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.

您好，歡迎參加 Microsoft 2024 財年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給東道主投資者關係副總裁 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。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 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，我們將於2023 年10 月13 日開始在更多個人運算部門報告其業績。因此，我們的Xbox 內容和服務收入成長投資者指標包括動視暴雪的淨影響。此外，我們的新聞稿和投影片包含有關動視收購對我們財務表現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。它們被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二季度的業績以及這些項目和事件對財務業績的影響。

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

除非另有說明，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和錄音。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. 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責任。然後，我會將電話轉給 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。在 Microsoft 雲端持續強勁的推動下，本季營收超過 330 億美元，成長 24%，創下了創紀錄的季度業績。我們已經從談論人工智慧轉向大規模應用人工智慧。透過將人工智慧融入我們技術堆疊的每一層，我們正在贏得新客戶並幫助推動新的效益和生產力的提高。

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動力和進展的範例，從 Azure 開始。 Azure 在本季再次憑藉我們的 AI 優勢佔據了市場份額。 Azure 提供頂級的 AI 訓練和推理性能以及最多樣化的 AI 加速器選擇，包括 AMD 和 NVIDIA 的最新加速器以及我們自己的第一方晶片 Azure Maia。透過 Azure AI，我們可以存取最佳的基礎模型和開源模型，包括法學碩士和 SLM，它們都與 Azure 上的基礎設施、資料和工具深度整合。我們現在擁有 53,000 個 Azure AI 客戶。超過 1/3 的使用者在過去 12 個月內是 Azure 的新使用者。我們的新服務模式使開發人員可以輕鬆地在 Azure 上使用 Cohere、Meta 和 Mistral 等合作夥伴提供的法學碩士，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.

我們還建造了世界上最受歡迎的 SLM，其性能可與較大型號相媲美，但又足夠小，可以在筆記型電腦或行動裝置上運行。例如，Anchor、Ashley、AT&T、EY 和湯森路透都已經在探索如何將我們的 SLM、Phi 用於他們的應用程式。我們在 Azure OpenAI 服務方面勢頭強勁。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 等人工智慧優先新創公司以及一些全球最大的公司的使用量有所增加。如今，超過一半的財富 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 交易以及價值超過 10 億美元的 Azure 承諾數量增加。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.

現在來看數據。我們正在將人工智慧的力量整合到整個資料堆疊中。我們的 Microsoft 智慧數據平台將營運資料庫、分析、治理和人工智慧結合在一起，幫助組織簡化和整合其數據資產。 Cosmos DB 是建立任何規模的人工智慧應用程式的首選資料庫，為從 AXA 和 Kohl's 到三菱和 TomTom 等各個行業的公司的工作負載提供支援。例如，畢馬威 (KPMG) 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，該公司認為這將其顧問的生產力提高了 50%。整體而言，Cosmos DB 資料交易量年增 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來說，Azure AI 搜尋提供了最佳的混合搜尋解決方案。 OpenAI 將其用於檢索增強生成，作為 ChatGPT 的一部分。本季度，我們全面推出了 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 的多雲資料湖 OneLake 中儲存的資料環比成長了 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.

現在輪到開發人員了。從 GitHub 到 Visual Studio，我們擁有 AI 時代最全面、最受喜愛的開發者工具。在我們所有平台的成長和全球部署最廣泛的人工智慧開發工具 GitHub Copilot 的採用的推動下，GitHub 營收年增超過 40%。我們現在擁有超過 130 萬付費 GitHub Copilot 訂閱者，較上季成長 30%。超過 50,000 個組織使用 GitHub Copilot Business 來提高開發人員的工作效率，從 Etsy 和 HelloFresh 等數位原生企業到 Autodesk、Dell Technologies 和 Goldman Sachs 等領先企業。光是埃森哲今年就將向 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.

我們將更進一步，讓Copilot 在整個GitHub 平台上無處不在，並提供新的人工智慧驅動的安全功能以及Copilot Enterprise，後者根據組織的程式碼庫自訂Copilot，並允許開發人員用自然​​語言與其進行對話。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、分析數據，現在還可以建立自訂 Copilot。超過 23 萬個組織已使用 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，PayPal 和 Tata Digital 在短短幾週內就建立了 Copilot 來回答常見的員工問題，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業務應用程式中的角色。隨著組織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 Schneider Electric 在內的 30,000 多家組織的銷售人員使用 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.

透過我們新的 Copilot for Service，Northern Trust 等公司的員工可以更快解決客戶的疑問。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，我們正在定制解決方案以滿足特定行業的需求。在醫療保健領域，包括 Lifespan、UNC Health 和 UPMC 在內的 100 多個醫療保健系統正在使用 DAX Copilot 來提高醫生的工作效率並減少職業倦怠。我們的零售雲是 NRF 的前沿和中心，加拿大輪胎公司、Leatherman 和 Ralph Lauren 等零售商分享了他們將如何在整個購物過程中使用我們的解決方案來加快價值實現。

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.

現在談談未來的工作。越來越多的證據表明人工智慧將在改變工作方式中發揮作用。我們自己的研究以及外部研究表明，使用生成式 AI 來執行特定的工作任務，生產力提高了 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速度提高了 29%。兩個月後，我們看到比 E3 或 E5 套件更快的採用速度，因為 Dentsu、Honda、Pfizer 等企業都向員工部署了 Copilot。我們正在將可用性擴展到各種規模的組織。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已針對特定業務線建立了插件，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.

說到 Teams，我們再次看到創紀錄的使用量，因為組織將協作、聊天、會議和通話集中在一個平台上。而Teams也成為了我們新的切入點。我們超過 2/3 的企業 Teams 客戶購買電話、房間或高級版。所有這些創新正在推動Microsoft 365 的成長。我們現在擁有超過4 億個付費Office 365 席位，BP、Elenco、ING Bank、Mediaset、WTW 等組織都在本季度選擇了E5，為他們的員工提供我們最好的服務一流的生產力應用程式以及先進的安全性、合規性、語音和分析功能。

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.

現在進入Windows。到 2024 年，人工智慧將成為每台 PC 的首要組成部分。具有內建神經處理單元的Windows PC 是CES 的前沿和中心，它解鎖了新的AI 體驗，使您在PC 上的操作變得更輕鬆、更快捷，從搜尋答案和總結電子郵件到優化電池效率效能。 Windows 中的 Copilot 已在超過 7,500 萬台 Windows 10 和 Windows 11 電腦上運作。借助我們全新的副駕駛鍵，這是 30 年來 Windows 鍵盤的首次重大變化，提供一鍵存取。

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，引入新功能，讓員工更輕鬆地存取並讓 IT 團隊更輕鬆地保護其雲端 PC。雲端交付的 Windows 的使用量較去年同期成長超過 50%。總而言之，隨著 HPE 和 Petrobras 等公司向員工推出作業系統，Windows 11 商業部署量較去年同期成長了 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.

現在談談安全性。最近的安全攻擊，包括我們 1.5 週前報道的針對我們企業系統的民族國家攻擊，凸顯了組織迫切需要更快地採取行動，以保護自己免受網路威脅。這就是為什麼去年秋天，我們在「安全未來」計畫下宣布了一系列工程優先事項，將公司的各個部門聚集在一起，以推進新產品和舊基礎設施的網路安全保護。這就是為什麼我們繼續在安全產品組合和營運安全態勢方面進行創新，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.

我們業界首個統一的安全營運平台將我們的 SIEM、Microsoft Sentinel、XDR、Microsoft Defender 和 Copilot for Security 結合在一起，幫助團隊管理日益複雜的安全環境。透過 Copilot for Security，我們現在正在幫助數百家早期存取客戶，包括 Cmax、Dow、LTI Mindtree、McAfee、Nucor Steel 顯著提高其 SecOp 團隊的生產力。本季度，我們將 Copilot 擴展到 Entra、InTune 和 Purview。總共，我們擁有超過 100 萬客戶，其中超過 70 萬名客戶使用 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.

現在登入 LinkedIn。 LinkedIn 目前正在幫助超過 10 億會員學習、銷售和就業。我們繼續看到德國和印度等主要市場的會員註冊推動了全球會員的強勁成長。在不斷變化的就業市場中，會員透過技能培養和知識共享來保持競爭力。在過去 12 個月中，會員的個人資料中增加了 6.8 億個技能，較去年同期成長 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尋找工作和參與貼文。

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.

新的人工智慧功能，包括更個人化的郵件，也持續提高平台上的業務投資報酬率，我們的招募業務連續第六個季度佔據份額。更廣泛地說，人工智慧正在改變我們的搜尋和瀏覽器體驗。我們對這勢頭感到鼓舞。本月早些時候，我們實現了一個新的里程碑，迄今為止創建了50 億張圖像，進行了50 億次聊天，兩者都比上一季度翻了一番，並且Bing 和Edge 在本季度都佔據了份額。

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 個人和家庭訂閱者提供最新型號的存取權限，以實現快速解答和高品質影像建立以及 Copilot 的存取權限。

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，我們在 Xbox PC 和行動裝置上創下了月度活躍用戶的歷史記錄，目前僅在行動裝置上的月度活躍用戶就超過 2 億，其中包括動視暴雪 King。透過收購，我們已經將數億遊戲玩家加入我們的生態系統中，同時我們也實現了在更多平台上吸引更多遊戲玩家的雄心壯志。借助雲端遊戲，我們不斷創新，為玩家提供更多方式，隨時隨地以他們想要的方式體驗他們喜愛的遊戲。我們的直播量年增 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.

精彩的內容是我們發展的關鍵，在我們的產品組合中，我對我們即將推出的遊戲陣容感到前所未有的興奮。本月早些時候，我們分享了今年將登陸 Xbox、PC 和 Game Pass 的令人興奮的新第一方遊戲，其中包括《法櫃奇兵》。我們也宣布今年將對許多最持久的特許經營權進行重大更新，這些特許經營權每月吸引數百萬玩家，包括《決勝時刻》、《上古捲軸 Online》和《Starfield》。最後，我們期待人工智慧驅動的轉型將如何在 2024 年使人們和組織受益。接下來，我將把它交給 Amy。

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.

謝謝薩蒂亞，大家下午好。本季營收為 620 億美元，以固定匯率計算分別成長 18% 及 16%。在上一年第二季費用進行調整後，營業收入以固定匯率計算分別成長 25% 和 23%，每股盈餘為 2.93 美元，以固定匯率計算分別成長 26% 和 23%。結果超出了預期，我們又實現了季度兩位數的營收和利潤成長。正如薩蒂亞所提到的那樣，我們的銷售團隊和合作夥伴的強大執行力在本季再次推動了我們許多業務的份額成長。

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，對包括人工智慧服務在內的微軟雲端產品的強勁需求推動了大型長期 Azure 合約的成長好於預期。 Microsoft 365 套件的實力促進了 Office 商業業務的 ARPU 擴張，而 Microsoft 365 套件之外銷售的獨立產品的新業務成長持續放緩。商業預訂量超出預期，在較低的到期基數上以固定匯率計算分別成長 17% 和 9%。前面提到的長期 Azure 合約的實力，以及我們核心年金銷售行動（包括健康續約）的強力執行，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.

以固定匯率計算，商業剩餘履約義務增加了 17% 和 16%，達到 2,220 億美元。約 45% 將在未來 12 個月內確認為收入，年增 15%。剩餘部分在未來 12 個月後確認，成長了 19%。本季度，我們的年金組合為 96%。在我們的消費業務中，個人電腦和廣告市場整體符合我們的預期。個人電腦市場銷售量繼續穩定在大流行前的水平。遊戲機市場有點小。

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，我的第二季評論包括動視暴雪自收購日起的淨影響，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的關係到第一方的關係。在公司層面，動視為營收成長貢獻了約 4 個百分點，對調整後的營業收入成長產生了 2 個百分點的拖累，並對每股收益產生了 0.05 美元的負面影響。這項影響包括來自採購會計調整、整合和交易相關成本的 11 億美元，例如與上週公告相關的遣散費。

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.

外匯大致符合我們對公司總收入、分部收入、銷貨成本和營運費用成長的預期。微軟雲端營收為 337 億美元，超出預期，以固定匯率計算分別成長 24% 和 22%。微軟雲端毛利率為 72%，年比基本不變。排除使用壽命會計估計變化的影響，在 Azure 和 Office 365 的改進推動下，毛利率增長了約 1 個百分點，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。

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.

以固定匯率計算，公司毛利率分別成長 20% 和 18%，毛利率年增至 68%。排除會計估計變更的影響，毛利率增加了約 2 個百分點，儘管動視收購帶來的採購會計調整、整合和交易相關成本帶來了 5.81 億美元的影響。成長是由設備的改進以及剛才提到的 Azure 和 Office 365 的改進所推動的。

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 3%，其中動視收購帶來的 11 個百分點被上年第二季費用帶來的 7 個百分點的有利影響部分抵銷。動視暴雪的影響包括 5.5 億美元的採購會計調整、整合和交易相關成本。在公司層面，12 月底的員工人數比去年同期減少了 2%。營業利益率年增約 5 個百分點，達到 44%。排除會計估計變更的影響，營業利潤率增長了大約 6 個百分點，原因是前面提到的毛利率較高、上一年第二季度費用的有利影響以及通過嚴格的成本控制提高了營業槓桿。

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.

現在我們的細分結果。生產力和業務流程收入為 192 億美元，以固定匯率計算分別成長 13% 和 12%，超出預期，這主要是由於 LinkedIn 業績優於預期。以固定匯率計算，辦公室商業收入分別成長 15% 及 13%。在健康的續訂執行和 E5 持續勢頭帶來的 ARPU 成長的推動下，Office 365 商業收入按固定匯率計算分別成長 17% 和 16%，符合預期。付費 Office 365 商業席位年增 9%，達到超過 4 億個，所有客戶群的安裝基礎都在擴大。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，但被前面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.

隨著客戶持續轉向雲端產品，以固定匯率計算，Office 商業許可下降了 17% 和 18%。 Office 消費者收入以固定匯率計算分別成長 5% 及 4%，Microsoft 365 訂閱量持續成長，成長 16% 至 7,840 萬。受所有業務業績略優於預期的推動，以固定匯率計算，LinkedIn 營收分別成長 9% 和 8%，超乎預期。在我們的人才解決方案業務中，預訂成長再次受到關鍵垂直領域招募環境疲軟的影響。

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.

在 Dynamics 365 的推動下，以固定匯率計算，Dynamics 營收分別成長了 21% 和 19%，以固定匯率計算，Dynamics 365 分別成長了 27% 和 24%，所有工作負載均持續成長。預訂成長受到新業務疲軟的影響，主要是 Dynamics 365 ERP 和 CRM 工作負載。以固定匯率計算，分部毛利率分別成長 14% 和 12%，毛利率百分比較去年同期略有上升。排除會計估計變更的影響，毛利率增加了約1 個百分點，主要是由於Office 365 的改善。以固定匯率計算，營運費用分別下降5% 和6%，較上年第二季的費用產生了5個百分點的有利影響。以固定匯率計算，營業收入分別成長 26% 及 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，以固定匯率計算分別成長 20% 和 19%，超出預期，所有業務的業績均優於預期。整體而言，以固定匯率計算，伺服器產品和雲端服務收入分別成長了 22% 和 20%。以固定匯率計算，Azure 和其他雲端服務收入分別成長 30% 和 28%，其中人工智慧服務成長了 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 億用戶，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，以固定匯率計算，營收成長了 3% 和 2%，超出預期，這主要是由於與 Windows Server 2012 終止支援相關的需求優於預期。企業和合作夥伴服務收入成長 1%，以固定匯率計算相對保持不變，企業支援服務和產業解決方案的績效優於預期。

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.

以固定匯率計算，分部毛利率分別成長 20% 和 18%，毛利率百分比相對不變。排除會計估計變更的影響，在前面提到的 Azure 改進的推動下，毛利率增長了約 1 個百分點，但部分被擴展人工智慧基礎設施以滿足不斷增長的需求的影響所抵消。以固定匯率計算，營運費用分別下降 8% 和 9%，較上年第二季費用增加 9 個百分點。以固定匯率計算，營業收入成長 40% 和 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.

現在介紹更多個人計算。營收為 169 億美元，以固定匯率計算分別成長 19% 及 18%，整體符合預期。成長包括收購動視暴雪帶來的 15 個百分點的淨影響。 Windows OEM 營收年增 11%，超出預期，這得益於較高貨幣化的消費者市場表現略有改善。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%，低於合約組合帶來的（聽不清楚）期間收入確認的預期。年金帳單維持健康成長。

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.

由於商業領域的執行力增強，以固定匯率計算，設備收入分別下降 9% 和 10%，超出預期。搜尋和新聞廣告收入（不計 TAC）以固定匯率計算分別成長 8% 和 7%，相對符合預期，這主要得益於搜尋量增加，但被第三方合作夥伴關係的負面影響所抵消。在遊戲領域，以固定匯率計算，營收成長了 49% 和 48%，動視收購帶來的淨影響為 44 個百分點。遊戲總收入符合預期，因為動視暴雪強於預期的業績被先前提到的遊戲機市場弱於預期所抵銷。

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 內容和服務收入以固定匯率計算分別成長 61% 和 60%，這得益於動視收購帶來的 55 個百分點的淨影響。以固定匯率計算，Xbox 硬體收入分別成長 3% 和 1%。以固定匯率計算，該部門的毛利率分別增加了 34% 和 32%，動視收購帶來的淨影響為 17 個百分點。由於設備毛利率提高以及銷售組合轉向利潤率較高的業務，毛利率年增約 6 個百分點。營運費用成長了 38%，受到動視收購帶來的 48 個百分點的影響，部分被去年第二季費用帶來的 6 個百分點的有利影響所抵銷。以固定匯率計算，營業收入分別成長 29% 及 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.

現在回到公司整體業績。包括融資租賃在內的資本支出為 115 億美元，低於預期，因為第三方產能合約的交付從第二季轉移到了第三季。 PP&E 支付的現金為 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。營運現金流為 189 億美元，成長 69%，這是由於受到營業收入下降影響的上一年雲端帳單和收款強勁所致。自由現金流為 91 億美元，年增 86%，反映了購買財產和設備的現金支付時間。本季其他收入和支出符合預期，為負 5.06 億美元，主要受到利息支出和投資淨虧損的推動，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 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.

現在轉向我們的第三季展望，除非另有特別說明，否則都是以美元為基礎的。首先，外匯。根據目前的匯率，我們預期 FX 將使總收入和細分市場收入成長幅度不到 1 個百分點，且我們預期不會對 COGS 和營運費用成長產生影響。在商業預訂方面，我們核心年金銷售行動的強大執行，包括健康的續約以及長期的 Azure 承諾，應該會在不斷增長的到期基礎上推動健康成長。微軟雲毛利率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，第三季雲毛利率將相對持平，因為 Office 365 和 Azure 的改進將被銷售組合轉向 Azure 以及擴展 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，由於對雲端和人工智慧基礎設施的投資以及前面提到的第三方提供者的交付日期從第二季度推遲到第三季度，資本支出將環比大幅增加。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 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，我們預計營收為 193 億美元至 196 億美元，或成長 10% 至 12%。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 Office 365 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，但我們對迄今為止所看到的採用感到興奮，並繼續期望收入隨著時間的推移而增長。在我們的本地業務中，我們預計收入將下降 20 左右。在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，營收將實現中高個位數成長。對於 LinkedIn，我們預計在所有業務持續成長的推動下，營收將實現中高個位數成長。在 Dynamics 領域，我們預計在 Dynamics 365 的推動下，營收將實現百分之十幾的成長。

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，成長率為 18% 至 19%。收入將繼續由 Azure 驅動，提醒一下，它的季度變化主要來自我們的每用戶業務以及根據合約組合的期內收入確認。在 Azure 中，我們預期以固定匯率計算的第三季營收成長將保持穩定，而第二季業績將強於預期。成長將由我們的 Azure 消費性業務以及人工智慧的持續強勁貢獻所推動。我們的每用戶業務應該會受益於 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。

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.

在我們的本地伺服器業務中，隨著混合需求的持續成長（包括在多雲環境中運行的許可證），我們預計收入將實現中低個位數成長。在企業和合作夥伴服務方面，企業支援服務的收入將比前一年的高收入下降約 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，成長率為 11% 至 14%。由於 PC 市場單位銷售量繼續保持在大流行前的水平，Windows OEM 收入成長應該相對穩定。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該會推動營收成長。提醒一下，我們的季度收入可能會發生變化，主要來自於期間收入確認，具體取決於合約的組合。

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，隨著我們繼續專注於利潤率較高的高端產品，收入應該會下降兩位數。搜尋和新聞廣告（不含 TAC）收入成長應為中高個位數，比整體搜尋和新聞廣告收入高出約 8 個百分點，這得益於持續的銷售成長。在遊戲領域，我們預計營收成長將在 40 左右，其中包括動視收購帶來的約 45 個百分點的淨影響。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。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。我們預計銷貨成本在 186 億美元至 188 億美元之間，其中包括因收購動視而獲得的無形資產的約 7 億美元攤銷。我們預計營運費用為 158 億美元至 159 億美元，其中包括動視收購帶來的採購會計、整合和交易相關成本約 3 億美元。其他收入和支出應大致為負 6 億美元，因為利息收入將被利息支出和其他損失所抵消。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。我們預計第三季的有效稅率將與全年稅率一致，目前預計約為 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.

現在對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，我們現在預期 FX 將使第四季和全年營收成長不到 1 個百分點。我們仍然預計全年銷貨成本或營運費用成長不會受到任何有意義的影響。第二，動視暴雪。對於 24 財年全年，我們預計在排除採購會計、整合和交易相關成本的情況下，動視暴雪將增加營業收入。

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.

在整個公司層面，我們在上半年取得了強勁的業績，對微軟雲端的需求持續推動我們下半年前景的成長。我們致力於擴大雲端和人工智慧投資，以客戶需求和龐大的市場機會為指導。隨著我們擴大這些投資，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嚴格的成本管理。因此，即使人工智慧資本投資推動銷貨成本成長，我們預計全年營業利潤率仍將年增 1 至 2 個百分點。營業利益率的成長包括動視收購的影響以及去年使用壽命變化的不利因素。

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，以便我們的客戶能夠在我們投資引領這股人工智慧平台浪潮時實現人工智慧生產力提升的好處。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) And our first question comes from the line of Mark Moerdler with Bernstein Research.

（操作員說明）我們的第一個問題來自 Bernstein Research 的 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?

恭喜季度表現強勁。艾米，您已經討論了 Azure 的穩定性，並且提供了 Azure 成長的穩定性。但如果我們深入一層，我們會看到 Azure AI 繼續佔據收入的更大部分。我知道區分什麼是直接 AI 收入和什麼是由 AI 驅動的其他 IaaS/PaaS 收入很困難，您能幫我解決 2 個相關問題嗎？優化已經穩定下來，在某個時候，它應該成為收入流的一部分。我們該如何思考接下來會發生什麼事？我們是否認為非直接人工智慧消費持平？或者，隨著雲端轉移的持續以及資料推理需求的成長，我們是否會看到反彈？

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加速非 Microsoft 推理？您認為我們什麼時候可以達到推理在驅動程式中佔據更重要部分的程度？

You want me to go first?

你要我先走嗎？

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

為什麼不先走，我來技術...

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——只是關於推理和訓練，大多數——你所看到的大部分都是推理。因此，我們的任何一個數字中都沒有大型模型訓練的內容。小批量訓練，所以有人正在做微調或你有什麼，那會在那裡，但這只是一小部分。因此，您在 Azure 數字中看到的大部分內容都是廣泛的推斷。馬克，我認為思考人工智慧的新工作負載是什麼可能會有所幫助。顯然，在我們的例子中，人工智慧的新工作負載是從前沿之一開始的——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.

但這不僅僅是 1 個型號，對吧？所以你——首先，你採用那個模型，你做所有的爵士樂，你可以做一些微調。你進行檢索，這意味著你要么獲得一些存儲計量表，要么消耗一些計算計量表。因此，順便說一句，仍然有一個大模型到一個小模型，這可能是一次訓練，但這是一個小批量訓練，本質上使用推理基礎設施。所以我認為這就是正在發生的事情。因此，您甚至可以說這些人工智慧工作負載本身將有一個生命週期，即它們將被構建，然後它們將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.

我想如果我理解你的問題，傳統優化會發生什麼事。我認為上個季度，我們說過，第一，我們將繼續保持這些週期，人們將在其中建立新的工作負載。他們將優化工作負載並啟動新的工作負載。所以我認為，這就是我們繼續看到的情況。但我認為，那段時期只是優化，沒有新的工作負載啟動，現在已經結束了。因此，您看到的更多是客戶的連續循環，無論是人工智慧還是傳統工作負載。

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.

也許我會添加一些內容。我認為無論您使用“研磨這些優化可比較項”還是“可比項緩動”這個詞，它們都是同一件事。我們在下半年就達到了這一點，這是絕對正確的。我們想談談人工智慧的貢獻，特別是薩蒂亞談到的原因。這些是——這開始看到人工智慧的大規模應用，我們希望能夠向人們展示，這就是它的樣子。

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和其他增加收入的好處的工作負載。所以我確實認為這些都是相關的。最終，我們所追求的 TAM 最好被認為是跨越這兩個方面，包括人工智慧工作負載和我猜的“非人工智慧工作負載”，儘管在 Satya 看來，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布倫特·希爾和傑弗里斯的對話。

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，考慮到你和薩蒂亞在人工智慧方面的投資，利潤率的提高是相當令人震驚的。我很好奇你能否簡單介紹一下這是如何實現的，以及到目前為止你在擴大人工智慧規模時試圖管理的一些成本。

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。顯然，團隊正在努力研究這個主題。我們確實指出，由於一年前費用的影響，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更大。那我首先要說的是。

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、我重申了一點的事情之一，那就是我們確實希望確保我們正在進行投資，我們在整個技術堆疊中進行投資的一致性。無論團隊屬於哪個團隊，我們正在建立的技術堆疊都包含人工智慧支援。因此，可以將其視為建置一致性，而無需添加大量資源來實現這一點。進行這項工作是我們整個投資基礎設施的真正樞紐。

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，不僅在我們使用的語言方面，而且在人們日常工作的方面。這顯然確實創造了一個槓桿機會。許多團隊在提高產品毛利率方面也做了非常好的工作。我們在 Office 365 中討論過它。我們在 Azure core 中討論過它。我們甚至在我們的設備產品組合中討論了這一點，我們在這一年中看到了實質的改進。因此，我們需要在毛利率水準上進行改進，再加上將勞動力重新轉向我們正在做的人工智慧優先工作的一致性，而不需要增加大量的勞動力，你最終會得到這種類型的槓桿作用。

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，投資於將塑造未來十年的事物，並繼續專注於能夠兌現您的日常承諾。所以這是一個很好的問題，希望它能幫助我們分解一些組件。

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 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?

出色的季度，巨大的進步。薩蒂亞，我只想問你一個問題。雲端運算以我們 10 年前無法想像的方式改變了技術堆疊。資料庫層、作業系統、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如何改變我們所知的技術堆疊？

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基礎的影響。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，再到現在曾經的加速器，可以說是主CPU，或是主運算單元。所以我認為——還有網路、記憶體架構，所有這些。所以核心電腦架構發生了變化，我認為每個工作負載都會改變。是的，所以有一個完整的——就像我們的資料層一樣。

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.

去年對我來說最令人興奮的事情是看到我們的數據層如何演變為人工智慧構建，對嗎？如果您考慮 Fabric，您會發現 Fabric 的天才之一就是能夠說，讓我們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（或湖屋模式）之上放置一個 Azure AI。然後是業務模型，您可以結合所有這些不同的計算。

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——所以這只是一個例子。工具正在改變。辦公室。我的意思是，如果你想一想，如果你看看 Copilot、GPT 的 Copilot 可擴展性、Copilot 應用程式到 Copilot 堆疊，這就是技術堆疊發生的另一部分。所以是的，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，無論是在基礎設施層面還是在應用程式模型上。

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

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

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.

我想回到人工智慧領域。到 Azure 的 6 點 AI 提升非常出色。但我想問一下你們在建立基礎設施以滿足這一需求方面的進展。如果您覺得 Microsoft 的 GPU 供應受到限制，如果您所取得的成功可能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很有趣。

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，薩蒂亞，請隨意補充。卡爾，我認為我們對增加產能的進展感到非常滿意。您開始看到我們的資本支出從大約一年前開始加速，並且您已經看到它在整個過程中不斷擴大。正如我們所討論的，伺服器和新的資料中心佔地面積將能夠滿足我們所看到的這種需求以及我們所期待的真正不斷變化的需求。

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.

所以我確實覺得團隊做得非常好。我覺得顯然，這主要是由我們建構的，但我們也使用了第三方能力來幫助我們滿足客戶需求。我傾向於認為，展望未來，考慮到我們在管道方面的情況，你會傾向於看到並且我引導了這一點，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 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。與過去推出的其他新產品相比，您能否更詳細地介紹您所看到的採用趨勢？如果有的話，是什麼阻礙了它的發展？交到客戶手中有多重要？您會採取什麼措施來激勵將其推向市場？

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（例如 E3 或 E5）相比有所增加，無論如何，兩個月後，它肯定比這快得多。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，甚至使用情況，它比其他任何東西都快，因為它更容易，對吧？我的意思是，它有點像——它出現在你的應用程式中。你像任何絲帶一樣點擊它，它就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，這讓我想起了個人電腦普及的時代，對吧？我認為這首先是從很少有人有權訪問開始的。有很多公司在做標準發行，對吧？就像個人電腦被早期採用者採用後的某個時候成為標準一樣。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.

就我們所看到的而言，如果你看看我們擁有的數據，總結，這實際上很有趣，這就是第一，就像我正在對團隊進行總結，在會議期間、會議之後進行團隊內部​​會議.會議、Word文檔、摘要。我在電子郵件中收到一些內容，我正在總結。所以總結就成了一件大事。草稿，對吧？您正在起草電子郵件、起草文件。因此，每當您想要開始某件事時，空白頁的情況就會消失，您可以透過提示和起草開始。

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，它恰好是您的文件和通訊的資料庫，現在可以透過自然語言以強大的方式查詢，對吧？我可以說，艾米說下個季度我該注意哪些事情？而且它會提供非常詳細的資訊。如此聊天、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，操作，最常用的東西之一是，這是 Word 文件。完成——我的意思是，為我創建一個 PowerPoint。這些也是剛開始的事。所以我覺得這些都變成了——但從根本上來說，發生的事情是你還記得個人電腦的採用週期。它所做的是工作、工作工件和工作流程發生了變化，對嗎？您可以想像在 Excel 和電子郵件出現之前和之後的預測是什麼。同樣，您將看到工作和工作流程發生變化，因為人們可以更快地總結、更快地起草監管提交文件、透過聊天從您的業務中獲取知識。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.

也許只是加2分。正如 Satya 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 PC 一樣的標準配置。對於其他公司來說，他們可能希望以較小的團隊規模經營一塊土地，看到生產力的提高，然後再擴張。因此，能夠取消我們本月早些時候所做的一些座位要求，實際上將使客戶也能夠使用這種方法。

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.

我要補充的另一件事是，我們總是在企業軟體中談論，你銷售軟體，然後你等待，然後它就會被部署。部署後，您希望查看使用情況。特別是，我們所看到的以及您在 Copilot 中所期望的在某些方面，即使在早期階段，顯然部署也發生得非常快。但我們真正看到的是參與度的成長。對於 Satya 關於如何學習和行為改變的觀點，您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為了確定這一點，因為當我們考慮您從我們這裡聽到的樂觀情緒時，這是一個重要的動態。

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

我們的下一個問題來自馬克墨菲與摩根大通的對話。

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?

是否有可能解開人工智慧服務的 6 點順風，只是為了幫助我們了解 3 點增量推動了哪些元素？例如，更多的是 OpenAI 推理、GitHub Copilot、其他 Copilot、Azure OpenAI 服務、在 Azure 上執行的第三方 LLM 嗎？我只是想知道您在該活動中看到最強的進步在哪裡？

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，在不涉及大量行項目的情況下，將其視為真正的更簡單，人們通常會採用它在 API 上進行推理。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，您談到了 Satya 談到的這一點。我們看到越來越多的第三方以一些較小的方式使用它進行培訓。但這主要是目前的推理工作量，即推動該數字的因素以及您如何思考這一點。

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 將是主要驅動力。但有許多小批量訓練正在進行，無論是超出（聽不清楚）還是微調。然後很多人開始將模型作為服務與所有其他新模型一起使用。但如今主要是 Azure OpenAI。

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

我們的下一個問題來自 Brad Reback 和 Stifel 的對話。

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?

Amy，多年來，在商業 Office 365 中，席位增長遠遠超過了 ARPU。在過去的幾個季度中，隨著座位數量變得非常大，我們顯然正在趨同。展望未來，它們是否應該維持一段時間，或者我們是否應該期望 ARPU 在短期內超過座位成長？

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。讓我把這些組成部分分開，然後我們可以回到它們是否應該均衡或只是繼續下去，實際上，不管你相信與否，有點獨立的軌跡，我將解釋為什麼我會這麼說。正如我們所說，目前的席位成長主要來自中小型企業和真正的第一線工人場景。就您的觀點而言，有時這些席位的 ARPU 較低。但它們也是——它們是新席位。所以你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.

當我們度過難關時，我們發現這一情況逐季度有所下降，我們已經指導下個季度確實會再次發生這種情況。但一個非常獨立的事情是能夠增加 ARPU。傳統上，本季也是如此，隨著時間的推移，這是從 E3 到 E5 的。我們繼續看到非常健康的甜蜜勢頭，並且您聽到了非常好的續訂。所以所有這些，在某種程度上，完全獨立於座位增長。

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.

然後，實際上我們剛剛談到的下一件事，也許是布拉德的問題，我試著回憶一下，你會看到 Copilot 的收入將達到 ARPU，對嗎？這不會顯示為座位增長。因此，隨著時間的推移，E3、E5 轉換、Copilot 都會顯示在 ARPU 中。然後，席位成長主要仍然是小型企業和第一線員工，也許還有新的行業場景。所以，布拉德，不管你信不信，我傾向於不把它們視為相關的台詞。我認為它們是我們運作的一種獨特的獨立運動，而且席位仍有成長的空間。顯然，透過我們討論的槓桿，ARPU 也有成長的空間。

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

我們的最後一個問題將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，您對 GitHub Copilot 的熱情在上週的電話會議和紐約人工智慧高峰會上顯而易見。我想知道你是如何考慮定價的。顯然，這正在為開發人員的生產力帶來令人難以置信的突破。但隨著時間的推移，您如何看待在 GitHub Copilot 上推動 ARPU 的能力？請告訴我們您如何考慮下一階段的新租約。

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，我總是回到自己的信念，即這一代人工智慧將會有所不同，從 GPT 2.5 到 3 的轉變開始，然後在 GitHub Copilot 的 Office 場景中使用。所以，是的，我認為這是它在經濟效益或生產力效益方面發展最快的地方。你看到了。我們在微軟內部看到了它。我們在所有針對客戶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?

每個人都在談論它已經成為 - 這是它成為任何開發人員標準問題的第一個地方。就好像如果你從 Word 中取消拼字檢查，我就會失業。同樣，我認為 GitHub Copilot 會成為任何從事軟體開發的人的核心。你提到的事情有點延續艾米所說的，對吧？因此，您將開始看到人們將這些工具視為生產力增強器，對吧？

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，我們的 ARPU 值很高，但相當低。但坦白說，儘管我們取得了很大的成功，但我們並不是一家ARPU值很高的公司。我認為你將開始發現的是，無論是銷售副駕駛、服務副駕駛、GitHub 副駕駛還是安全副駕駛，他們將從根本上獲取他們在營運支出生產力方面所帶來的一些價值，對嗎？因此，就像 2 個、3 個點的營運支出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方程式。這是第一次。我的意思是，這不是我們以前能夠提出的理由，現在我認為我們有這樣的理由。

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.

然後甚至是艾米所說的水平Copilot，這是Office 365或Microsoft 365級別的。即使在那裡，你也可以提出同樣的論點。例如，無論 E5 的 ARPU 值如何，您現在都可以逐步表示為 OpEx 的百分比，您願意為 Copilot 支付多少錢，以節省更多時間。所以，是的，我認為總的來說，我確實認為這是我們下一階段知識工作和第一線工作的新載體，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，我從來沒有認為工具業務從根本上參與了公司開發活動支出的營運費用。現在你正在看到這種轉變。它只是不是工具。這關係到您的開發團隊的生產力。

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.

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 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。享受你餘下的夜晚。