微軟 (MSFT) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2023 Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Microsoft 2023 財年第四季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Brett Iversen, Vice President of Investor Relations. Mr. Iversen, please go ahead.

現在我想將會議交給東道主投資者關係副總裁布雷特·艾弗森 (Brett Iversen)。艾弗森先生，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.

下午好，感謝您今天加入我們。與我通話的有董事長兼首席執行官薩蒂亞·納德拉 (Satya Nadella)；艾米·胡德，首席財務官；艾麗絲·喬拉，首席會計官；和副總法律顧問 Keith Dolliver。

On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.

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，其旨在補充我們在今天的電話會議中準備好的言論，並提供 GAAP 和非 GAAP 財務指標之間差異的調節。當我們對今天的電話會議提供展望評論時，將在微軟投資者關係網站上提供更詳細的展望幻燈片。

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

在這次電話會議上，我們將討論某些非公認會計準則項目。所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。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四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'll 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增長比較都與去年同期有關。我們還將提供以固定匯率計算的增長率，作為評估我們的基礎業務表現的框架，排除外幣匯率波動的影響。如果按固定匯率計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站上，直到獲得完整的文字記錄。今天的電話會議正在進行網絡直播並進行錄音。如果您提出問題，它將包含在我們的實時傳輸、文字記錄以及未來錄音的任何使用中。您可以重播通話並在 Microsoft 投資者關係網站上查看文字記錄。

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.

在這次電話會議中，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。這些陳述基於當前的預期和假設，存在風險和不確定性。由於今天的收益新聞稿中討論的因素、本次電話會議期間發表的評論以及我們的表格 10-K、表格 10-Q 和其他報告以及向證券和證券交易委員會提交的文件中的風險因素部分，實際結果可能會存在重大差異。外匯委員會。我們不承擔更新任何前瞻性聲明的義務。

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

然後，我會將電話轉給 Satya。

Thank you very much, Brett. We had a solid close to our fiscal year. The Microsoft Cloud surpassed $110 billion in annual revenue, up 27% in constant currency, with Azure all-up accounting for more than 50% of the total for the first time. Every customer I speak with is asking not only how, but how fast, they can apply next-generation AI to address the biggest opportunities and challenges they face, and to do so safely and responsibly.

非常感謝你，布雷特。我們的財年即將結束。微軟雲年收入超過1100億美元，按固定匯率計算增長27%，其中Azure總收入首次佔總收入的50%以上。與我交談的每一位客戶不僅會問他們如何應用下一代人工智能，而且會以多快的速度應用下一代人工智能來應對他們面臨的最大機遇和挑戰，並安全、負責任地做到這一點。

To that end, we remain focused on 3 key priorities: first, helping customers use the breadth and depth of Microsoft Cloud to get the most value on to their spend; second, investing to lead in the new AI platform shift by infusing AI across every layer of the tech stack; and third, driving operating leverage.

為此，我們仍然專注於 3 個關鍵優先事項：首先，幫助客戶利用 Microsoft 雲的廣度和深度來獲得最大的支出價值；其次，通過將人工智能注入技術堆棧的每一層，投資引領新的人工智能平台轉變；第三，提高經營槓桿。

Now I'll highlight examples of our progress, starting with infrastructure. Azure continues to take share as customers migrate their existing workloads and invest in new ones. We continue to see more cloud migrations, as it remains early when it comes to long-term cloud opportunity. We are also seeing increasing momentum with Azure Arc, which now has 18,000 customers, up 150% year-over-year, including Carnival Corp., Domino's, Thermo Fisher. And Azure AI is ushering in new born-in-the-cloud AI-first workloads, with the best selection of frontier and open models, including Meta's recent announcements supporting Llama on Azure and Windows, as well as OpenAI.

現在，我將重點介紹我們取得的進展的示例，從基礎設施開始。隨著客戶遷移現有工作負載並投資新工作負載，Azure 繼續佔據市場份額。我們繼續看到更多的雲遷移，因為就長期雲機會而言，現在還處於早期階段。我們還看到 Azure Arc 的增長勢頭，目前擁有 18,000 名客戶，同比增長 150%，其中包括 Carnival Corp.、Domino's、Thermo Fisher。 Azure AI 正在迎來新的雲中人工智能優先工作負載，提供最佳的前沿和開放模型選擇，包括 Meta 最近宣佈在 Azure 和 Windows 上支持 Llama 以及 OpenAI。

We have great momentum across Azure OpenAI Service. More than 11,000 organizations across industries, including IKEA, Volvo Group, Zurich Insurance, as well as digital natives like FlipKart, Humane, Kahoot, Miro, Typeface, use the service. That's nearly 100 new customers added every day this quarter. Mercedes-Benz, for example, is bringing ChatGPT via Azure OpenAI to more than 900,000 vehicles in the United States, making its in-car voice assistant more intuitive. And Moody's built its own internal copilot to improve productivity of its 14,000 employees.

我們在 Azure OpenAI 服務方面勢頭強勁。超過 11,000 個跨行業組織（包括宜家、沃爾沃集團、蘇黎世保險）以及 FlipKart、Humane、Kahoot、Miro、Typeface 等數字原生企業都在使用該服務。本季度每天新增近 100 名新客戶。例如，梅賽德斯-奔馳正在通過 Azure OpenAI 將 ChatGPT 引入美國超過 90 萬輛汽車，使其車載語音助手更加直觀。穆迪還建立了自己的內部副駕駛，以提高 14,000 名員工的生產力。

We're also partnering broadly to scale this next generation of AI to more customers. Snowflake, for example, will increase its Azure spend as it builds new integrations with Azure OpenAI. And KPMG has announced a multibillion-dollar commitment to our cloud and AI services to transform professional services.

我們還廣泛合作，將下一代人工智能擴展到更多客戶。例如，Snowflake 將增加其 Azure 支出，因為它與 Azure OpenAI 建立了新的集成。畢馬威 (KPMG) 宣布對我們的雲和人工智能服務投入數十億美元，以轉變專業服務。

Now on to data. Every AI app starts with data, and having a comprehensive data and analytics platform is more important than ever. Our intelligent data platform brings together operational databases, analytics and governance so organizations can spend more time creating value and less time integrating their data estate. We introduced Microsoft Fabric this quarter, which unifies compute storage and governance with a disruptive business model. One month in, we are encouraged by early interest and usage. Over 8,000 customers have signed up to trial the service and are actively using it, and over 50% are using 4 or more workloads. All-up, we once again took share with our analytics solutions with customers like Bridgestone, Chevron and Equinor turning to our stack.

現在來看數據。每個人工智能應用程序都始於數據，擁有全面的數據和分析平台比以往任何時候都更加重要。我們的智能數據平台將運營數據庫、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，而減少集成數據資產的時間。我們本季度推出了 Microsoft Fabric，它將計算存儲和治理與顛覆性業務模型統一起來。一個月後，我們對早期的興趣和使用感到鼓舞。超過 8,000 名客戶已註冊試用該服務並正在積極使用它，超過 50% 的客戶正在使用 4 個或更多工作負載。總而言之，我們再次與普利司通、雪佛龍和 Equinor 等轉向我們的堆棧的客戶分享我們的分析解決方案。

Now on to developers. New Azure AI Studio is becoming the tool of choice for AI development in this new era, helping organizations ground, fine-tune, evaluate and deploy models, and do so responsibly. VS Code and GitHub Copilot are category-leading products when it comes to how developers code every day. Nearly 90% of GitHub Copilot sign-ups are self-service, indicating strong organic interest and pull-through. More than 27,000 organizations, up 2x quarter-over-quarter, have chosen GitHub Copilot for Business to increase the productivity of their developers, including Airbnb, Dell and Scandinavian Airlines.

現在輪到開發人員了。新的Azure AI Studio正在成為這個新時代人工智能開發的首選工具，幫助組織負責任地進行模型的落地、微調、評估和部署。就開發人員日常編碼方式而言，VS Code 和 GitHub Copilot 是同類領先的產品。近 90% 的 GitHub Copilot 註冊都是自助式的，表明了強烈的有機興趣和拉動性。超過 27,000 個組織（包括 Airbnb、戴爾和斯堪的納維亞航空公司）選擇 GitHub Copilot for Business 來提高開發人員的工作效率，比上一季度增長了 2 倍。

We're also applying AI across low-code, no-code tool chain to help domain experts automate workflows, create apps and web pages, build virtual agents, or analyze data using just natural language. Copilot in Power BI combines the power of large language models with an organization's data to generate insights faster, and Copilot in Power Pages makes it easier to create secure low-code business websites. One of our tools that's really taken off is Copilot in Power Virtual Agents, which is delivering one of the biggest benefits of this new area of AI, helping customer service agents be significantly more productive. HP and Virgin Money, for example, have both built custom chatbots with Copilot and Power Virtual Agents that were trained to answer complex customer inquiries. All-up, more than 63,000 organizations have used AI-powered capabilities in Power Platform, up 75% quarter-over-quarter.

我們還在低代碼、無代碼工具鏈中應用人工智能，以幫助領域專家自動化工作流程、創建應用程序和網頁、構建虛擬代理或僅使用自然語言分析數據。 Power BI 中的 Copilot 將大型語言模型的強大功能與組織的數據相結合，可以更快地生成見解，而 Power Pages 中的 Copilot 可以更輕鬆地創建安全的低代碼商業網站。我們真正成功的工具之一是 Power Virtual Agents 中的 Copilot，它提供了人工智能這一新領域的最大優勢之一，幫助客戶服務代理顯著提高工作效率。例如，惠普和 Virgin Money 都使用 Copilot 和 Power Virtual Agents 構建了自定義聊天機器人，這些機器人經過培訓可以回答複雜的客戶詢問。總共有超過 63,000 個組織在 Power Platform 中使用了 AI 驅動的功能，環比增長 75%。

Finally, Power Automate now has 10 million monthly active users at companies like Jaguar Land Rover, Repsol, Rolls-Royce, up 55% year-over-year. And we're going further with new process mining capabilities in Power Automate, which are helping organizations optimize business processes and, in turn, build their AI advantage.

最後，Power Automate 目前在捷豹路虎、雷普索爾、勞斯萊斯等公司擁有 1000 萬月活躍用戶，同比增長 55%。我們正在進一步利用 Power Automate 中的新流程挖掘功能，幫助組織優化業務流程，進而建立其 AI 優勢。

Now on to business applications. We are taking share in every category as we help organizations across the private and public sector from Avis to Albertsons to Breville to Equinox and the U.S. Department of Veterans Affairs transform their mission-critical business processes. All-up, Dynamics surpassed $5 billion in revenue over the past fiscal year with our customer experience, service and finance and supply chain businesses all surpassing $1 billion in annual sales. This quarter, we brought Dynamics 365 Copilots to our ERP portfolio, including finance, project operations and supply management. And with our new Microsoft Sales Copilot, sellers can ground their customer interactions with data from CRM systems, including both Salesforce and Dynamics to personalize customer interactions and close more deals.

現在討論商業應用程序。我們幫助從安飛士 (Avis) 到艾伯森 (Albertsons)、布雷維爾 (Breville)、Equinox 等私營和公共部門的組織以及美國退伍軍人事務部轉變其關鍵任務業務流程，從而在各個類別中佔據份額。總的來說，Dynamics 在上一財年的收入超過了 50 億美元，我們的客戶體驗、服務、金融和供應鏈業務的年銷售額均超過了 10 億美元。本季度，我們將 Dynamics 365 Copilots 添加到我們的 ERP 產品組合中，包括財務、項目運營和供應管理。借助我們新的 Microsoft Sales Copilot，賣家可以利用 CRM 系統（包括 Salesforce 和 Dynamics）中的數據來進行客戶交互，從而個性化客戶交互並達成更多交易。

Now on to our industry and cross-industry clouds. Our Microsoft Cloud for Sustainability is helping customers like Costco, Land O'Lakes and REI take action to meet their environmental goals. And in health care, hundreds of organizations are using our Nuance DAX ambient intelligence solution to automatically document patient encounters at the point of care. This quarter, we expanded our collaboration with Epic to integrate Nuance DAX Express directly into their industry-leading EHR system.

現在談談我們的行業和跨行業雲。我們的 Microsoft 可持續發展雲正在幫助 Costco、Land O'Lakes 和 REI 等客戶採取行動來實現其環境目標。在醫療保健領域，數百家組織正在使用我們的 Nuance DAX 環境智能解決方案來自動記錄患者在護理點遇到的情況。本季度，我們擴大了與 Epic 的合作，將 Nuance DAX Express 直接集成到他們行業領先的 EHR 系統中。

Now on to future of work. Across industries, customers like Ahold Delhaize, Deutsche Bank, Novartis, Siemens, Wells Fargo are choosing Microsoft 365 premium offerings for differentiated security, compliance, voice and analytics value. And 4 months ago, we introduced a new pillar of customer value with Microsoft 365 Copilot. We are now rolling out Microsoft 365 Copilot to 600 paid customers through our early access program, and feedback from organizations like Emirates NBD, General Motors, Goodyear and Lumen is that it's a game changer for employee productivity.

現在談談未來的工作。在各個行業中，Ahold Delhaize、德意志銀行、諾華、西門子、富國銀行等客戶都選擇 Microsoft 365 高級產品來實現差異化的安全性、合規性、語音和分析價值。 4 個月前，我們通過 Microsoft 365 Copilot 推出了新的客戶價值支柱。我們現在通過搶先體驗計劃向 600 名付費客戶推出 Microsoft 365 Copilot，Emirates NBD、通用汽車、固特異和 Lumen 等組織的反饋表明，它改變了員工生產力。

We continue to build momentum in Microsoft Teams across collaboration, chat, meetings and calling. We now have more than 1,900 apps in Teams app store. And companies in every industry, from British Airways, to Dentsu, to Eli Lilly and Manulife, have built over 145,000 custom line of business apps, bringing business process directly into the flow of work. Five months in, Teams Premium has already surpassed 600,000 seats as companies like BNY Mellon, Clifford Chance, PepsiCo and Starbucks chose the add-on for advanced features like end-to-end encryption and real-time translation.

我們繼續在 Microsoft Teams 的協作、聊天、會議和通話方面建立動力。現在，我們的 Teams 應用商店中有超過 1,900 個應用程序。從英國航空公司到電通、禮來和宏利，各個行業的公司都已構建了超過 145,000 個自定義業務線應用程序，將業務流程直接引入工作流程中。五個月後，隨著紐約梅隆銀行、高偉紳律師事務所、百事可樂和星巴克等公司選擇該附加組件來實現端到端加密和實時翻譯等高級功能，Teams Premium 的席位已超過 600,000 個。

Teams Phone is the market leader in cloud calling with more than 17 million PSTN users, up 45% year-over-year. Teams Room is used by more than 70% of the Fortune 500, including L'Oreal, United Airlines and U.S. Bank, and revenue more than doubled year-over-year this quarter. And with Microsoft Viva, we are creating a new market category for employee experience. Viva now has 35 million monthly active users as companies like CBRE, Fujitsu and Unisys turn to the platform to build data-driven, high-performance organizations.

Teams Phone 是云通話市場的領導者，擁有超過 1700 萬 PSTN 用戶，同比增長 45%。 Teams Room 被超過 70% 的財富 500 強企業使用，其中包括歐萊雅、美國聯合航空和美國銀行，本季度收入同比增長了一倍多。通過 Microsoft Viva，我們正在為員工體驗創建一個新的市場類別。隨著 CBRE、Fujitsu 和 Unisys 等公司轉向該平台建立數據驅動的高性能組織，Viva 目前每月擁有 3500 萬活躍用戶。

Now on to Windows. The number of devices running Windows 11 has more than doubled in the last year, and we are seeing continued growth in Windows 11 commercial deployments worldwide by companies like AT&T, Krones and Westpac. We are also transforming how Windows is experienced and managed for enterprise customers with Azure Virtual Desktop and Windows 365, which together surpassed $1 billion in revenue for the first time over the past 12 months. Enbridge, Eurowings, Marriott International and TD Bank Group, for example, all chose cloud-delivered Windows this quarter.

現在進入Windows。去年，運行 Windows 11 的設備數量增加了一倍多，我們看到 AT&T、Krones 和 Westpac 等公司在全球範圍內的 Windows 11 商業部署持續增長。我們還通過 Azure 虛擬桌面和 Windows 365 改變企業客戶體驗和管理 Windows 的方式，在過去 12 個月中，這兩項業務的收入首次超過 10 億美元。例如，Enbridge、Eurowings、萬豪國際集團和道明銀行集團本季度都選擇了雲交付的 Windows。

Windows 11 is also rapidly becoming a powerful new canvas in this new era of AI. We introduced Windows Copilot this quarter, helping every Windows 11 user become a power user with just natural language and are excited to put it in the hands of more people in the coming months.

Windows 11 也正在迅速成為人工智能新時代的強大新畫布。我們本季度推出了 Windows Copilot，幫助每個 Windows 11 用戶成為僅使用自然語言的高級用戶，並且很高興在未來幾個月內將其交給更多人。

Now on to security. More than 1 million organizations now count on our comprehensive AI-powered solutions to protect their digital estate across cloud and endpoint platforms, up 26% year-over-year. More than 60% including leading enterprises like ABN AMRO, Dow and Heineken use 4 or more of our security products, up 33% year-over-year, underscoring our end-to-end differentiation. And we once again took share across all major categories we serve as we innovate to protect customers.

現在談談安全性。現在，超過 100 萬個組織依靠我們全面的人工智能驅動解決方案來保護其跨雲和端點平台的數字資產，同比增長 26%。包括荷蘭銀行、陶氏化學、喜力等龍頭企業在內，超過60%的企業使用了4種及以上我們的安全產品，同比增長33%，凸顯了我們的端到端差異化。當我們通過創新來保護客戶時，我們再次在我們服務的所有主要類別中佔據了份額。

In identity, Microsoft Entra ID has more than 610 million monthly active users, and we are adding SSE to our Entra product family to complement our leading identity solution and secure access to any app or resource from anywhere. Finally, our Security Copilot, the first product to apply this next generation of AI to SecOps will be available to customers via paid early access program this fall.

在身份方面，Microsoft Entra ID 每月擁有超過 6.1 億活躍用戶，我們正在將 SSE 添加到我們的 Entra 產品系列中，以補充我們領先的身份解決方案並從任何地方安全地訪問任何應用程序或資源。最後，我們的 Security Copilot 是第一個將下一代人工智能應用於 SecOps 的產品，將於今年秋天通過付費早期訪問計劃向客戶提供。

Now on to LinkedIn. LinkedIn's revenue surpassed $15 billion for the first time this fiscal year, and membership growth has now accelerated for 8 quarters in a row, a testament to how mission-critical the platform has become to help more than 950 million members connect, learn, sell and get hired. Our Talent Solutions business surpassed $7 billion in revenue for the first time over the past 12 months, and our hiring business took share for the fourth consecutive quarter.

現在登錄 LinkedIn。 LinkedIn 本財年的收入首次超過 150 億美元，會員增長現已連續 8 個季度加速，這證明了該平台在幫助超過 9.5 億會員進行聯繫、學習、銷售和銷售方面已變得至關重要。受僱用。我們的人才解決方案業務的收入在過去 12 個月內首次超過 70 億美元，並且我們的招聘業務連續第四個季度佔據市場份額。

We continue to use AI to help our members and customers connect to opportunities and tap into experiences of experts on the platform. Our AI-powered collaborative articles are now the fastest-growing traffic driver in LinkedIn. And finally, we are helping LinkedIn stay trusted and authentic. More than 7 million members have verified who they are or where they work, many using new integrations with Microsoft Entra as well as CLEAR and Hyperverge.

我們繼續使用人工智能來幫助我們的會員和客戶聯繫機會並利用平台上專家的經驗。我們由人工智能驅動的協作文章現在是 LinkedIn 增長最快的流量驅動因素。最後，我們正在幫助 LinkedIn 保持可信和真實。超過 700 萬會員已驗證其身份或工作地點，其中許多會員使用與 Microsoft Entra 以及 CLEAR 和 Hyperverge 的新集成。

Now on to search, advertising and news. While it's early in our journey, we are reshaping daily search and web habits with our Copilot for the web. This quarter, we introduced new AI-powered features, including multimodal capabilities with visual search and Bing Chat. We are expanding to businesses with Bing Chat Enterprise, which offers commercial data protection, providing an easy on-ramp for any organization looking to get the benefit of this next generation of AI today. Bing is also the default search experience for OpenAI's ChatGPT, bringing timelier answers with links to our reputable sources to ChatGPT users.

現在介紹搜索、廣告和新聞。雖然我們的旅程還處於早期階段，但我們正在通過網絡版 Copilot 重塑日常搜索和網絡習慣。本季度，我們推出了新的人工智能功能，包括視覺搜索和必應聊天的多模式功能。我們正在通過 Bing Chat Enterprise 擴展到業務，該企業提供商業數據保護，為任何希望從當今下一代人工智能中獲益的組織提供了一個簡單的入口。 Bing 也是 OpenAI ChatGPT 的默認搜索體驗，為 ChatGPT 用戶帶來了更及時的答案以及我們信譽良好的來源的鏈接。

To date, Bing users have engaged in more than 1 billion chats and created more than 750 million images with Bing Image Creator, and Microsoft Edge took share for the ninth consecutive quarter. More broadly, we are growing our ad network, which is now available in 187 markets spanning search, display, native, retail, media, video and connected TV.

迄今為止，Bing 用戶已使用 Bing Image Creator 進行了超過 10 億次聊天並創建了超過 7.5 億張圖像，Microsoft Edge 連續第九個季度佔據份額。更廣泛地說，我們正在發展我們的廣告網絡，該網絡現已覆蓋 187 個市場，涵蓋搜索、展示、原生、零售、媒體、視頻和聯網電視。

Now on to gaming. Last week, we extended our Activision Blizzard merger agreement deadline to October. We continue to work through the regulatory approval process and remain confident about getting the deal done. We are committed to bringing more games to more players everywhere. Great content is key to our approach, and our pipeline has never been stronger. We announced our most ambitious lineup of games ever at our showcase last month, including 21 titles that will be available via Xbox Game Pass. And we're looking forward to the release of Starfield this fall, Bethesda's first new universe in 25 years.

現在開始遊戲。上週，我們將動視暴雪合併協議的截止日期延長至十月。我們將繼續完成監管審批流程，並對完成交易充滿信心。我們致力於為世界各地的更多玩家帶來更多遊戲。優質內容是我們方法的關鍵，我們的渠道從未如此強大。上個月，我們在展示會上宣布了有史以來最雄心勃勃的遊戲陣容，其中包括將通過 Xbox Game Pass 提供的 21 款遊戲。我們期待今年秋天發布《Starfield》，這是 Bethesda 25 年來的第一個新宇宙。

All-up, we set new fourth quarter highs for monthly active users, driven by strength off-console, as well as monthly active devices. And we saw record fourth quarter engagement across Game Pass, with hours played up 22% year-over-year. And just last week, we announced Game Pass Core, bringing together online play from Xbox Live and content from Game Pass into a single offering.

總而言之，在主機外實力以及每月活躍設備的推動下，我們創下了第四季度每月活躍用戶數的新高。我們看到 Game Pass 第四季度的參與度創歷史新高，遊戲時長同比增長 22%。就在上週，我們發布了 Game Pass Core，將 Xbox Live 的在線遊戲和 Game Pass 的內容整合到一個產品中。

In closing, I'm energized about the opportunities ahead. We continue to innovate across the tech stack to help our customers thrive in the new era of AI.

最後，我對未來的機遇充滿信心。我們繼續在整個技術堆棧中進行創新，以幫助我們的客戶在人工智能新時代蓬勃發展。

And with that, let me turn it over to Amy.

接下來，讓我把它交給艾米。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $56.2 billion, up 8% and 10% in constant currency. Earnings per share was $2.69 and increased 21% and 23% in constant currency. In our largest quarter of the year, results exceeded expectations with focused execution by our sales and partner teams. These execution efforts led to share gains again this quarter in Azure, Dynamics, Security and Edge.

謝謝薩蒂亞，大家下午好。本季度收入為 562 億美元，按固定匯率計算分別增長 8% 和 10%。每股收益為 2.69 美元，按固定匯率計算分別增長 21% 和 23%。在我們今年最大的一個季度，由於我們的銷售和合作夥伴團隊的集中執行，結果超出了預期。這些執行工作導致本季度 Azure、Dynamics、Security 和 Edge 的份額再次增長。

In our commercial business, we continued to see healthy renewal strength, which includes our upsell and attach motions, particularly with Microsoft 365 E5. Growth of new business continued to be moderated for products sold outside the Microsoft 365 suite, including stand-alone Office 365, EMS and Windows Commercial products. As expected in Azure, we saw a continuation of the optimization and new workload trends from the prior quarter.

在我們的商業業務中，我們繼續看到健康的續訂實力，其中包括我們的追加銷售和附加動議，尤其是 Microsoft 365 E5。 Microsoft 365 套件之外銷售的產品（包括獨立的 Office 365、EMS 和 Windows Commercial 產品）的新業務增長繼續放緩。正如 Azure 所預期的那樣，我們看到了上一季度優化的延續和新的工作負載趨勢。

In our consumer business, the PC market overall was in line with expectations, although the early timing of back-to-school inventory builds benefited Windows OEM. Advertising spend was slightly lower than anticipated, which impacted search and news advertising and LinkedIn Marketing Solutions. Commercial bookings decreased 2% and 1% in constant currency, in line with expectations against the prior year comparable that was our largest commercial bookings quarter ever. In addition to the healthy execution across our renewal sales motions mentioned earlier, we saw a record number of $10 million-plus contracts for both Azure and Microsoft 365.

在我們的消費業務中，個人電腦市場總體符合預期，儘管返校庫存的提前增加使 Windows OEM 受益。廣告支出略低於預期，這影響了搜索和新聞廣告以及 LinkedIn 營銷解決方案。按固定匯率計算，商業預訂量分別下降 2% 和 1%，與去年同期的預期一致，去年是我們有史以來最大的商業預訂季度。除了前面提到的續訂銷售動議的良好執行之外，我們還看到 Azure 和 Microsoft 365 的價值超過 1000 萬美元的合同數量創歷史新高。

And the average annualized value for our large, long-term Azure contracts was the highest it's ever been, driven by customer demand for our innovative cloud solutions today as well as interest in AI opportunities ahead. Commercial remaining performance obligation increased 19% and 18% in constant currency to $224 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 13% year-over-year. The remaining portion, which we recognized beyond the next 12 months, increased 22%. And this quarter, our annuity mix increased to 97%. FX impact on total company revenue, segment level revenue and operating expense growth was as expected. FX decreased COGS growth by 1 point, 1 point favorable to expectations.

在客戶對我們當今創新雲解決方案的需求以及對未來人工智能機會的興趣的推動下，我們大型長期 Azure 合同的平均年化價值達到了歷史最高水平。按固定匯率計算，商業剩餘履約義務增加了 19% 和 18%，達到 2,240 億美元。大約 45% 將在未來 12 個月內確認為收入，同比增長 13%。剩餘部分（我們在未來 12 個月後確認）增長了 22%。本季度，我們的年金組合增加至 97%。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下降 1 個百分點，好於預期 1 個百分點。

Microsoft Cloud revenue was $30.3 billion and grew 21% and 23% in constant currency, slightly ahead of expectations. Microsoft Cloud gross margin percentage increased roughly 3 points year-over-year to 72%, also slightly ahead of expectations. Excluding the impact of the change in accounting estimate for useful lives, Microsoft Cloud gross margin percentage increased slightly, driven by improvements in Office 365, partially offset by lower Azure margin and the impact of scaling our AI infrastructure to meet growing demand.

微軟雲收入為 303 億美元，按固定匯率計算分別增長 21% 和 23%，略高於預期。微軟雲毛利率同比增長約3個百分點至72%，也略高於預期。排除使用壽命會計估計變化的影響，在 Office 365 改進的推動下，微軟雲毛利率略有上升，但部分被 Azure 利潤率下降以及為滿足不斷增長的需求而擴展 AI 基礎設施的影響所抵消。

Company gross margin dollars increased 11% and 13% in constant currency, including 2 points due to the change in accounting estimate. Gross margin percentage increased year-over-year to 70%. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly, driven by improvements in Office 365. Operating expense increased 2%, in line with expectations as savings across the company from our focus on prioritization and efficiency were offset by the charge related to the Irish Data Protection Commission matter. At a total company level, headcount at the end of June was flat compared to a year ago.

按固定匯率計算，公司毛利率分別增長 11% 和 13%，其中由於會計估計變更而增加 2 個百分點。毛利率同比增長至70%。排除會計估計變更的影響，在 Office 365 改進的推動下，毛利率略有上升。運營費用增長 2%，符合預期，因為全公司因關注優先級和效率而節省的費用被費用抵消了與愛爾蘭數據保護委員會事務有關。從公司整體層面來看，六月底的員工人數與去年同期持平。

Operating income increased 18% and 21% in constant currency, including 4 points due to the change in accounting estimate. Operating margins increased roughly 4 points year-over-year to 43%. Excluding the impact of the change in accounting estimate, operating margins increased roughly 2 points, driven by improved operating leverage through disciplined cost management.

按固定匯率計算，營業收入增長18%和21%，其中由於會計估計變更而增長4個百分點。營業利潤率同比增長約 4 個百分點，達到 43%。排除會計估計變更的影響，由於嚴格的成本管理提高了運營槓桿，運營利潤率增長了約 2 個百分點。

Now to our segment results. Revenue from Productivity and Business Processes was $18.3 billion and grew 10% and 12% in constant currency, ahead of expectations with better-than-expected results in Office Commercial, partially offset by LinkedIn. Office Commercial revenue grew 12% and 14% in constant currency. Office 365 Commercial revenue increased 15% and 17% in constant currency, a bit better than expected with particular strength in E5 upsell renewal noted earlier. Paid Office 365 Commercial seats grew 11% year-over-year with installed base expansion across all workloads and customer segments.

現在我們的細分結果。生產力和業務流程收入為 183 億美元，按固定匯率計算分別增長 10% 和 12%，超出預期，辦公商業業務的業績好於預期，但被 LinkedIn 部分抵消。按固定匯率計算，辦公商業收入分別增長 12% 和 14%。按固定匯率計算，Office 365 商業收入分別增長 15% 和 17%，略好於預期，尤其是之前提到的 E5 追加銷售續訂強勁。付費 Office 365 商業席位同比增長 11%，所有工作負載和客戶群的安裝基礎都在擴大。

Seat growth was again driven by our small and medium business and frontline worker offerings. Office Commercial licensing declined 20% and 18% in constant currency with better-than-expected transactional purchasing. Office Consumer revenue increased 3% and 6% in constant currency with continued momentum in Microsoft 365 subscriptions, which grew 12% to $67 million.

座位數的增長再次受到我們的中小型企業和一線員工服務的推動。按固定匯率計算，辦公商業許可分別下降 20% 和 18%，交易採購好於預期。 Office Consumer 收入按固定匯率計算分別增長 3% 和 6%，Microsoft 365 訂閱量持續增長，增長 12% 至 6700 萬美元。

LinkedIn revenue increased 5% and 7% in constant currency, driven by growth in Talent Solutions, with some continued bookings impact from the weaker hiring environment in key verticals. Growth was partially offset by a decline in Marketing Solutions due to the lower ad spend noted earlier. Dynamics revenue grew 19% and 21% in constant currency, driven by Dynamics 365, which grew 26% and 28% in constant currency, with continued healthy growth across all workloads. Segment gross margin dollars increased 14% and 16% in constant currency, and gross margin percentage increased roughly 3 points year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 1 point, driven by improvements in Office 365. Operating expenses decreased slightly and operating income increased 25% and 29% in constant currency, including 3 points due to the change in accounting estimate.

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 5% 和 7%，同時關鍵垂直行業招聘環境疲軟對預訂量產生了持續影響。由於前面提到的廣告支出減少，營銷解決方案的下降部分抵消了增長。在 Dynamics 365 的推動下，按固定匯率計算，Dynamics 收入分別增長了 19% 和 21%，按固定匯率計算，Dynamics 收入分別增長了 26% 和 28%，所有工作負載均持續健康增長。按固定匯率計算，分部毛利率分別增長 14% 和 16%，毛利率百分比同比增長約 3 個百分點。剔除會計估計變更的影響，在 Office 365 改進的推動下，毛利率增長了約 1 個百分點。按固定匯率計算，營業費用略有下降，營業收入分別增長 25% 和 29%，其中由於毛利率變化而增長了 3 個百分點。會計估計。

Next, the Intelligent Cloud segment. Revenue was $24 billion, increasing 15% and 17% in constant currency, slightly ahead of expectations. Overall, server products and cloud services revenue increased 17% and 18% in constant currency. Azure and other cloud services revenue grew 26% and 27% in constant currency, including roughly 1 point from AI services, as expected.

接下來是智能雲部分。收入為 240 億美元，按固定匯率計算分別增長 15% 和 17%，略高於預期。總體而言，按固定匯率計算，服務器產品和雲服務收入分別增長了 17% 和 18%。按固定匯率計算，Azure 和其他雲服務收入分別增長 26% 和 27%，其中人工智能服務收入增長約 1 個百分點，符合預期。

In our per user business, the Enterprise Mobility and Security installed base grew 11% to over 256 million seats, with impact from the continued growth trends in new business noted earlier. In our on-premises server business, revenue decreased 1% and was relatively unchanged in constant currency, driven by a slight decrease in new annuity contracts, which carry higher in-period revenue recognition. Enterprise Services revenue grew 4% and 5% in constant currency with better-than-expected performance across enterprise support services and industry solutions.

在我們的每用戶業務中，受前面提到的新業務持續增長趨勢的影響，企業移動和安全安裝基數增長了 11%，達到超過 2.56 億用戶。在我們的本地服務器業務中，由於新年金合同略有減少（其期內收入確認較高），收入下降了 1%，按固定匯率計算相對保持不變。企業服務收入按固定匯率計算分別增長 4% 和 5%，企業支持服務和行業解決方案的表現好於預期。

Segment gross margin dollars increased 16% and 17% in constant currency, and gross margin percentage increased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage declined roughly 2 points, driven by sales mix shift to Azure and the lower Azure margin noted earlier. Operating expenses increased 10%. Operating income grew 20% and 22% in constant currency, with roughly 6 points from the change in accounting estimate.

按固定匯率計算，分部毛利率分別增長 16% 和 17%，毛利率百分比略有上升。排除會計估計變更的影響，由於銷售組合轉向 Azure 以及前面提到的 Azure 利潤率較低，毛利率下降了約 2 個百分點。運營費用增加 10%。按固定匯率計算，營業收入增長了 20% 和 22%，其中大約 6 個百分點來自會計估計的變化。

Now to More Personal Computing. Revenue was $13.9 billion, decreasing 4% and 3% in constant currency, above expectations, driven by better-than-expected performance in Windows, partially offset by Gaming. Windows OEM revenue decreased 12% year-over-year, ahead of expectations due to 7 points of benefit from early back-to-school inventory builds, while the overall PC market was as expected. Devices revenue decreased 20% and 18% in constant currency, roughly in line with expectations.

現在介紹更多個人計算。收入為 139 億美元，按固定匯率計算分別下降 4% 和 3%，高於預期，這主要得益於 Windows 表現好於預期，但部分被遊戲業務所抵消。 Windows OEM 收入同比下降 12%，超出預期，因早期返校庫存增加帶來 7 個百分點的收益，而整體 PC 市場符合預期。按固定匯率計算，設備收入分別下降 20% 和 18%，大致符合預期。

Windows commercial products and cloud services revenue increased 2% and 3% in constant currency, ahead of expectations, due to the renewal strength noted earlier, even with the moderated growth of new business and stand-alone offerings. Search and news advertising revenue ex TAC increased 8%, a bit behind expectations due to lower ad spend noted earlier. Higher search volumes, share gains again this quarter for our Edge browser, and the benefit from the Xandr acquisition were partially offset by the impact from third-party partnerships.

儘管新業務和獨立產品增長放緩，但由於之前提到的更新力度，Windows 商業產品和雲服務收入按固定匯率計算增長了 2% 和 3%，超出預期。搜索和新聞廣告收入（扣除 TAC）增長 8%，由於之前提到的廣告支出下降，略低於預期。更高的搜索量、本季度 Edge 瀏覽器的份額再次增長以及收購 Xandr 帶來的收益，部分被第三方合作夥伴關係的影響所抵消。

And in Gaming, revenue increased 1% and 2% in constant currency, lower than expected due to weakness in first-party and third-party content performance. Xbox content and services revenue increased 5% and 6% in constant currency and Xbox hardware revenue declined 13%. Segment gross margin dollars declined 2% and were relatively unchanged in constant currency, and gross margin percentage increased roughly 1 point year-over-year, driven by sales mix shift to higher-margin businesses. Operating expenses declined 9% and 8% in constant currency. Operating income increased 4% and 6% in constant currency.

在遊戲領域，按固定匯率計算，收入分別增長 1% 和 2%，低於預期，原因是第一方和第三方內容表現疲軟。按固定匯率計算，Xbox 內容和服務收入分別增長 5% 和 6%，Xbox 硬件收入下降 13%。分部毛利率下降了 2%，按固定匯率計算相對保持不變，由於銷售組合轉向利潤率較高的業務，毛利率同比增長約 1 個百分點。按固定匯率計算，運營費用分別下降 9% 和 8%。按固定匯率計算，營業收入分別增長 4% 和 6%。

Now back to total company results. Capital expenditures, including finance leases, were $10.7 billion to support cloud demand, including investments in AI infrastructure. Cash paid for PP&E was $8.9 billion. Cash flow from operations was $28.8 billion, up 17% year-over-year as strong cloud billings and collections were partially offset by a tax payment related to the R&D capitalization provision. Free cash flow was $19.8 billion, up 12% year-over-year. Excluding the impact of this tax payment, cash flow from operations increased 22% and free cash flow increased 19%. This quarter, other income and expense was $473 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, bringing our total cash returned to our shareholders to over $38 billion for the full fiscal year.

現在回到公司總體業績。包括融資租賃在內的資本支出為 107 億美元，用於支持雲需求，包括人工智能基礎設施的投資。 PP&E 支付的現金為 89 億美元。運營現金流為 288 億美元，同比增長 17%，因為強勁的雲賬單和收款被與研發資本撥備相關的稅款部分抵消。自由現金流為 198 億美元，同比增長 12%。剔除此項稅款的影響，運營現金流量增長 22%，自由現金流量增長 19%。本季度其他收入和支出為 4.73 億美元，高於預期，主要受到外幣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股息向股東返還 97 億美元，使整個財年返還給股東的現金總額超過 380 億美元。

Now let's turn to next fiscal year and start with a few reminders. First, the change in accounting estimate for the useful life of server and network equipment resulted in $3.7 billion of depreciation expense shifting from FY '23 to future periods. Our FY '23 operating income and margins benefited from this change in accounting estimate and that will be a headwind to growth in FY '24 as the benefit reduces to $2.1 billion.

現在讓我們轉向下一個財年，並從一些提醒開始。首先，服務器和網絡設備使用壽命會計估計的變化導致 37 億美元的折舊費用從 23 財年轉移到未來期間。我們的 23 財年營業收入和利潤率受益於會計估計的這一變化，而這將成為 24 財年增長的阻力，因為收益減少至 21 億美元。

Next, my outlook commentary for both the full year and next quarter is on a U.S. dollar basis unless specifically noted otherwise. And my outlook does not include any impact from the Activision acquisition, which we continue to work towards closing, subject to obtaining required regulatory approvals.

接下來，除非另有特別說明，我對全年和下一季度的展望評論均以美元為基礎。我的展望不包括動視收購的任何影響，我們將繼續努力完成收購，但須獲得所需的監管批准。

Now for some thoughts on the full year of FY '24. With the weaker U.S. dollar and assuming current rates remain stable, we expect FX to increase full year revenue growth by approximately 1 point with no impact to COGS or operating expense growth. The impact in H1 is expected to be greater than H2. At a total company level, revenue growth from our Commercial business will continue to be driven by the Microsoft Cloud and will again outpace the growth from our Consumer business. Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.

現在談談對 24 財年全年的一些想法。由於美元走軟並假設當前匯率保持穩定，我們預計外匯將使全年收入增長約 1 個百分點，而不會影響 COGS 或運營費用增長。預計上半年的影響將大於下半年。在整個公司層面，我們商業業務的收入增長將繼續由微軟雲推動，並將再次超過我們消費者業務的增長。即使需求強勁且處於領先地位，隨著 Azure AI 的擴展以及我們的 copilot 達到全面可用日期，我們的 AI 服務的增長也將是漸進的。因此，對於 24 財年，影響將集中在下半年。

To support our Microsoft Cloud growth and demand for our AI platform, we will accelerate investment in our cloud infrastructure. We expect capital expenditures to increase sequentially each quarter through the year as we scale to meet demand signals. We are committed to driving operating leverage, and therefore, we will manage our total cost growth across COGS and operating expense in line with the demand signals we see as well as revenue growth. Increased capital spend will drive higher COGS growth than in FY '23, and FY '24 operating expense growth will remain low as we prioritize our spend. Therefore, we expect full year operating margins to remain flat year-over-year, even with the headwind from the change in accounting estimate. And finally, we expect our FY '24 tax rate to be around 19%.

為了支持微軟雲的增長和對人工智能平台的需求，我們將加快對雲基礎設施的投資。我們預計，隨著我們擴大規模以滿足需求信號，資本支出將在全年每個季度連續增加。我們致力於提高運營槓桿，因此，我們將根據我們看到的需求信號以及收入增長來管理銷售成本和運營費用的總成本增長。資本支出的增加將推動比 23 財年更高的 COGS 增長，而 24 財年運營費用增長將保持在較低水平，因為我們優先考慮支出。因此，我們預計全年營業利潤率將與去年同期持平，儘管會計估計變更帶來了不利影響。最後，我們預計 24 財年的稅率約為 19%。

Now to the outlook for the first quarter. First, FX. Based on current rates, we expect FX to increase total revenue and operating expense growth by approximately 1 point with no impact to COGS growth. Within the segments, we expect FX to increase revenue growth in Intelligent Cloud by 1 point with no impact to Productivity and Business Processes or More Personal Computing. In Commercial bookings, strong execution across our core annuity sales motions, including our renewal and upsell motions, along with long-term measure commitments should drive healthy growth on a growing expiry base.

現在來展望第一季度的前景。首先，外匯。根據目前的利率，我們預計 FX 將使總收入和運營費用增長約 1 個百分點，而對 COGS 增長沒有影響。在這些細分市場中，我們預計 FX 會將智能雲的收入增長提高 1 個百分點，而不會對生產力和業務流程或更個人計算產生影響。在商業預訂方面，我們的核心年金銷售行動（包括我們的續訂和追加銷售行動）的強有力執行，以及長期措施承諾，應該會在不斷增長的到期基礎上推動健康增長。

Microsoft Cloud gross margin percentage should decrease roughly 1 point year-over-year, driven by the accounting estimate change headwind noted earlier. Excluding that impact, Q1 cloud gross margin percentage will be up roughly 1 point, primarily driven by improvements in Azure and Office 365, partially offset by sales mix shift to Azure and the impact of scaling our AI infrastructure to meet growing demand. We expect capital expenditures to increase sequentially on a dollar basis, as noted earlier, driven by investments in our AI infrastructure. Reminder, there can be normal quarterly spend variability in the timing of cloud infrastructure build-out.

受前面提到的會計估計變更不利影響，微軟雲毛利率應同比下降約 1 個百分點。排除這一影響，第一季度雲毛利率將上升約 1 個百分點，主要是由 Azure 和 Office 365 的改進推動的，但部分被銷售組合轉向 Azure 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所抵消。如前所述，我們預計在人工智能基礎設施投資的推動下，資本支出將按美元計算連續增加。提醒一下，雲基礎設施建設的時間可能存在正常的季度支出變化。

Next to segment guidance. In Productivity and Business Processes, we expect revenue to grow between 9% and 11% or USD 18 billion to USD 18.3 billion. In Office Commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and ARPU growth through E5. We expect Office 365 revenue growth to be roughly 16% in constant currency. In our on-premises business, we expect revenue to decline in the low 20s. In Office Consumer, we expect revenue growth to be in the low to mid-single digits, driven by Microsoft 365 subscriptions.

接下來是細分指導。在生產力和業務流程方面，我們預計收入將增長 9% 至 11%，即 180 億美元至 183 億美元。在 Office Commercial 領域，收入增長將再次由 Office 365 推動，整個客戶群的席位增長以及通過 E5 實現的 ARPU 增長。我們預計，按固定匯率計算，Office 365 收入增長約為 16%。在我們的本地業務中，我們預計收入將下降 20 左右。在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，收入增長將達到中低個位數。

For LinkedIn, we expect revenue growth in the low to mid-single digits. Even with share gains in our hiring business, growth will continue to be impacted by the overall markets for recruiting and advertising, especially in the technology industry, where we have significant exposure. And in Dynamics, we expect revenue growth in the mid- to high teens, driven by continued growth in Dynamics 365. For Intelligent Cloud, we expect revenue to grow between 15% and 16%, or 14% and 15% in constant currency. Revenue should be USD 23.3 billion to USD 23.6 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per user business and from in-period revenue recognition depending on the mix of contracts.

對於 LinkedIn，我們預計收入增長為低至中個位數。即使我們的招聘業務份額有所增長，增長仍將繼續受到招聘和廣告整體市場的影響，特別是在我們擁有大量業務的技術行業。在 Dynamics 方面，我們預計在 Dynamics 365 持續增長的推動下，收入將增長在 15% 至 16% 之間。對於智能雲，我們預計收入將增長 15% 至 16%，按固定匯率計算為 14% 至 15%。收入應為233億美元至236億美元。收入將繼續由 Azure 驅動，提醒一下，它的季度變化主要來自我們的每用戶業務以及根據合同組合的期內收入確認。

In Azure, we expect revenue growth to be 25% to 26% in constant currency, including roughly 2 points from all Azure AI Services. Growth continues to be driven by our Azure consumption business, and we expect the trends from Q4 to continue into Q1. 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 server business, we expect revenue to decline low to mid-single digits against a prior comparable that benefited from annuity purchasing ahead of the SQL Server 2022 launch.

在 Azure 中，我們預計按固定匯率計算收入增長為 25% 至 26%，其中包括所有 Azure AI 服務的大約 2 個百分點。我們的 Azure 消費業務繼續推動增長，我們預計第四季度的趨勢將持續到第一季度。我們的每用戶業務應繼續受益於 Microsoft 365 套件的勢頭，儘管考慮到安裝基數的規模，我們預計增長率將繼續放緩。在我們的本地服務器業務中，我們預計收入將比之前受益於 SQL Server 2022 發布前年金購買的可比收入下降低至中個位數。

And in Enterprise Services, revenue should decline low to mid-single digits year-over-year as growth in Enterprise Support Services will be more than offset by a decline in Industry Solutions. In More Personal Computing, we expect revenue of USD 12.5 billion to USD 12.9 billion. Windows OEM revenue should decline low to mid-teens, including 5 points of negative impact from the earlier back-to-school inventory builds that were pulled into the fourth quarter. Our guide assumes no significant changes to the PC demand environment. In devices, revenue should decline in the mid-30s due to the overall PC market and adjustments we made in our portfolio with an increased focus on our higher-margin premium products. In Windows commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the mid- to high single digits.

在企業服務方面，收入應同比下降低至中個位數，因為企業支持服務的增長將被行業解決方案的下降所抵消。在更多個人計算方面，我們預計收入為 125 億美元至 129 億美元。 Windows OEM 收入應該會下降到十幾歲左右，其中包括第四季度早期返校庫存增加造成的 5 個百分點的負面影響。我們的指南假設 PC 需求環境不會發生重大變化。在設備方面，由於整體 PC 市場以及我們對產品組合進行調整，更加關注利潤率較高的高端產品，收入應該會在 30 多歲左右下降。在 Windows 商業產品和雲服務中，客戶對 Microsoft 365 和我們的高級安全解決方案的需求應會推動收入中高個位數增長。

Search and news advertising ex TAC revenue growth should be mid- to high single digits, roughly 5 points higher than overall search and news advertising revenue, driven by continued volume strength supported by Edge browser share gains. Growth will continue to be impacted by the advertising spend environment and third-party partnerships mentioned earlier. We continue to be excited by Bing usage signals and the longer-term opportunity as we invest in AI.

搜索和新聞廣告（TAC）收入增長應為中高個位數，比整體搜索和新聞廣告收入高出約 5 個百分點，這得益於 Edge 瀏覽器份額增長所支撐的持續銷量增長。增長將繼續受到前面提到的廣告支出環境和第三方合作夥伴關係的影響。我們繼續對 Bing 使用信號和投資人工智能的長期機會感到興奮。

And in Gaming, we expect revenue growth in the mid-single digits. We expect Xbox content and services revenue growth in the mid- to high single digits, driven by first-party and third-party content as well as Xbox Game Pass.

在遊戲領域，我們預計收入將實現中個位數增長。我們預計，在第一方和第三方內容以及 Xbox Game Pass 的推動下，Xbox 內容和服務收入將實現中高個位數增長。

Now back to company guidance. We expect COGS between USD 16.6 billion to USD 16.8 billion and operating expense of USD 13.5 billion to USD 13.6 billion. Together, total cost growth should be around 6%. Other income and expense should be roughly $300 million as interest income is expected to more than offset interest expense. Two reminders. This does not include any impact from Activision on interest income and expense, and we are required to recognize mark-to-market gains or losses on our equity portfolio, which can increase quarterly volatility. We expect our Q1 effective tax rate to be around 19%. And finally, as a reminder for Q1 cash flow, we expect to make a $2.7 billion cash tax payment related to the TCJA transition tax. We do not expect payment related to the R&D capitalization provision in Q1.

現在回到公司指導。我們預計銷貨成本在 166 億美元至 168 億美元之間，運營費用在 135 億美元至 136 億美元之間。總成本增長總計應在 6% 左右。其他收入和支出應約為 3 億美元，因為預計利息收入將足以抵消利息支出。兩個提醒。這不包括動視暴雪對利息收入和支出的任何影響，我們需要承認我們的股票投資組合按市值計價的收益或損失，這可能會增加季度波動性。我們預計第一季度有效稅率約為 19%。最後，作為第一季度現金流的提醒，我們預計將支付 27 億美元與 TCJA 過渡稅相關的現金稅款。我們預計第一季度不會支付與研發資本撥備相關的款項。

In closing, as a company, we delivered on the FY '23 financial commitments we discussed a year ago on revenue and operating margin. A focus on operational excellence allowed us to achieve these targets while we delivered near-term value to customers and prioritized our investments to continue to lead in the future. As we start FY '24, we are excited for the opportunities ahead and remain focused on delivering the 3 key priorities Satya mentioned.

最後，作為一家公司，我們兌現了我們一年前討論的關於收入和營業利潤率的 23 財年財務承諾。對卓越運營的關注使我們能夠實現這些目標，同時為客戶提供短期價值，並優先考慮我們的投資，以在未來繼續保持領先地位。在 24 財年伊始，我們對未來的機遇感到興奮，並繼續專注於實現 Satya 提到的 3 個關鍵優先事項。

We'll maintain our lead as the top commercial cloud by helping customers use the breadth and depth of the Microsoft Cloud. We'll continue to invest in our cloud and AI infrastructure while scaling with growing demand so we can lead the AI platform wave. And finally, we'll align our costs with growth as we are committed to driving operating leverage.

我們將通過幫助客戶利用 Microsoft 雲的廣度和深度來保持我們作為頂級商業雲的領先地位。我們將繼續投資雲和人工智能基礎設施，同時根據不斷增長的需求進行擴展，以便我們能夠引領人工智能平台浪潮。最後，我們將根據增長調整成本，因為我們致力於提高運營槓桿。

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

接下來，讓我們進行問答，布雷特。

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

謝謝，艾米。我們現在將進入問答環節。 （操作員指示）喬，您能重複一下您的指示嗎？

(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摩根士丹利的 Keith Weiss。

A very nice end to a great fiscal year. Satya, you started your comments talking about how every customer conversation has the customer asking you about utilizing generative AI technology and how fast they could utilize that generative AI technology. What's the answer? What do you tell them in terms of the pace with which that could get into the marketplace and your customers can start using it?

為美好的財政年度畫上了圓滿的句號。 Satya，您在評論中談到每次客戶對話時，客戶都會詢問您如何利用生成式 AI 技術，以及他們可以多快地利用該生成式 AI 技術。答案是什麼？您如何告訴他們該產品進入市場以及您的客戶可以開始使用它的速度？

And then for Amy, how should investors think about just the fundamental gross margins behind these generative AI technologies? We understand there's going to be a lot of CapEx to ramp up underneath these. But what should we expect in terms of what the ultimate gross margin looks like underneath all these new generative AI solutions?

那麼對於艾米來說，投資者應該如何考慮這些生成式人工智能技術背後的基本毛利率？我們知道在這些基礎上將會有大量的資本支出增加。但是，對於所有這些新的生成式人工智能解決方案的最終毛利率，我們應該期待什麼？

Thank you, Keith, for the question. The fundamental guidance and conversation that we have with customers is twofold. One is the easiest path to value out of generative AI is to adopt certain solutions, for example, GitHub Copilot. In some sense, it's sort of a no-brainer to add productivity leverage for all of the software developers in any organization. Whether you're a bank, you're a retailer or you're a software company, it applies to everyone. So that's probably one of the things that we have seen very good -- even productivity data and great adoption.

謝謝基思提出的問題。我們與客戶的基本指導和對話是雙重的。從生成式 AI 中獲取價值的最簡單途徑之一是採用某些解決方案，例如 GitHub Copilot。從某種意義上說，為任何組織中的所有軟件開發人員增加生產力槓桿都是理所當然的事情。無論您是銀行、零售商還是軟件公司，它都適用於所有人。所以這可能是我們看到的非常好的事情之一——甚至是生產力數據和廣泛的採用。

And then obviously, the excitement that there is already around the M365 Copilot. So first thing we sort of talk about is how we ourselves are deploying all these Copilots across, whether it's Sales Copilot or M365 Copilot or GitHub Copilot, how do you get maximum value out of these horizontal tool chain? And then on top of that, we have taken what we did underneath these products and built it out as a first-class tech stack, right, which we talked at our developer conference, called the Copilot Stack, and then with Azure AI tooling, made it possible for a someone like Moody's to build their own Copilot for their people.

顯然，M365 Copilot 已經引起了人們的興奮。因此，我們首先要討論的是我們自己如何部署所有這些 Copilot，無論是 Sales Copilot 還是 M365 Copilot 還是 GitHub Copilot，如何從這些水平工具鏈中獲得最大價值？最重要的是，我們採用了在這些產品下所做的工作，並將其構建為一流的技術堆棧，對吧，我們在開發者大會上談到了這一技術堆棧，稱為 Copilot Stack，然後使用 Azure AI 工具，讓像穆迪這樣的公司能夠為他們的員工打造自己的副駕駛。

So to us, we want to be able to help customers build their generative AI applications on top of Azure AI, and with speed, if you will. And so those are the 2 things that we ask them to identify where they can get the maximum productivity leverage. And then we even swung with our own resources to help them get those things done. And the last comment I'd make is the cloud and data in the cloud enables all this because I think the diffusion cycle here, in some sense, we have a new set of cloud meters that are getting adopted faster because of everything else that came before it in the cloud. So those would be the observations.

因此，對我們來說，我們希望能夠幫助客戶在 Azure AI 之上快速構建生成式 AI 應用程序（如果您願意的話）。因此，我們要求他們確定在哪裡可以獲得最大生產力槓桿的兩件事。然後我們甚至利用自己的資源來幫助他們完成這些事情。我要說的最後一個評論是雲和雲中的數據使這一切成為可能，因為我認為這裡的擴散週期，在某種意義上，我們有一套新的雲計量表，由於其他一切的出現，它們正在被更快地採用。在它之前在雲中。這些就是觀察結果。

And to your question, Keith, on gross margins and how I think about those going forward, the first thing I would say is that I expect gross margins here to transition over time, just like they did in the prior cloud transitions. I would also say I expect workloads and the gross margins of the workloads to be different, just like they are in the cloud today.

對於你的問題，基思，關於毛利率以及我如何看待未來的毛利率，我要說的第一件事是，我預計這裡的毛利率會隨著時間的推移而發生轉變，就像他們在之前的雲轉型中所做的那樣。我還想說，我預計工作負載和工作負載的毛利率會有所不同，就像今天在雲中一樣。

I would also add one thing that's different than last time, we talked a bit about this before, is that we start out in a different place with more of a shared platform, which allows us to scale those gross margins a bit faster than last time. And we do expect, as you asked and Satya talked about, the pace of this adoption curve, we do expect to be faster. So you're seeing the CapEx spend accelerate in Q4 and then again in Q1, and we've talked about what it should look like the rest of the year.

我還要補充一點與上次不同的一件事，我們之前討論過這一點，那就是我們從一個不同的地方開始，有更多的共享平台，這使我們能夠比上次更快地擴大毛利率。正如您所問和薩蒂亞所談到的，我們確實預計這一採用曲線的速度會更快。因此，您會看到資本支出在第四季度加速，然後在第一季度再次加速，我們已經討論了今年剩餘時間的情況。

Now that being said, we're talking about all that and going through that transition while delivering in FY '24 over FY '23, effectively 1 point higher operating margins. Because if it's flat year-over-year, as we guided, with the headwind from the useful life change, when you correct for that, it's about 1 point higher. So I think the real focus here is being able to be aggressive in meeting the demand curve and focusing on the transition and growth in gross margins and delivering the operating leverage.

話雖這麼說，我們正在談論所有這些，並經歷這一轉變，同時在 24 財年實現比 23 財年更高的運營利潤率，實際上提高了 1 個百分點。因為如果按照我們的指導，同比持平，加上使用壽命變化帶來的不利影響，那麼當你對此進行修正時，它會高出約 1 個百分點。因此，我認為這裡真正的重點是能夠積極滿足需求曲線，專注於毛利率的轉變和增長，並提供運營槓桿。

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

我們的下一個問題來自布倫特·希爾和杰弗里斯的對話。

Satya, on the optimization headwinds that you continue to see, when do you think we hit peak optimization? Are we getting close to hitting that peak and getting some relief in the back half of the year and maybe AI helping provide us a tailwind? Any color from what you're seeing from your perspective would be helpful.

Satya，關於您繼續看到的優化逆風，您認為我們什麼時候會達到優化峰值？我們是否已經接近達到峰值並在今年下半年得到一些緩解，也許人工智能可以幫助我們提供順風？從您的角度看到的任何顏色都會有所幫助。

Sure, Brent. Thank you for the question. Yes, a couple of observations. One is, I think, overall in the cloud, you do see new project starts and then those project starts get optimized and then you sort of time-series all of that, and that's sort of what you see in the normal course. What happened here was during the pandemic, obviously, there were lots of new project starts and optimization in some sense was postponed, and that's where you're seeing, I'll call it, catch-up optimization. And that's something that, to your point, we will lap. Going into the next couple of quarters, I think, it will come down.

當然，布倫特。感謝你的提問。是的，有一些觀察結果。我認為，總體而言，在雲中，您確實會看到新項目開始，然後這些項目開始得到優化，然後您對所有這些進行時間序列，這就是您在正常過程中看到的情況。這裡發生的事情是在大流行期間，顯然，有很多新項目啟動，並且某種意義上的優化被推遲，這就是你所看到的，我稱之為追趕優化。就您而言，這就是我們將要關注的事情。我認為，進入接下來的幾個季度，它將會下降。

And we are seeing new project starts, both traditional type of project starts, even cloud migrations, data applications and, of course, obviously, the AI applications. But we'll get back to I'll call the normal pace of new project starts and optimizations going forward, that we will cycle through, I think, in the next couple of quarters, what is the last catch-up optimization.

我們看到新的項目啟動，無論是傳統類型的項目，甚至雲遷移、數據應用程序，當然還有人工智能應用程序。但我們會回到我稱之為新項目啟動和未來優化的正常節奏，我認為，在接下來的幾個季度中，我們將循環進行最後的追趕優化。

I would just add, Brent, I think to Satya's point and maybe to build a bit of a line for you, I think it felt very similar to last quarter where we made the same comments, which is we're seeing sort of the normal optimization plus we're seeing new workload starts across these workloads Satya talked about. And I think that's what we're saying going forward and really what the change is just that lapping of, I think, a bit of a catch-up from a year ago. And you're right, we'll continue to do that through H2.

我想補充一點，布倫特，我認為薩蒂亞的觀點，也許是為了給你建立一些路線，我認為這感覺與上個季度非常相似，我們發表了相同的評論，這是我們看到的正常情況優化加上我們看到 Satya 談到的這些工作負載開始出現新的工作負載。我認為這就是我們所說的前進的方向，而實際上，我認為變化只是對一年前的一點追趕。你是對的，我們將繼續通過 H2 做到這一點。

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

下一個問題來自伯恩斯坦研究中心的馬克·莫德勒（Mark Moerdler）。

And congrats on the quarter. Amy, CapEx moved up significantly Q-over-Q and year-over-year and it's increasing moving forward. Can you give us some color? Is it physical data centers? Is it predominantly servers? Is it predominantly AI-driven? How should we think about the useful life of it? And then quickly for Satya, can you give us some -- status on the general availability of the full Copilot development stack? And how long it's taking clients and partners to build Copilots?

祝賀本季度。艾米，資本支出環比和同比均顯著上升，而且還在繼續增長。你能給我們一些顏色嗎？是物理數據中心嗎？主要是服務器嗎？它主要是人工智能驅動的嗎？我們應該如何看待它的使用壽命呢？然後，Satya，您能給我們一些有關完整 Copilot 開發堆棧的普遍可用性的信息嗎？客戶和合作夥伴需要多長時間來構建 Copilots？

Why don't I start on the CapEx question, Satya, then I'll turn it over to you. Mark, really, first of all, both in Q4 and then talking about Q1, the acceleration is really quite broad. It's both on -- both the data centers and a physical basis plus CPUs and GPUs and networking equipment, think of it in a broad sense as opposed to a narrow sense. So it's overall increases of acceleration of overall capacity.

為什麼我不先討論資本支出問題呢，Satya，然後我會把它交給你。馬克，真的，首先，無論是在第四季度還是在談論第一季度，加速確實相當廣泛。它既包括數據中心，也包括物理基礎，加上 CPU、GPU 和網絡設備，從廣義上考慮，而不是狹義上的。所以這是整體產能加速的整體增長。

And I think if you look back over really FY '23, you wouldn't have seen some of the pace on normal, what I would say, capacity adds, even for the normal Azure workload. So you're seeing both accelerations, the normal Azure workloads plus some of the AI workloads, is partially the reason. So it's why I do comment quite often that it's both overall Commercial Cloud demand and building out capacity for AI. It's both.

我認為，如果您回顧一下 23 財年，即使對於正常的 Azure 工作負載，您也不會看到正常的容量增加速度。因此，您看到的兩種加速（正常的 Azure 工作負載加上一些 AI 工作負載）是部分原因。因此，這就是為什麼我經常評論說，這既是整體商業雲需求，也是人工智能能力建設的原因。兩者都是。

Yes. And I think just for perspective, I think it's sort of always good to think about it, right, where we have, what, $111 billion commercial cloud business growing at, what, 22% year-over-year. And then you had a CapEx growth, which is around the same number, 23%, 24%. So in some sense, it's sort of replacement capital plus some new capital that is going to drive new growth. So that's, I think, the scale. And we feel good about that structure of overall growth rates and how it translates into future TAM opportunity for us.

是的。我認為，從長遠來看，我認為思考一下這個問題總是好的，對吧，我們擁有 1110 億美元的商業雲業務，同比增長 22%。然後資本支出增長，數字大致相同，23%、24%。因此，從某種意義上說，這是一種替代資本加上一些新資本，將推動新的增長。我認為這就是規模。我們對整體增長率的結構以及它如何轉化為我們未來的 TAM 機會感到滿意。

And then to your other question on how all this translates into project starts effectively, the Copilot stack is available today on Azure. So we have everything from Azure AI tool chain where you can use obviously, Azure OpenAI or even you can use open models from Llama and Hugging Face models. You have all the Fabric and all of our operational data stores for what is one of the most useful patterns around generative AI as what is called Retrieval Augmented Generation, which is you take the data that you have in the data stores, use it in a prompt to generate completions, summaries, what have you. And so that's something that we've seen a lot of and the Copilots are fundamentally orchestrations of that. And so we have these services available.

然後，關於如何將所有這些轉化為項目有效啟動的另一個問題，Copilot 堆棧現已在 Azure 上提供。因此，我們擁有 Azure AI 工具鏈中的所有內容，您顯然可以使用 Azure OpenAI，甚至可以使用 Llama 和 Hugging Face 模型的開放模型。您擁有所有 Fabric 和我們所有的操作數據存儲，這是圍繞生成 AI 最有用的模式之一，即所謂的檢索增強生成，即您獲取數據存儲中的數據，將其用於提示生成補全、摘要等。所以這是我們已經看到很多的東西，而副駕駛基本上就是這些東西的編排。所以我們提供這些服務。

The thing that's fascinating is when you use something like Power Virtual Agent, you have a low-code, no-code tool to build effectively these AI products or full-fledged Copilots like we've built. And all the underlying primitives for that are available on Azure. The tool chain is available on Azure and the speed with which customers are able to deploy them, ISVs are able to build them, is pretty impressive.

令人著迷的是，當您使用 Power Virtual Agent 這樣的工具時，您將擁有一個低代碼、無代碼工具來有效構建這些 AI 產品或像我們構建的成熟的 Copilot。 Azure 上提供了所有底層原語。該工具鏈可在 Azure 上使用，客戶部署它們、ISV 構建它們的速度非常令人印象深刻。

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

下一個問題來自 Kash Rangan 與高盛的對話。

Congratulations on the quarter. If I could, I just wanted to get your thoughts to shift the discussion away from COGS and the CapEx to more of the top line outlook. It looks like Azure growth rate is definitely starting to stabilize and generative AI contribution to Azure is measurably improving quarter-over-quarter, and optimization in a broader sense is also starting to settle down.

祝賀本季度。如果可以的話，我只是想了解您的想法，將討論從銷貨成本和資本支出轉移到更多的營收前景。看起來 Azure 的增長率肯定開始穩定下來，生成式 AI 對 Azure 的貢獻逐季度顯著提高，更廣泛意義上的優化也開始穩定下來。

Where does this leave with the company's outlook for Azure growth rate in the future quarters? Are we at a point where we've bottomed out, and we could start to see some acceleration due to the trends we discussed? And also if we take the superset of Microsoft Cloud, when you throw in the new pricing for Copilot, it certainly looks like the TAMs are opening up in a pretty significant way. So when you take the broader lens, that 21%, 22% growth rate that Satya and Amy referred to, what could be the outlook? Could we be too optimistic in entertaining hopes of some kind of acceleration in the years ahead? Or how do you think about the outlook on the top line?

這對公司未來幾個季度 Azure 增長率的展望有何影響？我們是否已經到了觸底的地步，並且由於我們討論的趨勢，我們可能會開始看到一些加速？而且，如果我們採用 Microsoft Cloud 的超集，當你考慮到 Copilot 的新定價時，顯然 TAM 正在以相當重要的方式開放。那麼，當你從更廣泛的角度來看，薩蒂亞和艾米提到的 21%、22% 增長率時，前景會怎樣呢？我們是否對未來幾年加速發展的希望過於樂觀？或者您如何看待營收前景？

Sure. Kash, thanks for the question. So maybe I'll start and then, Amy, you can add because I think -- we do think about what's the long-term TAM here, right? I mean this is -- you've heard me talk about this as a percentage of GDP, what's going to be tech spend? If you believe that, let's say, the 5% of GDP is going to go to 10% of GDP, maybe that gets accelerated because of the AI wave. Then the question is how much of that goes to the various parts of our Commercial Cloud and then how competitive are we in each layer, right?

當然。卡什，謝謝你的提問。所以也許我會開始，然後，艾米，你可以補充一下，因為我認為——我們確實考慮了這裡的長期 TAM 是什麼，對嗎？我的意思是——你已經聽我談論過這個佔 GDP 的百分比，科技支出是多少？如果你相信 GDP 的 5% 將會上升到 GDP 的 10%，那麼這一趨勢可能會因為人工智能浪潮而加速。那麼問題是其中有多少進入我們商業雲的各個部分，然後我們在每一層的競爭力如何，對嗎？

So if you sort of break it down, you sort of talked about how Microsoft 365, we think of this Copilot as a third pillar, right? We had the creation tools. We then had all the communication and collaboration services, and we think the AI Copilot is a third pillar. So we are excited about it. Amy talked about how we want to get it out first and part of this preview. And then in the second half of the next fiscal year, we'll start getting some of the real revenue signal from it. So we're looking forward to it.

因此，如果您將其分解，您會談到 Microsoft 365 如何將 Copilot 視為第三個支柱，對吧？我們有創作工具。然後我們有了所有的通信和協作服務，我們認為人工智能副駕駛是第三個支柱。所以我們對此感到興奮。艾米談到了我們希望如何首先將其發布，也是預覽的一部分。然後在下一個財年的下半年，我們將開始從中獲得一些真實的收入信號。所以我們很期待。

But we think of it long term as a third pillar, like we thought about something like, say, Teams or SharePoint back in the day, or what have you. Then Azure, the way I think about it is we still are, whatever, you're inning 2 or inning 3 of even the cloud migration, especially if you view it, right, whether by industry moves to the cloud, segment move to the cloud as well as country adoption of the cloud, right? So there's still early innings of the cloud migration itself. So there's a lot there still.

但從長遠來看，我們將其視為第三個支柱，就像我們過去考慮過諸如 Teams 或 SharePoint 之類的東西一樣。然後Azure，我的想法是我們仍然是，無論如何，你甚至在雲遷移的第二或第三局，特別是如果你看它，對吧，無論是按行業遷移到雲，還是細分市場遷移到雲雲以及國家對雲的採用，對吧？因此，雲遷移本身仍處於早期階段。所以還有很多東西。

And then on top of that, there's this complete new world of AI driving a set of new workloads. And so we think of that, again, being pretty expansive from a TAM opportunity and we'll play it out. But at the same time, we are a $111 billion commercial cloud that has grown in 20s, and so therefore, we do hit law of large numbers. But that said, we do think that this is a business that can have sustained high growth, which is something that we are excited about.

除此之外，還有一個全新的人工智能世界，驅動著一系列新的工作負載。因此，我們再次認為，TAM 機會相當廣泛，我們將發揮它的作用。但與此同時，我們是一個價值 1110 億美元的商業雲，在 20 多年前就已經發展起來，因此，我們確實遇到了大數定律。但話雖如此，我們確實認為這是一項可以持續高速增長的業務，這是我們感到興奮的事情。

And I think the only thing, Kash, I would add is, I think in some ways, what we're really pointing to is there's a process here. We see the demand signal is quite strong. It remains strong. I'm thrilled with all the product announcements we've made. I'm thrilled with them moving to paid preview and then moving to GA. They absolutely are expansive in terms of addressable market. They reach new budget pools is almost the way I talk about it a lot in terms of how CIOs or CFOs that I talk to think about that investment. So a growing opportunity.

我認為，卡什，我要補充的唯一一件事是，我認為在某些方面，我們真正指出的是這裡有一個過程。我們看到需求信號相當強烈。它仍然很強大。我對我們發布的所有產品感到非常興奮。我很高興他們轉向付費預覽版，然後轉向正式版。就潛在市場而言，它們絕對是廣闊的。他們達到新的預算池幾乎就是我經常談論的方式，即我所採訪的首席信息官或首席財務官如何看待這項投資。所以這是一個不斷增長的機會。

And as you know, we're focused on executing against that. And then revenue is an outcome. But it certainly does require -- the demand signal requires the capital expense and then creates the opportunity. And that's why I think, in some ways, we're spending a little more time talking about some of that investment is because it is the demand signal.

如您所知，我們專注於執行這一目標。然後收入就是一個結果。但它確實需要——需求信號需要資本支出，然後創造機會。這就是為什麼我認為，在某些方面，我們花更多時間討論其中一些投資是因為它是需求信號。

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。

Okay, great. Amy, if I could double-click a little bit on the exciting news around M365 Copilot as everybody on the line looks to layer that opportunity into our models, I just wanted to get your views. Are there any guardrails you'd offer us to sort of keep us in line? Is there a degree of gross margin pressure in the Office segment? In other words, is it a fairly cost-intensive new product that we should keep in mind? And also, could it pull along Azure in the sense that you need Azure AD and perhaps some of the other cybersecurity products? So a little color there might help everybody with their modeling exercise tonight and in the coming weeks.

好的，太好了。艾米，如果我可以雙擊有關 M365 Copilot 的令人興奮的消息，因為線路上的每個人都希望將這個機會融入到我們的模型中，我只是想听聽您的看法。你們能給我們提供一些護欄來讓我們保持一致嗎？辦公業務是否存在一定程度的毛利率壓力？換句話說，這是一個我們應該牢記的成本相當高的新產品嗎？而且，從您需要 Azure AD 以及其他一些網絡安全產品的意義上來說，它能否帶動 Azure 的發展？因此，一點顏色可能會幫助每個人今晚和未來幾週的建模練習。

Thanks, Karl. I think maybe I'll first start with the process we have when we release new products. And I absolutely understand we are excited, too, by the demand signal, the customer reaction, really the requests we're getting to be in the paid preview. It's all encouraging. As you know, we've -- last week, we announced pricing, then we'll continue to work through the paid preview process get good feedback. Then we'll announce the general availability date, then we'll get to the GA date. Then we'll, of course, be able to sell it and then recognize revenue.

謝謝，卡爾。我想也許我會首先從我們發布新產品時的流程開始。我完全理解我們也對需求信號、客戶反應以及我們在付費預覽中收到的請求感到興奮。這一切都令人鼓舞。如您所知，我們上周宣布了定價，然後我們將繼續通過付費預覽流程獲得良好的反饋。然後我們將宣布全面上市日期，然後我們將到達正式發布日期。當然，然後我們就能夠出售它並確認收入。

And that is why I continue to say that I am just as excited as everyone else about this, and it should be more H2 weighted. And we've, I think, given you some sizing opportunities. And I think I would use all that. But I do think this is really about pacing. And of course, we've still got to get our Security Copilot and some of the Dynamics workloads priced and released. And we'll continue to work toward that.

這就是為什麼我繼續說，我和其他人一樣對此感到興奮，而且它應該更加註重 H2。我認為，我們已經為您提供了一些調整規模的機會。我想我會利用所有這些。但我確實認為這確實與節奏有關。當然，我們仍然需要對 Security Copilot 和一些 Dynamics 工作負載進行定價和發布。我們將繼續為此努力。

And of course, I think one of the things that people often, I think, overlook is, and Satya mentioned it briefly when you go back to the pull on Azure, I think in many ways, lots of these AI products pull along Azure because it's not just the AI solution services that you need to build an app. And so it's less about Microsoft 365 pulling it along or any one Copilot. It's that when you're building these, it requires data and it requires the AI services. So you'll see them pull both core Azure and AI Azure along with them. And I think that's an important nuance as well.

當然，我認為人們經常忽視的一件事是，當你回到 Azure 的吸引力時，Satya 簡短地提到了這一點，我認為在很多方面，很多這些人工智能產品都在推動 Azure 的發展，因為構建應用程序所需的不僅僅是人工智能解決方案服務。因此，這與 Microsoft 365 的推動或任何一位 Copilot 無關。當你構建這些時，它需要數據，並且需要人工智能服務。因此，您會看到他們同時拉動核心 Azure 和 AI Azure。我認為這也是一個重要的細微差別。

Yes. If I could just add to what Amy said, the platform effect here is really all about the extensibility of the Copilots. You see that today when people build applications in Teams that are built on Power Apps and those Power Apps happen to use something like SQL DB on Azure. That's like a classic line of business extension. So you'll see the same thing. When I have a Copilot plug-in, that plug-in uses Azure AI, Azure meters, Azure data sources, Azure semantic search. So you'll see, obviously, a pull through not only on the identity or security layer, but in the core PaaS services of Azure plus the Copilot extensibility in M365.

是的。如果我可以補充艾米所說的話，這裡的平台效應實際上完全取決於副駕駛的可擴展性。您會發現，如今，當人們在 Teams 中構建基於 Power Apps 的應用程序時，這些 Power Apps 恰好使用 Azure 上的 SQL DB 之類的東西。這就像經典的業務延伸。所以你會看到同樣的事情。當我有 Copilot 插件時，該插件使用 Azure AI、Azure 儀表、Azure 數據源、Azure 語義搜索。因此，顯然，您會看到，不僅在身份或安全層上實現了拉動，而且在 Azure 的核心 PaaS 服務以及 M365 中的 Copilot 可擴展性上也實現了拉動。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自馬克·墨菲與摩根大通的對話。

Satya, there's so much evidence now that GitHub Copilot is boosting developer productivity by 40% to 50% or more, and it's resulting in higher quality code. Do you envision a similar level of productivity boost for the Microsoft 365 Copilots or the Security Copilot or the Sales Copilot? In other words, can every room in the house be remodeled to a similar extent such that, that value proposition is pretty elevated across the entire stack?

Satya，現在有大量證據表明 GitHub Copilot 正在將開發人員的工作效率提高 40% 到 50% 甚至更多，並且可以生成更高質量的代碼。您是否預計 Microsoft 365 Copilot、安全 Copilot 或銷售 Copilot 的生產力會得到類似水平的提升？換句話說，房子裡的每個房間都可以進行類似程度的改造，從而使整個堆棧的價值主張得到相當高的提升嗎？

Yes. Judson Althoff would love you for having used his metaphor of remodeling every room of the house with AI because you're absolutely right. I mean that's the opportunity we see. I think what you're also referencing is now there's good empirical evidence and data around the GitHub Copilot and the productivity stats around it. And we're actively working on that for M365 Copilot, also for things like the role-based ones like Sales Copilot or Service Copilot. We see these business processes having very high productivity gains. And so yes, over the course of the year, we will have all of that evidence.

是的。 Judson Althoff 會喜歡你用人工智能改造房子的每個房間的比喻，因為你是絕對正確的。我的意思是，這就是我們看到的機會。我認為您還引用的是關於 GitHub Copilot 及其生產力統計數據的良好經驗證據和數據。我們正在積極致力於 M365 Copilot 的開發，以及諸如 Sales Copilot 或 Service Copilot 等基於角色的功能。我們看到這些業務流程具有非常高的生產力提升。所以，是的，在這一年中，我們將擁有所有這些證據。

And I think at the end of the day, as Amy referenced, every CFO and CIO is also going to take a look at this. I do think for the first time -- or rather, I do think people are going to look at how can they complement their OpEx spend with essentially these Copilots in order to drive more efficiency and, quite frankly, even reduce the burden and drudgery of work on their OpEx and their people and so on. So therefore, I think you're going to see all of that translated into productivity stats, and we're looking forward to getting that data out.

我認為最終，正如艾米提到的那樣，每位首席財務官和首席信息官也會考慮這一點。我確實第一次這麼認為——或者更確切地說，我確實認為人們將考慮如何通過這些副駕駛來補充他們的運營支出支出，以提高效率，坦率地說，甚至減輕運營商的負擔和苦差事。致力於他們的運營支出和人員等等。因此，我認為您將看到所有這些都轉化為生產力統計數據，我們期待著獲得這些數據。

The next question comes from the line of Alex Zukin with Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe just a multi-parter. You mentioned a couple of times that with the AI workload adoption that you're seeing on Azure, it's starting to look maybe a little bit different from an incremental share gain perspective versus previous generations. Can you maybe expand upon that? How should that drive for Azure consumption, particularly as we get through the year? And do you see a scenario where either the combination of lapping the optimization headwind, plus the AI contribution, plus this incremental tailwind that you're seeing around the workloads actually does drive a reacceleration in Azure, particularly in the second half when you're going to start to see some of those things kick in?

我想也許只是一個多方的人。您多次提到，隨著您在 Azure 上看到的人工智能工作負載的採用，與前幾代產品相比，從增量份額增益的角度來看，它開始看起來可能有點不同。您可以對此進行擴展嗎？這應該如何推動 Azure 的消費，特別是在我們度過這一年的時候？您是否看到這樣一種情況：優化逆風、人工智能貢獻以及您在工作負載周圍看到的增量順風的組合實際上確實推動了 Azure 的重新加速，特別是在下半年，當您會開始看到其中一些事情開始發生嗎？

Yes. I mean the thing that we are both seeing and excited about is both the new workloads. I mean if you think about Azure, we have grown Azure over the years coming from behind. And here we are as a strong #2 in the lead when it comes to these new workloads. So for example, we are seeing new logos, customers who may have used out of the cloud for most of what they do, or for the first time, sort of starting to use Azure for some of their new AI workloads.

是的。我的意思是，我們看到並感到興奮的是新的工作負載。我的意思是，如果你想想 Azure，你會發現我們多年來已經後來居上地發展了 Azure。在這些新工作負載方面，我們處於領先地位，位列第二。例如，我們看到新的徽標，客戶可能已經使用雲來完成他們所做的大部分工作，或者第一次開始使用 Azure 來處理他們的一些新的人工智能工作負載。

We also have even customers who've used multiple clouds who use that for a class of sort of workloads also start new projects when it's transferred in data and AI, which they were using other clouds. So what I think you will see us is more share gains, more logo gains, reducing our CAC even. And so those are the things of points of leverage. But at the same time, we are not a small business anymore in any of these things. We're significantly -- we have significant scale. And so, yes, we celebrate. That's why we're even giving you the visibility at 1 point of it showing up this quarter, a couple of points showing up next quarter. And those are material numbers.

我們甚至還有使用多個雲的客戶，他們將其用於一類工作負載，當數據和人工智能傳輸到他們使用其他雲的數據和人工智能時，他們也會啟動新項目。因此，我認為您會看到我們獲得更多的份額、更多的徽標，甚至減少我們的 CAC。這些都是槓桿點的事情。但與此同時，我們在這些方面都不再是一家小企業了。我們的規模非常大。所以，是的，我們慶祝。這就是為什麼我們甚至為您提供本季度出現的 1 個點、下個季度出現的幾個點的可見性。這些都是重要的數字。

And so that's kind of what I think will track. And I think Amy mentioned it because we want -- there are 2 parts to even AI, right? There's the models themselves with our partnership with OpenAI. That's sort of one type of spend on compute. And the other is much more revenue-driven, right, which is we will track the inference cost to the revenue and demand. And you're already seeing both of those play out.

這就是我認為將會追踪的內容。我認為艾米提到它是因為我們想要——人工智能也有兩個部分，對嗎？我們與 OpenAI 合作提供了模型本身。這是一種計算支出。另一個更多的是收入驅動的，對吧，我們將跟踪收入和需求的推理成本。你已經看到這兩者都在發揮作用。

Our last question will come from the line of Kirk Materne with Evercore ISI.

我們的最後一個問題將來自 Evercore ISI 的 Kirk Materne。

Satya, I was wondering if you could expand a little bit on your comments on data platforms. I think we've heard a lot over the last quarter or so about if you don't have a data strategy, it's tough to have an AI strategy. Can you just talk about where customers are right now in that journey to have a more, I guess, thoughtful data strategy? And what does that mean in terms of their ability to adopt AI services? Meaning do they have to sort of tackle the data issue first before they can really take advantage of all the AI services? Or how should we think about that sort of juxtaposition?

Satya，我想知道您是否可以擴展一下您對數據平台的評論。我想我們在上個季度左右聽到了很多關於如果沒有數據策略，就很難制定人工智能策略的說法。您能否談談客戶目前在這個旅程中處於什麼位置，以製定更周到的數據策略？這對於他們採用人工智能服務的能力意味著什麼？這意味著他們是否必須首先解決數據問題才能真正利用所有人工智能服務？或者我們應該如何看待這種並置？

Yes, sure. Thank you for the question. Yes, absolutely. I think having your data, in particular, in the cloud is sort of key to how you can take advantage of essentially these new AI reasoning engines to complement, I'll call it, your databases because these AI engines are not databases, but they can reason over your data and to help you then get more insights, more completions, more predictions, more summaries, and what have you.

是的，當然。感謝你的提問。是的，一點沒錯。我認為，讓你的數據，特別是在雲端，是你如何利用這些新的人工智能推理引擎來補充（我稱之為數據庫）的關鍵，因為這些人工智能引擎不是數據庫，而是它們可以對你的數據進行推理，並幫助你獲得更多的見解、更多的完成、更多的預測、更多的總結等等。

So those are the things when we say Copilot design pattern, that's sort of what that design pattern is all about. The thing that perhaps even in the last quarter, and I had that in my remarks, that's most exciting is how with Microsoft Fabric, especially for the analytics workloads, we brought together compute, storage, governance with a very disruptive business model.

這些就是我們所說的副駕駛設計模式，這就是設計模式的全部內容。也許即使在上個季度，我在講話中也說過，最令人興奮的是如何使用 Microsoft Fabric，特別是對於分析工作負載，我們將計算、存儲、治理與極具顛覆性的業務模型結合在一起。

I mean to give you a flavor for it, right, so you have your data in an Azure data lake. You can bring SQL Compute to it. You can bring Spark to it. You can bring Azure AI or Azure OpenAI to it, right? So the fact is you have storage separated from all these compute meters, and they're all interchangeable, right? So you don't have to buy each of these separately. That's the disruptive business model. So I feel that we are well -- Microsoft is very well positioned with the way our data architecture lays out our business model around data and how people will plan to use data with AI services. So that's kind of what I mean by getting your data estate in order. And it's just not getting data estate in order but you have to have it structured such that you can have the flexibility that allows you to exercise the data and compute in combinations that makes sense for this new age.

我的意思是讓您體驗一下它，對吧，這樣您就可以將數據存儲在 Azure 數據湖中。您可以將 SQL 計算引入其中。您可以將 Spark 引入其中。您可以將 Azure AI 或 Azure OpenAI 引入其中，對吧？所以事實是你的存儲與所有這些計算儀表是分開的，而且它們都是可以互換的，對吧？所以您不必單獨購買這些。這就是顛覆性的商業模式。所以我覺得我們做得很好——微軟在我們的數據架構圍繞數據制定業務模型的方式以及人們計劃如何通過人工智能服務使用數據方面處於非常有利的位置。這就是我所說的讓數據資產井然有序的意思。它只是沒有按順序獲得數據資產，但您必須對其進行結構化，以便您可以具有靈活性，使您能夠組合運用數據和計算，這對這個新時代有意義。

Thanks, Kirk. 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，柯克。今天的財報電話會議的問答部分就到此結束。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, all.

謝謝你們。

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

謝謝大家。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。