微軟 (MSFT) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Microsoft fiscal year 2024 fourth-quarter earnings conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加微軟 2024 財年第四季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我想將會議交給東道主投資者關係副總裁 Brett Iversen。

Good afternoon and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Corporate Secretary and Deputy General Counsel.

下午好，感謝您今天加入我們。與我通話的有董事長兼執行長薩蒂亞‧納德拉 (Satya Nadella)；艾米‧胡德，財務長；艾莉絲‧喬拉，首席會計官；以及公司秘書兼副總法律顧問 Keith Dolliver。

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

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

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

在這次電話會議上，我們將討論某些非公認會計準則項目。所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務績效指標。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四季度的業績，以及這些項目和事件對財務業績的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We 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並進行錄音。如果您提出問題，它將包含在我們的即時傳輸、文字記錄以及未來錄音的任何使用中。您可以重播通話並在 Microsoft 投資者關係網站上查看文字記錄。

During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在這次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述基於當前的預期和假設，存在風險和不確定性。

Actual results could materially differ because of factors discussed in today's earnings press release and 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.

由於今天的收益新聞稿中討論的因素以及本次電話會議期間以及我們的表格10-K、表格10-Q 以及向證券交易委員會提交的其他報告和文件的風險因素部分中發表的評論，實際結果可能會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。

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

然後，我會將電話轉給 Satya。

Thank you, Brett. We had a solid close to our fiscal year. All up annual revenue was more than $245 billion, up 15% year over year, and Microsoft Cloud revenue surpassed $135 billion, up 23%. Before I dive in, I want to offer some broader perspective on the AI platform shift. Similar to the Cloud, this transition involves both knowledge and capital-intensive investments.

謝謝你，布雷特。我們的財年即將結束。全年總營收超過 2,450 億美元，較去年同期成長 15%，微軟雲端營收超過 1,350 億美元，較去年同期成長 23%。在深入探討之前，我想就人工智慧平台的轉變提供一些更廣泛的視角。與雲端類似，這種轉變涉及知識和資本密集投資。

And as we go through this shift, we are focused on two fundamental things: first, driving innovation across a product portfolio that spans infrastructure and applications, so as to ensure that we are maximizing our opportunity while, in parallel, continuing to scale our cloud business and prioritizing fundamentals, starting with security.

當我們經歷這一轉變時，我們專注於兩個基本事情：首先，推動涵蓋基礎設施和應用程式的產品組合的創新，以確保我們最大限度地利用我們的機會，同時繼續擴展我們的雲端業務並優先考慮基礎知識，從安全性開始。

Second, using customer demand signal and time to value to manage our cost structure dynamically and generate durable long-term operating leverage.

其次，利用客戶需求訊號和價值實現時間來動態管理我們的成本結構並產生持久的長期營運槓桿。

With that, let me highlight examples starting with Azure. Our share gains accelerated this year driven by AI. We expanded our data center footprint announcing investments across four continents. These are long-term assets around the world to drive growth for the next decade and beyond.

接下來，讓我重點介紹從 Azure 開始的範例。今年，在人工智慧的推動下，我們的份額成長加速。我們擴大了資料中心的覆蓋範圍，宣佈在四大洲進行投資。這些都是全球的長期資產，可推動未來十年及以後的成長。

We added new AI accelerators from AMD and NVIDIA as well as our own first-party silicon Azure Maia, and we introduced new Cobalt 100, which provides best-in-class performance for customers like Elastic, MongoDB, Siemens, Snowflake, and Teradata.

我們新增了來自 AMD 和 NVIDIA 的新 AI 加速器以及我們自己的第一方晶片 Azure Maia，並推出了新的 Cobalt 100，它為 Elastic、MongoDB、Siemens、Snowflake 和 Teradata 等客戶提供一流的效能。

We continue to see sustained revenue growth from migrations. Azure Arc is helping customers in every industry from ABB and Cathay Pacific to LaLiga to streamline their cloud migrations. We now have 36,000-odd customers, up 90% year over year.

我們繼續看到移民帶來的收入持續成長。 Azure Arc 正在協助從 ABB、國泰航空到西甲等各行業的客戶簡化雲端遷移。目前，我們擁有36,000多家客戶，較去年同期成長90%。

We remain the hyperscale cloud of choice for SAP and Oracle workloads Atos, Kohl's, Daimler Truck AG, Domino's, Helion, for example, all migrated their mission-critical SAP workloads to our Cloud, and with our Azure VMware solution, we offer the fastest and most cost-effective way for customers to migrate their VMware workloads, too.

我們仍然是SAP 和Oracle 工作負載的超大規模雲端選擇。 VMware 解決方案，我們提供最快的解決方案這也是客戶遷移其 VMware 工作負載的最具成本效益的方式。

With Azure AI, we are building out the app server for the AI wave providing access to the most diverse selection of models to meet customers' unique cost, latency, and design considerations. All up, we now have over 60,000 Azure AI customers up nearly 60% year over year and average spend per customer continues to grow.

借助 Azure AI，我們正在為 AI 浪潮建立應用程式伺服器，提供對最多樣化模型選擇的訪問，以滿足客戶獨特的成本、延遲和設計考慮。總而言之，我們現在擁有超過 60,000 個 Azure AI 客戶，較去年同期成長近 60%，每位客戶的平均支出持續成長。

Azure OpenAI service provides access to best-in-class frontier models, including as of this quarter GPT-4o and GPT-4o mini. It's being used by leading companies in every industry, including H&R Block, Suzuki, Swiss Re, Telstra as well as digital natives like Freshworks, Meesho, and Zomato.

Azure OpenAI 服務提供一流前沿模型的訪問，包括截至本季的 GPT-4o 和 GPT-4o mini。它被各個行業的領先公司所使用，包括 H&R Block、Suzuki、Swiss Re、Telstra 以及 Freshworks、Meesho 和 Zomato 等數位原生企業。

With Phi-3, we offer a family of powerful small language models, which are being used by companies like BlackRock, Emirates, Epic, ITC, Navy Federal Credit Union, and others. And with Models as a Service, we provide API access to third-party models, including as of last week, the latest from Cohere, Meta, and Mistral.

透過 Phi-3，我們提供了一系列強大的小型語言模型，這些模型已被 BlackRock、Emirates、Epic、ITC、Navy Federal Credit Union 等公司所使用。透過模型即服務，我們提供對第三方模型的 API 訪問，包括截至上週的 Cohere、Meta 和 Mistral 的最新模型。

The number of paid Models as a Service customers more than doubled quarter over quarter, and we are seeing increased usage by leaders in every industry from Adobe and Bridgestone to Novo Nordisk and Palantir.

付費模式即服務客戶數量較上季增加了一倍多，我們看到從 Adob​​e 和普利司通到諾和諾德和 Palantir 等各行業的領導者的使用量都有所增加。

Now on to data. Our Microsoft intelligent data platform provides customers with the broadest capabilities spanning databases, analytics, business intelligence, and governance along with seamless integration with all of our AI services. The number of Azure AI customers also using our data and analytics tools grew nearly 50% year over year.

現在來看數據。我們的 Microsoft 智慧資料平台為客戶提供最廣泛的功能，涵蓋資料庫、分析、商業智慧和治理，以及與我們所有人工智慧服務的無縫整合。使用我們的數據和分析工具的 Azure AI 客戶數量年增近 50%。

Microsoft Fabric, our AI-powered next-generation data platform, now has over 14,000 paid customers, including leaders in every industry. from Accenture and Kroger to Rockwell Automation and Zeiss, up 20% quarter over quarter. And this quarter, we introduced new first of their kind, real-time intelligence capabilities in Fabrics, so customers can unlock insights on high-volume, time-sensitive data.

Microsoft Fabric 是我們由人工智慧驅動的下一代資料平台，目前擁有超過 14,000 名付費客戶，其中包括各行業的領導者。從埃森哲和克羅格到羅克韋爾自動化和蔡司，季增 20%。本季度，我們在 Fabrics 中引入了同類首創的全新即時智慧功能，以便客戶能夠釋放對大容量、時間敏感資料的洞察。

Now on to developer tools. GitHub Copilot is by far the most widely adopted AI-powered developer tool. Just over two years since its general availability, more than 77,000 organizations from BBVA, FedEx, and H&M to Infosys and Paytm have adopted CoPilot up 180% year over year. And we're going further with Copilot Workspace, we offer Copilot native end-to-end developer productivity across plan, build, test, debug, and deploy cycle.

現在介紹開發者工具。 GitHub Copilot 是迄今為止採用最廣泛的人工智慧驅動的開發工具。自全面推出以來僅兩年多時間，從 BBVA、FedEx、H&M 到 Infosys 和 Paytm，超過 77,000 個組織已採用 CoPilot，較去年同期成長 180%。我們將透過 Copilot Workspace 進一步發展，我們在規劃、建置、測試、調試和部署週期中提供 Copilot 本機端對端開發人員生產力。

Copilot is driving GitHub growth all up. GitHub annual revenue run rate is now $2 billion. Copilot accounted for over 40% of GitHub revenue growth this year and is already a larger business than all of GitHub was when we acquired it.

Copilot 正在推動 GitHub 的全面發展。 GitHub 目前的年收入運行率為 20 億美元。 Copilot 今年佔 GitHub 營收成長的 40% 以上，其規模已經比我們收購時整個 GitHub 的規模還要大。

We are also integrating generative AI across Power Platform, enabling anyone to use natural language to create apps, automate workflows, or build a website. To date, over 480,000 organizations have used AI-powered capabilities in Power Platform, up 45% quarter over quarter. In total, we now have 48 million monthly active users of Power Platform, up 40% year over year.

我們還在 Power Platform 中整合生成式 AI，讓任何人都可以使用自然語言來建立應用程式、自動化工作流程或建立網站。迄今為止，已有超過 48 萬個組織使用了 Power Platform 中的人工智慧功能，較上季成長 45%。目前，Power Platform 的每月活躍用戶總數為 4,800 萬，較去年同期成長 40%。

Now on to future work. Copilot for Microsoft 365 is becoming a daily habit for knowledge workers as it transforms work, workflow, and work artifacts. The number of people who use Copilot daily at work nearly doubled quarter over quarter as they use it to complete test faster, hold more effective meetings, and automate business workflows and processes.

現在開始未來的工作。 Copilot for Microsoft 365 正在成為知識工作者的日常習慣，因為它改變了工作、工作流程和工作工件。每天在工作中使用 Copilot 的人數幾乎每季增加了一倍，因為他們使用 Copilot 可以更快地完成測試、召開更有效的會議以及自動化業務工作流程和流程。

Copilot customers increased more than 60% quarter over quarter. Feedback has been positive with majority of enterprise customers coming back to purchase more seats, all up the number of customers with more than 10,000 seats more than doubled quarter over quarter, including Capital Group, Disney, Dow, Kyndryl, Novartis, and EY alone will deploy Copilot to 150,000 of its employees, and we are going further adding agent capabilities to Copilot.

Copilot 客戶較上季成長超過 60%。回饋良好，大多數企業客戶回來購買更多席位，擁有超過 10,000 個席位的客戶數量環比增加了一倍多，其中包括 Capital Group、Disney、Dow、Kyndryl、Novartis，僅 EY 就將為150,000 名員工部署Copilot，我們也將進一步為Copilot 新增代理功能。

New Team Copilot can facilitate meetings and create an assigned task. And with Copilot Studio, customers can extend Copilot for Microsoft 365 and build custom Copilots that proactively respond to data and events using their own first and third-party business data. To date, 50,000 organizations from Carnival Corporation, Cognizant, and Eaton to KPMG, Majesco, and McKinsey have used Copilot Studio, up over 70% quarter over quarter.

新的 Team Copilot 可以主持會議並建立指派的任務。透過 Copilot Studio，客戶可以擴展適用於 Microsoft 365 的 Copilot 並建立自訂 Copilot，使用自己的第一和第三方業務資料主動回應資料和事件。迄今為止，從 Carnival Corporation、Cognizant、Eaton 到 KPMG、Majesco 和 McKinsey，已有 50,000 個組織使用了 Copilot Studio，環比成長超過 70%。

We're also extending Copilot to specific industries, including healthcare with DAX Copilot, more than 400 health care organizations, including Community Health Network, Intermountain, Northwestern Memorial Healthcare, and Ohio State University Wexner Medical Center have purchased DAX Copilot to date, up 40% quarter over quarter and the number of AI-generated clinical reports more than tripled.

我們也將Copilot 擴展到特定產業，包括使用DAX Copilot 進行醫療保健，迄今已有400 多家醫療保健組織購買了DAX Copilot，其中包括Community Health Network、Intermountain、Northwestern Memorial Healthcare 和俄亥俄州立大學Wexner 醫療中心，增加了40 個% 環比增長，人工智慧產生的臨床報告數量增加了兩倍多。

Copilot is also transforming ERP and CRM business applications. We again took share this quarter as customers like Thermo Fisher Scientific switch to Dynamics. Our new Dynamics 365 contact center is a Copilot first solution that infuses generative AI throughout the contact center workflow.

Copilot 也正在改造 ERP 和 CRM 業務應用程式。隨著 Thermo Fisher Scientific 等客戶轉向 Dynamics，我們本季再次佔據了市場份額。我們新的 Dynamics 365 聯絡中心是 Copilot 優先的解決方案，它將生成式 AI 融入整個聯絡中心工作流程中。

Companies like 1-800-Flowers, Mediterranean Shipping, Synoptic will rely on it to deliver better customer support. And Dynamics 365 Business Central is now trusted by over 40,000 organizations for core ERP.

1-800-Flowers、Mediterranean Shipping、Synoptic 等公司將依靠它來提供更好的客戶支援。 Dynamics 365 Business Central 現已受到超過 40,000 個組織的核心 ERP 信任。

Microsoft Teams has become essential to how hundreds of millions of people meet, call, chat, collaborate, and do business. We once again saw year-over-year usage growth. Teams premium has surpassed 3 million seats, up nearly 400% year over year as organizations like Dentsu, Eli Lilly, and FOR, chose it for advanced features like end-to-end encryption and real-time translation.

Microsoft Teams 已成為數億人見面、通話、聊天、協作和開展業務的關鍵。我們再次看到使用量年增。 Teams Premium 的席位已超過 300 萬，同比增長近 400%，因為 Dentsu、Eli Lilly 和 FOR 等組織選擇它來獲得端到端加密和即時翻譯等高級功能。

When it comes to devices, we introduced our new category of Copilot+ PCs this quarter. They are the fastest, most intelligent Windows PCs ever. They include a new system architecture designed to deliver best-in-class performance and breakthrough AI experiences. We are delighted by early reviews, and we are looking forward to the introduction of more Copilot+ PCs powered by all of our silicon and OEM partners in the coming months.

在設備方面，我們本季推出了新類別的 Copilot+ PC。它們是有史以來速度最快、最聰明的 Windows PC。它們包括一個新的系統架構，旨在提供一流的性能和突破性的人工智慧體驗。我們對早期的評論感到很高興，並期待在未來幾個月內推出更多由我們所有晶片和 OEM 合作夥伴提供支援的 Copilot+ PC。

More broadly, Windows 11 active devices increased 50% year over year, and we are seeing accelerated adoption of Windows 11 by companies like Carlsberg, E.ON, National Australia Bank.

更廣泛地說，Windows 11 活躍設備年增 50%，我們看到 Carlsberg、E.ON、澳洲國民銀行等公司加速採用 Windows 11。

And now on to security. We continue to prioritize security above all else. We are doubling down on our Secure Future Initiative as we implement our principles of secure by design, secure by default, and secure operations. Through this initiative, we are also continually applying what we are learning and translating it into innovation for our customers, including how we approach AI.

現在談談安全性。我們繼續將安全放在首位。隨著我們實施設計安全、預設安全和安全操作的原則，我們正在加倍努力實施「安全未來計畫」。透過這項舉措，我們也不斷應用我們所學到的知識，並將其轉化為客戶的創新，包括我們如何處理人工智慧。

Over 1,000 paid customers used Copilot for security, including Alaska Airlines, Oregon State University, Petrofac, Wipro, WTW, and we are also securing customers' AI deployments with updates to Defender and Purview. All up, we now have 1.2 million security customers over 800,000, including Dell Technologies, Deutsche Telekom, TomTom use four or more workloads, up 25% year over year.

超過 1,000 名付費客戶使用 Copilot 來確保安全，其中包括阿拉斯加航空、俄勒岡州立大學、Petrofac、Wipro、WTW，我們也透過 Defender 和 Purview 的更新來保護客戶的 AI 部署。總而言之，我們現在有超過 80 萬個 120 萬個安全客戶，其中包括 Dell Technologies、Deutsche Telekom、TomTom 使用 4 個或更多工作負載，比去年同期成長 25%。

And Defender for Cloud, our cloud security solutions, surpassed $1 billion in revenue over the past 12 months as we protect customer workloads across multi-cloud and hybrid environment.

我們的雲端安全解決方案 Defender for Cloud 在過去 12 個月中收入超過 10 億美元，因為我們保護跨多雲和混合環境的客戶工作負載。

Now let me turn to our consumer businesses, starting with LinkedIn. LinkedIn continues to see accelerated member growth and record engagement 1.5 million pieces of content are shared every minute on the platform and video is now the fastest-growing format on LinkedIn with uploads up 34% year over year. LinkedIn Marketing Solutions continues to be a leader in B2B digital advertising, helping companies deliver the right message to the right audience on a safe, trusted platform.

現在讓我談談我們的消費者業務，首先是 LinkedIn。 LinkedIn 的會員成長速度持續加快，參與度創歷史新高，平台上每分鐘分享 150 萬條內容，影片現在是 LinkedIn 上成長最快的格式，上傳量較去年同期成長 34%。 LinkedIn 行銷解決方案仍然是 B2B 數位廣告領域的領導者，幫助公司在安全、值得信賴的平台上向正確的受眾傳遞正確的訊息。

And when it comes to our subscription businesses, premium sign-ups increased 51% this fiscal year, and we are adding even more value to our members and customers with new AI tools. Our reimagined AI-powered LinkedIn Premium experience is now available for every premium subscriber worldwide, helping them more easily and intuitively connect to opportunity, learn, and get career coaching. Finally, hiring took share for the second consecutive year.

就我們的訂閱業務而言，本財年高級註冊人數增加了 51%，我們正在透過新的 AI 工具為我們的會員和客戶增加更多價值。我們重新設計的人工智慧驅動的 LinkedIn Premium 體驗現在可供全球每位高級訂閱者使用，幫助他們更輕鬆、直觀地聯繫機會、學習並獲得職業指導。最後，招聘連續第二年佔據份額。

And now on to search, advertising, and news. We are ensuring that Bing, Edge, and Copilot collectively are driving more engagement and value to end users, publishers and advertisers. Our overall revenue ex-TAC increased 19% year over year, and we again took share across Bing and Edge.

現在我們來談談搜尋、廣告和新聞。我們確保 Bing、Edge 和 Copilot 共同為最終用戶、發布商和廣告商帶來更多參與和價值。我們不計 TAC 的總收入年增 19%，我們再次在 Bing 和 Edge 上佔據份額。

We continue to apply generative AI to pioneer new approaches to how people search and browse. Just last week, we announced we are testing a new generative search experience, which creates a dynamic response to users' query while maintaining click share to publishers.

我們繼續應用生成式人工智慧，開創人們搜尋和瀏覽方式的新方法。就在上週，我們宣布正在測試一種新的生成搜尋體驗，該體驗可以對用戶的查詢做出動態回應，同時保持發布商的點擊份額。

And we continue to drive record engagement with Copilot for the web. Consumers have used Copilot to create over 12 billion images and conduct 13 billion chats to date, up 150% since the start of the calendar year.

我們將繼續推動 Copilot 網路版的參與度創紀錄。迄今為止，消費者已使用 Copilot 創建了超過 120 億張圖像並進行了 130 億次聊天，自年初以來增長了 150%。

Thousands of news and entertainment publishers trust us to reach new audiences with Microsoft Start. And in fact, we have paid them $1 billion over the last five years. We are helping advertisers increase their ROI, too. We have seen positive response to Performance Max, which uses AI to dynamically create and optimize ads and Copilot and Microsoft ad platform helps marketers create campaigns and troubleshoot using natural language.

數以千計的新聞和娛樂出版商相信我們能夠透過 Microsoft Start 吸引新受眾。事實上，過去五年我們已經向他們支付了 10 億美元。我們也正在幫助廣告商提高投資報酬率。我們看到了成效最大化廣告活動的正面反響，它使用 AI 動態建立和最佳化廣告，Copilot 和 Microsoft 廣告平台可協助行銷人員使用自然語言建立行銷活動並排除故障。

Now on to gaming. We now have over 500 million monthly active users across platforms and devices, and our content pipeline has never been stronger. We previewed a record 30 new titles at our showcase this quarter. 18 of them, such as Call of Duty, Black Ops 6 will be available on Game Pass. Game Pass Ultimate subscribers can now stream games directly on devices they already have, including as of last month, Amazon Fire TV.

現在開始遊戲。現在，我們跨平台和裝置的每月活躍用戶超過 5 億，我們的內容管道也變得前所未有的強大。我們在本季的展示會上預覽了創紀錄的 30 款新遊戲。其中《決勝時刻》、《黑色行動 6》等 18 款遊戲將透過 Game Pass 提供。 Game Pass Ultimate 訂閱者現在可以直接在他們現有的裝置上串流遊戲，包括上個月的 Amazon Fire TV。

Finally, we are bringing our IP to new audiences. Fallout, for example, made its debut as a TV show on Amazon Prime this quarter. It was the second most watched title on the platform ever and hours played on Game Pass for the Fallout franchise increased nearly 5x quarter over quarter.

最後，我們將我們的 IP 帶給新的受眾。例如，《輻射》於本季作為電視節目在亞馬遜 Prime 上首次亮相。這是該平台有史以來觀看次數第二多的遊戲，《異塵餘生》系列在 Game Pass 上的遊戲長度環比增長了近 5 倍。

In closing, I'm energized about the opportunities ahead. We are investing for the long term in our fundamentals, in our innovation, and in our people.

最後，我對未來的機會充滿信心。我們正在對我們的基本面、創新和員工進行長期投資。

With that, let me turn it over to Amy.

那麼，讓我把它交給艾米。

Thank you, Satya. And good afternoon, everyone. This quarter, revenue was $64.7 billion, up 15% and 16% in constant currency. Earnings per share was $2.95 and increased 10% and 11% in constant currency. In our largest quarter of the year, we again delivered double-digit top and bottom line growth with continued share gains across many of our businesses and record commitments to our Microsoft Cloud platform.

謝謝你，薩蒂亞。大家下午好。本季營收為 647 億美元，以固定匯率計算分別成長 15% 及 16%。每股盈餘為 2.95 美元，以固定匯率計算分別成長 10% 和 11%。在今年最大的一個季度，我們再次實現了兩位數的營收和利潤成長，我們許多業務的份額持續成長，並對 Microsoft 雲端平台的承諾創歷史新高。

Commercial bookings were significantly ahead of expectations and increased 17% and 19% in constant currency. This record commitment quarter was driven by growth in the number of $10 million-plus and $100 million-plus contracts for both Azure and Microsoft 365 and consistent execution across our core annuity sales motions.

商業預訂量大幅超出預期，以固定匯率計算分別成長 17% 及 19%。這項創紀錄的季度承諾是由 Azure 和 Microsoft 365 價值超過 1000 萬美元和價值超過 1 億美元的合約數量的增長以及我們核心年金銷售動議的一致執行所推動的。

Commercial, remaining performance obligation, increased 20% and 21% in constant currency to $269 billion. Roughly 40% will be recognized in revenue in the next 12 months, up 18% year over year. The remaining portion recognized beyond the next 12 months, increased 21%. And this quarter, our annuity mix was 97%.

商業剩餘履約義務以固定匯率計算分別成長 20% 及 21%，達到 2,690 億美元。大約 40% 將在未來 12 個月內確認為收入，年增 18%。未來 12 個月後確認的剩餘部分增加了 21%。本季度，我們的年金組合為 97%。

At a company level, Activision contributed a net impact of approximately 3 points to revenue growth, was a 2-point drag on operating income growth, and had a negative $0.06 impact to earnings per share.

在公司層面，動視暴雪對營收成長貢獻了約 3 個百分點的淨影響，對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 0.06 美元的負面影響。

A reminder that this net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first party and includes $938 million from purchase accounting adjustments, integration, and transaction-related costs.

請注意，這種淨影響包括對動視內容從我們先前作為第三方合作夥伴的關係轉移到第一方的調整，以及來自購買會計調整、整合和交易相關成本的 9.38 億美元。

FX did not have a significant impact on our results and was roughly in line with our expectations on total company revenue, segment level revenue, COGS, and operating expense growth. Microsoft Cloud revenue was $36.8 billion and grew 21% and 22% in constant currency, roughly in line with expectations.

外匯對我們的業績沒有重大影響，並且與我們對公司總收入、部門級收入、銷貨成本和營運費用成長的預期大致一致。微軟雲端營收為 368 億美元，以固定匯率計算分別成長 21% 和 22%，大致符合預期。

Microsoft Cloud gross margin percentage decreased roughly 2 points year over year to 69%, in line with expectations. Excluding the impact of the change in accounting estimate for useful lives, gross margin percentage decreased slightly, driven by sales mix shift to Azure, partially offset by improvement in Azure even with the impact of scaling our AI infrastructure.

微軟雲毛利率年減約2個百分點至69%，符合預期。排除使用壽命會計估計變化的影響，由於銷售組合轉向 Azure，毛利率略有下降，但部分被 Azure 的改進所抵消，即使擴展我們的人工智慧基礎設施也產生了影響。

Company gross margin dollars increased 14% and 15% in constant currency, and gross margin percentage decreased slightly year over year to 70%. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly even with the impact from purchase accounting adjustments, integration, and transaction-related costs from the Activision acquisition.

以固定匯率計算，公司毛利率分別成長 14% 和 15%，毛利率較去年同期略有下降至 70%。排除會計估計變更的影響，即使考慮到購買會計調整、整合以及收購動視暴雪的交易相關成本的影響，毛利率仍略有上升。

Operating expenses increased 13% with 9 points from the Activision acquisition. At a total company level, head count at the end of June was 3% higher than a year ago. Operating income increased 15% and 16% in constant currency, and operating margins were 43%, relatively unchanged year over year.

營運支出因收購動視暴雪而增加 9 個百分點，成長 13%。從公司整體層面來看，6 月底的員工人數比去年同期增加了 3%。以固定匯率計算，營業收入分別成長 15% 和 16%，營業利益率為 43%，與去年同期相比基本持平。

Excluding the impact of the change in accounting estimate, operating margins increased slightly, driven by the higher gross margin noted earlier and improved operating leverage through continued cost discipline.

排除會計估計變更的影響，營業利潤率略有上升，原因是前面提到的毛利率較高，並且透過持續的成本控制提高了營業槓桿。

Now to our segment results. Revenue from productivity and business processes was $20.3 billion and grew 11% and 12% in constant currency, slightly ahead of expectations, driven by better-than-expected results across all business units.

現在我們的細分結果。來自生產力和業務流程的收入為 203 億美元，按固定匯率計算分別增長 11% 和 12%，略高於預期，這得益於所有業務部門的業績好於預期。

Office commercial revenue grew 12% and 13% in constant currency. Office 365 commercial revenue increased 13% and 14% in constant currency with ARPU growth primarily from E5 momentum as well as Copilot for Microsoft 365.

以固定匯率計算，辦公室商業收入成長 12% 和 13%。 Office 365 商業收入以固定匯率計算分別成長 13% 和 14%，ARPU 成長主要來自 E5 動能以及 Microsoft 365 的 Copilot。

Paid Office 365 commercial seats grew 7% year over year, with installed base expansion across all customer segments. Seat growth was again driven by our small and medium business and frontline worker offerings, although both segments continued to moderate. Office commercial licensing declined 9% and 7% in constant currency with continued customer shift to Cloud offerings.

付費 Office 365 商業席位年增 7%，所有客戶群的安裝基礎都在擴大。儘管這兩個細分市場繼續放緩，但我們的中小型企業和第一線工人產品再次推動了座位成長。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 9% 和 7%。

Office consumer revenue increased 3% and 4% in constant currency, with continued momentum in Microsoft 365 subscriptions, which grew 10% to $82.5 million. LinkedIn revenue increased 10% and 9% in constant currency, driven by better-than-expected performance across all businesses.

Office 消費者收入以固定匯率計算分別成長 3% 及 4%，Microsoft 365 訂閱量持續成長，成長 10% 至 8,250 萬美元。由於所有業務的業績都優於預期，LinkedIn 營收以固定匯率計算分別成長 10% 和 9%。

Dynamics revenue grew 16%, driven by Dynamics 365, which grew 19% and 20% in constant currency. We saw continued growth across all workloads and better-than-expected new business. Dynamics 365 now represents roughly 90% of total Dynamics revenue.

在 Dynamics 365 的推動下，Dynamics 營收成長了 16%，以固定匯率計算，Dynamics 365 成長了 19% 和 20%。我們看到所有工作負載都持續成長，新業務也好於預期。 Dynamics 365 目前約佔 Dynamics 總收入的 90%。

Segment gross margin dollars increased 9% and 10% in constant currency, and gross margin percentage decreased roughly 1 point year over year. Excluding the impact of the change in accounting estimate, gross margin percentage decreased slightly, driven by Office 365 as we scale our AI infrastructure. Operating expenses increased 5%, and operating income increased 12% and 13% in constant currency.

以固定匯率計算，分部毛利率分別成長 9% 及 10%，毛利率較去年同期下降約 1 個百分點。排除會計估計變更的影響，隨著我們擴展人工智慧基礎設施，在 Office 365 的推動下，毛利率略有下降。以固定匯率計算，營業費用成長 5%，營業收入成長 12% 和 13%。

Next, the intelligent cloud segment. Revenue was $28.5 billion, increasing 19% and 20% in constant currency, in line with expectations. Overall, server products and cloud services revenue grew 21% and 22% in constant currency. Azure and other cloud services revenue grew 29% and 30% in constant currency, in line with expectations and consistent with Q3 when adjusting for leap year.

其次是智慧雲領域。營收為 285 億美元，以固定匯率計算分別成長 19% 及 20%，符合預期。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 21% 和 22%。以固定匯率計算，Azure 和其他雲端服務收入分別成長 29% 和 30%，符合預期，並且與閏年調整後的第三季一致。

Azure growth included 8 points from AI services, where demand remained higher than our available capacity. In June, we saw slightly lower-than-expected growth in a few European geos. In our per user business, the enterprise mobility and security installed base grew 10% to over 281 million seats, with continued impact from moderated growth in seats sold outside the Microsoft 365 suite. Therefore, our Azure consumption business continues to grow faster than total Azure.

Azure 成長包含 8 個來自 AI 服務的點，該服務的需求仍高於我們的可用容量。 6 月份，我們看到一些歐洲地區的成長略低於預期。在我們的每用戶業務中，企業行動和安全安裝基數成長了 10%，達到超過 2.81 億個席位，這得益於 Microsoft 365 套件之外銷售席位的溫和成長帶來的持續影響。因此，我們的 Azure 消費性業務的成長速度持續快於 Azure 總量。

In our on-premises server business, revenue increased 2% and 3% in constant currency. Growth was driven by demand for our hybrid solutions, although with slightly lower-than-expected transactional purchasing.

在我們的本地伺服器業務中，以固定匯率計算，收入成長了 2% 和 3%。成長是由對我們的混合解決方案的需求推動的，儘管交易採購略低於預期。

Enterprise and partner services revenue decreased 7% on a strong prior year comparable for enterprise support services. Segment gross margin dollars increased 16% and gross margin percentage decreased roughly 2 points year over year.

企業和合作夥伴服務收入與前一年相比，企業支援服務收入下降了 7%。分部毛利率較去年同期成長 16%，毛利率百分比下降約 2 個百分點。

Excluding the impact of the change in accounting estimate, gross margin percentage decreased slightly, driven by sales mix shift to Azure, partially offset by the improvement in Azure noted earlier, even with the impact of scaling our AI infrastructure. Operating expenses increased 5%, and operating income grew 22% and 23% in constant currency.

排除會計估計變更的影響，由於銷售組合轉向 Azure，毛利率略有下降，但部分被前面提到的 Azure 的改進所抵消，即使我們的人工智慧基礎設施規模擴大也帶來了影響。以固定匯率計算，營業費用成長 5%，營業收入成長 22% 和 23%。

Now to more personal computing. Revenue was $15.9 billion, increasing 14% and 15% in constant currency, with 12 points of net impact from the Activision acquisition. Results were above expectations, driven by Windows Commercial and Search. The PC market was as expected, and Windows OEM revenue increased 4% year over year.

現在轉向更多的個人計算。營收為 159 億美元，以固定匯率計算分別成長 14% 及 15%，動視收購帶來的淨影響為 12 個百分點。在 Windows Commercial 和 Search 的推動下，結果超出預期。 PC市場如預期，Windows OEM營收年增4%。

Windows commercial products and cloud services revenue increased 11% and 12% in constant currency, ahead of expectations due to higher in-period revenue recognition from the mix of contracts. Devices revenue decreased 11% and 9% in constant currency, roughly in line with expectations as we remain focused on our higher-margin premium products.

Windows 商業產品和雲端服務收入以固定匯率計算分別成長 11% 和 12%，超出預期，原因是合約組合的期內收入確認增加。以固定匯率計算，設備收入分別下降 11% 和 9%，大致符合預期，因為我們仍然專注於利潤率較高的高階產品。

While early days, we're excited about the recent launch of our Copilot+ PCs. Search and news advertising revenue ex-TAC increased 19%, ahead of expectations, primarily due to improved execution. Healthy volume growth was driven by Bing and Edge.

雖然還處於早期階段，但我們對最近推出的 Copilot+ PC 感到非常興奮。扣除 TAC 後的搜尋和新聞廣告收入增加了 19%，超出預期，這主要是由於執行力的提高。 Bing 和 Edge 推動了銷售的健康成長。

And in gaming, revenue increased 44% with 48 points of net impact from the Activision acquisition. Xbox content and services revenue increased 61%, slightly ahead of expectations with 58 points of net impact from the Activision acquisition.

在遊戲領域，營收成長了 44%，動視收購帶來的淨影響為 48 個百分點。 Xbox 內容和服務收入成長 61%，略高於預期，動視收購帶來的淨影響為 58 個百分點。

Stronger-than-expected performance in first-party content was partially offset by third-party content performance. Xbox hardware revenue decreased 42% and 41% in constant currency. Segment gross margin dollars increased 21% with 10 points of net impact from the Activision acquisition.

第一方內容強於預期的表現被第三方內容的表現部分抵銷。以固定匯率計算，Xbox 硬體收入下降 42% 和 41%。部門毛利率成長了 21%，動視收購帶來的淨影響為 10 個百分點。

Gross margin percentage increased roughly 3 points year over year, primarily driven by sales mix shift to higher-margin businesses. Operating expenses increased 43% with 41 points from the Activision acquisition, operating income increased 5% and 6% in constant currency.

毛利率年增約 3 個百分點，主要是因為銷售組合轉向利潤率較高的業務。營運費用增加了 43%，收購動視暴雪增加了 41 個百分點；以固定匯率計算，營運收入成長了 5% 和 6%。

Now back to total company results. Capital expenditures, including finance leases, were $19 billion, in line with expectations and cash paid for PP&E was $13.9 billion. Cloud and AI-related spend represents nearly all of our total capital expenditures. Within that, roughly half is for infrastructure needs where we continue to build and lease data centers that will support monetization over the next 15 years and beyond.

現在回到公司整體業績。包括融資租賃在內的資本支出為 190 億美元，符合預期，用於財產、廠房和設備的現金支付為 139 億美元。雲端和人工智慧相關支出幾乎占我們總資本支出的全部。其中，大約一半用於基礎設施需求，我們將繼續建造和租賃資料中心，以支持未來 15 年及以後的利潤。

The remaining cloud and AI-related spend is primarily for servers, both CPUs and GPUs to serve customers based on demand signals. For the full fiscal year, the mix of our cloud and AI-related spend was similar to Q4.

剩餘的雲端和人工智慧相關支出主要用於伺服器、CPU 和 GPU，以根據需求訊號為客戶提供服務。在整個財年，我們的雲端和人工智慧相關支出的組合與第四季度相似。

Cash flow from operations was $37.2 billion, up 29% driven by strong cloud billings and collections. Free cash flow was $23.3 billion, up 18% year over year, reflecting higher capital expenditures to support our cloud and AI offerings. For the full year, cash flow from operations surpassed $100 billion for the first time, reaching $119 billion.

營運現金流為 372 億美元，在強勁的雲端帳單和收款推動下成長了 29%。自由現金流為 233 億美元，年增 18%，反映出支持我們的雲端和人工智慧產品的資本支出增加。全年營運現金流首次突破1,000億美元，達到1,190億美元。

This quarter, other income expense was negative $675 million more favorable than anticipated with lower-than-expected interest expense and higher-than-expected interest income. Our losses on investments accounted for under the equity method were as expected. Our effective tax rate was approximately 19%, higher than anticipated due to a state tax law signed in June that was affected retroactively.

本季其他收入支出為負 6.75 億美元，比預期有利，利息支出低於預期，利息收入高於預期。我們以權益法計算的投資損失符合預期。我們的有效稅率約為 19%，高於預期，因為 6 月簽署的州稅法具有追溯效力。

And finally, we returned $8.4 billion to shareholders through dividends and share repurchases, bringing our total cash return to shareholders to over $34 billion for the full fiscal year.

最後，我們透過股利和股票回購向股東返還 84 億美元，使整個財年向股東的現金回報總額超過 340 億美元。

Now moving to our outlook. My commentary for both the full year and next quarter is on a US dollar basis, unless specifically noted otherwise. Let me start with some full year commentary for FY25.

現在轉向我們的展望。除非另有特別說明，我對全年和下一季的評論均以美元為基礎。首先讓我對 2025 財年進行一些全年評論。

First, FX. Assuming current rates remain stable, we expect FX to have no meaningful impact to full year revenue, COGS, or operating expense growth. Next, we continue to expect double-digit revenue and operating income growth as we focus on delivering differentiated value for our customers. To meet the growing demand signal for our AI and cloud products, we will scale our infrastructure investments with FY25 capital expenditures expected to be higher than FY24.

首先，外匯。假設當前匯率保持穩定，我們預期外匯不會對全年收入、銷貨成本或營運費用成長產生重大影響。接下來，我們繼續預期收入和營業收入將實現兩位數成長，因為我們專注於為客戶提供差異化價值。為了滿足人工智慧和雲端產品不斷增長的需求訊號，我們將擴大基礎設施投資，25 財年的資本支出預計將高於 24 財年。

As a reminder, these expenditures are dependent on demand signals and adoption of our services that will be managed through the year. As scaling these investments drives growth in COGS, we will remain disciplined on operating expense management.

提醒一下，這些支出取決於需求訊號和我們全年管理的服務的採用情況。隨著這些投資規模的擴大推動銷貨成本的成長，我們將繼續嚴格營運費用管理。

Therefore, we expect FY25 OpEx growth to be in the single digits. And given our focused commitment to managing at the operating margin level, we still expect FY25 operating margins to be down only about one point year over year. And finally, we expect our FY25 effective tax rate to be around 19%.

因此，我們預計 25 財年營運支出成長將為個位數。鑑於我們專注於管理營業利潤率水平，我們仍然預計 25 財年營業利潤率將同比僅下降約一個百分點。最後，我們預計 25 財年的有效稅率約為 19%。

Now to the outlook for our first quarter. Based on current rates, we expect FX to decrease total revenue and segment level revenue growth by less than one point. We expect FX to decrease COGS growth by less than one point and to have no meaningful impact to operating expense growth.

現在展望第一季。根據目前的利率，我們預計 FX 的總收入和細分市場收入成長將減少不到 1 個百分點。我們預計外匯將使銷貨成本成長下降不到一個百分點，並且不會對營運費用成長產生有意義的影響。

In commercial bookings, increased long-term commitments to our platform and strong execution across core annuity sales motions should drive healthy growth on a growing expiry base. As a reminder, larger long-term Azure contracts, which are more unpredictable in their timing, can derive increased quarterly volatility in our bookings growth rate.

在商業預訂方面，對我們平台的長期承諾的增加以及核心年金銷售行動的強有力執行應該會在不斷增長的到期基數上推動健康增長。提醒一下，規模較大的長期 Azure 合約在時間上更難以預測，這可能會導致我們的預訂成長率的季度波動性增加。

Microsoft Cloud gross margin percentage should be roughly 70%, down year over year, driven by the impact of scaling our AI infrastructure. We expect capital expenditures to increase on a sequential basis given our cloud and AI demand as well as existing AI capacity constraints. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.

由於擴展我們的人工智慧基礎設施的影響，微軟雲端毛利率應約為 70%，年減。鑑於我們的雲端和人工智慧需求以及現有的人工智慧容量限制，我們預計資本支出將較上季增加。提醒一下，雲端基礎設施建設和融資租賃交付時間可能會產生季度支出變化。

Next is segment guidance. In productivity and business processes, we expect revenue to grow between 10% and 11% in constant currency or USD20.3 billion to USD20.6 billion. In office commercial, revenue growth will again driven by Office 365 with seat growth across customer segments and ARPU growth through E5 and Copilot for Microsoft 365. We expect Office 365 revenue growth to be approximately 14% in constant currency.

接下來是細分指導。在生產力和業務流程方面，我們預計營收以固定匯率計算將成長 10% 至 11%，即 203 億美元至 206 億美元。在辦公室商業領域，收入成長將再次由 Office 365 推動，各個客戶群的席位成長以及透過 Microsoft 365 的 E5 和 Copilot 實現的 ARPU 成長。

In our on-premises business, we expect revenue to decline in the mid- to high teens. In office consumer, we expect revenue growth in the low to mid-single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the high single digits driven by continued growth across all businesses.

在我們的本地業務中，我們預計收入將下降到十幾歲左右。在辦公室消費者領域，我們預計在 Microsoft 365 訂閱的推動下，營收成長將達到中低個位數。對於 LinkedIn，我們預計在所有業務持續成長的推動下，營收將實現高個位數成長。

And in Dynamics, we expect revenue growth in the low to mid-teens, driven by Dynamics 365. For intelligent cloud, we expect revenue to grow between 18% and 20% in constant currency or USD28.6 billion to USD28.9 billion.

在 Dynamics 領域，我們預計在 Dynamics 365 的推動下，營收將成長 18% 至 20%，即 286 億美元至 289 億美元。

Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per-user business and in-period revenue recognition depending on the mix of contracts. In Azure, we expect Q1 revenue growth to be 28% to 29% in constant currency.

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個用戶業務和期間收入確認，具體取決於合約的組合。在 Azure，我們預計第一季營收成長率以固定匯率計算為 28% 至 29%。

Growth will continue to be driven by our consumption business, inclusive of AI, which is growing faster than total Azure. We expect the consumption trends from Q4 and to continue through the first half of the year. This includes both AI demand impacted by capacity constraints and non-AI growth trends similar to June. Growth in our per user business will continue to moderate.

我們的消費業務（包括人工智慧）將持續推動成長，其成長速度快於 Azure 整體成長速度。我們預計第四季的消費趨勢將持續到今年上半年。這包括受容量限制影響的人工智慧需求以及與 6 月類似的非人工智慧成長趨勢。我們的每用戶業務成長將持續放緩。

And in H2, we expect Azure growth to accelerate as our capital investments create an increase in available AI capacity to serve more of the growing demand.

在下半年，我們預計 Azure 的成長將加速，因為我們的資本投資將增加可用的人工智慧能力，以滿足更多不斷增長的需求。

In our on-premises server business, we expect revenue to decline in the low single digits as continued hybrid demand will be more than offset by lower transactional purchasing. And in enterprise and partner services revenue should decline in the low single digits.

在我們的本地伺服器業務中，我們預計收入將以較低的個位數下降，因為持續的混合需求將被較低的交易採購所抵消。企業和合作夥伴服務收入應該會以較低的個位數下降。

And more personal computing, we expect revenue to grow between 9% and 12% in constant currency or USD14.9 billion to USD15.3 billion. Windows OEM revenue growth should be relatively flat, roughly in line with the PC market.

在個人運算方面，我們預計以固定匯率計算收入將成長 9% 至 12%，即 149 億美元至 153 億美元。 Windows OEM 營收成長應該相對平穩，大致上與 PC 市場一致。

In Windows commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the mid-single digits. As a reminder, our quarterly revenue growth can have variability primarily from in-period revenue recognition depending on the mix of contracts. In devices, revenue growth should be in the low to mid-single digits.

在 Windows 商業產品和雲端服務中，客戶對 Microsoft 365 和我們的高階安全解決方案的需求應會推動收入實現中個位數成長。提醒一下，我們的季度營收成長可能會發生變化，主要來自期內收入確認，具體取決於合約的組合。在設備方面，收入成長應該在中低個位數。

Search and news advertising ex-TAC revenue growth should be in the mid- to high teens. This will be higher than overall search and news advertising revenue growth, which we expect to be in the low-single digits.

搜尋和新聞廣告（TAC 除外）的收入成長應該在十幾歲左右。這將高於整體搜尋和新聞廣告收入的成長，我們預期整體搜尋和新聞廣告收入的成長將處於低個位數。

And in gaming, we expect revenue growth in the mid-30s, including approximately 40 points of net impact from the Activision acquisition. We expect Xbox content and services revenue growth in the low to mid-50s, driven by the net impact from the Activision acquisition. Hardware revenue will again decline year over year.

在遊戲領域，我們預計營收將成長 30 多歲，其中包括動視收購帶來的約 40 個百分點的淨影響。我們預計，在動視收購的淨影響的推動下，Xbox 內容和服務收入的成長將在 50 多歲左右。硬體收入將再次年減。

Now back to company guidance. We expect COGS between USD19.95 billion to USD20.5 billion, including approximately $700 million from purchase accounting, integration and transaction-related costs from the Activision acquisition. We expect operating expense of USD15.2 billion to USD15.3 billion, including approximately $200 million from purchase accounting, integration and transaction-related costs from the Activision acquisition.

現在回到公司指導。我們預計銷貨成本在 199.5 億美元至 205 億美元之間，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 7 億美元。我們預計營運費用為 152 億美元至 153 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 2 億美元。

Other income and expense should be roughly negative $650 million, driven by losses on investments accounted for under the equity method as interest income will be mostly offset by interest expense. As a reminder, we are required to recognize gains or losses on our equity investments, which can increase quarterly volatility. We expect our Q1 effective tax rate to be approximately 19%.

其他收入和支出應大致為負 6.5 億美元，這是由於按權益法核算的投資損失造成的，因為利息收入將大部分被利息支出抵消。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。我們預計第一季的有效稅率約為 19%。

In closing, we remain focused on delivering innovations that matter to our global customers of every size. That focus extends to delivering on our financial commitments as well. We delivered operating margin growth of nearly 3 points year over year even as we accelerate our AI investments, completed the Activision acquisition, and had a headwind from the change in useful lives last year.

最後，我們仍然專注於提供對各種規模的全球客戶都至關重要的創新。這一重點也延伸到履行我們的財務承諾。儘管我們加快了人工智慧投資、完成了對動視暴雪的收購，並因去年使用壽命的變化而遇到了阻力，但我們的營業利潤率仍同比增長了近 3 個百分點。

So as we begin FY25, we will continue to invest in the cloud and AI opportunity ahead, aligned, and if needed, adjusted to the demand signals we see. We are committed to growing our leadership across our commercial cloud and within that, the AI platform, and we feel well positioned as we start FY25.

因此，當我們開始 25 財年時，我們將繼續投資未來的雲端和人工智慧機會，並根據我們看到的需求訊號進行調整（如果需要）。我們致力於增強我們在商業雲以及人工智慧平台中的領導地位，在 2025 財年伊始，我們感覺自己處於有利地位。

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

接下來，讓我們進行問答，布雷特。

Thanks, Amy. We'll now move over to Q&A. Out of respect for others on the call, we request that participants please only ask one question. Operator, can you please repeat your instructions?

謝謝，艾米。我們現在將進入問答環節。出於對通話中其他人的尊重，我們要求參與者只提出一個問題。接線員，您能重複您的指示嗎？

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指令）Keith Weiss，摩根士丹利。

Thanks. Thank you, guys, for taking the question and congratulations on another great quarter and really solid overall fiscal year. Right now, there's an industry debate ranging around the CapEx requirements around generative AI and whether the monetization is actually going to match with that. And I think the question for you guys, from a Microsoft perspective, is CapEx still an appropriate leading indicator for cloud growth?

謝謝。謝謝大家提出這個問題，並祝賀又一個出色的季度和非常穩健的整體財政年度。目前，業界存在著爭論，圍繞著生成式人工智慧的資本支出要求以及貨幣化是否真正與之相符。我認為，從微軟的角度來看，你們的問題是，資本支出仍然是雲端成長的適當領先指標嗎？

Or does the shift in gross margin profile change that equation? Or said another way, maybe can you give us a little bit more help in understanding the timing between the CapEx investments and the yield on those investments? Thank you.

或者毛利率狀況的變化會改變這個等式？或者換句話說，也許您可以為我們提供更多幫助，幫助我們了解資本支出投資與這些投資的收益率之間的時間表？謝謝。

Thank you, Keith. Let me start, and then Amy can add to this. I think, I would say we primarily start right now from the demand side. What I mean by that is what's the product -- shape of the product portfolio, what we learned even from the cloud transition, which, as you know, Keith, was similar in the sense that it was both a knowledge intensive and a capital-intensive transition.

謝謝你，基斯。讓我開始，然後艾米可以補充這一點。我認為，我們現在主要從需求面開始。我的意思是產品是什麼——產品組合的形狀，我們甚至從雲端轉型中學到了什麼，基思，正如你所知，它在某種意義上是相似的，它既是知識密集型的，也是資本的——密集轉型。

We needed to have the product portfolio where there was the right mix of, I'll call it, infrastructure meters as well as SaaS applications. So that's the first thing that we are looking at.

我們需要擁有正確組合的產品組合（我稱之為基礎設施儀表和 SaaS 應用程式）。這是我們首先要考慮的事情。

And how is that value landing with customers and what's the growth rate. So when I think about what's happening with M365 Copilot as perhaps the best Office 365 or M365 suite we have had, the fact that we're getting recurring customers, so our customers coming back buying more seats. So GitHub Copilot now being bigger than even GitHub when we bought it. What's happening in the contact center with Dynamics.

該價值如何與客戶接觸以及成長率是多少。因此，當我想到 M365 Copilot 可能是我們擁有的最好的 Office 365 或 M365 套件時，我們正在吸引回頭客，因此我們的客戶會回來購買更多席位。所以 GitHub Copilot 現在甚至比我們收購時的 GitHub 還要大。 Dynamics 聯絡中心發生的情況。

So I would say -- and obviously, the Azure AI growth, that's the first place we look at. That, then, drives bulk of the CapEx spend, basically, that's the demand signal because you got to remember, even in the capital spend, there is land and there is data center build, but 60%-plus is the kit, that only will be bought for inferencing and everything else if there is demand signal, right? So that's, I think, the keyway to think about capital cycle even.

所以我想說——顯然，Azure AI 的成長是我們首先關注的地方。那麼，這推動了大部分資本支出支出，基本上，這就是需求信號，因為你必須記住，即使在資本支出中，也有土地和數據中心建設，但 60% 以上是套件，僅如果有需求信號，就會購買用於推理和其他一切，對嗎？所以，我認為，這甚至是思考資本週期的關鍵途徑。

The asset, as Amy said, is a long-term asset, which is land and the data center, which, by the way, we don't even construct things fully. We can even have things which are semi-constructive, we call coal, shelves, and so on. So we know how to manage our CapEx spend to build out a long-term asset and a lot of the hydration of the kit happens when we have the demand signal.

正如艾米所說，資產是一項長期資產，即土地和資料中心，順便說一句，我們甚至沒有完全建造這些東西。我們甚至可以有半建設性的東西，我們稱之為煤炭、架子等等。因此，我們知道如何管理我們的資本支出以建立長期資產，當我們收到需求訊號時，就會發生大量的裝備補充。

There is definitely spend for training. Even there, of course, we will only be scaling training as we see the demand accrue in any given period in time. So I would say it's more important to manage to capture the opportunity with the right product portfolio that's driving value.

培訓費用肯定是有的。當然，即使在那裡，我們也只會在看到任何給定時間內需求增加時才擴大培訓規模。因此，我想說，更重要的是設法利用能夠推動價值的正確產品組合來抓住機會。

And on that front, I feel good about the breadth of Microsoft offering, whether it's in consumer side, whether it's on commercial per seat side or on the consumption meters, that's, I think, the fundamental driver.

在這方面，我對微軟產品的廣度感到滿意，無論是在消費者方面，無論是在每座商業方面還是在消費計量方面，我認為這都是根本驅動力。

And Keith, I do think -- and I really do appreciate how you phrased the question as well because I think the timing and some of the questions you all have had really led to how we were talking even about capital expense in our comments -- in my comments today.

基思，我確實認為——而且我真的很欣賞你如何表達這個問題，因為我認為時機和你們提出的一些問題確實導致了我們在評論中甚至討論資本支出的方式——在我今天的評論中。

Being able to maybe share a little more about that when we talked about roughly half of FY24's total capital expense as well as half of Q4's expense, it's really on land and build and finance leases, and those things really will be monetized over 15 years and beyond.

當我們談論大約一半的2024 財年總資本支出以及一半的第四季度支出時，也許能夠分享更多一點，它實際上是在土地、建築和融資租賃上，這些東西確實將在15 年內貨幣化，超過。

And they're incredibly flexible because we've built a consistent architecture first with the commercial cloud and second with the Azure stack for AI, regardless of whether the demand is at the platform layer or at the app layer or through third parties and partners or, frankly, our first-party SaaS, it uses the same infrastructure. So it's a long-lived flexible assets.

它們非常靈活，因為我們首先使用商業雲端建立了一致的架構，然後使用以 AI 為導向的 Azure 堆疊建立了一致的架構，無論需求是在平台層、應用程式層還是透過第三方和合作夥伴或坦白說，我們的第一方SaaS，它使用相同的基礎設施。所以它是一種長期的靈活資產。

And if you think about it, that way, you can see what we're doing and focused on is building out this network in parallel across the globe. Because when we did this last transition -- the first transition to the cloud, which seems a long time ago sometimes. It rolled out quite differently.

如果你仔細想想，你會發現我們正在做的事情和重點是在全球範圍內並行建立這個網路。因為當我們進行最後一次過渡時——第一次過渡到雲，有時似乎已經是很久以前的事了。它的推出完全不同。

We rolled out more geo by geo and this one because we have demand on a global basis, we are doing it on a global basis, which is important. We have large customers in every geo. And so hopefully, with that shape of our capital expense, it helps people see how much of that is near-term monetization driver as well as a much longer duration.

我們逐一地理推出了更多的產品，而這一點是因為我們在全球範圍內有需求，我們正在全球範圍內這樣做，這很重要。我們在每個地區都有大客戶。因此，希望透過我們的資本支出形式，它可以幫助人們了解其中有多少是短期貨幣化驅動因素以及更長的持續時間。

Thank you very much,

非常感謝，

Thanks, Keith. Operator, next question, please.

謝謝，基斯。接線員，請下一個問題。

Mark Moerdler, Bernstein Research.

馬克‧莫德勒，伯恩斯坦研究中心。

Thank you for taking the question and congrats on a strong year. GenAI has been a bit of roller coaster of a tech over the last year with periods of acceleration, high expectations, and the expectations drop as reality kicked in. With Azure growth we've seen this quarter and O365 Commercial, not yet fully visible in numbers even though Amy, you gave us a lot of color on it.

感謝您提出問題並祝賀您度過了美好的一年。在過去的一年裡，GenAI 的技術有點像過山車，有加速期、高期望值，但隨著現實的到來，期望值會下降。 ，但在儘管艾米，你給了我們很多色彩。

Two quick parts to the question. Satya, how should we think about what it's going to take for GenAI to become more real across the industry and for it to become more visible within your SaaS offerings?

這個問題的兩個快速部分。 Satya，我們應該如何考慮如何讓 GenAI 在整個行業中變得更加真實，並在您的 SaaS 產品中變得更加明顯？

And Amy, with cloud, it took time for margins to improve. It looks like with AI, it's happening quicker. Can you give us a sense of how you think about the margin impact near term and long term from all the investment on AI? Thank you.

艾米，透過雲端運算，利潤率需要一段時間才能提高。看起來人工智慧的發展速度更快。您能否告訴我們您如何看待所有人工智慧投資對近期和長期利潤率的影響？謝謝。

Yes. Thanks again, Mark, for the question. So to me, look, at the end of the day, GenAI is just software. So it is really translating into fundamentally growth on what has been our M365 SaaS offering with a newer offering that is the Copilot SaaS offering, which, today, is on a growth rate that's faster than any other previous generation of software we launched as a suite in M365.

是的。再次感謝馬克提出的問題。所以對我來說，歸根結底，GenAI 只是軟體。因此，它實際上轉化為我們的 M365 SaaS 產品和更新產品 Copilot SaaS 產品的根本性增長，如今，該產品的增長率比我們作為套件推出的任何其他上一代軟體都要快在M365中。

That's, I think, the best way to describe it. I mean the numbers I think we shared even this quarter are indicative of this, Mark. So if you look at it, we have both the landing of the seats itself quarter over quarter that growing 60%, right? That's a pretty good healthy sign.

我認為這是描述它的最好方式。我的意思是，我認為我們在本季度分享的數字就表明了這一點，馬克。所以如果你看一下，我們的席位本身每季都成長了 60%，對嗎？這是一個非常好的健康跡象。

The most healthy sign for me is the fact that customers are coming back there. That is the same customers with whom we landed the seats coming back and buying more seats. And then the number of customers with 10,000-plus seats doubled, right? It's 2x quarter over quarter. That, to me, is a healthy SaaS core business.

對我來說最健康的跡像是顧客再次光臨。這些客戶是我們獲得座位後又回來購買更多座位的客戶。那麼一萬多個座位的顧客數量就增加了一倍，對嗎？季度環比成長 2 倍。對我來說，這是一項健康的 SaaS 核心業務。

And on top of that, some of the things that Amy shared are on Dynamic. That's another exciting place for us, which is, one, we are gaining share. We are -- Dynamics with the GenAI built-in is really biz app, it's probably the category that gets completely transformed with GenAI.

最重要的是，艾米分享的一些內容是在 Dynamic 上的。這對我們來說是另一個令人興奮的地方，第一，我們正在獲得份額。我們 - 內建 GenAI 的 Dynamics 確實是商業應用程序，它可能是 GenAI 徹底改變的類別。

Contact centers being a great example. We ourselves are on course to save hundreds of millions of dollars in our own customer support and contact center operations. I think we can drive that value to our customers.

聯絡中心就是一個很好的例子。我們自己也被期望在客戶支援和聯絡中心營運方面節省數億美元。我認為我們可以為客戶帶來這種價值。

And then on the Azure side, you see the numbers very clearly. In fact, I think last quarter is when we started giving you that. You saw an acceleration of that this quarter. One of the other pieces, Mark, is AI doesn't sit on its own, right? So it's just for -- we have a concept of design wins in Azure. So in fact, 50% of the folks who are using Azure AI are also using a data meter.

然後在 Azure 一側，您可以非常清楚地看到數字。事實上，我認為上個季度我們就開始提供這項服務。本季您看到了這一趨勢的加速。馬克，另一件事是人工智慧並不能獨立存在，對吧？所以這只是為了——我們在 Azure 中有一個設計獲勝的概念。事實上，50% 使用 Azure AI 的人也在使用資料表。

That's very exciting to us because the most important thing in Azure is to win workloads in the enterprise. And that is starting to happen. And these are generational things once they get going with you. So that's, I think, how we think about it at least when I look at what's happening on our demand side.

這對我們來說非常令人興奮，因為 Azure 最重要的事情是贏得企業中的工作負載。這正在開始發生。一旦它們與你相處，這些都是世代相傳的事。所以，我認為，至少當我觀察需求方面發生的情況時，我們是這樣思考的。

And, Mark, to answer the second half of your question on margin improvement looking different than it did through the last cloud cycle. That's primarily for a reason I've mentioned a couple of times. We have a consistent platform. So because we're building to on Azure AI stack, we don't have to have multiple infrastructure investments.

馬克，回答你關於利潤率改善的問題的後半部分，看起來與上一個雲週期有所不同。這主要是出於我多次提到的原因。我們有一個一致的平台。因此，由於我們正在 Azure AI 堆疊上進行構建，因此我們不必進行多項基礎設施投資。

We're making one. We're using that internally first party, and that's what we're using with customers to build on as well as ISVs. So it does, in fact, make margins start off better and obviously scale consistently.

我們正在做一個。我們正在使用內部第一方，這也是我們與客戶以及 ISV 一起使用的基礎。事實上，它確實使利潤開始得更好，而且明顯能持續擴大。

Thank you.

謝謝。

Thanks, Mark. Operator, next question, please.

謝謝，馬克。接線員，請下一個問題。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Hi. Thank you very much and congrats on a great year -- fiscal year ending. A question for you, Amy. When you look at the CapEx, how do you ring efficiencies out of the CapEx? You've disclosed that 50% of the infrastructure, the other 50% tech, is very useful.

你好。非常感謝您，並祝賀您度過了美好的一年——財政年度結束了。有個問題想問你，艾米。當您查看資本支出時，如何提高資本支出的效率？您已經透露，50% 的基礎設施和另外 50% 的技術非常有用。

So in other words, do you have to keep growing CapEx at these elevated rates? Or could you slow down CapEx and still get that consistent revenue growth rate in your Azure and generative AI? That's the main question in my mind. Thank you so much.

換句話說，您是否必須以如此高的速度繼續成長資本支出？或者，您可以放慢資本支出，同時在 Azure 和生成式 AI 中仍獲得穩定的收入成長率？這是我心中的主要問題。太感謝了。

Thanks, Kash. That's a very good question. There's really two pieces, I think, as I heard your question that I would reflect on. The first is, could we see consistent revenue growth without maybe what you would say is more of this elevated capital expense number or something that continues to accelerate.

謝謝，卡什。這是一個非常好的問題。當我聽到你的問題時，我認為確實有兩點值得我反思。首先是，我們能否看到持續的收入成長，而沒有你可能會說的資本支出增加或繼續加速的情況。

And the answer to that is yes because there's two different pieces, right? You're seeing half of this go toward long-term builds that Satya mentioned, the pace at which we fill those builds with CPUs or GPUs will be demand-driven.

答案是肯定的，因為有兩個不同的部分，對吧？您會看到其中一半用於 Satya 提到的長期構建，我們用 CPU 或 GPU 填充這些構建的速度將由需求驅動。

And so if we see differences in demand signal, we can throttle that investment on the CPU side, which we've done for, I guess, a long time at this point, as I reflect, and we'll use all that same learning and demand signal understand to do the same thing on the GPU side.

因此，如果我們看到需求訊號存在差異，我們可以限制 CPU 方面的投資，我想，正如我所反映的，我們在這一點上已經做了很長時間，並且我們將使用所有相同的學習並要求訊號理解在GPU 端做同樣的事情。

And so you're right that you could see relatively consistent revenue patterns and yet see these inconsistencies and capital spend quarter to quarter.

因此，您是對的，您可以看到相對一致的收入模式，但每個季度都看到這些不一致和資本支出。

The other thing I would note, Kash, is you'll also notice there's a growing distinction between our CapEx number, and on occasion, the cash that we pay for PP&E and you're going to start to see that more often in this period because it happens when we use leases.

卡什，我要指出的另一件事是，您還會注意到我們的資本支出數字與有時我們為PP&E 支付的現金之間的差異越來越大，在此期間您將開始更頻繁地看到這種情況因為當我們使用租賃時就會發生這種情況。

Leases show up all at once. And so you'll see a little bit more volatility. I've mentioned it back in my comments before, but I mentioned it again just because you're starting to see that distinction in my comments and hopefully that's helpful context.

租約一次全部顯示出來。所以你會看到更多的波動。我之前在評論中提到過它，但我再次提到它只是因為您開始在我的評論中看到這種區別，希望這是有用的上下文。

Just one other thing, Amy, if I want to add. I think as people think about capital spend, I think it's important to separate out leases from build. And when it comes to build, I think it's important for us to think about -- we think about it in terms of what's the total percentage of cost that goes into each line item, land which obviously has a very different duration and a very different lead time.

艾米，如果我想補充的話，還有一件事。我認為當人們考慮資本支出時，我認為將租賃與建設分開很重要。當談到建設時，我認為我們要考慮的很重要——我們考慮每個項目的成本總百分比是多少，土地顯然有非常不同的持續時間和非常不同的成本。

So those are the other two considerations. We think about lead time and duration of the asset. Land, network, construction, the system or the kit, and then the ongoing cost. And so if you think about it that way, then you know how to even adjust, if you will, the capital spend based on demand signal.

這是另外兩個考慮因素。我們考慮資產的交付時間和持續時間。土地、網路、建築、系統或套件，以及持續的成本。因此，如果您這樣考慮，那麼您甚至知道如何根據需求訊號調整資本支出（如果您願意的話）。

Thank you. It was triggered by the jump in CapEx. And as Amy pointed out, you're guiding to accelerating -- Azure revenue growth rate, which, I guess, follows the CapEx surge. Thank you so much.

謝謝。這是由資本支出的跳躍引發的。正如艾米指出的那樣，您正在引導 Azure 收入成長率加速，我猜這是隨著資本支出激增而發生的。太感謝了。

Thanks, Kash. Operator, next question, please.

謝謝，卡什。接線員，請下一個問題。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Amy, the magnitude to beat this quarter was a little lower than we've seen in the past. Was there anything unusual on sales cycle that close rate that you saw off?

謝謝。艾米，本季的成長幅度比我們過去看到的要低一些。您看到的銷售週期中的成交率是否有任何異常情況？

Thanks, Brent. Actually, no. As I was talking on the quarter, I mean commercial bookings were much better than we expected going into the quarter. Commitments were very good execution across both the core annuity renewal motion was good, as expected, the larger long-term commitments were better than we expected.

謝謝，布倫特。事實上，沒有。正如我在談論本季時所言，我的意思是商業預訂比我們預期的本季要好得多。核心年金續約動議的承諾執行得非常好，正如預期的那樣，較大的長期承諾比我們預期的要好。

So Brent, I would not say there was anything really unusual in how I thought about what we saw in our commercial execution through the quarter.

因此，布倫特，我不會說我對本季度商業執行中所看到的情況的看法有什麼真正不尋常的地方。

Great. Thank you.

偉大的。謝謝。

Thanks, Brent. Operator, next question, please.

謝謝，布倫特。接線員，請下一個問題。

Karl Keirstead, UBS.

卡爾凱斯特德，瑞銀集團。

Okay. Great. So maybe I'll direct this to Amy. Amy, I know when you set your Azure guidance, you're always looking to meet or beat the high end the 30% you put up in the June quarter, amazing number given the scale of Azure, but it did come in at the low end of your range.

好的。偉大的。所以也許我會把這個轉給艾米。艾米，我知道當你設定Azure 指導時，你總是希望達到或超過你在6 月季度設定的30% 的高端水平，考慮到Azure 的規模，這個數字令人驚嘆，但它確實處於低位你的範圍的盡頭。

And I'd just love for you to maybe elaborate on the delta. I guess as I reflect on what you said in your comments, there's two things that I heard you say. One, it sounded like there's persistent capacity constraints that you think might get alleviated in the second half.

我只是希望你能詳細說明一下三角洲。我想當我反思你在評論中所說的話時，我聽到你說了兩件事。第一，聽起來似乎有持續的產能限制，您認為這種限制可能會在下半年得到緩解。

And then, secondly, you mentioned perhaps some modest softness in Europe. I presume that's a little bit more economic rather than Azure-specific. Is that the right way to frame the performance in the quarter? Thank you.

其次，您提到歐洲可能會出現一些適度的疲軟。我認為這比 Azure 特定的更經濟。這是製定本季業績的正確方法嗎？謝謝。

Thanks, Karl. Yes, that's exactly right. Maybe I'll just repeat it, just so people can hear it in my words as well to that 30% to 31% guide for Q4 and coming in at the lower end of 30%. You're exactly right.

謝謝，卡爾。是的，完全正確。也許我會重複一遍，這樣人們也可以從我的話中聽到它，以及第四季度 30% 到 31% 的指導，並進入 30% 的下限。你說得完全正確。

The distinguishing between being at the higher end or at the lower end, really was some softness we saw in a few European geos on non-AI consumption really made the difference in that number. And we've assumed that going forward into H1 inclusive of my guide 28% to 29% going forward.

處於高端或低端之間的差異實際上是我們在一些歐洲地區看到的非人工智慧消費的疲軟確實造成了這個數字的差異。我們假設進入上半年（包括我的指導），未來 28% 到 29% 的比例都會增加。

And then let me separate which was your larger point, which is what are the other factors you see ongoing. Number one, you're right, capacity constraints, particularly on AI and Azure will remain in Q4 and will remain in H1. So hopefully, that's helpful.

然後讓我區分哪個是您更重要的觀點，哪一個是您認為正在發生的其他因素。第一，你是對的，容量限制，特別是人工智慧和 Azure 方面的容量限制將在第四季和上半年繼續存在。希望這會有所幫助。

Yeah. Thank you, Amy.

是的。謝謝你，艾米。

Thanks, Karl. Operator, next question, please.

謝謝，卡爾。接線員，請下一個問題。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you very much. Amy, with Azure demand, once again greater than available capacity, I appreciate the CapEx investments and the build-out and acceleration you expect in the back half. But as we think about cloud capacity and AI services specifically, can you talk about both the near-term and long-term strategy around the AI partnerships that you're signing with the likes of Oracle and Cohere, for example? Thank you.

偉大的。非常感謝。艾米，由於 Azure 需求再次大於可用容量，我很欣賞資本支出投資以及您期望在後半段進行的擴張和加速。但是，當我們具體考慮雲端容量和人工智慧服務時，您能否談談您與 Oracle 和 Cohere 等公司簽署的人工智慧合作夥伴關係的近期和長期策略？謝謝。

Thanks, Brad. Maybe separate a couple of things. We are -- and we've talked about now for quite a few quarters, we are constrained on AI capacity. And because of that, actually, we've, to your point, have signed up with third parties to help us as we are behind with some leases on AI capacity.

謝謝，布拉德。也許分開幾件事。我們已經討論了好幾個季度了，我們的人工智慧能力受到限制。正因為如此，實際上，就你的觀點而言，我們已經與第三方簽約來幫助我們，因為我們在人工智慧能力的一些租賃方面落後了。

We've done that with partners who are happy to help us extend the Azure platform, to be able to serve this Azure AI demand. And you do see us investing quite a bit as we've talked about in builds so that we can get back in a more balanced place.

我們與合作夥伴一起做到了這一點，他們很樂意幫助我們擴展 Azure 平台，以便能夠滿足 Azure AI 需求。正如我們所討論的那樣，您確實看到我們在構建方面進行了大量投資，以便我們能夠回到更加平衡的狀態。

Yes. I mean, to me, it's no different than leases that we would have done in the past. These -- even say sometimes buying from Oracle, maybe even more efficient leases because they're even shorter date.

是的。我的意思是，對我來說，這與我們過去所做的租賃沒有什麼不同。這些——甚至有時從甲骨文購買，可能甚至更有效的租賃，因為它們的日期更短。

Excellent. Thanks for the color.

出色的。謝謝你的顏色。

Thanks, Brad. Operator, next question, please.

謝謝，布拉德。接線員，請下一個問題。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you very much. With a couple of quarters of Copilot for M365 availability under your belt now, how are you assessing the capability of Copilot to replicate the productivity gains that they've created for developers, which seem to be very high and to do something similar for the broader population of knowledge workers?

非常感謝。現在，Copilot for M365 的可用性已經有幾個季度了，您如何評估 Copilot 複製他們為開發人員創造的生產力提升的能力（這似乎非常高），並為更廣泛的領域做類似的事情知識工作者的數量？

For instance, you're mentioning the 10,000 feet deals, the repeat purchases, is it possible to eventually see co-pilot penetration rate equally high in office as they will be in GitHub?

例如，您提到的 10,000 英尺交易、重複購買，最終是否有可能看到副駕駛在辦公室的滲透率與在 GitHub 中的滲透率一樣高？

Yeah, that's a great question. In fact, the GitHub design system and the GitHub Copilot workspace design system, which now, for example, you start with an issue, you create a plan, from a plan, you create a spec, or you create a spec and from a spec, you create a plan and then you go operate across the full repo. That's effectively the design system that is getting replicated inside of even the M365 Copilot.

是的，這是一個很好的問題。事實上，GitHub 設計系統和 GitHub Copilot 工作區設計系統，例如，現在您從一個問題開始，您創建一個計劃，從一個計劃，您創建一個規範，或者您創建一個規範並從一個規範，您創建一個計劃，然後在整個存儲庫中進行操作。實際上，這種設計系統甚至在 M365 Copilot 內部也得到了複製。

And you see this even now -- for example, you get an email, you're in sales, you want to respond to the customer. The data from the email is essentially context for a prompt but you expand by bringing in all of your CRM data, right? So this customer email is in the context of some order, all of the CRM record gets completed in context and a reply gets generated with the CRM data. That's the type of stuff that's already happening.

即使現在您也會看到這一點 - 例如，您收到一封電子郵件，您從事銷售工作，您想要回覆客戶。電子郵件中的資料本質上是提示的上下文，但您可以透過引入所有 CRM 資料進行擴展，對嗎？因此，此客戶電子郵件處於某個訂單的上下文中，所有 CRM 記錄都在上下文中完成，並使用 CRM 資料產生回應。這就是已經發生的事情。

Then you take something like Copilot Studio, you can start even grounding it in more data and then completing workflows. So you could say if this email comes from this customer whose order date is got a particular issue with it. You can then go and escalate it to somebody else who gets a notification in Teams.

然後，您可以使用 Copilot Studio 之類的工具，甚至可以開始將其融入更多數據，然後完成工作流程。因此，您可以說這封電子郵件是否來自該客戶，其訂單日期有特定問題。然後，您可以將其上報給在 Teams 中收到通知的其他人。

And those are the kinds of workflows that are getting built within IT or by end users themselves, what used to be line of business applications to us are Copilot extensions going forward. So we think of this as really a new design system for knowledge and frontline work to drive productivity, which would be very akin to what has happened in software engineering.

這些是 IT 內部或最終用戶自己建立的工作流程，對我們來說過去的業務應用程式是未來的 Copilot 擴充。因此，我們認為這實際上是一個新的知識設計系統和第一線工作，以提高生產力，這與軟體工程中發生的情況非常相似。

So when you think about marketing or finance or sales or customer service, we will effectively replicate what you just said, which is the type of productivity we've seen in developers, will come to all of these functions as they think about their work, workflow and workout effect, all being driven by Copilots.

因此，當您考慮行銷、財務、銷售或客戶服務時，我們將有效地複製您剛才所說的，這是我們在開發人員中看到的生產力類型，當他們考慮自己的工作時，將涉及所有這些功能，工作流程和鍛鍊效果，全部由副駕駛驅動。

Thanks.

謝謝。

Thanks, Mark. Operator, next question, please.

謝謝，馬克。接線員，請下一個問題。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO 資本市場。

I actually wanted to veer towards gaming, if I could, for a second. Xbox Content Services revenue grew 61%, 58 points held from Activision. So net is about 3 points of growth. How should investors think about the longer-term growth potential in this area?

如果可以的話，我實際上想暫時轉向遊戲。 Xbox 內容服務營收成長 61%，比動視暴雪成長 58 個百分點。因此淨增長約為 3 個百分點。投資人應如何看待該領域的長期成長潛力？

You've made significant investments, including the Activision deal. But how should investors be thinking about the growth potential of the gaming? Or what are the puts and takes to help make considerations here?

您已經進行了大量投資，包括收購動視暴雪的交易。但投資人該如何看待遊戲的成長潛力呢？或者有哪些看跌期權和看跌期權可以幫助您在這裡考慮？

Yes. For us, our investment in gaming fundamentally was to have, I would say, the right portfolio of both what we love about gaming and always have loved about gaming, which is Xbox and the content for the console and expand from there so that we have content for everywhere people play games, starting with the PC.

是的。對我們來說，我想說，我們對遊戲的投資從根本上來說是擁有正確的投資組合，既包含我們對遊戲的熱愛，也一直熱愛遊戲，即Xbox 和遊戲機的內容，並從那裡擴展，以便我們擁有從 PC 開始，適合任何地方玩遊戲的人的內容。

So when I think about the Activision portfolio, it comes with great assets for us to cover both the PC and the console. And then, of course, assets to cover mobile sockets, which we never have. So we feel that now we have both the content and the ability to access all the traditional high scale platforms where people play games, which is the console, PC, and mobile.

因此，當我想到動視產品組合時，它為我們提供了覆蓋 PC 和遊戲機的巨大資產。當然，還有覆蓋行動插座的資產，這是我們從未擁有的。所以我們覺得現在我們既有內容也有能力訪問人們玩遊戲的所有傳統大型平台，即遊戲機、PC 和行動裝置。

But we're also excited about these new sockets, right? I mean the fact that even in this last quarter, we expanded X Cloud to Amazon TV, I forget the name of what it's called. But that's the type of new access that really helps us a lot, get reach new gamers or the same gamer everywhere they want to play.

但我們也對這些新插座感到興奮，對吧？我的意思是，即使在最後一個季度，我們將 X Cloud 擴展到了 Amazon TV，但我忘記了它的名字。但這種新的存取方式確實對我們有很大幫助，可以接觸到新玩家或同一玩家想要玩的任何地方。

And that ultimately will show up in that software plus services and transaction revenue for us, which is really our long-term KPI, and that's what we're building towards. And that was strategy behind Activision as an asset.

這最終將體現在我們的軟體加服務和交易收入中，這實際上是我們的長期 KPI，也是我們正在努力實現的目標。這就是動視作為一項資產背後的策略。

Amy, if you want to add to it?

艾米，你想補充一下嗎？

No, I do think the real goal here is to be able to take a broad set of content to more users in more places, and really build what looks more like to us, the software annuity and subscription business. with enhanced transactions and the ownership of IP, which is quite valuable long term.

不，我確實認為這裡的真正目標是能夠將廣泛的內容提供給更多地方的更多用戶，並真正建立對我們來說更像的軟體年金和訂閱業務。隨著交易的增強和智慧財產權的所有權，從長遠來看，這是非常有價值的。

As Satya mentioned, things where with the ownership of IP, it can be monetized in multiple ways. And I think we're really encouraged by some of the progress and how we're making progress with Game Pass as well with some of the new announcements. Thank you, Keith.

正如 Satya 所提到的，擁有智慧財產權的事物可以透過多種方式貨幣化。我認為我們對 Game Pass 的一些進展以及我們在 Game Pass 方面的進展以及一些新公告感到非常鼓舞。謝謝你，基斯。

Thanks, Keith. That wraps up the Q&A portion of today's earnings call. Thank you for joining us today, and we look forward to speaking with all of you soon.

謝謝，基斯。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 all.

謝謝你們。

This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。享受你一天剩下的時間。