微軟 (MSFT) 2022 Q2 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2022 Second Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Microsoft 2022 財年第二季度收益電話會議。 （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. 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.

下午好，感謝您今天加入我們。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. 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 second quarter performance in addition to the impact these items and events have on the financial results.

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中準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。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之外，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二季度的業績。

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。我們還將提供以不變貨幣計算的增長率（如果有），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. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。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 be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議期間，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以及本次電話會議期間以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格的風險因素部分以及其他報告和文件中的評論，實際結果可能存在重大差異.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. It was a record quarter, driven by continued strength of the Microsoft Cloud, which surpassed $22 billion in revenue, up 32% year-over-year. We are living through a generational shift in our economy and society. Digital technology is the most malleable resource at the world's disposal to overcome constraints and reimagine everyday work and life. We're innovating and expanding our entire portfolio across consumer and commercial segments to help people and organizations thrive in this new era.

謝謝你，布雷特。這是一個創紀錄的季度，受微軟雲持續強勁的推動，收入超過 220 億美元，同比增長 32%。我們正在經歷經濟和社會的代際轉變。數字技術是世界上最具可塑性的資源，可用於克服限制並重新構想日常工作和生活。我們正在創新和擴展我們在消費者和商業領域的整個產品組合，以幫助人們和組織在這個新時代蓬勃發展。

Now I'll highlight examples, starting with Azure. As every company becomes a digital company, they will need a distributed computing fabric to build, manage, secure and deploy applications anywhere. We have more data center regions than any other provider, delivering fast access to cloud services while meeting data resiliency requirements. We're extending our infrastructure to the 5G network edge, helping operators and enterprises create new business models and deliver ultra-low latency services closer to the end user. AT&T, for example, is bringing together its 5G network with our cloud services to help General Motors deliver next-generation connected vehicle solutions to drivers.

現在我將重點介紹示例，從 Azure 開始。隨著每家公司成為一家數字公司，他們將需要一個分佈式計算結構來在任何地方構建、管理、保護和部署應用程序。我們擁有比任何其他提供商更多的數據中心區域，在滿足數據彈性要求的同時提供對雲服務的快速訪問。我們正在將我們的基礎設施擴展到 5G 網絡邊緣，幫助運營商和企業創建新的商業模式，並提供更接近最終用戶的超低延遲服務。例如，AT&T 正在將其 5G 網絡與我們的雲服務相結合，以幫助通用汽車為駕駛員提供下一代聯網汽車解決方案。

Our Azure Arc customer base has tripled year-over-year. We are now helping thousands of organizations, from BP to Rabobank, unify their on-premise, hybrid and multi-cloud infrastructure. And as the digital and physical worlds come together, we're seeing real enterprise metaverse usage. From smart factories to smart buildings to smart cities, we are helping organizations use the combination of Azure IoT, Digital Twins and Mesh to help digitize people, places and things in order to visualize, simulate and analyze any business process. Ecolab, for example, is using these tools to build its own platform to model and optimize water management. Across Azure, we are seeing growing adoption across every sector. CVS Health, Johnson & Johnson Medical Devices, Kyndryl and Wells Fargo all chose our cloud as their preferred provider this quarter.

我們的 Azure Arc 客戶群同比增長了兩倍。我們現在正在幫助從 BP 到荷蘭合作銀行的數千家組織統一他們的本地、混合和多雲基礎架構。隨著數字世界和物理世界的融合，我們看到了真正的企業元界使用。從智能工廠到智能建築再到智能城市，我們正在幫助組織結合使用 Azure IoT、數字孿生和網格來幫助數字化人員、地點和事物，以便可視化、模擬和分析任何業務流程。例如，藝康正在使用這些工具來構建自己的平台來建模和優化水管理。在整個 Azure 中，我們看到各個部門的採用率都在不斷提高。 CVS Health、強生醫療器械、Kyndryl 和富國銀行都選擇了我們的云作為本季度的首選供應商。

Now on to data. From best-in-class databases and analytics to AI and data governance, we have the most comprehensive data stack to help every organization turn its data into predictive and analytical power. Cosmos DB is the database of choice for cloud-native app development at any scale. Data volumes and transactions increased over 100% year-over-year. With Azure Synapse, we're removing traditional barriers between enterprise data warehousing and big data analytics so anyone can collaborate, build and manage analytics solutions. Data governance is emerging as an important and growing category. And Azure Purview is leading here, helping thousands of organizations achieve a more complete understanding of their data estate.

現在談談數據。從一流的數據庫和分析到人工智能和數據治理，我們擁有最全面的數據堆棧，可幫助每個組織將其數據轉化為預測和分析能力。 Cosmos DB 是任何規模的雲原生應用程序開發的首選數據庫。數據量和交易量同比增長超過 100%。借助 Azure Synapse，我們消除了企業數據倉庫和大數據分析之間的傳統障礙，因此任何人都可以協作、構建和管理分析解決方案。數據治理正在成為一個重要且不斷增長的類別。 Azure Purview 在這方面處於領先地位，幫助成千上萬的組織更全面地了解他們的數據資產。

In AI, we have one of the most powerful supercomputers in the cloud, and we're using it not only to train new models but to deliver them as platforms to our customers. Our new Azure OpenAI Service is in preview, and that brings together advanced language models with the enterprise capabilities of Azure. GitHub Copilot is using this capability to help developers write better code. More broadly, we continue to see strong usage across our Cognitive Services with over 30 million hours of speech transcribed last quarter, up nearly 2x compared to a year ago.

在人工智能領域，我們擁有云中最強大的超級計算機之一，我們不僅使用它來訓練新模型，而且將它們作為平台交付給我們的客戶。我們新的 Azure OpenAI 服務處於預覽階段，它將高級語言模型與 Azure 的企業功能結合在一起。 GitHub Copilot 正在使用此功能來幫助開發人員編寫更好的代碼。更廣泛地說，我們繼續看到我們認知服務的強勁使用，上一季度語音轉錄超過 3000 萬小時，與一年前相比增長了近 2 倍。

Now to developers. From GitHub to Visual Studio to Azure PaaS services, we have the most popular tools to help every developer going from idea to code and code to cloud. As companies prioritize embedding security into their developers' workflow, we're investing across GitHub to secure open source. Increasingly, every DevSecOps workflow will start with GitHub Advanced Security, and we are seeing strong demand from both digital natives like Afterpay and Mercari as well as established companies like 3M and Bosch. And organizations are increasingly turning to both Visual Studio and our PaaS services like Container Apps and Chaos Studio to streamline development and build modern, more resilient cloud-native applications.

現在給開發人員。從 GitHub 到 Visual Studio 再到 Azure PaaS 服務，我們擁有最流行的工具來幫助每個開發人員從創意到代碼，從代碼到雲。隨著公司優先將安全性嵌入到開發人員的工作流程中，我們正在整個 GitHub 上進行投資以保護開源。越來越多的每個 DevSecOps 工作流程都將從 GitHub Advanced Security 開始，我們看到來自 Afterpay 和 Mercari 等數字原生代以及 3M 和博世等老牌公司的強勁需求。組織越來越多地轉向 Visual Studio 和我們的 PaaS 服務（如 Container Apps 和 Chaos Studio）來簡化開發並構建現代、更具彈性的雲原生應用程序。

Now to Power Platform. Low-code/no-code tools are rapidly becoming a priority for every organization's digital capability building. We're innovating to help organizations like Airbus, Centrica and Johnson Controls rapidly scale their use of Power Platform using end-to-end suite to automate workflows, create applications, build virtual agents and analyze data. At H&M, more than 30,000 employees have used Power Platform to drive productivity gains. We have created more than 1,500 applications, flows and dashboards to date for everything from managing office capacity to tracking team goals. And at Kroger, more than 420,000 associates are using our return to workplace solution, which is built on Power Platform to verify their health and vaccination status.

現在到 Power Platform。低代碼/無代碼工具正迅速成為每個組織數字能力建設的優先事項。我們正在創新以幫助 Airbus、Centrica 和 Johnson Controls 等組織使用端到端套件快速擴展 Power Platform 的使用，以自動化工作流程、創建應用程序、構建虛擬代理和分析數據。在 H&M，超過 30,000 名員工使用 Power Platform 來提高生產力。迄今為止，我們已經創建了 1,500 多個應用程序、流程和儀表板，用於從管理辦公室容量到跟踪團隊目標的方方面面。在 Kroger，超過 420,000 名員工正在使用我們的重返工作場所解決方案，該解決方案基於 Power Platform 來驗證他們的健康和疫苗接種狀態。

Now on to Dynamics 365. To counter demand shocks and supply constraints in this economy, every business will need to become a hyperconnected business, unifying data, process and teams across the organization. Across Dynamics 365, we continue to take share as companies turn to our expanding portfolio of business applications to address these and other challenges. For Dynamics 365 Connected Spaces, we are creating a new software category to help organizations manage physical operations across diverse industries from real estate to retail to factories and construction. Companies like Chipotle and Home Depot are relying on our new customer experience platform to take control of their data, connecting customer touch points to deliver more personalized experiences. Daimler Trucks North America is using Dynamics 365 Supply Chain Insights to preempt supply chain issues. And just yesterday, we announced a new logistics-as-a-service offering with FedEx, combining data and insights from the company's network with Dynamics 365 to help brands better fulfill, ship and service customer orders.

現在轉到 Dynamics 365。為了應對這種經濟中的需求衝擊和供應限制，每個企業都需要成為一個超連接的企業，統一整個組織的數據、流程和團隊。在 Dynamics 365 中，隨著公司轉向我們不斷擴大的業務應用程序組合來應對這些和其他挑戰，我們將繼續佔有一席之地。對於 Dynamics 365 Connected Spaces，我們正在創建一個新的軟件類別，以幫助組織管理從房地產到零售再到工廠和建築等不同行業的實體運營。 Chipotle 和 Home Depot 等公司正在依靠我們新的客戶體驗平台來控制他們的數據，連接客戶接觸點以提供更加個性化的體驗。 Daimler Trucks North America 正在使用 Dynamics 365 Supply Chain Insights 搶占供應鏈問題。就在昨天，我們宣布與 FedEx 合作推出新的物流即服務產品，將來自公司網絡的數據和洞察力與 Dynamics 365 相結合，幫助品牌更好地履行、運送和服務客戶訂單。

Now on to industry solutions. Just over a year ago, we introduced our first industry cloud offering, bringing together our industry-specific customizations with our entire stack to help customers improve time to value, increase agility and lower costs. We now have 6 industry clouds, and they are driving significant increases in usage across the Microsoft Cloud. Our Cloud for Retail was front and center at NRF, and retailers from Ahold Delhaize and GNC are sharing how they're using our solutions to deliver seamless customer experiences. Our Cloud for Sustainability unifies data to help customers record, report and reduce their carbon emissions. Industry leaders, including Nissan Motor, are turning to the offering to help meet sustainability goals.

現在談談行業解決方案。就在一年前，我們推出了我們的第一個行業雲產品，將我們的行業特定定制與我們的整個堆棧結合在一起，以幫助客戶縮短實現價值的時間、提高敏捷性並降低成本。我們現在擁有 6 個行業雲，它們正在推動整個 Microsoft 雲的使用量顯著增加。我們的零售雲是 NRF 的前沿和中心，來自 Ahold Delhaize 和 GNC 的零售商正在分享他們如何使用我們的解決方案來提供無縫的客戶體驗。我們的可持續發展雲統一數據，幫助客戶記錄、報告和減少碳排放。包括日產汽車在內的行業領導者正在轉向該產品以幫助實現可持續發展目標。

Now on to LinkedIn. We are experiencing a great reshuffle across the labor market as more people in more places than ever rethink how, where and why they work. In this new economy, LinkedIn has become mission-critical to connect creators with their communities, job seekers with employers, learners with skills, and sellers with buyers. Last quarter, we once again saw record engagement, and LinkedIn has become one of the world's largest platform for professional events with more than 24,000 events created and 1.5 million RSVPs each week. Confirmed hires were up 110% year-over-year, and we've added tools to make it easier to discover open roles that align with how and where people want to work. With entrepreneurship on the rise, our new Service Marketplace has helped nearly 3 million freelancers and small businesses discover new clients. We also saw strong growth in LinkedIn Sales Solutions, which surpassed $1 billion in revenue over the past 12 months for the first time. Our sales, talent, marketing and premium subscriptions lines of business have all now reached this milestone.

現在轉到LinkedIn。隨著越來越多的人在更多地方重新思考他們的工作方式、地點和原因，我們正在經歷整個勞動力市場的大洗牌。在這個新經濟中，LinkedIn 已成為連接創作者與社區、求職者與雇主、學習者與技能以及賣家與買家的關鍵任務。上個季度，我們再次看到了創紀錄的參與度，LinkedIn 已成為世界上最大的專業活動平台之一，每週創建超過 24,000 個活動和 150 萬個回复。確認的招聘人數同比增長 110%，我們添加了工具，以便更輕鬆地發現與人們希望工作的方式和地點相一致的空缺職位。隨著創業精神的興起，我們新的服務市場已幫助近 300 萬自由職業者和小企業發現新客戶。我們還看到 LinkedIn 銷售解決方案的強勁增長，在過去 12 個月中收入首次超過 10 億美元。我們的銷售、人才、營銷和高級訂閱業務線現在都達到了這一里程碑。

Now on to Microsoft 365 and Teams. Every organization today needs a digital fabric to connect and empower everyone inside and outside the organization, from knowledge and frontline workers to customers and partners. At the center of this digital fabric is Teams, which surpassed 270 million monthly active users this quarter. Organizations are using Teams to run their business with collaborative applications that bring business process data right into the flow of work. Monthly usage of third-party applications and custom-built solutions has grown 10x in the last 2 years, with new and updated apps this quarter from Atlassian, monday.com, SAP and Workday. United Airlines is using bots within Teams to create tighter connections between operations and flight crews. And Marks & Spencer uses Power Apps and Teams to streamline internal help desk requests.

現在轉到 Microsoft 365 和 Teams。今天，每個組織都需要一個數字結構來連接和授權組織內外的每個人，從知識和一線員工到客戶和合作夥伴。這個數字結構的核心是 Teams，本季度每月活躍用戶超過 2.7 億。組織正在使用 Teams 通過將業務流程數據直接帶入工作流程的協作應用程序來運行業務。在過去 2 年中，第三方應用程序和定制解決方案的月度使用量增長了 10 倍，本季度來自 Atlassian、monday.com、SAP 和 Workday 的新應用程序和更新的應用程序。美國聯合航空公司正在使用 Teams 中的機器人在運營和機組人員之間建立更緊密的聯繫。 Marks & Spencer 使用 Power Apps 和 Teams 來簡化內部幫助台請求。

As hybrid work becomes the norm, every organization will need to rethink their approach to space. With Teams Rooms, we are bringing Teams to a growing ecosystem of devices to help people stay connected and participate fully in meetings from anywhere. The number of active Teams Room devices more than doubled year-over-year. And with Mesh for Teams, we're bringing the metaverse for Teams, helping employees at organizations like Accenture access a shared immersive experience where they can have water-cooler-type conversations and even whiteboarding sessions. Teams is rapidly becoming the standard for unified communications. Over 90% of Fortune 500 companies used Teams from this quarter, and we continue to take share across PSTN and VoIP as organizations like Bank of Montreal, Chevron, General Motors, LVMH and NetApp turn to Teams to meet their internal and external collaboration needs.

隨著混合工作成為常態，每個組織都需要重新考慮他們的空間方法。借助 Teams 會議室，我們將 Teams 帶入不斷發展的設備生態系統，以幫助人們保持聯繫並從任何地方充分參與會議。活躍的 Teams Room 設備數量同比增長了一倍多。通過 Mesh for Teams，我們為團隊帶來了元宇宙，幫助埃森哲等組織的員工獲得共享的沉浸式體驗，他們可以在其中進行水冷式對話甚至白板會議。 Teams 正在迅速成為統一通信的標準。從本季度開始，超過 90% 的財富 500 強公司使用了 Teams，隨著蒙特利爾銀行、雪佛龍、通用汽車、LVMH 和 NetApp 等組織轉向 Teams 來滿足他們的內部和外部協作需求，我們繼續在 PSTN 和 VoIP 上佔有一席之地。

All up, we are seeing Teams growth in every segment from frontline worker usage up 2x year-over-year. Zebra Technologies will bring Teams walkie-talkie communications to devices used by millions of employees on retail floors. And Walmart chose Teams for their more than 2 million frontline workers this quarter. And we are expanding our opportunity with Teams Essentials, the first stand-alone Teams offering specifically designed to meet the needs of small businesses. It's early days but we are very encouraged by the strong demand.

總之，我們看到 Teams 在各個領域的增長，一線員工的使用率同比增長 2 倍。 Zebra Technologies 將為零售樓層數百萬員工使用的設備帶來 Teams 對講機通信。沃爾瑪本季度為超過 200 萬一線員工選擇了 Teams。我們正在通過 Teams Essentials 擴大我們的機會，這是第一個專為滿足小型企業需求而設計的獨立 Teams 產品。現在還為時尚早，但我們對強勁的需求感到非常鼓舞。

With Microsoft Viva, we are creating a new employee experience category, combining communications, knowledge, learning resources and insights to help people feel connected to the company's mission and culture. Now broadly available, Viva is being used by more than 1,000 paid customers, including Blum, Nationwide and REI, to help address challenges like employee burnout and retention. All this innovation is driving growth across Microsoft 365. From Heineken to Hilton to Zurich Insurance, organizations continue to choose our premium E5 offering for advanced security, compliance, voice and analytics.

通過 Microsoft Viva，我們正在創建一個新的員工體驗類別，將溝通、知識、學習資源和見解相結合，以幫助人們感受到與公司使命和文化的聯繫。現在，Viva 已被廣泛使用，包括 Blum、Nationwide 和 REI 在內的 1,000 多名付費客戶正在使用它來幫助解決員工倦怠和留任等挑戰。所有這些創新正在推動整個 Microsoft 365 的增長。從喜力到希爾頓再到蘇黎世保險，組織繼續選擇我們的高級 E5 產品來實現高級安全性、合規性、語音和分析。

Now on to Windows. We've seen a structural shift in PC demand. More than ever, people are turning to PCs to exercise their agency and unleash their creativity, whether it's meeting in virtual reality or for remote work, writing code or collaborating in documents, livestreaming video or playing games or for graphic design and engineering design. As new use cases are born every day and existing ones see a resurgence, we are experiencing a PC renaissance with increase in time spent on PCs and PCs per household.

現在到 Windows。我們已經看到個人電腦需求的結構性轉變。無論是在虛擬現實中開會還是遠程工作、編寫代碼或文檔協作、直播視頻或玩遊戲，還是圖形設計和工程設計，人們都比以往任何時候都更傾向於使用 PC 來鍛煉他們的代理並釋放他們的創造力。隨著新的用例每天都在誕生，而現有的用例又重新出現，我們正在經歷 PC 的複興，PC 和每個家庭所花費的時間都在增加。

Three months in, we're delighted by the response to Windows 11. We are seeing more usage intensity and higher quality than previous versions of our operating system. And Windows took share this quarter. We are delivering Windows in new ways to meet evolving customer needs. This quarter, we introduced Windows 11 SE, our cloud-first operating system purpose-built for schools. And with Windows 365, we are bringing the operating system to the cloud, helping businesses like Coats North America and Regeneron Pharmaceuticals stream the full Windows experience to any employee device.

三個月後，我們對 Windows 11 的反應感到高興。我們看到比我們以前的操作系統版本更高的使用強度和更高的質量。 Windows 在本季度佔有一席之地。我們正在以新的方式交付 Windows，以滿足不斷變化的客戶需求。本季度，我們推出了 Windows 11 SE，這是我們專為學校打造的雲優先操作系統。通過 Windows 365，我們將操作系統帶到雲端，幫助 Coats North America 和 Regeneron Pharmaceuticals 等企業將完整的 Windows 體驗傳輸到任何員工設備。

There are now more than 1.4 billion monthly active devices running Windows 10 or Windows 11, and they are a powerful on-ramp for both our first-party and third-party services. Windows 11 users engage with the Windows app store at nearly 3x the rate of Windows 10. And across Bing and Edge, we are creating differentiated high-value experiences for consumers and advertisers in key verticals, including shopping. Just 1 year since the launch of coupon and price comparison features in Edge, we already have surfaced more than $800 million in savings.

現在每月有超過 14 億台運行 Windows 10 或 Windows 11 的活躍設備，它們是我們的第一方和第三方服務的強大入口。 Windows 11 用戶使用 Windows 應用商店的速度幾乎是 Windows 10 的 3 倍。在 Bing 和 Edge 中，我們正在為包括購物在內的關鍵垂直領域的消費者和廣告商創造差異化的高價值體驗。自 Edge 推出優惠券和價格比較功能僅 1 年時間，我們就已經節省了超過 8 億美元。

More broadly, we are expanding our opportunity in advertising. Over the past 12 months, our total advertising revenue, inclusive of LinkedIn, surpassed $10 billion ex TAC. And with our acquisition of Xandr, we will bring to market new advertising solutions that combine our deep audience understanding and customer base with Xandr's large-scale data-driven platforms.

更廣泛地說，我們正在擴大我們在廣告方面的機會。在過去的 12 個月中，我們的總廣告收入（包括 LinkedIn）超過了 100 億美元（不含 TAC）。通過收購 Xandr，我們將向市場推出新的廣告解決方案，將我們對受眾的深入了解和客戶群與 Xandr 的大規模數據驅動平台相結合。

Now on to security. Cybercrime is the #1 threat facing every business today. Our aim is to help organizations implement a comprehensive zero-trust architecture that protects people, devices, applications and data holistically across the heterogeneous cloud and client environments. We protect our customers in 2 interconnected ways: first, we incorporate security by design into every product we build; and second, we deliver advanced end-to-end, cross-cloud, cross-platform security solutions, which integrate more than 50 different categories across security, compliance, identity, device management and privacy, informed by more than 24 trillion threat signals we see each day.

現在談安全。網絡犯罪是當今每個企業面臨的第一大威脅。我們的目標是幫助組織實施全面的零信任架構，在異構雲和客戶端環境中全面保護人員、設備、應用程序和數據。我們以兩種相互關聯的方式保護我們的客戶：首先，我們將安全設計融入我們構建的每一件產品中；其次，我們提供先進的端到端、跨雲、跨平台的安全解決方案，集成了超過 50 種不同類別的安全、合規、身份、設備管理和隱私，我們收到了超過 24 萬億個威脅信號。每天看。

Among analysts, we are a leader in more than -- more security categories now, 19 than any other provider. Our multi-cloud, multi-platform innovation is driving growth. Across commercial and consumer, more than 1 billion monthly active users now rely on Microsoft account to securely access their favorite app products and services with just one log-in. More than 15,000 customers now use our cloud-native SIEM, Microsoft Sentinel, to stop threats before they happen, up over 70% year-over-year. And all up, the number of customers that use our advanced security solutions accelerated this quarter to over 715,000. More than half have 4 or more workloads up 75% year-over-year, underscoring our end-to-end differentiation. On average, customers save 60% compared to multi-vendor solutions. As a result of our customers' trust, our security business revenue surpassed $15 billion over the past 12 months, up nearly 45% year-over-year.

在分析師中，我們現在是超過 - 更多安全類別的領導者，比任何其他提供商都多 19 個。我們的多雲、多平台創新正在推動增長。現在，在商業和消費者領域，每月有超過 10 億活躍用戶依靠 Microsoft 帳戶只需一次登錄即可安全地訪問他們喜愛的應用產品和服務。現在，超過 15,000 名客戶使用我們的雲原生 SIEM Microsoft Sentinel 來阻止威脅發生，同比增長超過 70%。總而言之，本季度使用我們先進安全解決方案的客戶數量增加至超過 715,000 家。超過一半的企業擁有 4 個或更多工作負載，同比增長 75%，凸顯了我們端到端的差異化。與多供應商解決方案相比，客戶平均可節省 60%。由於客戶的信任，我們的安全業務收入在過去 12 個月中超過 150 億美元，同比增長近 45%。

Now on to gaming. The big bets we have made across content, community and cloud over the past few years are paying off. We saw record engagement as well as revenue this quarter. Game Pass has more than 25 million subscribers across PC and console. Our differentiated content is driving the services growth, and we released new AAA titles this holiday to rave reviews and record usage. 18 million have played Forza Horizon 5 to date, and more than 20 million have played Halo Infinite, making it the biggest Halo launch in history. And with our planned acquisition of Activision Blizzard announced last week, we're investing to make it easier for people to play great games wherever, whenever and however they want and also shape what comes next for gaming as platforms like the metaverse develop.

現在開始遊戲。在過去的幾年裡，我們在內容、社區和雲方面所做的大賭正在得到回報。我們在本季度看到了創紀錄的參與度和收入。 Game Pass 在 PC 和遊戲機上擁有超過 2500 萬用戶。我們的差異化內容正在推動服務增長，我們在這個假期發布了新的 AAA 遊戲，以獲取好評並記錄使用情況。迄今為止，已有 1800 萬人玩過《極限競速：地平線 5》，超過 2000 萬人玩過 Halo Infinite，這使其成為 Halo 歷史上最大的一次發布。隨著我們上周宣布計劃收購動視暴雪，我們正在投資讓人們更容易隨時隨地玩出色的遊戲，並隨著元宇宙等平台的發展塑造遊戲的下一步發展。

In closing, as digital technology as a percentage of global GDP continues to increase, we are innovating and investing across a diverse and growing TAM with common underlying technology stack and an operating model that reinforces a common strategy, culture and sense of purpose.

最後，隨著數字技術佔全球 GDP 的百分比持續增加，我們正在對多樣化且不斷增長的 TAM 進行創新和投資，這些 TAM 具有共同的基礎技術堆棧和可強化共同戰略、文化和使命感的運營模式。

With that, I'll hand it over to Amy, who will cover our financial results in detail and share our outlook, and I look forward to rejoining you for questions.

有了這個，我將把它交給艾米，他將詳細介紹我們的財務業績並分享我們的前景，我期待著再次加入您的提問。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $51.7 billion, up 20% year-over-year. Earnings per share was $2.48, increasing 22%. The U.S. dollar strengthened during the quarter, and as a result, FX had no impact on total company and segment revenue growth, which was a 1-point headwind compared to expectations. Despite this, we delivered another quarter of strong double-digit revenue growth in each of our business segments, reflecting our unique and differentiated market position across a connected portfolio of diverse businesses.

謝謝你，Satya，大家下午好。本季度收入為 517 億美元，同比增長 20%。每股收益為 2.48 美元，增長 22%。美元在本季度走強，因此，外匯對公司和部門的總收入增長沒有影響，與預期相比，這是一個 1 個百分點的逆風。儘管如此，我們在每個業務部門都實現了又一個季度強勁的兩位數收入增長，這反映了我們在相互關聯的多元化業務組合中的獨特和差異化市場地位。

In our commercial business, strong execution by our sales teams and partners, combined with continued demand for our Microsoft Cloud offerings, drove significant growth in large long-term Azure contracts as well as increased usage of Teams and our advanced security and identity offerings. And LinkedIn Talent Solutions benefited from a strong job market again this quarter.

在我們的商業業務中，我們的銷售團隊和合作夥伴的強大執行力，加上對我們微軟雲產品的持續需求，推動了大型長期 Azure 合同的顯著增長，以及團隊和我們先進的安全和身份產品的使用增加。 LinkedIn Talent Solutions 本季度再次受益於強勁的就業市場。

In our consumer business, increased PC demand and usage, as Satya highlighted, benefited our Windows OEM business. Continued advertising market growth drove another strong quarter in LinkedIn Marketing Solutions as well as Search and news advertising. And in a strong holiday quarter for gaming, we saw record revenue and engagement on the platform, with significant growth in Game Pass subscribers and first-party titles as well as continued demand for Xbox Series X and S consoles.

正如 Satya 所強調的，在我們的消費者業務中，PC 需求和使用量的增加使我們的 Windows OEM 業務受益。持續的廣告市場增長推動了 LinkedIn 營銷解決方案以及搜索和新聞廣告的另一個強勁季度。在遊戲強勁的假日季度，我們看到了創紀錄的平台收入和參與度，Game Pass 用戶和第一方遊戲顯著增長，以及對 Xbox Series X 和 S 遊戲機的持續需求。

Now to our overall results. Commercial bookings grew 32% and 37% in constant currency, significantly ahead of expectations, driven by the large long-term Azure contracts noted earlier and strong execution across our core annuity sales motions. Commercial remaining performance obligation increased 31% and 32% in constant currency to $147 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 26% year-over-year. The remaining portion, which will be recognized beyond the next 12 months, increased 37% year-over-year, highlighting the long-term commitment customers are making to the Microsoft Cloud. And our annuity mix increased 1 point year-over-year to 94%.

現在來看看我們的整體結果。商業預訂按固定匯率計算分別增長了 32% 和 37%，大大超出預期，這得益於前面提到的大型長期 Azure 合同以及我們核心年金銷售行動的強勁執行。商業剩餘履約義務按固定匯率計算分別增長 31% 和 32% 至 1470 億美元。未來 12 個月將有大約 45% 的收入確認為收入，同比增長 26%。其餘部分將在未來 12 個月後確認，同比增長 37%，突顯了客戶對 Microsoft 雲的長期承諾。我們的年金組合同比增長 1 個百分點，達到 94%。

Microsoft Cloud revenue grew 32% to $22.1 billion, again ahead of our expectations. Microsoft Cloud gross margin percentage decreased slightly year-over-year to 70%. Excluding the impact of the change in accounting estimate for the useful life of server and network equipment assets, Microsoft Cloud gross margin percentage increased roughly 3 points, driven by improvement across our cloud services, partially offset by sales mix shift to Azure.

微軟雲收入增長 32% 至 221 億美元，再次超出我們的預期。微軟雲毛利率同比略有下降至 70%。排除會計估計變更對服務器和網絡設備資產使用壽命的影響，微軟雲毛利率增加了大約 3 個百分點，這主要得益於我們雲服務的改善，部分被銷售組合轉移到 Azure 所抵消。

As noted earlier, with the strengthening of the U.S. dollar through the quarter, FX had no company or segment revenue growth impact and minimal impact on COGS and operating expense growth. Gross margin dollars increased 20%. Gross margin percentage was 67%, relatively unchanged year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points, driven primarily by the improvement in our cloud services noted earlier.

如前所述，隨著本季度美元走強，外匯對公司或部門的收入增長沒有影響，對銷貨成本和運營費用增長的影響也很小。毛利率增加了 20%。毛利率為 67%，與去年同期相比基本持平。排除會計估計變更的影響，毛利率增加了大約 2 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 14%, lower than expected, primarily driven by investment that shifted to future quarters. At a total company level, head count grew 16% year-over-year as we continue to invest in key areas, such as cloud engineering, sales, customer deployment, gaming and LinkedIn. Operating income increased 24% and operating margins expanded 1 point year-over-year to 43%. Excluding the impact of the change in accounting estimate, operating margins expanded roughly 3 points year-over-year.

營業費用增長 14%，低於預期，主要是由於投資轉移到未來幾個季度。在整個公司層面，隨著我們繼續投資於雲工程、銷售、客戶部署、遊戲和 LinkedIn 等關鍵領域，員工人數同比增長 16%。營業收入增長 24%，營業利潤率同比增長 1 個百分點至 43%。剔除會計估計變更的影響，營業利潤率同比增長約 3 個百分點。

Now to our segment results. Revenue from Productivity and Business Processes was $15.9 billion and grew 19% year-over-year, which included a 1-point FX headwind relative to expectations. Excluding this headwind, revenue exceeded expectations, driven by LinkedIn.

現在來看我們的細分結果。生產力和業務流程的收入為 159 億美元，同比增長 19%，其中包括相對於預期的 1 個百分點的外匯逆風。排除這種不利因素，在 LinkedIn 的推動下，收入超出了預期。

Office Commercial revenue grew 14%. Office 365 Commercial revenue growth of 19% was driven by installed base expansion across all workloads and customer segments as well as higher ARPU. Demand for our advanced security, compliance and voice offerings drove continued momentum in E5 revenue this quarter. Paid Office 365 Commercial seats increased 16% year-over-year, driven by another strong quarter of growth in our small and medium business and frontline worker offerings. Office Commercial licensing decreased 17% in line with expectations and consistent with the ongoing customer shift to the cloud.

寫字樓商業收入增長 14%。 Office 365 商業版收入增長了 19%，這得益於所有工作負載和客戶群的安裝基礎擴展以及更高的 ARPU。對我們先進的安全性、合規性和語音產品的需求推動了本季度 E5 收入的持續增長。付費 Office 365 商業版席位同比增長 16%，這得益於我們的中小型企業和一線員工產品又一個季度的強勁增長。 Office 商業許可減少了 17%，符合預期，並與持續的客戶向雲遷移相一致。

Office Consumer revenue grew 15%, driven by continued momentum in Microsoft 365 subscriptions, which grew 19% to 56.4 million. Dynamics revenue grew 29% year-over-year, driven by Dynamics 365, which grew 45% and 44% in constant currency. Continued demand for our modern low-code app development solutions drove another strong quarter with 161% revenue growth in Power Apps. LinkedIn revenue increased 37% and 36% in constant currency with continued strength in Marketing Solutions, which grew 43% year-over-year, as well as better-than-expected performance in Talent Solutions from the strong job market noted earlier.

受 Microsoft 365 訂閱持續增長的推動，Office Consumer 收入增長 15%，增長 19% 至 5640 萬。在 Dynamics 365 的推動下，Dynamics 收入同比增長 29%，按固定匯率計算分別增長 45% 和 44%。對我們現代低代碼應用程序開發解決方案的持續需求推動了另一個強勁的季度，Power Apps 的收入增長了 161%。 LinkedIn 收入增長 37% 和 36%（按固定匯率計算），營銷解決方案持續強勁，同比增長 43%，並且人才解決方案的表現好於前面提到的強勁就業市場的預期。

Segment gross margin dollars increased 20% 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 operating income increased 24%.

按固定匯率計算，分部毛利率分別增長了 20% 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。營業費用增加 13%，營業收入增加 24%。

Next, the Intelligent Cloud segment. Revenue was $18.3 billion, increasing 26% year-over-year, which included a 1-point FX headwind relative to expectations. Excluding this headwind, revenue grew ahead of expectations, driven by continued customer demand for our differentiated hybrid and cloud offerings. Overall, server products and cloud services revenue increased 29% year-over-year. Azure and other cloud services growth of 46% was driven by continued strength in our consumption-based services. In our per-user business, the Enterprise Mobility and Security installed base grew 28% to over 209 million seats. In our on-premises business, revenue increased 6%, in line with expectations, driven by healthy demand for our hybrid offerings that include Windows Server and SQL Server running in multi-cloud environments. Enterprise Services revenue grew 8% and 7% in constant currency, driven by growth in Enterprise Support Services and Microsoft Consulting Services.

接下來是智能雲部分。收入為 183 億美元，同比增長 26%，其中包括相對於預期的 1 個百分點的外匯逆風。排除這種不利因素，由於客戶對我們差異化的混合和雲產品的持續需求，收入增長超出預期。總體而言，服務器產品和雲服務收入同比增長 29%。 Azure 和其他雲服務增長了 46%，這得益於我們基於消費的服務的持續實力。在我們的每用戶業務中，企業移動性和安全性安裝基數增長了 28%，達到超過 2.09 億個席位。在我們的本地業務中，收入增長了 6%，符合預期，這得益於對我們的混合產品（包括在多雲環境中運行的 Windows Server 和 SQL Server）的健康需求。受企業支持服務和微軟諮詢服務增長的推動，企業服務收入按固定匯率計算分別增長了 8% 和 7%。

Segment gross margin dollars increased 21% and 22% in constant currency, and gross margin percentage decreased roughly 2 points year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly with improvements in Azure, partially offset by the sales mix shift to Azure. Operating expense increased 14%, and operating income grew 26%.

按固定匯率計算，分部毛利率分別增長 21% 和 22%，毛利率同比下降約 2 個百分點。排除會計估計變化的影響，毛利率百分比隨著 Azure 的改進略有增加，部分被銷售組合向 Azure 的轉移所抵消。營業費用增長 14%，營業收入增長 26%。

Now to More Personal Computing. Revenue was $17.5 billion, increasing 15% year-over-year, with better-than-expected performance in Windows OEM, Surface and Search and news advertising. Revenue growth included a 1-point FX headwind relative to expectations. Windows OEM revenue increased 25%, significantly ahead of expectations, driven by the strong PC market noted earlier particularly in the commercial segment, which has higher revenue per license.

現在到更多的個人計算。收入為 175 億美元，同比增長 15%，Windows OEM、Surface 和搜索以及新聞廣告的表現好於預期。收入增長包括相對於預期的 1 個百分點的外匯逆風。 Windows OEM 收入增長了 25%，大大超出預期，這主要得益於之前提到的強勁 PC 市場，尤其是在商業領域，每個許可證的收入更高。

As a reminder, these results include roughly 6 points of positive impact from the $210 million revenue deferral related to Windows 11, which shifted revenue from Q1 to Q2. Windows commercial products and cloud services revenue grew 13% and 14% in constant currency, driven by demand for Microsoft 365. Surface revenue grew 8% year-over-year, ahead of expectations, as we were able to ship more devices than anticipated into a strong demand environment. Search and news advertising revenue, ex TAC, increased 32%, better than expected, benefiting from strong advertising market noted earlier. And we saw share gains in our Edge browser on Windows 10 and 11 devices.

提醒一下，這些結果包括與 Windows 11 相關的 2.1 億美元收入延期帶來的大約 6 個積極影響，這將收入從第一季度轉移到第二季度。受對 Microsoft 365 需求的推動，Windows 商業產品和雲服務收入增長 13% 和 14%強勁的需求環境。搜索和新聞廣告收入（不含 TAC）增長 32%，好於預期，受益於前面提到的強勁廣告市場。我們在 Windows 10 和 11 設備上的 Edge 瀏覽器中看到了份額增加。

And in gaming, revenue increased 8%, in line with expectations. Xbox hardware revenue grew 4% and 3% in constant currency, driven by continued strong demand and better-than-expected console supply on strong prior year comparable that included the launch of the Xbox Series X and S. Xbox content and service revenue increased 10%, lower than expected as strong growth in first-party titles and Game Pass subscriptions was partially offset by weaker third-party title performance.

在遊戲方面，收入增長 8%，符合預期。 Xbox 硬件收入按固定匯率計算分別增長 4% 和 3%，這得益於持續強勁的需求和好於預期的主機供應（包括 Xbox Series X 和 S 的推出）。Xbox 內容和服務收入增長 10 %，低於預期，因為第一方遊戲和 Game Pass 訂閱的強勁增長被第三方遊戲表現疲軟部分抵消。

Segment gross margin dollars increased 20% year-over-year. Gross margin percentage increased roughly 2 points, driven by sales mix shift to higher-margin businesses and improvement in Search and news advertising. Operating expenses increased 17%, driven by investments in gaming, particularly ZeniMax, Search and news advertising and Windows marketing. Operating income grew 22% and 21% in constant currency.

分部毛利率同比增長 20%。由於銷售組合轉向利潤率更高的業務以及搜索和新聞廣告的改善，毛利率百分比增加了大約 2 個百分點。運營支出增長了 17%，這得益於對遊戲的投資，尤其是 ZeniMax、搜索和新聞廣告以及 Windows 營銷。營業收入按固定匯率計算分別增長 22% 和 21%。

Now back to total company results. Capital expenditures, including finance leases, were $6.8 billion, up 25% year-over-year, lower than expected, primarily due to quarterly spend volatility in the timing of our cloud infrastructure build-out. Cash paid for PP&E was $5.9 billion. Our capital investments, including both new data center regions and expansion in existing regions, continue to be based on significant customer demand and usage signals.

現在回到公司的總業績。包括融資租賃在內的資本支出為 68 億美元，同比增長 25%，低於預期，主要是由於我們的雲基礎設施建設時間的季度支出波動。為 PP&E 支付的現金為 59 億美元。我們的資本投資，包括新的數據中心區域和現有區域的擴張，繼續基於重要的客戶需求和使用信號。

Cash flow from operations was $14.5 billion, increasing 16% year-over-year as strong cloud billings and collections were partially offset by higher supplier payments related to hardware inventory builds. Free cash flow was $8.6 billion, up 3% year-over-year, reflecting higher capital expenditures in support of our growing cloud business.

運營現金流為 145 億美元，同比增長 16%，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。自由現金流為 86 億美元，同比增長 3%，反映出為支持我們不斷增長的雲業務而增加的資本支出。

This quarter, other income expense was $268 million, higher than anticipated, primarily driven by net gains on investments. Our effective tax rate was approximately 17%. And finally, we returned $10.9 billion to shareholders through share repurchases and dividends.

本季度，其他收入支出為 2.68 億美元，高於預期，主要受投資淨收益的推動。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 109 億美元。

Now before we turn to our outlook, I'd like to provide a couple of reminders. First, my remarks for the next quarter do not include the impact from the Nuance acquisition although we do expect it to close during Q3. Second, the outlook we give, unless specifically noted otherwise, is on a U.S. dollar basis. With that, let's move to the third quarter outlook.

現在，在我們轉向展望之前，我想提幾點提醒。首先，我對下一季度的評論不包括收購 Nuance 的影響，儘管我們確實預計它會在第三季度結束。其次，除非另有特別說明，否則我們給出的前景均以美元為基礎。有了這個，讓我們轉向第三季度的展望。

First, FX. With the stronger U.S. dollar and based on current rates, we now expect FX to decrease total 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 2 points of negative FX impact on revenue growth in Productivity and Business Processes and Intelligent Cloud and 1 point in More Personal Computing.

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以及智能雲的收入增長產生大約 2 個負面外匯影響，在更多個人計算方面產生 1 個負面影響。

Next, we expect our differentiated market position, customer demand for our high-value hybrid and cloud offerings and consistent execution to drive another strong quarter of revenue growth. In commercial bookings, growth should be healthy, but we will be impacted by the strong prior year comparable as well as low growth in the expiry base. As a reminder, the growing mix of larger long-term Azure contracts, which are more unpredictable in their timing, drive increased quarterly volatility in our bookings growth rate.

接下來，我們預計我們的差異化市場地位、客戶對我們的高價值混合和雲產品的需求以及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，增長應該是健康的，但我們將受到前一年強勁的可比性以及到期基數的低增長的影響。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，這推動了我們的預訂增長率的季度波動性增加。

Microsoft Cloud gross margin percentage should be roughly flat year-over-year. Excluding the impact of the change in accounting estimate, Q3 gross margin percentage will increase roughly 2 points, driven by continued improvement across all cloud services despite revenue mix shift to Azure. And on a dollar basis, we expect capital expenditures to be slightly down sequentially, with normal quarterly variability in the timing of the cloud infrastructure build-out.

微軟雲毛利率應與去年同期大致持平。排除會計估計變化的影響，儘管收入組合轉移到 Azure，但由於所有云服務的持續改善，第三季度毛利率百分比將增加約 2 個百分點。以美元計算，我們預計資本支出將環比略有下降，雲基礎設施建設時間的季度波動正常。

Next to segment guidance. In Productivity and Business Processes, we expect revenue between $15.6 billion and $15.85 billion. In Office 365, healthy revenue growth will be driven by the same factors as Q2, with similar seat growth across customer segments and continued momentum in E5. In our on-premises business, we expect revenue to decline in the high teens, with continued customer shift to the cloud. In Office Consumer, we expect revenue to grow in the high single digits, with continued momentum in Microsoft 365 consumer subscriptions. For LinkedIn, a strong job market and healthy engagement on the platform should drive revenue growth in the low 30% range. And in Dynamics, we expect revenue growth in the mid-20% range, driven by strength in Dynamics 365, including continued momentum in Power Apps.

在細分指導旁邊。在生產力和業務流程方面，我們預計收入在 156 億美元至 158.5 億美元之間。在 Office 365 中，健康的收入增長將受到與第二季度相同的因素的推動，客戶細分市場的席位增長相似，E5 將繼續保持增長勢頭。在我們的本地業務中，我們預計收入將在十幾歲時下降，隨著客戶繼續轉向雲端。在 Office 消費者方面，我們預計收入將以高個位數增長，Microsoft 365 消費者訂閱將繼續保持增長勢頭。對於 LinkedIn，強勁的就業市場和平台上的健康參與應該會推動收入增長在 30% 的低範圍內。在 Dynamics 方面，我們預計收入增長在 20% 左右，這得益於 Dynamics 365 的實力，包括 Power Apps 的持續發展勢頭。

For Intelligent Cloud, we expect revenue between $18.75 billion and $19 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. In Azure, we expect revenue growth to be up sequentially in constant currency, driven by our Azure consumption business with strong growth on a significant base. And our per-user business should continue to benefit from Microsoft 365 suite momentum though we expect some moderation in growth rates given the size of the installed base. In our on-premises server business, continued demand for our differentiated hybrid offerings should drive revenue growth in the low to mid-single digits. And in Enterprise Services, we expect revenue growth to be in the low to mid-single digits.

對於智能雲，我們預計收入在 187.5 億美元至 190 億美元之間。收入將繼續由 Azure 推動，提醒一下，主要來自我們的每用戶業務和根據合同組合的期內收入確認可能會出現季度變化。在 Azure 中，我們預計收入增長將按固定匯率連續增長，這得益於我們的 Azure 消費業務在顯著基礎上的強勁增長。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，我們預計增長率會有所放緩。在我們的本地服務器業務中，對我們差異化混合產品的持續需求應該會推動收入增長在中低個位數。在企業服務方面，我們預計收入增長將處於中低個位數。

In More Personal Computing, we expect revenue between $14.15 billion and $14.45 billion. Continued strength in PC shipments, particularly in the commercial segment, should benefit Windows OEM despite ongoing supply chain constraints. We expect Windows OEM revenue growth in the high single digits. 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 mid-teens with strength from our premium devices. In Search and news advertising ex TAC, we expect revenue growth in the mid- to high teens against a strong prior year comparable that was driven by a recovery in the advertising market.

在更多個人計算方面，我們預計收入在 141.5 億美元至 144.5 億美元之間。儘管持續存在供應鏈限制，PC 出貨量的持續強勁，尤其是商業領域的出貨量，應該會使 Windows OEM 受益。我們預計 Windows OEM 收入將以高個位數增長。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，由於我們的高端設備的實力，收入應該會在十幾歲左右增長。在不包括 TAC 的搜索和新聞廣告方面，我們預計中高青少年的收入將與去年同期相比強勁增長，這是由廣告市場復甦推動的。

And in gaming, on a prior year comparable that included significant strength in hardware from our consoles as well as across the Xbox content and services, we expect revenue growth in the mid-single digits. Console sales will continue to be impacted by supply chain uncertainty. And in Xbox content and services, we expect revenue growth in the mid- to high single digits with strong engagement and continued momentum across the platform.

在遊戲方面，與去年同期相比，我們的遊戲機硬件以及整個 Xbox 內容和服務的顯著優勢，我們預計收入增長將達到中個位數。控制台銷售將繼續受到供應鏈不確定性的影響。在 Xbox 內容和服務方面，我們預計收入將實現中高個位數增長，同時具有強大的參與度和整個平台的持續發展勢頭。

Now back to company guidance. We expect COGS of $15.5 billion to $15.7 billion and operating expense of $13.4 billion to $13.5 billion, driven by head count investments in high-growth strategic areas to drive continued long-term revenue growth. In other income and expense, interest income and expense should offset each other. As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio. And we expect our Q3 effective tax rate to be approximately 18%, slightly higher than our full year expected tax rate of approximately 17%. And finally, for FY '22, given our strong performance in the first half of the fiscal year and our current H2 outlook, full year operating margins should be slightly up year-over-year even with the impact of changes in accounting estimates noted earlier and the significant strategic investments we are making to capture the tremendous opportunities ahead of us.

現在回到公司指導。我們預計銷貨成本為 155 億美元至 157 億美元，運營費用為 134 億美元至 135 億美元，這主要得益於對高增長戰略領域的員工人數投資，以推動持續的長期收入增長。在其他收入和費用中，利息收入和費用應相互抵消。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。我們預計第三季度的有效稅率約為 18%，略高於我們全年預期的約 17% 的稅率。最後，對於 22 財年，鑑於我們在本財年上半年的強勁表現和我們目前的 H2 展望，即使受到前面提到的會計估計變化的影響，全年營業利潤率也應同比略有上升以及我們為抓住擺在我們面前的巨大機遇而進行的重大戰略投資。

In closing, digital technologies are increasingly essential to empowering every person and organization on the planet to achieve more, and we are well positioned with innovative, high-value products. Our diverse yet connected portfolio of solutions spans end markets, customer sizes and business models, uniquely enabling us to deliver long-term revenue and profit growth.

最後，數字技術對於使地球上的每個人和組織實現更多成就變得越來越重要，我們在創新、高價值產品方面處於有利地位。我們多樣化但相互關聯的解決方案組合跨越終端市場、客戶規模和業務模式，獨特地使我們能夠實現長期收入和利潤增長。

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

有了這個，布雷特，讓我們去問答吧。

Thanks, Amy. We'll now move over to Q&A. (Operator Instructions) Operator, 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）操作員，您能重複一下您的說明嗎？

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on a very nice quarter. I wanted to ask you as a high-level question about the overall demand environment and whether we've seen any changes given sort of the disruptions we've seen from Omicron and a lot of what's going on in the environment. There's been a narrative among software investors, and a lot of times, the asset prices seem to lead the narrative. So I wanted to check in with you guys on how do you feel about the overall demand environment particularly around digital transformation and how durable is that going to be into calendar year '22. Do you still see a lot of wood to chop, if you will, a lot of activity taking place in that direction?

祝賀一個非常好的季度。我想問你一個關於整體需求環境的高級問題，以及鑑於我們從 Omicron 看到的中斷以及環境中正在發生的許多事情，我們是否看到了任何變化。軟件投資者之間有一種說法，很多時候，資產價格似乎主導了這種說法。因此，我想和你們一起了解一下你們對整體需求環境的看法，尤其是圍繞數字化轉型的環境，以及這種情況在 22 日曆年的持久性如何。如果你願意的話，你是否仍然看到很多木頭要砍伐，並且在那個方向上發生了很多活動？

Thank you, Keith. I'll take that, and maybe you can add on to it. Overall, what we see is pretty strong demand signal. And quite frankly, going into the pandemic, we saw demand increase because of the constraints the pandemic put on corporations and the increased consumer activity. And then coming out of the pandemic, we are seeing actually a lot of constraints in the economy. And the only resources I said in my remarks that can help drive productivity while keeping cost down is digital tech. So when I think -- take something like Power Apps, it's just a great example of something that's right in the middle of our stack, really helps drive that next level of productivity in the labor force for any company in any industry.

謝謝你，基思。我會接受的，也許你可以添加它。總體而言，我們看到的是相當強勁的需求信號。坦率地說，進入大流行之後，由於大流行對企業的限制和消費者活動的增加，我們看到需求增加。然後從大流行中走出來，我們實際上看到了經濟中的很多限制。我在講話中所說的唯一可以幫助提高生產力同時降低成本的資源是數字技術。因此，當我認為 - 以 Power Apps 為例，它只是我們堆棧中間的一個很好的例子，確實有助於推動任何行業的任何公司的勞動力生產力的下一個水平。

And so the demand signals we see across the stack from security to our cloud infrastructure to business applications and solutions like Teams is very strong. And the other area, obviously, we're seeing strength is in gaming. That's where we have doubled down in terms of our consumer category creation. And we see the intensity of usage and the business model diversity around games that increasingly, the economics of gaming franchises is also radically becoming much more software-like. So we sort of overall see good demand signal across the stack.

因此，我們在整個堆棧中看到的需求信號，從安全性到我們的雲基礎設施，再到像 Teams 這樣的業務應用程序和解決方案，都非常強烈。顯然，另一個領域是我們看到的優勢在於遊戲。這就是我們在創建消費者類別方面加倍努力的地方。我們看到遊戲的使用強度和商業模式的多樣性越來越多，遊戲特許經營的經濟也從根本上變得更像軟件。因此，我們總體上看到了整個堆棧的良好需求信號。

Got it. And to be clear, the constraints that you talk about for the broader economy, head count constraints and the like, it doesn't sound like that's constraining your opportunity. You're not kind of running short on people to sell or implement your solutions or not having a hard time finding the people you need to make the investments behind the product. Is that the right read-through?

知道了。需要明確的是，你所說的對更廣泛經濟的限制、人數限制等，聽起來並沒有限制你的機會。您不會缺少銷售或實施您的解決方案的人，也不會很難找到您需要的人來進行產品背後的投資。那是正確的通讀嗎？

I mean there's definitely a very competitive talent market, and we are competitive in that talent market. And you see it even in our OpEx projections that Amy shared. We are growing our head count because we see the opportunity. We're not immune from what happens overall in the labor market, but I think we have a good brand and an attractive brand to both get people and to retain people with everything that we are doing. So there -- but at the same time, we do want to make sure that in our channel and our ecosystem remain healthy, and all the signals at least we are getting is that there are no constraints per se other than at the end of the day, all businesses are going to be subject to the laws of economic growth in the overall economy.

我的意思是肯定有一個競爭非常激烈的人才市場，我們在人才市場上很有競爭力。您甚至可以在 Amy 分享的運營支出預測中看到這一點。我們正在增加員工人數，因為我們看到了機會。我們不能免受勞動力市場整體情況的影響，但我認為我們有一個好的品牌和一個有吸引力的品牌，可以通過我們所做的一切來吸引人並留住人。所以那裡——但與此同時，我們確實希望確保在我們的渠道和生態系統中保持健康，並且至少我們得到的所有信號是，除了在結束時，本身沒有任何限制。屆時，所有企業都將受制於整體經濟的經濟增長規律。

Our next question is coming from Mark Moerdler with Bernstein Research.

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

Congratulations on the strong growth across the overall business and really nice outlook. Satya, given all the commentary on the metaverse, what are the key components of the metaverse or the multiple metaverses that you're seeing? What does Microsoft have today that they're positioned to be able to deliver to meet those requirements? And what do you believe you might be lacking? Does the partner ecosystem meet those requirements?

祝賀整個業務的強勁增長和非常好的前景。 Satya，鑑於所有關於元節的評論，你看到的元節或多個元節的關鍵組成部分是什麼？微軟今天有什麼能夠滿足這些要求的能力？你認為你可能缺乏什麼？合作夥伴生態系統是否滿足這些要求？

And to Amy, with the hype cycle underway and increased industry interest in the metaverse, are you changing your investments to meet the potential opportunity?

對於艾米來說，隨著炒作週期的進行以及行業對虛擬世界的興趣增加，您是否正在改變投資以迎接潛在的機會？

Thank you for the question. So the way we see this is as an opportunity in a very classic Microsoft sense both at the platform infrastructure level and in the application level. So that's why I think even in my remarks, I tried to reference all the places where we're investing today and seeing customer use cases really develop.

感謝你的提問。因此，我們認為這是一個非常經典的微軟意義上的機會，無論是在平台基礎架構級別還是在應用程序級別。所以這就是為什麼我認為即使在我的評論中，我也試圖參考我們今天投資的所有地方，並看到客戶用例的真正發展。

At the first place where we see this is the increasing digitization of people, places and things to be able to really help businesses automate processes to the next level. And so today, between Azure IoT, Digital Twins and Mesh, we have many examples where customers are engaged with us. So that's where we'll show up in Azure, and we're investing significantly there.

首先，我們看到的是人員、地點和事物的日益數字化，能夠真正幫助企業將流程自動化提升到一個新的水平。所以今天，在 Azure IoT、Digital Twins 和 Mesh 之間，我們有很多客戶與我們互動的例子。這就是我們將出現在 Azure 中的地方，我們正在那裡進行大量投資。

Up the stack, I would say Dynamics 365 Connected Spaces, that's a solution that's in preview today. That's about really being able to take a retail space or a connected factory or a building and essentially create a complete new software category, which is about managing physical processes. Just like CRM and ERP and supply chain management, we now have a suite which is all driven by Connected Spaces, which is going to automate physical processes. Teams is going to have Mesh meetings. So these immersive meetings, which will start, first of all, on 2D screens, whether it's PCs or phones and then lead up to even immersive experiences if you wear your VR or AR goggles. So that's one of the place.

在堆棧中，我會說 Dynamics 365 Connected Spaces，這是一個今天預覽的解決方案。那是關於真正能夠利用零售空間或連接的工廠或建築物，並從本質上創建一個全新的軟件類別，即管理物理流程。就像 CRM 和 ERP 以及供應鏈管理一樣，我們現在擁有一套全部由 Connected Spaces 驅動的套件，它將實現物理流程的自動化。 Teams 將舉行 Mesh 會議。因此，這些沉浸式會議首先將在 2D 屏幕上開始，無論是 PC 還是手機，然後如果您佩戴 VR 或 AR 護目鏡，甚至會帶來身臨其境的體驗。所以這是地方之一。

And then, of course, gaming. That will be a natural place for us. And today, if you think about the activity when I talked about the Forza numbers, right, I mean that's a place where you could say already, people are investing in their avatars. People are building Minecraft worlds. And so very naturally, you can see us extend gaming as the metaverse evolves.

然後，當然，遊戲。這對我們來說將是一個自然的地方。今天，如果你想想我談到 Forza 數字時的活動，對，我的意思是你已經可以說，人們正在投資他們的化身。人們正在構建 Minecraft 世界。所以很自然，你可以看到我們隨著元宇宙的發展而擴展遊戲。

On the devices side, one of the things we are very excited to be doing is what we're doing with HoloLens and all the experience we're gaining on the optics on the silicon side and all the way to the cloud in terms of some of the foundational services driven by all the HoloLens use cases in the enterprise.

在設備方面，我們非常高興做的一件事是我們正在使用 HoloLens 做的事情，以及我們在矽片方面以及一直到雲的所有經驗中獲得的一些經驗由企業中所有 HoloLens 用例驅動的基礎服務。

So that's the broad portfolio. We're going to invest across the entire tech stack. The demand will come in different forms for different categories, but we feel very well positioned to be able to catch what I think is essentially the next wave of the Internet, right? Just like the first wave of the Internet allowed everybody to build a website, I think the next wave of the Internet will be a more open world where people can build their own metaverse world, whether they're organizations or game developers or anyone else.

這就是廣泛的投資組合。我們將投資整個技術堆棧。不同類別的需求會以不同的形式出現，但我們感覺非常有能力抓住我認為本質上是互聯網的下一波浪潮，對吧？就像互聯網的第一波浪潮讓每個人都可以建立網站一樣，我認為互聯網的下一波浪潮將是一個更加開放的世界，人們可以在其中建立自己的虛擬世界，無論他們是組織、遊戲開發者還是其他任何人。

And Mark, maybe just add one bit of perspective to Satya's answer, which is I would bring people's attention to the holistic nature in which he answered the question, starting at the platform layer all the way up through the importance of content and app layer in that the investment will show itself in each component as opposed to maybe in one stand below group or team. And it's because I think of the transition Satya just talked about. If it's that -- if it's at the platform layer and it applies to all the components, it's better to do that frankly across the teams where they can apply it in the right way. And I think that's how I would point to the investment showing itself.

馬克，也許只是在 Satya 的回答中添加一點觀點，那就是我會讓人們關注他回答問題的整體性，從平台層一直到內容和應用程序層的重要性投資將在每個組件中顯示出來，而不是在一個站在小組或團隊之下。這是因為我想到了 Satya 剛才談到的過渡。如果是這樣 - 如果它在平台層並且適用於所有組件，那麼最好在團隊中坦率地這樣做，他們可以以正確的方式應用它。我認為這就是我要指出的投資本身。

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, you really underscored the strength ahead on commercial bookings at 37%. Many are asking where you're seeing the strength into your Azure comment for next quarter, obviously the acceleration. What's giving you the confidence?

艾米，你真的強調了商業預訂的優勢，達到了 37%。許多人都在問，你在哪裡看到了下個季度 Azure 評論的優勢，顯然是加速。是什麼給了你信心？

Thanks, Brent. Interestingly, I would not say that there is one location, and I would tie that back to the answer actually Satya gave to Keith's first question, which is if the underlying driver is digitization and our belief that it impacts every industry, every end market, then you'd expect it and the nature of the commitments to show themselves on a global basis and across end markets. And that is, in fact, what we saw in Q2. I continually point out these can be a little volatile because we really focus on getting the right deal done that matches the customer goals. And while we've got a lot of those done in Q2, it can move around a little bit, as I talked about in Q1. But the execution was very good, by the sales team this quarter, but I would not characterize any geo or an industry as being different or distinct from others.

謝謝，布倫特。有趣的是，我不會說只有一個地點，我會將其與 Satya 對 Keith 的第一個問題的回答聯繫起來，即潛在的驅動因素是否是數字化以及我們認為它會影響每個行業、每個終端市場的信念，然後你會期望它和承諾的性質在全球範圍內和整個終端市場上展示自己。事實上，這就是我們在第二季度看到的。我不斷指出這些可能有點不穩定，因為我們真正專注於完成與客戶目標相匹配的正確交易。雖然我們在第二季度完成了很多工作，但正如我在第一季度所說的那樣，它可以稍微移動一點。但是本季度銷售團隊的執行非常好，但我不會將任何地理或行業描述為與其他地區或行業不同或不同。

And for a second, let me then connect that, as you asked, into how to think about the guide for Azure on a constant dollar basis being up sequentially into Q3. I sort of continually remark that these can move around a few points here and there and yet have the consistent sign of consumption be steady. And we saw that again frankly. Q1, Q2, Q3, consumption growth by end market, by industry, by customer size has remained quite steady. And so while you'll see some volatility in that number, increased data usage, the data products have really been a strong performer. I think Satya mentioned some of those in his comments. So I do think in some ways, they're connected, but I tend to put bookings execution on the Azure side into a long-term commitment bucket where customers are picking a partner to help them change the cost structure or the outcome structure that Satya talked about. And I tend to put these trend lines on Azure into a bucket called, "Are we getting projects and successful projects set up at customers around the world?" And both of those things were very good by the sales teams.

稍等一下，讓我將它與如何考慮 Azure 的指南（以固定美元為基礎）在第三季度連續上升。我不斷地評論說，這些可以在這里和那裡移動幾個點，但有一致的消費跡像是穩定的。我們再次坦率地看到了這一點。 Q1、Q2、Q3，終端市場、行業、客戶規模的消費增長保持平穩。因此，儘管您會看到該數字出現一些波動，數據使用量增加，但數據產品確實表現出色。我認為 Satya 在他的評論中提到了其中的一些。所以我確實認為在某些方面它們是相互聯繫的，但我傾向於將 Azure 端的預訂執行放入一個長期承諾桶中，客戶選擇合作夥伴來幫助他們改變 Satya 的成本結構或結果結構討論過。我傾向於將 Azure 上的這些趨勢線放入一個名為“我們是否正在為世界各地的客戶建立項目和成功的項目？”的存儲桶中。銷售團隊對這兩件事都做得很好。

The next question is coming from Karl Keirstead with UBS.

下一個問題來自瑞銀的 Karl Keirstead。

Amy, you started the fiscal year guiding to down margins, including the impact of the accounting change. And 2 quarters in, you're now guiding to up margins. Even with presumably some reversal of work from home related T&E savings, even with what I'm assuming is an uptick in labor cost, can you unpack that a little bit? Is it sales mix where some of the high-margin businesses like Windows have outperformed? I'd love to hear a little color.

艾米，您在本財年開始時引導利潤率下降，包括會計變更的影響。兩個季度後，您現在正在引導利潤率上升。即使可能從與家庭相關的 T&E 儲蓄中獲得一些工作逆轉，即使我假設勞動力成本上升，你能把它解開一點嗎？是 Windows 等一些高利潤業務表現出色的銷售組合嗎？我很想听一點顏色。

Thanks, Karl. I think it's really a combination of things as it is when you go through a fiscal year. Really, I believe that our execution in a very good demand environment has given confidence. Revenue performance has been quite consistent to your point. We have seen some continued upside in OEM. We've seen strength in gaming. We've seen strength in our Microsoft Cloud products. We've seen good consistency out of Dynamics. I mean at some level, if you really wanted to look at the trend lines, you'd say this has been a very consistent execution by the team across really both the business units.

謝謝，卡爾。我認為這實際上是一個財政年度的綜合情況。真的，我相信我們在非常好的需求環境下的執行給了我們信心。收入表現與您的觀點相當一致。我們已經看到 OEM 有一些持續的上漲空間。我們已經看到了遊戲的力量。我們已經在我們的 Microsoft 雲產品中看到了實力。我們已經看到 Dynamics 具有良好的一致性。我的意思是在某種程度上，如果你真的想看看趨勢線，你會說這是團隊在兩個業務部門之間非常一致的執行。

And so if you think about then what goes into confidences, when you start to add head count and you add head count with goals of ROI and you look at that accountability, I feel like the teams have done a nice job. Where we've added heads, they've been into strong markets. They've executed well. Sales teams have done the same. And then on top of that, Karl, I would say there's been good execution on the gross margin numbers. I tend to be an operating margin-focused communicator with you all and inside the company, but gross margins have also been quite good. The teams have executed well on cost per goals through the year.

因此，如果您考慮一下信心是由什麼構成的，當您開始增加人數並根據投資回報率目標增加人數並查看問責制時，我覺得團隊做得很好。在我們增加人頭的地方，他們已經進入了強勁的市場。他們執行得很好。銷售團隊也這樣做了。最重要的是，卡爾，我想說毛利率數字執行得很好。我傾向於與你們所有人以及公司內部以運營利潤為重點的溝通者，但毛利率也相當不錯。這些團隊全年在每個目標的成本方面表現良好。

Our next question comes from Phil Winslow with Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on another great quarter. I just wanted to focus in on Office 365 Commercial. Obviously, another strong quarter there both in terms of revenue but also seat growth. And Amy, in your commentary, you highlighted SMB seat performance as well as frontline workers, and Satya mentioned a doubling of the frontline workers year-over-year, which is impressive. But you also commented on revenue per user going up. I wonder if you could help us kind of walk through the growth algorithm here, call it the P times Q, because there are different trends going on both the P and the Q and just sort of how that might be changing going forward versus what you have seen.

祝賀另一個偉大的季度。我只是想專注於 Office 365 商業版。顯然，在收入和座位增長方面，又是一個強勁的季度。艾米，在您的評論中，您強調了中小型企業的座位表現以及一線工人，薩蒂亞提到一線工人同比翻了一番，這令人印象深刻。但是您還評論了每位用戶的收入增加。我想知道你是否可以幫助我們了解一下這裡的增長算法，稱之為 P 乘以 Q，因為 P 和 Q 都有不同的趨勢，以及未來可能會如何變化與你的變化看到。

Sure. Let me take a shot at that one, Phil. This is one where we do have -- it is a P times Q that I think we try to disclose, but there's a couple of currents running through that, maybe take a second to walk you through those. Absolutely on seat growth, I think we are encouraged as we focus on more products that are more specific to the unique scenarios that face small businesses and frontline workers and really bringing the value of Microsoft 365 to that. I think you're even seeing that in offers like Teams Essentials, right? It's a concerted effort to realize the challenges can be different in that part of the market and improving our execution. You're seeing that in continued seat growth over -- I would say I feel good about those numbers over the past probably 6 quarters with continued good execution on those.

當然。讓我試一試，菲爾。這是我們確實擁有的——這是一個 P 乘以 Q，我認為我們試圖披露，但是有幾個電流流過它，也許需要花一點時間來引導你完成這些。絕對是席位增長，我認為我們受到鼓舞，因為我們專注於更多產品，這些產品更針對小型企業和一線工作人員面臨的獨特場景，並真正將 Microsoft 365 的價值帶入其中。我認為您甚至可以在 Teams Essentials 等優惠中看到這一點，對吧？這是一項共同努力，以認識到在該市場部分的挑戰可能會有所不同，並提高我們的執行力。你會看到持續的座位增長 - 我會說我對過去可能 6 個季度的這些數字感覺很好，並且這些數字繼續保持良好的執行力。

Now however, those do often come at lower revenue per month that we would see in our enterprise businesses buying the full suite of products. So in some ways, this very strong seat growth at the frontline worker and small business units do mask some of the progress that we've been making. In particular, I'm thinking offers in the enterprise, value props that are really resonating and E5, and Satya may bring up some other ones. He mentioned quite a few in his comments, security, compliance and increasingly voice as a value prop. And so sometimes, to your point, increasing seats at lower average price points can mask a bit of progress that we're making on ARPUs in the enterprise.

然而，現在，我們在購買全套產品的企業業務中看到的每月收入確實經常較低。因此，在某些方面，一線員工和小型企業部門的這種非常強勁的席位增長確實掩蓋了我們一直在取得的一些進展。特別是，我在考慮企業中的報價，真正引起共鳴的價值道具和 E5，Satya 可能會提出其他一些。他在評論中提到了很多，安全性、合規性以及越來越多的聲音作為一種價值支柱。因此，有時，就您而言，以較低的平均價格增加席位可能會掩蓋我們在企業 ARPU 方面取得的一些進展。

Our next question is from Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Congrats on another record quarter. Satya, there's a massive skills gap within the IT industry, and it's particularly acute in cybersecurity, where I noticed Microsoft's campaign that kicked off in Q2 to help scale and recruit 250,000 cyber jobs by 2025, which is quite a bold undertaking. Can you comment on the extent to which the gap is filled by people versus products in automation and also the extent to which Microsoft sees cybersecurity as its responsibility versus it being a commercial opportunity that you can continue to monetize?

祝賀另一個創紀錄的季度。 Satya，IT 行業存在巨大的技能差距，在網絡安全領域尤為突出，我注意到微軟在第二季度開始的活動旨在幫助擴大規模並在 2025 年之前招聘 250,000 個網絡工作崗位，這是一項相當大膽的舉措。您能否評論一下人與自動化產品在多大程度上填補了這一差距，以及微軟在多大程度上將網絡安全視為其責任與您可以繼續獲利的商業機會？

Great set of questions. On the first one, I think it's -- first and foremost, we absolutely need the skills and the people. And for the people to be sort of more evenly distributed in the broader economy, public sector, private sector, people who are working on behalf of small businesses because absolutely, as digital tech becomes more pervasive across IT as well as OT across the economy, I think the cyber threat is just going to be more pervasive. And so therefore, we need the people and the skills. And we will do everything there in our power to sort of make sure that, that happens in terms of democratizing even how one acquires these skills. That's kind of where not that -- we have to take a broader definition of what these skills are and how one can acquire the certifications. And this is where -- what we're doing even with LinkedIn, I'm very, very bullish on.

很棒的問題集。在第一個方面，我認為是——首先，我們絕對需要技能和人員。為了讓人們在更廣泛的經濟、公共部門、私營部門、代表小企業工作的人中更均勻地分佈，因為絕對是，隨著數字技術在 IT 和整個經濟中的 OT 變得越來越普遍，我認為網絡威脅只會更加普遍。因此，我們需要人才和技能。我們將竭盡全力確保實現這一點，即使人們如何獲得這些技能也能實現民主化。那不是那樣的地方——我們必須對這些技能是什麼以及如何獲得認證進行更廣泛的定義。這就是我們在LinkedIn上所做的事情，我非常非常看好。

On the product side as well, like something like Sentinel, I do believe, for example, we are now doing very large-scale AI on all of those signals that go into our cloud-native SIEM. And that, I think, is going to help sift through signal from noise and help the productivity of the cyber professionals in any organization. So we are excited about how that workflow gets more efficient.

在產品方面，就像 Sentinel 一樣，我確實相信，例如，我們現在正在對所有進入我們雲原生 SIEM 的信號進行非常大規模的 AI。我認為，這將有助於從噪音中篩選信號，並幫助任何組織中的網絡專業人員提高生產力。因此，我們對該工作流程如何變得更有效率感到興奮。

To your point, one of the fundamental responsibilities for us as a platform company is through -- by design. It's all about shifting left on security and building it into the products. And if anything, when we think about our monetization, our monetization is about really recognizing that the real world is not some homogeneous Microsoft infrastructure world. It is a multi-cloud, multi-platform world. And we will definitely monetize those aspects that we have best-of-breed solutions and suites and offerings. And by the way, as I said in my remarks, the people who are adopting the Microsoft solutions are saving 60%. And so to some degree, there is real time to value and cost savings for anybody who's using our solution. So we're going to be very, very mindful of our responsibility, as you said. At the same time, we think we have a security opportunity in being able to secure the entire heterogeneous digital estate of our customers.

就您而言，作為一家平台公司，我們的一項基本責任是通過設計。這完全是關於安全性的左移並將其構建到產品中。如果有的話，當我們考慮我們的貨幣化時，我們的貨幣化是關於真正認識到現實世界不是某個同質的微軟基礎設施世界。這是一個多雲、多平台的世界。我們肯定會通過我們擁有同類最佳解決方案、套件和產品的那些方面獲利。順便說一句，正如我在評論中所說，採用 Microsoft 解決方案的人節省了 60%。因此，在某種程度上，任何使用我們解決方案的人都有時間來評估和節省成本。因此，正如您所說，我們將非常非常注意我們的責任。同時，我們認為我們有機會保護客戶的整個異構數字資產。

Our next question is coming from Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 和 RBC。

Wonderful. Nice to see continued strength in the business. Maybe I wanted to ask a little bit philosophically, Satya. So the pandemic clearly accelerated everyone's time line to migrate to the cloud even if there wasn't necessarily a big pull forward there. As we think about a post-Omicron world, where there is some level of office reopenings and visibility into that, how should we think about the potential to see maybe another wave or another acceleration of those cloud migrations with that ability to have in-office and have hybrid work? Maybe walk us through that.

精彩的。很高興看到業務持續強勁。也許我想從哲學上問一點，薩蒂亞。因此，大流行顯然加快了每個人遷移到雲的時間線，即使那裡不一定有很大的推動力。當我們考慮後 Omicron 世界時，在一定程度上重新開放辦公室並對此有所了解，我們應該如何考慮可能會看到另一波或另一次加速具有辦公室能力的雲遷移並有混合工作？也許帶我們走過那個。

Yes. I mean the -- as I said, some of the contours of demand will change. For example, one of the solutions I highlighted is coming out of the pandemic, we built in Dynamics a Supply Chain Insights module. We were seeing significant demand for what was a Customer Insights module going into the pandemic because everybody needed to deploy essentially their online presence and use customer data to be able to reach customers, and that's how commerce happened during the pandemic. Coming out of the pandemic, we were hit with supply chain issues. So Supply Chain Insights became the most important thing. So that's where the demand picked up.

是的。我的意思是——正如我所說，一些需求的輪廓將會改變。例如，我強調的解決方案之一是擺脫大流行，我們在 Dynamics 中構建了一個供應鏈洞察模塊。我們看到大流行期間對客戶洞察模塊的巨大需求，因為每個人都需要部署他們的在線業務並使用客戶數據才能接觸到客戶，這就是大流行期間商業發生的方式。從大流行中走出來，我們遇到了供應鏈問題。因此，供應鏈洞察力成為最重要的事情。所以這就是需求回升的地方。

So as I look at our portfolio, we are seeing a slightly different set of solutions. Same thing with Power Platform, right? When you are sort of saying we have a labor force shortage and we need to do more with less, guess what, you turn to more automation tools. And that's where something like Power Platform, especially given you can even train your first-line workers to be able to be app builders and automate workflows, that's proving to be a productivity driver.

因此，當我查看我們的產品組合時，我們看到了一組略有不同的解決方案。 Power Platform 也一樣，對吧？當你有點說我們勞動力短缺並且我們需要用更少的資源做更多的事情時，你猜怎麼著，你會轉向更多的自動化工具。這就是 Power Platform 之類的東西，特別是考慮到您甚至可以培訓您的一線員工成為應用程序構建者並自動化工作流程，這被證明是生產力驅動因素。

So we are seeing differences in demand. I think the stable state here would be the structural shift that's happened because of the pandemic combined with even some of these constraints, whether there's supply shocks or others, will hopefully go away. But the one thing that isn't going to go away is the need for increasing levels of digitization both in terms of tools that people use to improve the productivity of your OpEx, and the COGS you have in your enterprise will probably now have a digital component to it because that's where the leverage of cost will come. So that's what we are betting on. As a -- I always go back to that simple formula. As a percentage of GDP, what is IT spend broadly defined and what is it going to be a year from now, 2 years from now, 5 years from now, 10 years from now? It's just going to be more. And we've got to do a good job of seeing the trends before they're conventional wisdom and gaining share. And so that's where we will remain focused.

因此，我們看到了需求的差異。我認為這裡的穩定狀態將是由於大流行而發生的結構性轉變，再加上甚至其中一些限制，無論是供應衝擊還是其他衝擊，都有望消失。但是，不會消失的一件事是需要提高數字化水平，無論是人們用來提高運營支出生產力的工具，還是企業中的 COGS 現在都可能擁有數字化工具。它的組成部分，因為這就是成本槓桿的來源。所以這就是我們所押注的。作為一個——我總是回到那個簡單的公式。作為 GDP 的百分比，廣義上的 IT 支出是多少？從現在起一年、2 年、5 年、10 年後它將是多少？它只會更多。我們必須做好在趨勢成為傳統智慧並獲得份額之前看到趨勢的工作。所以這就是我們將保持專注的地方。

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

謝謝，里希。今天財報電話會議的問答部分到此結束。感謝您今天加入我們，我們期待很快與大家交談。

Thank you.

謝謝你。

Thank you.

謝謝你。

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。