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，歡迎參加微軟2022財年第二季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在，我很榮幸地向大家介紹主持人，投資人關係總經理布雷特·艾佛森。謝謝。您可以開始了。

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，感謝各位今天參加我們的電話會議。與我一同參加會議的有：董事長兼執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官愛麗絲·喬拉；以及副總法律顧問基思·多利弗。

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.

在微軟投資者關係網站上，您可以找到我們的獲利新聞稿和財務摘要幻燈片，這些資料旨在補充我們今天電話會議上的發言，並說明GAAP和非GAAP財務指標之間的差異。除非另有說明，我們將在電話會議上使用非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於根據GAAP編制的財務績效指標。提供這些非GAAP財務指標是為了幫助投資者進一步了解公司第二季度的業績，以及這些項目和事件對財務結果的影響。

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

除非另有說明，我們今天電話會議上進行的所有成長比較均與去年同期相關。我們也將提供以固定匯率計算的成長率（如有），以此作為評估我們各項業務在排除匯率波動影響後表現的架構。如果以固定匯率計算的成長率相同，我們將只提及該成長率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.

會議結束後，我們將立即在網站上發布準備好的發言稿，直到完整文字稿發布。今天的電話會議將進行網路直播並錄音。如果您提出問題，您的問題將包含在直播內容、文字稿以及未來任何錄音的使用中。您可以在微軟投資者關係網站上回放會議並查看文字稿。

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.

在本次電話會議中，我們將發表前瞻性聲明，這些聲明是對未來事件的預測、展望或其他陳述。這些聲明是基於目前的預期和假設，並受風險和不確定性因素的影響。實際結果可能因今日獲利新聞稿、本次電話會議期間的發言以及我們在10-K表、10-Q表和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分所討論的因素而與前瞻性聲明存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

Thank you, Brett. 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，這主要得益於微軟雲端業務的持續強勁成長，其營收超過 220 億美元，較去年同期成長 32%。我們正經歷經濟和社會的世代變革。數位科技是當今世界最具靈活性的資源，能夠幫助我們克服各種限制，重塑日常工作和生活。我們正在不斷創新，並擴展面向消費者和商業領域的整個產品組合，以幫助個人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.

現在我將重點介紹一些例子，首先是 Azure。隨著每家公司都向數位轉型，它們都需要分散式運算架構來建置、管理、保護和部署應用程序，無論應用程式位於何處。我們擁有比其他供應商更多的資料中心區域，在滿足資料彈性要求的同時，還能提供對雲端服務的快速存取。我們正在將基礎設施擴展到 5G 網路邊緣，幫助營運商和企業創建新的商業模式，並在更靠近最終用戶的地方提供超低延遲服務。例如，AT&T 正在將其 5G 網路與我們的雲端服務相結合，以幫助通用汽車為駕駛員提供下一代連網汽車解決方案。

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 客戶群年增了兩倍。我們現在正幫助數千家機構（從 BP 到 Rabobank）統一其本地、混合和多雲基礎架構。隨著數位世界和物理世界的融合，我們看到了企業元宇宙的真正應用。從智慧工廠到智慧建築再到智慧城市，我們正在幫助企業結合使用 Azure IoT、數位孿生和 Mesh，將人員、地點和事物數位化，從而可視化、模擬和分析任何業務流程。例如，Ecolab 正在使用這些工具建立自己的平台，以建模和最佳化水資源管理。在整個 Azure 領域，我們看到各行業的採用率都在不斷提高。 CVS Health、強生醫療器材、Kyndryl 和富國銀行在本季都選擇了我們的雲端作為其首選提供者。

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.

接下來談談數據。從一流的資料庫和分析到人工智慧和資料治理，我們擁有最全面的資料堆疊，可幫助每個組織將資料轉化為預測和分析能力。 Cosmos DB 是各種規模雲端原生應用程式開發的首選資料庫。資料量和交易量年增超過 100%。借助 Azure Synapse，我們正在消除企業資料倉儲和大數據分析之間的傳統壁壘，使任何人都能協作、建構和管理分析解決方案。資料治理正在成為一個重要且不斷成長的領域。 Azure Purview 在這方面處於領先地位，幫助數千個組織更全面地了解其資料資產。

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.

在人工智慧領域，我們擁有雲端最強大的超級電腦之一，我們不僅用它來訓練新模型，還將其作為平台交付給我們的客戶。我們全新的 Azure OpenAI 服務目前處於預覽階段，它將先進的語言模型與 Azure 的企業級功能結合。 GitHub Copilot 正在利用這項功能來幫助開發者編寫更優質的程式碼。更廣泛地說，我們的認知服務持續保持強勁的使用率，上個季度語音轉錄時長超過 3000 萬小時，比去年同期增長近一倍。

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.

現在來說說開發者。從 GitHub 到 Visual Studio 再到 Azure PaaS 服務，我們擁有最受歡迎的工具，可以幫助每位開發者完成從構思到程式碼再到雲端部署的整個流程。隨著企業將安全性融入開發者的工作流程，我們正在加大對 GitHub 的投入，以確保開源安全。越來越多的 DevSecOps 工作流程都將從 GitHub 高級安全解決方案開始，我們看到來自 Afterpay 和 Mercari 等數位原生企業以及 3M 和 Bosch 等成熟企業的強勁需求。此外，越來越多的企業開始使用 Visual Studio 以及我們的 PaaS 服務（例如 Container Apps 和 Chaos Studio）來簡化開發流程，建立更現代化、更具彈性的雲端原生應用程式。

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.

現在來說說 Power Platform。低程式碼/無程式碼工具正迅速成為每個組織建構數位化能力的重要環節。我們正在進行創新，幫助像空中巴士、森特理克和江森自控這樣的組織快速擴展其 Power Platform 的應用，利用端到端套件實現工作流程自動化、創建應用程式、建立虛擬代理和分析資料。在 H&M，超過 3 萬名員工已使用 Power Platform 來提高生產力。到目前為止，我們已創建了超過 1500 個應用程式、流程和儀表板，涵蓋從管理辦公容量到追蹤團隊目標等各個方面。在克羅格，超過 42 萬名員工正在使用我們基於 Power Platform 建置的返崗解決方案來驗證他們的健康狀況和疫苗接種情況。

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.

接下來我們來談談 Dynamics 365。為了因應當前經濟情勢下的需求衝擊和供應限制，所有企業都需要轉型為高度互聯的企業，整合整個組織的資料、流程和團隊。隨著越來越多的企業轉向我們不斷擴展的業務應用組合來應對這些挑戰以及其他挑戰，我們在 Dynamics 365 領域的市佔率持續成長。對於 Dynamics 365 Connected Spaces，我們正在創建一個全新的軟體類別，幫助企業管理從房地產、零售到工廠和建築等各個行業的實體運作。像 Chipotle 和 Home Depot 這樣的公司正在依靠我們全新的客戶體驗平台來掌控自身數據，連結客戶觸點，從而提供更個人化的體驗。戴姆勒卡車北美公司正在使用 Dynamics 365 Supply Chain Insights 來預防供應鏈問題。就在昨天，我們宣布與 FedEx 合作推出一項全新的物流即服務 (LaaS) 產品，將 FedEx 網路的數據和洞察與 Dynamics 365 相結合，幫助品牌更好地履行、運輸和處理客戶訂單。

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.

接下來我們來談談產業解決方案。一年多前，我們推出了首個行業雲端產品，將我們針對特定行業的客製化功能與我們的全套技術堆疊相結合，旨在幫助客戶縮短價值實現時間、提升敏捷性並降低成本。目前，我們擁有 6 個產業雲端平台，它們正大幅推動微軟雲端的使用量成長。我們的零售雲端平台在 NRF 展會上備受矚目，來自 Ahold Delhaize 和 GNC 等零售商分享了他們如何利用我們的解決方案來打造無縫的客戶體驗。我們的永續發展雲端平台整合了數據，幫助客戶記錄、報告並減少碳排放。包括日產汽車在內的行業領導者正在利用該平台來實現其永續發展目標。

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.

接下來談談LinkedIn。隨著越來越多的人重新思考他們的工作方式、工作地點和工作原因，勞動市場正經歷著巨大的重組。在新經濟時代，LinkedIn已成為連結創作者與其社群、求職者與雇主、學習者與技能學習者、賣家與買家的關鍵平台。上個季度，我們再次見證了用戶參與度的突破性成長，LinkedIn也已成為全球最大的專業活動平台之一，每週創建超過24,000場活動，並獲得150萬次回覆。確認招募人數年增110%，我們也新增了一些工具，幫助使用者更輕鬆找到符合自身工作方式和地點的職缺。隨著創業精神的興起，我們全新的服務市場已幫助近300萬名自由工作者和小型企業找到了新客戶。此外，LinkedIn銷售解決方案也實現了強勁成長，在過去12個月中首次突破10億美元營收大關。我們的銷售、人才、行銷和高級訂閱業務線均已達到這一里程碑。

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.

接下來我們來談談 Microsoft 365 和 Teams。如今，每個組織都需要一個數位化平台來連結和賦能組織內外的每一個人，從知識型員工和第一線員工到客戶和合作夥伴。 Teams 正是這個數位化平台的核心，其每月活躍用戶數在本季突破了 2.7 億。各組織正在使用 Teams 來營運業務，其協作應用程式可將業務流程資料直接融入工作流程。過去兩年，第三方應用程式和客製化解決方案的月使用量增加了 10 倍，本季 Atlassian、monday.com、SAP 和 Workday 都推出了新的和更新的應用程式。美國聯合航空公司正在使用 Teams 中的機器人來加強營運部門和機組人員之間的聯繫。而瑪莎百貨則使用 Power Apps 和 Teams 來簡化內部服務台的請求流程。

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.

隨著混合辦公模式成為常態，每個組織都需要重新思考其空間策略。透過 Teams Rooms，我們將 Teams 引入不斷增長的設備生態系統，幫助人們隨時隨地保持聯繫並充分參與會議。 Teams Room 的活躍設備數量較去年同期增加一倍。此外，透過 Mesh for Teams，我們將元宇宙引入 Teams，幫助像埃森哲這樣的組織的員工獲得沉浸式共享體驗，讓他們可以進行類似茶水間的閒聊，甚至進行白板會議。 Teams 正迅速成為統一通訊的標準。本季度，超過 90% 的財富 500 強企業都在使用 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 以滿足其內部和外部協作需求，我們在 PSTN 和 VoIP 領域的市場份額持續增長。

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.

總體而言，我們看到 Teams 在各個領域都實現了成長，第一線員工的使用率比去年同期成長了兩倍。 Zebra Technologies 將把 Teams 對講機通訊功能引入數百萬零售店員工使用的設備上。沃爾瑪本季也為其超過 200 萬名第一線員工選擇了 Teams。此外，我們正在透過 Teams Essentials 拓展市場，這是第一個專為滿足小型企業需求而設計的獨立 Teams 產品。雖然目前還處於早期階段，但我們對強勁的市場需求感到非常鼓舞。

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.

透過 Microsoft Viva，我們正在打造全新的員工體驗類別，它將溝通、知識、學習資源和洞察融為一體，幫助員工更好地融入公司的使命和文化。 Viva 現已廣泛推出，超過 1000 家付費客戶（包括 Blum、Nationwide 和 REI）正在使用它來應對員工倦怠和人員流失等挑戰。所有這些創新都在推動 Microsoft 365 的整體成長。從喜力啤酒到希爾頓酒店再到蘇黎世保險，眾多企業持續選擇我們優質的 E5 版本，以獲得更高級的安全、合規、語音和分析功能。

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.

接下來來談談Windows系統。我們已經看到個人電腦需求發生了結構性轉變。人們比以往任何時候都更依賴個人電腦來發揮自主性、釋放創造力，無論是進行虛擬實境會議、遠端辦公、編寫程式碼、文件協作、視訊直播、玩遊戲，還是進行圖形設計和工程設計。隨著新的應用程式場景層出不窮，現有應用程式場景也煥發新生，我們正在經歷一場個人電腦的復興，人們使用個人電腦的時間和每戶擁有的個人電腦數量都在不斷增長。

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.

發布三個月以來，我們對 Windows 11 的市場反應感到非常欣喜。與以往的作業系統版本相比，Windows 11 的使用強度更高，品質也更出色。本季度，Windows 11 的市佔率也實現了成長。為了滿足不斷變化的客戶需求，我們正在以全新的方式交付 Windows 系統。本季度，我們推出了 Windows 11 SE，這是一款專為學校打造的雲端優先作業系統。此外，透過 Windows 365，我們將作業系統遷移到雲端，協助像 Coats North America 和 Regeneron Pharmaceuticals 這樣的企業將完整的 Windows 體驗串流傳輸到任何員工的裝置上。

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.

目前，每月活躍用戶超過 14 億台裝置運行 Windows 10 或 Windows 11 系統，它們為我們的第一方和第三方服務提供了強大的入口。 Windows 11 用戶造訪 Windows 應用程式商店的頻率幾乎是 Windows 10 用戶的三倍。在 Bing 和 Edge 瀏覽器上，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打造差異化的高價值體驗。 Edge 瀏覽器推出優惠券和價格比較功能僅一年，我們就已幫助用戶節省了超過 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，我們正在拓展廣告領域的機會。過去12個月，包括LinkedIn在內，我們的廣告總收入（不含TAC）超過100億美元。透過收購Xandr，我們將推出全新的廣告解決方案，將我們對受眾的深刻理解和龐大的客戶群與Xandr的大規模數據驅動平台結合。

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.

接下來談談安全。網路犯罪是當今所有企業面臨的首要威脅。我們的目標是幫助企業建立全面的零信任架構，從而在異質的雲端和客戶端環境中，全方位保護人員、裝置、應用程式和資料。我們透過兩種相互關聯的方式來保護客戶：首先，我們將安全設計融入到我們構建的每一款產品中；其次，我們提供先進的端到端、跨雲、跨平台安全解決方案，這些解決方案整合了安全、合規、身份、設備管理和隱私等 50 多個不同類別的功能，並基於我們每天接收到的超過 2400 萬個威脅信號進行分析。

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.

在分析師眼中，我們在超過 19 個安全類別中處於領先地位，超過其他供應商。我們的多雲、多平台創新正在推動成長。在商業和消費領域，超過 10 億月活躍用戶現在依靠 Microsoft 帳戶，只需一次登入即可安全存取他們喜愛的應用程式產品和服務。超過 15,000 家客戶現在使用我們的雲端原生 SIEM 解決方案 Microsoft Sentinel 來防患於未然，較去年同期成長超過 70%。本季度，使用我們先進安全解決方案的客戶總數加速成長至超過 715,000 家。超過一半的客戶擁有 4 個或更多工作負載，較去年同期成長 75%，凸顯了我們端到端的差異化優勢。與多供應商解決方案相比，客戶平均可節省 60% 的成本。由於客戶的信任，我們安全業務的收入在過去 12 個月中超過 150 億美元，年增近 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.

現在來說說遊戲業務。過去幾年我們在內容、社群和雲端服務方面的大力投入正在取得成效。本季度，我們的用戶參與度和收入均創下新高。 Game Pass 在 PC 和主機平台上的訂閱用戶已超過 2,500 萬。我們差異化的內容正在推動服務的成長，而我們在今年假期發布的全新 AAA 級遊戲也獲得了極高的評價和創紀錄的使用率。迄今為止，已有 1800 萬玩家體驗了《極限競速：地平線 5》，超過 2000 萬玩家體驗了《光環：無限》，使其成為《光環》系列歷史上規模最大的首發。此外，隨著我們上周宣布計劃收購動視暴雪，我們正在加大投入，讓玩家能夠隨時隨地以任何方式暢玩精彩遊戲，並隨著元宇宙等平台的發展，塑造遊戲行業的未來。

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，隨著數位技術在全球 GDP 中所佔比例的持續成長，我們正在一個多元化且不斷增長的潛在市場中進行創新和投資，該市場擁有共同的底層技術棧和營運模式，從而強化了共同的策略、文化和目標感。

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.

接下來，我將把發言權交給艾米，她將詳細介紹我們的財務表現並分享我們的展望，我期待稍後與大家見面，回答大家的問題。

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.

謝謝薩蒂亞，大家下午好。本季度，公司營收達517億美元，年增20%。每股收益為2.48美元，成長22%。本季美元走強，因此匯率波動對公司整體及各業務板塊的營收成長沒有影響，僅比預期略為下降1個百分點。儘管如此，我們所有業務板塊的營收依然實現了強勁的兩位數成長，這體現了我們憑藉多元化業務組合所擁有的獨特市場地位。

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.

在商業業務方面，銷售團隊和合作夥伴的出色執行，加上市場對微軟雲端產品的持續需求，推動了大型長期 Azure 合約的顯著成長，以及 Teams 和我們先進的安全與身分認證產品的使用量增加。此外，LinkedIn 人才解決方案在本季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.

正如薩蒂亞所強調的，在我們的消費者業務中，個人電腦需求和使用量的成長惠及了我們的Windows OEM業務。廣告市場的持續成長推動了LinkedIn行銷解決方案以及搜尋和新聞廣告業務的另一個強勁季度。在遊戲市場強勁的假期季，我們平台的收入和用戶參與度均創歷史新高，Game Pass訂閱用戶和第一方遊戲數量顯著增長，Xbox Series X和S主機的需求也持續旺盛。

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業績。商業預訂量以固定匯率計算增長了32%和37%，遠超預期，這主要得益於前文提到的Azure長期大額合約以及我們核心年金銷售策略的強勁執行。商業剩餘履約義務以固定匯率計算成長了31%和32%，達到1,470億美元。其中約45%將在未來12個月內確認收入，年增26%。剩餘部分（將在未來12個月後確認營收）年增37%，凸顯了客戶對微軟雲端的長期承諾。此外，我們的年金業務佔比去年同期成長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.

微軟雲端業務營收成長 32% 至 221 億美元，再次超出預期。微軟雲端業務毛利率年減至 70%。若不計入伺服器和網路設備資產使用壽命會計估計變更的影響，微軟雲端業務毛利率將成長約 3 個百分點，這主要得益於雲端服務整體表現的提升，但部分被銷售組合向 Azure 的轉移所抵銷。

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，由於本季美元走強，外匯波動對公司或各業務部門的收入成長沒有影響，對銷售成本和營運費用成長的影響也微乎其微。毛利成長了20%。毛利率為67%，與去年同期基本持平。剔除會計估計變更的影響，毛利率上升了約2個百分點，這主要得益於前文所述的雲端服務業務的改善。

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.

營運費用成長14%，低於預期，主要原因是部分投資轉移到了未來幾季。公司整體員工人數較去年成長16%，我們持續投資於雲端工程、銷售、客戶部署、遊戲和LinkedIn等關鍵領域。營業收入成長24%，營業利益率年增1個百分點至43%。剔除會計估計變更的影響，營業利益率年增約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.

現在來看各業務板塊的業績。生產力和業務流程板塊的收入為159億美元，年增19%，其中包含了1個百分點的匯率波動不利影響（與預期相比）。剔除此不利影響後，營收超出預期，主要得益於LinkedIn的強勁表現。

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.

Office 商業版營收成長 14%。 Office 365 商業版營收成長 19%，主要得益於所有工作負載和客戶群的安裝基數擴張以及 ARPU 的提升。市場對我們先進的安全、合規和語音產品的需求，推動了本季 E5 收入的持續成長。付費 Office 365 商業版席位年增 16%，主要得益於我們面向中小企業和第一線員工的產品在另一個季度的強勁增長。 Office 商業版授權費用下降 17%，符合預期，也與客戶持續遷移到雲端的趨勢相符。

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 訂閱用戶持續成長的推動，Office 消費者業務收入成長 15%，訂閱用戶成長 19% 至 5,640 萬。 Dynamics 業務營收年增 29%，主要得益於 Dynamics 365 的成長，營收年增 45%（以固定匯率計算為 44%）。市場對我們現代化的低程式碼應用開發解決方案的持續需求，推動 Power Apps 業務在本季再次實現強勁成長，營收成長高達 161%。 LinkedIn 業務營收年增 37%（以固定匯率計算為 36%），這主要得益於行銷解決方案業務的持續強勁成長（年成長 43%），以及人才解決方案業務在強勁的就業市場環境下表現超乎預期。

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%.

以固定匯率計算，分部毛利分別成長了20%和19%，毛利率年比基本持平。剔除會計估計變更的影響，毛利率上升約2個百分點，主要得益於所有雲端服務的改善。營業費用成長了13%，營業收入成長了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.

接下來是智慧雲端業務板塊。該板塊營收達 183 億美元，年增 26%，其中包含了相對於預期 1 個百分點的匯率波動不利影響。剔除此不利因素後，營收成長超出預期，主要得益於顧客對我們差異化混合雲和雲端產品的持續需求。整體而言，伺服器產品和雲端服務營收年增 29%。 Azure 和其他雲端服務營收成長 46%，主要得益於我們按需付費服務的持續強勁成長。在按用戶計費的業務方面，企業行動性和安全性的安裝基數成長 28%，超過 2.09 億個席次。在本地部署業務方面，營收成長 6%，符合預期，主要得益於市場對我們混合雲產品的強勁需求，這些產品包括在多雲環境中運行的 Windows Server 和 SQL Server。企業服務營收以固定匯率計算成長 8% 和 7%，主要得益於企業支援服務和微軟諮詢服務的成長。

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%.

以固定匯率計算，分部毛利分別成長了21%和22%，但毛利率較去年同期下降約2個百分點。剔除會計估計變更的影響，毛利率略有上升，主要得益於Azure業務的改善，但部分被銷售組合向Azure的轉移所抵銷。營業費用成長了14%，營業收入成長了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.

接下來是個人運算業務。營收達175億美元，年增15%，其中Windows OEM、Surface以及搜尋和新聞廣告業務表現超乎預期。營收成長已計入1個百分點的匯率波動影響。 Windows OEM營收成長25%，遠超預期，主要得益於前文提到的強勁PC市場，尤其是在商業領域，該領域每份許可證的收入更高。

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.

需要提醒的是，這些業績包含了Windows 11相關的2.1億美元收入遞延而帶來的約6個百分點的正面影響，這部分收入從第一季轉移到了第二季。 Windows商業產品和雲端服務收入以固定匯率計算分別成長了13%和14%，主要得益於對Microsoft 365的需求。 Surface營收年增8%，超乎預期，這得益於我們在強勁的市場需求環境下實現了超出預期的設備出貨量。搜尋和新聞廣告收入（不計TAC費用）成長了32%，高於預期，這得益於前文所述的強勁廣告市場。此外，我們在Windows 10和11裝置上的Edge瀏覽器市佔率也有所提升。

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.

遊戲業務方面，營收成長8%，符合預期。 Xbox硬體營收以固定匯率計算成長4%和3%，主要得益於持續強勁的需求以及主機供應好於預期（這得益於去年同期強勁的業績，包括Xbox Series X和S的發布）。 Xbox內容和服務營收成長10%，低於預期，原因是第一方遊戲和Game Pass訂閱業務的強勁成長被第三方遊戲表現疲軟部分抵銷。

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.

分部毛利較去年同期成長20%。毛利率提升約2個百分點，主要得益於銷售組合向高利潤業務的轉變以及搜尋和新聞廣告業務的改善。營運費用成長17%，主要原因是遊戲（尤其是ZeniMax）、搜尋和新聞廣告、Windows行銷的投資。營業收入成長22%，以固定匯率計算成長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.

現在回到公司整體業績。資本支出（包括融資租賃）為68億美元，年增25%，低於預期，主要原因是雲端基礎設施建設進度存在季度性波動。固定資產現金支出為59億美元。我們的資本投資，包括新建資料中心區域和現有區域的擴建，仍基於顯著的客戶需求和使用情況。

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.

經營活動產生的現金流為145億美元，年增16%，強勁的雲端業務帳單和收款部分被硬體庫存建設相關的供應商付款增加所抵銷。自由現金流為86億美元，年增3%，反映了為支持不斷增長的雲端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影響。我們的實際稅率約為17%。最後，我們透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.

在展望未來之前，我想先提醒幾點。首先，我對下一季的展望並未包含Nuance收購案的影響，儘管我們預計該收購案將在第三季完成。其次，除非另有特別說明，我們提供的展望均以美元計價。接下來，讓我們進入第三季展望環節。

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.

首先是匯率。鑑於美元走強，根據當前匯率，我們預期匯率波動將使總收入成長下降約2個百分點，總銷售成本和營運費用成長下降約1個百分點。在各業務板塊中，我們預期匯率波動將對生產力與業務流程以及智慧雲端業務的收入成長產生約2個百分點的負面影響，對更多個人運算業務的收入成長產生約1個百分點的負面影響。

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，憑藉差異化的市場定位、客戶對我們高價值混合雲和雲端產品的需求以及持續穩定的執行力，將推動本季營收實現強勁成長。商業預訂方面，成長勢頭良好，但會受到去年同期強勁的基數以及到期合約基數成長緩慢的影響。需要注意的是，日益增多的長期Azure大型合約（其到期時間更難預測）將導致我們的預訂成長率出現更大的季度波動。

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.

微軟雲端業務的毛利率預計與去年同期基本持平。剔除會計估算變更的影響，第三季毛利率將成長約2個百分點，這主要得益於所有雲端服務持續改善，儘管收入結構向Azure傾斜。此外，我們預計資本支出將環比略有下降，雲端基礎設施建設進度存在正常的季度波動。

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.

接下來是分部績效指引。在生產力和業務流程領域，我們預計營收將在 156 億美元至 158.5 億美元之間。 Office 365 的營收成長將與第二季持平，主要驅動因素包括各客戶群使用者數量的成長以及 E5 的持續成長動能。在本地部署業務方面，我們預計營收將出現接近 10% 的下滑，主要受客戶持續向雲端遷移的影響。 Office 消費者業務方面，我們預計營收將實現接近 10% 的成長，主要得益於 Microsoft 365 消費者訂閱業務的持續成長。 LinkedIn 方面，強勁的就業市場和平台良好的用戶參與度將推動營收成長 30% 左右。 Dynamics 方面，我們預計營收成長 20% 左右，主要受 Dynamics 365 的強勁表​​現以及 Power Apps 的持續成長的推動。

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.

對於智慧雲端業務，我們預計營收將在 187.5 億美元至 190 億美元之間。營收將繼續由 Azure 驅動，需要提醒的是，Azure 的季度營收波動主要來自我們的按用戶計費業務以及根據合約組合而定的當期營收確認。在 Azure 業務方面，我們預期以固定匯率計算的營收將較上季成長，這主要得益於 Azure 消費性業務在龐大基數上實現的強勁成長。我們的按用戶計費業務將繼續受益於 Microsoft 365 套件的成長勢頭，但考慮到其龐大的用戶基數，我們預計成長率將有所放緩。在本地伺服器業務方面，市場對我們差異化混合解決方案的持續需求將推動營收實現低至中等個位數的成長。在企業服務方面，我們預期營收也將達到低至中個位數的成長。

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「更多個人運算」業務方面，我們預計營收將在 141.5 億美元至 144.5 億美元之間。儘管供應鏈持續受限，但個人電腦出貨量的持續強勁成長，尤其是在商用領域，將有利於 Windows OEM 業務的發展。我們預計 Windows OEM 業務的營收將實現接近兩位數的成長。在 Windows 商用產品和雲端服務方面，客戶對 Microsoft 365 和我們先進安全解決方案的需求將推動營收實現接近兩位數的成長。在 Surface 業務方面，得益於高階設備的強勁表現，營收預計將實現 15% 至 15% 的成長。在搜尋和新聞廣告（不含 TAC）業務方面，我們預計營收將實現 15% 至 15% 的成長，這得益於去年同期強勁的業績成長，以及廣告市場的復甦。

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.

在遊戲業務方面，考慮到去年同期主機硬體以及Xbox內容和服務的強勁表現，我們預計營收將實現中等個位數成長。主機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，我們預期營收將實現中等至高個位數成長，這得益於用戶參與度高以及平台持續成長動能。

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.

現在回到公司業績指引。我們預計銷售成本為155億美元至157億美元，營運費用為134億美元至135億美元，主要原因是我們在高成長策略領域增加了人員投入，以推動收入的持續長期成長。在其他收入和支出方面，利息收入和支出應該會相互抵消。需要提醒的是，我們必須對權益投資組合的損益進行市值計價。我們預計第三季實際稅率約為18%，略高於全年預期稅率約17%。最後，對於2022財年，鑑於我們上半年的強勁業績以及我們目前的下半年展望，即使考慮到之前提到的會計估計變化的影響以及我們為抓住未來巨大機遇而進行的重大戰略投資，全年營業利潤率也應會略有同比增長。

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.

總之，數位技術對於賦能全球每個人和組織實現更大成就至關重要，而我們憑藉創新且高價值的產品，已佔據有利地位。我們多元化且相互關聯的解決方案組合涵蓋終端市場、客戶規模和商業模式，使我們能夠實現長期的收入和利潤成長。

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

那麼，布雷特，我們進入問答環節吧。

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

謝謝，艾米。現在我們進入問答環節。 （操作員說明）操作員，請您重複您的說明好嗎？

(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?

恭喜你們本季業績斐然。我想就整體需求環境以及Omicron事件和其他市場動態帶來的衝擊，向您請教一個比較宏觀的問題：市場需求環境是否有所改變？軟體投資者之間一直存在著一種普遍的看法，而資產價格似乎也常常引領著這種看法。所以我想了解各位對整體需求環境的看法，特別是圍繞數位轉型的需求，以及這種需求在2022年能否持續。你們是否仍然認為這方面有很多發展空間，或者說，是否還有很多活動正在進行？

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，基斯。我明白了，或許你還可以補充一些內容。總的來說，我們看到的是相當強勁的需求訊號。坦白說，在疫情爆發前，由於疫情對企業的限制以及消費者活動的增加，我們看到需求增加。而疫情過後，我們看到經濟其實面臨諸多限制。正如我剛才所說，唯一能夠在降低成本的同時提高生產力的資源就是數位科技。所以，當我想到Power Apps時——它就是一個很好的例子，它位於我們技術棧的核心位置，能夠真正幫助任何行業、任何公司的勞動生產力提升到一個新的水平。

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，從安全到雲端基礎設施，再到企業應用和解決方案（例如 Teams），我們看到整個技術堆疊的需求訊號都非常強勁。顯然，另一個強勁成長的領域是遊戲。我們在消費者品類創建方面加大了投入。我們看到遊戲的使用強度和商業模式的多樣性，而且遊戲系列的經濟模式也越來越像軟體。所以總的來說，我們看到整個技術棧的需求訊號良好。

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?

明白了。為了確認一下，您提到的整體經濟狀況、人員配置等方面的限制，聽起來似乎並沒有限制您的發展機會。您並不缺人來銷售或實施您的解決方案，也不難找到願意為產品投資的人才。我的理解對嗎？

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，人才市場競爭非常激烈，而我們在人才市場中也具備競爭力。這一點從艾米分享的營運支出預測就能看出。我們正在增加員工人數，因為我們看到了機會。我們無法免受整體勞動市場的影響，但我認為，憑藉我們所做的一切，我們擁有一個優秀的品牌，一個極具吸引力的品牌，能夠吸引和留住人才。所以，一方面，我們希望確保我們的管道和生態系統保持健康發展；另一方面，我們目前收到的所有訊號都表明，除了最終所有企業都將受到整體經濟成長規律的影響之外，並沒有其他限制。

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

下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

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?

恭喜公司整體業務取得強勁成長，前景一片光明。 Satya，鑑於目前關於元宇宙的種種討論，您認為元宇宙或多個元宇宙的關鍵組成部分是什麼？微軟目前擁有哪些能滿足這些需求的資源？您認為還有哪些不足之處？合作夥伴生態系統是否能夠滿足這些需求？

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?

艾米，隨著炒作週期的進行和業界對元宇宙興趣的增加，你是否正在改變你的投資策略以抓住潛在的機會？

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.

感謝您的提問。我們認為這是一個非常典型的微軟式機遇，無論是在平台基礎架構層面或是應用層面。因此，我認為即使在我剛才的發言中，我也盡量提及我們目前正在投資的所有領域，以及我們看到客戶用例正在不斷發展的方面。

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.

我們首先看到的是，人員、場所和事物的數位化程度越來越高，這能夠真正幫助企業將流程自動化提升到新的水平。如今，借助 Azure IoT、數位孿生和 Mesh 技術，我們有許多客戶與我們合作的案例。這就是我們在 Azure 中亮相的領域，我們也正在大力投資。

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.

再往上，我會推薦 Dynamics 365 Connected Spaces，這是目前處於預覽階段的解決方案。它能夠將零售空間、連網工廠或建築物等場景整合起來，從而創建一個全新的軟體類別，專門用於管理實體流程。就像 CRM、ERP 和供應鏈管理一樣，我們現在擁有一個完全由 Connected Spaces 驅動的套件，可以實現實體流程的自動化。 Teams 將推出 Mesh Meetings 功能。這種沉浸式會議最初將在 2D 螢幕上進行，無論是在 PC 還是手機上，然後逐步過渡到佩戴 VR 或 AR 眼鏡後獲得更沉浸式的體驗。這是其中一個亮點。

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.

當然，還有遊戲。這對我們來說是水到渠成的事。想想我剛才提到的《極限競速》的數據，沒錯，人們已經開始在遊戲領域投入資金打造自己的虛擬形象，建造《我的世界》的世界。所以，隨著元宇宙的發展，我們自然會拓展遊戲領域。

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，我們非常興奮的一件事是我們正在做的 HoloLens 項目，以及我們在矽晶片光學方面積累的所有經驗，一直到雲端，這都與企業中所有 HoloLens 用例驅動的一些基礎服務有關。

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.

這就是我們廣泛的投資組合。我們將投資於整個技術棧。不同類別的需求形式會有所不同，但我們感覺自己已經做好了充分準備，能夠抓住我認為的下一波網路浪潮，對吧？就像第一波網路浪潮讓每個人都能建立網站一樣，我認為下一波網路浪潮將是一個更加開放的世界，人們可以建立自己的元宇宙，無論他們是組織、遊戲開發者或其他任何人。

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，或許我可以補充一點薩蒂亞的回答。我想強調的是，他回答這個問題時採用了整體視角，從平台層開始，一直到內容層和應用層，強調了投資的成效會體現在每個組件中，而不是僅僅體現在某個小組或團隊的某個層面。我想到薩蒂亞剛才提到的轉型，如果轉型是從平台層開始，並且適用於所有組件，那麼最好在各個團隊中推廣，讓他們能夠以正確的方式應用。我認為，這就是投資成效體現的方式。

Our next question is coming from Brent Thill with Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

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，你確實強調了商業預訂量成長37%的強勁勢頭。很多人都在問，你認為Azure在下一季的強勁成長點在哪裡，顯然是成長加速。是什麼讓你如此有自信？

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，我並不認為存在一個單一的地點，這與薩蒂亞對基思第一個問題的回答不謀而合。薩蒂亞的回答是，如果根本驅動力是數位化，並且我們相信數位化會影響到每個產業、每個終端市場，那麼我們就會預期數位化及其承諾的性質會在全球範圍內、各個終端市場中體現出來。事實上，我們在第二季就看到了這一點。我一直強調，這些情況可能會有些波動，因為我們真正關注的是達成符合客戶目標的合適交易。雖然我們在第二季完成了許多這樣的交易，但正如我在第一季提到的，情況可能會略有變化。不過，銷售團隊本季的執行力非常出色，但我不會將任何地區或行業描述為與其他地區或行業截然不同。

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.

剛才我問到，Azure 的指導方針以固定美元計算，第三季環比成長，我想就此稍作解釋。我一直強調，這些數字可能會有小幅波動，但消費量的整體趨勢是穩定的。坦白說，我們再次看到了這一點。第一季、第二季和第三季度，按終端市場、產業和客戶規模劃分的消費成長都相當穩定。因此，儘管你會看到一些波動，例如數據使用量增加，但數據產品的表現確實非常強勁。我想 Satya 在他的評論中也提到了一些這一點。所以我認為，在某種程度上，它們是相關的，但我傾向於將 Azure 方面的預訂執行情況歸類為長期承諾，客戶選擇合作夥伴是為了幫助他們改變成本結構或 Satya 提到的結果結構。而我傾向於將 Azure 的這些趨勢線歸類為「我們是否在全球範圍內為客戶成功部署了專案？」銷售團隊在這兩方面都做得非常出色。

The next question is coming from Karl Keirstead with UBS.

下一個問題來自瑞銀集團的卡爾‧基爾斯蒂德。

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，你年初預測利潤率會下降，包括會計準則變更的影響。但兩個季度過去了，你現在預測利潤率會上升。即使考慮到居家辦公帶來的差旅費節省可能有所回落，即使我假設勞動成本有所上升，你能否詳細解釋一下？是因為銷售組合的變化，例如像Windows這樣的高利潤業務表現優異？我很想聽聽你的看法。

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。我覺得這確實是多種因素綜合作用的結果，就像一個財年的情況一樣。的確，我相信我們在良好的市場需求環境下所展現的執行力，增強了我們的信心。正如你所說，營收表現一直相當穩定。我們看到OEM業務持續成長，遊戲業務表現強勁，微軟雲端產品也表現強勁，Dynamics業務也維持了良好的穩定性。我的意思是，從某種程度上來說，如果你仔細分析這些趨勢線，你會發現，這得益於團隊在各個業務部門的持續穩定執行。

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.

所以，如果你仔細想想，當你開始增加人手，並且以投資回報率為目標增加人手，同時也要考慮問責制時，你會意識到保密工作的重要性。我認為各個團隊都做得很好。我們增加人手的地方，都集中在強勁的市場。他們執行得也很出色。銷售團隊也是如此。此外，卡爾，我認為毛利率的執行也很好。我通常比較關注營業利潤率，無論是和大家還是在公司內部，但毛利率也相當不錯。各個團隊在過去一年中都很好地完成了成本目標。

Our next question comes from Phil Winslow with Credit Suisse.

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.

恭喜又一個季度表現出色！我想重點談談 Office 365 商業版。顯然，無論從營收或用戶成長來看，這又是一個強勁的季度。 Amy，你在評論中重點提到了中小企業用戶和第一線員工的表現，Satya 也提到第一線員工用戶數量同比增長了一倍，這令人印象深刻。但你也提到了每位用戶收入的成長。我想請你幫我們分析一下這個成長演算法，我們暫且稱之為 P 乘以 Q，因為 P 和 Q 的趨勢各不相同，我想探討一下未來這些趨勢與你目前觀察到的情況相比可能會有哪些變化。

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。讓我來回答這個問題，菲爾。這個問題我們確實有——這是一個以P乘以Q來表示的指標，我想我們應該盡量公開，但其中涉及幾個方面，或許我可以花點時間向您解釋一下。關於用戶成長，我們感到鼓舞，因為我們專注於開發更多針對小型企業和第一線員工面臨的獨特場景的產品，真正將Microsoft 365的價值帶給他們。我想您甚至可以在Teams Essentials這樣的產品中看到這一點，對吧？我們齊心協力地認識到，這部分市場面臨的挑戰可能有所不同，並不斷改善我們的執行力。您可以看到，在過去的六個季度裡，用戶數量持續增長——我對這些數據感到滿意，因為我們一直在努力做好這些方面的執行工作。

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，這些產品的月收入通常低於企業客戶購買全套產品時的收入。因此，在某種程度上，第一線員工和小型企業用戶席位的強勁成長掩蓋了我們取得的一些進展。特別是，我認為企業級產品，以及真正引起共鳴的價值主張，例如E5，Satya可能還會提到其他一些。他在發言中提到了不少，包括安全性、合規性，以及語音功能作為日益重要的價值主張。所以，正如您所說，有時以較低的平均價格增加席位可能會掩蓋我們在企業級ARPU（每個用戶平均收入）方面取得的一些進展。

Our next question is from Brad Zelnick with Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克。

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?

恭喜又一個季度創下紀錄。薩蒂亞，IT產業存在巨大的技能缺口，網路安全領域尤其如此。我注意到微軟在第二季度啟動了一項計劃，旨在到2025年擴大和招募25萬個網路安全職位，這確實是一個雄心勃勃的目標。您能否談談，在多大程度上，人才和產品（尤其是自動化產品）能夠彌補這一缺口？另外，微軟在多大程度上將網路安全視為自身責任，還是僅僅將其視為一個可以持續獲利的商業機會？

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.

這些問題問得很好。關於第一個問題，我認為──首先，我們絕對需要技能和人才。而且，我們需要讓人才更均衡地分佈在更廣泛的經濟領域，包括公共部門、私營部門以及為小型企業服務的人員，因為隨著數位技術在IT和OT領域在整個經濟中日益普及，網路威脅也會更加普遍。因此，我們需要人才和技能。我們將竭盡所能，確保這一點得以實現，包括讓更多人能夠平等地獲得這些技能。這就需要我們對這些技能的定義以及獲得認證的方式進行更廣泛的界定。而這正是我們與LinkedIn合作的重點所在，我對這份工作非常看好。

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，例如像 Sentinel 這樣的產品，我相信我們現在正在對進入我們雲端原生 SIEM 系統的所有訊號進行大規模人工智慧分析。我認為這將有助於從噪音中篩選出有效訊號，並提高任何組織中網路安全專業人員的工作效率。因此，我們對工作流程效率的提升感到非常興奮。

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.

正如您所說，作為一家平台公司，我們的一項基本責任是透過設計來實現的。這完全關乎安全左移，並將其融入產品之中。而且，當我們考慮獲利模式時，我們真正認識到現實世界並非單一的微軟基礎設施，而是一個多雲、多平台的世界。我們一定會利用我們擁有的最佳解決方案、套件和產品來實現盈利。順便一提，正如我剛才所說，採用微軟解決方案的用戶節省了 60% 的成本。因此，在某種程度上，任何使用我們解決方案的用戶都能獲得實質的價值和成本節省。正如您所說，我們將非常非常重視我們的責任。同時，我們認為我們有機會保護客戶所有異質的數位資產。

Our next question is coming from Rishi Jaluria with RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

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.

太好了。很高興看到公司業務持續強勁成長。薩蒂亞，我想問你一些比較哲學性的問題。疫情顯然加速了所有人向雲端遷移的進程，即使並非所有人都對此有強烈的推動作用。展望後 Omicron 時代，隨著辦公室逐步重新開放，情況也逐漸明朗，我們該如何看待未來可能出現的新一波雲端遷移浪潮，以及由此帶來的混合辦公模式的出現？能否請你詳細解釋一下？

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，一些需求模式會改變。例如，我重點介紹的解決方案之一是，在疫情結束後，我們在 Dynamics 中建立了一個供應鏈洞察模組。在疫情爆發前，我們看到對客戶洞察模組的需求非常大，因為每個人都需要部署線上業務，並利用客戶資料來接觸客戶，這就是疫情期間的商業運作方式。疫情結束後，我們遭遇了供應鏈問題。因此，供應鏈洞察模組變得至關重要。這就是需求激增的原因。

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.

所以，當我審視我們的產品組合時，我們發現解決方案略有不同。 Power Platform 也是如此，對吧？當我們面臨勞動力短缺，需要以更少的資源完成更多工作時，你會想到什麼？你會轉向更多的自動化工具。而像 Power Platform 這樣的工具，尤其是考慮到你可以培訓第一線員工成為應用開發者並實現工作流程自動化，它正成為提高生產力的利器。

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.

所以我們看到需求有差異。我認為目前的穩定狀態是，由於疫情以及一些限制因素（無論是供應衝擊還是其他因素）所導致的結構性轉變，希望這些因素能逐漸消失。但有一點不會改變，那就是對更高程度數位化的需求，這體現在人們用來提高營運效率的工具上，也體現在企業成本中很可能包含數位化成分，因為成本槓桿效應就在這裡。這就是我們所押注的。我總是會回到那個簡單的公式：以GDP的百分比來衡量，廣義的IT支出是多少？一年後、兩年後、五年後、十年後又會是多少？答案是：只會更多。我們必須在這些趨勢成為普遍共識並佔據市場份額之前就先洞察它們。因此，我們將繼續專注於此。

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Rishi。今天的財報電話會議問答環節到此結束。感謝各位今天參加，我們期待很快與大家再次交流。

Thank you.

謝謝。

Thank you.

謝謝。

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。再次感謝各位的參與，現在可以掛斷電話了。