微軟 (MSFT) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2024 Second Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brett Iversen, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加微軟 2024 財年第二季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、投資者關係副總裁 Brett Iversen。請繼續。

Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Corporate Secretary and Deputy General Counsel. On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.

下午好，感謝您今天加入我們。與我一起參加電話會議的還有董事長兼執行長薩蒂亞‧納德拉 (Satya Nadella)；艾米‧胡德 (Amy Hood)，財務長； Alice Jolla，首席會計長；以及公司秘書兼副總法律顧問 Keith Dolliver。在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們在今天電話會議上的準備好的發言，並提供GAAP 和非GAAP 財務指標之間差異的調節。當我們在今天的電話會議上提供展望評論時，更詳細的展望幻燈片將在微軟投資者關係網站上提供。

Microsoft completed the acquisition of Activision Blizzard this quarter, and we are reporting its results in our More Personal Computing segment beginning on October 13, 2023. Accordingly, our Xbox content and services revenue growth investor metric includes the net impact of Activision. Additionally, our press release and slide deck contain supplemental information regarding the net impact of the Activision acquisition on our financial results.

微軟本季完成了對動視暴雪的收購，我們將從2023 年10 月13 日開始在我們的更多個人計算部門報告其業績。的淨影響。此外，我們的新聞稿和幻燈片包含有關 Activision 收購對我們的財務業績的淨影響的補充資訊。

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

在本次電話會議中，我們將討論某些非 GAAP 項目。所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務績效指標。它們作為額外的澄清項目，旨在幫助投資者進一步了解公司第二季度的業績以及這些項目和事件對財務結果的影響。

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

除非另有說明，我們今天在電話會議上進行的所有成長比較均與去年同期相關。我們還將提供以固定匯率計算的成長率（如果有），作為評估我們基礎業務表現的框架，不包括外匯匯率波動的影響。當以固定匯率計算的成長率相同時，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.

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

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

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

Thank you, Brett. It was a record quarter, driven by the continued strength of Microsoft Cloud, which surpassed $33 billion in revenue, up 24%. We have moved from talking about AI to applying AI at scale. By infusing AI across every layer of our tech stack, we are winning new customers and helping drive new benefits and productivity gains.

謝謝你，布雷特。這是一個創紀錄的季度，得益於微軟雲端運算業務的持續強勁成長，其營收超過 330 億美元，成長 24%。我們已經從討論人工智慧轉向大規模應用人工智慧。透過在我們技術堆疊的每一層注入人工智慧，我們贏得了新客戶並幫助帶來新的效益和生產力的提升。

Now I'll highlight examples of our momentum and progress, starting with Azure. Azure again took share this quarter with our AI advantage. Azure offers the top performance for AI training and inference and the most diverse selection of AI accelerators, including the latest from AMD and NVIDIA as well as our own first-party silicon, Azure Maia. And with Azure AI, we provide access to the best selection of foundation and open source models, including both LLMs and SLMs all integrated deeply with infrastructure, data and tools on Azure. We now have 53,000 Azure AI customers. Over 1/3 are new to Azure over the past 12 months. Our new models of service offering makes it easy for developers to use LLMs from our partners like Cohere, Meta and Mistral on Azure without having to manage underlying infrastructure.

現在，我將重點介紹我們的發展勢頭和進步的例子，從 Azure 開始。憑藉我們的 AI 優勢，Azure 本季再次佔據市場份額。 Azure 為 AI 訓練和推理提供頂級效能以及最豐富多樣的 AI 加速器選擇，包括 AMD 和 NVIDIA 的最新產品以及我們自己的第一方晶片 Azure Maia。借助 Azure AI，我們可以提供最佳的基礎和開源模型選擇，包括與 Azure 上的基礎架構、資料和工具深度整合的 LLM 和 SLM。我們目前擁有 53,000 名 Azure AI 客戶。過去 12 個月內，超過 1/3 的使用者是 Azure 的新使用者。我們新的服務模式使開發人員可以輕鬆地在 Azure 上使用來自我們的合作夥伴（如 Cohere、Meta 和 Mistral）的 LLM，而無需管理底層基礎設施。

We have also built the world's most popular SLMs, which offer performance comparable to larger models but are small enough to run on a laptop or mobile device. Anchor, Ashley, AT&T, EY and Thomson Reuters, for example, are all already exploring how to use our SLM, Phi, for their applications. And we have great momentum with Azure OpenAI Service. This quarter, we added support for OpenAI's latest models, including GPT-4 Turbo, GPT-4 with Vision, DALL-E 3 as well as fine-tuning. We are seeing increased usage from AI-first start-ups like Moveworks, Poplexity, Symphony AI as well as some of the world's largest companies. Over half of the Fortune 500 use Azure OpenAI today, including Ally Financial, Coca-Cola and Rockwell Automation.

我們也打造了世界上最受歡迎的 SLM，其性能可與大型車型相媲美，但體積足夠小，可以在筆記型電腦或行動裝置上運行。例如，Anchor、Ashley、AT&T、EY 和 Thomson Reuters 都已在探索如何在其應用程式中使用我們的 SLM Phi。我們在 Azure OpenAI 服務方面發展勢頭強勁。本季度，我們增加了對 OpenAI 最新模型的支持，包括 GPT-4 Turbo、GPT-4 with Vision、DALL-E 3 以及微調。我們看到 Moveworks、Poplexity、Symphony AI 等 AI 優先新創公司以及一些全球最大的公司的使用率正在增加。目前，超過一半的《財星》500 強企業都在使用 Azure OpenAI，其中包括 Ally Financial、可口可樂和羅克韋爾自動化。

For example, at CES this month, Walmart shared how it's using Azure OpenAI Service along with its own proprietary data and models to streamline how more than 50,000 associates work and transform how its millions of customers shop. More broadly, customers continue to choose Azure to simplify and accelerate their cloud migration. Overall, we are seeing larger and more strategic Azure deals with an increase in the number of billion-dollar-plus Azure commitments. Vodafone, for example, will invest $1.5 billion in cloud and AI services over the next 10 years as it works to transform the digital experience of more than 300 million customers worldwide.

例如，在本月的 CES 上，沃爾瑪分享瞭如何使用 Azure OpenAI 服務以及自己的專有資料和模型來簡化 50,000 多名員工的工作方式並改變數百萬客戶的購物方式。更廣泛地說，客戶繼續選擇 Azure 來簡化和加速他們的雲端遷移。總體而言，我們看到規模更大、更具策略性的 Azure 交易，數十億美元以上的 Azure 承諾增加。例如，沃達豐將在未來 10 年內投資 15 億美元用於雲端和人工智慧服務，致力於改變全球 3 億多名客戶的數位體驗。

Now on to data. We are integrating the power of AI across the entire data stack. Our Microsoft Intelligent Data Platform brings together operational databases, analytics, governance and AI to help organizations simplify and consolidate their data estates. Cosmos DB is the go-to database to build AI-powered apps at any scale, powering workloads for companies in every industry from AXA and Kohl's to Mitsubushi and TomTom. KPMG, for example, has used Cosmos DB, including its built-in native vector search capabilities, along with Azure OpenAI Service to power an AI assistant, which it credits with driving an up to 50% increase in productivity for its consultants. All up, Cosmos DB data transactions increased 42% year-over-year.

現在討論數據。我們正在整個資料堆疊中整合人工智慧的力量。我們的 Microsoft 智慧資料平台整合了營運資料庫、分析、治理和 AI，幫助組織簡化和整合其資料資產。 Cosmos DB 是建立任何規模的 AI 驅動應用程式的首選資料庫，為從 AXA 和 Kohl's 到三菱和 TomTom 等各行各業的公司提供工作負載支援。例如，畢馬威 (KPMG) 已使用 Cosmos DB（包括其內建的本機向量搜尋功能）以及 Azure OpenAI 服務來為 AI 助理提供支持，該公司認為這有助於其顧問的工作效率提高 50%。總體而言，Cosmos DB 資料交易年增了 42%。

And for those organizations who want to go beyond in-database vector search, Azure AI Search offers the best hybrid search solution. OpenAI is using it for retrieval augmented generation as part of ChatGPT. And this quarter, we made Microsoft Fabric generally available, helping customers like Millman and PwC go from data to insights to action all within the same unified SaaS solution. Data stored in Fabric's multicloud data lake, OneLake, increased 46% quarter-over-quarter.

對於那些想要超越資料庫內向量搜尋的組織，Azure AI Search 提供了最佳的混合搜尋解決方案。 OpenAI 正在將其用作 ChatGPT 的一部分進行檢索增強生成。本季度，我們全面推出 Microsoft Fabric，幫助 Millman 和 PwC 等客戶在同一個統一的 SaaS 解決方案中從數據到洞察再到行動。 Fabric 多雲資料湖 OneLake 中儲存的資料環比增加了 46%。

Now on to developers. From GitHub to Visual Studio, we have the most comprehensive and loved developer tools for the era of AI. GitHub revenue accelerated to over 40% year-over-year, driven by all our platform growth and adoption of GitHub Copilot, the world's most widely deployed AI developer tool. We now have over 1.3 million paid GitHub Copilot subscribers, up 30% quarter-over-quarter. And more than 50,000 organizations use GitHub Copilot Business to supercharge the productivity of their developers from digital natives like Etsy and HelloFresh to leading enterprises like Autodesk, Dell Technologies and Goldman Sachs. Accenture alone will roll out GitHub Copilot to 50,000 of its developers this year.

現在談談開發人員。從 GitHub 到 Visual Studio，我們擁有人工智慧時代最全面、最受喜愛的開發者工具。 GitHub 營收年增超過 40％，這得益於我們整個平台的成長以及全球部署最廣泛的 AI 開發工具 GitHub Copilot 的採用。我們目前擁有超過 130 萬付費 GitHub Copilot 用戶，較上季成長 30%。超過 50,000 家組織使用 GitHub Copilot Business 來增強其開發人員的工作效率，從 Etsy 和 HelloFresh 這樣的數位原生代到 Autodesk、戴爾科技和高盛等領先企業。光是埃森哲一家今年就將向其 5 萬名開發人員推出 GitHub Copilot。

And we're going further, making Copilot ubiquitous across the entire GitHub platform and new AI-powered security features as well as Copilot Enterprise, which tailors Copilot to organization's code bases and allows developers to converse with it in natural language. We're also the leader in low-code, no-code development, helping everyone create apps, automate workflows, analyze data and now build custom Copilots. More than 230,000 organizations have already used AI capabilities in Power Platform, up over 80% quarter-over-quarter. And with Copilot Studio, organizations can tailor Copilot for Microsoft 365 or create their own custom Copilots. It has already been used by over 10,000 organizations, including An Post, Holland America, PG&E. In just weeks, for example, both PayPal and Tata Digital build Copilots to answer common employee queries, increasing productivity and reducing support costs.

我們也將繼續前進，讓 Copilot 遍布整個 GitHub 平台和新的 AI 驅動的安全功能以及 Copilot Enterprise，它根據組織的程式碼庫自訂 Copilot，並允許開發人員使用自然語言與他們交談。我們也是低程式碼、無程式碼開發領域的領導者，幫助每個人創建應用程式、自動化工作流程、分析資料並建立自訂 Copilot。已有超過 23 萬個組織使用了 Power Platform 中的 AI 功能，季增超過 80%。透過 Copilot Studio，組織可以為 Microsoft 365 客製化 Copilot 或建立自己的自訂 Copilot。它已被超過 10,000 個組織使用，包括 An Post、Holland America、PG&E。例如，在短短幾週內，PayPal 和 Tata Digital 都建立了 Copilots 來解答員工的常見疑問，從而提高了生產力並降低了支援成本。

We're also using this AI moment to redefine our role in business applications. Dynamics 365 once again took share as organizations use our AI-powered apps to transform their marketing, sales, service, finance and supply chain functions. And we are expanding our TAM by integrating Copilot into third-party systems too. In sales, our Copilot has helped sellers at more than 30,000 organizations, including Lumen Technologies and Schneider Electric, to enrich their customer interactions using data from Dynamics 365 or Salesforce.

我們也利用這個人工智慧時刻重新定義我們在商業應用中的角色。隨著企業使用我們的人工智慧應用程式來轉變其行銷、銷售、服務、財務和供應鏈功能，Dynamics 365 再次佔據了市場份額。我們還透過將 Copilot 整合到第三方系統來擴展我們的 TAM。在銷售方面，我們的 Copilot 已幫助包括 Lumen Technologies 和施耐德電機在內的 30,000 多個組織的銷售人員使用來自 Dynamics 365 或 Salesforce 的數據豐富他們的客戶互動。

And with our new Copilot for Service, employees at companies like Northern Trust can resolve client queries faster. It includes out-of-the-box integrations to apps like Salesforce, ServiceNow and Zendesk. With our industry and cross-industry clouds, we are tailoring our solutions to meet the needs of specific industries. In health care, DAX Copilot is being used by more than 100 health care systems, including Lifespan, UNC Health and UPMC to increase physician productivity and reduce burnout. And our Cloud for Retail was front and center at NRF with retailers from Canadian Tire Corporation to Leatherman and Ralph Lauren sharing how they will use our solutions across the shopper journey to accelerate time to value.

透過我們全新的 Copilot for Service，Northern Trust 等公司的員工可以更快解決客戶問題。它包括與 Salesforce、ServiceNow 和 Zendesk 等應用程式的開箱即用整合。憑藉我們的行業和跨行業雲，我們可以客製化我們的解決方案來滿足特定行業的需求。在醫療保健領域，DAX Copilot 被 100 多個醫療保健系統使用，包括 Lifespan、UNC Health 和 UPMC，以提高醫生的工作效率並減少倦怠。我們的零售雲在 NRF 上佔據了中心位置，加拿大輪胎公司、萊澤曼和拉爾夫勞倫等零售商分享了他們將如何在購物者的整個旅程中使用我們的解決方案來加速價值實現。

Now on to future of work. A growing body of evidence makes clear the role AI will play in transforming work. Our own research as well as external studies show as much as 70% improvement in productivity using generative AI for specific work tasks. And overall, early Copilot for Microsoft 365 users were 29% faster in a series of tasks like searching, writing and summarizing. Two months in, we have seen faster adoption than either our E3 or E5 suites as enterprises like Dentsu, Honda, Pfizer all deployed Copilot to their employees. And we are expanding availability to organizations of all sizes. We are also seeing a Copilot ecosystem begin to emerge. ISVs like Atlassian, Mural and Trello as well as customers like Air India, Bayer and Siemens have all built plug-ins for specific lines of business that extend Copilot's capabilities.

現在來談談工作的未來。越來越多的證據顯示人工智慧將在工作變革中發揮重要作用。我們自己的研究以及外部研究表明，使用生成式人工智慧完成特定工作任務可將生產力提高 70%。總體而言，早期的 Copilot for Microsoft 365 使用者在搜尋、寫作和總結等一系列任務中的速度提高了 29%。兩個月後，我們看到了比 E3 或 E5 套件更快的採用速度，因為電通、本田、輝瑞等企業都為其員工部署了 Copilot。我們正在擴大其可用性，以適應各種規模的組織。我們也看到 Copilot 生態系統開始出現。 Atlassian、Mural 和 Trello 等 ISV 以及印度航空、拜耳和西門子等客戶都為特定業務線開發了插件，以擴展 Copilot 的功能。

When it comes to Teams, we again saw record usage as organizations brought together collaboration, chat, meetings and calling on 1 platform. And Teams has also become a new entry point for us. More than 2/3 of our enterprise Teams customers buy Phone, Rooms, or Premium. All this innovation is driving growth across Microsoft 365. We now have more than 400 million paid Office 365 seats, and organizations like BP, Elenco, ING Bank, Mediaset, WTW all chose E5 this quarter to empower their employees with our best-in-class productivity apps along with advanced security, compliance, voice and analytics.

談到 Teams，我們再次看到了創紀錄的使用率，因為組織將協作、聊天、會議和通話整合在一個平台上。而Teams也成為了我們的一個新切入點。我們超過 2/3 的企業 Teams 客戶購買 Phone、Rooms 或 Premium。所有這些創新都推動了Microsoft 365 的成長。其員工提供支援。

Now on to Windows. In 2024, AI will become first-class part of every PC. Windows PCs with built-in neural processing units were front and center at CES, unlocking new AI experiences to make what you do on your PC easier and faster, from searching for answers and summarizing e-mails to optimizing performance in battery efficiency. Copilot in Windows is already available on more than 75 million Windows 10 and Windows 11 PCs. And with our new Copilot Key, the first significant change to the Windows Keyboard in 30 years, providing one-click access.

現在轉到 Windows。 2024年，人工智慧將成為每台PC的首要組成部分。內建神經處理單元的 Windows PC 是 CES 的焦點，它開啟了全新的 AI 體驗，讓使用者在 PC 上執行的操作變得更輕鬆、更快捷，無論是搜尋答案、匯總電子郵件還是優化電池效率效能。 Windows 中的 Copilot 已在超過 7,500 萬台 Windows 10 和 Windows 11 PC 上使用。而且，我們還推出了全新的 Copilot Key，這是 Windows 鍵盤 30 年來首次重大改進，可實現一鍵存取。

We also continue to transform how Windows is experienced and managed with Azure Virtual Desktop and Windows 365, introducing new features that make it simpler for employees to access and IT teams to secure their cloud PCs. Usage of cloud-delivered Windows increased over 50% year-over-year. And all up, Windows 11 commercial deployments increased 2x year-over-year as companies like HPE and Petrobras rolled out operating systems to employees.

我們也持續透過 Azure 虛擬桌面和 Windows 365 改變 Windows 的體驗和管理方式，引進新功能，讓員工更輕鬆地存取雲端 PC，IT 團隊也可以更輕鬆地保護雲端 PC 的安全性。透過雲端交付的 Windows 的使用量年增了 50% 以上。總體而言，隨著 HPE 和 Petrobras 等公司向員工推出作業系統，Windows 11 商業部署年增了 2 倍。

Now on to security. The recent security attacks, including the nation-state attack on our corporate systems we reported 1.5 weeks ago have highlighted the urgent need for organizations to move even faster to protect themselves from cyber threats. It's why last fall, we announced a set of engineering priorities under our Secure Future initiative, bringing together every part of the company to advance cybersecurity protection across both new products and legacy infrastructure. And it's why we continue to innovate across our security portfolio as well as our operational security posture to help customers adopt a zero-trust security architecture.

現在討論安全性。最近的安全攻擊，包括我們一周半前報告的針對我們公司係統的國家攻擊，凸顯了組織迫切需要更快地採取行動來保護自己免受網路威脅。這就是為什麼去年秋天我們宣布了「安全未來」計畫下的一系列工程重點，將公司的各個部門整合在一起，共同推進新產品和傳統基礎設施的網路安全保護。這就是為什麼我們不斷創新我們的安全產品組合和營運安全態勢，以幫助客戶採用零信任安全架構。

Our industry-first unified security operations platform brings together our SIEM, Microsoft Sentinel, our XDR, Microsoft Defender and Copilot for Security to help teams manage an increasingly complex security landscape. And with Copilot for Security, we are now helping hundreds of early access customers, including Cmax, Dow, LTI Mindtree, McAfee, Nucor Steel significantly increase their SecOp team's productivity. This quarter, we extended Copilot to Entra, InTune and Purview. All up, we have over 1 million customers, including more than 700,000 who use 4 or more of our security products like Arrow Electronics, DXC Technology, Freeport-McMoRan, Insight Enterprises, J.B. Hunt and The Mosaic Company.

我們業界首個統一安全營運平台整合了我們的 SIEM、Microsoft Sentinel、XDR、Microsoft Defender 和 Copilot for Security，幫助團隊管理日益複雜的安全環境。借助 Copilot for Security，我們正在幫助數百家早期訪問客戶（包括 Cmax、Dow、LTI Mindtree、McAfee、Nucor Steel）顯著提高其 SecOp 團隊的工作效率。本季度，我們將 Copilot 擴展到 Entra、InTune 和 Purview。總的來說，我們擁有超過 100 萬客戶，其中超過 70 萬客戶使用 4 種或更多我們的安全產品，例如 Arrow Electronics、DXC Technology、Freeport-McMoRan、Insight Enterprises、J.B. Hunt 和 The Mosaic Company。

Now on to LinkedIn. LinkedIn is now helping over 1 billion members learn, sell, and get hired. We continue to see strong global membership growth driven by member sign-ups in key markets like Germany and India. In an ever-changing job market, members are staying competitive through skill-building and knowledge sharing. Over the last 12 months, members have added 680 million skills to their profiles, up 80% year-over-year. Our new AI-powered features are transforming the LinkedIn member experience, everything from how people learn new skills to how they search for jobs and engage with posts.

現在前往 LinkedIn。 LinkedIn 目前正在幫助超過 10 億會員學習、銷售和就業。我們持續看到全球會員人數強勁成長，這得益於德國和印度等主要市場的會員註冊。在不斷變化的就業市場中，會員透過技能建立和知識共享來保持競爭力。在過去的 12 個月中，會員在其個人資料中增加了 6.8 億項技能，年增 80%。我們新的人工智慧功能正在改變 LinkedIn 會員的體驗，從人們如何學習新技能到他們如何搜尋工作和參與貼文。

New AI features, including more personalized in-mails also continue to increase business ROI on the platform, and our hiring business took share for the sixth consecutive quarter. And more broadly, AI is transforming our search and browser experience. We are encouraged by the momentum. Earlier this month, we achieved a new milestone with 5 billion images created and 5 billion chats conducted to date, both doubling quarter-over-quarter and both Bing and Edge took share this quarter.

新的 AI 功能（包括更個人化的內部郵件）也繼續提高平台上的業務投資回報率，並且我們的招聘業務連續六個季度佔據市場份額。更廣泛地說，人工智慧正在改變我們的搜尋和瀏覽器體驗。這股勢頭令我們感到鼓舞。本月初，我們實現了一個新的里程碑，迄今已創建了50 億張圖片，進行了50 億次聊天，均比上一季度翻了一番，並且Bing 和Edge 在本季度都佔據了一定份額。

We also introduced Copilot as a stand-alone destination across all browsers and devices as well as a Copilot app on iOS and Android. And just 2 weeks ago, we introduced Copilot Pro, providing access to the latest models for quick answers and high-quality image creation and access to Copilot for Microsoft 365 Personal and Family subscribers.

我們還推出了 Copilot 作為所有瀏覽器和裝置上的獨立目的地，以及 iOS 和 Android 上的 Copilot 應用程式。就在兩週前，我們推出了 Copilot Pro，為 Microsoft 365 個人版和家庭版訂閱者提供最新型號的存取權限，以便快速獲得答案和創建高品質的圖像，並讓他們可以存取 Copilot。

Now on to gaming. This quarter, we set all-time records for monthly active users in Xbox PC as well as mobile, where we now have over 200 million monthly active users alone, inclusive of Activision Blizzard King. With our acquisition, we have added hundreds of millions of gamers to our ecosystem as we execute on our ambition to reach more gamers on more platforms. With cloud gaming, we continue to innovate to offer players more ways to experience the games they love, where and when and how they want. Our stream increased 44% year-over-year.

現在開始遊戲。本季度，我們創下了 Xbox PC 和行動端月活躍用戶的歷史新高，光是行動端我們就有超過 2 億月活躍用戶，其中包括 Activision Blizzard King。透過收購，我們為自己的生態系統增加了數億遊戲玩家，實現了在更多平台上接觸更多遊戲玩家的雄心壯志。透過雲端遊戲，我們不斷創新，提供玩家更多方式讓他們可以在任何時間、任何地點以自己想要的方式體驗自己喜愛的遊戲。我們的流量年增了 44%。

Great content is key to our growth and across our portfolio, I've never been more excited about our lineup of upcoming games. Earlier this month, we shared exciting new first-party titles coming this year to Xbox, PC and Game Pass, including Indiana Jones. And we've also announced launching significant updates this calendar year to many of our most durable franchises which brings in millions of players each month, including Call of Duty, Elder Scrolls Online and Starfield. In closing, we are looking forward to how AI-driven transformation will benefit people and organizations in 2024. With that, I'll hand it over to Amy.

優質內容是我們成長的關鍵，縱觀我們的產品組合，我從未對即將推出的遊戲陣容感到如此興奮。本月初，我們分享了今年即將登陸 Xbox、PC 和 Game Pass 的令人興奮的全新第一方遊戲，其中包括《法櫃奇兵》。我們也宣布今年將對許多最持久的遊戲系列推出重大更新，這些遊戲每月吸引數百萬玩家，包括《決勝時刻》、《上古卷軸 Online》和《星空》。最後，我們期待 2024 年人工智慧驅動的轉型將如何造福人們和組織。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $62 billion, up 18% and 16% in constant currency. When adjusting for the prior year Q2 charge, operating income increased 25% and 23% in constant currency, and earnings per share was $2.93, which increased 26% and 23% in constant currency. Results exceeded expectations, and we delivered another quarter of double-digit top and bottom line growth. Strong execution by our sales teams and partners drove share gains again this quarter across many of our businesses, as Satya referenced.

謝謝你，薩蒂亞，大家下午好。本季營收為 620 億美元，成長 18%，以固定匯率計算成長 16%。在調整去年第二季的費用後，營業收入增長了 25%，以固定匯率計算增長了 23%，每股收益為 2.93 美元，按固定匯率計算增長了 26%，按固定匯率計算增長了 23%。業績超乎預期，我們再次實現了兩位數的營收和利潤成長。正如薩蒂亞所提到的，我們的銷售團隊和合作夥伴的強勁執行力推動了本季我們許多業務的份額再次成長。

In our commercial business, strong demand for our Microsoft Cloud offerings, including AI services, drove better-than-expected growth in large long-term Azure contracts. Microsoft 365 suite strength contributed to ARPU expansion for our Office Commercial business, while new business growth continued to be moderated for stand-alone products sold outside the Microsoft 365 suite. Commercial bookings were ahead of expectations and increased 17% and 9% in constant currency on a low expiry base. The strength in long-term Azure contracts mentioned earlier, along with strong execution across our core annuity sales motions, including healthy renewals, drove our results.

在我們的商業業務中，對包括 AI 服務在內的 Microsoft Cloud 產品的需求強勁，推動了大型長期 Azure 合約的成長優於預期。 Microsoft 365 套件的強勁表現推動了我們的 Office Commercial 業務的 ARPU 擴大，而 Microsoft 365 套件之外銷售的獨立產品的新業務成長則繼續受到抑制。商業預訂量超出預期，在較低到期基數的情況下增長了 17%（以固定匯率計算增長了 9%）。前面提到的長期 Azure 合約的強勁表現，加上我們核心年金銷售動議（包括健康續約）的強勁執行，推動了我們的業績。

Commercial remaining performance obligation increased 17% and 16% in constant currency to $222 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 15% year-over-year. The remaining portion, recognized beyond the next 12 months, increased 19%. And this quarter, our annuity mix was 96%. In our consumer business, the PC and advertising markets were generally in line with our expectations. PC market volumes continued to stabilize at pre-pandemic levels. Gaming console market was a bit smaller.

商業剩餘履約義務成長 17%，以固定匯率計算成長 16%，至 2,220 億美元。約有 45% 將在未來 12 個月內確認為收入，年增 15%。剩餘部分（在未來 12 個月後確認）增加了 19%。本季度，我們的年金組合為 96%。在我們的消費者業務中，個人電腦和廣告市場整體符合我們的預期。 PC 市場銷售量持續穩定在疫情前的水平。遊戲機市場規模較小。

As a reminder, my Q2 commentary includes the net impact of Activision from the date of acquisition, inclusive of purchase accounting, integration and transaction-related expenses. The net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first-party. At a company level, Activision contributed approximately 4 points to revenue growth, was a 2-point drag on adjusted operating income growth and a negative $0.05 impact to earnings per share. This impact includes $1.1 billion from purchase accounting adjustments, integration and transaction-related costs, such as severance-related charges related to last week's announcement.

提醒一下，我對第二季的評論包括動視自收購之日起的淨影響，其中包括購買會計、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轉變為第一方的關係。從公司層級來看，動視暴雪為公司營收成長貢獻了約 4 個百分點，對調整後營業收入成長造成了 2 個百分點的拖累，並對每股收益產生了 0.05 美元的負面作用。這項影響包括 11 億美元的購買會計調整、整合和交易相關成本，例如與上週公告相關的遣散費相關費用。

FX was roughly in line with our expectations on total company revenue, segment-level revenue, COGS and operating expense growth. Microsoft Cloud revenue was $33.7 billion, ahead of expectations and grew 24% and 22% in constant currency. Microsoft Cloud gross margin percentage was 72%, relatively unchanged year-over-year. Excluding the impact of the change in accounting estimates for useful lives, gross margin percentage increased roughly 1 point, driven by improvement in Azure and Office 365, partially offset by the impact of scaling our AI infrastructure to meet growing demand.

外匯與我們對公司總收入、分部收入、銷貨成本和營業費用成長的預期大致一致。微軟雲端運算業務營收為 337 億美元，超出預期，以固定匯率運算成長 24%，為 22%。微軟雲端運算毛利率為72%，與去年同期相比基本持平。不包括使用壽命會計估計變更的影響，毛利率百分比增加了約1 個百分點，這得益於Azure 和Office 365 的改進，但部分被擴展我們的AI 基礎設施以滿足不斷增長的需求的影響所抵消。

Company gross margin dollars increased 20% and 18% in constant currency, and gross margin percentage increased year-over-year to 68%. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points, even with the impact of $581 million from purchase accounting adjustments, integration and transaction-related costs from the Activision acquisition. Growth was driven by improvement in devices as well as the improvement in Azure and Office 365 just mentioned.

公司毛利率以固定匯率計算成長了 20% 和 18%，毛利率百分比年增至 68%。除去會計估計變更的影響，毛利率百分比增加了約 2 個百分點，儘管動視暴雪收購案帶來了 5.81 億美元的購買會計調整、整合和交易相關成本的影響。成長的動力來自於裝置的改進以及剛才提到的 Azure 和 Office 365 的改進。

Operating expenses increased 3% with 11 points from the Activision acquisition, partially offset by 7 points of favorable impact from the prior year Q2 charge. The Activision impact includes $550 million from purchase accounting adjustments, integration and transaction-related costs. At a company level, headcount at the end of December was 2% lower than a year ago. Operating margins increased roughly 5 points year-over-year to 44%. Excluding the impact of the change in accounting estimate, operating margins increased roughly 6 points driven by the higher gross margin noted earlier, a favorable impact from the prior year Q2 charge and improved operating leverage through disciplined cost control.

營運費用成長了 3%，其中 11 個百分點源自於對 Activision 的收購，但卻被去年同期 7 個百分點的有利影響部分抵銷。動視暴雪的影響包括購買會計調整、整合和交易相關成本帶來的 5.5 億美元。從公司層級來看，12 月底的員工人數比一年前減少了 2%。營業利益率年增約5個百分點，達44%。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，這得益於先前提到的毛利率提高、去年第二季度費用帶來的有利影響以及透過嚴格的成本控制提高的營業槓桿。

Now to our segment results. Revenue from Productivity and Business Processes was $19.2 billion and grew 13% and 12% in constant currency, ahead of expectations, primarily driven by better-than-expected results in LinkedIn. Office Commercial revenue grew 15% and 13% in constant currency. Office 365 commercial revenue increased 17% and 16% in constant currency, in line with expectations, driven by healthy renewal execution and ARPU growth from continued E5 momentum. Paid Office 365 commercial seats grew 9% year-over-year to over 400 million, with installed base expansion across all customer segments. Seat growth was again driven by our small and medium business and frontline worker offerings, offset by the continued growth trends in new stand-alone business noted earlier.

現在來看看我們的分部業績。生產力與業務流程業務營收為 192 億美元，成長 13%，以固定匯率計算成長 12%，超出預期，主要得益於 LinkedIn 業績優於預期。辦公室商業收入以固定匯率計算成長了 15%，為 13%。 Office 365 商業收入成長 17%，以固定匯率計算成長 16%，符合預期，這得益於健康的續約執行和 E5 持續成長帶來的 ARPU 成長。付費 Office 365 商業席位年增 9%，達到 4 億多，安裝基數涵蓋所有客戶群。座位數成長再次受到我們為中小型企業和第一線員工提供的服務的推動，但被先前提到的新獨立業務的持續成長趨勢所抵消。

Office Commercial licensing declined 17% and 18% in constant currency, with continued customer shift to cloud offerings. Office consumer revenue increased 5% and 4% in constant currency with continued momentum in Microsoft 365 subscriptions, which grew 16% to 78.4 million. LinkedIn revenue increased 9% and 8% in constant currency, ahead of expectations, driven by slightly better-than-expected performance across all businesses. In our Talent Solutions business, bookings growth was again impacted by weaker hiring environment in key verticals.

由於客戶持續轉向雲端產品，Office 商業授權收入按固定匯率計算下降了 17% 和 18%。 Office 消費者收入以固定匯率計算成長了 5% 和 4%，其中 Microsoft 365 訂閱量持續維持成長勢頭，成長了 16%，達到 7,840 萬。 LinkedIn 營收以固定匯率計算成長 9%，年成長 8%，超出預期，這得益於所有業務的表現略好於預期。在我們的人才解決方案業務中，預訂量成長再次受到關鍵垂直產業招募環境較弱的影響。

Dynamics revenue grew 21% and 19% in constant currency, driven by Dynamics 365, which grew 27% and 24% in constant currency, with continued growth across all workloads. Bookings growth was impacted by weaker new business primarily in Dynamics 365 ERP and CRM workloads. Segment gross margin dollars increased 14% and 12% in constant currency, 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, primarily driven by improvement in Office 365. Operating expenses decreased 5% and 6% in constant currency with 5 points of favorable impact from the prior year Q2 charge. Operating income increased 26% and 24% in constant currency.

Dynamics 營收成長 21%，以固定匯率計算成長 19%，這得益於 Dynamics 365 的成長，Dynamics 365 成長 27%，以固定匯率計算成長 24%，所有工作負載均持續成長。預訂量成長主要受到 Dynamics 365 ERP 和 CRM 工作負載方面新業務疲軟的影響。以固定匯率計算，分部毛利率成長了 14%，毛利率百分比較去年同期略有增加。排除會計估計變更的影響，毛利率百分比增加約1 個百分點，主要得益於Office 365 的改善。 5 個百分點的有利影響。營業收入成長26%，以固定匯率計算成長24%。

Next, the Intelligent Cloud segment. Revenue was $25.9 billion, increasing 20% and 19% in constant currency, ahead of expectations with better-than-expected results across all businesses. Overall, server products and cloud services revenue grew 22% and 20% in constant currency. Azure and other cloud services revenue grew 30% and 28% in constant currency, including 6 points of growth from AI services. Both AI and non-AI Azure services drove our outperformance.

接下來是智慧雲部分。營收為 259 億美元，成長 20%，以固定匯率計算成長 19%，超出預期，所有業務的業績均優於預期。整體來看，伺服器產品和雲端服務收入以固定匯率計算分別成長了 22% 和 20%。 Azure 和其他雲端服務收入以固定匯率計算分別成長 30% 和 28%，其中來自 AI 服務的成長為 6 個百分點。人工智慧和非人工智慧 Azure 服務都推動了我們的卓越表現。

In our per user business, the enterprise mobility and security installed base grew 11% to over 268 million seats, with continued impact from the growth trends in new stand-alone business noted earlier. In our on-premises server business, revenue increased 3% and 2% in constant currency, ahead of expectations, driven primarily by the better-than-expected demand related to Windows Server 2012 end of support. Enterprise and Partner Services revenue increased 1% and was relatively unchanged 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，企業行動和安全安裝基數成長了 11%，達到超過 2.68 億席位，這繼續受到先前提到的新獨立業務成長趨勢的影響。在我們的內部部署伺服器業務中，營收成長了 3%，以固定匯率運算成長了 2%，超出了預期，這主要得益於與 Windows Server 2012 支援終止相關的需求好於預期。企業與合作夥伴服務收入成長 1%，以固定匯率計算相對維持不變，企業支援服務與產業解決方案的表現優於預期。

Segment gross margin dollars increased 20% and 18% in constant currency, and gross margin percentage was relatively unchanged. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 1 point, driven by the improvement in Azure noted earlier, partially offset by the impact of scaling our AI infrastructure to meet growing demand. Operating expenses decreased 8% and 9% in constant currency with 9 points of favorable impact from the prior year Q2 charge. Operating income grew 40% and 37% in constant currency.

分部毛利率以固定匯率計算成長了 20% 和 18%，毛利率百分比則相對沒有變動。除去會計估計變更的影響，毛利率百分比增加了約 1 個百分點，這主要得益於先前提到的 Azure 的改進，但被我們擴展 AI 基礎設施以滿足不斷增長的需求的影響部分抵消。以固定匯率計算，營業費用下降了 8%，與去年同期相比下降了 9%，產生了 9 個百分點的有利影響。營業收入成長 40%，以固定匯率計算成長 37%。

Now to More Personal Computing. Revenue was $16.9 billion, increasing 19% and 18% in constant currency, in line with expectations overall. Growth included 15 points of net impact from the Activision acquisition. Windows OEM revenue increased 11% year-over-year, ahead of expectations, driven by slightly better performance in higher monetizing consumer markets. Windows commercial products and cloud services revenue increased 9% and 7% in constant currency, below expectations from (inaudible) period revenue recognition from the mix of contracts. Annuity billings growth remained healthy.

現在轉向更個人化的計算。營收為 169 億美元，成長 19%，以固定匯率計算成長 18%，整體符合預期。成長包括收購 Activision 帶來的 15 個百分點的淨影響。 Windows OEM 營收年增 11%，超出預期，這得益於貨幣化程度較高的消費市場表現略有改善。以固定匯率計算，Windows 商業產品和雲端服務收入分別成長 9% 和 7%，低於（聽不清楚）合約組合期間收入確認的預期。年金帳單成長依然健康。

Devices revenue decreased 9% and 10% in constant currency, ahead of expectations due to stronger execution in the commercial segment. Search and news advertising revenue ex TAC increased 8% and 7% in constant currency, relatively in line with expectations, driven by higher search volume, offset by negative impact from a third-party partnership. And in gaming, revenue increased 49% and 48% in constant currency with 44 points of net impact from the Activision acquisition. Total gaming revenue was in line with expectations as stronger-than-expected performance from Activision was offset by the weaker-than-expected console market noted earlier.

由於商業部門的執行力增強，設備收入以固定匯率計算下降了 9%，降幅達 10%，但高於預期。搜尋和新聞廣告收入（扣除 TAC）以固定匯率計算分別成長 8% 和 7%，基本上符合預期，這得益於搜尋量的增加，但抵消了第三方合作夥伴關係帶來的負面影響。在遊戲業務方面，營收成長了 49%，以固定匯率計算成長了 48%，收購 Activision 的淨影響為 44 個百分點。總遊戲收入符合預期，因為動視暴雪的業績強於預期，但被先前提到的遊戲機市場弱於預期所抵消。

Xbox content and services revenue increased 61% and 60% in constant currency, driven by 55 points of net impact from the Activision acquisition. Xbox hardware revenue grew 3% and 1% in constant currency. Segment gross margin dollars increased 34% and 32% in constant currency with 17 points of net impact from the Activision acquisition. Gross margin percentage increased roughly 6 points year-over-year, driven by higher devices gross margin and sales mix shift to higher-margin businesses. Operating expenses increased 38% with 48 points of impact from the Activision acquisition, partially offset by 6 points of favorable impact from the prior year Q2 charge. Operating income increased 29% and 26% in constant currency.

Xbox 的內容和服務收入以固定匯率計算成長了 61% 和 60%，這得益於收購 Activision 帶來的 55 個百分點的淨影響。 Xbox 硬體營收以固定匯率計算成長了 3% 和 1%。分部毛利率成長 34%，以固定匯率計算成長 32%，其中收購 Activision 的淨影響為 17 個百分點。毛利率百分比年增約 6 個百分點，這得益於設備毛利率提高和銷售組合向利潤率更高的業務轉移。營運費用增加了 38%，其中 Activision 收購產生了 48 個點的影響，但去年同期第二季費用產生了 6 個點的有利影響，部分抵消了這一影響。營業收入成長29%，以固定匯率計算成長26%。

Now back to total company results. Capital expenditures, including finance leases, were $11.5 billion, lower than expected due to delivery for a third-party capacity contract shifting from Q2 to Q3. Cash paid for PP&E was $9.7 billion. These data center investments support our cloud demand, inclusive of needs to scale our AI infrastructure. Cash flow from operations was $18.9 billion, up 69%, driven by strong cloud billings and collections on a prior year comparable that was impacted by lower operating income. Free cash flow was $9.1 billion, up 86% year-over-year, reflecting the timing of cash paid for property and equipment. This quarter, other income and expense was in line with expectations at negative $506 million, driven by interest expense and net losses on investments, partially offset by interest income. Our effective tax rate was approximately 18%. And finally, we returned $8.4 billion to shareholders through dividends and share repurchases.

現在回顧公司整體業績。包括融資租賃在內的資本支出為 115 億美元，低於預期，原因是第三方產能合約的交付從第二季轉移到第三季。用於 PP&E 的現金為 97 億美元。這些資料中心投資支援我們的雲端需求，包括擴展我們的人工智慧基礎設施的需求。經營活動現金流為 189 億美元，成長 69%，這得益於強勁的雲端運算帳單和收款，而去年同期則受到較低的經營收入的影響。自由現金流為 91 億美元，年增 86%，反映了支付財產和設備的現金的時間。本季度，其他收入和支出符合預期，為負 5.06 億美元，主要由於利息支出和投資淨損失，但部分被利息收入所抵銷。我們的有效稅率約為18%。最後，我們透過股利和股票回購向股東返還了 84 億美元。

Now moving to our Q3 outlook, which unless specifically noted otherwise, is on a U.S. dollar basis. First, FX. Based on current rates, we expect FX to increase total revenue and segment-level revenue growth by less than 1 point, and we expect no impact to COGS and operating expense growth. In commercial bookings, strong execution across our core annuity sales motions, including healthy renewals, along with long-term Azure commitments, should drive healthy growth on a growing expiry base. Microsoft Cloud gross margin percentage should decrease roughly 1 point year-over-year. Excluding the impact from the accounting estimate change, Q3 cloud gross margin percentage will be relatively flat as improvement in Office 365 and Azure will be offset by sales mix shift to Azure as well as the impact of scaling our AI infrastructure to meet growing demand.

現在轉到我們的第三季展望，除非另有特別說明，否則均以美元為基礎。首先，外匯。根據目前的利率，我們預計外匯交易將使總收入和分部層級的收入成長增加不到 1 個百分點，並且我們預計不會對 COGS 和營業費用成長產生影響。在商業預訂方面，我們核心年金銷售動議的強勁執行，包括健康的續約，以及長期的 Azure 承諾，應該會推動不斷增長的到期基數上的健康成長。微軟雲端運算的毛利率百分比應較去年同期下降約 1 個百分點。排除會計估計變更的影響，第三季雲毛利率百分比將相對平穩，因為Office 365 和Azure 的改善將被銷售組合向Azure 的轉變以及擴展我們的AI 基礎設施以滿足不斷增長的需求的影響所抵消。

We expect capital expenditures to increase materially on a sequential basis, driven by investments in our cloud and AI infrastructure and the slip of a delivery date from Q2 to Q3 from a third-party provider noted earlier. As a reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure build-out.

我們預計資本支出將環比大幅增加，這得益於我們對雲端運算和人工智慧基礎設施的投資，以及先前提到的第三方供應商的交貨日期從第二季推遲到第三季度。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 of $19.3 billion to $19.6 billion or growth between 10% and 12%. 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 approximately 15% in constant currency. While it's early days for Microsoft 365 Copilot, we're excited by the adoption we've seen to date and continue to expect revenue to grow over time. In our on-premises business, we expect revenue to decline in the low 20s. In Office Consumer, we expect revenue growth in the mid- to high single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the mid- to high single digits driven by continued growth across all businesses. And in Dynamics, we expect revenue growth in the mid-teens, driven by Dynamics 365.

接下來是細分指導。在生產力和業務流程方面，我們預計收入為 193 億美元至 196 億美元，或成長率在 10% 至 12% 之間。在 Office Commercial 領域，營收成長將再次受到 Office 365 的推動，包括各個客戶群的席位成長和透過 E5 實現的 ARPU 成長。我們預計 Office 365 的營收成長以固定匯率計算約為 15%。雖然 Microsoft 365 Copilot 還處於早期階段，但我們對迄今為止的採用情況感到非常興奮，並預計收入將隨著時間的推移而增長。在我們的內部部署業務中，我們預計收入將下降 20% 出頭。在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，營收將實現中高個位數成長。對於 LinkedIn，我們預計受所有業務持續成長的推動，其收入將實現中高個位數成長。在 Dynamics 方面，我們預計在 Dynamics 365 的推動下，營收將成長 15% 左右。

For Intelligent Cloud, we expect revenue of $26 billion to $26.3 billion or growth between 18% and 19%. 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. In Azure, we expect Q3 revenue growth in constant currency to remain stable to our stronger-than-expected Q2 results. Growth will be driven by our Azure consumption business with continued strong contribution from AI. Our per-user business should see benefit from Microsoft 365 suite momentum, though we expect continued moderation in seat growth rates, given the size of the installed base.

對於智慧雲，我們預計營收為 260 億美元至 263 億美元，或成長 18% 至 19%。收入將繼續由 Azure 推動，提醒一下，Azure 的季度變化主要來自於我們的每用戶業務以及根據合約組合而定的期間收入確認。在 Azure 方面，我們預期以固定匯率計算的第三季營收成長將與強於預期的第二季業績保持穩定。成長將由我們的 Azure 消費業務推動，並由人工智慧持續做出強勁貢獻。我們的每用戶業務應該會受益於 Microsoft 365 套件的發展勢頭，但考慮到安裝基數的規模，我們預計席位成長率將繼續放緩。

In our on-premises server business, we expect revenue growth in the low to mid-single digits with continued hybrid demand, including licenses running in multi-cloud environments. And in Enterprise and Partner Services, revenue should decline approximately 10% on a high prior year comparable for enterprise support services. In More Personal Computing, we expect revenue of USD 14.7 billion to USD 15.1 billion or growth between 11% and 14%. Windows OEM revenue growth should be relatively flat as PC market unit volumes continue at pre-pandemic levels. In Windows commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the mid-teens. As a reminder, our quarterly revenue can have variability primarily from in-period revenue recognition depending on the mix of contracts.

在我們的內部部署伺服器業務中，我們預計收入成長率將達到低到中等個位數，並且混合需求將持續成長，包括在多雲環境中運行的授權。在企業和合作夥伴服務方面，與企業支援服務相比，收入應比上年下降約 10%。在更多個人運算方面，我們預計營收為 147 億美元至 151 億美元，或成長 11% 至 14%。由於 PC 市場銷售量持續維持在疫情前的水平，Windows OEM 營收成長應該會相對穩定。在 Windows 商業產品和雲端服務方面，客戶對 Microsoft 365 和我們先進的安全解決方案的需求應該會推動收入實現中等成長。提醒一下，我們的季度收入可能會因合約組合的不同而發生變化，這主要源於期間收入確認的變化。

In devices, revenue should decline in the low double digits as we continue to focus on our higher-margin premium products. Search and news advertising ex TAC revenue growth should be in the mid- to high single digits, about 8 points higher than overall search and news advertising revenue driven by continued volume strength. And in gaming, we expect revenue growth in the low 40s, including approximately 45 points of net impact from the Activision acquisition. We expect Xbox content and services revenue growth in the low to mid-50s driven by approximately 50 points of net impact from the Activision acquisition. Hardware revenue will decline year-over-year.

在設備方面，由於我們繼續專注於利潤率更高的高端產品，收入應該會下降兩位數。搜尋和新聞廣告（扣除 TAC）營收成長率應為中高個位數，在持續強勁銷售的推動下，比整體搜尋和新聞廣告收入高出約 8 個百分點。在遊戲方面，我們預計營收成長率將在 40% 左右，其中包括收購 Activision 帶來的約 45 個百分點的淨影響。我們預計 Xbox 的內容和服務收入將成長 50% 左右，這主要得益於 Activision 收購帶來的約 50 個百分點的淨影響。硬體收入將年減。

Now back to company guidance. We expect COGS between USD 18.6 billion to USD 18.8 billion, including approximately $700 million of amortization of acquired intangible assets from the Activision acquisition. We expect operating expense of USD 15.8 billion to USD 15.9 billion, including approximately $300 million from purchase accounting, integration and transaction-related costs from the Activision acquisition. Other income and expense should be roughly negative $600 million as interest income will be more than offset by interest expense and other losses. As a reminder, we are required to recognize gains or losses on our equity investments, which can increase quarterly volatility. We expect our Q3 effective tax rate to be in line with our full year rate, which we now expect to be approximately 18%.

現在回到公司指導。我們預計銷售成本在 186 億美元至 188 億美元之間，其中包括收購 Activision 所獲得的無形資產的攤銷約 7 億美元。我們預計營業費用為 158 億美元至 159 億美元，其中包括來自 Activision 收購的購買會計、整合和交易相關成本約 3 億美元。其他收入和支出應為約負 6 億美元，因為利息收入將被利息支出和其他損失所抵銷。提醒一下，我們必須確認股權投資的收益或損失，這可能會增加季度波動。我們預計第三季的有效稅率將與全年稅率保持一致，目前我們預計全年稅率約為 18%。

Now some additional thoughts on the full fiscal year. First, FX. Assuming current rates remain stable, we now expect FX to increase Q4 and full year revenue growth by less than 1 point. We continue to expect no meaningful impact to full year COGS or operating expense growth. Second, Activision. For the full year FY '24, we expect Activision to be accretive to operating income when excluding purchase accounting, integration and transaction-related costs.

現在針對整個財政年度提出一些額外的想法。首先，外匯。假設當前利率保持穩定，我們目前預計外匯將使第四季和全年收入成長不到 1 個百分點。我們仍預期這不會對全年銷貨成本或營業費用成長產生重大影響。第二，動視。對於 24 財年全年，我們預計，在不包括購買會計、整合和交易相關成本的情況下，動視暴雪的營業收入將增加。

At a total company level, we delivered strong results in H1, and demand for our Microsoft Cloud continues to drive the growth in our outlook for H2. Our commitment to scaling our cloud and AI investment is guided by customer demand and a substantial market opportunity. As we scale these investments, we remain focused on driving efficiencies across every layer of our tech stack and disciplined cost management across every team. Therefore, we expect full year operating margins to be up 1 to 2 points year-over-year even as AI capital investments drive COGS growth. This operating margin expansion includes the impact from the Activision acquisition and the headwind from the change in useful lives last year.

從整個公司層面來看，我們上半年取得了強勁的業績，而對微軟雲端的需求將繼續推動我們對下半年的成長前景。我們致力於擴大雲端運算和人工智慧投資，並以客戶需求和龐大的市場機會為指導。在擴大這些投資的同時，我們仍然專注於提高技術堆疊每一層的效率以及每個團隊的嚴格成本管理。因此，即使人工智慧資本投資推動 COGS 成長，我們預計全年營業利潤率仍將年增 1 至 2 個百分點。此次營業利益率的擴大包括了收購動視的影響以及去年使用壽命變化帶來的不利影響。

In closing, we are focused on execution so our customers can realize the benefits of AI productivity gains as we invest to lead this AI platform wave. With that, let's go to Q&A, Brett.

最後，我們專注於執行，以便在我們投資引領這股人工智慧平台浪潮的同時，我們的客戶能夠實現人工智慧生產力提升帶來的好處。下面，我們開始問答環節，布雷特。

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

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

(Operator Instructions) And our first question comes from the line of Mark Moerdler with Bernstein Research.

（操作員指示）我們的第一個問題來自伯恩斯坦研究公司的馬克‧莫德勒（Mark Moerdler）。

Congratulations on the strong quarter. Amy, you've discussed Azure being stable and you delivered Azure growth stability. But if we drill in 1 layer, we see Azure AI continuing to become a bigger portion of the revenue. I understand that separating what is directly AI revenue and what is other IaaS/PaaS revenue that are leveraging while driven by AI is difficult, can you help me with 2 related questions? Optimization has been stabilizing, and at some point, it should be part of the revenue flow. How should we think about what happens then? Do we see nondirectly AI consumption being flattish? Or do we see a rebound as the cloud shift continues and the need for data inferencing grows?

恭喜您本季取得強勁業績。艾米，您已經討論了 Azure 的穩定性，並且實現了 Azure 的成長穩定性。但如果我們深入研究 1 層，我們會看到 Azure AI 將繼續佔據收入的更大份額。我理解區分直接的 AI 收入和其他由 AI 驅動的 IaaS/PaaS 收入很困難，您能幫我解答兩個相關問題嗎？優化已經趨於穩定，在某些時候，它應該成為收入流的一部分。我們該如何看待接下來會發生什麼事？我們是否看到非間接的人工智慧消費趨於平穩？或者隨著雲端運算轉移的持續以及資料推理需求的成長，我們會看到反彈？

Second part, on AI, where are we in the journey from training driving most of the Azure AI usage to inferencing? When do you think we start to the pickup in non-Microsoft inferencing kicking in? When do you think we could hit the point where inferencing is the bigger part of the driver?

第二部分，關於 AI，從驅動大部分 Azure AI 使用的訓練到推理，我們處於什麼階段？您認為我們什麼時候會開始迎來非 Microsoft 推理技術的崛起？您認為什麼時候我們才能達到推理成為驅動力更重要的階段？

You want me to go first?

你想讓我先走嗎？

Why don't you go first and I'll take the technical...

你先走吧，我來處理技術問題…

Yes, let me -- just on the inferencing and training, most -- what you've seen for most part is all inferencing. So none of the large model training stuff is in any of our either numbers at all. Small batch training, so somebody is doing fine-tuning or what have you, that will be there but that's sort of a minor part. So most of what you see in the Azure number is broadly inferencing. And Mark, I think it may be helpful to sort of think about like what is the new workload in AI. The new workload in AI obviously, in our case, it starts with 1 of the frontier -- I mean, starts with the frontier model, Azure OpenAI.

是的，讓我 — — 僅就推理和訓練而言，大多數 — — 您所看到的大部分都是推理。因此，大型模型訓練內容根本不存在於我們的任何數字中。小批量訓練，所以有人在做微調或其他什麼，這會存在，但那隻是很小的一部分。因此，您在 Azure 數字中看到的大部分內容都是廣泛推斷的。馬克，我認為思考一下人工智慧領域的新工作量是什麼可能會有所幫助。顯然，在我們的案例中，人工智慧中的新工作負載是從前沿模型 1 開始的——我的意思是，從前沿模型 Azure OpenAI 開始。

But it's not just about just 1 model, right? So you -- first, you take that model, you do all that jazz, you may do some fine-tuning. You do retrieval, which means you're sort of either getting some storage meter or you're eating some compute meters. And so -- and by the way, there's still a large model to a small model and that would be a training perhaps, but that's a small batch training that uses essentially inference infrastructure. So I think that's what's happening. So you could even say these AI workloads themselves will have a life cycle, which is they'll get built, then they will be continuously optimized over time. So that's sort of 1 side.

但這不僅僅涉及 1 個模型，對嗎？所以你——首先，你採用那個模型，做所有的爵士樂，你可能會做一些微調。您進行檢索，這意味著您要么獲取一些儲存儀表，要么使用一些計算儀表。所以 — — 順便說一下，仍然有一個大模型和一個小模型，這也許是一種訓練，但這是一種使用推理基礎設施的小批量訓練。所以我認為這就是正在發生的事情。因此你甚至可以說這些 AI 工作負載本身會有一個生命週期，即它們會被構建，然後隨著時間的推移而不斷優化。這就是一方面。

And I think if I understand your question, what's happening with the traditional optimization. And I think last quarter, we said, one, we are going to continue to have these cycles where people will build new workloads. They will optimize the workloads and they'll start new workloads. So I think that, that's what we continue to see. But that period of massive, I'll call it, optimization only and no new workload start, that, I think, has ended at this point. So what you're seeing is much more of that continuous cycles by customers, both whether it comes to AI or whether it comes to the traditional workloads.

我想如果我理解了你的問題，那麼傳統的優化發生了什麼事。我認為上個季度我們說過，第一，我們將繼續保持這樣的週期，人們將建立新的工作量。他們將優化工作量並開始新的工作量。所以我認為，這就是我們繼續看到的情況。但我認為，那個大規模的、我稱之為僅進行最佳化、沒有開始新工作量的時期此時已經結束了。因此，您看到的是客戶更多的連續循環，無論是涉及人工智慧還是涉及傳統工作負載。

Maybe I'll just add just a few things to that. I think whether you use the word lapping these optimization comparables or the comparables easing, it's all sort of the same thing. That we're getting to that point in H2, that's absolutely true. We'd like to talk about the contribution of AI, specifically for the reasons Satya talked about. These are -- this is starting to see the application of AI at scale and we want to be able to show people, this is how that's going to look.

或許我只想補充一些內容。我認為無論您使用重疊這些優化可比物還是可比緩和這個詞，它們都是同一件事。我們在下半年就達到了這個目標，這是絕對正確的。我們想談談人工智慧的貢獻，特別是 Satya 談到的原因。這些都是人工智慧的大規模應用的開始，我們希望能夠向人們展示它將會是什麼樣子。

It's inferencing workloads where people are expecting productivity gains, other benefits that grow revenue. And so I do think about those as both related. And ultimately, the TAM that we go after is best thought of as across both of those, both AI workload and I guess, "non-AI workload", although to Satya's point, you need all of it.

它推斷人們期望提高生產力的工作量以及增加收入的其他好處。因此我確實認為這兩者是相關的。最終，我們追求的 TAM 最好被認為是跨越這兩者，既包括 AI 工作量，也包括“非 AI 工作量”，儘管對於 Satya 的觀點，你需要所有這些。

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

我們的下一個問題來自傑富瑞（Jefferies）的布倫特·蒂爾（Brent Thill）。

Amy, the margin improvement is pretty shocking the most considering the investments that you and Satya are putting in AI. I'm curious if you could just walk through how this is possible and what you're seeing so far in some of the costs that you're trying to manage as you scale up AI.

艾米，考慮到您和薩蒂亞在人工智慧方面的投資，利潤率的提高是最令人震驚的。我很好奇，您是否可以簡單介紹一下這是如何實現的，以及在擴大人工智慧規模的過程中，您目前嘗試管理的一些成本。

Thanks, Brent. First of all, thanks for the question. The teams are obviously been hard at work on this topic. We do point out that Q2, because of the impact of the charge a year ago, you're seeing larger margin improvement than I would say is sort of a run rate margin improvement. So let me first say that.

謝謝，布倫特。首先感謝您的提問。這些團隊顯然一直在努力研究這個問題。我們確實指出，由於一年前收費的影響，第二季的利潤率改善幅度比我所說的運行率利潤率改善幅度還要大。因此，首先讓我說一下。

Secondly, the absolute margin improvement has also been very good. And it speaks to, I think, one of the things Satya talked about and I reiterated a bit, which is that we want really to make sure that we're making investments, we're making them in consistency across the tech stack. The tech stack we're building, no matter what team is on, is inclusive of AI enablement. And so think about it as building that consistency without needing to add a lot of resources to do that. It's been a real pivot of our entire investment infrastructure to be working on this work.

其次，絕對利潤率的改善也非常好。我認為這說明了薩蒂亞談到的並且我重申過的事情之一，那就是我們真正想要確保我們進行的投資是在整個技術堆疊中保持一致性的。無論哪個團隊，我們正在建構的技術堆疊都包含人工智慧支援。因此，可以想像一下建立這種一致性，而不需要添加大量資源來實現這一點。這項工作是我們整個投資基礎設施的真正支點。

And I think that's important because it means you're shifting to an AI-first position, not just in the language we use but in what people are working on day to day. That does obviously create a leverage opportunity. There's also been really good work put in by many teams on improving the gross margin of the product. We talked about it with Office 365. We talked about it in Azure core. We even talked about it across our devices portfolio, where we've seen materially improvements over the course of the year. And so we need to kind of take improvements at the gross margin level plus this consistency of re-pivoting a workforce toward the AI-first work we're doing without adding a material number of people to the workforce, you end up with that type of leverage.

我認為這很重要，因為這意味著你正在轉向人工智慧優先的立場，不僅僅是在我們使用的語言上，而且在人們日常工作中。這顯然創造了一個槓桿機會。許多團隊也為提高產品毛利率做出了巨大的貢獻。我們在 Office 365 中討論了這個問題。我們甚至在我們的設備組合中討論了這一點，我們在一年中看到了實質的改進。因此，我們需要在毛利率水準上取得一些進步，同時還要持續不斷地將勞動力轉向我們正在從事的以人工智慧為先的工作，而無需在勞動力中增加大量人員，最終就會得到這種結果槓桿。

And we still need to be investing. And so the important part, invest towards the thing that's going to shape the next decade and continue to stay focused on being able to deliver your day-to-day commitments. And so it's a great question, and hopefully, that helps piece apart a few of the components.

我們仍然需要投資。因此，重要的是，投資於將影響未來十年的事物，並繼續專注於履行日常承諾。這是一個很好的問題，希望它能幫助我們釐清一些問題。

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

我們的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Superb quarter, great improvements. Just one question for you, Satya. Cloud computing changed the tech stack in ways that we could not imagine 10 years back. The nature of the database layer, the operating system, every layer just changed dramatically. How do you foresee generative AI changing the tech stack as we know it?

本季表現優異，進步巨大。只想問你一個問題，薩蒂亞。雲端運算以十年前我們無法想像的方式改變了技術堆疊。資料庫層、作業系統以及每一層的性質都發生了巨大的變化。您如何預見生成式人工智慧將改變我們已知的技術堆疊？

Yes, I think it's going to have a very, very foundational impact. In fact, you could say the core compute architecture itself changes, everything from power density to the data center design to what used to be the accelerator now is that sort of the main CPU, so to speak, or the main compute unit. And so I think -- and the network, the memory architecture, all of it. So the core computer architecture changes, I think every workload changes. And so yes, so there's a full -- like take our data layer.

是的，我認為這將產生非常非常深遠的影響。事實上，你可以說核心運算架構本身發生了變化，從功率密度到資料中心設計，再到以前的加速器，現在可以說是主 CPU 或主運算單元。所以我認為——以及網路、記憶體架構，所有這些。因此核心電腦架構發生了變化，我認為每個工作負載都會發生變化。是的，這是一個完整的——就像獲取我們的資料層一樣。

The most exciting thing for me in the last year has been to see how our data layer has evolved to be built for AI, right? If you think about Fabric, one of the genius of Fabric is to be able to say, let's separate out storage from the compute layer. In compute, we'll have traditional sequels, we'll have spark. And by the way, you can have an Azure AI drop on top of the same data lake, so to speak, or the lake house pattern. And then the business model, you can combine all of those different computes.

對我來說，去年最令人興奮的事情就是看到我們的資料層如何發展並用於人工智慧，對嗎？如果你考慮一下 Fabric，它的一個巧妙之處就是能夠將儲存與運算層分開。在計算方面，我們將有傳統的續集，我們將有火花。順便說一句，你可以在同一個資料湖之上放置一個 Azure AI，或者說是湖屋模式。然後是商業模式，您可以將所有這些不同的計算結合起來。

So that's the type of compute architecture. So it's sort of a -- so that's just 1 example. The tool stuff is changing. Office. I mean, if you think about what -- if you look at Copilot, Copilot extensibility with GPT, Copilot apps to the Copilot stack, that's another sort of part of what's happening to the tech stack. So yes, I mean, it definitely builds. I mean, I do believe being in the cloud has been very helpful to build AI. But now AI is just redefining what it means to have -- what the cloud looks like, both at the infrastructure level and the app model.

這就是計算架構的類型。所以這有點像是——這只是一個例子。工具內容正在改變。辦公室。我的意思是，如果你想想——如果你看看 Copilot、Copilot 與 GPT 的可擴展性、Copilot 應用程式到 Copilot 堆疊，那就是技術堆疊正在發生的事情的另一部分。是的，我的意思是，它肯定會建立。我的意思是，我確實相信雲端對於建立人工智慧非常有幫助。但現在，人工智慧正在重新定義雲端的含義，包括基礎設施層面和應用程式模型層面。

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

我們的下一個問題來自瑞銀的 Karl Keirstead。

I wanted to return to AI. The 6-point AI lift to Azure is just extraordinary. But I wanted to ask you about your progress in standing up the infrastructure to meet that demand. If you feel like Microsoft is supply GPU-constrained, if the success you've had maybe working through some of the scaling bottlenecks that some of the other cloud infrastructure providers have talked about, a little bit maybe on the infrastructure scaling front might be interesting.

我想重返人工智慧。 Azure 的 6 點 AI 提升非常顯著。但我想問一下您在建立基礎設施以滿足這一需求方面取得了哪些進展。如果你覺得微軟在 GPU 供應方面受到限制，如果你已經成功解決了其他一些雲端基礎設施供應商談到的一些擴展瓶頸，那麼在基礎設施擴展方面可能會有一點意思。

Thanks, Karl. Maybe I'll start, and Satya, feel free to add on. Karl, I think we feel really good about where we have been in terms of adding capacity. You started to see the acceleration in our capital expense starting almost a year ago, and you've seen it scale through that process. And that is going toward, as we talked about, servers and also new data center footprints to be able to meet what we see as this demand and really changing demand as we look forward.

謝謝，卡爾。也許我會開始，Satya，請隨意添加。卡爾，我認為，我們對增加產能的進展感到非常滿意。您從大約一年前開始看到我們的資本支出加速成長，並且您已經看到它在這過程中不斷擴大。正如我們所討論的，這將朝著伺服器和新資料中心的方向發展，以便能夠滿足我們所看到的這種需求以及未來真正變化的需求。

And so I do feel like the teams have done a very good job. I feel like primarily, obviously, this is being built by us, but we've also used third-party capacity to help when we could have that help us in terms of meeting customer demand. And I tend to think looking forward, you'll tend to see and I guided toward it, accelerating capital expense to continue to be able to add capacity in the coming quarters, given what we see in terms of pipeline.

因此我確實覺得團隊做得非常好。我覺得這顯然主要是我們自己建構的，但我們也會利用第三方的能力來幫助我們滿足客戶需求。而且我傾向於認為展望未來，您會看到並且我也朝著這個方向引導，鑑於我們所看到的管道情況，加速資本支出以便能夠在未來幾個季度繼續增加產能。

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

我們的下一個問題來自德意志銀行的布拉德澤爾尼克 (Brad Zelnick)。

The early market feedback that we're all hearing on Microsoft 365 Copilot is very powerful. Can you provide more granularity on what you're seeing in terms of adoption trends versus perhaps other new product introductions in the past? What, if anything, is holding it back? And how much of a priority is it to get it in the hands of customers? How -- to what lengths might you go to incentivize just getting it out in the market?

我們聽到的有關 Microsoft 365 Copilot 的早期市場回饋非常有力。您能否更詳細地介紹一下與過去其他新產品的推出相比，您所看到的採用趨勢如何？如果有的話，是什麼阻礙了它的發展？將它送到客戶手中有多重要？如何－你會採取什麼措施來激勵它進入市場？

No. Thank you for the question, Brad. And so a couple of things. In my comments, I said increased in relation to our previous suites like, let's say, E3 or E5, whatever, 2 months in, it's definitely much faster than that. And so from that perspective, it's exciting to see, I'll say, the demand signal, the deployment signal. I was looking at by tenant, even usage, it's faster than anything else because it's easier, right? I mean, it's sort of -- it shows up in your app. You click on it like any ribbon thing and it becomes a daily habit.

不，謝謝你的提問，布拉德。還有幾件事。在我的評論中，我說與我們之前的套件相比有所增加，比如說 E3 或 E5，無論什麼，2 個月後，它肯定比那快得多。因此從這個角度來看，看到需求訊號、部署訊號是令人興奮的。我正在按租戶查看，甚至按使用情況查看，它比其他任何東西都快，因為它更簡單，對嗎？我的意思是，它有點像——它會出現在你的應用程式中。你可以像點擊任何絲帶一樣點擊它，它會成為一種日常習慣。

In fact, it reminds me a little bit of sort of the back in the day of PC adoption, right? It's kind of -- I think it first starts off with few people having access. There are many companies that are doing standard issue, right? So just like PCs became standard issue at some point after PCs being adopted by early adopters. I think that's the cycle that at least we expect.

事實上，它有點讓我回想起 PC 普及的那個年代，對吧？我覺得，一開始只有少數人能夠訪問它。做標準發行的公司很多，對嗎？因此，就像 PC 被早期採用者採用後，在某個時候成為標準配置一樣。我認為這至少是我們所期望的周期。

In terms of what we're seeing, it's actually interesting if you look at the data we have, summarization, that's what it's like, number one, like I'm doing summarizations of teams, meetings inside of teams during the meeting, after the meeting, Word documents, summarization. I get something in e-mail, I'm summarizing. So summarization has become a big deal. Drafts, right? You're drafting e-mails, drafting documents. So anytime you want to start something, the blank page thing goes away and you start by prompting and drafting.

就我們所看到的情況而言，如果你看看我們掌握的數據，你會發現其實很有趣，總結一下，情況就是這樣的，第一，就像我在會議期間對團隊、團隊內部的會議進行總結，在會議結束後會議，Word文檔，總結。我在電子郵件中收到一些內容，我正在總結一下。因此總結就變得很重要。草稿吧？您正在起草電子郵件、起草文件。因此，任何時候您想要開始做某事，空白頁就會消失，您可以透過提示和起草來開始。

Chat. To me, the most powerful feature is now you have the most important database in your company, which happens to be the database of your documents and communications, is now query-able by natural language in a powerful way, right? I can go and say, what are all the things Amy said I should be watching out for next quarter? And it will come out with great detail. And so chat, summarization, draft.

聊天。對我來說，最強大的功能是現在您擁有公司中最重要的資料庫，而該資料庫恰好是您的文件和通訊資料庫，現在可以透過自然語言以強大的方式進行查詢，對嗎？我可以說，艾米說下個季度我該注意什麼事情？而且它將會以非常詳細的內容呈現。然後聊天、總結、起草。

Also, by the way, actions, one of the most used things is, here's a Word document. Go complete -- I mean, create a PowerPoint for me. So those are the stuff that's also beginning. So I feel like these all become -- but fundamentally, what happens is you remember the PC adoption cycle. What it did was work, work artifact and work flow changed, right? You can imagine what forecasting was before Excel and e-mail and what it was after. So similarly, you'll see work and workflow change as people summarize faster, draft regulatory submissions faster, chat to get knowledge from your business. And so those are the things that we are seeing as overall patterns.

另外，順便說一下，最常用的操作之一是，這是 Word 文件。完成——我的意思是，為我創建一個 PowerPoint。所以這些也都是剛開始的事情。所以我覺得這些都變成了——但從根本上來說，發生的事情是你記得 PC 的採用週期。它所做的就是工作、工作工件和工作流程都發生了改變，對嗎？你可以想像一下在 Excel 和電子郵件出現之前和之後的預測是什麼樣的。因此，同樣地，隨著人們總結的速度更快、起草監管文件的速度更快、透過聊天來獲取您的業務知識，您會看到工作和工作流程發生變化。這些就是我們所看到的整體模式。

And maybe just to add 2 points. One of the exciting things, as Satya said, for some companies, it's going to be standard issue like a PC. For other companies, they may want to do a land with a smaller group, see the productivity gains and then expand. And so being able to lift some of the seat requirements that we did earlier this month is really going to allow customers to be able to use that approach too.

也許只是想補充 2 點。正如薩蒂亞所說，令人興奮的事情之一是，對於一些公司來說，它將成為像個人電腦一樣的標準配置。對於其他公司來說，他們可能希望與較小的團隊合作，觀察生產力的提高，然後再擴大規模。因此，我們本月早些時候取消的一些座位要求實際上將允許客戶也使用這種方法。

And the other thing I would add, we always talk about in enterprise software, you sell software, then you wait and then it gets deployed. And then after deployment, you want to see usage. And in particular, what we've seen and you would expect this in some ways with Copilot, even in the early stages, obviously, deployment happens very quickly. But really what we're seeing is engagement growth. To Satya's point on how you learn and your behavior changes, you see engagement grow with time. And so I think those are -- just to put a pin on that because it's an important dynamic when we think about the optimism you hear from us.

我想補充的另一件事是，我們總是談論企業軟體，你銷售軟體，然後等待它被部署。部署後，您希望查看使用情況。特別是，我們已經看到，並且您也可以在某種程度上預料到 Copilot 會出現這種情況，即使在早期階段，部署顯然也會非常快。但我們真正看到的是參與度的成長。正如 Satya 所指出的，你如何學習以及你的行為如何改變，你會看到參與度隨著時間的推移而增長。所以我認為，這些只是冰山一角，因為當我們想到您從我們這裡聽到的樂觀情緒時，這是一個重要的動力。

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

我們的下一個問題來自摩根大通的馬克墨菲。

Is it possible to unpack the 6-point AI services tailwind just to help us understand which elements are ramped up by the 3 incremental points? For instance, is it more of the OpenAI inferencing, GitHub Copilot, other Copilots, the Azure OpenAI Service, third-party LLMs running on Azure? I'm just wondering where did you see the strongest step-up in that activity?

是否可以解析 6 點 AI 服務順風，以幫助我們了解哪些元素是由 3 個增量點推動的？例如，它是否更多地是 OpenAI 推理、GitHub Copilot、其他 Copilot、Azure OpenAI 服務、在 Azure 上運行的第三方 LLM？我只是想知道您認為這項活動的最大進步是什麼？

Mark, without getting into tons of line items, it's more simple to think of it as really, it's people adopting it for inferencing at the API generally. I mean, that's the easiest way to think about it. And we also saw growth in GitHub Copilot, which you talked -- which Satya talked about. And we saw a growing number of third parties using it in some smaller ways for training. But this is primarily an inferencing workload right now in terms of what's driving that number and how do you use to think about that.

馬克，我們不必深入討論大量的項目，更簡單的方法是將其視為人們通常採用它來進行 API 推理。我的意思是，這是最簡單的思考方式。我們也看到了 GitHub Copilot 的成長，正如您所談到的——Satya 談到的。我們看到越來越多的第三方以較小規模的方式使用它進行培訓。但就目前推動這一數字的因素以及您如何思考這一數字而言，這主要是一種推理工作量。

Yes, Azure OpenAI and then OpenAI's own APIs on top of Azure would be the sort of the major drivers. But there's a lot of the small batch training that goes on, whether it's out of (inaudible) or fine-tuning. And then a lot of people who are starting to use models as a service with all the other new models. But it's predominantly Azure OpenAI today.

是的，Azure OpenAI 以及 Azure 之上的 OpenAI 自己的 API 將成為主要的驅動因素。但需要進行大量的小批量訓練，無論是（聽不清楚）還是微調。然後很多人開始將模型與其他所有新模型一起用作服務。但目前主要是 Azure OpenAI。

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

我們的下一個問題來自 Stifel 的 Brad Reback。

Amy, for many, many years in commercial Office 365, seat growth has far outpaced ARPU. And over the last couple of quarters, we're getting a convergence, obviously, as the seat count gets really large. As we look forward, should they run even for a period of time or should we expect ARPU to outpace seat growth here in the short term?

艾米，在商業 Office 365 領域工作多年以來，其席位成長速度遠遠超過了 ARPU 的成長速度。在過去幾個季度中，隨著席位數量變得越來越大，我們顯然正在趨於一致。展望未來，它們是否應該在一段時間內保持均衡運行，或者我們是否應該預期短期內 ARPU 的成長速度將超過座位數的成長速度？

That's a great question, Brad. And let me split apart the components and then we can come back to whether they should equalize or just go on sort of a bit, actually, believe it or not, somewhat independent trajectories and I'll explain why I say that. Seat growth, as we talk about, is primarily from, at this point, small and medium-sized businesses and really frontline worker scenarios. And to your point, on occasion, those are lower ARPU seats. But they are also -- they're new seats. And so you see that in the seat count number.

這是一個很好的問題，布拉德。讓我先把各個組成部分分開，然後我們再回過頭來討論它們是否應該均衡，或者只是繼續保持某種程度上的獨立軌跡，實際上，不管你信不信，我會解釋為什麼我這麼說。正如我們所討論的，目前的席位增長主要來自中小型企業和真正的一線工人場景。正如您所說，有時這些席位的 ARPU 較低。但它們也是——它們是新席位。您可以在座位數中看到這一點。

And as we get through and we've seen that come down a little bit quarter-over-quarter, and we've guided for that really to happen again next quarter. But a very separate thing is being able to add ARPU. And traditionally, and again this quarter, right, that's come over time from E3 then from E5. And we're continuing to see very healthy sweet momentum and you heard very good renewals. So all of that, right, completely independent in some way from seat growth.

隨著我們度過難關，我們發現這一數字比上一季略有下降，並且我們預計下個季度將再次出現。但完全不同的事情是能夠增加 ARPU。按照傳統，以及本季的情況，這一趨勢是從 E3 到 E5 逐漸顯現出來的。而且我們繼續看到非常健康的良好勢頭，您也聽到了非常好的更新。所以所有這一切，在某種程度上，與席位增長完全無關。

Then the next thing that actually we just talked about, maybe in Brad's question, I'm trying to recall, is that you're going to see Copilot revenue will land there as ARPU, right? That won't show as seat growth. So you'll have E3, E5 transitions, Copilot all show up in ARPU over time. And then you'll have the seat growth be primarily still small business and frontline worker and maybe new industry scenarios. So I tend to not really, Brad, think about them as related lines, believe it or not. I think about them as sort of unique independent motions we run, and there's still room for seat growth. And obviously, with the levers we've talked about, there's room for ARPU growth as well.

那麼我們實際上剛剛談到的下一件事，也許是在布拉德的問題中，我試圖回憶一下，您會看到 Copilot 的收入將作為 ARPU 落在那裡，對嗎？這不會表現為席位的成長。因此，隨著時間的推移，您將擁有 E3、E5 轉換，Copilot 全部顯示在 ARPU 中。然後你會發現席位增長主要仍然在於小企業和一線工人，也許還有新的行業場景。因此，布拉德，我傾向於不把它們看作是相關的線，不管你信不信。我認為它們是我們所運行的一種獨特的獨立運動，座位數量仍有成長空間。顯然，透過我們討論的槓桿，ARPU 也還有成長空間。

Our last question will come from the line of Tyler Radke with Citi.

我們的最後一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

Satya, your enthusiasm about GitHub Copilot was noticeable on the conference call and at the AI Summit in New York last week. I'm wondering how you're thinking about pricing. Obviously, this is driving pretty incredible breakthroughs in productivity for developers. But how do you think about your ability to drive ARPU on the GitHub Copilot over time? And just talk us through how you're thinking about the next phase of new leases there.

Satya，在上週的電話會議和紐約人工智慧高峰會上，你對 GitHub Copilot 的熱情顯而易見。我想知道您是如何考慮定價的。顯然，這將推動開發人員生產力的相當驚人的突破。但是，您如何看待自己隨著時間的推移在 GitHub Copilot 上提高 ARPU 的能力？請和我們談談您對下一階段新租約的看法。

Yes. I mean, it's -- I always go back to sort of my own conviction that this generation of AI is going to be different, started with the move from 2.5 to 3 of GPT and then its use inside of an Office scenario with GitHub Copilot. And so yes, I think this is the place where it's most evolved in terms of its economic benefits or productivity benefits. And you see it. We see it inside of Microsoft. We see it in all of the case studies we put out of customers.

是的。我的意思是，我總是回到我自己的信念，這一代人工智慧將會有所不同，從 GPT 2.5 到 3 的轉變開始，然後它在 GitHub Copilot 的 Office 場景中的使用。所以是的，我認為從經濟效益或生產力效益來看，這是發展最迅速的地方。你看到了。我們在微軟內部看到了這一點。我們在所有向客戶提供的案例研究中都看到了這一點。

Everybody had talked it's become -- it is the 1 place where it's becoming standard issue for any developer. It's like if you take away spellcheck from Word, I'll be unemployable. And similarly, it will be like I think GitHub Copilot becomes core to anybody who is doing software development. The thing that you brought up is a little bit of a continuation to how Amy talked about, right? So you are going to start seeing people think of these tools as productivity enhancers, right?

每個人都在談論它——它已經成為所有開發人員的標準問題。這就像如果 Word 中去掉拼字檢查功能，我就會失業一樣。同樣，我認為 GitHub Copilot 將成為任何從事軟體開發的人的核心。您提到的事情和艾米談論的事情有點相似，對嗎？所以你會開始看到人們將這些工具視為生產力增強劑，對嗎？

I mean, if I look at it, our ARPUs have been great but they're pretty low. But frankly, even though we've had a lot of success, it's not like we are a high-priced ARPU company. I think what you're going to start finding is, whether it's Sales Copilot or Service Copilot or GitHub Copilot or Security Copilot, they are going to fundamentally capture some of the value they drive in terms of the productivity of the OpEx, right? So it's like 2 points, 3 points of OpEx leverage would go to some software spend. I think that's a pretty straightforward value equation. And so that's the first time. I mean, this is not something we've been able to make the case for before, whereas now I think we have that case.

我的意思是，如果我看一下的話，我們的 ARPU 一直很棒，但它們相當低。但坦白說，儘管我們取得了許多成功，但我們並不是一家 ARPU 值高的公司。我認為你會開始發現，無論是銷售副駕駛、服務副駕駛、 GitHub 副駕駛還是安全副駕駛，它們都會從根本上捕捉到它們在營運支出生產力方面所推動的一些價值，對嗎？因此，就像 2 點、3 點的 OpEx 槓桿將用於一些軟體支出。我認為這是一個非常簡單的價值等式。這是第一次。我的意思是，以前我們無法證明這一點，但現在我認為我們可以證明這一點。

Then even the horizontal Copilot is what Amy was talking about, which is at the Office 365 or Microsoft 365 level. Even there, you can make the same argument. Whatever ARPU we may have with E5, now you can say incrementally as a percentage of the OpEx, how much would you pay for a Copilot to give you more time savings, for example. And so yes, I think all up, I do see this as a new vector for us in what I'll call the next phase of knowledge work and frontline work even and their productivity and how we participate.

那麼即使是水平的 Copilot 也是 Amy 談論的，它處於 Office 365 或 Microsoft 365 級別。即使在那裡，你也可以提出同樣的論點。無論 E5 的 ARPU 是多少，現在您都可以按 OpEx 的百分比逐步地說出，例如，您願意為 Copilot 支付多少錢來節省更多時間。所以是的，我認為總的來說，我確實將其視為我們稱之為下一階段知識工作和第一線工作的新方向，甚至是他們的生產力以及我們如何參與。

And I think GitHub Copilot, I never thought of the tools business as fundamentally participating in the operating expenses of a company's spend on, let's say, development activity. And now you're seeing that transition. It's just not tools. It's about productivity of your dev team.

我認為 GitHub Copilot，我從未想過工具業務會從根本上參與公司在開發活動上的營運費用。現在您就看到了這種轉變。它不僅僅是工具。這與你的開發團隊的生產力有關。

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.

這就是今天財報電話會議的問答部分。感謝您今天的加入，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 now disconnect. Enjoy the rest of your evening.

今天的會議到此結束。您現在可以斷開連線。祝您晚上愉快。