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

各位好，歡迎參加微軟2021財年第四季財報電話會議。（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 of Investor Relations. Thank you. You may begin.

現在，我很榮幸地向大家介紹主持人布雷特·艾佛森，他是投資者關係總經理。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 the 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 fourth 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上提及非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四季度的業績，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 the growth rates are the same in constant currency, we will refer to the growth rate only.

除非另有說明，我們今天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。

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.

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 make 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。

Thanks much, Brett. We had a very strong close to our fiscal year. Our commercial cloud surpassed $69 billion in annual revenue, up 34%. We're seeing revenue growth across industries, customer segments and geographies, with over 50% of sales coming from outside the United States. We continue to grow new franchises for Microsoft in large and growing markets. In the past 3 years alone, gaming, security and now LinkedIn have all surpassed $10 billion in annual revenue.

非常感謝，布雷特。我們的財政年度以非常強勁的業績收尾。我們的商業雲端業務年營收超過 690 億美元，成長 34%。我們看到各行各業、客戶群和地區的收入都在成長，其中超過 50% 的銷售額來自美國以外地區。我們持續在大型且不斷成長的市場中為微軟拓展新的業務。僅在過去三年裡，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. Moving forward, every organization will need more ubiquitous and decentralized computing. We're the only cloud provider with the capabilities to support every organization's multi-cloud hybrid and edge needs. 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. And now we're taking cloud compute to the edge with 5G deployments. Our new Azure Edge services help operators and enterprises deliver ultra-low latency compute fabric. And we're also helping operators run their networks in the cloud. 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.

現在我將重點介紹我們在整個技術堆疊中的創新和不斷擴大的機會，首先從基礎設施開始。展望未來，每個組織都需要更普及和去中心化的運算。我們是唯一一家能夠滿足所有組織多雲、混合雲和邊緣運算需求的雲端服務供應商。過去一年，我們在五大洲的 15 個國家/地區新增了資料中心區域，從而加快了對雲端服務的存取速度，並滿足了資料駐留要求。現在，我們正透過 5G 部署將雲端運算帶到網路邊緣。我們全新的 Azure Edge 服務可協助營運商和企業提供超低延遲的運算架構。我們也在幫助營運商在雲端運行他們的網路。AT&T 選擇 Azure 為其 5G 核心網路提供支持，使其成為首家將其現有客戶流量遷移到公有雲的一級運營商。

We're also expanding our opportunity in hybrid. Today, over 75% of the Fortune 500 use our hybrid offerings. Azure Arc extends the Azure control plane across on-premise, multi-cloud and the edge. 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. As the digital and physical worlds converge, we are leading in a new layer of the infrastructure stack, the enterprise metaverse.

我們也在拓展混合型業務的機會。如今，超過 75% 的財富 500 強企業都在使用我們的混合解決方案。Azure Arc 將 Azure 控制平面擴展到本機、多雲和邊緣。借助 Arc，像 EY 和 Telstra 這樣的客戶可以在任何地方管理其 Kubernetes 部署，並在任何基礎架構上部署 Azure SQL 資料庫和執行 Azure 應用程式服務。隨著數位世界和實體世界的融合，我們正在引領基礎設施堆疊的新層面——企業元宇宙。

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. Customers also continue to choose our infrastructure to run mission-critical SAP solutions. Thousands of enterprises have migrated their ERP workloads to Azure, including Campbell Soup, L'Oreal, Mondelez International, ServiceNow and even 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.

百威英博正在使用我們的解決方案，包括 Azure 數位孿生和 Azure IoT，來優化從大麥田到倉庫再到分銷的營運。客戶也持續選擇我們的基礎設施來運行關鍵業務 SAP 解決方案。包括 Campbell Soup、歐萊雅、億滋國際、ServiceNow 甚至 SAP 在內的數千家企業已將其 ERP 工作負載遷移到 Azure。所有這些創新都在推動產業領導者對 Azure 做出更大、更具策略性的投入，其中包括消費品產業的 Maz、金融服務業的摩根士丹利和 IT 產業的 NEC。

Now on to data. Data is the most strategic asset for every business. We're the only cloud provider that helps organizations build sovereignty over their data by bringing together hyperscale, OLTP, analytics and governance workloads. Cosmos DB has become the go-to database, powering the world's most demanding mission-critical workloads. New capabilities help organizations like Albertsons, ASOS, DHL, LaLiga, Maersk, Swiss Re optimize cost and boost performance. 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.

接下來是資料部分。數據是每個企業最重要的策略資產。我們是唯一能夠將超大規模、OLTP、分析和治理工作負載整合在一起，幫助企業建構資料主權的雲端服務供應商。Cosmos DB 已成為首選資料庫，為全球要求最嚴苛的關鍵任務工作負載提供支援。新功能可幫助 Albertsons、ASOS、DHL、西甲、馬士基、瑞士再保險公司等企業優化成本並提高績效。沃爾瑪使用 Cosmos DB 來處理每天數十億次的線上請求，並確保數百萬顧客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. 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. Queries performed using Synapse increased 146% over the last quarter alone.

Azure Synapse 將資料整合、大數據和資料倉儲整合到單一服務中。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，各組織都在使用 Synapse 從海量的結構化和非結構化資料中產生洞察。光是上一季度，使用 Synapse 執行的查詢量就成長了 146%。

Now on to developers. GitHub is used by 72% of the Fortune 50 to build, ship and maintain software. Organizations like Ford, NASA and Shopify are using new project planning capabilities to help developers better manage projects directly within their workflow. And Epic Games, Motorola Solutions and Volkswagen Software Group all chose GitHub Advanced Security this quarter to help secure their code.

接下來是開發者們。財富 50 強企業中有 72% 使用 GitHub 來建置、發布和維護軟體。福特、NASA 和 Shopify 等組織正在使用新的專案規劃功能，以幫助開發人員更好地直接在工作流程中管理專案。本季度，Epic Games、摩托羅拉解決方案公司和大眾汽車軟體集團都選擇了 GitHub 高級安全解決方案來幫助保護他們的程式碼。

We're also leading in enterprise AI. Our new Azure Applied AI Services help organizations like Dow, Lufthansa and Samsung apply AI to common business scenarios. And live captions in Twitter Spaces are being powered by our speech services. Finally, we are bringing the power of our partnership with OpenAI to both professional developers and domain experts. 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.

我們在企業人工智慧領域也處於領先地位。我們全新的 Azure 應用 AI 服務可協助陶氏、漢莎航空和三星等組織將 AI 應用於常見的業務場景。Twitter Spaces 中的即時字幕功能由我們的語音服務支援。最後，我們將與 OpenAI 的合作優勢帶給專業開發人員和領域專家。透過 GitHub Copilot，專業開發人員可以更快地編寫程式碼，減少工作量；借助世界上最強大的語言模型 GPT-3，領域專家可以使用 Power Platform 以自然語言建立應用程式。

Power Platform has become the leading business process automation and productivity suite for domain experts across all functions. Power BI is the leader in business intelligence in the cloud. Organizations in every industry, including Bayer, Cerner, Rolls-Royce are choosing the platform to foster a data-driven culture. The number of organizations using Power Apps has more than doubled year-over-year. BASF chose Power Apps to give 122,000 employees the capability to build low-code/no-code apps. And the Toyota Fusion teams of pro developers and domain experts are using Power Apps and Azure Pass services to improve quality control. All up, Power Platform revenue increased 83% over the past year.

Power Platform 已成為各職能領域專家的領先業務流程自動化和生產力套件。Power BI 是雲端商業智慧領域的領導者。包括拜耳、Cerner、勞斯萊斯在內的各行各業的組織都在選擇該平台來培養數據驅動型文化。使用 Power Apps 的組織數量較去年同期成長超過一倍。巴斯夫選擇 Power Apps，使其 122,000 名員工能夠建立低程式碼/無程式碼應用程式。豐田 Fusion 的專業開發人員和領域專家團隊正在使用 Power Apps 和 Azure Pass 服務來改善品質控制。總體而言，Power Platform 的營收在過去一年成長了 83%。

And now on to 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. And the silos between communications, collaboration and business process have to be broken down. With Dynamics 365, we are building a new generation of business applications to help organizations adapt to this new reality. We continue to gain share. Dynamics 365 revenue accelerated for the third consecutive quarter, up 49% year-over-year. 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.

接下來我們來看看 Dynamics 365。包括行銷、銷售、客戶支援和供應鏈在內的所有業務職能都需要重新構想，以適應人工智慧優先、協作優先的世界。必須打破溝通、協作和業務流程之間的障礙。借助 Dynamics 365，我們正在建立新一代業務應用程序，以幫助企業適應這種新的現實。我們持續擴大市場佔有率。Dynamics 365 營收連續第三個季度加速成長，較去年同期成長 49%。我們正在透過我們的客戶洞察產品，幫助企業實現對客戶互動的數位自主權。哥倫比亞運動服裝公司、GNC 和洛杉磯快艇隊等組織都選擇統一客戶檔案，並提供更個人化的體驗。

We are empowering employees for hybrid work by creating a new category of collaborative applications, bringing business process directly into the flow of work. 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. Customers want this and no other vendor is doing this today. And we are helping organizations reimagine their core business process with new apps built for an age of omnichannel communications. 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.

我們正在透過創建一種新型的協作應用程序，將業務流程直接融入工作流程，從而賦能員工進行混合辦公。Dynamics 365 和 Teams 之間的新整合使組織中的任何人都能在 Teams 中無縫查看客戶記錄並進行協作，而無需購買多個授權。客戶需要這種服務，但目前還沒有其他供應商提供這種服務。我們正在幫助企業利用專為全通路通訊時代打造的新應用程序，重新構想其核心業務流程。透過 Dynamics 365，可口可樂、雷諾和小米等客戶服務機構擁有一個全面的解決方案，可在所有管道中提供一致且個人化的支援。

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

接下來是產業解決方案。過去一年，我們推出了金融服務、醫療保健、製造業、非營利組織和零售業的行業雲。本季度，我們發布了全新的 Microsoft Cloud for Sustainability，將我們整個技術堆疊的功能整合在一起，創建了一個全新的業務流程類別，以幫助每個組織解決這個非常緊迫的需求。

Now on to 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. In the past 5 years since our acquisition, revenue has nearly tripled and growth has accelerated. LinkedIn has become a leader across multiple secular growth areas spanning B2B advertising, professional hiring, corporate learning and sales intelligence.

接下來轉到領英。LinkedIn 本財年的營收首次突破 100 億美元，成長了 27%，這證明了該平台對於幫助人們在職涯中建立聯繫、學習、成長和找到工作變得至關重要。自我們收購以來的過去 5 年裡，營收幾乎成長了兩倍，成長速度也加快了。LinkedIn 已成為 B2B 廣告、專業招募、企業學習和銷售情報等多個長期成長領域的領導者。

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. LinkedIn has more than 774 million members who are more engaged than ever. Sessions were up 30% this quarter compared to a year ago. 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.

從 Office 中的 LinkedIn 個人資料到 Microsoft Viva 中的 LinkedIn Learning 課程，再到 Microsoft Dynamics 365 中的 LinkedIn Sales Navigator 線索，我們結合了 LinkedIn 和 Microsoft 的力量，改變了人們學習、銷售和聯繫的方式。LinkedIn擁有超過7.74億會員，他們的活躍度比以往任何時候都高。本季交易量比去年同期成長了30%。LinkedIn 的廣告業務本季營收首次突破 10 億美元，較去年同期成長 97%，成長速度是同類業務的 3 倍。

Now to Microsoft 365 and 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. We're the only cloud that supports everything an organization needs to successfully make the shift. Microsoft Teams is the new front end. It's where people meet, chat, call, collaborate and automate business processes all within the flow of work.

接下來是 Microsoft 365 和 Teams。混合辦公模式代表了近幾十年來我們工作方式的最大變革，它將需要一個涵蓋人員、地點和流程的全新營運模式。我們是唯一能夠支援組織成功轉型所需一切的雲端平台。Microsoft Teams是新的前端介面。在這裡，人們可以見面、聊天、打電話、合作，並在工作流程中實現業務流程自動化。

Teams usage has never been higher. 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. We are leading in the new and growing enterprise phone category. Just like video meetings, chat and business processes happen in Teams, calls happen in Teams, creating a huge new opportunity. 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.

Teams 的使用率達到了歷史最高水準。我們擁有近 2.5 億月活躍用戶，人們每天都使用 Teams 在工作、生活和學習中進行溝通、協作和發佈內容。我們在新興且不斷發展的企業電話領域處於領先地位。就像視訊會議、聊天和業務流程都在 Teams 中進行一樣，通話也在 Teams 中進行，這創造了一個巨大的新機會。我們每月有近 8,000 萬 Teams 手機活躍用戶，本季單月通話總量超過 10 億次，而這只是個開始。

Teams is also at the center of orchestrating collaboration across the entire SaaS estate, from HR to marketing to finance. 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. And we are bringing Teams to consumers so people can connect and collaborate with family and friends across desktop, mobile and the web.

Teams 也是協調整個 SaaS 生態系統（從人力資源到行銷再到財務）協作的核心。包括 Adob​​e、Atlassian、Salesforce、SAP、ServiceNow 和 Workday 在內的領先第三方 SaaS 供應商現在都已建立了與 Teams 深度整合的應用程序，將每個業務流程和功能直接融入工作流程中。我們將 Teams 帶給消費者，以便人們可以透過桌上型電腦、行動裝置和網路與家人和朋友聯繫和合作。

All this innovation is driving growth. 124 organizations now have more than 100,000 users of Teams, and nearly 3,000 have more than 10,000 users. 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. Leading companies like Bayer, Siemens, Vodafone all chose our premium [EFI] offerings for advanced security, compliance, voice and analytics.

所有這些創新都在推動成長。目前已有 124 個組織擁有超過 10 萬名 Teams 用戶，近 3,000 個組織擁有超過 1 萬名用戶。更廣泛地說，在 Microsoft 365 的各個細分市場，從第一線員工和小型企業到大型企業，我們看到每個細分市場的席位數量都實現了兩位數的同比增長。拜耳、西門子、沃達豐等領先公司都選擇了我們的高級 [EFI] 產品，以實現高級安全、合規性、語音和分析。

Now on to employee experience cloud. Having a digital employee experience platform is critical for every organization. With Microsoft Viva, we are creating an entirely new category, bringing together communications, learning, well-being and knowledge directly into the flow of work. New capabilities empower leaders to build human capital, nurture well-being and focus on employee results. We are seeing strong interest and early adoption in every industry from American Express and Barclays to AT&T and Mars. Humana chose Viva to help 26,000 employees make the shift to hybrid work, gaining insights on everything from collaboration trends to manager effectiveness.

接下來我們來談談員工體驗雲。對於任何組織而言，擁有數位化員工體驗平台至關重要。透過 Microsoft Viva，我們正在創造一個全新的類別，將溝通、學習、健康和知識直接融入工作流程中。新的能力使領導者能夠建立人力資本、促進員工福祉並專注於員工績效。從美國運通和巴克萊銀行到AT&T和瑪氏公司，我們看到各行各業都表現出了濃厚的興趣並迅速採用了這項技術。Humana 選擇 Viva 來幫助 26,000 名員工過渡到混合辦公模式，從而深入了解從協作趨勢到管理效率等各個方面。

Now on to Windows. Windows 11 is the biggest update to our operating system in a decade. 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. We are delighted by early feedback. More people have downloaded our early builds than any other Windows release or update in the history of our Insider Program. And along with our OEM ecosystem, we are excited to bring Windows 11 to new PCs beginning this holiday.

接下來是Windows系統。Windows 11 是十年來我們作業系統最大的一次更新。我們正在重新構想從 Windows 平台到應用程式商店的一切，以幫助個人和組織提高生產力和安全性，並為開發者和創作者建立一個更開放的生態系統。我們對目前的回饋感到非常高興。在我們的預覽體驗計劃歷史上，下載我們早期版本的使用者數量超過了任何其他 Windows 版本或更新。我們很高興能與 OEM 生態系統攜手，從今年假期開始為新 PC 帶來 Windows 11。

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

借助 Windows 365，我們正在創造一個新的類別：雲端電腦。就像應用程式透過 SaaS 遷移到雲端一樣，我們現在也將作業系統遷移到雲端，使組織能夠將完整的 Windows 體驗串流傳輸到任何員工的個人或公司裝置上。

Now on to security. 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. 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.

接下來談談安全問題。網路安全情勢比以往任何時候都更加複雜，因此，每個組織都需要部署和維護零信任安全架構這一點也從未如此清晰。這推動了市場對我們涵蓋身分、安全、合規性和裝置管理等跨所有雲端平台和所有平台的整合式端到端解決方案的加速需求。

No other vendor is recognized by analysts as the leader in as many categories. 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. We saw a 70% increase in the number of small and medium business customers. And it's reflected in our sales growth, with annual revenue continuing to increase 40% year-over-year. 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.

分析師普遍認為，沒有其他供應商在如此多的類別中處於領先地位。這體現在我們市場份額的成長上，近 60 萬家機構（包括 FedEx、雀巢、NTT 和大眾汽車）都在使用我們在 Azure 和 Microsoft 365 上的安全產品。中小企業客戶數量增加了70%。這一點也體現在我們的銷售成長上，年收入持續年增 40%。我們正在進一步保護組織，最近收購的 CloudKnox、ReFirm Labs 和 RiskIQ 增強了我們在關鍵領域的安全能力，包括身分管理、物聯網和威脅情報。

Now on to gaming. 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. We are all in on games. At E3 last month, we unveiled our biggest games lineup ever, announcing 27 new titles which will all be available to Game Pass subscribers. Game Pass is growing rapidly and it's transforming how people discover, connect and play games. Subscribers play approximately 40% more games and spend 50% more than nonmembers.

接下來是遊戲環節。遊戲是娛樂產業中最大的類別，我們正在擴大機會，隨時隨地觸及全球 30 億遊戲玩家。我們都參與了遊戲。在上個月的 E3 遊戲展上，我們公佈了有史以來規模最大的遊戲陣容，宣布了 27 款新遊戲，所有這些遊戲都將開放給 Game Pass 訂閱用戶。Game Pass 正在迅速發展，它正在改變人們發現、聯繫和玩遊戲的方式。訂閱用戶比非會員多玩約 40% 的遊戲，多消費約 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. Millions have already streamed games to their desktops, tablets and phones. And the Xbox Series S and X are our fastest-selling consoles ever, with more consoles sold live to date than any previous generation.

我們在快速成長的雲端遊戲市場繼續保持領先地位。上個月，我們透過瀏覽器在 22 個國家/地區推出了適用於 PC 以及蘋果手機和平板電腦的 Xbox 雲端遊戲，未來還將覆蓋更多國家。數以百萬計的用戶已經透過桌上型電腦、平板電腦和手機觀看遊戲直播。Xbox Series S 和 X 是我們有史以來銷售速度最快的遊戲機，迄今為止的銷量超過了以往任何一代遊戲機。

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

最後，我們繼續拓展在創作者經濟中的機會，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）中建立作品並將其變現的新方式。創作者在我們旗下所有遊戲產品中獲得的收入比一年前翻了一番還多。

In closing, going forward, every person and every organization will require more digital technology to be more resilient and to transform. We are innovating across the entire tech stack to ensure our customers succeed in this new era.

總之，展望未來，每個人和每個組織都需要更多的數位技術來增強韌性並實現轉型。我們正在對整個技術堆疊進行創新，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.

然後，我就把它交給艾米了。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $46.2 billion, up 21% and 17% in constant currency. Earnings per share was $2.17, increasing 49% and 42% in constant currency. 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.

謝謝你，薩蒂亞，大家下午好。本季營收為 462 億美元，年增 21%，以固定匯率計算成長 17%。每股收益為 2.17 美元，以固定匯率計算成長 49%，成長 42%。在一年中最重要的季度，銷售和合作夥伴團隊的專注執行，以及在各個地理市場和客戶群體中的廣泛實力，推動了又一個季度強勁的增長，實現了艱難時期和最終的利潤增長。

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. 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.

在我們的商業業務中，對我們差異化的混合雲和雲端產品的良好需求，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 合約數量的顯著增長。客戶對微軟雲端的依賴推動了 Teams、Power Platform 以及我們的高階安全性和身分識別產品的使用量持續成長，這些產品正在幫助企業轉向混合辦公室模式並實現業務流程現代化。

And in LinkedIn's Talent Solutions business, an improving job market drove strength in annual contracts and job postings. 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 LinkedIn 的人才解決方案業務中，就業市場的改善推動了年度合約和職缺數量的成長。在我們的本地部署業務中，Office、伺服器和 Windows 的強勁年金業績也受益於 ASC 606 下更高期間收入確認的合約組合的增加。

In our Consumer business, Windows OEM and Surface were impacted by the ongoing constraints in the supply chain. Search and LinkedIn benefited from an improved advertising market. And in Gaming, we again saw strong engagement across our platform while demand for Xbox Series X and S consoles continued to exceed supply.

在我們的消費者業務中，Windows OEM 和 Surface 產品線受到了供應鏈持續瓶頸的影響。搜尋和 LinkedIn 都受益於廣告市場的改善。在遊戲方面，我們再次看到用戶在我們平台上的積極參與，同時對 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. 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. As a result, Commercial remaining performance obligation increased 32% and 31% in constant currency to $141 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 25% year-over-year. 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. And our annuity mix increased 1 point year-over-year to 95%.

提醒一下，去年第四季是受 COVID-19 影響的第一個完整季度，收入和營運支出都受到影響。本季度，儘管勘探基礎有所下降，但商業預訂量按固定匯率計算仍增長了 30% 和 25%，遠超預期，這主要得益於我們核心年金銷售策略的強勁執行以及大型長期 Azure 合約數量的增加。因此，商業剩餘履約義務以固定匯率計算成長了 32% 和 31%，達到 1,410 億美元。約 45% 的收益將在未來 12 個月內確認為收入，年增 25%。剩餘部分將在未來 12 個月後確認，年成長 38%，凸顯了我們對微軟雲端的長期承諾不斷增長。我們的年金組合佔比去年同期上升 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. 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. 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.

商業雲端收入也優於預期，達到 195 億美元，成長加速至 36%（以固定匯率計算為 31%）。商業雲毛利率年增 4 個百分點至 70%，其中約 1 個百分點是由於伺服器和網路設備資產使用壽命的會計估計發生變化所致。排除此影響，儘管收入結構轉向 Azure，但商業雲毛利率仍有所增長，這主要得益於我們所有雲端服務的改進，而上一年可比數據則受到我們為支持客戶在遠端辦公場景中顯著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端基礎設施使用容量。

With the weaker U.S. dollar, FX increased growth by approximately 4 points, about 1 point more favorable than anticipated. FX increased COGS growth by approximately 1 point and operating expense growth by approximately 2 points, both in line with expectations. Gross margin dollars increased 25% and 20% in constant currency. Gross margin percentage was 70%, up 2 points year-over-year, with roughly 1 point of favorable impact from the change in accounting estimate. 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.

由於美元走軟，外匯市場成長約 4 個百分點，比預期高出約 1 個百分點。外匯波動導致銷貨成本增加約 1 個百分點，營運費用增加約 2 個百分點，均符合預期。以美元計算，毛利增加了 25%，以固定匯率計算增加了 20%。毛利率為 70%，年增 2 個百分點，其中會計估計的變化帶來了約 1 個百分點的有利影響。排除這一影響，儘管銷售組合轉向雲端（如前所述，這是由於商業雲毛利率的提高所致），但公司毛利率仍然上升。

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. 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.

營業費用以固定匯率計算成長了 6% 和 4%，與去年同期相比符合預期，其中包括零售店策略調整帶來的約 4 個百分點的影響和壞帳支出增加帶來的 2 個百分點的影響。總體而言，本季公司員工人數再次成長，年增 12%，因為我們持續在雲端工程、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.

以固定匯率計算，營業收入成長了 42% 和 35%，營業利潤率年增 6 個百分點至 41%，其中包括上一年零售店費用和壞帳支出增加帶來的約 2 個百分點的影響，以及會計估計變更帶來的近 1 個百分點的有利影響。

Now to our segment results. 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. Office Commercial revenue grew 20% and 15% in constant currency. 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. 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.

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 147 億美元，以固定匯率計算成長了 25% 和 21%，所有業務的表現均優於預期。辦公室商業收入以固定匯率計算成長了 20% 和 15%。Office 365 商業收入以固定匯率計算增長了 25% 和 20%，這再次得益於所有工作負載和客戶群的安裝基礎擴張以及更高的 ARPU（每用戶平均收入）。付費版 Office 365 商業版席位年增 17%，持續的復甦推動了我們面向中小企業和第一線員工的產品的加速成長。

Demand for Microsoft 365, particularly for security, compliance and voice drove strong E5 momentum again this quarter. E5 now accounts for 8% of our Office 365 Commercial installed base. 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.

本季度，對 Microsoft 365 的需求，特別是對安全性、合規性和語音功能的需求，再次推動了 E5 的強勁成長動能。E5 目前占我們 Office 365 商業版安裝基數的 8%。受去年同期交易採購放緩的影響，辦公商業許可收入年減 8% 至 11%，高於預期，這也得益於先前提到的當期收入確認增加。

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. Dynamics revenue grew 33% and 26% in constant currency, better than expected. 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 now accounts for over 70% of total Dynamics revenue.

在 Office 消費者業務方面，營收成長了 18%，以固定匯率計算成長了 15%，這主要得益於 Microsoft 365 訂閱的持續成長勢頭，訂閱用戶數成長至 5,190 萬，較去年同期成長 22%。Dynamics 的營收以固定匯率計算成長了 33% 和 26%，均優於預期。Dynamics 365 的營收以固定匯率計算成長了 49% 和 42%，Power Apps 和 Power Automate 的成長勢頭強勁，反映出市場對我們用於建立應用程式和自動化工作流程的現代化解決方案的需求不斷增長。Dynamics 365 目前佔 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. 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. The change in accounting estimate drove roughly 1 point of favorable impact. 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.

LinkedIn 的營收以固定匯率計算成長了 46% 和 42%，高於去年同期受廣告和就業市場影響的預期。以固定匯率計算，分部毛利成長了 33% 和 27%，毛利率年增 5 個百分點，主要得益於雲端服務業務的改善，而去年同期業務量較低，主要受使用量增加的影響。會計估計的變化帶來了約 1 個百分點的有利影響。以固定匯率計算，營業費用增加了 8% 和 6%；以固定匯率計算，營業收入增加了 62% 和 53%，其中 4 個百分點是由於會計估計的變化造成的。

Next, the Intelligent Cloud segment. Revenue was $17.4 billion, increasing 30% and 26% in constant currency. We exceeded expectations across our consumption and per-user Azure businesses as well as in our on-premises server products business. Overall, server products and cloud services revenue increased 34% and 29% in constant currency. Azure revenue grew 51% and 45% in constant currency driven by strong performance across our core and premium consumption-based services.

接下來是智慧雲部分。營收達174億美元，以固定匯率計算成長30%和26%。我們在 Azure 消費業務和按使用者計費業務以及本地伺服器產品業務方面均超出了預期。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 34% 和 29%。受核心服務和高級按需付費服務的強勁表現推動，Azure 收入按固定匯率計算增長了 51% 和 45%。

In our per user business, the enterprise mobility and security installed base increased 29% to over 190 million seats. 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 29%，達到超過 1.9 億個席位。我們的本地伺服器業務成長了 16%（以固定匯率計算成長了 12%），這主要得益於強勁的年金業績，並且受益於前面提到的較高的當期收入確認，特別是本季度一些最大的交易，增長了約 4 個百分點。

Enterprise Services revenue grew 12% and 9% in constant currency, driven by growth in premier support services and Microsoft consulting services. Segment gross margin dollars increased 32% and 27% in constant currency. Gross margin percentage increased 1 point year-over-year with roughly 1 point of favorable impact from the change in accounting estimate. 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.

企業服務收入以固定匯率計算成長了 12% 和 9%，主要得益於高階支援服務和微軟諮詢服務的成長。以固定匯率計算，分部毛利率成長了 32% 和 27%。毛利率較去年同期上升 1 個百分點，其中會計估計的變化帶來了約 1 個百分點的有利影響。以固定匯率計算，營業費用增加了 14% 和 12%；以固定匯率計算，營業收入成長了 46% 和 39%，其中 3 個百分點是由於會計估計的變化。

Now to More Personal Computing. 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. 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.

現在進入個人電腦領域。營收達 141 億美元，以固定匯率計算成長 9% 和 6%，Windows 商業、遊戲和搜尋業務的業績好於預期，抵消了供應鏈限制導致的 OEM 和 Surface 業務疲軟的影響。OEM 收入下降了 3%，Surface 收入以固定匯率計算分別下降了 20% 和 23%，原因是先前在良好的需求環境下，供應鏈受到嚴重限制。

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. Search revenue ex TAC increased 53% and 49% in constant currency, benefiting from the improved advertising market. And in Gaming, revenue increased 11% and 7% in constant currency. Xbox hardware revenue grew 172% and 163% in constant currency driven by demand for our new consoles.

受 Microsoft 365 需求的推動，Windows 商業產品和雲端服務收入分別以固定匯率成長了 20% 和 14%，此外，前面提到的當期收入確認增加也帶來了一定收益。扣除TAC後的搜尋收入以固定匯率計算成長了53%和49%，受益於廣告市場的改善。遊戲業務收入以固定匯率計算成長了 11% 和 7%。受新主機需求的推動，Xbox 硬體收入按固定匯率計算增長了 172% 和 163%。

Xbox content and services revenue declined 4% and 7% in constant currency against a high prior year comparable. Segment gross margin dollars increased 8% and 4% in constant currency. Gross margin percentage decreased roughly 1 point year-over-year driven by sales mix shift to gaming hardware. Operating expense decreased 6% and 7% in constant currency, including approximately 13 points of impact from the retail stores charge in the prior year. And operating income grew 19% and 13% in constant currency.

與去年同期相比，Xbox 內容和服務收入以固定匯率計算分別下降了 4% 和 7%。以固定匯率計算，分部毛利率成長了 8%，毛利率成長了 4%。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。以固定匯率計算，營業費用下降了 6% 和 7%，其中包括上一年零售店費用帶來的約 13 個百分點的影響。營業收入成長了19%，以固定匯率計算成長了13%。

Now back to our total company results. 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. Cash paid for PP&E was $6.5 billion. Cash flow from operations was $22.7 billion, increasing 22% year-over-year, driven by strong cloud billings and collections.

現在回到公司整體業績。資本支出（包括融資租賃）為 73 億美元，符合預期，這主要得益於為支持全球對我們雲端服務日益增長的需求和使用而進行的持續投資。為固定資產支付的現金為 65 億美元。經營活動產生的現金流為 227 億美元，年增 22%，主要得益於強勁的雲端計費和收款。

Free cash flow was $16.3 billion, up 17%, reflecting higher capital expenditures in support of our growing cloud business. 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. This quarter, other income and expense was $310 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 effective tax rate was approximately 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.

自由現金流為 163 億美元，成長 17%，反映出為支持我們不斷成長的雲端業務而增加的資本支出。2021 財年，我們創造了超過 760 億美元的營運現金流，較去年同期成長 26%；自由現金流超過 560 億美元，較去年同期成長 24%。本季其他收入和支出為 3.1 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。我們的實際稅率約為15%。最後，我們透過股票回購和分紅向股東返還了 104 億美元，使本財年返還給股東的現金總額超過 390 億美元。

Now before we turn to our outlook, I'd like to provide a few reminders for next fiscal year. 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. Also, our FY '21 operating income and margin benefited from 2 factors that will be headwinds in FY '22. 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. 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.

在展望未來之前，我想先提醒大家注意下個財政年度的一些事項。一年前，所有業務部門的收入成長率將反映 COVID-19 的影響，儘管隨著時間的推移，這些影響將會改變。此外，我們 2021 財年的營業收入和利潤率受惠於兩個因素，而這兩個因素在 2022 財年將成為不利因素。首先，伺服器和網路設備使用壽命的會計估計發生變化，導致 27 億美元的折舊費用從 2021 財年轉移到未來期間。其次，由於 COVID-19 相關限制措施，我們節省了近 12 億美元的營運費用，隨著全球各地重新開放，2022 財年這些費用也將有所緩解。

With those reminders in place, let's move to our next quarter outlook. Accelerating digital transformation and consistent strong execution should drive another quarter of growing commitment to our Microsoft Cloud. In Commercial bookings, our core annuity sales motions should drive healthy growth on a growing expiry base even against a strong prior year comparable. 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.

有了這些提醒，讓我們來看看下一季的展望。加速數位轉型和持續強勁的執行力將推動我們在未來一個季度繼續加大對微軟雲端的投入。在商業預訂方面，即使面對強勁的去年同期業績，我們的核心年金銷售策略也應在不斷增長的到期基數上推動健康成長。與以往一樣，季度預訂量的波動可能是由於越來越多的大型長期 Azure 合約所致，而這些合約的生效時間更難以預測。

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. 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. 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. 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.

商業雲毛利率應年減約 1 個百分點，其中約 4 個百分點受到先前討論過的會計估計變化的負面影響。不考慮會計變更，儘管收入結構轉向 Azure，但由於我們雲端服務的持續改進，第一季毛利率將高於去年同期水準（去年同期資料受到我們先前提到的策略投資的影響）。從長遠來看（不考慮會計變更的影響），商業雲毛利率將繼續受到我們經常討論的以下三個因素的影響：收入結構向 Azure 的轉變、雲端服務使用量的增加以及為支援客戶成功而進行的持續策略投資。在資本支出方面，我們預計以美元計算將環比增長，因為我們將繼續投資以滿足全球對我們雲端服務的需求。

Now to FX. 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.

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細分市場的收入成長增加約 2 個百分點，總營運費用和銷售成本成長增加約 1 個百分點。

Now to segment guidance. In Productivity and Business Processes, we expect revenue between $14.5 billion and $14.75 billion. In Office Commercial, revenue growth will again be driven by Office 365 with healthy seat growth across segments and continued momentum in E5. In our on-premises business, we expect revenue to decline approximately 20%, consistent with the ongoing customer shift to the cloud. In Office Consumer, against a strong prior year comparable, we expect high single-digit revenue growth with continued momentum in Microsoft 365 consumer subscriptions.

現在開始細分指導。在生產力和業務流程方面，我們預計營收在 145 億美元至 147.5 億美元之間。在 Office 商業版領域，營收成長將再次由 Office 365 推動，各細分市場席位成長穩健，E5 也維持了持續成長動能。在我們的本地部署業務中，我們預計收入將下降約 20%，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，與去年同期強勁的業績相比，我們預期營收將實現高個位數成長，Microsoft 365 消費者訂閱業務也將維持成長動能。

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

對於 LinkedIn 而言，平台上的持續強勁互動以及廣告和招聘市場的改善應該會推動收入成長 30% 以上。在 Dynamics 領域，我們預計 Dynamics 365 將持續保持強勁勢頭，其中包括 Power Apps 的顯著成長勢頭，這將推動營收成長至 20% 以上。對於智慧雲端業務，我們預計營收將在 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. 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. Therefore, in constant currency, Azure revenue growth should remain relatively stable on a sequential basis.

在 Azure，營收將主要來自我們基於消費的業務的持續強勁成長。鑑於 Microsoft 365 套件的安裝基數，我們預計其成長率會有所放緩，但我們的按用戶計費業務仍將繼續受益於 Microsoft 365 套件的成長勢頭。因此，以固定匯率計算，Azure 的營收成長應保持相對穩定。

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. And in Enterprise Services, we expect revenue to be in the high single digits. 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. Therefore, our segment revenue outlook is $12.4 billion to $12.8 billion. Given the 10-point estimated negative impact from the deferral, OEM revenue should decline mid- to high single digits in Q1.

在我們的本地伺服器業務中，我們預計營收將實現高個位數成長，這主要得益於市場對我們的混合型和高級年金產品的持續需求，而去年同期業績則較為疲軟。在企業服務方面，我們預期收入將達到較高的個位數成長。在「更多個人運算」領域，我們估計，由於需要將 Windows 11 的收入推遲到第二季度，第一季的影響約為 3 億美元。因此，我們對該業務部門的營收預期為 124 億美元至 128 億美元。鑑於延期預計會帶來 10 個百分點的負面影響，第一季 OEM 收入應該會下降個位數中高段位。

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. In Windows Commercial products and cloud services, continued demand for Microsoft 365 and our Advanced Security solutions should drive healthy double-digit growth. In Search ex TAC, we expect revenue growth in the high 30s driven by improvements in the advertising market. In Gaming, we expect revenue growth in the low double digits. Console growth will again be constrained by supply. And on a strong prior year comparable, Xbox content and services revenue should grow low single digits.

在 Surface 業務方面，由於去年同期業績強勁，我們預計隨著我們繼續應對供應鏈挑戰，營收將下降 10% 左右。在 Windows 商業產品和雲端服務方面，對 Microsoft 365 和我們高級安全解決方案的持續需求應該會推動兩位數的健康成長。在搜尋業務（不含TAC）中，我們預期營收成長將達到30%以上，這主要得益於廣告市場的改善。在遊戲領域，我們預期營收成長將達到兩位數低點。遊戲主機市場的成長將再次受到供應量的限制。鑑於去年同期業績強勁，Xbox 內容和服務收入應實現個位數低成長。

Now back to company guidance. We expect COGS of $13.55 billion to $13.75 billion and operating expense of $11.6 billion to $11.7 billion. In other income and expense, interest income and expense should offset each other. 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.

現在回到公司指引。我們預計銷售成本為 135.5 億美元至 137.5 億美元，營運費用為 116 億美元至 117 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，鑑於第一季股權歸屬量，我們預計第一季稅率約為 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. Our outlook for FY '22 reflects this: with healthy double-digit revenue and operating income growth. Together, that results in expanded operating margins in FY '22 after excluding the headwinds from the useful life change noted earlier. Together with our customers and partners, we look forward to FY '22.

最後，我們將繼續專注於推動營收成長，同時大膽投資未來的策略性高成長機遇，這將為全球客戶帶來巨大價值。我們對 2022 財年的展望反映了這一點：營收和營業收入將實現兩位數的健康成長。綜合來看，在排除前面提到的使用壽命變化所帶來的不利影響後，2022 財年的營業利潤率將會提高。我們與客戶和合作夥伴一起，期待 2022 財年的到來。

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 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 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. Satya, last year at this time, you made a comment that, I think, really defined the conversation in software over the past year. 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. Was that acceleration a pull forward of demand and, at some point, we're going to have that hard comp? Or do you see durability in this acceleration on a go-forward basis? Is there a lot more to come?

恭喜貴公司在 2021 財年取得優異成績，並為該財年畫下圓滿句點。薩蒂亞，去年這個時候，你發表了一番言論，我認為，這番言論真正定義了過去一年軟體領域的討論。談到新冠疫情後數位轉型加速發展，我認為這一點從你們商業預訂量成長 25% 的結果中就可以看出。我想問的是，這種成長能否持續下去。這種加速成長是否是需求提前釋放所致？在某個時候，我們是否終將面臨硬性競爭？或者，您認為這種加速發展模式能夠持續下去嗎？後面還有很多嗎？

And then, Amy, to you, a similar kind of question but more on sort of the margin side of the equation. 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. Is that durable longer term? Is there still enough sort of efficiency gains at Microsoft to be able to keep that up over the medium term, if you will?

然後，艾米，對你來說，這是一個類似的問題，但更多的是關於等式邊緣的方面。我認為你在微軟的整個任期真正體現在良好的營運控制和毛利成長遠超營運支出成長的能力。這種效果能長期持續嗎？微軟目前是否還有足夠的效率提升空間，能夠在中期內維持這種水準？

Thanks so much, Keith, for the question. 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. I think that doubling will happen in a more accelerated pace. 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.

非常感謝基斯的提問。我的意思是，我們今天看到的結果反映了這一點，但更重要的是，從長遠來看，正如我所思考的——我總是會回到那個數字，即世界 GDP 的 5% 用於科技支出，預計這一數字將翻倍。我認為翻倍的速度將會加快。我們之所以感到處於有利地位，是因為整個技術堆疊的創新。想想看，未來所有企業，無論是零售商還是製造商，無論是服務業、公共部門還是私營部門，數位轉型都是增強韌性並改變核心業務流程的途徑。

And the strength we have is that entirety of the Microsoft cloud stack, right? So it's not just about infrastructure or any application, it's the entirety of what we do. And so I think it is durable. 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. 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.

而我們擁有的優勢就是整個微軟雲端技術棧，對吧？所以這不僅僅是關乎基礎設施或任何應用程序，而是關乎我們所做的一切。所以我認為它很耐用。按季度來看，這取決於疫情期間發生的事情，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恢復，然後就會恢復正常。而就我們而言，我們確實——事實上，我喜歡我們業務佈局的一點是，它既是全球性的，又在消費者細分市場和企業對企業細分市場之間取得了適當的平衡。因此，儘管面臨激烈的競爭，我們需要不斷創新，但這仍然是一個非常持久的長期成長前景，而創新正是我們將繼續關注的重點。

And maybe turning to your margin question. 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. 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. 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. So I feel very good about the work we've done. And as you heard, I'm quite optimistic about the opportunities we have to invest leading into FY '22 as well.

或許可以談談你關於利潤率的問題了。基思，雖然我顯然為我們團隊在利潤率和回報方面所做的工作感到自豪，正如你提到的那樣，但我想說，總的來說，我們的重點仍然是，而且在我和薩蒂亞以及其他高級管理團隊成員共同工作的這段時間裡，一直都是將我們的資源和人才持續地轉移到我們增長最快、最具差異化的領域。當你在廣闊的潛在市場中這樣做時（我認為我們作為一個組織所關注的就是這種做法），你確實會在利潤率中看到你所說的那種經營槓桿效應。而且，正如你從數學上看到的，隨著我們的收入轉向毛利率更高的領域，我們確實得到了我們所看到的結果。所以我對我們所做的工作感到非常滿意。正如你所聽到的，我對我們在 2022 財年之前的投資機會也相當樂觀。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

And again also, congrats on the quarter. And Amy, thanks for the detail and color, especially in the guidance. So I want to ask about seasonality in Azure. Traditionally, we've seen seasonality in the Azure numbers in Q4. And obviously, last year, we didn't see it because of COVID, but we also didn't see it this year. Has something changed that has changed the seasonality of the business? And does that continue going forward? And then as a follow-up question, Keith asked about OpEx efficiency overall, but I'd like to ask specifically on the cloud. Is there any reason that cloud OpEx shouldn't continue to grow slower than revenue, obviously, on an annual basis, not a quarterly basis?

再次恭喜你本季取得佳績。艾米，謝謝你提供的細節和生動的描述，尤其是在指導方面。所以我想問一下關於 Azure 中的季節性問題。傳統上，我們在第四季會看到 Azure 資料出現季節性波動。很顯然，去年因為新冠疫情我們沒能看到這種情況，今年也沒能看到。是否有任何因素改變了業務的季節性？這種情況會持續下去嗎？然後，Keith 追問了整體營運效率，但我特別想問雲端方面的效率。顯然，雲端運營支出成長速度低於收入成長速度（按年計算，而不是按季度計算），這有什麼理由不繼續保持這種成長速度呢？

Thanks, Mark, for the question. Let me cover your first one, which is the seasonality in the Azure business. In some ways, Mark, some of that seasonality, frankly, was because Azure has 2 fundamental components. It's got a consumption model as well as a per-user model. 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.

謝謝馬克提出的這個問題。讓我來解答你的第一個問題，那就是 Azure 業務的季節性問題。馬克，坦白說，從某種程度上講，這種季節性現象的部分原因是 Azure 有兩個基本組成部分。它既有按消費付費的模式，也有按用戶付費的模式。如您所知，以使用者計費模式更符合我們的年末結算節奏，也更符合我們的年末結算節奏。但就會計和收入確認而言，這種模式的季度波動性可能更大。我們常在談到 Microsoft 365 時也提到類似的問題，即季度內確認收入。您已經看到，這種模式在歷史上確實佔 Azure 收入的較大比例，因此增加了第四季的波動性。

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. And so you start seeing less of that volatility that we've historically seen from Q3 to Q4. 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. In terms of your comment on cloud revenue and OpEx, yes, I do believe that's durable. We get a lot of focus. We'll continue to invest. There's lots of opportunity there, but the market certainly warrants it.

馬克，正如我們所看到的，我們的消費業務一直在持續成長，並且迄今為止在 Azure 中所佔的比例越來越大，因此你們確實擁有了更大的穩定性。因此，我們開始看到第三季到第四季之間通常出現的那種波動性有所減少。正如我們剛才討論的，我們仍然有一些這樣的東西，但我認為這是一個有趣的觀察，也是一個很好的問題。關於您提到的雲端收入和營運支出，是的，我相信這是可持續的。我們受到了很多關注。我們將繼續投資。那裡有很多機會，但市場也確實需要這樣的機會。

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

下一個問題來自 Jefferies 的 Brent Thill。

Amy, a lot of questions on margins. I'm curious if you think there is the ceiling in the near term on margins. 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? Can you just give us any more color as it relates to how you're thinking about that?

艾米，關於邊際效益有很多問題。我很好奇你是否認為短期內利潤率會達到極限。或者您認為您的飛行高度已經很高，我們不應該擔心這種程度的利潤空間？能否再詳細說說您對此的看法？

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. 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? 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.

嗯，我認為就 2022 財年的營業利潤率而言（這也是我主要關注的方面），正如我所說，如果排除使用壽命變化的影響，我對 2022 財年的利潤率改善感到非常樂觀。但基斯——我是說，抱歉，布倫特——這背後真正重要的是，我們是否專注於我之前提到的第一件事，那就是我們投入的每一美元營運費用，是否都在持續投資於成長最快的領域？如果你繼續投資於客戶重視的、具有差異化的、高成長的領域，並不斷創造價值，你會繼續看到這方面的進步。

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

當然，有時也會出現情況並非如此的情況，例如硬體配置發生變化等等。但總的來說，從長遠來看，您會看到我們一直專注於此。因此，如果剔除一些噪音和一些有益的生活變化，回顧過去幾年，我認為你會發現，真正產生最大影響的因素是我們把錢投資在哪裡，而不是投資的總額，而投資總額應該會根據機會而增長。

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卡爾‧基爾斯蒂德。

Amy, thank you for giving more formal Azure guidance for the next quarter. That's very helpful. 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. So I'm wondering if you could unpack that a little bit. Is this as simple as prior period commitments ramping at an accelerated pace? I'd love to hear your thoughts.

Amy，感謝你為下一季提供了更正式的 Azure 指導。這非常有幫助。因此，如果 Azure 的成長率以固定匯率計算保持穩定（我猜是 45%），而您之前表示 EMS 的成長應該會放緩，那麼您實際上是在說 Azure 的消費部分可能會在 9 月的季度加速成長。所以我想請您稍微解釋一下。這是否僅是由於前期承諾加速兌現所致？我很想聽聽你的想法。

Thanks, Karl. I think in general, you've got the right trajectory. And I do think it's both things. You've heard me say, it's both some of our core as well as premium SKUs. We've seen some nice execution. And I think Satya mentioned some of these differentiated places in the Azure stack where I think we also can see some growth. 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.

謝謝你，卡爾。我認為整體而言，你的發展方向是正確的。我確實認為兩者兼而有之。正如我之前所說，這些既包括我們的一些核心產品，也包括一些高端產品。我們看到了一些不錯的執行。我認為 Satya 提到了 Azure 技術堆疊中的一些差異化領域，我認為我們也可以在這些領域看到一些成長。數據服務是一個非常好的方面，我覺得我們在這方面取得了很大的進步，實現了真正的差異化，並且在過去幾個季度中看到了成長加速。

Our next question is coming from Mark Murphy with JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

Satya, at the Ignite Conference a few months ago, you commented that cloud architectures have reached peak centralization. I'm wondering what developments are you seeing that inform your viewpoint. 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?

Satya，幾個月前的 Ignite 大會上，你評論說雲端架構已經達到了集中化的頂峰。我想知道您觀察到哪些發展趨勢，從而影響了您的觀點。艾米，你是否感覺到像 Azure Stack 或其他一些智慧邊緣產品的成長，對我們本季看到的伺服器產品成長有所貢獻？

Thanks so much for that question. A couple of things that are happening. One is that all up, even what we consider the cloud infrastructure, is getting increasingly distributed. 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. 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.

非常感謝你的提問。有兩件事正在發生。一方面，總的來說，即使是我們認為的雲端基礎設施，也變得越來越分散。如果你仔細想想我們資料中心架構所採取的方法，你會發現我們擁有更多區域，我認為這是為了滿足運算架構的實際需求，同時也是為了滿足監管和資料駐留要求。因此，我們覺得我們選擇了正確的方法，而且就我們的地理覆蓋範圍和對所有監管要求的覆蓋範圍而言，這種方法如今已經帶來了回報。

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

其次，分散式計算當然會保持分散式的特性。我們看到，隨著邊緣運算的發展，我們將看到更多具有混合優勢的舊工作負載和混合部署，以及新的工作負載，對吧？因此，如果以 AB InBev 的數位孿生與物聯網結合的場景為例，那就需要工廠附近有更多的運算能力。所以對我來說，這些新場景——或者說 5G，我的意思是，想想 AT&T 的計劃，那就是在一個全新的領域進行混合部署，其中將有計算資源，能夠處理核心網路流量並利用雲端經濟效益。所以這就是我們對未來發展的看法，即計算將繼續保持分佈式，這既是因為不同地區的需求，也是因為監管以及計算架構本身的性質。

And to the question you asked on how to think about the edge and where to see that in results, really, it shows up. 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? So you do see that both in our Azure results but also depending on how it's purchased and server KPI.

至於你提出的關於如何思考優勢以及如何在結果中看到優勢的問題，實際上，它確實會顯現出來。在這方面，我想專注於伺服器產品和雲端服務的整體數量，我認為，馬克，這正是你問題的核心，因為透過我們的採購管道，在雲端邊緣實現靈活性的最有效採購方式有時是將一些本地許可與混合部署相結合，對吧？所以，無論是在我們的 Azure 結果中，還是根據購買方式和伺服器 KPI，您都會看到這一點。

Our next question comes from Brent Bracelin with Piper Sandler.

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

A question for you really around $10 million-plus contracts. You called out momentum this quarter and last quarter. My question is around the drivers of these larger enterprise commitments. Is this driven by just the larger scope of deals? Or are you seeing kind of broader attach rate across the whole breadth of Microsoft cloud products?

我有一個關於金額超過1000萬美元的合約的問題想問你。你在本季和上季都提到了成長勢頭。我的問題是關於這些大型企業投入的驅動因素。這僅僅是由於交易規模擴大所致嗎？或者，您看到微軟雲端產品整體的附加率普遍較高？

Thanks, Brent. Maybe, Satya, I'll take this one first and if you want to add anything. Brent, unfortunately, I'm going to answer it's everything. And let me talk about why I say that. When you see the size of the contracts increase, it's about the entire scope of what's offered under the Microsoft cloud. 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. And you're seeing the addition of Azure commitments, which we often talk about as these multiyear, longer-term contracts. And so then you do, of course, see them just have longer duration on, especially in the case of Azure. 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.

謝謝你，布倫特。薩蒂亞，或許我可以先做這個，看看你還有什麼要補充的。布倫特，很遺憾，我的回答是：這就是一切。讓我來解釋一下我為什麼這麼說。當你看到合約規模不斷擴大時，就代表微軟雲端所提供的服務範圍越來越廣。我們看到核心合約的續約非常強勁，Dynamics、Power Apps、Power Automate、M365、高級 SKU、安全、合規、語音等領域的新增訂單也非常強勁，這當然會增加這些合約的規模。而且您還會看到 Azure 承諾的增加，我們通常稱之為多年期、長期合約。所以，你當然會看到它們的持續時間更長，尤其是在 Azure 的情況下。因此，在很多方面，我們關注的是構成更大合約的各個組成部分，每個組成部分都有助於銷售我們在微軟雲端所有部分中存在的價值。

This was a good execution quarter for us. You see it in the bookings number even more. When you have a declining expiry base and then bookings growth that's that high, you have to do all those things well. And that's, I think, really what's reflected ultimately and transactionally, meaning those larger $10 million-plus contracts being done.

這對我們來說是一個執行力不錯的季度。從預訂數量就能更明顯地看出這一點。當到期客戶基數下降，而預訂量又如此高成長時，你必須把所有這些事情都做好。我認為，這最終體現在交易中，也就是那些金額超過 1000 萬美元的大合約的簽訂。

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. 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? Or how is that changing the landscape? And how do you think about that versus what your competitors are doing?

我想問薩蒂亞的主要問題，你已經注意到未來的工作方式發生了變化，並且談到了 Teams 與應用程式堆疊、作業系統堆疊以及整個微軟產品組合的融合。鑑於 Dynamics 的加速發展，您能否談談這是否推動了更大的交易，以及新的業務拓展？或者說，這又如何改變了格局？那麼，你如何看待這一點，以及你的競爭對手正在採取的措施？

Yes, that's a great question. Thanks for that. Multiple things happening. And both -- some of them are independent secular growth trends and they do reinforce each other. Let's just take Dynamics. 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. So there's going to be a complete new cycle of business process automation that is going to be AI-first and collaboration-first. 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. And by the way, the communications and the collaboration artifacts are part of the record. And that's what I think that this new generation of software will enable.

是的，這是一個很好的問題。謝謝。多件事同時發生。兩者兼而有之——其中一些是獨立的長期成長趨勢，它們之間也相互促進。我們以 Dynamics 為例。我們看到最令人興奮的事情之一可能是，隨著這場疫情的結束，從銷售、客戶服務、行銷到供應鏈或數位製造，所有環節都將迎來一個全新的篇章，需要重新實施一套完整的體系。因此，將會出現一個全新的業務流程自動化週期，這個週期將以人工智慧和協作為先。第二部分正是團隊與業務流程或動態之間的交集所在，因為你不想為任何你不想協作、不想溝通的東西建立記錄系統，無論是客戶、零件或預測。順便一提，溝通和協作的成果也是記錄的一部分。我認為，新一代軟體將實現這一點。

And so you see it in 2 fronts. 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. And Dynamics itself, of course, will integrate deeply with Teams and embed Teams or Azure Communication Services. So when you think about our omnichannel customer service module, it doesn't look like anything from 2 years ago. It's a completely rebuilt omnichannel customer service system, which has all the communication functionality built in. So it's a pretty exciting space. And it also speaks to a lot of the questions around where is the margin, how is it going to sort of evolve. 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.

所以你會看到它從兩個方面來看。一是 Teams 已經成為一個平台，不僅適用於 Dynamics，甚至適用於 Salesforce、SAP、Adobe、ServiceNow，它們都在 Teams 中構建出色的集成，我們將促進這種集成。當然，Dynamics 本身也將與 Teams 深度集成，並嵌入 Teams 或 Azure 通訊服務。所以，當你想到我們的全通路客戶服務模組時，它看起來和兩年前的任何東西都截然不同了。這是一個完全重建的全通路客戶服務系統，內建了所有通訊功能。所以這是一個相當令人興奮的領域。這也解答了許多關於利潤空間在哪裡、它將如何演變的問題。我認為，追蹤 Power Platform、Dynamics 和 Teams 的發展情況，以及它們與我們在 Azure 中的一些資料層的交集，或許是衡量我們目前在規模上競爭優勢的最佳指標。

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

我們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. Is there any comments or color that you could provide? 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. 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. 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.

艾米，我想跟你說這件事，然後我們再回到頁邊距的問題上來一會兒。您還有什麼意見或建議嗎？我知道您說您關注的是營業利潤率方面，但您預計 2022 年毛利率的趨勢是什麼，無論是否考慮折舊計劃。B 部分在上一季電話會議上，您表示 2022 年的營運費用可能會成長到十幾個百分點，或者應該說是十幾個百分點。我想知道您是否願意更新關於我們在展望 2022 財年時應該如何看待營運費用趨勢的評論。

Thanks, Keith. When I think about your operating expense comments, no, I don't have any update to that. 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. I mean with the opportunity we see in the market, I think it supports that level. And given our execution, when we do invest, which leads me to margin, I feel very good about that.

謝謝你，基斯。關於您提到的營運費用問題，我目前還沒有任何更新資訊。我認為，考慮到我們全年 12% 的員工人數成長，以及我們繼續投資於一些在新冠疫情期間節省開支的領域，我認為，在我們全年開展工作的過程中，這仍然是一個不錯的人員儲備。我的意思是，就我們目前在市場上看到的機會而言，我認為這個水準是可以支撐的。鑑於我們的執行情況，當我們進行投資時（這涉及保證金），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. You'll continue to see a mix shift to Azure given the growth we expect there. And we'll continue to see gross margin improvements across individual services that make up many of our components across the company. So in general, I feel like the gross margin trends are quite healthy heading into '22.

在毛利率層面，我們將繼續專注於我們一直以來所關注的事情，那就是繼續提升我們的雲端服務利潤率。鑑於我們預期 Azure 將會持續成長，你會看到越來越多的資源流向 Azure。我們將繼續看到公司各組成部分中各個服務的毛利率不斷提高。所以總的來說，我覺得進入 2022 年，毛利率趨勢相當健康。

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

謝謝你，基斯。今天的財報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, everyone.

謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference. We thank you for your participation, and you may disconnect your lines at this time.

女士們、先生們，今天的會議到此結束。感謝您的參與，您可以斷開線路了。