微軟 (MSFT) 2021 Q3 法說會逐字稿

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

您好，歡迎參加 Microsoft 2021 財年第三季度收益電話會議。

(Operator Instructions) And 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, Investor Relations.

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

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me are Satya Nadella, 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 a 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 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 third quarter performance in addition to the impact these items and events have on the financial results.

除了這些項目和事件對財務業績的影響之外，它們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三季度的業績。

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 growth rates are the same in constant currency, we'll refer to the growth rate only.

在固定貨幣增長率相同的情況下，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 be making forward-looking statements, which are predictions, projections or other statements about future events.

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、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。

Thank you, Brett.

謝謝你，布雷特。

It was a record quarter powered by our continued strength of our commercial cloud.

這是一個創紀錄的季度，得益於我們持續強大的商業雲。

Over a year into the pandemic, digital adoption curves aren't slowing down.

大流行一年多來，數字採用曲線並沒有放緩。

In fact, they're accelerating and it's just the beginning.

事實上，它們正在加速發展，而這僅僅是個開始。

Digital technology will be the foundation for resilience and growth over the next decade.

數字技術將成為未來十年恢復力和增長的基礎。

We are innovating and building the cloud stack to accelerate the digital capability of every organization on the planet.

我們正在創新和構建雲堆棧，以加速地球上每個組織的數字化能力。

Now I'll highlight our growing opportunity and momentum, starting with Azure.

現在，我將重點介紹我們不斷增長的機會和動力，從 Azure 開始。

As the world's COGS become more digital, computing will become more ubiquitous and decentralized.

隨著世界的 COGS 變得更加數字化，計算將變得更加無處不在和分散。

We are building Azure to address organizations' needs in a multi-cloud, multi-edge world.

我們正在構建 Azure 來滿足組織在多雲、多邊緣世界中的需求。

We have more data center regions than any other provider, including new regions in China, Indonesia, Malaysia as well as United States.

我們的數據中心區域比任何其他提供商都多，包括中國、印度尼西亞、馬來西亞和美國的新區域。

Azure has always been hybrid by design, and we are accelerating our innovation to meet customers where they are.

Azure 在設計上一直是混合的，我們正在加速創新以滿足客戶的需求。

Azure Arc extends the Azure control plane across on-premise, multi-cloud and the edge and going further with Arc-enabled machine learning and Arc-enabled Kubernetes.

Azure Arc 將 Azure 控制平面擴展到本地、多雲和邊緣，並通過支持 Arc 的機器學習和支持 Arc 的 Kubernetes 進一步發展。

Companies like Fujitsu and KPMG are using Arc to simplify hybrid management and run Azure data services anywhere.

富士通和畢馬威等公司正在使用 Arc 來簡化混合管理並在任何地方運行 Azure 數據服務。

Our differentiation across the cloud and the edge is driving deeper and more strategic partnerships with leading companies in every industry from Total and Repsol and Energy to Kaiser Permanente in healthcare and Amadeus in travel.

我們在雲和邊緣方面的差異化正在推動與各個行業的領先公司建立更深入、更具戰略性的合作夥伴關係，從 Total、Repsol 和 Energy 到醫療保健領域的 Kaiser Permanente 和旅遊領域的 Amadeus。

Now to data and analytics.

現在到數據和分析。

Core to the competitiveness of every company going forward will be their ability to turn data into predictive and analytical power.

每家公司未來競爭力的核心將是他們將數據轉化為預測和分析能力的能力。

The next-generation analytics service, Azure Synapse accelerates time to insight by bringing together data integration, enterprise data warehousing and big data analytics into one unified service.

下一代分析服務 Azure Synapse 通過將數據集成、企業數據倉庫和大數據分析整合到一個統一的服務中來加快洞察時間。

No other provider offers the limitless scale, price performance and deep integrations of Synapse.

沒有其他供應商能夠提供 Synapse 的無限規模、性價比和深度集成。

With Spark integration, for example, organizations can handle large-scale data processing workloads.

例如，通過 Spark 集成，組織可以處理大規模數據處理工作負載。

With Azure machine learning, they can build advanced AI models.

借助 Azure 機器學習，他們可以構建高級 AI 模型。

With Power BI, anyone in the organization can access insights.

借助 Power BI，組織中的任何人都可以訪問見解。

We are seeing adoption from thousands of customers, including AB InBev, Dentsu and Swiss Re.

我們看到了數以千計的客戶的採用，包括 AB InBev、Dentsu 和 Swiss Re。

Queries performed using Synapse have increased 105% over the last quarter alone.

僅在上個季度，使用 Synapse 執行的查詢就增加了 105%。

We are leading in hyperscale SQL and non-SQL databases to support the increasing volume, variety and velocity of data.

我們在超大規模 SQL 和非 SQL 數據庫方面處於領先地位，以支持不斷增長的數據量、種類和速度。

Customers continue to choose Azure for their relational database workloads with SQL Server on Azure VMs use up 129% year-over-year.

客戶繼續為他們的關係數據庫工作負載選擇 Azure，Azure VM 上的 SQL Server 的使用率同比增長 129%。

And Cosmos DB is the database of choice for cloud-native app development at any scale.

Cosmos DB 是任何規模的雲原生應用程序開發的首選數據庫。

Transaction volume increased 170% year-over-year.

交易量同比增長 170%。

Now on to developers.

現在轉到開發人員。

As every organization looks to build its own digital capability, they will need to modernize existing apps, build new apps and have a standard way of doing both.

由於每個組織都希望構建自己的數字能力，他們需要對現有應用程序進行現代化改造，構建新應用程序並採用標準方式來實現這兩者。

We offer the most popular tools to help developers rapidly grow from idea to code and code to cloud.

我們提供最流行的工具來幫助開發人員快速從想法發展到代碼，從代碼到雲。

Visual Studio has more than 25 million monthly active users and GitHub is home to nearly 65 million developers.

Visual Studio 每月有超過 2500 萬活躍用戶，GitHub 擁有近 6500 萬開發人員。

Over the past 12 months, the number of monthly active organizations using GitHub increased 70%.

在過去 12 個月中，使用 GitHub 的月度活躍組織數量增加了 70%。

In fact, some of the most groundbreaking technological achievements of the past year, including critical COVID-19 vaccine trials as well as the first powered flight on Mars were only possible because of the contributions of the open-source communities on GitHub.

事實上，過去一年中一些最具開創性的技術成就，包括關鍵的 COVID-19 疫苗試驗以及火星上的首次動力飛行，都是因為 GitHub 上的開源社區的貢獻而成為可能的。

At the PaaS layer, we are innovating to help developers infuse AI into the solutions they build.

在 PaaS 層，我們正在創新以幫助開發人員將 AI 注入他們構建的解決方案中。

Large-scale AI models are becoming platforms, and we've seen dramatic advances in research and development by OpenAI whose models are trained and hosted exclusively on Azure.

大規模 AI 模型正在成為平台，我們已經看到 OpenAI 在研發方面取得了巨大進步，其模型專門在 Azure 上進行訓練和託管。

GPT-3 is generating 4.5 billion words per day on average with hundreds of apps in production across a range of industries.

GPT-3 平均每天產生 45 億字，數百個應用程序在各個行業的生產中。

With Azure Cognitive Services, organizations can build applications that see, hear, speak, search, understand and accelerate decision-making.

借助 Azure 認知服務，組織可以構建能夠看、聽、說、搜索、理解和加速決策的應用程序。

New capabilities enable developers to add semantic search to their apps and help companies like AT&T, Duolingo, and Progressive build custom neural voices for their products.

新功能使開發人員能夠將語義搜索添加到他們的應用程序中，並幫助 AT&T、Duolingo 和 Progressive 等公司為其產品構建自定義神經語音。

And we're doing -- going further with Azure Percept, a complete platform from silicon to service, which simplifies the process of developing, training and deploying AI at the edge.

我們正在做——進一步使用 Azure Percept，這是一個從芯片到服務的完整平台，它簡化了在邊緣開發、訓練和部署 AI 的過程。

As the virtual and physical worlds converge, the metaverse comprised of digital twins, simulated environments and mixed reality is emerging as a first-class platform.

隨著虛擬世界和物理世界的融合，由數字孿生、模擬環境和混合現實組成的元宇宙正在成為一流的平台。

We are leading and seeing traction across public and private sector.

我們在公共和私營部門中處於領先地位並看到了牽引力。

Bentley Systems is building a digital twin of the city of Dublin to reimagine urban planning, used our Azure Digital Twins as well as Azure IoT.

Bentley 軟件公司正在構建都柏林市的數字孿生模型，以重新構想城市規劃，並使用了我們的 Azure 數字孿生模型和 Azure IoT。

PepsiCo is simulating its manufacturing processes to improve product consistency using our autonomous systems platform.

PepsiCo 正在模擬其製造流程，以使用我們的自主系統平台提高產品一致性。

And from Airbus and Toyota to L'Oreal and Intel customers in every industry are transcending space and addressing complex challenges using mixed reality.

從空中客車和豐田到歐萊雅和英特爾，各行各業的客戶都在超越空間，使用混合現實應對複雜的挑戰。

The U.S. Army, for example, will use HoloLens based headset augmented with our cloud services.

例如，美國陸軍將使用基於 HoloLens 的頭戴式設備，並通過我們的雲服務進行增強。

The new Microsoft Mesh builds on this momentum, allowing for holographic interactions with true presence in a natural way on any device.

新的 Microsoft Mesh 以這種勢頭為基礎，允許在任何設備上以自然的方式進行全息交互和真實存在。

We've already seen early adoption by Accenture, which is using mesh to build immersive virtual office experiences.

我們已經看到埃森哲的早期採用，它使用網格來構建身臨其境的虛擬辦公室體驗。

Power Platform is becoming the next-generation business process automation and productivity suite for domain experts in all functions.

Power Platform 正在成為所有職能領域專家的下一代業務流程自動化和生產力套件。

We have taken a unique approach to what is an expansive and high-growth TAM, bringing together robotic process automation, low-code, no-code tools, virtual agents and business intelligence.

我們採用了一種獨特的方法來處理擴展和高增長的 TAM，將機器人流程自動化、低代碼、無代碼工具、虛擬代理和商業智能結合在一起。

Using power platform and domain -- any domain experts can automate a workflow, create an app, build a virtual agent or analyze data rapidly driving productivity gains across the organization through smart automation.

使用強大的平台和領域——任何領域專家都可以自動化工作流程、創建應用程序、構建虛擬代理或分析數據，通過智能自動化快速推動整個組織的生產力提高。

Just like Office revolutionized productivity gains for knowledge workers, Power Platform will do the same for domain experts.

就像 Office 徹底改變了知識工作者的生產力一樣，Power Platform 也將為領域專家做同樣的事情。

All up, Power Platform is being used by nearly 16 million monthly active users, up 97% year-over-year.

總而言之，Power Platform 每月有近 1600 萬活躍用戶使用，同比增長 97%。

Revenue increased 84% year-over-year.

收入同比增長 84%。

Telstra, T-Mobile, Toyota North America and Unilever have all built centers of excellence for Power Platform with thousands of workers who are using those low-code, no-code tools to build apps and workflows for everything from COVID-19 screening to product quality control.

Telstra、T-Mobile、Toyota North America 和聯合利華都為 Power Platform 建立了卓越中心，成千上萬的員工正在使用這些低代碼、無代碼工具來構建從 COVID-19 篩查到產品的所有應用程序和工作流程質量控制。

In robotic process automation, Coca-Cola saved months of development time by integrating Power Automate with legacy systems to automate shipment verification, payroll processing and much more.

在機器人流程自動化方面，可口可樂通過將 Power Automate 與舊系統集成以實現貨運驗證、工資單處理等自動化，從而節省了數月的開發時間。

And in analytics, Daimler chose Power BI to surface insights across the organization, while maintaining the highest levels of security.

在分析方面，戴姆勒選擇了 Power BI 來展示整個組織的洞察力，同時保持最高級別的安全性。

Now on to business applications.

現在轉到業務應用程序。

Dynamics 365 had a breakthrough quarter as companies turn to intelligent business applications to adapt and grow.

隨著公司轉向智能業務應用程序來適應和發展，Dynamics 365 取得了突破性的季度。

Revenue increased 45% as we continue to take share from competition.

隨著我們繼續從競爭中分一杯羹，收入增長了 45%。

We are adding capabilities across Dynamics 365 to address organization's most pressing challenges.

我們正在增加 Dynamics 365 的功能，以應對組織最緊迫的挑戰。

New integrations with Teams make it simple to meet, chat, call and collaborate directly within Dynamics 365.

與 Teams 的新集成使直接在 Dynamics 365 中會面、聊天、通話和協作變得簡單。

A new Dynamics 365 Intelligent Order Management helps companies support omnichannel fulfillment.

新的 Dynamics 365 智能訂單管理可幫助公司支持全渠道履行。

We are seeing increased adoption of Dynamics 365 across every industry from ABN AMRO in Financial Services to BMW in automotive.

從金融服務領域的荷蘭銀行到汽車領域的寶馬，我們看到各個行業越來越多地採用 Dynamics 365。

More broadly across the Microsoft Cloud, we are leading with industry and cross-industry solutions and expanding our investments to help organizations use our complete tech stack along with industry-specific customizations to improve time to value, increase agility and lower costs.

更廣泛地說，在整個 Microsoft 雲中，我們在行業和跨行業解決方案方面處於領先地位，並擴大了我們的投資，以幫助組織使用我們完整的技術堆棧以及行業特定的定制來縮短實現價值的時間、提高敏捷性並降低成本。

This quarter, we introduced new industry clouds for financial services, manufacturing and nonprofits, building on the momentum of existing clouds for health care and retail.

本季度，我們在現有醫療保健和零售雲的發展勢頭的基礎上，為金融服務、製造業和非營利組織推出了新的行業雲。

And our pending acquisition of Nuance will bring our solutions directly into the physician patient loop, which is central to health care delivery.

我們即將收購的 Nuance 將把我們的解決方案直接帶入醫生患者循環，這是醫療保健服務的核心。

Now on to LinkedIn.

現在轉到LinkedIn。

We once again saw record engagement as LinkedIn's 756 million members use the network to connect, learn, create content and find jobs.

隨著 LinkedIn 的 7.56 億會員使用該網絡進行聯繫、學習、創建內容和尋找工作，我們再次看到了創紀錄的參與度。

Conversations increased 43%, content share was up 29%, and the hours on LinkedIn increased by 80%.

對話增加了 43%，內容份額增加了 29%，LinkedIn 上的時間增加了 80%。

We are helping creators use LinkedIn to expand their economic opportunity, thousands of expert instructors are monetizing their content on LinkedIn Learning.

我們正在幫助創作者使用 LinkedIn 來擴大他們的經濟機會，成千上萬的專家講師正在通過他們在 LinkedIn Learning 上的內容獲利。

Freelancers can now attract clients with dedicated pages.

自由職業者現在可以通過專門的頁面吸引客戶。

And with the creator mode, members can build a following and engaged communities.

通過創建者模式，成員可以建立一個關注和參與的社區。

In a world facing a growing skills gap, we are helping employers create feedback loops between skills, learning, credentials and jobs.

在一個面臨日益擴大的技能差距的世界中，我們正在幫助雇主在技能、學習、證書和工作之間建立反饋循環。

60% of the Fortune 500 use LinkedIn Learning to skill and upskill their employees.

60% 的財富 500 強企業使用 LinkedIn Learning 來提高員工的技能和技能。

Nationwide Insurance, for example, is using LinkedIn Learning to provide personalized curriculum to 26,000 associates.

例如，Nationwide Insurance 正在使用 LinkedIn Learning 為 26,000 名員工提供個性化課程。

And new tools bring together courses with skills assessments, helping companies like BlackRock, Gap and TaskRabbit source job candidates based on proven proficiencies.

新工具將課程與技能評估結合在一起，幫助 BlackRock、Gap 和 TaskRabbit 等公司根據經過驗證的熟練程度尋找求職者。

Businesses continue to turn to LinkedIn as the trusted way to reach professionals ready to do business.

企業繼續將 LinkedIn 作為接觸準備開展業務的專業人士的值得信賴的方式。

LinkedIn Marketing Solutions revenue was up more than 60% year-over-year.

LinkedIn 營銷解決方案收入同比增長超過 60%。

Over the past 12 months, revenue has surpassed $3 billion and is growing nearly 3x faster than the B2B digital advertising market.

在過去的 12 個月中，收入已超過 30 億美元，其增長速度是 B2B 數字廣告市場的近 3 倍。

Now on to Microsoft 365 and Teams.

現在轉到 Microsoft 365 和 Teams。

Hybrid work will require a new operating model.

混合工作將需要一種新的運營模式。

That's why we built Teams as the organizing layer for all the way people work, learn and collaborate.

這就是為什麼我們將 Teams 構建為人們工作、學習和協作的所有方式的組織層。

Teams now has over 145 million daily active users, almost double the number a year ago.

Teams 現在擁有超過 1.45 億日活躍用戶，幾乎是一年前的兩倍。

In markets where employees have returned to the workplace, including Australia, China, New Zealand, South Korea and Taiwan, we have seen usage continue to grow.

在澳大利亞、中國、新西蘭、韓國和台灣等員工重返工作崗位的市場，我們看到使用量持續增長。

And the number of organizations with more than 1,000 users, integrating their third-party and line of business applications with Teams has increased nearly 3x year-over-year.

擁有超過 1,000 名用戶的組織將其第三方和業務線應用程序與 Teams 集成的數量同比增長了近 3 倍。

We're accelerating our innovation, adding more than 300 features over the past year, including more than 100 new capabilities so far in 2021.

我們正在加速創新，在過去一年中增加了 300 多項功能，包括 2021 年迄今為止的 100 多項新功能。

New inclusive meeting experience for hybrid work, including custom gallery views, enable anyone to be seen, heard and participate, whether they are at home, in a meeting room, at an office or on a factory floor.

混合工作的全新包容性會議體驗，包括自定義畫廊視圖，讓任何人都能被看到、聽到和參與，無論他們是在家中、會議室、辦公室還是在工廠車間。

And customers like GM and Sanofi are using Teams for unified communications, including for voice.

通用汽車和賽諾菲等客戶正在使用 Teams 進行統一通信，包括語音。

Teams is extending beyond communications, creating an entirely new category of modern collaborative applications as organizations use Power Platform to build custom apps, bots and workflows within teams.

隨著組織使用 Power Platform 在團隊內構建自定義應用程序、機器人和工作流，Teams 正在超越通信，創建全新類別的現代協作應用程序。

American Airlines, for example, highlighted in their earnings call, the cost savings, it's driving by using a Power app within Teams to help their frontline workers manage critical data operations.

例如，美國航空公司在其財報電話會議中強調了成本節約，這是通過在 Teams 中使用 Power 應用程序來幫助其一線員工管理關鍵數據操作來推動的。

Teams is transforming not only internal collaboration, but companies how they do business.

Teams 不僅改變了內部協作，還改變了公司開展業務的方式。

We added support for shared workspaces with people outside the organization, and we are seeing Teams used for everything from virtual retail showrooms and personal shopping to interactive webinars.

我們增加了對與組織外部人員共享工作區的支持，並且我們看到 Teams 被用於從虛擬零售陳列室和個人購物到交互式網絡研討會的所有領域。

We introduced Microsoft Viva this quarter, creating a new market category for employee experience.

我們在本季度推出了 Microsoft Viva，為員工體驗創造了一個新的市場類別。

Viva brings together knowledge, learning, communication and insights in an integrated experience directly within Teams and Microsoft 365.

Viva 直接在 Teams 和 Microsoft 365 中將知識、學習、交流和見解整合到集成體驗中。

Companies like Coca-Cola and Unilever will use Viva to help their employees thrive in a new era of hybrid work.

可口可樂和聯合利華等公司將使用 Viva 幫助員工在混合工作的新時代茁壯成長。

All up Microsoft 365 users generated more than 38 billion collaboration minutes in a single day this quarter.

本季度所有 Microsoft 365 用戶在一天內產生了超過 380 億分鐘的協作分鐘數。

Office 365 now has nearly 300 million paid seats.

Office 365 現在擁有近 3 億個付費席位。

And organizations across the private and public sector like the City of Helsinki, Bausch Health, Stryker are increasingly choosing our premium offerings for advanced security, compliance, voice and analytics.

赫爾辛基市、Bausch Health、Stryker 等私營和公共部門的組織越來越多地選擇我們的高級產品來實現高級安全性、合規性、語音和分析。

People are turning to Windows PCs more than ever to stay connected, productive and secure.

人們比以往任何時候都更傾向於使用 Windows PC 來保持連接、高效和安全。

Windows 10 now has more than 1.3 billion monthly active devices, and Microsoft 365 consumer surpassed 50 million subscribers for the first time.

Windows 10 現在每月有超過 13 億台活躍設備，Microsoft 365 消費者版訂閱用戶首次超過 5000 萬。

Now on to security.

現在談安全。

The threat landscape has never been more complex or challenging and security has never been more critical to our customers.

威脅形勢從未像現在這樣複雜或具有挑戰性，安全性對我們的客戶而言從未像現在這樣重要。

This is driving increased demand for our end-to-end capabilities across identity, security, compliance and management backed by cloud-scale AI and human expertise encompassing all clouds and all platforms.

這推動了對我們在身份、安全、合規和管理方面的端到端功能的需求增加，這些功能由雲規模的人工智能和涵蓋所有云和所有平台的人類專業知識支持。

What differentiates us and drives customer value is the interconnection between identity, endpoint, apps, cloud, data and infrastructure across our cloud-native XDR and SIEM.

使我們與眾不同並推動客戶價值的是身份、端點、應用程序、雲、數據和基礎架構之間的互連，跨越我們的雲原生 XDR 和 SIEM。

All informed by our operational security posture, which analyzes more than 8 trillion signals each day.

我們每天分析超過 8 萬億個信號的運營安全態勢為所有這些信息提供了信息。

Our approach enables organizations to adopt a Zero Trust architecture while also reducing the complexity, cost and risk created by stitching together point solutions.

我們的方法使組織能夠採用零信任架構，同時降低將單點解決方案拼接在一起所產生的複雜性、成本和風險。

That's why more than 400,000 customers use our offerings, including many of the world's most established firms like Boston Consulting Group, HCA Healthcare, Lowe's and UBS.

這就是為什麼超過 400,000 名客戶使用我們的產品的原因，其中包括波士頓諮詢集團、HCA 醫療保健、勞氏和瑞銀等許多世界上最知名的公司。

And Signal is using Azure Confidential Computing to protect the data and use for its millions of customers.

Signal 正在使用 Azure 機密計算來保護數據並供其數百萬客戶使用。

We are going further to help protect organizations.

我們將進一步幫助保護組織。

We are delivering on our ambition to eliminate passwords introducing password-less sign-in to Azure AD.

我們正在實現消除密碼的雄心，從而將無密碼登錄引入 Azure AD。

Our Azure AD paid customer base has more than doubled year-over-year to over 300,000, new capabilities in Microsoft 365 Defender help organizations better understand, prevent and mitigate active threats.

我們的 Azure AD 付費客戶群同比增長一倍多，達到 300,000 多個，Microsoft 365 Defender 中的新功能可幫助組織更好地了解、預防和緩解活動威脅。

Defender has blocked 30 billion threats on e-mail and nearly 7 billion on endpoints over the past 12 months alone.

僅在過去 12 個月中，Defender 就阻止了 300 億個電子郵件威脅和近 70 億個端點威脅。

And our compliance manager now offers more than 300 out-of-the-box assessments for regulations such as GDPR.

我們的合規經理現在針對 GDPR 等法規提供 300 多項開箱即用的評估。

Now on to gaming.

現在開始遊戲。

We're expanding our opportunity as we help both gamers and creators play, connect and build across communities on any device.

我們正在擴大我們的機會，因為我們幫助遊戲玩家和創作者在任何設備上跨社區玩、連接和構建。

People are turning to Xbox more than ever to play and chat with friends, and we saw record engagement this quarter, led by the strength on and off console.

人們比以往任何時候都更多地轉向 Xbox 與朋友一起玩和聊天，我們在本季度看到了創紀錄的參與度，這主要得益於主機內外的優勢。

With Game Pass, we are redefining how games are distributed, played and viewed.

借助 Game Pass，我們正在重新定義遊戲的分發、播放和觀看方式。

Just last week, we added cloud gaming via the browser expanding our reach across PC and mobile.

就在上週，我們通過瀏覽器添加了雲遊戲，擴大了我們在 PC 和移動設備上的覆蓋範圍。

Content is the flywheel behind the services growth.

內容是服務增長背後的飛輪。

And upon the closing of our acquisition of ZeniMax Media this quarter, we made 20 of the world's most iconic and beloved games accessible via Game Pass with more to come.

在本季度完成對 ZeniMax Media 的收購後，我們通過 Game Pass 製作了 20 款世界上最具標誌性和最受歡迎的遊戲，未來還會推出更多遊戲。

As games evolve into metaverse economies, we are building new tools to help anyone sell creations on our platform.

隨著遊戲演變為元宇宙經濟，我們正在構建新工具來幫助任何人在我們的平台上銷售作品。

Minecraft is nearly 140 million monthly active users, up 30% year-over-year, making it one of the leading platforms in the creator economy.

Minecraft 擁有近 1.4 億月活躍用戶，同比增長 30%，使其成為創作者經濟中的領先平台之一。

Creators have generated over $350 million from more than 1 billion downloads of mods, add-ons and other experiences in Minecraft.

創作者從 Minecraft 中超過 10 億次的模組、附加組件和其他體驗下載中創造了超過 3.5 億美元的收入。

This is not counting and including activity outside of our marketplace.

這不算在內，也不包括我們市場之外的活動。

We are also seeing a vibrant marketplace emerge in Flight Simulator with partners now able to sell content directly within the game.

我們還看到 Flight Simulator 中出現了一個充滿活力的市場，合作夥伴現在可以直接在遊戲中銷售內容。

In closing, we're innovating across the entire tech stack as we differentiate and lead in areas that will be critical to the success of every customer going forward.

最後，我們正在對整個技術堆棧進行創新，因為我們在對每位客戶未來的成功至關重要的領域中脫穎而出並處於領先地位。

I'm optimistic about our opportunity ahead.

我對我們未來的機會持樂觀態度。

With that, I'll hand it over to Amy, who will cover our financial results in detail and share our outlook, and I look forward to rejoining you for questions.

有了這個，我將把它交給艾米，他將詳細介紹我們的財務業績並分享我們的前景，我期待著再次加入您的提問。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

My comments today reflect the impact of the ZeniMax acquisition for approximately 3 weeks this quarter as well as our outlook.

我今天的評論反映了 ZeniMax 收購對本季度約 3 週的影響以及我們的展望。

There is no impact from the Nuance acquisition that is expected to close by the end of the calendar year.

預計將在日曆年年底前完成的 Nuance 收購不會產生任何影響。

Our third quarter revenue was $41.7 billion, up 19% and 16% in constant currency, and earnings per share was $1.95, and increased 39% and 34% in constant currency when adjusted for the tax benefit related to the recent India Supreme Court decision on withholding taxes.

我們第三季度的收入為 417 億美元，按固定匯率計算分別增長 19% 和 16%，每股收益為 1.95 美元，在調整與印度最高法院最近關於預提稅。

Many trends across industries, customer segments and geographical markets continued to improve, which, coupled with strong execution by our sales and partner teams, drove another quarter of double-digit top and bottom line growth.

跨行業、客戶群和地理市場的許多趨勢繼續改善，再加上我們的銷售和合作夥伴團隊的強大執行力，推動了又一個季度實現兩位數的頂線和底線增長。

In our Commercial business, accelerating digital transformation enabled by our unique Microsoft Cloud value, drove healthy demand for our hybrid and cloud offerings.

在我們的商業業務中，通過我們獨特的 Microsoft 雲價值加速數字化轉型，推動了對我們的混合和雲產品的健康需求。

Strong Azure consumption, increased platform commitments and higher usage of Teams, Power Platform and our security offerings were key beneficiaries.

強勁的 Azure 消費、增加的平台承諾以及 Teams、Power Platform 和我們的安全產品的更高使用率是主要受益者。

Within our small and medium business customer segment, continued improvement in cloud purchasing trends more than offset transactional licensing weakness.

在我們的中小型企業客戶群中，雲採購趨勢的持續改善足以抵消交易許可的疲軟。

And in LinkedIn's Talent Solutions business, annual contracts and job postings improved with the job market.

在 LinkedIn 的人才解決方案業務中，年度合同和招聘信息隨著就業市場的發展而有所改善。

In our consumer business, Windows OEM and Microsoft 365 consumer subscriptions benefited from a much stronger-than-expected PC market despite significant ongoing constraints in the supply chain.

在我們的消費者業務中，Windows OEM 和 Microsoft 365 消費者訂閱受益於遠強於預期的 PC 市場，儘管供應鏈存在重大持續限制。

Improvement in the advertising market again benefited our Search and LinkedIn businesses.

廣告市場的改善再次使我們的搜索和領英業務受益。

And in gaming, we continue to see record engagement and strong monetization across our platform as well as demand that significantly exceeded supply for Xbox Series X and S consoles.

在遊戲方面，我們繼續看到我們平台上的創紀錄參與度和強勁的貨幣化，以及 Xbox Series X 和 S 遊戲機的需求顯著超過供應。

Moving to our overall results.

轉向我們的整體結果。

Commercial bookings growth was ahead of expectations, increasing 39% and 38% in constant currency on a growing expiration base and low prior year comparable.

商業預訂增長超出預期，以固定匯率計算分別增長了 39% 和 38%，且到期基數不斷增長，且與上年同期相比較低。

Growth was driven by consistent execution across our core annuity sales motions and an increase in the number of larger long-term Azure contracts.

增長是由我們核心年金銷售行動的一致執行和更大的長期 Azure 合同數量的增加推動的。

As a result, commercial remaining performance obligation increased 31% and 32% in constant currency to $117 billion, with a roughly equivalent split between the revenue that will be recognized within and the portion beyond the next 12 months.

因此，商業剩餘履約義務按固定匯率計算分別增加了 31% 和 32%，達到 1170 億美元，在未來 12 個月內確認的收入和未來 12 個月以後確認的收入部分大致相當。

And our annuity mix increased 2 points year-over-year to 94%.

我們的年金組合同比增長 2 個百分點，達到 94%。

Commercial cloud revenue also better than expected, grew 33% and 29% in constant currency to $17.7 billion.

商業雲收入也好於預期，按固定匯率計算分別增長 33% 和 29% 至 177 億美元。

Commercial cloud gross margin percentage expanded 3 points year-over-year to 70%, driven by the change in accounting estimate for the useful life of server and network equipment assets.

受服務器和網絡設備資產使用壽命會計估計變化的推動，商業雲毛利率同比增長 3 個百分點至 70%。

Excluding this impact, Commercial cloud gross margin percentage was up slightly with improvement in Azure gross margin, mostly offset by sales mix shift to Azure.

排除此影響，商業雲毛利率百分比略有上升，Azure 毛利率有所改善，大部分被銷售組合向 Azure 轉移所抵消。

With a weaker U.S. dollar, FX increased revenue growth by approximately 3 points, about 1 point more favorable than anticipated.

隨著美元走軟，外匯收入增長約 3 個百分點，比預期好約 1 個百分點。

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

外匯使銷貨成本和運營費用增長約 2 個百分點，均符合預期。

Gross margin dollars increased 19% and 16% in constant currency.

按固定匯率計算，美元毛利率分別增長 19% 和 16%。

Gross margin percentage was 69%, relatively unchanged year-over-year with roughly 1 point of favorable impact from the change in accounting estimate noted earlier.

毛利率為 69%，與去年同期相比相對沒有變化，較早前提到的會計估計變更產生了大約 1 個百分點的有利影響。

Excluding this impact, company gross margin percentage was down, driven by strong revenue growth in cloud and gaming that resulted in sales mix shift.

排除這種影響，公司毛利率下降，這是由於雲和遊戲收入強勁增長導致銷售組合轉變。

Operating expense increased 5% and 3% in constant currency, lower than anticipated, primarily driven by investments that shifted to future quarters.

營業費用按固定匯率計算分別增長 5% 和 3%，低於預期，主要是由於投資轉移到未來幾個季度。

Overall, company headcount grew again this quarter, up 12% year-over-year, reflecting our focused investments 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%，反映了我們在雲工程、銷售和客戶部署等關鍵領域的重點投資。

Year-over-year growth in operating expense includes roughly 2 points of impact from continued COVID-related savings.

運營費用的同比增長包括與 COVID 相關的持續節省帶來的大約 2 個影響點。

Operating income increased 31% and 27% in constant currency, and operating margins expanded 4 points year-over-year to 41%, including nearly 2 points of favorable impact from the change in accounting estimate and roughly 1 point of favorable impact from COVID-related savings.

按固定匯率計算，營業收入增長 31% 和 27%，營業利潤率同比增長 4 個百分點至 41%，其中包括會計估計變更帶來的近 2 個百分點的有利影響和 COVID- 帶來的大約 1 個百分點的有利影響相關的儲蓄。

Now to our segment results.

現在來看我們的細分結果。

Revenue from productivity and business processes was $13.6 billion and grew 15% and 12% in constant currency, primarily driven by Office 365 and LinkedIn.

生產力和業務流程收入為 136 億美元，按固定匯率計算分別增長 15% 和 12%，主要受 Office 365 和 LinkedIn 的推動。

Office Commercial revenue grew 14% and 10% in constant currency.

按固定匯率計算，辦公商業收入增長了 14% 和 10%。

Office 365 Commercial revenue grew 22% and 19% 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 22% 和 19%，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。

Demand for our high-value security, compliance and voice offerings drove strong momentum in E5 again this quarter.

本季度對我們高價值安全性、合規性和語音產品的需求再次推動了 E5 的強勁勢頭。

Paid Office 365 commercial seats grew 15% year-over-year to nearly $300 million, with acceleration to the cloud in our small and medium business segment and a recovery in growth in our first-line worker offerings.

付費 Office 365 商業席位同比增長 15%，達到近 3 億美元，這得益於我們的中小型業務部門加速到雲計算，以及我們的一線員工產品的增長恢復。

The accelerated cloud adoption negatively impacted Office Commercial licensing, which declined 25% and 27% in constant currency, a bit below expectations.

加速採用雲計算對 Office Commercial 許可產生了負面影響，按固定匯率計算分別下降了 25% 和 27%，略低於預期。

In Office Consumer, revenue grew 5% and 2% in constant currency, slightly below expectations, primarily due to transactional weakness in Japan.

Office Consumer 的收入增長 5% 和 2%（按固定匯率計算），略低於預期，主要是由於日本的交易疲軟。

Microsoft 365 consumer subscriptions grew to $50.2 million, up 27% year-over-year.

Microsoft 365 消費者訂閱增長至 5020 萬美元，同比增長 27%。

Dynamics revenue grew 26% and 22% in constant currency, better than expected, driven by Dynamics 365 revenue growth accelerating to 45% and 40% in constant currency, with particular strength in Power apps in our finance and operations offering.

Dynamics 收入增長 26% 和 22%（以固定貨幣計算），好於預期，這得益於 Dynamics 365 收入增長加速至 45% 和 40%（以固定貨幣計算），特別是我們的財務和運營產品中的 Power 應用程序的優勢。

LinkedIn revenue increased 25% and 23% in constant currency, ahead of expectations.

LinkedIn 收入按固定匯率計算分別增長 25% 和 23%，超出預期。

Our Marketing Solutions business accelerated again this quarter to 64% revenue growth.

我們的營銷解決方案業務在本季度再次加速至 64% 的收入增長。

Segment gross margin dollars increased 15% and 12% in constant currency, and gross margin percentage was relatively unchanged year-over-year with nearly 2 points of favorable impact from the change in accounting estimate.

分部毛利率按固定匯率計算分別增長15%和12%，毛利率同比基本持平，會計估計變更帶來近2個百分點的有利影響。

Operating expense increased 4% and 2% in constant currency, and operating income increased 26% and 20% 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4%和2%，營業收入按固定匯率計算分別增長26%和20%，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 $15.1 billion, ahead of expectations, increasing 23% and 20% in constant currency.

收入為 151 億美元，超出預期，按固定匯率計算分別增長 23% 和 20%。

Server products and cloud services revenue increased 26% and 23% in constant currency, ahead of expectations.

服務器產品和雲服務收入按固定匯率計算分別增長 26% 和 23%，超出預期。

Azure revenue grew 50% and 46% in constant currency, better than anticipated, driven by continued strength in our consumption-based business.

Azure 收入按固定匯率計算分別增長了 50% 和 46%，好於預期，這得益於我們基於消費的業務持續強勁。

And in our per user business, growth in our Enterprise Mobility and Security installed base accelerated again this quarter, up 30% to over 174 million seats.

在我們的每用戶業務中，我們的企業移動性和安全性安裝基礎在本季度再次加速增長，增長 30% 至超過 1.74 億個席位。

And on a strong prior year comparable, that benefited from the end of support for Windows Server 2008, our on-premise's server business increased 3% and was relatively unchanged in constant currency, with strong annuity performance, driven by continued customer preference for our hybrid and premium offerings.

在強勁的可比上一年，得益於對 Windows Server 2008 支持的結束，我們的本地服務器業務增長了 3%，並且按固定匯率計算保持相對不變，年金表現強勁，這得益於客戶對我們的混合動力的持續偏好和優質產品。

Enterprise Services revenue grew 10% and 8% in constant currency with better-than-expected performance in Microsoft Consulting Services.

企業服務收入按固定匯率計算分別增長 10% 和 8%，微軟諮詢服務的業績好於預期。

Segment gross margin dollars increased 27% to 24% in constant currency.

按固定匯率計算，分部毛利率增長 27% 至 24%。

Gross margin percentage increased 2 points year-over-year with roughly 2 points of favorable impact from the change in accounting estimate.

毛利率同比增長 2 個百分點，會計估計變更帶來了大約 2 個百分點的有利影響。

Operating expense increased 12% and 10% in constant currency and operating income grew 41% and 36% in constant currency with roughly 7 points of favorable impact from the change in accounting estimate.

營業費用按固定匯率計算分別增長 12% 和 10%，營業收入按固定匯率計算分別增長 41% 和 36%，會計估計變更的有利影響約為 7 個百分點。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $13 billion, increasing 19% and 16% in constant currency with better-than-expected performance in gaming, Windows OEM and Search.

收入為 130 億美元，按固定匯率計算分別增長 19% 和 16%，在遊戲、Windows OEM 和搜索方面的表現好於預期。

In Windows, the stronger PC market resulted in overall OEM revenue growth of 10%, driven by continued customer demand.

在 Windows 中，強勁的 PC 市場導致整體 OEM 收入增長 10%，這主要得益於持續的客戶需求。

OEM non-Pro revenue grew 44% and OEM Pro revenue declined 2% on a prior year comparable that included the end of support for Windows 7. Windows commercial products and cloud services grew 10% and 7% in constant currency with a lower-than-expected mix of in-quarter recognition from multiyear agreements.

OEM 非專業收入增長 44%，OEM Pro 收入同比下降 2%，其中包括對 Windows 7 支持的終止。Windows 商業產品和雲服務增長 10% 和 7%（按固定匯率計算），低於- 來自多年協議的預期季度內確認組合。

In Surface, revenue grew 12% and 7% in constant currency, lower than expected, primarily due to execution challenges in the commercial segment.

在 Surface 中，收入增長 12% 和 7%（按固定匯率計算），低於預期，主要是由於商業領域的執行挑戰。

Search revenue ex TAC increased 17% and 14% in constant currency, benefiting from the improved advertising market noted earlier.

得益於前面提到的廣告市場改善，按固定匯率計算，不含 TAC 的搜索收入增長了 17% 和 14%。

And in gaming, revenue increased 50% and 48% in constant currency.

在遊戲領域，按固定匯率計算，收入增長了 50% 和 48%。

Xbox hardware revenue grew 232% and 223% in constant currency, driven by our new consoles.

在我們的新遊戲機的推動下，Xbox 硬件收入按固定匯率計算分別增長了 232% 和 223%。

Xbox content and services revenue, which now includes ZeniMax grew 34% and 32% in constant currency with better-than-expected performance of first-party titles, particularly Minecraft.

Xbox 內容和服務收入（現在包括 ZeniMax）按固定匯率計算分別增長了 34% 和 32%，其中第一方遊戲（尤其是 Minecraft）的表現好於預期。

Segment gross margin dollars increased 14% and 11% in constant currency.

按固定匯率計算，分部毛利率分別增長 14% 和 11%。

Gross margin percentage decreased 2 points year-over-year, driven by sales mix shift to gaming.

由於銷售組合轉向遊戲，毛利率同比下降 2 個百分點。

Operating expense decreased 3% and 4% in constant currency and operating income grew 27% and 22% in constant currency.

營業費用按固定匯率計算分別下降 3% 和 4%，營業收入按固定匯率計算分別增長 27% 和 22%。

Now back to total company results.

現在回到公司的總業績。

Capital expenditures, including finance leases, were $6 billion, in line with expectations, driven by ongoing investment to support growing global demand from increased customer usage of our cloud services.

包括融資租賃在內的資本支出為 60 億美元，符合預期，這得益於持續投資，以支持因客戶使用我們的雲服務而不斷增長的全球需求。

Cash paid for P, P and E was $5.1 billion.

為 P、P 和 E 支付的現金為 51 億美元。

Cash flow from operations was $22.2 billion and increased 27% year-over-year, driven by strong cloud billings and collections.

在強勁的雲計費和收款的推動下，運營現金流為 222 億美元，同比增長 27%。

Free cash flow was $17.1 billion, up 24%.

自由現金流為 171 億美元，增長 24%。

Other income and expense was $188 million, higher than anticipated, primarily driven by net gains on investments.

其他收入和支出為 1.88 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 non-GAAP effective tax rate was approximately 14%.

我們的非公認會計原則有效稅率約為 14%。

And finally, we returned $10 billion to shareholders through share repurchases and dividends.

最後，我們通過股票回購和分紅向股東返還了 100 億美元。

Now let's move to the outlook.

現在讓我們轉向展望。

As a reminder, in Q4, we begin to see growth rates that reflect the first full quarter impact of COVID-19 a year ago, both across revenue and operating expenses.

提醒一下，在第四季度，我們開始看到反映一年前 COVID-19 第一個完整季度影響的增長率，包括收入和運營費用。

Last year, across Windows OEM, Gaming and Surface, we saw surges in purchasing and usage that will negatively impact Q4 growth rates.

去年，在 Windows OEM、遊戲和 Surface 中，我們看到購買和使用激增，這將對第四季度的增長率產生負面影響。

In our Search and LinkedIn businesses, Q4 growth rates will be positively impacted given the advertising and job markets a year ago.

在我們的搜索和領英業務中，鑑於一年前的廣告和就業市場，第四季度的增長率將受到積極影響。

And in our transactional business, the slowdown in purchasing in Office and Server last year will benefit Q4 growth rates, particularly in our small and medium business segment.

在我們的交易業務中，去年 Office 和 Server 採購的放緩將有利於第四季度的增長率，特別是在我們的中小型業務領域。

Next, in our largest quarter of the year, we expect the accelerating trends Satya discussed, our differentiated market position and continued solid execution to results in another strong quarter.

接下來，在我們今年最大的季度，我們預計 Satya 討論的加速趨勢、我們差異化的市場地位和持續穩健的執行將帶來另一個強勁的季度。

Growth in commercial bookings should again be healthy, but impacted by a declining expiry base.

商業預訂的增長應該再次健康，但受到到期基數下降的影響。

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

與往常一樣，越來越多的大型長期 Azure 合同在時間上更加不可預測，這可能會導致預訂量出現季度波動。

Commercial cloud gross margin percentage should increase roughly 4 points year-over-year with less than 2 points from the change in accounting estimate.

商業雲毛利率應同比增長約 4 個百分點，與會計估計變化相比不到 2 個百分點。

As a reminder, the favorable impact continues to lessen over time.

提醒一下，隨著時間的推移，有利影響會繼續減弱。

Excluding the accounting change, Q4 gross margin percentage will also benefit a bit from investments we made a year ago to support increased usage needs in remote work scenarios.

排除會計變更，第四季度的毛利率也將從我們一年前為支持遠程工作場景中增加的使用需求而進行的投資中受益。

Longer term, commercial cloud gross margin percentage will continue to be impacted by revenue mix shift to Azure, increased usage of our productivity and collab solutions and ongoing strategic investments to support our customers' success.

從長遠來看，商業雲毛利率將繼續受到收入組合向 Azure 的轉移、我們的生產力和協作解決方案的使用增加以及為支持我們客戶的成功而進行的持續戰略投資的影響。

In capital expenditures, we expect a sequential increase on a dollar basis as we continue to invest to meet growing 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不斷增長的需求，我們預計以美元為基礎的連續增長。

Now to FX.

現在到外匯。

Based on current rates, we expect FX to increase total company Productivity and Business Processes and Intelligent Cloud revenue growth by approximately 3 points, More Personal Computing revenue and total operating expense growth by approximately 2 points and COGS growth by approximately 1 point.

根據目前的費率，我們預計 FX 將使公司生產力和業務流程以及智能云總收入增長約 3 個百分點，更多個人計算收入和總運營費用增長約 2 個百分點，銷貨成本增長約 1 個百分點。

Next, to our segment guidance.

接下來是我們的細分指導。

In Productivity and Business Processes, we expect revenue between $13.8 billion and $14.05 billion.

在生產力和業務流程方面，我們預計收入在 138 億美元至 140.5 億美元之間。

In Office Commercial, revenue growth will again be driven by Office 365 with healthy seat growth and upsell opportunity to E5.

在 Office Commercial 中，收入增長將再次受到 Office 365 的推動，具有健康的座位增長和對 E5 的追加銷售機會。

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

在我們的本地業務中，我們預計收入將在十幾歲時下降，這與持續的客戶轉向雲一致。

In Office consumer, we expect mid- to high teens revenue growth, driven by continued momentum in Microsoft 365 consumer subscriptions against the low prior year comparable impacted by the transactional purchasing weakness noted earlier.

在 Office 消費者方面，我們預計青少年收入將出現中高增長，這主要得益於 Microsoft 365 消費者訂閱的持續增長勢頭，而去年同期受交易購買疲軟的影響則處於較低水平。

In LinkedIn, we expect revenue growth in the mid-30% range, driven by continued strong engagement on the platform and improvements in the advertising and job markets.

在領英，我們預計收入增長在 30% 左右，這主要得益於平台上的持續強勁參與以及廣告和就業市場的改善。

And in Dynamics, continued momentum in Dynamics 365 will drive revenue growth similar to last quarter.

在 Dynamics 中，Dynamics 365 的持續發展勢頭將推動收入增長，與上一季度相似。

For Intelligent Cloud, we expect revenue between $16.2 billion and $16.45 billion.

對於智能雲，我們預計收入在 162 億美元至 164.5 億美元之間。

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

在 Azure 中，收入將再次受到我們基於消費的業務的強勁增長的推動。

And our per user business should continue to benefit from Microsoft 365 suite momentum, though we expect some moderation in growth rates 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。

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

在我們的本地服務器業務中，我們預計收入將增長中個位數，這是由於對我們的混合和高級年金產品的持續需求與去年可比的低水平以及前面提到的交易購買相比。

And in Enterprise Services, revenue growth should be roughly in line with last quarter.

在企業服務方面，收入增長應該與上一季度大致持平。

In More Personal Computing, we expect revenue between $13.6 billion and $14 billion.

在更多個人計算方面，我們預計收入在 136 億美元至 140 億美元之間。

In Windows, overall revenue should grow mid-single digits driven by Windows Commercial products and cloud services growth and continued demand for PCs, partially offset by ongoing supply chain impacts and the comparable noted earlier.

在 Windows 中，在 Windows Commercial 產品和雲服務增長以及對 PC 的持續需求的推動下，總體收入應該會增長中個位數，但部分被持續的供應鏈影響和前面提到的可比影響所抵消。

In Surface on a strong prior year comparable, we expect revenue to decline in the mid-teens as we work through the supply chain and executing challenges noted earlier.

Surface 與上一年相比表現強勁，我們預計隨著我們通過供應鍊和執行前面提到的挑戰，收入將在十幾歲左右下降。

In Search ex TAC, we expect revenue growth in the mid-40s driven by improvements in the advertising market.

在 Search ex TAC 中，我們預計 40 年代中期的收入增長將受到廣告市場改善的推動。

In Gaming, we expect revenue growth in the mid- to high single digits.

在遊戲方面，我們預計收入增長將達到中高個位數。

Significant demand for the Xbox Series X and S will continue to be constrained by supply.

Xbox Series X 和 S 的巨大需求將繼續受到供應的限制。

And on the strong prior year comparable, we expect Xbox content and services revenue to decline in the mid- to high single digits.

與去年強勁的可比性相比，我們預計 Xbox 內容和服務收入將以中高個位數下降。

Now back to company guidance.

現在回到公司指導。

We expect COGS of $13.7 billion to $13.9 billion and operating expense of $13.1 billion to $13.2 billion.

我們預計銷貨成本為 137 億美元至 139 億美元，運營費用為 131 億美元至 132 億美元。

As a reminder, in operating expense in Q4, we will benefit from continued COVID-related savings as well as the prior year comparable, which included roughly 4 points of impact from a $450 million charge related to the realignment of our retail store strategy.

提醒一下，在第四季度的運營費用中，我們將受益於與 COVID 相關的持續節省以及上一年的可比性，其中包括與調整零售店戰略相關的 4.5 億美元費用帶來的大約 4 個影響點。

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 Q4 effective tax rate to be approximately 16%.

最後，我們預計第四季度的有效稅率約為 16%。

Now I'd like to share some closing thoughts as we look to next fiscal year.

現在，當我們展望下一個財政年度時，我想分享一些結束的想法。

Overall, we have performed well through 3 quarters of our fiscal year in a challenging environment, and we fully expect a strong Q4 to lay the foundation for FY '22.

總體而言，在充滿挑戰的環境中，我們在本財年的三個季度中表現良好，我們完全預計第四季度的強勁表現將為 22 財年奠定基礎。

We will, of course, continue to focus on delivering strong revenue growth in the short term.

當然，我們將繼續專注於在短期內實現強勁的收入增長。

But even more importantly, this year has reinforced the critical importance of investing boldly to capture the significant list of opportunities ahead of us.

但更重要的是，今年加強了大膽投資以抓住擺在我們面前的大量機會的至關重要性。

Excellence in daily execution, coupled with a thoughtful vision for the future that creates value as well as opportunity for our customers globally will lead to long-term revenue and profit growth.

卓越的日常執行，加上對未來的深思熟慮的願景，為我們的全球客戶創造價值和機會，將帶來長期的收入和利潤增長。

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

有了這個，布雷特，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move to Q&A.

我們現在將轉到問答環節。

Out of respect for others on the call, we request that participants please only ask 1 question.

出於對通話中其他人的尊重，我們要求參與者只問 1 個問題。

Operator, can you please repeat the instructions?

接線員，您能重複一下指示嗎？

(Operator Instructions) Our first question comes 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。

And great quarter.

和偉大的季度。

I guess this is a question both for Satya and Amy.

我想這對 Satya 和 Amy 來說都是一個問題。

We're seeing these really great commercial bookings results come through, 39% growth in the current quarter.

我們看到這些非常棒的商業預訂結果在本季度實現了 39% 的增長。

And Satya, you've been talking to us a lot about these more strategic deals and the acceleration of digital transformation.

Satya，您一直在與我們談論這些更具戰略性的交易和加速數字化轉型。

Can you give us a little bit of color of what comes in these more strategic deals?

你能給我們一些關於這些更具戰略意義的交易的色彩嗎？

How does it change the dynamics of what types of solutions people are using for Microsoft, the scope of sort of how deeply you're getting into these customers and sort of how much of the IT budget you're getting.

它如何改變人們為 Microsoft 使用的解決方案類型的動態、您與這些客戶的深入程度以及您獲得的 IT 預算的多少。

And then maybe talk to us a little bit about the time frame for which this comes into revenues.

然後也許可以和我們談談這成為收入的時間框架。

What should our expectation be when you get one of these big strategic deals?

當您獲得其中一項重大戰略交易時，我們的期望是什麼？

How long does it take to really ramp up this customer onto the broader Microsoft platform?

真正讓這個客戶進入更廣泛的 Microsoft 平台需要多長時間？

Thank you, Keith, for the question.

謝謝你，基思，這個問題。

I think we feel very good, both, I would say, of consumption and usage today as well as, as you mentioned, the bookings because both of those at any given point in time is what we look at.

我認為我們感覺非常好，我想說的是，今天的消費和使用以及正如你提到的預訂，因為在任何給定時間點，這兩者都是我們所關注的。

The overall approach to the Microsoft Cloud, if you look at the breadth of what any customer may be doing with us, they may be doing hybrid cloud infrastructure with us.

微軟雲的整體方法，如果您查看任何客戶可能與我們一起做的事情的廣度，他們可能正在與我們一起做混合雲基礎架構。

They may be for the first time, doing Tier 1 workloads on the cloud with us, right, whether it's in core financials or in retail or in health care.

他們可能是第一次與我們一起在雲上執行第 1 層工作負載，對，無論是在核心財務、零售還是醫療保健領域。

Also, they could be deploying their centers of excellence around Power Platform.

此外，他們可以圍繞 Power Platform 部署他們的卓越中心。

And Power Platform sits at the intersection of pretty much Dynamics, Azure and Teams, for example.

例如，Power Platform 位於 Dynamics、Azure 和 Teams 的交匯處。

And of course, we're seeing the growth of Teams, and Teams as I've always maintained is not just about one thing.

當然，我們看到了 Teams 的發展，而我一直認為的 Teams 不僅僅是一件事。

It's not about just meetings or it's not about just chat.

這不僅僅是會議，也不僅僅是聊天。

But most importantly, it's a platform that drives, in fact, line of business and business application termination inside of a collaboration workflow.

但最重要的是，事實上，它是一個平台，可以在協作工作流中推動業務線和業務應用程序的終止。

And so that's what we're seeing.

這就是我們所看到的。

And then the other thing I would say that we are now seeing is also that industry level differentiation of the all-up Microsoft cloud.

然後我要說的另一件事是我們現在看到的也是全面的微軟雲的行業級差異化。

So whether it's in retail, whether it's in health care or in financial services, we feel that we now can bring the power of the entire cloud together in a much more strategic way.

因此，無論是零售、醫療保健還是金融服務，我們都認為我們現在可以以更具戰略性的方式將整個雲的力量整合在一起。

And maybe just to build on what Satya was saying, Keith, If you think about bookings or the remaining performance obligation, what I tend to think of is when you hear those words, I think often we pivot toward these Azure contracts we talk a lot about because they create some volatility.

也許只是建立在 Satya 所說的基礎上，Keith，如果你考慮預訂或剩餘的履約義務，我傾向於想到的是，當你聽到這些話時，我認為我們經常轉向這些我們經常談論的 Azure 合同大約是因為它們會產生一些波動。

But really, the foundation for these long-term strategic contracts is the Microsoft Cloud holistically.

但實際上，這些長期戰略合同的基礎是整體上的微軟雲。

So what you'll see is not just Office 365, but the suite of Microsoft 365.

因此，您將看到的不僅僅是 Office 365，而是 Microsoft 365 套件。

You'll see higher-level additions of security or compliance workloads.

您將看到更高級別的安全性或合規性工作負載。

You'll see Dynamics 365 as a pillar with Power Platform.

您會將 Dynamics 365 視為 Power Platform 的支柱。

Because they're spanning end-to-end industry solutions to combine it back to what Satya is saying.

因為他們正在跨越端到端的行業解決方案，將其與 Satya 所說的結合起來。

So you see it add a good bookings number, which is fundamentally about do you renew what's up for renewal, do you add workloads, do you add users, and do you -- and does it have a component of an Azure commitment.

因此，您會看到它添加了一個很好的預訂數量，這從根本上是關於您是否續訂要續訂的內容、是否添加工作負載、是否添加用戶以及您是否 - 它是否包含 Azure 承諾的組成部分。

All of those things together are what creates this change.

所有這些東西加在一起就是造成這種變化的原因。

And if you look at remaining performance obligation, you see there a good bit of it that's going to be recognized in the next 12 months and another equally balanced portion that's beyond that.

如果您查看剩餘的履約義務，您會發現其中很大一部分將在未來 12 個月內得到認可，而另外一個同樣平衡的部分則超出此範圍。

So it's not all long term.

所以這不是長期的。

This transition happens quickly, usage builds, it's both per user, it's also for workload and it's consumptive based.

這種轉變發生得很快，使用量增加，它既針對每個用戶，也針對工作負載，並且基於消耗。

So it's really a more holistic view that I would have people take as opposed to thinking about an Azure contract as long dated.

因此，我希望人們採取這種更全面的觀點，而不是考慮長期的 Azure 合同。

Operator, next question please.

接線員，請下一個問題。

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

下一個問題來自 Jefferies 的 Brent Thill。

Satya, on health care, if you could just frame your aspirations, long term, where you'd like to be in this industry?

Satya，關於醫療保健，如果您可以長期規劃您的抱負，您希望在這個行業中處於什麼位置？

And if you could just comment on where you still think the lowest hanging fruit is, as it relates to the opportunity set, specifically building on the Nuance acquisition.

如果你可以評論一下你仍然認為最容易實現的目標，因為它與機會集有關，特別是在收購 Nuance 的基礎上。

Sure, Brent.

當然，布倫特。

Thanks for the question.

謝謝你的問題。

When I look at the industry cloud opportunities, we think of health care is a very critical opportunity for us and a huge and expansive addressable market.

當我看到行業雲機會時，我們認為醫療保健對我們來說是一個非常關鍵的機會，也是一個巨大而廣闊的潛在市場。

If you think about as a percentage of GDP, obviously, health care is significant.

如果您考慮佔 GDP 的百分比，顯然，醫療保健很重要。

And fundamentally, when I think about the provider market, in particular, digital tech is going to play a huge role for every provider to do the things that they care the most about, which is improve the patient outcomes and reduce cost and reduce the burden on the physicians.

從根本上說，當我考慮供應商市場時，特別是數字技術將發揮巨大作用，讓每個供應商做他們最關心的事情，即改善患者結果、降低成本和減輕負擔在醫生身上。

So that's where the Nuance acquisition is a great fit for us.

所以這就是收購 Nuance 非常適合我們的地方。

We've been partnered with them.

我們一直與他們合作。

It also enhances our platform approach, Brent.

它還增強了我們的平台方法 Brent。

What we have always done has gone into an industry with a platform and an ecosystem approach.

我們一直在做的事情已經進入了一個有平台和生態系統方法的行業。

For example, with Nuance, they've done a fantastic job of taking what's perhaps the most defining technology of our times, which is AI and applying it to health care, which is the most important application space.

例如，通過 Nuance，他們在採用可能是我們這個時代最具決定性的技術方面做得非常出色，這就是人工智能，並將其應用於醫療保健，這是最重要的應用領域。

And they've done that again by really partnering, partnering deeply with EMR systems and the rest of the health care ecosystem, ultimately to benefit the providers.

他們通過真正的合作再次做到了這一點，與 EMR 系統和醫療保健生態系統的其他部分深入合作，最終使供應商受益。

And so we're really looking forward to that acquisition closing, and we're already partnered with them in our cloud.

所以我們真的很期待這次收購的結束，我們已經在我們的雲中與他們合作。

But this allows us to take that and integrate more deeply with what we're doing with Teams and some of our AI capabilities even more deeply, and we think we can add a significant amount of value, both to our partners in the health care ecosystem as well as most importantly, to the providers.

但這使我們能夠接受這一點，並更深入地與我們正在使用 Teams 所做的事情以及更深入地集成我們的一些 AI 功能，我們認為我們可以為我們在醫療保健生態系統中的合作夥伴增加大量價值以及最重要的是，提供者。

Operator, next question please.

接線員，請下一個問題。

Our next question is from Mark Moerdler with Bernstein Research.

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

And again, congratulations on the quarter and how well the company is executing.

再次祝賀本季度以及公司的執行情況。

I'd like to change gear a little bit and drill in a bit on the Dynamics 365 business.

我想稍微改變一下，深入了解 Dynamics 365 業務。

Frankly, were this part of any other company or even a stand-alone business, it would be such a center of enthusiasm by investors given how fast it's grown.

坦率地說，如果這是任何其他公司的一部分，甚至是一個獨立的業務，考慮到它的發展速度，它將成為投資者的熱情中心。

Satya, when you said Dynamics 365 is taking share from competitors, are you talking about ERP or CRM or is it both?

Satya，當您說 Dynamics 365 正在從競爭對手那裡獲得份額時，您是在談論 ERP 還是 CRM，還是兩者兼而有之？

Or is it something different?

還是有什麼不同？

And what are the key drivers of that strength and growth?

這種實力和增長的關鍵驅動力是什麼？

And how sustainable do you believe that is?

你認為這有多可持續？

Thanks so much for the question, Mark.

非常感謝你的問題，馬克。

And first of all, we're very, very excited about what's happening again with Dynamics 365.

首先，我們對 Dynamics 365 再次發生的事情感到非常非常興奮。

And when you ask where is the share coming and where is the growth coming?

當你問份額來自哪里以及增長來自哪裡？

It's coming from all those categories.

它來自所有這些類別。

But the most interesting thing is, as somebody wants to deploy even an omnichannel solution, for example, in a world where what's physical and what is digital need to come together unlike anything before because the pandemic is bringing about such structural change.

但最有趣的是，因為有人甚至想部署全渠道解決方案，例如，在一個物理和數字需要以前所未有的方式融合在一起的世界中，因為大流行正在帶來這種結構性變化。

You need both that federated inventory management distributed inventory management system I referenced in my remarks, and you need the customer insights product that is probably one of the fastest-growing modules, which is that 360-degree view on customers and customer engagement, and then including the supply chain.

您既需要我在評論中提到的聯合庫存管理分佈式庫存管理系統，也需要可能是增長最快的模塊之一的客戶洞察產品，即客戶和客戶參與度的 360 度視圖，然後包括供應鏈。

So bottom line is that every customer is looking to digitize and bring together the data silos, in fact, silos of CRM and ERP systems.

因此，底線是每個客戶都在尋求數字化並整合數據孤島，實際上是 CRM 和 ERP 系統的孤島。

And that's probably one of the most interesting things we have observed is it's not about replacing even an existing ERP or an existing CRM, it's not buying Dynamics and helping them bridge even some of the disparate CRM and ERP systems they may have.

這可能是我們觀察到的最有趣的事情之一，它不是要取代現有的 ERP 或現有的 CRM，也不是購買 Dynamics 並幫助他們彌合他們可能擁有的一些不同的 CRM 和 ERP 系統。

So we do see this as a huge opportunity as the world modernizes and puts in a complete next-generation, more proactive versus reactive business systems, and that's what Dynamics has been architected for.

因此，我們確實認為這是一個巨大的機會，因為世界正在實現現代化，並引入了一個完整的下一代、更主動而不是被動的業務系統，而這正是 Dynamics 的構建目標。

So I feel like coming out of this pandemic and the architecture and all the hard work that team has done over the multiple years now positions us very well.

所以我覺得從這場大流行中走出來，團隊多年來所做的架構和所有辛勤工作現在使我們處於非常有利的地位。

Operator, next question please.

接線員，請下一個問題。

The next question is from Karl Keirstead with UBS.

下一個問題來自瑞銀的 Karl Keirstead。

Question for Amy on OpEx.

艾米關於運營支出的問題。

Amy, the OpEx growth has been extraordinarily low the last several quarters.

艾米，過去幾個季度的運營支出增長非常低。

The growth rate looks like it's going to inch up a little bit in the June quarter.

增長率看起來會在 6 月季度略有上升。

But you mentioned the investments are shifting to future quarters.

但你提到投資正在轉移到未來幾個季度。

You probably don't want to give too much on fiscal '22.

您可能不想在 22 財年付出太多。

But I'm just wondering whether we should extrapolate that into thinking that OpEx growth in fiscal '22 should get back to the pre-COVID levels of plus 10%.

但我只是想知道我們是否應該將其推斷為認為 22 財年的 OpEx 增長應該回到 COVID 之前的 10% 以上的水平。

And if you don't want to be that specific, maybe you could just help us outline some of the variables we should keep in mind as we model that line item post COVID recovery in fiscal '22?

如果你不想那麼具體，也許你可以幫助我們概述一些我們應該記住的變量，因為我們在 22 財年對 COVID 恢復後的項目進行建模？

Thanks, Karl.

謝謝，卡爾。

And I do think in Q4, and it's why I specifically called out the 4 points of impact from a year ago because it does start to get to a more normalized rate in Q4.

我確實認為在第四季度，這就是為什麼我特別提到一年前的 4 個影響點，因為它確實在第四季度開始達到更加正常化的速度。

And I say that because our headcount growth, which I noted earlier, has been 12%.

我這麼說是因為我們之前提到的員工人數增長了 12%。

And so overall, you would expect OpEx growth to at least marry your headcount growth over any period of time, and we've certainly benefited through the year from COVID-related savings.

因此，總體而言，您預計運營支出的增長至少會在任何時期與您的員工人數增長相結合，而且我們在這一年中肯定從與 COVID 相關的節省中受益。

We'll continue to have that in Q4.

我們將在第四季度繼續這樣做。

And as we get to '22, I would expect to see a little less of that as people get back to the workplace at some level and resume some other normal levels of activity.

隨著我們到 22 年，我預計隨著人們在一定程度上回到工作場所並恢復其他一些正常水平的活動，這種情況會少一些。

And so I do think you're heading in the right direction on that.

所以我確實認為你正朝著正確的方向前進。

And listen, I think that type of growth with the type of opportunity we're seeing, the number of TAM expansive opportunities really Satya went through in his comments, where we feel like we've got a unique position and opportunity to take share.

聽著，我認為這種增長與我們所看到的機會類型，薩蒂亞在他的評論中真正經歷的 TAM 廣泛機會的數量，我們覺得我們有一個獨特的位置和機會分享。

I feel pretty confident in being able to certainly land that OpEx growth number.

我對能夠肯定實現運營支出增長數字感到非常有信心。

I mean I think just to add to it, Amy, I think I hope in all of your models, you have new rows, at least when we think about it from even just last year to this year, we are in many more new categories and in those categories with significant differentiation.

我的意思是我想補充一下，艾米，我想我希望在你所有的模型中，你都有新的行，至少當我們從去年到今年考慮到這一點時，我們有更多的新類別在那些具有顯著差異的類別中。

So when we think about OpEx, it's not about adding OpEx to the stuff that we had in the past.

因此，當我們考慮 OpEx 時，並不是要將 OpEx 添加到我們過去擁有的東西中。

It's -- there's leverage there.

這是 - 那裡有槓桿作用。

In fact, it's OpEx going into new TAMs.

實際上，是 OpEx 進入了新的 TAM。

Operator, next question please.

接線員，請下一個問題。

Absolutely, our next question comes from the line of Kirk Materne with Evercore ISI.

當然，我們的下一個問題來自於 Evercore ISI 的 Kirk Materne。

Congrats on the quarter.

祝賀本季度。

Satya, I was wondering if you could just talk a little bit more about Viva.

Satya，我想知道你是否可以多談談 Viva。

I realize it's early days on that.

我意識到現在還為時過早。

But just the kind of feedback you're getting on that product?

但只是你在那個產品上得到的反饋？

And how do you see that sort of fitting in?

你如何看待這種契合？

There seem to be some nice adjacencies with Dynamics, with Office 365.

Dynamics 與 Office 365 似乎有一些不錯的鄰接關係。

So I was just kind of curious if you could give us a little bit of a hand on how it's going and sort of your excitement level about it over the next quarter, next couple of years?

所以我只是有點好奇你是否可以幫助我們了解一下它的進展情況以及你對下個季度、未來幾年的興奮程度？

Thank you so much for the question.

非常感謝你的問題。

It's a lot.

很多。

It's very much a great example of what I was saying in terms of creating a new category, right.

這是我在創建新類別方面所說的一個很好的例子，對吧。

When I look back multiple years now, we started talking about Power Platform.

當我現在回顧多年時，我們開始談論 Power Platform。

And as I said, even in my script today, we now have a full suite of tools that essentially created this next-generation business process automation and productivity suite in Power Platform that set scale and growing at scale.

正如我所說，即使在我今天的腳本中，我們現在也擁有一整套工具，這些工具基本上在 Power Platform 中創建了這個下一代業務流程自動化和生產力套件，從而實現了規模化和規模化增長。

Similarly, we think of the experience cloud as a distinct cloud opportunity for us.

同樣，我們認為體驗雲對我們來說是一個獨特的雲機會。

It brings together even today, what have been disparate tools, whether it's the knowledge mining and management systems in an enterprise, connecting it to learnings and ultimately the employee experience and communication system.

即使在今天，它也匯集了不同的工具，無論是企業中的知識挖掘和管理系統，還是將其與學習聯繫起來，最終將員工體驗和溝通系統聯繫起來。

So we -- it obviously is a very massive adjacencies to what we're doing with Microsoft 365 and Office 365, in particular, Teams.

所以我們——這顯然與我們使用 Microsoft 365 和 Office 365，特別是 Teams 所做的事情非常接近。

But also, to your point, connects up with line of business systems, HRM systems and all of the other things we do in Dynamics as well as other third-party SaaS applications.

而且，就您而言，它還與業務線系統、HRM 系統以及我們在 Dynamics 中所做的所有其他事情以及其他第三方 SaaS 應用程序連接起來。

So It's very early days.

所以現在還很早。

And so we'll take the same approach we have taken, whether it's in Security, whether it's in Power Platform, whether it's Dynamics, and many other places where you've seen us grow substantial new businesses essentially as part of Microsoft Cloud.

因此，我們將採用與我們相同的方法，無論是在安全性、Power Platform、Dynamics 還是您已經看到我們在本質上作為 Microsoft Cloud 的一部分發展大量新業務的許多其他領域。

But we're very excited about what this opportunity represents.

但我們對這個機會所代表的意義感到非常興奮。

Operator, next question please.

接線員，請下一個問題。

Absolutely, our next question comes from the line of Kash Rangan with Goldman Sachs.

當然，我們的下一個問題來自高盛的 Kash Rangan。

Congratulations on the quarter.

祝賀本季度。

Satya, I know you've said that you expect tech as a percentage of GDP, to track about 5% or roughly double over the next 10 years or so.

Satya，我知道您曾說過，您預計科技佔 GDP 的百分比將在未來 10 年左右達到約 5% 或大約翻一番。

How should we think about Microsoft's share in that context?

在這種情況下，我們應該如何看待微軟的份額？

Is it going to be steady?

會穩定嗎？

Or do you see that expanding?

或者你看到它在擴大嗎？

And if it is going to expand, what are the key products and markets that will drive your relative share growth as you outperform tech and as tech outperforms GDP.

如果它要擴張，當你的表現優於科技和科技的表現優於 GDP 時，將推動你的相對份額增長的關鍵產品和市場是什麼。

No, thanks, Kash, for the question.

不，謝謝，Kash，提出這個問題。

I think that first of all, we are big believers in two things.

我認為首先，我們堅信兩件事。

One is we need to be competitive in each layer, and then the coming together of each layer into a cohesive, coherent architecture of the full stack or the Microsoft cloud creates that differentiation.

一個是我們需要在每一層都具有競爭力，然後將每一層組合成一個有凝聚力的、連貫的全棧架構或微軟雲，從而創造出這種差異化。

And that will define what we think is going to be increasing share for us as tech itself as a percentage of GDP doubles.

這將定義我們認為隨著科技本身佔 GDP 的百分比翻倍，我們的份額將會增加。

So if you look at it -- whether it's on the hybrid infrastructure or the multi-cloud, multi-edge world, which, I believe, is going to be the world 10 years from now, we are very well positioned.

因此，如果你看一下——無論是在混合基礎架構上，還是在多雲、多邊緣的世界上，我相信 10 年後的世界，我們都處於非常有利的位置。

We have led in it, we currently lead in it, and we plan to continue that.

我們已經在其中領先，我們目前也在領先，並且我們計劃繼續這樣做。

When it comes to data, when I look at even what we've been able to do with Synapse even in the just last year and what that can do both at the cloud and the edge.

當談到數據時，我什至看看我們在去年就可以使用 Synapse 做些什麼，以及它可以在雲和邊緣做些什麼。

When it comes to AI, what we are doing with OpenAI and our cognitive services or what we're doing with Power Platform.

談到人工智能，我們用 OpenAI 和我們的認知服務做什麼，或者我們用 Power Platform 做什麼。

Developer SaaS, one of the most exciting things, again, that I believe is the next 10 years is going to be about developers and the digital capability in every enterprise, and we are the leaders there.

開發人員 SaaS 是最令人興奮的事情之一，我相信未來 10 年將與開發人員和每個企業的數字能力有關，我們是那裡的領導者。

When you think about VS Code as well as GitHub.

當你想到 VS Code 和 GitHub 時。

And then, of course, all of the things that we're doing with Microsoft 365 and Dynamics on the industry side.

然後，當然還有我們在行業方面使用 Microsoft 365 和 Dynamics 所做的所有事情。

So ultimately, we don't take anything for granted.

所以最終，我們不會認為任何事情都是理所當然的。

But that said, We're well positioned for what is expansive TAM and with competitive differentiation both in the individual layers of the stack as well as the cohesiveness of the stack itself.

但話雖如此，我們已經為擴展的 TAM 做好了準備，並且在堆棧的各個層以及堆棧本身的凝聚力方面都具有競爭優勢。

That just sound like a share gain story.

這聽起來像是一個分享收益的故事。

Operator, next question please.

接線員，請下一個問題。

Our next question comes from Gregg Moskowitz with Mizuho.

我們的下一個問題來自瑞穗的 Gregg Moskowitz。

Satya, in your prepared remarks, you spoke about an increase in verticalization of Azure.

Satya，在您準備好的講話中，您談到了 Azure 垂直化的增加。

Can we double click on that a bit more?

我們可以再雙擊一下嗎？

How much incremental opportunity do you see in industries like financials, like manufacturing?

您在金融、製造業等行業看到了多少增量機會？

And are there other verticals that may make sense to more actively pursue over time as well?

隨著時間的推移，是否還有其他可以更積極地追求的垂直領域？

Thank you for the question.

感謝你的提問。

We absolutely think that ultimately, customers are looking to increase their time to value, lower cost and improve agility.

我們絕對認為，最終，客戶希望增加實現價值的時間、降低成本並提高敏捷性。

So being able to customize these workflows, to come up with industry schemers.

因此，能夠自定義這些工作流程，以提出行業策劃者。

Because when you think about increased digitization and workflow automation, it does take that next level of schematization of what is perhaps today not digital inside an industry.

因為當您考慮提高數字化和工作流程自動化時，它確實需要對行業內今天可能不是數字化的東西進行更高級別的模式化。

And so therefore, what we do by stitching together, coming together of even Microsoft 365, Teams, Power Platform with certain workflows with data inside of Azure as well as Dynamics, that absolutely improves the ability for any customer in any one of these industries to improve their time to value.

因此，我們通過將 Microsoft 365、Teams、Power Platform 與 Azure 內部數據以及 Dynamics 的某些工作流結合在一起所做的工作，這絕對提高了這些行業中任何一個客戶的能力提高他們實現價值的時間。

So yes, it is going to both help us with adoption rates increase, the speed with which it increases and it also differentiates us.

所以，是的，它既可以幫助我們提高采用率，提高它的速度，也可以使我們與眾不同。

And we'll continue to look.

我們將繼續尋找。

And one of the other things that we're doing, this is not just one industry at a time, it's also the cross-industry workflows.

我們正在做的另一件事是，這不僅僅是一個行業，它也是跨行業的工作流程。

So we absolutely believe that that we already talk about not just any individual part of our cloud, we talk about only one thing, it's called the Microsoft Cloud.

所以我們絕對相信，我們已經談論的不僅僅是我們雲的任何單個部分，我們只談論一件事，它被稱為微軟雲。

And now we're increasingly talking about Microsoft Cloud by industry and cross industry.

現在，我們越來越多地按行業和跨行業談論 Microsoft Cloud。

Operator we have time for one last question.

接線員我們有時間回答最後一個問題。

Our final question will come from the line of Raimo Lenschow with Barclays.

我們的最後一個問題將來自巴克萊銀行的 Raimo Lenschow。

I wanted to ask about security and what we see in terms of changes of the industry and how Microsoft is kind of fit in there where, obviously, in the last quarter, that was kind of a big topic.

我想問一下安全性以及我們在行業變化方面看到的情況，以及微軟如何適應那裡，顯然，在上個季度，這是一個很大的話題。

Can you talk a little bit about what you see in terms of customers realizing the broadened offering from Microsoft and how the cloud is playing a changing role there?

您能否談談您在客戶意識到 Microsoft 擴大產品範圍方面所看到的情況，以及云如何在其中扮演著不斷變化的角色？

No.

不。

Thank you for the question.

感謝你的提問。

Obviously, security is a super important topic for every customer, every board, every executive team.

顯然，對於每個客戶、每個董事會、每個執行團隊來說，安全都是一個非常重要的話題。

And the fundamental approach we have is how do we ensure that every customer has implemented a Zero Trust architecture.

我們擁有的基本方法是如何確保每個客戶都實施了零信任架構。

But that's the name of the game, which is how can Microsoft through our participation in the security industry, accelerate essentially the cyber defense of the entire digital sector and beyond.

但這就是遊戲的名稱，這就是微軟如何通過我們參與安全行業，從根本上加速整個數字行業及其他領域的網絡防禦。

And so to me, what we have done is taken a pretty unique approach of bringing identity, endpoint application, infrastructure all together with XDR and SIEM, which is cloud native.

所以對我來說，我們所做的是採取了一種非常獨特的方法，將身份、端點應用程序、基礎設施與 XDR 和 SIEM（雲原生）結合在一起。

That's pretty unique because we really don't let the SIEMs get in the way.

這是非常獨特的，因為我們真的不會讓 SIEM 成為障礙。

We'll make sure that any customer who is able to sort of deploy these systems together has most defense in depth, but also the aggregate data to be able to detect and respond to any intrusion because that's sort of the key posture.

我們將確保能夠將這些系統部署在一起的任何客戶都擁有最深入的防禦，而且還有能夠檢測和響應任何入侵的聚合數據，因為這是關鍵態勢。

And then you couple that with our operational security posture when you're processing 8 trillion events and using that to continuously help our customers is increasing to your point, the cloud adoption rate.

然後，當您處理 8 萬億個事件並使用它來持續幫助我們的客戶時，您將其與我們的運營安全態勢相結合，雲採用率正在不斷提高。

So if you look at some of the challenges like the HAFNIUM, cloud was not impacted.

因此，如果您查看諸如 HAFNIUM 之類的挑戰，雲並沒有受到影響。

And when we did sort of a lot of work to make sure that the patches were out even for servers that were out of support for multiple years.

當我們做了很多工作以確保即使對於多年不支持的服務器也能提供補丁。

And so -- but at the same time, any business that was -- had moved already to the cloud had none of those issues.

因此——但與此同時，任何已經遷移到雲的業務都沒有這些問題。

So therefore, I think we are going to see increased cloud adoption.

因此，我認為我們將看到更多的雲採用。

We're going to see increased usage of end-to-end security suites like what we offer.

我們將看到端到端安全套件的使用增加，就像我們提供的一樣。

And most importantly, great hygiene and great operational security posture all the time with Zero Trust architecture.

最重要的是，零信任架構始終保持良好的衛生和良好的運營安全態勢。

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

今天財報電話會議的問答部分到此結束。

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

感謝您今天加入我們，我們期待很快與大家交談。

Thank you all.

謝謝你們。

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。

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

感謝您的參與，此時您可以斷開線路。