等水平。在 Dynamics 方面，我們預計營收成長率將達到中高水平，這主要得益於 Dynamics 365 的份額成長。

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.

對於智慧雲，我們預計營收將以固定匯率成長 25% 至 27%，即 203 億美元至 206 億美元。收入將繼續由 Azure 推動，需要提醒的是，其季度變化主要來自我們的每用戶業務和期間收入確認，具體取決於合約組合。

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，以固定匯率計算，Azure 營收成長率將較上季下降約 3 個百分點。 Azure 營收將持續受到強勁消費成長的推動，我們的每位使用者業務應繼續受益於 Microsoft 365 套件的發展勢頭，儘管考慮到安裝基數的規模，我們預計成長率將會有所放緩。

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.

在我們的內部伺服器業務中，我們預計收入將出現低個位數下降，這是由於對我們的混合產品的強勁需求被去年同期的收入所抵消，其中包括受益於期內收入確認較高的合約。在企業服務方面，我們預期營收成長率將達到個位數低位，這主要得益於企業支持，但微軟諮詢服務的下滑將部分抵銷這一成長。在更個人化的運算方面，我們預計營收將以固定匯率成長 1% 至 4%，即 130 億美元至 134 億美元。

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 方面，我們預期收入將出現高個位數下降。不計去年 Windows 11 營收遞延的影響，營收將下降 15% 左右，反映出 PC 市場持續疲軟。在 Windows 商業產品和雲端服務中，客戶對 Microsoft 365 和我們先進的安全解決方案的需求應該會推動高個位數的成長。

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.

Surface 的營收預計將出現個位數低點下滑。受第一方收入成長和 Xandr 納入的推動，扣除 TAC 的搜尋和新聞廣告收入應會成長至十五六、七個百分點，比整體搜尋和新聞廣告收入高出約 10 個百分點。在遊戲領域，我們預計收入將下降低至中等個位數，原因是第一方內容的下降，但被 Game Pass 訂閱用戶和遊戲機的成長部分抵消。我們預計 Xbox 內容和服務收入將下降低至中等個位數。

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，以固定匯率計算，銷貨成本將成長 12% 至 14%，即 149 億美元至 151 億美元之間；以固定匯率計算，營業費用將成長 19% 至 20%，即 133 億美元至 134 億美元之間。預計公司員工總數將繼續成長，第一季預計將招募 11,000 名員工，主要從事雲端工程、LinkedIn、客戶部署和商業銷售工作。

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%.

其他收入及支出中，利息收入與利息支出應相互抵銷。提醒一下，我們需要確認股票投資組合的市價收益或損失，這可能會增加季度波動。我們預計第一季有效稅率約為 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，關於第一季現金流，提醒一下，我們將支付 32 億美元的稅款，這些稅款與 TCJA 過渡稅以及 22 財年第一季完成的無形資產轉讓有關。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不斷增加的承諾，因為我們仍然專注於在這個動態的環境中提供引人注目的客戶價值，從而持續實現份額增長。在度過這段時期的過程中，我們將繼續投資於未來的成長，同時高度關注卓越營運和執行紀律。下面，我們進入問答環節，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。我們現在進入問答環節。 （操作員指示）傑西，你能重複一下你的指示嗎？

(Operator Instructions) Our first question is coming from Keith Weiss with Morgan Stanley.

（操作員指示）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.

在我們所面臨的非常困難的環境中取得了非常令人印象深刻的成果，特別是在涉及商業雲端預訂時。這就是我的問題所在。您談到了你們在第四季度簽署的最大數量的大宗交易。通常，我們認為這種環境會使簽署大交易變得更加困難。

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?

您能跟我們簡單談談您是如何做到的嗎？微軟為市場帶來的整合效應是價格表現嗎？從宏觀角度來看，在這種環境下完成這些交易對你們來說真的有好處嗎？或者對你們來說這只是典型的第四季年底預算削減之類的事情？它是否缺乏環境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 Keith 提出的問題。即使對我們來說，即使在第四季度的背景下，這也是一個記錄。因此，宏觀環境中顯然發生了一些事情，這確實發揮了我們的優勢。我至少觀察到了兩件事。一是——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，都充分說明了我們長期以來一直在談論的問題，即佔 GDP 的百分比，IT 支出將會增加，因為每個企業都在嘗試利用數位技術來強化自己，以便在某種意義上應對這種宏觀環境。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您剛才提到的，也就是說，我們確實擁有技術堆疊的每一層，對吧，無論是基礎設施、資料、混合工作、安全，甚至是 Power Platform。在每一個產品中，我們確實擁有最佳套件價值，其中包括最佳類別產品。這也帶來了市場佔有率的成長。因此，如果您想長期押注某個供應商，而您又擁有最佳價值，並且能夠按照自己的條件使用它，我認為，這些數字實際上就是表明這一點的。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒 (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?

恭喜本季。我想就此進行一些跟進。由於對宏觀經濟和經濟衰退的擔憂，每個人都試圖了解雲端運算以及微軟的情況，更具體地說是 IaaS、PaaS 產品以及經濟衰退的放緩，您如何看待 Azure 的彈性？如果我們確實看到真正的經濟衰退，您如何看待 Azure 在廣告業務、消費者互聯網和 SMB 領域的影響力？

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，請隨意添加。我的意思是，總的來說，我們無法免受宏觀上發生的事情的影響，對嗎？對於 Keith 的問題和你的問題，馬克，我想我會從那裡開始，因為無論是消費者還是中小企業的需求方面，我認為 Amy 在她的評論中談到了其中的一些內容，甚至是我們本季度的業績。

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.

但在 Azure 中發生的情況是，從某種意義上說，企業正在試圖應對整體宏觀經濟形勢，並試圖確保他們能夠用更少的資源做更多的事情。舉例來說，遷移到雲端是根據需求不確定性來控制支出的最佳方式，對嗎？因為——事實上，如果有的話，我們看到的事情之一就是向雲端運算的轉變正在增加。

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，優化您的帳單。我們甚至在激勵我們自己的領域，以確保我們客戶的帳單下降。事實上，這甚至體現在我們的 Azure 數字的一些波動中，因為這是公有雲的一大優勢。這就是為什麼我認為走出這場宏觀經濟危機後，公有雲將成為更大的贏家，因為它確實充當了通貨緊縮的力量。

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 數位中看到的。我們將接觸消費者驅動的企業和中小企業。但從某種程度上來說，我們公司在核心商業方面的實力要強得多。所以我認為我們會做得很好。另一個也是人們在全新的領域建立新的應用程式。

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的三位數成長，容器應用服務的三位數成長。你把這兩件事拿來然後問，人們在做什麼？人們正在完全不同的效率前沿編寫應用程序，即基於雲端原生無伺服器容器的應用程式類型。所以對我來說，這是確保您的 IT 支出在這種時候能夠發揮巨大作用的方法之一。

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。我想很多人會問，為了實現這種成長，您是否嵌入了惡化的宏觀環境或類似的環境？

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，它試圖考慮當前的宏觀環境。正如我所說的，我根據我們在六月看到的情況，在整個財政年度中盡我們所能地加以運用。如果你考慮一下——如果你嘗試透過我的一些評論來回顧這一年，你會說，好吧，在上半年和下半年中，我會指出在這段時間內發生了一些變化的 3 件事。

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，如果我們談論的是美元，那麼在上半年，美元面臨的阻力會更大，而在下半年，美元面臨的阻力會更小。我要指出的第二件事是營運支出 (OpEx)。正如我們在上半年所討論的，本季我們的員工人數顯然增加了 22%。我們在第一季仍有 11,000 名新員工加入。我們仍然收購了 Nuance 和 Xandr，我們對其中的許多公司進行了周年紀念，因為我們專注於招聘，並關注過去一年中所有招聘的生產力。

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，當你從 H1 進入 H2 時，OEM 可比性顯然會發生很大變化。因此，當您嘗試思考形狀以及我如何考慮它時，我會考慮到這些因素，思考我們在六月看到的趨勢，並盡力應用它們。

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?

我很樂意對 Azure 進行更深入的探究。艾米，你和薩蒂亞談到了非常強勁的大型新交易活動。我認為您對 Azure 9 月季度固定匯率成長（下降 3 個百分點至 43）的預測是相當可靠的。但你確實提到，在二月份季度，你們經歷了一點消費疲軟。你介意解釋一下那是什麼嗎？綜合以上所有因素，您認為未來幾季 Azure 業務的成長減速斜率如何？

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，你顯然應該補充評論。卡爾，我想向你指出薩蒂亞提到的一些事情，也就是我們在評論中提到的，我們確實看到了一些減速，比我們預期的第四季度消費方面的減速要高一點。它確實適用於所有客戶群體，並且總體上適用於各個地域。

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，您將看到客戶像往常一樣專注於優化並繼續思考優先考慮和啟動哪些新的工作流程。我們確實採用了該框架，並按照我們的設想將其應用於 H1，特別是該指南中的 Q1。它確實假設消費量環比繼續下降 3 個百分點。我仍然對我們所看到的模式感到非常滿意。我對 Satya 提到的工作量以及我們覺得可以分擔的部分感到滿意。

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.

但同時，我們確實專注於履行我們在第四季度簽署的協議，確保我們與客戶合作部署能夠快速實現價值的項目，進行投資以確保他們啟動可以為他們節省資金、可以幫助他們創新的項目。我認為這可能是我們關注的重點，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?

考慮到客戶在嘗試適應這種環境時，他們的支出優先順序會略有不同，您能否再多談談您在 Office 中看到的情況？因為顯然，透過 Office E5，您提供了更全面的解決方案，該解決方案在多個方面都非常具有競爭力？就您認為客戶是否願意利用這段時間進一步鞏固而言，您有何看法？

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。也許我剛開始，艾米，你可以補充。我的意思是，我們使用的兩個數字——用戶增長數字，對吧，Microsoft 365 席位數量增長了 14%，E5 增長了 60%，我認為這再次說明了核心和 E5 中的最佳匹配值。因此，我們在這兩方面都非常有競爭力。這就是你所看到的席位成長。

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.

我想我可能會指出一些，只是補充一點。如您所見，我確實認為我們一直在透過 E5 累積動力。它具有很大的價值，我們已經增加並將繼續增加 E5 套件的價值。而且隨著該價值在類別層級和套件層級變得越來越具有競爭力，我們非常注重確保客戶獲得該 SKU 中的每一點價值。

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，重點是部署、增加使用量、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的部分將在這些領域進行，以確保我們能夠幫助客戶充分利用該 SKU。該團隊在第四季度，特別是在一些預訂數量方面，E5 在續約和人們將 E5 添加到現有合約方面都是一個強項。

Makes sense. Congrats.

有道理。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 Phil Winslow。

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.

恭喜本季業績強勁。艾米，我只是想關注你關於資本支出的評論，但也只是 Azure 內部的使用率，顯然還有你之前提到的一些供應鏈問題。您認為 Azure 的使用率如何？當您考慮與供應鏈相關的需求趨勢時，您對目前的產能狀況有何看法？這是否實際上會推動客戶行為發生任何變化，是否會增加對預留實例的關注等等？那太好了。

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。也許我先來談談第四季的資本支出。顯然，本季我們成長的主要動力是資料中心支出，包括新建和新建資料中心以及現有資料中心的容量增加。顯然，我們看到了良好的需求訊號。因此，我們預期第一季的資本支出將再創強勁。儘管這是一個連續的下降，但我認為這更多的是一個時機問題。它總是——可以根據建造完成的時間或貨物到達的時間稍微移動一下。我們確實認為，我們在全球範圍內的容量上已經處於一個良好的位置，並專注於確保我們的客戶能夠在這些數據中心中推動他們需要的新單元和他們需要的新用途。薩蒂亞，我不知道您是否想對此進行補充。

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理解得非常正確。客戶使用更多預留實例也是正確的。這基本上就是一種價格折扣，對吧？這就是您所看到的優化。因此，我們正在成長——我們在消費方面發布的成長數字是在所有優化措施到位的情況下實現的。

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

我們的下一個問題來自 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，你曾幾次提到，小型企業領域出現了一些疲軟跡象。你能談談那裡發生了什麼事嗎？這對你們所有人來說是否是一個嘗試銷售更多捆綁產品和套件的機會？我猜這有多麻煩？您認為情況會變好還是變壞？因此，如果您能為業務的這一部分添加更多色彩，那將會很有幫助。

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 每使用者服務以及 Windows 商業版時，我確實提到過幾次。當然，這是因為這一切都與銷售 Microsoft 365 有關。正如我所指出的，我們確實看到新交易中存在一些弱點，特別是在 E5 以外的 SMB 領域。所以按照你的觀點，你可以把它們看作是 SKU，它們確實針對的是那種類型的受眾和客戶群。

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.

柯克，這源自於幾件事，其中之一就是我們之前談到的，我們主要是透過合作夥伴進行銷售。因此我們需要確保我們擁有最佳的價值主張。我們必須確保價格合適、優惠合適，並確保我們根據小型企業客戶當今的需求調整價值主張，這是非常有價值的，因此我們將繼續透過合作夥伴來執行這一點。我們正處於上個季度談到的轉型期，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，我還想說，這是一個你傾向於看到宏觀弱點顯現出來的地方，我們也在我的評論中提到了這一點，因為雖然我無法具體告訴你，其中哪一部分是我們正在進行的一些合作夥伴過渡工作，哪一部分是宏觀的，但感覺兩者兼而有之。所以這肯定是我們正在關注的點。

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.

我認為你的觀點是確保我們得到正確的回饋，這絕對是用更少的資源做更多的事情，而且我們可以透過套件幫助現代化並獲得巨大的價值。但這是一個重要的警告。並且您已經看到了它的表現方式，您可能會注意到，您看到本季的座位成長比您預期的要低一些。然後在第一季度，Office 365 的成長數量較上季略有下降。

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，您是否覺得——顯然，我認為指導意見非常——具有非常自信的姿態。當您考慮對這些消費動態的了解時，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長期合同，因此，您是否（聽不清楚）消費速度的線性不同？然後，如果從全球角度考慮，國內和國際上在調節項目啟動或一般優化對話方面是否存在不同的模式？

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，然後讓 Satya 補充。當我們談論它時，我們在 6 月和整個季度看到的情況，然後當我們考慮第一季時，我們發現消費減速確實適用於各個客戶群。整體來說，它是跨地域的。我不會特別指出任何特定的地理位置顯示出與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，當我們展望第一季時，我們並沒有運用這種邏輯。我確實認為它體現了 Satya 和我所說的，即我們看到客戶正在不斷優化，無論是透過預留實例，還是透過現有的工作負載和購買模式。我希望這種情況能夠持續下去，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.

這意味著我們在一年內簽署的這些 Azure 承諾，因為將這些大型合約轉換為實際消費和新專案成長需要時間，隨著這項工作在客戶和我們的幫助下完成，您將開始看到新專案的增加，這是發生的優化的加分項。所以它實際上並不是——我不會指出它與我們目前所看到的不同。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。今天的收益電話會議的問答部分到此結束。感謝您今天的加入我們，我們期待很快與大家交談。

Thank you.

謝謝。

Thank you, all. Thank you.

謝謝大家。謝謝。

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，現在您可以斷開線路了。