微軟 (MSFT) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2023 Third 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 of Investor Relations. Please go ahead.

您好，歡迎參加微軟 2023 財年第三季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、投資者關係副總裁 Brett Iversen。請繼續。

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. Additionally, new this quarter, more detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.

下午好，感謝您今天加入我們。與我一起參加電話會議的還有董事長兼首席執行官薩蒂亞·納德拉 (Satya Nadella)；艾米·胡德 (Amy Hood)，首席財務官； Alice Jolla，首席會計官；以及副總法律顧問 Keith Dolliver。在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們在今天電話會議上的準備好的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的對帳。此外，本季新增的更詳細的展望幻燈片將在今天的電話會議上我們在微軟投資者關係網站上提供。

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 third quarter performance in addition to the impact these items and events have on the financial results.

在本次電話會議中，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依照 GAAP 編製的財務績效指標。它們作為額外的澄清項目，旨在幫助投資者進一步了解公司第三季度的業績以及這些項目和事件對財務結果的影響。

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

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

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

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

During this call, we'll be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, 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.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預期或其他陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。由於今天的收益新聞稿、本次電話會議中的評論以及我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他報告和文件中的風險因素部分中討論的因素，實際結果可能會有重大差異。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

Thank you very much, Brett. The Microsoft Cloud delivered over $28 billion in quarterly revenue, up 22% and 25% in constant currency, demonstrating our continued leadership across the tech stack. We continue to focus on 3 priorities: first, helping customers use the breadth and depth of the Microsoft Cloud to get the most value out of their digital spend; second, investing to lead in the new AI wave across our solution areas and expanding our TAM; and third, driving operating leverage, aligning our cost structure with our revenue growth.

非常感謝，布雷特。微軟雲端季度營收超過 280 億美元，以固定匯率運算成長 22% 和 25%，證明了我們在整個科技領域的持續領導地位。我們繼續關註三個優先事項：首先，幫助客戶利用 Microsoft Cloud 的廣度和深度來從他們的數位支出中獲得最大價值；第二，投資引領我們解決方案領域的新一輪人工智慧浪潮，並擴大我們的 TAM；第三，提高經營槓桿，使我們的成本結構與收入成長保持一致。

Now I'll highlight examples of our progress, starting with infrastructure. Azure took share as customers continue to choose our ubiquitous computing fabric from cloud to edge, especially as every application becomes AI-powered. We have the most powerful AI infrastructure and is being used by our partner, OpenAI, as well as NVIDIA and leading AI start-ups like Adept and Inflection to train large models.

現在我將重點介紹我們所取得的進展，首先是基礎設施。隨著客戶繼續選擇我們從雲端到邊緣的普適運算結構，尤其是當每個應用程式都由人工智慧驅動時，Azure 的市場份額不斷擴大。我們擁有最強大的 AI 基礎設施，我們的合作夥伴 OpenAI、NVIDIA 以及 Adept 和 Inflection 等領先的 AI 新創公司正在使用它來訓練大型模型。

Our Azure OpenAI service brings together advanced models, including ChatGPT and GPT-4 with the enterprise capabilities of Azure. From Coursera and Grammarly to Mercedes-Benz and Shell, we now have more than 2,500 Azure OpenAI service customers, up 10x quarter-over-quarter.

我們的 Azure OpenAI 服務將包含 ChatGPT 和 GPT-4 在內的高階模型與 Azure 的企業功能結合在一起。從 Coursera 和 Grammarly 到梅賽德斯奔馳和殼牌，我們現在擁有超過 2,500 個 Azure OpenAI 服務客戶，季增 10 倍。

Just last week, Epic Systems shared that it was using Azure OpenAI Service to integrate this next generation of AI with its industry-leading EHR software. Azure also powers OpenAI API, and we are pleased to see brands like Shopify and Snap use the API to integrate OpenAI's models. More broadly, we continue to see the world's largest enterprises migrate key workloads to our cloud. Unilever, for example, went all in on Azure this quarter in one of the largest-ever cloud migrations in the consumer goods industry.

就在上週，Epic Systems 宣布正在使用 Azure OpenAI 服務將下一代 AI 與其領先業界的 EHR 軟體整合。 Azure 也為 OpenAI API 提供支持，我們很高興看到 Shopify 和 Snap 等品牌使用該 API 來整合 OpenAI 的模型。更廣泛地說，我們繼續看到世界上最大的企業將關鍵工作負載遷移到我們的雲端。例如，聯合利華本季全力投入 Azure，這是消費品產業有史以來規模最大的雲端遷移之一。

IKEA Retail, ING Bank, Rabobank, Telstra and Wolverine Worldwide, all use Azure Arc to run Azure services across on-premise, edge and multi-cloud environments. We now have more than 15,000 Azure Arc customers, up over 150% year-over-year. And we are extending our infrastructure to 5G network edge with Azure for Operators. We are the cloud of choice for telcos. And at MWC last month, AT&T, Deutsche Telekom, Singtel and Telefónica all shared how they are using our infrastructure to modernize and monetize their networks.

IKEA Retail、ING Bank、Rabobank、Telstra 和 Wolverine Worldwide 皆使用 Azure Arc 在本機、邊緣和多雲環境中執行 Azure 服務。我們現在擁有超過 15,000 名 Azure Arc 客戶，較去年同期成長超過 150%。我們正在利用 Azure for Operators 將我們的基礎設施擴展到 5G 網路邊緣。我們是電信公司的首選雲端。在上個月的世界行動通訊大會 (MWC) 上，AT&T、德國電信、新加坡電信和西班牙電信都分享了他們如何利用我們的基礎設施來實現其網路的現代化和利潤。

Now on to data. Our intelligent data platform brings together databases, analytics and governance, so organizations can spend more time creating value and less time integrating their data estate. Cosmos DB is the go-to database, powering the world's most demanding workloads at any scale. OpenAI relies on Cosmos DB to dynamically scale their ChatGPT service, one of the fastest-growing consumer apps ever, enabling high reliability and low maintenance.

現在討論數據。我們的智慧數據平台將資料庫、分析和治理結合在一起，因此組織可以花更多時間創造價值，而花更少的時間整合其資料資產。 Cosmos DB 是首選資料庫，可為任何規模的世界上最苛刻的工作負載提供支援。 OpenAI 依靠 Cosmos DB 動態擴展其 ChatGPT 服務，這是有史以​​來成長最快的消費者應用程式之一，具有高可靠性和低維護成本。

The NBA uses Cosmos DB to ingest more than 10 million data points per game, helping teams optimize their gameplay. And we are taking share with our analytics solutions, companies like BP, Canadian Tire, Marks & Spencer and T-Mobile all rely on our end-to-end analytics to improve speed to insight.

NBA 使用 Cosmos DB 每場比賽提取超過 1000 萬個數據點，幫助球隊優化比賽玩法。我們正在透過分析解決方案吸引客戶，BP、Canadian Tire、Marks & Spencer 和 T-Mobile 等公司都依賴我們的端到端分析來提高洞察速度。

Now on to developers. From Visual Studio to GitHub, we have the most popular tools to help every developer go from idea to code and code to cloud, all while staying in their flow. Today, 76% of the Fortune 500 use GitHub to build, ship and maintain software. And with GitHub Copilot, the first at-scale AI developer tool, we are fundamentally transforming the productivity of every developer from novices to experts. In 3 months since we made Copilot for Business broadly available, over 10,000 organizations have signed up, including the likes of Coca-Cola and GM as well as Duolingo and Mercado Libre, all of which credit Copilot with increasing the speed for their developers.

現在談談開發人員。從 Visual Studio 到 GitHub，我們擁有最受歡迎的工具，可協助每位開發人員從創意到程式碼，再從程式碼到雲端，同時保持他們的流程。如今，76% 的財富 500 強企業使用 GitHub 來建置、發布和維護軟體。借助第一個大規模 AI 開發工具 GitHub Copilot，我們從根本上改變了每位開發人員的工作效率，從新手變成專家。自從我們廣泛推出 Copilot for Business 以來的 3 個月內，已有超過 10,000 個組織註冊，其中包括可口可樂和通用汽車以及 Duolingo 和 Mercado Libre 等公司，所有這些組織都認為 Copilot 提高了開發人員的速度。

We're also bringing next-generation AI to power platforms, so anyone can automate workflows, create apps or web pages, build virtual agents and analyze data using only natural language. More than 36,000 organizations have already used existing AI-powered capabilities in Power Platform. And with our new Copilot in Power Apps, we are extending these capabilities to end users who can interact with any app through conversation instead of clicks. All up, we now have nearly 33 million monthly active users of Power Platform, up nearly 50% year-over-year.

我們還將下一代人工智慧引入動力平台，因此任何人都可以自動化工作流程、建立應用程式或網頁、建立虛擬代理並僅使用自然語言分析資料。已有超過 36,000 個組織使用了 Power Platform 中現有的 AI 功能。借助 Power Apps 中的新 Copilot，我們將這些功能擴展到最終用戶，他們可以透過對話而不是點擊與任何應用程式進行互動。總的來說，我們現在每月有近 3,300 萬 Power Platform 活躍用戶，較去年同期成長近 50%。

Now on to business applications. From customer experience and service to finance and supply chain, we continue to take share across all categories we serve as organizations like Asahi, C.H. Robinson, E.ON, Franklin Templeton choose our AI-powered business applications to automate, simulate and predict every business process and function.

現在開始討論商業應用。從客戶體驗和服務到財務和供應鏈，我們作為朝日、C.H. 等組織，繼續在我們所服務的所有類別中佔據份額。羅賓遜、E.ON、富蘭克林鄧普頓選擇我們基於人工智慧的商業應用程式來自動化、模擬和預測每個業務流程和功能。

And we are going further with Dynamics 365 Copilot, which works across CRM and ERP systems to bring the next generation of AI to employees in every job function, reducing burdensome tasks like manual data entry, content generation and note taking.

我們將進一步推出 Dynamics 365 Copilot，它可以跨 CRM 和 ERP 系統運行，為每個工作職能的員工帶來下一代人工智慧，減少手動資料輸入、內容生成和筆記記錄等繁重的任務。

Now on to our industry and cross-industry solutions. Our cloud for sustainability is seeing strong adoption from companies in every industry, including BBC, Nissan and PCL as they deliver on their respective environmental commitments.

現在來談談我們的行業和跨行業解決方案。我們的永續發展雲正在得到各行各業公司的大力採用，包括 BBC、日產和 PCL，它們都在履行各自的環境承諾。

Our Cloud for Healthcare was front and center at HIMSS last week as we expanded our offerings for payers and added new AI-powered capabilities for providers. We showcased the first fully AI-automated clinical documentation application, Nuance DAX Express, which will bring GPT-4 to more than 550,000 existing users of Dragon Medical. And at Hannover Messe manufacturing trade show, Siemens shared how it will use a Teams app integrated with Azure OpenAI Service to optimize factory workflows.

上週，我們的醫療雲在醫療衛生資訊與管理系統協會 (HIMSS) 上成為焦點，我們擴大了針對付款人的產品服務範圍，並為提供者添加了新的人工智慧功能。我們展示了第一個完全 AI 自動化的臨床文件應用程式 Nuance DAX Express，它將把 GPT-4 帶給 Dragon Medical 的 55 萬多名現有用戶。在漢諾威工業博覽會製造業貿易展上，西門子分享如何使用與 Azure OpenAI 服務整合的 Teams 應用程式來最佳化工廠工作流程。

Now on to future work. Microsoft 365 Copilot combines next-generation AI with business data in the Microsoft Graph and Microsoft 365 applications, removing the drudgery and unleashing the creativity of work. Copilot works alongside users embedded in the Microsoft 365 applications millions use every day, and it also powers Business Chat, which uses natural language to surface information and insights based on business content and context. We've been encouraged by early feedback and look forward to bringing these experiences to more users in the coming months.

現在開始未來的工作。 Microsoft 365 Copilot 將新一代 AI 與 Microsoft Graph 和 Microsoft 365 應用程式中的業務資料結合，消除了繁瑣的工作並釋放了工作的創造力。 Copilot 與數百萬用戶每天使用的 Microsoft 365 應用程式中嵌入的用戶一起工作，它還為 Business Chat 提供支持，Business Chat 使用自然語言根據業務內容和背景顯示資訊和見解。早期的回饋令我們感到鼓舞，並期待在未來幾個月內將這些體驗帶給更多用戶。

Teams usage is at an all-time high and surpassed 300 million monthly active users this quarter, and we once again took share across every category from collaboration to chat to meetings to calling as we add value for existing customers and win new ones like ABN Amro, Jaguar Land Rover, Mattress Firm, Unisys and Vodafone. We announced a new version of Teams that delivers up to 2x faster performance while using 50% less memory so customers can collaborate more efficiently and prepare for experiences like Copilot.

Teams 的使用率達到了歷史最高水平，本季月活躍用戶超過 3 億，我們再次在協作、聊天、會議和通話等各個類別中佔據份額，為現有客戶增加了價值，並贏得了荷蘭銀行、捷豹路虎、Mattress Firm、Unisys 和沃達豐等新客戶。我們宣布推出新版 Teams，其效能提升高達 2 倍，同時記憶體佔用減少 50%，因此客戶可以更有效率地協作，並為 Copilot 等體驗做好準備。

Teams is also expanding our TAM. Nearly 60% of our enterprise Teams customers buy Teams Phone, Rooms or Premium. Teams Phone is the undisputed market leader in cloud calling, helping our customers reduce cost with a 3-year ROI of over 140%. Teams Rooms revenue more than doubled year-over-year, and Teams Premium meets enterprise demand for AI-powered features like intelligent recaps now generally available. It's one of our fastest-growing modern-world products ever with thousands of paid customers just 2 months in.

Teams 也在擴大我們的 TAM。我們有近 60% 的企業 Teams 客戶購買 Teams Phone、Rooms 或 Premium。 Teams Phone 是雲端呼叫領域無可爭議的市場領導者，幫助我們的客戶降低成本，3 年投資報酬率超過 140%。 Teams Rooms 營收年增一倍以上，Teams Premium 滿足了企業對人工智慧功能（如現已普遍提供的智慧回顧）的需求。這是我們迄今為止成長最快的現代產品之一，光是上線兩個月就擁有數千名付費客戶。

With Microsoft Viva, we have created a completely new suite for employee experience. Viva brings together goals, communication, learning, workplace analytics and employee feedback across industries, companies like Dell, Mastercard and SES are using Viva to help their employees thrive. Just last week, we announced Copilot for Viva, offering leaders a new way to build high-performance teams by prioritizing both productivity and employee engagement.

透過 Microsoft Viva，我們創建了一套全新的員工體驗套件。 Viva 將跨行業的目標、溝通、學習、工作場所分析和員工回饋結合在一起，戴爾、萬事達卡和 SES 等公司正在使用 Viva 來幫助他們的員工蓬勃發展。就在上週，我們宣布推出 Copilot for Viva，透過優先考慮生產力和員工參與度，為領導者提供一種打造高績效團隊的新方法。

And with Viva Sales, we've extended the platform to specific job functions, helping sellers apply large language models to their CRM and Microsoft 365 data so that they can automatically generate content like customer mail. All this innovation is driving growth across Microsoft 365, Ferrovial, Goldman Sachs, Novo Nordisk and Rogers all chose E5 to empower their employees with our best-in-class productivity apps along with advanced security, compliance, voice and analytics.

透過 Viva Sales，我們將平台擴展到特定的工作職能，幫助銷售人員將大型語言模型應用於他們的 CRM 和 Microsoft 365 數據，以便他們可以自動產生客戶郵件等內容。所有這些創新都在推動 Microsoft 365 的成長，Ferrovial、高盛、諾和諾德和羅傑斯都選擇了 E5，透過我們一流的生產力應用程式以及先進的安全性、合規性、語音和分析功能為其員工提供支援。

Now on to Windows. While the PC market continues to face headwinds, we again saw record monthly active Windows devices and higher usage compared to prepandemic. We're also seeing accelerated growth in Windows 11 commercial deployments. Over 90% of the Fortune 500 are currently trialing or have deployed Windows 11.

現在轉到 Windows。儘管 PC 市場繼續面臨阻力，但我們再次看到月度活躍 Windows 設備數量創下紀錄，且使用率較疫情前有所提高。我們也看到 Windows 11 商業部署的加速成長。目前，超過 90% 的財富 500 強企業正在試用或已經部署 Windows 11。

And with Windows 365 and Azure Virtual Desktop, we continue to transform how employees at companies like Mazda and nationwide access Windows. All up, over 1/3 of our enterprise customer base has purchased cloud-delivered Windows to date. A new Windows 365 frontline extends the power and security of cloud PCs to shift workers for the first time.

透過 Windows 365 和 Azure 虛擬桌面，我們繼續改變馬自達等公司以及全國各地的員工存取 Windows 的方式。總而言之，迄今為止，我們超過 1/3 的企業客戶群已經購買了雲端交付的 Windows。全新 Windows 365 前端首次將雲端 PC 的功能和安全性擴展至輪班員工。

Now on to security. Our comprehensive AI-powered solutions spanning all clouds and all platforms give the agility advantage back to defenders. Among analysts, we are the leader in more categories than any other provider. And we once again took share across all major categories we serve, and we continue to introduce new products and functionality to further protect customers. With Security Copilot, we are combining large language models with a domain-specific model informed by our threat intelligence and 65 trillion daily security signals to transform every aspect of the SOC productivity.

現在討論安全性。我們全面的人工智慧解決方案涵蓋所有雲端和所有平台，為防禦者帶來敏捷優勢。在分析師中，我們在更多類別中領先其他任何提供者。我們再次在我們服務的所有主要類別中佔據份額，並繼續推出新產品和新功能以進一步保護客戶。透過 Security Copilot，我們將大型語言模型與由我們的威脅情報和每天 65 兆個安全訊號提供資訊的特定領域模型相結合，以改變 SOC 生產力的各個方面。

And we also added new governance controls and policy protections to better secure identities along with resources they access. Nearly 720,000 organizations now use Azure Active Directory, up 33% year-over-year. And all up, nearly 600,000 customers now have 4 or more security workloads, up 35% year-over-year, underscoring our end-to-end differentiation. EY and Qualcomm, for example, both chose our full security stack to ensure the highest levels of protection visibility across their organizations.

我們還增加了新的治理控制和政策保護，以更好地保護身分及其存取的資源。目前有近 72 萬個組織使用 Azure Active Directory，較去年同期成長 33%。整體而言，目前已有近 60 萬名客戶擁有 4 個或更多安全工作負載，較去年同期成長 35%，凸顯了我們端到端的差異化。例如，安永和高通都選擇了我們的完整安全堆疊，以確保其整個組織的最高層級的保護可見性。

Now on to LinkedIn. We once again saw record engagement as more than 930 million members turn to the professional social network to connect, learn, sell and get hired. Member growth accelerated for the seventh consecutive quarter as we expanded to new audiences.

現在前往 LinkedIn。我們再次看到創紀錄的參與度，超過 9.3 億會員轉向專業社交網路進行聯繫、學習、銷售和求職。隨著我們擴大新的受眾群體，會員成長連續第七個季度加速。

We now have 100 million members in India, up 19%. And as Gen Z entered the workforce, we saw 73% year-over-year increase in the number of student sign-ups. In this persistently tight labor market, LinkedIn Talent Solutions continues to help hirers connect to job seekers and professionals to build the skills they need to access opportunity.

目前我們在印度擁有 1 億會員，成長了 19%。隨著 Z 世代進入勞動市場，我們看到學生報名人數年增了 73%。在這個持續緊張的勞動力市場中，LinkedIn Talent Solutions 繼續幫助雇主與求職者和專業人士建立聯繫，以培養他們獲得機會所需的技能。

Our hiring business took share for the third consecutive quarter. The excitement around AI is creating new opportunities across every function for marketing, sales and finance to software development and security. LinkedIn is increasingly where people are going to learn, discuss and up-level their skills with more than 100 AI courses.

我們的招聘業務連續第三個季度佔據市場份額。人工智慧的熱潮正在為行銷、銷售、財務、軟體開發和安全等各個職能部門創造新的機會。 LinkedIn 越來越成為人們學習、討論和提陞技能的場所，提供超過 100 門 AI 課程。

And we have introduced new AI-powered features, including writing suggestions for member profiles and job descriptions and collaborative articles. 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, trusted platform.

我們還推出了新的人工智慧功能，包括為會員資料和職位描述以及協作文章提供寫作建議。最後，LinkedIn 行銷解決方案繼續成為 B2B 數位廣告領域的領導者，幫助公司在安全、可信賴的平台上向正確的受眾傳遞正確的訊息。

More broadly, we continue to expand our opportunity in advertising. Our exclusive partnership with Netflix brings differentiated premium video content to our ad network, and our new Copilot for the web is reshaping daily search and web habits.

更廣泛地說，我們將繼續擴大在廣告領域的機會。我們與 Netflix 的獨家合作為我們的廣告網路帶來了差異化的優質影片內容，而我們全新的網路 Copilot 正在重塑日常搜尋和網路習慣。

Two months since the launch of new Bing and Edge, we are very encouraged by user feedback and usage patterns. All up, Bing has more than 100 million daily active users. We are winning new customers on Windows and mobile. Daily installs on the Bing mobile app have grown 4x since launch. We are making progress in share gains.

新版 Bing 和 Edge 推出兩個月以來，用戶的回饋和使用模式令我們深受鼓舞。整體而言，Bing 每日活躍用戶超過 1 億。我們正在 Windows 和行動裝置上贏得新客戶。自推出以來，Bing 行動應用程式的每日安裝量增加了 4 倍。我們在市場佔有率成長方面正在取得進展。

Edge took share for the eighth consecutive quarter, and Bing once again grew share in the United States. We continue to innovate with first-of-their-kind AI-powered features, including the ability to set the tone of chat and create images from text prompts powered by DALL-E. Over 200 million images have been created to date, and we see that when people use these new AI features, their engagement with Bing and Edge goes up.

Edge 連續第八個季度佔據市場份額，Bing 在美國再次實現份額成長。我們繼續創新首創的人工智慧功能，包括由 DALL-E 提供支援的設定聊天基調和根據文字提示創建圖像的功能。迄今為止，已經創建了超過 2 億張圖片，我們發現，當人們使用這些新的 AI 功能時，他們對 Bing 和 Edge 的參與度就會提高。

As we look towards a future where chat becomes a new way for people to seek information, consumers have real choice in business model and modalities with Azure-powered chat entry points across Bing, Edge, Windows and OpenAI's ChatGPT. We look forward to continuing this journey in what is a generational shift in the largest software category, search.

展望未來，聊天將成為人們尋求資訊的新方式，消費者可以透過 Bing、Edge、Windows 和 OpenAI 的 ChatGPT 等 Azure 支援的聊天入口點，在商業模式和模式方面做出真正的選擇。我們期待在最大的軟體類別——搜尋——的時代變革中繼續這趟旅程。

Now on to gaming. We are rapidly executing on our ambition to be the first choice of people to play great games whenever, however and wherever they want. We set third quarter records for monthly active users and monthly active devices. Across our content and services business, we are delivering on our commitment to offer gamers more ways to experience the games they love.

現在開始遊戲。我們正在迅速實現我們的目標，成為人們隨時隨地玩精彩遊戲的首選。我們創下了第三季月活躍用戶和月活躍設備的記錄。在我們的內容和服務業務中，我們正在履行承諾，為遊戲玩家提供更多方式來體驗他們喜愛的遊戲。

Our revenue from subscriptions reached nearly $1 billion this quarter. This quarter, we also brought PC Game Pass to 40 new countries, nearly doubling the number of markets we are available. Great content remains the flywheel behind our growth. We have now surpassed 500 million lifetime unique users across our first-party titles and have never been more excited about our pipeline of games, including the fourth quarter launches of Minecraft Legends and Redfall.

本季我們的訂閱收入達到近 10 億美元。本季度，我們還將 PC Game Pass 引入了 40 個新國家，使我們現有的市場數量幾乎翻了一番。優質內容仍然是我們成長的飛輪。我們的第一方遊戲的終身獨立用戶現已超過 5 億，我們對我們的遊戲產品線感到前所未有的興奮，包括第四季度推出的 Minecraft Legends 和 Redfall。

In closing, we are focused on continuing to raise the bar on our operational excellence and performance as we innovate to help our customers maximize the value of their existing technology investments and thrive in the new era of AI. In a few weeks' time, we'll hold our Build conference, where we will share how we are building the most powerful AI platform for developers and I encourage you to tune in. I could not be more energized about the opportunities ahead. And with that, let me turn it over to Amy.

最後，我們致力於在創新的同時繼續提高我們的卓越營運和績效標準，幫助我們的客戶最大限度地提高現有技術投資的價值，並在人工智慧的新時代蓬勃發展。幾週後，我們將舉辦 Build 大會，屆時我們將分享如何為開發人員建立最強大的 AI 平台，我鼓勵大家關注。我對未來的機會充滿信心。現在，讓我把話題交給艾米。

Thank you, Satya, and good afternoon, everyone. Our third quarter revenue was $52.9 billion, up 7% and 10% in constant currency. Earnings per share was $2.45 and increased 10% and 14% in constant currency. Our results exceeded expectations, driven by focused execution from our sales teams and partners.

謝謝你，薩蒂亞，大家下午好。我們第三季的營收為 529 億美元，成長 7%，以固定匯率計算成長 10%。每股收益為 2.45 美元，以固定匯率計算成長 10% 和 14%。在銷售團隊和合作夥伴的專注執行的推動下，我們的業績超出了預期。

In our commercial business, revenue was up 19% in constant currency. We saw better-than-expected renewal strength, including across Microsoft 365, which also benefited Windows commercial given the higher in-period revenue recognition. In Office 365 stand-alone products, we saw improvement in new business growth, while growth trends in EMS and Windows commercial stand-alone products remain consistent with Q2.

在我們的商業業務中，營收以固定匯率計算成長了 19%。我們看到了好於預期的續約實力，包括整個 Microsoft 365，這也使 Windows 商業版受益，因為期內收入確認更高。在Office 365獨立產品中，我們看到新業務成長有所改善，而EMS和Windows商業獨立產品的成長趨勢與第二季保持一致。

In Azure, customers continue to exercise some caution as optimization and new workload trends from the prior quarter continued as expected. In our consumer business, PC demand was a bit better than we expected, particularly in the commercial segment, which benefited Windows OEM and Surface even as channel inventory levels remain elevated, which negatively impacted results. Advertising spend landed in line with our expectations.

在 Azure 中，由於上一季的最佳化和新工作負載趨勢持續符合預期，客戶繼續保持謹慎。在我們的消費業務中，PC 需求比我們預期的要好一些，尤其是在商業領域，這給 Windows OEM 和 Surface 帶來了好處，儘管通路庫存水準仍然很高，這對業績產生了負面影響。廣告支出符合我們的預期。

We have seen share gains in Azure, Dynamics, Teams, Security, Edge and Bing as we continue to focus on delivering high value as well as new innovative solutions to our customers, including next-generation AI capabilities. Commercial bookings increased 11% and 12% in constant currency on a strong prior year comparable with a declining expiry base and 3 points of unfavorable impact from the inclusion of Nuance in the prior year. The better-than-expected result was driven by strong execution across our renewable sales motions mentioned earlier.

隨著我們繼續專注於為客戶提供高價值和創新的解決方案（包括下一代人工智慧功能），我們的 Azure、Dynamics、Teams、Security、Edge 和 Bing 的市場份額均有所增長。商業預訂量以固定匯率計算增長了 11%，與上年相比增長了 12%，而到期基數卻有所下降，並且上年納入 Nuance 帶來了 3 個百分點的不利影響。優於預期的業績得益於我們之前提到的可再生能源銷售計劃的強勁執行。

Commercial remaining performance obligation increased 26% to $196 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 18% year-over-year. The remaining portion, which we recognized beyond the next 12 months, increased 34%. And this quarter, our annuity mix was again 96%. FX impact on total company revenue, segment level revenue and operating expense growth was as expected. FX decreased COGS growth by 2 points, 1 point favorable to expectations.

商業剩餘履約義務增加26%，達到1,960億美元。約有 45% 將在未來 12 個月內實現收入，年增 18%。我們在未來 12 個月後確認的剩餘部分增加了 34%。本季度，我們的年金組合再次達到 96%。外匯對公司總收入、分部收入和營業費用成長的影響符合預期。 FX 使 COGS 成長降低了 2 個百分點，比預期高出 1 個百分點。

Microsoft Cloud revenue was $28.5 billion and grew 22% and 25% in constant currency, slightly ahead of expectations. Microsoft Cloud gross margin percentage increased roughly 2 points year-over-year to 72%, a point ahead of expectations, driven by cloud engineering efficiencies. Excluding the impact of the change in accounting estimate for useful lives, Microsoft Cloud gross margin percentage decreased slightly, driven by lower Azure margin.

微軟雲端運算業務營收為 285 億美元，以固定匯率運算成長 22%，較去年同期成長 25%，略高於預期。受雲端工程效率的推動，微軟雲端毛利率年增約 2 個百分點，達到 72%，超出預期。不計入使用壽命會計估計變更的影響，微軟雲毛利率百分比略有下降，原因是 Azure 利潤率下降。

Company gross margin dollars increased 9% and 13% in constant currency, including 2 points due to the change in accounting estimate. Gross margin percentage increased year-over-year to 69%. Excluding the impact of the change of accounting estimate, gross margin percentage decreased slightly, driven by a lower mix of OEM revenue.

公司毛利率成長 9%，以固定匯率計算成長 13%，其中 2 個百分點是由於會計估計變更造成的。毛利率年增至69%。剔除會計估計變更的影響，毛利率百分比略有下降，原因是OEM收入結構較低。

Operating expense increased 7% and 9% in constant currency, about $300 million lower than expected. Operating expense growth was driven by roughly 2 points from the Nuance and Xandr acquisitions as well as investments in cloud engineering and LinkedIn. At a total company level, head count at the end of March was 9% higher than a year ago.

營業費用以固定匯率計算成長了 7% 和 9%，比預期低約 3 億美元。營運費用成長約 2 個百分點，主要得益於 Nuance 和 Xandr 的收購以及對雲端工程和 LinkedIn 的投資。從整個公司層級來看，三月底的員工總數比去年同期增加了 9%。

Operating income increased 10% and 15% in constant currency, including 4 points due to the change in accounting estimate. Operating margins increased roughly 1 point year-over-year to 42%. Excluding the impact of the change in accounting estimate, operating margins decreased slightly and increased slightly in constant currency.

營業收入成長 10%，以固定匯率計算成長 15%，其中 4 個百分點是由於會計估計變更所致。營業利益率年增約 1 個百分點，達到 42%。剔除會計估計變更的影響，營業利潤率以固定匯率計算略有下降，以固定匯率計算略有上升。

Now to our segment results. Revenue from Productivity and Business Processes was $17.5 billion and grew 11% and 15% in constant currency, ahead of expectations, primarily driven by better-than-expected results in Office Commercial. Office Commercial revenue grew 13% and 17% in constant currency.

現在來看看我們的分部業績。生產力與業務流程部門的營收為 175 億美元，成長 11%，以固定匯率計算成長 15%，超出預期，主要得益於辦公室商業部門的表現優於預期。辦公室商業收入以固定匯率計算成長了 13% 和 17%。

Office 365 Commercial revenue increased 14% and 18% in constant currency, slightly better than expected, with the strong renewal execution mentioned earlier and E5 momentum. Paid Office 365 Commercial seats grew 11% year-over-year to over 382 million, with installed base expansion across all workloads and customer segments. Seat growth was again driven by our small and medium business and frontline worker offering.

Office 365 商業版營收成長 14%，以固定匯率計算成長 18%，略好於預期，得益於前面提到的強勁續約執行和 E5 的發展勢頭。付費 Office 365 商業版用戶數量年增 11%，達到 3.82 億以上，所有工作負載和客戶群的安裝基數均有所擴大。座位數的成長再次受到我們為中小型企業和第一線員工提供的服務的推動。

Office Commercial licensing declined 1% and increased 5% in constant currency, better than expected with 11 points of benefit from transactional strength in Japan. Office consumer revenue increased 1% and 4% in constant currency with continued momentum at Microsoft 365 subscriptions, which grew 12% to 65.4 million.

辦公商業許可下降 1%，以固定匯率計算成長 5%，優於預期，受益於日本交易強勁，成長了 11 個百分點。 Office 消費者收入以固定匯率計算成長了 1% 和 4%，Microsoft 365 訂閱量持續維持成長勢頭，成長了 12%，達到 6,540 萬。

LinkedIn revenue increased 8% and 10% in constant currency, driven by growth in Talent Solutions. Dynamics revenue grew 17% and 21% in constant currency, driven by Dynamics 365, which went from 25% to 29% in constant currency, with healthy growth across all workloads.

受人才解決方案業務成長的推動，LinkedIn 營收成長了 8%，以固定匯率計算成長了 10%。 Dynamics 營收成長了 17%，以固定匯率計算成長了 21%，這得益於 Dynamics 365 的成長，以固定匯率計算，Dynamics 365 的成長率從 25% 成長到了 29%，所有工作負荷都實現了健康成長。

Segment gross margin dollars increased 14% and 18% in constant currency, and gross margin percentage increased roughly 2 points year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly, driven by improvements in Office 365, partially offset by sales mix shift to cloud offerings. Operating expenses increased 4% and 5% in constant currency, and operating income increased 20% and 27% in constant currency, including 4 points due to the change in accounting estimate.

以固定匯率計算，分部毛利率年增 14% 和 18%，毛利率百分比年增約 2 個百分點。排除會計估計變更的影響，毛利率百分比略有增加，這得益於 Office 365 的改進，但部分被銷售組合向雲端產品的轉變所抵消。營業費用以固定匯率計算成長了 4%，以固定匯率計算成長了 5%，營業收入以固定匯率計算成長了 20%，以固定匯率計算成長了 27%，其中 4 個百分點是由於會計估計變更造成的。

Next, the Intelligent Cloud segment. Revenue was $22.1 billion, increasing 16% and 19% in constant currency, slightly ahead of expectations. Overall, server products and cloud services revenue increased 17% and 21% in constant currency. Azure and other cloud services revenue grew 27% and 31% in constant currency.

接下來是智慧雲部分。營收為 221 億美元，成長 16%，以固定匯率計算成長 19%，略高於預期。總體而言，伺服器產品和雲端服務收入以固定匯率計算分別成長了 17% 和 21%。 Azure 和其他雲端服務收入以固定匯率計算分別成長 27% 和 31%。

In our per user business, the enterprise mobility and security installed base grew 15% to nearly 250 million seats. In our on-premises server business, revenue decreased 2% and was relatively unchanged in constant currency with continued demand for our hybrid offerings, including Windows Server and SQL Server running a multi-cloud environment, offset by transactional licensing.

在我們的每用戶業務中，企業行動性和安全性安裝基數成長了 15%，達到近 2.5 億個席次。在我們的內部伺服器業務中，收入下降了 2%，按固定匯率計算基本上保持不變，因為我們的混合產品（包括運行多雲環境的 Windows Server 和 SQL Server）的需求持續增長，但交易許可抵消了這一影響。

Enterprise Services revenue grew 6% and 9% in constant currency with better-than-expected performance across Enterprise Support Services and Microsoft Consulting Services. Segment gross margin dollars increased 15% and 18% in constant currency, and gross margin percentage decreased slightly.

企業服務收入以固定匯率計算分別成長 6% 和 9%，企業支援服務和微軟諮詢服務的表現優於預期。以固定匯率計算，分部毛利率增加了 15%，為 18%，毛利率百分比略有下降。

Excluding the impact of the change in accounting estimate, gross margin percentage declined roughly 3 points, driven by sales mix shift to Azure and the lower Azure margin noted earlier. Operating expenses increased 19% and 20% in constant currency, including roughly 3 points of impact from the Nuance acquisition. Operating income was 13% and 17% in constant currency, with roughly 6 points from the change in accounting estimate.

排除會計估計變更的影響，毛利率百分比下降約 3 個百分點，原因是銷售組合轉向 Azure 以及先前提到的 Azure 利潤率較低。營運費用以固定匯率計算成長了 19% 和 20%，其中包括 Nuance 收購帶來的約 3 個百分點的影響。營業收入以固定匯率計算為 13% 和 17%，與會計估計變更相比約高出 6 個百分點。

Now to More Personal Computing. Revenue was $13.3 billion, decreasing 9% and 7% in constant currency with better-than-expected results across all businesses. Windows OEM revenue decreased 28% year-over-year and devices revenue decreased 30% and 26% in constant currency, both ahead of expectations.

現在開始更個人化地計算。營收為 133 億美元，下降 9%，以固定匯率計算下降 7%，所有業務的業績均優於預期。 Windows OEM 營收年減 28%，裝置營收​​以固定匯率計算分別下降 30% 和 26%，皆超出預期。

We saw better-than-expected PC demand, as noted earlier, particularly in the commercial segment, which has higher revenue per license, although results continue to be negatively impacted by elevated channel inventory levels. Windows Commercial products and cloud services revenue increased 14% and 18% in constant currency, significantly ahead of expectations, primarily due to the strong renewal execution with higher in-period revenue recognition noted earlier.

如同先前所提到的，我們看到 PC 需求好於預期，特別是在商業領域，該領域每張許可證的收入更高，儘管業績繼續受到渠道庫存水準上升的負面影響。 Windows 商業產品和雲端服務收入以固定匯率計算分別成長 14% 和 18%，大幅超出預期，這主要歸功於強勁的續約執行和先前提到的期間收入確認的提高。

Search and news advertising revenue ex TAC increased 10% and 13% in constant currency, including 2 points from the Xandr acquisition. Results were driven by higher search volume with share gains again this quarter for our Edge browser globally and Bing in the U.S.

扣除 TAC 後的搜尋和新聞廣告收入以固定匯率計算成長了 10% 和 13%，其中包括收購 Xandr 帶來的 2 個百分點。本季度，我們的 Edge 瀏覽器在全球範圍內的搜尋量和 Bing 在美國的搜尋量均再次上漲，這推動了業績的成長。

And in gaming, revenue declined 4% and 1% in constant currency, ahead of expectations. Xbox hardware revenue declined 30% and 28% in constant currency on a high prior year comparable that benefited from increased console supply. Xbox content and services revenue increased 3% and 5% in constant currency, driven by better-than-expected monetization in third-party and first-party content and growth in Xbox Game Pass.

遊戲業務收入下降 4%，以固定匯率計算下降 1%，低於預期。 Xbox 硬體營收年減 30%，以固定匯率計算則下降 28%，這得益於遊戲機供應量的增加。 Xbox 內容和服務收入以固定匯率計算分別成長 3% 和 5%，這得益於第三方和第一方內容的貨幣化效果好於預期以及 Xbox Game Pass 的成長。

Segment gross margin dollars declined 9% and 5% in constant currency, and gross margin percentage increased slightly year-over-year. Operating expenses declined 5% and 3% in constant currency, even with 3 points of growth from the Xandr acquisition. Operating income decreased 12% and 7% in constant currency.

以固定匯率計算，分部毛利率下降了 9%，毛利率百分比較去年同期略有上升。儘管收購 Xandr 帶來了 3 個點的成長，但營運費用仍下降了 5%，以固定匯率計算下降了 3%。營業收入下降 12%，以固定匯率計算下降 7%。

Now back to total company results. Capital expenditures, including finance leases, were $7.8 billion to support cloud demand. Cash paid for PP&E was $6.6 billion. Cash flow from operations was $24.4 billion, down 4% year-over-year as strong cloud billings and collections as well as lower supplier payments were more than offset by a tax payment related to the R&D capitalization provisions and employee payments primarily related to head count growth and an increase in employee compensation.

現在回到公司整體業績。包括融資租賃在內的資本支出為 78 億美元，用於支援雲端需求。用於 PP&E 的現金支付額為 66 億美元。營運現金流為 244 億美元，年減 4%，因為強勁的雲端帳單和收款以及較低的供應商付款被與研發資本化條款相關的稅款支付和主要與員工人數增長和員工薪酬增加相關的員工付款所抵消。

Free cash flow was $17.8 billion, down 11% year-over-year. Excluding the impact of this tax payment, cash flow from operations increased 1% and free cash flow declined 5%. This quarter, other income and expense was $321 million, higher than anticipated, driven by net gains 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178億美元，較去年同期下降11%。不計入這筆稅款的影響，經營現金流增加了 1%，自由現金流下降了 5%。本季其他收入和支出為 3.21 億美元，高於預期，主要受外幣重估淨收益的影響。我們的有效稅率約為19%。最後，我們透過股票回購和股利向股東返還了 97 億美元。

Now moving to our Q4 outlook, which unless specifically noted otherwise, is on a U.S. dollar basis. My commentary for the next quarter and FY '24 does not include any impact from Activision as we continue to work towards closing in fiscal year 2023, subject to obtaining required regulatory approvals.

現在轉到我們的第四季展望，除非另有特別說明，否則均以美元為基礎。我對下一季和 24 財年的評論不包括 Activision 的任何影響，因為我們將繼續努力在 2023 財年完成交易，但須獲得必要的監管部門批准。

Now to FX. Based on current rates, we expect FX to decrease total revenue growth by approximately 2 points with no impact to COGS or operating expense growth. Within segments, we anticipate roughly 2 points of negative FX impact on revenue growth in Productivity and Business Processes and Intelligent Cloud and roughly 1 point in More Personal Computing.

現在談談 FX。根據當前匯率，我們預計外匯將使總收入成長降低約 2 個百分點，但不會對 COGS 或營運費用成長產生影響。在各個細分領域中，我們預期外匯因素將對生產力和業務流程以及智慧雲端的收入成長產生約 2 個百分點的負面影響，對個人運算的營收成長產生約 1 個百分點的負面影響。

Overall, our outlook has many of the trends we saw in Q3 continue through Q4. In our largest quarter of the year, we expect customer demand for our differentiated solutions, including our AI platform and consistent execution across the Microsoft Cloud to drive another quarter of healthy revenue growth.

總體而言，我們預計第三季看到的許多趨勢將持續到第四季。在我們今年最大的一個季度，我們預期客戶對我們差異化解決方案的需求，包括我們的人工智慧平台和整個微軟雲端的一致執行，將推動另一個季度的健康收入成長。

Last year, we had our largest commercial bookings quarter ever with a material volume of large multiyear commitments. On that comparable, we expect growth to be relatively flat. We expect consistent execution across our core annuity sales motions with strong renewals and continued commitment to our platform as we focus on meeting customers' changing contract needs, which include shorter term, quick time-to-value contracts in this dynamic environment. Our key focus remains on delivering customer value.

去年，我們迎來了有史以來最大的商業預訂季度，簽訂了大量多年合約。相比之下，我們預計成長將相對平穩。我們期望我們的核心年金銷售動議能夠持續執行，續約力度大，並持續致力於我們的平台，因為我們專注於滿足客戶不斷變化的合約需求，包括在這個動態環境中的短期、快速實現價值的合約。我們的重點仍然是提供客戶價值。

Microsoft Cloud gross margin percentage should be up roughly 2 points year-over-year, driven by the accounting estimate change noted earlier. Excluding that impact, Q4 cloud gross margin percentage will be relatively flat as improvements in Office 365 will offset the lower Azure margin and the impact of scaling our AI infrastructure to meet growing demand.

受先前提到的會計估計變動的影響，微軟雲毛利率應比去年同期上升約 2 個百分點。在排除該影響後，第四季度雲毛利率百分比將相對持平，因為 Office 365 的改進將抵消較低的 Azure 利潤率以及擴展我們的 AI 基礎設施以滿足不斷增長的需求的影響。

We expect capital expenditures to have a material sequential increase on a dollar basis, driven by investments in Azure AI infrastructure. A reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure build-out.

我們預計，受 Azure AI 基礎設施投資的推動，資本支出將以美元計算大幅連續成長。提醒一下，我們的雲端基礎設施建設時間可能會出現正常的季度支出變化。

Next, the segment guidance. For Productivity and Business Processes, we expect revenue to grow between 10% and 12% in constant currency or USD 17.9 billion to USD 18.2 billion. In Office Commercial, revenue growth will again be driven by Office 365. We see growth across customer segments and ARPU growth through E5. We expect Office 365 revenue growth to be roughly 16% in constant currency.

接下來是分部指導。對於生產力和業務流程，我們預計營收將以固定匯率成長 10% 至 12%，即 179 億美元至 182 億美元。在 Office Commercial 領域，營收成長將再次由 Office 365 推動。我們看到各個客戶群都在成長，並且 ARPU 也透過 E5 實現了成長。我們預計 Office 365 的營收成長率（以固定匯率計算）約為 16%。

In our on-premises business, we expect revenue to decline in the low 30s. In Office Consumer, we expect revenue growth in the mid-single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect mid-single-digit revenue growth, driven by Talent Solutions with continued strong engagement on the platform. And in Dynamics, we expect revenue growth in the mid- to high teens, driven by continued growth in Dynamics 365.

在我們的內部業務中，我們預計收入將下降 30% 出頭。在 Office Consumer 方面，我們預計受 Microsoft 365 訂閱的推動，營收將成長中等個位數。對於 LinkedIn，我們預計其收入將實現中等個位數成長，這得益於人才解決方案以及平台持續強勁的參與度。在 Dynamics 方面，我們預計將受 Dynamics 365 持續成長的推動，其營收成長率將達到中高水準。

For Intelligent Cloud, we expect revenue to grow between 15% and 16% in constant currency or USD 23.6 billion to USD 23.9 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per user business and from in-period revenue recognition, depending on the mix of contracts.

對於智慧雲，我們預計營收將以固定匯率成長 15% 至 16%，即 236 億美元至 239 億美元。收入將繼續由 Azure 推動，需要提醒的是，其季度變化主要來自我們的每用戶業務和期間收入確認，具體取決於合約組合。

In Azure, we expect revenue growth to be 26% to 27% in constant currency, including roughly 1 point from AI services. Growth continues to be driven by our Azure consumption business, and we expect the trends from Q3 to continue into Q4, as noted earlier.

在 Azure 方面，我們預期營收成長率將達到 26% 至 27%（以固定匯率計算），其中約 1 個百分點來自 AI 服務。我們的 Azure 消費性業務持續推動成長，如同先前所提到的，我們預期第三季的趨勢將延續到第四季。

Our per-user business should continue to benefit from Microsoft 365 suite momentum, though we expect continued moderation in growth rates given the size of the installed base. In our on-premises total business, we expect revenue to decline low single digits as demand for our hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments will be more than offset by unfavorable FX impact.

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，儘管考慮到安裝基數的規模，我們預計成長率將繼續放緩。在我們的內部部署整體業務中，我們預計收入將出現低個位數下降，因為對我們的混合解決方案（包括在多雲環境中運行的 Windows Server 和 SQL Server）的需求將被不利的外匯影響所抵消。

And in Enterprise Services, revenue should be relatively unchanged year-over-year as growth in Enterprise Support Services will be offset by a decline in Microsoft Consulting Services. In More Personal Computing, we expect revenue of USD 13.35 billion to USD 13.75 billion. PC demand should be similar to Q3, and given channel inventory still remains elevated, our revenue will lag overall market growth as it continues to normalize. Therefore, Windows OEM and Devices revenue should both decline in the low to mid-20s.

在企業服務方面，收入應該與去年同期相比基本保持不變，因為企業支援服務的成長將被微軟諮詢服務的下降所抵消。在更多個人計算方面，我們預計收入為 133.5 億美元至 137.5 億美元。 PC 需求應該與第三季相似，鑑於通路庫存仍然很高，隨著市場繼續正常化，我們的收入將落後於整體市場的成長。因此，Windows OEM 和裝置收入都應該下降 20% 左右。

And Windows Commercial products and cloud services revenue should decline low to mid-single digits. While we expect healthy annuity billings growth driven by continued customer demand for Microsoft 365 and our advanced security solutions, a reminder that our quarterly revenue growth can have variability, primarily from in-period revenue recognition depending on the mix of contracts.

Windows 商業產品和雲端服務收入預計將出現低至中等個位數的下降。雖然我們預計，在客戶對 Microsoft 365 和我們先進的安全解決方案的持續需求的推動下，年金帳單將實現健康的成長，但需要提醒的是，我們的季度收入成長可能會有所波動，這主要來自於根據合約組合而確定的期間收入確認。

Search and news advertising ex TAC revenue growth should be approximately 10%, roughly 5 points higher than the overall search and news advertising revenue, driven by growth in first-party revenue is similar to Q3. And in gaming, we expect revenue growth in the mid- to high single digits. We expect Xbox content services revenue growth in the low to mid-teens, driven by third-party and first-party content as well as Xbox Game Pass.

扣除 TAC 的搜尋和新聞廣告收入成長率應約為 10%，比整體搜尋和新聞廣告收入高出約 5 個百分點，這得益於第一方收入的成長，與第三季類似。在遊戲領域，我們預期收入成長率將達到中高個位數。我們預計 Xbox 內容服務收入成長率將達到 15% 至 20% 之間，這主要得益於第三方和第一方內容以及 Xbox Game Pass 的推動。

Now back to company guidance. We expect COGS to grow between 3% and 4% in constant currency or USD 16.8 billion to USD 17 billion and operating expense to grow approximately 2% in constant currency or USD 15.1 billion to USD 15.2 billion. Other income and expense is to be roughly $300 million and interest income is expected to more than offset interest expense.

現在回到公司指導。我們預計，以固定匯率計算，銷貨成本將成長 3% 至 4%，即 168 億美元至 170 億美元，而營業費用將成長約 2%，即 151 億美元至 152 億美元。其他收入和支出約為 3 億美元，預計利息收入將超過利息支出。

As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio, which can increase quarterly volatility. We expect our Q4 effective tax rate to be in line with our full year rate of approximately 19%. And finally, as a reminder, for Q4 cash flow, we expect to make a $1.3 billion cash tax payment related to the R&D capitalization provision.

提醒一下，我們需要確認股票投資組合的市價收益或損失，這可能會增加季度波動。我們預計第四季有效稅率將與全年約 19% 的稅率保持一致。最後，提醒一下，對於第四季的現金流，我們預計將支付與研發資本化條款相關的 13 億美元現金稅。

Now I'd like to share some closing thoughts as we look to the next fiscal year. With our leadership position as we begin this AI era, we remain focused on strategically managing the company to deliver differentiated customer value as well as long-term financial growth and profitability. As with any significant platform shift, it starts with innovation. And we are excited about the early feedback and demand signals for the AI capabilities we have announced to date.

現在，在展望下一個財政年度之際，我想分享一些結論。憑藉我們在人工智慧時代的領導地位，我們將繼續專注於策略性地管理公司，以提供差異化的客戶價值以及長期的財務成長和獲利能力。正如任何重大的平台轉變一樣，它始於創新。我們對迄今為止宣布的人工智慧功能的早期反饋和需求訊號感到非常興奮。

We will continue to invest in our cloud infrastructure, particularly AI-related spend as we scale with the growing demand, driven by customer transformation. And we expect the resulting revenue to grow over time. As always, we remain committed to aligning cost and revenue growth to deliver disciplined profitability. Therefore, while the scaled CapEx investment will impact COGS growth, we expect FY '24 operating expense growth to remain low.

我們將繼續投資於我們的雲端基礎設施，特別是與人工智慧相關的支出，因為我們將隨著客戶轉型推動的不斷增長的需求而擴大規模。我們預計由此產生的收入將會隨著時間的推移而成長。像往常一樣，我們將繼續致力於協調成本和收入成長，以實現穩健的獲利能力。因此，雖然規模化的資本支出投資將影響 COGS 成長，但我們預計 24 財年的營運費用成長將維持在低點。

As a team, we are continually focused on pivoting our resources aggressively to the future as we execute at a high level in the moment to deliver value to our customers. That balance has enabled the company to successfully lead across a number of platform shifts over a number of decades. Therefore, we are committed to leading the AI platform wave and making the investments to support it.

作為一個團隊，我們始終致力於積極地將資源轉向未來，同時在當前高水準執行，為我們的客戶提供價值。這種平衡使得公司在過去幾十年中成功引領了一系列平台轉變。因此，我們致力於引領人工智慧平台浪潮並進行投資支援它。

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

接下來，我們進入問答環節。布雷特？

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

謝謝，艾米。我們現在進入問答環節。 （操作員指示）喬，你能重複一下你的指示嗎？

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

（操作員指示）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on really a fantastic set of results in what we all know to be a still difficult environment out there. I think it really illustrates Microsoft's advantages and a lot of these technology innovations that you guys have been talking about.

恭喜你們在仍然困難的環境下取得了一系列出色的成績。我認為這確實體現了微軟的優勢以及你們一直在談論的許多技術創新。

I wanted to ask you a question that I get probably more often than anything else and one that I frankly don't have a good answer to, and that's around the OpenAI partnership and particularly the accounting for that partnership. So I was hoping you could give us a little bit of color about how -- whether or not revenue is flowing from OpenAI into Microsoft on the CapEx side of the equation, whether there's any impact. Just give us a better understanding of how the accounting around that relationship is working.

我想問您一個我可能最常被問到的問題，坦白說，我沒有一個好的答案，這個問題是關於 OpenAI 合作夥伴關係，特別是關於這種合作關係的會計問題。所以我希望您能為我們稍微介紹一下——在資本支出方面，收入是否從 OpenAI 流入微軟，是否有任何影響。只是讓我們更好地了解圍繞這種關係的會計是如何運作的。

Thanks, Keith. In some ways, let me start by saying, it's a great partnership. We're proud to have worked together for a number of years, leading to some of the announcements that you've heard us make more recently. And we talked about the foundation of our partnership campaign that when we both are successful, the other benefits. When we grow, it helps them; and when they grow, it helps us.

謝謝，基斯。從某種程度上來說，我首先要說的是，這是一次偉大的合作。我們很榮幸能夠合作多年，並促成了您最近聽到的我們發布的一些公告。我們討論了合作活動的基礎，即當我們雙方都成功時，對方也會受益。當我們成長時，它會幫助他們；當它們成長時，它會對我們有幫助。

But specifically to your question on how does it show up, it's easiest, in this situation, to think about them as a customer of ours, like any other customer who would use the Azure infrastructure and our Azure AI services in service of supporting their end customers. And so when they do that, like any other customer who has a commercial relationship with us, we recognize revenue on that behalf. That's probably the simplest frame, Keith, that I hope is helpful.

但具體到您關於它如何出現的問題，在這種情況下，最簡單的方法是將他們視為我們的客戶，就像任何其他使用 Azure 基礎設施和我們的 Azure AI 服務來支援其最終客戶的客戶一樣。因此，當他們這樣做時，就像與我們有商業關係的任何其他客戶一樣，我們會代表他們確認收入。這可能是最簡單的框架，基思，我希望它能有所幫助。

Yes, that's super helpful. I appreciate that.

是的，這非常有幫助。我很感激。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒 (Mark Moerdler)。

Congratulations on the quarter and the guidance. I'd like to drill into Azure, and more specifically, Azure IaaS/PaaS consumption. IaaS/PaaS consumption has really stepped down recently, and it's important to understand the macro versus -- macro and optimization that will rebound, whether it's going to rebound quickly or is there a more fundamental issue.

對本季和指導表示祝賀。我想深入了解 Azure，更具體地說，是 Azure IaaS/PaaS 的使用。 IaaS/PaaS 消費最近確實有所下降，重要的是要了解宏觀與宏觀和優化是否會反彈，是否會快速反彈，或者是否存在更根本的問題。

In other words, is it simply purely macro and everyone is stepping back a little bit and they're going to hit the pedal as soon as this comes back? Or is there something more fundamental that is drawing -- driving corporate, maybe, to step back and that, that slowdown could sustain even when the IT spending rebounds?

換句話說，這是否只是純粹的宏觀因素，每個人都在稍微退後一步，一旦情況好轉，他們就會立即採取行動？或者是否存在更根本的因素在拖累企業，或許是導致企業倒退，即使 IT 支出反彈，這種放緩仍可能持續下去？

Thanks, Mark, for the question. Maybe I'll make 3 comments. And it's also important, I think to distinguish between what I'd say, macro or absolute performance and relative performance, because I think that's perhaps a good way to think about how we manage our business.

謝謝馬克提出這個問題。也許我會發表 3 則評論。我認為區分宏觀或絕對績效和相對績效也很重要，因為我認為這也許是思考我們如何管理業務的好方法。

First is optimizations do continue. In fact, we are focused on it. We incent our people to help our customers with optimization because we believe, in the long run, that's the best way to secure the loyalty and long-term contracts with customers when they know that they can count on a cloud provider like us to help them continuously optimize their workload. That's sort of the fundamental benefit of public cloud, and we are taking every opportunity to prove that out with customers in real-time.

首先是優化確實在持續。事實上，我們正​​專注於此。我們激勵員工幫助客戶進行最佳化，因為我們相信，從長遠來看，當客戶知道他們可以依靠像我們這樣的雲端供應商來幫助他們不斷優化工作負載時，這是確保客戶忠誠度和長期合約的最佳方式。這是公有雲的基本優勢，我們正在利用一切機會向客戶即時證明這一點。

The second thing I'd say is we do have new workloads started, because if you think about it, during the pandemic, it was all about new workloads and scaling workloads. But prepandemic, there was a balance between optimizations and new workloads. So what we're seeing now is the new workloads start in addition to highly intense optimization [givens] that we have.

我想說的第二件事是，我們確實開始了新的工作量，因為如果你想想，在疫情期間，一切都與新的工作量和擴展工作量有關。但在疫情爆發之前，優化和新工作量之間存在著平衡。因此，我們現在看到的是，除了我們已經進行的高度密集的最佳化之外，新的工作負載也開始了。

The third is perhaps more of a relative statement. Because of some of the work we've done in AI even in the last couple of quarters, we are now seeing conversations we never had, whether it's coming through you and just OpenAI's API, right, if you think about the consumer tech companies that are all spinning, essentially, i.e. the readers, because they have gone to OpenAI and are using their API. These were not customers of Azure at all.

第三個可能更多的是一個相對的說法。由於我們在過去幾個季度中在人工智慧領域所做的一些工作，我們現在看到了以前從未有過的對話，無論是透過你們還是 OpenAI 的 API，對吧，如果你想想那些基本上都在旋轉的消費科技公司，也就是讀者，因為他們已經轉向 OpenAI 並使用他們的 API。這些人根本不是 Azure 的客戶。

Second, even Azure OpenAI API customers are all new, and the workload conversations, whether it's B2C conversations in financial services or drug discovery on another side, these are all new workloads that we really were not in the game in the past, whereas we now are. So those are the 3 comments that I'd make, both in terms of absolute macro, but more importantly, I think, what is our relative market position and how it's being changed.

其次，即使 Azure OpenAI API 客戶也都是新的，工作負載對話，無論是金融服務中的 B2C 對話還是另一方面的藥物發現，這些都是我們過去從未涉足過的新工作負載，而現在我們卻參與其中。所以這就是我要提出的 3 條評論，既包括絕對宏觀方面，但更重要的是，我認為，我們的相對市場地位是什麼以及它是如何變化的。

Mark, maybe the one thing I would add to those comments is we've been through almost a year where that pivot that Satya talked about from we're starting tons of new workloads, and we'll call that the pandemic time, to this transition post, and we're coming to, really, the anniversary of that starting. And so to talk to you point, we're continuing to set optimization.

馬克，也許我想補充一點，我們已經經歷了將近一年的時間，正如薩蒂亞所說的那樣，從我們開始承擔大量新工作量，我們稱之為疫情時期，到這個過渡期，我們真的要迎來這個開始的周年紀念日了。所以，為了與您討論這一點，我們正在繼續進行優化。

But at some point, workloads just can't be optimized much further. And when you start to anniversary that, you do see that it gets a little bit easier in terms of the comps year-over-year. And so you even see that in a little bit of our guidance, some of that impact from a year-over-year basis.

但在某些時候，工作負載無法進一步最佳化。當你開始紀念這一點時，你確實會發現，就同比而言，情況變得容易了一些。因此，您甚至可以從我們的一些指導中看到，與去年同期相比，這種影響有所增加。

That was incredibly helpful. I really do appreciate. And again, congratulations on what's happening.

這非常有幫助。我真的很感激。再次恭喜所取得的進展。

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

您的下一個問題來自 Jefferies 的 Brent Thill。

On Copilot monetization, can you just give us a sense of how much shows up, where we're going to see it in, and ultimately, is there a simple price lift that you think you can get through Copilot, say, 10%, 20%, 30% above where you saw the regular components of the Suite? Or is it too hard to factor in?

關於 Copilot 的貨幣化，您能否告訴我們它會帶來多少收益，我們將在哪裡看到它，以及最終，您認為透過 Copilot 能否實現簡單的價格提升，例如比 Suite 的常規組件高出 10%、20% 或 30%？還是說它太難考慮？

Overall, we do plan to monetize a separate set of meters across all of the tech stack, whether they're consumption meters or per user subscriptions. The Copilot that's priced and it is there is GitHub Copilot. That's a good example of incrementally how we monetize the prices that are there out there and others are to be priced because they're in 3D mode. But you can expect us to do what we've done with GitHub Copilot pretty much across the board.

總的來說，我們確實計劃將整個技術堆疊中的一組單獨的計量表貨幣化，無論它們是消費計量表還是每個用戶訂閱計量表。有定價的 Copilot 是 GitHub Copilot。這是一個很好的例子，說明我們如何逐步將現有價格貨幣化，而其他價格則因為它們處於 3D 模式。但您可以期待我們全面執行我們對 GitHub Copilot 所做的事情。

Yes, Brent, the best way of thinking about this is when we believe we're adding a lot of value, and frankly, that's what the Copilots are doing and some productivity improvement, you can expect that we will have list price for those and you'll be able to look at that as we get to release, and to Satya's point, GitHub Copilot is a great example.

是的，布倫特，思考這個問題的最佳方式是，當我們相信我們正在增加很多價值時，坦白說，這就是 Copilot 正在做的事情，並且會提高一些生產力，你可以期待我們會為這些產品製定標價，你可以在我們發佈時看到這一點，對於 Satya 的觀點，GitHub Copilot 就是一個很好的例子。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Just staying on the AI theme and more thinking about the gross margin impact on Azure. Can you just -- Satya, can you maybe, a little -- talk a little bit about, like, how you see the cost of compute for AI workloads versus kind of the classic workloads? And how do you think that will evolve over time?

我對此也表示祝賀。只是停留在 AI 主題上，並更多地思考對 Azure 的毛利率影響。薩蒂亞，您能否稍微談談，您如何看待人工智慧工作負載與傳統工作負載的計算成本？您認為隨著時間的推移它將如何發展？

Yes, a couple of things. One is clearly the accelerated compute is what gets used to drive AI. And the thing that we are very, very focused on is to make sure that we get it very efficient in the usage of those resources. If you think about sort of what a hyperscaler does, it's not just rack-and-stack sort of hardware. They use software to optimize the performance of a given workload and, in fact, heterogeneous workloads and a given set of hardware.

是的，有幾件事。顯然，加速運算是推動人工智慧發展的動力。我們非常關注的是確保有效率地利用這些資源。如果你思考一下超大規模器的功能，它不僅僅是機架式硬體。他們使用軟體來優化給定工作負載的效能，事實上，還優化異質工作負載和給定硬體集的效能。

And so we have many knobs that will continuously -- continue to drive optimization across it. And you see it even in the -- even for a given generation of a large model, where we started them through the cost footprint to where we end in the cost footprint in a period of a quarter changes. So you can expect us to do what we have done over the decade plus with the public cloud to bring the benefits of, I would say, continuous optimization of our COGS to a diverse set of workloads.

因此，我們有許多旋鈕可以持續地推動其優化。你甚至可以看到它 - 即使對於某一代大型模型，我們也會從成本足跡開始，到在一個季度內以成本足跡結束。因此，您可以期待我們繼續利用公有雲來做我們十多年來所做的事情，從而帶來好處，我想說，持續優化我們的 COGS 以適應多樣化的工作負載。

The other thing I'd mention is that there are workloads now. Like, one of the reasons why we got together with OpenAI primarily was we came out and said, this type of workload, whether it's a training or an insurance workload, is going to be much more generally relevant for us, not just in the context of AI. And so you can see us apply it in other contexts as well.

我想提到的另一件事是現在有工作量。例如，我們與 OpenAI 合作的主要原因之一是，我們公開表示，這種類型的工作負載，無論是培訓還是保險工作負載，對我們來說都具有更廣泛的相關性，而不僅僅是在人工智慧的背景下。因此，您也可以看到我們將其應用於其他環境。

And remember, we talked a bit about this when we talked about the new Edge and the new Bing with analysts. And I think one of the important things to keep in mind, which Satya is pointing to, is that it's not really just the cost of Azure and the ability to optimize across the Azure workloads.

請記住，當我們與分析師討論新的 Edge 和新的 Bing 時，我們討論過這一點。我認為需要牢記的一件重要事情，正如 Satya 所指出的，那就是這不僅僅是 Azure 的成本和跨 Azure 工作負載進行最佳化的能力。

It's that, really, even our first-party workloads and apps that are built, right, are built on the same platform, and we're able, because we are a hyperscaler and because we have a large commercial cloud first-party as well as consumer apps like Bing that are first party, we're able to take advantage of that and GPU utilization, AI services utilization across the stack. And so it's not just sort of where Satya wanted even a broader benefit of being a hyperscaler.

事實上，即使我們的第一方工作負載和應用程式都是在同一個平台上構建的，我們也能做到這一點，因為我們是一個超大規模企業，因為我們擁有大型商業雲第一方以及像 Bing 這樣的第一方消費者應用程序，所以我們能夠利用這一點以及整個堆棧的 GPU 利用率和 AI 服務利用率。因此，Satya 並不只是想透過成為超大規模企業來獲得更廣泛的利益。

Our next question comes from the line of Keith Bachman with BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

Amy, I wanted to address this up to you, if I could. On your prepared remarks, you commented that you thought that operating expense growth would be lower. I was hoping to just maybe flesh that out with some broader comments.

艾米，如果可以的話，我想向你談談這個問題。在您準備好的發言中，您表示您認為營運費用成長會更低。我希望能夠透過一些更廣泛的評論來充實這一點。

Could you talk about how you see any kind of directional color on how you see gross margins evolving, given mix and particularly supporting generative AI and/or any other comments that might help shape our thinking as we begin to look at the operating margin for the next fiscal year?

您能否談談您如何看待毛利率變化的方向性因素，考慮到產品組合，特別是支持生成式人工智慧，以及/或者在我們開始考慮下一財年的營業利潤率時可能有助於塑造我們思維的任何其他評論？

Thanks, Keith. It's probably a good opportunity to explain a bit about how I think about where we are, which is -- if you look at all of the businesses we're in and we look about our competitiveness in those businesses. And this is where Satya started to comment a bit about our relative performance versus absolute. And I'll tell you that the energy and focus we put right now is on relative performance and share gains.

謝謝，基斯。這可能是一個很好的機會來解釋我對我們所處位置的看法，也就是說——如果你看看我們所從事的所有業務，看看我們在這些業務中的競爭力。這就是 Satya 開始對我們的相對錶現與絕對表現進行一些評論的地方。我要告訴你們，我們現在的精力和重點是相對業績和份額成長。

Right now, we have the largest commercial cloud with increasing commitments by customers with new workloads, new TAM opportunities that you're talking about, with customers. And our focus is going to be and will be on continuing to take a growing share of that while we continue to focus on our customers' success and getting a ton of value out of what we are selling, whether that's the E5 product, the Microsoft 365, whether that's Windows 365 to help, maybe it's on compute costs and PC cost, whether it's working across the Azure stack.

目前，我們擁有最大的商業雲，客戶的承諾不斷增加，新的工作負載、新的 TAM 機會（正如您所說的）也隨之而來。我們的重點將是並將繼續放在繼續佔據越來越大的份額，同時我們將繼續關注客戶的成功，並從我們銷售的產品中獲得大量價值，無論是 E5 產品、Microsoft 365，還是 Windows 365 提供幫助，也許是計算成本和 PC 成本，無論是在 Azure 堆棧中工作。

And so with that opportunity, plus in our consumer business, the largest number of active devices we've had in Windows that are still being used more being able to focus on Edge share and Bing share and gaming, bringing it to the PC as well across to mobile, these are the opportunities that we focus on as we think about next year.

因此，有了這個機會，再加上我們的消費者業務，Windows 中活躍設備數量最多，並且仍在被更多地使用，因此我們能夠專注於 Edge 份額、Bing 份額和遊戲，並將其帶到 PC 以及移動設備上，這些都是我們在考慮明年時關注的機會。

And so if we feel like, and I do, that we are well positioned to continue to take share in so many key places, then I'd say, great, and we want to be able to focus on investing in AI, which I talked about, will increase COGS growth, but we're committed to making sure we have healthy profitability by keeping operating expenses low.

因此，如果我們覺得，而且我確實這麼認為，我們有能力繼續在這麼多關鍵領域佔據份額，那麼我會說，太好了，我們希望能夠專注於投資人工智慧，正如我剛才所說，這將增加 COGS 的成長，但我們致力於透過保持低營運費用來確保我們擁有健康的獲利能力。

And so what, really, this past year has been about, but really what Q3 starts to show is our willingness to pivot to the future to make sure we can keep all those commitments that Satya listed. So while I know that's not giving specificity, it is, in fact, how we think about long-term success, in being well positioned in big markets, taking share in those markets, committing to make sure we're going to lead this wave, staying focused on gross margin improvements where we can. Some of them will come in AI over time, given our commitment to the build-out. We will charge for those AI capabilities and then ultimately will deliver operating profit.

那麼，過去的一年到底發生了什麼，但第三季真正開始表明的是我們願意轉向未來，以確保我們能夠履行 Satya 列出的所有承諾。因此，雖然我知道這並沒有給出具體細節，但事實上，這就是我們如何看待長期成功，如何在大市場中佔據有利地位，在這些市場中佔據份額，致力於確保我們引領這股浪潮，並儘可能地專注於提高毛利率。鑑於我們致力於建設的承諾，其中一些將隨著時間的推移進入人工智慧領域。我們將對這些人工智慧功能收費，並最終實現營業利潤。

Yes. I mean, just to add to it, during these periods of transition, the way I think, as shareholders, you may want to look at is what's the opportunity set ahead. We have a differentiated play to go after that opportunity set, which we believe we have. Both the opportunity set in terms of TAM is bigger, and our differentiation at the very start of a cycle, we feel we have a good lead and we have differentiated offerings up and down the stack.

是的。我的意思是，補充一點，在這些過渡時期，我認為，身為股東，你們可能會想看看未來有什麼樣的機會。我們採取了差異化的策略來追逐這些機會，我們相信我們已經做到了。無論是 TAM 方面的機會集還是在周期開始時的差異化，我們都覺得我們擁有良好的領先優勢，並且在整個堆疊中我們都有差異化的產品。

And so therefore, that's the sort of approach we're going to take, which is how do we maximize the return of that starting position for you all as shareholders long term. That's sort of where we look at it. And we'll manage the P&L, carefully driving operating leverage in a disciplined way, but not being shy of investing where we need to invest in order to grab the long-term opportunity. And so obviously, we will see share gains first, usage first, then GM, then op inc, right, like a classic P&L flow. But we feel good about our position.

因此，這就是我們要採取的方法，即如何最大限度地為各位股東帶來長期的起始回報。這就是我們所看到的情況。我們將管理損益，以嚴謹的方式謹慎地推動經營槓桿，但不會羞於在需要投資的地方進行投資，以抓住長期機會。因此顯然，我們首先會看到份額增長，首先是使用量，然後是 GM，然後是 op inc，對的，就像經典的損益表流程一樣。但我們對自己的立場感到滿意。

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

我們的下一個問題來自瑞銀的 Karl Keirstead。

We've had a lot of questions on AI and Azure, so maybe just to round it out. Just on the Office 365 business, Amy. 16% constant currency guide for June, not really seeing much seat degradation despite obviously a tight labor market, so it's proven to be very resilient. Could you just unpack the sensitivity to that head count reduction, given that across your customer base, at least slower rate of hiring, just given that this is an enormous seat-based business? It doesn't seem to be showing up. Maybe you could just help us understand what's driving that continued seat growth and how durable that is?

我們對 AI 和 Azure 有很多疑問，所以也許只是為了總結一下。就 Office 365 業務而言，艾米。 6 月固定匯率指導價為 16%，儘管勞動市場明顯緊張，但席位並沒有大幅下降，因此事實證明它非常有彈性。鑑於這是一項龐大的基於座位的業務，考慮到在整個客戶群中，至少招聘速度會比較慢，您能否解釋一下裁員的敏感性？它似乎沒有出現。也許您可以幫助我們了解推動座椅持續成長的因素以及這種成長的持久性？

Thanks, Karl. I think I would step back and say we have seen, I mean, the Office 365 suite but broadly, the Microsoft 365 suite adds a ton of value for users. And so if you think about the users and all the global base, we've been able to add users, which you continue to see.

謝謝，卡爾。我想我會退一步說我們已經看到了，我的意思是 Office 365 套件，但從廣義上講，Microsoft 365 套件為用戶增加了大量價值。因此，如果您考慮用戶和整個全球基礎，我們已經能夠添加用戶，這一點您會繼續看到。

We still have, in the frontline scenario at an SMB, opportunity to continue to grow. And in the enterprise, where we are a basic productivity tool, the labor market is still tight in most places, and we continue to see customers committed to the value they're getting.

在中小企業的一線場景中，我們仍然有繼續成長的機會。在企業中，我們是基本的生產力工具，大多數地方的勞動市場仍然緊張，我們繼續看到客戶致力於他們所獲得的價值。

And so I -- this is not something that -- I think our focus has really been on continuing to get healthy renewals, continue to add new products at renewal where it makes sense to save customers money and increase value. And so I think that's the story of the resilience you're seeing. And of course, we did have a good E5 quarter, which you're starting to see and it helps on ARPU.

因此，我認為我們的重點一直是繼續獲得健康的續約，繼續在續約時添加新產品，這樣可以為客戶省錢並增加價值。所以我認為這就是你所看到的韌性的故事。當然，我們確實有一個不錯的 E5 季度，您開始看到這一點，它有助於提高 ARPU。

The next question comes from the line of Rishi Jaluria with RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

Wonderful. Nice to see continued resilience in the business. I wanted to get back to the topic of AI, but think maybe a little bit longer term. What -- how are you thinking about the potential for regulation around AI, some of the concerns around data and customer privacy and governance? And what do you think you can do to maybe quell some of those fears that governments and customers and organizations have around that?

精彩的。很高興看到業務繼續保持彈性。我想回到人工智慧的話題，但考慮可能要更長遠。您如何看待圍繞人工智慧的監管潛力，以及圍繞數據和客戶隱私和治理的一些擔憂？您認為您可以做些什麼來平息政府、客戶和組織對此的一些擔憂？

Yes. Thanks, Rishi, for the question. So overall, we've taken the approach that we are not waiting for regulation to show up. We are taking an approach where the unintended consequences of any new technology is something that from day 1, we think about as first class and build into our engineering process, all the safeguards. So for example, in 2016 is when we put out the AI principles, we translated the AI principles into a set of internal standards that then are further translated into an implementation process that then we hold ourselves to internal audit essentially.

是的。謝謝 Rishi 提出的問題。所以總的來說，我們採取的做法是不等待監管出台。我們採取的方法是，從第一天起，我們就將任何新技術的意外後果視為頭等大事，並將所有保障措施納入我們的工程流程中。例如，2016 年我們提出了人工智慧原則，我們將人工智慧原則轉化為一套內部標準，然後進一步轉化為實施流程，然後我們基本上進行內部稽核。

So that's the framework we have. We have a Chief AI Officer who is sort of responsible for both thinking of what the standards are and then the people who even help us internally audit our following of the process. And so we feel very, very good in terms of us being able to create trust in the systems we put out there. And so we will obviously engage with any regulation that comes up in any jurisdiction. But quite honestly, we think that the more there is any form of trust as a differentiated position in AI, I think we stand to gain from that.

這就是我們的框架。我們有一位首席人工智慧官，他不僅負責思考標準是什麼，還負責幫助我們內部審核流程的執行情況。因此，我們對能夠建立對我們所建立的系統信任感到非常高興。因此，我們顯然會參與任何司法管轄區所推出的任何法規。但坦白說，我們認為，在人工智慧領域，任何形式的信任作為差異化地位越多，我們就越能從中獲益。

And our last question will come from the line of Michael Turrin with Wells Fargo.

我們的最後一個問題來自富國銀行的邁克爾·圖林 (Michael Turrin)。

Great. I appreciate you squeezing me in. I want to ask a question on the consolidation play that Microsoft is positioned for, given that's something we hear clearly top of mind for IT decision-makers currently. You have clear plays there across security infrastructure apps and other areas. So it would just be great to hear your view on the Microsoft consolidation playbook in the current environment, and if there are certain areas you're particularly focused on or seeing more traction around.

偉大的。感謝您抽出時間。我想問一個有關微軟的整合策略的問題，因為我們清楚地聽到這是 IT 決策者目前最關心的問題。您在安全基礎設施應用程式和其他領域都有清晰的行動。因此，如果您能聽到您對當前環境下微軟整合策略的看法，以及您是否特別關注某些領域或看到更多關注點，那就太好了。

Yes, I mean, I'll start and Amy, you can add. I think Amy referenced earlier in the context of Microsoft 365 and Office 365, fundamentally, what we are focused on is making sure that the customers are able to derive the value out of our offerings, right, whether it's the Microsoft 365 suite value, which is significant, whether it's E3 or E5. And we want to make sure that our -- they're getting deployed, they're getting used and that's obviously going to lead to our share gains in many cases. Same thing in security. That's a place where this quarter, you saw some good results from us.

是的，我的意思是，我會開始，艾米，你可以添加。我認為 Amy 之前在 Microsoft 365 和 Office 365 的背景下提到過，從根本上說，我們關注的是確保客戶能夠從我們的產品中獲得價值，無論是 Microsoft 365 套件的價值（這很重要），無論是 E3 還是 E5。我們希望確保我們的產品得到部署、使用，這在許多情況下顯然會帶來市場份額的成長。安全方面也是如此。在本季度，您看到了我們取得的一些良好業績。

And same on up and down the stack across Azure, right? So when you think about AI, the anatomy of an AI application is not just an AI model. In fact, ChatGPT itself is a great example. ChatGPT, for example, uses Cosmos DB as their core database. And so therefore, we want to make sure that our services, that they are competitive, get used together, whether it's at the IaaS layer, the PaaS layer or at the SaaS layer.

在 Azure 的整個堆疊中也是一樣，對嗎？因此，當您考慮人工智慧時，人工智慧應用程式的解剖不僅僅是一個人工智慧模型。事實上，ChatGPT 本身就是一個很好的例子。例如，ChatGPT 使用 Cosmos DB 作為其核心資料庫。因此，我們希望確保我們的服務具有競爭力，可以一起使用，無論是在 IaaS 層、PaaS 層還是 SaaS 層。

And maybe 1 thing I would add, Michael, is that I know the question is consolidation, but another aspect of that is that some of the new business process automation work that's going to get done, whether that's the Dynamics workload that we've talked about, it also will benefit from having the AI services available on Azure, from having the core at Azure capabilities as well as, as well as actually some front-end stuff that people are buying in Microsoft 365 to close these loops in a new way.

也許我想補充一點，邁克爾，我知道問題在於整合，但另一方面是，一些即將完成的新業務流程自動化工作，無論是我們討論過的 Dynamics 工作負載，也將受益於 Azure 上提供的 AI 服務，受益於 Azure 的核心功能以及人們在 Microsoft 365 中購買的一些前端產品，從而以新的方式關閉這些循環。

And so I think maybe it's not the traditional definition of consolidation. But when people look and say, what vendor adds a lot of value and has the tools that we need and, in many instances, already own to be able to do this business process work. I think we have a great, great value and, frankly, probably leading tools in almost every vertical.

所以我認為這可能不是合併的傳統定義。但是當人們觀察並說，哪個供應商增加了很多價值並擁有我們需要的工具，並且在許多情況下已經擁有能夠完成此業務流程工作的工具。我認為我們擁有非常有價值的工具，坦白說，幾乎在每個垂直領域都是領先的。

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

謝謝你，麥可。今天的收益電話會議的問答部分到此結束。感謝您今天的加入我們，我們期待很快與大家交談。

Thank you, all.

謝謝大家。

Thank you.

謝謝。

Thanks so much.

非常感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。