微軟 (MSFT) 2021 Q2 法說會逐字稿

Greetings and welcome to the Microsoft Fiscal Year 2021 Second Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Spencer, General Manager, Investor Relations. Thank you, sir. You may begin.

問候並歡迎參加 Microsoft 2021 財年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹您的主持人，投資者關係部總經理 Mike Spencer。謝謝你，先生。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.

下午好，感謝您今天加入我們。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. Unless otherwise specified, we will refer to non-GAAP metrics on the call.

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。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. They are included as additional clarifying items to aid investors in further understanding the company's second quarter performance in addition to the impact these items and events have on the financial results.

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。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二季度的業績。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to growth rate only.

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。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。如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

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。今天的電話正在網絡直播和錄製。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。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. 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 and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議期間，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。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。由於今天的收益新聞稿中討論的因素以及本次電話會議期間以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格的風險因素部分以及其他報告和文件中的評論，實際結果可能存在重大差異.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, Mike. It was a record quarter driven by our commercial cloud, which surpassed $16 billion in revenue, up 34% year-over-year. What we are witnessing is the dawn of a second wave of digital transformation sweeping every company and every industry. Digital capability is key to both resilience and growth. It's no longer enough to just adopt technology. Businesses need to build their own technology to compete and grow. Microsoft is powering the shift with the world's largest and most comprehensive cloud platform.

謝謝你，邁克。這是一個創紀錄的季度，由我們的商業雲推動，收入超過 160 億美元，同比增長 34%。我們正在目睹的是席捲每家公司和每一個行業的第二波數字化轉型的曙光。數字能力是彈性和增長的關鍵。僅僅採用技術已經不夠了。企業需要建立自己的技術來競爭和發展。微軟正在通過全球最大、最全面的雲平台推動這一轉變。

And now I'll briefly highlight how we are innovating across every layer of the modern tech stack, starting with Azure. We're building Azure as the world's computer to support organizations' growing cloud needs. We're investing to bring our cloud services to more customers, announcing 7 new data center regions in Asia, Europe and Latin America and adding support for top-secret classified workloads in the United States.

現在，我將簡要介紹我們如何在現代技術堆棧的每一層進行創新，從 Azure 開始。我們正在將 Azure 打造為世界計算機，以支持組織不斷增長的雲需求。我們正在投資以將我們的雲服務帶給更多客戶，宣佈在亞洲、歐洲和拉丁美洲建立 7 個新的數據中心區域，並在美國增加對絕密機密工作負載的支持。

We've always led in hybrid computing, and we are accelerating our innovation to meet customers where they are. Azure Stack HCI, now broadly available, helps businesses extend the power of the cloud to sovereign workloads. More than 1,000 customers now use Azure Arc to simplify hybrid management and run agile services across on-premises, multi-cloud and at the edge. And with Azure Digital Twins, organizations like Bentley Systems, Honeywell Industries and Johnson Controls can bridge the digital and physical worlds, creating simulations of factories, cities to optimize their operations.

我們一直在混合計算領域處於領先地位，並且我們正在加速我們的創新以滿足客戶的需求。 Azure Stack HCI 現已廣泛使用，可幫助企業將雲的力量擴展到主權工作負載。超過 1,000 名客戶現在使用 Azure Arc 來簡化混合管理並在本地、多雲和邊緣運行敏捷服務。借助 Azure 數字孿生，Bentley Systems、霍尼韋爾工業和江森自控等組織可以連接數字世界和物理世界，創建工廠和城市的模擬以優化其運營。

We are seeing momentum in every industry. Deutsche Telekom will rely on Azure to modernize its IT infrastructure through a partnership with Broad Institute of MIT and Harvard as well as Verily, our cloud will be used to help more researchers analyze biomedical data. Cruze and GM chose Azure as their preferred cloud as they work to make autonomous driving mainstream. And just last Friday, we announced an expansion of our partnership with SAP to accelerate the adoption of SAP workloads on Azure. In the past 6 months, we have seen Tier 1 ERP migrations from companies such as Bayer, Carhartt, Coats and Pepsico to Azure.

我們在每個行業都看到了發展勢頭。 Deutsche Telekom 將依靠 Azure 通過與麻省理工學院和哈佛大學以及 Verily 的合作來實現其 IT 基礎架構的現代化，我們的雲將用於幫助更多的研究人員分析生物醫學數據。 Cruze 和 GM 選擇 Azure 作為他們的首選雲，因為他們致力於使自動駕駛成為主流。就在上週五，我們宣布擴大與 SAP 的合作夥伴關係，以加速 SAP 工作負載在 Azure 上的採用。在過去的 6 個月中，我們看到了從 Bayer、Carhartt、Coats 和 Pepsico 等公司到 Azure 的 Tier 1 ERP 遷移。

At the data layer, Azure is the only cloud with limitless data and analytics capabilities that enable organizations to build the predictive and analytical power required to digitally transform. Azure Synapse brings together big data, data warehousing and data integration all into one powerful solution. Leading companies like FedEx, Grab and P&G are using Synapse to generate immediate insights from massive amounts of structured and unstructured data, and we are seeing strong overall growth in our analytics business as companies accelerate their data initiatives to build competitive advantage.

在數據層，Azure 是唯一具有無限數據和分析功能的雲，使組織能夠構建數字化轉型所需的預測和分析能力。 Azure Synapse 將大數據、數據倉庫和數據集成整合到一個強大的解決方案中。 FedEx、Grab 和 P&G 等領先公司正在使用 Synapse 從大量結構化和非結構化數據中生成即時洞察，隨著公司加快數據計劃以建立競爭優勢，我們的分析業務整體呈現強勁增長。

Data governance is top of mind for every business leader and will grow into an important category on its own as critical as any AI or analytics category today. We are investing to participate in this growth. New Azure Purview provides an end-to-end view of an organization's data estate across on-premise, multi-cloud and SaaS apps that previously was impossible.

數據治理是每位業務領導者的首要考慮，並且其自身將成長為與當今任何 AI 或分析類別一樣重要的重要類別。我們正在投資以參與這種增長。新的 Azure Purview 跨本地、多雲和 SaaS 應用程序提供組織數據資產的端到端視圖，這在以前是不可能的。

In AI, we offer the most comprehensive portfolio of tools, frameworks and infrastructure, enabling businesses to build mission-critical solutions that comprehend speech, understand natural language, make predictions, provide insights and support decision-making. Our Azure Health Bot, for example, is being used by organizations like CDC, Premera Blue Cross and Walgreens to build virtual health care assistance used by more than 80 million people worldwide at a time when expanding access to health care information is more critical than ever.

在人工智能領域，我們提供最全面的工具、框架和基礎設施組合，使企業能夠構建理解語音、理解自然語言、做出預測、提供洞察力和支持決策的關鍵任務解決方案。例如，我們的 Azure Health Bot 正被 CDC、Premera Blue Cross 和 Walgreens 等組織用於構建全球超過 8000 萬人使用的虛擬醫療保健援助，而此時擴大對醫療保健信息的訪問比以往任何時候都更加重要.

Now to developers. Developers have been critical to business continuity over the last year, and we are helping them collaborate and scale their impact to drive organizational outcomes. From Github to Visual Studio, we have the most widely used and loved toolchain to help developers rapidly go from idea to code and code to cloud. Use of Github is becoming key to building digital capability in every company across every industry. Today, Github is used by more than 56 million developers as well as 3 million organizations from BuzzFeed and Plaid to Marsh & McLennan, Oracle and Volvo cars.

現在給開發人員。去年，開發人員對業務連續性至關重要，我們正在幫助他們協作並擴大影響力，以推動組織成果。從 Github 到 Visual Studio，我們擁有最廣泛使用和喜愛的工具鏈，可幫助開發人員快速從想法到代碼，從代碼到雲。使用 Github 正在成為每個行業的每個公司建立數字能力的關鍵。如今，超過 5600 萬開發人員以及從 BuzzFeed 和 Plaid 到 Marsh & McLennan、甲骨文和沃爾沃汽車的 300 萬個組織使用 Github。

Now to Power platform. We are empowering domain experts, enabling anyone in any organization to build applications, automate processes, create virtual agents and analyze data. Power platform is the clear leader in low-code, no-code development with more than 11 million monthly active users up 95% year-over-year. Businesses like Nestlé, Humana chose Power BI this quarter to help employees use data to make smarter decisions. In public sector, the city of Kobe in Japan is relying on Power Virtual Agents and Power Automate to keep citizens informed, building intelligent paths to answer frequently asked questions as well as automated workflows to route inquiries.

現在到Power平台。我們正在授權領域專家，使任何組織中的任何人都能夠構建應用程序、自動化流程、創建虛擬代理和分析數據。 Power Platform 是低代碼、無代碼開發領域的明顯領導者，每月活躍用戶超過 1100 萬，同比增長 95%。雀巢、Humana 等企業在本季度選擇了 Power BI 來幫助員工使用數據做出更明智的決策。在公共部門，日本神戶市依靠 Power Virtual Agents 和 Power Automate 讓市民了解情況，構建智能路徑來回答常見問題，以及自動化工作流程來路由查詢。

Vaccine distribution perhaps best exemplifies the critical need for digital capability across the globe, and our Vaccine Registration and Administration Solution built on Power platform enables governments to manage the end-to-end process from screening and scheduling to administration and follow-ups. In Australia, the government of Victoria is relying on our tools to help deliver doses to more than 6 million residents. And here in the United States, Minnesota, Nebraska, Oklahoma are using our capabilities.

疫苗分發或許最能體現全球對數字能力的迫切需求，而我們基於 Power 平台構建的疫苗註冊和管理解決方案使政府能夠管理從篩选和調度到管理和跟進的端到端流程。在澳大利亞，維多利亞州政府正在依靠我們的工具幫助為超過 600 萬居民提供疫苗。在美國，明尼蘇達州、內布拉斯加州和俄克拉荷馬州都在使用我們的能力。

Our return to workplace solution in Power platform is also helping organizations keep workers safe and healthy when they go back to the office, and we are adding new capabilities to ensure people have verifiable, secure access to their vaccination records.

我們在 Power 平台中的重返工作場所解決方案還幫助組織在員工返回辦公室時確保他們的安全和健康，並且我們正在添加新功能以確保人們可以驗證、安全地訪問他們的疫苗接種記錄。

Now to Dynamics 365. We are taking share as companies in every industry turn to new business applications to grow. Customer expectations are changing faster than ever before requiring near real-time visibility into trends, behavior and needs. Our customer data platform, customer insights leads its category and has helped customers unify over 2 billion customer profiles, providing a single view of interactions across marketing, sales and e-commerce to deliver more personalized experiences. More companies are turning to our mixed reality solutions to help frontline employees connected even when apart. L'Oréal, for example, is using dynamics 365 Remote Assist and HoloLens 2 to help technicians repair equipment at factories when they cannot travel.

現在到 Dynamics 365。隨著各行各業的公司轉向新的業務應用程序來發展，我們正在分一杯羹。客戶期望的變化比以往任何時候都快，需要近乎實時地了解趨勢、行為和需求。我們的客戶數據平台、客戶洞察在同類產品中處於領先地位，並已幫助客戶統一了超過 20 億個客戶資料，提供跨營銷、銷售和電子商務的單一交互視圖，以提供更加個性化的體驗。越來越多的公司正在轉向我們的混合現實解決方案，以幫助一線員工即使在分開時也能保持聯繫。例如，歐萊雅正在使用 dynamics 365 Remote Assist 和 HoloLens 2 來幫助技術人員在工廠無法出差時維修設備。

In retail, our applications were front and center at NRF earlier this month. Dynamics 365 Commerce now supports both B2C and B2B e-commerce, enabling retailers like Columbia Sportswear to ship inventory from stores and offer contactless payment options. PromoteIQ continues to scale rapidly with retailers like DICK's Sporting Goods and Home Depot and Kroger using the platform to power their digital vendor marketing programs.

在零售方面，我們的應用程序在本月早些時候 NRF 上處於領先地位。 Dynamics 365 Commerce 現在支持 B2C 和 B2B 電子商務，使 Columbia Sportswear 等零售商能夠從商店運送庫存並提供非接觸式支付選項。 PromoteIQ 繼續迅速擴大規模，DICK 的體育用品、家得寶和 Kroger 等零售商使用該平台為其數字供應商營銷計劃提供支持。

Finally, our new Microsoft Cloud for Retail is bringing together our platform and tools across the shopper journey, accelerating time to value. It builds on the success of the Microsoft Cloud for Healthcare, which is being used by organizations, including Providence, to empower clinicians to better serve patients.

最後，我們新的 Microsoft Cloud for Retail 將我們的平台和工具整合到整個購物者旅程中，從而加快實現價值的時間。它建立在 Microsoft Cloud for Healthcare 的成功基礎之上，包括 Providence 在內的組織正在使用該雲來幫助臨床醫生更好地為患者服務。

Now to LinkedIn, we once again saw record levels of engagement across the platform as LinkedIn's nearly 740 million members use the network to connect, learn and find new opportunities. Sessions increased 30%. Conversations were up 48%, and hours spent on LinkedIn Learning were up 2x compared to a year ago. LinkedIn's advertising business had a record quarter, accounting for more than 1/3 of LinkedIn's total revenue. LinkedIn's Marketing Solutions was up over 50% as advertisers increasingly turn to the platform as the trusted way to reach professionals ready to do business. Finally, we continue to benefit from the secular shift to remote selling. Businesses are using the combination of LinkedIn Sales Navigator and Dynamics 365 to ensure salespeople have the context they need to sell remotely, while new tools help sales organizations use LinkedIn data to identify and size opportunities.

現在到 LinkedIn，我們再次看到整個平台的參與度達到創紀錄水平，因為 LinkedIn 的近 7.4 億會員使用該網絡來聯繫、學習和尋找新的機會。會話增加了 30%。與一年前相比，對話增加了 48%，在 LinkedIn Learning 上花費的時間增加了 2 倍。 LinkedIn的廣告業務創下了一個季度的紀錄，佔LinkedIn總收入的1/3以上。隨著廣告商越來越多地將平台作為接觸準備開展業務的專業人士的可靠方式，LinkedIn 的營銷解決方案增長了 50% 以上。最後，我們繼續受益於向遠程銷售的長期轉變。企業正在使用 LinkedIn Sales Navigator 和 Dynamics 365 的組合來確保銷售人員擁有遠程銷售所需的環境，而新工具可幫助銷售組織使用 LinkedIn 數據來識別和衡量機會。

Now to Microsoft 365. The pandemic has proven the PCs central role in keeping people connected, productive and secure. We added more new devices running Windows 10 this quarter than ever before. At CES, our partners showcased new PCs designed for the new ways we work, learn and play. And our Pluton security processor built by AMD, Intel and Qualcomm will bring chip to cloud security.

現在到 Microsoft 365。大流行證明了 PC 在保持人們聯繫、高效和安全方面的核心作用。本季度我們添加了比以往更多的運行 Windows 10 的新設備。在 CES 上，我們的合作夥伴展示了專為我們工作、學習和娛樂的新方式而設計的新 PC。而我們由 AMD、英特爾和高通打造的 Pluton 安全處理器將把芯片帶入雲安全。

Flexible work is here to stay. To empower the digital workforce, organizations will need to -- an organizing layer for all the ways people work, learn and collaborate. That's what Microsoft 365 and Teams uniquely provide. Teams is the only solution with meetings, calls, chat, content collaboration with office and business process workflows in a secure integrated user experience. We're seeing large deployments. 117 organizations have more than 100,000 users of Teams, and over 2,700 organizations have over 10,000. And Teams has nearly 60 million daily active users on mobile alone.

靈活的工作將繼續存在。為了增強數字勞動力的能力，組織將需要一個組織層，用於人們工作、學習和協作的所有方式。這就是 Microsoft 365 和 Teams 的獨特之處。 Teams 是唯一在安全的集成用戶體驗中提供會議、通話、聊天、與辦公室和業務流程工作流的內容協作的解決方案。我們正在看到大規模部署。 117 個組織擁有超過 100,000 名 Teams 用戶，超過 2,700 個組織擁有超過 10,000 名用戶。 Teams 僅在移動設備上就有近 6000 萬日活躍用戶。

Teams enables people to collaborate both synchronously and asynchronously, retain business context and stay in the flow of work, driving increased usage across Office 365 and Power platform. Power platform monthly average usage on Teams has grown 4x year-over-year. And with Microsoft Dataverse, anyone now can create and deploy custom solutions with Power apps and intelligent bots with Power Virtual Agents directly in Teams.

Teams 使人們能夠同步和異步協作、保留業務上下文並保持工作流程，從而提高 Office 365 和 Power 平台的使用率。 Teams 上的 Power 平台月平均使用量同比增長 4 倍。借助 Microsoft Dataverse，任何人現在都可以直接在 Teams 中使用 Power 應用程序和智能機器人以及 Power Virtual Agents 創建和部署自定義解決方案。

Teams is rapidly becoming the de facto unified communications platform of choice for every organization. New features like voice-enabled channels create a more powerful and streamlined calling experience and noise suppression, and live captions with speaker attribution make meetings more accessible. At Accenture alone, audio conferencing on Teams has increased to over 1 billion minutes a month as 85,000 employees use Teams to make external calls. And this quarter, Lumen, formerly CenturyLink, rolled out Teams, calling globally to 42,000 employees in just 4 weeks. The pandemic has shown the importance of empowering the 2 billion frontline workers around the world with the right technology. 390,000 associates at Home Depot will use Microsoft 365, including Yammer, to foster connection and engagement across the organization. And more than 500,000 employees of the U.S. Department of Veterans Affairs, including health care workers, use Teams to collaborate.

Teams 正迅速成為每個組織選擇的事實上的統一通信平台。語音通道等新功能可打造更強大、更流暢的通話體驗和噪音抑制功能，而帶有演講者歸屬的實時字幕使會議更容易進行。僅在埃森哲，由於 85,000 名員工使用 Teams 撥打外部電話，Teams 上的音頻會議每月已增加到超過 10 億分鐘。本季度，Lumen（前身為 CenturyLink）推出了 Teams，在短短 4 週內就在全球範圍內呼叫了 42,000 名員工。這場大流行表明了為全球 20 億一線工人提供正確技術的重要性。 Home Depot 的 390,000 名員工將使用包括 Yammer 在內的 Microsoft 365 來促進整個組織的聯繫和參與。美國退伍軍人事務部的 500,000 多名員工（包括醫療保健工作者）使用 Teams 進行協作。

In education, more than 200 million students and educators worldwide rely on Microsoft education products for remote learning. And leading customers in every industry, including Amgen, AT&T, Daimler, GSK and IKEA are increasingly turning to our premium offerings for advanced security, compliance, voice and analytics capabilities. Microsoft 365 E5 revenue has grown triple digits for the past 4 quarters.

在教育領域，全球超過 2 億學生和教育工作者依靠 Microsoft 教育產品進行遠程學習。各個行業的領先客戶，包括安進、AT&T、戴姆勒、葛蘭素史克和宜家，越來越多地轉向我們的高級產品，以實現先進的安全性、合規性、語音和分析功能。 Microsoft 365 E5 收入在過去 4 個季度中增長了三位數。

Now to security. The recent SolarWinds attack are a stark reminder of how critical security is to our customers. We are focused on ensuring organizations deploy and maintain a zero-trust architecture. Our end-to-end security capabilities, inclusive of identity, security, compliance and management across all clouds and all client platforms have been key as we help customers strengthen their security posture and mitigate impact.

現在到安全。最近的 SolarWinds 攻擊清楚地提醒我們，安全性對我們的客戶來說是多麼重要。我們專注於確保組織部署和維護零信任架構。我們的端到端安全能力，包括跨所有云和所有客戶端平台的身份、安全性、合規性和管理，一直是我們幫助客戶加強其安全態勢並減輕影響的關鍵。

Beyond our products, our operational security posture and threat intelligence, which analyzes 8 trillion signals each day, help customers defend themselves. Over the past 12 months, our security business revenue has surpassed $10 billion, up more than 40%. This milestone is a testament to the deep trust organizations place in us, and we will continue to invest in new capabilities across all our products and services to protect our customers.

除了我們的產品之外，我們每天分析 8 萬億個信號的運營安全態勢和威脅情報還可以幫助客戶保護自己。過去 12 個月，我們的安全業務收入已超過 100 億美元，增長超過 40%。這一里程碑證明了組織對我們的高度信任，我們將繼續投資於我們所有產品和服務的新功能，以保護我們的客戶。

We see strong momentum in usage of our products. In identity, Azure AD has more than 425 million monthly active users. In security, Microsoft Defender blocked nearly 6 billion threats last year alone. In management, we saw triple-digit growth in the number of devices managed by Microsoft Intune; and in compliance, we've seen 90% increase in our customer base year-over-year.

我們看到我們產品的使用勢頭強勁。在身份方面，Azure AD 每月有超過 4.25 億活躍用戶。在安全方面，僅去年一年，Microsoft Defender 就阻止了近 60 億個威脅。在管理方面，我們看到 Microsoft Intune 管理的設備數量實現了三位數的增長；在合規性方面，我們的客戶群同比增長了 90%。

Now on to gaming. We surpassed $5 billion in revenue for the first time in this quarter as we expand our opportunity to reach the world's 3 billion gamers wherever they play. The launch of Xbox Series X and Series S was the most successful in our history, with the most devices ever sold in a launch month. Game developers are benefiting too as they turn to us to reach more players and scale their games using the power of our cloud. We exceeded $2 billion in revenue from third-party titles this quarter for the first time.

現在開始遊戲。本季度我們的收入首次超過 50 億美元，因為我們擴大了覆蓋全球 30 億遊戲玩家的機會，無論他們在哪裡玩。 Xbox Series X 和 Series S 的發布是我們歷史上最成功的一次，在發布月內售出的設備最多。遊戲開發者也從中受益，因為他們求助於我們以接觸更多玩家並利用我們的雲計算擴展他們的遊戲。本季度我們從第三方遊戲獲得的收入首次超過 20 億美元。

We're gaining console share as gamers recognize the value of our broader ecosystem. Xbox Live has more than 100 million monthly active users while Game Pass now has 18 million subscribers. And we are transforming how games are distributed, played and viewed, bringing cloud gaming and Game Pass to iOS devices and Windows PCs over the next few months.

隨著遊戲玩家認識到我們更廣泛的生態系統的價值，我們正在獲得遊戲機份額。 Xbox Live 每月有超過 1 億活躍用戶，而 Game Pass 現在有 1800 萬訂閱者。我們正在改變遊戲的分發、播放和觀看方式，在未來幾個月內將雲遊戲和 Game Pass 引入 iOS 設備和 Windows PC。

We are pleased with the overall growth in our consumer subscriptions with Game Pass and more than 47 million Microsoft 365 personal and family subscribers, we have a large and growing consumer subscription business. And we see significant opportunity in both of these segments as they move to services and on-demand models.

我們對 Game Pass 的消費者訂閱的整體增長以及超過 4700 萬 Microsoft 365 個人和家庭訂閱者的整體增長感到滿意，我們擁有龐大且不斷增長的消費者訂閱業務。隨著這兩個領域轉向服務和按需模式，我們看到了巨大的機遇。

In closing, I'm energized by our increasing momentum and the expanding opportunity fueled by the structural change brought about by the rapid adoption of digital technology. We're investing to meet these needs in the coming decade, and I'm optimistic about what's ahead.

最後，我對我們不斷增長的勢頭以及由快速採用數字技術帶來的結構變化所推動的不斷擴大的機會感到振奮。我們正在投資以滿足未來十年的這些需求，我對未來的發展持樂觀態度。

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 after for questions.

有了這個，我將把它交給艾米，她將詳細介紹我們的財務業績並分享我們的前景；我期待在提問後重新加入您的行列。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $43.1 billion, up 17% and 15% in constant currency. Earnings per share was $2.03, increasing 34% and 31% in constant currency. Across our business, results exceeded expectations, driven by strong execution and improving trends across industries, customer segments and geographical markets, resulting in double-digit top and bottom line growth.

謝謝你，Satya，大家下午好。本季度收入為 431 億美元，按固定匯率計算分別增長 17% 和 15%。每股收益為 2.03 美元，按固定匯率計算分別增長 34% 和 31%。在我們的業務範圍內，在強大的執行力和跨行業、客戶群和地理市場的趨勢改善的推動下，業績超出了預期，實現了兩位數的收入和利潤增長。

In our commercial business, customers prioritized their digital transformation, which drove healthy demand for our hybrid and cloud offerings with material growth in the number of $10 million-plus Azure and Microsoft 365 contracts. We saw stronger Azure consumption as well as higher usage of Teams, Power Platform and our advanced security and compliance offerings. And within our small and medium business customer segment, transactional licensing trends continued to show some improvement.

在我們的商業業務中，客戶優先考慮他們的數字化轉型，這推動了對我們的混合和雲產品的健康需求，超過 1000 萬美元的 Azure 和 Microsoft 365 合同數量大幅增長。我們看到了更強勁的 Azure 消費以及 Teams、Power Platform 和我們的高級安全性和合規性產品的更高使用率。在我們的中小型企業客戶群中，交易許可趨勢繼續顯示出一些改善。

In our consumer business, the overall PC market was stronger than expected, benefiting our Windows OEM, Office Consumer and Surface businesses. The advertising market continued to show improvement, benefiting our Search and LinkedIn businesses. And in gaming, we saw record engagement and monetization across our platform as well as console demand that significantly exceeded supply following the Xbox Series X and S launches.

在我們的消費者業務中，整體 PC 市場強於預期，使我們的 Windows OEM、Office 消費者和 Surface 業務受益。廣告市場繼續呈現改善，有利於我們的搜索和領英業務。在遊戲方面，我們看到了創紀錄的跨平台參與度和貨幣化，以及在 Xbox Series X 和 S 發布後主機需求大大超過供應量。

Moving to our overall results, even with the declining expiration base and a strong prior year comparable, commercial bookings increased 19% and 11% in constant currency. Strong execution across our core annuity sales motions, including the Azure and Microsoft 365 momentum noted earlier, drove a better-than-expected result. Commercial remaining performance obligation increased 24% and 22% in constant currency to $112 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 4 points year-over-year to 93%.

轉向我們的整體結果，即使到期基數下降並且上一年的可比性強勁，商業預訂量增長了 19% 和 11%（按固定匯率計算）。我們的核心年金銷售計劃（包括前面提到的 Azure 和 Microsoft 365 勢頭）的強勁執行推動了好於預期的結果。商業剩餘履約義務按固定匯率計算分別增加了 24% 和 22%，達到 1120 億美元，其中將在未來 12 個月內確認的收入和未來 12 個月後確認的收入大致相當。我們的年金組合同比增長 4 個百分點，達到 93%。

Commercial cloud revenue was $16.7 billion as growth accelerated to 34% and 32% in constant currency. Commercial cloud gross margin percentage expanded 4 points year-over-year to 71%, driven by the change in accounting estimate for the useful life of server and networking equipment assets. Excluding this impact, commercial cloud gross margin percentage was up slightly.

商業雲收入為 167 億美元，增長加速至 34% 和 32%（按固定匯率計算）。由於服務器和網絡設備資產使用壽命的會計估計發生變化，商業雲毛利率同比增長 4 個百分點至 71%。排除此影響，商業雲毛利率百分比略有上升。

As a reminder, revenue mix shift to Azure, increased customer usage of our productivity and collaboration solutions and continued strategic investments to support customer success, and the deployment of our solutions will continue to impact gross margin. With the weaker U.S. dollar, FX increased revenue growth by approximately 2 points, about 1 point more favorable than anticipated. FX had no impact on COGS growth and increased operating expense growth by approximately 1 point, both in line with expectations.

提醒一下，收入組合向 Azure 轉移、客戶對我們的生產力和協作解決方案的使用增加以及為支持客戶成功而持續的戰略投資，以及我們解決方案的部署將繼續影響毛利率。隨著美元走軟，外匯收入增長約 2 個百分點，比預期好約 1 個百分點。外匯對 COGS 增長沒有影響，運營費用增長約 1 個百分點，均符合預期。

Gross margin dollars increased 18% and 16% in constant currency. Gross margin percentage was 67%, up slightly year-over-year with roughly 2 points of favorable impact from the change in accounting estimate noted earlier. Excluding this impact, company gross margin percentage was down driven by the sales mix shift to cloud and gaming.

按固定匯率計算，美元毛利率分別增長 18% 和 16%。毛利率為 67%，同比略有上升，較早前提到的會計估計變化產生了大約 2 個百分點的有利影響。排除這種影響，公司毛利率下降是由於銷售組合轉向雲和遊戲。

Operating expense increased 3% and 2% in constant currency, lower than anticipated, driven by greater-than-expected COVID-related savings, reductions in retail store expenses and investments that shifted to future quarters. Overall, company headcount grew more than 10% year-over-year with our focused investment in key areas such as customer success, cloud engineering and sales.

營業費用按固定匯率計算分別增長 3% 和 2%，低於預期，原因是與 COVID 相關的儲蓄超出預期、零售店費用減少以及投資轉移到未來幾個季度。總體而言，由於我們重點投資於客戶成功、雲工程和銷售等關鍵領域，公司員工人數同比增長超過 10%。

Operating income increased 29% and 26% in constant currency, and operating margins expanded 4 points year-over-year to 42%, including roughly 2 points of favorable impact from the change in accounting estimate and nearly 1 point of favorable impact from COVID-related savings.

營業收入按固定匯率計算分別增長 29% 和 26%，營業利潤率同比增長 4 個百分點至 42%，其中包括會計估計變更帶來的約 2 個百分點的有利影響和 COVID- 帶來的近 1 個百分點的有利影響相關的儲蓄。

Now to our segment results. Revenue from Productivity and Business Processes was $13.4 billion, increasing 13% and 11% in constant currency, ahead of expectations, primarily driven by Office Commercial and LinkedIn. On a strong prior year comparable that included roughly 3 points of benefit primarily from transactional strength in Japan, Office Commercial revenue grew 11% and 9% in constant currency. Office 365 Commercial revenue grew 21% and 20% in constant currency. Results were driven by installed base expansion across all workloads and customer segments as well as higher ARPU.

現在來看我們的細分結果。生產力和業務流程的收入為 134 億美元，按固定匯率計算分別增長 13% 和 11%，超出預期，主要受 Office Commercial 和 LinkedIn 的推動。在強勁的可比上一年（包括主要來自日本交易實力的大約 3 個點）中，Office Commercial 收入增長了 11% 和 9%（按固定匯率計算）。 Office 365 商業版收入增長 21% 和 20%（按固定匯率計算）。結果是由所有工作負載和客戶群的安裝基礎擴展以及更高的 ARPU 推動的。

The strong demand for Microsoft 365 noted earlier, particularly for our security, compliance and voice components, drove E5 revenue growth acceleration again this quarter. Paid Office 365 Commercial seats increased 15% year-over-year with strong conversion of our free trial offers. We also saw a steep growth improvement in our small and medium business and first-line worker offerings.

前面提到的對 Microsoft 365 的強勁需求，特別是對我們的安全性、合規性和語音組件的需求，推動了本季度 E5 收入增長再次加速。付費 Office 365 商業版席位同比增長 15%，我們的免費試用優惠轉換率很高。我們還看到我們的中小型企業和一線員工產品的增長迅速改善。

Office Consumer revenue grew 7% and 6% in constant currency on a strong comparable that included roughly 7 points of benefit from transactional strength in Japan. Microsoft 365 Consumer subscriptions grew to 47.5 million, up 28% year-over-year. Dynamics revenue grew 21% and 18% in constant currency, driven by Dynamics 365 revenue growth of 39% and 37% in constant currency. The number of customers adopting multiple Dynamics 365 workloads accelerated again this quarter.

辦公消費收入增長 7% 和 6%，以不變貨幣計算，強勁的可比性包括大約 7 個點從日本的交易實力中受益。 Microsoft 365 消費者訂閱增長至 4750 萬，同比增長 28%。在 Dynamics 365 收入增長 39% 和 37% 的推動下，Dynamics 收入按固定匯率計算分別增長了 21% 和 18%。本季度採用多個 Dynamics 365 工作負載的客戶數量再次增加。

LinkedIn revenue increased 23% and 22% in constant currency, significantly ahead of expectations. Growth in our marketing solutions business accelerated to 53%, benefiting from the stronger advertising market noted earlier. Segment gross margin dollars increased 13% and 11% in constant currency, and gross margin percentage was relatively unchanged year-over-year with roughly 2 points of favorable impact from the change in accounting estimate. Operating expense increased 4% and 3% in constant currency, and operating income increased 19% and 17% in constant currency, including 5 points due to the change in accounting estimate.

LinkedIn 收入按固定匯率計算分別增長 23% 和 22%，大大超出預期。我們的營銷解決方案業務增長加速至 53%，這得益於前面提到的更強勁的廣告市場。分部毛利率按固定匯率計算分別增長 13% 和 11%，毛利率同比基本保持不變，會計估計變更帶來了約 2 個百分點的有利影響。營業費用按固定匯率計算分別增長4%和3%，營業收入按固定匯率計算分別增長19%和17%，其中會計估計變更導致5個百分點。

Next, the intelligent cloud segment. Revenue was $14.6 billion, ahead of expectations, increasing 23% and 22% in constant currency. Server products and cloud services revenue increased 26% and 24% in constant currency. Azure revenue grew 50% and 48% in constant currency driven by strong growth in our consumption-based business that benefited from improvement across industries and customer segments noted earlier. Our per-user results were also better than expected driven by accelerated growth in our enterprise mobility and security installed base, up 29% to over 163 million seats. And on a strong prior year comparable that included roughly 4 points of benefit from the end of support for Windows Server 2008, our on-premises server business increased 4% and 3% in constant currency with strong annuity performance driven by continued demand for our hybrid and premium offerings.

接下來是智能雲部分。收入為 146 億美元，超出預期，按固定匯率計算分別增長 23% 和 22%。服務器產品和雲服務收入按固定匯率計算分別增長 26% 和 24%。 Azure 收入按固定匯率計算分別增長 50% 和 48%，這得益於我們基於消費的業務的強勁增長，這得益於前面提到的跨行業和客戶群的改善。在我們的企業移動和安全安裝基礎加速增長的推動下，我們的每用戶結果也好於預期，增長了 29%，達到超過 1.63 億個座位。在強勁的上一年可比性（包括從終止對 Windows Server 2008 的支持中獲得大約 4 個點的收益）中，我們的本地服務器業務增長了 4% 和 3%（按固定匯率計算），由於對我們的混合系統的持續需求推動了強勁的年金業績和優質產品。

Enterprise services revenue grew 5% and 4% in constant currency, again driven by premier support services. Segment gross margin dollars increased 29% and 27% in constant currency, and gross margin percentage increased 3 points year-over-year, with roughly 3 points of favorable impact from the change in accounting estimate. Operating expense increased 12% and 11% in constant currency, and operating income grew 43% and 41% in constant currency, with roughly [10 point] favorable impact from the change in accounting estimate.

企業服務收入按固定匯率計算分別增長 5% 和 4%，這再次受到一流支持服務的推動。分部毛利率按固定匯率計算分別增長 29% 和 27%，毛利率同比增長 3 個百分點，會計估計變更的有利影響約為 3 個百分點。營業費用按固定匯率計算分別增長 12% 和 11%，營業收入按固定匯率計算分別增長 43% 和 41%，會計估計變更的有利影響約為 [10 點]。

Now to More Personal Computing. Revenue was $15.1 billion, increasing 14% and 13% in constant currency and better-than-expected performance across all businesses. In Windows, the stronger PC market resulted in overall OEM revenue growth of 1% despite a strong prior year comparable in OEM Pro from the end of support for Windows 7. OEM non-Pro revenue grew 24%, and OEM Pro revenue declined 9%. Inventory levels ended the quarter in the normal range.

現在到更多的個人計算。收入為 151 億美元，按固定匯率計算分別增長 14% 和 13%，所有業務的業績均好於預期。在 Windows 中，強勁的 PC 市場導致整體 OEM 收入增長 1%，儘管 OEM Pro 在 Windows 7 支持結束後表現強勁。OEM 非專業收入增長 24%，OEM Pro 收入下降 9% .本季度末庫存水平在正常範圍內。

Windows Commercial products and cloud services revenue grew 10% and 8% in constant currency driven by continued demand for Microsoft 365 and our advanced security solutions. In Surface, revenue grew 3% and 1% in constant currency. Search revenue ex TAC increased 2% and 1% in constant currency, benefiting from the improved advertising market noted earlier. And in gaming, revenue increased 51% and 50% in constant currency. Xbox hardware revenue grew 86% driven by the new console launch as well as the benefit from lower price promotions on our prior generation consoles. Xbox content and services revenue grew 40% and 38% in constant currency with strong growth in third-party transactions, Game Pass subscribers and first-party titles.

由於對 Microsoft 365 和我們的高級安全解決方案的持續需求，Windows 商業產品和雲服務收入增長了 10% 和 8%。在 Surface 中，收入增長了 3% 和 1%（按固定匯率計算）。搜索收入（不含 TAC）按固定匯率計算分別增長 2% 和 1%，這得益於前面提到的廣告市場改善。而在遊戲領域，收入增長了 51% 和 50%（按固定匯率計算）。 Xbox 硬件收入增長了 86%，這得益於新遊戲機的推出以及我們上一代遊戲機的低價促銷活動。 Xbox 內容和服務收入按固定匯率計算分別增長了 40% 和 38%，第三方交易、Game Pass 訂戶和第一方遊戲的強勁增長。

Segment gross margin dollars increased 11% and 9% in constant currency, and gross margin percentage decreased 2 points year-over-year driven by sales mix shift to gaming. Operating expense decreased 10%, and operating income grew 25% and 22% in constant currency.

按固定匯率計算，分部毛利率分別增長 11% 和 9%，由於銷售組合轉向遊戲，毛利率同比下降 2 個百分點。營業費用下降 10%，營業收入分別增長 25% 和 22%（按固定匯率計算）。

Now back to total company results. Capital expenditures, including finance leases, were $5.4 billion, up 20% year-over-year to support growing global demand and customer usage of our cloud services. Cash paid for PP&E was $4.2 billion. Cash flow from operations was $12.5 billion and increased 17% year-over-year as strong cloud billings and collections were partially offset by payments related to a tax audit settlement. Free cash flow was $8.3 billion, up 17%.

現在回到公司的總業績。包括融資租賃在內的資本支出為 54 億美元，同比增長 20%，以支持不斷增長的全球需求和客戶對我們雲服務的使用。為 PP&E 支付的現金為 42 億美元。運營現金流為 125 億美元，同比增長 17%，原因是強勁的雲計費和收款被與稅務審計結算相關的付款部分抵消。自由現金流為 83 億美元，增長 17%。

Excluding the impact of these tax payments, cash flow from operations and free cash flow grew 33% and 41%, respectively. Other income and expense was $440 million, higher than anticipated, primarily driven by net gains on investments, including mark-to-market gains on our equity portfolio as well as net gains on foreign currency remeasurement. Our effective tax rate was approximately 16%, in line with expectations. And finally, we returned $10 billion to shareholders through share repurchases and dividends, an increase of 18% year-over-year.

排除這些稅款的影響，運營現金流和自由現金流分別增長了 33% 和 41%。其他收入和支出為 4.4 億美元，高於預期，主要受投資淨收益的推動，包括我們股票投資組合的按市值計價收益以及外幣重新計量的淨收益。我們的有效稅率約為 16%，符合預期。最後，我們通過股票回購和分紅向股東返還了 100 億美元，同比增長 18%。

Now let's move to our outlook. My commentary for both the next quarter and any remarks for the full year does not include any impact from the ZeniMax acquisition, which we still expect to close by the end of the fiscal year. In our Commercial business, consistent execution, focus on customer success and a compelling solution portfolio in high-growth markets should drive another strong quarter. In our Consumer business, we expect to see healthy demand for PCs and productivity tools continue, though growth rates will again be impacted by the end of support for Windows 7 last year. In gaming, we expect continued strong engagement on the Xbox platform and significant demand for the Xbox Series X and S that will still be constrained by supply. And our Search and LinkedIn businesses should benefit from the improving advertising market.

現在讓我們轉向我們的展望。我對下一季度的評論和對全年的任何評論均不包括收購 ZeniMax 的任何影響，我們仍預計將在本財年末完成收購。在我們的商業業務中，一致的執行、專注於客戶成功和在高增長市場中引人注目的解決方案組合應該會推動另一個強勁的季度。在我們的消費者業務中，我們預計對 PC 和生產力工具的健康需求將繼續，儘管增長率將再次受到去年對 Windows 7 支持的影響。在遊戲方面，我們預計 Xbox 平台的持續強勁參與以及對 Xbox Series X 和 S 的巨大需求仍將受到供應限制。我們的搜索和領英業務應該會從不斷改善的廣告市場中受益。

In Commercial bookings, we have a growing Q3 expiry base and a low prior year comparable, so strong execution across our core annuity sales motions and increased commitment to our cloud platform should drive healthy growth. As a reminder, an increasing mix of large long-term Azure contracts, which are more unpredictable in their timing, can drive quarterly volatility in the growth rates.

在商業預訂方面，我們的第三季度到期基數不斷增長，而上一年的可比性較低，因此我們核心年金銷售行動的強勁執行以及對我們雲平台的更多承諾應該會推動健康增長。提醒一下，越來越多的大型長期 Azure 合同在時間上更加不可預測，可能會導致增長率出現季度波動。

Commercial cloud gross margin percentage to increase by approximately 3.0 over year, again driven by the change in accounting estimate. Excluding this impact, continued improvement in Azure, IaaS and PaaS gross margin will be offset by revenue mix shift to Azure and continued investments to support our customers' success. We expect a sequential increase on a dollar basis to our capital expenditures as we continue to invest to meet growing global demand for our cloud services.

商業雲毛利率將同比增長約 3.0，再次受到會計估計變化的推動。排除這種影響，Azure、IaaS 和 PaaS 毛利率的持續改善將被收入組合向 Azure 的轉移以及為支持我們客戶的成功而持續投資所抵消。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，我們預計我們的資本支出將連續增加。

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

現在到外匯。根據目前的匯率，我們預計外匯將使公司總收入、銷貨成本和運營費用增長約 2 個百分點。在這些細分市場中，FX 應將生產力和業務流程收入增長約 3 個百分點，智能雲和更多個人計算收入增長約 2 個百分點。

Now to segment guidance. In Productivity and Business Processes, we expect revenue between $13.35 billion and $13.6 billion. In Office Commercial, revenue growth will again be driven by Office 365, with continued upsell opportunity to E5. In our on-premise business, though we anticipate continued improvement in transactional purchasing trends, we expect revenue to decline in the mid- to high teens range, consistent with the ongoing customer shift to the cloud.

現在進行細分指導。在生產力和業務流程方面，我們預計收入在 133.5 億美元至 136 億美元之間。在商業辦公方面，Office 365 將再次推動收入增長，並為 E5 提供持續的追加銷售機會。在我們的內部部署業務中，儘管我們預計交易購買趨勢將持續改善，但我們預計收入將在中高端範圍內下降，這與持續的客戶轉向雲一致。

In Office Consumer, on a strong prior year comparable, revenue growth should be similar to last quarter with continued growth in Microsoft 365 subscription revenue. In LinkedIn, we expect continued strong engagement on the platform to drive revenue growth in the low 20% range. And in Dynamics, continued momentum will drive revenue growth similar to last quarter.

在 Office Consumer 方面，與上一年的可比數據相比，收入增長應與上一季度相似，Microsoft 365 訂閱收入將持續增長。在 LinkedIn，我們預計該平台的持續強勁參與將推動收入增長在 20% 的低範圍內。在 Dynamics 方面，持續的勢頭將推動與上一季度類似的收入增長。

For Intelligent Cloud, we expect revenue between $14.7 billion and $14.95 billion. In Azure, revenue will again be driven by strong growth in our consumption-based business. And in our per-user business, we expect continued benefit from Microsoft 365 suite momentum. In our on-premise server business, we expect revenue growth to be in the low to mid-single digits driven by continued demand for our hybrid and premium annuity offerings on a strong prior year comparable that included the benefit from the end of support for Windows Server 2008. In enterprise services, revenue growth should be roughly in line with last quarter.

對於智能雲，我們預計收入在 147 億美元至 149.5 億美元之間。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。在我們的每用戶業務中，我們預計將繼續受益於 Microsoft 365 套件的發展勢頭。在我們的本地服務器業務中，我們預計收入增長將保持在中低個位數，這是由於對我們的混合和高級年金產品的持續需求推動了上一年強勁的可比性，其中包括結束對 Windows 的支持所帶來的好處Server 2008。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 $12.3 billion and $12.7 billion. In Windows, overall OEM revenue growth should be in the low single digits on a strong comparable mentioned earlier. Windows commercial products and cloud services growth should be in the low to mid-teens, driven by continued demand for Microsoft 365 and our advanced security solutions. And in Surface, good demand against the low prior year comparable should drive growth in the mid- to high teens range. In Search ex TAC, growth should be driven by improvements in the advertising market. And in gaming, we expect revenue growth of approximately 40%, driven by next-generation console sales as well as Xbox content and services revenue in the mid-20% range.

在更多個人計算方面，我們預計收入在 123 億美元至 127 億美元之間。在 Windows 中，與前面提到的強勁可比性相比，整體 OEM 收入增長應該在低個位數。在對 Microsoft 365 和我們高級安全解決方案的持續需求的推動下，Windows 商業產品和雲服務的增長應該在十幾歲左右。而在 Surface 方面，與去年同期相比較低的良好需求應該會推動中高青少年的增長。在 Search ex TAC 中，增長應該由廣告市場的改善推動。在遊戲方面，我們預計收入將增長約 40%，這主要得益於下一代遊戲機銷售以及 Xbox 內容和服務收入在 20% 左右的範圍內。

Now back to the company guidance. We expect COGS of $13.1 billion to $13.3 billion and operating expense of $11.9 billion to $12 billion. In other income and expense, interest income and expense should offset each other. We expect our Q3 tax rate to be approximately 15%, slightly lower than our full year rate of approximately 16%.

現在回公司指導。我們預計銷貨成本為 131 億至 133 億美元，運營費用為 119 億至 120 億美元。在其他收入和費用中，利息收入和費用應相互抵消。我們預計我們的第三季度稅率約為 15%，略低於我們全年約 16% 的稅率。

And finally, for FY '21, with our strong performance in the first half of the fiscal year and our outlook for Q3, we expect to deliver another full year of double-digit revenue and operating income growth as well as healthy operating margin expansion, even after excluding the impact of the change in accounting estimate and COVID-related savings.

最後，對於 21 財年，憑藉我們在本財年上半年的強勁表現和對第三季度的展望，我們預計全年收入和營業收入將實現兩位數增長以及健康的營業利潤率增長，即使在排除了會計估計變化和與 COVID 相關的儲蓄的影響之後。

In closing, we have executed well in the first half of our fiscal year in a challenging and changing environment. Investments made over quarters and often years, coupled with focused execution by our teams, are the drivers behind a compelling portfolio that is delivering value today for our customers and creating optimism in our road map for tomorrow.

最後，在充滿挑戰和不斷變化的環境中，我們在本財年上半年表現良好。季度甚至數年的投資，加上我們團隊的專注執行，是令人信服的投資組合背後的驅動力，這些投資組合今天為我們的客戶創造價值，並為我們的未來路線圖創造樂觀情緒。

Satya discussed our unique, comprehensive and integrated set of products earlier on the call, products and services that span large growth markets, and we will continue to invest broadly and boldly against the significant opportunities ahead of us.

Satya 早些時候在電話會議上討論了我們獨特、全面和集成的產品集、跨越大型增長市場的產品和服務，我們將繼續廣泛而大膽地投資，以應對我們面前的重大機遇。

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

有了這個，邁克，讓我們去問答吧。

Thanks, Amy. We'll now move over to Q&A. As respect to others on the call, we request that participants please only ask one question. Operator, could you please repeat your instructions?

謝謝，艾米。我們現在將轉到問答環節。對於電話中的其他人，我們要求參與者只問一個問題。接線員，您能重複一下您的指示嗎？

(Operator Instructions) Our first question comes from the line of Mark Moerdler with Bernstein Research.

（操作員說明）我們的第一個問題來自 Bernstein Research 的 Mark Moerdler。

Satya and Amy and the whole team, congratulations on the great quarter. It seems like almost every part of the business beat. There did not seem to be any meaningful impact from COVID or tougher comps. Two parts to the question: one, should we feel that the COVID impact is basically behind you?; And two, is the tougher comps or are we now seeing the demand as such that allows you to build on those larger numbers?

Satya 和 Amy 以及整個團隊，祝賀偉大的季度。似乎業務的幾乎每個部分都在節拍。 COVID 或更嚴格的比賽似乎沒有產生任何有意義的影響。問題的兩個部分：一，我們是否應該覺得COVID的影響基本上已經過去了？第二，是更嚴格的組合還是我們現在看到的需求允許您在這些更大的數字上進行構建？

Thanks, Mark. Maybe I'll start, and Amy, you can add to it. I think one of the things that we're seeing is the COVID impact has put a lot of constraints on all our customers, but the one structural change is the digital technology is becoming critical even for core resilience and business continuity and to deal with what is going to be a structurally changed customer behavior and expectations.

謝謝，馬克。也許我會開始，艾米，你可以補充一下。我認為我們看到的一件事是 COVID 的影響給我們所有的客戶帶來了很多限制，但是一個結構性變化是數字技術變得至關重要，即使對於核心彈性和業務連續性以及處理什麼將是結構性改變的客戶行為和期望。

So as a tech company with that comprehensive differentiated portfolio, all the way from business applications, industry solutions to infrastructure, I think we benefit from that and that's what you saw this quarter. But more importantly for me, Mark, when I look at the next 10 years of what compute and digital technology will do across industries, that's the opportunity that we are obviously staying very, very focused on and investing in.

因此，作為一家擁有全面差異化產品組合的科技公司，從業務應用程序、行業解決方案到基礎設施，我認為我們從中受益，這就是你本季度所看到的。但對我來說更重要的是，馬克，當我展望未來 10 年計算和數字技術將在各個行業發揮什麼作用時，這顯然是我們非常非常關注和投資的機會。

And Mark, maybe to the second half of your question on being passed some tougher comparables, I don't think we are and it's why I mentioned a couple of them, most particularly, I think the OEM number with the Pro end of support in Q3; and we did have another strong end of support for the server on-prem number. And so those are the 2, for Q3 in particular, that I would make sure to call out.

馬克，也許對於你關於通過一些更嚴格的可比性的問題的後半部分，我認為我們不是，這就是為什麼我提到其中的幾個，最特別的是，我認為支持 Pro 的 OEM 編號在Q3;我們確實對服務器本地編號有另一個強有力的支持。所以這些是 2，特別是對於第三季度，我會確保指出。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

Azure putting up a great accelerating quarter. Could you just talk to what you're seeing in terms of the breadth and maybe the size of the transaction? And anything else that you think is important to highlight why you're seeing this reacceleration in the business?

Azure 創造了一個很好的加速季度。你能談談你所看到的交易的廣度和規模嗎？還有什麼您認為重要的事情可以突出您為什麼看到業務重新加速？

Thanks, Brent. Maybe again I'll start. Amy, you can add. I would say, again, with Azure, some of the core differentiation we have, whether it comes to our hybrid leadership, some of the new data products that are highly differentiated and competitive in the marketplace as well as the integration with every other layer of our stack, whether it's the dev layer with Power Platform or GitHub or with Teams to Power Apps to Azure DB, the industry solutions we now have in health care and in retail are all leading to that time to value, the price differentiation and cost advantage to customers and most importantly, agility in that -- in their ability to build their own digital capability. So that's what you see in the acceleration around Azure. But when we think about Microsoft Cloud, we think about all the parts coming together to deliver value and differentiation to our customers.

謝謝，布倫特。也許我會再次開始。艾米，你可以添加。我要再說一次，對於 Azure，我們擁有的一些核心差異化，無論是關於我們的混合領導力，一些在市場上高度差異化和具有競爭力的新數據產品，以及與其他所有層的集成。我們的堆棧，無論是使用 Power Platform 或 GitHub 的開發層，還是使用 Teams 到 Power Apps 到 Azure DB，我們現在在醫療保健和零售領域擁有的行業解決方案都導致了價值實現時間、價格差異化和成本優勢對客戶來說，最重要的是，敏捷性——他們建立自己的數字能力的能力。這就是您在圍繞 Azure 的加速中看到的。但是，當我們考慮 Microsoft Cloud 時，我們會考慮將所有部分組合在一起為我們的客戶提供價值和差異化。

And maybe just to add a couple of thoughts on the shape, Brent, and to make sure that we're clear on some of the important drivers there, really, the Azure consumption comments are not about size of transactions, right, being signed. And you obviously saw we had a good quarter in bookings, which is far more reflective of future commitment.

也許只是為了增加一些關於形狀的想法，布倫特，並確保我們清楚那裡的一些重要驅動因素，真的，Azure 消費評論與交易的規模無關，對，簽署。你顯然看到我們在預訂方面有一個很好的季度，這更能反映未來的承諾。

In quarter, what we saw is really fundamental consumption growth and some reacceleration of growth curves, particularly in maybe industries that had been more hard hit in Q4 and Q1. And so I would describe it a little bit that way and including, frankly, even some mid-market and some segment-based recovery on that front. So as I look forward, obviously, it's about what Satya talked about, which is you -- there's differentiation. There's usage. There's looking forward to making sure that we continue to have great bookings numbers; but in the quarter itself, it was usage growth, not the contracting that made a difference.

在本季度，我們看到的是真正的基本消費增長和增長曲線的一些重新加速，特別是在可能在第四季度和第一季度受到更嚴重打擊的行業。所以我會這樣描述它，坦率地說，甚至包括一些中端市場和一些基於細分市場的複蘇。因此，正如我期待的那樣，很明顯，這是關於 Satya 所說的，即你——存在差異化。有用處。我們期待確保我們繼續擁有大量的預訂量；但在本季度本身，是使用量增長，而不是合同產生了影響。

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

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Amy, I wanted to ask you about the PBP guide for your third quarter or the March quarter. It was comfortably above where everybody, I think, is modeling. And in particular, I wanted to ask you about Office 365. Of all the businesses, the larger ones in Microsoft, most saw upside in this recent quarter except perhaps for Office 365, where, despite the migration to E5 and despite the free-to-paid seat conversion, we really didn't see an acceleration in Office 365. I'm wondering if you could perhaps unpack that and describe why.

艾米，我想問你關於第三季度或三月季度的 PBP 指南。我認為，它遠遠高於每個人都在建模的地方。特別是，我想問你關於 Office 365 的問題。在所有業務中，微軟的大型企業在最近一個季度看到了上漲，除了 Office 365，儘管遷移到 E5 並且儘管免費使用- 付費座位轉換，我們真的沒有看到 Office 365 的加速。我想知道您是否可以打開包裝並描述原因。

And part 2 to the question is your guide for that segment is so good in the March quarter that one would infer that the Office 365 growth is likely to accelerate in March. I'm wondering if you could confirm whether that's a reasonable assumption.

問題的第 2 部分是您對該細分市場的指南在 3 月季度非常好，以至於可以推斷出 Office 365 的增長可能會在 3 月加速。我想知道您是否可以確認這是否是一個合理的假設。

There's a couple of things, Karl, in the PBP guide, and let me break them down a little bit. As you heard, actually, almost all the components in Q3 have sort of consistent to slightly better execution, right? So there's upside that we saw in LinkedIn. There's upside in Office Commercial. There's upside that's reflected in the stronger subscriptions number we saw in Consumer. And there's good execution in Dynamics. So for me, it's a bit more. And then we'll come back and talk about Microsoft 365 all up in a second.

卡爾，PBP 指南中有幾件事，讓我將它們分解一下。正如你所聽到的，實際上，第三季度中幾乎所有的組件都有一致的甚至稍微更好的執行，對吧？所以我們在LinkedIn上看到了好處。辦公商業有上漲空間。我們在消費者中看到的更強的訂閱數量反映了上行空間。在 Dynamics 中有很好的執行力。所以對我來說，它有點多。然後我們馬上回來討論 Microsoft 365。

Each of those pieces, there's really consistent performance into Q3, which is good. And so when you think about Office 365, interestingly, what we're seeing is a lot of the things we have seen before, but remember, we had a pretty tough comp a year ago in Office Commercial. And so for me, I look and say, gosh, we did great execution. We saw some improving trends in seat growth in the frontline; improving trends in SMB that won't yet be reflected, of course, in revenue; seeing good trial conversion, which again, speaks to forward revenue more than in-quarter revenue given that's all subscription. And we saw -- so you see better seat growth, good conversion and good E5 selling. So I actually feel pretty good leaving Q2 and entering Q3 in terms of value that customers are getting out of the subscriptions that they've got and the conversions that we're seeing in market.

這些部分中的每一個，在第三季度都有非常一致的表現，這很好。因此，當您想到 Office 365 時，有趣的是，我們看到的是很多我們以前見過的東西，但請記住，一年前我們在 Office Commercial 中遇到了相當艱難的競爭。所以對我來說，我看著並說，天哪，我們執行得很好。我們看到了一線座位增長的一些改善趨勢；中小型企業的改善趨勢當然還沒有反映在收入中；看到良好的試用轉換，這再次說明遠期收入超過了季度收入，因為這都是訂閱。我們看到了——所以你看到了更好的座位增長、良好的轉換和良好的 E5 銷售。因此，就客戶從他們擁有的訂閱中獲得的價值以及我們在市場上看到的轉化而言，離開第二季度並進入第三季度，我實際上感覺非常好。

Yes. I mean just one quick thing I would add is when you look at Microsoft 365, I think one of the things that -- one of the best things I've seen recently is when a customer talked about all the things that they're using compared to even just last year to now, that is new value from Office 365 and the usage depth and increase. That's, I think, really the real power of that franchise going forward. And so I hope you, as shareholders, look at what's the depth and breadth of the offering and the usage -- and the usage depth by account, which I think is what at least we are investing and tracking closely.

是的。我的意思是我要快速補充的一件事是，當您查看 Microsoft 365 時，我認為其中一件事 - 我最近看到的最好的事情之一是當客戶談論他們正在使用的所有東西時與去年甚至現在相比，這是 Office 365 的新價值和使用深度和增加。我認為，這才是球隊未來真正的力量。所以我希望你們，作為股東，看看產品和使用的深度和廣度——以及賬戶的使用深度，我認為這至少是我們正在投資和密切跟踪的。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Satya, I wanted to dig into one of the topics that you mentioned in your introduction. And that's kind of Teams working as a framework across all of your solutions and sort of connecting more and more people into the Microsoft framework. I was doing some calls this quarter and asking about a competitor's acquisition of a Teams competitor, and a lot of people in the channel talk to me about how Teams was pulling through Dynamics CRM, right? And they understood that acquisition as a defense against that. And I was surprised to hear that, that there would be a linkage between the 2.

Satya，我想深入探討您在介紹中提到的主題之一。這就是一種團隊作為跨所有解決方案的框架工作，並將越來越多的人連接到 Microsoft 框架中。本季度我打了一些電話，詢問競爭對手收購了 Teams 的競爭對手，渠道中的很多人都跟我談論 Teams 是如何通過 Dynamics CRM 的，對吧？他們將收購理解為對此的防禦。我很驚訝聽到這個消息，2 之間會有聯繫。

Can you help us, one, kind of understand the -- how Teams pulls in additional products behind it, number one? And number two, the connection between kind of Teams and how they get a broader base of frontline workers into the story for Microsoft? Because I think most people think about Microsoft as like an information worker story, but frontline workers is another huge kind of area for you guys to go after.

您能否幫助我們，首先，了解 Teams 如何在其背後引入其他產品？第二，團隊類型之間的聯繫以及他們如何讓更廣泛的一線員工參與微軟的故事？因為我認為大多數人認為微軟就像一個信息工作者的故事，但一線工作者是你們追求的另一個巨大領域。

No. Thanks much, Keith, for the question. That is absolutely right. And I think I've commented on this earlier as well in our calls, which is we built Teams as essentially this tool that brings together multiple capabilities. It brings together chat. It brings together meetings, collaboration that is office collaboration as well as business process workflow all into one scaffolding. That's the biggest breakthrough of teams.

不。非常感謝基思的問題。這是完全正確的。我想我之前在我們的電話會議中也對此發表了評論，我們將 Teams 構建為本質上這個工具，它匯集了多種功能。它匯集了聊天。它將會議、辦公室協作以及業務流程工作流整合到一個腳手架中。這是團隊最大的突破。

In the past, obviously, we had suites of tools, but this is the first product, more so than Outlook was even, in terms of being able to integrate communications, collaboration and business process. And that's what you see. When we talked about it in my comments, that's why one of the things I stressed was what was happening with just line of business applications.

過去，顯然我們有工具套件，但這是第一個產品，就能夠集成通信、協作和業務流程而言，甚至比 Outlook 更重要。這就是你所看到的。當我們在評論中談到它時，這就是為什麼我強調的一件事就是僅在業務線應用程序中發生的事情。

Before any SaaS application, ours or others, the reality is the most usage in any enterprise is line of business applications that were built custom by their enterprise and their IT organizations for all the departments, whether it's HR or finance or operations. That is really one of the bigger drivers of Teams usage as a platform capability, right?

在任何 SaaS 應用程序（無論是我們的還是其他人的）之前，現實情況是，在任何企業中使用最多的是由其企業及其 IT 組織為所有部門（無論是人力資源部門、財務部門還是運營部門）定制構建的業務線應用程序。這確實是將 Teams 用作平台功能的更大驅動力之一，對吧？

So you -- you brought up first line. There's some shift scheduling application, some inventory counting application that the frontline person is using on a mobile phone with Teams, but the inventory management app was just a power app built using Power Apps. So that is what you're seeing. And then, of course, the integrations into Dynamics, integrations into all SaaS applications, whether it's Workday or whether it's SAP or whether it is ServiceNow and even Salesforce, all of these applications are getting integrated into Teams very rapidly. And so that's the power of Teams as a platform capability that we are seeing.

所以你 - 你提出了第一行。有一些輪班計劃應用程序，一些庫存盤點應用程序，一線人員在手機上使用 Teams，但庫存管理應用程序只是一個使用 Power Apps 構建的電源應用程序。這就是你所看到的。然後，當然，與 Dynamics 的集成，與所有 SaaS 應用程序的集成，無論是 Workday 還是 SAP 或 ServiceNow 甚至 Salesforce，所有這些應用程序都非常迅速地集成到 Teams 中。這就是我們所看到的作為平台功能的 Teams 的強大功能。

And you're absolutely right that this is no longer about just knowledge workers collaborating. In fact, if anything, it's about knowledge workers collaborating and enabling frontline workers with more of these work to participate with digital tools in the workflow versus being disconnected.

你說得對，這不僅僅是知識工作者的合作。事實上，如果有的話，它是關於知識工作者的協作，並使從事更多此類工作的一線工作者能夠參與工作流程中的數字工具，而不是被斷開連接。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

I'll add my congrats as well. Amy, do you see a sustainably different post-COVID expense profile for Microsoft as it relates to real estate footprint and T&E levels or -- and maybe, Satya, you could perhaps comment on this as well. Are you expecting a fuller return to the office and fuller resumption of business travel over time such that, that expense profile wouldn't look very different?

我也會恭喜你。艾米，您是否看到微軟在新冠病毒後的支出狀況與房地產足跡和 T&E 水平有關，或者——也許薩蒂亞，您也可以對此發表評論。您是否期望隨著時間的推移更全面地返回辦公室並更全面地恢復商務旅行，這樣費用概況看起來不會有太大不同？

Maybe I'll just talk about broadly how I think both at Microsoft as well as what we are seeing as this return to work. I think the key thing, Mark, we just think about is there will be more flexibility in terms of time, where they work, even the sites people work because I think the expectations have changed. We obviously are not going to have the same constraints going forward, so I'm not at all assuming that we just remain as is all the way going forward. But at the same time, there's no return to January of 2020.

也許我會廣泛地談談我對微軟的看法以及我們在恢復工作時所看到的情況。我認為關鍵的事情，馬克，我們只是考慮的是在時間、他們工作的地方、甚至人們工作的網站方面會有更大的靈活性，因為我認為期望已經改變。我們顯然不會有同樣的限制，所以我根本不會假設我們會一直保持原樣。但與此同時，也不會回到 2020 年 1 月。

But -- so therefore, what I think is key for us is to really maintain flexibility. And that's why even going back to the conversation around Teams, it's not like the work only happens in online meetings, right? Work happens before meetings, during meetings, after meetings, and especially in hybrid work, you need that sophisticated set of tools that really track workflow irrespective of who is where. And so that's what we are focused on.

但是——因此，我認為對我們來說關鍵是真正保持靈活性。這就是為什麼即使回到圍繞 Teams 的對話，工作也不只發生在在線會議上，對吧？工作發生在會議之前、會議期間、會議之後，尤其是在混合工作中，您需要一套複雜的工具來真正跟踪工作流程，而不管誰在哪裡。這就是我們所關注的。

And in our own policies, we have laid out our policies, which give more flexibility, and it'll be different by function, different by geography, different in time. So that's how we expect essentially work to evolve. I don't know, Amy, if you want to add a little more on the expense side.

在我們自己的政策中，我們制定了我們的政策，提供了更多的靈活性，而且會因功能不同、地理不同、時間不同而不同。所以這就是我們期望工作本質上發展的方式。我不知道，艾米，如果你想在費用方面多加一點。

Yes. I think what I would add is maybe to take a step back from the narrowness, in some ways, of the question, Mark, and expand it to say the overall expense logic that we have going forward and in many ways, that's why I talked about we've seen headcount growth of over 10% in the past year as we invest in the significant opportunities we see and having customers be successful.

是的。我想我要補充的可能是在某些方面從問題的狹隘性中退後一步，馬克，並擴大它以說明我們前進的整體費用邏輯，在很多方面，這就是我說話的原因關於我們在過去一年中看到員工人數增長超過 10%，因為我們投資於我們看到的重要機會並讓客戶取得成功。

And that's at a time when, frankly, we're coming upon the anniversary across many spots of the world of where we've been working remotely for close to a year. And so it's about continuing to invest in those places, looking and learning about the types of flexibility that we're able to provide our own employees, what travel patterns need to look like. And of course, we'll do what it takes to deliver success to customer, which should be the driving force behind how we invest in that segment.

坦率地說，就在這個時候，我們將在世界上許多地方迎來週年紀念日，我們已經在這些地方進行了近一年的遠程工作。所以這是關於繼續在這些地方投資，尋找和了解我們能夠為自己的員工提供的靈活性類型，旅行模式需要是什麼樣的。當然，我們將盡一切努力為客戶帶來成功，這應該是我們投資該領域的驅動力。

And finally, there's obviously lots of opportunity for us to continue to be flexible in how we work specifically, which is where Satya talked about. But this is a pretty broad conversation and, in many ways, I think, talks to a broader rethink of what productivity means across every industry and every role, which I actually think is a very exciting time, both for Microsoft 365 and lots of the tools we're developing.

最後，我們顯然有很多機會在具體工作方式上繼續保持靈活性，這就是 Satya 所說的。但這是一次相當廣泛的對話，我認為，在很多方面，都在更廣泛地重新思考生產力在每個行業和每個角色中的意義，我實際上認為這是一個非常激動人心的時刻，無論是對於 Microsoft 365 還是對於許多我們正在開發的工具。

Our next question comes from the line of Walter Pritchard with Citibank.

我們的下一個問題來自花旗銀行的 Walter Pritchard。

Question for Satya and how you're thinking about the $200 billion enterprise applications market. Your market share in that area is fairly low in aggregate. You've got Dynamics that's performing really well and sounds like is accelerating. Just wondering how you're looking at that market more broadly as an opportunity for the company.

Satya 的問題以及您如何看待價值 2000 億美元的企業應用程序市場。總體而言，您在該領域的市場份額相當低。你的 Dynamics 表現非常好，聽起來像是在加速。只是想知道您如何更廣泛地看待該市場作為公司的機會。

Yes. We are very, very focused on what we think is modern business process applications, Walter. The way I look at it is there's a complete rethink on, even if you take the previous conversation around what are the workflows that need to get integrated into a communications tool such that there's real continuity between frontline to knowledge worker to business process. I think that opens up even a ton of opportunity.

是的。 Walter，我們非常非常專注於我們認為的現代業務流程應用程序。我看待它的方式是對它進行徹底的重新思考，即使您圍繞需要集成到通信工具中的工作流進行先前的對話，以便在一線到知識工作者到業務流程之間存在真正的連續性。我認為這甚至會帶來很多機會。

I mean take something like even digital twins and the level of automation that one can bring even into manufacturing. So the combination of an Azure PaaS service to SaaS capabilities in Dynamics 365 can be very transformative to digital manufacturing, which is probably going to be one of the bigger trends going forward. Same thing in supply chain.

我的意思是採用數字雙胞胎之類的東西，甚至可以將自動化水平帶入製造業。因此，Azure PaaS 服務與 Dynamics 365 中的 SaaS 功能的結合可以對數字製造產生巨大的變革，這可能會成為未來更大的趨勢之一。在供應鏈中也是如此。

So it's a pretty important area. For us, business process and business applications participation, if you will, will be both on the Azure side, on the data side, on the AI side and the biz apps side as well as Power Apps. So it's not one narrow category because I think most people, the way you measure business applications and the categories of business and applications is pretty narrow. But business process is much broader than that. And so that's, I think, at least what we are building towards.

所以這是一個非常重要的領域。對我們來說，業務流程和業務應用程序的參與（如果您願意的話）將同時出現在 Azure 端、數據端、AI 端、商業應用端以及 Power Apps 端。所以這不是一個狹窄的類別，因為我認為大多數人衡量業務應用程序的方式以及業務和應用程序的類別非常狹窄。但業務流程遠不止於此。所以，我認為，至少我們正在朝著這個方向努力。

And maybe just to add a bit to that, Satya. Just I think, for us, one of the exciting parts about Dynamics and for shareholders is the expansiveness of that redefinition by industry. And even the terms and categorization today that define biz apps, I think we'll see, are quite large and will be addressed not just with our Dynamics product portfolio but partially with our LinkedIn portfolio, with our Power Platform portfolio, with Microsoft 365 as well as Azure. And I think that -- and thinking about it holistically is why it's so important for us and why we keep coming back to the commercial cloud as our frame. It's how customers see the solution. It's how we sell. It's how solutions are actually implemented for business process change.

Satya，也許只是為了補充一點。只是我認為，對我們來說，Dynamics 和股東的激動人心的部分之一是行業重新定義的廣泛性。即使是今天定義商業應用程序的術語和分類，我想我們也會看到，它們非常龐大，不僅會通過我們的 Dynamics 產品組合，而且會部分通過我們的 LinkedIn 產品組合、我們的 Power Platform 產品組合以及 Microsoft 365 來解決以及 Azure。我認為——從整體上考慮它是為什麼它對我們如此重要以及為什麼我們不斷回到商業云作為我們的框架。這就是客戶如何看待解決方案。這就是我們銷售的方式。這就是為業務流程更改實際實施解決方案的方式。

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

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. I wanted to talk a little bit about gaming. Obviously, you had a very strong quarter, but we also saw a few months ago the launch of Xbox Game Pass Ultimate so -- or the xCloud as we knew it. Can you talk a little bit about some of the early experiences there and the importance that you see emerging for that?

我也祝賀你。我想談談遊戲。顯然，你有一個非常強勁的季度，但幾個月前我們也看到了 Xbox Game Pass Ultimate 的推出——或者我們所知道的 xCloud。你能談談那裡的一些早期經歷以及你認為出現的重要性嗎？

Yes. Maybe I'll start. Amy, you can add to this. On xCloud, it's very early days, but we are very excited about, fundamentally, the expansion opportunity it provides. So the service today really allows us to take our catalog and not be limited to any of the traditional end points, in particular, the console and the PC and expand beyond that.

是的。也許我會開始。艾米，你可以添加到這個。在 xCloud 上，它還處於早期階段，但從根本上說，我們對它提供的擴展機會感到非常興奮。因此，今天的服務確實使我們能夠獲取我們的目錄，而不僅限於任何傳統端點，特別是控制台和 PC，並擴展到此之外。

And so as you can imagine, that, I think from a reach perspective, is very exciting to us. And the fact that we now have a technology solution to do so, we are in the very early innings of it while at the same time, ensuring that we are doing a fantastic job for all our console gamers and PC gamers, is going to be how we'll approach the value of our subscriptions.

正如你可以想像的那樣，我認為從覆蓋面的角度來看，這對我們來說非常令人興奮。事實上，我們現在有一個技術解決方案可以做到這一點，我們處於它的早期階段，同時，確保我們為我們所有的主機遊戲玩家和 PC 遊戲玩家做得非常出色，這將是我們將如何處理訂閱的價值。

Our final question comes from the line of Brad Reback with Stifel.

我們的最後一個問題來自 Brad Reback 和 Stifel 的系列。

Amy, the cash flow in the quarter ex the audit settlement was far ahead of everyone's expectations, and I know you talked about strong billings in the quarter. But as we look forward, are there any puts and takes that we should be aware of? Or should we just focus on cash flow growing pretty much in line with net income?

艾米，審計結算前的季度現金流遠遠超出了所有人的預期，我知道你談到了本季度的強勁賬單。但是，當我們展望未來時，是否有任何我們應該注意的投入和投入？還是我們應該只關注與淨收入基本一致的現金流增長？

Yes. In general, Brad, it's a very good question because the things you tend to watch that can move it quarter-to-quarter are things like you mentioned, whether it's the settlement this quarter, whether it's for free cash flow, the timing of cash capital expenditures versus on an accrual basis.

是的。總的來說，布拉德，這是一個很好的問題，因為您傾向於觀察的可以逐季度移動的事情就像您提到的那樣，無論是本季度的結算，是否是自由現金流，現金的時間安排資本支出與權責發生製。

But overall, it really should move in line with operating income generally and really reflect the fundamentals of our business execution. We've -- it's been something we focused on. And I do feel like strong sales, improving margins, particularly in the cloud, have all benefited us on those lines.

但總的來說，它確實應該總體上與營業收入保持一致，並真正反映我們業務執行的基本面。我們已經 - 這是我們關注的事情。而且我確實覺得強勁的銷售、提高的利潤率，尤其是在雲計算領域，都使我們在這些方面受益。

Thanks, Brad. 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 very soon.

謝謝，布拉德。今天財報電話會議的問答部分到此結束。感謝您今天加入我們，我們期待很快與大家交談。

Thank you all, and stay safe.

謝謝大家，注意安全。

Thank you very much.

非常感謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝你。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。