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.

大家好，歡迎來到微軟 2023 財年第三季度收益電話會議。 （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。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。此外，本季度新的，當我們在今天的電話會議上提供前景評論時，將在 Microsoft 投資者關係網站上提供更詳細的前景幻燈片。

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三季度的業績以及這些項目和事件對財務業績的影響。

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，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。我們還將在可用時提供固定貨幣增長率，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，我們將僅指增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到提供完整的成績單。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. 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.

非常感謝你，布雷特。微軟雲的季度收入超過 280 億美元，按固定匯率計算分別增長 22% 和 25%，表明我們在整個技術堆棧中持續處於領先地位。我們繼續專注於 3 個優先事項：首先，幫助客戶利用 Microsoft 雲的廣度和深度，從他們的數字支出中獲得最大價值；其次，投資引領我們解決方案領域的新人工智能浪潮，並擴大我們的 TAM；第三，提高運營槓桿，使我們的成本結構與收入增長保持一致。

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取得進展的例子，首先是基礎設施。隨著客戶繼續選擇我們從雲端到邊緣的無處不在的計算結構，Azure 佔據了份額，尤其是在每個應用程序都由 AI 驅動的情況下。我們擁有最強大的 AI 基礎設施，我們的合作夥伴 OpenAI 以及 NVIDIA 和 Adept 和 Inflection 等領先的 AI 初創企業都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 ChatGPT 和 GPT-4 等高級模型與 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 2,500 多個 Azure OpenAI 服務客戶，環比增長 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 分享了它正在使用 Azure OpenAI 服務將下一代 AI 與其行業領先的 EHR 軟件集成在一起。 Azure 還支持 OpenAI API，我們很高興看到 Shopify 和 Snap 等品牌使用 API 來集成 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。例如，聯合利華本季度全力投入 Azure，這是消費品行業有史以來最大規模的雲遷移之一。

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 都使用 Azure Arc 在本地、邊緣和多雲環境中運行 Azure 服務。我們現在擁有超過 15,000 名 Azure Arc 客戶，同比增長超過 150%。我們正在使用 Azure for Operators 將我們的基礎設施擴展到 5G 網絡邊緣。我們是電信公司的首選雲。在上個月的 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使用我們的基礎設施實現網絡現代化和貨幣化。

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.

現在開始數據。我們的智能數據平台將數據庫、分析和治理結合在一起，因此組織可以將更多時間用於創造價值，而將更少時間用於整合其數據資產。 Cosmos DB 是首選數據庫，可為世界上任何規模的要求最嚴苛的工作負載提供支持。 OpenAI 依靠 Cosmos DB 動態擴展其 ChatGPT 服務，這是有史以來增長最快的消費者應用程序之一，可實現高可靠性和低維護。

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 每場比賽攝取超過 1000 萬個數據點，幫助球隊優化他們的比賽。我們正在分享我們的分析解決方案，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.

現在到開發人員。從 Visual Studio 到 GitHub，我們擁有最流行的工具來幫助每個開發人員從想法到代碼，再從代碼到雲，同時保持他們的流程。如今，76% 的財富 500 強企業使用 GitHub 來構建、發布和維護軟件。借助首個大規模 AI 開發人員工具 GitHub Copilot，我們正在從根本上改變每個開發人員的生產力，從新手到專家。自從我們廣泛提供 Copilot for Business 以來的 3 個月內，已有 10,000 多家組織註冊，包括可口可樂和通用汽車以及 Duolingo 和 Mercado Libre，所有這些都歸功於 Copilot 提高了他們的開發人員的速度。

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 AI 引入強大的平台，因此任何人都可以自動化工作流程、創建應用程序或網頁、構建虛擬代理並僅使用自然語言分析數據。超過 36,000 家組織已經在 Power Platform 中使用了現有的人工智能功能。通過我們在 Power Apps 中的新 Copilot，我們將這些功能擴展到最終用戶，他們可以通過對話而不是點擊與任何應用程序進行交互。總而言之，我們現在擁有近 3300 萬的 Power Platform 月活躍用戶，同比增長近 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.

現在介紹業務應用程序。從客戶體驗和服務到財務和供應鏈，我們繼續在我們作為 Asahi、C.H. Robinson、E.ON、Franklin Templeton 選擇我們的人工智能業務應用程序來自動化、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.

我們將進一步使用 Dynamics 365 Copilot，它跨 CRM 和 ERP 系統工作，為每個工作職能的員工帶來下一代人工智能，減少手動數據輸入、內容生成和筆記記錄等繁重任務。

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.

現在介紹我們的行業和跨行業解決方案。我們的可持續發展雲得到了各行各業公司的廣泛採用，包括 BBC、Nissan 和 PCL，因為它們履行了各自的環境承諾。

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，我們的醫療保健云成為 HIMSS 的前沿和中心，因為我們擴展了為付款人提供的產品，並為供應商增加了新的 AI 支持的功能。我們展示了第一個完全人工智能自動化的臨床文檔應用程序 Nuance DAX Express，它將 GPT-4 帶給 Dragon Medical 超過 550,000 名現有用戶。在漢諾威工業博覽會上，西門子分享瞭如何使用與 Azure OpenAI 服務集成的 Teams 應用程序來優化工廠工作流程。

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 將下一代 AI 與 Microsoft Graph 和 Microsoft 365 應用程序中的業務數據相結合，消除了繁瑣的工作並釋放了工作的創造力。 Copilot 與嵌入 Microsoft 365 應用程序中的用戶一起工作，每天有數百萬人使用它，它還支持 Business Chat，它使用自然語言來顯示基於業務內容和上下文的信息和見解。我們對早期反饋感到鼓舞，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 的使用率創歷史新高，本季度每月活躍用戶超過 3 億，我們再次在從協作到聊天到會議再到通話的各個類別中佔據份額，因為我們為現有客戶增加了價值並贏得了 ABN Amro 等新客戶、捷豹路虎、床墊公司、Unisys 和沃達丰。我們發布了新版本的 Teams，性能提升高達 2 倍，同時使用的內存減少 50%，因此客戶可以更高效地協作並為 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 也在擴展我們的 TAM。將近 60% 的企業 Teams 客戶購買 Teams Phone、Rooms 或 Premium。 Teams Phone 是雲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 年投資回報率超過 140%。 Teams Rooms 收入同比增長了一倍多，而 Teams Premium 滿足了企業對人工智能功能的需求，例如現在普遍可用的智能回顧。它是我們發展最快的現代產品之一，僅 2 個月就擁有成千上萬的付費客戶。

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.

通過 Microsoft Viva，我們創建了一個全新的員工體驗套件。 Viva 匯集了跨行業的目標、溝通、學習、工作場所分析和員工反饋，戴爾、萬事達卡和 SES 等公司正在使用 Viva 幫助他們的員工茁壯成長。就在上週，我們宣布了 Copilot for Viva，通過優先考慮生產力和員工敬業度，為領導者提供了一種建立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.

通過 Viva Sales，我們將該平台擴展到特定的工作職能，幫助賣家將大型語言模型應用於他們的 CRM 和 Microsoft 365 數據，以便他們可以自動生成客戶郵件等內容。所有這些創新都在推動 Microsoft 365、Ferrovial、Goldman Sachs、Novo Nordisk 和 Rogers 的增長，它們都選擇了 E5 來為其員工提供我們一流的生產力應用程序以及高級安全性、合規性、語音和分析。

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.

現在到Windows。儘管 PC 市場繼續面臨逆風，但與大流行前相比，我們再次看到創紀錄的每月活躍 Windows 設備和更高的使用率。我們還看到 Windows 11 商業部署的加速增長。超過 90% 的財富 500 強企業目前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.

借助 Windows 365 和 Azure 虛擬桌面，我們繼續改變馬自達等公司和全國范圍內的員工訪問 Windows 的方式。到目前為止，我們超過 1/3 的企業客戶群已經購買了雲交付的 Windows。新的 Windows 365 前線首次將雲 PC 的功能和安全性擴展到輪班工作人員。

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.

現在開始安全。我們涵蓋所有云和所有平台的綜合人工智能解決方案為防御者提供了敏捷優勢。在分析師中，我們在更多類別中處於領先地位，超過任何其他提供商。我們再次在我們服務的所有主要類別中佔據份額，並且我們繼續推出新產品和功能以進一步保護客戶。借助 Security Copilot，我們將大型語言模型與由我們的威脅情報和 65 萬億個每日安全信號提供信息的特定領域模型相結合，以轉變 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.

我們還添加了新的治理控制和策略保護，以更好地保護身份及其訪問的資源。近 720,000 家組織現在使用 Azure Active Directory，同比增長 33%。總而言之，近 600,000 名客戶現在擁有 4 個或更多安全工作負載，同比增長 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棧，以確保在其組織中實現最高級別的保護可見性。

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.

現在到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絡進行聯繫、學習、銷售和就業。隨著我們擴展到新的受眾，會員增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.

我們現在在印度擁有 1 億會員，增長了 19%。隨著 Z 世代進入勞動力市場，我們看到學生註冊人數同比增長 73%。在這個持續緊張的勞動力市場中，LinkedIn Talent Solutions 繼續幫助招聘者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。圍繞人工智能的興奮正在為營銷、銷售和財務、軟件開發和安全等各個職能部門創造新的機會。 LinkedIn 越來越多地成為人們通過 100 多個 AI 課程學習、討論和提陞技能的地方。

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.

我們還引入了新的人工智能功能，包括為會員簡介和職位描述以及協作文章撰寫建議。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、可信的平台上向正確的受眾傳遞正確的信息。

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，我們繼續擴大我們在廣告方面的機會。我們與 Netflix 的獨家合作夥伴關係為我們的廣告網絡帶來了差異化的優質視頻內容，而我們新的網絡 Copilot 正在重塑日常搜索和網絡習慣。

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.

自新的 Bing 和 Edge 推出兩個月以來，我們對用戶反饋和使用模式感到非常鼓舞。總而言之，Bing 的每日活躍用戶已超過 1 億。我們正在贏得 Windows 和移動設備上的新客戶。自推出以來，Bing 移動應用的每日安裝量增長了 4 倍。我們在份額收益方面取得了進展。

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 在美國的市場份額再次增長。我們繼續創新首創的人工智能功能，包括設置聊天基調和根據 DALL-E 支持的文本提示創建圖像的能力。迄今為止，已經創建了超過 2 億張圖像，我們看到，當人們使用這些新的 AI 功能時，他們與 Bing 和 Edge 的互動度會上升。

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.

隨著我們展望未來，聊天將成為人們尋找信息的一種新方式，消費者可以通過 Bing、Edge、Windows 和 OpenAI 的 ChatGPT 上的 Azure 支持的聊天入口點，真正選擇商業模式和方式。我們期待在最大的軟件類別搜索中繼續這一代際轉變的旅程。

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雄心壯志，成為人們隨時隨地玩精彩遊戲的首選。我們在第三季度創造了每月活躍用戶和每月活躍設備的記錄。在我們的內容和服務業務中，我們正在履行我們的承諾，為遊戲玩家提供更多體驗他們喜愛的遊戲的方式。

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.

本季度我們的訂閱收入達到近 10 億美元。本季度，我們還將 PC Game Pass 帶到了 40 個新國家/地區，使我們可用的市場數量幾乎翻了一番。偉大的內容仍然是我們增長背後的飛輪。現在，我們的第一方遊戲擁有超過 5 億終身獨立用戶，並且對我們的遊戲管道感到前所未有的興奮，包括第四季度發布的 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，我們專注於在我們創新的同時繼續提高我們卓越運營和績效的標準，以幫助我們的客戶最大限度地發揮其現有技術投資的價值，並在人工智能的新時代蓬勃發展。幾週後，我們將舉行 Build 大會，屆時我們將分享我們如何為開發人員構建最強大的 AI 平台，我鼓勵您收看。我對未來的機遇充滿活力。有了這個，讓我把它交給艾米。

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 Satya，大家下午好。我們第三季度的收入為 529 億美元，按固定匯率計算分別增長 7% 和 10%。每股收益為 2.45 美元，按固定匯率計算分別增長 10% 和 14%。在我們的銷售團隊和合作夥伴專注執行的推動下，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，收入按固定匯率計算增長了 19%。我們看到更新強度好於預期，包括整個 Microsoft 365，這也有利於 Windows 商業，因為期間收入確認較高。在Office 365單機產品方面，我們看到了新業務增長的改善，而EMS和Windows商業單機產品的增長趨勢與Q2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，客戶繼續保持謹慎，因為上一季度的優化和新工作負載趨勢如預期的那樣繼續。在我們的消費者業務中，PC 需求比我們預期的要好一些，尤其是在商業領域，這使 Windows OEM 和 Surface 受益，儘管渠道庫存水平仍然很高，這對結果產生了負面影響。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.

我們已經看到 Azure、Dynamics、Teams、Security、Edge 和 Bing 的份額增加，因為我們繼續專注於為我們的客戶提供高價值和新的創新解決方案，包括下一代 AI 功能。商業預訂按固定匯率計算較上年強勁增長 11% 和 12%，與下降的到期基數相比，以及上一年納入 Nuance 帶來的 3 個不利影響。好於預期的結果是由我們前面提到的可再生能源銷售動議的強勁執行推動的。

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% 至 1,960 億美元。大約 45% 將在未來 12 個月內確認為收入，同比增長 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、部門收入和運營費用增長的影響符合預期。外匯使銷貨成本增長降低 2 個百分點，有利於預期 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.

微軟雲收入為 285 億美元，按固定匯率計算分別增長 22% 和 25%，略高於預期。在雲工程效率的推動下，微軟雲計算毛利率同比增長約 2 個百分點至 72%，高於預期。剔除使用年限會計估計變更的影響，受 Azure 利潤率下降的推動，微軟雲的毛利率略有下降。

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.

公司毛利率按固定匯率計算分別增長 9% 和 13%，其中 2 個百分點是由於會計估計變更所致。毛利率同比增長至 69%。剔除會計估計變更的影響，毛利率略有下降，這是由於 OEM 收入組合較低所致。

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.

按固定匯率計算，營業費用分別增長 7% 和 9%，比預期低約 3 億美元。運營費用增長的推動力大約有 2 個百分點，來自 Nuance 和 Xandr 的收購以及對雲工程和 LinkedIn 的投資。在整個公司層面，3 月底的員工人數比一年前增加了 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.

營業收入按固定匯率計算分別增長 10%和 15%，其中 4 個百分點是由於會計估計變更所致。營業利潤率同比增長約 1 個百分點至 42%。剔除會計估計變更的影響，營業利潤率小幅下降，按固定匯率計算小幅上升。

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.

現在我們的細分結果。來自生產力和業務流程的收入為 175 億美元，按固定匯率計算分別增長 11% 和 15%，超出預期，這主要是由於 Office Commercial 的業績好於預期。 Office Commercial 收入按固定匯率計算分別增長 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 商業版收入按固定匯率計算分別增長 14% 和 18%，略好於預期，得益於前面提到的強勁續訂執行和 E5 勢頭。付費 Office 365 商業版席位同比增長 11%，超過 3.82 億，安裝基礎擴展到所有工作負載和客戶群。我們的中小型企業和一線員工服務再次推動了座位增長。

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.

Office Commercial 許可下降 1%，按固定匯率計算增長 5%，好於預期，從日本的交易實力中獲益 11 個百分點。隨著 Microsoft 365 訂閱量的持續增長，Office 消費者收入按固定匯率計算分別增長 1% 和 4%，增長 12% 至 6540 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.

在人才解決方案增長的推動下，LinkedIn 收入按固定匯率計算分別增長了 8% 和 10%。在 Dynamics 365 的推動下，按固定匯率計算，Dynamics 收入分別增長了 17% 和 21%，按固定匯率計算，Dynamics 收入從 25% 增加到 29%，所有工作負載都實現了健康增長。

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.

按固定匯率計算，該部門毛利率分別增長 14% 和 18%，毛利率同比增長約 2 個百分點。排除會計估計變更的影響，毛利率略有上升，這是受 Office 365 改進的推動，部分被銷售組合轉向雲產品所抵消。營業費用按固定匯率計算分別增長4%和5%，營業收入按固定匯率計算分別增長20%和27%，其中4個百分點是由於會計估計變更所致。

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.

接下來是智能雲部分。收入為 221 億美元，按固定匯率計算分別增長 16% 和 19%，略高於預期。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 17% 和 21%。 Azure 和其他雲服務收入按固定匯率計算分別增長 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，企業移動和安全安裝基數增長了 15%，達到近 2.5 億個席位。在我們的本地服務器業務中，收入下降了 2%，並且隨著對我們的混合產品（包括運行多雲環境的 Windows Server 和 SQL Server）的持續需求被交易許可所抵消，按固定匯率計算收入相對沒有變化。

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.

企業服務收入按固定匯率計算分別增長 6% 和 9%，企業支持服務和微軟諮詢服務的業績好於預期。按固定匯率計算，分部毛利率分別增長 15% 和 18%，毛利率略有下降。

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，毛利率下降了大約 3 個百分點，這是由於銷售組合轉向 Azure 以及之前提到的較低的 Azure 利潤率。運營費用按固定匯率計算分別增長了 19% 和 20%，其中包括 Nuance 收購帶來的大約 3 個百分點的影響。營業收入按固定匯率計算分別為 13%和 17%，與會計估計變更相差約 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.

現在轉向更多個人計算。收入為 133 億美元，按固定匯率計算分別下降 9% 和 7%，所有業務的業績均好於預期。 Windows OEM 收入同比下降 28%，設備收入按固定匯率計算分別下降 30% 和 26%，均超出預期。

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.

如前所述，我們看到 PC 需求好於預期，尤其是在商業領域，每個許可證的收入更高，儘管結果繼續受到渠道庫存水平上升的負面影響。 Windows Commercial 產品和雲服務收入按固定匯率計算分別增長了 14% 和 18%，大大超出預期，這主要是由於強勁的續訂執行和更高的期間內收入確認。

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.

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 13%，其中包括來自 Xandr 收購的 2 個百分點。本季度，我們的 Edge 瀏覽器在全球和美國的 Bing 瀏覽器的搜索量增加，市場份額再次上漲，推動了業績增長。

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.

而在遊戲方面，收入按固定匯率計算分別下降了 4% 和 1%，超出預期。 Xbox 硬件收入按固定匯率計算下降了 30% 和 28%，這得益於控制台供應的增加。受第三方和第一方內容貨幣化好於預期以及 Xbox Game Pass 增長的推動，Xbox 內容和服務收入按固定匯率計算分別增長 3% 和 5%。

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.

按固定匯率計算，該部門的毛利率下降了 9% 和 5%，毛利率同比略有上升。營業費用按固定匯率計算分別下降了 5% 和 3%，即使 Xandr 的收購帶來了 3 個百分點的增長。按固定匯率計算，營業收入分別下降 12% 和 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.

現在回到公司總業績。包括融資租賃在內的資本支出為 78 億美元，用於支持雲需求。為 PP&E 支付的現金為 66 億美元。運營現金流為 244 億美元，同比下降 4%，因為強勁的雲賬單和收款以及較低的供應商付款被與研發資本化規定相關的稅款和主要與員工人數相關的員工付款所抵消增長和員工薪酬的增加。

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，同比下降 11%。剔除此次納稅的影響，運營現金流增長 1%，自由現金流下降 5%。本季度，其他收入和支出為 3.21 億美元，高於預期，這是受外匯重新計量淨收益的推動。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 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.

現在轉向我們的第四季度展望，除非另有特別說明，否則以美元為基礎。我對下一季度和 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 財年結束，前提是獲得所需的監管批准。

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.

現在去外匯。根據當前匯率，我們預計外匯會使總收入增長減少約 2 個百分點，而不會影響 COGS 或運營費用增長。在細分市場中，我們預計生產力和業務流程以及智能雲的收入增長將受到大約 2 點的負面外匯影響，更多個人計算將受到大約 1 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.

總的來說，我們在第三季度看到的許多趨勢將延續到第四季度。在我們今年最大的季度，我們預計客戶對我們差異化解決方案的需求，包括我們的 AI 平台和跨 Microsoft 雲的一致執行，將推動另一個季度的健康收入增長。

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，我們有有史以來最大的商業預訂季度，其中包含大量多年期承諾。就此而言，我們預計增長將相對平穩。我們希望在我們的核心年金銷售動議中始終如一地執行，並通過強有力的續約和對我們平台的持續承諾，因為我們專注於滿足客戶不斷變化的合同需求，包括在這個動態環境中的短期、快速實現價值的合同。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 2 個百分點。排除這一影響，第四季度雲計算毛利率將相對持平，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，在 Azure AI 基礎設施投資的推動下，資本支出將按美元計算出現實質性連續增長。提醒一下，我們的雲基礎設施建設時間可能會有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，細分指導。對於生產力和業務流程，我們預計收入將以固定匯率計算增長 10% 至 12%，即 179 億美元至 182 億美元。在 Office Commercial 中，收入增長將再次由 Office 365 推動。我們看到整個客戶群的增長和 ARPU 通過 E5 的增長。我們預計 Office 365 收入增長約為 16%（按固定匯率計算）。

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.

在我們的本地業務中，我們預計收入將下降到 30 多歲左右。在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，收入將實現中個位數增長。對於 LinkedIn，我們預計在人才解決方案的推動下，收入將實現中等個位數的增長，並在平台上持續保持強勁的參與度。在 Dynamics 方面，我們預計在 Dynamics 365 的持續增長的推動下，中高收入將出現增長。

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.

對於智能雲，我們預計收入將以固定匯率計算增長 15% 至 16%，即 236 億美元至 239 億美元。收入將繼續由 Azure 驅動，作為提醒，Azure 可能會有季度變化，主要來自我們的每用戶業務和期間收入確認，具體取決於合同組合。

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 中，我們預計按固定匯率計算收入增長將達到 26% 至 27%，其中包括來自 AI 服務的大約 1 個百分點。增長繼續由我們的 Azure 消費業務推動，我們預計第三季度的趨勢將持續到第四季度，如前所述。

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繼續受益於 Microsoft 365 套件的勢頭，儘管我們預計鑑於安裝基數的規模，增長率將繼續放緩。在我們的本地總業務中，我們預計收入將下降個位數，因為對我們的混合解決方案（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，由於企業支持服務的增長將被微軟諮詢服務的下降所抵消，收入同比應該相對不變。在更多個人計算領域，我們預計收入為 133.5 億美元至 137.5 億美元。 PC 需求應該與第三季度相似，並且鑑於渠道庫存仍然居高不下，隨著市場繼續正常化，我們的收入將落後於整體市場增長。因此，Windows OEM 和設備收入應該會在 20 年代中期下降。

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 Commercial 產品和雲服務收入應該會下降到中等個位數。雖然我們預計客戶對 Microsoft 365 和我們的高級安全解決方案的持續需求會推動健康的年金賬單增長，但提醒我們，我們的季度收入增長可能會有變化，主要是根據合同組合的期間收入確認。

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.

搜索和新聞廣告（不含 TAC）收入增長應約為 10%，比整體搜索和新聞廣告收入高出約 5 個百分點，第一方收入增長與第三季度相似。在遊戲方面，我們預計收入將以中高個位數增長。在第三方和第一方內容以及 Xbox Game Pass 的推動下，我們預計 Xbox 內容服務收入將在中低端增長。

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 COGS 按固定匯率計算將增長 3% 至 4%，即 168 億美元至 170 億美元，運營費用按固定匯率計算將增長約 2%，即 151 億美元至 152 億美元。其他收入和支出約為 3 億美元，利息收入預計將超過利息支出。

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按市值計價的收益或損失，這可能會增加季度波動性。我們預計我們第四季度的有效稅率將與我們大約 19% 的全年稅率一致。最後，提醒一下，對於第四季度的現金流，我們預計將支付與研發資本化準備金相關的 13 億美元現金稅款。

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，在我們展望下一個財政年度時，我想分享一些結束語。憑藉我們開啟這個人工智能時代的領導地位，我們將繼續專注於戰略性地管理公司，以提供差異化的客戶價值以及長期的財務增長和盈利能力。與任何重大平台轉變一樣，它始於創新。我們對迄今為止宣布的 AI 功能的早期反饋和需求信號感到興奮。

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基礎設施，特別是與 AI 相關的支出，因為我們在客戶轉型的推動下隨著需求的增長而擴展。我們預計由此產生的收入會隨著時間的推移而增長。一如既往，我們仍然致力於調整成本和收入增長，以提供有紀律的盈利能力。因此，雖然規模化的資本支出投資將影響銷貨成本增長，但我們預計 24 財年的運營費用增長將保持低位。

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，我們始終專注於積極地將我們的資源轉向未來，因為我們在當下以高水平執行，為我們的客戶創造價值。這種平衡使公司能夠在幾十年內成功地領導許多平台轉變。因此，我們致力於引領 AI 平台浪潮並進行投資以支持它。

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

有了這個，讓我們去問答。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。

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.

祝賀我們在眾所周知的仍然困難的環境中取得了一系列非常棒的結果。我認為它確實說明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.

我想問你一個問題，我可能比其他任何問題都問得更多，但坦率地說，我沒有很好的答案，那就是關於 OpenAI 合作夥伴關係，尤其是該合作夥伴關係的會計問題。所以我希望你能給我們一些關於收入是否從等式的資本支出方面從 OpenAI 流入微軟的顏色，是否有任何影響。讓我們更好地了解圍繞這種關係的會計工作方式。

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，基思。在某些方面，首先讓我說，這是一個很好的合作夥伴關係。我們很自豪能夠合作多年，導致您最近聽到我們發布的一些公告。我們談到了合作夥伴關係活動的基礎，即當我們都成功時，其他人也會受益。當我們成長時，它會幫助他們；當它們長大時，它會幫助我們。

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.

但具體到你的問題是它是如何出現的，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 服務來支持他們的終端服務的客戶一樣顧客。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，我們代表他們確認收入。這可能是最簡單的框架，Keith，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 Bernstein Research 的 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.

祝賀本季度和指導。我想深入了解 Azure，更具體地說，Azure IaaS/PaaS 消費。 IaaS/PaaS 消費最近確實有所下降，重要的是要了解宏觀與將反彈的宏觀和優化，無論它會迅速反彈還是存在更基本的問題。

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，是不是純粹是宏觀的，大家稍微後退一點，一回來就踩油門？或者是否有更基本的因素正在吸引企業——也許，推動企業退後一步，即使 IT 支出反彈，這種放緩也可能持續下去？

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 條評論。這也很重要，我認為區分我所說的宏觀或絕對績效和相對績效，因為我認為這可能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.

首先是優化確實在繼續。事實上，我們專注於此。我們激勵我們的員工幫助我們的客戶進行優化，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提供商來幫助他們時，這是確保與客戶的忠誠度和長期合同的最佳方式不斷優化他們的工作量。這是公共雲的基本優勢，我們正在利用一切機會實時向客戶證明這一點。

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.

我要說的第二件事是，我們確實開始了新的工作負載，因為如果你仔細想想，在大流行期間，一切都是關於新的工作負載和擴展工作負載。但在大流行前，優化和新工作負載之間存在平衡。因此，我們現在看到的是，除了我們擁有的高度優化 [givens] 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.

第三個可能更像是一個相對的陳述。由於過去幾個季度我們在 AI 領域所做的一些工作，我們現在看到了我們從未有過的對話，無論是通過你還是 OpenAI 的 API，如果你想想消費科技公司本質上，讀者都在旋轉，因為他們已經去了 OpenAI 並正在使用他們的 API。這些根本不是 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，即使是 Azure OpenAI API 客戶都是新的，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，這些都是新的工作負載，我們過去確實沒有參與其中，而現在我們是。所以這些是我要發表的 3 條評論，無論是在絕對宏觀方面，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改變的。

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，也許我要在這些評論中補充的一件事是，我們已經經歷了將近一年的時間，薩蒂亞談到的那個支點是我們開始大量新的工作負載，我們稱之為大流行時間，到這個過渡職位，我們即將迎來那個開始的周年紀念日。所以跟你談談，我們正在繼續設置優化。

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優化。當你開始慶祝週年紀念日時，你確實會發現它在年復一年的補償方面變得更容易了。因此，您甚至可以在我們的一些指導中看到這一點，其中一些影響來自同比。

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。再一次，祝賀正在發生的事情。

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

你的下一個問題來自 Brent Thill 與 Jefferies 的合作。

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，你能否告訴我們出現了多少，我們將在哪裡看到它，最終，你認為你可以通過 Copilot 獲得一個簡單的價格提升，比如 10%， 20%、30% 高於您看到套件常規組件的位置？還是太難考慮了？

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，我們確實計劃在所有技術堆棧中通過一組單獨的計量器獲利，無論它們是消費計量器還是每用戶訂閱。定價的 Copilot 就是 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 模式而需要定價。但您可以期待我們幾乎全面地完成我們使用 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，最好的思考方式是當我們相信我們正在增加很多價值時，坦率地說，這就是 Copilots 正在做的事情以及一些生產力的提高，你可以期望我們會為這些和當我們發佈時，您將能夠看到它，就 Satya 而言，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?

我也祝賀你。只停留在 AI 主題上，更多地考慮毛利率對 Azure 的影響。你能不能——Satya，你能不能稍微談談，比如，你如何看待 AI 工作負載的計算成本與經典工作負載的計算成本？你認為這將如何隨著時間的推移而演變？

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。一個顯然是加速計算用於驅動 AI。我們非常非常關注的事情是確保我們在使用這些資源時非常有效。如果你想一想超大規模處理器的作用，它不僅僅是機架式硬件。他們使用軟件來優化給定工作負載的性能，實際上是異構工作負載和一組給定的硬件。

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，我們有許多旋鈕將持續 - 繼續推動優化。你甚至在 - 即使是給定的一代大型模型中也看到了它，我們從成本足跡開始，到我們在四分之一的時間內結束成本足蹟的地方。因此，您可以期待我們做我們過去十年所做的事情，再加上公共雲，以帶來好處，我想說，持續優化我們的 COGS 到不同的工作負載集。

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.

我要提到的另一件事是現在有工作量。比如，我們與 OpenAI 聚在一起的一個原因主要是我們出來說，這種類型的工作負載，無論是培訓還是保險工作負載，都將與我們更普遍地相關，而不僅僅是在上下文中人工智能。所以你可以看到我們也在其他情況下應用它。

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，我們也談到了這一點。我認為 Satya 指出的一件需要記住的重要事情是，這不僅僅是 Azure 的成本和優化 Azure 工作負載的能力。

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.

實際上，即使是我們構建的第一方工作負載和應用程序，正確的，都是在同一平台上構建的，我們能夠，因為我們是一個超大規模，因為我們也有一個大型商業雲第一方作為第一方的 Bing 這樣的消費者應用程序，我們能夠利用這一點和 GPU 利用率，以及整個堆棧的 AI 服務利用率。因此，這不僅僅是 Satya 想要成為超大規模企業的更廣泛利益的地方。

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，我想向你解決這個問題。在您準備好的評論中，您評論說您認為營業費用增長會更低。我希望通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?

你能談談你如何看待任何一種方向性的顏色嗎？你如何看待毛利率的變化，給定的組合，特別是支持生成人工智能和/或任何其他可能有助於塑造我們想法的評論，因為我們開始考慮營業利潤率下一個財政年度？

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，基思。這可能是一個很好的機會來解釋一下我是如何看待我們所處的位置的——如果你看看我們所從事的所有業務，我們就會看看我們在這些業務中的競爭力。這就是 Satya 開始評論我們的相對錶現與絕對錶現的地方。我會告訴你，我們現在投入的精力和重點是相對績效和份額收益。

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.

現在，我們擁有最大的商業雲，客戶對新工作負載和新 TAM 機會的承諾越來越多，您正在談論這些。我們的重點將是，並將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，微軟365，無論是 Windows 365 的幫助，也許是計算成本和 PC 成本，無論是跨 Azure 堆棧工作。

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，我們在 Windows 中擁有的最大數量的活動設備仍在使用，更多地能夠專注於 Edge share 和 Bing share 以及遊戲，並將其也帶到 PC 上在移動領域，這些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，我也確實如此，我們有能力繼續在如此多的關鍵領域佔有一席之地，那麼我會說，太好了，我們希望能夠專注於投資人工智能，我談到，將增加 COGS 的增長，但我們致力於通過保持較低的運營費用來確保我們擁有健康的盈利能力。

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.

所以，實際上，過去一年是關於什麼的，但實際上第三季度開始顯示的是我們轉向未來的意願，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具體說明，但實際上，我們如何看待長期成功，在大市場中處於有利地位，在這些市場中佔有一席之地，致力於確保我們將引領這一浪潮，盡可能專注於提高毛利率。鑑於我們對擴建的承諾，其中一些將隨著時間的推移出現在 AI 中。我們將對這些 AI 功能收費，然後最終實現營業利潤。

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，只是補充一點，在這些過渡時期，我認為，作為股東，你可能想看看未來的機會是什麼。我們有一個差異化的遊戲來追求我們相信我們擁有的機會集。 TAM 方面的機會更大，而且我們在周期開始時的差異化，我們覺得我們有很好的領先優勢，我們在堆棧上下都有差異化的產品。

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，這就是我們將要採取的方法，這就是我們如何為你們所有人作為股東的長期回報最大化該起始位置的回報。這就是我們看待它的地方。我們將管理損益表，以一種有紀律的方式謹慎地推動經營槓桿，但並不羞於在我們需要投資的地方進行投資，以抓住長期機會。很明顯，我們將首先看到份額增長，首先是使用，然後是 GM，然後是 op inc，就像經典的損益流程一樣。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集團的 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?

我們有很多關於 AI 和 Azure 的問題，所以也許只是為了解決這個問題。關於 Office 365 業務，艾米。 16% 的 6 月固定匯率指引，儘管勞動力市場明顯緊張，但實際上並沒有看到太多席位下降，因此事實證明它非常有彈性。考慮到整個客戶群，至少招聘速度較慢，考慮到這是一個巨大的基於席位的業務，你能否解開對裁員的敏感性？它似乎沒有出現。也許你可以幫助我們了解是什麼推動了座位的持續增長以及它的持久性？

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 套件為用戶增加了很多價值。因此，如果您考慮用戶和所有全球基礎，我們已經能夠添加您繼續看到的用戶。

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 SMB 的一線場景中，我們仍然有機會繼續發展。在我們是基本生產力工具的企業中，大多數地方的勞動力市場仍然緊張，我們繼續看到客戶致力於他們獲得的價值。

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.

所以我——這不是——我認為我們的重點實際上是繼續獲得健康的續訂，繼續在續訂時添加新產品，這對節省客戶的錢和增加價值是有意義的。所以我認為這就是你所看到的韌性的故事。當然，我們確實有一個很好的 E5 季度，你開始看到它對 ARPU 有幫助。

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

下一個問題來自 RBC 的 Rishi Jaluria 系列。

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。很高興看到業務的持續彈性。我想回到 AI 的話題，但考慮的時間可能更長一些。什麼——你如何看待圍繞 AI 的監管潛力，以及對數據和客戶隱私和治理的一些擔憂？你認為你可以做些什麼來平息政府、客戶和組織對此的一些恐懼？

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，提出這個問題。因此，總的來說，我們採取了不等待監管出現的方法。我們正在採取一種方法，從第一天起，任何新技術的意外後果都是我們認為是一流的，並在我們的工程流程中構建所有的保障措施。因此，例如，在 2016 年，當我們推出 AI 原則時，我們將 AI 原則轉化為一組內部標準，然後進一步轉化為實施過程，然後我們將自己置於內部審計之中。

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 AI 官，他負責思考標準是什麼，然後負責幫助我們內部審核我們對流程的遵循情況的人員。因此，就我們能夠建立對我們推出的系統的信任而言，我們感覺非常非常好。因此，我們顯然會參與任何司法管轄區出現的任何法規。但老實說，我們認為任何形式的信任作為 AI 中的差異化地位越多，我認為我們將從中受益。

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

我們的最後一個問題將來自富國銀行的 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。我很感激你把我擠進來。我想問一個關於微軟定位的整合遊戲的問題，因為這是我們目前清楚地聽到 IT 決策者最關心的事情。你在安全基礎設施應用程序和其他領域都有明確的發揮。因此，很高興聽到您對當前環境中 Microsoft 整合手冊的看法，以及您是否特別關注某些領域或看到更多關注。

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，你可以補充。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，對吧，無論是 Microsoft 365 套件價值，意義重大，無論是E3還是E5。我們希望確保我們的 - 他們正在部署，他們正在使用，這顯然會在許多情況下導致我們的份額增加。安全方面也一樣。這是本季度的地方，您看到我們取得了一些不錯的成績。

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.

在整個 Azure 的堆棧上下也是如此，對吧？因此，當您考慮 AI 時，AI 應用程序的剖析不僅僅是 AI 模型。事實上，ChatGPT 本身就是一個很好的例子。例如，ChatGPT 使用 Cosmos DB 作為其核心數據庫。因此，我們希望確保我們的服務，無論是在 IaaS 層、PaaS 層還是在 SaaS 層，都具有競爭力，可以一起使用。

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.

也許我要補充一件事，邁克爾，我知道問題是整合，但另一個方面是一些新的業務流程自動化工作將要完成，無論是我們談到的 Dynamics 工作負載關於，它還將受益於在 Azure 上提供 AI 服務，從擁有 Azure 功能的核心，以及人們在 Microsoft 365 中購買的一些前端東西，以一種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整合的傳統定義。但是當人們看到並說，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。我認為我們擁有巨大的價值，坦率地說，可能在幾乎每個垂直領域都處於領先地位。

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，邁克爾。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。

Thank you, all.

謝謝你們。

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。此時您可以斷開線路。感謝您的參與。