微軟 (MSFT) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2023 First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Brett Iversen, Vice President, Investor Relations. Thank you. You may begin.

您好，歡迎參加 Microsoft 2023 財年第一季度收益電話會議。 （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 先生。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. 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.

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。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。

On this call, we will discuss certain non-GAAP items. 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 first quarter performance in addition to the impact these items and events have on the financial results.

在這次電話會議上，我們將討論某些非公認會計原則項目。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一季度的業績。

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固定貨幣提供增長率，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 will 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; in 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.

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。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，實際結果可能存在重大差異；在本次電話會議期間發表的評論中；以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格以及其他報告和文件的風險因素部分。我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thank you, Brett. To start, I want to outline the principles that are guiding us through these changing economic times. First, we will invest behind categories that will drive the long-term secular trend where digital technology as a percentage of world's GDP will continue to increase. Second, we'll prioritize helping our customers get the most value out of their digital spend so that they can do more with less. And finally, we will be disciplined in managing our cost structure.

謝謝你，布雷特。首先，我想概述指導我們度過這些不斷變化的經濟時代的原則。首先，我們將投資於將推動長期趨勢的類別，即數字技術佔世界 GDP 的百分比將繼續增加。其次，我們將優先幫助我們的客戶從他們的數字支出中獲得最大價值，以便他們可以事半功倍。最後，我們將嚴格管理成本結構。

With that context, this quarter, the Microsoft Cloud again exceeded $25 billion in quarterly revenue, up 24% and 31% in constant currency. And based on current trends continuing, we expect our broader commercial business to grow at around 20% in constant currency this fiscal year as we manage through the cyclical trends affecting our consumer business.

在此背景下，本季度微軟雲的季度收入再次超過 250 億美元，按固定匯率計算分別增長 24% 和 31%。根據目前的持續趨勢，我們預計本財年我們更廣泛的商業業務將以固定匯率計算增長約 20%，因為我們正在應對影響我們消費者業務的周期性趨勢。

With that, let me highlight our progress starting with Azure. Moving to the cloud is the best way for organizations to do more with less today. It helps them align their spend with demand and mitigate risk around increasing energy costs and supply chain constraints. We're also seeing more customers turn to us to build and innovate with infrastructure they already have. With Azure Arc, organizations like Wells Fargo can run Azure services, including containerized applications across on-premises, edge and multi-cloud environments. We now have more than 8,500 Arc customers, more than double the number a year ago. We are the platform of choice for customers' SAP workloads in the cloud, companies like Chobani, Munich Re, Sodexo, Volvo Cars all run SAP on Azure.

有了這個，讓我強調我們從 Azure 開始的進展。遷移到雲是當今組織事半功倍的最佳方式。它可以幫助他們使支出與需求保持一致，並降低能源成本增加和供應鏈限制帶來的風險。我們還看到越來越多的客戶求助於我們，利用他們已有的基礎設施進行構建和創新。借助 Azure Arc，富國銀行等組織可以運行 Azure 服務，包括跨本地、邊緣和多雲環境的容器化應用程序。我們現在擁有超過 8,500 名 Arc 客戶，是一年前的兩倍多。我們是客戶在雲中的 SAP 工作負載的首選平台，Chobani、Munich Re、Sodexo、Volvo Cars 等公司都在 Azure 上運行 SAP。

We are the only cloud provider with direct and secure access to Oracle databases running in Oracle Cloud infrastructure, making it possible for companies like FedEx, GE and Marriott to use capabilities from both companies. And with Azure Confidential Computing, we're enabling companies in highly regulated industries, including RBC, to bring their most sensitive applications to the cloud. Just last week, UBS said it will move more than 50% of its applications to Azure.

我們是唯一一家能夠直接安全地訪問在 Oracle 雲基礎設施中運行的 Oracle 數據庫的雲提供商，使 FedEx、GE 和萬豪等公司能夠使用兩家公司的功能。借助 Azure 機密計算，我們使包括 RBC 在內的高度監管行業的公司能夠將其最敏感的應用程序帶到雲中。就在上週，瑞銀表示將把超過 50% 的應用程序遷移到 Azure。

Now to data and AI. With our Microsoft Intelligent Data Platform, we provide a complete data fabric, helping customers cut integration tax associated with bringing together siloed solutions. Customers like Mercedes-Benz are standardizing on our data stack to process and govern massive amounts of data. Cosmos DB is the go-to database powering the world's most demanding workloads at limitless scale. Cosmos DB now supports PostgreSQL, making Azure the first cloud provider to offer a database service that supports both relational and NoSQL workloads.

現在到數據和人工智能。借助我們的 Microsoft 智能數據平台，我們提供了一個完整的數據結構，幫助客戶減少與整合孤立解決方案相關的集成稅。梅賽德斯-奔馳等客戶正在對我們的數據堆棧進行標準化，以處理和管理大量數據。 Cosmos DB 是為世界上最苛刻的工作負載提供無限規模的首選數據庫。 Cosmos DB 現在支持 PostgreSQL，使 Azure 成為第一個提供支持關係和 NoSQL 工作負載的數據庫服務的雲提供商。

And in AI, we are turning the world's most advanced models into platforms for customers. Earlier this month, we brought the power of DALL-E to Azure OpenAI Service, helping customers like Mattel apply the breakthrough image generation model to commercial use cases for the first time.

在人工智能領域，我們正在將世界上最先進的模型轉變為客戶平台。本月初，我們將 DALL-E 的強大功能引入了 Azure OpenAI 服務，幫助美泰等客戶首次將突破性的圖像生成模型應用於商業用例。

And Azure Machine Learning provides industry-leading MLOps, helping organizations like 3M deploy, manage and govern models. All up, Azure ML revenue has increased more than 100% for 4 quarters in a row.

Azure 機器學習提供行業領先的 MLOps，幫助 3M 等組織部署、管理和治理模型。總而言之，Azure ML 收入連續 4 個季度增長超過 100%。

Now on to developers. We have the most complete platform for developers to build cloud-native applications. Four years since our acquisition, GitHub is now at $1 billion in annual recurring revenue, and GitHub's developer-first ethos has never been stronger. More than 90 million people now use the service to build software for any cloud on any platform, up 3x.

現在轉到開發人員。我們擁有最完整的平台供開發人員構建雲原生應用程序。收購我們四年後，GitHub 現在的年經常性收入達到 10 億美元，而且 GitHub 的開發者至上精神從未如此強烈。現在有超過 9000 萬人使用該服務在任何平台上為任何云構建軟件，增長了 3 倍。

GitHub Advanced Security is helping organizations improve their security posture by bringing features directly into the developer's workflow. Toyota North America chose the offering this quarter to help its developers build and secure many of its most critical applications.

GitHub Advanced Security 通過將功能直接引入開發人員的工作流程來幫助組織改善其安全狀況。 Toyota North America 在本季度選擇了該產品，以幫助其開發人員構建和保護其許多最關鍵的應用程序。

Now on to Power Platform. We are helping customers save time and money with our end-to-end suite spanning low-code, no-code tools, robotic process automation, virtual agents and business intelligence. Power BI is the market leader in business intelligence in the cloud and is growing faster than competition, as companies like Walmart standardize on the tool for reporting and analytics.

現在到 Power Platform。我們通過涵蓋低代碼、無代碼工具、機器人流程自動化、虛擬代理和商業智能的端到端套件幫助客戶節省時間和金錢。 Power BI 是雲中商業智能的市場領導者，並且隨著沃爾瑪等公司在報告和分析工具上的標準化，其增長速度超過了競爭對手。

Power Apps is the market leader in low-code, no-code tools and has nearly 15 million monthly active users, up more than 50% compared to a year ago. Power Automate has more than 7 million monthly active users and is being used by companies like Brown-Forman, Komatsu, Maersk, T-Mobile to digitize manual business processes and save thousands of hours of employee time. And we're going further with new AI-powered capabilities in Power Automate that turn natural language into advanced workflows.

Power Apps 是低代碼、無代碼工具的市場領導者，每月有近 1500 萬活躍用戶，與一年前相比增長了 50% 以上。 Power Automate 每月有超過 700 萬活躍用戶，被 Brown-Forman、Komatsu、Maersk、T-Mobile 等公司用於將手動業務流程數字化並節省數千小時的員工時間。我們將在 Power Automate 中使用新的 AI 驅動功能更進一步，將自然語言轉變為高級工作流。

Now on to Dynamics 365. From customer experience and service to finance and supply chain, we continue to take share across all categories we serve. For example, Lufthansa Cargo chose us to centralize customer information and related shipments. CBRE is optimizing its field service operations, gaining cost efficiencies. Darden is using our solutions to increase both guest frequency and spend at its restaurants. And Tillamook is scaling its growth and improving supply chain visibility. All up, more than 400,000 organizations now use our business applications.

現在轉到 Dynamics 365。從客戶體驗和服務到財務和供應鏈，我們繼續在我們服務的所有類別中佔有一席之地。例如，漢莎貨運選擇我們來集中客戶信息和相關貨運。 CBRE 正在優化其現場服務運營，提高成本效益。 Darden 正在使用我們的解決方案來增加客人在其餐廳的頻率和消費。 Tillamook 正在擴大其增長並提高供應鏈的可見性。總之，現在有超過 400,000 個組織使用我們的業務應用程序。

Now on to Industry Solutions. We are seeing increased adoption of our industry and cross-industry clouds. Bank of Queensland chose our Cloud for Financial Services to deliver new digital experiences for its customers. Our Cloud for Sustainability is off to a fast start as organizations like Telstra use the solution to track their environmental footprint. New updates provide insights on hard-to-measure Scope 3 carbon emissions, and we are seeing record growth in health care driven in part by our Nuance DAX ambient intelligence solutions, which automatically documents patient encounters at the point of care. Physicians tell us DAX dramatically improves their productivity, and it's quickly becoming an on-ramp to our broader health care offerings.

現在轉到行業解決方案。我們看到越來越多地採用我們的行業和跨行業雲。昆士蘭銀行選擇了我們的金融服務雲來為其客戶提供新的數字體驗。隨著 Telstra 等組織使用該解決方案跟踪其環境足跡，我們的可持續發展雲已快速啟動。新的更新提供了關於難以衡量的範圍 3 碳排放的見解，我們看到醫療保健領域的創紀錄增長部分是由我們的 Nuance DAX 環境智能解決方案推動的，該解決方案自動記錄患者在護理點的遭遇。醫生告訴我們，DAX 極大地提高了他們的生產力，並且它正迅速成為我們更廣泛的醫療保健產品的入口。

Now on to new systems of work, Microsoft 365, Teams and Viva uniquely enable employees to thrive in today's digitally connected distributed world of work. Microsoft 365 is the cloud-first platform that supports all the ways people work and every type of worker reducing cost and complexity for IT. The new Microsoft 365 app brings together our productivity apps with third-party content as well as personalized recommendations.

現在轉向新的工作系統，Microsoft 365、Teams 和 Viva 以獨特的方式使員工能夠在當今數字連接的分佈式工作世界中茁壯成長。 Microsoft 365 是雲優先的平台，它支持人們的所有工作方式和各種類型的員工，從而降低 IT 成本和復雜性。新的 Microsoft 365 應用將我們的生產力應用與第三方內容以及個性化推薦結合在一起。

Microsoft Teams is the de facto standard for collaboration and has become essential to how hundreds of millions of people meet, call, chat, collaborate and do business. As we emerge from the pandemic, we are retaining users we have gained and are seeing increased engagement, too. Users interact with Teams 1,500 times per month on average. In a typical day, the average commercial user spends more time in Teams chat than they do in e-mail, and the number of users who use 4 or more features within Teams increased over 20% year-over-year.

Microsoft Teams 是事實上的協作標準，已成為數億人見面、通話、聊天、協作和開展業務的關鍵。隨著我們從大流行中走出來，我們正在留住已經獲得的用戶，並且參與度也在增加。用戶平均每月與 Teams 交互 1,500 次。在典型的一天中，普通商業用戶在 Teams 聊天中花費的時間比他們在電子郵件中花費的時間更多，並且在 Teams 中使用 4 個或更多功能的用戶數量同比增長超過 20%。

Teams is becoming a ubiquitous platform for business process. Monthly active enterprise users running third-party and custom applications within Teams increased nearly 60% year-over-year, and over 55% of our enterprise customers who use Teams today also buy Teams Rooms or Teams Phone.

Teams 正在成為一個無處不在的業務流程平台。在 Teams 中運行第三方和自定義應用程序的月度活躍企業用戶同比增長近 60%，我們今天使用 Teams 的企業客戶中有超過 55% 還購買了 Teams Rooms 或 Teams Phone。

Teams Phone provides the best-in-class calling. PSTN users have grown by double digits for 5 quarters in a row. We are bringing Teams Rooms to a growing hardware ecosystem, including Cisco's devices and peripherals, which will now run Teams natively. And we are creating a new category with Microsoft Places to help organizations evolve and manage the space for hybrid and in-person work. Just like Outlook calendar orchestrates when people can meet and collaborate, Places will do the same for where.

Teams Phone 提供一流的通話體驗。 PSTN 用戶連續 5 個季度以兩位數增長。我們正在將 Teams Rooms 引入不斷發展的硬件生態系統，包括 Cisco 的設備和外圍設備，它們現在將在本地運行 Teams。我們正在使用 Microsoft Places 創建一個新類別，以幫助組織發展和管理混合和麵對面工作的空間。就像 Outlook 日曆安排人們何時可以見面和協作一樣，Places 也會在哪裡做同樣的事情。

We also announced Teams Premium, addressing enterprise demands for advanced meeting features like additional security options and intelligent meeting recaps. All this innovation is driving growth across Microsoft 365. Leaders in every industry from Fannie Mae and Land O'Lakes to Rabobank continue to turn to our premium E5 offerings for advanced security, compliance, voice and analytics.

我們還發布了 Teams Premium，可滿足企業對高級會議功能的需求，例如額外的安全選項和智能會議回顧。所有這些創新都在推動整個 Microsoft 365 的增長。從房利美和 Land O'Lakes 到荷蘭合作銀行，各個行業的領導者都在繼續使用我們的高級 E5 產品來實現高級安全性、合規性、語音和分析。

We've also built a completely new suite for our employee experience platform, Microsoft Viva, which now has more than 20 million monthly active users at companies like [Finastra], SES and Unilever. And we are extending Viva to meet role-specific needs. Viva sales is helping salespeople at companies like Adobe, Crayon and PwC reclaim their time by bringing customer interactions across Teams and Outlook directly into their CRM system.

我們還為我們的員工體驗平台 Microsoft Viva 構建了一個全新的套件，該平台現在在 [Finastra]、SES 和聯合利華等公司擁有超過 2000 萬月活躍用戶。我們正在擴展 Viva 以滿足特定角色的需求。 Viva sales 正在幫助 Adobe、Crayon 和 PwC 等公司的銷售人員通過將 Teams 和 Outlook 之間的客戶交互直接引入他們的 CRM 系統來節省時間。

Now on to Windows. Despite the drop in PC shipments during the quarter, Windows continues to see usage growth. All up, there are nearly 20% more monthly active Windows devices than prepandemic; and on average, Windows 10 and Windows 11 users are spending 8.5% more time on their PCs than they were 2.5 years ago. And we are seeing larger commercial deployments of Windows 11. Accenture, for example, has deployed Windows 11 to more than 450,000 employees' PCs, up from just 25,000 7 months ago; and L'Oreal has deployed the operating system to 85,000 employees.

現在到 Windows。儘管本季度 PC 出貨量下降，但 Windows 的使用量繼續增長。總而言之，每月活躍的 Windows 設備比大流行前多出近 20%；平均而言，與 2.5 年前相比，Windows 10 和 Windows 11 用戶在 PC 上花費的時間增加了 8.5%。我們看到 Windows 11 的商業部署規模更大。例如，埃森哲已將 Windows 11 部署到超過 450,000 台員工的 PC 上，而 7 個月前僅為 25,000 台；歐萊雅已為 85,000 名員工部署了該操作系統。

Now to security. Security continues to be a top priority for every organization. We're the only company with integrated end-to-end tools spanning security, compliance, identity and device management and privacy across all clouds and platforms. More than 860,000 organizations across every industry from BP and Fujifilm to ING Bank, iHeartMedia and Lumen Technologies now use our security solutions, up 33% year-over-year. They can save up to 60% when they consolidate our security stack, and the number of customers with more than 4 workloads have increased 50% year-over-year.

現在到安全。安全仍然是每個組織的重中之重。我們是唯一一家擁有跨所有云和平台的安全性、合規性、身份和設備管理以及隱私的集成端到端工具的公司。從 BP 和 Fujifilm 到 ING Bank、iHeartMedia 和 Lumen Technologies，各個行業的 860,000 多家組織現在都在使用我們的安全解決方案，同比增長 33%。當他們整合我們的安全堆棧時，他們可以節省高達 60% 的成本，並且擁有超過 4 個工作負載的客戶數量同比增長了 50%。

More organizations are choosing both our XDR and cloud-native SIEM to secure their entire digital estate. The number of E5 customers who also purchased Sentinel increased 44% year-over-year. And as threats become more sophisticated, we are innovating to protect customers. New capabilities in Defender help secure the entire DevOps life cycle and manage security posture across clouds. And Entra now provides comprehensive identity governance for both on-premise and cloud-based user directories.

越來越多的組織選擇我們的 XDR 和雲原生 SIEM 來保護他們的整個數字資產。購買 Sentinel 的 E5 客戶數量同比增長 44%。隨著威脅變得更加複雜，我們正在創新以保護客戶。 Defender 中的新功能有助於保護整個 DevOps 生命週期並管理跨雲的安全狀況。 Entra 現在為本地和基於雲的用戶目錄提供全面的身份管理。

Now on to LinkedIn. We once again saw record engagement among our more than 875 million members, with international growth increasing at nearly 2x the pace as in the United States. There are now more than 150 million subscriptions to newsletters on LinkedIn, up 4x year-over-year. New integrations between Viva and LinkedIn Learning helped companies invest in their existing employees by providing access to courses directly in the flow of work. Members added 365 million skills to their profiles over the last 12 months, up 43% year-over-year.

現在轉到LinkedIn。我們再次見證了超過 8.75 億會員的創紀錄參與度，國際增長速度幾乎是美國的 2 倍。現在，LinkedIn 上的時事通訊訂閱量超過 1.5 億，同比增長 4 倍。 Viva 和 LinkedIn Learning 之間的新集成通過直接在工作流程中提供對課程的訪問，幫助公司投資於現有員工。在過去的 12 個月中，會員的個人資料中增加了 3.65 億項技能，同比增長 43%。

And with our acquisition of EduBrite, they will also soon be able to earn professional certificates from trusted partners directly on the platform. We launched the next-generation Sales Navigator this quarter, helping sellers increase win rates and deal sizes by better understanding and evaluating customer interest. Finally, LinkedIn Marketing Solution continues to provide leading innovation and ROI in B2B digital advertising.

隨著我們對 EduBrite 的收購，他們也將很快能夠直接在平台上從可信賴的合作夥伴那裡獲得專業證書。我們本季度推出了下一代銷售導航器，通過更好地了解和評估客戶興趣，幫助賣家提高贏率和交易規模。最後，LinkedIn 營銷解決方案繼續為 B2B 數字廣告提供領先的創新和投資回報。

More broadly, with Microsoft Advertising, we offer a trusted platform for any marketeer or advertiser looking to innovate. We've expanded our geographies we serve by nearly 4x over the past year. We are seeing record daily usage of Edge, Start and Bing driven by Windows. Edge is the fastest-growing browser on Windows and continues to gain share as people use built-in coupon price comparison features to save money. We surfaced more than $2 billion in savings to date. And this quarter, we brought our shopping tools to 15 new markets. Users of our Start personalized content feed are consuming 2x more content compared to a year ago. And we're also expanding our third-party ad inventory. Netflix will launch its first ad-supported subscription plan next month, exclusively powered by our technology and sales.

更廣泛地說，通過 Microsoft Advertising，我們為任何尋求創新的營銷人員或廣告商提供了一個值得信賴的平台。在過去的一年裡，我們服務的地域擴大了近 4 倍。我們看到由 Windows 驅動的 Edge、Start 和 Bing 的每日使用量創紀錄。 Edge 是 Windows 上增長最快的瀏覽器，並且隨著人們使用內置的優惠券價格比較功能來省錢，它的份額繼續增加。迄今為止，我們節省了超過 20 億美元。本季度，我們將購物工具帶到了 15 個新市場。與一年前相比，我們的 Start 個性化內容提要的用戶消費的內容增加了 2 倍。我們還在擴展我們的第三方廣告庫存。 Netflix 將於下個月推出其首個廣告支持的訂閱計劃，該計劃完全由我們的技術和銷售提供支持。

And with PromoteIQ, we offer an omni-channel media platform for retailers like the Otto Group looking to generate additional revenue while maintaining ownership of their own data and customer relationships.

通過 PromoteIQ，我們為 Otto Group 這樣的零售商提供了一個全渠道媒體平台，他們希望在保持對自己的數據和客戶關係的所有權的同時產生額外的收入。

Now on to gaming. We are adding new gamers to our ecosystem as we execute on our ambition to reach players wherever and whenever they want on any device. We saw usage growth across all platforms driven by the strength of console. PC Game Pass subscriptions increased 159% year-over-year; and with cloud gaming, we're transforming how games are distributed, played and viewed. More than 20 million people have used the service to stream games to date, and we are adding support for new devices like handhelds from Logitech and Razer as well as Meta Quest. And as we look towards the holidays, we offer the best value in gaming with Game Pass and Xbox Series S. Nearly half of the Series S buyers are new to our ecosystem.

現在開始遊戲。我們正在為我們的生態系統增加新的遊戲玩家，因為我們實現了在任何設備上隨時隨地接觸玩家的雄心。我們看到控制台的優勢推動了所有平台的使用量增長。 PC Game Pass 訂閱量同比增長 159%；通過雲遊戲，我們正在改變遊戲的分發、播放和觀看方式。迄今為止，已有超過 2000 萬人使用該服務流式傳輸遊戲，我們正在增加對新設備的支持，例如羅技和 Razer 的手持設備以及 Meta Quest。在假期來臨之際，我們通過 Game Pass 和 Xbox Series S 提供最佳的遊戲價值。近一半的 S 系列買家是我們生態系統的新手。

In closing, in a world facing increasing headwinds, digital technology is the ultimate tailwind. And we're innovating across the entire tech stack to help every organization while also focusing intensely on our operational excellence and execution discipline.

最後，在一個面臨越來越大逆風的世界中，數字技術是最終的順風。我們正在整個技術堆棧中進行創新，以幫助每個組織，同時也高度關注我們的卓越運營和執行紀律。

With that, I'll hand it over to Amy.

有了這個，我會把它交給艾米。

Thank you, Satya, and good afternoon, everyone. Our first quarter revenue was $50.1 billion, up 11% and 16% in constant currency. Earnings per share was $2.35 and increased 4% and 11% in constant currency when adjusted for the net tax benefit for the first quarter of fiscal year '22.

謝謝你，Satya，大家下午好。我們第一季度的收入為 501 億美元，按固定匯率計算分別增長 11% 和 16%。根據 22 財年第一季度的淨稅收優惠調整後，每股收益為 2.35 美元，按固定匯率計算分別增長 4% 和 11%。

Driven by strong execution in a dynamic environment, we delivered a solid start to our fiscal year, in line with our expectations even as we saw many of the macro trends from the end of the fourth quarter continue to weaken through Q1. In our consumer business, PC market demand further deteriorated in September, which impacted our Windows OEM and Surface businesses. And reductions in customer advertising spend, which also weakened later in the quarter, impacted search and news advertising and LinkedIn Marketing Solutions.

在動態環境中的強大執行力的推動下，我們的財年開局穩健，符合我們的預期，儘管我們看到第四季度末的許多宏觀趨勢在第一季度繼續減弱。在我們的消費者業務中，9 月份 PC 市場需求進一步惡化，這影響了我們的 Windows OEM 和 Surface 業務。客戶廣告支出的減少（在本季度後期也有所減弱）影響了搜索和新聞廣告以及 LinkedIn 營銷解決方案。

As you heard from Satya, in our commercial business, we saw strong overall demand for our Microsoft Cloud offerings with growth of 31% in constant currency as well as share gains across many businesses. Commercial bookings declined 3% and increased 16% in constant currency on a flat expiry base. Excluding the FX impact, growth was driven by strong renewal execution, and we continued to see growth in the number of large long-term Azure and Microsoft 365 contracts across all deal sizes. More than half of the $10 million plus Microsoft 365 bookings came from E5.

正如您從 Satya 那裡聽到的那樣，在我們的商業業務中，我們看到對我們的 Microsoft 雲產品的整體需求強勁，按固定匯率計算增長了 31%，並且在許多業務中分享了收益。在持平的到期基數上，商業預訂量下降 3%，按固定匯率計算增長 16%。不包括外匯影響，增長是由強勁的續約執行推動的，我們繼續看到各種規模的大型 Azure 和 Microsoft 365 長期合同數量的增長。在 1000 萬美元和 Microsoft 365 的預訂中，超過一半來自 E5。

Commercial remaining performance obligation increased 31% and 34% in constant currency to $180 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 23% year-over-year. The remaining portion, which we recognized beyond the next 12 months, increased 38% year-over-year, and our annuity mix increased 1 point year-over-year to 96%.

商業剩餘履約義務按固定匯率計算分別增長 31% 和 34% 至 1800 億美元。未來 12 個月，大約 45% 的收入將確認為收入，同比增長 23%。我們在未來 12 個月之後確認的剩餘部分同比增長 38%，我們的年金組合同比增長 1 個百分點至 96%。

FX impacted company results in line with expectations. With the stronger U.S. dollar, FX decreased total company revenue by 5 points and, at the segment level, FX decreased Productivity and Business Processes, and Intelligent Cloud revenue growth by 6 points and more personal computing revenue growth by 3 points. Additionally, FX decreased COGS and operating expense growth by 3 points.

外匯影響公司業績符合預期。隨著美元走強，FX 將公司總收入降低了 5 個百分點，在細分市場層面，FX 降低了生產力和業務流程，智能雲收入增長 6 個百分點，個人計算收入增長 3 個百分點。此外，外匯將 COGS 和運營費用增長降低了 3 個百分點。

Microsoft Cloud gross margin percentage increased roughly 2 points year-over-year to 73%. Excluding the impact of the change in accounting estimate for useful lives, Microsoft cloud gross margin percentage decreased roughly 1 point driven by sales mix shift to Azure and lower Azure margin, primarily due to higher energy cost. Company gross margin dollars increased 9% and 16% in constant currency, and gross margin percentage decreased slightly year-over-year to 69%. Excluding the impact of the latest change in accounting estimate, gross margin percentage decreased roughly 3 points, driven by sales mix shift to cloud, the lower Azure margin noted earlier and Nuance.

微軟雲毛利率同比增長約 2 個百分點至 73%。排除使用年限會計估計變化的影響，微軟雲毛利率下降了大約 1 個百分點，這是由於銷售組合轉向 Azure 和 Azure 利潤率下降，主要是由於能源成本增加。公司毛利率按固定匯率計算分別增長 9% 和 16%，毛利率百分比同比略有下降至 69%。排除最新會計估計變化的影響，毛利率下降了大約 3 個百分點，這是由於銷售組合轉移到雲、前面提到的較低的 Azure 利潤率和 Nuance。

Operating expense increased 15% and 18% in constant currency, driven by investments in cloud engineering, LinkedIn, Nuance and commercial sales. At a total company level, headcount grew 22% year-over-year as we continued to invest in key areas just mentioned as well as customer deployment. Headcount growth included roughly 6 points from the Nuance and Xandr acquisitions, which closed last Q3 and Q4, respectively.

在雲工程、LinkedIn、Nuance 和商業銷售方面的投資推動下，按固定匯率計算的運營費用分別增長了 15% 和 18%。在整個公司層面，隨著我們繼續投資於剛才提到的關鍵領域以及客戶部署，員工人數同比增長 22%。員工人數增長包括來自 Nuance 和 Xandr 收購的大約 6 個百分點，這兩家公司分別在第三季度和第四季度結束。

Operating income increased 6% and 15% in constant currency, and operating margins decreased roughly 2 points year-over-year to 43%. Excluding the impact of the change in accounting estimate, operating margins declined roughly 4 points year-over-year driven by sales mix shift to cloud, unfavorable FX impact, Nuance and the lower Azure margin noted earlier.

營業收入按固定匯率計算分別增長 6% 和 15%，營業利潤率同比下降約 2 個百分點至 43%。排除會計估計變化的影響，營業利潤率同比下降約 4 個百分點，原因是銷售組合轉移到雲、不利的外匯影響、Nuance 和前面提到的較低的 Azure 利潤率。

Now to our segment results. Revenue from Productivity and Business Processes was $16.5 billion and grew 9% and 15% in constant currency, ahead of expectations, with better-than-expected results in Office Commercial and LinkedIn. Office Commercial revenue grew 7% and 13% in constant currency. Office 365 Commercial revenue increased 11% and 17% in constant currency, slightly better than expected with the strong renewal execution noted earlier.

現在來看我們的細分結果。生產力和業務流程的收入為 165 億美元，按固定匯率計算分別增長 9% 和 15%，超出預期，Office Commercial 和 LinkedIn 的業績好於預期。按固定匯率計算，寫字樓商業收入增長了 7% 和 13%。 Office 365 商業版收入增長 11% 和 17%（按固定匯率計算），略好於之前提到的強勁續訂執行的預期。

Growth was driven by installed base expansion across all workloads and customer segments as well as higher ARPU from E5. Demand for security, compliance and voice value in Microsoft 365 drove strong E5 momentum again this quarter. Paid Office 365 Commercial seats grew 14% year-over-year, driven by our small and medium business and frontline worker offerings, although we saw a continued impact of new deal moderation outside of E5. Office Consumer revenue grew 7% and 11% in constant currency, driven by continued momentum in Microsoft 365 subscriptions which grew 13% to $61.3 million.

增長是由所有工作負載和客戶群的安裝基礎擴展以及 E5 更高的 ARPU 推動的。 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。在我們的中小型企業和一線員工產品的推動下，付費 Office 365 Commercial 席位同比增長 14%，儘管我們看到 E5 之外的新交易緩和持續影響。受 Microsoft 365 訂閱持續增長 13% 至 6130 萬美元的推動，Office Consumer 收入按固定匯率計算分別增長 7% 和 11%。

Dynamics revenue grew 15% and 22% in constant currency driven by Dynamics 365, which grew 24% and 32% in constant currency. LinkedIn revenue increased 17% and 21% in constant currency, ahead of expectations, driven by better-than-expected growth in Talent Solutions, partially offset by weakness in marketing solutions from the advertising trends noted earlier.

在 Dynamics 365 的推動下，Dynamics 收入按固定匯率計算分別增長了 15% 和 22%，按固定匯率計算分別增長了 24% 和 32%。 LinkedIn 收入按固定匯率計算分別增長 17% 和 21%，超出預期，這主要得益於 Talent Solutions 的增長好於預期，但部分被前面提到的廣告趨勢導致的營銷解決方案疲軟所抵消。

Segment gross margin dollars increased 11% and 18% in constant currency, and gross margin percentage increased roughly 1 point year-over-year. Excluding the impact of the latest change in accounting estimate, gross margin percentage decreased slightly, driven by sales mix shift to cloud offerings. Operating expense increased 13% and 16% in constant currency, and operating income increased 10% and 19% in constant currency, including 4 points due to the latest change in accounting estimate.

按固定匯率計算，分部毛利率分別增長 11% 和 18%，毛利率同比增長約 1 個百分點。排除最新會計估計變更的影響，毛利率百分比略有下降，這是由於銷售組合轉向雲產品。營業費用按固定匯率計算分別增長13%和16%，營業收入按固定匯率計算分別增長10%和19%，其中4個百分點是由於最近一次會計估計變更所致。

Next, the Intelligent Cloud segment. Revenue was $20.3 billion, increasing 20% and 26% in constant currency, in line with expectations. Overall, server products and cloud services revenue increased 22% and 28% in constant currency. Azure and other cloud services revenue grew 35% and 42% in constant currency, about 1 point lower than expected, driven by the continued moderation in Azure consumption growth as we help customers optimize current workloads while they prioritize new workloads.

接下來是智能雲部分。收入為 203 億美元，按固定匯率計算分別增長 20% 和 26%，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 28%。 Azure 和其他雲服務收入按固定匯率計算分別增長 35% 和 42%，比預期低約 1 個百分點，這是由於我們幫助客戶在優先考慮新工作負載的同時優化當前工作負載，導致 Azure 消費增長持續放緩。

In our per user business, the Enterprise Mobility and Security installed base grew 18% to over 232 million seats, with continued impact from the new deal moderation noted earlier. In our on-premises server business, revenue was flat and increased 4% in constant currency, slightly ahead of expectations, driven by hybrid demand, including better-than-expected annuity purchasing ahead of the SQL Server 2022 launch. Enterprise Services revenue grew 5% and 10% in constant currency, driven by Enterprise Support Services.

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 18%，達到超過 2.32 億個席位，並繼續受到前面提到的新交易緩和的影響。在我們的本地服務器業務中，收入持平，按固定匯率計算增長 4%，略高於預期，這是由混合需求推動的，包括在 SQL Server 2022 發布之前購買的年金好於預期。在企業支持服務的推動下，企業服務收入按固定匯率計算分別增長了 5% 和 10%。

Segment gross margin dollars increased 20% and 26% in constant currency, and gross margin percentage decreased slightly. Excluding the impact of the latest change in accounting estimate, gross margin percentage declined roughly 3 points, driven by sales mix shift to Azure and higher energy costs impacting Azure margins. Operating expenses increased 25% and 28% in constant currency, including roughly 8 points of impact from Nuance. And operating income grew 17% and 25% in constant currency with roughly 9 points of favorable impact from the latest change in accounting estimate.

按固定匯率計算，分部毛利率分別增長 20% 和 26%，毛利率百分比略有下降。排除最新會計估計變化的影響，毛利率下降了大約 3 個百分點，這是由於銷售組合轉向 Azure 和更高的能源成本影響 Azure 利潤率。按固定匯率計算，運營費用分別增長了 25% 和 28%，其中包括 Nuance 帶來的大約 8 個影響點。營業收入按固定匯率計算分別增長了 17% 和 25%，最新會計估計變更帶來了大約 9 個百分點的有利影響。

Now to More Personal Computing. Revenue decreased slightly year-over-year to $13.3 billion and grew 3% in constant currency, in line with expectations overall but with OEM and Surface weakness offset by upside in gaming consoles. Windows OEM revenue decreased 15% year-over-year. Excluding the impact from the Windows 11 deferral last year, revenue declined 20%, driven by PC market demand deterioration noted earlier. Devices revenue grew 2% and 8% in constant currency, in line with expectations, driven by the impact of a large HoloLens deal, partially offset by low double-digit declines in consumer Surface sales.

現在到更多的個人計算。收入同比略有下降至 133 億美元，按固定匯率計算增長 3%，符合總體預期，但 OEM 和 Surface 的疲軟被遊戲機的上漲所抵消。 Windows OEM 收入同比下降 15%。排除去年 Windows 11 延期的影響，收入下降了 20%，原因是前面提到的 PC 市場需求惡化。設備收入按固定匯率計算分別增長 2% 和 8%，符合預期，這主要受 HoloLens 大型交易的影響，但部分被消費者 Surface 銷售額的兩位數低位下滑所抵消。

Windows Commercial products and cloud services revenue grew 8% and 15% in constant currency, in line with expectations, driven by demand for Microsoft 365 E5 noted earlier. Search and news advertising revenue, ex TAC, increased 16% and 21% in constant currency, in line with expectations, benefiting from an increase in search volumes and roughly 5 points of impact from Xandr even as we saw increased ad market headwinds during September. Edge browser gained share again this quarter.

在前面提到的對 Microsoft 365 E5 的需求的推動下，Windows 商業產品和雲服務收入按固定匯率計算分別增長了 8% 和 15%，符合預期。搜索和新聞廣告收入（不含 TAC）按固定匯率計算分別增長 16% 和 21%，符合預期，這得益於搜索量的增長和 Xandr 的大約 5 個影響點，儘管我們在 9 月份看到廣告市場逆風增加。 Edge瀏覽器本季度再次獲得份額。

And in gaming, revenue grew slightly and was up 4% in constant currency, ahead of expectations, driven by better-than-expected console sales. Xbox hardware revenue grew 13% and 19% in constant currency. Xbox content and services revenue declined 3% and increased 1% in constant currency, driven by declines in first-party content as well as in third-party content where we had lower engagement hours and higher monetization, partially offset by growth in Xbox Game Pass subscriptions.

在遊戲方面，由於主機銷售好於預期，收入略有增長，按固定匯率計算增長 4%，超出預期。 Xbox 硬件收入按固定匯率計算分別增長 13% 和 19%。 Xbox 內容和服務收入下降 3%，按固定匯率計算增長 1%，原因是第一方內容和第三方內容的下降，我們的參與時間較短且貨幣化程度較高，部分被 Xbox Game Pass 的增長所抵消訂閱。

Segment gross margin dollars declined 9% and 4% in constant currency, and gross margin percentage decreased roughly 5 points year-over-year driven by sales mix shift to lower-margin businesses. Operating expenses increased 2% and 5% in constant currency, driven by the Xandr acquisition. And operating income decreased 15% and 9% in constant currency.

按固定匯率計算，分部毛利率分別下降 9% 和 4%，由於銷售組合轉向低利潤業務，毛利率同比下降約 5 個百分點。在收購 Xandr 的推動下，按固定匯率計算的運營費用分別增長了 2% 和 5%。營業收入按固定匯率計算分別下降 15% 和 9%。

Now back to total company results. Capital expenditures, including finance leases, were $6.6 billion; and cash paid for PP&E was $6.3 billion. Our data center investments continue to be based on strong customer demand and usage signals. Cash flow from operations was $23.2 billion, down 5% year-over-year, driven by strong cloud billings and collections, which were more than offset by a tax payment related to the transfer of intangible property completed in Q1 of FY '22.

現在回到公司的總業績。包括融資租賃在內的資本支出為 66 億美元；為 PP&E 支付的現金為 63 億美元。我們的數據中心投資繼續基於強勁的客戶需求和使用信號。運營現金流為 232 億美元，同比下降 5%，這主要得益於強大的雲賬單和收款，這被與 22 財年第一季度完成的無形資產轉讓相關的稅款所抵消。

Free cash flow was $16.9 billion, down 10% year-over-year. Excluding the impact of this tax payment, cash flow from operations grew 2%, and free cash flow was relatively unchanged year-over-year. This quarter, other income and expense was $54 million, driven by interest income, which was mostly offset by interest expense and net losses on foreign currency remeasurement. Our effective tax rate was approximately 19%. And finally, we returned $9.7 billion to shareholders through share repurchases and dividends.

自由現金流為 169 億美元，同比下降 10%。剔除此項納稅的影響，運營現金流量增長 2%，自由現金流量同比基本持平。本季度，在利息收入的推動下，其他收入和支出為 5400 萬美元，大部分被利息支出和外匯重新計量的淨損失所抵消。我們的有效稅率約為 19%。最後，我們通過股票回購和分紅向股東返還了 97 億美元。

Now moving to our Q2 outlook, which, unless specifically noted otherwise, is on a U.S. dollar basis. 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.

現在轉到我們的第二季度展望，除非另有特別說明，否則以美元為基礎。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。

First, FX. With the stronger U.S. dollar and based on current rates, we now 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 7 points of negative FX impact on revenue growth in Productivity and Business Processes, 6 points in Intelligent Cloud, and 3 points in More Personal Computing.

首先，外匯。隨著美元走強並基於當前匯率，我們現在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收入增長的負面外匯影響大約為 7 個百分點，在智能雲方面為 6 個百分點，在更多個人計算方面為 3 個百分點。

Our outlook has many of the trends we saw at the end of Q1 continue into Q2. In our consumer business, materially weaker PC demand from September will continue and impact both Windows OEM and Surface device results even as the Windows installed base and usage grows, as you heard from Satya. Additionally, customers focusing their advertising spend will impact LinkedIn and search and news advertising revenue.

在我們的展望中，我們在第一季度末看到的許多趨勢將持續到第二季度。正如您從 Satya 那裡聽到的那樣，在我們的消費者業務中，即使 Windows 安裝基數和使用量增長，從 9 月開始顯著疲軟的 PC 需求將繼續影響 Windows OEM 和 Surface 設備的結果。此外，專注於廣告支出的客戶將影響 LinkedIn 以及搜索和新聞廣告收入。

In our commercial business, demand for our differentiated hybrid and cloud offerings, together with consistent execution, should drive healthy growth across the Microsoft Cloud. In commercial bookings, continued strong execution across core annuity sales motions and commitments to our platform should drive solid growth on a moderately growing expiry base against a strong prior year comparable, which included a significant volume of large long-term Azure contracts. As a reminder, the growing mix of larger long-term Azure contracts, which are more unpredictable in their timing, always drives increased quarterly volatility in our bookings growth rate.

在我們的商業業務中，對我們差異化的混合和雲產品的需求，以及一致的執行，應該會推動整個微軟雲的健康增長。在商業預訂方面，核心年金銷售動議和對我們平台的承諾的持續強勁執行應該會在適度增長的到期基礎上推動穩健增長，而前一年可比強勁，其中包括大量的大型長期 Azure 合同。提醒一下，較大的長期 Azure 合同的組合越來越多，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 1 point year-over-year, driven by the latest accounting estimate change noted earlier. Excluding that impact, Q2 gross margin percentage will decrease roughly 2 points driven by lower Azure margin, primarily due to higher energy cost, revenue mix shift to Azure and the impact from Nuance. In capital expenditures, we expect a sequential increase on a dollar basis with normal quarterly spend variability in 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 1 個百分點。排除這種影響，第二季度毛利率將下降約 2 個百分點，主要是由於較高的能源成本、收入組合向 Azure 的轉移以及 Nuance 的影響。在資本支出方面，我們預計隨著我們雲基礎設施建設時間的正常季度支出變化，按美元計算會連續增加。

Next to segment guidance. In Productivity and Business Processes, we expect revenue to grow between 11% and 13% in constant currency or USD 16.6 billion to USD 16.9 billion. In Office Commercial, revenue growth will again be driven by Office 365, with seat growth across customer segments and ARPU growth from E5. We expect Office 365 revenue growth to be similar to last quarter on a constant currency basis. In our on-premises business, we expect revenue to decline in the low to mid-30s.

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 11% 至 13%，以固定貨幣或 166 億美元至 169 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 的 ARPU 增長。我們預計按固定匯率計算，Office 365 收入增長將與上一季度相似。在我們的本地業務中，我們預計收入將在 30 年代中期至 30 年代中期下降。

In Office Consumer, we expect revenue to decline low to mid-single digits as Microsoft 365 subscription growth will be more than offset by unfavorable FX impact. For LinkedIn, we expect continued strong engagement on the platform, although results will be impacted by a slowdown in advertising spend and hiring, resulting in mid- to high single-digit revenue growth or low to mid-teens growth in constant currency. And in Dynamics, we expect revenue growth in the low double digits or the low 20s in constant currency driven by continued share gains in Dynamics 365.

在 Office Consumer 方面，我們預計收入將下降到中個位數，因為 Microsoft 365 訂閱增長將被不利的外匯影響所抵消。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，從而導致中高個位數的收入增長或按固定匯率計算的低至十幾歲的增長。在 Dynamics 中，我們預計在 Dynamics 365 的份額持續增長的推動下，收入增長將達到兩位數或 20 年代的固定貨幣低位。

For Intelligent Cloud, we expect revenue to grow between 22% and 24% in constant currency or USD 21.25 billion to USD 21.55 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 recognition depending on the mix of contracts. We expect Azure revenue growth to be sequentially lower by roughly 5 points on a constant currency basis. Azure revenue will continue to be driven by strong growth in consumption with some impact from the Q1 trends noted earlier. And our per user business should continue to benefit from Microsoft 365 suite momentum, though we expect moderation in growth rate given the size of the installed base.

對於智能雲，我們預計收入將增長 22% 至 24%，以固定貨幣或 212.5 億美元至 215.5 億美元計算。收入將繼續由 Azure 推動，提醒一下，主要來自我們的每用戶業務和根據合同組合的期內確認可能會出現季度變化。我們預計 Azure 收入增長將在固定貨幣基礎上依次降低大約 5 個百分點。 Azure 收入將繼續受到消費強勁增長的推動，並受到前面提到的第一季度趨勢的一些影響。我們的每用戶業務應該會繼續受益於 Microsoft 365 套件的發展勢頭，儘管鑑於安裝基數的規模，我們預計增長率會放緩。

In our on-premise server business, we expect revenue to decline low single digits as demand for our hybrid solutions, including strong annuity purchasing from the SQL Server 2022 launch, will be more than offset by unfavorable FX impact. And in Enterprise Services, we expect revenue growth to be in the low single digits, driven by enterprise support. In More Personal Computing, we expect revenue of USD 14.5 billion to USD 14.9 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，因為對我們的混合解決方案的需求，包括從 SQL Server 2022 發布開始的強勁年金購買，將被不利的外匯影響所抵消。在企業服務方面，我們預計在企業支持的推動下，收入增長將保持在低個位數。在更多個人計算方面，我們預計收入為 145 億美元至 149 億美元。

In Windows OEM, we expect revenue to decline in the high 30s. Excluding the impact from the Windows 11 revenue deferral last year, revenue would decline mid-30s, reflecting both PC market demand and a strong prior year comparable, particularly in the commercial segment. In devices, revenue should decline approximately 30%, again, roughly in line with the PC market.

在 Windows OEM 中，我們預計收入將在 30 多歲時下降。排除去年 Windows 11 收入延期的影響，收入將在 30 年代中期下降，這既反映了 PC 市場需求，也反映了去年同期的強勁表現，尤其是在商業領域。在設備方面，收入應該會下降約 30%，再次與 PC 市場大致持平。

In Windows Commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive growth in the mid-single digits or low double digits in constant currency. Search and news advertising, ex TAC, should grow in the low to mid-teens, roughly 6 points faster than overall search and news advertising revenue, driven by growing first-party revenue and the inclusion of Xandr.

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固定貨幣中個位數或低兩位數的增長。受第一方收入增長和 Xandr 的推動，搜索和新聞廣告（不含 TAC）的增長速度應該在十幾歲左右，比整體搜索和新聞廣告收入快大約 6 個百分點。

And in gaming, we expect revenue to decline in the low to mid-teens against a strong prior year comparable. That included several first-party title launches, partially offset by growth in Xbox Game Pass subscribers. We expect Xbox content and services revenue to decline in the low to mid-teens.

在遊戲方面，我們預計收入將在低至十幾歲之間下降，而去年同期則表現強勁。其中包括幾款第一方遊戲的發布，部分被 Xbox Game Pass 用戶的增長所抵消。我們預計 Xbox 內容和服務收入將在中低端下降。

Now back to company guidance. We expect COGS to grow between 6% and 7% in constant currency or to be between USD 17.4 billion and USD 17.6 billion, and operating expense to grow between 17% and 18% in constant currency or to be between USD 14.3 billion and USD 14.4 billion.

現在回到公司指導。我們預計 COGS 按固定匯率計算將增長 6% 至 7% 或在 174 億美元至 176 億美元之間，營業費用按固定匯率計算將增長 17% 至 18% 或在 143 億美元至 14.4 美元之間十億。

As we continue to focus our investment in key growth areas, total headcount growth sequentially should be minimal. Other income and expense should be roughly $100 million as interest income is expected to more than offset interest expense. Further FX and equity movements through Q2 are not reflected in this number. And 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 Q2 effective tax rate to be between 19% and 20%. And finally, as a reminder for Q2 cash flow, we expect to make a $2.4 billion cash tax payment related to the capitalization of R&D provision enacted in 2017 TCJA and effective as of July 1, 2022.

隨著我們繼續將投資重點放在關鍵增長領域，總人數的連續增長應該是最小的。其他收入和支出應約為 1 億美元，因為預計利息收入將超過利息支出。該數字未反映第二季度的進一步外彙和股票走勢。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。我們預計第二季度的有效稅率將在 19% 到 20% 之間。最後，作為第二季度現金流的提醒，我們預計將支付 24 億美元的現金稅，與 2017 年 TCJA 頒布的研發撥款資本化相關，並於 2022 年 7 月 1 日生效。

Now some thoughts on the full fiscal year. First, FX. Based on current rates, we now expect a roughly 5 point headwind to full year revenue growth. And FX should decrease COGS and operating expense growth by approximately 3 points. At the total company level, we continue to expect double-digit revenue and operating income growth on a constant currency basis. Revenue will be driven by around 20% constant currency growth in our commercial business, driven by strong demand for our Microsoft Cloud offerings. That growth will be partially offset by the increased declines we now see in the PC market.

現在對整個財政年度的一些想法。首先，外匯。根據目前的利率，我們現在預計全年收入增長將面臨大約 5 個百分點的阻力。外匯應該會降低銷貨成本和運營費用增長約 3 個百分點。在整個公司層面，我們繼續預計在固定貨幣基礎上實現兩位數的收入和營業收入增長。收入將受到我們商業業務約 20% 的恆定貨幣增長的推動，這是由對我們的 Microsoft 雲產品的強勁需求推動的。這一增長將被我們現在看到的個人電腦市場下降的增加部分抵消。

With the high margins in our Windows OEM business and the cyclical nature of the PC market, we take a long-term approach to investing in our core strategic growth areas and maintain these investment levels regardless of PC market conditions. Therefore, with our first quarter results and lower expected OEM revenue for the remainder of the year as well as over $800 million of greater-than-expected energy cost, we now expect operating margins in U.S. dollars to be down roughly 1 point year-over-year. On a constant currency basis, excluding the incremental impact of the lower Windows OEM revenue and the favorable impact of the latest accounting change, we continue to expect FY '23 operating margins to be roughly flat year-over-year.

憑藉我們 Windows OEM 業務的高利潤率和 PC 市場的周期性，我們採取長期方法投資於我們的核心戰略增長領域並保持這些投資水平，無論 PC 市場狀況如何。因此，由於我們的第一季度業績和今年剩餘時間的預期 OEM 收入下降以及超過 8 億美元的能源成本高於預期，我們現在預計以美元計算的營業利潤率將同比下降約 1 個百分點-年。在不變的貨幣基礎上，不包括 Windows OEM 收入下降的增量影響和最新會計變更的有利影響，我們繼續預計 23 財年的營業利潤率將與去年同期大致持平。

In closing, in this environment, it is more critical than ever to continue to invest in our strategic growth markets such as Cloud, Security, Teams, Dynamics 365 and LinkedIn, where we have opportunities to continue to gain share as we provide problem-solving innovations to our customers. And while we continue to help our customers do more with less, we will do the same internally. And you should expect to see our operating expense growth moderate materially through the year, while we focus on growing productivity of the significant headcount investments we've made over the last year.

最後，在這種環境下，繼續投資於我們的戰略增長市場，如雲、安全、團隊、Dynamics 365 和 LinkedIn，比以往任何時候都更加重要，因為我們提供解決問題的機會，因此我們有機會繼續獲得份額為我們的客戶提供創新。雖然我們繼續幫助我們的客戶事半功倍，但我們將在內部做同樣的事情。您應該期望看到我們的運營費用在全年大幅增長，同時我們專注於提高我們在過去一年中進行的大量員工投資的生產力。

With that, let's go to Q&A. Brett?

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 the line of Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Impressive results in what's obviously a very difficult environment. A question for Amy, and it pains me to ask a question about a percentage point. But I think this is what's on a lot of investors' minds. This is 2 quarters in a row now where Azure constant currency growth came in a little bit below your guidance.

在顯然非常困難的環境中取得了令人印象深刻的結果。給艾米的一個問題，我很難問一個關於百分點的問題。但我認為這是很多投資者的想法。這是連續 2 個季度，Azure 恆定貨幣增長略低於您的指導。

I think what investors are worrying about or sort of wondering about is the -- is there an inherent volatility in that business that's just harder to forecast. And on a go-forward basis, how should we think about that forecast? Have you applied more conservatism in it? And how should we think about Azure growth, like the glide path for the whole year? If you could address those, I think it would put a lot of investor minds at ease.

我認為投資者擔心或想知道的是 - 該業務是否存在難以預測的固有波動性。在前進的基礎上，我們應該如何看待這個預測？你是否在其中應用了更多的保守主義？我們應該如何看待 Azure 的增長，比如全年的下滑路徑？如果你能解決這些問題，我認為這會讓很多投資者放心。

Thanks, Keith. And I do appreciate you asking about that 1 point because I do know it is a point of focus every quarter. And what I would say is there is some inherent volatility to that number. A point here or there, you've heard me say it when we've been a point better, and you've heard me say it when we've been a point worse. And I want to focus mostly on what and how we see the number, which is that it is still a very large growth rate with growth across all segments and with growth across all geos. That was, to the question, generally in line with where we expected.

謝謝，基思。我非常感謝您詢問這一點，因為我知道這是每個季度的重點。我想說的是，這個數字存在一些固有的波動性。這里或那裡的一點，當我們好一點時你聽到我說，當我們差一點時你聽到我說。我想主要關注我們看到這個數字的內容和方式，即它仍然是一個非常大的增長率，所有領域的增長和所有地區的增長。就問題而言，這與我們的預期大致相符。

And what we did see through the quarter is a real focus, both by customers but also by our sales and customer success teams on going proactively to customers and making sure we are helping them optimize their workloads. And as we went through the quarter and as, of course, the macroeconomic environment got more complicated, we continued to focus on that because, ultimately, those optimizations bring value even as budgets are still growing and budgeted spend is still growing.

我們在本季度看到的是真正的關注點，無論是客戶還是我們的銷售和客戶成功團隊，都積極主動地接觸客戶，並確保我們正在幫助他們優化他們的工作量。隨著我們度過這個季度，當然，隨著宏觀經濟環境變得更加複雜，我們繼續關注這一點，因為最終，即使預算仍在增長，預算支出仍在增長，這些優化也會帶來價值。

And so it's this nuance of you're still seeing digitization. This is still the tailwind that helps customers solve problems. This is still the way to build growth and leverage in your business, and yet you still want to optimize your workloads. You still want to run them the most efficiently so that you can then make room for new workload growth.

因此，您仍然看到數字化的這種細微差別。這仍然是幫助客戶解決問題的順風。這仍然是在您的業務中實現增長和利用的方式，但您仍然希望優化您的工作負載。您仍然希望以最有效的方式運行它們，以便為新的工作負載增長騰出空間。

We saw that across all segments. If there was one segment where I may have seen it a bit more, I would say, in the small or mid-sized segment of the market, that tends to be more through partner. We rely on partners to help customers do those same optimizations and prepare workloads. But it is that 1 point, I know, that people are focused on. But if you step back and say this is how you drive ultimate share gains and build customer loyalty and help customers grow, I think that needs to be the focus of our teams inside the company and also the partners that we rely on to help customers do that as well.

我們在所有細分市場都看到了這一點。如果有一個細分市場我可能更多地看到它，我會說，在市場的中小型細分市場中，這往往更多是通過合作夥伴。我們依靠合作夥伴幫助客戶進行同樣的優化並準備工作負載。但我知道，人們關注的正是這一點。但如果你退後一步說這是你推動最終份額收益、建立客戶忠誠度和幫助客戶成長的方式，我認為這需要成為我們公司內部團隊以及我們賴以幫助客戶實現目標的合作夥伴的重點那也是。

And so as I look forward, there is some inherent volatility to this number. And here, I think you will hear us talk about continuing to invest to make that happen, whether it's in customer success, whether it's in optimizations, whether it's frankly in engineering to help people be able to even have better solutions to optimize against. I do think that will remain top of mind for us even as this remains probably the most exciting opportunity in TAM across infra, data and AI that exist in technology. I don't know, Satya, if you...

因此，正如我所期待的那樣，這個數字存在一些固有的波動性。在這裡，我想你會聽到我們談論繼續投資以實現這一目標，無論是在客戶成功方面，還是在優化方面，或者坦率地說是在工程方面，以幫助人們甚至能夠獲得更好的解決方案來進行優化。我確實認為這仍然是我們的首要任務，儘管這可能仍然是 TAM 中最令人興奮的機會，涉及技術中存在的基礎設施、數據和人工智能。我不知道，薩蒂亞，如果你...

Yes. I mean I think that's the only thing I would add, Amy, to your point, is that obviously our investment profile here is that this is the largest TAM where we, on a large number, have good growth rates with the kind of volatility you're seeing. So we're going to stay focused on it. And in this particular period, I think we are going to optimize for long-term customer loyalty by proactively helping them optimize their spend, which I think is the right thing for us to be doing as a company for -- on behalf of our shareholders long term.

是的。我的意思是，我認為這是我唯一要補充的一點，艾米，很明顯，我們在這裡的投資概況是，這是最大的 TAM，我們在很大程度上具有良好的增長率和你的那種波動正在看。所以我們將繼續專注於它。在這個特殊時期，我認為我們將通過主動幫助他們優化支出來優化長期客戶忠誠度，我認為這對我們作為一家公司來說是正確的——代表我們的股東長期。

Our next question comes from Mark Moerdler with Bernstein Research.

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

I'd like to follow up on the last question on Azure specifically. So next quarter, you're guiding to sequential further slowing in the business. Is that the factor of optimization? Is it something else that's going on in here? How should we think about that specific component of the guidance given the fact that you've got good bookings, strong RPO growth, et cetera?

我想專門跟進有關 Azure 的最後一個問題。因此，下個季度，您將引導業務連續進一步放緩。這是優化的因素嗎？是這裡發生的其他事情嗎？鑑於您有良好的預訂、強勁的 RPO 增長等事實，我們應該如何考慮指導的特定部分？

Thanks, Mark. I'll -- you're right. Let me go ahead and reiterate part of that, which is that this quarter, as you saw, we did have very good bookings growth. And within the RPO number that you're referring to, we had what we would call long-dated growth, which means we're having and seeing customers continue to sign commitments to the platform, and that goes really to what Satya mentioned, is that the plans to invest here remain intact. And so it's about both the optimization that you're talking about and we are seeing, and the guide includes that, and it also includes new workloads starting. And those also may not be matched up one to one to see sort of a consistent pattern, and that does result in some volatility.

謝謝，馬克。我會——你是對的。讓我繼續重申其中的一部分，那就是本季度，正如你所看到的，我們確實有非常好的預訂增長。在您所指的 RPO 編號內，我們擁有所謂的長期增長，這意味著我們擁有並看到客戶繼續簽署對平台的承諾，這與 Satya 提到的真正相符，是在這裡投資的計劃保持不變。因此，這與您正在談論的和我們正在看到的優化有關，該指南包括了這一點，並且還包括了新的工作負載開始。而且這些也可能不會一對一地匹配以看到某種一致的模式，這確實會導致一些波動。

The other piece of it, Mark, that we didn't talk on before because I was really focused on consumption is that there is per user headwinds as well, right, because we're getting and seeing some of these laws of large numbers in terms of the per seat business. So there's a couple of things going on here, Mark, as you said, a very large base. So it's not just the optimization to new workloads. It's also some per user work as well.

馬克，我們之前沒有討論過的另一部分，因為我真的專注於消費，每個用戶也存在不利因素，對，因為我們正在獲得併看到其中一些大數定律按座位業務的條款。所以這裡發生了一些事情，馬克，正如你所說，一個非常大的基礎。因此，這不僅僅是對新工作負載的優化。這也是每個用戶的一些工作。

The next question is from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Amy, last quarter, you called out, for the first time, SMB weakness. It sounds like that continued. I think many are questioning if did that get worse this quarter. And did you see it filter now into the enterprise? Can you talk about what you're seeing higher up above SMB?

艾米，上個季度，你第一次喊出了中小企業的弱點。聽起來好像還在繼續。我認為很多人都在質疑本季度情況是否變得更糟。您是否看到它現在過濾到企業中？你能談談你在 SMB 之上看到的更高層嗎？

Thanks, Brent. Maybe this is a chance to talk a little bit about Microsoft 365. I think that's a place where we can talk specifically about the SMB market because we did see continued impact there in Q1, although it was not different than what we saw, frankly, in Q4.

謝謝，布倫特。也許這是一個談談 Microsoft 365 的機會。我認為這是一個我們可以專門討論 SMB 市場的地方，因為我們確實在第一季度看到了那裡的持續影響，儘管坦率地說，這與我們所看到的沒有什麼不同，在第四季度。

In Microsoft 365, what you saw was very good renewal execution; and it speaks to, I think, the value people are seeing in Microsoft 365. We had on-time renewals that were frankly better in Q1 based on expirations than we've seen a year ago. So deals are both getting done and I think getting done on time.

在 Microsoft 365 中，您看到的是非常好的續訂執行；我認為，它說明了人們在 Microsoft 365 中看到的價值。坦率地說，根據到期時間，我們在第一季度的按時續訂比一年前看到的要好。所以交易都在完成，我認為按時完成。

They're getting done within a discount range that we feel good about that's consistent. And we saw good upsell to E5. So if you think about that as sort of forming the basis of what are we seeing above SMB, that's a good summary.

他們在折扣範圍內完成，我們對此感到滿意是一致的。我們看到了對 E5 的良好追加銷售。因此，如果您將其視為形成我們在 SMB 之上所見內容的基礎，那麼這是一個很好的總結。

Where we, in fact, saw -- I think we've talked about it, new deal moderation. I've referred to that, frankly, in Q4 as well. It tended to be in, to your point, the smaller end of the market, small to mid-sized companies. And it also tended to be through partner, which we had talked about before, Brent, a little bit, and I referred to. And it tended to be around selling what is, in fact, some new value that we've put into E3.

事實上，我們看到的地方——我想我們已經討論過了，新政溫和。坦率地說，我在第四季度也提到過這一點。就您的觀點而言，它往往位於市場的較小端，中小型公司。它也傾向於通過合作夥伴，我們之前談到過，布倫特，有點，我提到過。事實上，它往往圍繞著銷售我們在 E3 中投入的一些新價值。

So this is a place where there is some macro impact, but there's also, I think, a better job we can do in our E3 SKU, which is really a core value proposition. We added a lot of value to that SKU in Q4 in terms of security and auto patching for Windows. It's a great value in the same way E5 is. We landed E5 really well. We've got some work to do on landing E3. So there is some macro, seems pretty consistent, frankly, more than inconsistent with what we saw. And there is some execution that, I think, frankly, we can get better at as well.

所以這是一個有一些宏觀影響的地方，但我認為，我們可以在 E3 SKU 中做得更好，這確實是一個核心價值主張。在 Windows 的安全性和自動修補方面，我們在第四季度為該 SKU 增加了很多價值。與 E5 一樣，它具有很高的價值。我們很好地降落了 E5。我們在登陸 E3 方面還有一些工作要做。所以有一些宏觀，坦率地說，看起來非常一致，與我們所看到的不一致。坦率地說，我認為我們也可以在某些執行上做得更好。

Our next question is coming from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Satya, this quarter, we're seeing an inflection in many of your AI breakthroughs. Thinking of GitHub Copilot and the image generation and your Designer product, what is it that's enabling you to innovate so rapidly and essentially to be first to market? I'm wondering if it's the OpenAI relationship or maybe some of your inferencing capabilities or something else.

Satya，本季度，我們看到您的許多 AI 突破發生了變化。想想 GitHub Copilot 和圖像生成以及您的 Designer 產品，是什麼讓您能夠如此迅速地進行創新，並且基本上是率先進入市場？我想知道這是 OpenAI 的關係還是你的一些推理能力或其他什麼。

And then as a quick follow-up, Amy, you did mention the lower margins in Azure due to the higher energy costs. Are you inferring that we can kind of dimensionalize that incremental impact at something like $200 million per quarter? And then is there anything you can do to try to manage that through this period?

然後作為快速跟進，Amy，您確實提到了由於較高的能源成本，Azure 的利潤率較低。您是否推斷我們可以將這種增量影響量化為每季度 2 億美元？那麼你有什麼辦法可以嘗試在這段時間內管理它嗎？

Thanks for the question. First, yes, the OpenAI partnership is a very critical partnership for us. Perhaps it's sort of important to call out that we built the supercomputing capability inside of Azure, which is highly differentiated. The way compute and the network, in particular, come together in order to support these large-scale training of these platform models or foundation models has been very critical. That's what's driven, in fact, the progress OpenAI has been making.

謝謝你的問題。首先，是的，OpenAI 合作夥伴關係對我們來說是非常重要的合作夥伴關係。也許有一點很重要，我們在 Azure 中構建了超級計算能力，這是高度差異化的。特別是計算和網絡結合在一起以支持這些平台模型或基礎模型的這些大規模訓練的方式非常關鍵。這就是驅動力，事實上，OpenAI 一直在取得進展。

And of course, we then productized it as part of Azure OpenAI services. And that's what you're seeing both being used by our own first-party applications, whether it's the GitHub Copilot or Designer, even inside MATCH. And then, of course, the third parties like Mattel. And so we're very excited about that. We have a lot sort of more sort of talk about when it comes to GitHub universe. I think you'll see more advances on the GitHub Copilot, which is off to a fantastic start.

當然，我們隨後將其作為 Azure OpenAI 服務的一部分進行了產品化。這就是我們自己的第一方應用程序使用的，無論是 GitHub Copilot 還是 Designer，甚至在 MATCH 內部。當然，還有像美泰這樣的第三方。所以我們對此感到非常興奮。當談到 GitHub 宇宙時，我們有很多更多的討論。我認為您會在 GitHub Copilot 上看到更多進步，這是一個夢幻般的開端。

But overall, this is an area of huge investment. The AI moment clearly has arrived. And it's going to be part of every product, whether it's -- in fact, you mentioned our Power Platform because that's another area where we are innovating in terms of corporate qualities, AI models. So yes, so I think AI is a place where I think we have differentiated capability and the infrastructure layer for training and inference and the model that sells our platforms for third parties and our first-party applications are getting better because of the use of those AI models.

但總的來說，這是一個巨大的投資領域。人工智能時代顯然已經到來。它將成為每個產品的一部分，無論是——事實上，你提到了我們的 Power Platform，因為這是我們在企業質量、人工智能模型方面進行創新的另一個領域。所以是的，所以我認為人工智能是一個我認為我們具有差異化能力的地方，用於訓練和推理的基礎設施層以及向第三方銷售我們的平台和我們的第一方應用程序的模型因為使用這些而變得更好人工智能模型。

And to your question on energy cost, let me try to provide a little bit of help there. We did not see as big of that. As I said, it's over $800 million for the year. Some of that was in Q1, but the majority of it will be in Q2 through 4. And I think if you want to think about it, it's somewhere 250-ish a quarter. It's not exact, but that would be a decent assumption for the remainder of the year.

對於你關於能源成本的問題，讓我試著在那裡提供一點幫助。我們沒有看到那麼大。正如我所說，這一年的收入超過 8 億美元。其中一些是在第一季度，但大部分將在第二季度到第四季度。我認為如果你想考慮一下，它大約是一個季度 250 左右。這並不准確，但這將是今年剩餘時間的一個不錯的假設。

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。

Okay. Great. Amy, I'd love to just ask you around margins. Clearly, you're experiencing a little bit more sales mix given the weakness on the Windows side. It looks like you've elected not to throttle back OpEx to enable you to meet the 3 months ago guidance for flat margins, so they'll now drift a little bit lower. Do you mind talking through that decisions? Why not throttle back OpEx as a counter to that Windows pressure?

好的。偉大的。艾米，我很想問你關於利潤的問題。顯然，鑑於 Windows 方面的弱點，您正在經歷更多的銷售組合。看起來您已選擇不降低 OpEx 以使您能夠滿足 3 個月前的平坦利潤率指導，因此它們現在會稍微降低一點。你介意談論這些決定嗎？為什麼不限制運營支出來對抗 Windows 壓力呢？

Thanks, Karl. And I shared a little bit on the call, but let me share a little more because I think it's important in terms of how we think about investment and continuing to invest where we're seeing substantial opportunity and growth. The PC market is cyclical. And we had some great benefits for a couple of years during the pandemic, and we chose not to spend against that favorability over the past couple of years. And it fell to the bottom line, and you saw substantially increased margins over that time period.

謝謝，卡爾。我在電話會議上分享了一點，但讓我再分享一點，因為我認為這對於我們如何看待投資和繼續投資我們看到大量機會和增長的地方很重要。個人電腦市場是周期性的。在大流行期間的幾年裡，我們獲得了一些巨大的好處，而在過去的幾年裡，我們選擇不花錢反對這種有利條件。它跌到了底線，你看到在那段時間裡利潤率大幅增加。

And we did that potentially because it is a cyclical market. And so in the same way I see it now is that PCs are going to be a tough headwind for us for the year. But overall, the Windows [backed] installed base, our ability to grow usage, it's still higher than it was. And that's a good opportunity for us.

我們這樣做可能是因為它是一個週期性市場。因此，與我現在看到的一樣，PC 在今年對我們來說將是一個艱難的逆風。但總的來說，Windows [支持的] 安裝基數，我們增加使用量的能力，仍然比以前高。這對我們來說是一個很好的機會。

And so in the same way that we let it fall to the bottom line when we saw a surge, it's important to stay consistent in this down market because when you have type of opportunity that we have specifically in the commercial business and the TAMs that Satya talked about as being some of our most exciting and you have the opportunity with your customers to gain share, to gain confidence, right, and I think it's important to have a steady hand.

因此，就像我們在看到激增時讓它跌至底線一樣，在這個低迷的市場中保持一致很重要，因為當您擁有我們在商業業務和薩蒂亞的 TAM 中特別擁有的機會時被談論為我們最令人興奮的一些，您有機會與您的客戶一起獲得份額，獲得信心，對，我認為擁有穩定的手很重要。

Now let me also say it is not as though we are not responding to the macro environment around cost. As I commented, our sequential headcount growth from Q1 to Q2 will be minimal. It'll be about investing where we said we would invest, which is in focused areas. It's about moving headcount to make sure inside the company we've got it on the highest and most important things. We've added a lot of headcount over the past 12 months, and we want to make sure we use those headcount in the most productive way possible, and we're going to do that.

現在我還要說，我們並不是沒有對圍繞成本的宏觀環境做出反應。正如我所評論的，我們從第一季度到第二季度的連續員工人數增長將是最小的。這將是關於投資我們說過要投資的地方，即重點領域。這是關於調動員工人數，以確保在公司內部我們已經掌握了最高和最重要的事情。在過去的 12 個月中，我們增加了很多員工，我們希望確保以最高效的方式使用這些員工，我們將這樣做。

And also, we're going to, frankly, lap some investments that we've made at the end of H2, Karl. We closed Nuance at the end of Q3. We closed Xandr in Q4. When we come and lap those, you will see a material decline in OpEx investment. You will also see us start to lap some of the headcount surges that we made last year in key areas. And by then, I feel good that we'll see productivity improvements from the headcount [have] and our focus. And so it's an ability to say, absolutely, I want to stay consistent, and we'll respond to the macro. It's possible to do both those things, and I think that's what we're doing.

而且，坦率地說，我們將在下半年結束時進行一些投資，卡爾。我們在第三季度末關閉了 Nuance。我們在第四季度關閉了 Xandr。當我們來分析這些時，您會看到運營支出投資大幅下降。您還將看到我們開始重複去年在關鍵領域增加的一些員工人數。到那時，我感覺很好，我們將看到員工人數 [擁有] 和我們的重點提高生產力。所以這是一種能力，絕對可以說，我想保持一致，我們將對宏觀做出回應。這兩件事都可以做，我認為這就是我們正在做的事情。

Our next question is coming from Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

I wanted to ask a question about Office Commercial. A lot of the growth here is driven by subscriber growth, this quarter, for example, 17% constant currency, subscriber growth of 14%. Could you remind us where the incremental subscriber's coming from? Could we see that mix of growth shift away from subscribers towards ASP potentially over time?

我想問一個關於Office Commercial的問題。這裡的很多增長是由用戶增長驅動的，例如本季度，17% 的固定貨幣，用戶增長 14%。你能提醒我們增量訂閱者的來源嗎？我們能否看到隨著時間的推移，增長組合可能會從訂閱用戶轉向 ASP？

I think you're already over 300 million subscribers. So just any color on just the runway from here? Where is the incremental seat coming from? And with all the works that you're doing with E3, E5 and collaboration security analytics, might we see more of the growth coming from ASP versus subscriber growth over time?

我認為您已經擁有超過 3 億訂閱者。所以只是從這裡的跑道上的任何顏色？增量席位從何而來？隨著您在 E3、E5 和協作安全分析方面所做的所有工作，隨著時間的推移，我們是否會看到更多來自 ASP 的增長而不是用戶增長？

Thanks, Brad. It's a good question because you've continued to see the seat growth, I think, for actually much longer than many of the investors had expected. And it really should continue in some ways because we're focusing on frontline worker scenarios. We're continuing to focus on small and mid-sized business growth, and we're adding new things to which you can grow, whether that's Viva, whether it's Teams. There's new things that enable us to add relevancy, frankly, and then to add value and then to add seats.

謝謝，布拉德。這是一個很好的問題，因為我認為，座位增長的持續時間實際上比許多投資者預期的要長得多。它確實應該在某些方面繼續下去，因為我們專注於一線工人的場景。我們將繼續專注於中小型企業的增長，並且我們正在添加您可以增長的新事物，無論是 Viva 還是 Teams。坦率地說，有新事物使我們能夠增加相關性，然後增加價值，然後增加席位。

And so I don't want to say it has to be, again, this vision of or. So I think you'll continue to see lower-end seat growth, which is what we've been seeing, and you will see us continue to focus on the value of E5 and the E3 SKU, where we've added some value, making sure we can still move people to that suite as well. And so you will see, right, over time, long term, the seat growth move a little bit, and then you'll see ASPs show up. And it depends a little bit on mix, frankly, each quarter. You saw a little more ARPU in Q4. You saw a little less in Q1. That had to do with some E3 execution in Q1. But I actually think there's room to do both those things, and I felt that way now for a couple of years.

因此，我不想再次說它必須是 or 的這種願景。所以我認為你會繼續看到低端座位的增長，這是我們一直看到的，你會看到我們繼續關注 E5 和 E3 SKU 的價值，我們已經增加了一些價值，確保我們仍然可以將人們轉移到那個套房。所以你會看到，對了，隨著時間的推移，從長遠來看，座位增長會發生一點變化，然後你會看到 ASP 出現。坦率地說，這在一定程度上取決於每個季度的混合情況。你在第四季度看到了更多的 ARPU。你在第一季度看到的少了一點。這與第一季度的一些 E3 執行有關。但我實際上認為這兩件事都有空間，而且我現在有這種感覺已經好幾年了。

Our next question is coming from the line of Gregg Moskowitz with Mizuho.

我們的下一個問題來自瑞穗的 Gregg Moskowitz。

Satya or Amy, as a follow-up on Azure, I'm curious how you foresee the magnitude of 2 different variables on cloud computing demand over the near to medium term, the first being economic pressures on the willingness of some customers to spend and the second being the impact of the spiking energy cost perhaps as a facilitator for something to do more in the cloud. Do you see these as largely offsetting factors? Or are you expecting the former variable to be a lot more prominent than the latter?

Satya 或 Amy，作為 Azure 的後續行動，我很好奇您如何預測中短期內云計算需求的兩個不同變量的大小，第一個是對一些客戶的消費意願的經濟壓力，以及第二個是能源成本飆升的影響，這可能是促進在雲中做更多事情的因素。您認為這些在很大程度上是抵消因素嗎？或者您是否期望前一個變量比後者更突出？

Yes. I mean the way we see it is, overall, macro will mean that everybody is going to optimize their build. In fact, as Amy said, our job #1 for large swaths of our sort of even customer-facing organizations is to proactively help them optimize. In fact, our incentives in our customer success teams are lined up with them helping customers "do more with less." So that's sort of one side.

是的。我的意思是我們看到的方式，總體而言，宏觀意味著每個人都將優化他們的構建。事實上，正如 Amy 所說，對於我們這種甚至是面向客戶的組織中的大部分組織來說，我們的工作#1 是主動幫助他們進行優化。事實上，我們在客戶成功團隊中的激勵措施與他們幫助客戶“事半功倍”保持一致。所以這是一方面。

The thing, though, from a customer perspective, the best way for them to align their spend with what is uncertain demand is to move to the cloud. So we see the value prop of the cloud. So the big winner in all of this will be public cloud because public cloud helps businesses offset the risk of taking demand risk.

不過，從客戶的角度來看，讓他們將支出與不確定的需求保持一致的最佳方式是遷移到雲。所以我們看到了雲的價值支撐。因此，所有這一切的最大贏家將是公共雲，因為公共雲可以幫助企業抵消承擔需求風險的風險。

The other side, as you described today, is the risk around supply chain or energy costs. And so that's another one. The best way to hedge against an energy cost and be, in fact, more energy efficient is to move to the cloud. So that's where I think a little bit of -- as you all think about what happens to cloud, for us, we look at this and say, this is a period where cloud (inaudible) going to gain share because we're still in the early innings of adoption. And so we just want to invest going into it with that mindset and build long-term customer loyalty.

正如您今天所描述的那樣，另一方面是供應鍊或能源成本方面的風險。這是另一個。對沖能源成本並提高能源效率的最佳方法是遷移到雲端。所以這就是我想的一點——當你們都在思考雲會發生什麼時，對於我們來說，我們看著這個並說，這是一個雲（聽不清）將獲得份額的時期，因為我們仍處於收養的早期階段。因此，我們只想以這種心態投資並建立長期的客戶忠誠度。

Our final question is coming from the line of Brent Bracelin with Piper Sandler.

我們的最後一個問題來自 Brent Bracelin 和 Piper Sandler。

Helpful color on cloud. I wanted to pivot to advertising. This was a segment that crossed over $10 billion, I think, earlier this year; Netflix rolling out ad-supported model next year powered by Microsoft. What is the broader Microsoft advertising ambitions maybe 3 to 5 years here given these are very large and very profitable segments that Microsoft has not historically focused on?

雲上有用的顏色。我想轉向廣告。我認為，今年早些時候，這是一個超過 100 億美元的細分市場。 Netflix 將於明年推出由 Microsoft 提供支持的廣告支持模式。鑑於這些是微軟歷史上沒有關注的非常大且非常有利可圖的細分市場，微軟在 3 到 5 年內的更廣泛的廣告野心是什麼？

No. Thanks for the question. We are

不，謝謝你的問題。我們是

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（技術難度）

yes, our core advertising business has got 2 elements to it. One is, I'll call it, LinkedIn B2B advertising where we clearly have a leadership position around both reach, quality of ROI and will -- of course, it will be cyclically impacted, but we feel that the LinkedIn engagement continues to grow. And as that market comes back, our premium position of LinkedIn owned and operated, I feel, well -- very well positioned. We'll continue to invest in that space.

是的，我們的核心廣告業務有兩個要素。一個是，我稱之為LinkedIn B2B廣告，我們顯然在覆蓋面、投資回報率質量和意願方面處於領先地位——當然，它會受到週期性影響，但我們認為LinkedIn的參與度繼續增長。隨著這個市場的回歸，我們擁有和運營的 LinkedIn 的優質地位，我覺得，非常 - 非常有利。我們將繼續投資該領域。

The second one is the place where we are, again, very, very focused on, first, starting with our own owned and operated. So when we talk about the overall active devices on Windows have grown by 20% over the pandemic, one of the big opportunities it opens up is for us to take our own owned and operated inventory, right, whether it is Bing and search, whether it's the feed. And those are things that you see some of the growth. We are share takers in the browser. We are share takers in terms of engagement of the feed. And those are things that we are high leverage on top of the installed base that's now structurally changed in terms of growth.

第二個是我們再次非常非常關注的地方，首先，從我們自己擁有和經營的開始。因此，當我們談到 Windows 上的整體活躍設備在大流行期間增長了 20% 時，它帶來的一大機遇就是讓我們擁有自己擁有和運營的庫存，對，無論是 Bing 和搜索，還是這是飼料。這些是你看到的一些增長。我們是瀏覽器的分享者。就訂閱源的參與而言，我們是分享者。這些是我們在已安裝基礎之上的高槓桿作用，現在在增長方面發生了結構性變化。

And then the third party with Netflix, we're really excited about that, and we're going to look to grow our -- and first make Netflix a successful partner, but we're going to continue to grow our third-party business on the ad platform. So those would be the 3 areas: LinkedIn, our owned and operated advertising, both search and feed as well as third-party ad network.

然後是 Netflix 的第三方，我們對此感到非常興奮，我們將尋求發展我們的——首先讓 Netflix 成為一個成功的合作夥伴，但我們將繼續發展我們的第三方業務在廣告平台上。所以這將是 3 個領域：LinkedIn、我們擁有和運營的廣告、搜索和訂閱以及第三方廣告網絡。

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.

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 very much.

非常感謝。

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

謝謝你。女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，此時您可以斷開您的線路。