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.

各位來賓，歡迎參加微軟2021財年第二季財報電話會議。 （操作說明）提醒各位，本次會議正在錄音。現在，我很榮幸地向大家介紹主持人，投資人關係總經理麥克‧史賓塞先生。謝謝您，先生。您可以開始了。

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，感謝各位今天參加我們的電話會議。與我一同參加會議的有：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。

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.

您可以在微軟投資者關係網站上找到我們的獲利新聞稿和財務摘要幻燈片，這些資料旨在補充我們今天電話會議上的發言，並說明GAAP和非GAAP財務指標之間的差異。除非另有說明，我們將在電話會議上使用非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。這些指標作為補充說明，旨在幫助投資者進一步了解公司第二季度的業績，以及這些項目和事件對財務結果的影響。

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 will refer to growth rate only.

除非另有說明，我們今天電話會議上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.

會議結束後，我們將立即在網站上發布準備好的發言稿，直到完整文字稿發布。今天的電話會議將進行網路直播並錄音。如果您提出問題，您的問題將包含在直播內容、文字稿以及未來任何錄音的使用中。您可以在微軟投資者關係網站上回放會議並查看文字稿。

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.

在本次電話會議中，我們將發表前瞻性聲明，這些聲明是對未來事件的預測、展望或其他陳述。這些聲明是基於目前的預期和假設，並受風險和不確定性因素的影響。實際結果可能因今日獲利新聞稿、本次電話會議期間的發言以及我們在10-K表、10-Q表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」部分所討論的因素而與前瞻性聲明存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

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

說完這些，我將把電話轉給 Satya。

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，麥克。本季業績創下歷史新高，主要得益於我們的商業雲業務，其營收突破 160 億美元，較去年同期成長 34%。我們正在見證第二波數位轉型浪潮的到來，這場浪潮正席捲所有公司和所有產業。數位化能力是企業韌性和成長的關鍵。僅僅採用新技術已經遠遠不夠。企業需要建立自己的技術才能參與競爭並實現成長。微軟正以全球規模最大、功能最全面的雲端平台，引領這場變革。

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疊的各個層面進行創新，首先從 Azure 開始。我們將 Azure 打造成全球計算機，以滿足企業日益增長的雲端需求。我們正在加大投入，將雲端服務帶給更多客戶，並宣佈在亞洲、歐洲和拉丁美洲新增 7 個資料中心區域，同時在美國新增對絕密級工作負載的支援。

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.

我們始終引領混合運算領域，並且正在加速創新，以滿足客戶的實際需求。 Azure Stack HCI 現已全面上市，可協助企業將雲端的強大功能擴展到自主工作負載。目前，已有超過 1000 家客戶使用 Azure Arc 來簡化混合管理，並在本地端、多雲和邊緣執行敏捷服務。借助 Azure 數位孿生，像 Bentley Systems、Honeywell Industries 和 Johnson Controls 這樣的企業可以連接數位世界和實體世界，創建工廠和城市的類比模型，從而優化營運。

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.

我們看到各行各業都呈現出強勁的發展動能。德國電信將藉助 Azure，透過與麻省理工學院和哈佛大學博德研究所的合作，實現其 IT 基礎設施的現代化；Verily 也將利用我們的雲端平台，協助更多研究人員分析生物醫學數據。 Cruze 和通用汽車選擇 Azure 作為其首選雲端平台，致力於推動自動駕駛技術的普及。就在上週五，我們宣布擴大與 SAP 的合作，以加速 SAP 工作負載在 Azure 上的部署。過去六個月，我們看到拜耳、Carhartt、Coats 和百事可樂等第一線企業已將 ERP 系統遷移到 Azure。

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.

在數據層面，Azure 是唯一擁有無限數據和分析能力的雲端平台，能夠幫助企業建構數位轉型所需的預測和分析能力。 Azure Synapse 將大數據、資料倉儲和資料整合整合到一個強大的解決方案中。 FedEx、Grab 和 P&G 等領導者正在使用 Synapse 從海量結構化和非結構化資料中即時獲取洞察，隨著企業加速推進資料策略以建立競爭優勢，我們的分析業務也呈現強勁的整體成長。

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.

資料治理是每位企業領導者最關注的問題，並將發展成為一個獨立且至關重要的領域，其重要性堪比當今的任何人工智慧或分析領域。我們正在加大投資，以參與這項發展進程。全新的 Azure 視圖能夠提供組織跨本機、多雲和 SaaS 應用程式的資料資產的端對端視圖，這在以前是無法實現的。

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.

在人工智慧領域，我們提供最全面的工具、框架和基礎設施組合，協助企業建構關鍵任務解決方案，這些方案能夠理解語音、自然語言、進行預測、提供洞察並支援決策。例如，我們的 Azure 健康機器人已被美國疾病管制與預防中心 (CDC)、Premera Blue Cross 和 Walgreens 等機構用於建立虛擬醫療保健輔助服務，目前全球已有超過 8,000 萬人使用該服務。在當前情況下，擴大醫療保健資訊的獲取管道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.

現在來說說開發者。在過去一年裡，開發者對業務連續性至關重要，我們正在幫助他們合作並擴大影響力，從而推動組織目標的實現。從 GitHub 到 Visual Studio，我們擁有最廣泛使用且備受青睞的工具鏈，可以幫助開發者快速將想法轉換為程式碼，並將程式碼部署到雲端。 GitHub 的使用正成為各行各業每家公司建立數位化能力的關鍵。如今，GitHub 的用戶超過 5,600 萬，用戶也超過 300 萬，其中包括 BuzzFeed、Plaid、Marsh & McLennan、Oracle 和沃爾沃汽車等知名企業。

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.

現在來說說 Power Platform。我們賦能領域專家，讓任何組織中的任何人都能建立應用程式、自動化流程、建立虛擬代理並分析資料。 Power Platform 是低程式碼/無程式碼開發領域的絕對領導者，每月活躍用戶超過 1,100 萬，較去年同期成長 95%。雀巢、Humana 等企業本季選擇 Power BI，幫助員工利用數據做出更明智的決策。在公部門，日本神戶市正依靠 Power Virtual Agents 和 Power Automate 為市民提供資訊服務，建構智慧路徑來解答常見問題，並建立自動化工作流程來路由諮詢。

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.

疫苗分發或許最能反映全球對數位化能力的迫切需求，而我們基於Power平台建構的疫苗註冊和管理解決方案，能夠幫助各國政府管理從篩檢、安排到接種和後續跟進的整個流程。在澳大利亞，維多利亞州政府正依靠我們的工具，幫助超過600萬居民接種疫苗。在美國，明尼蘇達州、內布拉斯加州和俄克拉荷馬州也正在使用我們的解決方案。

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 平台中的復工解決方案還能幫助企業在員工返回辦公室時保障他們的安全和健康，我們也正在添加新功能，以確保人們能夠安全、可靠地存取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.

現在來說說 Dynamics 365。隨著各行各業的公司紛紛轉向新的業務應用以實現成長，我們的市佔率也不斷擴大。客戶期望的變化速度前所未有，需要近乎即時地了解趨勢、行為和需求。我們的客戶資料平台 Customer Insights 在同類產品中處於領先地位，已幫助客戶整合了超過 20 億個客戶檔案，從而提供跨行銷、銷售和電子商務的互動統一視圖，以提供更個人化的體驗。越來越多的公司正在採用我們的混合實境解決方案，幫助第一線員工即使身處異地也能保持聯繫。例如，歐萊雅正在使用 Dynamics 365 Remote Assist 和 HoloLens 2，幫助技術人員在無法出差時也能在工廠維修設備。

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.

在本月初的NRF零售展上，我們的應用備受矚目。 Dynamics 365 Commerce現已支援B2C和B2B電子商務，使Columbia Sportswear等零售商能夠從門市出貨並提供非接觸式支付選項。 PromoteIQ平台持續快速發展，DICK's Sporting Goods、Home Depot和Kroger等零售商均使用該平台來支援其數位化供應商行銷計劃。

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，我們全新的 Microsoft Cloud for Retail 將我們的平台和工具整合到購物者旅程的各個環節，加速實現價值。它建立在 Microsoft Cloud for Healthcare 的成功經驗之上，後者已被包括 Providence 在內的多家機構用於賦能臨床醫生，使其更好地服務患者。

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.

現在來看LinkedIn，我們再次見證了該平台用戶參與度創下新高。 LinkedIn近7.4億會員利用該平台進行人脈拓展、學習和尋找新機會。會話數成長了30%，對話數成長了48%，LinkedIn Learning的學習時間較去年同期成長了兩倍。 LinkedIn的廣告業務也創下了季度新高，佔LinkedIn總收入的三分之一以上。 LinkedIn的行銷解決方案營收成長超過50%，廣告主越來越多地將該平台視為觸達潛在客戶的可靠途徑。最後，我們持續受益於遠距銷售的趨勢。企業正在將LinkedIn Sales Navigator和Dynamics 365相結合，以確保銷售人員擁有遠端銷售所需的背景信息，同時新的工具也幫助銷售團隊利用LinkedIn數據來識別和評估銷售機會。

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.

現在來談談 Microsoft 365。疫情已經證明，個人電腦在維繫人們的聯繫、提高工作效率和安全方面發揮核心作用。本季度，我們新增的 Windows 10 裝置數量創歷史新高。在 CES 展會上，我們的合作夥伴展示了專為適應我們全新的工作、學習和娛樂方式而設計的全新個人電腦。此外，我們與 AMD、英特爾和高通共同打造的 Pluton 安全處理器將為雲端安全帶來晶片級解決方案。

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.

彈性辦公已成為常態。為了賦能數位化員工，企業需要一個能夠整合員工工作、學習和協作方式的統一平台。而這正是 Microsoft 365 和 Teams 的獨特優勢所在。 Teams 是唯一一款能夠將會議、通話、聊天、內容協作與辦公室和業務流程工作流程完美融合，並提供安全整合使用者體驗的解決方案。我們看到 Teams 的大規模部署正在發生。已有 117 家企業擁有超過 10 萬名 Teams 用戶，另有超過 2,700 家企業擁有超過 1 萬名用戶。光是在行動端，Teams 的每日活躍用戶就接近 6,000 萬。

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 支援使用者同步和非同步協作，保持業務上下文關聯，並確保工作流程順暢，從而顯著提升 Office 365 和 Power Platform 的使用率。 Power Platform 在 Teams 上的月平均使用量年增了 4 倍。此外，透過 Microsoft Dataverse，使用者現在可以直接在 Teams 中使用 Power Apps 和 Power Virtual Agents 建立和部署自訂解決方案。

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 正迅速成為各組織機構事實上的首選統一通訊平台。語音頻道等新功能打造了更強大、更流暢的通話體驗，而降噪和帶有發言人歸屬的即時字幕則讓會議更易於訪問。光是在埃森哲，Teams 的音訊會議時長就已超過每月 10 億分鐘，85,000 名員工使用 Teams 進行外部通話。本季度，Lumen（前身為 CenturyLink）也推出了 Teams，僅用 4 週時間就為全球 42,000 名員工開通了通話功能。疫情凸顯了為全球 20 億一線工作者提供合適技術的重要性。家得寶的 39 萬名員工將使用 Microsoft 365（包括 Yammer）來促進整個組織的溝通和互動。此外，美國退伍軍人事務部超過 50 萬名員工（包括醫護人員）也使用 Teams 合作。

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 億學生和教師依賴微軟教育產品進行遠距學習。包括安進、AT&T、戴姆勒、葛蘭素史克和宜家在內的各行業領先客戶，也越來越多地轉向我們的高級產品，以獲得更強大的安全、合規、語音和分析功能。在過去四個季度，Microsoft 365 E5 的營收均實現了三位數成長。

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.

現在來說說安全問題。最近發生的 SolarWinds 攻擊事件再次提醒我們，安全對我們的客戶至關重要。我們致力於確保企業部署並維護零信任架構。我們提供的端到端安全能力，涵蓋身分、安全、合規性和跨所有雲端平台及客戶端平台的管理，在我們幫助客戶增強安全態勢並降低攻擊影響的過程中發揮了關鍵作用。

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，我們強大的營運安全態勢和威脅情報能力（每天分析 8 兆個訊號）也幫助客戶抵禦威脅。過去 12 個月，我們的安全業務收入突破 100 億美元，成長超過 40%。這一里程碑充分體現了客戶對我們的高度信任，我們將繼續投資於所有產品和服務的新功能，以更好地保護客戶。

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.

我們看到產品使用量呈現強勁成長動能。在身分識別管理方面，Azure AD 的每月活躍用戶超過 4.25 億。在安全方面，光是去年，Microsoft Defender 就攔截了近 60 億次威脅。在管理方面，Microsoft Intune 管理的設備數量實現了三位數的成長；在合規方面，我們的客戶群年增了 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.

接下來談談遊戲業務。本季度，我們的營收首次突破50億美元大關，這得益於我們不斷拓展業務，觸達全球30億遊戲玩家，無論他們身在何處。 Xbox Series X和Series S的發布取得了我們歷史上最成功的業績，第一個月銷量創下歷史新高。遊戲開發人員也從中受益，他們紛紛選擇與我們合作，利用我們強大的雲端服務接觸更多玩家並擴展遊戲規模。本季度，我們第三方遊戲的營收首次突破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.

隨著玩家逐漸認識到我們更廣泛生態系統的價值，我們在主機市場的份額正在不斷增長。 Xbox Live 的月活躍用戶已超過 1 億，而 Game Pass 的訂閱用戶也已達 1,800 萬。我們正在革新遊戲的發行、遊玩和觀看方式，並將在未來幾個月內將雲端遊戲和 Game Pass 帶到 iOS 裝置和 Windows PC 上。

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和超過4,700萬Microsoft 365個人及家庭訂閱用戶帶來的消費者訂閱業務整體成長感到滿意，我們擁有龐大且不斷成長的消費者訂閱業務。隨著這兩個領域向服務和點播模式轉型，我們看到了巨大的發展機會。

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，我深受鼓舞，因為我們正處於蓬勃發展的階段，數位科技的快速普及帶來了結構性變革，也帶來了更大的機會。我們正在加大投資，以滿足未來十年的需求，我對未來充滿信心。

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 after 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；之後我期待與大家再次見面，回答大家的問題。

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.

謝謝薩蒂亞，大家下午好。本季度，公司營收達431億美元，年增17%，以固定匯率計算成長15%。每股盈餘為2.03美元，年增34%，以固定匯率計算成長31%。在各產業、客戶群和地理市場強勁的執行力和持續改善的趨勢推動下，公司整體業績超越預期，實現了兩位數的營收和利潤成長。

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，客戶優先考慮數位轉型，這推動了對我們混合雲端和雲端產品的強勁需求，其中價值超過 1000 萬美元的 Azure 和 Microsoft 365 合約數量顯著增長。我們看到 Azure 的使用量增加，Teams、Power Platform 以及我們先進的安全性和合規性產品的使用率也更高。此外，在中小企業客戶群中，交易授權趨勢也持續改善。

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.

在消費者業務方面，整體PC市場表現強於預期，惠及我們的Windows OEM、Office消費者版及Surface業務。廣告市場持續改善，推動了我們的搜尋和LinkedIn業務發展。在遊戲領域，我們平台的用戶參與度和獲利能力均創歷史新高，Xbox Series X和S發布後，主機需求也遠超供應。

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%.

從整體業績來看，即使到期基數下降且去年同期業績強勁，商業預訂量以固定匯率計算仍分別成長了19%和11%。核心年金銷售業務的強勁執行，包括前文提到的Azure和Microsoft 365的成長勢頭，推動了業績超乎預期。商業剩餘履約義務以固定匯率計算成長了24%和22%，達到1,120億美元，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當。此外，年金產品佔比去年同期成長4個百分點，達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.

商業雲端收入達167億美元，成長速度加快至34%（以固定匯率計算為32%）。受伺服器和網路設備資產使用壽命會計估計調整的影響，商業雲毛利率年增4個百分點至71%。剔除此項影響後，商業雲毛利率略有上升。

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.

需要提醒的是，收入結構向 Azure 的轉移、客戶對我們生產力和協作解決方案使用量的增加以及為支持客戶成功而持續進行的策略投資，以及我們解決方案的部署，將繼續對毛利率產生影響。由於美元走軟，匯率波動使收入成長提高了約 2 個百分點，比預期高出約 1 個百分點。匯率波動對銷售成本成長沒有影響，但使營運費用成長提高了約 1 個百分點，這兩個指標都符合預期。

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.

以固定匯率計算，毛利成長18%和16%。毛利率為67%，較去年同期略有上升，其中約2個百分點的利好因素來自前文所述的會計估計變更。剔除此項影響後，公司毛利率下降，主要原因是銷售結構轉移到雲端業務和遊戲業務。

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.

營運費用以固定匯率計算成長3%和2%，低於預期，主要得益於與新冠疫情相關的成本節約超出預期、零售門市支出減少以及投資項目延期至未來幾季。整體而言，公司員工人數年增超過10%，這得益於我們對客戶成功、雲端工程和銷售等關鍵領域的重點投資。

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.

以固定匯率計算，營業收入成長了 29% 和 26%，營業利潤率年增 4 個百分點至 42%，其中會計估計變化帶來的約 2 個百分點的有利影響和 COVID 相關節省帶來的近 1 個百分點的有利影響。

Now to our segment results. Revenue from Productivity and Business Processes was $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.

現在來看各業務板塊的業績。生產力和業務流程業務的營收為 134 億美元，以固定匯率計算分別成長 13% 和 11%，超出預期，主要得益於 Office 商業版和 LinkedIn 的強勁成長。由於去年同期基數較高（其中約 3 個百分點的成長主要來自日本市場的強勁交易），Office 商業版營收以固定匯率計算分別成長 11% 和 9%。 Office 365 商業版營收以固定匯率計算分別成長 21% 及 20%。績效成長主要得益於所有工作負載和客戶群的安裝基數擴大以及平均每用戶收入 (ARPU) 的提高。

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.

先前提到的對 Microsoft 365 的強勁需求，尤其是對我們的安全、合規和語音組件的需求，再次推動了 E5 收入在本季度加速成長。付費 Office 365 商業版席位年增 15%，這得益於我們免費試用產品的強勁轉換率。此外，我們面向中小企業和第一線員工的產品也實現了顯著成長。

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.

受強勁的去年同期業績提振，Office 消費者業務收入年增 7%，以固定匯率計算成長 6%，其中日本市場強勁的交易量貢獻了約 7 個百分點的成長。 Microsoft 365 消費者訂閱用戶成長至 4,750 萬，較去年同期成長 28%。 Dynamics 業務營收年增 21%，以固定匯率計算成長 18%，主要得益於 Dynamics 365 業務營收以固定匯率計算分別成長 39% 及 37%。本季度，採用多個 Dynamics 365 工作負載的客戶數量再次加速成長。

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 營收以固定匯率計算成長 23% 和 22%，遠超預期。由於前文所述的強勁廣告市場，我們的行銷解決方案業務成長加速至 53%。各業務板塊毛利以固定匯率計算分別成長 13% 和 11%，毛利率年比基本持平，會計估計變更帶來了約 2 個百分點的有利影響。營業費用以固定匯率計算分別成長 4% 和 3%，營業利潤以固定匯率計算分別成長 19% 和 17%，其中會計估計變更帶來了 5 個百分點的成長。

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.

接下來是智慧雲端業務板塊。營收達146億美元，超出預期，以固定匯率計算分別成長23%和22%。伺服器產品和雲端服務營收以固定匯率計算分別成長26%和24%。 Azure營收以固定匯率計算分別成長50%和48%，主要得益於我們以消費為基礎的業務的強勁成長，而這又得益於前文所述的各產業和客戶群的改善。我們的每用戶績效也優於預期，主要得益於企業行動和安全安裝基礎的加速成長，成長29%至超過1.63億個席次。由於去年同期業績強勁（其中包含了Windows Server 2008停止支援帶來的約4個百分點的利好），我們的本地伺服器業務按固定匯率計算分別增長4%和3%，這主要得益於市場對我們混合雲和高級產品的持續需求，從而實現了強勁的年金收益。

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.

企業服務收入以固定匯率計算成長5%和4%，主要得益於高階支援服務的成長。該業務板塊毛利以固定匯率計算分別成長29%和27%，毛利率年增3個百分點，其中會計估計變更帶來了約3個百分點的有利影響。營業費用以固定匯率計算分別成長12%和11%，營業收入以固定匯率計算分別成長43%和41%，其中會計估計變更帶來了約10個百分點的有利影響。

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.

接下來是個人運算業務。營收達151億美元，年增14%，以固定匯率計算成長13%，所有業務均超乎預期。 Windows業務方面，儘管去年同期OEM專業版業務因Windows 7停止支援而表現強勁，但整體PC市場表現依然強勁，僅帶動OEM營收成長1%。 OEM非專業版業務營收成長24%，而OEM專業版業務營收下降9%。季度末庫存水準處於正常範圍內。

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.

受 Microsoft 365 和我們先進的安全解決方案的持續需求所推動，Windows 商業產品和雲端服務收入分別以固定匯率成長 10% 和 8%。 Surface 營收分別以固定匯率成長 3% 及 1%。搜尋收入（不含 TAC）以固定匯率分別成長 2% 和 1%，受益於前文所述的廣告市場改善。遊戲收入分別以固定匯率成長 51% 和 50%。 Xbox 硬體營收成長 86%，主要得益於新主機發布以及上一代主機降價促銷活動。 Xbox 內容和服務收入分別以固定匯率成長 40% 和 38%，第三方交易、Game Pass 訂閱用戶和第一方遊戲均實現強勁成長。

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.

以固定匯率計算，分部毛利分別成長11%及9%，但毛利率較去年同期下降2個百分點，主要受銷售組合轉移至遊戲業務的影響。營業費用下降10%，營業收入分別成長25%及22%（以固定匯率計算）。

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%.

現在回到公司整體業績。資本支出（包括融資租賃）為54億美元，年增20%，以支持全球對我們雲端服務日益增長的需求和客戶使用量。用於購置固定資產的現金支出為42億美元。經營活動產生的現金流為125億美元，年增17%，強勁的雲端服務帳單和收款部分被與稅務審計和解相關的付款所抵銷。自由現金流為83億美元，年增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.

剔除這些稅項支出的影響，經營活動產生的現金流量和自由現金流量分別增加了33%和41%。其他收入和支出為4.4億美元，高於預期，主要得益於投資淨收益，包括股權投資組合的市值調整收益以及外幣重估淨收益。我們的實際稅率約為16%，與預期相符。最後，我們透過股票回購和分紅向股東返還了100億美元，年增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.

現在我們來談談展望。我對下一季以及全年業績的預測均未包含 ZeniMax 收購的影響，我們預計該收購仍將在本財年結束前完成。在商業業務方面，持續穩定的執行力、對客戶成功的專注以及在高成長市場中極具吸引力的解決方案組合，應該能夠推動我們再創佳績。在消費業務方面，我們預計對 PC 和辦公室工具的需求將持續旺盛，但去年 Windows 7 停止支援仍將對成長率產生一定影響。在遊戲業務方面，我們預計 Xbox 平台將持續保持強勁的用戶參與度，並且對 Xbox Series X 和 S 的需求依然旺盛，但仍將受到供應的限制。此外，我們的搜尋和 LinkedIn 業務也將受益於廣告市場的復甦。

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，第三季到期合約基數不斷成長，而去年同期基數較低，因此，我們核心年金銷售策略的強勁執行以及對雲端平台日益增長的投入，應能推動業務穩健成長。需要注意的是，大型長期 Azure 合約佔比不斷增加，而這些合約的到期時間更難以預測，這可能會導致季度成長率出現波動。

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.

受會計估計調整的影響，商業雲毛利率預計將年增約3.0%。剔除此項影響後，Azure、IaaS和PaaS毛利率的持續成長將被Azure營收佔比的提升以及為支持客戶成功而持續的投資所抵銷。我們預計，隨著我們持續投資以滿足全球對雲端服務日益增長的需求，資本支出將環比成長。

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.

接下來談談外匯市場。根據目前的匯率，我們預期外匯市場將使公司總收入、銷售成本和營運費用增加約2個百分點。在各業務板塊中，外匯市場預計將使生產力和業務流程收入成長約3個百分點，智慧雲端和更多個人運算收入成長約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.

接下來是各業務板塊的業績指引。在生產力和業務流程領域，我們預計營收將在133.5億美元至136億美元之間。在Office商業版領域，營收成長將再次由Office 365推動，同時E5版本仍有持續的追加銷售機會。在本地部署業務方面，儘管我們預期交易型購買趨勢將持續改善，但由於客戶持續向雲端遷移，我們預期營收將出現15%至10%的下滑。

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 消費者業務方面，鑑於去年同期強勁的基數效應，預計營收成長將與上季持平，Microsoft 365 訂閱營收將持續成長。在 LinkedIn 方面，我們預期平台持續強勁的用戶參與度將推動營收成長，成長 20% 左右。在 Dynamics 方面，持續的成長動能將推動營收成長，與上季持平。

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.

對於智慧雲端業務，我們預計營收將在 147 億美元至 149.5 億美元之間。 Azure 業務的營收將再次受惠於按需付費業務的強勁成長。而按用戶付費業務方面，我們預計將繼續受益於 Microsoft 365 套件的強勁成長動能。在本地部署伺服器業務方面，我們預計營收成長將達到個位數中低水平，這主要得益於混合雲和高級年金型服務產品的持續需求，而去年同期業績強勁，並受益於 Windows Server 2008 停止支援。企業服務業務的營收成長預計與上季基本持平。

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「更多個人運算」業務方面，我們預計營收將在 123 億美元至 127 億美元之間。在 Windows 業務方面，由於去年同期基數較高，整體 OEM 營收成長預計將維持在個位數低點。 Windows 商用產品和雲端服務業務的成長預計將在 10% 至 20% 左右，主要得益於市場對 Microsoft 365 和我們先進的安全解決方案的持續需求。在 Surface 業務方面，由於去年同期基數較低，市場需求強勁，預計將推動營收成長至 10% 至 20% 左右。在搜尋業務（不包括 TAC）方面，成長將主要得益於廣告市場的改善。在遊戲業務方面，我們預計營收成長約為 40%，主要得益於下一代遊戲主機的銷售以及 Xbox 內容和服務營收成長（預計在 20% 左右）。

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%.

現在回到公司業績指引。我們預計第三季銷售成本為131億美元至133億美元，營運費用為119億美元至120億美元。在其他收入和支出方面，利息收入和支出應該會相互抵消。我們預計第三季稅率約為15%，略低於全年約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 2021 財年，憑藉上半年強勁的業績和對第三季度的展望，我們預計即使不計入會計估計變化和新冠疫情相關節省的影響，也能實現又一個全年兩位數的收入和營業利潤增長，以及健康的營業利潤率擴張。

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.

綜上所述，在充滿挑戰且瞬息萬變的環境中，我們上半年的業績表現出色。幾季乃至數年的投資，加上團隊專注高效的執行，共同打造了極具吸引力的產品組合，不僅為客戶創造了價值，也為我們未來的發展藍圖注入了信心。

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 在先前的電話會議中討論了我們獨特、全面和一體化的產品組合，這些產品和服務涵蓋了廣闊的成長市場，我們將繼續廣泛而大膽地投資，抓住擺在我們面前的重大機會。

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

那麼，麥克，我們進入問答環節吧。

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。現在進入問答環節。為了尊重其他與會者，請每位與會者只提一個問題。接線員，請您再重複指示好嗎？

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

（操作說明）我們的第一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

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、Amy以及整個團隊，恭喜你們本季取得如此佳績！幾乎所有業務板塊都超預期。新冠疫情或去年同期的高基數似乎並未造成任何實質影響。我有兩個問題：第一，我們是否可以認為新冠疫情的影響基本上已經過去？第二，去年同期的高基數是否真的足以支撐你們取得如此亮眼的業績？或者說，我們現在看到的市場需求是否足以支撐你們實現如此高的業績？

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。或許我可以先說，艾米，你可以補充。我認為我們看到的一點是，新冠疫情為所有客戶都帶來了諸多限制，但其中一個結構性變化是，數位化技術正變得至關重要，它不僅關乎核心韌性和業務連續性，也關乎應對客戶行為和期望的結構性變化。

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，涵蓋從商業應用、行業解決方案到基礎設施的各個方面，我認為我們從中受益匪淺，而這正是您在本季度所看到的。但對我而言，更重要的是，馬克，展望未來十年計算和數位技術將在各行各業發揮的作用，這顯然是我們持續關注並大力投資的機會所在。

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，關於你問題的後半部分，也就是提到的那些更具挑戰性的對比案例，我認為我們還沒有遇到。這也是我提到幾個例子的原因，尤其是第三季OEM廠商停止支援Pro產品線的情況；還有我們伺服器本地部署業務也即將停止支援。所以，就第三季而言，我特別想強調這兩點。

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本季業績加速成長，非常亮眼。您能否談談您觀察到的交易範圍和規模？以及其他任何您認為有助於解釋業務加速成長的原因？

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。也許我該先開口了。艾米，你可以補充。我想再次強調，Azure 的一些核心差異化優勢，無論是混合雲的領先地位，還是市場上極具差異化和競爭力的全新數據產品，亦或是與我們技術棧其他各層的整合——無論是開發層（例如 Power Platform、GitHub、Teams、Power Apps 和 Azure DB），還是我們在醫療保健和零售等行業的解決方案，都旨在縮短價值實現時間，為客戶帶來價格差異化和成本優勢，而最重要的是，提升敏捷性——即客戶構建自身數位化能力的能力。這就是 Azure 發展加速的原因。但當我們談到微軟雲端時，我們想到的是所有組件協同運作，為客戶創造價值和差異化優勢。

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.

布倫特，關於Azure的財務數據，我或許想補充幾點，也為了確保我們明確一些重要的驅動因素。需要說明的是，Azure的消費並非指交易規模，也並非指已簽署的交易數量。顯然，您也看到了，我們本季的預訂量表現良好，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.

本季我們看到的是真正的基本面消費成長，以及成長曲線的重新加速，尤其是在那些在第四季和第一季受到衝擊較大的產業。因此，我會這樣描述，坦白說，甚至包括一些中端市場和細分領域的復甦。展望未來，顯然，正如薩蒂亞所說，關鍵在於差異化和使用量。我們期待確保繼續保持良好的預訂量；但就本季而言，真正起作用的是使用量的成長，而不是合約的減少。

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

我們的下一個問題來自瑞銀集團的卡爾‧基爾斯蒂德。

Amy, 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（也就是三月的季度）的PBP指南。我認為它明顯高於所有人的預期。我尤其想問Office 365的情況。在微軟所有業務中，尤其是規模較大的業務，除了Office 365之外，其他業務在最近這個季度都實現了成長。儘管Office 365遷移到了E5版本，也進行了免費用戶轉付費用戶的轉換，但我們並沒有看到Office 365的成長真正加速。我想請你分析一下原因。

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.

問題的第二部分是，您針對該細分市場在三月季度的表現非常出色，這讓人推斷 Office 365 的成長可能會在三月加速。我想知道您能否確認這是一個合理的假設。

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 指南裡有幾點要注意，我來簡單解釋一下。正如你所聽到的，實際上，第三季幾乎所有組件的執行情況都保持穩定或略有改善，對吧？ LinkedIn 有成長，Office 商業版也有成長，消費者版訂閱量的成長也反映了這一點。 Dynamics 的執行情況也很好。所以對我來說，情況略好一些。我們稍後再來詳細討論 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.

這些業務板塊在第三季都保持了非常穩定的業績，這很不錯。說到 Office 365，有趣的是，我們看到了許多以前也出現過的情況，但別忘了，去年 Office 商業版的績效比較基數很高。所以，就我個人而言，我認為我們執行得非常出色。我們看到第一線用戶席次成長趨勢有所改善；中小企業用戶席次成長趨勢也有所改善，當然，這些改善目前還不會反映在營收中；試用轉換率也很高，考慮到所有收入都是訂閱收入，這更反映了未來的營收成長，而不是當季營收。我們看到席位成長、轉換率和 E5 銷售情況都很好。因此，就客戶從訂閱中獲得的價值以及我們在市場上看到的轉換率而言，我對第二季末和第三季初的業績感到非常滿意。

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。我只想補充一點，關於微軟 365，我最近看到的最棒的一點是，一位客戶談到他們現在使用的所有功能，與去年相比，Office 365 帶來了新的價值，使用深度和增長顯著。我認為這才是該系列產品未來發展的真正力量所在。所以我希望各位股東能夠專注於產品功能的深度和廣度，以及用戶使用情況——尤其是每個帳戶的使用深度，我認為這正是我們目前重點關注和投資的領域。

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基斯‧韋斯。

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，我想深入探討你在介紹中提到的一個主題。那就是Teams如何作為一個框架貫穿你們所有的解決方案，並將越來越多的人連接到微軟的框架中。這季度我做了一些電話會議，詢問了競爭對手收購Teams競爭對手的情況。很多通路人士都跟我說，Teams是如何應對Dynamics CRM的挑戰的，對吧？他們認為這次收購是為了防禦Dynamics CRM。聽到這兩者之間竟然有聯繫，我感到很驚訝。

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.

您能否幫我們理解兩件事：第一，Teams是如何整合其他產品的？第二，Teams是如何幫助微軟吸引更多第一線員工的？因為我覺得大多數人對微軟的印像都停留在資訊工作者層面，但第一線員工群體對你們來說也是一個非常重要的領域。

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，非常感謝基斯的提問。你說得完全正確。我想我之前在電話會議中也提到過這一點，我們開發 Teams 的初衷就是將其打造為整合多種功能的工具。它整合了聊天、會議、辦公室協作以及業務流程工作流程，所有這些都整合在一個平台上。這正是 Teams 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，我們當然也有各種工具套件，但就整合通訊、協作和業務流程而言，這是首款比 Outlook 更強大的產品。這就是您所看到的。我在評論中也提到過這一點，所以我強調了單獨使用業務線應用程式的現狀。

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（無論是我們的還是其他的）出現之前，現實情況是，任何企業中最常用的都是由企業及其IT部門為所有部門（無論是人力資源、財務還是運營）定制構建的業務線應用。這確實是推動Teams作為平台功能使用率上升的主要因素之一，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——你提到了第一線。一線員工在手機上使用 Teams 時，會用到一些排班應用程式和庫存盤點應用，但庫存管理應用其實是用 Power Apps 建構的。這就是你現在看到的。當然，還有與 Dynamics 的集成，以及與所有 SaaS 應用的集成，無論是 Workday、SAP、ServiceNow 還是 Salesforce，所有這些應用都在快速地整合到 Teams 中。這就是我們看到的 Teams 作為平台的強大功能。

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.

您說得完全正確，這已經不只是知識工作者之間的協作了。事實上，更重要的是，知識工作者不僅要協作，還要讓承擔更多此類工作的基層員工能夠利用數位化工具參與工作流程中，而不是孤立地工作。

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馬克墨菲。

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?

我也要向你表示祝賀。艾米，你認為疫情後微軟在房地產規模和差旅費用方面的支出結構會顯著改變嗎？ ——薩蒂亞，或許你也能談談這方面。你是否預期隨著時間的推移，員工會更全面地返回辦公室，商務旅行也會更全面地恢復，以至於支出結構不會有太大變化？

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.

或許我可以大致談談我對微軟以及我們目前所看到的復工情況的看法。馬克，我認為關鍵在於，我們現在考慮的是，在時間安排、工作地點，甚至辦公室方面，員工都將擁有更大的靈活性，因為我認為人們的預期已經改變了。顯然，我們未來不會再面臨同樣的限制，所以我完全不認為我們會一直維持現狀。但同時，我們不可能回到2020年1月的狀態。

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.

所以，我認為對我們來說，關鍵在於保持靈活性。這就是為什麼即使回到我們之前關於Teams的討論，工作也並非只發生在線上會議中，對吧？工作發生在會前、會中、會後，尤其是在混合辦公模式下，你需要一套完善的工具來真正追蹤工作流程，無論員工身處何地。而這正是我們目前關注的重點。

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.

我們自己的政策中已經制定了更靈活的方案，這些方案會因職能、地理和時間而異。所以，我們預期工作方式會朝著這個方向發展。艾米，我不知道你是否想在費用方面再增加一些。

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。我想補充的是，馬克，或許我們應該跳脫這個問題的狹隘框架，將其擴展到我們未來整體的支出邏輯。在很多方面，這也是我之前提到過去一年員工人數成長超過 10% 的原因，因為我們投資於我們看到的重大機遇，並致力於幫助客戶取得成功。

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.

坦白說，我們目前在全球許多地區遠距辦公已接近一年。因此，我們將繼續增加對這些地區的投入，了解並學習如何為員工提供靈活的工作方式，以及未來的出行模式應該如何調整。當然，我們也會盡全力為客戶創造價值，這才是我們投資該領域的根本動力。

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，顯然我們有很多機會在工作方式上繼續保持靈活性，薩蒂亞也談到了這一點。但這其實是一個相當廣泛的話題，在很多方面，我認為它都涉及到對各行各業、各個崗位的生產力意義進行更廣泛的重新思考。我認為這對微軟365以及我們正在開發的許多工具來說，都是一個令人振奮的時刻。

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華特‧普里查德。

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.

想問Satya，您是如何看待價值2000億美元的企業應用市場的？您在這個領域的市佔率總體來說相當低。您的Dynamics產品表現非常出色，而且似乎還在加速成長。我想了解一下，您是如何從更廣泛的角度看待這個市場，以及它對公司而言蘊藏的機會的。

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。沃爾特，我們非常非常專注於我們認為的現代業務流程應用。我的看法是，我們需要徹底重新思考，即使以我們之前討論的那些需要整合到通訊工具中的工作流程為例，也要思考如何才能真正實現第一線員工、知識工作者和業務流程之間的無縫銜接。我認為這會帶來巨大的機會。

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，以數位孿生技術為例，它能將自動化程度提升到製造業的更高水準。因此，將 Azure PaaS 服務與 Dynamics 365 的 SaaS 功能結合，可以大幅改變數位化製造，而這很可能成為未來發展的重要趨勢之一。供應鏈領域也是如此。

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。對我們而言，業務流程和業務應用程式的參與將涵蓋 Azure、資料、AI、業務應用程式以及 Power Apps 等各個方面。因此，它並非一個狹窄的類別，因為我認為大多數人衡量業務應用程式的方式以及業務和應用程式的分類都相當狹隘。但業務流程的範圍要廣泛得多。我認為，這至少是我們目前努力的方向。

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.

薩蒂亞，我再補充一點。我認為，對我們以及股東而言，Dynamics 最令人興奮的地方之一，在於它所代表的產業重新定義的廣闊前景。即使是如今定義商業應用的術語和分類，我認為我們也會發現，它們非常龐大，不僅我們的 Dynamics 產品組合會涵蓋這些內容，我們的 LinkedIn 產品組合、Power Platform 產品組合、Microsoft 365 以及 Azure 也將部分涵蓋這些內容。我認為，從整體角度思考這個問題，正是它對我們如此重要的原因，也是我們始終堅持以商業雲為框架的原因。客戶就是透過商業雲來看解決方案的。這是我們銷售解決方案的方式。也是我們實際實施業務流程變革的解決方案的方式。

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雷莫·倫肖。

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?

我也要向你們表示祝賀。我想和你們聊聊遊戲方面。顯然，你們本季業績非常出色，但幾個月前我們也看到了Xbox Game Pass Ultimate（也就是我們熟知的xCloud）的推出。你們能否談談這項服務早期的一些體驗，以及你們認為它未來發展的重要性？

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，也許我會先說。艾米，你可以補充一下。關於xCloud，目前還處於非常早期的階段，但我們對它所提供的擴展機會感到非常興奮。這項服務現在真正讓我們能夠將我們的遊戲庫擴展到任何傳統平台，特別是遊戲主機和PC，從而超越這些限制。

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.

所以，正如您所想，從覆蓋面來看，這讓我們非常興奮。我們現在擁有了實現這一目標的技術解決方案，雖然目前還處於起步階段，但同時，我們將確保為所有主機玩家和PC玩家提供卓越的服務，這將是我們衡量訂閱價值的方式。

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

我們最後一個問題來自 Stifel 的 Brad Reback 一線。

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，扣除審計結算費用後，本季的現金流遠超預期，我知道你也提到本季的帳單收入強勁。但展望未來，我們是否應該注意一些潛在的風險和機會？或者我們只需關注現金流與淨利潤基本同步成長即可？

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，因為那些會影響季度業績的因素，就像你提到的那樣，例如本季度的結算情況、自由現金流、現金資本支出的時間安排（與權責發生製下的支出相比）。

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.

但總體而言，它應該與整體營業收入保持同步，真正反映我們業務執行的基本面。我們一直關注這一點。而且我確實認為，強勁的銷售、利潤率的提高，尤其是在雲端業務方面，都對我們在這方面有所幫助。

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。今天的財報電話會議問答環節到此結束。感謝各位今天參加，我們期待很快能與大家再次交流。

Thank you all, and stay safe.

謝謝大家，請注意安全。

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。今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。