微軟 (MSFT) 2021 Q4 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2021 Fourth Quarter Earnings Conference Call.

您好，歡迎參加 Microsoft 2021 財年第四季度收益電話會議。

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

（操作員說明）作為提醒，本次會議正在錄製中。

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

現在我很高興向您介紹您的主持人，投資者關係總經理 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；艾米胡德，首席財務官； Alice Jolla，首席會計官；和副總法律顧問 Keith Dolliver。

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

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

Unless otherwise specified, we will refer to the 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.

所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。

They are included as additional clarifying items to aid investors in further understanding the company's fourth 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外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第四季度的業績。

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.

我們還將在可用的情況下以不變貨幣提供增長率，作為評估我們的基礎業務表現的框架，不包括外匯匯率波動的影響。

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

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

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中、記錄中以及將來對錄音的任何使用中。

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通話記錄。

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

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

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，這些預期和假設受到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中討論的因素、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及其他報告和提交給證券交易的文件的風險因素部分中所討論的因素，實際結果可能存在重大差異委員會。

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

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thanks much, Brett.

非常感謝，布雷特。

We had a very strong close to our fiscal year.

我們在接近財政年度時表現非常強勁。

Our commercial cloud surpassed $69 billion in annual revenue, up 34%.

我們的商業雲年收入超過 690 億美元，增長 34%。

We're seeing revenue growth across industries, customer segments and geographies, with over 50% of sales coming from outside the United States.

我們看到跨行業、客戶群和地域的收入增長，超過 50% 的銷售額來自美國以外。

We continue to grow new franchises for Microsoft in large and growing markets.

我們將繼續在龐大且不斷發展的市場中為 Microsoft 發展新的特許經營權。

In the past 3 years alone, gaming, security and now LinkedIn have all surpassed $10 billion in annual revenue.

僅在過去 3 年，遊戲、安全以及現在的 LinkedIn 的年收入都超過了 100 億美元。

Now I'll highlight our innovation and our expanding opportunity across the tech stack, starting with infrastructure.

現在，我將重點介紹我們在整個技術堆棧中的創新和不斷擴大的機會，從基礎設施開始。

Moving forward, every organization will need more ubiquitous and decentralized computing.

展望未來，每個組織都將需要更普遍和分散的計算。

We're the only cloud provider with the capabilities to support every organization's multi-cloud hybrid and edge needs.

我們是唯一一家能夠支持每個組織的多雲混合和邊緣需求的雲提供商。

Over the past year, we have added new data center regions in 15 countries across 5 continents, delivering faster access to cloud services and addressing data residency requirements.

在過去的一年裡，我們在 5 大洲的 15 個國家/地區增加了新的數據中心區域，以提供更快的雲服務訪問速度並滿足數據駐留要求。

And now we're taking cloud compute to the edge with 5G deployments.

現在，我們正在通過 5G 部署將雲計算帶到邊緣。

Our new Azure Edge services help operators and enterprises deliver ultra-low latency compute fabric.

我們新的 Azure Edge 服務可幫助運營商和企業提供超低延遲的計算結構。

And we're also helping operators run their networks in the cloud.

我們還幫助運營商在雲中運行他們的網絡。

AT&T chose Azure to power its 5G core network, making it the first Tier 1 operator to move its existing customer traffic to the public cloud.

AT&T 選擇 Azure 為其 5G 核心網絡提供動力，使其成為第一家將現有客戶流量轉移到公共雲的一級運營商。

We're also expanding our opportunity in hybrid.

我們也在擴大我們在混合方面的機會。

Today, over 75% of the Fortune 500 use our hybrid offerings.

如今，超過 75% 的財富 500 強企業使用我們的混合產品。

Azure Arc extends the Azure control plane across on-premise, multi-cloud and the edge.

Azure Arc 將 Azure 控制平面擴展到本地、多雲和邊緣。

With Arc, customers like EY and Telstra can manage their Kubernetes deployments anywhere and deploy Azure SQL databases and run Azure application services on any infrastructure.

借助 Arc，EY 和 Telstra 等客戶可以在任何地方管理其 Kubernetes 部署，部署 Azure SQL 數據庫並在任何基礎架構上運行 Azure 應用程序服務。

As the digital and physical worlds converge, we are leading in a new layer of the infrastructure stack, the enterprise metaverse.

隨著數字世界和物理世界的融合，我們正在引領基礎設施堆棧的新層，即企業元界。

AB InBev is using our solutions, including Azure Digital Twins and Azure IoT, to optimize operations from the barley field to the warehouse to distribution.

百威英博正在使用我們的解決方案，包括 Azure Digital Twins 和 Azure IoT，來優化從大麥田到倉庫再到配送的運營。

Customers also continue to choose our infrastructure to run mission-critical SAP solutions.

客戶還繼續選擇我們的基礎架構來運行關鍵任務 SAP 解決方案。

Thousands of enterprises have migrated their ERP workloads to Azure, including Campbell Soup, L'Oreal, Mondelez International, ServiceNow and even SAP.

數千家企業已將其 ERP 工作負載遷移到 Azure，包括 Campbell Soup、L'Oreal、Mondelez International、ServiceNow 甚至 SAP。

All this innovation is driving larger and more strategic Azure commitments from industry leaders, including Maz in consumer goods, Morgan Stanley in financial services and NEC in IT.

所有這些創新都推動了行業領導者對 Azure 的更大、更具戰略意義的承諾，包括消費品領域的 Maz、金融服務領域的摩根士丹利和 IT 領域的 NEC。

Now on to data.

現在談談數據。

Data is the most strategic asset for every business.

數據是每個企業最具戰略意義的資產。

We're the only cloud provider that helps organizations build sovereignty over their data by bringing together hyperscale, OLTP, analytics and governance workloads.

我們是唯一一家通過整合超大規模、OLTP、分析和治理工作負載來幫助組織建立對其數據的主權的雲提供商。

Cosmos DB has become the go-to database, powering the world's most demanding mission-critical workloads.

Cosmos DB 已成為首選數據庫，為世界上最苛刻的任務關鍵型工作負載提供支持。

New capabilities help organizations like Albertsons, ASOS, DHL, LaLiga, Maersk, Swiss Re optimize cost and boost performance.

新功能可幫助 Albertsons、ASOS、DHL、LaLiga、Maersk、Swiss Re 等組織優化成本並提高績效。

Walmart is using Cosmos DB to handle billions of online requests daily and to ensure millions of customers receive the items they want when they need them.

沃爾瑪每天使用 Cosmos DB 處理數十億在線請求，並確保數百萬客戶在需要時收到他們想要的商品。

Azure Synapse brings together data integration, big data and data warehouses into a single service.

Azure Synapse 將數據集成、大數據和數據倉庫整合到一個服務中。

From ABN AMRO in finance and AmerisourceBergen in pharma to Walgreens in retail and WPP in advertising, organizations are using Synapse to generate insights from massive amounts of structured and unstructured data.

從金融領域的 ABN AMRO 和製藥領域的 AmerisourceBergen 到零售領域的 Walgreens 和廣告領域的 WPP，組織正在使用 Synapse 從大量結構化和非結構化數據中生成洞察。

Queries performed using Synapse increased 146% over the last quarter alone.

僅在上個季度，使用 Synapse 執行的查詢就增加了 146%。

Now on to developers.

現在轉到開發人員。

GitHub is used by 72% of the Fortune 50 to build, ship and maintain software.

72% 的財富 50 強企業使用 GitHub 來構建、發布和維護軟件。

Organizations like Ford, NASA and Shopify are using new project planning capabilities to help developers better manage projects directly within their workflow.

Ford、NASA 和 Shopify 等組織正在使用新的項目規劃功能來幫助開發人員直接在其工作流程中更好地管理項目。

And Epic Games, Motorola Solutions and Volkswagen Software Group all chose GitHub Advanced Security this quarter to help secure their code.

Epic Games、摩托羅拉解決方案和大眾軟件集團在本季度都選擇了 GitHub Advanced Security 來幫助保護他們的代碼。

We're also leading in enterprise AI.

我們在企業 AI 方面也處於領先地位。

Our new Azure Applied AI Services help organizations like Dow, Lufthansa and Samsung apply AI to common business scenarios.

我們新的 Azure 應用人工智能服務幫助陶氏、漢莎航空和三星等組織將人工智能應用到常見的業務場景中。

And live captions in Twitter Spaces are being powered by our speech services.

Twitter Spaces 中的實時字幕由我們的語音服務提供支持。

Finally, we are bringing the power of our partnership with OpenAI to both professional developers and domain experts.

最後，我們將與 OpenAI 合作的力量帶給專業開發人員和領域專家。

With GitHub Copilot, professional developers can write code faster with less work and using the world's most powerful language model, GPT-3, domain experts can build apps using natural language with Power Platform.

借助 GitHub Copilot，專業開發人員可以用更少的工作更快地編寫代碼，並且使用世界上最強大的語言模型 GPT-3，領域專家可以使用自然語言和 Power Platform 構建應用程序。

Power Platform has become the leading business process automation and productivity suite for domain experts across all functions.

Power Platform 已成為面向所有職能領域專家的領先業務流程自動化和生產力套件。

Power BI is the leader in business intelligence in the cloud.

Power BI 是雲中商業智能的領導者。

Organizations in every industry, including Bayer, Cerner, Rolls-Royce are choosing the platform to foster a data-driven culture.

包括拜耳、賽納、勞斯萊斯在內的各個行業的組織都在選擇該平台來培養數據驅動的文化。

The number of organizations using Power Apps has more than doubled year-over-year.

使用 Power Apps 的組織數量同比增長了一倍多。

BASF chose Power Apps to give 122,000 employees the capability to build low-code/no-code apps.

巴斯夫選擇 Power Apps 讓 122,000 名員工能夠構建低代碼/無代碼應用程序。

And the Toyota Fusion teams of pro developers and domain experts are using Power Apps and Azure Pass services to improve quality control.

由專業開發人員和領域專家組成的 Toyota Fusion 團隊正在使用 Power Apps 和 Azure Pass 服務來改進質量控制。

All up, Power Platform revenue increased 83% over the past year.

總的來說，Power Platform 的收入在過去一年中增長了 83%。

And now on to Dynamics 365.

現在轉到 Dynamics 365。

Every business function, including marketing, sales, customer support and supply chain will need to be reimagined for an AI-first and collaboration-first world.

每個業務功能，包括營銷、銷售、客戶支持和供應鏈，都需要重新構想，以實現人工智能優先和協作優先的世界。

And the silos between communications, collaboration and business process have to be broken down.

必須打破通信、協作和業務流程之間的孤島。

With Dynamics 365, we are building a new generation of business applications to help organizations adapt to this new reality.

借助 Dynamics 365，我們正在構建新一代業務應用程序，以幫助組織適應這一新現實。

We continue to gain share.

我們繼續獲得份額。

Dynamics 365 revenue accelerated for the third consecutive quarter, up 49% year-over-year.

Dynamics 365 收入連續第三個季度增長，同比增長 49%。

We are helping businesses to become digitally sovereign over their customer interactions with our Customer Insights product with organizations like Columbia Sportswear, GNC and LA Clippers all choosing to unify customer profiles and deliver more personalized experiences.

我們正在通過我們的 Customer Insights 產品幫助企業以數字方式掌控他們的客戶互動，Columbia Sportswear、GNC 和 LA Clippers 等組織都選擇統一客戶資料並提供更加個性化的體驗。

We are empowering employees for hybrid work by creating a new category of collaborative applications, bringing business process directly into the flow of work.

我們通過創建一種新的協作應用程序類別，將業務流程直接引入工作流程，從而為員工提供混合工作的能力。

New integrations between Dynamics 365 and Teams enable anyone in an organization to seamlessly view and collaborate on customer records within Teams without having to purchase multiple licenses.

Dynamics 365 和 Teams 之間的新集成使組織中的任何人都可以在 Teams 中無縫查看客戶記錄並進行協作，而無需購買多個許可證。

Customers want this and no other vendor is doing this today.

客戶想要這個，而今天沒有其他供應商這樣做。

And we are helping organizations reimagine their core business process with new apps built for an age of omnichannel communications.

我們正在通過為全渠道通信時代構建的新應用程序幫助組織重新構想其核心業務流程。

With Dynamics 365, customer service organizations like Coca-Cola, Renault and Xiaomi have a single comprehensive solution to deliver consistent and personalized support across all channels.

借助 Dynamics 365，可口可樂、雷諾和小米等客戶服務組織擁有一個全面的解決方案，可以跨所有渠道提供一致和個性化的支持。

Now on to industry solutions.

現在談談行業解決方案。

Over the past year, we have introduced industry clouds for financial services, health care, manufacturing, nonprofits and retail.

在過去的一年裡，我們為金融服務、醫療保健、製造業、非營利組織和零售業引入了行業雲。

And this quarter, we announced our new Microsoft Cloud for Sustainability, bringing together capabilities across our stack to create an entirely new business process category to help every organization address this very urgent need.

本季度，我們宣布了新的 Microsoft Cloud for Sustainability，將我們堆棧中的功能整合在一起，創建一個全新的業務流程類別，幫助每個組織解決這一非常緊迫的需求。

Now on to LinkedIn.

現在轉到LinkedIn。

LinkedIn's revenue surpassed $10 billion for the first time this fiscal year, up 27%, a testament to how mission-critical the platform has become to help people connect, learn, grow and get hired over the course of their careers.

LinkedIn 本財年的收入首次超過 100 億美元，增長了 27%，這證明了該平台在幫助人們在職業生涯中聯繫、學習、成長和被錄用方面的關鍵任務。

In the past 5 years since our acquisition, revenue has nearly tripled and growth has accelerated.

自我們收購以來的過去 5 年中，收入增長了近兩倍，增長速度加快。

LinkedIn has become a leader across multiple secular growth areas spanning B2B advertising, professional hiring, corporate learning and sales intelligence.

LinkedIn 已成為跨越 B2B 廣告、專業招聘、企業學習和銷售情報等多個長期增長領域的領導者。

And from LinkedIn Profiles within Office to LinkedIn Learning courses within Microsoft Viva and LinkedIn Sales Navigator leads within Microsoft Dynamics 365, we have brought together the power of LinkedIn and Microsoft to transform how people learn, sell and connect.

從 Office 中的 LinkedIn Profiles 到 Microsoft Viva 中的 LinkedIn Learning 課程和 Microsoft Dynamics 365 中的 LinkedIn Sales Navigator 領導，我們將 LinkedIn 和 Microsoft 的力量結合在一起，改變人們學習、銷售和聯繫的方式。

LinkedIn has more than 774 million members who are more engaged than ever.

LinkedIn 擁有超過 7.74 億的會員，他們的參與度比以往任何時候都高。

Sessions were up 30% this quarter compared to a year ago.

與一年前相比，本季度的會話數增加了 30%。

And LinkedIn's advertising business surpassed $1 billion in revenue this quarter for the first time, up 97% year-over-year, growing 3x faster than the category.

LinkedIn 的廣告業務本季度收入首次超過 10 億美元，同比增長 97%，增長速度是該類別的 3 倍。

Now to Microsoft 365 and Teams.

現在到 Microsoft 365 和 Teams。

Hybrid work represents the biggest change to the way we work in a generation and will require a new operating model spanning people, places and processes.

混合工作代表了我們這一代人工作方式的最大變化，需要一種跨越人員、地點和流程的新運營模式。

We're the only cloud that supports everything an organization needs to successfully make the shift.

我們是唯一支持組織成功實現轉變所需的一切的雲。

Microsoft Teams is the new front end.

Microsoft Teams 是新的前端。

It's where people meet, chat, call, collaborate and automate business processes all within the flow of work.

這是人們在工作流程中會面、聊天、通話、協作和自動化業務流程的地方。

Teams usage has never been higher.

團隊使用率從未如此高。

We are nearly 250 million monthly active users as people use Teams each day to communicate, collaborate and call out their content across work, life and learning.

我們擁有近 2.5 億月活躍用戶，因為人們每天都使用 Teams 在工作、生活和學習中交流、協作和調用他們的內容。

We are leading in the new and growing enterprise phone category.

我們在新的和不斷增長的企業電話類別中處於領先地位。

Just like video meetings, chat and business processes happen in Teams, calls happen in Teams, creating a huge new opportunity.

就像在 Teams 中進行視頻會議、聊天和業務流程一樣，在 Teams 中進行通話，創造了巨大的新機會。

We have nearly 80 million monthly active Teams phone users, with total calls surpassing 1 billion in a single month this quarter and we're just getting started.

我們每月有近 8000 萬活躍的 Teams 電話用戶，本季度單月通話總數超過 10 億，我們才剛剛開始。

Teams is also at the center of orchestrating collaboration across the entire SaaS estate, from HR to marketing to finance.

Teams 也是整個 SaaS 領域（從 HR 到營銷再到財務）協調協作的中心。

Leading third-party SaaS vendors, including Adobe, Atlassian, Salesforce, SAP, ServiceNow and Workday have now built apps that deeply integrate with Teams, bringing every business process and function directly into the flow of work.

領先的第三方 SaaS 供應商，包括 Adobe、Atlassian、Salesforce、SAP、ServiceNow 和 Workday，現已構建與 Teams 深度集成的應用程序，將每個業務流程和功能直接引入工作流程。

And we are bringing Teams to consumers so people can connect and collaborate with family and friends across desktop, mobile and the web.

我們正在將 Teams 帶給消費者，以便人們可以通過桌面、移動設備和 Web 與家人和朋友聯繫和協作。

All this innovation is driving growth.

所有這些創新都在推動增長。

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

124 個組織現在擁有超過 100,000 名 Teams 用戶，近 3,000 個組織擁有超過 10,000 名用戶。

More broadly, across Microsoft 365, we are seeing double-digit year-over-year seat growth in every segment, from frontline and small business to enterprise.

更廣泛地說，在整個 Microsoft 365 中，我們看到從一線和小型企業到企業的每個細分市場的座位數都實現了兩位數的同比增長。

Leading companies like Bayer, Siemens, Vodafone all chose our premium [EFI] offerings for advanced security, compliance, voice and analytics.

拜耳、西門子、沃達丰等領先公司都選擇了我們的高級 [EFI] 產品來實現高級安全性、合規性、語音和分析。

Now on to employee experience cloud.

現在介紹員工體驗雲。

Having a digital employee experience platform is critical for every organization.

擁有數字化員工體驗平台對每個組織都至關重要。

With Microsoft Viva, we are creating an entirely new category, bringing together communications, learning, well-being and knowledge directly into the flow of work.

通過 Microsoft Viva，我們正在創建一個全新的類別，將交流、學習、幸福和知識直接整合到工作流程中。

New capabilities empower leaders to build human capital, nurture well-being and focus on employee results.

新能力使領導者能夠建立人力資本、培養幸福感並關注員工成果。

We are seeing strong interest and early adoption in every industry from American Express and Barclays to AT&T and Mars.

我們看到從美國運通和巴克萊到 AT&T 和火星的每個行業都表現出濃厚的興趣和早期採用。

Humana chose Viva to help 26,000 employees make the shift to hybrid work, gaining insights on everything from collaboration trends to manager effectiveness.

Humana 選擇 Viva 來幫助 26,000 名員工轉向混合工作，從而獲得從協作趨勢到經理效率等方方面面的見解。

Now on to Windows.

現在到 Windows。

Windows 11 is the biggest update to our operating system in a decade.

Windows 11 是十年來我們操作系統的最大更新。

We are reimagining everything from the Windows platform to the Store to help people and organizations be more productive and secure and build a more open ecosystem for developers and creators.

我們正在重新構想從 Windows 平台到應用商店的一切，以幫助人們和組織提高生產力和安全性，並為開發人員和創作者構建一個更加開放的生態系統。

We are delighted by early feedback.

我們對早期的反饋感到高興。

More people have downloaded our early builds than any other Windows release or update in the history of our Insider Program.

在我們的預覽體驗計劃歷史上，下載我們早期版本的人比任何其他 Windows 版本或更新都多。

And along with our OEM ecosystem, we are excited to bring Windows 11 to new PCs beginning this holiday.

與我們的 OEM 生態系統一起，我們很高興從這個假期開始將 Windows 11 引入新 PC。

And with Windows 365, we are creating a new category, the Cloud PC.

在 Windows 365 中，我們正在創建一個新類別，即云 PC。

Just like applications move to the cloud with SaaS, we are now bringing the operating system to the cloud, enabling organizations to stream the full Windows experience to any employee's personal or corporate device.

就像應用程序通過 SaaS 遷移到雲一樣，我們現在將操作系統帶到雲中，使組織能夠將完整的 Windows 體驗流式傳輸到任何員工的個人或公司設備。

Now on to security.

現在談安全。

With the cybersecurity landscape more complex than ever, it's never been clearer that every organization will need to deploy and maintain a zero trust security architecture.

隨著網絡安全形勢比以往任何時候都複雜，每個組織都需要部署和維護零信任安全架構這一點從未如此清晰。

This is driving accelerated demand for our integrated end-to-end solutions spanning identity, security, compliance and device management across all clouds and all platforms.

這推動了對我們跨所有云和所有平台的跨身份、安全、合規和設備管理的集成端到端解決方案的需求加速。

No other vendor is recognized by analysts as the leader in as many categories.

分析師認為沒有其他供應商在如此多的類別中處於領先地位。

This is reflected in our share gains with nearly 600,000 organizations, including FedEx, Nestlé, NTT and Volkswagen using our security offerings across Azure and Microsoft 365.

這反映在使用我們跨 Azure 和 Microsoft 365 的安全產品的近 600,000 家組織中，包括 FedEx、雀巢、NTT 和大眾汽車。

We saw a 70% increase in the number of small and medium business customers.

我們看到中小型企業客戶的數量增加了 70%。

And it's reflected in our sales growth, with annual revenue continuing to increase 40% year-over-year.

這反映在我們的銷售增長中，年收入繼續同比增長 40%。

We're going further to protect organizations and our recent acquisitions of CloudKnox, ReFirm Labs and RiskIQ bolster our security capabilities in key areas, including identity management, IoT and threat intelligence.

我們將進一步保護組織，我們最近對 CloudKnox、ReFirm Labs 和 RiskIQ 的收購增強了我們在關鍵領域的安全能力，包括身份管理、物聯網和威脅情報。

Now on to gaming.

現在開始遊戲。

Gaming is the largest category in the entertainment industry, and we are expanding our opportunity to reach the world's 3 billion gamers wherever and whenever they play.

遊戲是娛樂行業中最大的類別，我們正在擴大我們的機會，以隨時隨地接觸全球 30 億遊戲玩家。

We are all in on games.

我們都在玩遊戲。

At E3 last month, we unveiled our biggest games lineup ever, announcing 27 new titles which will all be available to Game Pass subscribers.

在上個月的 E3 上，我們推出了有史以來最大的遊戲陣容，宣布了 27 款新遊戲，這些遊戲都將提供給 Game Pass 訂閱者。

Game Pass is growing rapidly and it's transforming how people discover, connect and play games.

Game Pass 發展迅速，它正在改變人們發現、連接和玩遊戲的方式。

Subscribers play approximately 40% more games and spend 50% more than nonmembers.

訂閱者比非會員多玩大約 40% 的遊戲，多花費 50%。

We continue to lead in the fast-growing cloud gaming market with last month -- just last month, we made Xbox Cloud Gaming available on PCs as well as Apple phones and tablets via the browser in 22 countries with more to come.

上個月，我們繼續在快速增長的雲遊戲市場中處於領先地位——就在上個月，我們通過瀏覽器在 22 個國家/地區的 PC 以及 Apple 手機和平板電腦上推出了 Xbox 雲遊戲，未來還會有更多。

Millions have already streamed games to their desktops, tablets and phones.

數百萬人已經將游戲流式傳輸到他們的台式機、平板電腦和手機上。

And the Xbox Series S and X are our fastest-selling consoles ever, with more consoles sold live to date than any previous generation.

Xbox Series S 和 X 是我們有史以來銷售速度最快的遊戲機，迄今為止，現場銷售的遊戲機數量超過任何前一代。

Finally, we continue to grow our opportunity in the creator economy, adding new ways for players to build and monetize their creations in many of our most popular games, including Flight Simulator and Minecraft.

最後，我們繼續在創作者經濟中增加機會，為玩家在我們許多最受歡迎的遊戲（包括飛行模擬器和我的世界）中構建和貨幣化他們的創作添加新的方法。

Creators earned more than double what they did a year ago across our titles.

創作者在我們的遊戲中獲得的收入是一年前的兩倍多。

In closing, going forward, every person and every organization will require more digital technology to be more resilient and to transform.

最後，展望未來，每個人和每個組織都將需要更多的數字技術來增強彈性和轉型。

We are innovating across the entire tech stack to ensure our customers succeed in this new era.

我們正在整個技術堆棧中進行創新，以確保我們的客戶在這個新時代取得成功。

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

有了這個，我會把它交給艾米。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $46.2 billion, up 21% and 17% in constant currency.

本季度收入為 462 億美元，按固定匯率計算分別增長 21% 和 17%。

Earnings per share was $2.17, increasing 49% and 42% in constant currency.

每股收益為 2.17 美元，按固定匯率計算分別增長 49% 和 42%。

In our largest quarter of the year, focused execution by our sales and partner teams, along with broad-based strength across geographical markets and customer segments, drove another very strong quarter of tough and bottom line growth.

在我們今年最大的一個季度中，我們的銷售和合作夥伴團隊的集中執行，以及跨地域市場和客戶群的廣泛實力，推動了又一個非常強勁的季度艱難和底線增長。

In our Commercial business, healthy demand for our differentiated hybrid and cloud offerings as well as increased long-term commitments to our platform drove significant growth in the number of $10 million-plus Azure and Microsoft 365 contracts.

在我們的商業業務中，對我們差異化的混合和雲產品的健康需求以及對我們平台的長期承諾的增加推動了價值超過 1000 萬美元的 Azure 和 Microsoft 365 合同數量的顯著增長。

Customer reliance on the Microsoft Cloud drove sequential increases in usage across Teams, Power Platform and our Advanced Security and identity offerings, which are empowering organizations to shift to hybrid work and modernize business processes.

客戶對 Microsoft 雲的依賴推動了 Teams、Power Platform 以及我們的高級安全和身份產品的使用量連續增加，這些產品使組織能夠轉向混合工作並實現業務流程的現代化。

And in LinkedIn's Talent Solutions business, an improving job market drove strength in annual contracts and job postings.

在 LinkedIn 的人才解決方案業務中，不斷改善的就業市場推動了年度合同和招聘信息的增長。

In our on-premises business, strong annuity performance across Office, Server and Windows also benefited from a greater mix of contracts with higher in-period revenue recognition under ASC 606.

在我們的本地業務中，Office、Server 和 Windows 的強勁年金業績也受益於 ASC 606 下更高的期內收入確認的更多合同組合。

In our Consumer business, Windows OEM and Surface were impacted by the ongoing constraints in the supply chain.

在我們的消費者業務中，Windows OEM 和 Surface 受到供應鏈持續限制的影響。

Search and LinkedIn benefited from an improved advertising market.

搜索和 LinkedIn 受益於廣告市場的改善。

And in Gaming, we again saw strong engagement across our platform while demand for Xbox Series X and S consoles continued to exceed supply.

在遊戲方面，我們再次看到整個平台的強大參與度，而對 Xbox Series X 和 S 遊戲機的需求繼續超過供應。

As a reminder, Q4 was the first full quarter impacted by COVID-19 a year ago across revenue and operating expense.

提醒一下，第四季度是一年前受 COVID-19 影響的第一個完整季度，涉及收入和運營費用。

This quarter, even with a declining exploration base, Commercial bookings grew 30% and 25% in constant currency, significantly ahead of expectations, driven by strong execution across our core annuity sales motions and an increase in the number of larger long-term Azure contracts.

本季度，即使勘探基數下降，商業預訂量仍增長 30% 和 25%（按固定匯率計算），顯著超出預期，這得益於我們核心年金銷售活動的強勁執行以及更大的長期 Azure 合同數量的增加.

As a result, Commercial remaining performance obligation increased 32% and 31% in constant currency to $141 billion.

因此，商業剩餘履約義務按固定匯率計算分別增加了 32% 和 31%，達到 1410 億美元。

Roughly 45% will be recognized in revenue in the next 12 months, up 25% year-over-year.

未來 12 個月，大約 45% 的收入將確認為收入，同比增長 25%。

The remaining portion, which will be recognized beyond the next 12 months, increased 38% year-over-year, highlighting the growing long-term commitment to our Microsoft Cloud.

其餘部分將在未來 12 個月後確認，同比增長 38%，突顯了我們對 Microsoft 雲的長期承諾不斷增長。

And our annuity mix increased 1 point year-over-year to 95%.

我們的年金組合同比增長 1 個百分點，達到 95%。

Commercial cloud revenue, also better than expected, was $19.5 billion as growth accelerated to 36% and 31% in constant currency.

商業雲收入也好於預期，為 195 億美元，增長加速至 36% 和 31%（按固定匯率計算）。

Commercial cloud gross margin percentage expanded 4 points year-over-year to 70%, with roughly 1 point from the change in accounting estimate for the useful life of server and network equipment assets.

商業雲毛利率同比增長 4 個百分點至 70%，與服務器和網絡設備資產使用壽命的會計估計變化約 1 個百分點。

Excluding this impact, commercial cloud gross margin percentage increased despite revenue mix shift to Azure driven by improvement across all our cloud services on a prior year comparable impacted by strategic investments we made to support significant customer engagement and usage in remote work scenarios, including free trials, flexible financing options and capacity for cloud infrastructure usage.

排除這種影響，儘管收入組合轉移到 Azure，但商業雲毛利率增加，這是由於我們所有云服務的改進推動了上一年的可比性，受到我們為支持遠程工作場景中的重要客戶參與和使用而進行的戰略投資的影響，包括免費試用、靈活的融資方案和雲基礎設施使用能力。

With the weaker U.S. dollar, FX increased growth by approximately 4 points, about 1 point more favorable than anticipated.

隨著美元走軟，外匯增長約 4 個百分點，比預期有利約 1 個百分點。

FX increased COGS growth by approximately 1 point and operating expense growth by approximately 2 points, both in line with expectations.

外匯使銷貨成本增長約 1 個百分點，營業費用增長約 2 個百分點，均符合預期。

Gross margin dollars increased 25% and 20% in constant currency.

按固定匯率計算，美元毛利率分別增長 25% 和 20%。

Gross margin percentage was 70%, up 2 points year-over-year, with roughly 1 point of favorable impact from the change in accounting estimate.

毛利率為 70%，同比上升 2 個百分點，會計估計變更的有利影響約為 1 個百分點。

Excluding this impact, company gross margin percentage increased despite sales mix shift to the cloud driven by commercial cloud gross margin percentage improvement noted earlier.

排除這種影響，儘管前面提到的商業雲毛利率提高推動了銷售組合向雲轉移，但公司毛利率百分比增加。

Operating expense grew 6% and 4% in constant currency, in line with expectations on a prior year comparable that included roughly 4 points of impact from the realignment of our retail store strategy and 2 points of impact from an increase in bad debt expense.

營業費用按固定匯率計算分別增長 6% 和 4%，與去年可比預期一致，其中包括我們零售店戰略調整帶來的大約 4 個影響點和壞賬費用增加帶來的 2 個影響點。

Overall, company headcount grew again this quarter, up 12% year-over-year as we continue to invest across key areas like cloud engineering, sales and customer deployment.

總體而言，本季度公司員工人數再次增長，同比增長 12%，因為我們繼續在雲工程、銷售和客戶部署等關鍵領域進行投資。

Operating income increased 42% and 35% in constant currency, and operating margins expanded 6 points year-over-year to 41%, including roughly 2 points of impact from the retail stores charge and increase in bad debt expense in the prior year and nearly 1 point of favorable impact from the change in accounting estimate.

營業收入按固定匯率計算分別增長 42% 和 35%，營業利潤率同比增長 6 個百分點至 41%，其中包括零售店費用和壞賬費用增加約 2 個百分點，以及去年近會計估計變更的有利影響為 1 分。

Now to our segment results.

現在來看我們的細分結果。

Revenue from Productivity and Business Processes was $14.7 billion and grew 25% and 21% in constant currency with better-than-expected performance across all businesses.

生產力和業務流程的收入為 147 億美元，按固定匯率計算分別增長了 25% 和 21%，所有業務的業績都好於預期。

Office Commercial revenue grew 20% and 15% in constant currency.

按固定匯率計算，寫字樓商業收入增長了 20% 和 15%。

Office 365 Commercial revenue grew 25% and 20% in constant currency, again driven by installed base expansion across all workloads and customer segments as well as higher ARPU.

Office 365 商業版收入按固定匯率計算分別增長 25% 和 20%，這再次受到所有工作負載和客戶群的安裝基礎擴展以及更高的 ARPU 的推動。

Paid Office 365 Commercial seats increased 17% year-over-year, with continued recovery driving acceleration in our small and medium business and frontline worker offerings.

付費 Office 365 Commercial 席位同比增長 17%，持續復甦推動我們的中小型企業和一線員工服務加速。

Demand for Microsoft 365, particularly for security, compliance and voice drove strong E5 momentum again this quarter.

對 Microsoft 365 的需求，尤其是對安全性、合規性和語音的需求，在本季度再次推動了 E5 的強勁勢頭。

E5 now accounts for 8% of our Office 365 Commercial installed base.

E5 現在占我們 Office 365 商業安裝基數的 8%。

And on a low prior year comparable impacted by a slowdown in transactional purchasing, Office Commercial licensing was ahead of expectations, down 8% and 11% in constant currency, also benefiting from higher in-period revenue recognition noted earlier.

受交易採購放緩的影響，Office Commercial 許可在去年同期較低，超出預期，按固定匯率計算分別下降 8% 和 11%，這也得益於前面提到的較高的期內收入確認。

In Office Consumer, revenue grew 18% and 15% in constant currency driven by continued momentum in Microsoft 365 subscriptions, which grew to 51.9 million, up 22% year-over-year.

在 Office Consumer 中，收入增長 18% 和 15%（按固定匯率計算），這得益於 Microsoft 365 訂閱的持續增長，增長至 5190 萬，同比增長 22%。

Dynamics revenue grew 33% and 26% in constant currency, better than expected.

按固定匯率計算，Dynamics 收入增長 33% 和 26%，好於預期。

Dynamics 365 revenue growth was 49% and 42% in constant currency with strong momentum in Power Apps and Power Automate, reflecting growing demand for our modern solutions to build apps and automate workflows.

Dynamics 365 收入增長分別為 49% 和 42%（按固定匯率計算），Power Apps 和 Power Automate 勢頭強勁，反映出對我們用於構建應用程序和自動化工作流的現代解決方案的需求不斷增長。

Dynamics 365 now accounts for over 70% of total Dynamics revenue.

Dynamics 365 現在佔 Dynamics 總收入的 70% 以上。

LinkedIn revenue increased 46% and 42% in constant currency, ahead of expectations against the comparable impacted by the advertising and job markets of a year ago.

LinkedIn 收入按固定匯率計算分別增長 46% 和 42%，高於一年前受廣告和就業市場影響的預期。

Segment gross margin dollars increased 33% and 27% in constant currency, and gross margin percentage was up 5 points year-over-year, primarily driven by improvement in our cloud services against a low prior year comparable impacted mostly by increased usage.

按固定匯率計算，分部毛利率分別增長 33% 和 27%，毛利率同比增長 5 個百分點，這主要是由於我們的雲服務有所改善，而去年同期較低，主要受使用量增加的影響。

The change in accounting estimate drove roughly 1 point of favorable impact.

會計估計的變化帶來了大約 1 個百分點的有利影響。

Operating expense increased 8% and 6% in constant currency, and operating income increased 62% and 53% in constant currency, including 4 points due to the change in accounting estimate.

營業費用按固定匯率計算分別增長8%和6%，營業收入按固定匯率計算分別增長62%和53%，其中會計估計變更導致4個百分點。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

Revenue was $17.4 billion, increasing 30% and 26% in constant currency.

收入為 174 億美元，按固定匯率計算分別增長 30% 和 26%。

We exceeded expectations across our consumption and per-user Azure businesses as well as in our on-premises server products business.

我們的消費和每用戶 Azure 業務以及我們的本地服務器產品業務超出了預期。

Overall, server products and cloud services revenue increased 34% and 29% in constant currency.

總體而言，服務器產品和雲服務收入按固定匯率計算分別增長了 34% 和 29%。

Azure revenue grew 51% and 45% in constant currency driven by strong performance across our core and premium consumption-based services.

Azure 收入增長 51% 和 45%（按固定匯率計算），這是由於我們的核心和基於消費的優質服務的強勁表現。

In our per user business, the enterprise mobility and security installed base increased 29% to over 190 million seats.

在我們的每用戶業務中，企業移動性和安全性安裝基數增加了 29%，達到超過 1.9 億個席位。

Our on-premise server business increased 16% and 12% in constant currency driven by strong annuity performance and benefiting roughly 4 points from the higher in-period revenue recognition noted earlier, particularly in some of our largest deals in the quarter.

在強勁的年金業績的推動下，我們的本地服務器業務增長了 16% 和 12%，並從前面提到的較高的期內收入確認中受益約 4 個百分點，特別是在我們本季度的一些最大交易中。

Enterprise Services revenue grew 12% and 9% in constant currency, driven by growth in premier support services and Microsoft consulting services.

受主要支持服務和微軟諮詢服務增長的推動，企業服務收入按固定匯率計算分別增長 12% 和 9%。

Segment gross margin dollars increased 32% and 27% in constant currency.

按固定匯率計算，分部毛利率分別增長 32% 和 27%。

Gross margin percentage increased 1 point year-over-year with roughly 1 point of favorable impact from the change in accounting estimate.

毛利率百分比同比增長 1 個百分點，會計估計變更的有利影響約為 1 個百分點。

Operating expense increased 14% and 12% in constant currency, and operating income grew 46% and 39% in constant currency, including 3 points due to the change in accounting estimate.

營業費用按固定匯率計算分別增長14%和12%，營業收入按固定匯率計算分別增長46%和39%，其中會計估計變更導致3個百分點。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $14.1 billion, increasing 9% and 6% in constant currency, with better-than-expected performance in Windows Commercial, Gaming and Search offsetting OEM and Surface weakness from supply chain constraints.

收入為 141 億美元，按固定匯率計算分別增長 9% 和 6%，Windows 商業、遊戲和搜索領域的表現好於預期，抵消了 OEM 和 Surface 因供應鏈限製而導致的疲軟。

OEM revenue declined 3% and Surface declined 20% and 23% in constant currency as both were impacted by the significant supply chain constraints noted earlier in a good demand environment.

OEM 收入下降 3%，Surface 下降 20% 和 23%（按固定匯率計算），因為兩者都受到前面在良好需求環境中提到的重大供應鏈限制的影響。

Windows Commercial products and cloud services revenue grew 20% and 14% in constant currency driven by demand for Microsoft 365, with some benefit from the higher in-period revenue recognition noted earlier.

受對 Microsoft 365 需求的推動，Windows 商業產品和雲服務收入按固定匯率計算分別增長了 20% 和 14%，部分受益於前面提到的較高的期內收入確認。

Search revenue ex TAC increased 53% and 49% in constant currency, benefiting from the improved advertising market.

得益於廣告市場的改善，不包括 TAC 的搜索收入按固定匯率計算分別增長了 53% 和 49%。

And in Gaming, revenue increased 11% and 7% in constant currency.

在遊戲領域，按固定匯率計算，收入增長了 11% 和 7%。

Xbox hardware revenue grew 172% and 163% in constant currency driven by demand for our new consoles.

受對我們新遊戲機需求的推動，Xbox 硬件收入按固定匯率計算分別增長了 172% 和 163%。

Xbox content and services revenue declined 4% and 7% in constant currency against a high prior year comparable.

Xbox 內容和服務收入按固定匯率計算分別下降了 4% 和 7%，與去年同期的高水平相比。

Segment gross margin dollars increased 8% and 4% in constant currency.

按固定匯率計算，分部毛利率分別增長 8% 和 4%。

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 expense decreased 6% and 7% in constant currency, including approximately 13 points of impact from the retail stores charge in the prior year.

營業費用按固定匯率計算分別下降了 6% 和 7%，其中包括去年零售店費用的約 13 個影響點。

And operating income grew 19% and 13% in constant currency.

營業收入按固定匯率計算分別增長 19% 和 13%。

Now back to our total company results.

現在回到我們公司的總業績。

Capital expenditures, including finance leases, were $7.3 billion, in line with expectations, driven by ongoing investment to support growing global demand and usage of our cloud services.

包括融資租賃在內的資本支出為 73 億美元，符合預期，這得益於為支持不斷增長的全球需求和我們的雲服務使用而進行的持續投資。

Cash paid for PP&E was $6.5 billion.

為 PP&E 支付的現金為 65 億美元。

Cash flow from operations was $22.7 billion, increasing 22% year-over-year, driven by strong cloud billings and collections.

運營現金流為 227 億美元，同比增長 22%，這得益於強勁的雲計費和收款。

Free cash flow was $16.3 billion, up 17%, reflecting higher capital expenditures in support of our growing cloud business.

自由現金流為 163 億美元，增長 17%，反映出支持我們不斷增長的雲業務的資本支出增加。

For FY '21, we generated over $76 billion in operating cash flow, up 26% year-over-year, and over $56 billion in free cash flow, up 24% year-over-year.

對於 21 財年，我們產生了超過 760 億美元的運營現金流，同比增長 26%，以及超過 560 億美元的自由現金流，同比增長 24%。

This quarter, other income and expense was $310 million, higher than anticipated, primarily driven by net gains on investments.

本季度，其他收入和支出為 3.1 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，我們需要確認我們的股票投資組合的按市值計價的收益或損失。

Our effective tax rate was approximately 15%.

我們的有效稅率約為 15%。

And finally, we returned $10.4 billion to shareholders through share repurchases and dividends, bringing our total cash returned to shareholders to over $39 billion for the full fiscal year.

最後，我們通過股票回購和分紅向股東返還了 104 億美元，使我們在整個財年向股東返還的現金總額超過 390 億美元。

Now before we turn to our outlook, I'd like to provide a few reminders for next fiscal year.

現在，在我們轉向展望之前，我想為下一個財政年度提供一些提醒。

Revenue growth rates across all segments will reflect the impact from COVID-19 a year ago, though the impacts do shift as we move through the year.

所有細分市場的收入增長率都將反映一年前 COVID-19 的影響，儘管隨著我們這一年的發展，影響確實會發生變化。

Also, our FY '21 operating income and margin benefited from 2 factors that will be headwinds in FY '22.

此外，我們 21 財年的營業收入和利潤率受益於 22 財年將成為不利因素的兩個因素。

First, the change in accounting estimate for the useful life of server and network equipment resulted in $2.7 billion of depreciation expense, shifting from FY '21 to future periods.

首先，服務器和網絡設備使用壽命會計估計的變化導致 27 億美元的折舊費用，從 21 財年轉移到未來期間。

And second, we saved nearly $1.2 billion in operating expense from COVID-19-related restrictions, which will also moderate in FY '22 as geographies reopen globally.

其次，我們從與 COVID-19 相關的限制中節省了近 12 億美元的運營費用，隨著全球地區重新開放，這也將在 22 財年有所緩和。

With those reminders in place, let's move to our next quarter outlook.

有了這些提醒，讓我們轉向下一個季度的展望。

Accelerating digital transformation and consistent strong execution should drive another quarter of growing commitment to our Microsoft Cloud.

加速數字化轉型和始終如一的強大執行力應該會推動另一個季度對我們的 Microsoft 雲的承諾不斷增長。

In Commercial bookings, our core annuity sales motions should drive healthy growth on a growing expiry base even against a strong prior year comparable.

在商業預訂方面，我們的核心年金銷售計劃應該會在不斷增長的到期基礎上推動健康增長，即使與去年同期的強勁業績相比也是如此。

As always, quarterly volatility in bookings can be driven by an increasing mix of larger long-term Azure contracts, which are more unpredictable in their timing.

與往常一樣，預訂量的季度波動可能是由越來越多的大型長期 Azure 合同組合推動的，這些合同的時間更難以預測。

Commercial cloud gross margin percentage should decrease roughly 1 point year-over-year, with roughly 4 points of negative impact from the change in accounting estimate previously discussed.

商業雲毛利率應同比下降約 1 個百分點，與先前討論的會計估計變化產生約 4 個百分點的負面影響。

Excluding the accounting change, Q1 gross margin percentage will increase despite revenue mix shift to Azure driven by continued improvement across our cloud services on a prior year comparable impacted by the strategic investments we mentioned earlier.

不計會計變更，儘管受我們之前提到的戰略投資影響，我們的雲服務在上一年的持續改進推動了收入組合向 Azure 的轉變，但第一季度毛利率百分比將增加。

Longer term, which excludes the impact of the accounting change, Commercial cloud gross margin percentage will continue to be impacted by the same 3 things we often discuss: revenue mix shift to Azure, increased usage of our cloud services and ongoing strategic investments to support our customers' success.

從長期來看，不包括會計變更的影響，商業雲毛利率百分比將繼續受到我們經常討論的三件事的影響：收入組合轉移到 Azure、我們雲服務的使用增加以及持續的戰略投資以支持我們客戶的成功。

In capital expenditures, we expect a sequential increase on a dollar basis as we continue to invest to meet global demand for our cloud services.

在資本支出方面，隨著我們繼續投資以滿足全球對我們的雲服務的需求，我們預計按美元計算會連續增加。

Now to FX.

現在到外匯。

Based on current rates, we expect FX to increase revenue growth of the total company and all individual segment levels by approximately 2 points and total operating expense and COGS growth by approximately 1 point.

根據目前的利率，我們預計 FX 將使整個公司和所有單個細分市場的收入增長約 2 個百分點，總運營費用和銷貨成本增長約 1 個百分點。

Now to segment guidance.

現在進行細分指導。

In Productivity and Business Processes, we expect revenue between $14.5 billion and $14.75 billion.

在生產力和業務流程方面，我們預計收入在 145 億美元至 147.5 億美元之間。

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

在 Office Commercial 中，收入增長將再次受到 Office 365 的推動，各細分市場的席位健康增長以及 E5 的持續增長勢頭。

In our on-premises business, we expect revenue to decline approximately 20%, consistent with the ongoing customer shift to the cloud.

在我們的本地業務中，我們預計收入將下降約 20%，這與持續的客戶轉向雲一致。

In Office Consumer, against a strong prior year comparable, we expect high single-digit revenue growth with continued momentum in Microsoft 365 consumer subscriptions.

在 Office Consumer 方面，與去年同期的強勁可比情況相比，我們預計收入將實現高個位數增長，並且 Microsoft 365 消費者訂閱將繼續保持增長勢頭。

For LinkedIn, continued strong engagement on the platform and improvements in the advertising and job markets should drive revenue growth in the high-30% range.

對於 LinkedIn，平台上的持續強大參與以及廣告和就業市場的改善應該會推動收入增長達到 30% 的高水平。

And in Dynamics, we expect continued strength in Dynamics 365, which includes our significant momentum in Power Apps to drive revenue growth in the high 20s.

在 Dynamics 方面，我們預計 Dynamics 365 將繼續保持強勁勢頭，其中包括我們在 Power Apps 中推動收入增長的強勁勢頭 20 多歲。

For Intelligent Cloud, we expect revenue between $16.4 billion and $16.65 billion.

對於智能雲，我們預計收入在 164 億美元至 166.5 億美元之間。

In Azure, revenue will be driven by continued strong growth in our consumption-based business.

在 Azure 中，收入將受到我們基於消費的業務持續強勁增長的推動。

And our per user business should continue to benefit from Microsoft 365 suite momentum, though we expect some moderation in growth rate given the size of the installed base.

我們的每用戶業務應該會繼續受益於 Microsoft 365 套件的發展勢頭，儘管鑑於安裝基數的規模，我們預計增長率會有所放緩。

Therefore, in constant currency, Azure revenue growth should remain relatively stable on a sequential basis.

因此，按固定匯率計算，Azure 收入增長環比應該保持相對穩定。

In our on-premises server business, we expect revenue growth in the high single digits driven by continued demand for our hybrid and premium annuity offerings against a low prior year comparable.

在我們的本地服務器業務中，由於對我們的混合和高級年金產品的持續需求，我們預計收入將實現高個位數增長，而去年同期則較低。

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

在企業服務方面，我們預計收入將達到高個位數。

In More Personal Computing, we have estimated the Q1 impact of the required Windows 11 revenue deferral that will shift to Q2 to be approximately $300 million.

在更多個人計算方面，我們估計所需的 Windows 11 收入延遲將轉移到第二季度對第一季度的影響約為 3 億美元。

Therefore, our segment revenue outlook is $12.4 billion to $12.8 billion.

因此，我們的分部收入前景為 124 億美元至 128 億美元。

Given the 10-point estimated negative impact from the deferral, OEM revenue should decline mid- to high single digits in Q1.

考慮到延期帶來的 10 點估計負面影響，OEM 收入在第一季度應該會下降中高個位數。

In Surface, on a strong prior year comparable, we expect revenue to decline in the low teens as we continue to work through the supply chain challenges.

在 Surface 方面，與前一年的可比數據相比，我們預計隨著我們繼續應對供應鏈挑戰，收入將在十幾歲時下降。

In Windows Commercial products and cloud services, continued demand for Microsoft 365 and our Advanced Security solutions should drive healthy double-digit growth.

在 Windows 商業產品和雲服務中，對 Microsoft 365 和我們的高級安全解決方案的持續需求應該會推動兩位數的健康增長。

In Search ex TAC, we expect revenue growth in the high 30s driven by improvements in the advertising market.

在 Search ex TAC 中，我們預計在廣告市場改善的推動下，收入將在 30 多歲時增長。

In Gaming, we expect revenue growth in the low double digits.

在遊戲方面，我們預計收入增長將保持在兩位數的低位。

Console growth will again be constrained by supply.

控制台的增長將再次受到供應的限制。

And on a strong prior year comparable, Xbox content and services revenue should grow low single digits.

在強勁的上一年可比上，Xbox 內容和服務收入應該會增長低個位數。

Now back to company guidance.

現在回到公司指導。

We expect COGS of $13.55 billion to $13.75 billion and operating expense of $11.6 billion to $11.7 billion.

我們預計銷貨成本為 135.5 億美元至 137.5 億美元，運營費用為 116 億美元至 117 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 Q1 tax rate to be approximately 16%, lower than our expected full year rate given the volume of equity vest in our first quarter.

最後，鑑於我們第一季度的股權歸屬量，我們預計第一季度的稅率約為 16%，低於我們預期的全年稅率。

In closing, we remain focused on driving revenue growth as we invest boldly against the strategic high-growth opportunities ahead that will deliver significant value to our customers worldwide.

最後，我們仍然專注於推動收入增長，因為我們大膽投資於未來的戰略性高增長機會，這些機會將為我們的全球客戶帶來巨大的價值。

Our outlook for FY '22 reflects this: with healthy double-digit revenue and operating income growth.

我們對 22 財年的展望反映了這一點：收入和營業收入實現了健康的兩位數增長。

Together, that results in expanded operating margins in FY '22 after excluding the headwinds from the useful life change noted earlier.

在排除了前面提到的使用壽命變化的不利因素後，這將導致 22 財年的營業利潤率擴大。

Together with our customers and partners, we look forward to FY '22.

與我們的客戶和合作夥伴一起，我們期待著 22 財年。

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

現在布雷特，讓我們去問答。

Thanks, Amy.

謝謝，艾米。

We'll now move 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，您能重複一下您的說明嗎？

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on a great FY '21 and a great end to the fiscal year.

祝賀 '21 財年的偉大成就和本財年的圓滿結束。

Satya, last year at this time, you made a comment that, I think, really defined the conversation in software over the past year.

Satya，去年的這個時候，你發表了我認為真正定義了過去一年軟件對話的評論。

When you're talking about an acceleration in digital transformation you saw coming out of COVID, and I think that's evident in the results that we see here with 25% growth in your Commercial bookings growth, what I want to ask you is the durability of that growth on a going-forward basis.

當您談到數字化轉型的加速時，您會看到 COVID 帶來的結果，我認為這在我們在這裡看到的結果中很明顯，您的商業預訂增長了 25%，我想問您的是在未來的基礎上增長。

Was that acceleration a pull forward of demand and, at some point, we're going to have that hard comp?

這種加速是對需求的拉動嗎？在某個時候，我們會遇到這樣的困難嗎？

Or do you see durability in this acceleration on a go-forward basis?

或者您是否看到這種加速的持久性？

Is there a lot more to come?

還有很多嗎？

And then, Amy, to you, a similar kind of question but more on sort of the margin side of the equation.

然後，艾米，對你來說，一個類似的問題，但更多的是在等式的邊緣方面。

I think your entire tenure at Microsoft has really been defined by good operational controls and ability to grow gross profit dollars well ahead of OpEx.

我認為你在微軟的整個任期實際上是由良好的運營控制和在運營支出之前大幅增加毛利潤的能力所定義的。

Is that durable longer term?

長期耐用嗎？

Is there still enough sort of efficiency gains at Microsoft to be able to keep that up over the medium term, if you will?

如果你願意的話，微軟是否還有足夠的效率提升能夠在中期內保持這種狀態？

Thanks so much, Keith, for the question.

非常感謝基思的問題。

I mean the way we see the results today reflect that but, more importantly, on a secular basis, as I think about -- I always go back to that number, which is 5% of the world GDP is tech spend, it's projected to double.

我的意思是我們今天看到結果的方式反映了這一點，但更重要的是，在長期的基礎上，正如我所想的那樣——我總是回到這個數字，即世界 GDP 的 5% 是技術支出，預計它將雙倍的。

I think that doubling will happen in a more accelerated pace.

我認為翻倍的速度會更快。

And we feel well positioned because of the innovation across the stack because, if you think about it, what's going to happen is every business, whether you're a retailer or a manufacturer, in the service sector, public sector or private sector, digital adoption is the way you're going to be both resilient as well as transform the core business processes.

我們感覺自己處於有利位置，因為整個堆棧的創新，因為，如果你仔細想想，將會發生的是每一項業務，無論你是零售商還是製造商，在服務部門、公共部門或私營部門、數字採用是您既要保持彈性又要轉變核心業務流程的方式。

And the strength we have is that entirety of the Microsoft cloud stack, right?

我們擁有的優勢在於整個 Microsoft 雲堆棧，對吧？

So it's not just about infrastructure or any application, it's the entirety of what we do.

因此，這不僅僅是基礎設施或任何應用程序，而是我們所做的全部工作。

And so I think it is durable.

所以我認為它是耐用的。

Quarter-to-quarter, depending on what happened during the pandemic, depending on the segments that were impacted, for example, the consumer segments that were impacted that are coming back and then they'll normalize whereas, in our case, we do -- in fact, one of the things I love about sort of our exposure is both it's a worldwide exposure and it has got the right balance between the consumer segments and the enterprise business-to-business segment.

每季度，取決於大流行期間發生的事情，取決於受影響的細分市場，例如，受影響的消費者細分市場正在回歸，然後它們會正常化，而在我們的情況下，我們會 - - 事實上，我喜歡我們的曝光的一件事是它既是全球曝光，又在消費者細分市場和企業 B2B 細分市場之間取得了適當的平衡。

So it's a very durable long-term growth prospect that we have tough competition, we need to keep innovating, which is what we'll stay focused on.

所以這是一個非常持久的長期增長前景，我們面臨激烈的競爭，我們需要不斷創新，這是我們將繼續關注的。

And maybe turning to your margin question.

也許轉向你的保證金問題。

And while I am obviously proud of the work we've done, Keith, that you referenced as a team on margins and returns, I would say, in general, our focus remains, and has been for the duration of really Satya and I's work together along with the rest of the SLT, on consistently moving our resources and talent to our highest growth and most differentiated places.

雖然我顯然為我們所做的工作感到自豪，Keith，你將其稱為利潤和回報團隊，但我想說，總的來說，我們的重點仍然是，並且在 Satya 和我的工作期間一直如此與 SLT 的其他成員一起，不斷將我們的資源和人才轉移到我們增長最快和最具差異化的地方。

When you do that in expansive total addressable markets in the way that I believe we're focused on as an organization, you do see the type of operating leverage that you're referring to in margins.

當您以我認為我們作為一個組織關注的方式在廣闊的總潛在市場中這樣做時，您確實會看到您在利潤率中所指的運營槓桿類型。

And that along, as you see sort of mathematically, with a shift in our revenue to higher overall gross margin segments, you do get the results we've seen.

而且，正如你在數學上看到的那樣，隨著我們的收入轉向更高的整體毛利率領域，你確實得到了我們所看到的結果。

So I feel very good about the work we've done.

所以我對我們所做的工作感覺很好。

And as you heard, I'm quite optimistic about the opportunities we have to invest leading into FY '22 as well.

正如你所聽到的，我對我們在 22 財年必須投資的機會也非常樂觀。

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

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

And again also, congrats on the quarter.

再次祝賀本季度。

And Amy, thanks for the detail and color, especially in the guidance.

還有艾米，感謝您提供的細節和顏色，尤其是在指導中。

So I want to ask about seasonality in Azure.

所以我想問一下 Azure 的季節性。

Traditionally, we've seen seasonality in the Azure numbers in Q4.

傳統上，我們在第四季度的 Azure 數據中看到了季節性。

And obviously, last year, we didn't see it because of COVID, but we also didn't see it this year.

很明顯，去年我們因為 COVID 而沒有看到它，但今年我們也沒有看到它。

Has something changed that has changed the seasonality of the business?

是否發生了改變業務季節性的變化？

And does that continue going forward?

這會繼續前進嗎？

And then as a follow-up question, Keith asked about OpEx efficiency overall, but I'd like to ask specifically on the cloud.

然後作為後續問題，Keith 詢問了整體的運營支出效率，但我想特別問一下云計算。

Is there any reason that cloud OpEx shouldn't continue to grow slower than revenue, obviously, on an annual basis, not a quarterly basis?

有什麼理由認為雲運營支出的增長不應繼續低於收入，顯然是按年度而不是按季度？

Thanks, Mark, for the question.

謝謝，馬克，這個問題。

Let me cover your first one, which is the seasonality in the Azure business.

讓我介紹你的第一個問題，即 Azure 業務的季節性。

In some ways, Mark, some of that seasonality, frankly, was because Azure has 2 fundamental components.

在某些方面，Mark 坦率地說，其中一些季節性是因為 Azure 有兩個基本組成部分。

It's got a consumption model as well as a per-user model.

它有消費模型和每用戶模型。

The per-user model which, as you well know, is far more aligned to our sort of end of year and can be a lot more aligned to our end-of-year rhythms, it also can have more quarterly volatility in terms of accounting, in terms of revenue recognition, the same topic we often talk about when it comes to Microsoft 365 in terms of more in-quarter recognition, what you've seen is that did historically represent a larger component of Azure, so added volatility to Q4.

如您所知，每用戶模型更符合我們的年終，並且可以更符合我們的年終節奏，它在會計方面也可能有更多的季度波動，在收入確認方面，我們經常談論 Microsoft 365 在季度內確認方面的相同主題，您所看到的是歷史上確實代表了 Azure 的更大組成部分，因此增加了第四季度的波動性.

As we've seen our consumption businesses grow and grow consistently, and thus far becoming a larger percentage of Azure, you do have more stability, Mark.

正如我們所看到的，我們的消費業務不斷增長，並且迄今為止在 Azure 中所佔的比例更大，你確實擁有更多的穩定性，Mark。

And so you start seeing less of that volatility that we've historically seen from Q3 to Q4.

因此，您開始看到我們從第三季度到第四季度歷史上看到的那種波動性減少了。

We still have some of it, as we talked about, but I think it's an interesting observation and it's a very good question.

正如我們所談到的，我們仍然有一些它，但我認為這是一個有趣的觀察，這是一個非常好的問題。

In terms of your comment on cloud revenue and OpEx, yes, I do believe that's durable.

就您對雲收入和運營支出的評論而言，是的，我確實相信這是持久的。

We get a lot of focus.

我們得到了很多關注。

We'll continue to invest.

我們將繼續投資。

There's lots of opportunity there, but the market certainly warrants it.

那裡有很多機會，但市場肯定會證明這一點。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

Amy, a lot of questions on margins.

艾米，關於頁邊距的很多問題。

I'm curious if you think there is the ceiling in the near term on margins.

我很好奇你是否認為短期內利潤率存在上限。

Or do you feel that you've got an elevated flight level, if you will, and we shouldn't have to be worrying about that level of margins?

或者你是否覺得你的飛行水平提高了，如果你願意的話，我們不應該擔心那個水平的利潤？

Can you just give us any more color as it relates to how you're thinking about that?

您能否再給我們一些顏色，因為它與您的想法有關？

Well, I think for FY '22 on operating margins, which is really where I focus most of my thoughts, as I said, when you exclude the useful life change, I feel very good about margin improvement in FY '22.

好吧，我認為 22 財年的營業利潤率是我最關注的地方，正如我所說，當你排除使用壽命變化時，我對 22 財年的利潤率提高感覺非常好。

But what sits behind that, Keith -- I mean, sorry, Brent -- is this focus on the first thing I said, which is with every operating expense dollar we invest, are we continuing to invest in the highest growth places?

但是這背後的原因是什麼，基思——我的意思是，對不起，布倫特——這是我所說的第一件事的重點，即我們投資的每一美元運營費用，我們是否繼續投資於增長最快的地方？

If you continue to invest in high-growth places with differentiation that customers care about and you add value, you continue to see improvements in this area.

如果您繼續投資於客戶關心的具有差異化的高增長領域並增加價值，那麼您將繼續看到該領域的改進。

From time to time, I'm sure there'll be quarters where that isn't the case, if we have some mix shift in hardware, et cetera.

有時，如果我們在硬件等方面有一些混合變化，我相信會有一些季度不是這種情況。

But in general, over a longer period of time, you've seen us focus on this.

但總的來說，在較長一段時間內，您已經看到我們專注於這一點。

And so if you remove a little of the noise and some of the useful life changes and look back a few years, I do think you'd see the biggest needle-mover being where we invest the dollars as opposed to the overall amount of them, which should grow based on the opportunity.

因此，如果你消除一點噪音和一些使用壽命的變化並回顧幾年，我確實認為你會看到最大的推動因素是我們投資美元的地方，而不是它們的總金額, 它應該基於機會而增長。

Our next question comes from the line of Karl Keirstead with UBS.

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Amy, thank you for giving more formal Azure guidance for the next quarter.

Amy，感謝您為下一季度提供更正式的 Azure 指導。

That's very helpful.

這很有幫助。

So if Azure is going to remain stable in constant currency, I guess at 45%, and you had indicated that EMS growth should moderate, effectively, you're saying that the consumption piece of Azure might accelerate in the September quarter.

因此，如果 Azure 以固定匯率保持穩定，我猜是 45%，並且您曾表示 EMS 增長應該放緩，實際上，您是說 Azure 的消費部分可能會在 9 月季度加速。

So I'm wondering if you could unpack that a little bit.

所以我想知道你能不能把它拆開一點。

Is this as simple as prior period commitments ramping at an accelerated pace?

這是否像前期承諾加速增長一樣簡單？

I'd love to hear your thoughts.

我很想听聽你的想法。

Thanks, Karl.

謝謝，卡爾。

I think in general, you've got the right trajectory.

我認為總的來說，你有正確的軌跡。

And I do think it's both things.

我確實認為這是兩件事。

You've heard me say, it's both some of our core as well as premium SKUs.

你聽我說，它既是我們的一些核心 SKU，也是高級 SKU。

We've seen some nice execution.

我們已經看到了一些不錯的執行。

And I think Satya mentioned some of these differentiated places in the Azure stack where I think we also can see some growth.

我認為 Satya 提到了 Azure 堆棧中的一些差異化地方，我認為我們也可以看到一些增長。

Data services is a very good point where I feel like we've made a lot of progress, have a real differentiation, have seen some acceleration in the past couple of quarters.

數據服務是一個非常好的點，我覺得我們已經取得了很大的進步，有真正的差異化，在過去的幾個季度中看到了一些加速。

Our next question is coming from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Satya, at the Ignite Conference a few months ago, you commented that cloud architectures have reached peak centralization.

Satya，在幾個月前的 Ignite 大會上，您評論說云架構已經達到了集中化的高峰。

I'm wondering what developments are you seeing that inform your viewpoint.

我想知道您所看到的哪些發展可以說明您的觀點。

And Amy, do you sense uplift in some of those intelligent edge products, such as Azure Stack or others, contributing to the improvement in server products growth that we saw this quarter?

Amy，您是否感覺到某些智能邊緣產品（例如 Azure Stack 或其他產品）的提升有助於我們本季度看到的服務器產品增長的改善？

Thanks so much for that question.

非常感謝這個問題。

A couple of things that are happening.

有幾件事正在發生。

One is that all up, even what we consider the cloud infrastructure, is getting increasingly distributed.

一是所有這些，即使是我們認為的雲基礎設施，也越來越分散。

If you think about the approach we took to our data center architecture, the fact that we have more regions, is to meet, I would say, both the real-world needs for the computing architecture side but also the regulatory and data residency requirements.

如果您考慮一下我們對數據中心架構採取的方法，我們有更多區域這一事實，我想說的是，既要滿足計算架構方面的實際需求，又要滿足監管和數據駐留要求。

So we feel we picked the right approach, and that's paying dividends today just even in terms of our geographic coverage, our coverage of all of the regulatory requirements.

因此，我們認為我們選擇了正確的方法，即使就我們的地理覆蓋範圍和所有監管要求的覆蓋範圍而言，今天也能帶來好處。

Then the second piece, of course, is distributed computing will remain distributed.

然後第二部分，當然，分佈式計算將保持分佈式。

And what we are seeing with edge is going to be the case where we will see more of both the old workloads with hybrid benefits and hybrid deployments as well as new workloads, right?

我們在邊緣看到的情況將是我們將看到更多具有混合優勢和混合部署的舊工作負載以及新工作負載，對嗎？

So if you take the AB InBev Digital Twin meets IoT type of scenario, that's going to require a lot more compute close to their factories.

因此，如果您採用 AB InBev Digital Twin 遇到 IoT 類型的場景，那將需要在其工廠附近進行更多計算。

And so to me, those new scenarios -- or 5G, I mean, think about what AT&T is planning to do, which is a hybrid deployment in a completely new space where there is going to be compute that's located to be able to take core network traffic and use cloud economics.

所以對我來說，那些新場景——或者 5G，我的意思是，想想 AT&T 計劃做什麼，這是在一個全新的空間中進行混合部署，在那裡將有計算能力來獲取核心網絡流量和使用雲經濟學。

So that's what we think of going forward, which is really compute will remain distributed, both because of their needs across geographies, regulation and the very nature of compute architecture.

所以這就是我們對未來的想法，真正的計算將保持分佈式，這既是因為他們跨地域、監管和計算架構的本質的需求。

And to the question you asked on how to think about the edge and where to see that in results, really, it shows up.

對於您提出的關於如何考慮邊緣以及在結果中的何處看到邊緣的問題，它確實出現了。

This is one where I would focus on the overall server products and cloud services number, which I think, Mark, was at the heart of your question because through our purchasing vehicles, the most effective way to purchase for flexibility across the edge in the cloud is sometimes some of the on-prem licensing with hybrid, right?

這是我將重點關注整體服務器產品和雲服務數量的地方，馬克，我認為這是你問題的核心，因為通過我們的採購工具，這是購買雲邊緣靈活性的最有效方式有時是混合的一些本地許可，對嗎？

So you do see that both in our Azure results but also depending on how it's purchased and server KPI.

因此，您確實會在我們的 Azure 結果中看到這一點，但也取決於購買方式和服務器 KPI。

Our next question comes from Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

A question for you really around $10 million-plus contracts.

給你的問題真的是超過 1000 萬美元的合同。

You called out momentum this quarter and last quarter.

您在本季度和上個季度都提到了勢頭。

My question is around the drivers of these larger enterprise commitments.

我的問題是圍繞這些更大的企業承諾的驅動因素。

Is this driven by just the larger scope of deals?

這是由更大範圍的交易驅動的嗎？

Or are you seeing kind of broader attach rate across the whole breadth of Microsoft cloud products?

或者您是否看到整個 Microsoft 雲產品的附加率更高？

Thanks, Brent.

謝謝，布倫特。

Maybe, Satya, I'll take this one first and if you want to add anything.

也許，薩蒂亞，我會先拿這個，如果你想添加任何東西。

Brent, unfortunately, I'm going to answer it's everything.

布倫特，不幸的是，我將回答一切。

And let me talk about why I say that.

讓我談談我為什麼這麼說。

When you see the size of the contracts increase, it's about the entire scope of what's offered under the Microsoft cloud.

當您看到合同規模增加時，這涉及到 Microsoft 雲下提供的全部範圍。

We're seeing both really strong renewals of our core contracts, really strong additions across Dynamics, Power Apps, Power Automate, M365, premium SKUs, security, compliance, voice, which, of course, increases those commitment sizes.

我們看到核心合同的續訂非常強勁，Dynamics、Power Apps、Power Automate、M365、高級 SKU、安全性、合規性、語音等領域的新增功能非常強大，這當然會增加這些承諾規模。

And you're seeing the addition of Azure commitments, which we often talk about as these multiyear, longer-term contracts.

你會看到 Azure 承諾的增加，我們經常將其稱為這些多年期的長期合同。

And so then you do, of course, see them just have longer duration on, especially in the case of Azure.

因此，您當然會看到它們的持續時間更長，尤其是在 Azure 的情況下。

So in many ways, what we focus on are the components that make up the larger contracts is each component being additive to selling the value that's present across all of our pieces of the Microsoft cloud.

因此，在許多方面，我們關注的是構成更大合同的組件，每個組件都有助於銷售我們所有 Microsoft 雲中存在的價值。

This was a good execution quarter for us.

這對我們來說是一個很好的執行季度。

You see it in the bookings number even more.

您在預訂號碼中看到的更多。

When you have a declining expiry base and then bookings growth that's that high, you have to do all those things well.

當您的到期基數下降，然後預訂量增長如此之高時，您必須做好所有這些事情。

And that's, I think, really what's reflected ultimately and transactionally, meaning those larger $10 million-plus contracts being done.

我認為，這就是最終和交易上真正反映的內容，這意味著那些價值超過 1000 萬美元的更大合同正在完成。

Our next question comes from Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess my main question maybe for Satya, you've taken -- you've noted the future of work having changed and you talked about the fusion of Teams into both the application stack, the operating system stack and really amongst the entire Microsoft portfolio.

我想我的主要問題可能是針對 Satya，您已經提出 - 您已經註意到工作的未來發生了變化，並且您談到了將 Teams 融合到應用程序堆棧、操作系統堆棧以及整個 Microsoft 產品組合中.

Is that driving -- given the acceleration you're seeing in Dynamics, can you talk to the fact, is that driving larger deals, new bites at the apple?

那是推動——考慮到你在 Dynamics 中看到的加速，你能談談事實嗎，是推動更大的交易，蘋果的新產品嗎？

Or how is that changing the landscape?

或者這如何改變景觀？

And how do you think about that versus what your competitors are doing?

您如何看待這一點與您的競爭對手正在做的事情？

Yes, that's a great question.

是的，這是一個很好的問題。

Thanks for that.

感謝那。

Multiple things happening.

多件事情發生。

And both -- some of them are independent secular growth trends and they do reinforce each other.

兩者——其中一些是獨立的長期增長趨勢，它們確實相互加強。

Let's just take Dynamics.

讓我們以動態為例。

Probably one of the most exciting things we are seeing is that coming out of this pandemic, there is an absolute new chapter for a complete new suite all the way from whether it's sales, to customer service, to marketing, to supply chain or digital manufacturing, that's all going to be reimplemented.

我們看到的最令人興奮的事情之一可能是，從這場大流行中走出來，一個全新的套件從銷售、客戶服務、營銷、供應鍊或數字製造等各個方面都開啟了全新的篇章，這一切都將被重新實現。

So there's going to be a complete new cycle of business process automation that is going to be AI-first and collaboration-first.

因此，將會有一個全新的業務流程自動化週期，它將是人工智能優先和協作優先。

And that second part is where that intersection between Teams and Business Process or Dynamics comes through because you do not want to have a system of record for anything, whether it is a customer or a part or a forecast that you don't want to collaborate on, that you don't want to communicate on.

第二部分是團隊和業務流程或動態之間的交叉點，因為您不希望有任何記錄系統，無論是您不想協作的客戶、零件還是預測開，你不想交流。

And by the way, the communications and the collaboration artifacts are part of the record.

順便說一句，通信和協作工件是記錄的一部分。

And that's what I think that this new generation of software will enable.

這就是我認為新一代軟件將實現的。

And so you see it in 2 fronts.

所以你在兩個方面看到它。

One is Teams has become a platform not just for Dynamics, even for Salesforce, for SAP, for Adobe, for ServiceNow, they're all building great integrations into Teams and we'll foster that.

一是 Teams 已成為一個平台，不僅適用於 Dynamics，甚至適用於 Salesforce、SAP、Adobe、ServiceNow，他們都在構建與 Teams 的出色集成，我們將促進這一點。

And Dynamics itself, of course, will integrate deeply with Teams and embed Teams or Azure Communication Services.

當然，Dynamics 本身將與 Teams 深度集成並嵌入 Teams 或 Azure 通信服務。

So when you think about our omnichannel customer service module, it doesn't look like anything from 2 years ago.

因此，當您考慮我們的全渠道客戶服務模塊時，它看起來不像 2 年前的任何東西。

It's a completely rebuilt omnichannel customer service system, which has all the communication functionality built in.

這是一個完全重建的全渠道客戶服務系統，內置了所有的通信功能。

So it's a pretty exciting space.

所以這是一個非常令人興奮的空間。

And it also speaks to a lot of the questions around where is the margin, how is it going to sort of evolve.

它還談到了很多關於邊距在哪裡，它將如何演變的問題。

I think tracking what's happening with Power Platform, Dynamics and Teams, I think, probably -- and its intersection to even some of our data layers in Azure is perhaps the best indication of some of our competitive differentiation at scale already.

我認為跟踪 Power Platform、Dynamics 和 Teams 正在發生的事情，我認為可能——以及它與我們在 Azure 中的一些數據層的交叉點可能是我們在規模上的一些競爭差異化的最佳跡象。

Our final question comes from the line of Keith Bachman with Bank of Montreal.

我們的最後一個問題來自蒙特利爾銀行的 Keith Bachman。

Amy, I wanted to direct this to you and go back to margins for a second.

艾米，我想把這個告訴你，然後再回到邊緣。

Is there any comments or color that you could provide?

您可以提供任何評論或顏色嗎？

I know you said you focused on the operating margin side, but on the trends that you anticipate this year in '22 around gross margins with or without the depreciation schedules.

我知道您說您關注的是營業利潤率方面，但關注的是您預計今年 22 年的毛利率趨勢，無論是否有折舊計劃。

Part B is on the last quarter call, you indicated that operating expenses might grow kind of mid-teens -- or low teens, I should say, in '22.

B 部分是在上一季度的電話會議上，您表示運營費用可能會在 22 年增長到十幾歲——或者說是十幾歲以下。

I was wondering if you would want to update the comments on how we should be thinking about operating expense trends as we look at FY '22.

我想知道您是否想更新關於我們在 22 財年應該如何考慮運營費用趨勢的評論。

Thanks, Keith.

謝謝，基思。

When I think about your operating expense comments, no, I don't have any update to that.

當我考慮您的運營費用評論時，不，我對此沒有任何更新。

I think if you think about our headcount growth at 12%, plus through the year, continuing to invest in some of the places where we saw savings through the year on COVID, I would expect that, that is still a good placeholder for people as we work through the year.

我認為，如果您考慮我們的員工人數增長 12%，再加上全年繼續投資於我們在 COVID 上全年節省的一些地方，我希望這仍然是人們的一個很好的佔位符，因為我們全年工作。

I mean with the opportunity we see in the market, I think it supports that level.

我的意思是我們在市場上看到的機會，我認為它支持這個水平。

And given our execution, when we do invest, which leads me to margin, I feel very good about that.

考慮到我們的執行力，當我們進行投資時，這會導致我獲得保證金，我對此感覺非常好。

At the gross margin level, we'll continue to focus really on the same things we've always focused on, which is continuing across our cloud services to see improving margins.

在毛利率水平上，我們將繼續真正關注我們一直關注的相同事物，這將繼續在我們的雲服務中看到利潤率的提高。

You'll continue to see a mix shift to Azure given the growth we expect there.

鑑於我們預期的增長，您將繼續看到向 Azure 的混合轉變。

And we'll continue to see gross margin improvements across individual services that make up many of our components across the company.

我們將繼續看到構成我們整個公司許多組成部分的單個服務的毛利率提高。

So in general, I feel like the gross margin trends are quite healthy heading into '22.

所以總的來說，我覺得進入 22 年的毛利率趨勢相當健康。

Thanks, Keith.

謝謝，基思。

So that wraps up the Q&A portion of today's earnings call.

以上就是今天財報電話會議的問答部分。

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, everyone.

謝謝大家。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

We thank you for your participation, and you may disconnect your lines at this time.

我們感謝您的參與，此時您可以斷開您的線路。