微軟 (MSFT) 2021 Q1 法說會逐字稿

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

各位好，歡迎參加微軟2021財年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我很高興向大家介紹主持人，投資者關係總經理麥可‧史賓塞。謝謝。你可以開始了。

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

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

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. 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 quarterly performance in addition to the impact these items and events have on the financial results.

在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，旨在補充我們今天電話會議上的發言，並提供 GAAP 和非 GAAP 財務指標之間差異的調節表。除非另有說明，否則我們將在電話會議中提及非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。這些內容作為補充說明項目，旨在幫助投資者進一步了解公司季度業績以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted. We 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，我們今天在電話會議上所做的所有成長比較均與去年同期相關。我們也會提供以固定匯率計算的成長率（如有），以此作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只提及成長率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.

通話結束後，我們將立即在網站上發布準備好的發言稿，直到完整的通話記錄發佈為止。今天的電話會議將進行網路直播和錄製。如果您提出問題，該問題將包含在我們的直播中、文字稿中以及將來對錄音的任何使用中。您可以造訪微軟投資者關係網站，重播此電話會議並查看會議記錄。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors sections 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. And with that, I'll turn the call over to Satya.

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。實際結果可能與今日獲利新聞稿、本次電話會議中的評論以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他報告和文件中「風險因素」部分討論的因素存在重大差異。我們不承擔更新任何前瞻性聲明的義務。說完這些，我將把電話轉給 Satya。

Thank you, Mike. We are off to a strong start in fiscal 2021, driven by the continued strength of our commercial cloud, which surpassed $15 billion in revenue, up 31% year-over-year. The next decade of economic performance for every business will be defined by the speed of their digital transformation. We are innovating across the full modern tech stack to help customers in every industry improve time to value, increase agility and reduce costs.

謝謝你，麥克。在商業雲端業務持續強勁成長的推動下，我們在 2021 財年取得了強勁的開局，商業雲端業務營收超過 150 億美元，較去年同期成長 31%。未來十年，各企業的經濟表現將取決於其數位轉型的速度。我們正在對整個現代技術棧進行創新，以幫助各行各業的客戶縮短價值實現時間、提高敏捷性並降低成本。

Now I'll highlight examples of our momentum and impact, starting with Azure. We are building Azure as the world's computer with more data center regions than any other provider, now 66, including new regions in Austria, Brazil, Greece and Taiwan. We're expanding our hybrid capability so that organizations can seamlessly build, manage and deploy their applications anywhere. With Arc, customers can extend Azure management and deploy Azure data services on-premise, at the edge or in multi-cloud environments. With Azure SQL Edge, we are bringing SQL data engine to IoT devices for the first time. And with Azure Space, we are partnering with SpaceX and SES to bring Azure compute to anywhere on the planet.

現在我將重點介紹我們所取得的進展和影響的例子，首先從 Azure 開始。我們正在將 Azure 打造成全球最大的計算機，其資料中心區域比其他任何供應商都多，目前已達 66 個，包括奧地利、巴西、希臘和台灣的新區域。我們正在擴展混合部署能力，以便企業能夠在任何地方無縫建置、管理和部署其應用程式。透過 Arc，客戶可以擴展 Azure 管理，並在本機、邊緣或多雲環境中部署 Azure 資料服務。透過 Azure SQL Edge，我們首次將 SQL 資料引擎引入物聯網設備。透過 Azure Space，我們與 SpaceX 和 SES 合作，將 Azure 運算帶到地球上的任何地方。

Leading companies in every industry are taking advantage of this distributed computing fabric to address their biggest challenges. In energy, both BP and Shell rely on our cloud to meet sustainability goals. In consumer goods, PepsiCo will migrate its mission-critical SAP workloads to Azure. And with Azure for Operators, we are expanding our partnership with companies like AT&T and Telstra, bringing the power of the cloud and the edge to their networks. Just last week, Verizon chose Azure to offer private 5G mobile edge computing to their business customers.

各行各業的領導企業都在利用這種分散式運算架構來應對他們面臨的最大挑戰。在能源領域，BP 和殼牌都依靠我們的雲端來實現永續發展目標。在消費品領域，百事公司將把關鍵業務的 SAP 工作負載移轉到 Azure。透過 Azure for Operators，我們正在擴大與 AT&T 和 Telstra 等公司的合作關係，將雲端和邊緣運算的強大功能引入他們的網路。就在上週，Verizon 選擇 Azure 為其企業客戶提供私人 5G 行動邊緣運算服務。

When it comes to data, Azure brings together cloud-native, limitless data and unmatched analytics. Nearly 1 million SQL databases have migrated to Azure to date, and we process more than 1.4 trillion customer queries each day. The number of petabyte-scale workloads running on Azure has more than doubled year-over-year. Azure Synapse redefines cloud analytics by bringing together enterprise data warehousing and big data analytics. With Synapse Link, customers can run real-time analytics over their operational data. They can build advanced AI models using Azure Machine Learning to identify trends and predict outcomes. And with Power BI, anyone in an organization can access these insights and build custom dashboards.

在數據方面，Azure 將雲端原生、無限量數據和無與倫比的分析能力結合在一起。迄今為止，已有近 100 萬個 SQL 資料庫遷移到 Azure，我們每天處理超過 1.4 兆個客戶查詢。在 Azure 上執行的 PB 級工作負載數量年增超過一倍。Azure Synapse 將企業資料倉儲和大數據分析結合在一起，重新定義了雲端分析。借助 Synapse Link，客戶可以對其營運數據進行即時分析。他們可以使用 Azure 機器學習建立高級 AI 模型，以識別趨勢和預測結果。借助 Power BI，組織中的任何人都可以存取這些見解並建立自訂儀表板。

From Electrolux, GE Aviation and Rockwell Automation in manufacturing to Marks & Spencers and Myntra in retail, businesses are choosing Synapse to accelerate time to insight across their organization. We are also leading in AI and in its enterprise applications. Azure Cognitive Services make it easier for organizations from Airbus to Volkswagen to build applications that see, hear, speak, search, understand and accelerate decision-making.

從製造業的伊萊克斯、GE航空和羅克韋爾自動化，到零售業的瑪莎百貨和Myntra，各大企業都在選擇Synapse來加速其組織內部的洞察速度。我們在人工智慧及其企業應用領域也處於領先地位。Azure 認知服務使從空中巴士到大眾汽車等組織能夠更輕鬆地建立視覺、可聽、可說、可搜尋、可理解並加速決策的應用程式。

We are going further to meet some of our customers' biggest challenges today, introducing new capabilities to understand people's movements in physical space and detect anomalies in metrics. And our partnership with OpenAI brings leading-edge large-scale AI models such as GPT-3 to Azure.

為了應對客戶目前面臨的一些最大挑戰，我們正在進一步推出新功能，以了解人們在物理空間中的移動情況並檢測指標異常。我們與 OpenAI 的合作將 GPT-3 等領先的大規模 AI 模型引入 Azure。

Now to developers. As software developers become critical to value creation in every industry, their productivity is key to business performance. We have the most widely used and loved tool chain to help developers rapidly go from idea to code and code to cloud. With the world's most popular code editing tools, Visual Studio as well as VS Code, developers are more productive than ever. With GitHub, more than 70% of the Fortune 50 build software together. And with Azure, they have the best-in-class services to build cloud-native apps and modernize existing ones.

現在輪到開發者了。隨著軟體開發人員在各行各業的價值創造中扮演越來越重要的角色，他們的生產力是企業績效的關鍵。我們擁有應用最廣泛、最受歡迎的工具鏈，可以幫助開發人員快速地將想法轉化為程式碼，並將程式碼部署到雲端。借助全球最受歡迎的程式碼編輯工具 Visual Studio 和 VS Code，開發人員的效率比以往任何時候都更高。透過 GitHub，超過 70% 的財富 50 強企業共同開發軟體。借助 Azure，他們擁有建置雲端原生應用程式和對現有應用程式進行現代化改造的一流服務。

New code scanning capabilities in GitHub help developers find security vulnerabilities before they reach production. And new integrations between GitHub and Power Apps enables professional developers and domain experts to collaborate. At the PaaS layer, we are innovating to help developers build modern applications. New Azure Communication Services enables any developer to integrate rich communication APIs into their application, using the same infrastructure that powers Teams. With Azure mixed reality services, the entire world is an application canvas. Lockheed Martin, for example, is using Azure mixed reality and HoloLens to speed up the development of the Orion spacecraft.

GitHub 新增的程式碼掃描功能可以幫助開發者在安全漏洞進入生產環境之前發現它們。GitHub 和 Power Apps 之間的新整合使專業開發人員和領域專家能夠進行協作。在PaaS層，我們正在進行創新，以幫助開發者建立現代應用程式。全新的 Azure 通訊服務使任何開發人員都能將豐富的通訊 API 整合到他們的應用程式中，使用與 Teams 相同的基礎架構。借助 Azure 混合實境服務，整個世界都變成了一個應用程式畫布。例如，洛克希德馬丁公司正在使用 Azure 混合實境和 HoloLens 來加快獵戶座太空船的開發。

Now to Power Platform. More than ever, companies need to empower domain experts to increase the rate of digitization across the enterprise. Power Platform is the only low-code/no-code solution that enables anyone in an organization to rapidly create an application, build a virtual agent, automate a workflow or analyze data. Power Platform now has more than 10 million monthly active users at more than 500,000 organizations from IKEA to Toyota. PayPal, for example, is using Power BI within Teams to expand access to data insights.

接下來是 Power Platform。如今，企業比以往任何時候都更需要賦予領域專家權力，以加速整個企業的數位化進程。Power Platform 是唯一低程式碼/無程式碼解決方案，它使組織中的任何人都能快速建立應用程式、建立虛擬代理、自動化工作流程或分析資料。Power Platform 目前擁有超過 1,000 萬月活躍用戶，用戶遍佈超過 50 萬家機構，其中包括宜家和豐田等知名企業。例如，PayPal 正在 Teams 中使用 Power BI 來擴展對資料洞察的存取。

More than 1,900 organizations have signed up to use the return to workplace solution to help keep employees safe and healthy when they go back to the office. The Los Angeles Unified School District plans to use Power Platform to help keep 700,000 students and educators safe across more than 1,400 schools when they reopen.

超過 1900 家機構已註冊使用該重返工作場所解決方案，以幫助員工在返回辦公室時保持安全和健康。洛杉磯聯合學區計畫使用 Power Platform 來幫助保障 1,400 多所學校重新開放後 70 萬名學生和教育工作者的安全。

Now on to Dynamics 365. As organizations look to move from being reactive to proactive, they're choosing Dynamics 365. From AEP and Chipotle to Ingram Micro and Walgreens Boots Alliance, we are seeing strong adoption of our customer data platform, Dynamics 365 Customer Insights. More companies are turning to our mixed reality solutions to keep employees connected with experts even when they're apart. Mercedes-Benz is using Dynamics 365 Remote Assist to help technicians across its U.S. dealership services increase -- service increasingly complex cars faster. And BHP is using the solution to keep employees at mining sites in rural Australia safe. Just yesterday, we announced a partnership with C3.ai and Adobe to bring to market a new class of industry-specific CRM solutions powered by Dynamics 365.

接下來是 Dynamics 365。隨著企業尋求從被動應對轉向主動出擊，他們正在選擇 Dynamics 365。從 AEP 和 Chipotle 到 Ingram Micro 和 Walgreens Boots Alliance，我們看到我們的客戶資料平台 Dynamics 365 Customer Insights 得到了廣泛應用。越來越多的公司開始採用我們的混合實境解決方案，以便即使員工身處異地也能與專家保持聯繫。梅賽德斯-奔馳正在使用 Dynamics 365 Remote Assist 來幫助其美國各地經銷商​​的技術人員提高維修服務效率，並更快地維修日益複雜的汽車。必和必拓正在利用此解決方案來保障澳洲農村礦區員工的安全。就在昨天，我們宣布與 C3.ai 和 Adob​​e 建立合作夥伴關係，將由 Dynamics 365 提供支援的新型產業特定 CRM 解決方案推向市場。

At our first industry-specific call, the Microsoft Cloud for Healthcare will become generally available later this week. It brings together health care-specific capabilities from across Dynamics 365 as well as Microsoft 365, Power Platform and Azure to help providers like Cleveland Clinic and St. Luke's Health Network improve patient outcomes.

在我們的首次行業專項電話會議上，微軟醫療保健雲端將於本週稍後正式上線。它整合了 Dynamics 365 以及 Microsoft 365、Power Platform 和 Azure 中的醫療保健特定功能，以幫助像克利夫蘭診所和聖路易斯醫院這樣的醫療機構。聖路加健康網絡改善患者治療效果。

Now to LinkedIn. Amid a rapidly changing work environment, LinkedIn is where more than 722 million professionals go to connect with their communities, learn new skills and find new opportunities. We saw record levels of engagement again this quarter. We launched our most significant redesign with a streamlined search and messaging experience as well as new ways for connecting and sharing with stories. More professionals are turning to LinkedIn Learning to increase their knowledge capital, watching more than 1 million hours of content each week, more than double the amount a year ago. Three people are hired every minute on LinkedIn, and new features make it easier for nearly 40 million job seekers to indicate they're looking for their next opportunity.

現在轉到領英。在瞬息萬變的工作環境中，LinkedIn 是超過 7.22 億專業人士與他們的社群建立聯繫、學習新技能和尋找新機會的平台。本季我們再次看到了創紀錄的用戶參與度。我們推出了迄今為止最重要的重新設計，簡化了搜尋和訊息體驗，並提供了連接和分享故事的新方式。越來越多的專業人士開始使用 LinkedIn Learning 來增加他們的知識資本，每週觀看的內容超過 100 萬小時，是去年同期的兩倍多。LinkedIn 每分鐘都會有 3 人找到工作，而新功能也讓近 4,000 萬求職者更容易表明他們正在尋找下一個機會。

In marketing solutions, advertiser demand on LinkedIn returned to near pre-COVID levels, up 40% year-over-year as marketers use our tools to connect with professionals ready to do business. And organizations continue to tap into the combination of LinkedIn Sales Navigator and Dynamics 365 to ensure salespeople have the context they need to sell remotely.

在行銷解決方案方面，LinkedIn 上的廣告主需求已恢復到接近新冠疫情前的水平，年增 40%，因為行銷人員使用我們的工具與準備開展業務的專業人士建立聯繫。各組織機構繼續利用 LinkedIn Sales Navigator 和 Dynamics 365 的組合，以確保銷售人員擁有遠端銷售所需的背景資訊。

Now to Microsoft 365. PCs have become mission-critical to sustain work, learning and life at home and maintain business continuity in the enterprise in a remote everything world. Windows 10 monthly active devices are up double digits year-over-year across commercial, consumer and education. And we will have the largest lineup of Surface and OEM devices ever this holiday season to support every person and work style.

接下來是 Microsoft 365。在現今遠距辦公盛行的時代，個人電腦已成為維持居家工作、學習和生活以及企業業務連續性的關鍵設備。Windows 10 的每月活躍設備數量在商業、消費和教育領域均實現了兩位數的同比增長。今年假期季，我們將推出有史以來最豐富的 Surface 和 OEM 設備產品線，以滿足每個人和各種工作方式的需求。

Microsoft 365 is the comprehensive suite of productivity apps and experiences people use and rely on every day. Teams now has more than 115 million daily active users. We are seeing increased usage intensity as people communicate, collaborate and coauthor content across work, life and learning. All up, Microsoft 365 users generated more than 30 billion collaboration minutes in a single day this quarter.

Microsoft 365 是一套全面的生產力應用和體驗套件，人們每天都在使用和依賴它。Teams 目前擁有超過 1.15 億日活躍用戶。我們看到，隨著人們在工作、生活和學習中交流、協作和共同創作內容，使用強度不斷增加。本季，Microsoft 365 用戶單日累積協作時間超過 300 億分鐘。

Teams is the only solution with meetings, calls, chat, content collaboration as well as business process workflow in a secure, integrated user experience. And as companies move online, they also want one unified platform from meetings to phone systems, which Teams delivers. The key to productivity is to move beyond transactional meetings and stay in the flow of work and maintain business process context. That's where Microsoft 365 and Teams stand out. You collaborate on a PowerPoint presentation before a meeting and share it with participants in SharePoint. If you miss a meeting, you can access a recording via stream and catch up via persistent chat. Action items can automatically be assigned in Lists. With Power Platform in Teams, you can build custom productivity apps using Lists as a data source. And you can even connect Dynamics 365 to Teams so that you can see customer information and take action.

Teams 是唯一一款集會議、通話、聊天、內容協作以及業務流程工作流於一體，並提供安全、整合式使用者體驗的解決方案。隨著企業向線上轉型，他們也希望擁有一個統一的平台，涵蓋會議和電話系統等各個方面，而 Teams 正好滿足了這項需求。提高生產力的關鍵在於超越事務性會議，維持工作流程，並掌握業務流程的背景。這就是微軟 365 和 Teams 的優勢所在。你們在會前共同製作 PowerPoint 簡報，並透過 SharePoint 與與會者分享。如果您錯過了會議，可以透過串流媒體存取錄影，並透過持續聊天功能跟進討論。清單中可以自動分配行動項目。使用 Teams 中的 Power Platform，您可以使用清單作為資料來源建立自訂生產力應用程式。您甚至可以將 Dynamics 365 連接到 Teams，以便查看客戶資訊並採取行動。

It's clear that people will need more flexibility in when, where and how they work. We are adding reimagined workspaces in Teams for every collaborator, remote, in-person or on-the-go. And we are accelerating our innovation for both first-line as well as knowledge workers with over 100 new capabilities in the last 6 months, including breakout rooms, meeting recap, shift scheduling and large-scale digital events up to 20,000 participants to help people transcend both time and distance.

很顯然，人們需要在工作時間、地點和方式上擁有更大的彈性。我們正在 Teams 中為每位協作者（無論遠端、面對面或外出）添加重新設計的協作工作區。在過去的 6 個月裡，我們為第一線員工和知識工作者加速創新，推出了 100 多項新功能，包括分組討論室、會議回顧、輪班安排和多達 20,000 名參與者的大型數位活動，以幫助人們超越時間和空間的限制。

Employee health and well-being is a top concern for every CEO. We're innovating with new experiences to help people prioritize well-being in the flow of work. New insights in Teams provides personalized recommendation -- recommended actions, making it easier for employees to create healthy work habits and for leaders to build high-performing teams. New virtual commute gives structure to remote workday with scheduled cognitive breathers, and Together Mode is helping employees at companies like Office Depot reduce video fatigue.

員工的健康和福祉是每位執行長最關心的問題。我們正在透過創新體驗，幫助人們在工作中優先考慮身心健康。Teams 中的新洞察功能提供個人化建議－推薦行動，讓員工更容易養成健康的工作習慣，領導者更容易打造高效團隊。新的虛擬通勤方式透過安排認知休息時間來建立遠距工作日的結構，「共同模式」正在幫助像 Office Depot 這樣的公司的員工減少視訊疲勞。

More broadly, we are accelerating our innovation across Microsoft 365. New Microsoft Stream is the video platform for the enterprise, making it easy to create, share and discover videos at work. Transcription and voice commands in Word help people save time, and SharePoint syntax makes it easier to find and work with content across the enterprise. We are seeing Microsoft 365 momentum in every industry. In education, nearly 270,000 institutions are using Teams to power remote learning and improve learning outcomes, including the University of Nottingham in the U.K., Morehouse College, the University of South Florida and some of the largest school districts in the United States like Miami-Dade County Public Schools.

更廣泛地說，我們正在加速 Microsoft 365 的創新。全新的 Microsoft Stream 是企業導向的影片平台，讓使用者在工作中輕鬆建立、分享和發現影片。Word 中的轉錄和語音指令可以幫助人們節省時間，而 SharePoint 語法可以更輕鬆地在整個企業中尋找和處理內容。我們看到微軟 365 在各個產業都取得了發展動能。在教育領域，近 27 萬所機構正在使用 Teams 來支持遠距學習並提高學習成果，包括英國的諾丁漢大學、莫爾豪斯學院、南佛羅裡達大學以及美國一些最大的學區，例如邁阿密戴德縣公立學校。

In sports, the NBA and NFL are reimagining the game day experience for fans. PepsiCo will deploy Microsoft 365 and Teams to its 270,000 employees worldwide. And Morgan Stanley, PricewaterhouseCoopers and Prudential Financial all chose Microsoft 365 E5 this quarter for differentiated security, compliance, voice and analytics.

在體育界，NBA 和 NFL 正在重新構想球迷的比賽日體驗。百事公司將向全球 27 萬名員工部署 Microsoft 365 和 Teams。本季度，摩根士丹利、普華永道和保德信金融集團都選擇了 Microsoft 365 E5，以獲得差異化的安全性、合規性、語音和分析功能。

Now to security. We're the only company that offers end-to-end capabilities to protect and manage data, devices, identities and infrastructure holistically, enabling a cross-platform and a multi-cloud zero trust architecture. H&R Block, for example, used our tools to implement zero trust principles in just 2 weeks, enabling thousands of tax professionals to securely work from home. In identity, Azure AD has nearly 400 million monthly active users, and we have seen usage of third-party apps increase 2x since last year.

接下來談談安全問題。我們是唯一一家能夠提供端到端能力來全面保護和管理資料、設備、身分和基礎設施的公司，從而實現跨平台和多雲零信任架構。例如，H&R Block 利用我們的工具在短短 2 週內實施了零信任原則，使數千名稅務專業人士能夠安全地在家工作。在身份驗證方面，Azure AD 擁有近 4 億月活躍用戶，而且我們看到第三方應用程式的使用量自去年以來增長了 2 倍。

In security, new Microsoft Defender simplifies threat detection and response and now includes coverage for Android and iOS as well as multi-cloud and on-premise protection for SQL workloads. In device and data management, Microsoft Endpoint Manager monitors an organization's devices in a unified platform, and new tools offer proactive remediation of issues before they disrupt end users. And in compliance, our new Compliance Manager offers more than 150 out-of-the-box assessment for regulations such as GDPR.

在安全性方面，新的 Microsoft Defender 簡化了威脅偵測和回應，現在涵蓋了 Android 和 iOS，以及 SQL 工作負載的多雲和本地保護。在設備和資料管理方面，Microsoft Endpoint Manager 在統一的平台上監控組織的設備，並且新的工具可以在問題中斷最終用戶之前主動進行修復。在合規性方面，我們新的合規性管理器提供了 150 多種開箱即用的法規評估功能，例如 GDPR。

Now to gaming. Gaming is the most expansive category in entertainment industry. 3 billion consumers look to gaming for entertainment, community and achievement, and our ambition is to empower each of them wherever they play. Our Xbox Game Pass service has more than 15 million subscribers. Quality-differentiated content is the flywheel behind the service's growth, and the addition of EA Play next month along with our pending acquisition of ZeniMax Media will add more of the world's most iconic franchises to more than 100 high-quality games already available and materially increases our ability to increase content.

接下來是遊戲環節。遊戲是娛樂產業中涵蓋範圍最廣的類別。30億消費者透過遊戲尋求娛樂、社交和成就感，我們的目標是讓他們無論在哪裡玩遊戲都能獲得力量。我們的 Xbox Game Pass 服務擁​​有超過 1500 萬訂閱用戶。優質差異化的內容是該服務成長的飛輪，下個月 EA Play 的加入，以及我們即將完成的對 ZeniMax Media 的收購，將為已有的 100 多款高品質遊戲增添更多世界最具標誌性的系列作品，並顯著提升我們增加內容的能力。

We are also transforming how games are distributed and played and reaching new players on mobile and tablet by bringing cloud gaming to Game Pass. Finally, we are delighted by early reviews and excitement in the Xbox Series S and Xbox Series X, which will be the most affordable and the most powerful consoles available.

我們也在改變遊戲的分發和遊玩方式，透過將雲端遊戲引入 Game Pass，吸引行動裝置和平板電腦上的新玩家。最後，我們很高興看到 Xb​​ox Series S 和 Xbox Series X 的早期評價和市場反響，它們將是目前市面上價格最實惠、性能最強大的遊戲主機。

In closing, in a world of uncertainty and constraints, every person and every organization needs more digital technology to recover and reimagine what comes next. This represents an unprecedented expansion of our addressable market in every layer of the tech stack. We are focused on innovating and differentiating to meet these needs and growing opportunity. With that, I'll hand over to Amy, who will cover our financial results in detail and share our outlook, and I look forward to rejoining for your questions.

最後，在這個充滿不確定性和限制的世界裡，每個人和每個組織都需要更多的數位技術來恢復元氣並重新構想未來。這代表著我們在科技堆疊的每一層都實現了前所未有的市場擴張。我們專注於創新和差異化，以滿足這些需求並抓住不斷增長的機會。接下來，我將把發言權交給艾米，她將詳細介紹我們的財務表現並分享我們的展望，我期待稍後回來回答大家的問題。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $37.2 billion, up 12% year-over-year. Gross margin dollars increased 15%, operating income increased 25%, and earnings per share was $1.82, increasing 32% and 30% in constant currency. Consistent execution by our sales teams and partners drove a strong start to the fiscal year.

謝謝你，薩蒂亞，大家下午好。本季營收為 372 億美元，年增 12%。毛利成長了 15%，營業收入成長了 25%，每股收益為 1.82 美元，以固定匯率計算成長了 32% 和 30%。銷售團隊和合作夥伴的持續高效執行，為本財年帶來了強勁的開局。

In our commercial business, customers accelerated their digital transformation priorities. And we again saw strong demand for our differentiated, high-value hybrid and cloud offerings, resulting in increased commitment to our platform and higher usage. Overall, our transactional licensing business remained a headwind, although the small and medium business customer segment improved slightly through the quarter.

在我們的商業業務中，客戶加快了數位轉型進程。我們再次看到市場對我們差異化、高價值的混合雲和雲端產品的強勁需求，從而提高了用戶對我們平台的投入和使用率。總體而言，我們的交易授權業務仍面臨不利因素，儘管中小企業客戶群在本季略有改善。

In our consumer business, continued demand for PCs and productivity tools benefited Windows OEM non-Pro, Office Consumer and Surface, and improved advertising market benefited Search and LinkedIn. And we saw continued strong engagement across our gaming platform.

在我們的消費業務中，對 PC 和生產力工具的持續需求使 Windows OEM 非專業版、Office 消費者版和 Surface 受益，而廣告市場的改善則使搜尋和 LinkedIn 受益。我們看到玩家在遊戲平台上持續保持強勁的用戶參與度。

Moving to our overall results. On the strong prior year comparable and relatively small expiration base, commercial bookings growth was ahead of expectations, increasing 23% and 18% in constant currency, driven by our core annuity sales motions and an increase in the number of large long-term Azure contracts. As a result, commercial remaining performance obligation increased 24% and 23% in constant currency to $107 billion, with a roughly equivalent split between the revenue that will be recognized within the next 12 months and beyond the next 12 months.

接下來是我們的整體結果。由於去年同期業績強勁且到期基數相對較小，商業預訂增長超出預期，按固定匯率計算分別增長了 23% 和 18%，這主要得益於我們核心年金銷售的強勁勢頭以及大型長期 Azure 合約數量的增加。因此，商業剩餘履約義務以固定匯率計算成長了 24% 和 23%，達到 1,070 億美元，其中未來 12 個月內確認的收入與未來 12 個月後確認的收入大致相等。

Commercial cloud revenue grew 31% to $15.2 billion, and commercial cloud gross margin percentage expanded 5 points year-over-year to 71%, driven by the change in accounting estimate for the useful life of server and network equipment assets discussed in our July earnings call. Excluding this impact, commercial cloud gross margin percentage was up slightly despite revenue mix shift to Azure and increased usage to support our customers' remote work scenarios.

商業雲端收入成長 31% 至 152 億美元，商業雲毛利率年增 5 個百分點至 71%，這主要得益於我們在 7 月份財報電話會議上討論的伺服器和網路設備資產使用壽命會計估計的變化。排除此影響，儘管收入結構轉向 Azure，並且為了支援客戶的遠端辦公場景而增加了使用量，但商業雲端毛利率仍略有上升。

This quarter, FX had no impact on revenue growth, more favorable than anticipated due to the weaker U.S. dollar. And in line with expectations, FX had no impact on COGS or operating expense growth. Company gross margin percentage was up 2 points year-over-year to 70%, driven by the change in accounting estimate noted earlier. Excluding this impact, company gross margin percentage was down slightly, with increasing cloud revenue mix and continued investments such as trial offers and flexible financing options that deliver greater customer value in this challenging environment.

本季，由於美元走軟，外匯波動對營收成長沒有影響，反而比預期更有利。如預期，外匯波動對銷售成本或營運費用成長沒有影響。受前面提到的會計估計變化的影響，公司毛利率年增 2 個百分點至 70%。剔除這一影響，公司毛利率略有下降，這得益於雲端收入佔比的提高以及持續的投資，例如試用優惠和靈活的融資方案，這些都在這個充滿挑戰的環境中為客戶創造了更大的價值。

Operating expense increased 3%, lower than anticipated, driven by greater-than-expected COVID-related savings and investments that shifted to future quarters. And operating margins expanded 4 points year-over-year to 43%, including roughly 2 points of favorable impact from the change in accounting estimate.

營運費用成長 3%，低於預期，主要原因是與新冠疫情相關的節省和投資超出預期，並轉移到了未來幾季。營業利潤率年增 4 個百分點至 43%，其中包括會計估計變動帶來的約 2 個百分點的有利影響。

Now to our segment results. Revenue from Productivity and Business Processes was $12.3 billion, increasing 11%, ahead of expectations, primarily driven by LinkedIn and Office Consumer. On a strong prior year comparable, Office Commercial revenue grew 9% with continued impact from the transactional weakness noted earlier. Office 365 Commercial revenue grew 21% and 20% in constant currency, driven by installed base expansion across all workloads and customer segments as well as higher ARPU. E5 revenue growth accelerated, with strong value in our advanced security, compliance and voice component.

現在來看我們各部分的業績結果。來自生產力和業務流程的收入為 123 億美元，成長 11%，超出預期，主要得益於 LinkedIn 和 Office Consumer 的推動。受上年同期強勁的可比影響，辦公商業收入成長了 9%，但仍受到先前提到的交易疲軟的影響。Office 365 商業收入以固定匯率計算增長了 21% 和 20%，這主要得益於所有工作負載和客戶群的安裝基礎擴大以及 ARPU 的提高。E5 營收成長加速，主要得益於我們先進的安全、合規和語音組件的強勁價值。

Paid Office 365 Commercial seats increased 15% year-over-year with early momentum in free trial conversions. And we saw continued seat growth in small and medium business and first-line worker offerings, with improvement through the quarter, though again at more moderated levels. Office 365 Commercial now accounts for over 70% of our existing Office Commercial paid installed base. Office Consumer revenue grew 13% with better-than-expected sales of Office 2019 and accelerating growth in Microsoft 365 subscriptions, up 27% year-over-year to 45.3 million.

付費 Office 365 商業席位較去年同期成長 15%，免費試用轉換率也呈現早期成長動能。我們看到中小企業和第一線員工的席位數量持續增長，並且本季度有所改善，儘管增速再次放緩。Office 365 商業版目前占我們現有 Office 商業版付費安裝用戶的 70% 以上。Office 消費者營收成長 13%，這得益於 Office 2019 的銷售優於預期，以及 Microsoft 365 訂閱量加速成長，較去年同期成長 27% 至 4,530 萬。

Dynamics revenue grew 19% and 18% in constant currency, better than expected, driven by Dynamics 365 revenue growth of 38% and 37% in constant currency. Growth in the number of customers adopting multiple Dynamics 365 workloads accelerated, reflecting the value of our modern solutions with compelling time to value. LinkedIn revenue increased 16%, significantly ahead of expectations, primarily driven by a stronger advertising market that benefited our marketing solutions business.

Dynamics 的營收以固定匯率計算成長了 19% 和 18%，優於預期，這主要得益於 Dynamics 365 的營收以固定匯率計算成長了 38% 和 37%。採用多個 Dynamics 365 工作負載的客戶數量成長加速，這反映了我們具有顯著價值實現速度的現代化解決方案的價值。LinkedIn 營收成長了 16%，遠超預期，這主要得益於廣告市場的強勁成長，從而惠及了我們的行銷解決方案業務。

Segment gross margin dollars increased 13% and 12% in constant currency, and gross margin percentage increased 1 point year-over-year, including roughly 2 points of favorable impact from the change in accounting estimate, partially offset by sales mix to cloud. Operating expense increased 4% and operating income increased 19% year-over-year, including 6 points due to the change in accounting estimate.

以固定匯率計算，分部毛利成長了 13% 和 12%，毛利率年增 1 個百分點，其中會計估計的變化帶來了約 2 個百分點的有利影響，但部分被銷售組合向雲端轉移所抵銷。營業費用年增 4%，營業收入年增 19%，其中 6 個百分點是由於會計估計的變動所致。

Next, the Intelligent Cloud segment. Revenue was $13 billion, increasing 20% and 19% in constant currency, slightly ahead of expectations. On a significant base, server products and cloud services revenue increased 22% and 21% in constant currency. Azure revenue grew 48% and 47% in constant currency, driven by consistent strong growth in our consumption-based business. This quarter, we saw better-than-expected growth in our per-user Enterprise Mobility business as the installed base increased 27% to 152 million seats. And our on-premises server business decreased 1%, with impact from continued transactional weakness and a strong prior year comparable that benefited from the end of support for Windows Server and SQL Server 2008. Enterprise services revenue grew 6% and 5% in constant currency, again driven by premier support services.

接下來是智慧雲部分。營收達 130 億美元，以固定匯率計算成長 20% 及 19%，略高於預期。在較大的基數下，伺服器產品和雲端服務收入以固定匯率計算分別成長了 22% 和 21%。Azure 營收以固定匯率計算成長了 48% 和 47%，這主要得益於我們以消費為基礎的業務持續強勁成長。本季度，我們的企業行動業務按用戶計費成長超出預期，安裝基數成長了 27%，達到 1.52 億個席位。我們的本地伺服器業務下降了 1%，受到交易持續疲軟以及去年同期強勁增長的影響，去年同期增長得益於 Windows Server 和 SQL Server 2008 停止支援。企業服務收入以固定匯率計算成長了 6% 和 5%，這再次得益於高階支援服務的成長。

Segment gross margin dollars increased 26% and 25% in constant currency, and gross margin percentage increased 3 points year-over-year, with nearly 4 points of favorable impact from the change in accounting estimate. Operating expense increased 10%, and operating income increased 39% and 38% in constant currency with roughly 13 points of favorable impact from the change in accounting estimate.

以固定匯率計算，分部毛利成長了 26% 和 25%，毛利率年增 3 個百分點，其中會計估計的變化帶來了近 4 個百分點的有利影響。營業費用增加了 10%，營業收入成長了 39% 和 38%（以固定匯率計算），會計估計的變化帶來了約 13 個百分點的有利影響。

Now to More Personal Computing. Revenue was $11.8 billion, increasing 6%, with better-than-expected performance in Windows OEM non-Pro, Surface and Search. In Windows, overall OEM revenue declined 5%, better than expected. OEM non-Pro revenue grew 31%, benefiting from demand for larger screens for productivity. And OEM Pro revenue declined 22%, impacted by lower commercial demand across all customer segments and a prior year comparable that benefited from the end of support for Windows 7. Inventory levels ended the quarter in the normal range.

現在進入個人電腦領域。營收達 118 億美元，成長 6%，其中 Windows OEM 非專業版、Surface 和搜尋業務表現優於預期。Windows 系統整體 OEM 營收下降了 5%，優於預期。OEM 非專業業務收入成長了 31%，受益於對提高生產力的大螢幕的需求。OEM 專業版營收下降了 22%，受到所有客戶群商業需求下降以及去年同期資料受益於 Windows 7 停止支援的影響。季度末庫存水準處於正常範圍內。

Windows Commercial products and cloud services revenue grew 13% and 12% in constant currency, slightly below expectations as continued demand for Microsoft 365 and our advanced security solutions was partially offset by a lower mix of multiyear agreements that carry higher in-quarter revenue recognition as well as continued transactional weakness.

以固定匯率計算，Windows 商業產品和雲端服務收入分別增長了 13% 和 12%，略低於預期，原因是市場對 Microsoft 365 和我們先進的安全解決方案的持續需求被多年期協議比例下降（這些協議在季度內確認的收入較高）以及持續的交易疲軟部分抵消。

In Surface, revenue grew 37% and 36% in constant currency, driven by year-over-year differences in product launch timing and channel purchasing as well as overall PC market demand. Search revenue ex TAC declined 10% and 11% in constant currency. And in gaming, revenue increased 22% and 21% in constant currency, driven by continued strong engagement and monetization across the platform, though at a slightly lower rate than last quarter. Xbox content and services revenue increased 30%, with strong growth in third-party transactions, Game Pass subscribers and first-party titles.

Surface 的營收以固定匯率計算成長了 37% 和 36%，這主要得益於產品發佈時間和通路採購的同比差異以及整體 PC 市場需求的成長。剔除TAC後的搜尋收入以固定匯率計算下降了10%和11%。在遊戲領域，營收以固定匯率計算成長了 22% 和 21%，這得益於平台持續強勁的用戶參與度和獲利能力，儘管成長率略低於上一季。Xbox 內容和服務收入成長了 30%，其中第三方交易、Game Pass 訂閱用戶和第一方遊戲均實現了強勁成長。

Segment gross margin dollars increased 8%, and gross margin increased 1 point year-over-year as improvements, primarily within gaming and Surface, were mostly offset by a lower mix of Windows revenue. Operating expense decreased 8%, and operating income grew 18% year-over-year.

分部毛利成長 8%，毛利率年增 1 個百分點，主要得益於遊戲和 Surface 業務的改善，但 Windows 營收佔比下降，抵銷了這些改善帶來的收益。營業費用較去年同期下降 8%，營業收入較去年同期成長 18%。

Now back to total company results. Capital expenditures, including finance leases, were $5.5 billion, up 15% year-over-year to support growing customer usage and demand for our cloud services. Cash paid for PP&E was $4.9 billion. On a low prior year comparable that included tax payments related to the transfer of intangible property, cash flow from operations was $19.3 billion, up 40% year-over-year, and free cash flow was $14.4 billion, up 38%. Excluding the impact of these tax payments, cash flow from operations grew 12% as healthy cloud billings and collections were partially offset by higher supplier payments related to the Xbox hardware inventory build. And free cash flow grew 3%, reflecting a significant increase in cash payments for PP&E.

現在回到公司整體業績。資本支出（包括融資租賃）為 55 億美元，年增 15%，以支援客戶對我們雲端服務不斷增長的使用和需求。為固定資產支付的現金為 49 億美元。由於上年同期可比性較低（包括與無形資產轉移相關的稅款），經營活動產生的現金流量為 193 億美元，較去年同期成長 40%；自由現金流量為 144 億美元，較去年同期成長 38%。剔除這些稅款的影響，經營活動現金流增加了 12%，因為健康的雲端帳單和收款部分被與 Xbox 硬體庫存建設相關的供應商付款增加所抵消。自由現金流成長了 3%，反映出固定資產現金支出大幅增加。

Other income and expense was $248 million, higher than anticipated, driven by net gains on foreign currency remeasurement and investments, including mark-to-market gains on our equity portfolio. Our effective tax rate was 14%, with a greater-than-expected impact from equity vests in the quarter. And finally, we returned $9.5 billion to shareholders through share repurchases and dividends, an increase of 21% year-over-year.

其他收入和支出為 2.48 億美元，高於預期，主要原因是外匯重估和投資的淨收益，包括我們股票投資組合的按市值計價收益。我們的實際稅率為 14%，其中本季股權歸屬的影響超出預期。最後，我們透過股票回購和分紅向股東返還了 95 億美元，年增 21%。

Now let's move to our outlook. In our commercial business, expanding addressable markets, differentiated value and consistent execution should drive another quarter of increased usage and growing commitment to our platform that drive commercial bookings. However, a declining expiry base will impact the growth. As always, large long-term Azure contracts are more unpredictable in their timing, and increasing mix of these long-term agreements drives more quarterly volatility in bookings. And though trends have improved a bit, growth will continue to be impacted by transactional weakness. A strong prior year comparable that included the end of support for Windows 7 and Windows Server 2008 as well as transactional strength in Japan across our Office businesses will also impact growth rates.

現在讓我們來看看我們的展望。在我們的商業業務中，不斷擴大的目標市場、差異化的價值和持續的執行力應該能夠推動我們平台的使用率和用戶忠誠度在下一個季度持續增長，從而帶動商業預訂量的增長。然而，到期資產基數的下降將影響成長。與以往一樣，Azure 的長期大額合約在時間安排上更難以預測，而這些長期協議比例的增加導致季度預訂量波動更大。儘管趨勢有所改善，但交易疲軟仍將繼續影響成長。上一年強勁的可比業績（包括停止對 Windows 7 和 Windows Server 2008 的支援）以及我們在日本 Office 業務的交易強勁，也將影響成長率。

In our consumer business, we expect some benefit from continued consumer PC market growth, though at a more moderated growth rate than last quarter given the traditionally high volume of PCs sold every Q2. Commercial cloud gross margin percentage will increase approximately 3 points year-over-year, again driven by the change in accounting estimate noted earlier. Excluding this impact, continued improvement in Azure IaaS and PaaS gross margin will be offset by mix shift to Azure. And on a dollar basis, we expect capital expenditures to be roughly in line with last quarter to support growing usage and demand for our cloud services.

在我們的消費業務方面，我們預計消費 PC 市場的持續成長將帶來一些好處，但考慮到每季 PC 的銷售通常都很高，因此成長速度將比上個季度更為溫和。商業雲毛利率將年增約 3 個百分點，這同樣是由於前面提到的會計估計的變化所致。排除此影響，Azure IaaS 和 PaaS 毛利率的持續改善將被轉型為 Azure 的產品組合所抵銷。以美元計，我們預計資本支出將與上一季大致持平，以支援不斷增長的雲端服務使用量和需求。

Now to FX. Based on current rates, we expect FX to increase total company revenue and operating expense growth by approximately 1 point and have no impact on COGS growth. Within the segments, FX should increase Productivity and Business Processes and Intelligent Cloud revenue growth by approximately 1 point and have no impact on More Personal Computing revenue growth.

現在來看FX。根據目前的匯率，我們預計外匯將使公司總收入和營運費用成長增加約 1 個百分點，但對銷售成本成長沒有影響。在各個細分市場中，外匯應使生產力和業務流程以及智慧雲端的收入成長提高約 1 個百分點，並且不會對更多個人運算的收入成長產生影響。

Next, segment guidance. In Productivity and Business Processes, we expect revenue between $12.75 billion and $13 billion. In Office Commercial, revenue growth will again be driven by Office 365, with continued upsell opportunity to E5. However, growth will be impacted by the strong prior year comparable noted earlier as well as a decline of approximately 30% in our on-premises business, driven by continued transactional weakness and the ongoing customer shift to Office 365.

接下來是分部績效指引。在生產力和業務流程方面，我們預計營收在 127.5 億美元至 130 億美元之間。在 Office 商業版領域，營收成長將再次由 Office 365 推動，並持續有機會向 E5 追加銷售。然而，由於去年同期業績強勁（如前所述），以及本地部署業務持續疲軟和客戶不斷向 Office 365 遷移，導致本地部署業務下降約 30%，成長將受到影響。

In Office Consumer, we expect revenue to grow in the mid-single digits, down sequentially as continued growth in Microsoft 365 subscription revenue will be impacted by the strong year -- prior year comparable and the seasonality of the PC market noted earlier. In LinkedIn, we expect the improved advertising market and continued strong engagement on the platform to drive revenue growth similar to last quarter. And in Dynamics, continued Dynamics 365 momentum will drive revenue growth, though at a slightly lower rate than last quarter in line with the historic seasonality in that business.

在 Office 消費者業務方面，我們預計收入將以中等個位數增長，環比下降，因為 Microsoft 365 訂閱收入的持續增長將受到去年同期強勁增長以及前面提到的 PC 市場季節性因素的影響。在 LinkedIn 方面，我們預期廣告市場的改善和平台上持續強勁的用戶參與度將推動營收成長，與上一季類似。在 Dynamics 業務方面，Dynamics 365 的持續成長動能將推動營收成長，儘管成長速度略低於上一季度，這與該業務的歷史季節性規律相符。

For Intelligent Cloud, we expect revenue between $13.55 billion and $13.8 billion. In Azure, revenue growth will be driven by our consumption-based business with continued strong growth on a significant base. And in our per-user business, we expect growth rates to moderate further, given the size of the enterprise mobility installed base. In our on-premises server business, we expect revenue to decline low single digits as demand for our hybrid and premium offerings will be offset by continued transactional weakness and the impact from the prior year comparable noted earlier. And in Enterprise Services, we expect revenue to be up low single digits.

對於智慧雲端業務，我們預計營收將在 135.5 億美元至 138 億美元之間。在 Azure，營收成長將由我們基於消費的業務驅動，並在龐大的基數上保持強勁成長。而就我們的按用戶計費業務而言，鑑於企業行動應用安裝基數的規模，我們預期成長率將進一步放緩。在我們的本地伺服器業務中，我們預計收入將出現個位數百分比的下降，因為對我們混合型和高端產品的需求將被持續疲軟的交易量以及前面提到的上一年可比業績的影響所抵消。在企業服務方面，我們預期收入將達到個位數低成長。

In More Personal Computing, we expect revenue between $13.2 billion and $13.6 billion. In Windows, on the strong prior year comparable, overall revenue should decline in the high single-digit range. In our OEM business, we expect another strong quarter in OEM non-Pro, but OEM Pro will again be impacted by the lower commercial demand. In Windows Commercial products and cloud services, we expect healthy annuity billings growth, driven by the continued demand for our advanced security solutions. However, growth will be materially impacted by a lower mix of multiyear agreements that carry higher in-quarter revenue recognition, primarily due to the declining expiry base and a large deal in the prior year.

在「更多個人計算」領域，我們預計收入將在 132 億美元至 136 億美元之間。由於去年同期業績強勁，Windows 業務的整體營收預計將出現高個位數百分比的下降。在我們的 OEM 業務中，我們預計 OEM 非專業版業務將再次保持強勁成長，但 OEM 專業版業務將再次受到商業需求下降的影響。在 Windows 商業產品和雲端服務方面，我們預計年費帳單將實現健康成長，這得益於市場對我們先進安全解決方案的持續需求。然而，由於到期基數下降以及上一年達成了一筆大額交易，多年期協議（季度收入確認較高）的比例下降將對成長產生重大影響。

In Surface, revenue will be relatively unchanged, impacted by the year-over-year timing differences of product life cycle transitions noted earlier. In Search ex TAC, we expect revenue to decline in the mid- to high single-digit range. And in gaming, we expect revenue growth in the high 20% range. We expect very strong demand, following the launch of our next-generation Xbox Series X and S consoles, driving supply-constrained hardware revenue growth of approximately 40%. We also expect negative gross margin impact from console sales this quarter as we invest against the growing lifetime value of the platform.

Surface 的收入將相對保持不變，受到前面提到的產品生命週期過渡期逐年時間差異的影響。在搜尋業務（不含TAC）中，我們預期收入將出現中高個位數的下降。在遊戲領域，我們預計收入成長將達到 20% 以上。我們預計，隨著下一代 Xbox Series X 和 S 遊戲機的推出，市場需求將非常強勁，從而推動供應受限的硬體收入成長約 40%。由於我們對平台不斷增長的生命週期價值進行投資，預計本季主機銷售將對毛利率產生負面影響。

Xbox content and services revenue should grow in the low 20% range, with strong engagement and continued momentum in Game Pass subscribers. As a reminder, our outlook does not include ZeniMax, which we still expect to close in the second half of the fiscal year.

Xbox 內容和服務收入預計將成長 20% 左右，這得益於 Game Pass 訂閱用戶的高參與度和持續成長動能。需要提醒的是，我們的展望不包括 ZeniMax，我們仍然預計該公司將在本財年下半年關閉。

Now back to company guidance. We expect COGS of $13.75 billion to $13.95 billion and operating expense of $11.4 billion to $11.5 billion. In other income and expense, interest income and expense should offset each other. And finally, we expect our Q2 tax rate to be approximately 16%.

現在回到公司指引。我們預計銷售成本為 137.5 億美元至 139.5 億美元，營運費用為 114 億美元至 115 億美元。在其他收入和支出中，利息收入和支出應該相互抵消。最後，我們預計第二季稅率約為 16%。

In closing, I'd like to share a few thoughts as we look beyond the next quarter. As digital transformation accelerates and our sales teams and partners continue to execute well in serving customers, our high-value solutions should drive full year double-digit revenue growth in our commercial segments even in a challenging and competitive environment. Given our significant ambition, desire to enable our customers' visions for their future and the opportunity that creates, we will continue to invest in high-growth markets and the strategic areas that will further enhance our position. With that, Mike, let's go to Q&A.

最後，我想分享一些對下一季的看法。隨著數位轉型加速，以及我們的銷售團隊和合作夥伴在服務客戶方面持續表現出色，即使在充滿挑戰和競爭的環境中，我們的高價值解決方案也應該能夠推動我們商業部門全年實現兩位數的收入成長。鑑於我們遠大的抱負，以及幫助客戶實現未來願景和由此創造的機遇，我們將繼續投資於高成長市場和策略領域，以進一步鞏固我們的地位。那麼，麥克，我們進入問答環節吧。

Thanks, Amy. We'll now move over to Q&A. (Operator Instructions) Operator, can you please repeat your instructions?

謝謝你，艾米。接下來進入問答環節。（操作員指令）操作員，請您重複您的指示好嗎？

(Operator Instructions) Our first question comes from Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. Very nice quarter. Wanted to talk a little bit about Intelligent Cloud and the trends that you're seeing there. We're picking up in stuff like our CIO surveys a really strong indication from CIOs that they want to move more aggressively to the public cloud. We're seeing that in good results from Azure. How should we think about the on-premise server and tools business on a going-forward basis? Is this increased preference for public cloud going to more permanently impair server and cloud -- I'm sorry, server and tools growth in the on-premise environment? Or is there a potential for this to be coming back to the low to mid-single-digit growth that we've seen historically once we pass these tough comps?

出色的。非常好的街區。想和大家聊聊智慧雲以及你們觀察到的發展趨勢。我們從資訊長調查等管道了解到，資訊長們強烈表示，他們希望更積極地轉向公有雲。我們從 Azure 的良好結果中看到了這一點。我們該如何看待未來本地伺服器和工具業務的發展？這種對公有雲日益增長的偏好是否會對本地環境中的伺服器和雲端（抱歉，是伺服器和工具）的成長造成更持久的損害？或者，一旦我們克服了這些嚴峻的比較基數，這種增長是否有可能恢復到我們過去看到的個位數低至中等水平？

Let me start, and Keith, thanks for the question, and Amy, you can add to it. A couple of things, Keith. One is the approach we have always taken is that distributed computing will remain distributed, so the cloud and the edge is what will be the distributor fabric for applications. So if you look at where our growth is coming from for the all up number in Intelligent Cloud, it's coming from the infrastructure layer, the flexibility that we have around hybrid deployment, things like Azure Arc, very differentiated. Same thing with data, that's one of the big feature innovations even in the last quarter was the ability to deploy, for example, Azure data in any cloud, including the edge. So that deployment drives application preference for our infrastructure.

我先來，基思，謝謝你的提問，艾米，你可以補充。基思，有幾件事。一種是我們一直採取的方法是，分散式運算將保持分散式，因此雲端和邊緣將成為應用程式的分發架構。因此，如果你看看我們在智慧雲端領域的總成長來自哪裡，你會發現它來自基礎設施層，來自我們在混合部署方面的靈活性，例如 Azure Arc，這些都是非常獨特的優勢。資料方面也是如此，上個季度的一項重大功能創新是能夠將 Azure 資料部署到任何雲端平台，包括邊緣平台。因此，這種部署方式決定了應用程式對我們基礎架構的偏好。

The 2 other things that are happening is developers, whether it's lift/shift, modernized motion or just new applications because of what they're doing on GitHub or Azure DevOps or VS Code, choosing Azure services, and with Power Platform, Dynamics or M 365 because a lot of these logic apps that people build are about stitching together extensions of workflows of multiple SaaS apps. So we have all 3 of these trends leading to more intense usage of infrastructure data and the application PaaS services. And so that's how we view it. I don't sort of look at each quarter what's happening on server plus cloud. I look at the holistic deployment options that our customers need for their increasingly distributed applications. And so that's sort of what I see. And Amy, if you want to add to it, please go ahead.

另外兩件事是，開發人員正在經歷遷移、現代化操作或僅僅是由於他們在 GitHub、Azure DevOps 或 VS Code 上所做的工作而開發的新應用程序，他們選擇 Azure 服務，並使用 Power Platform、Dynamics 或 M 365，因為人們構建的許多邏輯應用程式都是將多個 SaaS 應用程式拼接在一起的工作流。因此，這三個趨勢都導致了對基礎設施資料和應用程式 PaaS 服務的更密集使用。所以，我們就是這樣看待它的。我不會每季都去關注伺服器和雲端方面的情況。我著眼於客戶日益分散的應用所需的整體部署方案。這就是我看到的情況。艾米，如果你想補充什麼，請隨意。

Sure. And Keith, maybe I can help a little bit. In general, I think it's easier if you think about Azure plus the annuity business as being this durable, hybrid, edge, cloud value that Satya is talking about. And we continued to see very strong and consistent performance across those things in terms of renewal rates, the strength of premium, the strength of hybrid value props. And so that aspect, Keith, because of the reasons Satya mentioned, we don't see nearly as much change in that. It's frankly why you see bookings numbers that are very good. It's why you see RPO both less than 12 months, think about that as our core annuity motion, versus longer than 12 months, which are these Azure longer contracts all having very healthy growth.

當然。基思，或許我可以幫上一點忙。總的來說，我認為如果你把 Azure 加上年金業務看作是 Satya 所說的這種持久的、混合的、邊緣的、雲端的價值，那就更容易理解了。在續保率、保費實力、混合價值主張的實力等方面，我們持續看到非常強勁且穩定的表現。所以，基思，由於薩蒂亞提到的原因，我們在那方面並沒有看到太大的變化。坦白說，這就是為什麼你會看到預訂量非常好的原因。這就是為什麼你會看到 RPO 既有不到 12 個月的（可以把它看作是我們的核心年金業務），也有超過 12 個月的（Azure 的長期合約），這些長期合約都實現了非常健康的增長。

So then what you're left with is a small component of the business, which is that non-annuity/what we call transactional business, which is onetime purchases all recognized in-quarter. And because of that, it does move around a lot more. And it helped obviously when we had end of support, we were transparent about that. And then it hurts more both in this macro environment but more so just because of some tough comparables. And so while we will continue to have that through a few quarters and we'll expect it to bounce around a bit because of the nature of 100% in-quarter recognition, the fundamentals of bookings, renewals, premium and hybrid value as well as Azure consumption feel far more consistent than not is how I would answer that.

因此，剩下的只是業務的一小部分，即非年金/我們稱之為交易業務的部分，也就是所有在季度內確認的一次性購買。正因如此，它的移動範圍也更大了。很明顯，當我們停止提供支援時，我們對此保持透明，這很有幫助。而且，在當前的宏觀環境下，這種情況會造成更大的傷害，尤其是在一些比較基數較高的年份的情況下。因此，雖然這種情況還會持續幾個季度，而且由於 100% 的季度內確認機制，我們預計它會有一些波動，但預訂、續訂、高級和混合價值以及 Azure 消費的基本面感覺要穩定得多，這就是我的答案。

Our next question comes from Heather Bellini with Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

Amy, I had a question. You just made some really strong robust growth comments on the top line as you look out into the future, but you also invested, rightly so, your desire to invest for your customers in key growth areas. I think one of the questions people might be wondering is how do we think about how that might impact operating margin trajectory. And should we interpret your comments that obviously growth remains really strong and we're investing for growth but there's an eye on profitability as well? Like how would you like those comments interpreted a little bit more deeply?

艾米，我有個問題。展望未來，你對營收成長做出了非常強勁的預測，而且你也正確地表達了為客戶在關鍵成長領域進行投資的願望。我認為人們可能會想知道的問題之一是，我們應該如何看待這可能會對營業利潤率軌跡產生的影響。我們是否可以這樣理解您的評論：顯然成長依然非常強勁，我們正在為成長進行投資，但同時也關注獲利能力？您希望我們如何更深入地解讀這些評論？

Thanks, Heather. If you take a step back, the comments are really about the consistency and the opportunity in front of us. And so in our commercial segments, where we're seeing consistent annuity execution, we're seeing increasing usage, we're seeing good deployment. And frankly, the portfolio that Satya went through in his comments, if you go section by section, it's talking about amazing like TCO advantages that the portfolio offers, even for our commercial customers who are looking for ways to accelerate but control costs.

謝謝你，希瑟。如果退後一步來看，這些評論實際上是關於我們面前的穩定性和機會。因此，在我們的商業領域，我們看到年金執行情況穩定，使用率不斷提高，部署情況良好。坦白說，薩蒂亞在他的評論中提到的產品組合，如果你逐節分析，你會發現它談到了該產品組合提供的驚人的總體擁有成本優勢，即使對於我們那些尋求加速發展但又想控製成本的商業客戶來說也是如此。

And so for us, when you see operating environments like that where you see the opportunity, you feel good about your portfolio, you can feel -- and we basically feel good about our complete stack but at a high value. What we want to make sure we do, and my comments were around those, are really about making it clear that we intend to continue to go after the opportunity we see. And so of course, we're always thoughtful about how we invest. But in these areas where we see such strong signal, I do expect us to continue to focus.

所以對我們來說，當你看到這樣的營運環境，看到機會，對自己的投資組合感到滿意時，你會感覺——我們基本上對我們的整個技術堆疊感到滿意，而且價值很高。我們想要確保做到的，也是我先前發言的重點，就是要明確表明我們打算繼續抓住我們所看到的機會。所以，我們當然會始終認真考慮如何進行投資。但在這些我們看到強烈訊號的地區，我預計我們會繼續關注。

And at the operating margins, a real focus will also just be -- as we enter the second half of the year, it's obviously impacted by some of the hardware investments that we're making as well as the overall Windows numbers. So that's probably the best way to think about it, I suppose. And Heather, congratulations. We'll miss having you on the call after 7 years.

而就營運利潤率而言，真正的關注點也將是——隨著我們進入下半年，這顯然會受到我們正在進行的一些硬體投資以及整體 Windows 數據的影響。所以，我想這大概是最好的思考方式了。還有，恭喜Heather。七年來，我們會想念你在電話會議上的身影。

Thank you so much.

太感謝了。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

And congratulations on a really nice clean quarter. Given the flare-ups in COVID in certain geographies and continuing lockdowns, do you think there's increasing pressure on overall spending? Does it impact SaaS adoption going forward? And adding to that, how do you see your supply chain for the cloud components? Are you going to be able to meet all the demands?

恭喜你們度過了一個非常乾淨俐落的季度。鑑於某些地區新冠疫情反覆爆發以及持續的封鎖措施，您認為整體支出是否面臨越來越大的壓力？這是否會影響未來SaaS的普及？此外，您如何看待雲端組件的供應鏈？你能滿足所有要求嗎？

So maybe I'll start, and Amy, you can add to it. I mean, overall, what we have learned over, whatever, the last 9 months or so, is the best way for any business to ensure both resilience as well as pivot and transform and reimagine how to work with some of the constraints is digital tech. So whether it's infrastructure, whether it's data or on SaaS, it's, in fact, increased adoption rate. And that's what you see, like where you see it in Power Apps, for example, in many cases, even the smallest of businesses need to be able to deploy a solution quickly for some workflow that allows them, say, for example, to do curbside pickup if you're a retailer and a small business. But they were able to build that easily and deploy it. So that's what we are seeing, which is increasing adoption and use.

那或許我可以先開始，艾米，你可以補充。我的意思是，總的來說，在過去的九個月左右的時間裡，我們學到的是，對於任何企業來說，確保自身韌性以及轉型、變革和重新構想如何在一些限制條件下開展工作的最佳方式就是數位化技術。所以無論是基礎設施、數據還是 SaaS，其實都是採用率提高了。這就是你所看到的，例如在 Power Apps 中，在許多情況下，即使是最小的企業也需要能夠快速部署解決方案，以實現某些工作流程，例如，如果你是一家零售商或小型企業，則需要能夠進行路邊取貨。但他們能夠輕鬆地建置並部署它。所以我們看到的情況是，採用率和使用率都在不斷提高。

And on the supply chain side, we have worked through. We did get -- we had the initial rush. We did have demand surges that needed us to sort of work through on our supply chain. We feel very good right now on how the supply is working to support the demand. Amy?

在供應鏈方面，我們已經解決了這個問題。我們確實得到了——我們經歷了最初的熱潮。我們的確遇到了需求激增的情況，需要我們對供應鏈做一些調整。我們目前對供應如何滿足需求感到非常滿意。艾米？

Nothing to add, Satya.

沒什麼要補充的，薩蒂亞。

The next question comes from Phil Winslow with Wells Fargo.

下一個問題來自富國銀行的菲爾溫斯洛。

Congrats on another great quarter. I just wanted to focus in on the Office 365 Commercial, and Amy, thank you for that update that you announced, 70% penetrated. And if I go back to the financial analyst briefing back in 2017, that was 50%. So I guess 2 questions: one is that, could you help us sort of unpack just the installed base growth? Obviously, with those 2 percentages and the numbers you gave, that's pretty healthy installed base growth. And then as a follow-up to that, one of the things you mentioned too is obviously the continued migration to E5. Sort of what inning are we in for sort of the E3 to E5 motion? And how important is voice, which is one of the things you mentioned on E5 just to Office 365 going forward?

恭喜又一個季度業績出色！我只想專注於 Office 365 商業版，艾米，感謝你宣布的最新進展，滲透率已達 70%。如果我回顧 2017 年的金融分析師簡報，當時的比例是 50%。所以我想問兩個問題：一是，能否幫我們分析一下安裝基礎的成長？顯然，根據這兩個百分比和你提供的數據，使用者基數成長相當健康。然後，作為後續，您提到的其中一件事顯然是繼續向 E5 遷移。我們現在大概處於 E3 到 E5 過渡階段的哪個階段？語音功能對於 Office 365 的未來發展有多重要？您在 E5 大會上也提到了這一點。

Amy, go ahead.

艾米，請講。

Let me break down your question, Phil, because I want to make sure that the comment on 70% is really thought about in the right way. It's 70% of the current installed base. And so one of the key components of that is we have, as you said, continued to see installed base growth. And whether that's adding first-line worker scenarios, whether it's increasing in small business, there's so many ways for us to continue to add tremendous value, continue to grow the installed base. But we are pleased that we have 70% on more modern experiences obviously of Office 365 in terms of adding to productivity and being able to continue to offer, to your point, some of this motion on E3 and E5.

菲爾，讓我來分析一下你的問題，因為我想確保你對 70% 這個數字的理解是正確的。它佔目前已安裝基數的70%。因此，其中一個關鍵因素是，正如你所說，我們持續看到用戶基數成長。無論是增加第一線員工的應用場景，還是擴大小型企業的應用場景，我們都有很多方法可以繼續創造巨大的價值，繼續擴大用戶群。但我們很高興，在提高生產力方面，Office 365 的更現代體驗顯然獲得了 70% 的支持，並且能夠繼續提供，正如您所說，E3 和 E5 的一些功能。

To that question, there's actually room, Phil, on both of those motions. We've got room to continue to have people move to E3. We've got room to continue, obviously. And it's not just voice, although that is an important component. The really exciting value in E5 is that it offers security value. It offers compliance value. It offers voice. There's analytics value. And so the reality is all of them are becoming more meaningful, especially in time to value and TCO.

菲爾，對於這個問題，實際上在這兩個動議上都還有迴旋餘地。我們還有空間繼續讓人們前往E3。顯然，我們還有繼續發展的空間。而且不僅僅是聲音，雖然聲音是一個重要的組成部分。E5真正令人興奮的價值在於它提供了安全保障。它具有合規價值。它提供語音功能。這具有分析價值。因此，現實情況是，所有這些因素都變得更有意義，尤其是在價值實現時間和總擁有成本方面。

The one thing also that I sometimes think gets missed when we talk about Office 365 is one of the other key motions that's important around this group and business is the ability for us to continue to add the Microsoft 365 components, whether that's EMS or Windows security value. And so while we're excited about the installed base and the progress, it also creates a good opportunity for us to continue to move people to the Microsoft 365 SKU and not just up through the SKUs of Office.

我覺得我們在談論 Office 365 時有時會忽略的一點是，對於這個團隊和業務而言，另一個重要的關鍵舉措是，我們能夠繼續添加 Microsoft 365 元件，無論是 EMS 還是 Windows 安全性價值。因此，雖然我們對已安裝的使用者基礎和進展感到興奮，但這同時也為我們提供了一個很好的機會，讓我們能夠繼續將使用者遷移到 Microsoft 365 SKU，而不僅僅是遷移到 Office 的各個 SKU。

Our next question comes from Karl Keirstead with UBS.

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 a question, given the comment you made about bookings volatility. I wanted to ask about some of the Azure trends, in particular, that we can't see such as the level of Azure migration activity that might still be in the planning phase, or if deals have been signed, how you feel about the Azure backlog that will convert to revenues over the next year or so and whether some of the Azure go-lives have been pushed by a quarter or 2, given the uncertain environment. That kind of color might serve as a nice complement to the solid 47% reported Azure number you gave.

艾米，鑑於你之前對預訂波動性的評論，我想問你一個問題。我想詢問一些我們目前無法看到的 Azure 趨勢，例如仍在規劃階段的 Azure 遷移活動的水平，或者是否已經簽署了交易；您對未來一年左右將轉化為收入的 Azure 積壓訂單有何看法；鑑於當前環境的不確定性，是否已推遲一些 Azure 上線是否已推遲了一到兩個季度。這個顏色或許可以很好地補充你提到的 47% 的 Azure 資料。

Go ahead, Amy.

請繼續，艾米。

Karl, it's a good question. Maybe let me break down some of the components. When you think about Azure and some of these longer-term sort of deals I was discussing, the longer-term bigger deals, when I talk about them being more volatile, it's just -- it's more that we don't really focus on the exact moment in time that they get done. They tend to be partnerships that we're really working through. They take longer for planning. And so these types of partnerships, it's really about making sure we make them successful far more than which quarter that they arrive in. And so that does just result in a little bit more volatility in that bookings number.

卡爾，問得好。或許我可以把其中的一些組成部分拆解開來。當你想到 Azure 和我剛才討論的一些長期交易，那些更長期的、規模更大的交易時，當我談到它們波動性更大時，這只是——更確切地說，我們並沒有真正關注它們完成的確切時間點。這些往往是我們正在努力推動的合作關係。他們需要更長的規劃時間。因此，對於這類合作關係，真正重要的是確保它們成功，而不是它們在哪個季度達成。因此，這確實會導致預訂量出現更大的波動。

Now in terms -- so I would separate that from the question you're asking, which I think is great around how much of that creates a funnel of opportunity for us in terms of converting those plans as well as maybe hybrid benefits that exist today in our good annuity performance on-prem. So for us, that is about investing in customer success. And so for us, that's been one of the important investments we've made over the past couple of years and why we continue to invest in everything from skilling at our customers, up through training, up through deployment and really make sure that each project is successful and has good value.

現在，就條款而言——所以我要把它和你提出的問題分開，我認為你提出的問題很好，即這在多大程度上為我們創造了機會渠道，以便轉換這些計劃，以及我們目前在良好的現場年金業績中存在的混合福利。所以對我們來說，這就是投資客戶成功。因此，對我們來說，這是我們在過去幾年中最重要的投資之一，也是我們持續投資於各個方面的原因，從提升客戶的技能，到培訓，再到部署，我們真正確保每個專案都能成功並具有良好的價值。

And so when you think about that, think about the annuity on-prem business as well as these longer-term Azure contracts as being effectively a book of business to continue to work and convert into as you're talking about this consumption. Now within a quarter, the consumption obviously has other impacts. Most of it, obviously is it's used and it's recognized in-quarter. You'll see that number, as you know, jump around a little bit from quarter-to-quarter. Some of that is the per-user that we've talked about. Things like EMS can have a little bit more in-quarter recognition. They can be impacted by an expiry base. And so you'll see that number -- the Azure KPI jump around a little bit more than just from consumption. And you can have things like overages land on an annual basis as opposed to maybe a monthly basis, and that can also make the number jump around a little bit.

因此，當你考慮這一點時，要把本地部署的年金業務以及這些長期 Azure 合約看作是一系列需要繼續運作和轉換的業務，就像你在談論這種消費一樣。現在，在一個季度內，消費顯然會產生其他影響。顯然，其中大部分都已在季度內使用和認可。如你所知，你會發現這個數字在每個季度之間都會略有波動。其中一部分就是我們之前討論過的按用戶計費的部分。像急救醫療服務（EMS）這類項目可能會在季度內獲得更多認可。它們可能會受到有效期限的影響。因此，你會看到這個數字——Azure KPI 的波動幅度不僅取決於使用量。而且，超額費用可能會按年而不是按月結算，這也會導致數字出現一些波動。

So while the funnel and the conversion is absolutely how we think about seeing strong bookings and a strong especially longer than 12-month RPO balance, we certainly also sort of work that meticulously at the customer level to get projects to success.

因此，雖然我們認為漏斗和轉換率是獲得強勁預訂量和強勁的（尤其是超過 12 個月的 RPO 餘額）的關鍵，但我們當然也會在客戶層面進行細緻的工作，以確保專案取得成功。

Just one thing I'd add is, to Amy's earlier comment about our customer success motion, when we look at the app portfolio for any customer, we look to see, first of all, which apps do they want to just retire, which apps do they want to modernize and move to the cloud or new cloud starts. And then we use all of what is there on our stack to help them, right? So it could be a Power App that gets built, which is more part of Office 365 or Microsoft 365. It could be a SaaS application that is in Dynamics module that's better for them because that's a faster time to value. And then -- and sometimes you build in Azure. So we look at it holistically across all of the tech stack versus any one thing because that's what we think -- what differentiates Microsoft and creates preference for Microsoft long term. So that's how we approach it.

我只想補充一點，關於 Amy 之前提到的我們的客戶成功舉措，當我們查看任何客戶的應用組合時，我們首先要了解的是，他們想要停用哪些應用，想要對哪些應用進行現代化改造並遷移到雲端或啟動新的雲端專案。然後我們利用我們技術棧上的所有資源來幫助他們，對吧？所以它可以是一個 Power App，它是 Office 365 或 Microsoft 365 的一部分。對他們來說，Dynamics 模組中的 SaaS 應用可能更合適，因為這樣可以更快地實現價值。然後——有時你會在 Azure 中建置。因此，我們從整體上看待整個技術棧，而不是任何單一因素，因為我們認為，這才是微軟的差異化優勢，也是微軟能夠長期贏得用戶青睞的原因。所以，我們就是這樣做的。

Our next question comes from Brent Thill with Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Satya, good to see the Teams number double in the MAUs in a pretty short duration. Maybe if you can just walk us through your next chapter of the Teams story and where you see the biggest opportunity, and what other components you're seeing attached to the Teams rollout.

Satya，很高興看到 MAU 中的球隊數量在很短的時間內翻了一番。或許您可以向我們介紹一下 Teams 的下一個發展階段，您認為最大的機會在哪裡，以及您認為 Teams 的推廣還有哪些其他組成部分。

Sure. Thank you so much for the question. Yes, Teams is very exciting to us because unlike anything else that we have done at the application layer, it's literally like a shell and has a platform effect because it is meetings, it's chat, it's collaboration as well as business process applications integrate into Teams, so that scaffolding richness literally makes it a very robust platform. And so we are seeing significant growth. You saw -- we talked about the usage growth, but we're also seeing significant growth of usage across all these modalities inside of Teams.

當然。非常感謝您的提問。是的，Teams 對我們來說非常令人興奮，因為它與我們在應用層所做的任何其他事情都不同，它就像一個外殼，具有平台效應，因為會議、聊天、協作以及業務流程應用程式都整合到 Teams 中，這種豐富的鷹架功能使其成為一個非常強大的平台。因此，我們看到了顯著的成長。您已經看到了——我們討論了使用量的增長，但我們也看到 Teams 內所有這些模式的使用量都出現了顯著增長。

But the other aspect which I referenced in my remarks is when you look at Microsoft 365 all up, Teams is bolstering all-up growth, right, because meetings are important, but they're transactional. Work happens before meetings, during meetings and after meetings. So that ability to have the workflow completely stitched together is where Microsoft 365 really stands out. So that reinforcing effect of Teams by itself and then Microsoft 365 in conjunction with Teams is where you'll see a significant amount of usage growth more so than individual tools of the past even.

但我在演講中提到的另一個方面是，當你整體上看待 Microsoft 365 時，Teams 正在促進整體成長，對吧，因為會議很重要，但它們是事務性的。工作發生在會前、會中和會後。因此，將工作流程完全整合在一起的能力正是 Microsoft 365 的真正優勢。因此，Teams 本身以及 Microsoft 365 與 Teams 的結合所產生的強化效應，將會帶來比以往任何單一工具都更為顯著的使用量成長。

Our next question comes from Keith Bachman with BMO.

我們的下一個問題來自BMO的Keith Bachman。

I wondered if you could speak to the growth of Windows within MPC. In particular, as we move past the tough compares, how would you characterize the growth potential of Windows? And what would you envision are the key drivers and perhaps even the key risks associated with that -- with those comments on what you envision the durable growth is on Windows?

我想請您談談MPC內部Windows的發展。特別是，當我們不再進行艱難的比較之後，您會如何描述 Windows 的成長潛力？那麼，您認為推動 Windows 系統持續成長的關鍵因素是什麼？以及可能存在的關鍵風險是什麼？

So maybe I can start, Amy, and then you can add to it. If anything, again, the last 9 months or so have proven that when it comes to Windows and PCs, they become mission-critical because when it comes to remote learning, remote work and any type of activity and productivity, in particular, depends on having PCs and applications on PCs. So we are doubling down on it. That means the innovation in Windows -- and Microsoft 365 is the best way to conceptualize how we even think about Windows because it's one surface area where we want to deliver our best payloads for productivity, communications, collaboration, business process. And we'll keep working even on the form function innovation as well.

艾米，或許我可以先開始，然後你再補充。如果有什麼變化的話，那就是過去 9 個月左右的時間再次證明，對於 Windows 和 PC 而言，它們變得至關重要，因為對於遠距學習、遠端工作以及任何類型的活動和生產力而言，尤其依賴 PC 和 PC 上的應用程式。所以我們加倍投入。這意味著 Windows 的創新——而 Microsoft 365 是理解我們如何看待 Windows 的最佳方式，因為它是我們希望提供最佳生產力、通訊、協作和業務流程功能的領域之一。我們也會持續致力於產品形態和功能的創新。

So even if you look at the holiday lineup of devices, it's great to see that, large screens, small screens, mobile, different chip architectures that make it pretty attractive to have a Windows device with you always. So that's how we look at it. It's very important. I think if anything, even mobile-only countries and mobile-only scenarios are recognizing that they also can do with some help with additional screens. And so that's something that we look forward to.

所以即使看看假日期間推出的設備陣容，也會很高興地看到，大螢幕、小螢幕、行動裝置、不同的晶片架構，這些都讓隨時擁有一台 Windows 裝置變得非常有吸引力。這就是我們看待這個問題的方式。這非常重要。我認為，即使是只有行動裝置的國家和只有行動裝置的場景，也開始意識到他們也可以藉助額外的螢幕來獲得一些幫助。所以，這是我們所期待的。

And I do think one of the ways to think, in particular, about commercial demand for Windows, to Satya's point, is it -- while it can have and tends to have, around end of support, some raised demand on the front, then you have a year of tough comparables, as we say, then it tends to generally stabilize and be quite consistent. And I think as we've seen in the past 9 months, I think the high and mission-critical value of a PC in the commercial environment, whether you're doing that from a remote situation or inside the walls of an office, I think we feel very good about the value that we're offering.

我確實認為，正如薩蒂亞所說，思考 Windows 商業需求的一種方式是——雖然在支援結束前後，Windows 的需求可能會有所上升，而且往往如此，但正如我們所說，接下來的一年裡，由於比較基數較大，需求往往會趨於穩定，並保持相當一致。而且我認為，正如我們在過去 9 個月中所看到的，個人電腦在商業環境中具有很高的關鍵價值，無論你是在遠距辦公還是在辦公室辦公，我們都對我們所提供的價值感到非常滿意。

Our final question comes from Brent Bracelin with Piper Sandler.

最後一個問題來自 Brent Bracelin 和 Piper Sandler。

I'll squeeze in 2, if I could. Wanted to follow up on Azure. This is a segment that's grown now to 17% of revenue. I think that's up from 4% just 3 years ago. You talked about the number of petabyte-scale applications doubling. And from a size standpoint, it looks like in my model, Azure is bigger than the Windows business for the first time ever. My question really is around where are we at in the journey around Azure? How important is this to the Microsoft model? And ultimately, how big could it be looking out over the next 3 to 5 years?

如果可以的話，我會擠出時間做兩個。想跟進一下 Azure 的相關情況。該業務板塊目前已佔總收入的 17%。我認為這比三年前的 4% 有所上升。你提到PB級應用程式的數量翻了一番。從規模上看，在我的模型中，Azure 的規模似乎有史以來第一次超過了 Windows 業務。我的問題其實是，我們在 Azure 的發展歷程中處於什麼階段？這對微軟模式有多重要？最終，展望未來 3 到 5 年，它的規模會有多大？

Let me start, and Amy, you can add to it. The way I think about the computing landscape going forward is if you sort of said at the highest of levels today as a percentage of GDP, tech spend is 5%. We think it will double in the next 10 years. And if anything, this pandemic perhaps has accelerated that doubling. And in that context, what's the large -- the most secular need, it's the need for distributed cloud infrastructure. It's both needed for modernizing existing applications you have, and so that's why -- by the way, 20% penetrated so there's more 80% that needs to move.

我先開始，艾米，你接著補充。我認為，未來電腦領域的發展趨勢是，如果以目前最高水準的GDP百分比來看，科技支出佔GDP的5%。我們認為未來10年內它將翻倍。而這場疫情或許加速了這一翻倍過程。在這種背景下，最大的──最根本的需求是什麼？那就是對分散式雲端基礎設施的需求。它既是實現現有應用程式現代化所必需的，所以——順便說一句，20% 的用戶已經實現了現代化，還有 80% 的用戶需要遷移。

But more importantly, there's going to be new application starts which need infrastructure. And so if you sort of add those up, I think that we're still in early innings. There will be, between quarters, volatility, all of the points that Amy made even earlier. But we think distributed cloud infrastructure is the most important layer. But the way we have approached it is not to just think of that layer in isolation but the data layer work we do composes, the AI layer composes and more importantly, our SaaS applications, whether business applications, Power Platform, Microsoft 365, all reinforce that same modern tech stack. So I would still say that digitization in its -- this new tech stack is in its very infancy.

但更重要的是，將會有新的應用程式啟動，這些都需要基礎架構。所以，如果你把這些因素加起來，我認為我們仍然處於比賽的早期階段。季度之間會有波動，Amy 之前提到的所有觀點都是如此。但我們認為分散式雲端基礎設施是最重要的一層。但我們採取的方法不是孤立地看待這一層，而是將我們所做的資料層工作、人工智慧層工作以及更重要的 SaaS 應用程式（無論是業務應用程式、Power Platform 還是 Microsoft 365）都納入同一現代技術堆疊中。所以我仍然認為，數位化——這種新的技術體系——還處於非常初級的階段。

And Brent, I think the last point Satya made is maybe the most important is that when we think about and talk about expanding addressable markets or seeing more opportunity than we maybe even saw just a few quarters ago, it's at every layer. When people say that they have constraints, when you need a better time to value, when you need to reinvent each and almost every business process in a fast and effective manner, having every layer of the stack enabled by the infra layer, the data layer and the AI layer, I do think it's frankly early innings even in places where people think it seems to be nearer the end. And so I think we feel a lot of optimism in that respect.

布倫特，我認為薩蒂亞提出的最後一點或許是最重要的一點，那就是當我們思考和談論擴大潛在市場或看到比幾個季度前更多的機會時，這體現在每個層面。當人們說他們受到限制，當你需要更好的時間來評估價值，當你需要以快速有效的方式重塑幾乎每一個業務流程，並且讓基礎設施層、數據層和人工智能層支持堆疊的每一層時，我認為坦率地說，即使在人們認為它似乎接近尾聲的地方，現在也還處於早期階段。所以我覺得我們在這方面非常樂觀。

Certainly feel like an important milestone with Azure being larger than Windows for the first time. I guess the last question for me is really on AI. And I know everyone's talked about this acceleration in digital adoption about -- across consumer and enterprise. But it almost feels like the acceleration in AI is actually happening faster. I'd be curious to hear kind of the plans for GPT-3 license and how you plan to democratize that across the platform.

Azure 的規模首次超過 Windows，這無疑是一個重要的里程碑。我想最後一個問題其實是關於人工智慧的。我知道大家都在談論數位化普及的加速——無論是在消費者領域還是企業領域。但感覺人工智慧的發展速度其實正在加快。我很想了解 GPT-3 授權的計劃，以及你們打算如何在整個平台上推廣它。

Yes. It's a great observation because there are 2 sort of things that we are seeing. AI is actually being used by both professional developers, people who want these large-scale transformer models or to even do zero-shot learning -- so we are seeing significant increases in COGS services usage across the board, which by the way, comes with the use of other compute services and data services in Azure.

是的。這是一個很棒的觀察，因為我們看到了兩種情況。實際上，人工智慧已被專業開發人員、需要大規模 Transformer 模型甚至進行零樣本學習的人員廣泛使用——因此，我們看到 COGS 服務的使用量全面顯著增加，順便說一句，這也伴隨著 Azure 中其他計算服務和數據服務的使用。

But the other interesting thing is what I would call the domain experts who are using Power Apps, being able to tap into AI and these COGS services to build these workflow assisted with AI. And that's where a lot of productivity gains for a lot of businesses and business process workflows is happening. So it's exciting to see that as well as AI that's incorporated. I mean every Teams session is full of AI because of the transcription services, the speech recognition services and so on that it incorporates, and same thing with Dynamics as well.

但另一件有趣的事情是，我稱之為領域專家的使用 Power Apps 的人，能夠利用 AI 和 COGS 服務來建立這些由 AI 輔助的工作流程。而這正是許多企業和業務流程工作流程提高生產力的關鍵。所以看到人工智慧也被融入其中，真是令人興奮。我的意思是，由於 Teams 整合了轉錄服務、語音辨識服務等等，所以每個 Teams 會話都充滿了人工智慧，Dynamics 也是如此。

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

謝謝你，布倫特。今天的財報電話會議問答環節到此結束。感謝各位今天蒞臨，我們期待很快能與各位再次交流。

Thank you.

謝謝。

Thank you all. Thanks so much.

謝謝大家。非常感謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您可以斷開線路了。