微軟 (MSFT) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2024 First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Microsoft 2024 財年第一季財報電話會議。 （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 call over to your host, Brett Iversen, Vice President of Investor Relations. Mr. Iversen, please go ahead.

現在我想將電話轉給主持人投資者關係副總裁布雷特艾佛森 (Brett Iversen)。艾佛森先生，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, Corporate Secretary and 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執行長薩蒂亞‧納德拉 (Satya Nadella)；艾米‧胡德，財務長；艾莉絲‧喬拉，首席會計官；以及公司秘書兼副總法律顧問 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 a 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。

Microsoft completed the acquisition of Activision Blizzard on October 13, 2023. We will share more on the expected impact of the Activision acquisition during the outlook commentary portion of today's call.

微軟於 2023 年 10 月 13 日完成了對動視暴雪的收購。我們將在今天電話會議的展望評論部分分享更多關於動視收購的預期影響。

On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's first quarter performance in addition to the impact these items and events have on the financial results.

在這次電話會議上，我們將討論某些非公認會計準則項目。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績效指標。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一季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'll refer to the growth rate only.

除非另有說明，我們今天在電話會議上進行的所有成長比較都與去年同期有關。我們也將提供以固定貨幣計算的成長率，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。如果以固定匯率計算的成長率相同，我們將只參考成長率。

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

我們將在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路直播並進行錄音。如果您提出問題，它將包含在我們的即時傳輸、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 will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，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10-K 表格、10-Q 表格以及向證券交易委員會提交的其他報告和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, Brett. We are off to a strong start to the fiscal year driven by the continued strength of Microsoft Cloud, which surpassed $31.8 billion in quarterly revenue, up 24%. With Copilots, we are making the age of AI real for people and businesses everywhere. We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.

謝謝你，布雷特。在微軟雲端持續強勁的推動下，我們本財年有了一個良好的開局，季度營收超過 318 億美元，成長 24%。透過 Copilots，我們正在為世界各地的人們和企業打造真正的人工智慧時代。我們正在快速將人工智慧融入技術堆疊的每一層、每個角色和業務流程，以提高客戶的生產力。

Now I'll highlight examples of our progress, starting with infrastructure. Azure again took share as organizations bring their workloads to our cloud. We have the most comprehensive cloud footprint with more than 60 data center regions worldwide as well as the best AI infrastructure for both training and inference. And we also have our AI services deployed in more regions than any other cloud provider.

現在，我將重點介紹我們取得的進展的範例，從基礎設施開始。隨著組織將其工作負載轉移到我們的雲端中，Azure 再次佔據了份額。我們擁有最全面的雲端足跡，在全球擁有 60 多個資料中心區域，以及用於訓練和推理的最佳人工智慧基礎設施。我們的人工智慧服務部署的地區也比其他任何雲端提供者都多。

This quarter, we announced the general availability of our next-generation H100 virtual machines. Azure AI provides access to best-in-class frontier models from OpenAI and open-source models, including our own as well as from Meta and Hugging Face, which customers can use to build their own AI apps while meeting specific cost, latency and performance needs. Because of our overall differentiation, more than 18,000 organizations now use Azure OpenAI service, including new to Azure customers. And we are expanding our reach with digital-first companies with OpenAI APIs as leading AI start-ups use OpenAI to power their AI solutions, therefore, making them Azure customers as well.

本季度，我們宣布全面推出下一代 H100 虛擬機器。 Azure AI 提供對來自OpenAI 和開源模型的一流前沿模型的訪問，包括我們自己的模型以及來自Meta 和Hugging Face 的模型，客戶可以使用這些模型來構建自己的AI 應用程序，同時滿足特定的成本、延遲和性能要求需要。由於我們的整體差異化，現在有超過 18,000 個組織在使用 Azure OpenAI 服務，其中包括 Azure 的新客戶。我們正在透過 OpenAI API 擴大與數位優先公司的影響力，因為領先的 AI 新創公司使用 OpenAI 來支援他們的 AI 解決方案，因此，他們也成為 Azure 客戶。

We continue to see more cloud migrations with Azure Arc. We are meeting customers where they are, helping them run apps across on-prem, edge and multi-cloud environments. We now have 21,000 Arc customers, up 140% year-over-year. We are the only other cloud provider to run Oracle's database services, making it simpler for customers to migrate their on-prem Oracle databases to our cloud. Customers like PepsiCo and Vodafone will have access to a seamless, fully integrated experience for deploying, managing and using Oracle database instances on Azure. And we are the cloud of choice for customers' SAP workloads, too. Companies like Brother Industries, Hanes, Zeiss and ZF Group all run SAP on Azure.

我們繼續看到更多使用 Azure Arc 的雲端遷移。我們正在滿足客戶的需求，幫助他們在本地、邊緣和多雲環境中運行應用程式。我們現在擁有 21,000 名 Arc 客戶，年增 140%。我們是唯一一家運行 Oracle 資料庫服務的雲端供應商，讓客戶可以更輕鬆地將其本地 Oracle 資料庫遷移到我們的雲端。 PepsiCo 和 Vodafone 等客戶將能夠獲得在 Azure 上部署、管理和使用 Oracle 資料庫執行個體的無縫、完全整合的體驗。我們也是客戶 SAP 工作負載的雲端選擇。 Brother Industries、Hanes、Zeiss 和 ZF Group 等公司都在 Azure 上執行 SAP。

Now on to data. In the age of Copilots, organizations are looking to consolidate their data estate. That's why with our Microsoft Intelligent Data Platform, we are bringing to the other operational data stores, analytics and governance. More than 73% of the Fortune 1000 use 3 or more of our data solutions today. And with Microsoft Fabric, we are unifying compute, storage and governance into one end-to-end analytics solution with an all-inclusive business model. More than 16,000 customers are actively using Fabric, including over 50% of the Fortune 500.

現在來看數據。在副駕駛時代，組織正在尋求整合其數據資產。這就是為什麼我們透過 Microsoft 智慧數據平台將其引入其他營運資料儲存、分析和治理。如今，超過 73% 的財富 1000 強企業使用我們的 3 種或更多資料解決方案。借助 Microsoft Fabric，我們將運算、儲存和治理統一到一個具有包容性業務模型的端到端分析解決方案中。超過 16,000 家客戶正在積極使用 Fabric，其中超過 50% 的財富 500 強客戶。

Now on to developers. With GitHub Copilot, we are increasing developer productivity by up to 55% while helping them stay in the flow and bringing the joy back to coding. We have over 1 million paid Copilot users and more than 37,000 organizations that subscribe to Copilot for business, up 40% quarter-over-quarter, with significant traction outside the United States. This quarter, we added new capabilities with GitHub Copilot Chat, which are already being used by both digital natives like Shopify as well as leading enterprises like Maersk and PwC to supercharge the productivity of their software developers. All of the number of developers using GitHub has increased 4x since our acquisition 5 years ago.

現在輪到開發人員了。透過 GitHub Copilot，我們將開發人員的工作效率提高了 55%，同時幫助他們保持流暢狀態，讓他們重拾編碼的樂趣。我們擁有超過 100 萬付費 Copilot 用戶和超過 37,000 個訂閱 Copilot 業務的組織，環比增長 40%，在美國以外地區具有顯著的吸引力。本季度，我們透過 GitHub Copilot Chat 增加了新功能，Shopify 等數位原生企業以及 Maersk 和 PwC 等領先企業已在使用這些功能，以提高其軟體開發人員的生產力。自 5 年前收購以來，使用 GitHub 的所有開發人員數量增加了 4 倍。

We have also brought Copilot to Power Platform, enabling anyone to use natural language to create apps, build virtual agents and analyze data. More than 126,000 organizations, including 3M, Equinor, Lumen Technologies, Nationwide, PG&E and Toyota have all used Copilot and Power Platform to date. EY, for example, has enabled Copilot for all 170,000-plus Power Platform users at the company. And this quarter, we added new Copilot capabilities to Power Pages, making it possible to build data-driven websites using just a few sentences or clicks. Finally, Power Apps remains the market leader in low-code/no-code development, now with 20 million monthly active users, up 40% year-over-year.

我們還將 Copilot 引入了 Power Platform，使任何人都可以使用自然語言來建立應用程式、建立虛擬代理和分析資料。迄今為止，包括 3M、Equinor、Lumen Technologies、Nationwide、PG&E 和豐田在內的超過 126,000 個組織都已使用 Copilot 和 Power Platform。例如，安永已為該公司所有 17 萬多名 Power Platform 用戶啟用了 Copilot。本季度，我們為 Power Pages 新增了新的 Copilot 功能，只需幾句話或點擊即可建立資料驅動的網站。最後，Power Apps 仍然是低程式碼/無程式碼開發的市場領導者，目前每月活躍用戶數為 2,000 萬，較去年同期成長 40%。

Now on to business applications. All up, Dynamics 365 took share for the tenth consecutive quarter. We're using this AI inflection point to redefine our role in business applications. We are becoming the Copilot-led business process transformation layer on top of existing CRM systems like Salesforce. For example, our sales Copilot helps sellers at more than 15,000 organizations, including Rockwell Automation, Sandvik Coromant, Securitas and Teleperformance personalize customer interactions based on data from third-party CRMs. We're also bringing Copilot to Dynamics 365 to help with everything from suggestive actions and content ideas to faster access to valuable business data. And this quarter, we introduced Copilot in Dynamics 365 Field Service to help streamline frontline tasks.

現在討論商業應用程式。總而言之，Dynamics 365 連續第十個季度佔據市場份額。我們正在利用這個人工智慧拐點來重新定義我們在業務應用程式中的角色。我們正在成為 Salesforce 等現有 CRM 系統之上的 Copilot 主導的業務流程轉換層。例如，我們的銷售 Copilot 可協助羅克韋爾自動化、山特維克可樂滿、Securitas 和 Teleperformance 等 15,000 多家組織的銷售人員根據第三方 CRM 的資料進行個人化客戶互動。我們還將 Copilot 引入 Dynamics 365，以幫助處理從建議性操作和內容創意到更快地存取有價值的業務資料等各種事務。本季度，我們在 Dynamics 365 Field Service 中引入了 Copilot，以幫助簡化第一線任務。

Now on to industry and cross-industry clouds. In health care, our Dragon Ambient Experience solution helps clinicians automatically document patient interactions at the point of care. It's been used across more than 10 million interactions to date. And with DAX Copilot, we are applying generative models to draft high-quality clinical notes in seconds, increasing physician productivity and reducing burnout. For example, Atrium Health, a leading provider in Southeast United States, credits DAX Copilot with helping its physicians each save up to 40 minutes per day in documentation time.

現在轉向產業和跨產業雲端。在醫療保健領域，我們的 Dragon Ambient Experience 解決方案可協助臨床醫生在護理點自動記錄患者互動。迄今為止，它已被用於超過 1000 萬次互動。借助 DAX Copilot，我們應用生成模型在幾秒鐘內起草高品質的臨床記錄，從而提高醫生的工作效率並減少倦怠。例如，美國東南部領先的供應商 Atrium Health 認為 DAX Copilot 幫助其每位醫生每天節省了多達 40 分鐘的記錄時間。

We're also introducing health care data solutions in Microsoft Fabric, enabling providers like Northwestern Medicine and SingHealth to unify health data in a secure, compliant way. And with our Microsoft Cloud for Sovereignty, which will become generally available by the end of the calendar year, we offer industry-leading data sovereignty and encryption controls, meeting the specific needs of public sector customers around the world.

我們也在 Microsoft Fabric 中引入醫療保健數據解決方案，使 Northwestern Medicine 和 SingHealth 等提供者能夠以安全、合規的方式統一健康數據。透過今年底全面推出的 Microsoft Cloud for Sovereignty，我們提供業界領先的資料主權和加密控制，滿足世界各地公共部門客戶的特定需求。

Now on to future work. Copilot is your everyday AI assistant, helping you be more creative in Word, more analytical in Excel, more expressive in PowerPoint, more productive in Outlook and more collaborative in Teams. Tens of thousands of employees at customers like Bayer, KPMG, Mayo Clinic, Suncorp and Visa, including 40% of the Fortune 100, are using Copilot as part of our early access program. Customers tell us that once they use Copilot, they can't imagine work without it, and we are excited to make it generally available for enterprise customers next week. This quarter, we also introduced a new hero experience in Copilot, helping employees tap into their entire universe of work, data and knowledge using chat. And the new Copilot Lab helps employees build their own work habits for this era of AI by helping them turn good prompts into great ones.

現在開始未來的工作。 Copilot 是您的日常 AI 助手，可協助您在 Word 中更具創造力、在 Excel 中更具分析能力、在 PowerPoint 中更具表現力、在 Outlook 中更俱生產力以及在 Teams 中更具協作性。拜耳 (Bayer)、畢馬威 (KPMG)、梅奧診所 (Mayo Clinic)、Suncorp 和 Visa 等客戶的數萬名員工（其中包括 40% 的財富 100 強企業）正在使用 Copilot 作為我們搶先體驗計劃的一部分。客戶告訴我們，一旦他們使用了 Copilot，他們就無法想像沒有它的工作，我們很高興下週將其全面提供給企業客戶。本季度，我們還在 Copilot 中引入了新的英雄體驗，幫助員工透過聊天深入了解他們的整個工作、數據和知識。新的 Copilot 實驗室幫助員工將良好的提示轉變為出色的提示，從而幫助他們建立適合人工智慧時代的工作習慣。

When it comes to Teams, usage continues to grow with more than 320 million monthly active users, making Teams the place to work across chat, collaboration, meetings and calling. This quarter, we introduced a new version of Teams that is up to 2x faster while using 50% less memory and includes seamless cross-tenant communications and collaboration. We have seen 9 consecutive quarters of triple-digit revenue growth for Teams Rooms, and more than 10,000 paid customers now use Teams Premium. Teams has also become a multiplayer canvas for business process. There are more than 2,000 apps in Teams store, and collaborative apps from Adobe, Atlassian and Workday each exceeded 1 million monthly active users on Teams.

Teams 的使用量持續成長，每月活躍用戶超過 3.2 億，使 Teams 成為跨聊天、協作、會議和通話的工作場所。本季度，我們推出了新版本的 Teams，速度提高了 2 倍，同時使用的記憶體減少了 50%，並且包括無縫的跨租戶通訊和協作。我們已經看到 Teams Rooms 的營收連續 9 個季度實現三位數成長，現在有超過 10,000 名付費客戶使用 Teams Premium。 Teams 也成為業務流程的多人畫布。 Teams 商店中有超過 2,000 個應用程序，Adobe、Atlassian 和 Workday 的協作應用程式的每月活躍用戶數均超過 100 萬。

And with Viva, we have created a new market category for employee experience, helping companies like Dell, Lloyds Banking Group and PayPal build high-performance organizations. With Skills in Viva, we are bringing together information from Microsoft 365 and LinkedIn to help employers understand workforce gaps and suggest personalized learning content to address it, all in the flow of work. All up, we continue to see more organizations choose Microsoft 365 in companies across private and public sector, including Cerebrus, Chanel, DXC Technology all rely on our premium E5 offerings for advanced security, compliance, voice and analytics.

透過 Viva，我們為員工體驗創造了一個新的市場類別，幫助戴爾、勞埃德銀行集團和 PayPal 等公司建立高績效組織。透過 Skills in Viva，我們匯集了來自 Microsoft 365 和 LinkedIn 的信息，幫助雇主了解勞動力差距，並建議個性化學習內容來解決這一問題，所有這些都在工作流程中進行。總而言之，我們繼續看到越來越多的組織在私人和公共部門的公司中選擇Microsoft 365，包括Cerebrus、Chanel、DXC Technology，它們都依賴我們的優質E5 產品來實現高級安全性、合規性、語音和分析。

Now on to Windows. The PC market unit volumes were at roughly prepandemic levels. And we continue to innovate across Windows, adding differentiated AI-powered experiences to the operating system. We rolled out the biggest update to Windows 11 ever with 150 new features, including new AI-powered experiences like Clipchamp, Paint and Photos. And we introduced Copilot in Windows, the everyday AI companion, which incorporates the context of the web, your work data and what you are doing on the PC to provide better assistance. We are seeing accelerated Windows 11 deployments worldwide from companies like bp, Eurowings, Kantar and RBC.

現在進入Windows。個人電腦市場銷售量大致處於疫情前的水平。我們繼續在 Windows 上進行創新，為作業系統添加差異化的人工智慧體驗。我們推出了 Windows 11 有史以來最大的更新，包含 150 項新功能，包括由 AI 驅動的全新體驗，例如 Clipchamp、畫圖和照片。我們在 Windows 中引入了 Copilot，這是日常人工智慧伴侶，它結合了網路上下文、您的工作數據以及您在 PC 上所做的事情，以提供更好的幫助。我們看到 bp、Eurowings、Kantar 和 RBC 等公司在全球加速部署 Windows 11。

Finally, with Windows 365 Boot and Switch, we are making it easier than ever for employees at companies like Crocs, Hamburg Commercial Bank and the ING Bank to get a personalized Windows 365 Cloud PC with Copilot on any device.

最後，透過 Windows 365 啟動和切換，我們讓 Crocs、漢堡商業銀行和 ING 銀行等公司的員工比以往任何時候都更容易在任何裝置上獲得具有 Copilot 的個人化 Windows 365 雲端電腦。

Now on to security. The speed, scale and sophistication of cyberattacks today is unparalleled, and security is the #1 priority for CIOs worldwide. We see high demand for Security Copilot, the industry's first and most advanced generative AI product, which is now seamlessly integrated with Microsoft 365 Defender. Dozens of organizations, including Bridgewater, Fidelity National Financial and Government of Alberta, have been using Copilot in preview and early feedback has been positive. And we look forward to bringing Copilot to hundreds of organizations in the coming months as part of the new early access program so they can improve the productivity of their own security operation centers and stop threats at machine speed.

現在談談安全性。當今網路攻擊的速度、規模和複雜程度是無與倫比的，安全是全球資訊長的第一要務。我們看到對 Security Copilot 的巨大需求，這是業界首款也是最先進的生成式 AI 產品，現已與 Microsoft 365 Defender 無縫整合。包括 Bridgewater、Fidelity National Financial 和阿爾伯塔省政府在內的數十家組織已在預覽版中使用 Copilot，並且早期反饋非常積極。我們期待在未來幾個月內將 Copilot 引入數百個組織，作為新的早期訪問計劃的一部分，以便他們能夠提高自己的安全營運中心的生產力並以機器速度阻止威脅。

More broadly, we continue to take share across all major categories we serve. And our SIEM Microsoft Sentinel now has more than 25,000 customers and revenues surpassed $1 billion annual run rate. And customers in every industry like Booz Allen Hamilton, Grant Thorton and MetLife use our end-to-end solutions to protect their environment.

更廣泛地說，我們繼續在我們服務的所有主要類別中佔據份額。我們的 SIEM Microsoft Sentinel 現在擁有超過 25,000 個客戶，年收入超過 10 億美元。 Booz Allen Hamilton、Grant Thorton 和 MetLife 等各行業的客戶都使用我們的端到端解決方案來保護他們的環境。

Now on to LinkedIn. We are now applying this new generation of AI to transform how the 985 million members learn, sell and get hired. Membership growth has now accelerated each quarter for over 2 years in a row. This quarter, we introduced new AI-driven features across all of our businesses, including a learning coach that gives members personalized content guidelines and tools to help employers find qualified candidates and sellers and marketeers attract buyers in a single step.

現在登入 LinkedIn。我們現在正在應用新一代人工智慧來改變 9.85 億會員學習、銷售和就業的方式。會員數量增長現已連續兩年多每季加速。本季度，我們在所有業務中引入了新的人工智慧驅動功能，包括學習教練，為會員提供個人化內容指南和工具，幫助雇主找到合格的候選人，賣家和行銷人員一步即可吸引買家。

Since introducing AI-assisted messages for recruiters 5 months ago, 3/4 of them say it saves them time. And we have seen a nearly 80% increase in members watching AI-related learning courses this quarter. More broadly, we continue to see record engagement and knowledge sharing on the platform. We now have more than 450 million newsletter subscriptions globally, up 3x year-over-year. Premium subscription sign-ups were up 55% year-over-year, and our hiring business took share for the fifth consecutive quarter.

自從 5 個月前為招募人員引入人工智慧輔助訊息以來，3/4 的人表示這節省了他們的時間。我們發現本季觀看 AI 相關學習課程的會員數量增加了近 80%。更廣泛地說，我們繼續看到該平台上創紀錄的參與和知識共享。目前，我們在全球擁有超過 4.5 億份時事通訊訂閱量，較去年同期成長 3 倍。高級訂閱註冊量年增 55%，我們的招聘業務連續第五個季度佔據市場份額。

Now on to search advertising and news. With our Copilots for the web, we are redefining how people use the Internet to search and create. Bing users have engaged in more than 1.9 billion chats, and Microsoft Edge has now gained share for 10 consecutive quarters. This quarter, we introduced new personalized answers as well as support for DALL-E 3, helping people get more relevant answers and to create incredibly realistic images. More than 1.8 billion images have been created to date.

現在開始搜尋廣告和新聞。透過我們的網路副駕駛，我們正在重新定義人們如何使用網路進行搜尋和創作。 Bing 用戶已經進行了超過 19 億次聊天，而 Microsoft Edge 的份額現已連續 10 個季度增長。本季度，我們推出了新的個人化答案以及對 DALL-E 3 的支持，幫助人們獲得更相關的答案並創建極其逼真的圖像。迄今為止，已創建了超過 18 億張圖像。

And with our Copilot in shopping, people can find more tailored recommendations and better deals. We're also expanding to new end points, bringing Bing to Meta's AI chat experience in order to provide more up-to-date answers as well as access to real-time search information. Finally, we are integrating this new generation of AI directly into our ad platforms to more effectively connect marketeers to customer intent and chat experiences both from us as well as customers like Axel Springer and Snap.

透過我們的購物副駕駛，人們可以找到更量身訂製的推薦和更好的優惠。我們還擴展到新的端點，將 Bing 引入 Meta 的 AI 聊天體驗，以便提供更多最新答案以及對即時搜尋資訊的存取。最後，我們將新一代人工智慧直接整合到我們的廣告平台中，以更有效地將行銷人員與我們以及 Axel Springer 和 Snap 等客戶的客戶意圖和聊天體驗聯繫起來。

Now on to gaming. We were delighted to close our acquisition of Activision Blizzard King earlier this month. Together, we will advance our goal of bringing great games to players everywhere on any end point. Already with Game Pass, we are redefining how games are distributed, played and discovered. We set a record for hours played per subscriber this quarter. We released Starfield this quarter to broad acclaim. More than 11 million people have played the game to date. Nearly half of the hours played have been on PC and on launch day, we set a record for the most Game Pass subscriptions added on a single day ever.

現在開始遊戲。我們很高興本月稍早完成了對動視暴雪 King 的收購。我們將共同推進我們的目標，即為世界各地的玩家帶來精彩的遊戲。透過 Game Pass，我們正在重新定義遊戲的分發、玩和發現方式。本季我們創下了每位訂閱者的遊戲時長紀錄。我們本季發布了《Starfield》，獲得了廣泛好評。迄今為止，已有超過 1100 萬人玩過該遊戲。近一半的遊戲時間是在 PC 上進行的，在發布當天，我們創下了單日新增 Game Pass 訂閱人數最多的記錄。

Minecraft has now surpassed 300 million copies sold, and with Activision Blizzard King, we now add significant depth to our content portfolio. We will have $13 billion-plus franchises from Candy Crush, Diablo and Halo to Warcraft, Elder Scrolls and Gears of War. And we're looking forward to one of our strongest first-party holiday lineup ever, including new titles like Call of Duty, Modern Warfare III and Forza Motorsport.

《我的世界》現已售出超過 3 億份，借助動視暴雪 King，我們現在為我們的內容組合增添了顯著的深度。我們將擁有價值超過 130 億美元的系列遊戲，從《糖果粉碎傳奇》、《暗黑破壞神》、《光環》到《魔獸爭霸》、《上古卷軸》和《戰爭機器》。我們期待有史以來最強大的第一方假日陣容之一，包括《決勝時刻》、《現代戰爭 III》和《極限競速》等新遊戲。

In closing, we are rapidly innovating to expand our opportunity across our consumer and commercial businesses as we help our customers thrive in this new era. In just a few weeks, we'll be holding our flagship Ignite Conference, where we will introduce more than 100 new products and capabilities, including exciting new AI innovations. I encourage you to tune in.

最後，我們正在快速創新，以擴大我們在消費者和商業業務中的機會，幫助我們的客戶在這個新時代蓬勃發展。幾週後，我們將舉辦旗艦級 Ignite 會議，屆時我們將推出 100 多種新產品和功能，包括令人興奮的新 AI 創新。我鼓勵您收聽。

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

這樣，我就把它交給艾米。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $56.5 billion, up 13% and 12% in constant currency. Earnings per share was $2.99 and increased 27% and 26% in constant currency. Consistent execution by our sales teams and partners drove a strong start to the fiscal year. Results exceeded expectations, and we saw share gains again this quarter across many businesses as customers adopt our innovative solutions to transform their businesses.

謝謝薩蒂亞，大家下午好。本季營收為 565 億美元，以固定匯率計算分別成長 13% 及 12%。每股盈餘為 2.99 美元，以固定匯率計算分別成長 27% 和 26%。我們的銷售團隊和合作夥伴的一致執行推動了本財年的強勁開局。結果超出了預期，隨著客戶採用我們的創新解決方案來實現業務轉型，我們在本季看到許多企業的份額再次成長。

In our commercial business, the trends from the prior quarter continued. We saw healthy renewals, particularly in Microsoft 365 E5, and growth of new business continued to be moderated for stand-alone products sold outside the Microsoft 365 suite. In Azure, as expected, the optimization trends were similar to Q4. Higher-than-expected AI consumption contributed to revenue growth in Azure.

在我們的商業業務中，上一季的趨勢仍在繼續。我們看到了健康的更新，特別是在 Microsoft 365 E5 中，並且在 Microsoft 365 套件之外銷售的獨立產品的新業務增長繼續放緩。在 Azure 中，正如預期的那樣，最佳化趨勢與第四季度類似。高於預期的 AI 消費推動了 Azure 的營收成長。

In our consumer business, PC market unit volumes are returning to prepandemic levels. Advertising spend landed roughly in line with our expectations. And in gaming, strong engagement helped by the Starfield launch benefited Xbox content and services. Commercial bookings increased 14% and 17% in constant currency, in line with expectations, primarily driven by strong execution across our core annuity sales motion with continued growth in the number of $10 million-plus contracts for both Azure and Microsoft 365.

在我們的消費業務中，個人電腦市場銷售正在恢復到疫情前的水平。廣告支出大致符合我們的預期。在遊戲領域，Starfield 的推出帶來了強大的參與度，使 Xbox 內容和服務受益。以固定匯率計算，商業預訂量增長了 14% 和 17%，符合預期，這主要是由於我們核心年金銷售行動的強勁執行以及 Azure 和 Microsoft 365 價值超過 1000 萬美元的合約數量的持續增長。

Commercial remaining performance obligation increased 18% to $212 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 15% year-over-year. The remaining portion, which will be recognized beyond the next 12 months, increased 20%. And this quarter, our annuity mix was 96%. FX did not have a significant impact on our results and was roughly in line with our expectations on total company revenue, segment-level revenue, COGS and operating expense growth.

商業剩餘履約義務增加了 18%，達到 2,120 億美元。約 45% 將在未來 12 個月內確認為收入，年增 15%。剩餘部分將在未來 12 個月後確認，增加 20%。本季度，我們的年金組合為 96%。外匯對我們的業績沒有重大影響，大致符合我們對公司總收入、部門級收入、銷貨成本和營運費用成長的預期。

Microsoft Cloud revenue was $31.8 billion and grew 24% and 23% in constant currency, ahead of expectations. Microsoft Cloud gross margin percentage increased slightly year-over-year to 73%, 1 point better than expected, primarily driven by improvement in Azure. Excluding the impact of the change in accounting estimate for useful lives, Microsoft Cloud gross margin percentage increased roughly 2 points, driven by the improvement just mentioned in Azure as well as Office 365, partially offset by the impact of scaling our AI infrastructure to meet growing demand.

微軟雲端營收為 318 億美元，以固定匯率計算分別成長 24% 和 23%，超出預期。微軟雲端毛利率年增至 73%，比預期高出 1 個百分點，這主要是受到 Azure 改善的推動。排除使用壽命會計估計變化的影響，在 Azure 和 Office 365 的改進的推動下，微軟雲毛利率增長了大約 2 個百分點，但部分被擴展我們的人工智慧基礎設施以滿足不斷增長的影響所抵消。要求。

Company gross margin dollars increased 16% and 15% in constant currency, and gross margin percentage increased year-over-year to 71%. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 3 points, driven by the improvement in Azure and Office 365 as well as sales mix shift to higher-margin businesses.

以固定匯率計算，公司毛利率分別成長 16% 和 15%，毛利率年增至 71%。剔除會計估計變更的影響，毛利率成長了約3個百分點，這主要得益於Azure和Office 365的改善以及銷售組合向利潤率更高的業務的轉變。

Operating expenses increased 1%, lower than expected due to cost efficiency focus as well as investments that shifted to future quarters. Operating expense growth was driven by marketing, LinkedIn and cloud engineering, partially offset by devices. At a total company level, head count at the end of September was 7% lower than a year ago. Operating income increased 25% and 24% in constant currency. Operating margins increased roughly 5 points year-over-year to 48%. Excluding the impact of the change in accounting estimate, operating margins increased roughly 6 points, driven by improved operating leverage through cost management and the higher gross margin noted earlier.

營運費用成長 1%，低於預期，原因是成本效率重點以及轉移到未來幾季的投資。營運費用成長由行銷、LinkedIn 和雲端工程推動，但部分被設備抵消。從公司整體來看，9 月底的員工人數比去年同期減少了 7%。以固定匯率計算，營業收入分別成長 25% 及 24%。營業利益率年增約 5 個百分點，達到 48%。排除會計估計變更的影響，營業利潤率增加了約 6 個百分點，這主要是由於成本管理改善了營業槓桿以及前面提到的更高的毛利率。

Now to our segment results. Revenue from Productivity and Business Processes was $18.6 billion and grew 13% and 12% in constant currency, ahead of expectations, driven by better-than-expected results in Office 365 Commercial and LinkedIn. Office Commercial revenue grew 15% and 14% in constant currency. Office 365 Commercial revenue increased 18% and 17% in constant currency, slightly better than expected with a bit more in-period revenue recognition, while billings remained relatively in line with expectations.

現在我們的細分結果。生產力和業務流程收入為 186 億美元，以固定匯率計算分別成長 13% 和 12%，超出預期，這得益於 Office 365 Commercial 和 LinkedIn 好於預期的業績。以固定匯率計算，辦公室商業收入分別成長 15% 及 14%。 Office 365 商業收入以固定匯率計算分別成長 18% 和 17%，略好於預期，期內收入確認略有增加，而帳單仍相對符合預期。

Growth continues to be driven by healthy renewal execution and ARPU growth as E5 momentum remains strong. Paid Office 365 Commercial seats grew 10% year-over-year with installed base expansion across all customer segments. Seat growth was again driven by our small and medium business and frontline worker offerings with continued impact from the growth trends in new stand-alone business noted earlier.

由於 E5 勢頭依然強勁，健康的續訂執行和 ARPU 成長持續推動成長。隨著所有客戶群的安裝基礎不斷擴大，付費 Office 365 商業席位較去年同期成長 10%。座位成長再次受到我們的中小型企業和第一線員工產品的推動，並受到前面提到的新獨立業務成長趨勢的持續影響。

Office Commercial licensing declined 17%, in line with the continued customer shift to cloud offerings. Office Consumer revenue increased 3% and 4% in constant currency with continued momentum in Microsoft 365 subscriptions, which grew 18% to $76.7 million.

隨著客戶持續轉向雲端產品，Office 商業授權下降了 17%。 Office Consumer 營收以固定匯率計算分別成長 3% 及 4%，Microsoft 365 訂閱量持續成長，成長 18% 至 7,670 萬美元。

LinkedIn revenue increased 8%, ahead of expectations, driven by slightly better-than-expected performance across all businesses. Growth was driven by Talent Solutions, though we continue to see negative year-over-year bookings there from the weaker hiring environment in key verticals. Dynamics revenue grew 22% and 21% in constant currency, driven by Dynamics 365, which grew 28% and 26% in constant currency with continued growth across all workloads.

由於所有業務的業績略優於預期，LinkedIn 營收成長 8%，超出預期。成長是由人才解決方案推動的，儘管我們仍然看到由於關鍵垂直行業招聘環境疲軟而導致同比預訂量出現負數。在 Dynamics 365 的推動下，以固定匯率計算，Dynamics 營收分別成長了 22% 和 21%；以固定匯率計算，Dynamics 營收分別成長了 28% 和 26%，所有工作負載均持續成長。

Segment gross margin dollars increased 13% and gross margin percentage increased slightly year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 1 point, driven by improvement in Office 365. Operating expenses increased 2% and operating income increased 20% and 19% in constant currency.

分部毛利率較去年同期成長 13%，毛利率百分比略有上升。排除會計估計變更的影響，在 Office 365 改善的推動下，毛利率成長了約 1 個百分點。以固定匯率計算，營運費用成長 2%，營運收入成長 20% 和 19%。

Next, the Intelligent Cloud segment. Revenue was $24.3 billion, increasing 19% and ahead of expectations with better-than-expected results across all businesses. Overall, server products and cloud services revenue grew 21%. Azure and other cloud services revenue grew 29% and 28% in constant currency, including roughly 3 points from AI services. While the trends from prior quarter continued, growth was ahead of expectations, primarily driven by increased GPU capacity and better-than-expected GPU utilization of our AI services as well as slightly higher-than-expected growth in our per-user business.

接下來是智慧雲部分。營收為 243 億美元，成長 19%，超出預期，所有業務的業績均優於預期。整體而言，伺服器產品和雲端服務收入成長了21%。以固定匯率計算，Azure 和其他雲端服務收入分別成長 29% 和 28%，其中人工智慧服務收入成長約 3 個百分點。雖然上一季的趨勢仍在繼續，但成長超出了預期，這主要是由於我們的人工智慧服務的 GPU 容量增加和 GPU 利用率好於預期，以及我們的每用戶業務成長略高於預期。

In our per-user business, the Enterprise Mobility and Security install base grew 11% to over 259 million seats with continued impact from the growth trends in new stand-alone business noted earlier. In our on-premises server business, revenue increased 2%, ahead of expectations, driven primarily by demand in advance of Windows Server 2012 end of support. Enterprise and Partner Services revenue increased 1% and was relatively unchanged in constant currency, ahead of expectations, driven by better-than-expected performance in Enterprise Support Services.

在我們的每用戶業務中，企業行動性和安全性安裝基數成長了 11%，達到超過 2.59 億個席位，這受到前面提到的新獨立業務成長趨勢的持續影響。在我們的本地伺服器業務中，收入成長了 2%，超出預期，這主要是由於 Windows Server 2012 終止支援之前的需求推動的。受企業支援服務績效優於預期的推動，企業和合作夥伴服務收入成長 1%，以固定匯率計算相對持平，超出預期。

Segment gross margin dollars increased 20% and 19% in constant currency, and gross margin percentage increased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points, driven by the improvement in Azure noted earlier, even as we scale our AI infrastructure to meet growing demand. Operating expenses increased 2% and 1% in constant currency. Operating income grew 31% and 30% in constant currency.

以固定匯率計算，分部毛利率分別成長 20% 和 19%，毛利率百分比略有上升。排除會計估計變更的影響，在前面提到的 Azure 改進的推動下，毛利率增加了約 2 個百分點，儘管我們擴展了人工智慧基礎設施以滿足不斷增長的需求。以固定匯率計算，營運費用分別成長 2% 和 1%。以固定匯率計算，營業收入成長 31% 和 30%。

Now to More Personal Computing. Revenue was $13.7 billion, increasing 3% and 2% in constant currency, above expectations with better-than-expected results across all businesses. Windows OEM revenue increased 4% year-over-year, significantly ahead of expectations, driven by stronger-than-expected consumer channel inventory builds and the stabilizing PC market demand noted earlier, particularly in commercial.

現在介紹更多個人計算。營收為 137 億美元，以固定匯率計算分別成長 3% 和 2%，高於預期，所有業務的業績均優於預期。 Windows OEM 營收年增 4%，大大超出預期，這得益於強於預期的消費者通路庫存建設以及先前提到的 PC 市場需求（尤其是商用市場需求）的穩定。

Windows Commercial products and cloud services revenue increased 8%, driven by demand for Microsoft 365 E5. Devices revenue decreased 22%, ahead of expectations due to stronger execution in the commercial segment. Search and news advertising revenue ex-TAC increased 10% and 9% in constant currency, slightly ahead of expectations. We saw increased engagement on Bing and Edge share gains again this quarter, although search revenue growth continues to be impacted by a third-party partnership.

在 Microsoft 365 E5 需求的推動下，Windows 商業產品和雲端服務收入成長了 8%。由於商業領域的執行力增強，設備收入下降 22%，超出預期。以固定匯率計算，扣除 TAC 後的搜尋和新聞廣告收入分別成長 10% 和 9%，略高於預期。儘管搜尋收入成長繼續受到第三方合作夥伴關係的影響，但本季我們看到 Bing 和 Edge 的份額再次增加。

And in gaming. Revenue increased 9% and 8% in constant currency, ahead of expectations, driven by better-than-expected subscriber growth in Xbox Game Pass as well as first-party content, primarily due to the Starfield launch. Xbox content and services revenue increased 13% and 12% in constant currency, and Xbox hardware revenue declined 7% and 8% in constant currency.

在遊戲中。以固定匯率計算，營收分別成長 9% 和 8%，超出預期，這主要得益於 Xbox Game Pass 的用戶成長以及第一方內容（主要是由於 Starfield 的推出）優於預期。 Xbox 內容和服務收入以固定匯率計算分別成長 13% 和 12%，Xbox 硬體收入以固定匯率計算分別下降 7% 和 8%。

Segment gross margin dollars increased 13% and 12% in constant currency, and gross margin percentage increased roughly 5 points year-over-year, driven primarily by sales mix shift to higher-margin businesses. Operating expenses declined 1%, and operating income increased 23% and 22% in constant currency.

以固定匯率計算，分部毛利率分別成長 13% 和 12%，毛利率年增約 5 個百分點，這主要是由於銷售組合轉向利潤率較高的業務。以固定匯率計算，營業費用下降 1%，營業收入分別成長 23% 及 22%。

Now back to total company results. Capital expenditures, including finance leases, were $11.2 billion to support cloud demand, including investments to scale our AI infrastructure. Cash paid for PP&E was $9.9 billion. Cash flow from operations was $30.6 billion, up 32% year-over-year, driven by strong cloud billings and collections.

現在回到公司整體業績。包括融資租賃在內的資本支出為 112 億美元，用於支援雲端需求，包括擴展我們的人工智慧基礎設施的投資。購買財產、廠房和設備 (PP&E) 支付的現金為 99 億美元。在強勁的雲端帳單和收款推動下，營運現金流為 306 億美元，較去年同期成長 32%。

Free cash flow was $20.7 billion, up 22% year-over-year. This quarter, other income and expense was $389 million, higher than anticipated, driven by interest income, partially offset by net losses on investments and foreign currency remeasurement. Our effective tax rate was approximately 18%. And finally, we returned $9.1 billion to shareholders through share repurchases and dividends.

自由現金流為 207 億美元，年增 22%。本季其他收入和支出為 3.89 億美元，高於預期，主要由利息收入推動，但部分被投資和外匯重新計量淨虧損所抵銷。我們的有效稅率約為 18%。最後，我們透過股票回購和股利向股東返還 91 億美元。

Now moving to our Q2 outlook, which unless specifically noted otherwise, is on a U.S. dollar basis. The Activision acquisition closed on October 13. So my commentary includes the net impact of the deal from the date of acquisition. Our outlook includes purchase accounting impact, integration and transaction-related expenses based on our current understanding of the purchase price allocation and related deal accounting. The net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first party.

現在轉向我們的第二季展望，除非另有特別說明，否則都是以美元為基礎的。動視暴雪的收購於 10 月 13 日結束。因此，我的評論包括自收購之日起該交易的淨影響。根據我們目前對購買價格分配和相關交易會計的理解，我們的展望包括購買會計影響、整合和交易相關費用。淨影響包括調整動視內容從我們先前作為第三方合作夥伴的關係到第一方的移動。

Now to FX. Based on current rates, we expect FX to increase total revenue and segment-level revenue growth by approximately 1 point. We expect FX to have no impact to COGS and operating expense growth. In commercial bookings, we expect consistent execution across our core annuity sales motion, including healthy renewals, but growth will be impacted by a low-growth expiry base. Therefore, we expect bookings growth to be relatively flat.

現在到外匯。根據目前的成長率，我們預計 FX 將使總收入和細分市場收入成長約 1 個百分點。我們預計外匯不會對銷貨成本和營運費用成長產生影響。在商業預訂方面，我們預計我們的核心年金銷售行動將一致執行，包括健康的續訂，但成長將受到低成長到期基數的影響。因此，我們預計預訂量成長將相對穩定。

Microsoft Cloud gross margin percentage should be relatively flat year-over-year. Excluding the impact from the accounting estimate change, Q2 cloud gross margin percentage will be up roughly 1 point, primarily driven by improvement in Azure and Office 365, partially offset by the impact of scaling our AI infrastructure to meet growing demand. We expect capital expenditures to increase sequentially on a dollar basis, driven by investments in our cloud and AI infrastructure. As a reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure buildout.

微軟雲毛利率應該相對持平。排除會計估計變更的影響，第二季度雲毛利率將上升約 1 個百分點，主要是由於 Azure 和 Office 365 的改進所推動的，但部分被擴展 AI 基礎設施以滿足不斷增長的需求的影響所抵消。我們預計，在雲端和人工智慧基礎設施投資的推動下，資本支出將以美元計算連續增加。提醒一下，我們的雲端基礎設施建設時間可能會出現正常的季度支出變化。

Next to segment guidance. In Productivity and Business Processes, we expect revenue to grow between 11% and 12% or USD 18.8 billion to USD 19.1 billion. Growth in constant currency will be approximately 1 point lower. 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 up roughly 16% in constant currency. We're excited for Microsoft 365 Copilot general availability on November 1 and expect the related revenue to grow gradually over time. In our on-premise business, we expect revenue to decline in the mid- to high teens.

接下來是細分指導。在生產力和業務流程方面，我們預計營收將成長 11% 至 12%，即 188 億美元至 191 億美元。以固定匯率計算的成長率將降低約 1 個百分點。在 Office Commercial 領域，營收成長將再次由 Office 365 推動，整個客戶群的席位成長以及透過 E5 實現的 ARPU 成長。我們預計，以固定匯率計算，Office 365 營收成長將成長約 16%。我們對 Microsoft 365 Copilot 將於 11 月 1 日全面上市感到興奮，並預計相關收入將隨著時間的推移而逐漸增長。在我們的本地業務中，我們預計收入將下降到十幾歲左右。

In Office Consumer, we expect revenue growth in the mid-single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the mid-single digits, driven by Talent Solutions and Marketing Solutions. Growth continues to be impacted by the overall market environments for recruiting and advertising, especially in the technology industry where we have significant exposure.

在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，營收將實現中個位數成長。對於 LinkedIn，我們預計在人才解決方案和行銷解決方案的推動下，營收將實現中個位數成長。成長持續受到招募和廣告整體市場環境的影響，特別是在我們擁有大量業務的科技產業。

And in Dynamics, we expect revenue growth in the high teens driven by Dynamics 365. For Intelligent Cloud, we expect revenue to grow between 17% and 18% or USD 25.1 billion to USD 25.4 billion. Revenue growth in constant currency will be approximately 1 point lower. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per-user business and from in-period revenue recognition, depending on the mix of contracts.

在 Dynamics 領域，我們預計在 Dynamics 365 的推動下，營收將實現十幾歲的成長。對於智慧雲，我們預計營收將成長 17% 至 18%，即 251 億美元至 254 億美元。以固定匯率計算的營收成長將下降約 1 個百分點。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和期內收入確認，具體取決於合約的組合。

In Azure, we expect revenue growth to be 26% to 27% in constant currency with an increasing contribution from AI. Growth continues to be driven by Azure consumption business, and we expect the trends from Q1 to continue into Q2. Our per-user business should continue to benefit from Microsoft 365 suite momentum, though we expect continued moderation in seat growth rates given the size of the installed base.

在 Azure 中，隨著人工智慧的貢獻不斷增加，我們預計以固定匯率計算收入將成長 26% 至 27%。 Azure 消費性業務持續推動成長，我們預期第一季的趨勢將持續到第二季​​。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，我們預計席位成長率將繼續放緩。

For H2, assuming the optimization and new workload trends continue and with the growing contribution from AI, we expect Azure revenue growth in constant currency to remain roughly stable compared to Q2. In our on-premises server business, we expect revenue growth to be roughly flat with continued hybrid demand, particularly from licenses running in multi-cloud environments. In Enterprise and Partner Services, revenue should decline low to mid-single digits.

對於下半年，假設最佳化和新的工作負載趨勢持續存在，並且隨著人工智慧的貢獻不斷增加，我們預計以固定匯率計算的 Azure 收入成長與第二季相比將大致保持穩定。在我們的本地伺服器業務中，我們預計收入成長將與持續的混合需求大致持平，特別是來自在多雲環境中運行的許可證。在企業和合作夥伴服務方面，收入應下降到低個位數至中個位數。

Now to More Personal Computing, which includes the net impact from the Activision acquisition. We expect revenue of USD 16.5 billion to USD 16.9 billion. Windows OEM revenue growth should be mid- to high single digits with PC market unit volumes expected to look roughly similar to Q1.

現在談談更多個人計算，其中包括收購動視暴雪的淨影響。我們預計營收為 165 億美元至 169 億美元。 Windows OEM 營收成長應為中高個位數，PC 市場單位銷售量預計與第一季大致相似。

In devices, revenue should decline in the mid-teens as we continue to 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 low to mid-teens. Search and news advertising ex-TAC revenue growth should be mid-single digits with roughly 4 points of negative impact from a third-party partnership. Growth should be driven by volume strength supported by Edge browser share gains and increasing Bing engagement as we expect the advertising spend environment to be similar to Q1. Reminder that this ex-TAC growth will be roughly 4 points higher than overall search and news advertising revenue.

在設備方面，隨著我們繼續專注於利潤率較高的高端產品，收入應該會下降。在 Windows 商業產品和雲端服務中，客戶對 Microsoft 365 和我們的高階安全解決方案的需求應會推動營收成長。搜尋和新聞廣告（不計 TAC）收入成長應為中個位數，第三方合作夥伴關係帶來約 4 個百分點的負面影響。成長應受到 Edge 瀏覽器份額成長和 Bing 參與度增加所支持的銷售成長的推動，因為我們預計廣告支出環境將與第一季相似。提醒一下，這種不包括 TAC 的成長將比整體搜尋和新聞廣告收入高出約 4 個百分點。

And in gaming, we expect revenue growth in the mid- to high 40s. This includes roughly 35 points of net impact from the Activision acquisition, which, as a reminder, includes adjusting for the third-party to first-party content change noted earlier. We expect Xbox content and services revenue growth in the mid- to high 50s, driven by roughly 50 points of net impact from the Activision acquisition.

在遊戲領域，我們預計收入成長將在 40 多歲左右。這包括動視收購帶來的大約 35 個點的淨影響，提醒一下，其中包括針對前面提到的第三方到第一方內容變化的調整。我們預計 Xbox 內容和服務收入將在 50 多歲左右成長，這主要得益於動視收購帶來的約 50 個百分點的淨影響。

Now back to company guidance. We expect COGS between USD 19.4 billion to USD 19.6 billion, including approximately $500 million of amortization of acquired intangible assets from the Activision acquisition. We expect operating expense of USD 15.5 billion to USD 15.6 billion, including approximately $400 million from purchase accounting adjustments, integration and transaction-related costs from the Activision acquisition.

現在回到公司指導。我們預計銷貨成本在 194 億美元至 196 億美元之間，其中包括因收購動視而獲得的無形資產的約 5 億美元攤銷。我們預計營運費用為 155 億美元至 156 億美元，其中約 4 億美元來自動視收購的採購會計調整、整合和交易相關成本。

Other income and expense should be roughly negative $500 million as interest income will be more than offset by interest expense, primarily due to a reduction in our investment portfolio balance and the issuance of short-term debt, both for the Activision acquisition. As a reminder, we are required to recognize gains or losses on our equity investments, which can increase quarterly volatility. We expect our Q2 effective tax rate to be between 19% and 20%.

其他收入和支出應大致為負 5 億美元，因為利息收入將被利息支出所抵消，這主要是由於我們的投資組合餘額減少和短期債務發行（兩者都是為了收購動視）。提醒一下，我們需要確認股權投資的收益或損失，這可能會增加季度波動。我們預計第二季的有效稅率將在 19% 至 20% 之間。

Now some additional thoughts on H2 as well as the full fiscal year. First, FX. Assuming current rates remain stable, we expect FX to have no meaningful impact to full year revenue COGS or operating expense growth. Therefore, in H2, we expect FX to decrease revenue COGS and operating expense growth by 1 point.

現在對下半年以及整個財年有一些額外的想法。首先，外匯。假設當前利率保持穩定，我們預計外匯不會對全年收入 COGS 或營運費用成長產生重大影響。因此，我們預計下半年 FX 將降低營收 COGS 和營運費用成長 1 個百分點。

Second, Activision. We expect approximately $900 million for purchase accounting adjustments as well as integration and transaction-related costs in each quarter in H2. For our full FY '24, we remain committed to investing for the cloud and AI opportunity while also maintaining our disciplined focus on operating leverage. Therefore, as we add the net impact of Activision, inclusive of purchase accounting adjustments as well as integration and transaction-related expenses, we continue to expect full year operating margins to remain flat year-over-year.

第二，動視暴雪。我們預計下半年每季的採購會計調整以及整合和交易相關成本約為 9 億美元。在整個 24 財年，我們仍然致力於投資雲端和人工智慧機會，同時保持對營運槓桿的嚴格關注。因此，當我們加上動視暴雪的淨影響（包括購買會計調整以及整合和交易相關費用）時，我們繼續預期全年營業利潤率將與去年同期持平。

In closing, with our strong start to FY '24, I am confident that as a team, we will continue to deliver healthy growth in the year ahead, driven by our leadership in commercial cloud and our commitment to lead the AI platform wave.

最後，隨著我們在24 財年的強勁開局，我相信作為一個團隊，在我們在商業雲端領域的領導地位和我們對引領人工智慧平台浪潮的承諾的推動下，我們將在未來一年繼續實現健康增長。

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 instructions?

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。

Very nice quarter. The pace of innovation you guys have been putting out has been pretty amazing. And new products are like garnering traction probably faster than we had expected on our side of the equation. But we're also working in an overall spending environment that remains volatile at that, and I think investors are getting more concerned on it. So 2 questions on this.

非常好的季度。你們的創新步伐非常驚人。新產品獲得關注的速度可能比我們預期的還要快。但我們所處的整體支出環境仍然不穩定，我認為投資者對此越來越擔心。所以有兩個問題。

One, based on sort of the new products and the innovation, do you think you guys can sustain the type of commercial growth that we saw in Q1 as we go through the year? Or is the environment too tricky for that? And then when it relates to investment, Amy, you've been able to keep overall OpEx growth very low, and it was very low this quarter. At some point, should we be thinking about a return to a more aggressive investment behind all this product innovation?

第一，基於某種新產品和創新，你們認為你們能夠維持我們在第一季看到的商業成長類型嗎？還是環境太棘手？然後，當涉及投資時，艾米，您已經能夠將整體營運支出成長保持在非常低的水平，並且本季非常低。在某些時候，我們是否應該考慮在所有這些產品創新背後進行更積極的投資？

Yes. Maybe I can start, Keith, and Amy, you can add to it. Overall, there are multiple things, Keith, that are all happening, obviously, simultaneously. If you just take Azure and try to characterize where is the growth for Azure coming from or what sort of drivers for Azure numbers, there are 3 things all happening in parallel. Like, for example, take cloud migrations. A good reminder of where we are and even the core cloud migration story is the new Oracle announcement.

是的。也許我可以開始，基斯和艾米，你們可以補充。總的來說，基思，顯然有很多事情同時發生。如果您只以 Azure 為例，並嘗試描述 Azure 的成長來自何處或 Azure 數位的驅動因素是什麼，則會發現有 3 件事同時發生。例如，以雲端遷移為例。 Oracle 的新公告很好地提醒了我們所處的位置，甚至是核心的雲端遷移故事。

Once we announce that the Oracle databases are going to be available on Azure, we saw a bunch of unlock from new customers who have significant Oracle estates that have not yet moved to the cloud because they needed to run the GUI with the rest of the app estate in one single cloud. And so we're excited about that. So in some sense, even the financial services sector, for example, is a good place where there's a lot of Oracle that still needs to move to the cloud.

一旦我們宣布 Oracle 資料庫將在 Azure 上可用，我們就會看到大量新客戶解鎖，他們擁有大量 Oracle 資產，但尚未遷移到雲，因為他們需要與應用程式的其餘部分一起運行 GUI財產在一個雲中。所以我們對此感到興奮。因此，從某種意義上說，即使是金融服務業，也是一個好地方，那裡有許多 Oracle 仍然需要遷移到雲端。

Second thing, of course, is the workloads start, then workloads get optimized and then new workloads start. And that cycle continues. We'll lap some of those optimization cycles that were fairly extreme perhaps in the second half of our fiscal.

當然，第二件事是工作負載開始，然後工作負載得到最佳化，然後新的工作負載開始。這個循環還在繼續。我們將經歷一些可能在本財年下半年相當極端的最佳化週期。

And the third thing is, for us, that's unique and different is new workload starts around AI. Given our leadership position, we are seeing complete new project starts, which are AI projects. And as you know, AI projects are not just about AI meters. They have lots of other cloud meters as well. So that sort of gives you one side of what's happening in terms of enterprise.

第三件事是，對我們來說，獨特且不同的是圍繞人工智慧開始的新工作負載。鑑於我們的領導地位，我們看到全新的專案開始啟動，即人工智慧專案。如您所知，人工智慧專案不僅僅是人工智慧儀表。他們還有很多其他雲計。因此，這為您提供了企業方面正在發生的事情的一方面。

The other piece is on the SaaS side. Obviously, again, this is a new product that's going to go through the enterprise adoption cycle. The results are on productivity, which we demonstrated with GitHub Copilot is what's giving us good confidence and our customers, more importantly, good confidence around what these products represent in terms of value. And so we are in the very, very early innings there. And so we look forward to seeing the traction for these products going forward.

另一部分是在 SaaS 方面。顯然，這又是一個將經歷企業採用週期的新產品。結果是生產力，我們透過 GitHub Copilot 證明了這一點，這讓我們和我們的客戶充滿信心，更重要的是，讓我們對這些產品所代表的價值充滿信心。所以我們正處於非常非常早的階段。因此，我們期待看到這些產品未來的吸引力。

Keith, maybe just a few things to add, and then I'll talk a little bit about the operating leverage, which is the second part of your question. In general, we saw very consistent execution from Q4 to Q1, and that's what we're talking about into Q2. I think that speaks to our value prop, which is where Satya went. It speaks to making sure that customers are getting a very quick return on value, real productivity improvement, real savings so that when we're asking at renewal or talking about E5 upgrades or talking about AI services that those come with real promises of high-value scenarios. And so I think that is an important piece as you think about stability in commercial demand.

基思，也許需要補充一些內容，然後我會談談營運槓桿，這是你問題的第二部分。總的來說，我們看到從第四季到第一季的執行非常一致，這就是我們在第二季所討論的。我認為這說明了我們的價值支撐，這就是薩蒂亞所去的地方。它意味著確保客戶獲得非常快速的價值回報、真正的生產力提高、真正的節省，這樣當我們詢問續訂或談論 E5 升級或談論 AI 服務時，這些服務就會帶來真正的高承諾。價值場景。所以我認為，當你考慮商業需求的穩定性時，這是一個重要的部分。

And then if you think about the nature of your question, it was partially why I talked about in my full year guidance that now even with the addition of Activision and purchase accounting impacts, integration impacts, we still feel confident we can deliver consistent operating margins to last year. And it speaks to, I think, some of the improvements we're making in Azure and even Microsoft 365 gross margins, even in the core of the commercial cloud. It speaks to the pace at which we are delivering AI revenue with the increasing cost expense and capital investment ahead with the demand we see.

然後，如果你考慮一下你的問題的性質，這就是我在全年指導中談到的部分原因，即現在即使增加了動視和購買會計影響、整合影響，我們仍然有信心能夠提供一致的營業利潤率到去年。我認為，這說明了我們在 Azure 甚至 Microsoft 365 毛利率所做的一些改進，即使在商業雲端的核心領域也是如此。它說明了我們提供人工智慧收入的速度，隨著我們所看到的需求的增加，成本支出和資本投資也不斷增加。

And although you're right, our operating expense comparables in H2 get more challenging than in H1, we're really focused on making sure that every dollar we put and commit is back to the priorities we talked about, which is commercial cloud leadership and leading the AI wave. And so I think that focus is really helping on both execution and leverage.

儘管你是對的，我們下半年的營運費用比上半年更具挑戰性，但我們真正專注於確保我們投入和承諾的每一美元都回到我們談論的優先事項，即商業雲領導力和引領AI浪潮。因此，我認為專注確實有助於執行和影響力。

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）。

Congratulations on a really strong quarter. AI has been far stronger than expected, beat your guidance for Azure this quarter. And while you discussed higher utilization and more GPUs have helped, has the fact that Microsoft has a full AI dev stack, Copilot reference architecture and plug-in architecture, been a meaningful factor not just from a revenue perspective, but also even potentially from a margin perspective? In addition, can you give us any color on whether Azure GPU is predominantly model training? Or are we seeing a lot of inferencing yet from clients?

恭喜這個季度的強勁表現。人工智慧遠強於預期，超過了本季對 Azure 的指導。雖然您討論了更高的利用率和更多的GPU 有所幫助，但事實上Microsoft 擁有完整的AI 開發堆疊、Copilot 參考架構和插件架構，這不僅從收入角度來看是一個有意義的因素，甚至還可能從邊際視角？另外，您能否透露一下Azure GPU是否主要用於模型訓練？或者我們從客戶那裡看到了很多推論？

Thank you for the question, Mark. Yes, it is true that we have -- the approach we have taken is a full-stack approach all the way from whether it's ChatGPT or Bing chat or all our Copilots all share the same model. So in some sense, one of the things that we do have is very, very high leverage of the one model that we used, which we trained, and then the one model that we are doing inferencing at scale. And that advantage sort of trickles down all the way to both utilization internally, utilization of third parties.

謝謝你的提問，馬克。是的，我們確實有——我們採取的方法是全端方法，無論是 ChatGPT 還是 Bing 聊天，還是我們所有的 Copilot 都共享相同的模型。因此，從某種意義上說，我們所做的一件事是對我們使用的、我們訓練的一種模型以及我們正在大規模進行推理的一種模型具有非常非常高的影響力。這種優勢會一直滲透到內部利用和第三方利用。

And also over time, you can see that sort of stack optimization all the way to the silicon because the abstraction layer to which the developers are riding is much higher up than no-level kernels, if you will. So therefore, I think there is a fundamental approach we took, which was a technical approach of saying we'll have Copilots and Copilot stack all available.

而且隨著時間的推移，您可以看到這種堆疊優化一直延伸到晶片，因為開發人員使用的抽象層比無階核心要高得多（如果您願意的話）。因此，我認為我們採取了一種基本方法，這是一種技術方法，我們將擁有所有可用的副駕駛和副駕駛堆疊。

That doesn't mean we don't have people doing training for open-source models or proprietary models. We also have a bunch of open-source models. We have a bunch of fine-tuning happening, a bunch of RLHF happening. So there's all kinds of ways people use it, but the thing is we have scale leverage of one large model that was trained and one large model that's been used for inference across all our first-party SaaS apps as well as our API in our Azure AI service.

這並不意味著我們沒有人為開源模型或專有模型進行培訓。我們還有很多開源模型。我們進行了一系列微調，進行了一系列 RLHF。人們使用它的方式有很多種，但問題是我們對一個經過訓練的大型模型和一個用於我們所有第一方 SaaS 應用程式以及 Azure 中的 API 進行推理的大型模型進行了規模化利用人工智慧服務。

And the reason, Mark, that's important is that it means, even beyond the point Satya made, is that when it comes to our ability to leverage the infrastructure that we're building out, we don't really have a preference in terms of how people are utilizing that infrastructure, whether it's through all the means that Satya mentioned. It gives us a good opportunity to see quick conversion into revenue.

馬克，這很重要的原因是，即使超出了薩蒂亞提出的觀點，當談到我們利用我們正在建立的基礎設施的能力時，我們在以下方面並沒有真正的偏好：人們如何利用該基礎設施，無論是透過薩蒂亞提到的所有手段。它為我們提供了快速轉化為收入的好機會。

Yes. I mean one other thing I would just add to perhaps Mark's question as well as Keith's is in a -- this platform transition, I think, is very important for us to be very disciplined on both I'll call it our tech stack as well as our capital spend all to be concentrated. The lesson learned from the cloud side is this, we're not running a conglomerate of different businesses. It's all one tech stack up and down Microsoft's portfolio. And that I think is going to be very important because that discipline, given what the spend like -- it will look like for this AI transition, any business that's not disciplined about their capital spend accruing across all their businesses could run into trouble.

是的。我的意思是，我想在馬克和基思的問題中添加另一件事——我認為，這個平台過渡對於我們在這兩方面都非常自律非常重要，我也將其稱為我們的技術堆疊因為我們的資本支出全部要集中。從雲端方面學到的教訓是，我們並不是經營不同業務的集團。這都是微軟產品組合中的技術堆疊。我認為這將非常重要，因為考慮到人工智慧轉型的支出情況，任何不遵守所有業務資本支出紀律的企業都可能會遇到麻煩。

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

下一個問題來自布倫特·希爾和傑弗里斯的對話。

Amy, good to see the 12% growth. Many investors are asking can you sustain double-digit growth, especially with the stronger AI boost coming in the next several quarters.

艾米，很高興看到 12% 的成長。許多投資人都在問，你能否維持兩位數的成長，尤其是在未來幾季人工智慧將更加強勁的推動下。

I think looking at our -- as I said, Q1 was a strong start to the year. Q2 certainly implies that. We talked about stability for Azure into the second half of the year looking at -- and in line with what we're seeing for Q2. And so I think we feel good about our ability to execute, but more importantly, our ability to continue to take share.

我認為，正如我所說，第一季是今年的強勁開局。 Q2 確實暗示了這一點。我們討論了 Azure 下半年的穩定性，這與我們在第二季看到的情況一致。因此，我認為我們對自己的執行能力感到滿意，但更重要的是，我們繼續分享份額的能力。

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

下一個問題來自巴克萊銀行的 Raimo Lenschow。

You sound very optimistic about the opportunity in the Office space with Copilot coming out now very soon. Can you speak a little bit about the -- what you're seeing there in the customer base that tested this already in terms of how excited they were, the special features there? And what does it mean in terms of adoption curve for that going forward once you go GA in 1st of November?

聽起來您對辦公空間的機會非常樂觀，Copilot 很快就會推出。你能談談你在已經測試過這一點的客戶群中看到的情況，他們的興奮程度以及那裡的特殊功能嗎？一旦 11 月 1 日正式發布，這對未來的採用曲線意味著什麼？

Thanks for the question, Raimo. The good news is twofold. One is the fact that, what, 40% of the Fortune 100 are already in the preview and are using the product. And I think you all have also done lots of checks. And the feedback is very, very positive.

謝謝你的提問，雷莫。好消息是雙重的。其一是，財富 100 強企業中有 40% 的企業已經在預覽版中並且正在使用該產品。我想你們也做了很多檢查。反饋非常非常正面。

And in fact, the interesting thing is it's not any one tool, right, which is the feedback even sort of is very clear that it's the all up. You just keep hitting the Copilot button across every surface, right, whether it's in Word to create documents, in Excel to do analysis or PowerPoint or Outlook or Teams. Like clearly, the Teams Meeting, which is an intelligent recap, right? It's not just a dumb transcript. It's like having a knowledge base of all your meetings that you can query and add to essentially the knowledge terms of your enterprise.

事實上，有趣的是它不是任何一種工具，對吧，回饋甚至非常清楚，它是全部。您只需在每個介面上不斷點擊 Copilot 按鈕即可，無論是在 Word 中建立文檔，在 Excel 中進行分析，還是在 PowerPoint、Outlook 或 Teams 中。顯然，團隊會議是一次明智的回顧，對嗎？這不僅僅是一個愚蠢的成績單。這就像擁有所有會議的知識庫，您可以查詢該知識庫並將其添加到企業的基本知識術語中。

And so we are seeing broad usage across and the interesting thing is by different functions, whether it's in finance or in sales by roles. We have seen productivity gains like we saw with developers in GitHub Copilot. So that's the data. We are very excited about our Ignite Conference, where we will talk a lot more about all of the use cases and what's -- where's the value and give more prescriptive guidance on how people can deploy. But so far so good as far as the data is and the feedback is.

因此，我們看到了廣泛的用途，有趣的是不同的職能，無論是在財務領域還是在銷售領域。我們看到了生產力的提高，就像我們在 GitHub Copilot 中看到的開發人員一樣。這就是數據。我們對 Ignite 會議感到非常興奮，我們將在會議上更多地討論所有用例以及價值在哪裡，並就人們如何部署提供更多規範性指導。但到目前為止，就數據和回饋而言，一切都還不錯。

And of course, this is an enterprise product. I mean at the end of the day, we are grounded on enterprise cycle times in terms of adoption and ramp. And it's incrementally priced. So therefore, that all will apply still. But at least for something completely new, to have this level of usage already and this level of excitement is something we're very, very pleased with.

當然，這是一個企業產品。我的意思是，歸根結底，我們在採用和提升方面以企業週期時間為基礎。而且它的價格是遞增的。因此，所有這些仍然適用。但至少對於全新的東西來說，能夠達到這種程度的使用和這種程度的興奮是我們非常非常高興的。

Next question comes from the line of Karl Keirstead with UBS.

下一個問題來自瑞銀集團 (UBS) 的卡爾凱爾斯特德 (Karl Keirstead)。

Amy, congrats on the 28% constant currency Azure growth. That's terrific. I wanted to press you a little bit on the outlook for Azure. You're obviously guiding to a 1- to 2-point decel in December and then stable thereafter. But why would it be stable? Why wouldn't it accelerate in the second half of your fiscal year if the AI contribution is increasing as you bring on more GPU capacity? Is this a function of perhaps continued core ex-AI Azure spend optimization continuing or maybe even getting slightly worse? Why couldn't we see some upside in that Azure number? I know you're trying to be conservative, but I'd just love to understand it.

艾米，恭喜 Azure 實現了 28% 的固定貨幣成長。真了不起。我想向您介紹 Azure 的前景。顯然，您的目標是 12 月減速 1 到 2 個百分點，然後趨於穩定。但為什麼會穩定呢？如果人工智慧的貢獻隨著您增加 GPU 容量而增加，為什麼它不會在您的財年下半年加速呢？這是否是持續核心前 AI Azure 支出優化持續進行或甚至變得稍微更糟的結果？為什麼我們看不到 Azure 數字的一些好處？我知道你想保守，但我很想理解。

Thanks, Karl. A couple of things as I talked about Q2 and then into H2. We've been very consistent that the optimization trends have been consistent for us through a couple of quarters now. Customers are going to continue to do that. It's an important part of running workloads. That is not new.

謝謝，卡爾。我談到了 Q2 和 H2 時的一些事情。我們一直非常一致地認為，優化趨勢在幾個季度中一直保持一致。客戶將繼續這樣做。它是運行工作負載的重要組成部分。這並不新鮮。

There obviously were some quarters where it was more accelerated. But that is a pattern that is and has been a fundamental part of having customers, both make new room for new workload adoption and continue to build new capabilities. And so I think that impact remains through the rest of the year, and my view is unchanged on that.

顯然，在某些方面它的速度更快。但這是一種模式，現在是並且一直是擁有客戶的基本組成部分，既為新工作負載的採用創造了新的空間，又繼續建立新的功能。因此，我認為這種影響在今年剩餘時間內仍然存在，我對此的看法沒有改變。

And then, of course, I think the key component has always been new workload starts. And at the scale we're talking about, being able to have stability in our Azure business does mean that we will have a lot of new workload starts. And primarily, we're expecting those to come from AI workloads.

當然，我認為關鍵部分始終是新工作負載的啟動。就我們正在討論的規模而言，能夠保持 Azure 業務的穩定性確實意味著我們將啟動大量新的工作負載。首先，我們預期這些來自人工智慧工作負載。

But AI workloads don't just use our AI services. They use data services and they use other things. And so that combination, I think, looking on a competitive basis, we feel good about our execution, we feel good about taking share, and we feel good about consistent trends. And so I feel good about that guide and what it says about where we are on share.

但人工智慧工作負載不僅使用我們的人工智慧服務。他們使用數據服務，也使用其他東西。因此，我認為，從競爭的角度來看，我們對我們的執行感覺良好，我們對分享份額感覺良好，我們對一致的趨勢感覺良好。因此，我對該指南以及它對我們共享情況的描述感到滿意。

The next question comes from the line of Brad Sills with Bank of America.

下一個問題來自美國銀行的布拉德希爾斯 (Brad Sils)。

Very impressive to see the Office 365 Commercial seat growth hanging in here in that double-digit range. It's very impressive just given the scale of that business, we think of Office as having such a dominant market position. Curious how you think about the -- where that seat is coming from and how many more of those seats are out there to go get.

看到 Office 365 商業席位成長保持在兩位數範圍內，令人印象深刻。考慮到該業務的規模，我們認為 Office 擁有如此主導的市場地位，這令人印象深刻。很好奇你如何看待這個座位是從哪裡來的，以及還有多少個座位可供選擇。

Thanks for that question. Maybe I'll take that. Satya, if you want to add. In general, our seat growth has -- it does come from all segments but with a particular strength in small and midsized businesses as well as what we call the frontline worker opportunity. And then that has been, I would say, looking back a number of quarters, where the majority of our seat growth has gone.

謝謝你提出這個問題。也許我會接受。薩蒂亞，如果你想補充的話。總的來說，我們的席位成長確實來自所有細分市場，但在中小型企業以及我們所說的第一線工人機會中具有特殊優勢。然後，我想說，回顧幾個季度，我們的大部分座位成長都消失了。

And while obviously, it's slowed a bit, to your point, I think the fact that we're still able to add seats at this level speaks to the broadening nature of what Microsoft 365 needs. It's more applicable to more people. And so I think many people have thought, oh, my goodness, you've got a lot of customers already. And we look and say, how many people when you expand what Microsoft 365 means, whether it's security or it means analytics or it means Teams, it means lots of things and an expanding definition, it applies to more types of workers. And frankly, the value is such, especially on the small business front, where it's to the point where I think people feel like it's a great way to spend even the spend money they have is this remains a pretty compelling offer.

雖然顯然，它的速度有點慢，但就你的觀點而言，我認為我們仍然能夠在這個級別增加席位這一事實說明了 Microsoft 365 需求的廣泛性。更適合更多的人。所以我想很多人都想，哦，天哪，你們已經有很多顧客了。我們會觀察並說，當你擴展 Microsoft 365 的含義時，無論是安全性、分析還是團隊，它意味著很多東西和擴展的定義，它適用於更多類型的員工，有多少人。坦白說，價值就是這樣，特別是在小型企業方面，我認為人們覺得這是一種很好的消費方式，即使他們有錢，這仍然是一個相當有吸引力的報價。

The next question comes from the line of Brent Bracelin with Piper Sandler.

下一個問題來自布倫特·布雷斯林（Brent Bracelin）和派珀·桑德勒（Piper Sandler）的對話。

One thing that really stood out to me was the Intelligent Cloud segment operating margin. These came in, I think, at the highest level in 6 years despite elevated AI investments. Was there a onetime tailwind here that helped? Or are you at the point where Azure has got to kind of scale where Microsoft could sustain high margins even with an ambitious AI investment cycle?

對我來說真正突出的一件事是智慧雲端部門的營業利潤率。我認為，儘管人工智慧投資有所增加，但這些數字仍達到了 6 年來的最高水準。這裡曾經有過順風車嗎？或者說，Azure 是否已經達到了微軟可以維持高利潤的規模，即使在雄心勃勃的人工智慧投資週期中？

Thanks for that question. I think there are a couple of things going on. And I do -- I would say, in particular, this was a very good leverage quarter in that segment. Number one, the Azure revenue growth and the stability we're seeing in it absolutely is a help to operating leverage.

謝謝你提出這個問題。我認為有幾件事正在發生。我確實 - 我想說，特別是，這是該領域槓桿率非常好的季度。第一，我們看到的 Azure 營收成長和穩定絕對有助於提高營運槓桿。

The second component of that is our core Azure business. The team continues to deliver thoughtful gross margin improvement across both technical decisions, software implementations. Our teams on the infrastructure build side have done really good work to deliver that. And so that's been helpful as well.

第二個組成部分是我們的核心 Azure 業務。該團隊繼續在技術決策和軟體實施方面提供深思熟慮的毛利率改進。我們的基礎設施建設團隊為實現這一目標做了非常出色的工作。這也很有幫助。

And then, of course, on operating expenses, there's been a good focus on continuing even within that segment to make sure we're focusing that work leading in the AI transition with Azure. And so you're right, even as we're investing in AI infrastructure, which will and should show up as revenue, it will also show up in COGS and still deliver good margin. But this does have a slightly, as I talked about earlier, easier comp in Q1 and Q2 given it was some of our highest growth operating expense quarters in our company's history a year ago.

當然，在營運費用方面，即使在該細分市場內，我們也非常注重繼續開展工作，以確保我們將重點放在透過 Azure 進行人工智慧轉型的工作上。所以你是對的，即使我們正在投資人工智慧基礎設施，這將而且應該顯示為收入，它也將顯示在銷貨成本中，並且仍然提供良好的利潤率。但正如我之前提到的，第一季和第二季的業績確實稍微容易一些，因為這是一年前我們公司歷史上營運費用成長最高的季度。

The last question will come from the line of Gregg Moskowitz with Mizuho.

最後一個問題將來自格雷格·莫斯科維茨 (Gregg Moskowitz) 和瑞穗 (Mizuho) 的線。

Maybe just a follow-up to what Brent was just asking about but on the gross margin line. Amy, the Microsoft Cloud gross margin is up 2 points year-over-year, excluding the useful life change, a little more improvement than we've seen in some time. And some investors were worried that it might go in the other direction given increased AI investments. And so as you look forward, do you think that you could drive some continued gross margin improvement over the medium term and even as higher CapEx will filter into the model?

也許只是布倫特剛剛詢問的毛利率問題的後續行動。艾米，微軟雲端的毛利率年增了 2 個百分點，不包括使用壽命變化，比我們一段時間以來看到的改善要大一些。一些投資者擔心，隨著人工智慧投資的增加，情況可能會走向另一個方向。因此，展望未來，您是否認為您可以在中期內推動毛利率持續改善，甚至更高的資本支出將滲透到模型中？

Yes. Let me break that into 2 components because they're both important, and it's a really good question, Gregg. On our core business, the core Azure business, the core Office 365, M365 Business Dynamics business, they continue to deliver gross margin year-over-year improvements in the core. And so that, like in other quarters, has helped this quarter.

是的。讓我把它分成兩個部分，因為它們都很重要，而且這是一個非常好的問題，格雷格。在我們的核心業務、核心Azure業務、核心Office 365、M365 Business Dynamics業務上，他們持續實現核心毛利率的年比改善。因此，與其他季度一樣，這對本季有所幫助。

In addition, what Satya mentioned earlier in a question, and I just want to take every chance to reiterate it, if you have a consistent infrastructure from the platform all the way up through its layers that every capital dollar we spend, if we optimize revenue against it, we will have great leverage because wherever demand shows up in the layers, whether it's at the SaaS layer, whether it's at the infrastructure layer, whether it's for training workloads, we're able to quickly put our infrastructure to work generating revenue on our BEAM workloads. I mean I should have mentioned all the consumer workloads use the same frame.

此外，薩蒂亞之前在一個問題中提到的內容，我只是想利用一切機會重申一下，如果你擁有從平台一直到我們花費的每一美元資本的一致基礎設施，如果我們優化收入反對它，我們將擁有很大的影響力，因為無論需求出現在各層中，無論是在SaaS 層，無論是在基礎設施層，無論是用於培訓工作負載，我們都能夠快速將我們的基礎設施投入使用，從而產生收入關於我們的 BEAM 工作負載。我的意思是我應該提到所有消費者工作負載都使用相同的框架。

And so when you think about our investment in AI, yes, it will -- because we're committed to leading this wave and see demand, you will see that impact in COGS growth. But what we're committed to doing is making sure it's highly leveraged and making sure you see the same growth in revenue. And I think on occasion, you may see something tick up 1 or 2 points and the other one not quite get there. But the point is it's going to be very well pared because of the choices we've made over the past, frankly, numerous years to get to a point where that infrastructure is consistent.

因此，當你考慮我們對人工智慧的投資時，是的，它會的——因為我們致力於引領這一浪潮並看到需求，你會看到這對銷售成本成長的影響。但我們致力於做的是確保其高槓桿率並確保您看到相同的收入成長。我認為有時，您可能會看到有些東西上升了 1 或 2 個點，而另一些東西則沒有完全達到目標。但關鍵是，由於我們在過去，坦白說，多年來為達到基礎設施一致而做出的選擇，它將得到很好的削減。

And I'll just add that it will be very well pared at the company level. I realize all of you care a lot about each one of our segments and each one of our KPIs, and I do too. But at the end of the day, our stack and the way it works, the way we do our capital allocation, the way we think about even the optimization of the demand to utilization, is across the entirety of all of our segments and all of our products.

我只想補充一點，這將在公司層面得到很好的削減。我意識到你們都非常關心我們的每一個細分市場和每一個 KPI，我也是如此。但歸根結底，我們的堆疊及其工作方式、我們進行資本配置的方式、我們甚至考慮優化利用率需求的方式，都跨越了我們所有的細分市場和所有領域。我們的產品。

Thanks, Gregg. 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，格雷格。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.

謝謝。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time, and 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。