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. (Operator Instructions) And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brett Iversen, General Manager, Investor Relations. Thank you. You may begin.

各位好，歡迎參加微軟2021財年第三季財報電話會議。（操作說明）再次提醒，本次會議正在錄音。現在，我很高興為大家介紹主持人，投資者關係總經理布雷特艾佛森。謝謝。你可以開始了。

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

下午好，感謝各位今天蒞臨。與我一同通話的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官愛麗絲·喬拉；以及副總法律顧問基思·多利弗。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。

Unless otherwise specified, we will refer to non-GAAP metrics on the call. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's third quarter performance in addition to the impact these items and events have on the financial results.

除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。列出這些項目是為了幫助投資人進一步了解公司第三季的業績，以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we'll 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 be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission.

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。

We do not undertake any duty to update any forward-looking statement. And with that, I'll turn the call over to Satya.

我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

Thank you, Brett. It was a record quarter powered by our continued strength of our commercial cloud. Over a year into the pandemic, digital adoption curves aren't slowing down. In fact, they're accelerating and it's just the beginning. Digital technology will be the foundation for resilience and growth over the next decade. We are innovating and building the cloud stack to accelerate the digital capability of every organization on the planet.

謝謝你，布雷特。得益於我們商業雲業務的持續強勁發展，本季業績創下歷史新高。疫情爆發一年多來，數位普及的速度並沒有放緩。事實上，它們正在加速發展，而這只是個開始。未來十年，數位技術將成為韌性和成長的基礎。我們正在創新和建構雲端堆疊，以加速全球每個組織的數位化能力。

Now I'll highlight our growing opportunity and momentum, starting with Azure. As the world's COGS become more digital, computing will become more ubiquitous and decentralized. We are building Azure to address organizations' needs in a multi-cloud, multi-edge world. We have more data center regions than any other provider, including new regions in China, Indonesia, Malaysia as well as United States.

現在我將重點介紹我們不斷增長的機會和發展勢頭，首先從 Azure 開始。隨著世界商品和服務的數位化程度越來越高，運算將變得更加普遍和分散。我們正在建構 Azure，以滿足組織在多雲、多邊緣環境中的需求。我們擁有的資料中心區域比其他供應商多，包括在中國、印尼、馬來西亞以及美國的新區域。

Azure has always been hybrid by design, and we are accelerating our innovation to meet customers where they are. Azure 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. Companies like Fujitsu and KPMG are using Arc to simplify hybrid management and run Azure data services anywhere.

Azure 從設計之初就秉持混合架構理念，我們正在加速創新，以滿足客戶的需求。Azure Arc 將 Azure 控制平面擴展到本機、多雲和邊緣，並透過 Arc 支援的機器學習和 Arc 支援的 Kubernetes 進一步擴展。富士通和畢馬威等公司正在使用 Arc 來簡化混合管理，並在任何地方執行 Azure 資料服務。

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.

我們在雲端和邊緣運算方面的差異化優勢，正在推動與各行各業的領導企業建立更深入、更具策略性的合作夥伴關係，從道達爾能源公司和雷普索爾能源公司到醫療保健領域的凱撒醫療集團，再到旅遊領域的阿瑪迪斯公司。

Now to data and analytics. Core to the competitiveness of every company going forward will be their ability to turn data into predictive and analytical power. 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. No other provider offers the limitless scale, price performance and deep integrations of Synapse.

接下來是數據和分析。未來，每家公司能否保持競爭力，關鍵在於能否將數據轉化為預測和分析能力。新一代分析服務 Azure Synapse 將資料整合、企業資料倉儲和大數據分析整合到統一的服務中，從而加快了獲得洞察的時間。沒有其他供應商能夠提供 Synapse 那樣無限的規模、性價比和深度整合。

With Spark integration, for example, organizations can handle large-scale data processing workloads. With Azure machine learning, they can build advanced AI models. With Power BI, anyone in the organization can access insights.

例如，透過與 Spark 集成，組織可以處理大規模資料處理工作負載。借助 Azure 機器學習，他們可以建立高級 AI 模型。借助 Power BI，組織中的任何人都可以存取洞察資訊。

We are seeing adoption from thousands of customers, including AB InBev, Dentsu and Swiss Re. Queries performed using Synapse have increased 105% over the last quarter alone. We are leading in hyperscale SQL and non-SQL databases to support the increasing volume, variety and velocity of data. Customers continue to choose Azure for their relational database workloads with SQL Server on Azure VMs use up 129% year-over-year. And Cosmos DB is the database of choice for cloud-native app development at any scale. Transaction volume increased 170% year-over-year.

我們看到數千家客戶採用了我們的產品，其中包括百威英博、電通和瑞士再保險公司。光是上個季度，使用 Synapse 執行的查詢量就增加了 105%。我們在超大規模 SQL 和非 SQL 資料庫領域處於領先地位，以支援不斷增長的資料量、資料種類和資料處理速度。客戶繼續選擇 Azure 來執行其關聯式資料庫工作負載，Azure VM 上的 SQL Server 使用量較去年同期成長 129%。Cosmos DB 是各種規模雲端原生應用程式開發的首選資料庫。交易量較去年同期成長170%。

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

接下來是開發者們。每個組織在尋求建立自己的數位化能力時，都需要對現有應用程式進行現代化改造，開發新應用程序，並製定一套標準的方法來執行這兩項工作。我們提供最受歡迎的工具，幫助開發者快速實現從構思到程式碼，再到雲端部署的整個過程。

Visual Studio has more than 25 million monthly active users and GitHub is home to nearly 65 million developers. Over the past 12 months, the number of monthly active organizations using GitHub increased 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.

Visual Studio 擁有超過 2,500 萬月活躍用戶，而 GitHub 則擁有近 6,500 萬開發者。過去 12 個月，使用 GitHub 的每月活躍組織數量增加了 70%。事實上，過去一年中一些最具突破性的技術成就，包括關鍵的 COVID-19 疫苗試驗以及首次火星動力飛行，都得益於 GitHub 開源社群的貢獻。

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

在 PaaS 層，我們正在進行創新，以幫助開發人員將 AI 融入他們所建構的解決方案中。大規模人工智慧模式正在成為一個平台，我們已經看到 OpenAI 在研發方面取得了巨大進步，其模式完全在 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. With Azure Cognitive Services, organizations can build applications that see, hear, speak, search, understand and accelerate decision-making.

GPT-3 平均每天產生 45 億個單詞，數百個應用程式已在各行業投入生產使用。借助 Azure 認知服務，組織可以建立能夠看到、聽到、說出、搜尋、理解並加速決策的應用程式。

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. 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.

新功能使開發者能夠在其應用程式中添加語義搜索，並幫助 AT&T、Duolingo 和 Progressive 等公司為其產品建立自訂神經語音。我們正在進一步推進 Azure Percept 的發展，這是一個從晶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. We are leading and seeing traction across public and private sector.

隨著虛擬世界和實體世界的融合，由數位孿生、類比環境和混合實境組成的元宇宙正在成為一流的平台。我們在公共和私營部門都處於領先地位，並取得了顯著成效。

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. PepsiCo is simulating its manufacturing processes to improve product consistency using our autonomous systems platform. And from Airbus and Toyota to L'Oreal and Intel customers in every industry are transcending space and addressing complex challenges using mixed reality.

Bentley Systems 正在建造都柏林市的數位孿生模型，以重新構想城市規劃，他們使用了 Azure 數位孿生和 Azure IoT。百事公司正在利用我們的自主系統平台模擬其生產流程，以提高產品的一致性。從空中巴士和豐田到歐萊雅和英特爾，各行各業的客戶都在利用混合實境技術超越空間限制，應對複雜的挑戰。

The U.S. Army, for example, will use HoloLens based headset augmented with our cloud services. The new Microsoft Mesh builds on this momentum, allowing for holographic interactions with true presence in a natural way on any device. We've already seen early adoption by Accenture, which is using mesh to build immersive virtual office experiences.

例如，美國陸軍將使用基於 HoloLens 的頭戴式設備，並結合我們的雲端服務。全新的微軟 Mesh 技術在此基礎上更進一步，可在任何裝置上以自然的方式實現具有真實臨場感的全息互動。我們已經看到埃森哲率先採用了這項技術，他們正在使用網狀結構來建立沉浸式虛擬辦公室體驗。

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

Power Platform 正成為各職能領域專家的下一代業務流程自動化和生產力套件。我們對這個規模龐大且高成長的潛在市場採取了獨特的方法，將機器人流程自動化、低程式碼、無程式碼工具、虛擬代理和商業智慧結合起來。利用 Power Platform 和領域知識庫，任何領域專家都可以自動化工作流程、創建應用程式、建立虛擬代理或快速分析數據，從而透過智慧自動化提高整個組織的生產力。

Just like Office revolutionized productivity gains for knowledge workers, Power Platform will do the same for domain experts. All up, Power Platform is being used by nearly 16 million monthly active users, up 97% year-over-year. Revenue increased 84% year-over-year. 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.

就像 Office 徹底改變了知識工作者的生產力一樣，Power Platform 也將為領域專家帶來同樣的改變。整體而言，Power Platform 的月活躍用戶接近 1,600 萬，較去年同期成長 97%。營收年增84%。Telstra、T-Mobile、豐田北美和聯合利華都已建立了 Power Platform 卓越中心，數千名員工正在使用這些低程式碼、無程式碼工具建立應用程式和工作流程，涵蓋從 COVID-19 篩選到產品品質控制等各個方面。

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

在機器人流程自動化方面，可口可樂透過將 Power Automate 與傳統系統集成，實現了出貨驗證、工資處理等諸多自動化操作，從而節省了數月的開發時間。在分析方面，戴姆勒選擇 Power BI 來展現整個組織的洞察，同時保持最高等級的安全性。

Now on to business applications. Dynamics 365 had a breakthrough quarter as companies turn to intelligent business applications to adapt and grow. Revenue increased 45% as we continue to take share from competition. We are adding capabilities across Dynamics 365 to address organization's most pressing challenges.

接下來我們來看看商業應用。隨著企業轉向智慧業務應用程式以適應變化並實現成長，Dynamics 365 在本季度取得了突破性進展。由於我們不斷從競爭對手手中奪取市場份額，營收成長了 45%。我們正在為 Dynamics 365 添加各種功能，以應對組織面臨的最緊迫挑戰。

New integrations with Teams make it simple to meet, chat, call and collaborate directly within Dynamics 365. A new Dynamics 365 Intelligent Order Management helps companies support omnichannel fulfillment. We are seeing increased adoption of Dynamics 365 across every industry from ABN AMRO in Financial Services to BMW in automotive.

與 Teams 的全新集成，讓您輕鬆地在 Dynamics 365 內直接進行會議、聊天、通話和協作。全新的 Dynamics 365 智慧訂單管理功能可協助企業支援全通路履行。我們看到，從金融服務業的荷蘭銀行到汽車業的寶馬，各行各業都在越來越多地採用 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. 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. And our pending acquisition of Nuance will bring our solutions directly into the physician patient loop, which is central to health care delivery.

更廣泛地說，在微軟雲端領域，我們正引領產業和跨產業解決方案的發展，並不斷加大投入，以幫助企業利用我們完整的技術堆疊以及產業特定的客製化功能，加快價值實現速度，提高敏捷性，降低成本。本季度，我們推出了面向金融服務、製造業和非營利組織的新產業雲，並在此基礎上，進一步拓展了面向醫療保健和零售業的現有產業雲。我們即將收購 Nuance，這將使我們的解決方案直接進入醫生和患者環節，這對於醫療保健服務至關重要。

Now on to LinkedIn. We once again saw record engagement as LinkedIn's 756 million members use the network to connect, learn, create content and find jobs. Conversations increased 43%, content share was up 29%, and the hours on LinkedIn increased by 80%. We are helping creators use LinkedIn to expand their economic opportunity, thousands of expert instructors are monetizing their content on LinkedIn Learning. Freelancers can now attract clients with dedicated pages. And with the creator mode, members can build a following and engaged communities.

接下來轉到領英。LinkedIn 的 7.56 億會員再次使用該平台進行聯繫、學習、創建內容和尋找工作，用戶參與度再次創下新高。對話量增加了 43%，內容分享量增加了 29%，LinkedIn 使用時間增加了 80%。我們正在幫助創作者利用 LinkedIn 拓展經濟機會，成千上萬的專家講師正在 LinkedIn Learning 上實現內容變現。自由工作者現在可以透過專屬頁面來吸引客戶。借助創作者模式，用戶可以建立粉絲群和活躍的社群。

In a world facing a growing skills gap, we are helping employers create feedback loops between skills, learning, credentials and jobs. 60% of the Fortune 500 use LinkedIn Learning to skill and upskill their employees. Nationwide Insurance, for example, is using LinkedIn Learning to provide personalized curriculum to 26,000 associates. And new tools bring together courses with skills assessments, helping companies like BlackRock, Gap and TaskRabbit source job candidates based on proven proficiencies.

在當今世界技能差距日益擴大的背景下，我們正在幫助雇主建立技能、學習、證書和工作之間的回饋循環。財富 500 強企業中有 60% 使用 LinkedIn Learning 來提升員工技能。例如，全國保險公司正在使用 LinkedIn Learning 為 26,000 名員工提供個人化課程。新的工具將課程與技能評估結合起來，幫助像貝萊德、蓋璞和TaskRabbit這樣的公司根據已證明的技能水平來尋找求職者。

Businesses continue to turn to LinkedIn as the trusted way to reach professionals ready to do business. LinkedIn Marketing Solutions revenue was up more than 60% year-over-year. Over the past 12 months, revenue has surpassed $3 billion and is growing nearly 3x faster than the B2B digital advertising market.

企業繼續將 LinkedIn 視為聯繫隨時準備開展業務的專業人士的可靠途徑。LinkedIn行銷解決方案營收年增超過60%。過去 12 個月，營收已超過 30 億美元，成長速度幾乎是 B2B 數位廣告市場的 3 倍。

Now on to Microsoft 365 and Teams. Hybrid work will require a new operating model. That's why we built Teams as the organizing layer for all the way people work, learn and collaborate. Teams now has over 145 million daily active users, almost double the number a year ago. 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. 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.

接下來是 Microsoft 365 和 Teams。混合辦公模式需要一種新的營運模式。這就是為什麼我們將 Teams 建構成人們工作、學習和協作的組織層。Teams 目前擁有超過 1.45 億日活躍用戶，幾乎是去年同期的兩倍。在澳洲、中國、紐西蘭、韓國和台灣等員工已重返工作崗位的市場，我們看到使用量持續成長。將第三方應用程式和業務線應用程式與 Teams 整合的擁有 1000 多名用戶的組織數量同比增長了近 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. 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. And customers like GM and Sanofi are using Teams for unified communications, including for voice. 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.

我們正在加速創新，過去一年新增了 300 多項功能，其中 2021 年至今新增了 100 多項功能。全新的包容性混合辦公會議體驗，包括自訂畫廊視圖，讓每個人都能被看到、被聽到和參與，無論是在家、在會議室、在辦公室還是在工廠車間。通用汽車和賽諾菲等客戶正在使用 Teams 進行統一通信，包括語音通信。Teams 的功能已經超越了通訊領域，它創造了一個全新的現代協作應用程式類別，因為組織可以使用 Power Platform 在團隊內部建立自訂應用程式、機器人和工作流程。

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

例如，美國航空公司在其財報電話會議上強調，透過在 Teams 中使用 Power 應用來幫助第一線員工管理關鍵數據操作，從而節省了成本。Teams 不僅改變了公司內部的協作方式，也改變了公司的業務運作方式。我們增加了對與組織外部人員共享工作空間的支持，我們看到 Teams 被用於各種用途，從虛擬零售展廳和私人購物到互動式網路研討會。

We introduced Microsoft Viva this quarter, creating a new market category for employee experience. Viva brings together knowledge, learning, communication and insights in an integrated experience directly within Teams and Microsoft 365.

本季我們推出了 Microsoft Viva，為員工體驗領域開闢了一個新的市場類別。Viva 將知識、學習、溝通和見解整合到 Teams 和 Microsoft 365 的整合體驗中。

Companies like Coca-Cola and Unilever will use Viva to help their employees thrive in a new era of hybrid work. All up Microsoft 365 users generated more than 38 billion collaboration minutes in a single day this quarter. Office 365 now has nearly 300 million paid seats. 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. People are turning to Windows PCs more than ever to stay connected, productive and secure. Windows 10 now has more than 1.3 billion monthly active devices, and Microsoft 365 consumer surpassed 50 million subscribers for the first time.

可口可樂和聯合利華等公司將使用 Viva 來幫助員工在混合辦公的新時代中取得成功。本季，Microsoft 365 用戶單日協作時間總計超過 380 億分鐘。Office 365 目前擁有近 3 億個付費席位。像赫爾辛基市、博士倫健康、史賽克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，以獲得先進的安全、合規性、語音和分析功能。人們比以往任何時候都更傾向於使用 Windows 電腦來保持聯繫、提高工作效率和安全保障。Windows 10 目前擁有超過 13 億台月活躍設備，Microsoft 365 消費者版訂閱用戶首次突破 5,000 萬。

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

接下來談談安全問題。威脅情勢從未如此複雜和具有挑戰性，安全對我們的客戶而言也從未如此重要。這推動了對我們在身分、安全、合規和管理方面的端到端能力的需求不斷增長，這些能力由雲端規模的 AI 和涵蓋所有雲端和所有平台的人類專業知識提供支援。

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

我們與眾不同之處以及為客戶創造價值的關鍵在於，我們在雲端原生 XDR 和 SIEM 中身份、端點、應用程式、雲端、資料和基礎設施之間的互聯互通。所有這些都基於我們的營運安全態勢，該態勢每天分析超過 8 兆個訊號。

Our approach enables organizations to adopt a Zero Trust architecture while also reducing the complexity, cost and risk created by stitching together point solutions. 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. And Signal is using Azure Confidential Computing to protect the data and use for its millions of customers.

我們的方法使組織能夠採用零信任架構，同時降低因拼接各點解決方案而產生的複雜性、成本和風險。正因如此，超過 40 萬名客戶使用我們的產品，其中包括許多世界知名企業，如波士頓顧問集團、HCA Healthcare、勞氏公司和瑞銀集團。Signal 使用 Azure 機密運算來保護其數百萬客戶的資料和使用情況。

We are going further to help protect organizations. We are delivering on our ambition to eliminate passwords introducing password-less sign-in to 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. Defender has blocked 30 billion threats on e-mail and nearly 7 billion on endpoints over the past 12 months alone. And our compliance manager now offers more than 300 out-of-the-box assessments for regulations such as GDPR.

我們將採取更多措施來幫助保護組織機構。我們正在實現消除密碼的目標，在 Azure AD 中引入無密碼登入。我們的 Azure AD 付費客戶群較去年同期成長超過一倍，達到 30 萬以上，Microsoft 365 Defender 的新功能可協助組織更了解、預防和緩解活躍威脅。光是在過去 12 個月裡，Defender 就攔截了 300 億次電子郵件威脅和近 70 億次終端威脅。我們的合規經理現在提供 300 多種開箱即用的法規評估，例如 GDPR。

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

接下來是遊戲環節。我們正在擴大我們的機會，幫助遊戲玩家和內容創作者在任何裝置上進行遊戲、交流和建立社群。人們比以往任何時候都更傾向於使用 Xbox 來玩遊戲和與朋友聊天，本季我們看到了創紀錄的用戶參與度，這主要得益於主機內外的強勁表現。

With Game Pass, we are redefining how games are distributed, played and viewed. Just last week, we added cloud gaming via the browser expanding our reach across PC and mobile. Content is the flywheel behind the services growth. 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.

透過 Game Pass，我們正在重新定義遊戲的分發、遊玩和觀看方式。就在上週，我們透過瀏覽器增加了雲端遊戲功能，擴大了我們在 PC 和行動裝置上的覆蓋範圍。內容是服務成長的驅動力。本季度，隨著我們對 ZeniMax Media 的收購完成，我們透過 Game Pass 將 20 款世界上最具標誌性和最受歡迎的遊戲帶給了玩家，未來還將推出更多遊戲。

As games evolve into metaverse economies, we are building new tools to help anyone sell creations on our platform. Minecraft is nearly 140 million monthly active users, up 30% year-over-year, making it one of the leading platforms in the creator economy. Creators have generated over $350 million from more than 1 billion downloads of mods, add-ons and other experiences in Minecraft. This is not counting and including activity outside of our marketplace. We are also seeing a vibrant marketplace emerge in Flight Simulator with partners now able to sell content directly within the game.

隨著遊戲發展成為元宇宙經濟，我們正在建立新的工具，以幫助任何人在我們的平台上銷售作品。Minecraft 的每月活躍用戶接近 1.4 億，較去年同期成長 30%，使其成為創作者經濟中的領先平台之一。Minecraft 的模組、外掛程式和其他體驗的下載量超過 10 億次，創作者們從中獲得了超過 3.5 億美元的收入。這還不包括我們市場之外的活動。我們也看到飛行模擬器領域正在湧現一個充滿活力的市場，合作夥伴現在可以直接在遊戲內銷售內容。

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. I'm optimistic about our opportunity ahead.

最後，我們正在整個技術堆疊上進行創新，以在對每位客戶未來成功至關重要的領域實現差異化和領先。我對我們未來的機會充滿信心。

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.

接下來，我將把發言權交給艾米，她將詳細介紹我們的財務表現並分享我們的展望，我期待稍後與大家見面，回答大家的問題。

Thank you, Satya, and good afternoon, everyone. My comments today reflect the impact of the ZeniMax acquisition for approximately 3 weeks this quarter as well as our outlook. There is no impact from the Nuance acquisition that is expected to close by the end of the calendar year. 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.

謝謝你，薩蒂亞，大家下午好。我今天的評論反映了 ZeniMax 收購在本季大約 3 週內的影響以及我們的展望。預計在年底前完成的 Nuance 收購案不會產生任何影響。第三季營收為 417 億美元，以固定匯率計算成長 19% 和 16%；每股盈餘為 1.95 美元，以固定匯率計算成長 39% 和 34%（已計入印度最高法院最近關於預扣稅的裁決所帶來的稅收優惠）。

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. In our Commercial business, accelerating digital transformation enabled by our unique Microsoft Cloud value, drove healthy demand for our hybrid and cloud offerings. Strong Azure consumption, increased platform commitments and higher usage of Teams, Power Platform and our security offerings were key beneficiaries.

各行各業、客戶群和地理市場的許多趨勢持續改善，再加上我們銷售和合作夥伴團隊的強力執行，推動了公司營收和利潤連續第二個季度實現兩位數增長。在我們的商業業務中，憑藉我們獨特的微軟雲端價值，加速了數位轉型，從而推動了對我們的混合雲和雲端產品的強勁需求。Azure 的強勁消費、平台投入的增加以及 Teams、Power Platform 和我們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. And in LinkedIn's Talent Solutions business, annual contracts and job postings improved with the job market.

在我們中小企業客戶群中，雲端採購趨勢的持續改善足以彌補交易許可方面的不足。在 LinkedIn 的人才解決方案業務中，年度合約和職缺數量隨著就業市場的改善而增加。

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，儘管供應鏈持續受到嚴重限制，但 Windows OEM 和 Microsoft 365 消費者訂閱業務仍受益於遠超預期的 PC 市場。

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

廣告市場的改善再次惠及了我們的搜尋和LinkedIn業務。在遊戲方面，我們繼續看到平台上的用戶參與度和盈利能力屢創新高，同時 Xbox Series X 和 S 遊戲機的需求也遠遠超過了供應。

Moving to our overall results. Commercial bookings growth was ahead of expectations, increasing 39% and 38% in constant currency on a growing expiration base and low prior year comparable. Growth was driven by consistent 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 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. And our annuity mix increased 2 points year-over-year to 94%.

接下來是我們的整體結果。商業預訂量成長超出預期，以固定匯率計算分別成長了 39% 和 38%，這主要得益於不斷增長的到期基數和較低的去年同期可比性。成長的驅動力在於我們核心年金銷售策略的持續有效執行，以及規模更大的長期 Azure 合約數量的增加。因此，以固定匯率計算，商業剩餘履約義務增加了 31% 和 32%，達到 1,170 億美元，其中未來 12 個月內確認的收入與未來 12 個月後確認的收入大致相等。我們的年金組合佔比去年同期上升 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. 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. 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.

商業雲端收入也好於預期，以固定匯率計算成長了 33% 和 29%，達到 177 億美元。受伺服器和網路設備資產使用壽命會計估計變化的影響，商業雲毛利率年增 3 個百分點至 70%。剔除此影響，商業雲毛利率略有上升，Azure 毛利率有所改善，但大部分被銷售組合向 Azure 的轉變所抵銷。

With a weaker U.S. dollar, FX increased revenue growth by approximately 3 points, about 1 point more favorable than anticipated. FX increased COGS and operating expense growth by approximately 2 points, both in line with expectations. Gross margin dollars increased 19% and 16% in constant currency. 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.

美元走軟，外匯市場使收入成長提高了約 3 個百分點，比預期高出約 1 個百分點。外匯影響導致銷售成本和營運費用增加約 2 個百分點，均符合預期。以美元計算，毛利增加了 19%，以固定匯率計算增加了 16%。毛利率為 69%，與去年同期基本持平，先前提到的會計估計變化帶來了約 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. Operating expense increased 5% and 3% in constant currency, lower than anticipated, primarily driven by investments that shifted to future quarters. 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.

剔除此影響，公司毛利率下降，主要原因是雲端運算和遊戲業務的強勁收入成長導致銷售結構發生變化。以固定匯率計算，營業費用成長了 5% 和 3%，低於預期，主要原因是投資轉移到了未來幾季。整體而言，公司員工人數本季再次成長，年增 12%，這反映了我們對雲端工程、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. 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.

營運費用年增約 2 個百分點，其中約 2 個百分點來自持續的新冠疫情相關節省。以固定匯率計算，營業收入成長了 31% 和 27%，營業利潤率年增 4 個百分點至 41%，其中包括會計估計變化帶來的近 2 個百分點的有利影響和 COVID 相關節省帶來的約 1 個百分點的有利影響。

Now to our segment results. 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. Office Commercial revenue grew 14% and 10% in constant currency. 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.

現在來看我們各部分的業績結果。來自生產力和業務流程的收入為 136 億美元，以固定匯率計算分別成長了 15% 和 12%，主要由 Office 365 和 LinkedIn 推動。辦公室商業收入以固定匯率計算成長了 14%，成長了 10%。Office 365 商業收入以固定匯率計算增長了 22% 和 19%，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）。

Demand for our high-value security, compliance and voice offerings drove strong momentum in E5 again this quarter. 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. The accelerated cloud adoption negatively impacted Office Commercial licensing, which declined 25% and 27% in constant currency, a bit below expectations.

本季度，市場對我們高價值的安全、合規和語音產品的需求再次推動了 E5 的強勁成長動能。付費 Office 365 商業席位年增 15%，達到近 3 億美元，這得益於中小企業加速向雲端遷移以及第一線員工產品成長的復甦。雲端技術的加速普及對 Office 商業許可產生了負面影響，以固定匯率計算，其銷量下降了 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. Microsoft 365 consumer subscriptions grew to $50.2 million, up 27% year-over-year. 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.

辦公室消費品業務收入按固定匯率計算增長了 5%，增長了 2%，略低於預期，主要原因是日本市場交易疲軟。微軟 365 消費者訂閱收入成長至 5,020 萬美元，較去年同期成長 27%。Dynamics 的營收以固定匯率計算成長了 26% 和 22%，優於預期，這主要得益於 Dynamics 365 的營收成長加速，以固定匯率計算分別達到 45% 和 40%，其中我們在財務和營運產品中的 Power 應用表現尤為強勁。

LinkedIn revenue increased 25% and 23% in constant currency, ahead of expectations. Our Marketing Solutions business accelerated again this quarter to 64% revenue growth. 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.

LinkedIn 的營收以固定匯率計算成長了 25% 和 23%，超出預期。本季我們的行銷解決方案業務再次加速成長，營收成長達 64%。以固定匯率計算，分部毛利成長了 15% 和 12%，毛利率同比基本上保持不變，會計估計的變化帶來了近 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.

以固定匯率計算，營業費用增加了 4% 和 2%；以固定匯率計算，營業收入增加了 26% 和 20%，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 $15.1 billion, ahead of expectations, increasing 23% and 20% in constant currency. Server products and cloud services revenue increased 26% and 23% in constant currency, ahead of expectations. Azure revenue grew 50% and 46% in constant currency, better than anticipated, driven by continued strength in our consumption-based business.

接下來是智慧雲部分。營收達 151 億美元，超出預期，以固定匯率計算成長 23%，成長 20%。以固定匯率計算，伺服器產品和雲端服務收入分別成長了 26% 和 23%，超出預期。Azure 營收以固定匯率計算成長了 50% 和 46%，優於預期，這主要得益於我們以消費為基礎的業務持續強勁成長。

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. 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.

在我們的按用戶計費業務中，本季度企業行動和安全安裝基礎的成長再次加速，成長了 30%，達到超過 1.74 億個席位。由於上一年 Windows Server 2008 停止支持，我們的本地伺服器業務在強勁的可比基礎上增長了 3%，按固定匯率計算基本保持不變，年金業務表現強勁，這主要得益於客戶對我們的混合和高級產品的持續偏好。

Enterprise Services revenue grew 10% and 8% in constant currency with better-than-expected performance in Microsoft Consulting Services. Segment gross margin dollars increased 27% to 24% in constant currency. Gross margin percentage increased 2 points year-over-year with roughly 2 points of favorable impact from the change in accounting estimate.

企業服務收入以固定匯率計算成長了 10% 和 8%，其中微軟諮詢服務表現優於預期。以固定匯率計算，該部門毛利率從 27% 成長至 24%。毛利率年增 2 個百分點，其中會計估計的變化帶來了約 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.

以固定匯率計算，營業費用增加了 12% 和 10%，營業收入成長了 41% 和 36%，其中會計估計的變化帶來了約 7 個百分點的有利影響。

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

現在進入個人電腦領域。營收達 130 億美元，以固定匯率計算成長 19% 和 16%，其中遊戲、Windows OEM 和搜尋業務表現優於預期。

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

在 Windows 領域，由於客戶需求持續成長，PC 市場的強勁發展帶動了 OEM 整體營收成長 10%。OEM 非專業版營收成長 44%，而 OEM 專業版營收較上年同期下降 2%（去年同期資料包含 Windows 7 停止支援的影響）。 Windows 商業產品和雲端服務以固定匯率計算分別成長 10% 和 7%，其中多年協議的季度確認營收佔比低於預期。

In Surface, revenue grew 12% and 7% in constant currency, lower than expected, primarily due to execution challenges in the commercial segment. Search revenue ex TAC increased 17% and 14% in constant currency, benefiting from the improved advertising market noted earlier.

Surface 業務的營收以固定匯率計算成長了 12% 和 7%，低於預期，主要原因是商業領域的執行挑戰。扣除TAC後的搜尋收入成長了17%，以固定匯率計算成長了14%，這得益於前面提到的廣告市場的改善。

And in gaming, revenue increased 50% and 48% in constant currency. Xbox hardware revenue grew 232% and 223% in constant currency, driven by our new consoles. 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.

遊戲產業的收入以固定匯率計算成長了 50% 和 48%。受新主機的推動，Xbox 硬體收入按固定匯率計算增長了 232% 和 223%。Xbox 內容和服務收入（現在包括 ZeniMax）以固定匯率計算成長了 34% 和 32%，其中第一方遊戲（尤其是 Minecraft）的表現優於預期。

Segment gross margin dollars increased 14% and 11% in constant currency. Gross margin percentage decreased 2 points year-over-year, driven by sales mix shift to gaming. Operating expense decreased 3% and 4% in constant currency and operating income grew 27% and 22% in constant currency.

以固定匯率計算，分部毛利率成長了 14%，毛利率成長了 11%。受銷售組合轉變為遊戲領域的影響，毛利率年減 2 個百分點。以固定匯率計算，營業費用下降了 3% 和 4%，營業收入成長了 27% 和 22%。

Now back to total company results. 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. Cash paid for P, P and E was $5.1 billion. Cash flow from operations was $22.2 billion and increased 27% 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 60 億美元，符合預期，這主要得益於為支持全球客戶對我們雲端服務日益增長的需求而進行的持續投資。收購P、P和E的現金總額為51億美元。經營活動產生的現金流為 222 億美元，年增 27%，主要得益於強勁的雲端計費和收款。

Free cash flow was $17.1 billion, up 24%. Other income and expense was $188 million, higher than anticipated, primarily driven by net gains on investments. As a reminder, we are required to recognize mark-to-market gains or losses on our equity portfolio. Our non-GAAP effective tax rate was approximately 14%. And finally, we returned $10 billion to shareholders through share repurchases and dividends.

自由現金流為 171 億美元，成長 24%。其他收入和支出為 1.88 億美元，高於預期，主要原因是投資淨收益。再次提醒，我們需要對股票投資組合進行市值計價，以確認收益或損失。我們的非GAAP實際稅率約為14%。最後，我們透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. 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. Last year, across Windows OEM, Gaming and Surface, we saw surges in purchasing and usage that will negatively impact Q4 growth rates. In our Search and LinkedIn businesses, Q4 growth rates will be positively impacted given the advertising and job markets a year ago.

現在我們來看看前景。需要提醒的是，在第四季度，我們開始看到成長率反映了一年前 COVID-19 疫情的第一個完整季度的影響，無論是在收入還是營運支出方面。去年，Windows OEM、遊戲和 Surface 領域的購買量和使用量都出現激增，這將對第四季的成長率產生負面影響。鑑於去年同期的廣告和就業市場狀況，我們的搜尋和 LinkedIn 業務第四季成長率將受到正面影響。

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. 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.

在我們的交易業務方面，去年辦公室和伺服器採購放緩將有利於第四季度的成長率，尤其是在我們的中小企業領域。接下來，在一年中最重要的季度，我們預計薩蒂亞所討論的加速發展趨勢、我們差異化的市場地位以及持續穩健的執行力將帶來另一個強勁的季度業績。

Growth in commercial bookings should again be healthy, but impacted by a declining expiry base. As always, an increasing mix of larger long-term Azure contracts, which are more unpredictable in their timing can drive quarterly volatility in bookings.

商業預訂量的成長應該會再次保持健康，但會受到到期基數下降的影響。與以往一樣，越來越多的大型長期 Azure 合約（其生效時間更難以預測）可能會造成季度預訂量的波動。

Commercial cloud gross margin percentage should increase roughly 4 points year-over-year with less than 2 points from the change in accounting estimate. As a reminder, the favorable impact continues to lessen over time. 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.

商業雲毛利率應較去年同期成長約 4 個百分點，其中會計估計的變化帶來的成長不到 2 個百分點。需要提醒的是，這種有利影響會隨著時間的推移而逐漸減弱。撇開會計變更不談，第四季毛利率也將受益於我們一年前為支援遠距辦公場景中不斷增長的使用需求而進行的投資。

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，商業雲端毛利率將繼續受到收入結構向 Azure 轉移、生產力和協作解決方案使用量增加以及為支援客戶成功而進行的持續策略投資的影響。

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，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日益增長的需求。

Now to FX. 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.

現在來看FX。根據目前的匯率，我們預期外匯將使公司整體生產力和業務流程以及智慧雲端收入成長約 3 個百分點，更多個人運算收入和總營運支出成長約 2 個百分點，銷售成本成長約 1 個百分點。

Next, to our segment guidance. In Productivity and Business Processes, we expect revenue between $13.8 billion and $14.05 billion. In Office Commercial, revenue growth will again be driven by Office 365 with healthy seat growth and upsell opportunity to E5. In our on-premises business, we expect revenue to decline in the high teens, consistent with the ongoing customer shift to the cloud.

接下來是我們的分部績效指引。在生產力和業務流程方面，我們預計營收在 138 億美元至 140.5 億美元之間。在 Office 商業版方面，營收成長將再次由 Office 365 推動，使用者席位成長健康，並有機會升級至 E5。在我們的本地部署業務中，我們預計收入將下降近10%，這與客戶持續向雲端遷移的趨勢相符。

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 消費者業務方面，我們預計營收將實現 15% 到 10% 的成長，這主要得益於 Microsoft 365 消費者訂閱業務的持續成長勢頭，而去年同期由於交易購買疲軟而導致的可比性較低。

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

在 LinkedIn 方面，我們預計營收成長將達到 30% 左右，這主要得益於平台上持續強勁的用戶參與度以及廣告和招聘市場的改善。在 Dynamics 方面，Dynamics 365 的持續成長動能將推動營收成長，與上一季類似。

For Intelligent Cloud, we expect revenue between $16.2 billion and $16.45 billion. In Azure, revenue will again be driven by 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 rates given the size of the installed base.

對於智慧雲端業務，我們預計營收將在 162 億美元至 164.5 億美元之間。在 Azure 中，營收將再次由我們基於消費的業務的強勁成長所驅動。鑑於 Microsoft 365 套件的安裝基數，我們預計成長率會有所放緩，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。

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. And in Enterprise Services, revenue growth should be roughly in line with last quarter. In More Personal Computing, we expect revenue between $13.6 billion and $14 billion.

在我們的本地伺服器業務中，我們預計收入將實現中等個位數成長，這主要得益於市場對我們混合型和高級年金產品的持續需求（與去年同期較低的可比較數據相比）以及前面提到的交易性購買。企業服務的營收成長應該與上一季大致持平。在「更多個人計算」領域，我們預計收入將在 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. 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.

在 Windows 領域，受 Windows 商業產品和雲端服務成長以及對 PC 的持續需求的推動，整體收入應實現中等個位數成長，但部分會被持續的供應鏈影響和前面提到的可比性差異所抵消。由於去年同期業績強勁，我們預計 Surface 的營收將下降 15% 左右，因為我們正在努力解決前面提到的供應鏈和執行方面的挑戰。

In Search ex TAC, we expect revenue growth in the mid-40s driven by improvements in the advertising market. In Gaming, we expect revenue growth in the mid- to high single digits. Significant demand for the Xbox Series X and S will continue to be constrained by supply. And on the strong prior year comparable, we expect Xbox content and services revenue to decline in the mid- to high single digits.

在搜尋業務（不含TAC）方面，我們預期營收成長將達到40%左右，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中高個位數。Xbox Series X 和 S 的巨大需求將繼續受到供應的限制。鑑於去年同期強勁的成長勢頭，我們預計 Xbox 內容和服務收入將出現中高個位數的下降。

Now back to company guidance. We expect COGS of $13.7 billion to $13.9 billion and operating expense of $13.1 billion to $13.2 billion. 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. In other income and expense, interest income and expense should offset each other. And finally, we expect our Q4 effective tax rate to be approximately 16%.

現在回到公司指引。我們預計銷售成本為 137 億美元至 139 億美元，營運費用為 131 億美元至 132 億美元。提醒一下，在第四季度的營運費用方面，我們將受益於持續的 COVID 相關節省以及上年同期數據，其中包括與零售店策略調整相關的 4.5 億美元費用帶來的約 4 個百分點的影響。在其他收入和支出中，利息收入和支出應該相互抵消。最後，我們預計第四季實際稅率約為 16%。

Now I'd like to share some closing thoughts as we look to next fiscal year. 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. We will, of course, continue to focus on delivering strong revenue growth in the short term. But even more importantly, this year has reinforced the critical importance of investing boldly to capture the significant list of opportunities ahead of us. 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.

現在，展望下一個財政年度，我想分享一些總結性的想法。整體而言，在充滿挑戰的環境下，我們本財年前三個季度的表現良好，我們完全有信心在第四季度取得強勁的業績，為 2022 財年奠定基礎。當然，我們將繼續專注於在短期內實現強勁的營收成長。但更重要的是，今年更加凸顯了大膽投資以抓住擺在我們面前的眾多重要機會的關鍵性。日常工作的卓越執行，加上對未來的深思熟慮，為全球客戶創造價值和機遇，將帶來長期的收入和利潤成長。

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

那麼，布雷特，我們進入問答環節吧。

Thanks, Amy. We'll now move to Q&A. Out of respect for others on the call, we request that participants please only ask 1 question. Operator, can you please repeat the instructions?

謝謝你，艾米。接下來進入問答環節。出於對其他與會者的尊重，我們要求每位與會者只提一個問題。操作員，請您重複指令好嗎？

(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. I guess this is a question both for Satya and Amy. We're seeing these really great commercial bookings results come through, 39% growth in the current quarter. And Satya, you've been talking to us a lot about these more strategic deals and the acceleration of digital transformation. Can you give us a little bit of color of what comes in these more strategic deals? 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.

非常棒的一個季度。我想這個問題既該問薩蒂亞，也該問艾米。我們看到商業預訂業績非常出色，本季成長了 39%。薩蒂亞，你一直在和我們談論這些更具戰略意義的交易以及數位轉型的加速。您能否詳細介紹一下這些更具策略性的交易都包含哪些內容？這會如何改變人們為微軟使用的解決方案類型、你與這些客戶建立聯繫的深度以及你獲得的 IT 預算規模的動態？

And then maybe talk to us a little bit about the time frame for which this comes into revenues. What should our expectation be when you get one of these big strategic deals? How long does it take to really ramp up this customer onto the broader Microsoft platform?

然後或許可以跟我們談談這筆收入在多久內能夠轉化為收益。當我們達成這類大型策略交易時，我們應該抱持什麼樣的預期？要讓這位客戶真正適應更廣泛的微軟平台，需要多長時間？

Thank you, Keith, for the question. 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. 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. 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.

謝謝你的提問，基斯。我認為我們對目前的消費和使用情況以及您提到的預訂情況都感到非常滿意，因為在任何特定時間點，這兩項都是我們關注的重點。從微軟雲端的整體方法來看，任何客戶與我們合作的範圍都很廣，他們可能都在使用我們的混合雲端基礎架構。他們可能是第一次在我們這裡進行雲端一級工作負載，對吧，無論是在核心金融領域、零售領域還是醫療保健領域。

Also, they could be deploying their centers of excellence around Power Platform. And Power Platform sits at the intersection of pretty much Dynamics, Azure and Teams, for example. And of course, we're seeing the growth of Teams, and Teams as I've always maintained is not just about one thing. It's not about just meetings or it's not about just chat. But most importantly, it's a platform that drives, in fact, line of business and business application termination inside of a collaboration workflow.

此外，他們可能正在圍繞 Power Platform 建立卓越中心。例如，Power Platform 正好位於 Dynamics、Azure 和 Teams 等平台的交會點。當然，我們看到了 Teams 的發展，而我一直認為 Teams 不僅僅是關於一件事。這不僅僅是開會，也不僅僅是聊天。但最重要的是，它是一個能夠真正推動協作工作流程中業務線和業務應用程式終止的平台。

And so that's what we're seeing. 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. 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.

這就是我們所看到的。此外，我們現在看到的還有微軟雲端整體的產業級差異化。因此，無論是在零售業、醫療保健業或金融服務業，我們都覺得現在我們可以以更具策略性的方式將整個雲端的力量整合起來。

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.

基思，也許可以補充一下薩蒂亞剛才說的，如果你想到預訂或剩餘履約義務，我通常會想到的是，當你聽到這些詞的時候，我認為我們經常會轉向我們經常談論的 Azure 合同，因為它們會帶來一些波動性。

But really, the foundation for these long-term strategic contracts is the Microsoft Cloud holistically. So what you'll see is not just Office 365, but the suite of Microsoft 365. You'll see higher-level additions of security or compliance workloads. You'll see Dynamics 365 as a pillar with Power Platform. Because they're spanning end-to-end industry solutions to combine it back to what Satya is saying.

但實際上，這些長期策略合約的基礎是微軟雲端的整體性。所以你看到的不只是 Office 365，而是整個 Microsoft 365 套件。你會看到更高等級的安全或合規性工作負載的增加。你會發現 Dynamics 365 是 Power Platform 的一個支柱。因為他們正在提供端到端的產業解決方案，這正好印證了薩蒂亞所說的。

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. All of those things together are what creates this change. 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.

所以你可以看到它增加了一個不錯的預訂數量，這從根本上來說是關於你是否續訂即將續訂的內容，你是否添加工作負載，你是否添加用戶，以及它是否包含 Azure 承諾的組成部分。所有這些因素共同促成了這項改變。如果你看剩餘履約義務，你會發現其中很大一部分將在未來 12 個月內確認，而另一部分則將在未來 12 個月內確認，兩者比例相當。

So it's not all long term. This transition happens quickly, usage builds, it's both per user, it's also for workload and it's consumptive based. 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.

所以這並非全是長期的。這種轉變發生得很快，使用量不斷增長，既包括每個用戶，也包括工作負載，並且是基於消耗量的。因此，我希望大家採取更全面的看法，而不是把 Azure 合約看成是長期有效的。

Operator, next question please.

操作員，請問下一個問題？

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

下一個問題來自 Jefferies 公司的 Brent Thill。

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

薩蒂亞，關於醫療保健，如果你能談談你的長期願景，你希望在這個行業達到什麼高度？如果您能就您認為在當前機會集中最容易取得的成果，特別是基於對 Nuance 的收購而取得的進展發表一下看法，那就太好了。

Sure, Brent. Thanks for the question. 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. If you think about as a percentage of GDP, obviously, health care is significant. 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.

當然可以，布倫特。謝謝你的提問。當我審視產業雲端機會時，我們認為醫療保健對我們來說是一個非常關鍵的機會，也是一個巨大且廣泛的潛在市場。如果以佔GDP的百分比來考慮，很顯然，醫療保健支出非常重要。從根本上講，當我思考醫療服務提供者市場時，特別是數位技術，將在每個服務提供者做他們最關心的事情時發揮巨大作用，那就是改善患者的治療效果、降低成本並減輕醫生的負擔。

So that's where the Nuance acquisition is a great fit for us. We've been partnered with them. It also enhances our platform approach, Brent. What we have always done has gone into an industry with a platform and an ecosystem approach. 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. 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.

所以，收購 Nuance 對我們來說非常適合。我們與他們建立了合作關係。布倫特，這也有助於我們改進平台方法。我們一直以來都以平台和生態系統的方式進入一個產業。例如，Nuance 公司出色地將我們這個時代最具代表性的技術——人工智慧——應用於醫療保健領域，而醫療保健是人工智慧最重要的應用領域。他們再次透過與電子病歷系統和醫療保健生態系統的其他部分進行深度合作，最終使醫療服務提供者受益。

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

因此，我們非常期待此次收購完成，而且我們已經在雲端服務方面與他們建立了合作關係。但這使我們能夠更深入地將其與我們正在使用的 Teams 和一些人工智慧功能相結合，我們認為我們可以為醫療保健生態系統中的合作夥伴以及最重要的醫療服務提供者創造大量價值。

Operator, next question please.

操作員，請問下一個問題？

Our next question is from Mark Moerdler with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

And again, congratulations on the quarter and how well the company is executing. I'd like to change gear a little bit and drill in a bit on the Dynamics 365 business. 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.

再次恭喜貴公司本季業績出色，執行力很強。我想稍微轉換一下主題，深入探討 Dynamics 365 業務。坦白說，如果這是其他任何公司的一部分，甚至是獨立運營的公司，鑑於其成長速度之快，它都會成為投資者熱情關注的中心。

Satya, when you said Dynamics 365 is taking share from competitors, are you talking about ERP or CRM or is it both? Or is it something different? And what are the key drivers of that strength and growth? And how sustainable do you believe that is?

Satya，你說 Dynamics 365 正在從競爭對手那裡搶佔市場份額，你指的是 ERP 還是 CRM，還是兩者都有？或另有隱情？那麼，這種實力和成長的關鍵驅動因素是什麼？你認為這種方式的可持續性如何？

Thanks so much for the question, Mark. And first of all, we're very, very excited about what's happening again with Dynamics 365. And when you ask where is the share coming and where is the growth coming? It's coming from all those categories. 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. 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.

非常感謝你的提問，馬克。首先，我們對 Dynamics 365 的再次發展感到非常非常興奮。當你問市佔率從何而來，成長又從何而來時，你會怎麼想？它來自所有這些類別。但最有趣的是，例如，當有人想要部署全通路解決方案時，在一個實體和數位需要以前所未有的方式結合在一起的世界裡，因為疫情帶來瞭如此巨大的結構性變化。您既需要我在演講中提到的那種聯邦庫存管理分散式庫存管理系統，也需要客戶洞察產品，該產品可能是成長最快的模組之一，它可以提供關於客戶和客戶互動的 360 度全方位視圖，並包括供應鏈。

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. 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.

因此，歸根結底，每個客戶都希望實現數位化，並將資料孤島整合在一起，實際上就是將 CRM 和 ERP 系統的資料孤島整合在一起。而我們觀察到的最有趣的事情之一可能是，它甚至不是要替換現有的 ERP 或現有的 CRM，也不是要購買 Dynamics 來幫助他們連接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. 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.

因此，我們認為這是一個巨大的機遇，因為世界正在現代化，並建立起完整的下一代、更主動而非被動的業務系統，而這正是 Dynamics 的設計初衷。所以我覺得，從這場疫情走出來，加上團隊多年來所做的架構和所有努力，現在讓我們處於非常有利的地位。

Operator, next question please.

操作員，請問下一個問題？

The next question is from Karl Keirstead with UBS.

下一個問題來自瑞銀集團的卡爾‧基爾斯蒂德。

Question for Amy on OpEx. Amy, the OpEx growth has been extraordinarily low the last several quarters. The growth rate looks like it's going to inch up a little bit in the June quarter. But you mentioned the investments are shifting to future quarters. You probably don't want to give too much on fiscal '22. 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%. 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?

向Amy提問有關營運卓越方面的問題。艾米，近幾季的營運支出成長一直異常低。六月的季度成長率似乎會略有上升。但您提到投資正在轉移到未來的幾個季度。你可能不想在 2022 財年投入太多資金。但我只是想知道，我們是否應該據此推斷，2022 財年的營運支出成長應該會恢復到新冠疫情前的 10% 以上水準。如果您不想說得那麼具體，或許您可以幫我們概述一下在對 2022 財年新冠疫情後復甦的該項數據進行建模時，我們應該記住的一些變化？

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

謝謝你，卡爾。而且我認為在第四季度，這也是我特別指出一年前那 4 個影響點的原因，因為在第四季度，它確實開始趨於正常化。我之所以這麼說，是因為我們的員工人數增加了12%（正如我之前提到的）。

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. We'll continue to have that in Q4. 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. And so I do think you're heading in the right direction on that.

因此，總體而言，在任何時期，營運支出成長至少應該與員工人數成長保持一致，而我們今年也確實受益於與新冠疫情相關的節約。第四季我們將繼續保持這一做法。到了 2022 年，隨著人們在某種程度上重返工作崗位並恢復其他一些正常的活動水平，我預計這種情況會減少。所以我認為你在這方面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. I feel pretty confident in being able to certainly land that OpEx growth number.

聽著，我認為這種增長以及我們所看到的機遇，TAM 的擴張機會的數量，正如 Satya 在他的評論中提到的那樣，讓我們感覺我們擁有獨特的地位和機會來獲取市場份額。我很有信心能夠實現營運支出成長目標。

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. So when we think about OpEx, it's not about adding OpEx to the stuff that we had in the past. It's -- there's leverage there. In fact, it's OpEx going into new TAMs.

我的意思是，艾米，我想補充一點，我希望在你的所有模型中，至少當我們回顧一下，即使只是從去年到今年，我們也進入了更多的新類別，而且在這些類別中，我們都有顯著的差異化。所以當我們考慮營運支出時，並不是要把營運支出加到我們過去擁有的東西上。這其中存在著談判籌碼。事實上，這是營運支出投入新的目標市場。

Operator, next question please.

操作員，請問下一個問題？

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柯克·馬特恩 (Kirk Materne) 和 Evercore ISI 的路線。

Congrats on the quarter. Satya, I was wondering if you could just talk a little bit more about Viva. I realize it's early days on that. But just the kind of feedback you're getting on that product? And how do you see that sort of fitting in? There seem to be some nice adjacencies with Dynamics, with Office 365. 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?

恭喜你本季取得佳績。Satya，我想請你再多談談Viva吧。我知道現在談論這件事還為時過早。但你收到的關於該產品的回饋究竟是什麼樣的呢？你覺得這種融入方式如何？Dynamics 與 Office 365 之間似乎有一些不錯的關聯。所以我就有點好奇，您能否稍微透露一下目前的進展情況，以及您對未來一個季度、幾年內的期待程度？

Thank you so much for the question. It's a lot. It's very much a great example of what I was saying in terms of creating a new category, right. When I look back multiple years now, we started talking about 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.

非常感謝您的提問。很多。這正是一個很好的例子，說明如何創造一個新類別，對吧。現在回想起多年前，我們開始討論 Power Platform。正如我今天所說，即使在我的腳本中，我們現在也擁有一整套工具，這些工具本質上是在 Power Platform 中創建了下一代業務流程自動化和生產力套件，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. 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. So we -- it obviously is a very massive adjacencies to what we're doing with Microsoft 365 and Office 365, in particular, Teams.

同樣，我們認為體驗雲對我們來說是一個獨特的雲端機會。即使在今天，它仍然將原本分散的工具整合在一起，無論是企業中的知識挖掘和管理系統，還是將其與學習成果以及最終的員工體驗和溝通系統聯繫起來。所以，這顯然與我們正在開發的 Microsoft 365 和 Office 365，特別是 Teams，有著非常密切的聯繫。

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. So It's very early days. 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. But we're very excited about what this opportunity represents.

但正如您所說，它還可以與業務線系統、人力資源管理系統以及我們在 Dynamics 中所做的所有其他事情以及其他第三方 SaaS 應用程式連接起來。所以現在還處於非常早期的階段。因此，我們將採取與以往相同的策略，無論是在安全領域、Power Platform 領域、Dynamics 領域，還是在其他許多領域，您都看到我們透過 Microsoft Cloud 實現了實質的新業務成長。但我們對這個機會所代表的意義感到非常興奮。

Operator, next question please.

操作員，請問下一個問題？

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. 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. How should we think about Microsoft's share in that context? Is it going to be steady? Or do you see that expanding? 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.

恭喜你本季取得佳績。薩蒂亞，我知道你曾說過，你預計未來 10 年左右，科技佔 GDP 的比例將達到 5% 左右，或翻倍。在這種情況下，我們該如何看待微軟的份額？情況會穩定嗎？還是你認為這種情況會持續下去？如果它要擴張，那麼在科技公司表現優於科技公司，而科技公司表現又優於GDP的情況下，哪些關鍵產品和市場將推動你的相對份額成長？

No, thanks, Kash, for the question. I think that first of all, we are big believers in two things. 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. And that will define what we think is going to be increasing share for us as tech itself as a percentage of GDP doubles.

不，謝謝你的提問，卡什。我認為首先，我們非常相信兩件事。一方面，我們需要在每個層面上都具有競爭力；另一方面，將每個層面整合到一個連貫、統一的全端架構或微軟雲端架構中，就能創造差異化優勢。這將決定我們認為隨著科技佔GDP比例翻番，我們所佔份額將會增加多少。

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

所以，無論從混合基礎設施還是多雲、多邊緣的世界來看（我相信這將是未來 10 年的世界），我們都處於非常有利的地位。我們過去一直處於領先地位，現在也處於領先地位，我們計劃繼續保持這一地位。

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

說到數據，即使只是回顧我們去年使用 Synapse 所取得的成就，以及它在雲端和邊緣所能發揮的作用。談到人工智慧，我們利用 OpenAI 和認知服務所做的事情，或者我們利用 Power Platform 所做的事情。

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. When you think about VS Code as well as GitHub. And then, of course, all of the things that we're doing with Microsoft 365 and Dynamics on the industry side.

開發者 SaaS 是最令人興奮的事情之一，我相信未來 10 年的發展方向將圍繞著開發者和每個企業的數位化能力展開，而我們正是這方面的領導者。當你想到 VS Code 和 GitHub 。當然，還有我們在業界方面使用 Microsoft 365 和 Dynamics 所做的一切。

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

所以歸根結底，我們不會把任何事情視為理所當然。但即便如此，我們依然能夠很好地掌握廣闊的潛在市場，並在技術棧的各個層面以及技術棧本身的凝聚力方面都具備競爭優勢。

That just sound like a share gain story.

聽起來就像是股價上漲的故事。

Operator, next question please.

操作員，請問下一個問題？

Our next question comes from Gregg Moskowitz with Mizuho.

下一個問題來自瑞穗銀行的 Gregg Moskowitz。

Satya, in your prepared remarks, you spoke about an increase in verticalization of Azure. Can we double click on that a bit more? How much incremental opportunity do you see in industries like financials, like manufacturing? And are there other verticals that may make sense to more actively pursue over time as well?

Satya，你在事先準備好的演講稿中談到了 Azure 垂直化程度的提升。我們能再雙擊一下嗎？您認為金融、製造業等產業有多少增量機會？隨著時間的推移，是否有其他值得積極開拓的垂直領域？

Thank you for the question. We absolutely think that ultimately, customers are looking to increase their time to value, lower cost and improve agility. So being able to customize these workflows, to come up with industry schemers. 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. 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.

謝謝你的提問。我們堅信，最終客戶的目標是加快價值實現速度、降低成本並提高敏捷性。因此，能夠客製化這些工作流程，就能提出產業方案。因為當你思考如何提高數位化和工作流程自動化程度時，就需要對一個產業中目前可能尚未數位化的事物進行更高層次的規劃。因此，我們將 Microsoft 365、Teams、Power Platform 與 Azure 和 Dynamics 中的某些資料工作流程結合起來，這絕對可以提高任何行業客戶縮短實現價值的時間。

So yes, it is going to both help us with adoption rates increase, the speed with which it increases and it also differentiates us. And we'll continue to look. 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. 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. And now we're increasingly talking about Microsoft Cloud by industry and cross industry.

所以，是的，這既有助於提高我們的採用率，加快採用率的成長速度，也有助於我們脫穎而出。我們會繼續尋找答案。我們正在做的另一件事是，這不僅僅是一次只專注於一個行業，而是跨行業的工作流程。所以我們堅信，我們現在談論的不僅僅是我們雲端的任何單一部分，我們談論的只是一件事，它叫做微軟雲端。現在，我們越來越多地在各行業和跨行業層面討論微軟雲端。

Operator we have time for one last question.

接線員，我們還有時間回答最後一個問題。

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

最後一個問題將來自巴克萊銀行的雷莫·倫肖。

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. 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?

我想問關於安全方面的問題，以及我們看到的產業變化，還有微軟是如何融入其中的，顯然，在上個季度，這是一個很大的話題。您能否談談您如何看待客戶對微軟擴展後的產品和服務的認知，以及雲端運算在其中扮演的角色正在發生怎樣的變化？

No. Thank you for the question. Obviously, security is a super important topic for every customer, every board, every executive team. And the fundamental approach we have is how do we ensure that every customer has implemented a Zero Trust architecture. 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.

不。謝謝你的提問。顯然，安全對每個客戶、每個董事會、每個管理團隊來說都是一個極為重要的議題。我們的基本方法是，如何確保每個客戶都實作了零信任架構。但這就是關鍵所在，即微軟如何透過參與安全產業，從根本上加速整個數位領域乃至更廣泛領域的網路防禦。

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

因此，在我看來，我們採取了一種非常獨特的方法，將身分識別、終端應用程式、基礎設施與雲端原生的 XDR 和 SIEM 整合在一起。這非常獨特，因為我們真的不會讓安全資訊和事件管理 (SIEM) 系統成為阻礙。我們將確保任何能夠同時部署這些系統的客戶都擁有最全面的防禦縱深，以及能夠偵測和應對任何入侵的匯總數據，因為這才是關鍵所在。

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

然後，再加上我們處理 8 兆個事件的營運安全態勢，並利用這些事件不斷幫助我們的客戶，正如您所說，這提高了雲端採用率。因此，如果你看像 HAFNIUM 這樣的一些挑戰，你會發現雲並沒有受到影響。我們做了很多工作，確保即使是那些已經停止支援多年的伺服器也能及時獲得補丁。

And so -- but at the same time, any business that was -- had moved already to the cloud had none of those issues. So therefore, I think we are going to see increased cloud adoption. We're going to see increased usage of end-to-end security suites like what we offer. And most importantly, great hygiene and great operational security posture all the time with Zero Trust architecture.

因此——但同時，任何已經遷移到雲端的企業都沒有這些問題。因此，我認為我們將看到雲端運算的普及率不斷提高。我們將看到像我們提供的這種端到端安全套件的使用量增加。最重要的是，透過零信任架構，始終保持良好的衛生狀況和卓越的營運安全態勢。

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.

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 all.

謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference. 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。