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.

問候並歡迎參加 Microsoft 2021 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Michael Spencer, General Manager, Investor Relations.

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

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Deputy General Counsel.

與我通話的是首席執行官薩蒂亞納德拉；艾米胡德，首席財務官； Alice Jolla，首席會計官；和副總法律顧問 Keith Dolliver。

On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides a reconciliation of differences between GAAP and non-GAAP financial measures.

在 Microsoft 投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。

Unless otherwise specified, we will refer to non-GAAP metrics on the call.

除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。

The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。

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

除了這些項目和事件對財務業績的影響外，它們被作為額外的澄清項目包括在內，以幫助投資者進一步了解公司的季度業績。

All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted.

除非另有說明，否則我們今天在電話會議上所做的所有增長比較都與去年同期有關。

We also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations.

我們還提供不變貨幣增長率作為評估基礎業務表現的框架，不包括外幣匯率波動的影響。

Where growth rates are the same in constant currency, we will refer to growth rate only.

如果以固定貨幣計算的增長率相同，我們將僅參考增長率。

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

我們將在通話後立即將準備好的評論發佈到我們的網站，直到獲得完整的成績單。

Today's call is being webcast live and recorded.

今天的電話正在網絡直播和錄製。

If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording.

如果您提出問題，它將包含在我們的實時傳輸中、記錄中以及將來對錄音的任何使用中。

You can replay the call and view the transcript on the Microsoft Investor Relations website.

您可以在 Microsoft 投資者關係網站上重播通話並查看通話記錄。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events.

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述基於當前的預期和假設，這些預期和假設受到風險和不確定性的影響。

Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors sections of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、本次電話會議期間的評論以及我們的 10-K 表格、10-Q 表格以及提交給證券交易的其他報告和文件的風險因素部分中討論的因素，實際結果可能存在重大差異委員會。

We do not undertake any duty to update any forward-looking statement.

我們不承擔更新任何前瞻性陳述的義務。

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

有了這個，我會把電話轉給 Satya。

Thank you, Mike.

謝謝你，邁克。

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.

在我們的商業雲持續強勁的推動下，我們在 2021 財年迎來了強勁的開端，其收入超過 150 億美元，同比增長 31%。

The next decade of economic performance for every business will be defined by the speed of their digital transformation.

每家企業未來十年的經濟表現將取決於其數字化轉型的速度。

We are innovating across the full modern tech stack to help customers in every industry improve time to value, increase agility and reduce costs.

我們正在整個現代技術堆棧中進行創新，以幫助各個行業的客戶縮短實現價值的時間、提高敏捷性並降低成本。

Now I'll highlight examples of our momentum and impact, starting with Azure.

現在，我將重點介紹我們的勢頭和影響的示例，從 Azure 開始。

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.

我們正在將 Azure 打造為世界上擁有比任何其他提供商都多的數據中心區域的計算機，現在有 66 個，其中包括奧地利、巴西、希臘和台灣的新區域。

We're expanding our hybrid capability so that organizations can seamlessly build, manage and deploy their applications anywhere.

我們正在擴展我們的混合功能，以便組織可以在任何地方無縫地構建、管理和部署他們的應用程序。

With Arc, customers can extend Azure management and deploy Azure data services on-premise, at the edge or in multi-cloud environments.

借助 Arc，客戶可以擴展 Azure 管理並在本地、邊緣或多雲環境中部署 Azure 數據服務。

With Azure SQL Edge, we are bringing SQL data engine to IoT devices for the first time.

借助 Azure SQL Edge，我們首次將 SQL 數據引擎引入物聯網設備。

And with Azure Space, we are partnering with SpaceX and SES to bring Azure compute to anywhere on the planet.

通過 Azure Space，我們正與 SpaceX 和 SES 合作，將 Azure 計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.

每個行業的領先公司都在利用這種分佈式計算結構來應對他們面臨的最大挑戰。

In energy, both BP and Shell rely on our cloud to meet sustainability goals.

在能源方面，BP 和殼牌都依靠我們的雲來實現可持續發展目標。

In consumer goods, PepsiCo will migrate its mission-critical SAP workloads to Azure.

在消費品方面，百事可樂將其關鍵任務 SAP 工作負載遷移到 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.

通過 Azure for Operators，我們正在擴大與 AT&T 和 Telstra 等公司的合作夥伴關係，將雲的力量和邊緣技術帶入他們的網絡。

Just last week, Verizon chose Azure to offer private 5G mobile edge computing to their business customers.

就在上週，Verizon 選擇 Azure 為其商業客戶提供私有 5G 移動邊緣計算。

When it comes to data, Azure brings together cloud-native, limitless data and unmatched analytics.

在數據方面，Azure 將雲原生、無限數據和無與倫比的分析結合在一起。

Nearly 1 million SQL databases have migrated to Azure to date, and we process more than 1.4 trillion customer queries each day.

迄今為止，已有近 100 萬個 SQL 數據庫遷移到 Azure，我們每天處理超過 1.4 萬億個客戶查詢。

The number of petabyte-scale workloads running on Azure has more than doubled year-over-year.

在 Azure 上運行的 PB 級工作負載數量同比增長了一倍多。

Azure Synapse redefines cloud analytics by bringing together enterprise data warehousing and big data analytics.

Azure Synapse 通過將企業數據倉庫和大數據分析結合在一起，重新定義了雲分析。

With Synapse Link, customers can run real-time analytics over their operational data.

借助 Synapse Link，客戶可以對其運營數據進行實時分析。

They can build advanced AI models using Azure Machine Learning to identify trends and predict outcomes.

他們可以使用 Azure 機器學習構建高級 AI 模型來識別趨勢和預測結果。

And with Power BI, anyone in an organization can access these insights and build custom dashboards.

借助 Power BI，組織中的任何人都可以訪問這些見解並構建自定義儀表板。

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.

從製造領域的伊萊克斯、通用電氣航空和羅克韋爾自動化到零售領域的 Marks & Spencers 和 Myntra，企業正在選擇 Synapse 來加快洞察整個組織的時間。

We are also leading in AI and in its enterprise applications.

我們在人工智能及其企業應用方面也處於領先地位。

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.

Azure 認知服務使從空中客車公司到大眾汽車公司的組織能夠更輕鬆地構建能夠看、聽、說、搜索、理解和加速決策制定的應用程序。

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.

我們將進一步應對當今客戶面臨的一些最大挑戰，引入新功能來了解人們在物理空間中的運動並檢測指標異常。

And our partnership with OpenAI brings leading-edge large-scale AI models such as GPT-3 to Azure.

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.

現在給開發人員。

As software developers become critical to value creation in every industry, their productivity is key to business performance.

隨著軟件開發人員對每個行業的價值創造變得至關重要，他們的生產力是業務績效的關鍵。

We have the most widely used and loved tool chain to help developers rapidly go from idea to code and code to cloud.

我們擁有最廣泛使用和喜愛的工具鏈，可幫助開發人員快速從想法到代碼，從代碼到雲。

With the world's most popular code editing tools, Visual Studio as well as VS Code, developers are more productive than ever.

借助世界上最流行的代碼編輯工具 Visual Studio 以及 VS Code，開發人員的工作效率比以往任何時候都高。

With GitHub, more than 70% of the Fortune 50 build software together.

借助 GitHub，超過 70% 的財富 50 強企業共同構建軟件。

And with Azure, they have the best-in-class services to build cloud-native apps and modernize existing ones.

借助 Azure，他們擁有一流的服務來構建雲原生應用程序並實現現有應用程序的現代化。

New code scanning capabilities in GitHub help developers find security vulnerabilities before they reach production.

GitHub 中的新代碼掃描功能可幫助開發人員在投入生產之前發現安全漏洞。

And new integrations between GitHub and Power Apps enables professional developers and domain experts to collaborate.

GitHub 和 Power Apps 之間的新集成使專業開發人員和領域專家能夠進行協作。

At the PaaS layer, we are innovating to help developers build modern applications.

在 PaaS 層，我們正在創新以幫助開發人員構建現代應用程序。

New Azure Communication Services enables any developer to integrate rich communication APIs into their application, using the same infrastructure that powers Teams.

新的 Azure 通信服務使任何開發人員能夠使用支持 Teams 的相同基礎架構將豐富的通信 API 集成到他們的應用程序中。

With Azure mixed reality services, the entire world is an application canvas.

使用 Azure 混合現實服務，整個世界就是一個應用程序畫布。

Lockheed Martin, for example, is using Azure mixed reality and HoloLens to speed up the development of the Orion spacecraft.

例如，洛克希德馬丁公司正在使用 Azure 混合現實和 HoloLens 來加速獵戶座飛船的開發。

Now to Power Platform.

現在到 Power Platform。

More than ever, companies need to empower domain experts to increase the rate of digitization across the enterprise.

公司比以往任何時候都更需要授權領域專家來提高整個企業的數字化速度。

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 是唯一的低代碼/無代碼解決方案，使組織中的任何人都可以快速創建應用程序、構建虛擬代理、自動化工作流或分析數據。

Power Platform now has more than 10 million monthly active users at more than 500,000 organizations from IKEA to Toyota.

Power Platform 現在在從宜家到豐田的 500,000 多個組織中擁有超過 1000 萬的月活躍用戶。

PayPal, for example, is using Power BI within Teams to expand access to data insights.

例如，PayPal 正在 Teams 中使用 Power BI 來擴展對數據洞察的訪問。

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.

超過 1,900 家組織已簽約使用返回工作場所解決方案，以幫助確保員工返回辦公室時的安全和健康。

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.

洛杉磯聯合學區計劃在重新開放時使用 Power Platform 幫助 1,400 多所學校的 700,000 名學生和教育工作者保持安全。

Now on to Dynamics 365.

現在轉到 Dynamics 365。

As organizations look to move from being reactive to proactive, they're choosing Dynamics 365.

隨著組織希望從被動轉向主動，他們選擇了 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.

從 AEP 和 Chipotle 到 Ingram Micro 和 Walgreens Boots Alliance，我們看到我們的客戶數據平台 Dynamics 365 Customer Insights 得到廣泛採用。

More companies are turning to our mixed reality solutions to keep employees connected with experts even when they're apart.

越來越多的公司正在轉向我們的混合現實解決方案，以使員工即使在分開的情況下也能與專家保持聯繫。

Mercedes-Benz is using Dynamics 365 Remote Assist to help technicians across its U.S. dealership services increase -- service increasingly complex cars faster.

梅賽德斯-奔馳正在使用 Dynamics 365 Remote Assist 來幫助其美國經銷商服務的技術人員增加服務——更快地為日益複雜的汽車提供服務。

And BHP is using the solution to keep employees at mining sites in rural Australia safe.

必和必拓正在使用該解決方案來保證澳大利亞農村礦區員工的安全。

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.

就在昨天，我們宣布與 C3.ai 和 Adobe 建立合作夥伴關係，將由 Dynamics 365 提供支持的新型行業特定 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.

在我們第一次針對特定行業的電話會議上，Microsoft Cloud for Healthcare 將於本週晚些時候全面推出。

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.

它匯集了來自 Dynamics 365 以及 Microsoft 365、Power Platform 和 Azure 的醫療保健特定功能，以幫助 Cleveland Clinic 和 St.

Luke's Health Network improve patient outcomes.

盧克的健康網絡改善了患者的治療效果。

Now to LinkedIn.

現在到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.

在瞬息萬變的工作環境中，超過 7.22 億專業人士與他們的社區聯繫、學習新技能和尋找新機會的地方是 LinkedIn。

We saw record levels of engagement again this quarter.

本季度我們再次看到了創紀錄的參與度。

We launched our most significant redesign with a streamlined search and messaging experience as well as new ways for connecting and sharing with stories.

我們通過簡化的搜索和消息傳遞體驗以及連接和分享故事的新方式啟動了我們最重要的重新設計。

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.

越來越多的專業人士轉向 LinkedIn Learning 來增加他們的知識資本，每週觀看超過 100 萬小時的內容，是一年前的兩倍多。

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.

LinkedIn 上每分鐘僱用三個人，新功能使近 4000 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.

在營銷解決方案方面，由於營銷人員使用我們的工具與準備開展業務的專業人士聯繫，LinkedIn 上的廣告客戶需求恢復到接近 COVID 之前的水平，同比增長 40%。

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.

組織繼續利用 LinkedIn Sales Navigator 和 Dynamics 365 的組合，以確保銷售人員擁有遠程銷售所需的環境。

Now to Microsoft 365.

現在到 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.

PC 已成為維持在家工作、學習和生活以及在遠程世界中保持企業業務連續性的關鍵任務。

Windows 10 monthly active devices are up double digits year-over-year across commercial, consumer and education.

Windows 10 月活躍設備在商業、消費者和教育領域同比增長兩位數。

And we will have the largest lineup of Surface and OEM devices ever this holiday season to support every person and work style.

我們將在這個假日季節擁有最豐富的 Surface 和 OEM 設備陣容，以支持每個人和工作方式。

Microsoft 365 is the comprehensive suite of productivity apps and experiences people use and rely on every day.

Microsoft 365 是一套全面的生產力應用程序和人們每天使用和依賴的體驗。

Teams now has more than 115 million daily active users.

Teams 現在擁有超過 1.15 億日活躍用戶。

We are seeing increased usage intensity as people communicate, collaborate and coauthor content across work, life and learning.

隨著人們在工作、生活和學習中交流、協作和共同創作內容，我們看到使用強度不斷增加。

All up, Microsoft 365 users generated more than 30 billion collaboration minutes in a single day this quarter.

總之，Microsoft 365 用戶在本季度的一天內產生了超過 300 億分鐘的協作分鐘數。

Teams is the only solution with meetings, calls, chat, content collaboration as well as business process workflow in a secure, integrated user experience.

Teams 是唯一在安全、集成的用戶體驗中具有會議、通話、聊天、內容協作以及業務流程工作流的解決方案。

And as companies move online, they also want one unified platform from meetings to phone systems, which Teams delivers.

隨著公司在線遷移，他們還需要一個統一的平台，從會議到電話系統，由 Teams 提供。

The key to productivity is to move beyond transactional meetings and stay in the flow of work and maintain business process context.

提高生產力的關鍵是超越事務性會議並保持工作流程並維護業務流程上下文。

That's where Microsoft 365 and Teams stand out.

這就是 Microsoft 365 和 Teams 脫穎而出的地方。

You collaborate on a PowerPoint presentation before a meeting and share it with participants in SharePoint.

您在會議前協作處理 PowerPoint 演示文稿，並在 SharePoint 中與參與者共享。

If you miss a meeting, you can access a recording via stream and catch up via persistent chat.

如果您錯過了會議，您可以通過流訪問錄音並通過持續聊天進行跟進。

Action items can automatically be assigned in Lists.

可以在列表中自動分配操作項。

With Power Platform in Teams, you can build custom productivity apps using Lists as a data source.

借助 Teams 中的 Power Platform，您可以使用列表作為數據源來構建自定義生產力應用。

And you can even connect Dynamics 365 to Teams so that you can see customer information and take action.

您甚至可以將 Dynamics 365 連接到 Teams，以便查看客戶信息並採取行動。

It's clear that people will need more flexibility in when, where and how they work.

很明顯，人們在工作的時間、地點和方式上需要更大的靈活性。

We are adding reimagined workspaces in Teams for every collaborator, remote, in-person or on-the-go.

我們將在 Teams 中為每位遠程、面對面或在旅途中的協作者添加重新構想的工作區。

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.

我們正在為一線和知識工作者加速創新，在過去 6 個月內提供了 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 名參與者的大型數字活動，以幫助人們超越時間和距離。

Employee health and well-being is a top concern for every CEO.

員工的健康和福祉是每位 CEO 最關心的問題。

We're innovating with new experiences to help people prioritize well-being in the flow of work.

我們正在通過新體驗進行創新，以幫助人們在工作流程中優先考慮幸福感。

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.

Teams 中的新見解提供了個性化的建議 - 推薦的操作，讓員工更容易養成健康的工作習慣，讓領導者更容易建立高績效團隊。

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.

新的虛擬通勤通過預定的認知呼吸為遠程工作日提供了結構，Together Mode 正在幫助 Office Depot 等公司的員工減少視頻疲勞。

More broadly, we are accelerating our innovation across Microsoft 365.

更廣泛地說，我們正在加速我們在 Microsoft 365 中的創新。

New Microsoft Stream is the video platform for the enterprise, making it easy to create, share and discover videos at work.

新的 Microsoft Stream 是企業的視頻平台，可以輕鬆創建、共享和發現工作中的視頻。

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.

Word 中的轉錄和語音命令可幫助人們節省時間，而 SharePoint 語法可讓您更輕鬆地在整個企業中查找和處理內容。

We are seeing Microsoft 365 momentum in every industry.

我們在每個行業都看到了 Microsoft 365 的發展勢頭。

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.

在教育領域，近 270,000 家機構正在使用 Teams 來支持遠程學習並改善學習成果，其中包括英國諾丁漢大學、莫爾豪斯學院、南佛羅里達大學和美國一些最大的學區，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.

在體育運動方面，NBA 和 NFL 正在為球迷重新構想比賽日體驗。

PepsiCo will deploy Microsoft 365 and Teams to its 270,000 employees worldwide.

PepsiCo 將為其全球 270,000 名員工部署 Microsoft 365 和 Teams。

And Morgan Stanley, PricewaterhouseCoopers and Prudential Financial all chose Microsoft 365 E5 this quarter for differentiated security, compliance, voice and analytics.

摩根士丹利、普華永道和保誠金融在本季度都選擇了 Microsoft 365 E5，以實現差異化的安全性、合規性、語音和分析。

Now to security.

現在到安全。

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.

我們是唯一一家提供端到端功能以從整體上保護和管理數據、設備、身份和基礎設施的公司，從而實現跨平台和多雲零信任架構。

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.

例如，H&R Block 使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員能夠在家中安全地工作。

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.

在身份方面，Azure AD 每月有近 4 億活躍用戶，我們看到第三方應用程序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.

在安全方面，新的 Microsoft Defender 簡化了威脅檢測和響應，現在包括對 Android 和 iOS 的覆蓋以及對 SQL 工作負載的多雲和本地保護。

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.

在設備和數據管理中，Microsoft Endpoint Manager 在統一平台中監控組織的設備，新工具可在問題影響最終用戶之前主動修復問題。

And in compliance, our new Compliance Manager offers more than 150 out-of-the-box assessment for regulations such as GDPR.

在合規方面，我們新的合規管理器為 GDPR 等法規提供了 150 多項開箱即用的評估。

Now to gaming.

現在玩遊戲。

Gaming is the most expansive category in entertainment industry.

遊戲是娛樂行業中最廣泛的類別。

3 billion consumers look to gaming for entertainment, community and achievement, and our ambition is to empower each of them wherever they play.

30 億消費者將游戲視為娛樂、社區和成就，而我們的目標是讓每個人無論在哪裡玩，都能賦予他們權力。

Our Xbox Game Pass service has more than 15 million subscribers.

我們的 Xbox Game Pass 服務擁有超過 1500 萬訂戶。

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.

質量差異化的內容是服務增長背後的飛輪，下個月加入 EA Play 以及我們即將收購 ZeniMax Media 將為 100 多個已經可用的高質量遊戲添加更多世界上最具標誌性的特許經營權，並大幅增加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.

我們還通過將雲遊戲引入 Game Pass 來改變遊戲的分發和播放方式，並在移動設備和平板電腦上吸引新玩家。

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.

最後，我們對 Xbox Series S 和 Xbox Series X 的早期評論和興奮感到高興，這將是最實惠和最強大的遊戲機。

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.

最後，在一個充滿不確定性和約束的世界中，每個人和每個組織都需要更多的數字技術來恢復和重新想像接下來會發生什麼。

This represents an unprecedented expansion of our addressable market in every layer of the tech stack.

這代表了我們在技術堆棧的每一層的潛在市場的空前擴張。

We are focused on innovating and differentiating to meet these needs and growing opportunity.

我們專注於創新和差異化以滿足這些需求和不斷增長的機會。

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.

有了這個，我將交給艾米，他將詳細介紹我們的財務業績並分享我們的前景，我期待再次加入您的問題。

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $37.2 billion, up 12% year-over-year.

本季度收入為 372 億美元，同比增長 12%。

Gross margin dollars increased 15%, operating income increased 25%, and earnings per share was $1.82, increasing 32% and 30% in constant currency.

毛利率美元增長 15%，營業收入增長 25%，每股收益為 1.82 美元，按固定匯率計算分別增長 32% 和 30%。

Consistent execution by our sales teams and partners drove a strong start to the fiscal year.

我們的銷售團隊和合作夥伴的一致執行推動了本財年的強勁開局。

In our commercial business, customers accelerated their digital transformation priorities.

在我們的商業業務中，客戶加快了他們的數字化轉型重點。

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.

我們再次看到對我們差異化、高價值的混合和雲產品的強勁需求，從而增加了對我們平台的承諾和更高的使用率。

Overall, our transactional licensing business remained a headwind, although the small and medium business customer segment improved slightly through the quarter.

總體而言，我們的交易許可業務仍然是逆風，儘管中小型企業客戶群在本季度略有改善。

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.

在我們的消費者業務中，對 PC 和生產力工具的持續需求使非專業版 Windows OEM、Office 消費者和 Surface 受益，而廣告市場的改善則使搜索和 LinkedIn 受益。

And we saw continued strong engagement across our gaming platform.

我們看到整個遊戲平台的持續強勁參與。

Moving to our overall results.

轉向我們的整體結果。

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.

在強勁的上一年可比和相對較小的到期基數上，商業預訂增長超出預期，在我們的核心年金銷售動議和大型長期 Azure 合同數量增加的推動下，按固定匯率計算分別增長了 23% 和 18% .

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.

因此，商業剩餘履約義務按固定匯率計算分別增加了 24% 和 23% 至 1070 億美元，未來 12 個月內和未來 12 個月後確認的收入大致相當。

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.

商業雲收入增長 31% 至 152 億美元，商業雲毛利率同比增長 5 個百分點至 71%，這是由於我們 7 月收益中討論的服務器和網絡設備資產使用壽命的會計估計發生變化稱呼。

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.

排除這種影響，儘管收入組合轉移到 Azure 並且使用增加以支持我們客戶的遠程工作方案，但商業雲毛利率百分比略有上升。

This quarter, FX had no impact on revenue growth, more favorable than anticipated due to the weaker U.S. dollar.

本季度，由於美元疲軟，外匯對收入增長沒有影響，比預期更有利。

And in line with expectations, FX had no impact on COGS or operating expense growth.

與預期一致，外匯對 COGS 或運營費用增長沒有影響。

Company gross margin percentage was up 2 points year-over-year to 70%, driven by the change in accounting estimate noted earlier.

由於前面提到的會計估計變化，公司毛利率同比增長 2 個百分點至 70%。

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.

剔除這一影響，公司毛利率略有下降，雲收入組合增加以及持續投資（如試用優惠和靈活的融資方案）在這個充滿挑戰的環境中提供更大的客戶價值。

Operating expense increased 3%, lower than anticipated, driven by greater-than-expected COVID-related savings and investments that shifted to future quarters.

營業費用增長 3%，低於預期，原因是與 COVID 相關的儲蓄和投資轉移到未來幾個季度，超出預期。

And operating margins expanded 4 points year-over-year to 43%, including roughly 2 points of favorable impact from the change in accounting estimate.

營業利潤率同比增長 4 個百分點至 43%，其中包括會計估計變更帶來的大約 2 個百分點的有利影響。

Now to our segment results.

現在來看我們的細分結果。

Revenue from Productivity and Business Processes was $12.3 billion, increasing 11%, ahead of expectations, primarily driven by LinkedIn and Office Consumer.

生產力和業務流程的收入為 123 億美元，增長 11%，超出預期，主要受 LinkedIn 和 Office Consumer 的推動。

On a strong prior year comparable, Office Commercial revenue grew 9% with continued impact from the transactional weakness noted earlier.

與前一年的可比數據相比，Office Commercial 收入增長了 9%，持續受到前面提到的交易疲軟的影響。

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.

Office 365 商業版收入按固定匯率計算分別增長 21% 和 20%，這得益於所有工作負載和客戶群的安裝基礎擴展以及更高的 ARPU。

E5 revenue growth accelerated, with strong value in our advanced security, compliance and voice component.

E5 收入增長加速，我們先進的安全性、合規性和語音組件具有強大的價值。

Paid Office 365 Commercial seats increased 15% year-over-year with early momentum in free trial conversions.

付費 Office 365 Commercial 席位同比增長 15%，免費試用轉換的早期勢頭。

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.

我們看到中小型企業和一線員工提供的席位持續增長，整個季度都有所改善，但仍處於較為溫和的水平。

Office 365 Commercial now accounts for over 70% of our existing Office Commercial paid installed base.

Office 365 Commercial 現在占我們現有 Office Commercial 付費安裝基數的 70% 以上。

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.

Office Consumer 收入增長 13%，Office 2019 銷售好於預期，Microsoft 365 訂閱加速增長，同比增長 27%，達到 4530 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.

在 Dynamics 365 收入增長 38% 和 37% 的推動下，Dynamics 收入增長了 19% 和 18%（按固定貨幣計算），好於預期。

Growth in the number of customers adopting multiple Dynamics 365 workloads accelerated, reflecting the value of our modern solutions with compelling time to value.

採用多個 Dynamics 365 工作負載的客戶數量加速增長，這反映了我們現代解決方案的價值以及令人信服的價值實現時間。

LinkedIn revenue increased 16%, significantly ahead of expectations, primarily driven by a stronger advertising market that benefited our marketing solutions business.

LinkedIn 收入增長了 16%，大大超出預期，這主要得益於更強勁的廣告市場，這使我們的營銷解決方案業務受益。

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.

按固定匯率計算，分部毛利率分別增長 13% 和 12%，毛利率同比增長 1 個百分點，包括會計估計變更帶來的約 2 個百分點的有利影響，部分被雲銷售組合抵消。

Operating expense increased 4% and operating income increased 19% year-over-year, including 6 points due to the change in accounting estimate.

營業費用同比增長4%，營業收入同比增長19%，其中會計估計變更導致6個百分點。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

Revenue was $13 billion, increasing 20% and 19% in constant currency, slightly ahead of expectations.

收入為 130 億美元，按固定匯率計算分別增長 20% 和 19%，略高於預期。

On a significant base, server products and cloud services revenue increased 22% and 21% in constant currency.

在一個顯著的基礎上，服務器產品和雲服務收入增長了 22% 和 21%（按固定匯率計算）。

Azure revenue grew 48% and 47% in constant currency, driven by consistent strong growth in our consumption-based business.

在我們基於消費的業務持續強勁增長的推動下，Azure 收入按固定匯率計算分別增長了 48% 和 47%。

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.

本季度，我們的每用戶企業移動業務增長好於預期，因為安裝基數增加了 27%，達到 1.52 億個座位。

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.

我們的本地服務器業務下降了 1%，受到持續交易疲軟的影響，以及受益於 Windows Server 和 SQL Server 2008 支持結束的強勁上一年可比性。

Enterprise services revenue grew 6% and 5% in constant currency, again driven by premier support services.

企業服務收入按固定匯率計算分別增長 6% 和 5%，這再次受到一流支持服務的推動。

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.

分部毛利率按固定匯率計算分別增長 26% 和 25%，毛利率同比增長 3 個百分點，會計估計變更的有利影響接近 4 個百分點。

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.

營業費用增加 10%，營業收入增加 39% 和 38%（按固定匯率計算），會計估計變更的有利影響約為 13 個百分點。

Now to More Personal Computing.

現在到更多的個人計算。

Revenue was $11.8 billion, increasing 6%, with better-than-expected performance in Windows OEM non-Pro, Surface and Search.

收入為 118 億美元，增長 6%，Windows OEM 非 Pro、Surface 和 Search 的表現好於預期。

In Windows, overall OEM revenue declined 5%, better than expected.

在 Windows 中，整體 OEM 收入下降 5%，好於預期。

OEM non-Pro revenue grew 31%, benefiting from demand for larger screens for productivity.

OEM 非 Pro 收入增長 31%，這得益於對更大屏幕的生產力需求。

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.

OEM Pro 收入下降了 22%，原因是所有客戶細分市場的商業需求下降，而上年同期則受益於對 Windows 7 的支持結束。本季度末庫存水平處於正常範圍內。

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.

Windows 商業產品和雲服務收入按固定匯率計算分別增長 13% 和 12%，略低於預期，因為對 Microsoft 365 和我們的高級安全解決方案的持續需求被較低的多年協議組合部分抵消，這些協議的季度收入確認較高以及持續的交易疲軟。

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.

在 Surface 方面，由於產品發佈時間和渠道採購以及整體 PC 市場需求的同比差異，按固定匯率計算，收入增長了 37% 和 36%。

Search revenue ex TAC declined 10% and 11% in constant currency.

按固定匯率計算，不含 TAC 的搜索收入下降了 10% 和 11%。

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.

在遊戲領域，在整個平台持續強勁的參與度和貨幣化的推動下，收入增長了 22% 和 21%，儘管增速比上一季度略低。

Xbox content and services revenue increased 30%, with strong growth in third-party transactions, Game Pass subscribers and first-party titles.

Xbox 內容和服務收入增長了 30%，第三方交易、Game Pass 訂戶和第一方遊戲的強勁增長。

Segment gross margin dollars increased 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.

分部毛利率增長 8%，毛利率同比增長 1 個百分點，主要是在遊戲和 Surface 方面的改進主要被 Windows 收入組合的下降所抵消。

Operating expense decreased 8%, and operating income grew 18% year-over-year.

營業費用下降 8%，營業收入同比增長 18%。

Now back to total company results.

現在回到公司的總業績。

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.

包括融資租賃在內的資本支出為 55 億美元，同比增長 15%，以支持不斷增長的客戶使用和對我們雲服務的需求。

Cash paid for PP&E was $4.9 billion.

為 PP&E 支付的現金為 49 億美元。

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%.

在包括與無形資產轉讓相關的稅款在內的可比上年較低的情況下，運營現金流為 193 億美元，同比增長 40%，自由現金流為 144 億美元，增長 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.

排除這些稅款的影響，運營現金流增長了 12%，因為健康的雲計費和收款被與 Xbox 硬件庫存構建相關的更高供應商付款部分抵消。

And free cash flow grew 3%, reflecting a significant increase in cash payments for PP&E.

自由現金流增長了 3%，反映了 PP&E 的現金支付顯著增加。

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.

其他收入和支出為 2.48 億美元，高於預期，這是由於外匯重新計量和投資的淨收益，包括我們股票投資組合的按市值計價收益。

Our effective tax rate was 14%, with a greater-than-expected impact from equity vests in the quarter.

我們的有效稅率為 14%，本季度股權歸屬的影響超出預期。

And finally, we returned $9.5 billion to shareholders through share repurchases and dividends, an increase of 21% year-over-year.

最後，我們通過股票回購和分紅向股東返還了 95 億美元，同比增長 21%。

Now let's move to our outlook.

現在讓我們轉向我們的展望。

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.

在我們的商業業務中，擴大可尋址市場、差異化價值和一致的執行應該會推動另一個季度的使用量增加和對推動商業預訂的平台的承諾不斷增加。

However, a declining expiry base will impact the growth.

但是，到期基數下降將影響增長。

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.

與往常一樣，大型長期 Azure 合同的時間更難以預測，這些長期協議的組合越來越多，導致預訂的季度波動更大。

And though trends have improved a bit, growth will continue to be impacted by transactional weakness.

儘管趨勢有所改善，但增長將繼續受到交易疲軟的影響。

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.

上一年的強勁表現（包括終止對 Windows 7 和 Windows Server 2008 的支持，以及我們 Office 業務在日本的交易實力）也將影響增長率。

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.

在我們的消費者業務中，我們預計消費者個人電腦市場的持續增長會帶來一些好處，儘管鑑於傳統上每第二季度售出的個人電腦數量都比上一季度放緩，但增長速度會有所放緩。

Commercial cloud gross margin percentage will increase approximately 3 points year-over-year, again driven by the change in accounting estimate noted earlier.

商業雲毛利率將同比增長約 3 個百分點，這再次受到前面提到的會計估計變化的推動。

Excluding this impact, continued improvement in Azure IaaS and PaaS gross margin will be offset by mix shift to Azure.

排除這種影響，Azure IaaS 和 PaaS 毛利率的持續改善將被混合轉向 Azure 所抵消。

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.

以美元計算，我們預計資本支出將與上一季度大致持平，以支持對我們雲服務不斷增長的使用和需求。

Now to FX.

現在到外匯。

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.

根據目前的匯率，我們預計外匯將使公司總收入和運營費用增長約 1 個百分點，並且對 COGS 增長沒有影響。

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.

在這些細分市場中，FX 應將生產力和業務流程以及智能雲收入增長提高約 1 個百分點，並且對更多個人計算收入增長沒有影響。

Next, segment guidance.

其次，細分指導。

In Productivity and Business Processes, we expect revenue between $12.75 billion and $13 billion.

在生產力和業務流程方面，我們預計收入在 127.5 億美元至 130 億美元之間。

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

在商業辦公方面，Office 365 將再次推動收入增長，並為 E5 提供持續的追加銷售機會。

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.

但是，由於交易持續疲軟和客戶持續轉向 Office 365，增長將受到前面提到的強勁上一年可比業務以及我們的本地業務下降約 30% 的影響。

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.

在 Office Consumer 方面，我們預計收入將以中個位數增長，環比下降，因為 Microsoft 365 訂閱收入的持續增長將受到強勁年份的影響——上年可比以及之前提到的 PC 市場的季節性。

In LinkedIn, we expect the improved advertising market and continued strong engagement on the platform to drive revenue growth similar to last quarter.

在 LinkedIn，我們預計廣告市場的改善和平台上的持續強勁參與將推動與上一季度類似的收入增長。

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 Dynamics 中，Dynamics 365 的持續增長勢頭將推動收入增長，儘管增速比上一季度略低，符合該業務的歷史季節性。

For Intelligent Cloud, we expect revenue between $13.55 billion and $13.8 billion.

對於智能雲，我們預計收入在 135.5 億美元至 138 億美元之間。

In Azure, revenue growth will be driven by our consumption-based business with continued strong growth on a significant base.

在 Azure 中，收入增長將由我們基於消費的業務推動，並在顯著基礎上持續強勁增長。

And in our per-user business, we expect growth rates to moderate further, given the size of the enterprise mobility installed base.

在我們的每用戶業務中，鑑於企業移動安裝基數的規模，我們預計增長率將進一步放緩。

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.

在我們的本地服務器業務中，我們預計收入將下降低個位數，因為對我們的混合和高級產品的需求將被持續的交易疲軟和前一年可比的影響所抵消。

And in Enterprise Services, we expect revenue to be up low single digits.

在企業服務中，我們預計收入將增長低個位數。

In More Personal Computing, we expect revenue between $13.2 billion and $13.6 billion.

在更多個人計算方面，我們預計收入在 132 億美元至 136 億美元之間。

In Windows, on the strong prior year comparable, overall revenue should decline in the high single-digit range.

在 Windows 中，與去年的可比數據相比，整體收入應該會在高個位數範圍內下降。

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.

在我們的 OEM 業務中，我們預計 OEM non-Pro 將迎來另一個強勁的季度，但 OEM Pro 將再次受到商業需求下降的影響。

In Windows Commercial products and cloud services, we expect healthy annuity billings growth, driven by the continued demand for our advanced security solutions.

在 Windows 商業產品和雲服務中，我們預計在對我們先進的安全解決方案的持續需求的推動下，年金賬單將實現健康增長。

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.

然而，增長將受到較低的多年協議組合的重大影響，這些協議具有較高的季度收入確認，主要是由於到期基數下降和上一年的大筆交易。

In Surface, revenue will be relatively unchanged, impacted by the year-over-year timing differences of product life cycle transitions noted earlier.

在 Surface 中，受前面提到的產品生命週期轉換的逐年時間差異的影響，收入將相對保持不變。

In Search ex TAC, we expect revenue to decline in the mid- to high single-digit range.

在 Search ex TAC 中，我們預計收入將在中高個位數範圍內下降。

And in gaming, we expect revenue growth in the high 20% range.

在遊戲方面，我們預計收入增長將達到 20% 的高位。

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%.

我們預計隨著下一代 Xbox Series X 和 S 遊戲機的推出，需求將非常強勁，這將推動供應受限的硬件收入增長約 40%。

We also expect negative gross margin impact from console sales this quarter as we invest against the growing lifetime value of the platform.

我們還預計本季度遊戲機銷售會對毛利率產生負面影響，因為我們會針對平台不斷增長的生命週期價值進行投資。

Xbox content and services revenue should grow in the low 20% range, with strong engagement and continued momentum in Game Pass subscribers.

Xbox 內容和服務收入應該會在 20% 的較低範圍內增長，遊戲通行證用戶的參與度和持續增長勢頭強勁。

As a reminder, our outlook does not include ZeniMax, which we still expect to close in the second half of the fiscal year.

提醒一下，我們的展望不包括 ZeniMax，我們仍預計將在本財年下半年結束。

Now back to company guidance.

現在回到公司指導。

We expect COGS of $13.75 billion to $13.95 billion and operating expense of $11.4 billion to $11.5 billion.

我們預計銷貨成本為 137.5 億美元至 139.5 億美元，運營費用為 114 億美元至 115 億美元。

In other income and expense, interest income and expense should offset each other.

在其他收入和費用中，利息收入和費用應相互抵消。

And finally, we expect our Q2 tax rate to be approximately 16%.

最後，我們預計第二季度的稅率約為 16%。

In closing, I'd like to share a few thoughts as we look beyond the next quarter.

最後，我想在我們展望下一季度之後分享一些想法。

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.

隨著數字化轉型的加速以及我們的銷售團隊和合作夥伴繼續在為客戶服務方面表現出色，即使在充滿挑戰和競爭激烈的環境中，我們的高價值解決方案也應能推動我們商業部門全年實現兩位數的收入增長。

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.

鑑於我們雄心勃勃，渴望實現客戶對未來的願景和創造的機會，我們將繼續投資於高增長市場和戰略領域，以進一步提升我們的地位。

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

有了這個，邁克，讓我們去問答吧。

Thanks, Amy.

謝謝，艾米。

We'll now move over to Q&A.

我們現在將轉到問答環節。

(Operator Instructions) Operator, can you please repeat your instructions?

（操作員說明）操作員，您能重複一下您的說明嗎？

(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 Keith Weiss。

Excellent.

出色的。

Very nice quarter.

非常好的季度。

Wanted to talk a little bit about Intelligent Cloud and the trends that you're seeing there.

想談談智能雲以及您在那裡看到的趨勢。

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.

我們在 CIO 調查等內容中發現 CIO 非常強烈地表明他們希望更積極地遷移到公共雲。

We're seeing that in good results from Azure.

我們從 Azure 中看到了良好的結果。

How should we think about the on-premise server and tools business on a going-forward basis?

我們應該如何看待未來的本地服務器和工具業務？

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?

這種對公共雲的偏好增加是否會更永久地損害服務器和雲——對不起，服務器和工具在本地環境中的增長？

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?

或者，一旦我們通過了這些艱難的比賽，是否有可能回到我們歷史上看到的低到中個位數的增長？

Let me start, and Keith, thanks for the question, and Amy, you can add to it.

讓我開始，基思，謝謝你的問題，艾米，你可以補充一下。

A couple of things, Keith.

有幾件事，基思。

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.

一種是我們一直採用的方法是分佈式計算將保持分佈式，因此云和邊緣將成為應用程序的分發結構。

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.

因此，如果你看看我們的增長來自於智能雲的全部增長，它來自基礎設施層，我們在混合部署方面的靈活性，比如 Azure Arc，非常差異化。

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.

數據也是如此，即使在上個季度，最大的功能創新之一就是能夠在任何云中部署 Azure 數據，包括邊緣。

So that deployment drives application preference for our infrastructure.

因此，這種部署會推動應用程序對我們的基礎設施的偏好。

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.

正在發生的另外兩件事是開發人員，無論是提升/移位、現代化運動還是只是新應用程序，因為他們在 GitHub 或 Azure DevOps 或 VS Code 上所做的事情，選擇 Azure 服務，以及使用 Power Platform、Dynamics 或 M 365，因為人們構建的許多邏輯應用程序都是關於將多個 SaaS 應用程序的工作流擴展拼接在一起。

So we have all 3 of these trends leading to more intense usage of infrastructure data and the application PaaS services.

因此，我們擁有所有這 3 個趨勢，導致基礎設施數據和應用程序 PaaS 服務的使用更加頻繁。

And so that's how we view it.

這就是我們的看法。

I don't sort of look at each quarter what's happening on server plus cloud.

我不關注每個季度在服務器和雲上發生的事情。

I look at the holistic deployment options that our customers need for their increasingly distributed applications.

我著眼於我們的客戶對其日益分散的應用程序所需的整體部署選項。

And so that's sort of what I see.

這就是我所看到的。

And Amy, if you want to add to it, please go ahead.

艾米，如果你想添加它，請繼續。

Sure.

當然。

And Keith, maybe I can help a little bit.

還有基思，也許我能幫上點忙。

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.

總的來說，我認為如果您將 Azure 和年金業務視為 Satya 所說的持久、混合、邊緣、雲價值，會更容易。

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.

在續訂率、保費強度、混合價值道具的強度方面，我們繼續看到這些方面非常強勁和一致的表現。

And so that aspect, Keith, because of the reasons Satya mentioned, we don't see nearly as much change in that.

因此，基思，由於薩蒂亞提到的原因，我們看不到這方面的變化太大。

It's frankly why you see bookings numbers that are very good.

坦率地說，這就是為什麼您會看到非常好的預訂數字。

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.

這就是為什麼您看到 RPO 都少於 12 個月，將其視為我們的核心年金議案，而不是超過 12 個月，這些 Azure 更長的合同都具有非常健康的增長。

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.

因此，您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，即一次性購買全部在季度內確認。

And because of that, it does move around a lot more.

正因為如此，它確實移動得更多。

And it helped obviously when we had end of support, we were transparent about that.

當我們終止支持時，它顯然有所幫助，我們對此保持透明。

And then it hurts more both in this macro environment but more so just because of some tough comparables.

然後在這個宏觀環境中傷害更大，但更多的是因為一些艱難的可比性。

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，儘管我們將在幾個季度內繼續保持這種狀態，並且由於 100% 季度認可的性質、預訂、續訂、溢價和混合價值的基本面以及我將如何回答這個問題，Azure 的消費感覺遠比沒有的一致。

Our next question comes from Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Amy, I had a question.

艾米，我有一個問題。

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.

當您展望未來時，您剛剛對收入做出了一些非常強勁的增長評論，但您也投資了，正確的，您希望在關鍵增長領域為您的客戶進行投資。

I think one of the questions people might be wondering is how do we think about how that might impact operating margin trajectory.

我認為人們可能想知道的問題之一是我們如何考慮這可能會如何影響營業利潤率軌跡。

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?

我們是否應該解釋您的評論，即顯然增長仍然非常強勁，我們正在為增長而投資，但也關注盈利能力？

Like how would you like those comments interpreted a little bit more deeply?

就像您希望如何更深入地解釋這些評論？

Thanks, Heather.

謝謝，希瑟。

If you take a step back, the comments are really about the consistency and the opportunity in front of us.

如果您退後一步，評論實際上是關於我們面前的一致性和機會。

And so in our commercial segments, where we're seeing consistent annuity execution, we're seeing increasing usage, we're seeing good deployment.

因此，在我們的商業領域，我們看到了一致的年金執行，我們看到了越來越多的使用，我們看到了良好的部署。

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.

坦率地說，Satya 在他的評論中介紹的產品組合，如果你逐節介紹，它談論的是該產品組合提供的驚人的 TCO 優勢，即使對於我們正在尋找加速但控製成本的方法的商業客戶也是如此。

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.

所以對我們來說，當你看到這樣的運營環境時，你看到了機會，你對你的投資組合感覺很好，你可以感覺到——我們基本上對我們的完整堆棧感覺很好，但價值很高。

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.

我們想要確保我們所做的，我的評論是圍繞著這些的，實際上是為了明確表明我們打算繼續追求我們看到的機會。

And so of course, we're always thoughtful about how we invest.

因此，當然，我們總是在考慮如何投資。

But in these areas where we see such strong signal, I do expect us to continue to focus.

但在我們看到如此強烈信號的這些領域，我確實希望我們繼續關注。

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.

在營業利潤率方面，真正的重點也將是——隨著我們進入下半年，它顯然受到我們正在進行的一些硬件投資以及整體 Windows 數量的影響。

So that's probably the best way to think about it, I suppose.

所以這可能是最好的思考方式，我想。

And Heather, congratulations.

和希瑟，祝賀你。

We'll miss having you on the call after 7 years.

7 年後，我們會想念你的電話。

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 Bernstein Research 的 Mark Moerdler。

And congratulations on a really nice clean quarter.

並祝賀一個非常乾淨的季度。

Given the flare-ups in COVID in certain geographies and continuing lockdowns, do you think there's increasing pressure on overall spending?

鑑於某些地區 COVID 的突然爆發和持續的封鎖，您認為整體支出的壓力是否越來越大？

Does it impact SaaS adoption going forward?

它會影響 SaaS 的採用嗎？

And adding to that, how do you see your supply chain for the cloud components?

除此之外，您如何看待雲組件的供應鏈？

Are you going to be able to meet all the demands?

你能滿足所有的要求嗎？

So maybe I'll start, and Amy, you can add to it.

所以也許我會開始，艾米，你可以添加它。

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.

我的意思是，總的來說，我們在過去 9 個月左右所學到的東西，是任何企業確保彈性以及樞轉和轉型以及重新構想如何應對某些限制的最佳方式是數字技術.

So whether it's infrastructure, whether it's data or on SaaS, it's, in fact, increased adoption rate.

因此，無論是基礎設施、數據還是 SaaS，實際上都提高了採用率。

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.

這就是您所看到的，就像您在 Power Apps 中看到的那樣，例如，在許多情況下，即使是最小的企業也需要能夠為某些工作流快速部署解決方案，例如，如果您是零售商和小型企業，路邊取貨。

But they were able to build that easily and deploy it.

但他們能夠輕鬆構建並部署它。

So that's what we are seeing, which is increasing adoption and use.

這就是我們所看到的，正在增加採用和使用。

And on the supply chain side, we have worked through.

在供應鏈方面，我們已經解決了。

We did get -- we had the initial rush.

我們確實得到了——我們有最初的匆忙。

We did have demand surges that needed us to sort of work through on our supply chain.

我們確實有需求激增，需要我們在供應鏈上進行排序。

We feel very good right now on how the supply is working to support the demand.

我們現在對供應如何支持需求感到非常滿意。

Amy?

艾米？

Nothing to add, Satya.

沒什麼好補充的，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.

祝賀另一個偉大的季度。

I just wanted to focus in on the Office 365 Commercial, and Amy, thank you for that update that you announced, 70% penetrated.

我只是想專注於 Office 365 商業版，艾米，感謝您宣布的更新，70% 已滲透。

And if I go back to the financial analyst briefing back in 2017, that was 50%.

如果我回到 2017 年的財務分析師簡報會上，那是 50%。

So I guess 2 questions: one is that, could you help us sort of unpack just the installed base growth?

所以我猜有兩個問題：一個是，你能幫我們解開安裝基數的增長嗎？

Obviously, with those 2 percentages and the numbers you gave, that's pretty healthy installed base growth.

顯然，根據這 2 個百分比和您給出的數字，安裝基數的增長非常健康。

And then as a follow-up to that, one of the things you mentioned too is obviously the continued migration to E5.

然後作為後續行動，你提到的一件事顯然是繼續遷移到 E5。

Sort of what inning are we in for sort of the E3 to E5 motion?

對於 E3 到 E5 的運動，我們處於哪一局？

And how important is voice, which is one of the things you mentioned on E5 just to Office 365 going forward?

語音有多重要，這是您在 E5 上提到的僅對 Office 365 未來發展的事情之一？

Amy, go ahead.

艾米，繼續。

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.

讓我分解你的問題，菲爾，因為我想確保對 70% 的評論真的以正確的方式考慮。

It's 70% of the current installed base.

它是當前安裝基數的 70%。

And so one of the key components of that is we have, as you said, continued to see installed base growth.

因此，正如您所說，其中一個關鍵組成部分是我們繼續看到安裝基數增長。

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.

無論是增加一線工人場景，還是增加小企業，我們都有很多方法可以繼續增加巨大的價值，繼續擴大安裝基礎。

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.

但我們很高興我們在 Office 365 的更現代體驗方面擁有 70% 的份額，這顯然可以提高生產力，並且能夠繼續在 E3 和 E5 上提供一些此類動議。

To that question, there's actually room, Phil, on both of those motions.

對於這個問題，菲爾，這兩個議案實際上都有空間。

We've got room to continue to have people move to E3.

我們有空間繼續讓人們轉移到 E3。

We've got room to continue, obviously.

顯然，我們還有繼續的空間。

And it's not just voice, although that is an important component.

這不僅僅是聲音，儘管這是一個重要的組成部分。

The really exciting value in E5 is that it offers security value.

E5 真正令人興奮的價值在於它提供了安全價值。

It offers compliance value.

它提供合規價值。

It offers voice.

它提供語音。

There's analytics value.

有分析價值。

And so the reality is all of them are becoming more meaningful, especially in time to value and TCO.

因此，現實情況是它們都變得更有意義，尤其是在價值實現時間和 TCO 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.

當我們談論 Office 365 時，我有時認為會忽略的一件事是圍繞該組和業務重要的其他關鍵動作之一是我們能夠繼續添加 Microsoft 365 組件，無論是 EMS 還是 Windows 安全價值。

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.

因此，雖然我們對安裝基礎和進展感到興奮，但它也為我們創造了一個很好的機會，可以繼續將人們轉移到 Microsoft 365 SKU，而不僅僅是通過 Office 的 SKU。

Our next question comes from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀的 Karl Keirstead。

Amy, I wanted to ask you a question, given the comment you made about bookings volatility.

艾米，鑑於您對預訂波動的評論，我想問您一個問題。

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.

我想詢問一些 Azure 趨勢，特別是我們無法看到的 Azure 遷移活動水平，可能仍處於計劃階段，或者如果已簽署交易，您對 Azure 的感覺如何未來一年左右將轉化為收入的積壓訂單，以及鑑於不確定的環境，某些 Azure 的上線時間是否推遲了四分之一或兩個季度。

That kind of color might serve as a nice complement to the solid 47% reported Azure number you gave.

這種顏色可以很好地補充您提供的可靠的 47% Azure 數字。

Go ahead, Amy.

來吧，艾米。

Karl, it's a good question.

卡爾，這是個好問題。

Maybe let me break down some of the components.

也許讓我分解一些組件。

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.

當你想到 Azure 和我正在討論的一些長期交易時，長期較大的交易，當我談到它們更加不穩定時，只是 - 更多的是我們並沒有真正關注他們完成的確切時間。

They tend to be partnerships that we're really working through.

它們往往是我們真正正在努力的伙伴關係。

They take longer for planning.

他們需要更長的時間來規劃。

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.

所以這些類型的合作夥伴關係，實際上是為了確保我們讓他們成功的遠遠超過他們到達的哪個季度。

And so that does just result in a little bit more volatility in that bookings number.

因此，這確實會導致該預訂數量的波動更大。

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.

現在就術語而言 - 所以我會將其與您提出的問題分開，我認為這對於我們在轉換這些計劃以及可能存在的混合利益方面創造了多少機會非常有用在我們良好的本地年金表現中。

So for us, that is about investing in customer success.

所以對我們來說，這就是投資於客戶成功。

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.

所以對我們來說，這是我們在過去幾年中所做的重要投資之一，也是為什麼我們繼續投資於從客戶技能到培訓，再到部署的所有方面，並真正確保每個項目是成功的並且具有良好的價值。

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.

因此，當您考慮到這一點時，請考慮將年金本地業務以及這些長期 Azure 合同視為有效的業務書籍，以便在您談論這種消費時繼續工作並轉化為業務。

Now within a quarter, the consumption obviously has other impacts.

現在在一個季度內，消費顯然還有其他影響。

Most of it, obviously is it's used and it's recognized in-quarter.

其中大部分，顯然是使用過的，並且在季度內得到認可。

You'll see that number, as you know, jump around a little bit from quarter-to-quarter.

如您所知，您會看到該數字每季度略有跳躍。

Some of that is the per-user that we've talked about.

其中一些是我們已經討論過的每個用戶。

Things like EMS can have a little bit more in-quarter recognition.

像 EMS 這樣的東西可以在季度內獲得更多的認可。

They can be impacted by an expiry base.

它們可能會受到到期基數的影響。

And so you'll see that number -- the Azure KPI jump around a little bit more than just from consumption.

所以你會看到這個數字——Azure KPI 的跳躍幅度不僅僅是來自消費。

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.

而且您可以按年而不是按月進行超額使用之類的事情，這也可以使這個數字稍微跳躍一下。

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，雖然漏斗和轉換絕對是我們如何看待強勁的預訂和強勁的特別是超過 12 個月的 RPO 餘額，但我們當然也在客戶層面進行了細緻的工作，以使項目取得成功。

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.

我要補充的一件事是，在 Amy 之前關於我們的客戶成功動議的評論中，當我們查看任何客戶的應用程序組合時，我們首先希望看到他們希望哪些應用程序退出，哪些應用程序他們是想要現代化並遷移到雲還是開始新的雲。

And then we use all of what is there on our stack to help them, right?

然後我們使用堆棧中的所有內容來幫助他們，對嗎？

So it could be a Power App that gets built, which is more part of Office 365 or Microsoft 365.

因此，它可能是構建的 Power App，它更多地是 Office 365 或 Microsoft 365 的一部分。

It could be a SaaS application that is in Dynamics module that's better for them because that's a faster time to value.

它可能是 Dynamics 模塊中的 SaaS 應用程序，這對他們來說更好，因為這樣可以更快地實現價值。

And then -- and sometimes you build in Azure.

然後——有時你在 Azure 中構建。

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.

因此，我們從所有技術堆棧與任何一件事上整體看待它，因為這就是我們的想法——讓微軟與眾不同並長期創造對微軟的偏好。

So that's how we approach it.

這就是我們處理它的方式。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Satya, good to see the Teams number double in the MAUs in a pretty short duration.

Satya，很高興看到團隊數量在很短的時間內在 MAU 中翻了一番。

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.

也許您可以帶我們了解您的 Teams 故事的下一章，以及您在哪裡看到了最大的機會，以及您看到的 Teams 推出附帶的其他組件。

Sure.

當然。

Thank you so much for the question.

非常感謝你的問題。

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.

是的，Teams 對我們來說非常令人興奮，因為與我們在應用程序層所做的任何其他事情不同，它實際上就像一個外殼並具有平台效應，因為它是會議、聊天、協作以及業務流程應用程序集成到 Teams 中，因此腳手架的豐富性實際上使其成為一個非常強大的平台。

And so we are seeing significant growth.

因此，我們看到了顯著的增長。

You saw -- we talked about the usage growth, but we're also seeing significant growth of usage across all these modalities inside of Teams.

你看到了——我們談到了使用量的增長，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.

但是我在評論中提到的另一個方面是，當您全面了解 Microsoft 365 時，Teams 正在支持全面增長，對，因為會議很重要，但它們是事務性的。

Work happens before meetings, during meetings and after meetings.

工作發生在會議之前、會議期間和會議之後。

So that ability to have the workflow completely stitched together is where Microsoft 365 really stands out.

因此，將工作流完全縫合在一起的能力是 Microsoft 365 真正脫穎而出的地方。

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.

因此，Teams 本身的增強效果以及 Microsoft 365 與 Teams 的結合使您會看到使用量的顯著增長，甚至比過去的單個工具還要多。

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.

我想知道您是否可以談談 MPC 中 Windows 的發展。

In particular, as we move past the tough compares, how would you characterize the growth potential of Windows?

特別是，當我們超越艱難的比較時，您如何描述 Windows 的增長潛力？

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?

您設想的關鍵驅動因素是什麼，甚至可能與此相關的主要風險是什麼——這些評論是關於您對 Windows 的持久增長的設想？

So maybe I can start, Amy, and then you can add to it.

所以也許我可以開始，艾米，然後你可以添加它。

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.

如果有的話，過去 9 個月左右再次證明，當涉及到 Windows 和 PC 時，它們變得至關重要，因為在涉及遠程學習、遠程工作以及任何類型的活動和生產力時，尤其取決於在 PC 上擁有 PC 和應用程序。

So we are doubling down on it.

所以我們正在加倍努力。

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.

這意味著 Windows 的創新——而 Microsoft 365 是概念化我們對 Windows 的看法的最佳方式，因為它是我們希望為生產力、通信、協作、業務流程提供最佳有效負載的一個表面區域。

And we'll keep working even on the form function innovation as well.

我們還將繼續致力於表單功能的創新。

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.

因此，即使您查看設備的假期陣容，也很高興看到，大屏幕、小屏幕、移動設備、不同的芯片架構使您始終擁有 Windows 設備非常有吸引力。

So that's how we look at it.

所以我們就是這麼看的。

It's very important.

這很重要。

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.

我想如果有的話，即使是僅限移動設備的國家和僅限移動設備的場景也認識到他們也可以通過額外的屏幕獲得一些幫助。

And so that's something that we look forward to.

這是我們期待的事情。

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.

而且我確實認為一種思考方式，特別是關於 Windows 的商業需求，在 Satya 的觀點上，是 - 雖然它可以並且傾向於在支持結束時，一些前端需求增加，然後正如我們所說，你有一年艱難的可比性，然後它往往會趨於穩定並且相當一致。

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.

而且我認為正如我們在過去 9 個月中所看到的那樣，我認為 PC 在商業環境中的高價值和關鍵任務價值，無論您是在遠程情況下還是在辦公室的牆壁內進行操作，我認為我們對我們提供的價值感覺很好。

Our final question comes from Brent Bracelin with Piper Sandler.

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

I'll squeeze in 2, if I could.

如果可以的話，我會擠進2個。

Wanted to follow up on Azure.

想要跟進 Azure。

This is a segment that's grown now to 17% of revenue.

這個部分現在已經增長到收入的 17%。

I think that's up from 4% just 3 years ago.

我認為這比 3 年前的 4% 有所上升。

You talked about the number of petabyte-scale applications doubling.

您談到了 PB 級應用程序的數量翻了一番。

And from a size standpoint, it looks like in my model, Azure is bigger than the Windows business for the first time ever.

從規模的角度來看，在我的模型中，Azure 有史以來第一次比 Windows 業務更大。

My question really is around where are we at in the journey around Azure?

我的問題真的是圍繞著我們在 Azure 的旅程中處於什麼位置？

How important is this to the Microsoft model?

這對微軟模式有多重要？

And ultimately, how big could it be looking out over the next 3 to 5 years?

最終，它在未來 3 到 5 年的前景有多大？

Let me start, and Amy, you can add to it.

讓我開始吧，艾米，你可以添加它。

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%.

我對未來計算領域的看法是，如果你在今天的最高水平上說佔 GDP 的百分比，技術支出是 5%。

We think it will double in the next 10 years.

我們認為它會在未來 10 年翻一番。

And if anything, this pandemic perhaps has accelerated that doubling.

如果有的話，這種流行病可能加速了這一倍的增長。

And in that context, what's the large -- the most secular need, it's the need for distributed cloud infrastructure.

在這種情況下，最長期的需求是什麼，它是對分佈式雲基礎設施的需求。

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.

它是對現有應用程序進行現代化改造所必需的，這就是為什麼 - 順便說一句，20% 的應用程序已滲透，因此還有 80% 的應用程序需要遷移。

But more importantly, there's going to be new application starts which need infrastructure.

但更重要的是，將會有需要基礎設施的新應用程序啟動。

And so if you sort of add those up, I think that we're still in early innings.

因此，如果您將這些加起來，我認為我們仍處於早期階段。

There will be, between quarters, volatility, all of the points that Amy made even earlier.

在兩個季度之間，將會出現波動，這是艾米更早提出的所有觀點。

But we think distributed cloud infrastructure is the most important layer.

但我們認為分佈式雲基礎設施是最重要的一層。

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.

但我們處理它的方式不僅僅是孤立地考慮該層，而是我們所做的數據層工作、AI 層以及更重要的是，我們的 SaaS 應用程序，無論是業務應用程序、Power Platform、Microsoft 365，都加強了同樣的現代技術堆棧。

So I would still say that digitization in its -- this new tech stack is in its very infancy.

所以我仍然會說它的數字化——這個新的技術堆棧還處於起步階段。

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.

布倫特，我認為薩蒂亞提出的最後一點可能最重要的是，當我們考慮和談論擴大目標市場或看到比幾個季度前甚至更多的機會時，它在每一層。

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.

當人們說他們有限制時，當您需要更好的時間來評估時，當您需要以快速有效的方式重新發明每一個業務流程時，讓堆棧的每一層都由基礎設施層、數據層啟用和 AI 層，坦率地說，即使在人們認為它似乎接近尾聲的地方，我也確實認為這是早期的一局。

And so I think we feel a lot of optimism in that respect.

所以我認為我們在這方面感到非常樂觀。

Certainly feel like an important milestone with Azure being larger than Windows for the first time.

Azure 第一次比 Windows 更大，這無疑是一個重要的里程碑。

I guess the last question for me is really on AI.

我想對我來說最後一個問題真的是關於人工智能。

And I know everyone's talked about this acceleration in digital adoption about -- across consumer and enterprise.

我知道每個人都在談論數字化採用的加速——在消費者和企業中。

But it almost feels like the acceleration in AI is actually happening faster.

但幾乎感覺人工智能的加速實際上發生得更快。

I'd be curious to hear kind of the plans for GPT-3 license and how you plan to democratize that across the platform.

我很想知道 GPT-3 許可證的計劃以及您計劃如何在整個平台上實現民主化。

Yes.

是的。

It's a great observation because there are 2 sort of things that we are seeing.

這是一個很好的觀察，因為我們看到了兩種事情。

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.

專業開發人員、想要這些大型變壓器模型甚至進行零樣本學習的人實際上都在使用人工智能——因此，我們看到 COGS 服務的使用全面顯著增加，順便說一下，在 Azure 中使用其他計算服務和數據服務。

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.

但另一個有趣的事情是我稱之為使用 Power Apps 的領域專家，他們能夠利用 AI 和這些 COGS 服務來構建這些由 AI 輔助的工作流。

And that's where a lot of productivity gains for a lot of businesses and business process workflows is happening.

這就是為許多企業和業務流程工作流帶來大量生產力提升的地方。

So it's exciting to see that as well as AI that's incorporated.

所以很高興看到這一點以及人工智能的結合。

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.

我的意思是每個 Teams 會話都充滿了 AI，因為它包含了轉錄服務、語音識別服務等，而 Dynamics 也是如此。

Thanks, Brent.

謝謝，布倫特。

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

今天財報電話會議的問答部分到此結束。

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

感謝您今天加入我們，我們期待很快與大家交談。

Thank you.

謝謝你。

Thank you all.

謝謝你們。

Thanks so much.

非常感謝。

Ladies and gentlemen, this concludes today's teleconference.

女士們，先生們，今天的電話會議到此結束。

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

我們感謝您的參與，此時您可以斷開您的線路。