微軟 (MSFT) 2022 Q1 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2022 First Quarter Earnings Conference Call.

您好，歡迎參加 Microsoft 2022 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Brett Iversen, General Manager in Investor Relations.

現在我很高興地介紹您的主持人，投資者關係部總經理 Brett Iversen。

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

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

與我通話的是董事長兼首席執行官薩蒂亞·納德拉 (Satya Nadella)； Amy Hood，首席財務官； Alice Jolla，首席會計官；和副總法律顧問 Keith Dollliver。

On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures.

在 Microsoft 投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們在今天電話會議期間準備好的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

Unless otherwise specified, we will refer to non-GAAP metrics on the call.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

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.

所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務業績指標。

They are included as additional clarifying items to aid investors in further understanding the company's first quarter performance, in addition to the impact these items and events have on the financial results.

除了這些項目和事件對財務業績的影響之外，它們還被列為額外的澄清項目，以幫助投資者進一步了解公司第一季度的業績。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted.

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。

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.

我們還將在可用時以固定貨幣提供增長率作為評估我們的基礎業務表現的框架，不包括外幣匯率波動的影響。

Where growth rates are the same in constant currency, we will refer to the growth rate only.

如果增長率以不變貨幣計算，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到完整的成績單可用。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄音。

If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording.

如果您提出問題，它將包含在我們的實時傳輸、抄本和錄音的任何未來使用中。

You can replay the call and view the transcript on the Microsoft Investor Relations website.

您可以在 Microsoft 投資者關係網站上重播通話並查看成績單。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events.

在本次電話會議期間，我們將做出前瞻性陳述，即關於未來事件的預測、預測或其他陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於當前的預期和假設，受風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿、本次電話會議期間發表的評論以及我們的 10-K 表格、10-Q 表格和其他向美國證券交易委員會提交的報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異委員會。

We do not undertake any duty to update any forward-looking statement.

我們不承擔任何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，我會把電話轉給薩蒂亞。

Thank you, Brett.

謝謝你，布雷特。

We're off to a fast start in fiscal 2022 with Microsoft Cloud quarterly revenue surpassing $20 billion for the first time, up 36% year-over-year.

我們將在 2022 財年快速開始，微軟雲季度收入首次超過 200 億美元，同比增長 36%。

The case for digital transformation has never been more urgent or more clear.

數字化轉型的案例從未像現在這樣緊迫或明確。

Digital technology is a deflationary force in an inflationary economy.

數字技術是通貨膨脹經濟中的通貨緊縮力量。

Businesses, small and large, can improve productivity and the affordability of their products and services by building tech intensity.

不論大小，企業都可以通過建立技術密集度來提高生產力和產品和服務的可負擔性。

The Microsoft Cloud delivers the end-to-end platforms and tools organizations need to navigate this time of transition and change.

Microsoft 雲提供了組織在此過渡和變革時期所需的端到端平台和工具。

Now I'll highlight examples of our innovation and momentum, starting with Azure.

現在，我將重點介紹我們的創新和動力示例，從 Azure 開始。

Every organization will need a distributed computing fabric across the cloud and the edge to rapidly build, manage and deploy applications anywhere.

每個組織都需要跨雲和邊緣的分佈式計算結構，以便在任何地方快速構建、管理和部署應用程序。

We are building Azure as the world's computer, with more data center regions than any other provider, delivering fast access to cloud services, while addressing critical data residency requirements.

我們正在將 Azure 打造為世界計算機，擁有比任何其他提供商更多的數據中心區域，提供對雲服務的快速訪問，同時滿足關鍵數據駐留要求。

And we are partnering with mobile operators, from AT&T and Verizon in the United States, to Telefónica and BT in Europe, Telstra and Singtel in Asia Pacific, as they embrace new business models and bring ultra-low latency compute power and storage to the network and the enterprise edge.

我們正在與移動運營商合作，從美國的 AT&T 和 Verizon，到歐洲的 Telefónica 和 BT，以及亞太地區的 Telstra 和 Singtel，因為他們採用新的商業模式並為網絡帶來超低延遲的計算能力和存儲和企業優勢。

78% of the Fortune 500 use our hybrid offerings.

78% 的財富 500 強使用我們的混合產品。

And with Azure Arc, customers like Nokia, Royal Bank of Canada and SKF can deploy and run applications at the edge or in multi-cloud environments.

借助 Azure Arc，諾基亞、加拿大皇家銀行和 SKF 等客戶可以在邊緣或多雲環境中部署和運行應用程序。

Organizations also prefer our cloud to power the mission-critical apps they rely on every day.

組織還更喜歡我們的雲來支持他們每天依賴的關鍵任務應用程序。

GE Healthcare and Procter & Gamble migrated critical workloads to Azure this quarter, and leading companies in every industry, including Bertelsmann, Kimberly-Clark, the NBA, SoftBank, thyssenkrupp, all chose Azure for their SAP workloads.

GE Healthcare 和 Procter & Gamble 在本季度將關鍵工作負載遷移到 Azure，各個行業的領先公司，包括 Bertelsmann、Kimberly-Clark、NBA、SoftBank、thyssenkrupp，都選擇 Azure 作為其 SAP 工作負載。

Now on to data.

現在進入數據。

The leading indicator of digital transformation success in an organization is the organization's ability to turn data into analytical and predictive power.

組織數字化轉型成功的主要指標是組織將數據轉化為分析和預測能力的能力。

Azure Synapse brings together data integration, enterprise data warehousing and big data analytics into a comprehensive solution.

Azure Synapse 將數據集成、企業數據倉庫和大數據分析整合到一個綜合解決方案中。

With Synapse Link for Dataverse, organizations can analyze data from business applications, like Power Platform and Dynamics 365 with just a few clicks.

借助 Synapse Link for Dataverse，組織只需單擊幾下即可分析來自 Power Platform 和 Dynamics 365 等業務應用程序的數據。

With Synapse Link for Cosmos DB, they can run real-time no-ETL analytics over their operational data.

借助適用於 Cosmos DB 的 Synapse Link，他們可以對其運營數據運行實時非 ETL 分析。

And with Power BI, anyone in the organization can access these insights.

借助 Power BI，組織中的任何人都可以訪問這些見解。

Thousands of active Power BI customers are using Synapse today.

如今，數以千計的活躍 Power BI 客戶正在使用 Synapse。

More than ever, every business needs a holistic understanding of its data estate.

每個企業都比以往任何時候都更需要對其數據資產有全面的了解。

And Azure Purview now generally available is helping organizations, such as FedEx, manage and govern on-premise, multi-cloud and SaaS data.

Azure Purview 現在普遍可用，可幫助 FedEx 等組織管理和治理內部部署、多雲和 SaaS 數據。

Now on to developers.

現在到開發人員。

As every company becomes a digital company, they will need standardized tools to modernize existing apps and build new ones.

隨著每家公司都成為數字公司，他們將需要標準化工具來使現有應用程序現代化並構建新應用程序。

From GitHub to Visual Studio, we have the most used and loved developer tools to build any app on any platform.

從 GitHub 到 Visual Studio，我們擁有最常用和最受歡迎的開發人員工具，可以在任何平台上構建任何應用程序。

GitHub is now home to 73 million developers, up 2x since our acquisition 3 years ago.

GitHub 現在擁有 7300 萬開發人員，自 3 年前收購以來增長了 2 倍。

More and more businesses are choosing GitHub Enterprise to provide their developer teams the most advanced platform to build, ship and maintain software.

越來越多的企業選擇 GitHub Enterprise 為其開發團隊提供最先進的平台來構建、發布和維護軟件。

This quarter alone, we introduced more than 70 enterprise features, 84% of the Fortune 100 use GitHub, and we are seeing growing usage from digital-native companies and the world's most established firms, from Pinterest to Procter & Gamble, from Stripe to Societe Generale.

僅在本季度，我們就推出了 70 多項企業功能，財富 100 強中有 84% 使用 GitHub，我們看到數字原生公司和世界上最成熟的公司（從 Pinterest 到寶潔，從 Stripe 到 Societe）的使用量不斷增加將軍。

We are rapidly innovating in AI, and our large-scale models are powering everything, from meeting recaps in Teams, to helping developers code in GitHub, to the next best action in Dynamics 365.

我們正在 AI 領域快速創新，我們的大規模模型正在為一切提供支持，從 Teams 中的會議回顧到幫助開發人員在 GitHub 中編碼，再到 Dynamics 365 中的下一個最佳操作。

And as machine learning continues to mature, managing the life cycle of models or MLOps has become more prevalent, and Azure ML is now the go-to tool for data science teams.

隨著機器學習的不斷成熟，管理模型或 MLOps 的生命週期變得更加普遍，Azure ML 現在是數據科學團隊的首選工具。

And large organizations, from Ecolab to Providence health care are relying on Azure AI to better meet customer needs.

從 Ecolab 到普羅維登斯醫療保健的大型組織都依賴 Azure AI 來更好地滿足客戶需求。

Now to Power Platform.

現在到 Power Platform。

With Power Platform, we are helping domain experts drive productivity gains with low-code/no-code tools, robotic process automation, virtual agents and business intelligence.

借助 Power Platform，我們正在幫助領域專家通過低代碼/無代碼工具、機器人流程自動化、虛擬代理和商業智能提高生產力。

All up, Power Platform now has nearly 20 million monthly active users, up 76% year-over-year.

總的來說，Power Platform 現在每月有近 2000 萬活躍用戶，同比增長 76%。

Power Apps is the undisputed market leader in low-code/no-code tools, now with 10 million monthly active users.

Power Apps 是低代碼/無代碼工具領域無可爭議的市場領導者，現在每月有 1000 萬活躍用戶。

91% of the Fortune 500 use the service to build applications, and 129 organizations have more than 10,000 users, including 3M, EY, GSK, Marks & Spencer, Sony and ZF Group.

91% 的財富 500 強企業使用該服務構建應用程序，129 個組織擁有超過 10,000 名用戶，包括 3M、EY、GSK、Marks & Spencer、索尼和採埃孚集團。

Now on to Dynamics 365.

現在轉到 Dynamics 365。

Going forward, every business process will be collaborative, powered by data and AI, and will bridge the digital and physical worlds.

展望未來，每個業務流程都將是協作的，由數據和人工智能提供支持，並將在數字世界和物理世界之間架起橋樑。

Dynamics 365 ushers in this hyper-connected business process era.

Dynamics 365 開啟了這個高度連接的業務流程時代。

We continue to gain share with Dynamics 365 and Teams.

我們繼續通過 Dynamics 365 和 Teams 獲得份額。

We are creating a complete new category of collaborative applications that help businesses like Rockwell Automation, Willis Towers Watson surface data and insights across the entire organization.

我們正在創建一個全新的協作應用程序類別，以幫助羅克韋爾自動化、Willis Towers Watson 等企業在整個組織中呈現數據和洞察力。

Dynamics 365 Customer Insights leads its category.

Dynamics 365 Customer Insights 在其類別中處於領先地位。

Customers like Meijer are using it to create a 360-degree view of customers in order to deliver more personalized experiences.

Meijer 等客戶正在使用它來創建 360 度客戶視圖，以提供更加個性化的體驗。

All up, the number of customer profiles increased 174% year-over-year.

總而言之，客戶檔案的數量同比增長了 174%。

Now on to industry.

現在進入工業。

Our industry clouds bring together capabilities across the entire Microsoft Cloud along with industry-specific customizations to improve time-to-value, increase agility and lower costs.

我們的行業雲將整個 Microsoft 雲的功能與行業特定的自定義結合在一起，以縮短實現價值的時間、提高敏捷性並降低成本。

We are seeing strong customer adoption of our new industry cloud for health care, and our clouds for financial services and manufacturing will become more broadly available next week.

我們看到客戶大量採用我們用於醫療保健的新行業雲，我們的金融服務和製造業雲將在下週更廣泛地可用。

Sustainability is an existential priority for our society and for every business today.

可持續性是我們社會和當今每個企業的生存優先事項。

And when we think about our approach to sustainability, it's more than just the carbon footprint of our own data centers.

當我們考慮我們的可持續性方法時，不僅僅是我們自己數據中心的碳足跡。

With our Microsoft Cloud for Sustainability, we are creating an entirely new business process category to help organizations monitor their carbon footprint across their operations.

借助我們的 Microsoft Cloud for Sustainability，我們正在創建一個全新的業務流程類別，以幫助組織監控其整個運營過程中的碳足跡。

The world's largest baking company, Grupo Bimbo, for example, is using our tools to report, record and reduce its emissions in every country where it operates.

例如，世界上最大的烘焙公司 Grupo Bimbo 正在使用我們的工具來報告、記錄和減少其運營所在國家/地區的排放量。

Now on to LinkedIn.

現在轉到LinkedIn。

We are experiencing a great reshuffle across the global labor market as people are rethinking not only where and how they work, but why.

我們正在經歷全球勞動力市場的大洗牌，因為人們不僅在重新思考他們的工作地點和方式，而且還重新思考為什麼工作。

And as more people change jobs than ever before, we saw record engagement as they increasingly turn to LinkedIn to connect, learn, grow and get hired.

隨著越來越多的人換工作，我們看到了創紀錄的參與度，因為他們越來越多地轉向 LinkedIn 來聯繫、學習、成長和被錄用。

LinkedIn now has nearly 800 million members.

LinkedIn現在擁有近8億會員。

Confirmed hires on the platform increased more than 160% year-over-year.

該平台上確認的招聘人數同比增長超過 160%。

And this quarter, we launched new ways to help job seekers discover roles that align with how they want to work.

本季度，我們推出了新的方法來幫助求職者發現與他們想要的工作方式相符的角色。

In a rapidly evolving labor market, companies are increasingly turning to LinkedIn Learning to upskill and reskill their employees.

在快速發展的勞動力市場中，公司越來越多地轉向 LinkedIn Learning 來提升和重新培訓員工的技能。

We now have over 15,000 enterprise customers of LinkedIn Learning, and we are expanding our opportunity in the creator economy, including offering new ways for LinkedIn Learning instructors to build their audiences and connect with learners live.

我們現在擁有超過 15,000 家 LinkedIn Learning 的企業客戶，我們正在擴大我們在創造者經濟中的機會，包括為 LinkedIn Learning 講師提供新的方式來建立他們的受眾並與學習者實時聯繫。

Businesses continue to choose LinkedIn as the trusted way to reach professionals.

企業繼續選擇 LinkedIn 作為接觸專業人士的可靠方式。

LinkedIn advertising revenue was up 61% year-over-year.

LinkedIn 廣告收入同比增長 61%。

Now on to Microsoft 365 and Teams.

現在轉到 Microsoft 365 和 Teams。

Flexibility and productivity are not mutually exclusive.

靈活性和生產力並不相互排斥。

We are innovating to empower people to have impact from home, in the office and anywhere in between.

我們不斷創新，讓人們能夠在家中、辦公室中以及其他任何地方發揮影響力。

Microsoft Teams is the only solution that supports all the ways people work.

Microsoft Teams 是唯一支持人們所有工作方式的解決方案。

Usage has never been higher.

使用率從未如此之高。

138 organizations now have more than 100,000 users of Teams, and more than 3,000 have more than 10,000 users.

現在有 138 個組織擁有超過 100,000 個 Teams 用戶，超過 3,000 個組織擁有超過 10,000 個用戶。

Updates to Teams Rooms, including new AI pod cameras and spatial audio, ensure every meeting attendee is always a first-class participant.

Teams Room 的更新，包括新的 AI pod 攝像頭和空間音頻，確保每位與會者始終是一流的參與者。

The rise of hybrid work is transforming the enterprise phone market, and we are taking share across PSTN and VoIP.

混合工作的興起正在改變企業電話市場，我們正在通過 PSTN 和 VoIP 搶占份額。

Calls originating from Teams chats increased 50% this quarter compared to a year ago.

與一年前相比，本季度來自 Teams 聊天的呼叫增加了 50%。

Operator Connect enables organizations to bring their existing service directly into Teams.

Operator Connect 使組織能夠將其現有服務直接引入 Teams。

And leaders in every industry, including Schlumberger, Westpac, ZF Group, REI and SAP, chose Teams Phone this quarter to meet all their internal and external calling needs.

每個行業的領導者，包括 Schlumberger、Westpac、ZF Group、REI 和 SAP，本季度都選擇了 Teams Phone 來滿足他們所有的內部和外部呼叫需求。

Moving forward, organizations will need a digital fabric that spans organizational boundaries to address key challenges, like customer service swarming and supply chain resilience.

展望未來，組織將需要一個跨越組織邊界的數字結構來應對關鍵挑戰，例如客戶服務蜂擁而至和供應鏈彈性。

With Teams Connect, employees across multiple companies can chat and collaborate as one extended team without switching tenants.

借助 Teams Connect，多家公司的員工可以作為一個擴展團隊進行聊天和協作，而無需切換租戶。

In private preview, we are already seeing strong interest and usage from companies like LVMH and WPP.

在私人預覽中，我們已經看到 LVMH 和 WPP 等公司的強烈興趣和使用。

Teams by itself has become a first-class platform for application development.

Teams 本身已成為一流的應用程序開發平台。

For example, employees at Levi Strauss and NTT DATA are using ServiceNow applications right within Teams to access critical info within the flow of work.

例如，Levi Strauss 和 NTT DATA 的員工正在 Teams 中使用 ServiceNow 應用程序來訪問工作流程中的關鍵信息。

Organizations are also using Power Platform to build their own rich, collaborative apps within Teams for everything, from curbside pickup, to care team coordination.

組織還使用 Power Platform 在 Teams 中構建自己豐富的協作應用程序，從路邊取貨到護理團隊協調，無所不包。

All up, the number of organizations with more than 10,000 users, integrating their third-party and line of business applications with Teams, increased 82% year-over-year.

總而言之，擁有超過 10,000 名用戶並將其第三方和業務線應用程序與 Teams 集成的組織數量同比增長了 82%。

We are creating a complete new category with Microsoft Viva, which brings together communications, knowledge, learning, resources and insights.

我們正在與 Microsoft Viva 創建一個全新的類別，它將通信、知識、學習、資源和洞察力匯集在一起。

Our acquisition of Ally.io, a leader in the fast-growing objectives and key results category, adds new tools to help employees drive outcomes, not just output in hybrid work.

我們對快速增長的目標和關鍵成果類別的領導者 Ally.io 的收購增加了新工具，以幫助員工推動成果，而不僅僅是混合工作的產出。

Avanade, Old Mutual, PayPal and Toyota North America all chose Viva to help strengthen connections between employees and their mission, between employees and managers and drive individual empowerment.

埃維諾、Old Mutual、PayPal 和 Toyota North America 都選擇 Viva 來幫助加強員工與其使命之間、員工與經理之間的聯繫，並推動個人賦權。

Across Microsoft 365, we are seeing growth in all segments, including triple-digit year-over-year usage growth of Teams in frontline.

在 Microsoft 365 中，我們看到所有細分市場都在增長，包括前線團隊的使用量同比增長三位數。

Coles, one of Australia's largest retailers, chose Teams to bring 2-way communications to more than 120,000 frontline employees.

Coles 是澳大利亞最大的零售商之一，它選擇 Teams 為超過 120,000 名一線員工提供雙向通信。

And Chevron, H&M, Lumen and St.

還有雪佛龍、H&M、Lumen 和 St.

Jude all turned to our premium Microsoft 365 E5 offerings for advanced security, compliance, voice and analytics.

Jude 所有人都轉向我們的高級 Microsoft 365 E5 產品，以實現高級安全性、合規性、語音和分析。

Now on to Windows.

現在到 Windows。

Earlier this month, we launched Windows 11, the biggest update to our operating system in a decade.

本月早些時候，我們推出了 Windows 11，這是十年來我們操作系統的最大更新。

When I step back and reflect on the future of how we work, connect and play, one thing is clear.

當我退後一步思考我們未來的工作、聯繫和娛樂方式時，有一件事很清楚。

The PC will be more critical than ever.

PC 將比以往任何時候都更加重要。

There has been a structural shift in PC demand emerging from this pandemic, and we're delighted with the early response to Windows 11.

這場大流行帶來了 PC 需求的結構性轉變，我們對 Windows 11 的早期響應感到高興。

With every new generation of Windows, we also unlock the next generation of hardware innovation across our ecosystem.

隨著每一代 Windows 的推出，我們還開啟了整個生態系統中的下一代硬件創新。

And together with our OEM partners, we're excited to offer the widest choice of Windows 11 devices at every price point in every form factor this holiday.

與我們的 OEM 合作夥伴一起，我們很高興在這個假期提供各種價位、各種規格的 Windows 11 設備的最廣泛選擇。

We are providing people and organizations everywhere with the most differentiated devices for productivity, learning and gaming and also have massive opportunity to create a new class of applications that take advantage of the edge and AI capabilities in Windows, coupled with cloud.

我們為世界各地的人們和組織提供最具差異化的生產力、學習和遊戲設備，並且還有大量機會創建一類新的應用程序，這些應用程序利用 Windows 中的邊緣和 AI 功能以及雲計算。

And Windows 11 is also the most open platform.

而Windows 11也是最開放的平台。

It's pioneering new store commerce models and policies, with both Amazon and Epic Games are bringing their marketplaces to the Microsoft Store.

它開創了新的商店商業模式和政策，亞馬遜和 Epic Games 都將他們的市場帶到了微軟商店。

Now on to security.

現在進入安全性。

Cybersecurity is the #1 threat facing businesses today.

網絡安全是當今企業面臨的第一大威脅。

Our goal is to help every organization strengthen its defense through the Zero Trust architecture built on end-to-end solutions that span all clouds and all platforms.

我們的目標是通過基於跨所有云和所有平台的端到端解決方案構建的零信任架構，幫助每個組織加強防禦。

We analyze over 24 trillion signals across e-mail, endpoints and identities each day and translate this intelligence into innovative features to protect our customers.

我們每天通過電子郵件、端點和身份分析超過 24 萬億個信號，並將這些情報轉化為創新功能以保護我們的客戶。

We have prevented more than 70 billion attacks over the past year alone.

僅在過去一年中，我們就阻止了超過 700 億次攻擊。

We now have nearly 650,000 customers using our security solutions, up 50% year-over-year.

我們現在有近 650,000 名客戶使用我們的安全解決方案，同比增長 50%。

And businesses like HCA Healthcare and Siemens switched to our security solutions to protect their endpoints.

HCA Healthcare 和 Siemens 等企業轉而使用我們的安全解決方案來保護他們的端點。

In identity, Azure Active Directory now has more than 500 million monthly active users, and we have seen usage of third-party apps increase 1.5x year-over-year.

在身份方面，Azure Active Directory 現在每月有超過 5 億活躍用戶，我們看到第三方應用程序的使用量同比增長了 1.5 倍。

And the future of security is passwordless.

安全的未來是無密碼的。

Nearly 240 million users have adopted passwordless login to date, and consumers can now completely remove passwords from their personal Microsoft accounts.

迄今為止，已有近 2.4 億用戶採用了無密碼登錄，消費者現在可以從他們的個人 Microsoft 帳戶中完全刪除密碼。

And we're not stopping there.

我們並沒有就此止步。

Over the next 5 years, we'll invest $20 billion to advance our security solutions and protect customers.

在接下來的 5 年中，我們將投資 200 億美元來推進我們的安全解決方案並保護客戶。

Now on to gaming.

現在開始遊戲。

We continue to attract new gamers and retain those we have gained over the past 1.5 years.

我們繼續吸引新玩家並保留我們在過去 1.5 年中獲得的玩家。

We saw record first quarter monetization and engagement.

我們看到了創紀錄的第一季度貨幣化和參與度。

This holiday season will bring our biggest lineup of content and exclusive games ever, with 3 new AAA titles, including Halo Infinite, available via Game Pass subscription service, which continues to offer the best value in gaming.

這個假期將帶來我們有史以來最大的內容和獨家遊戲陣容，包括 3 款新的 AAA 遊戲，包括 Halo Infinite，可通過 Game Pass 訂閱服務獲得，該服務將繼續提供最佳的遊戲價值。

We're also bringing xCloud gaming to the console for the first time, enabling Xbox users to discover the stream and stream more than 100 games with just a click.

我們還首次將 xCloud 遊戲引入控制台，使 Xbox 用戶只需單擊一下即可發現流並流式傳輸 100 多款遊戲。

Cloud gaming is now available in 26 countries, including, as of this quarter, in Australia, Brazil, Mexico and Japan.

雲遊戲現已在 26 個國家/地區推出，截至本季度，包括澳大利亞、巴西、墨西哥和日本。

We are expanding our opportunity with independent creators as well as top studios.

我們正在擴大與獨立創作者和頂級工作室的合作機會。

Updates to Azure PlayFab make it easier for developers to integrate, to create a marketplace in games they built.

Azure PlayFab 的更新使開發人員可以更輕鬆地進行集成，從而在他們構建的遊戲中創建市場。

And leading publishers, from Bungie to Krafton, are all relying on our cloud to scale and operate their games.

從 Bungie 到 Krafton，領先的發行商都依賴我們的雲來擴展和運營他們的遊戲。

In closing, we have the most diversified set of digital businesses, and we are innovating to expand our opportunity across the entire portfolio to help our customers in this new era.

最後，我們擁有最多元化的數字業務，我們正在創新以擴大我們在整個產品組合中的機會，以在這個新時代幫助我們的客戶。

Next week, we'll hold our flagship Ignite Conference, where we will share the next chapter of Microsoft Cloud from the Metaverse, to large-scale AI, from hybrid work, to hybrid infrastructure.

下週，我們將舉辦旗艦 Ignite 大會，我們將分享微軟雲的新篇章，從元界到大規模人工智能，從混合工作到混合基礎設施。

I couldn't be more optimistic about the opportunities ahead.

我對未來的機會非常樂觀。

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

有了這個，我會把它交給艾米。

Thank you, Satya, and good afternoon, everyone.

謝謝你，薩蒂亞，大家下午好。

Our first quarter revenue was $45.3 billion, up 22% and 20% in constant currency.

我們第一季度的收入為 453 億美元，按固定匯率計算分別增長 22% 和 20%。

Earnings per share was $2.27 and increased 25% and 23% in constant currency when adjusted for a net tax benefit of $3.3 billion related to the transfer of intangible properties this quarter.

每股收益為 2.27 美元，按固定匯率計算增長 25% 和 23%，調整後與本季度無形資產轉讓相關的淨稅收優惠為 33 億美元。

Our sales teams and partners delivered a strong start to the fiscal year.

我們的銷售團隊和合作夥伴在本財年取得了良好的開端。

In our commercial business, customers continued to choose the Microsoft Cloud.

在我們的商業業務中，客戶繼續選擇微軟雲。

We again saw healthy growth in our Azure consumption-based business and increased usage across products, such as Teams and Power Platform, as Satya reflected in his comments.

正如 Satya 在他的評論中所反映的那樣，我們再次看到了基於 Azure 消費的業務的健康增長以及跨產品（例如 Teams 和 Power Platform）的使用量的增加。

In our on-premises business, annuity performance in Office and Server benefited from a greater-than-expected mix of contracts with higher in-period revenue recognition.

在我們的本地業務中，Office 和 Server 的年金績效受益於超出預期的合同組合以及更高的期間收入確認。

And in LinkedIn, the Talent Solutions business continued to benefit from an improved job market.

在領英，人才解決方案業務繼續受益於就業市場的改善。

In our consumer business, Windows OEM performance was better than expected in a growing PC market despite ongoing supply chain constraints.

在我們的消費者業務中，儘管供應鏈持續受限，但在不斷增長的 PC 市場中，Windows OEM 的表現好於預期。

We also saw positive demand signals for Windows 11 ahead of launch, with nearly all devices built this quarter eligible for upgrade.

我們還在 Windows 11 發布前看到了積極的需求信號，本季度生產的幾乎所有設備都有資格升級。

Microsoft 365 subscription growth drove Office Consumer results.

Microsoft 365 訂閱增長推動了 Office 消費者結果。

Advertising market growth drove another strong quarter in LinkedIn as well as search and news advertising.

廣告市場的增長推動了 LinkedIn 以及搜索和新聞廣告的另一個強勁季度。

And in gaming, we were able to ship more Xbox Series X and S consoles than expected even as demand continues to exceed supply.

在遊戲方面，即使需求繼續超過供應，我們也能夠交付比預期更多的 Xbox Series X 和 S 遊戲機。

Let's move to our overall results.

讓我們轉向我們的整體結果。

Against a strong prior year comparable, commercial bookings grew 11% and 14% in constant currency driven by a consistent execution across new, add-on and renewal sales motions.

與上一年強勁的可比數據相比，在新的、附加的和續訂銷售活動的一致執行的推動下，商業預訂按固定匯率計算增長了 11% 和 14%。

This quarter, growth was impacted by fewer large long-term Azure contracts, which were unpredictable in their timing.

本季度，增長受到較少的大型長期 Azure 合同的影響，這些合同在時間上是不可預測的。

As a result, commercial remaining performance obligation increased 28% and 29% in constant currency to $137 billion, with a roughly equivalent split between revenue that will be recognized within and the portion beyond the next 12 months.

因此，商業剩餘履約義務按固定匯率計算分別增加了 28% 和 29%，達到 1,370 億美元，其中將在未來 12 個月內確認的收入和將在未來 12 個月後確認的部分大致相等。

And our annuity mix increased 2 points year-over-year to 95%.

我們的年金組合同比增長 2 個百分點，達到 95%。

Microsoft Cloud revenue grew 36% and 34% in constant currency to $20.7 billion, ahead of expectations.

微軟雲收入按固定匯率計算增長 36% 和 34%，達到 207 億美元，超出預期。

Microsoft Cloud gross margin percentage decreased slightly year-over-year to 71%.

微軟雲毛利率同比小幅下降至 71%。

Excluding the impact from the change in accounting estimate for the useful life of server and network equipment assets, Microsoft Cloud gross margin percentage increased roughly 4 points driven by improvement in our cloud services, particularly in Azure and Office 365, partially offset by sales mix shift to Azure.

剔除服務器和網絡設備資產使用壽命會計估計變化的影響，由於我們的雲服務（尤其是 Azure 和 Office 365）的改善，微軟雲毛利率增長了大約 4 個百分點，部分被銷售組合轉變所抵消到蔚藍。

With the weaker U.S. dollar, FX increased total company, Productivity and Business Processes and Intelligent Cloud revenue growth by 2 points, in line with expectations.

隨著美元走軟，FX 使公司、生產力和業務流程以及智能雲的總收入增長了 2 個百分點，符合預期。

More Personal Computing revenue growth was increased by 1 point from FX, less favorable than expected.

更多個人計算收入增長來自外匯增長 1 個百分點，低於預期。

FX increased COGS by 1 point, in line with expectations, and had no impact to operating expense, slightly more favorable than expected.

FX 上調 COGS 1 個百分點，符合預期，對運營費用沒有影響，略好於預期。

Gross margin dollars increased 21% and 19% in constant currency.

按固定匯率計算，毛利率美元分別增長了 21% 和 19%。

Gross margin percentage was 70%, down slightly year-over-year.

毛利率為 70%，同比略有下降。

Excluding the impact of the change in accounting estimate discussed earlier, gross margin percentage increased roughly 1 point driven by improvements in cloud services noted earlier, partially offset by sales mix shift to cloud.

排除前面討論的會計估計變化的影響，由於前面提到的雲服務的改進，毛利率百分比增加了大約 1 個百分點，部分被銷售組合轉向雲所抵消。

Operating expense increased 11%, lower than expected, primarily driven by investments that shifted to future quarters.

運營費用增長 11%，低於預期，主要是由於投資轉向未來幾個季度。

At a total company level, head count grew 14% year-over-year as we continue to invest in key areas, such as cloud engineering, sales, customer deployment and gaming.

在整個公司層面，隨著我們繼續投資於雲工程、銷售、客戶部署和遊戲等關鍵領域，員工人數同比增長 14%。

Operating income increased 27% and 24% in constant currency, and operating margins expanded 2 points year-over-year to 45%.

按固定匯率計算，營業收入增長 27% 和 24%，營業利潤率同比增長 2 個百分點至 45%。

Excluding the impact of the change in accounting estimate, operating margins expanded roughly 4 points year-over-year.

剔除會計估計變更的影響，營業利潤率同比增長約 4 個百分點。

Now to our segment results.

現在來看我們的細分市場結果。

Revenue from Productivity and Business Processes was $15 billion and grew 22% and 20% in constant currency, with better-than-expected performance in Office Commercial and LinkedIn.

生產力和業務流程的收入為 150 億美元，按固定匯率計算增長 22% 和 20%，Office Commercial 和 LinkedIn 的表現好於預期。

Office Commercial revenue grew 18% and 16% in constant currency.

按固定匯率計算，辦公商業收入分別增長了 18% 和 16%。

Office 365 Commercial revenue grew 23% and 21% in constant currency driven by installed base expansion across all workloads and all customer segments as well as higher ARPU.

在所有工作負載和所有客戶群的安裝基礎擴展以及更高的 ARPU 的推動下，Office 365 商業收入按固定匯率分別增長了 23% 和 21%。

Demand for our advanced security, compliance and voice offerings drove continued momentum in E5 revenue this quarter.

對我們高級安全性、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。

Paid Office 365 Commercial seats increased 17% year-over-year driven by another strong quarter of growth in our small and medium business and frontline worker offerings.

在我們的中小型企業和一線員工產品的另一個強勁增長季度的推動下，付費 Office 365 商業席位同比增長 17%。

Office Commercial licensing decreased 13% and 14% in constant currency, significantly ahead of expectations, benefiting from the higher in-period revenue recognition noted earlier.

辦公商業許可按固定匯率計算下降了 13% 和 14%，大大超出預期，這得益於之前提到的更高的期內收入確認。

Office Consumer revenue grew 10% and 8% in constant currency on a strong prior year comparable, with better-than-expected growth in Microsoft 365 subscriptions.

Office 消費者收入按固定匯率計算增長了 10% 和 8%，與上一年的強勁可比相比，Microsoft 365 訂閱的增長好於預期。

Over the past 2 years, our Microsoft 365 subscriber base has grown over 50%, reaching 54.1 million this quarter.

在過去 2 年中，我們的 Microsoft 365 訂戶群增長了 50% 以上，本季度達到 5410 萬。

Dynamics revenue grew 31% and 29% constant currency.

Dynamics 收入增長了 31%，固定匯率增長了 29%。

Dynamics 365 revenue growth was 48% and 45% in constant currency, with continued strong demand for Power Apps, which grew 202% and 197% in constant currency.

Dynamics 365 收入增長按固定匯率計算分別為 48% 和 45%，對 Power Apps 的需求持續強勁，按固定匯率計算分別增長了 202% 和 197%。

And in LinkedIn, revenue increased 42% and 39% in constant currency, with continued strength in marketing solutions and better-than-expected performance in Talent Solutions from the improved job market noted earlier.

在 LinkedIn，收入增長 42% 和 39%（按固定匯率計算），營銷解決方案持續走強，人才解決方案表現好於早先提到的改善的就業市場。

Segment gross margin dollars increased 22% and 20% in constant currency, and gross margin percentage increased slightly.

按固定匯率計算，分部毛利率分別增長了 22% 和 20%，毛利率略有上升。

Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points driven by improvement across all cloud services.

剔除會計估計變更的影響，受所有云服務改善的推動，毛利率增加了約 2 個百分點。

Operating expense increased 7%, and operating income increased 33% and 29% in constant currency.

按固定匯率計算，營業費用增長 7%，營業收入增長 33% 和 29%。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

Revenue was $17 billion, increasing 31% and 29% in constant currency, ahead of expectations driven by continued customer demand for our differentiated hybrid and cloud offerings.

收入為 170 億美元，按固定匯率計算增長 31% 和 29%，超出了客戶對我們差異化混合和雲產品的持續需求所推動的預期。

Overall, server products and cloud services revenue increased 35% and 33% in constant currency.

總體而言，按固定匯率計算，服務器產品和雲服務收入分別增長了 35% 和 33%。

Azure and other cloud services grew 50% and 48% in constant currency, ahead of expectations driven by our consumption-based services.

Azure 和其他雲服務按固定匯率計算分別增長了 50% 和 48%，超出了我們基於消費的服務所推動的預期。

In our per user business, the enterprise mobility and security installed base grew 30% to over 196 million seats.

在我們的每用戶業務中，企業移動和安全安裝基數增長了 30%，超過 1.96 億個席位。

In our on-premises business, on a low prior year comparable, revenue increased 14% and 13% in constant currency, ahead of expectations.

在我們的本地業務中，與上一年相比較低，按固定匯率計算，收入增長了 14% 和 13%，超出了預期。

Strength in our annuity business was driven by healthy demand for our hybrid offerings that include Windows Server and SQL Server running in multi-cloud environments and higher in-period revenue recognition, including benefit from annuity purchasing ahead of the Windows Server 2022 launch.

我們年金業務的強勁是由對我們混合產品的健康需求推動的，這些產品包括在多雲環境中運行的 Windows Server 和 SQL Server，以及更高的期間收入確認，包括在 Windows Server 2022 發布之前購買年金的好處。

Enterprise Services revenue grew 9% and 8% in constant currency driven by growth in Microsoft Consulting Services and enterprise support services.

受 Microsoft 諮詢服務和企業支持服務增長的推動，企業服務收入按固定匯率分別增長 9% 和 8%。

Segment gross margin dollars increased 28% and 26% in constant currency, and gross margin percentage decreased roughly 1 point year-over-year.

按固定匯率計算，分部毛利率分別增長 28% 和 26%，毛利率同比下降約 1 個百分點。

Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points driven by improvements in Azure, partially offset by sales mix shift to Azure.

剔除會計估計變更的影響，毛利率百分比因 Azure 的改善而增加約 2 個百分點，部分被銷售組合轉向 Azure 所抵消。

Operating expense increased 13% and 12% in constant currency, and operating income grew 39% and 37% in constant currency.

營業費用按固定匯率計算分別增長 13% 和 12%，營業收入按固定匯率計算分別增長 39% 和 37%。

Now to More Personal Computing.

現在是更多的個人計算。

Revenue was $13.3 billion, increasing 12% and 11% in constant currency, with better-than-expected performance in Windows OEM and gaming.

收入為 133 億美元，按固定匯率計算增長 12% 和 11%，Windows OEM 和遊戲方面的表現好於預期。

Windows OEM revenue increased 10% driven by a stronger-than-expected PC market, particularly in the commercial segment, which has higher revenue per license.

由於 PC 市場強於預期，Windows OEM 收入增長了 10%，特別是在商業領域，每個許可的收入更高。

These results include roughly 7 points of impact from the $210 million revenue deferral related to Windows 11 licenses sold to OEMs prior to general availability.

這些結果包括與在全面上市之前出售給 OEM 的 Windows 11 許可證相關的 2.1 億美元收入延期帶來的大約 7 個影響點。

The deferral was lower-than-expected OEMs' prioritized upgrade-eligible device builds early in the quarter.

延遲低於預期的原始設備製造商在本季度初的優先升級合格設備構建。

Windows Commercial products and cloud services revenue grew 12% and 10% in constant currency driven by demand for Microsoft 365.

在對 Microsoft 365 的需求推動下，Windows 商業產品和雲服務收入按固定匯率分別增長了 12% 和 10%。

Surface revenue declined 17% and 19% in constant currency on a strong prior year comparable.

Surface 收入按固定匯率計算下降了 17% 和 19%，與上一年的強勁可比性相比。

Search and news advertising revenue, ex TAC, increased 40% and 39% in constant currency, in line with expectations, benefiting from the advertising market noted earlier.

搜索和新聞廣告收入（不包括 TAC）按固定匯率計算增長了 40% 和 39%，符合預期，受益於之前提到的廣告市場。

And in gaming, revenue increased 16% and 14% in constant currency, ahead of expectations.

而在遊戲方面，按固定匯率計算，收入增長了 16% 和 14%，超出了預期。

Better-than-expected console supply and continued strong demand resulted in Xbox hardware revenue growth of 166% and 162% in constant currency.

好於預期的主機供應和持續強勁的需求導致 Xbox 硬件收入增長 166% 和 162%（按固定匯率計算）。

Xbox content services revenue increased 2% and was relatively unchanged in constant currency against a strong prior year comparable.

Xbox 內容服務收入增長了 2%，與上一年強勁的可比收入相比，按固定匯率計算相對不變。

Segment gross margin dollars increased 10% and 8% in constant currency.

按固定匯率計算，分部毛利率分別增長了 10% 和 8%。

Gross margin percentage decreased roughly 1 point year-over-year driven by sales mix shift to gaming hardware.

由於銷售組合轉向遊戲硬件，毛利率同比下降約 1 個百分點。

Operating expenses increased 15% driven by the ZeniMax acquisition as well as Windows 11 marketing.

在 ZeniMax 收購以及 Windows 11 營銷的推動下，運營費用增加了 15%。

Operating income grew 7% and 5% in constant currency.

按固定匯率計算，營業收入分別增長了 7% 和 5%。

Now back to total company results.

現在回到公司的總業績。

Capital expenditures, including finance leases, were $7.4 billion, in line with expectations, and cash paid for PP&E was $5.8 billion.

包括融資租賃在內的資本支出為 74 億美元，符合預期，為 PP&E 支付的現金為 58 億美元。

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.

我們的資本投資，包括新的數據中心區域和現有區域的擴展，繼續基於重要的客戶需求和使用信號。

Cash flow from operations was $24.5 billion, increasing 27% year-over-year driven by strong cloud billings and collections.

運營現金流為 245 億美元，在強勁的雲賬單和收款的推動下，同比增長 27%。

Free cash flow was $18.7 billion, up 30% year-over-year.

自由現金流為 187 億美元，同比增長 30%。

This quarter, other income and expense was $286 million, higher than anticipated, primarily driven by net gains on investments.

本季度，其他收入和支出為 2.86 億美元，高於預期，主要受投資淨收益的推動。

As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio.

提醒一下，我們需要確認我們股票投資組合的按市值計價的收益或損失。

Our non-GAAP effective tax rate was approximately 16%.

我們的非 GAAP 有效稅率約為 16%。

And finally, we returned $10.9 billion to shareholders through share repurchases and dividends.

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 would like to provide a couple of reminders.

現在，在我們轉向我們的展望之前，我想提幾點提醒。

First, the outlook we give, unless specifically noted otherwise, is on a U.S. dollar basis.

首先，除非另有特別說明，否則我們給出的前景都是以美元為基礎的。

Second, my remarks for the next quarter do not include the impact from the Nuance acquisition, which we now expect to close by the end of Q2 or early Q3.

其次，我對下一季度的評論不包括 Nuance 收購的影響，我們現在預計該收購將在第二季度末或第三季度初完成。

With that, let's move to our second quarter outlook.

有了這個，讓我們轉向我們的第二季度展望。

In our commercial business, our differentiated market position, compelling solution portfolio and consistent execution should drive another strong quarter.

在我們的商業業務中，我們差異化的市場地位、引人注目的解決方案組合和一致的執行應推動另一個強勁的季度。

Commercial bookings growth should again be healthy, but impacted by modest growth in the Q2 expiry base and the normal quarterly volatility from large long-term Azure contracts previously discussed.

商業預訂增長應該會再次保持健康，但受到第二季度到期基數的溫和增長以及之前討論的大型長期 Azure 合同的正常季度波動的影響。

Microsoft Cloud gross margin percentage should decrease roughly 2 points year-over-year.

微軟雲毛利率應同比下降約 2 個百分點。

Excluding the impact of the change in accounting estimate previously discussed, Q2 gross margin percentage will increase roughly 2 points driven by continued improvement across our cloud services despite revenue mix shift to Azure.

排除先前討論的會計估計變更的影響，儘管收入組合轉移到 Azure，但由於我們的雲服務持續改進，第二季度毛利率百分比將增加約 2 個百分點。

Longer term, we expect the Microsoft Cloud gross margin percentage to be impacted by revenue mix shift to Azure, increased usage of our Microsoft Cloud services and ongoing strategic investments to support our customers' success.

從長遠來看，我們預計微軟雲毛利率百分比將受到收入組合轉向 Azure、微軟雲服務使用量增加以及支持客戶成功的持續戰略投資的影響。

And on a dollar basis, we expect capital expenditures to be roughly in line with last quarter as we continue to invest to support growing demand.

以美元計算，我們預計資本支出將與上一季度大致持平，因為我們將繼續投資以支持不斷增長的需求。

Now to FX.

現在到外匯。

Based on current rates, we expect FX to increase revenue at the total company and all individual segment levels by approximately 1 point and have no impact on total COGS or operating expense growth.

根據目前的匯率，我們預計外匯將使整個公司和所有單個部門的收入增加約 1 個百分點，並且對總銷貨成本或運營費用增長沒有影響。

Next to segment guidance.

接下來是細分指導。

In Productivity and Business Processes, we expect revenue between $15.7 billion and $15.95 billion.

在生產力和業務流程方面，我們預計收入在 157 億至 159.5 億美元之間。

In Office Commercial, revenue growth will again be driven by Office 365, with healthy seat growth, growth across customer segments and continued momentum in E5.

在 Office Commercial 方面，收入增長將再次受到 Office 365 的推動，席位增長健康，客戶細分市場增長，E5 繼續保持增長勢頭。

In our on-premises business, we expect revenue to decline in the high teens, consistent with the ongoing customer shift to the cloud.

在我們的本地業務中，我們預計收入將在十幾歲的時候下降，這與客戶持續向雲的轉變相一致。

In Office Consumer, we expect revenue to grow in the mid-teens, with continued momentum in Microsoft 365 consumer subscriptions.

在 Office 消費者方面，我們預計收入將在 15 歲左右增長，而 Microsoft 365 消費者訂閱將繼續保持勢頭。

For LinkedIn, a strong job market and continued engagement on the platform should drive revenue growth in the mid-30% range.

對於 LinkedIn 而言，強勁的就業市場和平台上的持續參與應該會推動收入增長 30% 左右。

And in Dynamics, we expect revenue growth similar to Q1 driven by strength in Dynamics 365, including continued momentum in Power Apps.

在 Dynamics，我們預計在 Dynamics 365 的強勁推動下，收入增長類似於第一季度，包括 Power Apps 的持續增長勢頭。

For Intelligent Cloud, we expect revenue between $18.1 billion and $18.35 billion.

對於智能雲，我們預計收入在 181 億美元至 183.5 億美元之間。

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.

收入將繼續由 Azure 推動，提醒一下，它可能有季度變化，主要來自我們的每用戶業務和期內收入確認，具體取決於合同組合。

In Q2, we expect healthy broad-based growth in our Azure consumption business, consistent with recent trends.

在第二季度，我們預計 Azure 消費業務將實現健康的廣泛增長，與近期趨勢一致。

In our per user business, while continuing to benefit from Microsoft 365 suite momentum, we should see a moderation in growth rates given the size of the installed base.

在我們的每用戶業務中，在繼續受益於 Microsoft 365 套件勢頭的同時，鑑於安裝基礎的規模，我們應該看到增長率有所放緩。

In our on-premises server business, on a higher prior year comparable, we expect revenue growth in the mid-single digits driven by continued demand for our hybrid solutions.

在我們的本地服務器業務中，由於對我們的混合解決方案的持續需求，我們預計收入將實現中個位數增長，而上一年可比數據更高。

In Enterprise Services, we expect revenue growth to be in the high single digits.

在企業服務方面，我們預計收入增長將達到高個位數。

In More Personal Computing, we expect revenue between $16.35 billion and $16.75 billion.

在更多個人計算方面，我們預計收入在 163.5 億美元至 167.5 億美元之間。

Despite ongoing supply chain constraints, OEM revenue should grow low to mid-teens, including 6 points of impact from the $210 million Windows 11 deferral that shifted revenue from Q1 to Q2.

儘管供應鏈持續受到限制，OEM 收入應該會增長到十幾歲，其中包括 2.1 億美元的 Windows 11 延期將收入從第一季度轉移到第二季度的 6 個影響點。

In Windows Commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive low double-digit growth.

在 Windows 商業產品和雲服務中，客戶對 Microsoft 365 和我們高級安全解決方案的需求應該會推動兩位數的低增長。

In Surface, we expect revenue to decline in single digits as we continue to work through supply chain uncertainty, particularly in our premium devices.

在 Surface 方面，我們預計收入將下降個位數，因為我們將繼續應對供應鏈的不確定性，特別是在我們的高端設備中。

In search and news advertising, ex TAC, we expect revenue growth in the low to mid-20s.

在搜索和新聞廣告方面，不包括 TAC，我們預計收入將在 20 年代中期增長。

If supply chain uncertainty reduces advertising budgets, our results would be negatively impacted.

如果供應鏈的不確定性減少了廣告預算，我們的業績就會受到負面影響。

And in gaming, on a high prior year comparable that included the launch of our new consoles and strength across Xbox content and services, we expect revenue growth in the high single digits.

在遊戲方面，在包括我們新遊戲機的推出以及 Xbox 內容和服務的實力在內的上一年可比高水平上，我們預計收入將實現高個位數增長。

Console sales will continue to be impacted by supply chain uncertainty.

主機銷售將繼續受到供應鏈不確定性的影響。

And at Xbox content services, we expect revenue growth in the mid-teens, with strong engagement on the Xbox platform in a holiday quarter that will include several AAA title launches.

在 Xbox 內容服務方面，我們預計收入將在 15 歲左右增長，在假期季度 Xbox 平台上的參與度很高，其中將包括幾款 AAA 遊戲的發布。

Now back to company guidance.

現在回到公司指導。

We expect COGS of $17 billion to $17.2 billion and operating expense of $12.7 billion to $12.8 billion.

我們預計 COGS 為 170 億至 172 億美元，運營費用為 127 億至 128 億美元。

In other income and expense, interest income and expense should offset each other.

在其他收入和費用中，利息收入和費用應相互抵消。

And finally, we expect our Q2 effective tax rate to be approximately 17%.

最後，我們預計第二季度的有效稅率約為 17%。

In closing, we are off to a strong start in FY '22, with tremendous opportunity to drive sustained long-term revenue growth.

最後，我們在 22 財年有一個強勁的開端，擁有推動持續長期收入增長的巨大機會。

We remain focused on growing high-value usage across our differentiated Microsoft Cloud offerings and delivering exciting new consumer experiences with Windows 11, Surface and our Xbox gaming platform as we enter the holiday season.

我們將繼續專注於在我們差異化的 Microsoft 雲產品中增加高價值使用，並在我們進入假期時通過 Windows 11、Surface 和我們的 Xbox 遊戲平台提供令人興奮的新消費者體驗。

Our consistent approach to investing for these and other future opportunities while continuing to deliver solid operating performance will drive strong results throughout FY '22 and beyond.

我們為這些和其他未來機會進行投資的一致方法，同時繼續提供穩健的經營業績，將在整個 22 財年及以後推動強勁的業績。

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

現在布雷特，讓我們進入問答環節。

Thanks, Amy.

謝謝，艾米。

We'll now move over to Q&A.

我們現在將轉到問答環節。

(Operator Instructions) Operator, can you please repeat your instructions?

（操作員說明）操作員，您能重複一下您的指示嗎？

(Operator Instructions) Our first question comes from 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 another remarkable quarter.

祝賀又一個非凡的季度。

Satya, I was hoping you could talk a little bit about the edge computing opportunity, something that you started off your remarks with and also something that we're hearing a lot of chatter about within the investor community and within the technology community.

Satya，我希望你能談談邊緣計算的機會，這是你一開始發表的言論，也是我們在投資者社區和技術社區內聽到的很多討論。

Can you talk to us about how you think about sizing that opportunity in terms of the programmable edge?

您能否與我們談談您如何看待可編程邊緣方面的機會？

And maybe help us understand the Microsoft architectural approach versus perhaps some of the competitors coming into the marketplace from the CDN perspective, who are talking about the competitive differentiation by having a more of a last-mile solution.

也許可以幫助我們理解 Microsoft 架構方法與從 CDN 角度進入市場的一些競爭對手的對比，他們正在談論通過擁有更多的最後一英里解決方案來實現競爭差異化。

Can you help us kind of understand the differentiation in those approaches?

你能幫助我們理解這些方法的區別嗎？

Thank you so much, Keith.

非常感謝你，基思。

And a great question because we've always, as you know, Keith, architected Azure for the distributed computing fabric to remain distributed.

這是一個很好的問題，因為正如您所知，Keith 一直為分佈式計算結構構建 Azure 以保持分佈式。

In other words, when we talked about hybrid computing even 5 years ago, the idea was always that we will always have a cloud, and then we will have a distributed cloud infrastructure for application deployment.

換句話說，當我們在 5 年前談論混合計算時，想法一直是我們將永遠擁有云，然後我們將擁有用於應用程序部署的分佈式雲基礎架構。

So that when we think about cloud plus edge, we even put even the multi-cloud control plane in there, right?

所以當我們考慮雲加邊緣時，我們甚至把多雲控制平面放在那裡，對吧？

So whether it is what's happening with, say, 5G and how naturally compute will go to where data is getting generated, with low-latency access to a factory floor, to a hospital, to cities where you want to play xCloud gaming, that's sort of one phenomena.

因此，無論是 5G 正在發生的事情，還是計算將如何自然地傳送到生成數據的地方，以低延遲訪問工廠車間、醫院，到您想玩 xCloud 遊戲的城市，這都差不多一種現象。

The other is just literally treating every cloud, whether it's the on-premise data center or it's the other public cloud and our public cloud and being able to use Azure Arc and its control plane to ease the deployment across all clouds.

另一個只是真正地處理每個雲，無論是本地數據中心還是其他公共雲和我們的公共雲，並且能夠使用 Azure Arc 及其控制平面來簡化跨所有云的部署。

That's another thing that we are seeing.

這是我們看到的另一件事。

So when I think about what is going to be key in such a distributed world, is having that full suite of application infrastructure, right, all the way from the management and security control plane, something like Azure Active Directory managing the security principles and identities or -- and to management control planes like Azure Arc.

因此，當我考慮在這樣一個分佈式世界中什麼將成為關鍵時，擁有全套應用程序基礎設施，對，從管理和安全控制平面一直到管理安全原則和身份的 Azure Active Directory或者——以及管理控制平面，如 Azure Arc。

And so we feel well positioned for it.

所以我們感覺很好。

And I think that the multi-cloud, multi-edge world is sort of really how we build Azure in the first place.

我認為多雲、多邊緣世界實際上就是我們最初構建 Azure 的方式。

And I think we're still very early in all of that playing out, but we feel well positioned.

而且我認為我們在所有這些比賽中還處於起步階段，但我們感覺很好。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Brent Thill 與 Jefferies 的合作。

Amy, commercial bookings up 14% is impressive, but it's slowed down from last quarter's 25% against a more difficult comp.

艾米，商業預訂增長 14% 令人印象深刻，但與上一季度的 25% 相比有所放緩。

I think you had mentioned some color around Azure and the size and duration.

我想你已經提到了 Azure 周圍的一些顏色以及大小和持續時間。

Can you just -- maybe anything else you would call out there and realize it's come off the tough comps?

你能不能 - 也許你會在那裡打電話並意識到它已經脫離了艱難的組合？

Thanks, Brent.

謝謝，布倫特。

Yes.

是的。

I think the important thing, when you think about bookings performance, is to talk about what happened before you get to those volatiles from the large Azure commitments that create some of the tough comparables that we're talking about.

我認為，當您考慮預訂績效時，重要的是要討論在您從 Azure 的大型承諾中獲得那些波動性之前發生的事情，這些波動性產生了我們正在談論的一些艱難的可比性。

And that's really the opportunity to execute against selling the Microsoft [Cloud] day-to-day, right, which is Dynamics, Microsoft Cloud, GitHub and the broader universe.

這確實是反對日常銷售 Microsoft [Cloud] 的機會，對，即 Dynamics、Microsoft Cloud、GitHub 和更廣泛的領域。

Our execution on that was actually quite good.

我們在這方面的執行實際上非常好。

Very good renewals, very good recapture rates, very good add-ons, meaning you sell outside of the normal pattern, and so I feel very good.

非常好的續訂，非常好的回收率，非常好的附加組件，這意味著您在正常模式之外進行銷售，所以我感覺非常好。

It's very consistent execution, to your point, Brent, this quarter versus others on that front.

就您而言，布倫特，本季度與該方面的其他人相比，這是非常一致的執行。

And then, to your point, it's sort of important not to time some of these larger, long-dated Azure contracts.

然後，就您而言，重要的是不要為這些較大的、長期的 Azure 合同計時。

That's where the volatility is.

這就是波動性所在。

The day-to-day execution of Azure commitments, actually, was very consistent.

實際上，Azure 承諾的日常執行非常一致。

The volatility comes with some of the bigger things.

波動性伴隨著一些更大的事情。

And with a lot of them in Q4, less on a comparable basis in Q1, and that happens from time to time.

並且在第四季度有很多，在第一季度的可比基礎上較少，而且這種情況不時發生。

Our next question is coming from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀的 Karl Keirstead。

Amy, heading into this Q1 release, I would say there was a higher-than-normal level of worry from investors about your Windows PC segments in light of all of the unit shipment and supply chain issues, and yet you put up a Windows OEM number that blew away your guidance.

艾米，在第一季度發布之前，我想說鑑於所有單位出貨量和供應鏈問題，投資者對您的 Windows PC 細分市場的擔憂程度高於正常水平，但您卻建立了 Windows OEM吹走你的指導的數字。

And your guidance for the Windows OEM business in December was also, I think, way above what people are modeling.

我認為，您在 12 月對 Windows OEM 業務的指導也遠高於人們的建模。

So I guess, in essence, how did you dodge that bullet?

所以我想，本質上，你是如何躲過那顆子彈的？

Amy, maybe you could unpack that OEM performance for us and your view into the second half of the fiscal year.

艾米，也許您可以為我們解開 OEM 業績以及您對本財年下半年的看法。

Thanks, Karl.

謝謝，卡爾。

I want to start by saying and repeating something that Satya, I think, was careful to include in his remarks.

我想首先說和重複一些我認為薩蒂亞小心翼翼地包含在他的評論中的事情。

And it is the central nature of the PC, to really the nature of both hybrid work and fundamentally about getting jobs done.

它是 PC 的核心本質，真正體現了混合工作的本質以及從根本上完成工作的本質。

And I think the central role it's played, we've talked about, I think, now for a number of quarters.

我認為它所發揮的核心作用，我們已經討論過，我想，現在已經有好幾個季度了。

And I think the reality of that continues to exist and I think become more real for people as we talk about what hybrid's going to look like and continue to learn what hybrid is going to look like.

我認為這種現實仍然存在，我認為當我們談論混合動力車會是什麼樣子並繼續了解混合動力車會是什麼樣子時，人們會變得更加真實。

And to that end, PCs -- the market grew this quarter, and it was constrained by supply.

為此，PC 市場在本季度有所增長，但受到供應的限制。

I believe Q2 will also be a strong demand quarter that is constrained by supply.

我相信第二季度也將是一個受供應限制的強勁需求季度。

But even with that, we see a growing market.

但即便如此，我們也看到了一個不斷增長的市場。

And then particularly, in both Q1 and Q2, we see a strong demand in the commercial segment.

然後特別是在第一季度和第二季度，我們看到商業領域的需求強勁。

And I think that ties directly back to some of Satya's comments about the central nature of the device.

我認為這與 Satya 關於設備核心性質的一些評論直接相關。

Then, of course, we do get some benefit, Karl, because revenue per license is higher in commercial than it is in the broad market.

然後，當然，我們確實得到了一些好處，Karl，因為每個許可證的收入在商業中比在廣闊市場中更高。

Those things together, which is a growing market, strong Windows performance within that market, in commercial in particular, and then the resulting higher revenue per license results in I think a very strong position in Q1 and Q2.

這些因素加在一起，這是一個不斷增長的市場，Windows 在該市場中的強勁表現，尤其是在商業方面，以及由此產生的更高的每個許可證收入，我認為在第一季度和第二季度處於非常有利的地位。

Got it.

知道了。

Congrats on that result, Amy.

祝賀這個結果，艾米。

Thank you.

謝謝你。

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

我們的下一個問題來自 Mark Moerdler 與 Bernstein Research 的合作。

Satya, Amy, congratulations on the really strong quarter.

Satya，Amy，祝賀季度表現強勁。

With inflation, at least in the U.S., increasing and likely to further accelerate due to government spending, Amy, how do you think this increasing inflation will impact your customers and your business?

隨著通貨膨脹，至少在美國，由於政府支出而增加並可能進一步加速，艾米，您認為這種不斷加劇的通貨膨脹將如何影響您的客戶和您的業務？

And Satya, in your remarks, you discussed how digital is deflationary in an inflationary world.

薩蒂亞，在你的評論中，你討論了數字化在通貨膨脹的世界中是如何導致通貨緊縮的。

Can you give more color on how the shift to cloud and digital will offset inflationary pressure beyond purely pricing?

您能否就向雲和數字的轉變將如何抵消純粹定價之外的通脹壓力提供更多說明？

Yes.

是的。

Maybe I'll just start and then, Amy, you can add to it.

也許我會開始，然後，艾米，你可以添加它。

I mean in an inflationary environment, the first place any business should go to is how to really ensure that they're able to get productivity gains and even dealing with constraints.

我的意思是在通貨膨脹的環境中，任何企業應該首先考慮的是如何真正確保他們能夠提高生產力，甚至處理限制。

For example, if you have supply chain constraints, one of the things you want to do is run your factories at the efficient frontier.

例如，如果您有供應鏈限制，您想要做的一件事就是在高效前沿運營您的工廠。

That means things like digital-twin simulation are the ones where you're going to make sure that every production run has the least amount of wastage.

這意味著像數字孿生模擬這樣的事情是你要確保每次生產運行的浪費最少的地方。

So I think any which way you look, whether it's in the knowledge worker, first-line worker, whether it's actually digital twins and simulation, all of those things are going to be the best way for any company to deal with inflationary pressure so that they can, in fact, have the best productivity and thereby the best ability to be able to meet aggregate demand out there.

所以我認為無論你怎麼看，無論是知識工作者、一線工作者，還是真正的數字孿生和模擬，所有這些都將成為任何公司應對通脹壓力的最佳方式，以便事實上，他們可以擁有最好的生產力，從而擁有滿足總需求的最佳能力。

So that's why we are very, very excited about sort of making sure our software products are available to our business customers all around to be able to manage through this inflationary environment.

所以這就是為什麼我們非常非常興奮地確保我們的軟件產品可供我們的商業客戶使用，以便能夠在這種通貨膨脹的環境中進行管理。

And I'll let Amy add to that.

我會讓艾米補充一下。

Yes.

是的。

Thanks, Satya.

謝謝，薩蒂亞。

And I think, really, Satya got to the heart, Mark, of where I tend to go when you think about -- when you see the intensity of customers across industries and across geographies wanting to adopt digital technology for many of the reasons Satya just explained, and there's numerous scenarios across, I think, most industries.

我認為，真的，Satya，馬克，當你想到我傾向於去的地方時——當你看到跨行業和跨地域的客戶出於許多原因想要採用數字技術的強度時，Satya解釋過，我認為大多數行業都有很多場景。

That acceleration, of course, regardless, frankly, of the overall environment, is a place where we feel like we offer the best portfolio at the Microsoft Cloud and with our industry clouds to make that doable with a very fast time-to-value.

當然，坦率地說，無論整體環境如何，這種加速是我們覺得我們在 Microsoft 雲和我們的行業雲中提供最佳產品組合的地方，以便以非常快的時間實現價值。

And so our ability to execute against that, regardless of the spend environment, means we've got the right portfolio and a high value to customer that's deployable quickly, that can get them results when they need it.

因此，無論支出環境如何，我們都有能力執行此操作，這意味著我們擁有正確的產品組合和對客戶的高價值，並且可以快速部署，可以在他們需要時為他們帶來結果。

And I think that's reflected in most of the surveys that really point to preference for our cloud to help customers do that.

我認為這反映在大多數調查中，這些調查確實表明我們偏愛我們的雲來幫助客戶做到這一點。

So while -- of course, it's hard to predict what any quarter or second half will do, the things I believe to be sustainable are a push to digital, a push to clouds that help customers get value quickly and us being a trusted adviser and partner to help that happen.

因此，雖然——當然，很難預測任何季度或下半年會發生什麼，但我認為可持續的事情是推動數字化、推動雲計算以幫助客戶快速獲得價值以及我們成為值得信賴的顧問和合作夥伴幫助實現這一目標。

Congrats again.

再次恭喜。

Our next question is coming from the line of Kash Rangan with Goldman Sachs.

我們的下一個問題來自 Kash Rangan 與高盛的合作關係。

You gave us great useful perspective on inflation.

你給了我們關於通貨膨脹的非常有用的觀點。

Curious if you can expand your thoughts, Satya and Amy, on the labor shortage we're seeing in the tech market, how you're dealing with that.

Satya 和 Amy，好奇你是否可以擴展你的想法，關於我們在科技市場看到的勞動力短缺，你是如何處理的。

And also, a, little bit more of a deeper perspective on supply chain and how does Microsoft get visibility?

還有，對供應鏈以及微軟如何獲得可見性有更深入的了解？

Considering that you're growing your cloud business and your CapEx commitments seem to be quite impressive.

考慮到您正在發展您的雲業務並且您的資本支出承諾似乎相當可觀。

How much visibility do you have into component availability and your ability to ramp up your CapEx?

您對組件可用性和提高資本支出的能力有多少了解？

Thanks, Kash, for the questions.

謝謝，Kash，提出問題。

So on the labor market, maybe I'll start.

所以在勞動力市場上，也許我會開始。

Amy, you can add to this.

艾米，你可以補充一下。

All up, the first place where we are very, very focused on is to making sure that, with LinkedIn, we are doing everything to help everyone find their best economic opportunity.

總而言之，我們非常非常關注的第一個地方是確保通過 LinkedIn，我們正在盡一切努力幫助每個人找到他們最好的經濟機會。

And when Ryan Roslansky, who's the CEO of LinkedIn, talks about the great reshuffle, I think along with the hybrid work change, there is a real question everybody is asking, not only where and how they work, but why they work.

當 LinkedIn 的首席執行官瑞安·羅斯蘭斯基 (Ryan Roslansky) 談到大改組時，我認為隨著混合工作的變化，每個人都在問一個真正的問題，不僅是他們的工作地點和方式，還有他們為什麼工作。

And so to be able to make sure that we can help them find the opportunity that they are looking for is, I think, the most critical work that we can be doing.

因此，我認為，能夠確保我們能夠幫助他們找到他們正在尋找的機會，這是我們可以做的最關鍵的工作。

The second side to this though is also to take the productivity of the people, whether they're on the front lines and the first-line workers or the knowledge workers or even software developers, and making sure that they have the best tools, whether it's the GitHub, Harness and Visual Studio Code for people who are developers, or whether it is Power Apps or whether it is the Office 365 and then Microsoft 365 tooling to help them be most productive.

不過，另一方面也是要提高人們的生產力，無論他們是在前線、一線工人還是知識工人，甚至是軟件開發人員，並確保他們擁有最好的工具，無論是它是面向開發人員的 GitHub、Harness 和 Visual Studio Code，無論是 Power Apps，還是 Office 365 和 Microsoft 365 工具，都可以幫助他們提高工作效率。

That's, I think, the thing that we are very, very focused on because key to dealing with labor shortages is productivity gains.

我認為，這是我們非常非常關注的事情，因為解決勞動力短缺的關鍵是提高生產力。

And that, plus the work we're doing in LinkedIn, is where we are focused on.

再加上我們在 LinkedIn 上所做的工作，這就是我們的重點。

So with that, Amy, I'll hand it over to you.

所以，艾米，我會把它交給你。

Thanks, Satya.

謝謝，薩蒂亞。

And Kash, as you probably noted, I did talk about, this quarter, we did add a year-over-year 14% head count growth.

卡什，正如你可能注意到的，我確實說過，本季度，我們確實增加了 14% 的員工人數同比增長。

And I think that's important because when you talk about how, what and why, we do remain focused on being a great employer, to have people achieve those goals and be able to achieve them here.

我認為這很重要，因為當你談論如何、是什麼和為什麼時，我們仍然專注於成為一個偉大的雇主，讓人們實現這些目標並能夠在這裡實現它們。

Secondly, you asked some good questions about the supply chain impact and specifically around data center given our spend this quarter, and my guidance is it should be similar next.

其次，鑑於我們本季度的支出，您提出了一些關於供應鏈影響的好問題，特別是圍繞數據中心的問題，我的指導是接下來應該是類似的。

A lot of that, Kash, is long lead time.

Kash，其中很多是很長的交貨時間。

So we do have good understanding of lead times required to meet the capacity and signals that we're seeing.

因此，我們確實非常了解滿足我們所看到的容量和信號所需的交貨時間。

I think we did a good job managing that.

我認為我們在管理上做得很好。

It's not to say we're not impacted.

這並不是說我們沒有受到影響。

Multiple suppliers are important to be able to manage through that.

多個供應商對於能夠通過這種方式進行管理很重要。

And I feel the team has done a very good job.

我覺得團隊做得非常好。

In terms of specific impacts, I noted it in some of my remarks.

至於具體影響，我在一些發言中也提到了。

I do think demand will exceed supply in PCs and Surface for us this quarter, particularly in premium devices and consoles for Xbox.

我確實認為本季度對我們個人電腦和 Surface 的需求將超過供應，特別是在 Xbox 的高端設備和遊戲機方面。

And another bit of -- another challenge I noted will just be we'll just need to watch the advertising market through the quarter because, obviously, their willingness to spend is entirely connected to their supply as well.

還有一點——我注意到的另一個挑戰就是我們只需要在整個季度觀察廣告市場，因為顯然，他們的消費意願也完全與他們的供應有關。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自 Raimo Lenschow 與 Barclays 的合作關係。

Could you speak a little bit to your -- in your remarks, you talked a lot more about the hybrid cloud and how Server & Tools is actually seeing a lot of benefits from that.

您能否談談您的 - 在您的評論中，您談到了更多關於混合雲以及服務器和工具實際上如何從中受益的情況。

What are you seeing on the client side about that dynamic in terms of people moving to the cloud and kind of workloads migrating over there and hence, there's less Server & Tools versus actually kind of that being a net benefit for you?

在人們遷移到雲和遷移到那裡的工作負載類型方面，您在客戶端看到了什麼動態，因此，服務器和工具較少，而實際上對您來說是一種淨收益？

It seems like the pendulum is swinging in the other direction for you.

鐘擺似乎正在為您朝另一個方向擺動。

Some help there would be helpful.

那裡的一些幫助會有所幫助。

Maybe I can talk a bit to sort of what we are seeing.

也許我可以談談我們所看到的。

Let's take the most, I would say, the classic model of lift, shift and modernize motions, which is, I think, at the core of hybrid cloud.

我想說的是，讓我們充分利用經典的提升、轉移和現代化運動模型，我認為這是混合雲的核心。

That's still in -- still early innings.

那仍然是 - 仍然是早期的局。

Every day, I wake up to talk to customers who are planning out that motion and making sure that they're able to modernize their entire application portfolio in various ways.

每天，我醒來都會與正在計劃該行動並確保他們能夠以各種方式實現整個應用程序組合現代化的客戶交談。

So that's obviously still very, very strong.

所以這顯然仍然非常非常強大。

The interesting thing for us, even in that context, is even in the height of our success in the client server era, we really were never a Tier 1 company, whereas now, we are in the sense that you take all the SAP workloads that are running on Azure, which I talked about, or other Tier 1 workloads that are migrating, whether it's HPC or transactional database workloads.

對我們來說有趣的是，即使在這種情況下，即使在我們在客戶端服務器時代取得成功的高峰期，我們真的從來都不是一級公司，而現在，我們在某種意義上說，您承擔了所有 SAP 工作負載正在我談到的 Azure 或其他正在遷移的第 1 層工作負載上運行，無論是 HPC 還是事務性數據庫工作負載。

So that's the other thing which is happening is real production workloads moving over.

因此，正在發生的另一件事是實際生產工作負載的轉移。

And then on the data estate, that's the place where perhaps we're seeing significant traction.

然後在數據資產上，這可能是我們看到顯著牽引力的地方。

And I referenced that in some of my remarks, all the way from what's happening with, say, operational data stores like Cosmos DB with Synapse Link to Synapse, or Power BI to Synapse or in fact, Dynamics 365 Dataverse to Synapse.

我在我的一些評論中提到了這一點，從發生的事情一直到發生的事情，比如 Cosmos DB 和 Synapse Link 到 Synapse，或者 Power BI 到 Synapse，或者實際上，Dynamics 365 Dataverse 到 Synapse。

So there's tons and tons of coming together of the data estate with, for example, regulatory requirements.

因此，將大量數據與監管要求結合在一起。

Now there, you need to have real governance on data.

現在，您需要對數據進行真正的治理。

That's where Azure Purview becomes, again, a pretty big driver of that data gravity to the cloud from a governance perspective.

從治理的角度來看，這就是 Azure Purview 再次成為將數據重力轉移到雲的一個相當大的驅動力的地方。

The other side of this is what's happening with dev tools, right, when you start having your CI/CD to your cloud, then modern new applications and the agility with which you build, so with GitHub, VS Code becoming essentially default for any modern dev shop in the enterprise or otherwise, that's the other thing that we see.

另一方面是開發工具正在發生的事情，對，當你開始將 CI/CD 放到你的雲中時，然後是現代的新應用程序和你構建的敏捷性，所以有了 GitHub，VS Code 基本上成為任何現代的默認設置在企業或其他地方開發商店，這是我們看到的另一件事。

But perhaps more than anything else, the interesting circuit for us is what happens with Teams, right?

但也許最重要的是，對我們來說有趣的電路是 Teams 會發生什麼，對吧？

With Teams, you suddenly now have a new platform in which applications get hosted, whether it's developed by the enterprise or by a third party, and I referenced that in my remarks.

使用 Teams，您現在突然擁有一個新平台，可以在其中託管應用程序，無論它是由企業開發的還是由第三方開發的，我在評論中提到了這一點。

And those applications, in many cases, get built on our cloud, use things like Azure DB, use things like Power Platform.

在許多情況下，這些應用程序構建在我們的雲上，使用 Azure DB 之類的東西，使用 Power Platform 之類的東西。

And so the reinforcing and compounding side of Teams, to Power Apps, to Dynamics, to Azure is probably one of the most unique things we are seeing in terms of new applications getting built.

因此，Teams、Power Apps、Dynamics、Azure 的增強和復合方面可能是我們在構建新應用程序方面看到的最獨特的東西之一。

And then there is the cloud plus edge, which I referenced in the answer to the first question, which is in a multi-cloud, multi-edge world, you still need a control plane that manages all that complexity.

然後是雲加邊緣，我在第一個問題的答案中提到了它，在多雲、多邊緣的世界中，您仍然需要一個控制平面來管理所有這些複雜性。

And that's where something like Azure Arc and GitHub become the 2 standards.

這就是 Azure Arc 和 GitHub 之類的東西成為兩個標準的地方。

You develop in one place, you deploy in one place, and then you propagate to every cloud that you want to deploy in.

你在一個地方開發，在一個地方部署，然後傳播到你想要部署的每個雲。

And Raimo, just maybe to add -- yes, you may have been asking also just about the nature of some of the comments I was making about on-prem server results.

而 Raimo，也許要補充一下——是的，你可能也一直在問我對本地服務器結果所做的一些評論的性質。

And it really points to hybrid strength.

它確實指向混合強度。

That's the way I tend to think about it.

這就是我傾向於思考的方式。

And whether that's the fact that people are committed to Windows and SQL Server when they run that in Azure or whether they run it in a multi-cloud environment, it's a commitment to the platform.

無論是人們在 Azure 中運行 Windows 和 SQL Server 還是在多雲環境中運行它時都致力於使用 Windows 和 SQL Server，這都是對平台的一種承諾。

And so I just wanted to make that probably more clear as one of the drivers of our server products and cloud KPI execution this quarter.

因此，作為本季度我們的服務器產品和雲 KPI 執行的驅動因素之一，我只想更清楚地說明這一點。

Our next question comes from Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 和 Stifel。

So recently, several of your Tier 1 SIs has talked about having trouble hiring fast enough to keep up with demand.

最近，您的一些 1 級 SI 談到在招聘速度不夠快以跟上需求方面存在問題。

And clearly, your results sort of speak to that.

很明顯，你的結果有點說明了這一點。

But as we look going forward, have you seen any early indications that customers are potentially having to slow down the pace with which they move to your commercial cloud?

但是，當我們展望未來時，您是否看到任何早期跡象表明客戶可能不得不放慢他們遷移到您的商業雲的步伐？

I mean I would sort of point to Amy's guide for the next quarter.

我的意思是我會指向艾米下個季度的指南。

As far as we are sort of looking at, is the demand across the entire stack is pretty robust.

就我們所看到的而言，整個堆棧的需求是否非常強勁。

And obviously, what happens in the labor market, whether it's in the tech labor market or any other labor market, will ultimately be something that we will all be subject to.

顯然，勞動力市場發生的事情，無論是在科技勞動力市場還是任何其他勞動力市場，最終都將是我們所有人都會受到的影響。

But the thing at least about the software businesses are, in order to deal with a lot of other constraints, whether they are labor shortages or supply shortages, deploying digital tech is one way to sort of really overcome them.

但至少對於軟件業務而言，為了應對許多其他限制，無論是勞動力短缺還是供應短缺，部署數字技術是一種真正克服它們的方法。

So that's sort of what we see.

這就是我們所看到的。

Clearly, I think in the tech sector today, there is more structural demand than perhaps supply all around.

顯然，我認為在今天的科技行業，結構性需求可能多於供應。

But we like that position because at some level, we just want to make sure that we have the most competitive products out there.

但我們喜歡這個職位，因為在某種程度上，我們只是想確保我們擁有最具競爭力的產品。

And as long as we continue to do so, I think we'll be fine.

只要我們繼續這樣做，我想我們會沒事的。

Yes.

是的。

And I do think, frankly, Brad, just the signals we're seeing on consumption and usage, I would say, customers are doing a good job of figuring out the priority list that delivers value to them as Satya's saying.

坦率地說，我確實認為，布拉德，只是我們在消費和使用方面看到的信號，我想說的是，客戶在確定優先列表方面做得很好，正如薩蒂亞所說的那樣為他們提供價值。

I do know, obviously, that the labor market has a real impact.

顯然，我確實知道勞動力市場會產生真正的影響。

And I think that's also why you're seeing investments being made by us in particular into training and skilling, making deployment easier, making time-to-value faster, really having a documentation that makes getting started and trials far more accessible.

而且我認為這也是為什麼您看到我們特別在培訓和技能方面進行投資，使部署更容易，更快地實現價值，真正擁有使入門和試驗更容易訪問的文檔。

And so when you talk about adding productivity, it's also an investment we at Microsoft need to make into making our products easier and really terrific to get going on so that you're not constrained in the ways that you're talking about.

因此，當您談到提高生產力時，這也是我們在 Microsoft 需要進行的一項投資，以使我們的產品更輕鬆、更出色地繼續使用，這樣您就不會受到您所談論的方式的限制。

Our final question comes from Brad Sills with Bank of America.

我們的最後一個問題來自美國銀行的 Brad Sills。

Congratulations on a real nice quarter here.

祝賀您在這裡度過了一個真正美好的季度。

Satya, I wanted to ask about comments you made earlier in the call around investments coming and new releases coming for some of the industry clouds, financial services, manufacturing.

Satya，我想問一下你早些時候在電話會議中就投資即將到來和一些行業雲、金融服務、製造業的新版本發布所做的評論。

How do we -- how should we view this?

我們如何——我們應該如何看待這一點？

Should we think of the Azure business results kind of driven increasingly by these industry cloud-type solutions away from horizontal-type projects like ERP, database?

我們是否應該考慮越來越多地由這些行業雲類型解決方案驅動的 Azure 業務成果，而不是像 ERP、數據庫這樣的橫向項目？

That's obviously been there, but is this an incremental opportunity that's coming that we should be thinking about?

這顯然已經存在，但這是一個我們應該考慮的增量機會嗎？

Yes.

是的。

Thank you for the question.

感謝你的提問。

Absolutely.

絕對地。

We think of the Microsoft Cloud, which includes Azure, it includes Dynamics 365, it includes Microsoft 365, it includes things like Power Platform, it includes even GitHub and VS Code.

我們想到了 Microsoft 雲，它包括 Azure、Dynamics 365、Microsoft 365、Power Platform 之類的東西，甚至包括 GitHub 和 VS Code。

So that's why we keep stressing the full modern tech stack that makes up Microsoft Cloud.

因此，這就是我們一直強調構成 Microsoft 雲的完整現代技術堆棧的原因。

And then with the industry cloud, we add value on top of that, which is specific, whether it's in retail, whether it's manufacturing, obviously, in health care.

然後通過行業雲，我們在此之上增加價值，具體而言，無論是在零售業，還是製造業，顯然，在醫療保健領域。

And our pending Nuance acquisition will even add further to that.

我們待定的 Nuance 收購甚至會進一步增加這一點。

So obviously, we are very, very focused on, first of all, not any just one piece, which we -- each one of those has to be competitive on their own.

很明顯，我們非常非常專注於，首先，不是任何一件，我們 - 每個人都必須自己具有競爭力。

It's the coming together of the Microsoft Cloud.

這是微軟雲的結合。

And then the industry cloud adds further value on top of it.

然後行業雲在此基礎上增加了更多價值。

So yes, I think ultimately, our competitiveness comes because of all of those layers integrated and delivering that time-to-value for our customers while maintaining openness in each layer and competitiveness in each layer.

所以，是的，我認為最終，我們的競爭力來自於所有這些層的集成，並為我們的客戶提供了實現價值的時間，同時保持了每一層的開放性和每一層的競爭力。

That wraps up the Q&A portion of today's call.

今天電話的問答部分到此結束。

Thank you for joining us today, and we look forward to speaking with all of you soon.

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.

女士們，先生們，今天的電話會議到此結束。

Once again, we thank you for your participation, and you may disconnect your lines at this time.

再次感謝您的參與，此時您可以斷開線路。