微軟 (MSFT) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2023 Second Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brett Iversen, Vice President, Investor Relations.

大家好，歡迎來到微軟 2023 財年第二季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把會議轉交給你的主持人，投資者關係副總裁 Brett Iversen。

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 the 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 Satya Nadella；艾米胡德，首席財務官； Alice Jolla，首席會計官；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，旨在補充我們在今天的電話會議上準備好的評論，並提供 GAAP 和非 GAAP 財務措施之間差異的調節。

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 second quarter performance in addition to the impact these items and events have on the financial results. All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted.

在這次電話會議上，我們將討論某些非 GAAP 項目。所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務業績指標。它們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二季度的業績以及這些項目和事件對財務業績的影響。除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We will also provide growth rates in constant currency, when available, as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we'll refer to the growth rate only. We will post our prepared remarks to our website immediately following the call until the complete transcript is available.

我們還將提供可用的固定貨幣增長率，作為評估我們基礎業務表現的框架，不包括外幣匯率波動的影響。在固定匯率下增長率相同的情況下，我們將僅參考增長率。我們將在通話後立即將準備好的評論發佈到我們的網站，直到提供完整的成績單。

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.

今天的電話會議正在網絡直播和錄音。如果您提出問題，它將包含在我們的現場傳輸、文字記錄和任何將來使用的錄音中。您可以在 Microsoft 投資者關係網站上重播通話並查看文字記錄。

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

在此次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述基於受風險和不確定因素影響的當前預期和假設。由於今天的收益新聞稿中討論的因素、本次電話會議中發表的評論以及我們的 10-K 表格、10-Q 表格和其他報告以及向證券交易委員會提交的文件中的風險因素部分，實際結果可能存在重大差異委員會。我們不承擔更新任何前瞻性陳述的義務。有了這個，我會把電話轉給 Satya。

Thank you very much, Brett. I want to start with the context I shared with our employees last week on the changing environment and our priorities. As I meet with customers and partners, a few things are increasingly clear. Just as we saw customers accelerate their digital spend during the pandemic, we are now seeing them optimize that spend. Also, organizations are exercising caution, given the macroeconomic uncertainty. And the next major wave of computing is being born as we turn the world's most advanced AI models into a new computing platform.

非常感謝你，布雷特。我想從上週我與員工分享的關於不斷變化的環境和我們的優先事項的背景開始。當我與客戶和合作夥伴會面時，有幾件事變得越來越清楚。正如我們看到客戶在大流行期間加速了他們的數字支出，我們現在看到他們優化了這種支出。此外，鑑於宏觀經濟的不確定性，組織正在謹慎行事。隨著我們將世界上最先進的人工智能模型轉變為新的計算平台，下一波主要的計算浪潮正在誕生。

In this environment, we remain convicted on 3 things. This is an important time for Microsoft to work with our customers, helping them realize more value from their tech spend and building long-term loyalty and share position while internally aligning our own cost structure with our revenue growth. This, in turn, sets us up to participate in the secular trend where digital spend as a percentage of GDP is only going to increase. And lastly, we're going to lead in the AI era, knowing that maximum enterprise value gets created during platform shifts.

在這種環境下，我們仍然對三件事有罪。這是微軟與客戶合作的重要時刻，幫助他們從技術支出中實現更多價值，建立長期忠誠度和市場份額，同時在內部調整我們自己的成本結構與我們的收入增長。這反過來又讓我們參與到數字支出佔 GDP 的百分比只會增加的長期趨勢中。最後，我們將引領 AI 時代，因為我們知道在平台轉換期間可以創造最大的企業價值。

With that as a backdrop, the Microsoft Cloud exceeded $27 billion in quarterly revenue, up 22% and 29% in constant currency. Now I'll highlight examples of our innovation starting with Azure. Moving to the cloud is the best way for any customer in today's economy to mitigate demand uncertainty and energy costs while gaining efficiencies of cloud native development. Enterprises have moved millions of calls to Azure and run twice as many calls on our cloud today than they did 2 years ago. And yet, we're still in the early innings when it comes to long-term cloud opportunity.

以此為背景，微軟雲的季度收入超過 270 億美元，按固定匯率計算分別增長 22% 和 29%。現在我將重點介紹我們從 Azure 開始的創新示例。遷移到雲是當今經濟中任何客戶減輕需求不確定性和能源成本同時提高雲原生開發效率的最佳方式。企業已將數百萬個呼叫轉移到 Azure，並且今天在我們的雲上運行的呼叫數量是 2 年前的兩倍。然而，就長期雲機會而言，我們仍處於早期階段。

As an example, insurer AIA was able to save more than 20% by migrating to Azure and reduced IT provisioning time from multiple months to just an hour. We also continue to lead with hybrid computing with Azure Arc. We now have more than 12,000 Arc customers, double the number a year ago, including companies like Citrix, Northern Trust and PayPal.

例如，AIA 保險公司通過遷移到 Azure 並將 IT 配置時間從數月縮短至一個小時，從而節省了 20% 以上。我們還通過 Azure Arc 繼續引領混合計算。我們現在擁有超過 12,000 名 Arc 客戶，是一年前的兩倍，其中包括 Citrix、Northern Trust 和 PayPal 等公司。

Now on to data. Customers continue to choose and implement the Microsoft Intelligent Data Platform over the competition because of its comprehensiveness, integration and lower cost. Bayer, for example, used the data stack to evaluate results from clinical trials faster and more efficiently while meeting regulatory requirements. And ASOS chose Cosmos DB to power real-time product recommendations and order processing for over 26 million global customers.

現在開始數據。由於其全面性、集成性和較低的成本，客戶繼續選擇和實施 Microsoft 智能數據平台而不是競爭對手。例如，拜耳使用數據堆棧來更快、更有效地評估臨床試驗的結果，同時滿足監管要求。 ASOS 選擇 Cosmos DB 為超過 2600 萬全球客戶提供實時產品推薦和訂單處理。

Now on to AI. The age of AI is upon us and Microsoft is powering it. We are witnessing nonlinear improvements in capability of foundation models, which we are making available as platforms. And as customers select their cloud providers and invest in new workloads, we are well positioned to capture that opportunity as a leader in AI. We have the most powerful AI supercomputing infrastructure in the cloud. It's being used by customers and partners like OpenAI to train state-of-the-art models and services, including ChatGPT.

現在談談人工智能。 AI 時代已經來臨，Microsoft 正在為其提供動力。我們正在見證基礎模型功能的非線性改進，我們將其作為平台提供。隨著客戶選擇他們的雲提供商並投資於新的工作負載，我們作為 AI 的領導者處於有利地位，可以抓住這個機會。我們擁有云端最強大的 AI 超級計算基礎設施。 OpenAI 等客戶和合作夥伴正在使用它來訓練最先進的模型和服務，包括 ChatGPT。

Just last week, we made our Azure OpenAI service broadly available, and already over 200 customers from KPMG to Al Jazeera are using it. We will soon add support for ChatGPT, enabling customers to use it in their own applications for the first time. And yesterday, we announced the completion of the next phase of our agreement with OpenAI. We are pleased to be their exclusive cloud provider, and we'll deploy their models across our consumer and enterprise products as we continue to push the state-of-the-art in AI.

就在上週，我們廣泛提供了 Azure OpenAI 服務，從畢馬威到半島電視台，已有 200 多家客戶在使用它。我們將很快添加對 ChatGPT 的支持，使客戶能夠首次在自己的應用程序中使用它。昨天，我們宣布完成與 OpenAI 的下一階段協議。我們很高興成為他們的獨家云提供商，隨著我們繼續推動 AI 的最新發展，我們將在我們的消費者和企業產品中部署他們的模型。

All of this innovation is driving growth across our Azure AI services. Azure ML revenue alone has increased more than 100% for 5 quarters in a row with companies like AXA, FedEx and H&R Block choosing the service to deploy, manage and govern their models.

所有這些創新都在推動我們 Azure AI 服務的增長。僅 Azure ML 的收入就連續 5 個季度增長了 100% 以上，AXA、FedEx 和 H&R Block 等公司選擇該服務來部署、管理和治理他們的模型。

Now on to developers. Modernizing applications is mission-critical to any company's operations today. And with GitHub, Visual Studio and Azure Pass services, we have the most comprehensive portfolio of tools to help. GitHub is now home to 100 million developers and GitHub Copilot is the first at-scale AI product built for this era, fundamentally transforming developer productivity. More than 1 million people have used Copilot to date. This quarter, we brought Copilot to businesses, and we have seen strong interest and early adoption from companies, including Duolingo, Lemonade and Volkswagen CARIAD Software Group.

現在到開發人員。應用程序現代化對當今任何公司的運營都至關重要。借助 GitHub、Visual Studio 和 Azure Pass 服務，我們擁有最全面的工具組合來提供幫助。 GitHub 現在擁有 1 億開發人員，GitHub Copilot 是為這個時代打造的第一個大規模 AI 產品，從根本上改變了開發人員的生產力。迄今為止，已有超過 100 萬人使用過 Copilot。本季度，我們將 Copilot 引入了企業，我們看到了 Duolingo、Lemonade 和 Volkswagen CARIAD Software Group 等公司的濃厚興趣和早期採用。

Now on to Power Platform. Power Platform is becoming an essential digital transformation tool as every business looks to streamline their operations and drive productivity in today's environment.

現在進入 Power Platform。 Power Platform 正在成為必不可少的數字化轉型工具，因為每個企業都希望在當今環境中簡化其運營並提高生產力。

We are helping customers realize superior time to value with our end-to-end suite spanning low-code, no-code tools, automation, virtual agents and business intelligence. We are leading in robotic process automation. Power Automate has more than 45,000 customers from AT&T to Rabobank, up over 50% year-over-year. And we are making it easier for anyone to streamline repetitive tasks, introducing new AI-powered features to turn natural language prompts into complex workflows.

我們的端到端套件涵蓋低代碼、無代碼工具、自動化、虛擬代理和商業智能，幫助客戶實現更快的價值實現。我們在機器人過程自動化方面處於領先地位。 Power Automate 擁有超過 45,000 名客戶，從 AT&T 到 Rabobank，同比增長超過 50%。我們正在讓任何人都能更輕鬆地簡化重複性任務，引入新的人工智能功能，將自然語言提示轉化為複雜的工作流程。

Now on to business applications. Dynamics 365 is taking share as we help businesses digitize their service, finance, customer experience and supply chain functions. For example, J&J, Pepsi-Cola Bottlers is moving from reactive to predictive field service. Fujifilm is optimizing its operations. Investec is closing deals faster with conversational intelligence. Baylor Scott & White in Texas is using our digital contact center to enhance patient communications. And this quarter, we introduced our new Supply Chain Platform, helping customers like iFit and Kraft Heinz apply AI to predict and mitigate disruptions.

現在介紹業務應用程序。 Dynamics 365 正在分享，因為我們幫助企業數字化他們的服務、財務、客戶體驗和供應鏈功能。例如，J&J、Pepsi-Cola Bottlers 正在從被動式現場服務轉向預測性現場服務。富士膠片正在優化其運營。 Investec 正在通過對話智能更快地完成交易。德克薩斯州的 Baylor Scott & White 正在使用我們的數字聯絡中心來加強與患者的溝通。本季度，我們推出了新的供應鏈平台，幫助 iFit 和卡夫亨氏等客戶應用人工智能來預測和緩解中斷。

Now on to Industry Solutions. Our industry and cross-industry clouds are driving pull-through for our entire tech stack. Our cloud for retail was front and center at NRF last week as we introduced new tools to help retailers manage their day-to-day operations and digitize their physical stores. Polish retailer Zabka has built the largest chain of autonomous stores in Europe with the help of our technology.

現在介紹行業解決方案。我們的行業和跨行業雲正在推動我們整個技術堆棧的發展。我們的零售雲是上週 NRF 的前沿和中心，因為我們推出了新工具來幫助零售商管理他們的日常運營並數字化他們的實體店。波蘭零售商 Zabka 在我們的技術幫助下建立了歐洲最大的自主連鎖店。

In Financial Services, our new partnership with London Stock Exchange Group will deliver next generation of data analytics and workspace solutions. And in health care, we are rapidly becoming the partner of choice for any provider looking to generate real value from AI, with Nuance DAX, Ampion intelligence solution, physicians can reduce documentation time by half, improving the quality of their patient interactions.

在金融服務方面，我們與倫敦證券交易所集團的新合作夥伴關係將提供下一代數據分析和工作空間解決方案。在醫療保健領域，我們正迅速成為任何希望從 AI 中產生真正價值的供應商的首選合作夥伴，借助 Nuance DAX 和 Ampion 智能解決方案，醫生可以將記錄時間縮短一半，從而提高與患者互動的質量。

Now on to systems of work. Microsoft 365, Teams and Viva are essential for every organization to adapt to the new world of work. Microsoft 365 is rapidly evolving into an AI-first platform that enables every individual to amplify their creativity and productivity with both our established applications as well as new applications like Designer, Stream and Loop. We have more than 63 million consumer subscribers, up 12% year-over-year, and we introduced Microsoft 365 Basic, bringing our premium offerings to more people.

現在談談工作系統。 Microsoft 365、Teams 和 Viva 對於每個組織適應新的工作世界都是必不可少的。 Microsoft 365 正在迅速發展成為一個人工智能優先的平台，使每個人都可以通過我們現有的應用程序以及 Designer、Stream 和 Loop 等新應用程序來增強他們的創造力和生產力。我們擁有超過 6300 萬消費者訂閱者，同比增長 12%，並且我們推出了 Microsoft 365 Basic，將我們的優質產品帶給更多人。

Teams surpassed 280 million monthly active users this quarter, showing durable momentum since the pandemic, and we continue to take share across every category from collaboration to chat to meetings to calling. Teams has emerged as a first-class platform. Apps from Adobe, Atlassian, Poly, ServiceNow and Workday have each surpassed 0.5 million active users, and the number of third-party apps with more than 10,000 users increased nearly 40% year-over-year. There are more than 500,000 active Teams Rooms devices, up 70% year-over-year, and the number of customers with more than 1,000 rooms doubled year-over-year.

本季度 Teams 的月活躍用戶超過 2.8 億，顯示出自大流行以來的持久勢頭，我們繼續在從協作到聊天到會議再到通話的各個類別中分享份額。 Teams 已成為一流的平台。 Adobe、Atlassian、Poly、ServiceNow 和 Workday 的應用活躍用戶均超過 50 萬，用戶超過 10,000 的第三方應用數量同比增長近 40%。有超過 500,000 台活躍的 Teams Rooms 設備，同比增長 70%，擁有超過 1,000 個房間的客戶數量同比翻了一番。

Novo Nordisk will deploy Teams Rooms to 5,000 meeting rooms globally in our largest deal to date. Teams Phone continues to take share and is the market leader in cloud calling. We have added more than 5 million PSTN seats over the last 12 months alone. With Teams Premium, we are meeting enterprise demand for advanced features like end-to-end encryption and AI-powered recaps. We have seen strong interest in preview and we will make it broadly available next month.

諾和諾德將在全球 5,000 間會議室部署 Teams Rooms，這是我們迄今為止最大的一筆交易。 Teams Phone 繼續佔有份額，是雲呼叫的市場領導者。僅在過去 12 個月裡，我們就增加了超過 500 萬個 PSTN 席位。借助 Teams Premium，我們可以滿足企業對端到端加密和 AI 支持的回顧等高級功能的需求。我們看到了對預覽版的濃厚興趣，我們將在下個月廣泛提供它。

With Microsoft Viva, we have created a new market category for employee experience and organizational productivity. U.S. Bank is using Viva to streamline employee communications, and Carlsberg turned to Viva to centralize its digital employee experience for 29,000 employees. In today's environment, aligning the entire organization and the most important work is critical. Viva Goals brings objectives and key results directly into the flow of daily work.

通過 Microsoft Viva，我們為員工體驗和組織生產力創建了一個新的市場類別。美國銀行正在使用 Viva 來簡化員工溝通，嘉士伯轉向 Viva 以集中其 29,000 名員工的數字化員工體驗。在當今的環境中，協調整個組織和最重要的工作至關重要。 Viva Goals 將目標和關鍵結果直接帶入日常工作流程。

Viva has also become an indispensable tool for business process. Viva Sales is the super app in Microsoft 365 for sellers. We have seen strong interest since making it generally available this quarter. All up, we continue to see organizations consolidate on Microsoft 365. 80% of our enterprise customers use 5 or more Microsoft 365 applications. And organizations across the private and public sector, including EY, IKEA, NTT Communications, Rio Tinto as well as the State Government of Virginia are increasingly choosing our premium E5 offerings for advanced security, compliance, voice and analytics.

Viva也成為業務流程不可或缺的工具。 Viva Sales 是 Microsoft 365 中面向賣家的超級應用。自本季度全面上市以來，我們已經看到了濃厚的興趣。總而言之，我們繼續看到組織在 Microsoft 365 上進行整合。我們 80% 的企業客戶使用 5 個或更多 Microsoft 365 應用程序。私營和公共部門的組織，包括安永、宜家、NTT Communications、Rio Tinto 以及弗吉尼亞州政府，越來越多地選擇我們的高級 E5 產品來實現高級安全性、合規性、語音和分析。

Now on to Windows. While the number of PCs shipped declined during the quarter, returning to pre-pandemic levels, usage intensity of Windows continues to be higher than pre-pandemic with time spent per PC up nearly 10%. Monthly active devices also reached an all-time high this quarter. And for commercial customers, Windows 11 adoption continues to grow because of its differentiated security and productivity value proposition.

現在到Windows。雖然本季度 PC 出貨量下降，恢復到大流行前水平，但 Windows 的使用強度繼續高於大流行前，每台 PC 花費的時間增加了近 10%。本季度的月活躍設備也創下歷史新高。對於商業客戶而言，由於其差異化的安全性和生產力價值主張，Windows 11 的採用率持續增長。

We're also seeing growth in cloud-delivered Windows with usage of Windows 365 and Azure Virtual Desktop up by over 2/3 year-over-year. Leaders in every industry from Campari and Grant Thornton U.K. to Nutrien and Woolworths are using cloud-delivered Windows, including more than 60% of the Fortune 500.

我們還看到雲交付 Windows 的增長，Windows 365 和 Azure 虛擬桌面的使用率同比增長超過 2/3。從 Campari 和 Grant Thornton U.K. 到 Nutrien 和 Woolworths，每個行業的領導者都在使用雲交付的 Windows，其中包括超過 60% 的財富 500 強企業。

Now on to security. Over the past 12 months, our security business surpassed $20 billion in revenue as we help customers protect their digital estate across clouds and endpoint platforms. We're the only company with integrated end-to-end tools spanning identity, security, compliance, device management and privacy informed and trained on over 65 trillion signals each day. We are taking share across all major categories we serve. Customers are consolidating on our security stack in order to reduce risk, complexity and cost.

現在開始安全。在過去的 12 個月裡，我們的安全業務收入超過 200 億美元，因為我們幫助客戶跨雲和端點平台保護他們的數字資產。我們是唯一一家擁有涵蓋身份、安全、合規、設備管理和隱私的集成端到端工具的公司，每天對超過 65 萬億個信號進行通知和培訓。我們在我們服務的所有主要類別中都佔有一席之地。客戶正在整合我們的安全堆棧，以降低風險、複雜性和成本。

The number of organizations with 4 or more workloads increased over 40% year-over-year. U.K. retailer Frasers Group, for example, consolidated from 10 security vendors to just Microsoft. Roku moved identity and access management to the cloud with Azure Active Directory. And Astellas Pharma, Ferrovial and University of Toronto all switched to Microsoft Sentinel because of our integrated XDR and SIEM capabilities.

擁有 4 個或更多工作負載的組織數量同比增長超過 40%。例如，英國零售商 Frasers Group 將 10 家安全供應商整合為 Microsoft。 Roku 使用 Azure Active Directory 將身份和訪問管理轉移到雲端。由於我們集成了 XDR 和 SIEM 功能，Astellas Pharma、Ferrovial 和多倫多大學都轉向了 Microsoft Sentinel。

Now on to LinkedIn. People and companies continue to look to LinkedIn to connect, learn, sell and get hired. We once again saw record engagement among our more than 900 million members. Three members are signing up every second. Over 80% of these members are from outside the United States. And as the members come to the platform to find and share professional knowledge and expertise, newsletter creation was up 10x year-over-year.

現在到LinkedIn。人們和公司繼續依賴 LinkedIn 來建立聯繫、學習、銷售和獲得僱用。我們再次看到我們 9 億多會員的參與度創下歷史新高。每秒有三個成員註冊。這些成員中超過 80% 來自美國以外。隨著會員來到該平台尋找和分享專業知識和專業知識，時事通訊的創建量同比增長了 10 倍。

Skills are the new currency and people are increasingly investing in their skill-building to keep up with their changing roles in industries. We offer more than 20,000 courses in 11 languages, and companies are also turning to a skills-based approach in place of degree or pedigree to identify qualified talent, with more than 45% of the hires on LinkedIn explicitly using skills data to fill their roles. Finally, LinkedIn Marketing Solutions continues to be a leader in B2B digital advertising, helping companies deliver the right message to the right audience on a safe and trusted platform.

技能是新的貨幣，人們越來越多地投資於他們的技能建設，以跟上他們在行業中不斷變化的角色。我們提供 11 種語言的 20,000 多門課程，公司也在轉向基於技能的方法來代替學位或血統來識別合格人才，LinkedIn 上超過 45% 的僱員明確使用技能數據來填補他們的角色.最後，LinkedIn 營銷解決方案繼續成為 B2B 數字廣告領域的領導者，幫助公司在安全可靠的平台上向正確的受眾傳遞正確的信息。

Now on to advertising. Despite headwinds in the ad market, we continue to innovate across our first- and third-party portfolios. Our browser, Microsoft Edge gained share for the seventh consecutive quarter. Bing continues to gain share in the United States, and daily users of our Start personalized content feed increased over 30% year-over-year. We are now empowering retailers and expanding our third-party inventory.

現在開始做廣告。儘管廣告市場存在逆風，但我們繼續在我們的第一方和第三方產品組合中進行創新。我們的瀏覽器 Microsoft Edge 連續第七個季度獲得市場份額。 Bing 在美國繼續獲得份額，我們 Start 個性化內容提要的每日用戶同比增長超過 30%。我們現在正在授權零售商並擴大我們的第三方庫存。

With PromoteIQ, we are building a complete omnichannel media platform for companies like the Australian retailer, Endeavor, as well as Canada's Hudson's Bay and Globo, the largest Brazilian TV broadcasters chose Xandr to launch a new media buying platform in that market.

通過 PromoteIQ，我們正在為澳大利亞零售商 Endeavor 以及加拿大哈德遜灣和 Globo 等公司構建一個完整的全渠道媒體平台，巴西最大的電視廣播公司選擇 Xandr 在該市場推出新的媒體購買平台。

Now on to gaming. In gaming, we continue to pursue our ambition to give players more choice to play great games wherever, whenever and however they want. We saw new highs for Game Pass subscriptions, game streaming hours and monthly active devices, and monthly active users surpassed a record 120 million during the quarter. We continue to invest to add value to Game Pass. This quarter, we partnered with Riot Games to make the company's PC and mobile games, along with premium content available to subscribers.

現在開始遊戲。在遊戲方面，我們繼續追求我們的雄心壯志，為玩家提供更多選擇，讓他們可以隨時隨地以他們想要的方式暢玩精彩遊戲。我們看到 Game Pass 訂閱、遊戲流媒體時長和月活躍設備數創下新高，本季度月活躍用戶超過創紀錄的 1.2 億。我們繼續投資以增加 Game Pass 的價值。本季度，我們與 Riot Games 合作，為訂閱者提供該公司的 PC 和手機遊戲以及優質內容。

And finally, we are energized by our upcoming lineup of AAA game launches, including exciting new titles from ZeniMax and Xbox Game Studios, and we'll be sharing details and game play at our showcase tomorrow.

最後，我們對即將推出的 AAA 遊戲陣容充滿活力，包括來自 ZeniMax 和 Xbox Game Studios 的激動人心的新遊戲，我們將在明天的展示會上分享細節和遊戲玩法。

In closing, I want to extend my deepest gratitude to our employees for their continued dedication to our mission, customers and partners. We will continue to pursue our long-term opportunity and innovation agenda with urgency while also raising the bar on our operational excellence. With that, I'll hand it over to Amy.

最後，我要對我們的員工表示最深切的感謝，感謝他們一直致力於我們的使命、客戶和合作夥伴。我們將繼續緊迫地追求我們的長期機會和創新議程，同時提高我們卓越運營的標準。有了這個，我會把它交給艾米。

Thank you, Satya, and good afternoon, everyone. I'd like to start by reiterating Satya's thoughts on the changing environment and our priorities, which underpin the decisions communicated in last week's announcement. The resulting Q2 charge negatively impacted gross margin by $152 million, operating income by $1.2 billion and earnings per share by $0.12.

謝謝 Satya，大家下午好。首先，我想重申 Satya 對不斷變化的環境和我們的優先事項的看法，這是上周公告中傳達的決定的基礎。由此產生的第二季度費用對毛利率產生了 1.52 億美元的負面影響，對營業收入產生了 12 億美元的負面影響，對每股收益產生了 0.12 美元的負面影響。

Our second quarter revenue was $52.7 billion, up 2% and 7% in constant currency. When adjusted for the charge, gross margin dollars increased 2% and 8% in constant currency; operating income decreased 3% and increased 6% in constant currency; and earnings per share was $2.32, which decreased 6% and increased 2% in constant currency.

我們第二季度的收入為 527 億美元，按固定匯率計算分別增長 2% 和 7%。按費用調整後，按固定匯率計算，毛利率分別增長 2% 和 8%；按固定匯率計算，營業收入下降 3%，增長 6%；每股收益為 2.32 美元，按固定匯率計算下降 6%，增長 2%。

In our consumer business, the PC market was in line with our expectations, but execution challenges impacted our Surface business. Advertising spend declined slightly more than expected, which impacted search and news advertising and LinkedIn Marketing Solutions. In our commercial business, we delivered strong growth in line with our expectations. However, as you heard from Satya, we are seeing customers exercise caution in this environment and we saw results weaken through December.

在我們的消費者業務中，PC 市場符合我們的預期，但執行方面的挑戰影響了我們的 Surface 業務。廣告支出降幅略高於預期，這影響了搜索和新聞廣告以及 LinkedIn 營銷解決方案。在我們的商業業務中，我們實現了符合我們預期的強勁增長。然而，正如您從 Satya 那裡聽到的那樣，我們看到客戶在這種環境下保持謹慎，並且我們看到結果在整個 12 月份都在減弱。

We saw moderated consumption growth in Azure and lower-than-expected growth in new business across the stand-alone Office 365, EMS and Windows commercial products that are sold outside the Microsoft 365 suite.

我們看到 Azure 的消費增長放緩，獨立的 Office 365、EMS 和在 Microsoft 365 套件之外銷售的 Windows 商業產品的新業務增長低於預期。

From a geographic perspective, we saw strong execution in many regions around the world. However, performance in the U.S. was weaker than expected. Importantly, we continue to see share gains in areas such as data and AI, Dynamics, Teams, Security and Edge. Commercial bookings increased 7% and 4% in constant currency, lower than expected. Consistent execution across our renewal sales motions, including strong recapture rates, and growth in Azure commitments on a high prior year comparable were partially offset by the slowdown in growth of new stand-alone business noted earlier.

從地理角度來看，我們在全球許多地區都看到了強大的執行力。然而，美國的表現不及預期。重要的是，我們繼續看到數據和人工智能、動態、團隊、安全和邊緣等領域的份額增長。商業預訂按固定匯率計算分別增長 7% 和 4%，低於預期。我們的續訂銷售動議的一致執行，包括強勁的回收率，以及 Azure 承諾較上年同期的高增長，部分被之前提到的新獨立業務增長放緩所抵消。

Commercial remaining performance obligation increased 29% to 26% in constant currency to $189 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 24% year-over-year. The remaining portion, which will be recognized beyond the next 12 months, increased 32%. Our annuity mix increased 2 points year-over-year to 96%. FX decreased total company revenue by 5 points, in line with expectations. At a segment level, FX decreased Productivity and Business Processes revenue growth by 6 points, 1 point favorable to expectations. FX impact on Intelligent Cloud and More Personal Computing were both in line with expectations. Additionally, FX decreased both COGS and operating expense growth by 2 points, 1 point unfavorable to expectations.

按固定匯率計算，商業剩餘履約義務增長了 29% 至 26%，達到 1890 億美元。大約 45% 將在未來 12 個月內確認為收入，同比增長 24%。將在未來 12 個月後確認的剩餘部分增加了 32%。我們的年金組合同比增長 2 個百分點至 96%。外匯使公司總收入下降了 5 個百分點，符合預期。在細分市場層面，FX 將生產力和業務流程收入增長降低了 6 個百分點，比預期低 1 個百分點。外匯對智能雲和更多個人計算的影響均符合預期。此外，外匯使銷貨成本和運營費用增長均降低了 2 個百分點，低於預期 1 個百分點。

Microsoft Cloud revenue was $27.1 billion and grew 22% and 29% in constant currency, ahead of expectations. Microsoft Cloud gross margin percentage increased roughly 2 points year-over-year to 72%, a point better than expected, driven by lower energy costs. Excluding the impact of the change in accounting estimate for useful lives, Microsoft Cloud gross margin percentage decreased roughly 1 point, primarily driven by sales mix shift to Azure.

微軟雲收入為 271 億美元，按固定匯率計算分別增長 22% 和 29%，超出預期。受能源成本降低的推動，微軟雲計算毛利率同比增長約 2 個百分點至 72%，好於預期。排除使用壽命會計估計變化的影響，微軟雲毛利率下降約 1 個百分點，這主要是由於銷售組合轉向 Azure。

Company gross margin percentage was 67%. Excluding the impact of the change in accounting estimate, gross margin percentage decreased roughly 2 points, driven by a lower mix of Windows OEM revenue and sales mix shift from licensing to cloud. Operating expense, when adjusted for the Q2 charge, increased 11% and 13% in constant currency, about $500 million lower than expected. Operating expense growth was driven by investments in cloud engineering, the Nuance acquisition and LinkedIn.

公司毛利率為67%。排除會計估計變更的影響，毛利率下降了大約 2 個百分點，這是由於 Windows OEM 收入組合較低以及銷售組合從許可轉向雲。經第二季度費用調整後，運營費用按固定匯率計算分別增長 11% 和 13%，比預期低約 5 億美元。運營費用增長是由對雲工程、Nuance 收購和 LinkedIn 的投資推動的。

At a total company level, headcount ended December 19% higher than a year ago. Sequential headcount growth was less than 1%. Year-over-year growth included roughly 6 points from the Nuance and Xandr acquisitions, which closed last Q3 and Q4, respectively. Adjusted for the charge, operating margins decreased roughly 2 points year-over-year to 41%. Excluding the impact of the change in accounting estimate, operating margins declined roughly 4 points, primarily driven by unfavorable FX impact as well as a lower mix of OEM revenue.

在整個公司層面，截至 12 月的員工人數比一年前增加了 19%。連續的員工人數增長不到 1%。同比增長包括來自 Nuance 和 Xandr 收購的大約 6 個百分點，它們分別在去年第三季度和第四季度結束。經費用調整後，營業利潤率同比下降約 2 個百分點至 41%。排除會計估計變更的影響，營業利潤率下降了大約 4 個百分點，這主要是由於不利的外匯影響以及較低的 OEM 收入組合所致。

Now to our segment results. Revenue from Productivity and Business Processes was $17 billion and grew 7% and 13% in constant currency, in line with expectations when excluding the favorable FX impact noted earlier. Office Commercial revenue grew 7% and 14% in constant currency. Office 365 Commercial revenue increased 11% and 18% in constant currency, slightly better than expected with healthy renewal execution and ARPU growth as E5 momentum remains strong. Paid Office 365 Commercial seats grew 12% year-over-year with installed base expansion across all workloads and customer segments. Seat growth was driven by our small and medium business and frontline worker offerings, although we saw some impact from the slowdown in growth of new business noted earlier.

現在我們的細分結果。來自生產力和業務流程的收入為 170 億美元，按固定匯率計算分別增長 7% 和 13%，這與排除前面提到的有利外匯影響的預期一致。辦公商業收入按固定匯率計算分別增長 7% 和 14%。 Office 365 商業收入按固定匯率計算分別增長 11% 和 18%，由於 E5 勢頭依然強勁，續訂執行和 ARPU 增長健康，略好於預期。付費 Office 365 商業版席位同比增長 12%，安裝基礎擴展到所有工作負載和客戶群。座位增長是由我們的中小型企業和一線員工提供的服務推動的，儘管我們看到了前面提到的新業務增長放緩的一些影響。

Office Consumer revenue declined 2% and increased 3% in constant currency, with continued momentum in Microsoft 365 subscriptions, which grew 12% to 63.2 million, partially offset by declines in our transactional business. LinkedIn revenue increased 10% and 14% in constant currency, driven by growth in Talent Solutions, partially offset by weakness in Marketing Solutions from the advertising trends noted earlier.

Office Consumer 收入下降 2%，按固定匯率計算增長 3%，Microsoft 365 訂閱量持續增長，增長 12% 至 6320 萬，部分被我們交易業務的下滑所抵消。受人才解決方案增長的推動，LinkedIn 收入按固定匯率計算分別增長 10% 和 14%，部分被之前提到的廣告趨勢導致的營銷解決方案疲軟所抵消。

Dynamics revenue grew 13% and 20% in constant currency, driven by Dynamics 365, which grew 21% and 29% in constant currency. Segment gross margin dollars increased 8% and 16% in constant currency, and gross margin percentage increased roughly 1 point year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage decreased slightly, driven by sales mix shift to cloud offerings.

在 Dynamics 365 的推動下，按固定匯率計算，Dynamics 收入增長了 13% 和 20%，按固定匯率計算分別增長了 21% 和 29%。按固定匯率計算，該部門毛利率分別增長 8% 和 16%，毛利率同比增長約 1 個百分點。剔除會計估計變更的影響，毛利率略有下降，這是受銷售組合轉向雲產品的推動。

Operating expense increased 12% and 14% in constant currency, including roughly 5 points from the Q2 charge. Operating income increased 6% and 17% in constant currency as the 3 points of favorable impact due to the change in accounting estimate were offset by 3 points of unfavorable impact from the Q2 charge noted earlier.

按固定匯率計算，運營費用分別增長了 12% 和 14%，其中包括來自第二季度費用的大約 5 個百分點。營業收入按固定匯率計算分別增長 6% 和 17%，因為會計估計變更帶來的 3 個有利影響被之前提到的第二季度費用帶來的 3 個不利影響所抵消。

Next, the Intelligent Cloud segment. Revenue was $21.5 billion, increasing 18% and 24% in constant currency, in line with expectations. Overall, server products and cloud services revenue increased 20% and 26% in constant currency. Azure and other cloud services revenue grew 31% and 38% in constant currency. As noted earlier, growth continued to moderate, particularly in December, and we exited the quarter with Azure constant currency growth in the mid-30s.

接下來是智能雲部分。收入為 215 億美元，按固定匯率計算分別增長 18% 和 24%，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 20% 和 26%。 Azure 和其他雲服務收入按固定匯率計算分別增長了 31% 和 38%。如前所述，增長繼續放緩，尤其是在 12 月，我們以 Azure 在 30 年代中期的恆定貨幣增長結束了本季度。

In our per user business, the Enterprise Mobility and Security installed base grew 16% to over 241 million seats with impact from the slowdown in growth of new business noted earlier. In our on-premises server business, revenue decreased 2% and increased 2% in constant currency, with continued hybrid demand offset by weakness in transactional licensing. Enterprise Services revenue grew 2% and 7% in constant currency. Segment gross margin dollars increased 17% and 23% in constant currency, and gross margin percentage decreased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage declined roughly 3 points, driven by sales mix shift to Azure and higher energy costs.

在我們的每用戶業務中，受前面提到的新業務增長放緩的影響，企業移動性和安全性安裝基數增長了 16%，超過 2.41 億個席位。在我們的本地服務器業務中，收入下降了 2%，按固定匯率計算增長了 2%，持續的混合需求被交易許可的疲軟所抵消。企業服務收入按固定匯率計算分別增長 2% 和 7%。按固定匯率計算，該部門毛利率分別增長 17% 和 23%，毛利率略有下降。排除會計估計變更的影響，毛利率下降約 3 個百分點，這是由於銷售組合轉向 Azure 和更高的能源成本。

Operating expenses increased 34% and 37% in constant currency, including roughly 13 points of impact from the Q2 charge noted earlier and roughly 7 points of impact from the Nuance acquisition. Operating income grew 7% and 15% in constant currency as roughly 7 points of favorable impact of the change in accounting estimate was offset by approximately 7 points of unfavorable impact from the Q2 charge.

按固定匯率計算，運營費用分別增長了 34% 和 37%，其中包括之前提到的第二季度費用帶來的大約 13 個點的影響以及 Nuance 收購帶來的大約 7 個點的影響。按固定匯率計算，營業收入分別增長 7% 和 15%，因為會計估計變更帶來的大約 7 個有利影響被第二季度費用帶來的大約 7 個不利影響所抵消。

Now to More Personal Computing. Revenue was $14.2 billion, decreasing 19% and 16% in constant currency, below expectations driven by Surface, Windows Commercial and Search. Windows OEM revenue decreased 39% year-over-year, in line with expectations. Excluding the impact from the Windows 11 deferral last year, revenue declined 36% on a strong prior year comparable. Devices revenue decreased 39% to 34% in constant currency, below expectations due to execution challenges on new product launches.

現在轉向更多個人計算。收入為 142 億美元，按固定匯率計算分別下降 19% 和 16%，低於受 Surface、Windows Commercial 和 Search 推動的預期。 Windows OEM 收入同比下降 39%，符合預期。排除去年 Windows 11 延期的影響，收入較上年強勁下降 36%。由於新產品發布的執行挑戰，設備收入按固定匯率計算下降了 39% 至 34%，低於預期。

Windows Commercial products and cloud services revenue declined 3% and increased 3% in constant currency, lower than expected, primarily due to the slowdown in growth of new business and stand-alone offerings noted earlier. Search and news advertising revenue ex TAC increased 10% and 15% in constant currency, a bit lower than expected, as noted earlier. Our Edge browser gained more share than expected this quarter. The Xandr acquisition contributed roughly 6 points of benefit.

Windows Commercial 產品和雲服務收入按固定匯率計算下降了 3%，增長了 3%，低於預期，這主要是由於之前提到的新業務和獨立產品的增長放緩。如前所述，不包括 TAC 的搜索和新聞廣告收入按固定匯率計算分別增長 10% 和 15%，略低於預期。我們的 Edge 瀏覽器本季度獲得的份額超過預期。 Xandr 的收購貢獻了大約 6 個收益點。

And in gaming, revenue declined 13% and 9% in constant currency, in line with expectations. Xbox hardware revenue declined 13% and 9% in constant currency. Xbox content and services revenue declined 12% and 8% in constant currency, given the strong first-party content last year. Segment gross margin dollars declined 29% and 24% in constant currency, and gross margin percentage decreased roughly 7 points year-over-year, driven by lower device gross margin and sales mix shift to lower-margin businesses.

在遊戲方面，收入按固定匯率計算分別下降 13% 和 9%，符合預期。 Xbox 硬件收入按固定匯率計算分別下降 13% 和 9%。考慮到去年第一方內容的強勁表現，Xbox 內容和服務收入按固定匯率計算分別下降了 12% 和 8%。按固定匯率計算，該部門的毛利率下降了 29% 和 24%，毛利率同比下降約 7 個百分點，這是由於設備毛利率下降和銷售組合轉向利潤率較低的業務。

Operating expenses increased 6% and 9% in constant currency, including roughly 6 points of impact from the Q2 charge noted earlier and 3 points of impact from the Xandr acquisition. Operating income decreased 47% and 40% in constant currency, including roughly 6 points of unfavorable impact from the Q2 charge noted earlier.

按固定匯率計算，運營費用分別增長了 6% 和 9%，其中包括之前提到的第二季度費用帶來的大約 6 個影響點和 Xandr 收購帶來的 3 個點影響。按固定匯率計算，營業收入分別下降了 47% 和 40%，其中包括前面提到的第二季度費用帶來的大約 6 個不利影響。

Now back to total company results. Capital expenditures, including finance leases, were $6.8 billion to support cloud demand. Cash paid for PP&E was $6.3 billion. Cash flow from operations was $11.2 billion, down 23% year-over-year as strong cloud billings and collections were more than offset by a tax payment related to the TCJA capitalization of R&D provision as well as higher employee and supplier payments. Free cash flow was $4.9 billion, down 43% year-over-year. Excluding the impact of this tax payment, cash flow from operations declined 7% and free cash flow declined 16%.

現在回到公司總業績。包括融資租賃在內的資本支出為 68 億美元，用於支持雲需求。為 PP&E 支付的現金為 63 億美元。運營現金流為 112 億美元，同比下降 23%，因為強勁的雲賬單和收款被與 TCJA 研發撥備資本化相關的稅款以及更高的員工和供應商付款所抵消。自由現金流為 49 億美元，同比下降 43%。排除此次納稅的影響，運營現金流下降 7%，自由現金流下降 16%。

This quarter, other income and expense was negative $60 million, lower than anticipated, driven by a mark-to-market loss on a forward share purchase agreement. Our effective tax rate was approximately 19%. And finally, we returned $9.7 billion to shareholders through share repurchases and dividends.

本季度，其他收入和支出為負 6000 萬美元，低於預期，這是受遠期股票購買協議按市值計價損失的推動。我們的有效稅率約為 19%。最後，我們通過股票回購和派息向股東返還了 97 億美元。

Now moving to our Q3 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 continue to work towards closing in fiscal year 2023, subject to obtaining required regulatory approvals.

現在轉向我們的第三季度展望，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 Activision 的任何影響，我們將繼續努力爭取在 2023 財年結束，但須獲得所需的監管批准。

First, FX. Based on current rates, we now expect FX to decrease total revenue growth by approximately 3 points, COGS growth by 1 point and operating expense growth by 2 points. Within the segments, we anticipate roughly 4 points of negative impact on revenue growth in Productivity and Business Processes; 3 points in Intelligent Cloud; and 2 points in More Personal Computing. In our Consumer business, Windows OEM and devices will see continued declines as the PC market returns to pre-pandemic levels. And LinkedIn and Search will be impacted as ad market spending remains a bit cautious.

首先，外匯。根據當前匯率，我們現在預計外匯會使總收入增長減少約 3 個百分點，銷貨成本增長減少 1 個百分點，營業費用增長減少 2 個百分點。在這些細分市場中，我們預計生產力和業務流程的收入增長將受到大約 4 個負面影響；智能雲3分；在更多個人計算中獲得 2 分。在我們的消費者業務中，隨著 PC 市場恢復到大流行前的水平，Windows OEM 和設備將繼續下滑。 LinkedIn 和 Search 將受到影響，因為廣告市場支出仍然有點謹慎。

In our Commercial business, we expect business trends that we saw at the end of December to continue into Q3. While customers are more cautious in their spend, we also have the opportunity to improve our execution, given our strong position in global growth markets. In commercial bookings, with a declining expiry base and the strong prior year comparable in terms of large Azure contracts, we expect growth to be relatively flat over year. We expect consistent execution across our core and with the sales motions and continued commitments to our platform will be offset by impact from the slowdown of new business noted earlier and 3 points of unfavorable impact from the inclusion of Nuance in the prior year.

在我們的商業業務中，我們預計我們在 12 月底看到的業務趨勢將持續到第三季度。雖然客戶在消費方面更加謹慎，但鑑於我們在全球增長市場中的強勢地位，我們也有機會提高我們的執行力。在商業預訂方面，由於到期基數下降，而且就大型 Azure 合同而言，前一年表現強勁，我們預計同比增長將相對持平。我們預計，我們核心業務的一致執行以及銷售動議和對我們平台的持續承諾將被前面提到的新業務放緩的影響以及上一年 Nuance 的 3 點不利影響所抵消。

Microsoft Cloud gross margin percentage should be up roughly 1 point year-over-year, driven by the accounting estimate change noted earlier. Excluding that impact, Q3 cloud gross margin percentage will decrease roughly 1 point, driven by Azure. 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. Our data center investments continue to be based on a near-term and longer-term customer demand, including AI opportunities.

受早前提到的會計估計變化的推動，微軟雲計算毛利率應同比增長約 1 個百分點。排除這一影響，在 Azure 的推動下，第三季度雲計算毛利率將下降約 1 個百分點。在資本支出方面，我們預計雲基礎設施建設時間的正常季度支出變化會以美元為基礎連續增長。我們的數據中心投資繼續基於近期和長期的客戶需求，包括 AI 機會。

Next, segment guidance. In Productivity and Business Processes, we expect revenue to grow between 11% and 13% in constant currency or USD 16.9 billion to USD 17.2 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 1 point on a constant currency basis. In our on-premises business, we expect revenue to decline in the mid-20s. In Office Consumer, we expect revenue growth in the low single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect mid-single-digit revenue growth with continued strong engagement on the platform, although impacted by the advertising trends noted earlier and the slowdown in hiring, particularly in the technology industry, where we have significant exposure.

其次，細分指導。在生產力和業務流程方面，我們預計收入按固定匯率計算將增長 11% 至 13%，即 169 億美元至 172 億美元。在 Office Commercial 中，收入增長將再次由 Office 365 推動，客戶細分市場的席位增長以及 E5 帶來的 ARPU 增長。我們預計 Office 365 收入增長將按固定匯率計算依次降低約 1 個百分點。在我們的本地業務中，我們預計收入將在 20 年代中期下降。在 Office Consumer 中，我們預計在 Microsoft 365 訂閱的推動下，收入將以低個位數增長。對於 LinkedIn，我們預計隨著平台持續強勁的參與度，收入將實現中等個位數增長，儘管受到前面提到的廣告趨勢和招聘放緩的影響，特別是在我們有大量曝光的技術行業。

And in Dynamics, we expect revenue growth to be in the low to mid-teens, driven by continued growth in Dynamics 365, which is now over 80% of total Dynamics revenue. For Intelligent Cloud, we expect revenue to grow between 17% and 19% in constant currency or USD 21.7 billion to USD 22 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.

在 Dynamics 方面，我們預計在 Dynamics 365 持續增長的推動下，收入增長將處於中低水平，目前 Dynamics 365 佔 Dynamics 總收入的 80% 以上。對於智能雲，我們預計收入將以固定匯率計算增長 17% 至 19%，即 217 億美元至 220 億美元。收入將繼續由 Azure 驅動，提醒一下，Azure 可能會有季度變化，主要來自我們的每用戶業務和根據合同組合的期間收入確認。

In Azure, our per-user business should continue to benefit from Microsoft 365 suite momentum, though we expect continued moderation in growth rate given the size of the installed base. As I noted earlier, we exited Q2 with Azure growth in the mid-30s in constant currency. And from that, we expect Q3 growth to decelerate roughly 4 to 5 points in constant currency. FX impact in Azure is about 1 point more than at the segment level. In our on-premises server business, we expect revenue to decline low single digits as demand for our hybrid solutions will be more than offset by unfavorable FX impact. And in Enterprise Services, revenue should decline low to mid-single digits, driven by Microsoft Consulting Services.

在 Azure 中，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，儘管我們預計鑑於安裝基數的規模，增長率將繼續放緩。正如我之前指出的那樣，我們以固定匯率在 30 年代中期隨著 Azure 的增長退出了第二季度。由此，我們預計第三季度的增長將以固定匯率計算下降大約 4 到 5 個百分點。 Azure 中的 FX 影響比細分級別高約 1 個百分點。在我們的本地服務器業務中，我們預計收入將下降個位數，因為對我們的混合解決方案的需求將被不利的外匯影響所抵消。在企業服務方面，在微軟諮詢服務的推動下，收入應該會下降到中等個位數。

In More Personal Computing, we expect revenue of USD 11.9 billion to USD 12.3 billion. Windows OEM revenue should decline in the mid- to high 30s, in line with the PC market. We expect Q3 PC units to be similar to pre-pandemic levels. In devices, revenues should decline in the mid-40s as we work through the execution challenges noted earlier. In Windows Commercial products and cloud services on a strong prior year comparable, revenue should be relatively flat as customer demand for Microsoft 365 and our advanced security solutions will be partially offset by the slowdown in new business noted earlier.

在更多個人計算領域，我們預計收入為 119 億美元至 123 億美元。 Windows OEM 收入應該會在 30 年代中期到中期下降，與 PC 市場一致。我們預計第三季度 PC 出貨量將與大流行前水平相似。在設備方面，隨著我們應對前面提到的執行挑戰，收入應該會在 40 年代中期下降。在 Windows 商業產品和雲服務中，與上一年相比，收入應該相對持平，因為客戶對 Microsoft 365 的需求和我們的高級安全解決方案將被之前提到的新業務放緩部分抵消。

Search and news advertising ex TAC should grow high single digits, roughly 7 points faster than overall search and news advertising revenue, driven by continued volume strength supported by Edge browser share gains and the inclusion of Xandr.

在 Edge 瀏覽器份額增長和 Xandr 的支持下，搜索和新聞廣告（不包括 TAC）應該會實現高個位數增長，比整體搜索和新聞廣告收入快大約 7 個百分點。

And in gaming. On a prior year comparable that benefited from increased console supply, we expect revenue to decline in the high single digits. We expect Xbox content and services revenue to decline in the low single digits as growth in Xbox Game Pass subscriptions will be more than offset by lower monetization per hour and third-party and first-party content.

在遊戲中。與受益於控制台供應增加的前一年相比，我們預計收入將以高個位數下降。我們預計 Xbox 內容和服務收入將以低個位數下降，因為 Xbox Game Pass 訂閱的增長將被每小時較低的貨幣化以及第三方和第一方內容所抵消。

Now back to company guidance. We expect COGS to grow between 1% and 2% in constant currency or to be between USD 15.65 billion and USD 15.85 billion and operating expense to grow between 11% and 12% at constant currency or be USD 14.7 billion to USD 14.8 billion. Other income and expense should be roughly $200 million as interest income is expected to more than offset interest expense. As a reminder, we are required to recognize mark-to-market gains and losses on our equity portfolio, which can increase quarterly volatility. We expect our Q3 effective tax rate to be between 19% and 20%. And finally, as a reminder, for Q3 cash flow, we expect to make a $1.2 billion cash tax payment related to the TCJA capitalization of R&D provision.

現在回到公司指導。我們預計 COGS 按固定匯率計算將增長 1% 至 2%，即 156.5 億美元至 158.5 億美元，運營費用按固定匯率計算將增長 11% 至 12%，即 147 億美元至 148 億美元。其他收入和支出應約為 2 億美元，因為預計利息收入將超過利息支出。提醒一下，我們需要確認股票投資組合的按市值計價的收益和損失，這可能會增加季度波動性。我們預計我們第三季度的有效稅率將在 19% 到 20% 之間。最後，提醒一下，對於第三季度的現金流，我們預計將支付 12 億美元與 TCJA 研發準備金資本化相關的現金稅款。

Now some thoughts on H2 and the full year. First, in our Commercial business, revenue grew 20% on a constant currency basis in H1. However, we now expect to see a deceleration in H2, given how we exited December. Next, higher energy costs for the full year are now expected to be $500 million compared to our previous estimate of $800 million. Third, as we continue to prioritize our investments and anniversary the Nuance and Xandr acquisitions, our Q4 operating expense growth should be in the low single digits in constant currency.

現在關於下半年和全年的一些想法。首先，在我們的商業業務中，上半年收入按固定匯率計算增長了 20%。然而，鑑於我們如何退出 12 月，我們現在預計下半年會出現減速。接下來，與我們之前估計的 8 億美元相比，現在預計全年的能源成本將增加 5 億美元。第三，隨著我們繼續優先考慮我們的投資和對 Nuance 和 Xandr 的收購，我們第四季度的運營費用增長應該是固定匯率的低個位數。

Finally, we remain committed to operational excellence, aligning cost and growth, investing in our customer success and leading the AI platform wave. As a result, when excluding the Q2 charge and favorable impact from the change in accounting estimate, we expect full year operating margins to be down roughly 1 point in constant currency and roughly 2 points in USD, even with the headwinds from materially lower OEM revenue and higher energy costs.

最後，我們仍然致力於卓越運營、協調成本和增長、投資於我們的客戶成功並引領 AI 平台浪潮。因此，如果排除第二季度費用和會計估計變更的有利影響，我們預計全年營業利潤率按固定匯率計算將下降約 1 個百分點，按美元計算將下降約 2 個百分點，即使受到 OEM 收入大幅下降的不利影響和更高的能源成本。

In the first half of the year, over 70% of our revenue came from our Commercial business and over 70% of that from Microsoft Cloud. We have a resilient foundation and durable growth markets where we are gaining share. I'm confident in the ability of our Microsoft team to manage the near term by continuing to position ourselves for the future. With that, let's go to Q&A. Brett?

上半年，我們超過 70% 的收入來自我們的商業業務，其中超過 70% 來自微軟雲。我們擁有穩固的基礎和持久增長的市場，我們正在這些市場中獲得份額。我對我們的 Microsoft 團隊通過繼續為未來定位自己來管理近期的能力充滿信心。有了這個，讓我們去問答。布雷特？

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

謝謝，艾米。我們現在轉到問答環節。 （操作員說明）喬，你能重複一下你的說明嗎？

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

（操作員說明）我們的第一個問題來自 Keith Weiss 與摩根士丹利的合作。

I was hoping we could delve into the expansion of the investment into OpenAI. Satya, I was hoping you could talk to us about is there any expansion in the scope of what you guys are already doing with OpenAI and the commitment that you guys are making in terms of sort of the compute capacity you're going to be giving to them?

我希望我們能夠深入研究擴大對 OpenAI 的投資。 Satya，我希望你能和我們談談你們已經在使用 OpenAI 做的事情的範圍是否有任何擴展，以及你們在將要提供的計算能力方面做出的承諾給他們？

And then maybe as from an investor's perspective, how should we think about when this functionality is going to become -- expand beyond just sort of the Azure OpenAI services, and when we're going to start to see some of the positive impacts to perhaps Bing or the productivity suite or more broadly across the solution portfolio?

然後也許從投資者的角度來看，我們應該如何考慮這個功能何時會成為——擴展到 Azure OpenAI 服務之外，以及我們何時開始看到一些積極的影響，也許Bing 或生產力套件或更廣泛的解決方案組合？

Thank you so much, Keith, for the question. So as you know, we started the OpenAI partnership now in 3 years, 3.5 years ago. And we've been actually working very hard on a lot of elements of this partnership over the last 3 years. And so I think the way for our investors to see this is we fundamentally believe that the next big platform wave, as I said, is going to be AI and be strong.

基思，非常感謝你提出這個問題。如您所知，我們在 3 年，3.5 年前就開始了 OpenAI 合作夥伴關係。在過去的 3 年裡，我們實際上一直在非常努力地處理這種夥伴關係的許多要素。因此，我認為我們的投資者看到這一點的方式是，我們從根本上相信，正如我所說，下一個大平台浪潮將是 AI 並且變得強大。

We also believe a lot of the enterprise value gets created by just being able to catch these waves and then have those waves impact every part of our tech stack and also create new solutions and new opportunities.

我們還相信，只要能夠抓住這些浪潮，然後讓這些浪潮影響我們技術堆棧的每個部分，並創造新的解決方案和新的機會，就可以創造很多企業價值。

So whenever we think about platform opportunities and platform shift opportunities, that's how we come at it, how can we essentially ride the wave for everything that we have today and make it more expansive and then what new can be created? So if you take that lens, the core of Azure or what is considered cloud computing fundamentally changes in its nature and how compute storage and network come together. That's, in some sense, under the radar, if you will. For the last 3.5, 4 years, we've been working very, very hard to build both the training supercomputers and now, of course, the inference infrastructure because once you use AI inside of your applications, it goes from just being training-heavy to inference.

因此，每當我們考慮平台機會和平台轉移機會時，我們就是這樣來的，我們如何才能從根本上駕馭我們今天擁有的一切的浪潮，讓它變得更加廣闊，然後可以創造出什麼新東西？因此，如果你從這個角度來看，Azure 的核心或所謂的雲計算從根本上改變了它的性質以及計算存儲和網絡的結合方式。從某種意義上說，如果您願意的話，那是在雷達之下。在過去的 3.5、4 年裡，我們一直非常、非常努力地構建訓練超級計算機，當然現在還有推理基礎設施，因為一旦你在應用程序中使用 AI，它就不再只是需要大量訓練進行推理。

So that's sort of, I think, core Azure itself is being transformed for the core infrastructure business, it's being transformed. And so you can see us with data beyond Azure OpenAI services even, think about what Synapse plus OpenAI APIs can do. We already have Power Platform incorporated capability. You could prompt the -- I mean one of the reasons why we are the leaders in robotic process automation and workflow automation today is because of some of the AI capabilities that we have in there.

因此，我認為，核心 Azure 本身正在為核心基礎設施業務進行轉型，它正在轉型。因此，您甚至可以看到我們擁有 Azure OpenAI 服務之外的數據，想想 Synapse 加上 OpenAI API 可以做什麼。我們已經具備 Power Platform 集成功能。你可以提示 - 我的意思是我們今天成為機器人過程自動化和工作流自動化領導者的原因之一是因為我們在那裡擁有的一些人工智能功能。

GitHub Copilot is, in fact, you would say, the most at-scale LLM-based product out there in the marketplace today. And so we fully expect us to sort of incorporate AI in every layer of the stack, whether it's in productivity, whether it's in our consumer services. And so we're excited about it. But I think that we're also excited about OpenAI's own innovation, right? So they commercialize their products. We're excited about the ChatGPT being built on Azure and having the traction it has.

事實上，您會說 GitHub Copilot 是當今市場上規模最大的基於 LLM 的產品。因此，我們完全希望我們能夠將 AI 納入堆棧的每一層，無論是在生產力方面，還是在我們的消費者服務方面。所以我們對此感到興奮。但我認為我們也對 OpenAI 自己的創新感到興奮，對吧？所以他們將他們的產品商業化。我們對在 Azure 上構建的 ChatGPT 以及它所具有的吸引力感到興奮。

So we look to both, there's an investment part to it and there's a commercial partnership. But fundamentally, it's going to be something that's going to drive, I think, innovation and competitive differentiation in every one of the Microsoft solutions by leading in AI.

因此，我們同時關注兩者，其中有投資部分，也有商業合作夥伴關係。但從根本上說，我認為，通過引領人工智能，這將推動微軟每一個解決方案的創新和競爭差異化。

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

我們的下一個問題來自 Brent Thill 與 Jefferies 的對話。

Satya, can you give us your overall macro view? There were some comments you had made that concerned, I think, many about the state of the U.S. spending environment. I'm just curious if you could comment and follow up on what you're seeing there just from a spend environment throughout the year. I think many came away with that seeming that you were saying it's getting worse, not better. Can you just give us a little more color on that?

Satya，你能給我們介紹一下你的整體宏觀觀點嗎？我認為，您發表的一些評論與美國支出環境的狀況有關。我只是想知道您是否可以評論並跟進您在全年支出環境中看到的內容。我想很多人都覺得你說的是情況變得更糟，而不是更好。你能給我們多一點顏色嗎？

Thank you, Brent, and first of all, I would make a comment which is sort of a global comment, not just a specific U.S. comment. I mean there is only -- I always sort of subscribe to that there's only 1 law of gravity that I think all of us are subject to, which is inflation-adjusted economic growth in the world. And then how many times that do we grow? Because as I said even in my comments, Brent, I fundamentally believe tech as a percentage of GDP is going to be much higher and on a secular basis.

謝謝你，布倫特，首先，我要發表的評論是全球評論，而不僅僅是特定的美國評論。我的意思是只有——我總是有點同意，我認為我們所有人都必須遵守的只有一條萬有引力定律，那就是世界上經通脹調整後的經濟增長。然後我們增長了多少倍？因為正如我什至在我的評論中所說，布倫特，我從根本上相信科技佔 GDP 的百分比將會更高，而且是長期的。

So the question is how many times is it, given the overall inflation-adjusted economic growth. So that's kind of how I look at it. Given that, I think the 2 things that we see, which we commented on that even in the last quarter, and it's even in the outlook, which is the thing that customers are doing is what they accelerated during the pandemic. They are making sure that they're getting most value out of it or optimizing it.

因此，考慮到經通脹調整後的整體經濟增長，問題是它是多少倍。所以這就是我的看法。鑑於此，我認為我們看到的兩件事，我們甚至在上個季度就對此發表了評論，甚至在展望中，客戶正在做的事情就是他們在大流行期間加速的事情。他們確保從中獲得最大價值或對其進行優化。

And then also being a bit more cautious on given the macroeconomic headwinds out there in the market. So given those 2 things, the point is at some point, the optimizations will end. In fact, the money that they save in any optimization of any workload is what they'll plow into workloads. And those workloads will start ramping up. And so one of the key things we are watching for, Brent, is to make sure that we are gaining share in this space through our value propositions and even build loyalty with our customers so that long term, we are well positioned for share gains. So that's sort of fundamentally how we view it.

考慮到市場上的宏觀經濟逆風，還要更加謹慎。因此，考慮到這兩件事，重點是在某個時候，優化將結束。事實上，他們在任何工作負載的任何優化中節省的錢就是他們將投入到工作負載中的錢。這些工作量將開始增加。因此，布倫特，我們正在關注的關鍵事情之一是確保我們通過我們的價值主張在這個領域獲得份額，甚至與我們的客戶建立忠誠度，以便從長遠來看，我們有能力獲得份額收益。所以這就是我們從根本上看待它的方式。

And then the other aspect I'd also say is simultaneously investing in this new AI trend because I don't think any application start that happens next is going to look like the application starts of 2019 or 2020. They're all going to have considerations around how is my AI inference performance, cost, model is going to look like? And that's where we are well positioned again. So that's how I view it.

然後我還要說的另一個方面是同時投資於這種新的 AI 趨勢，因為我認為接下來發生的任何應用程序啟動看起來都不會像 2019 年或 2020 年的應用程序啟動。他們都會有圍繞我的 AI 推理性能、成本和模型的外觀進行考慮？這就是我們再次處於有利地位的地方。這就是我的看法。

The market, you all are better readers of, quite frankly, what's happening out there. We can tell you what we see. What we see is optimization and some cautious approach to new workloads and that will cycle through, but we do fundamentally believe on a long-term basis, as a percentage of GDP, tech spend is going to go up.

坦率地說，市場，你們都是更好的讀者，了解那裡正在發生的事情。我們可以告訴你我們所看到的。我們看到的是對新工作負載的優化和一些謹慎的方法，這將循環進行，但我們從根本上相信，從長期來看，技術支出佔 GDP 的百分比將會上升。

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

我們的下一個問題來自 Mark Moerdler 與 Bernstein 的對話。

I'd like to follow up a little bit on this question relating to optimization. I know we saw some slowing this quarter. You're guiding to some slowing next quarter in Cloud and Azure. How much of that is -- do you believe at this point is truly people optimizing what they've already bought and stepping that before that versus how much of that is due to macro factors themselves specifically impacting demand?

我想跟進一下與優化有關的這個問題。我知道本季度我們看到了一些放緩。您正在指導下個季度雲計算和 Azure 的增長放緩。其中有多少——你認為此時人們真的在優化他們已經購買的東西並在此之前加強購買，而其中有多少是由於宏觀因素本身特別影響需求？

I'd say 2 things, and then, Amy, please feel free to add. One is, it absolutely is -- starts with workloads that they have at scale just because of the visibility one has on what's driving essentially the consumption meters. And there's real guidance that we ourselves emit in the product to say, here are the things that you do to optimize your billing. And so that's sort of what is the fundamental thing. When we say do more with less and how can we help, that's sort of the first place customers go to.

我會說兩件事，然後，艾米，請隨時添加。一個是，它絕對是 - 從他們擁有的大規模工作負載開始，只是因為人們對本質上驅動消費儀表的因素具有可見性。我們自己在產品中發出的真正指導是，這是您為優化計費所做的事情。這就是最基本的事情。當我們說用更少的錢做更多的事情以及我們如何提供幫助時，這是客戶首先要去的地方。

And then the next piece, really, I think, is going to be about how they take the optimization that they get and the savings they get in 1 workload and what new project starts. And that's where I think there's a reprioritization. When should we start the new projects? Those are the 2 things that are happening simultaneously. They don't perfectly match, but one of the things is they're looking to back some savings on some workloads and then start. So that's where I think a little bit of what has to happen is the cycle time where the optimization cycle finishes, the projects start and then the projects ramp.

然後下一篇，真的，我認為，將是關於他們如何進行他們獲得的優化以及他們在 1 個工作量中獲得的節省以及新項目的啟動。這就是我認為需要重新確定優先級的地方。我們應該什麼時候開始新項目？這些是同時發生的兩件事。它們並不完全匹配，但其中一件事是他們希望在某些工作負載上節省一些費用，然後再開始。所以這就是我認為必鬚髮生的一點是優化週期結束、項目開始然後項目啟動的周期時間。

And I think that, that's what, at least on the cloud consumption side, you're seeing. And on the per user side, it's slightly different, which is in per user also, there was real acceleration when it comes to purchases of per user licenses, whether it is for knowledge workers or frontline workers. And again, they're all now making sure that they're all getting used and the usage is going up.

我認為，至少在雲消費方面，這就是你所看到的。在每個用戶方面，它略有不同，在每個用戶方面，無論是知識工作者還是一線員工，在購買每個用戶許可證方面都有真正的加速。再一次，他們現在都在確保他們都被使用並且使用率正在上升。

Like when we look at our Office 365 usage, all those numbers are pretty up year-over-year in a substantial way. Like I gave you some of the Teams numbers. In fact, one of the things was, what will happen to Teams usage after the pandemic. Guess what? They're up. And so those are -- that's good news. And now once we cycle through that again, the seats will get added and premium, like I'm very, very excited about Teams Pro coming out in a couple of weeks. And those are all the things that people will be able to sort of use to ensure that the ARPUs are also going up a bit value.

就像我們查看 Office 365 的使用情況一樣，所有這些數字都在大幅增長。就像我給了你一些 Teams 號碼一樣。事實上，其中一件事是，大流行之後 Teams 的使用會發生什麼。你猜怎麼了？他們起來了。所以那些是 - 這是個好消息。現在，一旦我們再次循環，席位將得到增加和溢價，就像我對幾週後推出的 Teams Pro 感到非常非常興奮一樣。這些都是人們可以用來確保 ARPU 值也有所上升的所有東西。

And Mark, because I do think it's actually quite hard to separate from a driver perspective how much is optimization versus macro. It's all related when you start to say what's the best ROI I can get on every budget dollar I spend, and our job as a partner to so many of these customers is to help them do that. So Satya has talked a bit about Azure.

馬克，因為我確實認為從驅動程序的角度來看，實際上很難區分優化與宏觀有多大關係。當你開始說出我花費的每一美元預算可以獲得的最佳投資回報率時，這一切都是相關的，而我們作為這些客戶中的許多合作夥伴的工作就是幫助他們做到這一點。所以 Satya 談了一些關於 Azure 的事情。

Let me talk a little bit about the per user where the way it showed itself is we had very high renewal rates and very good suite performance at renewal, meaning what we tend to call internally recapture. While we had some more challenges on maybe a standalone sale of a new product, where the cycle is going to be a little longer, right, and you're going to have to show that cost savings. But the suite sale, the value in that showed itself in terms of strong E5. You can see the ARPU growth, and you can see the consistency potentially in both renewal rate and in, frankly, the Microsoft 365 performance.

讓我談談每個用戶，它顯示的方式是我們有非常高的續訂率和非常好的續訂套件性能，這意味著我們傾向於稱之為內部重新捕獲。雖然我們在新產品的獨立銷售方面遇到了更多挑戰，但周期會更長一些，對吧，你將不得不證明節省了成本。但是套件銷售，其中的價值在強大的 E5 方面表現出來。你可以看到 ARPU 的增長，你可以看到續訂率和 Microsoft 365 性能的潛在一致性。

Our next question comes from the line of Kash Rangan with Goldman Sachs.

我們的下一個問題來自 Kash Rangan 與高盛的合作。

Satya, I'm curious if you could talk about how long the cycle time for optimization lasts. Are we talking a couple of quarters, few quarters or multiple years? Because I do take your comment about tech spending as a percentage of global GDP going higher. So if that were to happen, this -- how do you frame the duration of this optimization that's happening in the industry?

Satya，我很好奇你能否談談優化的周期持續多長時間。我們是在談論幾個季度、幾個季度還是多年？因為我確實接受你關於科技支出佔全球 GDP 的百分比上升的評論。因此，如果發生這種情況，您如何確定行業中正在發生的這種優化的持續時間？

I mean I think that you can -- you have a workload, you optimize the workload and you start a new workload. So the thing that I would say is when you're done with optimizing a workload is when you are done with the cycle. So I think if you sort of say, when did we enter this -- we accelerated a bunch of workloads during the pandemic over a period of 2 years. So we are optimizing.

我的意思是我認為你可以——你有一個工作量，你優化了工作量，然後開始了一個新的工作量。所以我要說的是，當你完成優化工作負載時，就是當你完成循環時。所以我想如果你有點說，我們什麼時候進入這個 - 我們在 2 年的時間裡加速了大流行期間的大量工作量。所以我們正在優化。

I don't think we're going to take 2 years to optimize, but we're going to take this year to optimize. And then as we optimize the new projects start and the new project starts don't start instantly at their peak usage, they start and then they scale. And so those are the 2 cycles that will happen where there will be a time lag.

我認為我們不會花 2 年時間進行優化，但我們將在今年進行優化。然後，當我們優化新項目啟動時，新項目啟動不會在高峰使用時立即啟動，它們會啟動，然後擴展。因此，這就是將在有時間滯後的情況下發生的 2 個週期。

Got it. So it's a temporary adjustment before we start to get the full effect of the next set of workloads. Good to get that.

知道了。因此，在我們開始獲得下一組工作負載的全部效果之前，這是一個臨時調整。很高興得到那個。

That's correct. That's correct.

這是正確的。這是正確的。

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

下一個問題來自瑞銀集團的 Karl Keirstead。

This one for Amy. Amy, given the obviously tough environment, it sounds like reaching that full fiscal year 20% constant currency Commercial revs guide would be tough. Is that also true for the soft guidance for 10%-plus total revenue growth for the year? And if I could just sneak in a clarification, Amy, just because it's an important metric. When you talk about a 4- to 5-point decel in Azure, that's off of the 38% reported for December, right, not off the 35% exit rate?

這是給艾米的。艾米，考慮到明顯艱難的環境，聽起來要達到整個財政年度 20% 的固定貨幣商業轉速指南是很困難的。對於今年總收入增長 10% 以上的軟性指導是否也是如此？如果我能偷偷澄清一下，艾米，因為這是一個重要的指標。當你談論 Azure 的 4 到 5 個百分點的減速時，這與 12 月份報告的 38% 相比，對吧，而不是 35% 的退出率？

It's all -- Karl, let me just -- the first half of your question, give me a second. On the second half of your question, which is the guide off the exit rate, it's off the exit rate on Azure of 4 to 5 points, just to make sure that is clear. In terms of thinking about total year revenue, right, I did not comment on full year revenue as we continue, I think, really just to watch the Windows PC market as it returns to pre-pandemic levels.

全部 - 卡爾，讓我 - 你問題的前半部分，請稍等一下。關於你問題的後半部分，這是退出率的指南，它與 Azure 的退出率相差 4 到 5 個百分點，只是為了確保這一點很清楚。就全年總收入而言，我沒有對全年收入發表評論，因為我認為，實際上只是為了觀察 Windows PC 市場恢復到大流行前的水平。

Outside of that, as you can see, the trends are relatively consistent. So in some points, it's important because if you look at the operating income margin guidance that I talked about, the fact that we are guiding to really only 1 point of margin deceleration for the year on a constant currency basis with probably over $2 billion of headwind from the OEM business from what we had anticipated heading into the year, the focus on margins, the focus on prioritization, the focus on putting our investments into where we know they have high return, I actually feel quite good about the place that puts us in as we exit the year in terms of -- and the right energy, right, or leaving the year in Q4 on leverage.

除此之外，如您所見，趨勢相對一致。所以在某些方面，這很重要，因為如果你看一下我談到的營業收入利潤率指導，我們指導的事實是，在固定匯率的基礎上，我們今年的利潤率實際上只有 1 個百分點的下降，可能超過 20 億美元來自 OEM 業務的逆風來自我們對進入今年的預期，對利潤率的關注，對優先級的關注，對將我們的投資投入我們知道有高回報的地方的關注，實際上我對這個地方感覺很好我們在我們退出這一年時 - 以及正確的能量，正確的，或者在第四季度離開這一年的槓桿作用。

Our next question comes from the line of Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Amy, I wanted to ask about the expense actions that you announced last week. Obviously, not a decision that you would take lightly. How are you thinking about headcount for the remainder of the year and the possibility for further expense actions, if necessary? And what criteria do you consider in making these decisions?

艾米，我想問一下你上周宣布的開支行動。顯然，這不是一個你會掉以輕心的決定。您如何考慮今年剩餘時間的員工人數以及進一步支出行動的可能性（如有必要）？您在做出這些決定時考慮的標準是什麼？

Brad, listen, thanks for that question. Obviously, as we think about the Q4 guidance around low single-digit operating expense growth, we start to, as you know, sort of lap certain real acceleration points that we had last year. And we lapped the acquisitions both of Nuance and of Xandr. So by the time that we get to the end of Q4, you'll see very moderated headcount growth on a year-over-year basis in addition to some of the prioritization decisions we've made.

布拉德，聽著，謝謝你提出這個問題。顯然，當我們考慮圍繞低個位數運營費用增長的第四季度指導時，如您所知，我們開始在某種程度上超越去年的某些實際加速點。我們完成了對 Nuance 和 Xandr 的收購。因此，到第四季度末時，除了我們做出的一些優先級決策外，您還會看到員工人數同比增長非常緩和。

And you're right. We take decisions, like the one we had to make to get our cost structure more in line with revenue, just incredibly seriously because we have lots of very talented people who were impacted by that. And so I do think that we feel confident in that exit rate. As I said, it will certainly imply that year-over-year growth, as we lap some of the investments that we've made, will be quite small.

你是對的。我們做出決定，就像我們必須做出的讓我們的成本結構更符合收入的決定，非常認真，因為我們有很多非常有才華的人受到了影響。所以我確實認為我們對退出率充滿信心。正如我所說，這肯定意味著隨著我們進行一些投資，同比增長將非常小。

Our next question comes from the line of Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 與 Stifel 的對話。

On Office 365 Commercial, with you guys approaching 400 million seats and the E5 business really starting to accelerate here on that consolidated sort of expense ROI that you're putting forth, should we think about the growth there more evenly balanced between seats and ARPU going forward or still to continue to favor seats?

在 Office 365 商業版上，隨著你們接近 4 億席位，E5 業務在你們提出的那種綜合費用投資回報率上真正開始加速，我們是否應該考慮席位和 ARPU 之間的增長更加平衡還是繼續看好席位？

Yes. That's a good question, especially because this quarter, you started to see a little bit more of that ARPU influence. And as you might have gathered from your question and I'll just reinforce it, as we see some of this moderating seat growth, whether that's some of the new SKU weakness that we had talked about, some of the stand-alone stuff, you're starting to also see E5 ARPU happen at the same time. So it does create some stability in that Office 365 Commercial revenue number. So we're seeing still good seat growth, still growth across all workloads.

是的。這是一個很好的問題，尤其是因為本季度，您開始看到更多的 ARPU 影響。正如你可能從你的問題中得出的結論，我將加強它，因為我們看到一些這種緩和的席位增長，無論這是我們談到的一些新的 SKU 弱點，一些獨立的東西，你我們也開始看到 E5 ARPU 同時發生。因此，它確實在 Office 365 商業收入數字中創造了一些穩定性。所以我們看到席位增長仍然很好，所有工作負載都在增長。

And as you're pointing out, we're getting further into the E5 health, where we've seen, I want to say, 4 or 5 really good quarters of E5 adoption. The value there is just very high for customers in this environment between analytics, security, and I think we've given some, I think, good security data points in terms of adoption and voice. This is a place where customers can save money by moving to this suite. And I do think you're starting to see some of that ARPU help.

正如您所指出的那樣，我們正在進一步了解 E5 的健康狀況，我想說，我們已經看到 4 或 5 個非常好的 E5 採用季度。在這種環境中，分析、安全之間的客戶價值非常高，我認為我們已經在採用和語音方面提供了一些良好的安全數據點。這是客戶可以通過搬到這間套房來省錢的地方。而且我確實認為您開始看到 ARPU 的一些幫助。

And we're also investing in outside of Microsoft 365 in other per user workloads. We were -- being a new suite, Power Platform on its own and even stand-alone offers like even Teams Pro and what have you. So there's a significant amount of work we want to do besides sort of the suites that we all sort of have at scale.

我們還在 Microsoft 365 之外投資其他每用戶工作負載。我們是 - 作為一個新套件，Power Platform 本身甚至是獨立的產品，例如 Teams Pro 和您擁有的產品。因此，除了我們都擁有的各種規模的套件之外，我們還想做大量的工作。

Joe, we have time for 1 last question.

喬，我們有時間回答最後一個問題。

Our next question comes from the line of Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

I wanted to ask just about how your visibility has changed in terms of some of the larger Azure customer ramps. Could you just comment on, to the extent those large customer ramps or if any of those projects are getting put on pause? And then is there any way to just kind of quantify the AI potential contribution or maybe GPU-powered contribution that Azure that you're expecting over the coming quarters?

我想問一下，在一些較大的 Azure 客戶增長方面，您的知名度發生了怎樣的變化。您能否就那些大客戶的增長或這些項目中的任何一個是否被暫停發表評論？然後有什麼方法可以量化 AI 的潛在貢獻，或者 Azure 在未來幾個季度的預期貢獻？

On the second piece, I think it's too early to sort of start somehow separating out AI from the rest of the workload. I mean even the workloads themselves, AI is just going to be a core part of a workload in Azure versus just AI alone. So in other words, if you have an application that's using a bunch of inference, let's say, it's also going to have a bunch of storage, and it's going to have a bunch of other compute beyond GPU inferencing, if you will. So I think over time, obviously, I think every app is going to be an AI app. That's, I think, the best way to think about this transformation.

在第二部分，我認為現在開始以某種方式將 AI 從其餘工作負載中分離出來還為時過早。我的意思是即使是工作負載本身，AI 也將成為 Azure 中工作負載的核心部分，而不僅僅是 AI。所以換句話說，如果你有一個應用程序正在使用一堆推理，比方說，它也會有一堆存儲，並且它會在 GPU 推理之外有一堆其他計算，如果你願意的話。所以我認為隨著時間的推移，很明顯，我認為每個應用程序都將成為一個人工智能應用程序。我認為，這是思考這種轉變的最佳方式。

On your characterization of the large customers, whether there is any changes in their trajectory, I would say I'd point back to, I think, some of the commentary around every large customer is looking to optimize the workloads that they have at scale today and plow some of that money back that they save into new project stock. So that's sort of what the classic pattern of large customers is.

關於您對大客戶的描述，無論他們的發展軌跡是否有任何變化，我想說我要指出的是，我認為圍繞每個大客戶的一些評論都在尋求優化他們今天擁有的大規模工作負載並將他們節省的部分資金投入到新的項目庫存中。這就是大客戶的經典模式。

Sometimes you have ISVs who are different, right? So if an ISV is optimizing, they're optimizing and say, what is the

有時你有不同的獨立軟件開發商，對吧？因此，如果 ISV 正在優化，他們正在優化並說，什麼是

(technical difficulty)

（技術難度）

Ladies and gentlemen, please stand by.

女士們先生們，請稍候。

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.

今天的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。

Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

女士們，先生們，今天的會議到此結束。此時您可以斷開線路。感謝您的參與。