微軟 (MSFT) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Microsoft Fiscal Year 2022 Third Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加微軟2022財年第三季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Brett Iversen, General Manager, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係總經理 Brett Iversen。謝謝。你可以開始了。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Deputy General Counsel.

與我一起參加電話會議的還有董事長兼首席執行官薩蒂亞·納德拉 (Satya Nadella)；艾米·胡德 (Amy Hood)，首席財務官； Alice Jolla，首席會計官；以及副總法律顧問 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.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們在今天電話會議上的準備好的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的對帳。

Unless otherwise specified, we will refer to non-GAAP metrics on the call. 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 third quarter performance, in addition to the impact these items and events have on the financial results.

除非另有說明，我們將在電話會議上參考非 GAAP 指標。所提供的非 GAAP 財務指標不應被視為替代或優於依照 GAAP 編製的財務績效指標。它們作為額外的澄清項目，旨在幫助投資者進一步了解公司第三季度的業績，以及這些項目和事件對財務結果的影響。

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

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

我們將在電話會議結束後立即將準備好的發言發佈到我們的網站上，直到完整的記錄可用為止。

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.

今天的電話會議正在進行網路直播和錄音。如果您提出問題，它將包含在我們的直播、記錄以及錄音的任何未來使用中。您可以在微軟投資者關係網站上重播該通話並查看記錄。

During this call, we will make forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

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

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

說完這些，我將把電話轉給 Satya。

Thank you, Brett.

謝謝你，布雷特。

It was a record third quarter, driven by the continued strength of the Microsoft Cloud, which surpassed $23 billion in revenue, up 32% year-over-year. Going forward, digital technology will be the key input that powers the world's economic output. Across the tech stack, we are expanding our opportunity and taking share as we help customers differentiate, build resilience and do more with less.

第三季創下了紀錄，這得益於微軟雲端運算業務的持續強勁成長，其營收超過 230 億美元，年增 32%。展望未來，數位技術將成為推動世界經濟產出的關鍵輸入。在整個技術堆疊中，我們正在擴大我們的機會並佔據市場份額，同時幫助客戶實現差異化、增強彈性並以更少的投入做更多的事情。

Now I'll highlight examples starting with Azure. We're building a distributed computing fabric across the cloud and the edge to help every organization build, run and manage mission-critical workloads anywhere. This quarter, we helped more customers than ever, simplifying and accelerating their cloud migrations. And it's still early days. We're winning Tier 1 infrastructure workloads. Leaders in every industry from BlackRock to Bridgestone to Lufthansa are all moving mission-critical workloads to Azure.

現在我將重點介紹從 Azure 開始的範例。我們正在雲端和邊緣建立分散式運算結構，以幫助每個組織在任何地方建置、運行和管理關鍵任務工作負載。本季度，我們幫助了比以往更多的客戶，簡化並加速了他們的雲端遷移。現在還為時過早。我們正在贏得一級基礎設施工作負載。從貝萊德到普利司通再到漢莎航空，各行各業的領導者都在將關鍵任務工作負載轉移到 Azure。

And we are the market leader for customers' SAP workloads in the cloud. Atos, Chevron, Fujitsu and Woolworths all migrated their SAP applications to Azure in recent months. Overall, we are seeing larger, more strategic Azure commitments from industry leaders, including Boeing, Kraft Heinz, U.S. Bank and Westpac, who all chose our cloud to accelerate their digital transformations. The number of $100 million-plus Azure deals more than doubled year-over-year, and we are seeing consumption growth across every industry, customer segment and geography.

我們是雲端客戶 SAP 工作負載市場的領導者。近幾個月來，Atos、Chevron、Fujitsu 和 Woolworths 都將其 SAP 應用程式遷移到了 Azure。總體而言，我們看到產業領導者對 Azure 做出了更大、更具策略性的承諾，包括波音、卡夫亨氏、美國銀行和西太平洋銀行，他們都選擇了我們的雲端來加速他們的數位轉型。價值 1 億美元以上的 Azure 交易數量比去年同期成長了一倍多，我們看到各個產業、客戶群和地區的消費都在成長。

Now to data and AI. Our data stack is unique in bringing best-in-class operational databases, analytics and governance into one integrated data fabric. Cosmos DB transactions and data volume increased over 100% year-over-year for the third quarter in a row. Synapse data volume more than doubled year-over-year, and we are seeing strong adoption of Purview as we help organizations govern, protect and manage their data estate across platforms and clouds. From Deutsche Borse to EY, customers in every industry are using our end-to-end data platform.

現在討論數據和人工智慧。我們的資料堆疊獨一無二，將一流的操作資料庫、分析和治理整合到一個整合資料結構中。 Cosmos DB 交易量和資料量連續第三個季度年增超過 100%。 Synapse 的資料量比去年同期成長了一倍多，我們看到 Purview 的採用率很高，因為我們可以幫助組織跨平台和雲端管理、保護和管理其資料資產。從德意志交易所到安永，各行各業的客戶都在使用我們的端到端資料平台。

In AI, we continue to see strong usage of Azure machine learning. The number of monthly inference requests increased 86% year-over-year, with companies like PepsiCo using the service to predict which products are most likely to sell. And our Azure OpenAI Service brings together advanced language models with the enterprise capabilities of Azure, helping companies like CarMax turn customer reviews into customized content for shoppers.

在人工智慧領域，我們持續看到 Azure 機器學習的強勁應用。每月推理請求數量年增 86%，百事可樂等公司使用該服務來預測哪些產品最有可能銷售。我們的 Azure OpenAI 服務將先進的語言模型與 Azure 的企業功能結合在一起，幫助 CarMax 等公司將客戶評論轉化為購物者的客製化內容。

Now to developer tools. From Azure DevOps and GitHub to Visual Studio, we have the most comprehensive and loved developer SaaS service. Increasingly, every new developer project starts with our tools. Visual Studio has more than 31 million monthly active users, including most of the Fortune 500. And GitHub usage is increasing among both independent developers and startups as well as the world's most established enterprises.

現在介紹開發者工具。從 Azure DevOps 和 GitHub 到 Visual Studio，我們擁有最全面、最受喜愛的開發人員 SaaS 服務。越來越多的新開發專案都是從我們的工具開始的。 Visual Studio 每月有超過 3,100 萬活躍用戶，其中包括大多數財富 500 強企業。 GitHub 的使用率在獨立開發者、新創公司以及全球最成熟的企業中都在不斷成長。

90% of the Fortune 100 use GitHub. In fact, Mercedes-Benz, for example, is using GitHub Enterprise to provide a unified development platform for more than 20,000 employees to build, ship and maintain software.

90% 的財富 100 強企業使用 GitHub。事實上，梅賽德斯-奔馳正在使用 GitHub Enterprise 為超過 20,000 名員工提供統一的開發平台，以建立、發布和維護軟體。

Now on to Power Platform. Power Platform has become the leading business process automation and productivity suite for domain experts in every industry. Power Platform surpassed $2 billion in revenue over the past 12 months, up 72% year-over-year, making it one of the fastest-growing businesses at scale. Power Apps is the market leader in low-code, no-code app development, and Power BI has more than 200,000 customers. And our acquisition of Minit adds new process mining capabilities, helping organizations identify bottlenecks and opportunities for operational efficiency.

現在轉到 Power Platform。 Power Platform 已成為各行各業領域專家領先的業務流程自動化和生產力套件。 Power Platform 在過去 12 個月的營收超過 20 億美元，年增 72%，成為規模成長最快的企業之一。 Power Apps 是低程式碼、無程式碼應用程式開發領域的市場領導者，Power BI 擁有超過 20 萬名客戶。我們對 Minit 的收購增加了新的流程挖掘功能，幫助組織識別瓶頸和提高營運效率的機會。

Now to Dynamics 365. Dynamics 365 is growing faster than the business applications market overall. For example, in a world of supply chain constraints, we are helping companies like Cracker Barrel and Unilever predict disruptions before they happen. Businesses like Heineken and Siemens are turning to Dynamics 365 to drive and deliver more consistent and personalized customer engagement and service. We are leading innovation in new industrial metaverse to help companies optimize their operations using technologies such as IoT, digital twins, connected spaces and mixed reality applications.

現在談 Dynamics 365。 Dynamics 365 的成長速度比整個商業應用程式市場都要快。例如，在供應鏈受限的世界中，我們正在幫助 Cracker Barrel 和聯合利華等公司預測中斷的發生。喜力和西門子等企業正在轉向 Dynamics 365 來推動和提供更一致和個人化的客戶參與和服務。我們正在引領新工業元宇宙的創新，以幫助企業使用物聯網、數位孿生、互聯空間和混合實境應用等技術優化營運。

And we are further differentiating the Microsoft Cloud by bringing together Dynamics 365, Teams and Synapse to usher in a new era of collaborative applications that transform every business function and process.

我們透過將 Dynamics 365、Teams 和 Synapse 整合在一起，進一步區分 Microsoft Cloud，開創一個轉變每個業務功能和流程的協作應用程式的新時代。

When it comes to industry, our 6 industry clouds are helping customers speed time to value. Our Cloud for Healthcare was front and center at HIMSS last month, where we introduced Azure Health Data Services to unify disparate clinical imaging and med tech data. Cleveland Clinic will use the solution to normalize data from different systems and integrate insights into the clinician workflow. And with our acquisition of Nuance, I'm excited about our opportunity to apply the company's deep enterprise AI expertise to accelerate the growth of both Nuance's business and our industry clouds.

在產業方面，我們的 6 個產業雲正在幫助客戶加快實現價值。上個月，我們的醫療雲在 HIMSS 上成為焦點，我們在會上推出了 Azure 健康數據服務來統一不同的臨床影像和醫療技術數據。克利夫蘭診所將使用該解決方案來規範來自不同系統的數據，並將見解整合到臨床醫生的工作流程中。透過收購 Nuance，我很高興我們有機會應用該公司深厚的企業 AI 專業知識來加速 Nuance 業務和產業雲的成長。

Now on to LinkedIn. We once again saw record engagement as more than 830 million professionals use the platform to connect, learn, grow and get hired. Amid the great reshuffle, we are seeing a skills-first labor market emerge. The number of companies using skills filters on LinkedIn to fill open roles has doubled year-over-year. In this dynamic labor market, hires on LinkedIn has increased 88%. Talent Solutions revenue was up 43%, marking the sixth consecutive quarter of accelerating growth.

現在前往 LinkedIn。我們再次看到創紀錄的參與度，超過 8.3 億專業人士使用該平台進行聯繫、學習、成長和獲得聘用。在這場大洗牌中，我們看到一個以技能為先的勞動市場正在興起。使用 LinkedIn 上的技能過濾器來填補空缺職位的公司數量比去年同期增長了一倍。在這個充滿活力的勞動力市場中，LinkedIn 上的招募數量增加了 88%。人才解決方案營收成長 43%，連續第六個季度加速成長。

Our Marketing Solutions business continues to thrive as we offer advertisers high reach and ROI. And creators are increasingly turning to the platform to establish their voices and grow their communities using tools like Newsletter to share content they are passionate about. 28 million members now subscribe to at least 1 newsletter on LinkedIn, up 51% over the past quarter alone.

由於我們為廣告主提供高覆蓋率和高投資報酬率，我們的行銷解決方案業務持續蓬勃發展。越來越多的創作者開始利用該平台發出自己的聲音，並使用 Newsletter 等工具來分享他們熱衷的內容，從而擴大他們的社群。目前，已有 2,800 萬會員在 LinkedIn 上訂閱至少 1 份時事通訊，僅比上一季就成長了 51%。

Now on to Microsoft 365 and Teams. The last 2 years have proven that every organization needs a digital fabric that connects the entire organization from the boardroom to the front line to customers and partners. No company is better positioned to meet this need than Microsoft with Microsoft 365 and Teams. Teams is the most used and the most advanced platform for work and the only solution with meetings, calls, chat, collaboration and business process automation. And organizations from enterprises to SMBs are relying on Teams to run their business.

現在轉到 Microsoft 365 和 Teams。過去兩年的經驗證明，每個組織都需要一個數位結構，將整個組織從董事會到前線、再到客戶和合作夥伴連結起來。沒有任何一家公司比擁有 Microsoft 365 和 Teams 的微軟更有能力滿足這項需求。 Teams 是最常用、最先進的工作平台，也是唯一具有會議、通話、聊天、協作和業務流程自動化的解決方案。從企業到中小型企業的組織都依賴 Teams 來經營業務。

Our comprehensive approach reduces complexity and costs. Microsoft 365 customers can save as much as 60% compared to a patchwork of single-point identity, productivity, collaboration and meeting solutions. Teams usage has never been higher. We are seeing growth in every segment, including very small businesses with Teams Essentials.

我們的綜合方法降低了複雜性和成本。與拼湊的單點身分、生產力、協作和會議解決方案相比，Microsoft 365 客戶可以節省高達 60% 的費用。團隊使用率從未如此高。我們看到每個領域都在成長，包括擁有 Teams Essentials 的小型企業。

Teams is the leading platform for collaborative apps. From Asana to Zendesk, there are over 1,000 third-party apps available in the Teams App Store. And companies in every industry, including CBRE, CVS Health and the National Health Service in the United Kingdom have built custom line of business apps within Teams, bringing business process directly into flow of work.

Teams 是領先的協作應用平台。從 Asana 到 Zendesk，Teams App Store 中有超過 1,000 個第三方應用程式可供選擇。各行各業的公司，包括世邦魏理仕、CVS Health 和英國國家醫療服務體系，都在 Teams 中建立了客製化的業務線應用程序，將業務流程直接納入工作流程。

And we are adding new growth engines to meet the demands of hybrid work with Teams Rooms, Teams Phone and Microsoft Viva. Teams Rooms is bridging the gap between people working remotely and those in the office with innovations like Front Row. Teams Phone with Operator Connect enables organizations to easily bring their existing calling service to Teams. Total Operator Connect minutes increased 8x quarter-over-quarter. And Viva has more than 10 million monthly active users at companies like Bloom, Cerner, Marks and Spencer.

我們正在增加新的成長引擎，以滿足 Teams Rooms、Teams Phone 和 Microsoft Viva 混合工作的需求。 Teams Rooms 透過 Front Row 等創新技術彌合了遠距辦公人員和辦公室辦公室人員之間的差距。帶有 Operator Connect 的 Teams Phone 讓組織能夠輕鬆地將其現有呼叫服務引入 Teams。總運營商連接分鐘數比上一季增加了 8 倍。 Viva 在 Bloom、Cerner、Marks and Spencer 等公司每月擁有超過 1,000 萬活躍用戶。

This quarter, we added LinkedIn's Glint employee engagement tool to Viva, ensuring leaders can more easily solicit employee feedback and receive actionable insights. All this innovation is driving growth across Microsoft 365. Organizations across private and public sector, including American Family Insurance, the Queensland government and Telefonica are increasingly choosing our premium E5 offerings for advanced security, compliance, voice and analytics.

本季度，我們為 Viva 增加了 LinkedIn 的 Glint 員工參與工具，確保領導者可以更輕鬆地徵求員工回饋並獲得可行的見解。所有這些創新都在推動 Microsoft 365 的成長。包括美國家庭保險公司、昆士蘭州政府和西班牙電信在內的私營和公共部門的組織越來越多地選擇我們的高級 E5 產品，以實現高級安全性、合規性、語音和分析功能。

Now on to Windows. The PC has never been more relevant to work, life and play. The number of use cases is increasing as is the amount of time spent on PCs. More than 100 million PCs have shipped in each of the last 8 quarters and Windows continues to take share. With Windows 11, we continue to see the highest quality scores of any version of the operating system. The enterprises are adopting Windows 11 at a faster pace than any previous release.

現在轉到 Windows。個人電腦與工作、生活和娛樂的關係從未如此密切。使用案例的數量正在增加，在 PC 上花費的時間也在增加。在過去 8 個季度中，每季的個人電腦出貨量都超過 1 億台，Windows 繼續佔市場。在 Windows 11 中，我們繼續看到所有版本作業系統中最高的品質分數。企業採用 Windows 11 的速度比以往任何版本都要快。

With Windows 365, we are bringing the power of Azure computing to Windows computers, enabling businesses like Lands' End, SES and Xerox to stream the full Windows experience to any employee device. New integrations between Windows 11 and Windows 365 will make it possible to switch between cloud PC and the local PC with a single click. And we continue to help organizations like AIG, Grant Thornton and Sage shift their on-premise virtualization services to the cloud with Azure Virtual Desktop.

借助 Windows 365，我們將 Azure 運算的強大功能引入 Windows 計算機，使 Lands' End、SES 和 Xerox 等企業能夠將完整的 Windows 體驗傳輸到任何員工設備。 Windows 11 和 Windows 365 之間的新整合將使得只需單擊即可在雲端 PC 和本機 PC 之間切換。我們將繼續幫助 AIG、Grant Thornton 和 Sage 等組織透過 Azure 虛擬桌面將其內部虛擬化服務轉移到雲端。

In consumer, Windows is key to curating our content and services to help every person with their everyday tasks from browsing and searching to learning and gaming and shopping, all with security and privacy built in. We are seeing strong engagement with nearly 500 million monthly active users of our personalized content feed, Microsoft Start. As usage continues to grow, we are seeing a flywheel emerge between content consumption and commerce as we generate new opportunities for content creators as well as advertisers. And our browser, Microsoft Edge, continues to gain share as we help people save money and shop securely.

在消費者領域，Windows 是策劃我們的內容和服務的關鍵，旨在幫助每個人完成日常任務，從瀏覽和搜尋到學習、遊戲和購物，所有這些都內建了安全性和隱私性。我們看到個人化內容來源 Microsoft Start 每月有近 5 億活躍用戶的強烈參與。隨著使用量的不斷增長，我們看到內容消費和商業之間出現了一個飛輪，為我們內容創作者和廣告商創造了新的機會。我們的瀏覽器 Microsoft Edge 不斷獲得市場份額，因為我們幫助人們省錢並安全購物。

Now to security. Security is a top priority for every organization undergoing a digital transformation. To keep our customers secure, we build security by design into every product we sell. And we deliver end-to-end solutions spanning security, compliance, identity, device management and privacy across clouds and platforms informed by 24 trillion threat signals each day. This comprehensive capability has been critical during the recent world events, and we continue to disrupt cyber attacks and share threat intelligence with the Ukrainian government as well as other public sector agencies.

現在談談安全問題。對於每個經歷數位轉型的組織來說，安全是首要任務。為了確保客戶的安全，我們在銷售的每件產品中都融入了安全性設計。我們每天根據 24 兆個威脅訊號，跨雲端和平台提供涵蓋安全性、合規性、身分、裝置管理和隱私的端到端解決方案。這種綜合能力在最近的世界事件中至關重要，我們繼續阻止網路攻擊並與烏克蘭政府以及其他公共部門機構分享威脅情報。

Multi-cloud, multi-platform support is central to our approach. In security, we're the only cloud provider with native multi-cloud protection for the industry's top 3 cloud platforms. In identity, we now provide permissions management across all clouds. Azure Active Directory is the undisputed market leader with more than 550 million monthly active users. In management, the number of Windows, Android and iOS devices protected by Intune grew over 60% year-over-year. And we are expanding to new market segments with Microsoft Defender for Business, which will help keep small businesses secure.

多雲、多平台支援是我們方法的核心。在安全性方面，我們是唯一一家為業界前三大雲平台提供原生多雲保護的雲端供應商。在身分認同方​​面，我們現在提供跨所有雲端的權限管理。 Azure Active Directory 是無可爭議的市場領導者，每月活躍用戶超過 5.5 億。在管理方面，受 Intune 保護的 Windows、Android 和 iOS 裝置數量年增超過 60%。我們正在利用 Microsoft Defender for Business 拓展新的市場領域，這將有助於確保小型企業的安全。

This innovation and differentiation is driving our overall growth. All of the number of customers who trust our security solutions grew nearly 50% year-over-year to 785,000, including Citrix, Domino's Pizza, Fujitsu, Heineken, PETRONAS, who rely on us to protect their multi-cloud infrastructure. And we have over 15,000 partners in our security ecosystem, more than anyone else in the industry.

這種創新和差異化正在推動我們的整體成長。所有信任我們安全解決方案的客戶數量年增近 50%，達到 785,000 個，其中包括 Citrix、Domino's Pizza、富士通、喜力、馬來西亞國家石油公司，他們依靠我們來保護他們的多雲基礎設施。我們的安全生態系統擁有超過 15,000 個合作夥伴，比業內任何其他公司都多。

Now on to gaming. Our ambition is to power gamers to play when and how and where they want. With our Xbox Series S and X consoles, we have taken share globally for 2 quarters in a row, and we are the market leader this quarter among the next-gen consoles in the United States, Canada, U.K. and Western Europe. And with Xbox Cloud Gaming, we are redefining how games are distributed, played and viewed. To date, more than 10 million people have streamed games. Many of our most popular titles, including Flight Simulator, are now accessible on phones, tablets, low-spec PCs for the first time.

現在開始遊戲。我們的目標是讓遊戲玩家隨時隨地以自己喜歡的方式玩遊戲。憑藉 Xbox Series S 和 X 遊戲機，我們已連續兩個季度佔據全球市場份額，並且本季在美國、加拿大、英國和西歐的下一代遊戲機市場中處於領先地位。借助 Xbox 雲端遊戲，我們正在重新定義遊戲的分發、玩法和觀看方式。迄今為止，已有超過 1,000 萬人觀看過遊戲直播。我們許多最受歡迎的遊戲，包括《飛行模擬器》，現在首次可以在手機、平板電腦和低規格電腦上玩。

Our Game Pass library now includes hundreds of titles across PC and console, including more games from third-party publishers than ever before. Billions of hours have been played by subscribers over the past 12 months, up 45%. And with Azure, we are building the best cloud for game studios of all sizes to build, host and grow their games. New capabilities, speed, time to development and to help connect players across platforms. Azure gaming revenue fiscal year-to-date increased 66%.

我們的 Game Pass 庫現在包含 PC 和遊戲機上的數百款遊戲，其中包括比以往更多的來自第三方發行商的遊戲。過去 12 個月，用戶遊戲時長已達數十億小時，成長了 45%。借助 Azure，我們正在為各種規模的遊戲工作室建立最佳雲，以建立、託管和發展他們的遊戲。新功能、速度、開發時間以及幫助跨平台連接玩家。 Azure 財年迄今的遊戲營收成長了 66%。

In closing, we are entering a new era where every company will become a digital company. Our portfolio of durable digital businesses and diverse business models built on a common tech stack position us well to capture the massive opportunities ahead.

最後，我們正在進入一個新時代，每家公司都將成為一家數位化公司。我們基於通用技術堆疊構建的持久數位業務和多樣化商業模式使我們能夠抓住未來的巨大機會。

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

說完這些，我就把它交給艾米。

Thank you, Satya, and good afternoon, everyone.

謝謝你，薩蒂亞，大家下午好。

This quarter, revenue was $49.4 billion, up 18% and 21% in constant currency. Earnings per share was $2.22 and increased 14% and 18% in constant currency when adjusted for the tax benefit from the third quarter of fiscal year '21.

本季營收為 494 億美元，成長 18%，以固定匯率計算成長 21%。每股收益為 2.22 美元，以 21 財年第三季的稅收優惠調整後，成長 14%，以固定匯率計算成長 18%。

Several items impacted our financial performance that were not included in the guidance provided on our January earnings call. First, Nuance. My comments today across Q3 results and Q4 outlook include the impact from the Nuance acquisition, which closed on March 4. Our results include $111 million in revenue and a negative $0.01 impact to earnings per share, including purchase accounting, integration and transaction-related expenses. Within our results, unless specifically noted otherwise, Nuance was not a material driver of growth rates. We continue to expect the Nuance acquisition will be minimally dilutive in FY '22 and accretive in FY '23 to non-GAAP EPS.

有幾個因素影響了我們的財務業績，但並未納入我們一月份收益電話會議上提供的指引中。首先，細微差別。我今天對第三季業績和第四季展望的評論包括 3 月 4 日完成的 Nuance 收購的影響。我們的業績包括 1.11 億美元的收入和每股收益的負 0.01 美元影響，包括購買會計、整合和交易相關費用。在我們的結果中，除非另有特別說明，Nuance 並不是成長率的重要驅動因素。我們繼續預計，Nuance 的收購將在 22 財年產生最小程度的稀釋效應，並在 23 財年產生非 GAAP EPS 的增值效應。

Second, FX. The U.S. dollar strengthened throughout the quarter and created an incremental 1 point FX headwind to total company revenue compared to expectations. As a result, revenue and EPS were negatively impacted by $302 million and $0.03 per share, respectively.

第二，FX。美元在整個季度走強，與預期相比，對公司總收入造成了 1 個百分點的外匯逆風。結果，營收和每股盈餘分別受到負面影響 3.02 億美元和每股 0.03 美元。

Finally, the war in Ukraine. We suspended all new sales of our products and services in Russia. Revenue generated in Russia represents less than 1% of total company revenue, and we expect that it will decline significantly. The impact to operating income this quarter was roughly $130 million split evenly between lower revenue and higher bad debt expense, resulting in a negative $0.01 impact to EPS.

最後，烏克蘭戰爭。我們暫停了在俄羅斯銷售所有新的產品和服務。俄羅斯產生的收入占公司總收入的不到 1%，我們預計這一比例將大幅下降。本季對營業收入的影響約為 1.3 億美元，一半歸因於收入下降，一半歸因於壞帳費用增加，導致每股收益產生 0.01 美元的負面衝擊。

Our results for the quarter are better than we expected across revenue, operating income and EPS as we again delivered another strong quarter of top and bottom line growth.

本季我們的業績在營收、營業收入和每股盈餘方面均優於我們的預期，因為我們再次實現了強勁的營收和利潤成長。

In our Commercial business, healthy demand for our differentiated hybrid and cloud offerings, together with excellent execution by our sales teams and partners, drove increased commitment to our platform as well as higher usage of our services that Satya mentioned earlier.

在我們的商業業務中，對我們差異化的混合和雲端產品的健康需求，加上我們的銷售團隊和合作夥伴的出色執行，推動了對我們平台的承諾增加以及對我們服務的使用率提高，正如 Satya 之前提到的。

Commercial bookings increased 28% and 35% in constant currency, significantly ahead of expectations, driven by strong execution across our core annuity sales motions. We also saw better-than-expected growth in large long-term Azure contracts against a very strong prior year comparable. Nuance benefited bookings by roughly 5 points.

由於我們核心年金銷售計劃的強勁執行，商業預訂量按固定匯率計算增長了 28% 和 35%，大大超出了預期。與去年同期相比，我們也看到 Azure 大型長期合約的成長優於預期。 Nuance 的預訂量提高了約 5 個百分點。

Our on-premises transactional licensing revenue across both the Office and Server businesses was more negatively impacted than expected due to the transition from our open licensing program to our Cloud Solution Provider program. Commercial remaining performance obligation increased 32% and 34% constant currency to $155 billion, with a roughly equivalent split between the revenue that we'll recognize within and the portion beyond the next 12 months. And our annuity mix increased 2 points year-over-year to 96%.

由於從開放授權計劃過渡到雲端解決方案供應商計劃，我們的 Office 和 Server 業務的內部交易授權收入受到的負面影響比預期更大。商業剩餘履約義務成長 32%，以固定匯率計算成長 34%，達到 1550 億美元，其中我們將在未來 12 個月內確認的收入與未來 12 個月後確認的收入大致相等。我們的年金組合年增 2 個百分點，達到 96%。

Commercial Cloud revenue was $23.4 billion and grew 32% and 35% in constant currency, again ahead of expectations. Microsoft Cloud gross margin percentage decreased slightly year-over-year to 70%. Excluding the impact from the change in accounting estimate for useful lives, the Microsoft Cloud gross margin percentage increased roughly 3 points, driven by improvement across the cloud services, partially offset by sales mix shift to Azure. In our Consumer business, as you heard from Satya, we saw market share gains across PCs, gaming consoles and our Edge browser.

商業雲端收入為 234 億美元，成長 32%，以固定匯率計算成長 35%，再次超出預期。微軟雲毛利率較去年同期略有下降，為 70%。不計入會計估計使用壽命變更的影響，微軟雲毛利率百分比增加了約 3 個百分點，這得益於雲端服務的改善，但部分被銷售組合向 Azure 的轉變所抵銷。在我們的消費者業務中，正如您從 Satya 那裡聽到的，我們看到個人電腦、遊戲機和 Edge 瀏覽器的市場份額都有所增長。

Now back to the company level. As noted earlier, U.S. dollar strengthened throughout the quarter. FX decreased total company revenue by 3 points, 1 point unfavorable to expectations; decreased COGS by 1 point, in line with expectations; and decreased operating expense growth by 2 points, 1 point favorable to expectations. Gross margin dollars increased 18% and 21% in constant currency, and gross margin percentage decreased slightly year-over-year to 68%. Excluding the impact of the change in accounting estimate, gross margin percentage increased approximately 1 point, driven primarily by improvement in our cloud services noted earlier.

現在回到公司層面。如前所述，美元在整個季度走強。 FX 導致公司總收入下降 3 個百分點，比預期低 1 個百分點；銷貨成本下降 1 個百分點，符合預期；並將營業費用增長降低了 2 個百分點，比預期高 1 個百分點。毛利率以固定匯率計算成長了 18% 和 21%，毛利率百分比較去年同期略有下降，為 68%。不計會計估計變更的影響，毛利率百分比增加約 1 個百分點，主要得益於我們先前提到的雲端服務的改善。

Operating expense increased 15% and 17% in constant currency, slightly lower than expected as investments that shifted to future quarters were partially offset by the inclusion of Nuance. At a total company level, headcount grew 20% year-over-year as we continue to invest in key areas such as cloud engineering, customer deployment, LinkedIn and sales, and included approximately 4 points of growth from the addition of Nuance. Operating income increased 19% and 23% in constant currency, and operating margins increased slightly year-over-year to 41%. Excluding the impact of the change in accounting estimate, operating margins expanded roughly 2 points year-over-year.

營業費用成長了 15%，以固定匯率計算成長了 17%，略低於預期，因為轉移到未來季度的投資被 Nuance 的納入部分抵銷。從整個公司層面來看，由於我們繼續在雲端工程、客戶部署、LinkedIn 和銷售等關鍵領域進行投資，員工總數比去年同期成長了 20%，其中 Nuance 的加入帶來了約 4 個點的成長。營業收入以固定匯率計算成長 19% 和 23%，營業利益率較去年小幅成長至 41%。剔除會計估計變更的影響，營業利益率年增約2個百分點。

Now to our segment results. Revenue from Productivity and Business Processes was $15.8 billion and grew 17% and 19% in constant currency, in line with expectations. Better-than-expected results across Office 365, LinkedIn and Office Consumer were offset by impacts from incremental FX, the open licensing transition, Russia as well as lower-than-expected results in Dynamics. Office Commercial revenue grew 12% and 14% in constant currency. Office 365 Commercial revenue increased 17% and 20% in constant currency, driven by installed base expansion across all workloads and customer segments as well as higher ARPU from continued momentum in E5 revenue.

現在來看看我們的分部業績。生產力和業務流程收入為 158 億美元，成長 17%，以固定匯率計算成長 19%，符合預期。 Office 365、LinkedIn 和 Office Consumer 的業績優於預期，但被增量外匯、開放許可過渡、俄羅斯以及 Dynamics 業績低於預期的影響所抵消。辦公室商業收入以固定匯率計算成長了 12% 和 14%。 Office 365 商業版營收成長 17%，以固定匯率計算成長 20%，這得益於所有工作負載和客戶群的安裝基數擴大，以及 E5 收入持續成長帶來的 ARPU 提高。

Paid Office 365 Commercial seats grew 16% year-over-year to nearly $345 million, with continued growth in our small and medium business and frontline worker offerings. And nearly 45% of our Office 365 Commercial seats were purchased through Microsoft 365. Office Commercial licensing was lower than expected, about 28% and 25% in constant currency, driven by the factors discussed earlier and a lower mix of contracts with higher in-period revenue recognition. Office Consumer revenue grew 11% and 12% in constant currency, ahead of expectations, driven by continued momentum in Microsoft 365 subscriptions, which grew 16% to 58.4 million.

付費 Office 365 商業版席位年增 16%，達到近 3.45 億美元，我們的中小型企業和第一線員工產品持續成長。我們有近 45% 的 Office 365 商業版席位是透過 Microsoft 365 購買的。 Office 商業版授權低於預期，約 28%（以固定匯率計算為 25%），這是受前面討論的因素以及合約組合較少和期間收入確認較高所致。 Office 消費者收入以固定匯率計算成長 11% 和 12%，超出預期，這得益於 Microsoft 365 訂閱量的持續成長，訂閱量成長 16% 至 5,840 萬。

Dynamics revenue grew 22% and 25% in constant currency, driven by Dynamics 365. This grew 35% and 38% in constant currency, substantially faster than the market, although a bit lower than expected as we focus on stronger execution on our recent investments. LinkedIn revenue increased 34% and 35% in constant currency, with better-than-expected performance in Talent Solutions as well as continued strength in Marketing Solutions and record levels of engagement on the platform.

在 Dynamics 365 的推動下，Dynamics 營收成長了 22%，以固定匯率計算成長了 25%。這一成長速度為 35%，以固定匯率計算成長了 38%，遠高於市場成長速度，但由於我們專注於加強近期投資的執行，因此略低於預期。 LinkedIn 營收成長 34%，以固定匯率計算成長 35%，其中人才解決方案表現優於預期，行銷解決方案持續保持強勁，平台參與度達到創紀錄水準。

Segment gross margin dollars increased 16% and 19% in constant currency, and gross margin percentage was relatively unchanged year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points, driven by improvement across all cloud services. Operating expense increased 13% and 14% in constant currency, and operating income increased 19% and 23% in constant currency.

以固定匯率計算，分部毛利率增加了 16%，而毛利率百分比與去年同期相比基本保持不變。排除會計估計變更的影響，毛利率百分比增加了約 2 個百分點，這得益於所有雲端服務的改善。營業費用以固定匯率計算成長了 13% 和 14%，營業收入以固定匯率計算成長了 19% 和 23%。

Next, the Intelligent Cloud segment, which includes approximately 4 weeks of results from Nuance. Revenue was $19.1 billion, increasing 26% and 29% in constant currency. Excluding the impact of Nuance and the approximately $150 million greater FX than expected, revenue results were ahead of expectations. Overall, server products and cloud services revenue increased 29% and 32% in constant currency. Azure and other cloud services grew 46% and 49% in constant currency, ahead of expectations, driven by continued strength in our consumption-based services. The inclusion of Nuance cloud services did not change the Azure constant currency growth rate.

接下來是智慧雲部分，其中包括 Nuance 大約 4 週的結果。營收為 191 億美元，成長 26%，以固定匯率計算成長 29%。排除 Nuance 的影響以及比預期高出約 1.5 億美元的外匯影響，收入結果超出預期。整體而言，伺服器產品和雲端服務收入以固定匯率計算分別成長了29％和32％。受消費型服務持續強勁的推動，Azure 和其他雲端服務以固定匯率計算分別成長 46% 和 49%，超乎預期。 Nuance 雲端服務的加入並沒有改變 Azure 的固定匯率成長率。

In our per-user business, the enterprise mobility and security installed base grew 25% to over 218 million seats. In our on-premises server business, revenue increased 5% and 7% in constant currency, ahead of expectations, driven by healthy demand for our hybrid offerings, partially offset by the open licensing transition mentioned earlier. The inclusion of Nuance on-premises offerings did not change the server constant currency growth rate.

在我們的每用戶業務中，企業行動性和安全性安裝基數成長了 25%，達到超過 2.18 億個席次。在我們的內部伺服器業務中，收入增長了 5%，按固定匯率計算增長了 7%，超出了預期，這得益於對我們混合產品的健康需求，但被前面提到的開放許可轉型部分抵消了。 Nuance 內部部署產品的加入並沒有改變伺服器的恆定貨幣成長率。

Enterprise Services revenue grew 5% and 6% in constant currency, driven by growth in enterprise support services. The inclusion of Nuance professional services impacted the constant currency growth rate by 1 point. Segment gross margin dollars increased 24% and 27% 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 increased roughly 1 point with improvements in Azure, partially offset by the sales mix shift to Azure. Operating expense increased 17% and 19% in constant currency, and operating income grew 29% and 33% in constant currency.

受企業支援服務成長的推動，企業服務收入以固定匯率計算成長了 5% 和 6%。 Nuance 專業服務的加入對固定匯率成長率產生了 1 個百分點的影響。以固定匯率計算，分部毛利率成長了 24%，毛利率百分比較去年同期下降了約 1 個百分點。排除會計估計變更的影響，隨著 Azure 的改進，毛利率百分比增加了約 1 個百分點，但部分被銷售組合向 Azure 的轉變所抵銷。營業費用以固定匯率計算成長了 17% 和 19%，營業收入以固定匯率計算成長了 29% 和 33%。

Now to More Personal Computing. Revenue was $14.5 billion, increasing 11% and 13% in constant currency, above expectations, driven by better-than-expected performance in Search and Windows, offset by Surface. FX decreased segment revenue approximately $100 million greater than expected. Windows OEM revenue increased 11%, with continued strength in the commercial PC market, which has higher revenue per license. Windows commercial, products and cloud services revenue grew 14% and 19% in constant currency, ahead of expectations, driven by demand for Microsoft 365, with some benefit from a greater mix of contracts with higher in-period revenue recognition.

現在開始更個人化地計算。營收為 145 億美元，以固定匯率計算成長 11% 和 13%，高於預期，這得益於搜尋和 Windows 表現優於預期，但 Surface 業務的業績抵消了這一影響。 FX 部門營收減少約 1 億美元，比預期多。 Windows OEM 收入成長了 11%，商用 PC 市場持續保持強勁成長，每個授權的收入有所增加。受 Microsoft 365 需求的推動，Windows 商業、產品和雲端服務收入以固定匯率計算分別成長 14% 和 19%，超出預期，部分受益於合約組合的擴大和期內收入確認的提高。

Surface revenue grew 13% and 18% constant currency, lower than expected, driven by consumer channel, partially offset by strength in Commercial. Search and news advertising revenue ex TAC increased 23% and 25% in constant currency, better than expected, benefiting from an increase in search volumes even as we saw headwinds during March from the impact of the war in Ukraine.

表面收入成長 13%，以固定匯率計算成長 18%，低於預期，受消費者通路推動，但商業通路的強勁表現部分抵銷了這一成長。扣除 TAC 後的搜尋和新聞廣告收入以固定匯率計算分別成長 23% 和 25%，好於預期，儘管 3 月受到烏克蘭戰爭影響，搜尋量仍然有所增加。

And in gaming. On a high prior year comparable, revenue increased 6% and 8% in constant currency. Xbox hardware revenue was better than expected as increased supply of consoles in quarter drove growth of 14% and 16% in constant currency. Xbox content and services revenue grew 4% and 6% in constant currency, below expectations, driven by lower engagement across the platform, even as it remains above pre-pandemic levels. Segment gross margin dollars increased 10% and 13% in constant currency, and gross margin percentage decreased slightly. Operating expenses increased 17% and 18% in constant currency, and operating income grew 7% and 10% in constant currency.

以及在遊戲中。與去年同期相比，營收成長了 6%，以固定匯率計算成長了 8%。 Xbox 硬體營收優於預期，因為本季遊戲機供應量的增加推動其成長 14%，以固定匯率計算成長 16%。 Xbox 內容和服務收入以固定匯率計算分別成長 4% 和 6%，低於預期，原因是整個平台的參與度較低，儘管仍高於疫情前的水準。以固定匯率計算，分部毛利率增加了 10%，為 13%，毛利率百分比則略有下降。營業費用以固定匯率計算成長了 17% 和 18%，營業收入以固定匯率計算成長了 7% 和 10%。

Now back to total company results. Capital expenditures, including finance leases, were $6.3 billion, in line with expectations. Cash paid for PP&E was $5.3 billion. Cash flow from operations was $25.4 billion, increasing 14% as strong cloud billings and collections were partially offset by higher supplier payments related to hardware inventory builds as we manage continued uncertainty in the supply chain. Free cash flow was $20 billion, up 17%.

現在回到公司整體業績。包括融資租賃在內的資本支出為 63 億美元，符合預期。用於 PP&E 的現金支付額為 53 億美元。營運現金流為 254 億美元，成長 14%，因為強勁的雲端帳單和收款被與硬體庫存建設相關的供應商付款增加部分抵消，因為我們管理供應鏈中持續存在的不確定性。自由現金流為200億美元，成長17%。

This quarter, other income and expense was negative $174 million, lower than anticipated, driven by net losses on investments, including mark-to-market losses on our equity portfolio and net losses on foreign currency remeasurement. Equity market declines drove net investment losses this quarter compared to net investment gains last year, a negative 2-point impact on year-over-year EPS growth. Our effective tax rate was approximately 17%. And finally, we returned $12.4 billion to shareholders through share repurchases and dividends.

本季度，其他收入和支出為負 1.74 億美元，低於預期，原因是投資淨損失，包括我們股票投資組合的按市價計價損失和外幣重估淨損失。與去年的淨投資收益相比，股市下跌導致本季淨投資出現虧損，對每股收益年增率產生了 2 個百分點的負面影響。我們的有效稅率約為17%。最後，我們透過股票回購和股利向股東返還了 124 億美元。

Now before we turn to our outlook, a few reminders. First, FX. With the stronger U.S. dollar and based on current rates, we now expect FX to decrease total company revenue growth by approximately 2 points and to decrease total COGS and operating expense growth by approximately 1 point. Within the segments, we anticipate roughly 3 points of negative FX impact on revenue growth in Productivity and Business Processes and 2 points in Intelligent Cloud and More Personal Computing.

在我們轉向展望之前，先來提醒幾點。首先，FX。由於美元走強且基於當前匯率，我們目前預計外匯將使公司總收入成長降低約 2 個百分點，總銷貨成本和營運費用成長降低約 1 個百分點。在這些領域中，我們預期外匯因素將對生產力和業務流程領域的收入成長產生約 3 個百分點的負面影響，對智慧雲端和更多個人運算領域的收入成長產生 2 個百分點的負面影響。

Second, my remarks for the next quarter include a full quarter of impact from the Nuance acquisition. Third, we anticipate the war in Ukraine to continue to impact our business in Q4 with a roughly $110 million impact on revenue and minimal impact on operating expenses. Next, we have taken into account the current impact of shutdowns in China in our outlook. However, extended production shutdowns that reach into May would further negatively impact our outlook across Windows OEM, Surface and Xbox hardware. Finally, the outlook we give, unless specifically noted otherwise, is on a USD basis.

其次，我對下一季的評論包括 Nuance 收購對整個季度的影響。第三，我們預期烏克蘭戰爭將繼續影響我們第四季的業務，對營收的影響約為 1.1 億美元，對營運費用的影響則微乎其微。接下來，我們在展望中考慮了中國目前停工的影響。然而，持續到 5 月的生產停工將進一步對我們對 Windows OEM、Surface 和 Xbox 硬體的前景產生負面影響。最後，除非另有特別說明，我們所給予的展望都是以美元為基礎的。

With that context in place, let's turn to our Q4 outlook. In our largest quarter of the year, we expect our differentiated market position, customer demand across the solution portfolio and consistent execution to drive another strong quarter of revenue growth. In Commercial bookings, a growing Q4 expiry base, strong execution across our core annuity sales motions and increased commitment to our platform should drive healthy growth against a strong prior year comparable.

在了解了這些背景之後，讓我們來看看第四季的展望。在我們今年最大的一個季度，我們預計我們差異化的市場地位、整個解決方案組合的客戶需求以及持續的執行力將推動另一個季度的強勁收入成長。在商業預訂方面，第四季度到期基數的不斷增長、我們核心年金銷售動議的強勁執行以及對我們平台的投入不斷增加，應該會推動與去年同期相比的健康增長。

As a reminder, the growing mix of larger long-term Azure contracts, which are more unpredictable in their timing, always drives increased quarterly volatility in our bookings growth rate. Microsoft Cloud gross margin percentage should be down roughly 1 point year-over-year. Excluding the impact of the change in accounting estimate, Q4 gross margin percentage will increase roughly 1 point, driven by continued improvement across our cloud services, partially offset by a revenue mix shift to Azure. Capital expenditures, we expect a sequential increase on a dollar basis as we continue to invest to meet growing global demand for our cloud services.

需要提醒的是，Azure 長期合約規模越來越大，而且合約簽訂時間越來越難以預測，這總是會導致我們的預訂量成長率季度波動加劇。微軟雲端毛利率百分比應較去年同期下降約 1 個百分點。排除會計估計變更的影響，第四季度毛利率百分比將增加約 1 個百分點，這得益於我們雲端服務的持續改進，但部分被收入結構向 Azure 的轉變所抵消。在資本支出方面，我們預計美元支出將環比增加，因為我們將繼續投資以滿足全球對雲端服務日益增長的需求。

Next is segment guidance. In Productivity and Business Processes, we expect revenue between $16.65 billion and $16.9 billion. In Office Commercial, revenue growth will again be driven by Office 365 with healthy seat growth across customer segments and ARPU growth through E5. We expect Office 365 revenue growth to be sequentially lower by 1 point or 2 on a constant currency basis. In our on-premises business, we expect revenue to decline similar to last quarter. In Office Consumer, we expect revenue to grow in the high single digits, driven by Microsoft 365 subscriptions.

接下來是細分指導。在生產力和業務流程方面，我們預計營收在 166.5 億美元至 169 億美元之間。在 Office Commercial 領域，營收成長將再次受到 Office 365 的推動，這得益於各個客戶群的健康席位成長以及透過 E5 實現的 ARPU 成長。我們預計，以固定匯率計算，Office 365 的營收成長將較上季下降 1 到 2 個百分點。在我們的內部業務中，我們預計收入將與上一季類似下降。在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，營收將實現高個位數成長。

For LinkedIn, we expect revenue growth in the high 20s, driven by strong job market and healthy engagement on the platform. And in Dynamics, we expect revenue growth similar to last quarter. For Intelligent Cloud, we expect revenue between $21.1 billion and $21.35 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability, primarily from our per-user business and from in-period revenue recognition, depending on the mix of contracts.

對於 LinkedIn，我們預計其營收成長率將達到 20% 以上，這得益於強勁的就業市場和平台的健康參與度。在 Dynamics 方面，我們預期營收成長與上一季相似。對於智慧雲，我們預計營收在 211 億美元至 213.5 億美元之間。收入將繼續由 Azure 推動，需要提醒的是，Azure 可能會出現季度變化，主要來自我們的每用戶業務和期間收入確認，具體取決於合約組合。

We expect Azure revenue growth to be sequentially lower by roughly 2 points on a constant currency basis, with a bit more FX impact on U.S. dollar growth than at the segment level. Azure revenue will continue to be driven by strong growth in our consumption business. And our per-user business should continue to benefit from Microsoft 365 suite momentum, though we expect moderation in growth rates, given the size of the installed base.

我們預計，以固定匯率計算，Azure 營收成長率將環比下降約 2 個百分點，且外匯對美元成長的影響將比分部層面的影響略大。 Azure 營收將持續受到我們消費業務強勁成長的推動。我們的每用戶業務應該會繼續受益於 Microsoft 365 套件的發展勢頭，儘管考慮到安裝基數的規模，我們預計成長率會有所放緩。

In our on-premises server business, we expect revenue to decline in the low to mid-single digits as demand for our hybrid offerings will be more than offset by the strong prior year comparable, which included 4 points of benefits, a benefit from contracts with higher in-period revenue recognition as well as continued transactional weakness from the licensing program transition noted earlier. And in Enterprise Services, we expect revenue growth to be in the high single digits.

在我們的內部伺服器業務中，我們預計收入將下降低至中等個位數，因為對我們混合產品的需求將被強勁的上年同期業績所抵消，其中包括 4 個點的收益、來自期間收入確認更高的合約的收益以及前面提到的許可計劃轉型帶來的持續交易疲軟。在企業服務方面，我們預期收入成長率將達到高個位數。

In More Personal Computing, we expect revenue between $14.65 billion and $14.95 billion. As mentioned earlier, our guidance reflects the current constraints from the shutdowns in China, which had negatively impacted Q4 supply for OEM, Surface and Xbox consoles. In Windows OEM, we expect revenue growth in the low to mid-single digits, driven by the continued shift to a commercial-led PC market, where revenue per license is higher.

在「更多個人計算」領域，我們預計收入在 146.5 億美元至 149.5 億美元之間。如前所述，我們的指引反映了中國停工造成的當前限制，這對第四季度 OEM、Surface 和 Xbox 遊戲機的供應產生了負面影響。在 Windows OEM 領域，我們預計收入成長率將在低到中等個位數之間，這得益於向商業主導的 PC 市場的持續轉變，該市場的每個授權收入更高。

In Windows Commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive growth in the low double digits. In Surface, revenue should grow in the low double digits. In Search and news advertising ex TAC, we expect revenue growth of approximately 20%. And in gaming, we expect revenue to decline in the mid- to high single digits, driven by lower engagement hours year-over-year as well as constrained console supply. We expect Xbox content and services revenue to decline mid-single digits, though engagement hours are expected to remain higher than pre-pandemic levels.

在 Windows 商業產品和雲端服務中，客戶對 Microsoft 365 和我們先進的安全解決方案的需求應該會推動兩位數的低成長。在 Surface 方面，營收應該會以兩位數的低點成長。在搜尋和新聞廣告（不包括 TAC）方面，我們預計收入成長約為 20%。在遊戲領域，我們預計收入將下降中高個位數，原因是遊戲時間同比減少以及遊戲機供應受限。我們預計 Xbox 內容和服務收入將下降中等個位數，但預計參與時間仍將高於疫情前的水平。

Now back to company guidance. We expect COGS of $16.6 billion to $16.8 billion and operating expense of $14.8 billion to $14.9 billion, resulting in another quarter of operating margin expansion, excluding the change in useful life. We expect other income and expense to be negative $50 million, reflecting FX remeasurement impact based on market conditions in April.

現在回到公司指導。我們預計銷貨成本為 166 億美元至 168 億美元，營運費用為 148 億美元至 149 億美元，不包括使用壽命的變化，這將導致營業利潤率再擴大一個季度。我們預計其他收入和支出為負 5,000 萬美元，反映了基於​​ 4 月份市場狀況的外匯重估影響。

Similar to the rest of our guidance, further equity and FX movements through Q4 are not reflected in this number. As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio, which can increase quarterly volatility. And we expect our Q4 effective tax rate to be approximately 18%.

與我們的其他指引類似，第四季的進一步股票和外匯變動並未反映在該數字中。提醒一下，我們需要確認股票投資組合的市價收益或損失，這可能會增加季度波動。我們預計第四季有效稅率約為 18%。

We expect to close FY '22, even in a more complex macro environment, with the same consistency we have delivered throughout the year, with strong revenue growth, share gains and improved operating margins as we invest in the areas that are key to sustaining that growth. As we look towards FY '23, our track record of delivering high value to our customers across many diverse and durable growth markets gives us confidence that we will drive continued healthy double-digit revenue and operating income growth.

我們預計，即使在更複雜的宏觀環境下，22 財年也能保持全年的一致性，隨著我們在維持成長的關鍵領域的投資，收入將強勁增長，市場份額將增加，營業利潤率也將提高。展望 23 財年，我們在許多多元化和持久增長的市場中為客戶提供高價值的良好記錄使我們有信心繼續推動健康的兩位數收入和營業收入增長。

Now Brett, let's go to Q&A.

現在，布雷特，我們進入問答環節。

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

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

Absolutely. (Operator Instructions) Our first question is coming from Keith Weiss with Morgan Stanley.

絕對地。 （操作員指示）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Excellent. Really impressive results. And what we see is a pretty difficult climate out there, definitely from a stock market perspective. But if we think about interest rates, we think about inflation, there's a conflict going on in Europe right now, it does seem to be a tough backdrop. You guys are operating super well. I mean, the acceleration in Azure at that scale is truly awesome. And if I'm not mistaken, Office 365 Commercial accelerated as well in the quarter. So really impressive results.

出色的。確實令人印象深刻的結果。從股市角度來看，我們看到目前的環境相當艱難。但如果我們考慮利率，考慮通貨膨脹，歐洲現在正發生衝突，這似乎是一個艱難的背景。你們運作得非常好。我的意思是，Azure 在這種規模上的加速確實令人驚嘆。如果我沒記錯的話，Office 365 Commercial 在本季也實現了加速成長。結果確實令人印象深刻。

But I think the question that most investors are going to have is where do you garner the confidence in the durability of this growth, given how volatile this macro backdrop is? Is it conversations you're having with customers? Is it what you see in the backlog? Maybe if you could give us some kind of insight into what gives you guys the confidence to put out that guide, to put out those healthy comments for FY '23. What are you seeing that can maybe help us give us and give investors a little bit more confidence in the durability of this growth in this environment?

但我認為大多數投資者都會問的問題是，考慮到宏觀背景的波動性，你如何對這種成長的持久性建立信心？這是您與客戶之間的對話嗎？這是您在積壓工作中看到的嗎？也許您可以向我們提供一些見解，讓我們了解是什麼讓您有信心發布該指南，並為 23 財年發布那些健康的評論。您認為什麼可以幫助我們和投資者對這種環境下的成長持久性更有信心？

Yes. Maybe I'll start. Maybe 3 levels, Keith. One is just the competitiveness of our tech stack, all up sort of from infrastructure all the way to the SaaS applications when it comes to the Commercial Cloud and as well as how we're able to monetize, for example, the installed base of our consumer franchises as well. So both of these places, we feel we are competitive and increasingly so, coming out of the pandemic, to gain share.

是的。也許我會開始。也許是 3 個級別，基斯。一是我們技術堆疊的競爭力，從基礎設施一直到商業雲端的 SaaS 應用程序，以及我們如何實現貨幣化，例如，我們的消費者特許經營的安裝基礎。因此，我們認為在這兩個地方我們都具有競爭力，而且在走出疫情後，我們的競爭力將不斷增強，市場份額也將不斷擴大。

I'd also say that in many of these places, we have price leadership. I mean, take the one point I made, which is if there is any macro headwind where you have more value for less price means you win. And in our case, when it comes to our Commercial Cloud offerings, we have significant advantages on that across the stack.

我還想說，在許多地方，我們都擁有價格領先地位。我的意思是，就我提出的一點來說，如果有任何宏觀逆風，你以更低的價格獲得更多的價值，就代表你贏了。就我們而言，當談到我們的商業雲端產品時，我們在整個堆疊中具有顯著的優勢。

The second thing is in the conversations we are having with our customers, the interesting thing I find from perhaps even past challenges, whether macro or micro, is I don't hear of businesses looking to their IT budgets or digital transformation projects as the place for cuts. If anything, some of these projects are the way they're going to accelerate their transformation or, for that matter, automation, for example. I have not seen this level of demand for automation technology to improve productivity because in an inflationary environment, the only deflationary force is software. So that's the second micro thing, the tone thing that's different.

第二件事是，在我們與客戶的對話中，我發現一個有趣的事情，甚至從過去的挑戰中，無論是宏觀還是微觀，我都沒有聽說企業將 IT 預算或數位轉型專案視為削減開支的地方。無論如何，其中一些項目是他們加速轉型或自動化的方式。我還沒有看到對自動化技術提高生產力的這種程度的需求，因為在通貨膨脹的環境中，唯一的通貨緊縮力量是軟體。這是第二個微觀方面，即音調方面的不同。

At the end of the day though, I mean, none of us here are trying to forecast macro. So all we think of is the TAMs that we are competing in are large. As a percentage of GDP, tech spend is, on a secular basis, by the end of the decade, going to double. We just want to keep driving usage, driving share and be competitive. So that's kind of how we view what we are doing, and that's where our confidence comes from in terms of our outlays, whether it's OpEx or CapEx.

但歸根究底，我的意思是，我們這裡沒有人試圖預測宏觀經濟。因此，我們所考慮的只是我們所競爭的 TAM 很大。從長期來看，到本世紀末，科技支出佔 GDP 的百分比將會翻倍。我們只是想繼續推動使用率、推動份額並保持競爭力。這就是我們對所做事情的看法，也是我們對支出（無論是營運支出還是資本支出）的信心來源。

So I don't know, Amy, if you want to add to that.

所以我不知道艾米，你是否想補充這一點。

I think the only thing, Satya, I might add is, I think we've always, and I think we've used this language quite frequently, focused on the long-term opportunity. You talked about it as the TAM that we're focused on. I would say also, there's still a lot of that TAM left to go after. And it is quite early still in the transitions you're talking about from a digital transformation perspective, from an automation perspective, from type of value and real productivity enhancements that can be made.

薩蒂亞，我想補充的唯一一點是，我們一直，而且我們經常使用這種語言，專注於長期機會。您談到了我們關注的 TAM。我還想說，還有很多 TAM 有待追求。從數位轉型的角度、從自動化的角度、從價值類型和可以實現的實際生產力提升的角度來看，您所說的轉型還處於相當早期的階段。

And so I think the continuity of the execution has certainly been very good from the sales and partner side. But I would also say, to your point, we're investing for a long-term opportunity. And our confidence that, that long-term outcome is right is where -- is I think the basis for where you and I are talking, giving this answer from.

因此我認為從銷售和合作夥伴的角度來看，執行的連續性肯定非常好。但我還要說，正如您所說，我們投資是為了獲得長期機會。我們相信，長期結果是正確的，我認為這就是你我討論並給出這個答案的基礎。

Great quarter.

很棒的一個季度。

Our next question is coming from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Amy, on your guidance, are you changing any of your close rate considerations or adding more supply chain constraints into that? Or is this the same guidance methodology that you've been giving us in the past?

艾米，根據您的指導，您是否會改變任何收盤價考慮因素或在其中添加更多供應鏈限制？或者這是您過去向我們提供的相同指導方法？

I assume we're specifically talking about most of the guidance in the More Personal Computing segment, where the supply chain constraints, which are specifically related to the production shutdowns in China. I'd generally follow the same principle I try to follow, which is I give you my best knowledge as of today. I did note and tried to do that with a lot of clarity that were the production shutdowns to extend into May, there would be further negative impact on those from a supply constraint position.

我認為我們正在具體討論個人計算領域的大部分指導，其中供應鏈限制與中國的生產停工具體相關。我通常會遵循我試圖遵循的相同原則，那就是我會向你提供截至今天為止我最好的知識。我確實注意到並試圖非常清楚地表明，如果生產停工延長到 5 月份，將對供應受限的企業產生進一步的負面影響。

As you know, on the OEM business, that revenue is recognized at the point of production. And then for Xbox consoles as well as Surface, it's at sell-in. So production delays even earlier in May can obviously have a big impact on the quarter. So we're watching it, and I tried to make that transparent in the guidance. Outside of that, my guidance is reasonably consistent with how I like to do it.

如您所知，對於 OEM 業務來說，收入是在生產時確認的。對於 Xbox 遊戲機和 Surface 來說，它處於銷售階段。因此，即使是 5 月初的生產延遲顯然也會對本季產生重大影響。所以我們正在關注它，並且我試圖在指導中使其透明化。除此之外，我的指導與我喜歡的做法相當一致。

Our next question comes from Mark Moerdler with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Congratulations on the quarter and on the strong guidance. I think it's going to not just help the stock but hopefully help a little bit more across into the industry.

恭喜本季取得的成績以及強勁的業績指引。我認為這不僅對股票有幫助，而且希望對整個產業有更大的幫助。

I'd like to look at Office, which had strength probably more than people expected. Where are we in the upsell opportunity from E3 to E5? And can you give us any sense of the sizing of how much of the growth not just now but going forward? Do you think it's going to come from frontline users?

我想看看 Office，它的實力可能超出人們的預期。從 E3 到 E5，我們的追加銷售機會在哪裡？您能否告訴我們目前以及未來的成長規模是多少？您認為它會來自一線用戶嗎？

Maybe I'll start answering that question, and Satya, if you want to add anything. Very specifically, Mark, I would say this quarter was quite similar in nature to what you saw in the past few. Seat growth, while across all segments was especially good in frontline worker and SMB. That did mask a little bit, as it often does, the ARPU improvement, given those tend to be lower-priced SKUs, the ARPU improvement that we're seeing from the transitions into E5.

也許我會開始回答這個問題，Satya，如果你想補充什麼的話。馬克，具體來說，我想說這個季度的性質與過去幾年的情況非常相似。所有細分市場的座位數均有所增長，尤其是第一線工人和中小企業的座位數增長尤為良好。這確實掩蓋了 ARPU 的改善，因為這些往往是價格較低的 SKU，我們從向 E5 的轉變中看到了 ARPU 的改善。

The transition from E3 to E5 still has opportunity. I would say we're in the earlier transitions of that. So in terms, as I think about going forward, there's certainly still room for both seat growth, specifically in frontline worker as you noted as well as SMB and then ARPU expansion through the E5 transition.

E3到E5的過渡仍有機會。我想說我們正處於這一階段的早期轉變。因此，就我考慮未來而言，座位數肯定還有成長空間，特別是對於第一線員工，正如您所提到的那樣，以及 SMB，然後透過 E5 過渡實現 ARPU 擴展。

The thing I would add that Satya mentioned in his comments and again in his first answer, is really the value that is available to customers in E5, whether that is security, whether it's compliance, whether it's phone, whether it's analytics, the value of that suite, and if you think even more broadly, the value of Microsoft 365, which adds in more components around Windows, I think we are offering high value, and that tends to give us some optimism that we can continue to execute well in that segment.

我想補充的是，Satya 在他的評論中以及他的第一個回答中都提到了這一點，那就是 E5 真正為客戶提供的價值，無論是安全性、合規性、電話、分析，還是該套件的價值，如果你考慮得更廣泛一些，還有 Microsoft 365 的價值，它在 Windows 周圍添加了更多組件，我認為我們提供了更多組件，這往往對我們來說能夠表現良好的價值，這往往對我們提供了更多組件，我認為我們能夠繼續表現良好的價值。

I don't know, Satya, if there's anything you would add to that.

薩蒂亞，我不知道您是否還有什麼要補充的。

No, you covered it well, Amy. I mean, I think the fundamentals are pretty strong here still, whether it's E5 growth, SMB growth, frontline worker. I'd also add emerging markets. I mean, this is the first time I feel that we have products that fit just emerging markets like Teams Essentials, where we can even really penetrate markets that we've never sold anything in the past.

不，艾米，你講得很好。我的意思是，我認為這裡的基本面仍然相當強勁，無論是 E5 成長、SMB 成長還是第一線工作者。我還要補充新興市場。我的意思是，這是我第一次感覺到我們的產品只適合像 Teams Essentials 這樣的新興市場，我們甚至可以真正滲透到過去從未銷售過產品的市場。

And then the new growth engines that you talked about, Teams Phones, Teams Rooms, Viva and even Windows 365 are all things that we can again drive growth from. And the point about sort of our value is probably very, very strong in a time like this, in particular. And we see it, like the one thing also I'd say, is the usage data that we are seeing is peak everywhere. And so that's the other thing is we definitely will optimize for driving usage and deployment, and that's going to be our priority.

然後，您談到的新成長引擎，Teams Phones、Teams Rooms、Viva 甚至 Windows 365 都是我們可以再次推動成長的東西。在這樣的時代，我們的價值觀念可能顯得特別重要。我們看到，我想說的一件事是，我們看到的使用數據在各地都達到了高峰。因此，另一件事是，我們肯定會優化推動使用和部署，這將是我們的首要任務。

Our next question comes from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀的 Karl Keirstead。

Amy, you called out some transactional weakness, which in the March quarter, we can see in the on-prem Office segment and in your guidance in the server product segment, you suggested we might see it there, too. Is that something that you would characterize as Microsoft-specific? As you described in your comments, you're transitioning customers off your open license program. Or do you feel like that's a broader issue where maybe we're starting to see a little bit of a tilt from on-prem to cloud even faster than we've seen before?

艾米，您指出了一些交易方面的弱點，在三月份季度，我們可以在本地辦公部門看到這一點，並且在您對伺服器產品部門的指導中，您表示我們也可能會在那裡看到這一點。您認為這是微軟獨有的嗎？正如您在評論中所描述的，您正在將客戶從開放許可計劃中轉移出去。或者您覺得這是一個更廣泛的問題，也許我們開始看到從本地到雲端的傾斜比以前更快？

Thanks, Karl. That's a very good question. I would say it does not feel like the tilt from on-prem to cloud felt any different in a way that would have impacted the quarter any more so than it normally does in terms of the normal transitions that we've seen, to your point, on Office or, frankly, even in Server as we have people move those workloads and migrate those workloads to the cloud.

謝謝，卡爾。這是一個非常好的問題。我想說的是，從本地到雲端的傾斜感覺並沒有什麼不同，對本季度的影響也不會比我們在 Office 或坦率地說甚至在伺服器上看到的正常轉變更大，因為我們有人將這些工作負載遷移到雲端。

This really was a very significant -- think of it as where partners transact, and we have such a broad and valuable and really needed partner community that is very vast. And we put this and had planned for this change for January 1. And we executed the change on January 1 as planned, and it's just taking us a little longer to onboard all of this community to make sure that they can transact the way they want to in the program.

這確實非常重要——可以將其視為合作夥伴進行交易的地方，我們擁有如此廣泛、有價值且真正需要的合作夥伴社群。我們已將這項變更列入計劃，並計劃於 1 月 1 日實施。我們已按計劃於 1 月 1 日實施了這一變化，只是需要更長的時間來讓整個社區參與進來，以確保他們能夠按照自己想要的方式在該計劃中進行交易。

So I do think it's going to take us longer than we thought. We're going to continue to see that impact in Q4. And I know the teams are working hard to make sure that partners get comfortable with the new system, which is important to us.

所以我確實認為這將比我們想像的花費更長的時間。我們將在第四季度繼續看到這種影響。我知道團隊正在努力確保合作夥伴適應新系統，這對我們很重要。

And the only thing I'd add is that this change is super good for both the partners, the customers and Microsoft long term. So there's execution ahead but we want to do this because it benefits everybody.

我唯一想補充的是，從長遠來看，這項變革對合作夥伴、客戶和微軟來說都是非常有利的。因此，我們還需要執行，但我們想這樣做，因為這對每個人都有好處。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Satya, a handful of infrastructure software companies have commented that their consumption activity actually started to slow a few months ago. And so I'm curious what, in your view, is allowing your Azure trajectory to show better resilience? And do you, in fact, see some of the newer products kicking in, such as Azure Arc or Synapse, Cognitive Services, OpenAI and perhaps contributing to the strength in health and resiliency of that Azure number?

Satya，少數基礎設施軟體公司評論說，他們的消費活動實際上在幾個月前就開始放緩。所以我很好奇，您認為是什麼讓您的 Azure 軌跡展現出更​​好的彈性？事實上，您是否看到一些較新的產品正在發揮作用，例如 Azure Arc 或 Synapse、認知服務、OpenAI，並可能為 Azure 的健康和彈性做出貢獻？

Yes. I mean, what I'd say, Karl (sic) [Mark] is that what we are seeing is a classic what happens with consumption meters, right, which is they grow and then they get optimized and they grow again, both existing and new. And so it sort of will always have some amount of volatility that even Amy referenced quarter-over-quarter.

是的。我的意思是，卡爾（原文如此）[馬克]，我想說的是，我們看到的是消費計量表發生的典型情況，對吧，那就是它們增長，然後得到優化，然後再次增長，無論是現有的還是新的。因此，它總是會存在一定程度的波動，甚至艾米也提到了季度環比波動。

But if I walk up this -- one thing that we look at is growth coming from all segments, right? So small business and enterprise. Is it coming from all regions? And it is. We also look at the type of workloads it's coming from. And so it looks healthy in all of those. And if you walk up the stack to your point, on the infrastructure side, the Tier 1 workloads is where I think we are seeing some big Tier 1 workloads, and I had many comments on SAP and other workloads moving.

但如果我繼續說下去——我們看到的一件事是來自所有領域的成長，對嗎？所以小型企業和企業。它是來自所有地區嗎？事實確實如此。我們也會研究其所來自的工作負載類型。所以從各方面來看它看起來都很健康。如果您沿著堆疊向上追溯，在基礎設施方面，我認為我們在第 1 層工作負載中看到了一些較大的第 1 層工作負載，並且我對 SAP 和其他工作負載的移動有很多評論。

The second thing I would say is on the PaaS services and our dev SaaS, that's another area where we have differentiated value, so we see good growth there. Data and AI for sure. I mean, the thing that I find really to be something that I think in the long run is going to probably be one of the bigger drivers of our growth and differentiation is our data fabric. Because we're the only guys who have a complete data fabric from the operational store, that's fully integrated into an analytics engine, that's fully integrated into governance.

我想說的第二件事是關於 PaaS 服務和我們的開發 SaaS，這是我們具有差異化價值的另一個領域，因此我們看到了良好的成長。當然是數據和人工智慧。我的意思是，我認為從長遠來看，資料結構很可能成為我們成長和差異化的更大驅動力之一。因為我們是唯一一家擁有來自營運儲存的完整資料結構的公司，它完全整合到分析引擎中，完全整合到治理中。

And that increasingly is going to become more and more important, right? I mean, you can be dealing with this -- a new regulation coming on privacy and governance on one end and your operational store being divorced from that. So we have a very differentiated offer, and I talked about some of the growth numbers there. The AI inference is also finally kicking. They're very small today. But even when I look at the total -- that's just essentially a compute meter, there's growth there.

這會變得越來越重要，對嗎？我的意思是，你可以處理這個問題——一方面是有關隱私和治理的新法規，而你的營運商店與之脫節。因此，我們提供了非常差異化的產品，我談到了其中的一些成長數據。人工智慧推理也終於開始發揮作用。今天它們非常小。但即使我看總數——那本質上只是一個計算儀表，那裡也有增長。

So overall, I think we will see quarter-over-quarter some cyclicality depending on which customers. In fact, we pay people at Microsoft to reduce customer bills and which we should. So given that we may see cyclicality in terms of how optimizations happen, but overall, we're still very early on as the world sort of migrates to the cloud and uses essentially cloud infrastructure and compute as sort of to drive their operational efficiencies and product.

所以總的來說，我認為我們會看到季度與季度之間的一些週期性變化，這取決於哪些客戶。事實上，我們付錢給微軟的員工是為了減少客戶帳單，我們也應該這樣做。因此，鑑於我們可能會看到優化如何發生的周期性，但總的來說，我們還處於非常早期的階段，因為世界正在遷移到雲端，並使用雲端基礎設施和運算來推動其營運效率和產品。

Our next question comes from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根。

Congrats on a spectacular quarter. Satya, very clearly on your comments, and particularly, you talked about tech as a percentage of GDP doubling over the next 7, 8 years or so. Nobody could have really predicted, maybe besides yourself, that Azure would be this big and growing this fast at this point in time relative to, say, 5, 6 years back.

恭喜本季取得優異成績。 Satya，您的評論非常清楚，特別是您談到科技佔 GDP 的百分比將在未來 7、8 年左右翻一番。除了您自己之外，沒有人能夠真正預測到 Azure 會變得如此龐大，並且與 5、6 年前相比增長如此之快。

So as you look forward, what part of the Microsoft tech stack do you think is underrepresented in the digital world and has, therefore, more opportunity to gain as you build out your thesis on tech as a percent of GDP doubling?

那麼，展望未來，您認為微軟的哪些技術堆疊在數位世界中沒有得到充分體現，因此，當您提出技術佔 GDP 的百分比翻番的論點時，哪些技術堆疊有更大的獲利機會？

I mean, the thing that I always go back, Kash, is that all enterprise value, at least as far as I can tell, gets created at 3 layers of the tech stack. What happens with the infrastructure, whenever something can be 10x better. So for example, when we talk about the next generation of multi-edge, multi-cloud infrastructure remaining one of the leaders, that's going to be a massive EV creation, as a percentage of GDP, tech spend doubles. So that's where everything from Azure, Azure Arc, our database, all of that is super important.

我的意思是，卡什，我總是回顧的是，所有企業價值，至少據我所知，都是在技術堆疊的 3 層上創建的。每當基礎設施可以改善 10 倍時，會發生什麼事？例如，當我們談論下一代多邊緣、多雲基礎設施仍然是領導者之一時，這將是一個巨大的企業價值創造，佔 GDP 的百分比，技術支出將翻倍。因此，Azure、Azure Arc、我們的資料庫等所有內容都非常重要。

The other one is -- and this is sort of age of AI. In other words, the core business logic is not being written. It's being written by software. So when I look at -- when I use GitHub Copilot, that's there -- therein lies the future of what -- how all business logic gets written.

另一個是──這是人工智慧時代。換句話說，核心業務邏輯並沒有被寫入。它是由軟體編寫的。因此，當我查看 - 當我使用 GitHub Copilot 時，它就在那裡 - 這就是所有業務邏輯如何編寫的未來。

And so to me, the AI layer, both the training supercomputers as well as the inference layer, that's a place where you'll see us integrate what, today, you all consider to be 2 different businesses, whether it's Azure and Windows. They're just one business to me because to me, where training happens, where inference happens will be written once by developers and then it will light up across this distributed fabric. So that's another place where I think there's tons of enterprise value that will get created over time.

所以對我來說，人工智慧層，包括訓練超級電腦和推理層，就是我們整合今天你們都認為的兩大不同業務的地方，無論是 Azure 還是 Windows。對我來說，它們只是一項業務，因為對我來說，訓練發生的地方、推理發生的地方只需由開發人員編寫一次，然後它就會在這個分散式結構中亮起來。所以我認為這裡還有另一個領域，隨著時間的推移，將會創造出大量的企業價值。

And then, of course, the UI layer always is the biggest one and the next inflection point, whether it's what happens with metaverse or what happens with even on the industrial side with IoT and digital twins. Those are all things that I think will be the ones that we will be focused on. So these 3 things translated into workloads and what we call our customer solution areas are the ways that at least we are investing in.

當然，UI 層始終是最大的層和下一個轉折點，無論是元宇宙發生的情況，還是物聯網和數位孿生在工業方面發生的情況。我認為這些都是我們將要關注的事情。因此，這三件事轉化為工作量，而我們所謂的客戶解決方案領域至少是我們進行投資的方式。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·圖林。

Great job with the results. Azure growth in commercial bookings strength stand out. You mentioned a step-down expected in Azure growth in Q4 but it still suggests very impressive growth at that scale. Can you expand on the large deal commentary, the longer-term strategic deals you've referenced a few times over the past couple of quarters? How those impact visibility or maybe the approach to framing targets there? And anything you can add just around how the addition of Nuance helps the cloud business and the industry cloud approach as well is fairly appreciated.

結果非常好。 Azure 商業預訂的成長實力脫穎而出。您提到 Azure 的成長預計在第四季會有所放緩，但這仍然表明該規模的成長非常令人印象深刻。您能否詳細說明過去幾季您多次提到的大型交易評論和長期策略交易？這些如何影響可見性或在那裡構建目標的方法？如果您能補充有關 Nuance 如何幫助雲端業務和產業雲方法的內容，我們將非常感激。

Satya, do you want to start with your comments maybe on Nuance overall and then I can address sort of how the larger long-term commentary?

Satya，您是否想先就 Nuance 的整體情況發表評論，然後我可以談談更長遠的評論？

Yes, sure. Just a couple of quick things. One is on the strategic commitments that are being made, we are sort of working at them workload at a time. And so we feel very, very good about both the type of workloads. In fact, there is a migration of a bunch of workloads that we may have won in the client server ahead that are migrating. But the most exciting thing is the type of Tier 1 workloads that we have never seen run on any Microsoft infrastructure that's running on Azure today and being optimized on Azure. So that's the thing that we see as we win these large strategic deals.

是的，當然。只是幾件簡單的事。一是針對正在做出的戰略承諾，我們正在按部就班地完成它們。因此，我們對這兩種類型的工作量都感到非常滿意。事實上，我們可能已經在客戶端伺服器中贏得了大量工作負載的遷移。但最令人興奮的是，我們從未見過在當今 Azure 上執行並在 Azure 上進行最佳化的任何 Microsoft 基礎架構上執行的 Tier 1 工作負載類型。這就是我們在贏得這些大型策略交易時所看到的情況。

On Nuance, for me, the thing that's exciting is Nuance is a platform layer for these AI-driven applications that are getting deployed, whether it's in health care or even in the enterprise contact center. So we are very excited about Nuance now being part of the Microsoft family. You'll see us pretty aggressively go innovate there and grow the impact of these solutions in both what is sort of the large percentages of our GDP, like health care, where I think things like tackling issues like physician burdens with new innovative solutions is much needed, and we are really looking forward to exercising that.

對我來說，Nuance 令人興奮的是，Nuance 是這些正在部署的 AI 驅動應用程式的平台層，無論是在醫療保健領域還是在企業聯絡中心。因此，我們非常高興 Nuance 能夠成為微軟家族的一員。你會看到我們非常積極地進行創新，並擴大這些解決方案對我們 GDP 很大一部分的領域（例如醫療保健）的影響力，我認為在這些領域，利用新的創新解決方案來解決醫生負擔等問題是非常必要的，我們非常期待實現這一點。

And Michael, maybe specifically, you're absolutely right, I tend to mention the impact of large, long-term Azure contracts, both in the context of commercial bookings and some volatility we often can see in that because of it. But really, I think the way we think about them maybe outside of this phone call is that it's the beginning of the commitment between us and a customer to start to work together to deliver value.

邁克爾，也許具體來說，你是完全正確的，我傾向於提到大型長期 Azure 合約的影響，無論是在商業預訂的背景下，還是在由此經常看到的一些波動中。但實際上，我認為我們在這次電話之外對他們的看法可能是，這是我們與客戶之間承諾的開始，開始共同努力創造價值。

And so we go workload by workload, opportunity by opportunity. And I think that's what you were inferring a bit is that it's almost the top of the funnel to create value for the customer. We call it delivering success to make sure they're spending the dollars the most effective way, making sure we're tackling the hardest problems that they need solved. And with that comes our investments that we've made in deployment resources and usage resources specifically in Azure to make that possible with customers.

因此，我們逐一處理工作量，逐一把握機會。我認為這就是你所推斷的，它幾乎是為客戶創造價值的漏斗頂端。我們稱之為成功交付，以確保他們以最有效的方式花錢，確保我們解決他們需要解決的最棘手的問題。隨之而來的是，我們在部署資源和使用資源方面進行了投資，特別是在 Azure 上，以便幫助客戶實現這一目標。

And so you're right to say, I do talk about them in terms of volatility they create. What it creates inside the company is the beginning of a commitment to make sure we're tackling the workloads and the solutions that the customers want to make happen across all of the workloads, frankly, that Satya has talked about today.

所以你說得對，我確實從它們造成的波動性的角度談論它們。它在公司內部創造的是一種承諾的開始，確保我們能夠處理客戶希望在所有工作負載上實現的工作負載和解決方案，坦白說，這就是 Satya 今天談到的。

Great complementary points to also highlight.

值得強調的補充要點也很棒。

Our final question will come from Keith Bachman with BMO.

我們的最後一個問題來自 BMO 的 Keith Bachman。

I wanted to break it up into 2 parts, but I was wondering if you could comment on what you see is the strength of the PC market as you look out over the course of the calendar year, if you focus on the demand side of the equation, not the supply side of the equation.

我想將其分為兩部分，但我想知道您是否可以評論一下，如果您關注的是等式的需求方，而不是等式的供應方，那麼縱觀整個日曆年，您會看到 PC 市場的強勁表現。

And really, the more important related part is, given the outlook that you may have for the PC market, how are you thinking about the durability of the Windows side of your business? In particular, if you'd comment on the fundamentals related to the PC market but also the opportunities to keep mixing up, so to speak, helped by Microsoft 365.

實際上，更重要的相關部分是，考慮到您對 PC 市場的展望，您如何看待 Windows 業務的持久性？特別是，如果您要評論與 PC 市場相關的基本面，以及在 Microsoft 365 的幫助下繼續混合的機會。

Satya, why don't you start and I'll add on.

Satya，你先開始吧，我來補充一下。

Perfect. So I think on the Commercial side, I think it's well understood is that Windows is the socket for Microsoft 365. We have tremendous value. Amy referenced this earlier. In fact, we just launched Windows 11 and pro value with Windows 365. That's resonating super well. The customer sat, adoption rates when it comes, whether it's security, whether it's productivity, we feel good about the Commercial business. So we'll stay focused on it, on the Commercial side.

完美的。因此，我認為在商業方面，我認為眾所周知的是，Windows 是 Microsoft 365 的插座。我們具有巨大的價值。艾米之前提到過這一點。事實上，我們剛剛推出了 Windows 11 和 Windows 365 的專業版。這引起了非常好的反響。從客戶滿意度、採用率來看，無論是安全性或生產力，我們都對商業業務感到滿意。因此，我們將繼續關注商業方面。

And on the consumer side, the -- coming out of again, the pandemic, the intensity of the usage has gone up. So one of the areas of focus for us is some of the stuff that I talked about in my remarks is just the usage, right? So when you think about 500 million users engaging with Microsoft Start, that's not the type of engagement we had. And so with the large install base now, we have significant room there. The browser share growth, we have significant room there.

從消費者角度來看，隨著疫情的再次爆發，使用強度上升。因此，我們關注的領域之一就是我在發言中談到的一些內容的用法，對嗎？因此，當您想到有 5 億用戶參與 Microsoft Start 時，這並不是我們所擁有的參與類型。因此，由於現在安裝基數很大，我們有很大的發展空間。瀏覽器份額的成長，我們還有很大的發展空間。

And then, of course, the subscription attaches, whether it's gaming or whether it's productivity or suites. So that's kind of how I look at what we're going to do at least in the immediate future. PC remains a very important category in, I think, people's lives is what we've discovered during the pandemic. And if anything, the intensity of usage has increased. And there will be cyclical demand that we'll go through, but the number of use cases has definitely, I think, structurally increased.

然後，當然還有訂閱附加，無論是遊戲、生產力還是套件。這就是我對我們至少在不久的將來要做的事情的看法。我認為，在疫情期間我們發現，PC 仍然是人們生活中非常重要的一個類別。如果有的話，使用強度已經增加了。我們將經歷週期性需求，但我認為用例的數量肯定在結構上增加。

Exactly. I think the one thing I would add on your demand side, we have seen the transition from, I would say, in the middle of the pandemic, definitely a consumer-driven demand cycle. We've transitioned that to be a commercial part of the demand side. And so I do expect that to be the case. Obviously, I think this is the second quarter in a row we've seen that transition. Expect Q4 to be even more of that, and then we'll wait and see how the second half of the year shapes up.

確切地。我想就需求方面補充一點，在疫情期間，我們已經看到了絕對由消費者驅動的需求週期的轉變。我們已將其轉變為需求方的商業部分。所以我確實希望情況會是這樣。顯然，我認為這是我們連續第二個季度看到這種轉變。預計第四季的情況會更加如此，然後我們將拭目以待下半年的情況。

Thanks, Keith.

謝謝，基斯。

So 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.

今天的收益電話會議的問答部分到此結束。感謝您今天的參與，我們期待很快與大家交談。

Thanks, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference. Once again, we thank you for your participation, and you may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。再次感謝您的參與，現在您可以斷開線路了。