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，謝謝你們的支持。歡迎參加 Microsoft 2022 財年第三季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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

現在我很高興向您介紹您的主持人，投資者關係部總經理 Brett Iversen。謝謝你。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.

與我通話的是董事長兼首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Alice Jolla，首席會計官；和副總法律顧問 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 Microsoft 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，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

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，否則我們將在電話會議上參考非 GAAP 指標。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業績指標。除了這些項目和事件對財務業績的影響外，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三季度的業績。

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，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。我們還將在可用的情況下以不變貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available.

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

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.

今天的電話正在網絡直播和錄製。如果您提出問題，它將包含在我們的實時傳輸中、記錄中以及將來對錄音的任何使用中。您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

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、預測或其他陳述。這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及其他報告和提交給證券交易的文件的風險因素部分中所討論的因素，實際結果可能存在重大差異委員會。我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 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.

這是一個創紀錄的第三季度，受微軟雲持續強勁的推動，其收入超過 230 億美元，同比增長 32%。展望未來，數字技術將成為推動世界經濟產出的關鍵投入。在整個技術堆棧中，我們正在擴大我們的機會並分享我們幫助客戶差異化、建立彈性和事半功倍的機會。

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 開始的示例。我們正在構建跨雲和邊緣的分佈式計算結構，以幫助每個組織在任何地方構建、運行和管理任務關鍵型工作負載。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遷移。現在還為時尚早。我們正在贏得第 1 層基礎架構工作負載。從貝萊德到普利司通再到漢莎航空，各個行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.

我們是客戶在雲中的 SAP 工作負載的市場領導者。最近幾個月，Atos、Chevron、Fujitsu 和 Woolworths 都將其 SAP 應用程序遷移到了 Azure。總體而言，我們看到波音、卡夫亨氏、美國銀行和西太平洋銀行等行業領導者對 Azure 做出了更大、更具戰略性的承諾，他們都選擇了我們的雲來加速他們的數字化轉型。超過 1 億美元的 Azure 交易數量同比增長了一倍多，我們看到各個行業、客戶群和地域的消費都在增長。

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.

現在到數據和人工智能。我們的數據堆棧在將一流的運營數據庫、分析和治理整合到一個集成的數據結構方面是獨一無二的。 Cosmos DB 交易量和數據量連續第三季度同比增長超過 100%。 Synapse 數據量同比增長了一倍多，我們看到 Purview 的廣泛採用，因為我們幫助組織跨平台和雲管理、保護和管理他們的數據資產。從德意志交易所到安永，各個行業的客戶都在使用我們的端到端數據平台。

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 AI 領域，我們繼續看到 Azure 機器學習的強大使用。每月推理請求的數量同比增長 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 服務將高級語言模型與 Azure 的企業功能相結合，幫助 CarMax 等公司將客戶評論轉化為購物者的定制內容。

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.

現在到開發者工具。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。越來越多的每個新開發者項目都從我們的工具開始。 Visual Studio 每月有超過 3100 萬活躍用戶，其中包括大多數財富 500 強企業。GitHub 的使用在獨立開發人員和初創公司以及世界上最成熟的企業中都在增加。

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，以梅賽德斯-奔馳為例，它正在使用 GitHub Enterprise 為 20,000 多名員工提供一個統一的開發平台來構建、交付和維護軟件。

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.

現在到 Power Platform。 Power Platform 已成為各行業領域專家的領先業務流程自動化和生產力套件。 Power Platform 過去 12 個月的收入超過 20 億美元，同比增長 72%，使其成為規模增長最快的業務之一。 Power Apps 是低代碼、無代碼應用開發的市場領導者，Power BI 擁有超過 200,000 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運營效率的機會。

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.

現在到 Dynamics 365。Dynamics 365 的增長速度快於整個業務應用程序市場。例如，在供應鏈受限的情況下，我們正在幫助 Cracker Barrel 和聯合利華等公司在中斷發生之前預測中斷。喜力和西門子等企業正在轉向 Dynamics 365 來推動和提供更加一致和個性化的客戶參與和服務。我們正在引領新工業元界的創新，幫助公司利用物聯網、數字孿生、互聯空間和混合現實應用等技術優化運營。

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.

我們通過將 Dynamics 365、Teams 和 Synapse 結合在一起，進一步使 Microsoft Cloud 與眾不同，從而開創了一個協作應用程序的新時代，該時代改變了每個業務功能和流程。

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.

在行業方面，我們的 6 個行業雲正在幫助客戶加快實現價值的速度。上個月，我們的醫療保健雲是 HIMSS 的前沿和中心，在那裡我們引入了 Azure 健康數據服務來統一不同的臨床成像和醫療技術數據。克利夫蘭診所將使用該解決方案對來自不同系統的數據進行規範化，並將洞察力整合到臨床醫生的工作流程中。隨著我們對 Nuance 的收購，我很高興有機會應用公司深厚的企業 AI 專業知識來加速 Nuance 的業務和我們的行業雲的增長。

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.

現在轉到LinkedIn。我們再次見證了創紀錄的參與度，超過 8.3 億專業人士使用該平台進行聯繫、學習、成長和被聘用。在大洗牌中，我們看到了技能優先的勞動力市場的出現。使用 LinkedIn 上的技能篩選器來填補空缺職位的公司數量同比翻了一番。在這個充滿活力的勞動力市場中，LinkedIn 上的招聘人數增加了 88%。 Talent Solutions 收入增長 43%，連續第六個季度加速增長。

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.

隨著我們為廣告商提供高覆蓋面和投資回報率，我們的營銷解決方案業務繼續蓬勃發展。創作者越來越多地轉向該平台來建立自己的聲音並使用時事通訊等工具來發展他們的社區，以分享他們熱衷的內容。現在有 2800 萬會員在 LinkedIn 上訂閱了至少 1 份時事通訊，僅在過去一個季度就增長了 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 2 年證明，每個組織都需要一個數字結構，將整個組織從董事會到前線，再到客戶和合作夥伴。沒有哪家公司能比 Microsoft 與 Microsoft 365 和 Teams 更好地滿足這一需求。 Teams 是最常用和最先進的工作平台，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 SMB 的組織都在依靠 Teams 來開展業務。

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。與單點身份、生產力、協作和會議解決方案的拼湊相比，Microsoft 365 客戶可以節省多達 60%。團隊使用率從未如此高。我們在每個細分市場都看到了增長，包括使用 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 是協作應用程序的領先平台。從 Asana 到 Zendesk，Teams App Store 中有超過 1,000 個第三方應用程序可用。各個行業的公司，包括英國的 CBRE、CVS Health 和 National Health Service，都在 Teams 中構建了自定義業務線應用程序，將業務流程直接引入工作流程。

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.

我們正在添加新的增長引擎，以滿足 Teams Rooms、Teams Phone 和 Microsoft Viva 混合工作的需求。 Teams Rooms 通過 Front Row 等創新技術縮小了遠程工作人員與辦公室人員之間的差距。帶有 Operator Connect 的 Teams Phone 使組織能夠輕鬆地將其現有的呼叫服務引入 Teams。 Operator Connect 總分鐘數環比增長 8 倍。 Viva 在 Bloom、Cerner、Marks 和 Spencer 等公司擁有超過 1000 萬的月活躍用戶。

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，我們將 LinkedIn 的 Glint 員工敬業度工具添加到 Viva，確保領導者可以更輕鬆地徵求員工反饋並獲得可行的見解。所有這些創新都在推動整個 Microsoft 365 的增長。私營和公共部門的組織，包括 American Family Insurance、昆士蘭州政府和西班牙電信，越來越多地選擇我們的高級 E5 產品來實現高級安全性、合規性、語音和分析。

Now on to Windows. The PC 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.

現在到 Windows。 PC 與工作、生活和娛樂的關係從未如此密切。用例的數量正在增加，在 PC 上花費的時間也在增加。在過去的 8 個季度中，每個季度都有超過 1 億台 PC 出貨，Windows 繼續佔據份額。在 Windows 11 中，我們繼續看到任何版本的操作系統的最高質量分數。企業採用 Windows 11 的速度比以前的任何版本都快。

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.

通過 Windows 365，我們將 Azure 計算的強大功能引入 Windows 計算機，使 Lands' End、SES 和 Xerox 等企業能夠將完整的 Windows 體驗流式傳輸到任何員工設備。 Windows 11 和 Windows 365 之間的新集成將使得只需單擊一下即可在雲 PC 和本地 PC 之間切換。我們將繼續幫助 AIG、Grant Thornton 和 Sage 等組織通過 Azure 虛擬桌面將其本地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以幫助每個人完成從瀏覽和搜索到學習、遊戲和購物的日常任務的關鍵，所有這些都內置了安全性和隱私性。我們看到每月有近 5 億活躍用戶的強大參與度我們的個性化內容提要 Microsoft Start 的用戶。隨著使用量的持續增長，我們看到內容消費和商業之間出現了飛輪，因為我們為內容創作者和廣告商創造了新的機會。隨著我們幫助人們省錢和安全購物，我們的瀏覽器 Microsoft Edge 繼續獲得市場份額。

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.

現在到安全。安全是每個正在經歷數字化轉型的組織的重中之重。為了保證我們客戶的安全，我們通過設計將安全性融入我們銷售的每一件產品中。我們提供端到端的解決方案，涵蓋安全、合規、身份、設備管理和跨雲和平台的隱私，每天收到 24 萬億個威脅信號。這種綜合能力在最近的世界事件中至關重要，我們將繼續破壞網絡攻擊並與烏克蘭政府以及其他公共部門機構共享威脅情報。

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、多平台支持是我們方法的核心。在安全方面，我們是唯一一家為業界三大雲平台提供原生多雲保護的雲提供商。在身份方面，我們現在提供跨所有云的權限管理。 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 設備數量同比增長超過 60%。我們正在通過 Microsoft Defender for Business 擴展到新的細分市場，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增長。信任我們安全解決方案的所有客戶數量同比增長近 50%，達到 785,000 家，其中包括 Citrix、Domino's Pizza、Fujitsu、Heineken、PETRONAS，他們依靠我們來保護他們的多雲基礎架構。我們的安全生態系統中有超過 15,000 個合作夥伴，比業內其他任何人都多。

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。我們的目標是讓玩家能夠在他們想要的時間、方式和地點進行遊戲。憑藉我們的 Xbox Series S 和 X 遊戲機，我們連續兩個季度佔據了全球市場份額，並且在本季度我們是美國、加拿大、英國和西歐的下一代遊戲機中的市場領導者。通過 Xbox 雲遊戲，我們正在重新定義遊戲的分發、播放和觀看方式。迄今為止，已有超過 1000 萬人觀看了遊戲。我們許多最受歡迎的遊戲，包括 Flight Simulator，現在首次可以在手機、平板電腦和低規格 PC 上訪問。

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 庫現在包含數百個跨 PC 和控制台的遊戲，其中包括來自第三方發行商的遊戲比以往任何時候都多。在過去的 12 個月裡，訂閱者已經播放了數十億小時，增長了 45%。借助 Azure，我們正在為各種規模的遊戲工作室構建最好的雲來構建、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 遊戲收入本財年迄今增長了 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，我們正在進入一個每家公司都將成為數字公司的新時代。我們基於通用技術堆棧構建的持久數字業務組合和多樣化業務模式使我們能夠很好地抓住未來的巨大機遇。

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

有了這個，我會把它交給艾米。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，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.

本季度收入為 494 億美元，按固定匯率計算分別增長 18% 和 21%。根據 21 財年第三季度的稅收優惠調整後，每股收益為 2.22 美元，按固定匯率計算分別增長 14% 和 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.

有幾個項目影響了我們的財務業績，這些項目未包含在我們 1 月份財報電話會議上提供的指導中。首先，細微差別。我今天對第三季度業績和第四季度展望的評論包括收購 Nuance 的影響，該收購於 3 月 4 日結束。我們的業績包括 1.11 億美元的收入和對每股收益 0.01 美元的負面影響，包括採購會計、整合和交易相關費用.在我們的結果中，除非另有特別說明，否則 Nuance 並不是增長率的主要驅動力。我們繼續預計 Nuance 收購將在 22 財年最小稀釋，並在 23 財年增加非公認會計準則每股收益。

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，外匯。與預期相比，美元在整個季度走強，對公司總收入造成了 1 個百分點的外匯逆風。因此，收入和每股收益分別受到每股 3.02 億美元和 0.03 美元的負面影響。

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。我們暫停了我們在俄羅斯的所有新產品和服務的銷售。俄羅斯產生的收入不到公司總收入的 1%，我們預計它將顯著下降。本季度對營業收入的影響約為 1.3 億美元，平均分配給較低的收入和較高的壞賬費用，對每股收益產生 0.01 美元的負面影響。

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.

我們本季度的業績在收入、營業收入和每股收益方面都好於我們的預期，因為我們再次實現了另一個強勁的季度收入和利潤增長。

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產品的健康需求，以及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更多承諾以及 Satya 之前提到的我們服務的更高使用率。

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.

商業預訂按固定匯率計算分別增長 28% 和 35%，大大超出預期，這得益於我們核心年金銷售活動的強勁執行。我們還看到大型長期 Azure 合同的增長好於預期，而去年的可比數據非常強勁。 Nuance 使預訂量提高了大約 5 分。

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%.

由於從我們的開放許可計劃過渡到我們的雲解決方案提供商計劃，我們在 Office 和 Server 業務中的本地交易許可收入受到的負面影響比預期更大。商業剩餘履約義務增加了 32% 和 34% 的固定貨幣，達到 1550 億美元，我們將在未來 12 個月內確認的收入與未來 12 個月之後的部分大致相當。我們的年金組合同比增長 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.

商業雲收入為 234 億美元，按固定匯率計算分別增長 32% 和 35%，再次超出預期。微軟雲毛利率同比略有下降至 70%。排除使用年限會計估計變化的影響，微軟雲的毛利率增加了大約 3 個百分點，這主要得益於雲服務的改善，部分被銷售組合轉移到 Azure 所抵消。正如您從 Satya 那裡聽到的，在我們的消費者業務中，我們看到個人電腦、遊戲機和我們的 Edge 瀏覽器的市場份額有所增加。

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，美元在整個季度都走強。 FX 使公司總收入下降 3 個百分點，不利於預期 1 個百分點；將 COGS 降低 1 個點，符合預期；營業費用增長下降 2 個百分點，好於預期 1 個百分點。美元毛利率按固定匯率計算分別增長 18% 和 21%，毛利率百分比同比略有下降至 68%。排除會計估計變更的影響，毛利率百分比增加了約 1 個百分點，主要是由於我們前面提到的雲服務的改進。

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.

營業費用按固定匯率計算分別增長 15% 和 17%，略低於預期，因為轉移到未來幾個季度的投資被 Nuance 的納入部分抵消。在整個公司層面，隨著我們繼續投資於雲工程、客戶部署、LinkedIn 和銷售等關鍵領域，員工人數同比增長 20%，其中包括 Nuance 加入後的大約 4 個增長點。按固定匯率計算，營業收入分別增長 19% 和 23%，營業利潤率同比小幅增長至 41%。剔除會計估計變更的影響，營業利潤率同比增長約 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.

現在來看我們的細分結果。生產力和業務流程收入為 158 億美元，按固定匯率計算分別增長 17% 和 19%，符合預期。 Office 365、LinkedIn 和 Office Consumer 的業績好於預期，但被增量 FX、開放許可過渡、俄羅斯以及 Dynamics 業績低於預期的影響所抵消。按固定匯率計算，寫字樓商業收入增長了 12% 和 14%。 Office 365 商業版收入按固定匯率計算分別增長 17% 和 20%，這得益於所有工作負載和客戶群的安裝基礎擴展，以及 E5 收入持續增長帶來的 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 Commercial 席位同比增長 16%，達到近 3.45 億美元，我們的中小型企業和一線員工產品持續增長。我們近 45% 的 Office 365 商業版席位是通過 Microsoft 365 購買的。Office 商業版許可低於預期，按固定匯率計算分別為 28% 和 25%，這是由前面討論的因素以及較低的合同組合和較高的 in-期間收入確認。 Office Consumer 收入按固定匯率計算分別增長 11% 和 12%，超出預期，這得益於 Microsoft 365 訂閱的持續增長勢頭，增長 16% 至 5840 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 收入按固定匯率計算分別增長了 22% 和 25%。按固定匯率計算，這一數字分別增長了 35% 和 38%，大大快於市場，儘管略低於預期，因為我們專注於加強近期投資的執行力. LinkedIn 收入按固定匯率計算分別增長了 34% 和 35%，人才解決方案的表現好於預期，營銷解決方案的持續實力和平台上的參與度創歷史新高。

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.

按固定匯率計算，分部毛利率分別增長了 16% 和 19%，毛利率同比基本保持不變。剔除會計估計變更的影響，毛利率增加了大約 2 個百分點，這主要得益於所有云服務的改善。營業費用按固定匯率計算分別增長 13% 和 14%，營業收入按固定匯率計算分別增長 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.

接下來是智能雲部分，其中包括 Nuance 大約 4 週的結果。收入為 191 億美元，按固定匯率計算分別增長 26% 和 29%。排除 Nuance 的影響和比預期多出約 1.5 億美元的外匯，收入結果超出預期。總體而言，服務器產品和雲服務收入按固定匯率計算分別增長了 29% 和 32%。 Azure 和其他雲服務按固定匯率計算分別增長 46% 和 49%，超出預期，這得益於我們基於消費的服務持續強勁。包含 Nuance 雲服務並沒有改變 Azure 的固定貨幣增長率。

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，企業移動和安全安裝基數增長了 25%，達到超過 2.18 億個席位。在我們的本地服務器業務中，收入增長 5% 和 7%（按固定匯率計算），超出預期，這是由於對我們混合產品的健康需求的推動，部分被前面提到的開放許可過渡所抵消。包含 Nuance 本地產品並沒有改變服務器的恆定貨幣增長率。

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.

受企業支持服務增長的推動，企業服務收入按固定匯率計算分別增長 5% 和 6%。包含 Nuance 專業服務對固定貨幣增長率的影響為 1 個百分點。按固定匯率計算，分部毛利率分別增長 24% 和 27%，毛利率同比下降約 1 個百分點。排除會計估計變化的影響，隨著 Azure 的改進，毛利率百分比增加了大約 1 個百分點，部分被銷售組合轉移到 Azure 所抵消。營業費用按固定匯率計算分別增長 17% 和 19%，營業收入按固定匯率計算分別增長 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.

現在到更多的個人計算。收入為 145 億美元，按固定匯率計算分別增長 11% 和 13%，高於預期，原因是 Search 和 Windows 的表現好於預期，但被 Surface 抵消。 FX 減少了大約 1 億美元的部門收入，比預期的多。 Windows OEM 收入增長 11%，商用 PC 市場持續強勁，每個許可證的收入更高。受對 Microsoft 365 需求的推動，Windows 商業、產品和雲服務收入增長 14% 和 19%，超出預期，部分受益於更多合同組合和更高的期內收入確認。

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.

Surface 收入增長 13% 和 18% 不變貨幣，低於預期，受消費者渠道的推動，部分被商業的強勢所抵消。搜索和新聞廣告收入（不含 TAC）按固定匯率計算分別增長 23% 和 25%，好於預期，這得益於搜索量的增長，儘管我們在 3 月份看到了烏克蘭戰爭影響的不利因素。

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.

在遊戲中。在較高的上年可比上，收入增長了 6% 和 8%（按固定匯率計算）。 Xbox 硬件收入好於預期，因為本季度遊戲機供應增加推動了 14% 和 16% 的增長（按固定匯率計算）。 Xbox 內容和服務收入按固定匯率計算分別增長了 4% 和 6%，低於預期，這是由於整個平台的參與度較低，儘管它仍高於大流行前的水平。按固定匯率計算，分部毛利率分別增長 10% 和 13%，毛利率百分比略有下降。營業費用按固定匯率計算分別增長 17% 和 18%，營業收入按固定匯率計算分別增長 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%.

現在回到公司的總業績。包括融資租賃在內的資本支出為 63 億美元，符合預期。為 PP&E 支付的現金為 53 億美元。運營現金流為 254 億美元，增長 14%，原因是強勁的雲計費和收款部分被與硬件庫存構建相關的供應商付款增加所抵消，因為我們管理供應鏈中的持續不確定性。自由現金流為 200 億美元，增長 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，原因是投資淨虧損，包括我們股票投資組合的按市值計價虧損和外幣重估淨虧損。與去年的淨投資收益相比，本季度股市下跌導致淨投資虧損，對每股收益同比增長造成 2 個負面影響。我們的有效稅率約為 17%。最後，我們通過股票回購和分紅向股東返還了 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.

現在，在我們轉向展望之前，請注意幾點。首先，外匯。隨著美元走強並基於當前匯率，我們現在預計外匯將使公司總收入增長降低約 2 個百分點，並將總銷貨成本和運營費用增長降低約 1 個百分點。在這些細分市場中，我們預計對生產力和業務流程的收入增長產生大約 3 個負面外匯影響，在智能雲和更多個人計算方面產生 2 個負面影響。

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，我對下一季度的評論包括收購 Nuance 的整個季度的影響。第三，我們預計烏克蘭戰爭將繼續影響我們第四季度的業務，對收入的影響約為 1.1 億美元，對運營費用的影響最小。接下來，我們在展望中考慮了當前中國停工的影響。然而，延長至 5 月的停產將進一步對我們對 Windows OEM、Surface 和 Xbox 硬件的前景產生負面影響。最後，除非另有特別說明，否則我們給出的前景均以美元為基礎。

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.

在這種情況下，讓我們轉向我們的第四季度展望。在我們今年最大的季度，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和一致的執行將推動另一個強勁的季度收入增長。在商業預訂方面，不斷增長的第四季度到期基數、我們核心年金銷售行動的強勁執行以及對我們平台的更多承諾應該會推動健康增長，而不是去年同期的強勁增長。

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.

提醒一下，較大的長期 Azure 合同的組合越來越多，這些合同的時間更難以預測，這總是會導致我們的預訂增長率的季度波動性增加。微軟雲毛利率應同比下降約 1 個百分點。排除會計估計變化的影響，第四季度毛利率將增加大約 1 個百分點，這主要得益於我們雲服務的持續改進，部分被收入組合轉移到 Azure 所抵消。資本支出，我們預計隨著我們繼續投資以滿足全球對我們的雲服務不斷增長的需求，以美元為基礎的連續增長。

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，我們預計收入在 166.5 億美元至 169 億美元之間。在 Office Commercial 中，收入增長將再次受到 Office 365 的推動，客戶細分市場的席位健康增長以及 E5 的 ARPU 增長。我們預計，按固定匯率計算，Office 365 收入增長將連續下降 1 或 2 個百分點。在我們的本地業務中，我們預計收入將與上一季度類似下降。在 Office 消費者領域，我們預計收入將以高個位數增長，這將受到 Microsoft 365 訂閱的推動。

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，我們預計在強勁的就業市場和平台上的健康參與的推動下，收入將在 20 多歲時增長。在 Dynamics，我們預計收入增長與上一季度相似。對於智能雲，我們預計收入在 211 億美元至 213.5 億美元之間。收入將繼續由 Azure 驅動，提醒一下，Azure 可能存在季度變化，主要來自我們的每用戶業務和期內收入確認，具體取決於合同的組合。

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 Azure 收入增長將在固定貨幣基礎上連續下降大約 2 個百分點，對美元增長的外匯影響比在細分市場層面要大一些。 Azure 收入將繼續受到我們消費業務強勁增長的推動。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，儘管鑑於安裝基數的規模，我們預計增長率會放緩。

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.

在我們的本地服務器業務中，我們預計收入將以中低個位數下降，因為對我們的混合產品的需求將被去年可比的強勁需求所抵消，其中包括 4 個收益點，來自合同的收益較高的期內收入確認以及前面提到的許可計劃過渡的持續交易疲軟。在企業服務方面，我們預計收入增長將達到高個位數。

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.

在更多個人計算方面，我們預計收入在 146.5 億美元至 149.5 億美元之間。如前所述，我們的指導反映了當前中國停工的限制，這對 OEM、Surface 和 Xbox 遊戲機的第四季度供應產生了負面影響。在 Windows OEM 方面，我們預計收入將增長中低個位數，這是由於持續轉向以商業為主導的 PC 市場，在該市場中，每個許可證的收入更高。

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 商業產品和雲服務中，客戶對 Microsoft 365 和我們的高級安全解決方案的需求應該會推動低兩位數的增長。在 Surface 中，收入應該以兩位數的低位增長。在不含 TAC 的搜索和新聞廣告方面，我們預計收入增長約為 20%。在遊戲方面，我們預計收入將以中高個位數下降，原因是參與時間同比下降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個位數，但參與時間預計仍將高於大流行前的水平。

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，運營費用為 148 億美元至 149 億美元，這將導致營業利潤率再增長一個季度，不包括使用壽命的變化。我們預計其他收入和支出為負 5,000 萬美元，反映了 4 月份基於市場狀況的外匯重新計量影響。

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%.

與我們的其他指導類似，到第四季度的進一步股票和外匯變動並未反映在這個數字中。提醒一下，我們需要確認我們的股票投資組合的按市值計價的收益或損失，這可能會增加季度波動性。我們預計第四季度的有效稅率約為 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.

我們預計在 22 財年結束時，即使在更複雜的宏觀環境中，與我們全年提供的相同一致性，在我們投資於維持這一關鍵領域的關鍵領域時，收入增長強勁、份額收益和營業利潤率提高生長。當我們展望 23 財年時，我們在許多多樣化和持久增長的市場中為我們的客戶提供高價值的記錄讓我們相信，我們將推動持續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，讓我們去問答。

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

謝謝，艾米。我們現在將轉到問答環節。 （操作員說明）傑西，您能重複一下您的說明嗎？

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

絕對地。 （操作員說明）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.

優秀的。真正令人印象深刻的結果。從股市的角度來看，我們看到的是相當困難的氣候。但如果我們考慮利率，我們會考慮通貨膨脹，歐洲目前正在發生衝突，這似乎是一個艱難的背景。你們經營得非常好。我的意思是，Azure 在這種規模上的加速確實很棒。如果我沒記錯的話，Office 365 商業版也在本季度加速。如此令人印象深刻的結果。

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遇到的問題是，鑑於宏觀背景的波動性，你在哪裡獲得對這種增長持久性的信心？這是您與客戶的對話嗎？是你在積壓中看到的嗎？也許如果你能給我們一些洞察力，讓你們有信心發布該指南，為 23 財年發布那些健康的評論。您看到什麼可能有助於我們給予我們並讓投資者對這種環境下這種增長的持久性更有信心？

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 3 級，基思。一個是我們技術堆棧的競爭力，從基礎設施一直到商業雲的 SaaS 應用程序，以及我們如何通過貨幣化，例如，我們的安裝基礎消費者特許經營權也是如此。因此，在這兩個地方，我們都覺得我們很有競爭力，而且在擺脫大流行之後，我們越來越有競爭力，以獲取份額。

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.

我還要說，在許多這樣的地方，我們在價格上處於領先地位。我的意思是，拿我提出的一點來說，如果有任何宏觀逆風，你以更低的價格獲得更多的價值意味著你贏了。在我們的案例中，當涉及到我們的商業雲產品時，我們在整個堆棧中具有顯著優勢。

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，我從過去的挑戰中發現的有趣的事情，無論是宏觀的還是微觀的，我沒有聽說過企業將其 IT 預算或數字化轉型項目作為地方用於削減。如果有的話，其中一些項目將是他們加速轉型的方式，或者，例如，自動化。我還沒有看到對自動化技術提高生產力的這種需求水平，因為在通貨膨脹的環境中，唯一的通貨緊縮力量是軟件。所以這是第二個微觀的東西，不同的語氣。

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.

不過，歸根結底，我的意思是，我們這裡沒有人試圖預測宏觀。因此，我們想到的只是我們正在競爭的 TAM 很大。從長期來看，到本世紀末，技術支出佔 GDP 的百分比將翻一番。我們只想繼續提高使用率、提高份額並保持競爭力。這就是我們看待我們正在做的事情的一種方式，這就是我們對支出的信心的來源，無論是運營支出還是資本支出。

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

所以我不知道，艾米，如果你想補充一下。

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.

Satya，我想唯一要補充的是，我認為我們一直，而且我認為我們經常使用這種語言，專注於長期機會。您將其稱為我們關注的 TAM。我還要說，還有很多 TAM 需要去追求。從數字化轉型的角度，從自動化的角度，從價值類型和可以實現的實際生產力增強，現在還處於您談論的轉型的早期階段。

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方面來看，執行的連續性肯定非常好。但我還要說，就您的觀點而言，我們正在為長期機會進行投資。我們相信，長期結果是正確的，我認為你和我談話的基礎是從哪裡給出這個答案的。

Great quarter.

很棒的季度。

Our next question is coming from Brent Thill with Jefferies.

我們的下一個問題來自 Brent Thill 和 Jefferies。

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，在您的指導下，您是否正在改變您的任何關閉率考慮或添加更多供應鏈限制？還是這與您過去提供給我們的指導方法相同？

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.

我假設我們正在專門討論更多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特別相關。我通常會遵循我試圖遵循的相同原則，即我給你我迄今為止最好的知識。我確實注意到並試圖以非常明確的方式做到這一點，即生產停產將延長至 5 月，這將對那些處於供應緊張狀態的人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，在 OEM 業務中，該收入是在生產時確認的。然後對於 Xbox 遊戲機和 Surface，它正在銷售中。因此，甚至在 5 月初的生產延遲顯然會對本季度產生重大影響。所以我們正在關注它，我試圖在指導中使其透明。除此之外，我的指導與我喜歡做的方式相當一致。

Our next question comes from Mark Moerdler with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Mark Moerdler。

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.

祝賀本季度和強有力的指導。我認為這不僅會幫助股票，而且希望對整個行業有所幫助。

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，它的實力可能超出了人們的預期。從 E3 到 E5 的追加銷售機會在哪裡？您能否告訴我們不僅是現在而且是未來增長的規模？你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.

如果你想補充什麼，也許我會開始回答這個問題，還有 Satya。非常具體地說，馬克，我想說這個季度的性質與您在過去幾個季度中看到的非常相似。座位增長，而在所有細分市場中，一線工人和 SMB 尤其好。這確實掩蓋了一點，就像它經常做的那樣，ARPU 改進，因為那些往往是價格較低的 SKU，我們從過渡到 E5 中看到的 ARPU 改進。

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.

從 E3 到 E5 的過渡仍有機會。我會說我們正處於早期的過渡階段。因此，就我而言，就未來而言，席位增長肯定仍有空間，特別是您提到的一線工人，以及 SMB 以及通過 E5 過渡的 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.

Satya 在他的評論和他的第一個回答中再次提到的我要補充的是，實際上是 E5 中客戶可用的價值，無論是安全性、合規性、電話、分析、價值那個套件，如果你更廣泛地考慮，Microsoft 365 的價值，它在 Windows 周圍添加了更多組件，我認為我們提供了高價值，這往往給我們一些樂觀，我們可以繼續在這方面表現良好分割。

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

我不知道，薩蒂亞，你是否有什麼要補充的。

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，你蓋得很好，艾米。我的意思是，我認為這裡的基本面仍然相當強勁，無論是 E5 增長、SMB 增長還是一線工人。我還會添加新興市場。我的意思是，這是我第一次覺得我們的產品只適合 Teams Essentials 等新興市場，我們甚至可以真正打入過去從未銷售過的市場。

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.

然後你談到的新增長引擎，Teams Phones、Teams Rooms、Viva 甚至 Windows 365 都是我們可以再次推動增長的東西。特別是在這樣的時代，關於我們的價值的觀點可能非常非常重要。我們看到它，就像我還要說的一件事一樣，我們看到的使用數據在任何地方都是峰值。因此，另一件事是我們肯定會針對推動使用和部署進行優化，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，您指出了一些交易弱點，在 3 月季度，我們可以在本地 Office 部分和您在服務器產品部分的指導中看到，您建議我們也可以在那裡看到它。您認為這是 Microsoft 特有的嗎？正如您在評論中所描述的，您正在將客戶從您的開放許可計劃中轉移出來。或者你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的傾斜比我們以前看到的更快？

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任何不同，這會比我們看到的正常過渡對本季度的影響更大，就您而言，在 Office 上，或者坦率地說，甚至在 Server 上，因為我們讓人們移動這些工作負載並將這些工作負載遷移到雲中。

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.

這真的是一個非常重要的 - 把它想像成合作夥伴進行交易的地方，我們有一個非常廣泛、有價值和真正需要的合作夥伴社區。我們提出了這一點，併計劃在 1 月 1 日進行此更改。我們按計劃在 1 月 1 日執行了更改，我們只需要更長的時間來加入所有這個社區，以確保他們能夠以他們想要的方式進行交易到程序中。

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.

所以我確實認為我們需要的時間比我們想像的要長。我們將在第四季度繼續看到這種影響。而且我知道團隊正在努力確保合作夥伴對新系統感到滿意，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.

我唯一要補充的是，從長遠來看，這種變化對合作夥伴、客戶和微軟都非常有利。所以前面有執行，但我們想這樣做，因為它對每個人都有好處。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

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，少數基礎設施軟件公司評論說，他們的消費活動實際上在幾個月前開始放緩。所以我很好奇，在你看來，是什麼讓你的 Azure 軌跡顯示出更好的彈性？事實上，您是否看到一些較新的產品開始出現，例如 Azure Arc 或 Synapse、認知服務、OpenAI，並且可能有助於增強該 Azure 數字的健康和彈性？

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，我想說的是，Karl (sic) [Mark] 是我們所看到的是消耗量表發生的經典情況，對，它們會增長，然後得到優化，然後再次增長，無論是現有的還是新的。因此，它總是會有一定程度的波動，甚至艾米也提到了季度環比。

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.

但是，如果我繼續往下看——我們看到的一件事是來自所有細分市場的增長，對嗎？所以小型企業和企業。它來自所有地區嗎？它是。我們還會查看它來自的工作負載類型。所以所有這些看起來都很健康。如果你從堆棧上走到你的觀點，在基礎設施方面，我認為第 1 層工作負載是我們看到一些大型第 1 層工作負載的地方，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.

我要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增長。數據和人工智能是肯定的。我的意思是，我認為從長遠來看，我認為真正成為我們增長和差異化的更大驅動力之一的東西是我們的數據結構。因為我們是唯一擁有來自運營存儲的完整數據結構的人，它完全集成到分析引擎中，完全集成到治理中。

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.

這將變得越來越重要，對吧？我的意思是，你可以處理這個問題——一個關於隱私和治理的新規定，而你的運營商店與此分離。所以我們有一個非常差異化的報價，我談到了那裡的一些增長數字。人工智能推理也終於開始了。他們今天非常小。但即使我查看總數——本質上只是一個計算表，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.

因此，總的來說，我認為我們將看到季度環比的一些週期性，具體取決於哪些客戶。事實上，我們付錢給微軟員工是為了減少客戶賬單，我們應該這樣做。因此，鑑於我們可能會看到優化發生方式的周期性，但總體而言，我們仍然處於早期階段，因為世界正在遷移到雲並基本上使用雲基礎設施和計算來推動他們的運營效率和產品.

Our next question comes from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

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.

祝賀一個壯觀的季度。 Satya，你的評論非常清楚，特別是，你談到科技佔 GDP 的百分比在未來 7、8 年左右翻一番。可能除了你自己之外，沒有人能真正預測到 Azure 會在這個時間點變得如此之大，並且發展得如此之快，相對於 5、6 年前而言。

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?

因此，正如您所期待的那樣，您認為 Microsoft 技術堆棧的哪一部分在數字世界中代表性不足，因此，當您將技術佔 GDP 的百分比翻倍時，您有更多機會獲得？

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，我總是回過頭來，Kash，所有的企業價值，至少據我所知，都是在技術堆棧的 3 層創建的。基礎設施會發生什麼，只要事情可以好 10 倍。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，這將是一個巨大的電動汽車創造，佔 GDP 的百分比，技術支出翻了一番。這就是來自 Azure、Azure Arc、我們的數據庫的所有內容都非常重要的地方。

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——這是人工智能的時代。換句話說，核心業務邏輯沒有被編寫。它是由軟件編寫的。所以當我看到——當我使用 GitHub Copilot 時，它就在那裡——這就是未來——所有業務邏輯的編寫方式。

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，人工智能層，訓練超級計算機和推理層，你會看到我們在這個地方集成什麼，今天，你們都認為是 2 個不同的業務，無論是 Azure 和 Windows。它們對我來說只是一項業務，因為對我來說，在哪裡進行培訓，在哪裡進行推理將由開發人員編寫一次，然後它將在這個分佈式結構中亮起。所以這是另一個我認為隨著時間的推移會創造大量企業價值的地方。

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.

然後，當然，UI 層始終是最大的一個，也是下一個拐點，無論是元界發生的事情，還是物聯網和數字孿生在工業方面發生的事情。這些都是我認為將是我們將重點關注的事情。因此，這三件事轉化為工作負載，我們稱之為客戶解決方案領域的領域至少是我們投資的方式。

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 Michael Turrin。

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.

結果很好。 Azure 商業預訂實力的增長表現突出。您提到了第四季度 Azure 增長的預期下降，但它仍然表明這種規模的增長非常令人印象深刻。您能否擴展一下大宗交易的評論，以及您在過去幾個季度中多次提及的長期戰略交易？這些如何影響可見性或在那裡制定目標的方法？您可以添加的任何內容都非常感謝 Nuance 的添加如何幫助雲業務和行業雲方法。

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，您是否想從整體上的 Nuance 評論開始，然後我可以解決更大的長期評論？

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。只是一些快速的事情。一個是關於正在做出的戰略承諾，我們一次處理他們的工作量。因此，我們對這兩種類型的工作負載都感覺非常非常好。事實上，我們可能已經在正在遷移的客戶端服務器中贏得了一堆工作負載的遷移。但最令人興奮的是第 1 層工作負載類型，我們從未見過在今天在 Azure 上運行並在 Azure 上進行優化的任何 Microsoft 基礎架構上運行。這就是我們在贏得這些大型戰略交易時所看到的。

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.

在 Nuance 上，對我來說，令人興奮的是 Nuance 是這些人工智能驅動應用程序的平台層，這些應用程序正在部署，無論是在醫療保健領域，還是在企業聯絡中心。因此，我們對 Nuance 現在成為 Microsoft 大家庭的一員感到非常興奮。你會看到我們非常積極地在那裡進行創新，並擴大這些解決方案在我們 GDP 中佔很大比例的影響，比如醫療保健，我認為用新的創新解決方案解決醫生負擔等問題非常重要需要，我們真的很期待這樣做。

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，也許特別是，你是絕對正確的，我傾向於提到大型長期 Azure 合同的影響，無論是在商業預訂的背景下，還是我們經常可以看到的一些波動性。但實際上，我認為我們對他們的看法可能在這個電話之外的方式是，這是我們和客戶之間開始共同努力創造價值的承諾的開始。

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.

所以我們一個接一個地工作，一個接一個的機會。我認為這就是你所推斷的一點，它幾乎是為客戶創造價值的漏斗的頂端。我們稱之為提供成功，以確保他們以最有效的方式花錢，確保我們正在解決他們需要解決的最困難的問題。隨之而來的是我們在部署資源和使用資源方面的投資，特別是在 Azure 中，以使客戶能夠做到這一點。

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，我確實在談論它們創造的波動性方面。它在公司內部創造的是承諾的開始，以確保我們正在處理客戶希望在所有工作負載中實現的工作負載和解決方案，坦率地說，這是 Satya 今天談到的。

Great complementary points to also highlight.

偉大的補充點也突出。

Our final question will come from Keith Bachman with BMO.

我們的最後一個問題將來自 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.

我想把它分成兩部分，但我想知道你是否可以評論一下你在日曆年中看到的 PC 市場的實力，如果你專注於需求方面等式，而不是等式的供應方。

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 市場的前景，您如何看待 Windows 業務的耐用性？特別是，如果您要評論與 PC 市場相關的基本面，以及不斷混合的機會，可以說，微軟 365 提供了幫助。

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

Satya，你為什麼不開始，我會補充。

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。所以我認為在商業方面，我認為 Windows 是 Microsoft 365 的套接字這一點很容易理解。我們具有巨大的價值。艾米早些時候提到了這一點。事實上，我們剛剛推出了 Windows 11 和 Windows 365 的 pro value。這引起了非常好的共鳴。客戶坐著，採用率，無論是安全性，還是生產力，我們對商業業務感覺良好。所以我們將繼續專注於它，在商業方面。

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.

在消費者方面，大流行再次爆發，使用強度有所上升。所以我們關注的領域之一是我在評論中談到的一些東西只是用法，對吧？因此，當您想到 5 億用戶與 Microsoft Start 互動時，這不是我們的互動類型。所以現在有了龐大的安裝基礎，我們在那裡有很大的空間。瀏覽器份額增長，我們有很大的空間。

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，訂閱附加，無論是遊戲還是生產力或套件。所以這就是我如何看待我們至少在不久的將來要做的事情。我認為，在人們的生活中，PC 仍然是一個非常重要的類別，這是我們在大流行期間發現的。如果有的話，使用強度已經增加。我們將經歷週期性需求，但我認為用例的數量肯定會在結構上增加。

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。我想我要在你的需求方面補充一件事，我們已經看到了從大流行中期的轉變，絕對是消費者驅動的需求週期。我們已經將其轉變為需求方的商業部分。所以我確實希望會是這樣。顯然，我認為這是我們連續第二個季度看到這種轉變。預計第四季度會更多，然後我們將拭目以待，看看下半年的情況如何。

Thanks, Keith.

謝謝，基思。

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.

以上就是今天財報電話會議的問答部分。感謝您今天加入我們，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，此時您可以斷開線路。