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

各位好，歡迎參加微軟2022財年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在，我很高興為大家介紹主持人，投資者關係總經理布雷特艾佛森。謝謝。你可以開始了。

Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Deputy General Counsel.

下午好，感謝各位今天蒞臨。與我一同通話的有：董事長兼執行長薩蒂亞‧納德拉；財務長艾米‧胡德；首席會計官愛麗絲‧喬拉；以及副總法律顧問基斯‧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 first 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，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列出這些項目是為了幫助投資者進一步了解公司第一季的業績，以及這些項目和事件對財務表現的影響。

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. 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.

除非另有說明，我們今天在電話會議上所做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），以此作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只提及成長率。通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播中、文字稿中以及將來對錄音的任何使用中。您可以造訪微軟投資者關係網站，重播此電話會議並查看會議記錄。

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

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們在 10-K 表格、10-Q 表格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」部分討論的因素存在重大差異。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. 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. The case for digital transformation has never been more urgent or more clear. Digital technology is a deflationary force in an inflationary economy. Businesses, small and large, can improve productivity and the affordability of their products and services by building tech intensity. The Microsoft Cloud delivers the end-to-end platforms and tools organizations need to navigate this time of transition and change.

謝謝你，布雷特。2022 財年開始，微軟雲端業務便取得了快速發展，季度營收首次突破 200 億美元，較去年同期成長 36%。數位轉型的必要性從未像現在這樣迫切和明確。在通貨膨脹的經濟環境中，數位科技是一種通貨緊縮力量。無論規模大小，企業都可以透過增強技術實力來提高生產力，並提高產品和服務的可負擔性。微軟雲端提供企業在轉型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. Every organization will need a distributed computing fabric across the cloud and the edge to rapidly build, manage and deploy applications anywhere. 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. 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.

現在我將重點介紹我們的創新和發展勢頭，首先從 Azure 開始。每個組織都需要一個跨越雲端和邊緣的分散式運算架構，以便快速建置、管理和部署任何位置的應用程式。我們正在將 Azure 打造成世界計算機，其資料中心區域比任何其他供應商都多，能夠快速存取雲端服務，同時滿足關鍵的資料駐留要求。我們正在與行動電信商合作，從美國的 AT&T 和 Verizon，到歐洲的 Telefónica 和 BT，再到亞太地區的 Telstra 和 Singtel，因為他們正在採用新的商業模式，並將超低延遲的運算能力和儲存帶到網路和企業邊緣。

78% of the Fortune 500 use our hybrid offerings. 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. Organizations also prefer our cloud to power the mission-critical apps they rely on every day. 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.

財富 500 強企業中有 78% 使用我們的混合解決方案。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執行應用程式。企業也更傾向於使用我們的雲端平台來支援他們每天依賴的關鍵業務應用程式。本季度，GE醫療和寶潔公司將關鍵工作負載遷移到了Azure，而包括貝塔斯曼、金佰利、NBA、軟銀、蒂森克虜伯在內的各行各業的領先企業都選擇Azure來運行其SAP工作負載。

Now on to data. The leading indicator of digital transformation success in an organization is the organization's ability to turn data into analytical and predictive power. Azure Synapse brings together data integration, enterprise data warehousing and big data analytics into a comprehensive solution. With Synapse Link for Dataverse, organizations can analyze data from business applications, like Power Platform and Dynamics 365 with just a few clicks. With Synapse Link for Cosmos DB, they can run real-time no-ETL analytics over their operational data. And with Power BI, anyone in the organization can access these insights. Thousands of active Power BI customers are using Synapse today.

接下來是資料部分。衡量組織數位轉型是否成功的關鍵指標是該組織將數據轉化為分析和預測能力的能力。Azure Synapse 將資料整合、企業資料倉儲和大數據分析整合到一個綜合解決方案中。透過 Synapse Link for Dataverse，企業只需點擊幾下滑鼠，即可分析來自 Power Platform 和 Dynamics 365 等業務應用程式的資料。借助 Synapse Link for Cosmos DB，他們可以對營運數據進行即時無 ETL 分析。借助 Power BI，組織中的任何人都可以存取這些見解。目前有數千名活躍的 Power BI 用戶正在使用 Synapse。

More than ever, every business needs a holistic understanding of its data estate. And Azure Purview now generally available is helping organizations, such as FedEx, manage and govern on-premise, multi-cloud and SaaS data. Now on to developers. As every company becomes a digital company, they will need standardized tools to modernize existing apps and build new ones. From GitHub to Visual Studio, we have the most used and loved developer tools to build any app on any platform. GitHub is now home to 73 million developers, up 2x since our acquisition 3 years ago. More and more businesses are choosing GitHub Enterprise to provide their developer teams the most advanced platform to build, ship and maintain software.

如今，每個企業比以往任何時候都更需要全面了解自身的資料資產。Azure View 現已正式推出，正在協助 FedEx 等組織管理和治理本地、多雲和 SaaS 資料。接下來是開發者們。隨著每家公司都向數位轉型，它們將需要標準化的工具來更新現有應用程式並建立新應用程式。從 GitHub 到 Visual Studio，我們擁有最常用、最受歡迎的開發者工具，可用於在任何平台上建立任何應用程式。GitHub 目前擁有 7,300 萬開發者，比 3 年前我們收購時成長了 2 倍。越來越多的企業選擇 GitHub Enterprise，為他們的開發團隊提供最先進的平台來建置、發布和維護軟體。

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

光是本季，我們就推出了 70 多項企業功能，財富 100 強企業中有 84% 使用 GitHub，我們看到數位原生公司和世界上最成熟的公司（從 Pinterest 到寶潔，從 Stripe 到法國興業銀行）的使用率都在不斷增長。我們在人工智慧領域快速創新，我們的大規模模型為一切提供支持，從 Teams 中的會議總結，到幫助開發人員在 GitHub 中編寫程式碼，再到 Dynamics 365 中的最佳下一步行動。隨著機器學習技術的不斷成熟，模型生命週期管理或 MLOps 變得越來越普遍，Azure ML 現在已成為資料科學團隊的首選工具。從藝康集團到普羅維登斯醫療保健公司等大型組織都在依賴 Azure AI 來更好地滿足客戶需求。

Now to 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. All up, Power Platform now has nearly 20 million monthly active users, up 76% year-over-year. Power Apps is the undisputed market leader in low-code/no-code tools, now with 10 million monthly active users. 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.

接下來是 Power Platform。借助 Power Platform，我們正在幫助領域專家利用低程式碼/無程式碼工具、機器人流程自動化、虛擬代理和商業智慧來提高生產力。目前，Power Platform 的每月活躍用戶總數已接近 2,000 萬，較去年同期成長 76%。Power Apps 是低程式碼/無程式碼工具領域無可爭議的市場領導者，目前擁有 1000 萬月活躍用戶。財富 500 強企業中有 91% 使用該服務來建立應用程序，129 個組織擁有超過 10,000 名用戶，其中包括 3M、安永、葛蘭素史克、瑪莎百貨、索尼和採埃孚集團。

Now on to Dynamics 365. Going forward, every business process will be collaborative, powered by data and AI, and will bridge the digital and physical worlds. Dynamics 365 ushers in this hyper-connected business process era. We continue to gain share with Dynamics 365 and Teams. 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. Dynamics 365 Customer Insights leads its category. Customers like Meijer are using it to create a 360-degree view of customers in order to deliver more personalized experiences. All up, the number of customer profiles increased 174% year-over-year.

接下來是 Dynamics 365。展望未來，所有業務流程都將是協作式的，由數據和人工智慧驅動，並將連接數位世界和實體世界。Dynamics 365 開啟了高度互聯的業務流程時代。我們憑藉 Dynamics 365 和 Teams 不斷擴大市場份額。我們正在創造一個全新的協作應用程式類別，幫助像羅克韋爾自動化、韋萊韜悅這樣的企業在整個組織內發現數據和見解。Dynamics 365 Customer Insights 在同類產品中處於領先地位。像 Meijer 這樣的客戶正在利用它來創建客戶的 360 度視圖，以便提供更個人化的體驗。總體而言，客戶檔案數量年增了 174%。

Now on to industry. 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. 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.

接下來進入工業領域。我們的產業雲端整合了整個微軟雲端的功能以及業界特定的客製化功能，以縮短價值實現時間、提高敏捷性並降低成本。我們看到客戶對我們面向醫療保健行業的全新行業雲端平台的接受度很高，而我們面向金融服務和製造業的雲端平台將於下週更廣泛地推出。

Sustainability is an existential priority for our society and for every business today. And when we think about our approach to sustainability, it's more than just the carbon footprint of our own data centers. 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. 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.

永續發展是當今社會和所有企業生存的首要任務。當我們思考永續發展方法時，我們考慮的不僅僅是我們自身資料中心的碳足跡。透過我們的 Microsoft Cloud for Sustainability，我們正在創建一個全新的業務流程類別，以協助企業監控其營運過程中的碳足跡。例如，全球最大的烘焙公司 Grupo Bimbo 正在使用我們的工具來報告、記錄和減少其在每個營運國家的排放量。

Now on to 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. 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. LinkedIn now has nearly 800 million members. Confirmed hires on the platform increased more than 160% year-over-year. And this quarter, we launched new ways to help job seekers discover roles that align with how they want to work.

接下來轉到領英。全球勞動市場正在經歷一場巨大的重組，人們不僅在重新思考在哪裡工作、如何工作，而且還在重新思考為什麼要工作。隨著越來越多的人更換工作，我們看到用戶參與度創下新高，他們越來越多地轉向 LinkedIn 來建立聯繫、學習、成長和找到工作。LinkedIn目前擁有近8億會員。該平台上的已確認招聘人數年增超過 160%。本季度，我們推出了新的方法，幫助求職者找到符合他們工作方式的職位。

In a rapidly evolving labor market, companies are increasingly turning to LinkedIn Learning to upskill and reskill their employees. 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. Businesses continue to choose LinkedIn as the trusted way to reach professionals. LinkedIn advertising revenue was up 61% year-over-year.

在快速變化的勞動力市場中，越來越多的公司開始利用 LinkedIn Learning 來提升和重新培訓員工的技能。我們現在擁有超過 15,000 家 LinkedIn Learning 企業客戶，我們正在擴大在創作者經濟中的機會，包括為 LinkedIn Learning 講師提供建立受眾群體和與學習者即時聯繫的新方法。企業仍然選擇 LinkedIn 作為聯繫專業人士的可靠途徑。LinkedIn廣告收入較去年同期成長61%。

Now on to Microsoft 365 and Teams. Flexibility and productivity are not mutually exclusive. We are innovating to empower people to have impact from home, in the office and anywhere in between. Microsoft Teams is the only solution that supports all the ways people work. Usage has never been higher. 138 organizations now have more than 100,000 users of Teams, and more than 3,000 have more than 10,000 users. Updates to Teams Rooms, including new AI pod cameras and spatial audio, ensure every meeting attendee is always a first-class participant.

接下來是 Microsoft 365 和 Teams。靈活性和生產力並非互相排斥。我們正在進行創新，旨在賦能人們，讓他們無論是在家、在辦公室或其他任何地方都能發揮影響力。Microsoft Teams是唯一能夠支援所有人運作方式的解決方案。使用率從未如此之高。目前有 138 個組織擁有超過 10 萬名 Teams 用戶，超過 3,000 個組織擁有超過 1 萬名用戶。Teams Rooms 的更新，包括新的 AI 攝影機和空間音頻，確保每位會議參與者都能獲得一流的體驗。

The rise of hybrid work is transforming the enterprise phone market, and we are taking share across PSTN and VoIP. Calls originating from Teams chats increased 50% this quarter compared to a year ago. Operator Connect enables organizations to bring their existing service directly into 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. Moving forward, organizations will need a digital fabric that spans organizational boundaries to address key challenges, like customer service swarming and supply chain resilience. With Teams Connect, employees across multiple companies can chat and collaborate as one extended team without switching tenants.

混合辦公模式的興起正在改變企業電話市場，我們正在PSTN和VoIP領域搶佔市場份額。本季透過 Teams 聊天發起的通話量比去年同期成長了 50%。Operator Connect 使組織能夠將其現有服務直接整合到 Teams 中。本季度，包括斯倫貝謝、西太平洋銀行、採埃孚集團、REI 和 SAP 在內的各行各業的領導者都選擇了 Teams Phone 來滿足他們所有的內部和外部通話需求。展望未來，各組織需要建構跨越組織邊界的數位化架構，以因應客戶服務擁塞和供應鏈韌性等關鍵挑戰。借助 Teams Connect，多家公司的員工可以像一個擴展團隊一樣聊天和協作，而無需切換租戶。

In private preview, we are already seeing strong interest and usage from companies like LVMH and WPP. Teams by itself has become a first-class platform for application development. 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. Organizations are also using Power Platform to build their own rich, collaborative apps within Teams for everything, from curbside pickup, to care team coordination. 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.

在內部預覽階段，我們已經看到 LVMH 和 WPP 等公司表現出濃厚的興趣並積極使用。Teams本身已成為一流的應用程式開發平台。例如，Levi Strauss 和 NTT DATA 的員工正在 Teams 中使用 ServiceNow 應用程序，以便在工作流程中存取關鍵資訊。各組織也在使用 Power Platform 在 Teams 中建立自己的豐富協作應用程序，涵蓋從路邊取貨到護理團隊協調等方方面面。總體而言，擁有超過 10,000 名用戶的組織將其第三方應用程式和業務線應用程式與 Teams 集成，同比增長 82%。

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

我們正在透過 Microsoft Viva 創建一個全新的類別，它將溝通、知識、學習、資源和見解融合在一起。我們收購了 Ally.io，這家公司是快速成長的目標和關鍵結果領域的領導者，此次收購增加了新的工具，可以幫助員工在混合辦公模式下推動成果，而不僅僅是產出。Avanade、Old Mutual、PayPal 和豐田北美公司都選擇 Viva 來幫助加強員工與公司使命、員工與經理之間的聯繫，並推動個人賦能。

Across Microsoft 365, we are seeing growth in all segments, including triple-digit year-over-year usage growth of Teams in frontline. Coles, one of Australia's largest retailers, chose Teams to bring 2-way communications to more than 120,000 frontline employees. And Chevron, H&M, Lumen and St. Jude all turned to our premium Microsoft 365 E5 offerings for advanced security, compliance, voice and analytics.

在整個 Microsoft 365 領域，我們看到所有細分市場都在成長，包括 Teams 在第一線用戶的使用量實現了三位數的同比增長。澳洲最大的零售商之一 Coles 選擇 Teams 為超過 12 萬名第一線員工提供雙向溝通。還有 Chevron、H&M、Lumen 和 St.Jude 全部轉向了我們高級的 Microsoft 365 E5 產品，以獲得高級安全性、合規性、語音和分析功能。

Now on to Windows. Earlier this month, we launched Windows 11, the biggest update to our operating system in a decade. When I step back and reflect on the future of how we work, connect and play, one thing is clear. The PC will be more critical than ever. There has been a structural shift in PC demand emerging from this pandemic, and we're delighted with the early response to Windows 11. With every new generation of Windows, we also unlock the next generation of hardware innovation across our ecosystem.

接下來是Windows系統。本月初，我們發布了 Windows 11，這是我們作業系統十年來最大的更新。當我退後一步，反思我們未來工作、聯繫和娛樂的方式時，有一件事是明確的。個人電腦將比以往任何時候都更重要。疫情引發了個人電腦需求的結構性轉變，我們對 Windows 11 的早期反應感到非常高興。隨著每一代新 Windows 的發布，我們也為整個生態系統開啟了下一代硬體創新。

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. 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.

今年假期季，我們很高興能與 OEM 合作夥伴一起，為大家提供各種價位、各種外形尺寸的 Windows 11 設備，選擇範圍最廣。我們正在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，並且還有巨大的機會創造一類新的應用程序，這些應用程式將利用 Windows 的邊緣運算和人工智慧功能，並結合雲端技術。

And Windows 11 is also the most open platform. It's pioneering new store commerce models and policies, with both Amazon and Epic Games are bringing their marketplaces to the Microsoft Store. Now on to security. Cybersecurity is the #1 threat facing businesses today. 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. 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.

而且Windows 11也是最開放的平台。它開創了新的商店商業模式和政策，亞馬遜和 Epic Games 都將他們的市場引入了微軟商店。接下來談談安全問題。網路安全是當今企業面臨的第一大威脅。我們的目標是幫助每個組織透過基於端到端解決方案的零信任架構來加強其防禦，該架構涵蓋所有雲端和所有平台。我們每天分析超過 24 兆個來自電子郵件、終端和身分的訊號，並將這些資訊轉化為創新功能來保護我們的客戶。

We have prevented more than 70 billion attacks over the past year alone. We now have nearly 650,000 customers using our security solutions, up 50% year-over-year. And businesses like HCA Healthcare and Siemens switched to our security solutions to protect their endpoints. 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. And the future of security is passwordless. Nearly 240 million users have adopted passwordless login to date, and consumers can now completely remove passwords from their personal Microsoft accounts. And we're not stopping there. Over the next 5 years, we'll invest $20 billion to advance our security solutions and protect customers.

光是去年，我們就阻止了超過700億次攻擊。目前，我們的安全解決方案擁有近 65 萬名客戶，較去年同期成長 50%。像 HCA Healthcare 和 Siemens 這樣的企業都轉而採用我們的安全解決方案來保護其終端設備。在身份驗證方面，Azure Active Directory 目前擁有超過 5 億月活躍用戶，並且我們看到第三方應用程式的使用量比去年同期成長了 1.5 倍。而安全的未來在於無密碼時代。迄今為止，已有近 2.4 億用戶採用了無密碼登錄，消費者現在可以完全從他們的個人 Microsoft 帳戶中移除密碼。我們不會就此止步。未來 5 年，我們將投資 200 億美元，用於推進我們的安全解決方案並保護客戶。

Now on to gaming. We continue to attract new gamers and retain those we have gained over the past 1.5 years. We saw record first quarter monetization and engagement. 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.

接下來是遊戲環節。我們持續吸引新玩家，並留住過去一年半以來累積的玩家。第一季我們的獲利和用戶參與度都創下了歷史新高。今年假日季，我們將推出史上最大規模的內容和獨家遊戲陣容，其中包括 3 款全新 AAA 級遊戲，例如《光環：無限》，可透過 Game Pass 訂閱服務獲取，該服務將繼續提供最具價值的遊戲體驗。

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. Cloud gaming is now available in 26 countries, including, as of this quarter, in Australia, Brazil, Mexico and Japan. We are expanding our opportunity with independent creators as well as top studios. Updates to Azure PlayFab make it easier for developers to integrate, to create a marketplace in games they built. And leading publishers, from Bungie to Krafton, are all relying on our cloud to scale and operate their games.

我們也首次將 xCloud 遊戲引入主機平台，讓 Xbox 用戶只需點擊一下即可發現並暢玩 100 多款遊戲。雲端遊戲目前已在 26 個國家推出，包括本季新增的澳洲、巴西、墨西哥和日本。我們正在拓展與獨立創作者和頂級工作室的合作機會。Azure PlayFab 的更新使開發者能夠更輕鬆地整合並建立他們所開發的遊戲市場。從 Bungie 到 Krafton，各大發行商都在依靠我們的雲端平台來擴展和營運他們的遊戲。

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

最後，我們擁有最多元化的數位業務組合，我們正在不斷創新，以擴大我們在整個業務組合中的機會，從而在這個新時代幫助我們的客戶。下週，我們將舉辦旗艦活動 Ignite 大會，屆時我們將分享微軟雲端的下一個篇章，從元宇宙到大規模人工智慧，從混合辦公室到混合基礎設施。我對未來的機會充滿信心。

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

然後，我就把它交給艾米了。

Thank you, Satya, and good afternoon, everyone. Our first quarter revenue was $45.3 billion, up 22% and 20% in constant currency. 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.

謝謝你，薩蒂亞，大家下午好。我們第一季的營收為 453 億美元，年增 22%，以固定匯率計算成長 20%。每股收益為 2.27 美元，以固定匯率計算增長了 25% 和 23%（已計入本季與無形資產轉移相關的 33 億美元淨稅收優惠）。

Our sales teams and partners delivered a strong start to the fiscal year. In our commercial business, customers continued to choose the Microsoft Cloud. 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. 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. And in LinkedIn, the Talent Solutions business continued to benefit from an improved job market.

我們的銷售團隊和合作夥伴為新財年開了個好頭。在我們的商業業務中，客戶繼續選擇微軟雲端。正如薩蒂亞在他的評論中所反映的那樣，我們再次看到 Azure 按消費付費業務的健康成長，以及 Teams 和 Power Platform 等產品的使用量增加。在我們的本地部署業務中，Office 和 Server 的年金業績受益於高於預期的、當期收入確認更高的合約組合。在 LinkedIn，人才解決方案業務持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. We also saw positive demand signals for Windows 11 ahead of launch, with nearly all devices built this quarter eligible for upgrade. Microsoft 365 subscription growth drove Office Consumer results. Advertising market growth drove another strong quarter in LinkedIn as well as search and news advertising. And in gaming, we were able to ship more Xbox Series X and S consoles than expected even as demand continues to exceed supply.

在我們的消費業務中，儘管供應鏈持續受到限制，但在不斷成長的PC市場中，Windows OEM的表現仍優於預期。在 Windows 11 發布之前，我們也看到了積極的需求訊號，本季生產的幾乎所有設備都符合升級條件。Microsoft 365 訂閱成長推動了 Office 消費者業務的業績成長。廣告市場成長帶動了 LinkedIn 以及搜尋和新聞廣告的另一個強勁季度。在遊戲領域，儘管需求持續超過供應，但我們仍然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. 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. This quarter, growth was impacted by fewer large long-term Azure contracts, which were unpredictable in their timing. 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. And our annuity mix increased 2 points year-over-year to 95%.

接下來我們來看整體結果。與去年同期強勁的業績相比，商業預訂量按固定匯率計算增長了 11% 和 14%，這主要得益於新訂單、附加訂單和續訂訂單銷售策略的持續有效執行。本季度，由於大型長期 Azure 合約數量減少且簽訂時間難以預測，成長受到了影響。因此，以固定匯率計算，商業剩餘履約義務增加了 28% 和 29%，達到 1,370 億美元，其中未來 12 個月內確認的收入與未來 12 個月後確認的收入大致相等。我們的年金組合佔比去年同期成長 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. Microsoft Cloud gross margin percentage decreased slightly year-over-year to 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.

微軟雲端業務收入以固定匯率計算成長 36% 和 34%，達到 207 億美元，超出預期。微軟雲端業務毛利率年減至 71%。剔除伺服器和網路設備資產使用壽命會計估計變化的影響，微軟雲端毛利率成長約 4 個百分點，這主要得益於雲端服務的改善，尤其是 Azure 和 Office 365 的改善，但部分被銷售組合向 Azure 的轉變所抵銷。

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. More Personal Computing revenue growth was increased by 1 point from FX, less favorable than expected. FX increased COGS by 1 point, in line with expectations, and had no impact to operating expense, slightly more favorable than expected. Gross margin dollars increased 21% and 19% in constant currency. Gross margin percentage was 70%, down slightly year-over-year. 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.

由於美元走軟，FX推動公司整體、生產力和業務流程以及智慧雲端收入成長2個百分點，符合預期。受外匯影響，更多個人計算業務的收入成長提高了 1 個百分點，但低於預期。外匯波動使銷售成本增加了 1 個百分點，符合預期，但對營運費用沒有影響，略好於預期。以美元計算，毛利增加了 21%，以固定匯率計算增加了 19%。毛利率為70%，較去年同期略有下降。排除前面討論過的會計估計變化的影響，毛利率大約增長了 1 個百分點，這主要得益於前面提到的雲服務的改進，但部分被銷售組合向雲的轉變所抵消。

Operating expense increased 11%, lower than expected, primarily driven by investments that shifted to future quarters. 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. Operating income increased 27% and 24% in constant currency, and operating margins expanded 2 points year-over-year to 45%. Excluding the impact of the change in accounting estimate, operating margins expanded roughly 4 points year-over-year.

營運費用成長了 11%，低於預期，主要原因是投資轉移到了未來的季度。公司整體員工人數年增 14%，我們持續投資於雲端工程、銷售、客戶部署和遊戲等關鍵領域。以固定匯率計算，營業收入成長了 27% 和 24%，營業利潤率年增 2 個百分點至 45%。剔除會計估計變動的影響，營業利益率年增約 4 個百分點。

Now to our segment results. 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. Office Commercial revenue grew 18% and 16% in constant currency. 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. Demand for our advanced security, compliance and voice offerings drove continued momentum in E5 revenue this quarter.

現在來看我們各部分的業績結果。生產力和業務流程收入為 150 億美元，以固定匯率計算分別成長了 22% 和 20%，其中 Office Commercial 和 LinkedIn 的表現優於預期。辦公室商業收入以固定匯率計算成長了 18% 和 16%。Office 365 商業收入以固定匯率計算增長了 23% 和 21%，這主要得益於所有工作負載和所有客戶群的安裝基礎擴大以及 ARPU 的提高。本季度，市場對我們先進的安全、合規和語音產品的需求推動了 E5 收入的持續成長。

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. Office Commercial licensing decreased 13% and 14% in constant currency, significantly ahead of expectations, benefiting from the higher in-period revenue recognition noted earlier. 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. Over the past 2 years, our Microsoft 365 subscriber base has grown over 50%, reaching 54.1 million this quarter.

付費版 Office 365 商業版席位年增 17%，這主要得益於我們面向中小企業和第一線員工的產品又一個季度的強勁增長。辦公室商業許可以固定匯率計算下降了 13% 和 14%，遠遠超出預期，這得益於前面提到的較高的當期收入確認。在去年同期強勁成長的基礎上，Office 消費者營收以固定匯率計算成長了 10% 和 8%，其中 Microsoft 365 訂閱的成長優於預期。過去兩年，我們的 Microsoft 365 用戶群成長超過 50%，本季達到 5,410 萬。

Dynamics revenue grew 31% and 29% constant currency. 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. 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.

Dynamics 的營收成長了 31%，以固定匯率計算成長了 29%。Dynamics 365 的營收成長了 48% 和以固定匯率計算成長了 45%，而 Power Apps 的需求持續強勁，以固定匯率計算分別成長了 202% 和 197%。在 LinkedIn，營收以固定匯率計算成長了 42% 和 39%，行銷解決方案業務持續強勁，而人才解決方案業務由於前文提到的就業市場改善，表現優於預期。

Segment gross margin dollars increased 22% and 20% in constant currency, and gross margin percentage increased slightly. 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 7%, and operating income increased 33% and 29% in constant currency.

以固定匯率計算，分部毛利分別成長了 22% 和 20%，毛利率略有成長。剔除會計估計變化的影響，毛利率百分比增加約 2 個百分點，這主要得益於所有雲端服務的改善。營業費用增加了 7%，營業收入成長了 33%（以固定匯率計算成長了 29%）。

Next, the Intelligent Cloud segment. 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. Overall, server products and cloud services revenue increased 35% and 33% in constant currency. Azure and other cloud services grew 50% and 48% in constant currency, ahead of expectations driven by our consumption-based services.

接下來是智慧雲部分。營收達 170 億美元，以固定匯率運算成長 31% 和 29%，超出預期，這主要得益於客戶對我們差異化的混合雲和雲端產品的持續需求。總體而言，伺服器產品和雲端服務收入以固定匯率計算分別成長了 35% 和 33%。Azure 和其他雲端服務以固定匯率計算分別成長了 50% 和 48%，超出預期，這主要得益於我們基於消費的服務。

In our per user business, the enterprise mobility and security installed base grew 30% to over 196 million seats. In our on-premises business, on a low prior year comparable, revenue increased 14% and 13% in constant currency, ahead of expectations. 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.

在我們按用戶計費的業務中，企業行動和安全安裝基礎成長了 30%，達到超過 1.96 億個席位。在我們的在地化業務中，儘管去年同期可比數據較低，但營收仍成長了 14% 和 13%（以固定匯率計算），超出預期。我們年金業務的強勁成長得益於市場對我們混合產品的強勁需求，這些產品包括在多雲環境中運行的 Windows Server 和 SQL Server，以及更高的期中收入確認，包括在 Windows Server 2022 發布之前購買年金所帶來的收益。

Enterprise Services revenue grew 9% and 8% in constant currency driven by growth in Microsoft Consulting Services and enterprise support services. Segment gross margin dollars increased 28% and 26% in constant currency, and gross margin percentage decreased roughly 1 point year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 2 points driven by improvements in Azure, partially offset by sales mix shift to Azure. Operating expense increased 13% and 12% in constant currency, and operating income grew 39% and 37% in constant currency.

企業服務收入以固定匯率計算成長了 9% 和 8%，這主要得益於微軟諮詢服務和企業支援服務的成長。以固定匯率計算，分部毛利成長了 28% 和 26%，毛利率年減了約 1 個百分點。排除會計估計變動的影響，毛利率百分比增加約 2 個百分點，這主要得益於 Azure 的改進，但部分被銷售組合向 Azure 的轉變所抵銷。以固定匯率計算，營業費用增加了 13% 和 12%；以固定匯率計算，營業收入成長了 39% 和 37%。

Now to More Personal Computing. Revenue was $13.3 billion, increasing 12% and 11% in constant currency, with better-than-expected performance in Windows OEM and gaming. Windows OEM revenue increased 10% driven by a stronger-than-expected PC market, particularly in the commercial segment, which has higher revenue per license. 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. The deferral was lower-than-expected OEMs' prioritized upgrade-eligible device builds early in the quarter.

現在進入個人電腦領域。營收達 133 億美元，以固定匯率計算成長 12% 和 11%，其中 Windows OEM 和遊戲業務表現優於預期。受 PC 市場強於預期（尤其是商業領域，每個許可證的收入更高）的推動，Windows OEM 收入成長了 10%。這些結果包括因 Windows 11 在正式發布前售予 OEM 廠商的許可證而導致的 2.1 億美元收入遞延，約 7 個百分點的影響。此次延期低於預期，因為 OEM 廠商在本季度初優先生產了符合升級條件的設備。

Windows Commercial products and cloud services revenue grew 12% and 10% in constant currency driven by demand for Microsoft 365. Surface revenue declined 17% and 19% in constant currency on a strong prior year comparable. 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. And in gaming, revenue increased 16% and 14% in constant currency, ahead of expectations. Better-than-expected console supply and continued strong demand resulted in Xbox hardware revenue growth of 166% and 162% in constant currency. Xbox content services revenue increased 2% and was relatively unchanged in constant currency against a strong prior year comparable.

受 Microsoft 365 需求的推動，Windows 商業產品和雲端服務收入以固定匯率計算分別成長了 12% 和 10%。由於去年同期業績強勁，以固定匯率計算，地面交通收入下降了 17% 和 19%。不計TAC，搜尋和新聞廣告收入以固定匯率計算分別成長了40%和39%，符合預期，受惠於前面提到的廣告市場。遊戲業務收入以固定匯率計算成長了 16% 和 14%，均超出預期。遊戲機供應優於預期，需求持續強勁，使得 Xbox 硬體營收以固定匯率計算成長了 166% 和 162%。Xbox 內容服務營收成長了 2%，以固定匯率計算與去年同期相比基本持平，而去年同期基數較高。

Segment gross margin dollars increased 10% and 8% in constant currency. Gross margin percentage decreased roughly 1 point year-over-year driven by sales mix shift to gaming hardware. Operating expenses increased 15% driven by the ZeniMax acquisition as well as Windows 11 marketing. Operating income grew 7% and 5% in constant currency. Now back to total company results. Capital expenditures, including finance leases, were $7.4 billion, in line with expectations, and cash paid for PP&E was $5.8 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.

以固定匯率計算，分部毛利率成長了 10%，毛利率成長了 8%。受銷售組合轉移到遊戲硬體的影響，毛利率年減約 1 個百分點。受 ZeniMax 收購和 Windows 11 行銷的影響，營運費用增加了 15%。營業收入成長7%，以固定匯率計算成長5%。現在回到公司整體業績。資本支出（包括融資租賃）為 74 億美元，符合預期；用於購買固定資產的現金支出為 58 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，都繼續基於顯著的客戶需求和使用訊號。

Cash flow from operations was $24.5 billion, increasing 27% year-over-year driven by strong cloud billings and collections. Free cash flow was $18.7 billion, up 30% year-over-year. This quarter, other income and expense was $286 million, higher than anticipated, primarily driven by net gains on investments. As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio. Our non-GAAP effective tax rate was approximately 16%. And finally, we returned $10.9 billion to shareholders through share repurchases and dividends.

經營活動產生的現金流為 245 億美元，年增 27%，主要得益於強勁的雲端計費和收款。自由現金流為 187 億美元，年增 30%。本季其他收入和支出為 2.86 億美元，高於預期，主要原因是投資淨收益。再次提醒，我們需要對股票投資組合進行市值計價，以確認收益或損失。我們的非GAAP實際稅率約為16%。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 would like to provide a couple of reminders. First, the outlook we give, unless specifically noted otherwise, is on a U.S. dollar basis. 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. With that, let's move to our second quarter outlook.

在我們展望未來之前，我想先提醒大家幾點。首先，除非另有特別說明，我們提供的展望均以美元為基礎。其次，我對下一季的預測並未包含 Nuance 收購案的影響，我們預計該收購案將在第二季末或第三季初完成。接下來，讓我們展望一下第二季。

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

在我們的商業業務方面，我們差異化的市場地位、極具吸引力的解決方案組合和持續的執行力應該會推動我們再創一個強勁的季度。商業預訂成長應該會再次保持健康，但會受到第二季到期合約基數溫和成長以及先前討論過的大型長期 Azure 合約帶來的正常季度波動的影響。

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

微軟雲端業務的毛利率預計將年減約 2 個百分點。撇開先前討論過的會計估計變化的影響不談，儘管收入結構轉向 Azure，但由於雲端服務的持續改善，第二季毛利率將增加約 2 個百分點。從長遠來看，我們預計微軟雲端毛利率將受到收入結構轉移到 Azure 、微軟雲端服務使用量以及為支援客戶成功而進行的持續策略投資的影響。以美元計，我們預計資本支出將與上一季大致持平，因為我們將繼續投資以支持不斷增長的需求。

Now to FX. 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. Next to segment guidance. In Productivity and Business Processes, we expect revenue between $15.7 billion and $15.95 billion. 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.

現在來看FX。根據目前的匯率，我們預期外匯將使公司整體及所有分部的收入增加約 1 個百分點，並且不會對總銷售成本或營運費用成長產生影響。接下來是細分市場指導。在生產力和業務流程方面，我們預計營收在 157 億美元至 159.5 億美元之間。在 Office 商業版領域，營收成長將再次由 Office 365 推動，用戶席位成長健康，客戶群成長強勁，E5 業務持續維持成長動能。

In our on-premises business, we expect revenue to decline in the high teens, consistent with the ongoing customer shift to the cloud. In Office Consumer, we expect revenue to grow in the mid-teens, with continued momentum in Microsoft 365 consumer subscriptions. For LinkedIn, a strong job market and continued engagement on the platform should drive revenue growth in the mid-30% range. And in Dynamics, we expect revenue growth similar to Q1 driven by strength in Dynamics 365, including continued momentum in Power Apps.

在我們的本地部署業務中，我們預計收入將下降近10%，這與客戶持續向雲端遷移的趨勢相符。在 Office 消費者業務方面，我們預期營收將實現兩位數中段的成長，這得益於 Microsoft 365 消費者訂閱業務的持續成長動能。對於 LinkedIn 而言，強勁的就業市場和用戶在平台上的持續活躍度應該會推動營收成長 30% 左右。在 Dynamics 方面，我們預計營收成長將與第一季類似，這主要得益於 Dynamics 365 的強勁表​​現，以及 Power Apps 的持續成長動能。

For Intelligent Cloud, we expect revenue between $18.1 billion and $18.35 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability, primarily from our per user business and from in-period revenue recognition depending on the mix of contracts. In Q2, we expect healthy broad-based growth in our Azure consumption business, consistent with recent trends. 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.

對於智慧雲端業務，我們預計營收將在 181 億美元至 183.5 億美元之間。收入將繼續由 Azure 驅動，但需要提醒的是，Azure 的收入可能會出現季度波動，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收入確認。第二季度，我們預期 Azure 消費業務將實現全面健康的成長，與近期的趨勢一致。就我們的按用戶計費業務而言，雖然我們將繼續受益於 Microsoft 365 套件的發展勢頭，但考慮到已安裝用戶群的規模，我們應該會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. In Enterprise Services, we expect revenue growth to be in the high single digits. In More Personal Computing, we expect revenue between $16.35 billion and $16.75 billion. 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.

在我們的本地伺服器業務中，考慮到去年同期較高的可比較業績，我們預計在混合解決方案持續需求的推動下，營收將實現中等個位數的成長。在企業服務方面，我們預期收入成長將達到較高的個位數。在「更多個人計算」領域，我們預計收入將在 163.5 億美元至 167.5 億美元之間。儘管供應鏈持續受到限制，但 OEM 收入應該會增長到十幾個百分點，其中包括 2.1 億美元的 Windows 11 延期付款帶來的 6 個百分點的影響，這筆款項將收入從第一季度轉移到了第二季度。

In Windows Commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive low double-digit growth. In Surface, we expect revenue to decline in single digits as we continue to work through supply chain uncertainty, particularly in our premium devices. In search and news advertising, ex TAC, we expect revenue growth in the low to mid-20s. If supply chain uncertainty reduces advertising budgets, our results would be negatively impacted.

在 Windows 商業產品和雲端服務方面，客戶對 Microsoft 365 和我們先進的安全解決方案的需求應該會推動兩位數低成長。由於我們仍在努力應對供應鏈的不確定性，我們預計 Surface 的營收將出現個位數下降，尤其是在我們的高階設備方面。在搜尋和新聞廣告領域（不包括 TAC），我們預計收入將成長在 20% 到 25% 之間。如果供應鏈的不確定性導致廣告預算減少，我們的業績將受到負面影響。

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

在遊戲領域，由於去年同期業績強勁，包括我們新遊戲機的推出以及 Xbox 內容和服務的強勁表現，我們預計營收將實現接近兩位數的成長。主機遊戲銷售將繼續受到供應鏈不確定性的影響。在 Xbox 內容服務方面，我們預計營收將實現兩位數中段的成長，在假日季期間，Xbox 平台的用戶參與度將非常高，屆時將有多款 AAA 級遊戲發布。

Now back to company guidance. We expect COGS of $17 billion to $17.2 billion and operating expense of $12.7 billion to $12.8 billion. In other income and expense, interest income and expense should offset each other. And finally, we expect our Q2 effective tax rate to be approximately 17%.

現在回到公司指引。我們預計銷售成本為 170 億美元至 172 億美元，營運費用為 127 億美元至 128 億美元。在其他收入和支出中，利息收入和支出應該相互抵消。最後，我們預計第二季實際稅率約為 17%。

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

綜上所述，我們在 2022 財年開局強勁，擁有巨大的機會推動持續的長期收入成長。我們將繼續專注於提升我們差異化的微軟雲端產品的高價值使用量，並在假日季節到來之際，透過 Windows 11、Surface 和我們的 Xbox 遊戲平台，為消費者帶來令人興奮的新體驗。我們堅持不懈地投資於這些以及其他未來的機遇，同時繼續保持穩健的經營業績，這將推動 2022 財年及以後取得強勁的業績。

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

布雷特，現在進入問答環節。

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

謝謝你，艾米。接下來進入問答環節。（操作員指令）操作員，請您重複您的指示好嗎？

(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基斯‧韋斯。

Congratulations on another remarkable quarter. 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. Can you talk to us about how you think about sizing that opportunity in terms of the programmable edge? 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. Can you help us kind of understand the differentiation in those approaches?

恭喜你們又一個季度取得了卓越的成績。薩蒂亞，我希望你能談談邊緣運算的機遇，這是你開場白中提到的，也是我們在投資界和科技界常聽到的討論話題。您能否談談您如何看待可程式邊緣運算所帶來的機會規模？或許還能幫助我們理解微軟的架構方法，並將其與一些進入市場的 CDN 競爭對手進行比較，這些競爭對手正在談論透過提供更完善的最後一公里解決方案來實現競爭差異化。您能幫我們理解一下這些方法之間的差異嗎？

Thank you so much, Keith. And a great question because we've always, as you know, Keith, architected Azure for the distributed computing fabric to remain distributed. 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. So that when we think about cloud plus edge, we even put even the multi-cloud control plane in there, right? 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.

非常感謝你，基斯。這是一個很好的問題，因為如你所知，Keith，我們一直以來都將 Azure 的分散式運算架構設計成維持分散式特性。換句話說，早在 5 年前我們討論混合運算時，我們的想法始終是，我們將始終擁有一個雲，然後我們將擁有一個分散式雲端基礎設施用於應用程式部署。所以，當我們考慮雲+邊緣時，我們甚至把多雲控制平面也考慮進去了，對吧？所以，無論是 5G 的發展，以及計算自然而然地轉移到數據產生的地方，例如工廠車間、醫院、你想玩 xCloud 遊戲的城市，這都是一種現象。

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. That's another thing that we are seeing. 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. And so we feel well positioned for it. And I think that the multi-cloud, multi-edge world is sort of really how we build Azure in the first place. And I think we're still very early in all of that playing out, but we feel well positioned.

另一種方法是真正處理所有雲，無論是本地資料中心還是其他公有雲和我們自己的公有雲，並能夠使用 Azure Arc 及其控制平面來簡化所有雲端的部署。這是我們觀察到的另一個現象。所以，當我思考在這樣一個分散式世界中，關鍵是什麼時，那就是擁有一整套應用程式基礎架構，對吧，從管理和安全控制平面（例如 Azure Active Directory 管理安全原則和身分）到管理控制平面（例如 Azure Arc）。因此，我們感覺自己已經做好了充分的準備。我認為，多雲、多邊緣的世界正是我們最初建構 Azure 的方式。我認為這一切還處於非常早期的階段，但我們感覺自己處於有利地位。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

Amy, commercial bookings up 14% is impressive, but it's slowed down from last quarter's 25% against a more difficult comp. I think you had mentioned some color around Azure and the size and duration. Can you just -- maybe anything else you would call out there and realize it's come off the tough comps?

艾米，商業預訂量成長 14% 令人印象深刻，但與上一季 25% 的增幅相比有所放緩，因為今年的同期基數更大。我想你之前提到過 Azure 的顏色、大小和持續時間。你能不能──或許你還有什麼想說的，意識到它已經從激烈的競爭中脫穎而出了？

Thanks, Brent. Yes. 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. 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. Our execution on that was actually quite good. 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. It's very consistent execution, to your point, Brent, this quarter versus others on that front.

謝謝你，布倫特。是的。我認為，在考慮預訂業績時，重要的是要討論在出現那些由 Azure 大額承諾引起的波動之前發生了什麼，這些波動造成了我們正在討論的一些難以比較的情況。這就是真正執行日常銷售微軟[雲端]產品的機會，對吧？微軟[雲端]包括 Dynamics、微軟雲端、GitHub 以及更廣泛的生態系統。我們在那項任務上的執行其實相當不錯。續約率非常好，回收率非常好，附加銷售也非常好，這意味著你的銷售模式與正常模式不同，所以我感覺非常好。正如你所說，布倫特，本季在這方面的表現與其他季度相比非常穩定。

And then, to your point, it's sort of important not to time some of these larger, long-dated Azure contracts. That's where the volatility is. The day-to-day execution of Azure commitments, actually, was very consistent. The volatility comes with some of the bigger things. And with a lot of them in Q4, less on a comparable basis in Q1, and that happens from time to time.

還有一點，正如你所說，對於一些規模較大、期限較長的 Azure 合同，最好不要設定特定的時間節點。波動性就體現在這裡。實際上，Azure 日常承諾的執行情況非常穩定。一些大事往往伴隨著波動性。第四季這類事件很多，而第一季這類事件相對較少，這種情況時有發生。

Our next question is coming from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀集團的卡爾‧基爾斯蒂德。

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. And your guidance for the Windows OEM business in December was also, I think, way above what people are modeling. So I guess, in essence, how did you dodge that bullet? Amy, maybe you could unpack that OEM performance for us and your view into the second half of the fiscal year.

艾米，在發布第一季業績報告之前，考慮到所有出貨量和供應鏈問題，我認為投資者對你的 Windows PC 業務的擔憂程度高於往常，但你公佈的 Windows OEM 銷量卻遠遠超出了你的預期。我認為，您在 12 月對 Windows OEM 業務的預測也遠高於人們的預期。所以，我想問的是，你究竟是如何躲過這一劫的？艾米，或許你可以為我們分析這家 OEM 公司的業績，並談談你對下半年財年的看法。

Thanks, Karl. I want to start by saying and repeating something that Satya, I think, was careful to include in his remarks. And it is the central nature of the PC, to really the nature of both hybrid work and fundamentally about getting jobs done. And I think the central role it's played, we've talked about, I think, now for a number of quarters. 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. And to that end, PCs -- the market grew this quarter, and it was constrained by supply.

謝謝你，卡爾。首先，我想重申薩蒂亞在他的演講中特意提到的一點。而這正是個人電腦的核心本質，它真正體現了混合辦公的本質，從根本上來說，就是完成工作。我認為它所發揮的核心作用，我們已經討論過好幾個季度了。我認為這種現實依然存在，而且隨著我們討論混合動力汽車的未來形態，以及不斷了解混合動力汽車的未來形態，這種現實對人們來說會變得更加真實。因此，個人電腦市場在本季度實現了成長，但受到供應的限制。

I believe Q2 will also be a strong demand quarter that is constrained by supply. But even with that, we see a growing market. And then particularly, in both Q1 and Q2, we see a strong demand in the commercial segment. And I think that ties directly back to some of Satya's comments about the central nature of the device. Then, of course, we do get some benefit, Karl, because revenue per license is higher in commercial than it is in the broad market. 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.

我認為第二季也將是需求強勁但受供應限制的季度。但即便如此，我們仍然看到市場在成長。尤其在第一季和第二季度，我們看到商業領域的需求強勁。我認為這與薩蒂亞關於該設備核心性質的一些評論直接相關。當然，卡爾，我們確實會從中獲得一些好處，因為商業許可的每張許可證的收入比普通市場要高。這些因素加在一起，包括不斷增長的市場、Windows 在該市場（尤其是在商業領域）的強勁表現，以及由此帶來的更高的單許可證收入，我認為這將使我們在第一季和第二季處於非常有利的地位。

Got it. Congrats on that result, Amy.

知道了。恭喜你取得這樣的成績，艾米。

Thank you.

謝謝。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Satya, Amy, congratulations on the really strong quarter. 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? And Satya, in your remarks, you discussed how digital is deflationary in an inflationary world. Can you give more color on how the shift to cloud and digital will offset inflationary pressure beyond purely pricing?

Satya、Amy，恭喜你們本季業績非常出色。鑑於通貨膨脹（至少在美國）不斷加劇，並且由於政府支出，通貨膨脹可能會進一步加速，艾米，你認為不斷加劇的通貨膨脹將如何影響你的客戶和你的業務？薩蒂亞，你在發言中談到，在通貨膨脹的世界裡，數位化是如何起到通縮作用的。除了價格因素之外，向雲端運算和數位轉型將如何抵銷通膨壓力？能否詳細解釋一下？

Yes. Maybe I'll just start and then, Amy, you can add to it. 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. For example, if you have supply chain constraints, one of the things you want to do is run your factories at the efficient frontier. 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.

是的。也許我可以先開始，然後艾米，你可以接著寫。我的意思是，在通貨膨脹的環境下，任何企業首先應該考慮的是如何真正確保能夠提高生產力，甚至應對各種限制。例如，如果您面臨供應鏈限制，那麼您需要做的其中一件事就是讓您的工廠在效率前沿運作。這意味著像數位孿生模擬這樣的技術，是為了確保每次生產運作的浪費量最小。

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. 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. And I'll let Amy add to that.

所以我認為，無論從哪個角度來看，無論是知識工作者、第一線員工，還是數位孿生和模擬，所有這些都將是任何公司應對通膨壓力的最佳方式，從而使它們能夠真正擁有最佳的生產力，進而擁有最佳的能力來滿足市場總需求。所以，我們非常非常高興能夠確保我們的軟體產品能夠惠及世界各地的企業客戶，並幫助他們應對當前的通貨膨脹環境。接下來，我請艾米補充一下。

Yes. Thanks, Satya. 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. 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.

是的。謝謝你，薩蒂亞。我覺得，薩蒂亞確實說到了我的心聲，馬克，當你看到各個行業、各個地區的客戶都強烈希望採用數位技術，原因正如薩蒂亞剛才解釋的那樣，而且我認為，在大多數行業中都存在著許多不同的場景。當然，無論整體環境如何，這種加速發展正是我們認為微軟雲端和產業雲領域擁有最佳產品組合，能夠以非常快的速度實現價值的地方。

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. And I think that's reflected in most of the surveys that really point to preference for our cloud to help customers do that. 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，無論支出環境如何，我們都能有效執行，這意味著我們擁有合適的產品組合，能夠快速部署，為客戶創造高價值，並在他們需要時為他們帶來成果。我認為這在大多數調查中都有所體現，這些調查確實表明客戶更傾向於使用我們的雲端服務來幫助客戶實現這一目標。所以，雖然——當然，很難預測任何一個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位轉型，推動雲端運算轉型，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來幫助實現這一目標。

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高盛的 Kash Rangan。

You gave us great useful perspective on inflation. 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. And also, a, little bit more of a deeper perspective on supply chain and how does Microsoft get visibility? Considering that you're growing your cloud business and your CapEx commitments seem to be quite impressive. How much visibility do you have into component availability and your ability to ramp up your CapEx?

您為我們提供了通貨膨脹的非常有益的見解。Satya 和 Amy，我很想聽聽你們對科技市場目前面臨的勞動力短缺問題的看法，以及你們是如何應對的。此外，能否更深入了解供應鏈，以及微軟如何獲得供應鏈的可見度？考慮到貴公司正在發展雲端業務，而且您的資本支出承諾似乎相當令人印象深刻。您對零件供應情況以及提高資本支出的能力有多大了解？

Thanks, Kash, for the questions. So on the labor market, maybe I'll start. Amy, you can add to this. 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. 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. 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.

謝謝Kash提出的問題。所以，或許我會開始進入勞動市場。艾米，你可以補充一些內容。總而言之，我們最關注的第一件事就是確保透過 LinkedIn，我們竭盡所能幫助每個人找到最佳的經濟機會。LinkedIn 執行長 Ryan Roslansky 在談到大洗牌時表示，除了混合辦公模式的改變之外，每個人都在問一個真正的問題，那就是他們在哪裡以及如何工作，以及他們為什麼要工作。因此，我認為，確保我們能夠幫助他們找到他們正在尋找的機會，是我們所能做的最關鍵的工作。

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. That's, I think, the thing that we are very, very focused on because key to dealing with labor shortages is productivity gains. And that, plus the work we're doing in LinkedIn, is where we are focused on. So with that, Amy, I'll hand it over to you.

但另一方面，也要關注員工的生產力，無論是前線員工、第一線工人、知識工作者，甚至是軟體開發人員，都要確保他們擁有最好的工具，無論是開發人員使用的 GitHub、Harness 和 Visual Studio Code，還是 Power Apps、Office 365 以及 Microsoft 365 工具，以幫助他們最大限度地提高生產力。我認為，這正是我們非常非常關注的事情，因為解決勞動力短缺的關鍵在於提高生產力。而這，再加上我們在 LinkedIn 上所做的工作，就是我們目前的重點。那麼，艾米，我就把它交給你了。

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

謝謝你，薩蒂亞。卡什，正如你可能已經注意到的，我的確談到了，本季我們的員工人數年增了 14%。我認為這很重要，因為當我們談到如何、什麼和為什麼時，我們始終專注於成為一個優秀的雇主，讓人們實現這些目標，並且能夠在這裡實現這些目標。

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. A lot of that, Kash, is long lead time. So we do have good understanding of lead times required to meet the capacity and signals that we're seeing. I think we did a good job managing that. It's not to say we're not impacted. Multiple suppliers are important to be able to manage through that. And I feel the team has done a very good job.

其次，您提出了一些關於供應鏈影響，特別是考慮到我們本季在資料中心方面的支出，非常好的問題，我的建議是下個季度情況應該類似。卡什，很多事情都需要很長的準備時間。因此，我們對滿足產能和我們所看到的訊號所需的提前期有了很好的了解。我認為我們在這方面處理得很好。這並不是說我們沒有受到影響。要管理好多個供應商，這一點至關重要。我覺得團隊做得非常好。

In terms of specific impacts, I noted it in some of my remarks. I do think demand will exceed supply in PCs and Surface for us this quarter, particularly in premium devices and consoles for Xbox. 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.

至於具體影響，我在一些發言中提到。我認為本季我們的 PC 和 Surface 產品需求將超過供應，尤其是高階設備和 Xbox 遊戲機。還有一點——我指出的另一個挑戰是，我們需要密切關注本季的廣告市場，因為很顯然，他們的支出意願與他們的供應完全相關。

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

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

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. 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? It seems like the pendulum is swinging in the other direction for you. Some help there would be helpful.

您能否稍微談談您的——在您的發言中，您更多地談到了混合雲，以及伺服器和工具如何從中獲得許多好處。從客戶的角度來看，隨著人們遷移到雲端，工作負載也隨之遷移，伺服器和工具的需求減少，這是否真的對您有利？看來你的情況正好相反。如果能得到一些幫助就太好了。

Maybe I can talk a bit to sort of what we are seeing. 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. That's still in -- still early innings. 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. So that's obviously still very, very strong.

或許我可以稍微談談我們目前所看到的情況。讓我們以最經典的「提升、轉移和現代化」模式為例，我認為這是混合雲的核心。比賽還處於早期階段。每天早上醒來，我都會與客戶交談，了解他們如何規劃這一發展方向，並確保他們能夠以各種方式實現整個應用程式組合的現代化。所以這顯然仍然非常非常強勁。

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

對我們來說，有趣的是，即使在客戶端/伺服器時代我們最成功的時候，我們也從未真正成為過一家一級公司，而現在，從某種意義上說，我們已經是一級公司了，因為所有在 Azure 上運行的 SAP 工作負載（我剛才提到過）或其他正在遷移的一級工作負載，無論是 HPC 還是事務資料庫工作負載。所以，另一件正在發生的事情就是實際生產工作負載的遷移。

And then on the data estate, that's the place where perhaps we're seeing significant traction. 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. So there's tons and tons of coming together of the data estate with, for example, regulatory requirements. Now there, you need to have real governance on data. That's where Azure Purview becomes, again, a pretty big driver of that data gravity to the cloud from a governance perspective.

而在數據領域，我們或許看到了顯著的進展。我在一些演講中提到了這一點，從 Cosmos DB 與 Synapse Link 到 Synapse 的操作數據存儲，到 Power BI 與 Synapse 的集成，或者 Dynamics 365 Dataverse 與 Synapse 的集成，都涉及到了這一點。因此，數據資產與監管要求等諸多面向正在融合。現在，你們需要對數據進行真正的治理。從治理的角度來看，Azure View 再次成為推動資料遷移到雲端的重要因素。

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

另一方面，開發工具也在發生變化，對吧？當你開始將 CI/CD 部署到雲端，以及建立現代應用程式和敏捷性時，GitHub 和 VS Code 等工具基本上成為企業或其他任何現代開發團隊的預設選擇，這就是我們看到的另一件事。但對我們來說，最有趣的環節或許是 Teams 的表現，對吧？有了 Teams，您突然擁有了一個全新的平台，應用程式可以託管在這個平台上，無論這些應用程式是由企業開發的還是由第三方開發的，我在演講中也提到了這一點。

And those applications, in many cases, get built on our cloud, use things like Azure DB, use things like Power Platform. 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. 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. And that's where something like Azure Arc and GitHub become the 2 standards. You develop in one place, you deploy in one place, and then you propagate to every cloud that you want to deploy in.

很多情況下，這些應用程式都是在我們的雲端平台上建置的，使用 Azure DB 和 Power Platform 等工具。因此，Teams、Power Apps、Dynamics 和 Azure 之間的相互加強和疊加，可能是我們在建立新應用程式時所看到的最獨特的事情之一。然後還有雲加邊緣，我在第一個問題的答案中提到過，在多雲、多邊緣的世界中，你仍然需要一個控制平面來管理所有這些複雜性。正因如此，Azure Arc 和 GitHub 才成為了兩大標準。你在一個地方進行開發，在一個地方部署，然後將其傳播到你想部署的每個雲端平台。

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. And it really points to hybrid strength. That's the way I tend to think about it. 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. 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.

Raimo，或許還要補充一點——是的，你可能也想問一些關於本地伺服器結果的評論的性質。這確實體現了混合型優勢。我通常也是這麼想的。無論是人們在 Azure 中運行 Windows 和 SQL Server 時，還是在多雲環境中運行，這都體現了他們對平台的忠誠。因此，我想更清楚地說明，這是我們本季伺服器產品和雲端 KPI 執行的驅動因素之一。

Our next question comes from Brad Reback with Stifel.

我們的下一個問題來自 Stifel 公司的 Brad Reback。

So recently, several of your Tier 1 SIs has talked about having trouble hiring fast enough to keep up with demand. And clearly, your results sort of speak to that. 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?

最近，你們的幾家一級系統整合商都反映，他們招募速度跟不上需求，遇到了困難。很顯然，你的結果也印證了這一點。但展望未來，您是否看到任何早期跡象表明客戶可能必須放慢向貴公司商業雲端遷移的速度？

I mean I would sort of point to Amy's guide for the next quarter. As far as we are sort of looking at, is the demand across the entire stack is pretty robust. 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.

我的意思是，我會建議大家參考一下艾米的下個季度指南。就我們目前所看到的，整個技術棧的需求相當強勁。顯然，勞動市場發生的事情，無論是科技勞動市場或任何其他勞動市場，最終都會影響我們所有人。

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. So that's sort of what we see. Clearly, I think in the tech sector today, there is more structural demand than perhaps supply all around. But we like that position because at some level, we just want to make sure that we have the most competitive products out there. And as long as we continue to do so, I think we'll be fine.

但至少對於軟體企業來說，為了應對許多其他限制，無論是勞動力短缺還是供應短缺，部署數位技術是真正克服這些限制的方法。這就是我們看到的情況。顯然，我認為當今科技業的整體結構性需求可能大於供給。但我們喜歡這種定位，因為在某種程度上，我們只是想確保我們擁有市場上最具競爭力的產品。只要我們繼續這樣做，我認為我們就沒問題。

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

是的。坦白說，布拉德，我認為，就我們目前看到的消費和使用情況來看，正如薩蒂亞所說，客戶們在確定能為他們帶來價值的優先事項方面做得很好。當然，我知道勞動市場確實會產生影響。我認為這也是為什麼我們特別加大對培訓和技能提升的投資，使部署更容易，更快地實現價值，並真正擁有完善的文檔，使入門和試用更加便捷。所以，當你談到提高生產力時，這也是我們在微軟需要進行的投資，目的是讓我們的產品更容易上手，真正出色地運作起來，這樣你就不會像你所說的那樣受到限制。

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

最後一個問題來自美國銀行的布拉德·西爾斯。

Congratulations on a real nice quarter here. 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. How do we -- how should we view this? 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? That's obviously been there, but is this an incremental opportunity that's coming that we should be thinking about?

恭喜你本季表現出色。Satya，我想問你之前在電話會議中提到的關於即將到來的投資以及一些行業雲、金融服務、製造業即將推出的新產品的評論。我們該如何看待這件事？我們是否應該認為 Azure 的業務成果越來越受到這些產業雲端解決方案的驅動，而不再像 ERP、資料庫等橫向專案那樣受到驅動？這顯然一直存在，但這是否是值得我們考慮的、即將到來的漸進式機會呢？

Yes. Thank you for the question. Absolutely. 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. So that's why we keep stressing the full modern tech stack that makes up Microsoft Cloud. 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. And our pending Nuance acquisition will even add further to that.

是的。謝謝你的提問。絕對地。我們想到的是微軟雲，它包括 Azure、Dynamics 365、Microsoft 365、Power Platform 等，甚至包括 GitHub 和 VS Code。所以這就是為什麼我們一直強調構成微軟雲端的完整現代技術堆疊的原因。然後，藉助產業雲，我們在此基礎上增加了價值，這種價值是具體的，無論是在零售業、製造業，或是醫療保健業。而我們即將完成的對 Nuance 的收購，也將進一步加劇這種情況。

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. It's the coming together of the Microsoft Cloud. And then the industry cloud adds further value on top of it. 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.

所以很顯然，我們首先非常非常關注的不是任何一個單獨的部分，而是每個部分本身都必須具有競爭力。這是微軟雲端的整合。然後，行業雲在此基礎上增加了更多價值。所以，是的，我認為最終，我們的競爭力來自於所有這些層面的整合，以及在保持每個層面的開放性和競爭力的同時，為客戶快速交付價值。

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

今天的電話會議問答環節到此結束。感謝各位今天蒞臨，我們期待很快能與各位再次交流。

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。再次感謝您的參與，您可以斷開線路了。