微軟 (MSFT) 2020 Q4 法說會逐字稿

Greetings, and welcome to the Microsoft Fiscal Year 2020 Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加微軟2020財年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Mike Spencer, General Manager and Investor Relations for Microsoft. Thank you. Sir, you may begin.

現在，我很高興為大家介紹主持人，微軟總經理兼投資者關係經理麥克‧史賓塞。謝謝。先生，您可以開始了。

Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chief Executive Officer; Amy Hood, Chief Financial Officer; Frank Brod, 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；首席會計官弗蘭克·布羅德；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 our 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 fourth quarter performance in addition to the impact these items and events had 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。列出這些項目是為了幫助投資者進一步了解公司第四季度的業績，以及這些項目和事件對財務表現的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted. We will also provide growth rates in constant currency, when available, as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we 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。我們也將提供以固定匯率計算的成長率（如有），作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只提及成長率。

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

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

During this call, we will be making forward-looking statements which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the risk factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明是對未來事件的預測、展望或其他陳述。這些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。

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

說完這些，我將把電話轉給 Satya。

Thank you, Mike. Good afternoon, everyone. We delivered record results this fiscal year powered by our commercial cloud, which surpassed $50 billion in revenue for the first time, up 36% year-over-year. The last 5 months have made it very clear that digital tech intensity is key to business resilience. Organizations that build their own digital capability will recover faster and emerge from this crisis stronger. We are seeing businesses accelerate the digitization of every part of their operations from manufacturing to sales and customer service, to reimagine how they meet customer needs from curbside pickup and contactless shopping in retail to telemedicine in healthcare. That's why we are building the full modern technology stack powered by cloud and AI, and underpinned by security and compliance, to help every organization digitally transform.

謝謝你，麥克。大家下午好。本財年，在商業雲的推動下，我們取得了創紀錄的業績，營收首次突破 500 億美元，較去年同期成長 36%。過去 5 個月的情況已經非常清楚地表明，數位化技術的運用強度是企業韌性的關鍵。那些建構自身數位化能力的組織將更快復甦，並從這場危機中變得更加強大。我們看到企業正在加速推動營運各個環節的數位化，從生產製造到銷售和客戶服務，以重新構想如何滿足客戶需求，從零售業的路邊取貨和非接觸式購物到醫療保健領域的遠距醫療。這就是為什麼我們要建立由雲端和人工智慧驅動、以安全性和合規性為基礎的完整現代技術棧，以幫助每個組織實現數位轉型。

Now I'll highlight our innovation and momentum, starting with Azure. Every organization today needs a distributed computing fabric to run essential workloads. We are building Azure as the world's computer to support them with data center regions -- more data center regions than any other provider, including new regions as of this quarter in Italy, New Zealand and Poland. We have always led in hybrid, and we are accelerating our innovation to meet customers' needs wherever they are. Azure Arc is the first control plane built for a multi-cloud, multi-edge world, and we are taking it further with Azure Arc-enabled Kubernetes. New capabilities in Azure Stack HCI help organizations bring the cloud to their very own data centers. And our acquisitions of Affirmed and Metaswitch, along with Azure Edge Zones, extend Azure to the network edge, expanding our offering to telecom operators as they move to 5G.

現在我將重點介紹我們的創新和發展勢頭，首先從 Azure 開始。如今，每個組織都需要分散式運算架構來運行關鍵工作負載。我們正在將 Azure 打造成全球計算機，並透過資料中心區域為使用者提供支援——資料中心區域比任何其他供應商都多，包括本季在義大利、紐西蘭和波蘭新增的區域。我們在混合動力領域一直處於領先地位，我們正在加速創新，以滿足客戶在任何地方的需求。Azure Arc 是第一個為多雲、多邊緣世界建構的控制平面，我們正在透過支援 Azure Arc 的 Kubernetes 將其推向新的高度。Azure Stack HCI 的新功能可協助組織將雲端引入到自己的資料中心。我們收購 Affirmed 和 Metaswitch，以及 Azure Edge Zones，將 Azure 擴展到網路邊緣，隨著電信業者向 5G 過渡，我們擴大了對他們的服務範圍。

Our differentiated approach across cloud and edge is winning new customers in every industry from Land O'Lakes, the National Australia Bank to Johns Hopkins Medicine, as well as leading ISVs including Citrix, Fenestra, SAS and Workday.

我們在雲端和邊緣運算方面採取的差異化方法正在贏得各行各業的新客戶，從 Land O'Lakes、澳洲國民銀行到約翰霍普金斯醫學，以及 Citrix、Fenestra、SAS 和 Workday 等領先的獨立軟體開發商。

At the data layout, Azure is the only cloud with limitless data and analytics capabilities that can deliver a cloud-native data estate for every organization. The combination of SQL Hyperscale, Cosmos DB, Synapse Analytics and the new Synapse Link, which enables live analytics on real-time transactions, differentiate Azure. In AI, we have the most comprehensive portfolio of tools, frameworks and infrastructure.

在資料佈局方面，Azure 是唯一擁有無限資料和分析能力的雲端平台，可以為每個組織提供雲端原生資料環境。Azure 的獨特之處在於它結合了 SQL Hyperscale、Cosmos DB、Synapse Analytics 和新的 Synapse Link，後者能夠即時交易進行即時分析。在人工智慧領域，我們擁有最全面的工具、框架和基礎設施組合。

We're thrilled with the progress our partner, OpenAI, is making. Their new GPT-3 model constitutes a new breakthrough in AI, and we trained -- and was trained on our Azure AI supercomputer. New capabilities in Azure Cognitive Services make it easier to build applications that speak naturally in 49 languages and its variants, and to generate insights from unstructured data including paper-based forms and medical records. Microsoft Bot Framework now includes powerful authoring tools to build sophisticated conversational bots with low code. And with Azure machine learning, organizations can deploy AI more responsibly and safely.

我們對合作夥伴 OpenAI 的進展感到非常興奮。他們的新 GPT-3 模型代表了人工智慧領域的一項新突破，我們在我們的 Azure AI 超級電腦上進行了訓練——同時也被訓練。Azure 認知服務的新功能使建立能夠以 49 種語言及其變體自然表達的應用程式變得更加容易，並且能夠從非結構化資料（包括紙本表格和醫療記錄）中產生見解。Microsoft Bot Framework 現在包含強大的創作工具，可以使用低程式碼建立複雜的對話機器人。透過 Azure 機器學習，企業可以更負責任、更安全地部署 AI。

All this innovation is driving usage. In June alone, 13.5 billion transactions were processed in Azure Cognitive Services, 2.5 billion messages sent, 9 million hours of speech transcribed. From Bridgestone to UnitedHealth Group to EY, companies are relying on Azure AI to innovate and better meet customer needs.

所有這些創新都在推動使用。光是 6 月份，Azure 認知服務就處理了 135 億筆交易，發送了 25 億則訊息，轉錄了 900 萬小時的語音。從普利司通到聯合健康集團再到安永，各公司都在依賴 Azure AI 進行創新，以更好地滿足客戶需求。

Now to developer tools. The role of developers is more important than ever. From emergency response to recovery to reimagining the world, we have the most used and loved developer tools to build any application for any platform. We have seen increased activity across multiple measures, and we are going further with new tools to power secure remote development. With Codespaces, we are bringing together the best of GitHub, Visual Studio and Azure to help developers go from code to cloud in seconds. New advanced security features in GitHub use semantic analysis to scan code for vulnerabilities, and GitHub discussions help software communities collaborate outside of the code base.

接下來是開發者工具。開發人員的角色比以往任何時候都更重要。從緊急應變到災後重建，再到重塑世界，我們擁有最常用、最受歡迎的開發者工具，可以為任何平台建立任何應用程式。我們看到多項指標均有所提升，並且我們正在利用新的工具進一步推動安全的遠端開發。Codespaces 將 GitHub、Visual Studio 和 Azure 的優勢結合起來，幫助開發者在幾秒鐘內將程式碼遷移到雲端。GitHub 中的新高級安全功能使用語義分析來掃描程式碼中的漏洞，而 GitHub 討論則幫助軟體社群在程式碼庫之外進行協作。

More than 3 million organizations, including the majority of the Fortune 50, now use GitHub. The State of California is using GitHub and Azure DevOps to power 90% of its digital COVID-19 response infrastructure. All the 5,000 engineers at Autodesk rely on GitHub to break down silos across the organization. And at Etsy, developers are using GitHub to deploy production -- to production more than 50 times per day.

目前已有超過 300 萬家機構（包括大多數財富 50 強企業）使用 GitHub。加州正在使用 GitHub 和 Azure DevOps 來支援其 90% 的 COVID-19 數位應對基礎設施。Autodesk 的 5000 名工程師全部依靠 GitHub 來打破整個組織內部資訊的孤島。在 Etsy，開發人員使用 GitHub 將產品部署到生產環境—每天部署到生產環境超過 50 次。

Now to Power Platform. With Power Platform, anyone in an organization can rapidly create an application, build a virtual agent, automate a workflow or analyze data. Citizen developers and business decision makers at companies like Schlumberger and T-Mobile are using Power Platform to address challenges created by COVID-19. Power BI is the clear leader in business intelligence in the cloud and is growing significantly faster than competition. 96% of the Fortune 500 now use Power BI to find insights in their data.

接下來是 Power Platform。借助 Power Platform，組織中的任何人都可以快速建立應用程式、建立虛擬代理、自動化工作流程或分析資料。公民開發者和斯倫貝謝、T-Mobile 等公司的業務決策者正在使用 Power Platform 來應對 COVID-19 帶來的挑戰。Power BI 是雲端商業智慧領域的絕對領導者，其成長速度遠超競爭對手。財富 500 強企業中有 96% 現在使用 Power BI 來發現資料中的洞察。

More broadly across the Power Platform, we are seeing accelerating usage. Power Apps monthly active users increased 170% year-over-year. Power Automate is up 75%, and in just 6 months, Power Virtual Agents have already surpassed 6.7 million sessions. Just yesterday, we launched an end-to-end return-to-workplace solution in Power Platform that will help organizations like CBRE keep employees safe and healthy when they go back to their office. And we continue to invest in robotic process automation. Our acquisition of Softomotive, when coupled with Power Automate, enables customers, including KPMG, to automate manual business processes across both legacy as well as modern applications.

更廣泛地說，在整個 Power Platform 領域，我們看到使用量正在加速成長。Power Apps 月活躍用戶較去年同期成長 170%。Power Automate 的使用率成長了 75%，短短 6 個月內，Power Virtual Agents 的會話次數就已超過 670 萬次。就在昨天，我們在 Power Platform 上推出了端到端的重返工作場所解決方案，這將幫助像 CBRE 這樣的組織在員工返回辦公室時保障他們的安全和健康。我們將繼續投資機器人流程自動化。我們收購的 Softomotive 與 Power Automate 相結合，使包括畢馬威在內的客戶能夠自動執行傳統應用程式和現代應用程式中的手動業務流程。

Now to Dynamics 365. Dynamics 365 is helping organizations in every industry digitize their end-to-end business operations from sales and customer service to supply chain management so that they can rapidly adapt to changing market conditions. Customer Insights is the fastest-growing Dynamics 365 application ever, helping organizations like Walgreens Boots Alliance and Chipotle offer more personalized customer experiences. BNY Mellon chose Dynamics 365 this quarter to help investment managers build stronger relations with their customers.

接下來是 Dynamics 365。Dynamics 365 正在幫助各行各業的組織實現從銷售和客戶服務到供應鏈管理的端到端業務營運數位化，以便他們能夠快速適應不斷變化的市場環境。Customer Insights 是 Dynamics 365 中成長最快的應用程序，它幫助 Walgreens Boots Alliance 和 Chipotle 等組織提供更個人化的客戶體驗。本季度，紐約梅隆銀行選擇 Dynamics 365 來幫助投資經理與客戶建立更牢固的關係。

More than 4,500 organizations now use Dynamics 365 commerce, finance and supply chain management, making it one of the fastest-growing SaaS solutions in its category. FedEx, for example, uses Dynamics 365 to drive more precise logistics and inventory management. In retail, Dynamics 365 Connected Store now offers in-store traffic analytics and curbside pickup, prioritizing safety as stores reopen. And we continue to invest in solutions to protect merchants as they process more online transactions. New account protection and loss-prevention features in Dynamics 365 Fraud Protection help protect online revenue, and we are working with financial services firms like Capital One to improve fraud detection and keep customers secure.

目前已有超過 4,500 家機構使用 Dynamics 365 商業、財務和供應鏈管理，使其成為同類產品中成長最快的 SaaS 解決方案之一。例如，聯邦快遞使用 Dynamics 365 來推動更精確的物流和庫存管理。在零售領域，Dynamics 365 Connected Store 現在提供店內客流量分析和路邊取貨服務，在商店重新開業之際優先考慮安全問題。我們將繼續投資於相關解決方案，以保護商家在處理更多線上交易時免受損失。Dynamics 365 Fraud Protection 中的新帳戶保護和防損功能有助於保護線上收入，我們正在與 Capital One 等金融服務公司合作，以改善詐欺偵測並保障客戶安全。

Now to LinkedIn. In spite of revenue headwinds due to lower hiring needs, we are seeing record engagement as LinkedIn's more than 706 million professionals turn to the network to connect, learn and plan for the future. Content shared was up nearly 50% year-over-year and LinkedIn Live streams were up 89% since March. People will increasingly need to move beyond current domain expertise to learn new skills, and they're turning to LinkedIn. Professionals watched nearly 4x the amount of LinkedIn Learning content in June than they did a year ago. And we are making it easier for them to access LinkedIn Learning's more than 16,000 online courses directly in the flow of their work. A new learning app in Teams will allow organizations to integrate LinkedIn Learning as well as their own content to create a continuous feedback loop between work, skills and the learning needed for upskilling and reskilling employees.

現在轉到領英。儘管由於招聘需求減少而導致收入下降，但我們看到 LinkedIn 的用戶參與度創下歷史新高，超過 7.06 億專業人士紛紛轉向該平台進行聯繫、學習和規劃未來。內容分享量較去年同期成長近 50%，LinkedIn 直播量自 3 月以來成長了 89%。人們將越來越需要超越當前的專業知識去學習新技能，而他們正在轉向 LinkedIn。今年 6 月，專業人士觀看 LinkedIn Learning 內容的數量幾乎是去年同期的 4 倍。我們正在讓他們更容易在工作過程中直接存取 LinkedIn Learning 的 16,000 多門線上課程。Teams 中新增的學習應用將允許組織整合 LinkedIn Learning 以及自己的內容，從而在工作、技能和員工技能提升和再培訓所需的學習之間建立持續的回饋循環。

Now to Microsoft 365 and Teams. When, where and how the world works is fundamentally changing. Microsoft 365 is empowering people and organizations to be productive and secure as they adapt to more fluid ways of working as well as learning. Microsoft Teams is helping people be together even when they are apart. It's the only solution with meetings, call, chat, content, collaboration with Office as well as business process workflows in a secure, integrated user experience. We are reimagining every aspect of the meetings experience with new capabilities like Together Mode and the Dynamic Stage to help people feel more connected and reduce cognitive load. We expanded the gallery view in Teams so that people can see and interact with up to 49 participants at a time, and breakout rooms and live reactions will help people build social capital in a virtual world.

接下來是 Microsoft 365 和 Teams。世界運轉的時間、地點和方式正在發生根本性的變化。Microsoft 365 正在幫助個人和組織在適應更靈活的工作和學習方式的同時，提高生產力並確保安全。即使人們身處異地，Microsoft Teams 也能幫助他們保持聯繫。它是唯一一款能夠提供安全、整合的使用者體驗，並將會議、通話、聊天、內容、與 Office 的協作以及業務流程工作流程整合在一起的解決方案。我們正在透過「共同模式」和「動態舞台」等新功能，重新構想會議體驗的各個方面，以幫助人們感到聯繫更緊密，並減輕認知負荷。我們擴展了 Teams 中的畫廊視圖，以便人們可以一次看到並與多達 49 位參與者互動，分組討論室和即時反應將幫助人們在虛擬世界中建立社交資本。

Deeper integration between Teams and Power Platform brings an integrated data platform, Microsoft Dataflex, for easier, faster application creation and deployment, enabling a new category of enterprise grid apps and chatbots in Teams. Teams is rapidly becoming the communications backbone as customers accelerate moving voice to the cloud, and we are expanding Teams beyond the workplace, making it easy to add personal Teams account on mobile so you can stay connected with friends and family across work as well as your life.

Teams 與 Power Platform 的深度整合帶來了整合的資料平台 Microsoft Dataflex，從而可以更輕鬆、更快速地建立和部署應用程序，並在 Teams 中實現企業網格應用程式和聊天機器人這一新類別。隨著客戶加速將語音遷移到雲端，Teams 正在迅速成為通訊主幹，我們將 Teams 的應用範圍擴展到工作場所之外，讓用戶可以輕鬆地在行動裝置上新增個人 Teams 帳戶，以便您在工作和生活中都能與親朋好友保持聯繫。

Teams users generated more than 5 billion meeting minutes in a single day this quarter, and we are seeing increased usage intensity across the platform as people communicate, collaborate and co-author content in Teams. 69 organizations now have more than 100,000 users of Teams, and over 1,800 organizations have more than 10,000 users of Teams.

本季度，Teams 用戶一天內產生了超過 50 億分鐘的會議時長，我們看到隨著人們在 Teams 中溝通、協作和共同創作內容，整個平台的使用強度都在不斷增加。目前有 69 個組織擁有超過 10 萬名 Teams 用戶，超過 1800 個組織擁有超過 1 萬名 Teams 用戶。

We are working alongside educators as they prepare for remote hybrid and in-person scenarios this fall. More than 150 million students and teachers around the world now rely on our tools, including Teams, Stream, OneNote as well as Flipgrid to prioritize student engagement and learning outcomes. Our new Microsoft Cloud for Healthcare is helping providers schedule, manage and conduct virtual visits using Teams and engage with patients using Dynamics 365. In healthcare, there were more than 46 million Teams meetings this past month. The NHS in the U.K. chose Microsoft 365 to empower its 1.2 million employees with the latest productivity and collaboration tools to deliver better patient outcomes.

我們正與教育工作者攜手合作，為他們今年秋天的遠距、混合和線下教學模式做好準備。目前，全球超過 1.5 億學生和教師依靠我們的工具（包括 Teams、Stream、OneNote 和 Flipgrid）來優先考慮學生的參與度和學習成果。我們全新的 Microsoft Cloud for Healthcare 正在協助醫療服務提供者使用 Teams 安排、管理和進行虛擬就診，並使用 Dynamics 365 與病患互動。上個月，醫療保健領域透過 Teams 召開了超過 4,600 萬次會議。英國國家醫療服務系統 (NHS) 選擇 Microsoft 365，為其 120 萬名員工提供最新的生產力和協作工具，以改善患者的治療效果。

More broadly, we are seeing increased usage of Microsoft 365 and larger strategic agreements. Alcoa and Telstra are empowering their entire workforce, including first-line employees, with Microsoft 365 and Teams. Across industries, customers like 3M, CenturyLink, GE and Providence are increasingly choosing our Microsoft 365 premium offerings for differentiated security, compliance, voice and analytics value. Our Microsoft 365 E5 user base more than doubled year-over-year.

更廣泛地說，我們看到微軟 365 的使用量增加，以及規模更大的戰略協議的達成。Alcoa 和 Telstra 正在利用 Microsoft 365 和 Teams 來賦能其全體員工，包括第一線員工。各行各業的客戶，如 3M、CenturyLink、GE 和 Providence，越來越多地選擇我們的 Microsoft 365 高級產品，以獲得差異化的安全、合規性、語音和分析價值。我們的 Microsoft 365 E5 用戶群較去年同期成長超過一倍。

People are turning to Windows PCs more than ever, with minutes spent in Windows 10 up more than 55% year-over-year. And we expanded our family of Surface devices and accessories to help people work, learn and connect from anywhere as we create new categories that benefit the entire OEM ecosystem.

人們比以往任何時候都更傾向於使用 Windows 電腦，使用 Windows 10 的時間比前一年增長了 55% 以上。我們擴展了 Surface 設備和配件系列，以幫助人們隨時隨地工作、學習和聯繫，同時創造了有利於整個 OEM 生態系統的新類別。

Now on to security and compliance. Remote everything continues to accelerate the need for a Zero Trust security architecture that protects people, devices, applications and data holistically. And we are the only company with an integrated end-to-end capability informed by more than 8 trillion signals each day. Azure Active Directory now has more than 345 million monthly active users across more than 200,000 organizations, and we are not only securing employee identities but customer and partner identities as well.

接下來是安全和合規的內容。遠距辦公的普及不斷加速了對零信任安全架構的需求，這種架構能夠全面保護人員、設備、應用程式和資料。我們是唯一擁有端到端整合能力的公司，每天可獲得超過 8 兆個訊號。Azure Active Directory 目前擁有超過 3.45 億月活躍用戶，遍佈超過 20 萬個組織，我們不僅保護員工身份，還保護客戶和合作夥伴身份。

General Motors, for example, is using Azure Active Directory to secure interactions between its employees, dealers and customers. Azure Sentinel now has more than 6,500 customers. The accelerating adoption of IoT across industries is creating new security challenges, and our acquisition of CyberX this quarter will help secure customers' IoT deployments.

例如，通用汽車公司正在使用 Azure Active Directory 來保護其員工、經銷商和客戶之間的互動。Azure Sentinel 目前擁有超過 6,500 家客戶。物聯網在各產業的加速普及帶來了新的安全挑戰，而我們本季對 Cyber​​X 的收購將有助於保障客戶的物聯網部署安全。

Finally, we are helping customers protect their more sensitive information. Microsoft Information Protection is enabling companies, such as Siemens AG, to protect sensitive data wherever it exists. And new Microsoft 365 Records Management helps customers govern data and reduce risk.

最後，我們正在幫助客戶保護他們的敏感資訊。微軟資訊保護解決方案使西門子股份公司等企業能夠保護敏感數據，無論數據位於何處。全新的 Microsoft 365 記錄管理功能可協助客戶管理資料並降低風險。

Now on to gaming. It is simply a breakthrough quarter for gaming. We saw record engagement and monetization led by strength on- and off-console as people everywhere turned to gaming to connect, socialize and play with others. Stepping back, we are expanding our opportunity to empower the world's 2 billion gamers to play wherever and whenever they want on any device. Xbox Game Pass has seen record subscriber growth across both console and PC and now includes content from more than 100 studios. Our xCloud gaming service is already live in 15 countries. And just last week, we announced that we will bring xCloud to Xbox Game Pass so subscribers can stream games to a phone or a tablet and play along with nearly 100 million Xbox live players around the world.

接下來是遊戲環節。對於遊戲產業來說，這絕對是一個突破性的季度。我們看到，由於世界各地的人們都轉向遊戲來聯繫、社交和與他人一起玩耍，遊戲平台內外的玩家參與度和盈利能力都創下了歷史新高。從更宏觀的角度來看，我們正在擴大機會，讓全球 20 億遊戲玩家隨時隨地在任何裝置上暢玩遊戲。Xbox Game Pass 在主機和 PC 平台的訂閱用戶數量均創下歷史新高，目前已包含來自 100 多個工作室的內容。我們的 xCloud 雲端遊戲服務已在 15 個國家/地區上線。就在上週，我們宣布將 xCloud 引入 Xbox Game Pass，讓訂閱用戶可以將遊戲串流到手機或平板電腦上，並與全球近 1 億 Xbox Live 玩家一起玩遊戲。

In content, we are delivering differentiated first- and third-party content to attract and retain gamers. Xbox Series X launched this fall with the largest launch lineup for any console ever. And Minecraft reached a new high of nearly 132 million monthly active users during the quarter.

在內容方面，我們提供差異化的第一方和第三方內容，以吸引和留住遊戲玩家。Xbox Series X 於今年秋季發布，擁有有史以來遊戲主機中最龐大的首發遊戲陣容。本季度，《我的世界》的月活躍用戶數創下近 1.32 億的新高。

In closing, we are expanding our opportunity and investing across the full modern technology stack. Over the next decade, technology spending as a percentage of GDP is projected to double, and we are well positioned to participate in that growth by innovating and defining the key technologies that empower every person and every organization on the planet to build more of their own tech intensity.

最後，我們正在擴大機遇，並投資於整個現代技術棧。未來十年，科技支出佔GDP的比例預計將翻一番，我們有能力透過創新和定義關鍵技術來參與這一成長，這些關鍵技術將使地球上的每個人和每個組織都能增強自身的科技實力。

With that, I'll hand it over to Amy who will cover our financial results in detail and share our outlook, and I look forward to rejoining for your questions.

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

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $38 billion, up 13% and 15% in constant currency. Gross margin dollars increased 10% and 12% in constant currency. Operating income increased 8% and 12% in constant currency and earnings per share was $1.46, increasing 7% and 9% in constant currency when adjusting for the net tax benefit related to the transfer of intangible properties from the fourth quarter of fiscal year '19. In our largest quarter of the year, our sales teams and partners again delivered strong results with many similar trends to the end of the third quarter.

謝謝你，薩蒂亞，大家下午好。本季營收為 380 億美元，年增 13%，以固定匯率計算成長 15%。以固定匯率計算，毛利成長了 10% 和 12%。營業收入以固定匯率計算增長了 8% 和 12%，每股收益為 1.46 美元，按固定匯率計算增長了 7% 和 9%（已扣除 2019 財年第四季度無形資產轉移相關的淨稅收優惠）。在一年中最重要的季度，我們的銷售團隊和合作夥伴再次取得了強勁的業績，許多趨勢與第三季末相似。

In our commercial business, increased usage, consistent execution and continued demand for our differentiated, high-value cloud services drove another strong quarter. And in our consumer business, increased demand from work-, learn- and play-from-home scenarios again benefited our Gaming, Surface and Windows OEM non-Pro businesses. We also saw weakness in small and medium business purchasing, which primarily impacted our transactional Office and Windows OEM Pro businesses, and drove some moderation to our Office 365 Commercial paid seat growth. And in our search business, though rates stabilized through the quarter, we saw a continued reduction in advertising spend on our platform.

在我們的商業業務中，使用量的增加、持續的執行以及對我們差異化、高價值雲服務的持續需求，推動了另一個強勁的季度。在我們的消費業務中，居家辦公、學習和娛樂的需求增加，再次使我們的遊戲、Surface 和 Windows OEM 非專業業務受益。我們也發現中小企業採購疲軟，這主要影響了我們的 Office 和 Windows OEM 專業版交易業務，並導致我們的 Office 365 商業付費席位成長放緩。在我們的搜尋業務中，雖然本季費率趨於穩定，但我們看到平台上的廣告支出持續下降。

Moving to our overall results, customer commitment to our cloud continues to grow. In FY '20, we closed a record number of multimillion-dollar commercial cloud agreements with material growth in the number of $10 million-plus Azure contracts. And on a strong prior-year comparable, commercial bookings growth was ahead of expectations, increasing 12% year-over-year, driven by consistent renewal execution and an increase in the number of large, long-term Azure contracts. As a result, commercial remaining performance obligation increased 23% to $107 billion.

從整體業績來看，客戶對我們雲端服務的投入持續成長。在 2020 財年，我們簽訂了創紀錄數量的數百萬美元商業雲端協議，其中 1,000 萬美元以上的 Azure 合約數量大幅增加。由於去年同期業績強勁，商業預訂成長超出預期，年成長 12%，這主要得益於持續的續約執行以及大型長期 Azure 合約數量的增加。因此，商業剩餘履約義務增加了 23%，達到 1,070 億美元。

Approximately 50% of this balance will be recognized in revenue in the next 12 months, up 21% year-over-year, reflecting consistent execution across our core annuity sales motions. The remaining 50%, which will be recognized beyond the next 12 months, increased 25% year-over-year, highlighting the growing long-term customer commitment to our cloud platform. And this quarter, our annuity mix increased 4 points year-over-year to 94%.

未來 12 個月內，該餘額的約 50% 將確認為收入，同比增長 21%，這反映了我們在核心年金銷售策略方面持續有效的執行。剩餘的 50% 將在未來 12 個月後確認，年成長 25%，這凸顯了客戶對我們雲端平台的長期承諾不斷增強。本季度，我們的年金組合年增 4 個百分點，達到 94%。

Commercial cloud revenue grew 30% and 32% in constant currency to $14.3 billion, surpassing $50 billion for the fiscal year. And commercial cloud gross margin percentage expanded 1 point to 66% despite revenue mix shift to Azure and significant customer engagement and usage to support remote work scenarios. In line with expectations, FX reduced revenue growth by approximately 2 points and COGS growth by approximately 1 point. FX had no impact on operating expense growth, slightly less favorable than expected.

商業雲端收入以固定匯率計算成長了 30% 和 32%，達到 143 億美元，本財年營收超過 500 億美元。儘管收入結構轉向 Azure，且客戶參與度和使用量大幅增加以支援遠端工作場景，但商業雲端毛利率仍增加了 1 個百分點，達到 66%。與預期一致，外匯影響使收入成長減少了約 2 個百分點，銷售成本成長減少了約 1 個百分點。匯率波動對營運費用成長沒有影響，略低於預期。

Our margins this quarter reflect investments to deliver greater customer value in this challenging environment and, therefore, strengthen our long-term competitive position. We invested in capacity for cloud infrastructure usage, free trial offers for critical remote work scenarios and flexible financing options across the ecosystem. Additionally, we re-envisioned our retail store strategy as we stayed focused on growing our investments in these strategic high-growth opportunities of the future. As a result, company gross margin percentage was down 2 points year-over-year to 68%, with additional impact from lower-margin sales mix. Operating expense grew 13%, including a $450 million charge related to the realignment of our retail store strategy. And operating margins declined 2 points year-over-year to 35%.

本季我們的利潤率反映了我們在充滿挑戰的環境下為客戶創造更大價值的投資，從而增強了我們的長期競爭地位。我們投資了雲端基礎設施使用能力、關鍵遠距辦公場景的免費試用優惠以及整個生態系統的靈活融資方案。此外，我們重新構想了零售店策略，同時繼續專注於加大對未來這些策略性高成長機會的投資。因此，公司毛利率年減 2 個百分點至 68%，低利潤率銷售組合也產生了額外影響。營運費用成長了 13%，其中包括與零售店策略調整相關的 4.5 億美元費用。營業利益率年減 2 個百分點至 35%。

Now to our segment results. Revenue from Productivity and Business Processes was $11.8 billion, increasing 6% and 8% in constant currency. Commercial -- Office Commercial revenue grew 5% and 7% in constant currency, impacted by the small and medium business slowdown noted earlier, as well as a strong prior-year comparable where 4 points of growth were from a greater mix of contracts with higher in-period recognition. Office 365 commercial revenue grew 19% and 22% in constant currency, in line with expectations, and was again driven by installed-base growth across all workloads and customer segments as well as higher ARPU.

現在來看我們各部分的業績結果。來自生產力和業務流程的收入為 118 億美元，以固定匯率計算成長 6% 和 8%。商業－辦公室商業收入以固定匯率計算成長了 5% 和 7%，受到前面提到的中小企業業務放緩的影響，以及上年同期強勁的可比性（其中 4 個百分點的成長來自合約組合中更高的當期確認收入）。Office 365 商業收入以固定匯率計算增長了 19% 和 22%，符合預期，再次得益於所有工作負載和客戶群體的安裝基礎增長以及更高的 ARPU（每用戶平均收入）。

Demand for our high-value security and voice components drove strong upsell to Office 365 and Microsoft 365 E5. Paid Office 365 commercial seats increased 15% year-over-year, slightly below prior quarter trends. This reflects the strong adoption of free trial offers we made to enable customers to quickly adapt to needed remote work scenarios as well as some growth moderation in first-line worker and small and medium business offerings.

對我們高價值安全和語音組件的需求推動了 Office 365 和 Microsoft 365 E5 的強勁追加銷售。付費 Office 365 商業席位年增 15%，略低於上一季的趨勢。這反映出我們提供的免費試用優惠得到了廣泛採用，使客戶能夠快速適應所需的遠距工作場景，同時也反映出第一線員工和中小企業產品的成長有所放緩。

Office Consumer revenue grew 6% and 7% in constant currency as stronger-than-expected growth in Office 365 consumer subscriptions was partially offset by transactional weakness. As a result, we saw a significant quarter-over-quarter increase in Office 365 consumer subscribers, up more than 3 million to 42.7 million.

以固定匯率計算，Office 消費者營收成長了 6% 和 7%，原因是 Office 365 消費者訂閱業務的成長強於預期，但部分被交易業務的疲軟所抵消。因此，我們看到 Office 365 消費者訂閱用戶數量較上季大幅成長，增加了 300 多萬，達到 4,270 萬。

Dynamics revenue grew 13% and 15% in constant currency driven by Dynamics 365 growth of 38% and 40% in constant currency. This fiscal year, total Dynamics revenue surpassed $3 billion with over 60% from Dynamics 365.

Dynamics 營收以固定匯率計算成長了 13% 和 15%，這主要得益於 Dynamics 365 以固定匯率計算分別成長了 38% 和 40%。本財年，Dynamics 總營收超過 30 億美元，其中 60% 以上來自 Dynamics 365。

LinkedIn revenue increased 10% and 11% in constant currency as a weak job market materially impacted annual bookings in our Talent Solutions business even as usage remained high. Segment gross margin dollars were relatively unchanged and increased 3% in constant currency, and gross margin percentage decreased 4 points year-over-year. Operating expense increased 10% and 11% in constant currency and operating income decreased 9% and 5% in constant currency.

儘管使用率仍然很高，但由於疲軟的就業市場嚴重影響了我們人才解決方案業務的年度預訂量，LinkedIn 的營收以固定匯率計算成長了 10% 和 11%。分部毛利金額相對不變，以固定匯率計算成長了 3%，毛利率較去年同期下降了 4 個百分點。以固定匯率計算，營業費用增加了 10% 和 11%，營業收入下降了 9% 和 5%。

Next, the Intelligent Cloud segment. Revenue was $13.4 billion, increasing 17% and 19% in constant currency, slightly ahead of expectations, driven by continued customer demand for our differentiated hybrid offerings. On a significant base, server products and cloud services revenue increased 19% and 21% in constant currency. Azure revenue grew 47% and 50% in constant currency, in line with expectations, driven by continued strong growth in our consumption-based business.

接下來是智慧雲部分。營收達 134 億美元，以固定匯率計算成長 17% 和 19%，略高於預期，這主要得益於客戶對我們差異化混合產品的持續需求。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 19% 和 21%。Azure 營收以固定匯率計算成長了 47% 和 50%，符合預期，這主要得益於我們基於消費的業務持續強勁成長。

In our per-user business, growth continued to moderate given the size of our enterprise mobility installed base, which grew 26% to over 147 million seats. And our on-premise server business was relatively unchanged and grew 1% in constant currency, ahead of expectations, driven by strong renewal execution and continued demand for our hybrid and premium solutions.

就我們的按用戶計費業務而言，鑑於我們企業行動安裝基礎的規模（成長 26%，超過 1.47 億個席位），成長持續放緩。我們的本地伺服器業務相對穩定，以固定匯率計算增長了 1%，超出預期，這得益於強勁的續約執行以及市場對我們的混合和高級解決方案的持續需求。

Enterprise Services revenue was relatively unchanged and grew 2% in constant currency as growth in premier support services offset consulting delays. Segment gross-margin dollars increased 19% and 21% in constant currency, and gross-margin percentage increased 1 point year-over-year. Operating expense increased 19% and operating income grew 19% and 22% in constant currency.

企業服務收入基本上保持不變，以固定匯率計算成長了 2%，這主要得益於高級支援服務的成長抵消了諮詢服務的延遲。以固定匯率計算，分部毛利美元成長了 19% 和 21%，毛利率年增 1 個百分點。營業費用增加了 19%，營業收入成長了 19% 和 22%（以固定匯率計算）。

Now to More Personal Computing. Revenue was $12.9 billion, increasing 14% and 16% in constant currency with better-than-expected performance across all businesses as we continue to benefit from work-, learn- and play-from-home scenarios.

現在進入個人電腦領域。營收達 129 億美元，以固定匯率計算成長 14% 和 16%，所有業務的業績均優於預期，我們繼續受益於在家工作、學習和娛樂的場景。

In Windows, overall OEM revenue grew 7%, benefiting from improved supply in April that met unfulfilled Q3 demand. In OEM Pro, this benefit was more than offset by the impact from small and medium businesses in May and June. And in OEM non-Pro, the benefit from work- and learn-from-home scenarios continued but did moderate through the quarter. Inventory levels ended the quarter in a normal range. Windows Commercial products and cloud services revenue grew 9% and 11% in constant currency driven by Microsoft 365 and the continued demand for our advanced security solutions.

Windows 整體 OEM 營收成長了 7%，這得益於 4 月供應改善，滿足了第三季未滿足的需求。在 OEM Pro 中，5 月和 6 月中小企業的影響力完全抵消了這一收益。在 OEM 非專業領域，居家辦公和學習的好處仍在持續，但在本季有所緩和。本季末庫存水準處於正常範圍內。受 Microsoft 365 和對我們先進安全解決方案的持續需求的推動，Windows 商業產品和雲端服務收入按固定匯率計算分別增長了 9% 和 11%。

In Surface, revenue grew 28% and 30% in constant currency, with strength across consumer and commercial segments. Search revenue ex TAC declined 18% and 17% in constant currency driven by the trends noted earlier. And in Gaming, revenue increased 64% and 66% in constant currency, significantly ahead of expectations, with the continued benefit from play-at-home scenarios driving record levels of engagement and monetization across the platform as well as a significant increase in console sales.

Surface 業務的營收以固定匯率計算成長了 28% 和 30%，消費者和商業領域均表現強勁。受前面提到的趨勢影響，搜尋收入（不含TAC）下降了18%，以固定匯率計算下降了17%。在遊戲領域，以固定匯率計算，營收成長了 64% 和 66%，遠遠超出預期。居家遊戲場景的持續發展推動了整個平台參與度和獲利能力的創紀錄成長，同時主機銷售也大幅提升。

Xbox content and services revenue increased 65% and 68% in constant currency with strong growth in third-party transactions, Game Pass subscribers and Minecraft. Segment gross-margin dollars increased 12% and 15% in constant currency, and gross-margin percentage decreased 1 point year-over-year with the mix shift to Gaming. Operating expense increased 10%, including the retail stores charge, and operating income grew 15% and 19% in constant currency.

Xbox 內容和服務收入以固定匯率計算分別成長了 65% 和 68%，其中第三方交易、Game Pass 訂閱用戶和 Minecraft 的成長尤為強勁。以固定匯率計算，該業務部門的毛利分別成長了 12% 和 15%，但隨著業務結構向遊戲領域轉移，毛利率年減了 1 個百分點。營業費用增加了 10%，其中包括零售店費用；營業收入以固定匯率計算成長了 15% 和 19%。

Now back to total-company results. In line with expectations, capital expenditures, including finance leases, were $5.8 billion, up 8% year-over-year, to support growing usage and demand for cloud services. Cash paid for PP&E was $4.7 billion. Cash flow from operations was $18.7 billion and increased 16% year-over-year driven by healthy cloud billings and collections. And free cash flow was $13.9 billion, up 16%. For the fiscal year, we generated over $60 billion in operating cash flow and over $45 billion in free cash flow driven by a year of improving margins and operating leverage across our businesses.

現在回到公司整體業績。與預期一致，包括融資租賃在內的資本支出為 58 億美元，年增 8%，以支援不斷增長的雲端服務使用量和需求。為固定資產支付的現金為 47 億美元。經營活動產生的現金流為 187 億美元，年增 16%，主要得益於健康的雲端帳單和收款。自由現金流為 139 億美元，成長 16%。在本財年，我們創造了超過 600 億美元的營運現金流和超過 450 億美元的自由現金流，這得益於我們各項業務利潤率和經營槓桿的提升。

In other income and expense, interest income, net gains on derivatives, investments and foreign currency remeasurement were mostly offset by interest expense. Our effective tax rate was slightly below 17%, lower than expected due to the geographic mix of revenue. And finally, we returned $8.9 billion to shareholders through share repurchases and dividends, an increase of 16% year-over-year, bringing our total cash returned to shareholders to over $35 billion for the full fiscal year.

在其他收入和支出中，利息收入、衍生性商品淨收益、投資和外幣重估收益大多被利息支出抵銷。由於所得的地域組成，我們的實際稅率略低於 17%，低於預期。最後，我們透過股票回購和分紅向股東返還了 89 億美元，年增 16%，使我們整個財年返還給股東的現金總額超過 350 億美元。

Now before we turn to our outlook, I'd like to update you on a change in accounting estimate to the useful life of server and networking equipment assets in our cloud infrastructure. Effective at the start of fiscal year '21, we are extending the depreciable life for these assets to 4 years, which will apply to the asset balances on our balance sheet as of June 30, 2020, as well as future asset purchases. This change will not impact historical depreciation expense, the total depreciation expense over the life of the asset or cash flow, but it will impact the timing of depreciation expense in the future for these assets.

在展望未來之前，我想向大家報告我們雲端基礎架構中伺服器和網路設備資產的使用壽命會計估計的變化。自 2021 財年開始，我們將這些資產的折舊年限延長至 4 年，這將適用於截至 2020 年 6 月 30 日資產負債表上的資產餘額以及未來的資產購買。這項變更不會影響歷史折舊費用、資產使用壽命內的總折舊費用或現金流，但會影響這些資產未來折舊費用的提列時間。

As a result, based on the outstanding balances as of June 30, we expect fiscal year '21 operating income to be favorably impacted by approximately $900 million in the first quarter and approximately $2.7 billion for the full fiscal year. This has been included in the guidance we'll provide on today's call, and you will find additional details on the mechanics of the change in our earnings materials.

因此，根據截至 6 月 30 日的未結餘額，我們預計 2021 財年第一季的營業收入將受到約 9 億美元的有利影響，整個財年將受到約 27 億美元的有利影響。這已包含在我們今天電話會議上提供的指導意見中，您可以在我們的盈利材料中找到有關此變更機制的更多詳細資訊。

Now let's move to our next-quarter outlook. In our Commercial business, given our differentiated position in growth markets, we expect continued commitment to our cloud platform as well as strong usage and consumption growth. In our Consumer business, we expect some continued benefit from work-, learn- and play-from-home scenarios in Gaming and Surface, though at a more moderated rate, as stay-at-home guidelines ease in many places around the world. However, we expect the small- and medium-business weakness we saw in Q4 to continue, which will impact transactional sales, primarily in Office and Windows OEM.

現在讓我們展望一下下一季。在我們的商業業務中，鑑於我們在成長型市場中的差異化地位，我們預計市場對我們的雲端平台將繼續保持投入，並且使用量和消費量也將強勁增長。在我們的消費業務中，隨著世界各地許多地方居家隔離指導方針的放鬆，我們預計居家辦公、學習和娛樂場景將繼續為遊戲和 Surface 產品帶來一些好處，儘管增速會比較溫和。然而，我們預計第四季度中小企業疲軟的情況將會持續，這將影響交易銷售，主要影響 Office 和 Windows OEM 產品。

In commercial bookings, growth should again be healthy, but we will be impacted by the strong prior-year comparable and a low growth in the Q1 expiry base. Commercial cloud gross margin percentage will increase approximately 4 points year-over-year from the accounting estimate change noted earlier. Excluding this impact, continued improvement in Azure IaaS and PaaS gross margin percentage will be mostly offset by revenue mix shift to Azure. And on a dollar basis, we expect capital expenditures to be roughly in line with last quarter to support the growing usage and demand for our cloud services.

商業預訂方面，成長應該會再次保持健康，但我們會受到去年同期強勁的可比較數據和第一季到期基數成長緩慢的影響。商業雲毛利率將比去年同期增加約 4 個百分點，與先前提到的會計估計變化相比。排除此影響，Azure IaaS 和 PaaS 毛利率的持續改善將基本上被收入結構向 Azure 的轉變所抵銷。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。

Next, to FX. Based on current rates, FX should decrease total company, Productivity and Business Process and Intelligent Cloud revenue growth by approximately 1 point and have no impact on More Personal Computing revenue, total company COGS and operating expense growth.

接下來是FX。根據當前匯率，外匯波動應使公司總收入、生產力和業務流程以及智慧雲端收入成長下降約 1 個百分點，但對更多個人運算收入、公司總銷售成本和營運費用成長沒有影響。

Now to the segment guidance. In Productivity and Business Processes, we expect revenue between $11.65 billion and $11.9 billion. In Office Commercial, on a strong prior year comparable, revenue growth will again be driven by Office 365 with continued upsell opportunity to E5. However, growth will be impacted by a decline of approximately 30% in our on-premises business driven by the transactional weakness in small and medium businesses noted earlier. In Office Consumer, we expect revenue to be relatively unchanged year-over-year as subscription growth will be offset by a decline in our transactional business.

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 116.5 億美元至 119 億美元之間。在 Office 商業版方面，由於去年的業績強勁，營收成長將再次由 Office 365 推動，並有持續的 E5 升級銷售機會。然而，由於前面提到的中小企業交易疲軟，我們的本地業務將下降約 30%，這將影響成長。在辦公室消費領域，我們預期營收將與去年同期基本持平，因為訂閱業務的成長將被交易業務的下滑所抵消。

In LinkedIn, we expect low to mid-single-digit revenue growth, primarily from weak bookings and, therefore, revenue growth in the Talent Solutions business. And in Dynamics, continued Dynamics 365 momentum from our modern and intelligent solutions will drive revenue growth in the low double digits.

在 LinkedIn，我們預計營收成長將達到個位數中低水平，主要原因是預訂量疲軟，因此人才解決方案業務的營收成長也將放緩。在 Dynamics 領域，我們現代化和智慧解決方案帶來的 Dynamics 365 持續成長動能將推動營收達到兩位數低段成長。

For Intelligent Cloud, we expect revenue between $12.55 billion and $12.8 billion. In Azure, revenue growth will again be driven by our consumption-based business. And in our per-user business, we expect continued benefit from Microsoft 365 Suite momentum, though growth will again be impacted by the increasing size of the installed base. In our on-premises server business, on a strong prior year comparable, we expect revenue to be up slightly year-over-year driven by the durable value of our hybrid and premium annuity offerings. In Enterprise Services, we expect revenue to be relatively unchanged year-over-year, similar to last quarter.

對於智慧雲端業務，我們預計營收將在 125.5 億美元至 128 億美元之間。在 Azure 中，營收成長將再次由我們的按需付費業務驅動。在我們的按用戶計費業務中，我們預計將繼續受益於 Microsoft 365 套件的發展勢頭，儘管不斷擴大的用戶基數將再次影響成長。在我們的本地伺服器業務中，由於去年同期業績強勁，我們預計收入將同比增長，這主要得益於我們混合型和高級年金產品的持久價值。企業服務方面，我們預期收入將與上一季相比基本保持不變。

In More Personal Computing, we expect revenue between $10.95 billion and $11.35 billion. In our Windows OEM business, we expect revenue to decline in the low teens range, impacted by the strong prior-year comparable that benefited from the end of support for Windows 7 as well as the continued slowdown in small and medium businesses. In Windows Commercial products and cloud services, we expect healthy double-digit growth from continued Microsoft 365 momentum and the value of our advanced security offerings.

在「更多個人計算」領域，我們預計收入將在 109.5 億美元至 113.5 億美元之間。在我們的 Windows OEM 業務中，我們預計營收將下降 10% 左右，這是由於去年同期業績強勁（受益於 Windows 7 停止支援）以及中小企業持續放緩所致。在 Windows 商業產品和雲端服務方面，我們預計在 Microsoft 365 持續成長動能和我們先進安全產品的價值推動下，將實現兩位數的健康成長。

In Surface, solid demand against a low prior-year comparable that was impacted by product life cycle transitions should drive growth in the mid-teens. In Search ex TAC, we expect revenue to decline in the low 20% range. And in Gaming, we expect revenue growth in the high teens with continued strong user engagement across the platform.

Surface 方面，受產品生命週期轉型影響，去年同期業績較低，而今年強勁的需求將推動其實現兩位數中段的成長。在搜尋業務（不含TAC）中，我們預期營收將下降20%左右。在遊戲領域，我們預期營收將實現接近10%的成長，平台用戶參與度也將持續保持強勁。

Now back to overall company guidance. We expect COGS of $10.75 billion to $10.95 billion and operating expense of $10.7 billion to $10.8 billion with continued investment against our significant long-term ambition. Other income and expense should be negative $50 million as interest expense is expected to more than offset interest income. And finally, we expect our Q1 tax rate to be approximately 16%, lower than our expected full-year rate, given the volume of equity vests in our first quarter.

現在回到公司整體業績指引。我們預計銷售成本為 107.5 億美元至 109.5 億美元，營運費用為 107 億美元至 108 億美元，並將繼續投資以實現我們遠大的長期目標。其他收入和支出應為負 5000 萬美元，因為預計利息支出將超過利息收入。最後，鑑於第一季股權歸屬量，我們預計第一季稅率約為 16%，低於我們預期的全年稅率。

In closing, we are committed to our customers' success in these challenging times and to managing the company for long-term growth and profitability. We will continue to expand our cloud infrastructure to support the growing customer usage and demand across our differentiated cloud offerings. And given our strong execution and growing competitive advantage in high-growth areas, we remain committed to investing against the long-term opportunity ahead of us.

最後，我們致力於幫助客戶在當前充滿挑戰的時期取得成功，並致力於公司的長期發展和獲利。我們將繼續擴展雲端基礎設施，以支援客戶對我們差異化雲端產品日益增長的使用和需求。鑑於我們在高成長領域擁有強大的執行力和不斷增強的競爭優勢，我們將繼續致力於投資，把握未來的長期機會。

Now before turning to Q&A, I have one special thank you. Frank Brod, our Chief Accounting Officer, will soon be retiring. And on behalf of the entire company, thank you for your significant impact and close partnership over the years. You played a key role in our success. And I'd like to welcome Alice Jolla, who has been working alongside Frank and I for many years, as our new Chief Accounting Officer. Alice, we look forward to having you in this position. With that, Mike, let's go to Q&A.

在進入問答環節之前，我首先要特別感謝一個人。我們的首席會計官弗蘭克·布羅德即將退休。我謹代表公司全體員工，感謝您多年來所做的巨大貢獻和緊密合作。你在我們的成功中發揮了關鍵作用。我謹代表公司歡迎與我和弗蘭克共事多年的愛麗絲·喬拉 (Alice Jolla) 擔任新的首席會計官。愛麗絲，我們期待你擔任這個職位。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。

A very nice quarter. Satya, I was hoping you could help us with your view of what the enterprise spending environment looks like through this difficult period. On one side of the equation, we have very good secular trends that are still very well in place. And like you said, digital transformation is accelerating. On the other side though, we do have difficult macro conditions out there, and we're seeing it in places like SMB and the like. Can you help us understand how that's splitting out on the ground in terms of your customers? Are you still able to get those big deals over the line? And how do you see that playing out through the rest of the fiscal year? Like, how should we think about those impacts through FY '21?

非常好的一個季度。薩蒂亞，我希望你能幫我們分析一下在這段艱難時期，企業支出環境的現況。一方面，我們擁有非常好的長期趨勢，這些趨勢目前仍然保持良好勢頭。正如你所說，數位轉型正在加速。但另一方面，我們確實面臨嚴峻的宏觀環境，我們在中小企業等領域已經看到了這一點。您能否幫助我們了解一下，就您的客戶而言，這種情況在實際客戶群中是如何分佈的？你還能促成那些大單嗎？那麼，您認為這種情況在本財年剩餘時間內會如何發展？例如，我們該如何看待這些影響到 2021 財年？

Thank you, Keith, for the question. The thing that at least we have learned, I would say, in the last 5 months is that digital technology is no longer viewed as just new project starts, but it's becoming perhaps the most key for business resilience. Business continuity obviously is a board-level discussion everywhere. But I don't think digital tech as sort of being key to business resilience was the #1 priority whereas now it is. So I think that that's, I think, what -- when I think about digital transformation now, I break it into 2 things. I think about resilience and all of sort of what Microsoft can do to help any business be more resilient, whether it's remote everything, whether it's about their ability to simulate anything, automate everything, those are the things that I think are going to increase.

謝謝你的提問，基斯。至少在過去的五個月裡，我們學到的一點是，數位科技不再只是被視為新計畫的啟動，而且它正在成為企業韌性的最關鍵因素。顯然，業務連續性是各地董事會層級都要討論的問題。但我認為，數位科技作為企業韌性的關鍵，以前並不是首要考慮因素，而現在它已經成為首要考慮因素了。所以我覺得，當我現在思考數位轉型時，我會把它分成兩件事。我一直在思考韌性以及微軟能夠為任何企業提供的各種幫助，以提高其韌性，無論是遠端辦公，還是模擬一切、自動化一切的能力，我認為這些方面都會得到提升。

Then, of course, there is how you readjust to what is going to be an increased e-commerce, contactless, reimagined world, reconfigured supply chain. So in both of those are secular tailwinds, but no one can take away from sort of the fact that GDP is going to be negative. So that's why I think you're going to see lots of ins and outs. But digital technology by -- and digital transformation itself is going to be pretty key. And therefore, we are very focused on sharpening the value proposition of every part of the stack I described and making sure we are there for our customers as they navigate these tough times.

當然，接下來還有如何調整以適應日益增長的電子商務、非接觸式交易、重新構想的世界以及重新配置的供應鏈的問題。所以，這兩方面都有長期的利多因素，但不可否認的是，GDP 將會出現負成長。所以我覺得你會看到很多進出情況。但數位技術——以及數位轉型本身——將非常關鍵。因此，我們非常注重提升我所描述的技術堆疊中每個部分的價值主張，並確保在客戶度過這些艱難時期時，我們能夠為他們提供支援。

And Keith, maybe just to add to that a little bit, and I think you saw that in our bookings growth for the quarter and, increasingly, I think people will start to focus as well on the remaining performance obligations. You're starting to see this commitment both in the next 12 months and then in the 12 months past that. And so we are -- obviously, you'll see some volatility in that from the longer-term larger contracts we had talked about. But we did, in Q4, have more of that closed than we anticipated.

基思，或許我還要補充一點，我想你已經從我們本季的預訂成長中看到了這一點，而且我認為，越來越多的人也會開始關注剩餘的履約義務。你將開始看到這種承諾，無論是在接下來的 12 個月內，還是在之後的 12 個月內。所以，很顯然，你會看到我們之前討論過的長期大額合約出現一些波動。但是，在第四季度，我們完成的交易數量比預期的要多。

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。

I was just wondering, Satya and Amy, just given the success that you guys have in expanding your footprint with customers, is there any sense that you could [fill] with us -- some people talk about net expansion rates, right? Just wondering if you guys have a way of helping investors think about kind of the net expansion rate from your existing customers on an annual basis just given the success you're having with things like Azure hybrid benefits and migrations to the cloud. So any way for us to help think through that would be really helpful.

薩蒂亞和艾米，我只是在想，鑑於你們在拓展客戶群方面取得的成功，你們能否給我們一些啟發——有些人談論淨擴張率，對吧？我想知道，鑑於你們在 Azure 混合優勢和雲端遷移等方面取得的成功，你們是否有辦法幫助投資人考慮現有客戶每年的淨成長率。所以，任何能幫助我們思考這個問題的方法都會非常有幫助。

Amy, maybe I'll start and then you can add. I mean the way at least we think about the core, Heather, as far as how we are architecting what we're doing here, and that's one of the reasons why even I structured my remarks the way I structured them, which is each of these layers is being built obviously to reinforce the other layer. But each layer is independent. It's -- and we recognize that enterprises are very heterogeneous. They're going to choose multiple layers from multiple vendors, and interoperability will be key.

艾米，或許我可以先開始，然後你再補充。我的意思是，至少我們對核心的思考方式，希瑟，就我們在這裡所做的事情的架構而言，這也是我組織發言的方式之一，因為每一層顯然都是為了加強另一層而構建的。但每一層都是獨立的。的確如此——我們也意識到，企業之間存在著很大的差異。他們將選擇來自多個供應商的多層架構，互通性將是關鍵。

But we have a very differentiated value proposition. I mean even in this quarter, if you think about the number of customers who started with Teams, built a Power application, in fact had Azure, GitHub, Power DevOps on top of that code base and then used Azure Synapse all in one solution. So you can see that power of our stack. So each layer is architected such that it reinforces the other, and we see increasing adoption, including all of these layers. But I think in the numbers, when we talk about each of the numbers and the growth rates for each of the numbers, that in some sense showcases that. But maybe, Amy, you want to add more to that.

但我們擁有非常獨特的價值主張。我的意思是，即使在本季度，想想有多少客戶最初使用 Teams，構建了 Power 應用程序，實際上在該代碼庫之上使用了 Azure、GitHub 和 Power DevOps，然後使用 Azure Synapse 將所有功能整合到一個解決方案中。所以你可以看到我們堆疊的強大之處。因此，每一層架構都旨在加強其他層，我們看到所有這些層都在不斷被採用。但我認為，當我們討論每個數字以及每個數字的成長率時，從某種意義上說，這些數字就體現了這一點。但艾米，或許你想再補充一些內容。

Yes. I think the other way to think about it, Heather, and we do, I know, talk about it a little bit every quarter, there are 2 main motions that we focus a lot on here: number one, are we adding new customers; and number two, are we adding workloads within customers. And I think you'll increasingly hear us talk about the number of customers who are purchasing multiple components of the cloud, whether that's Microsoft 365, Azure, the Power Platform Satya just talked about, developer SaaS or GitHub and then numerous cloud opportunities within Dynamics 365. So I think the way I tend to think about it is, is revenue per customer going up? Yes. And are we adding new customers? Yes. And do we feel like we still have room to add additional clouds? I think that will be sort of the language you'll hear us talk through this year.

是的。希瑟，我認為可以換個角度來思考這個問題，我知道我們每個季度都會稍微討論一下，我們在這裡主要關註兩個方面：第一，我們是否增加了新客戶；第二，我們是否增加了客戶的工作負載。我認為，你會越來越常聽到我們談論購買雲端的多個元件的客戶數量，無論是 Microsoft 365、Azure、Satya 剛才提到的 Power Platform、開發者 SaaS 還是 GitHub，以及 Dynamics 365 中的眾多雲端機會。所以我傾向於這樣思考：每位客戶的收入是否在成長？是的。我們是否新增了客戶？是的。我們是否覺得還有空間增加更多雲？我認為這將是我們今年會經常聽到的交流語言。

Our next question comes from Mark Moerdler with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Congrats on the quarter. Amy, cash flow from operations has been an area of concern across the software industry, with some companies reporting payment delays, requests for extended payments, et cetera. This quarter, your CFO was a strong standout. What do you think is the reason for the strength? Is this a function of the channel or enterprise exposure or something else? Any data, any information will be appreciated.

恭喜你本季取得佳績。艾米，營運現金流一直是整個軟體產業的焦點，一些公司報告出現付款延遲、要求延長付款期限等情況。本季度，貴公司的財務長表現出色。你認為這種力量背後的原因是什麼？這與通路或企業曝光度是否有關，還是其他因素？任何數據、任何資訊都將不勝感激。

Thanks, Mark. We did have, as you saw -- and we have had very consistent performance in our cash flow from operations. And I think a lot of that, as you've noted, has to do with where that strength is coming from, which is, overall it's cloud billings, it's usage, it's consumption-based growth. We do have, as you noted, a lot of exposure to enterprise. That has tended to perform quite well. And we did extend, and I mentioned it in our call in the prepared remarks, a lot of financing options to customers as well. So I feel like we are taking an appropriately balanced approach here and really focusing more on customer enablement. And so we could see some impact, but I think the broad portfolio, Mark, and broad geographic exposure probably has benefited us on CFO.

謝謝你，馬克。正如你所看到的，我們確實有——而且我們的經營現金流一直表現非常穩定。正如你所指出的，我認為這很大程度上與這種力量的來源有關，那就是，總體而言，它是雲端計費、使用量和基於消費的成長。正如您所指出的，我們確實有很多接觸企業的機會。這種做法通常效果都相當不錯。我們也確實為客戶提供了許多融資選擇，我在電話會議的準備演講稿中也提到了這一點。所以我覺得我們在這裡採取了一種適當的平衡方法，並且真正更加重視客戶賦能。因此我們可能會看到一些影響，但我認為，馬克，廣泛的投資組合和廣泛的地域覆蓋可能對我們在財務長方面有所幫助。

And broadly, we will be very much optimizing for helping our customers through this period and our own share.

總的來說，我們將盡最大努力幫助我們的客戶度過這段時期，並實現我們自身的目標。

Yes.

是的。

Our next question comes from Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Amy and Satya, you noticed the strong growth in the E5 SKU around Office 365 over the last year. Can you just talk perhaps a little bit more specifically about how Teams is perhaps changing the discussion around productivity more broadly, how that's maybe raising your profile even more from a strategic perspective as customers start thinking about how sort of collaboration is going to change in this new world, both in the short and the long term?

Amy 和 Satya，你們注意到過去一年 Office 365 的 E5 SKU 銷售量大幅成長了嗎？您能否更具體地談談 Teams 如何更廣泛地改變了人們對生產力的討論，以及隨著客戶開始思考在這個新世界中，協作方式在短期和長期內將如何變化，這如何從戰略角度進一步提升您的知名度？

Sure, Kirk. The approach we took with Teams always was to not just think of this as just a chat application, right? I mean we thought about messaging obviously is important. But we said, okay, we had to reimagine how people communicate using both chat as well as video and then, most importantly, how people collaborate in meetings, outside meetings, before and after. So that's sort of the second element. And third, think about business process and workflows dominating inside of the scaffolding of Teams, and then building it with the same compliance and security base of Microsoft 365. So yes, absolutely.

當然，柯克。我們對待 Teams 的態度始終是，不把它僅僅看作一個聊天應用程序，對吧？我的意思是，我們認為訊息傳遞顯然很重要。但我們說，好吧，我們必須重新構想人們如何使用聊天和視訊進行溝通，然後，最重要的是，重新構想人們如何在會議中、會議外、會議前後進行協作。所以這算是第二個要素。第三，考慮在 Teams 的框架內以業務流程和工作流程為主導，然後以 Microsoft 365 的合規性和安全性為基礎進行建置。是的，絕對沒錯。

So first of all, Microsoft 365 has entered many new categories. They're all part of our Microsoft 365 value. And so with that and the architectural coherence of Microsoft 365 because, in some sense, complexity, security risk, management costs, these are all real things for enterprises, especially if you've got to go remote everything. So I feel that we have a great value proposition for customers at a time of most acute need where they want to go remote, they need that flexibility when there is hybrid work and yet, they want the low-cost management and high security and compliance. So I think we have a differentiated offer there.

首先，Microsoft 365 已經進入了許多新的領域。它們都是我們 Microsoft 365 價值的一部分。因此，考慮到這一點以及 Microsoft 365 的架構一致性，因為在某種程度上，複雜性、安全風險、管理成本，這些都是企業面臨的現實問題，尤其是在必須將所有業務遠端化的情況下。因此，我認為在客戶最迫切需要遠距辦公、混合辦公模式的靈活性，以及​​低成本管理、高安全性和合規性的時候，我們為客戶提供了極具價值的方案。所以我認為我們在這方面提供了差異化的產品和服務。

And I'll turn it to Amy if she wanted to add anything to that as well.

如果艾米還有什麼要補充的，我會把話題轉給她。

No. I actually think the other component, Satya, that I would mention is really the transition we've seen from just Office 365 E5 to Microsoft 365 E5 with the entirety of the value proposition. This, I think, has been a pivotal year. And again, in Q4, we saw even more transition in the SKU mix to the Microsoft 365 SKU than just simply the Office SKU.

不。Satya，我其實認為另一個方面，也就是我們所看到的從 Office 365 E5 到 Microsoft 365 E5 的完整價值主張的轉變，才是真正的關鍵所在。我認為，今年是至關重要的一年。同樣，在第四季度，我們看到 SKU 組合中向 Microsoft 365 SKU 的轉變比單純的 Office SKU 更為顯著。

Our next question comes from Gregg Moskowitz with Mizuho.

下一個問題來自瑞穗銀行的 Gregg Moskowitz。

I have one for Satya. I'm curious how you would assess the net impact of the current environment on Azure, inclusive of potentially lower consumption growth among highly impacted industries and, of course, the per-seat moderation in EMS, offset by some acceleration in digital transformation more broadly among other customers. In addition, I was curious if you're seeing more pay-as-you-go-type arrangements for Azure than you were previously.

我有一個是給薩蒂亞的。我很好奇您會如何評估當前環境對 Azure 的淨影響，包括受影響嚴重的行業可能出現的消費成長放緩，以及 EMS 中每個席位價格的下調，當然，這些影響會被其他客戶更廣泛地加速數位轉型所抵消。此外，我還想知道您是否發現 Azure 的按需付費模式比以前更多了。

Thanks for the question. Overall, as I said, even in industries that have been impacted, say, economically, one of the things is -- getting to the new efficient frontier of cloud economics is one way for them to, in fact, do better as they get into recovery, right? So one of the things that we are seeing, in fact, is some acceleration even of getting rid of the old and getting to the efficient frontier so that then they can recover faster. That doesn't mean that some places where there is absolute real shutdown of economic activity, there isn't a slowdown. But where people are looking to say using even that as an opportunity to come out stronger, we do see that.

謝謝你的提問。總的來說，正如我所說，即使在經濟上受到影響的行業，其中一件事是——邁向雲端運算經濟的新高效前沿，實際上是他們復甦過程中做得更好的一種方法，對吧？因此，我們看到的一個現像是，淘汰舊事物、達到高效前沿的速度正在加快，這樣它們就能更快地恢復。但這並不意味著在一些經濟活動完全停滯的地方，經濟就不會放緩。但我們看到，有些人甚至把這當作一個讓自己更強大的機會。

For sure, pay-as-you-go on Azure is going to increase and is increasing. And we are fundamentally focused on wherever people want to have those long-term commitments as well as pay-as-you-go customers. So we don't, in some sense, discriminate between the two. What we want to be able to just stay focused on is quarter-over-quarter consumption growth by adding value to customers' digital transformation projects.

可以肯定的是，Azure 的按需付費模式將會成長，而且正在成長。我們的根本關注點在於，既包括希望進行長期合約的客戶，也包括按需付費的客戶。所以從某種意義上來說，我們並不歧視這兩者。我們希望能夠專注於透過為客戶的數位轉型項目增加價值來實現季度環比消費成長。

And I would add maybe, Gregg, a little context is we have been seeing a transition to pay-as-you-go probably for the majority of this year as opposed to saying it has more recently just emerged as a trend. So I wanted to make sure to decouple those a teeny bit. And I think in general for us, this quarter, the consumption patterns were very, very similar actually to what we expected, to Satya's note, with the pressure to, I think, move to this new frontier being really at the forefront of people's minds, far more so than maybe a discussion on per-user impacts.

格雷格，我還要補充一點背景資訊：我們看到的這種按需付費模式的轉變可能已經持續了今年大部分時間，而不是說它最近才成為一種趨勢。所以我想確保稍微將它們解耦一下。我認為總的來說，就我們而言，本季的消費模式實際上與我們的預期非常非常相似，正如薩蒂亞所指出的那樣，人們真正關注的是向這個新領域邁進的壓力，這遠遠超過了對每個用戶影響的討論。

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。

You've continued to show great top line double-digit growth and margin improvement. And many are asking, is that same framework in place in this environment, showing this same double-digit growth with margin improvement? Or do things change and you need to invest in new areas that could potentially stall out margins as we go through the cycle?

你們的營收持續維持兩位數成長，利潤率也持續提升。許多人都在問，在這種環境下，是否依然存在著同樣的框架，能夠實現同樣的兩位數成長和利潤率提升？或者情況會發生變化，你需要投資新的領域，而這些領域可能會在我們經歷週期性波動時導致利潤率停滯不前？

Brent, I'll start, and Amy, you can add to this. The way I would say, Brent, is that our focus, especially given that -- what is it, GDP is negative 10% in the world and you pick your timeframe. Right now what I would like us to focus on in the interest of our long-term investors is to say, how can we build this modern tech stack so that it can really capture -- both help customers transform, be resilient and help us get into new categories and build a strong position in those categories.

布倫特，我先來，艾米，你可以補充。布倫特，我的意思是，我們的重點，尤其是在目前的情況下——全球GDP為負10%，你可以選擇你的時間範圍。現在，為了我們長期投資者的利益，我希望我們關注的是，如何建立這個現代技術棧，使其能夠真正幫助客戶轉型、增強韌性，並幫助我們進入新的領域，並在這些領域建立強大的地位。

So my own approach to this would be not to worry as much about short term, whether it's the growth number because when you are growing compared to where GDP is, healthily and competitively, the growth number is high. I'm not trying to match some artificial double-digit growth number, and nor are we trying to sort of think about a margin target because, in some sense, the world needs to do well for us to do well in the long run. And I think the world will come out of this, and we will be stronger if we invest during this phase.

因此，我個人的做法是不要太擔心短期，例如成長數字，因為當你相對於 GDP 而言健康且具有競爭力地成長時，成長數字就會很高。我並不是想追求人為設定的兩位數成長目標，我們也不是想設定利潤率目標，因為從某種意義上來說，世界需要發展良好，我們才能在長期發展中取得成功。我認為世界終將走出困境，如果我們在這個階段投資，我們將變得更強大。

And I just want to reiterate how important that is. The opportunity that Satya really outlined in his remarks is, I do believe, fundamental. And so you see us continuing to invest. You'll see it in capital expenditure based on demand. You'll see it in the operating expense line. And a lot of the margin movement you're going to see is going to be actually far more sales mix than it is to think about it as margins going down in a particular product. So for me, it's really about in every product are we investing with a strong position, with a clearer view of the future in a way that we can be a more important part of every customer's budget. And so I think we feel very good about the products we've got, the lineup we've got and the execution engine we've got. And so I think we're far more focused in that way than maybe on a short-term number goal.

我只想再次強調這一點的重要性。我認為，薩蒂亞在演講中真正闡述的機會是至關重要的。所以你會看到我們繼續投資。你會從基於需求的資本支出中看到這一點。您會在營運費用項下看到它。你將會看到的利潤率變動，實際上更多的是銷售組合的變化，而不是某個特定產品的利潤率下降。所以對我來說，關鍵在於我們是否在每個產品上都擁有強大的實力和更清晰的未來願景進行投資，從而成為每位客戶預算中更重要的一部分。所以我覺得我們對現有的產品、產品線和執行機制都非常滿意。所以我認為，我們在這方面比關注短期數字目標更重視實際效果。

Our next question is from Brad Zelnick with Crédit Suisse.

我們的下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Congrats on the amazing results. Amy, I believe in your prepared remarks you had said Q4 CapEx was in line with expectations, and Q1 should be at a similar level. Can you speak to the evolution in cloud CapEx, productivity and utilization trends, your capacity planning process and lead times to stand up incremental capacity? And ultimately, how should we be thinking about the cadence of CapEx going forward?

恭喜取得如此優異的成績！艾米，我相信你在事先準備好的發言稿中說過，第四季資本支出符合預期，第一季也應該達到類似的水準。您能否談談雲端資本支出、生產力和利用率趨勢的演變、您的容量規劃流程以及建立增量容量的提前時間？最後，我們該如何看待未來資本支出的節奏？

Thanks, Brad. As you saw, we made great progress this quarter, catching up from supply chain challenges that I think we entered the quarter with. And as you can imagine, with the Teams surge and usage along with other workload surges, we look forward to continuing to be able to invest to meet that demand ahead of the curve, in addition to what Satya mentioned, which is continuing to enter new regions where we see opportunities. So for me, the way to think about it is you see the cloud revenue growth continuing, you see strong consumption and usage growth and you should expect cloud CapEx to follow in pretty short order. The lead times there have gotten tighter over time, and so you can generally think they'll be more correlated. But obviously, there's some demand planning that we like to give ourselves ample room.

謝謝你，布拉德。正如你所看到的，我們本季取得了巨大進展，克服了本季初面臨的供應鏈挑戰。正如您所想，隨著 Teams 的激增和使用以及其他工作負載的激增，我們期待能夠繼續投資以滿足這些需求，並提前做好準備。此外，正如 Satya 所提到的，我們將繼續進入我們看到機會的新地區。所以我覺得，如果雲端運算收入持續成長，消費和使用量也強勁成長，那麼雲端運算資本支出預計很快就會跟上。隨著時間的推移，那裡的交貨週期越來越短，因此一般來說，你可以認為它們的相關性會更高。但很顯然，我們會進行一些需求規劃，為自己留出充足的空間。

Our last question comes from Raimo Lenschow with Barclays.

最後一個問題來自巴克萊銀行的雷莫·倫肖。

Congrats as well. A quick one for me. Like, can you talk a little bit about gaming? So this quarter was kind of, we saw very, very strong numbers but -- and before, like, it's slightly weaker because of the tougher comps. But like, how do you think about that cycle of growth that you get out of Gaming? And if we should be getting more stable with more recurring revenue? Just talk a little bit about the dynamics there a little bit.

也恭喜你。我這題很快就能完成。你能稍微聊聊遊戲嗎？所以這個季度的數據非常非常強勁，但是——而之前，由於比較基數較高，數據略顯疲軟。但是，你如何看待從遊戲中獲得的成長循環呢？如果我們應該獲得更多穩定的經常性收入呢？就簡單談談那裡的情況吧。

Sure. I'll start. I mean our overall vision that we have sort of been talking about for, quite frankly, multiple years and building out with, in particular, our Game Pass strategy, that's what we are going for. This Gaming TAM is much more expansive than what we participated in, even with all of the success we had with Xbox. So we think going forward Xbox, with the approach we are taking, has much more of an ability to reach the 2-plus billion gamers out there, and we are in the early days of building that out. And so this quarter, of course, will stand out for many of the reasons because of the remote nature of how a lot of the activity happened. But -- and also, we have a new console that's very much part of our strategy.

當然。我先來。我的意思是，坦白說，我們已經談論這個願景好幾年了，並且一直在逐步構建，特別是透過我們的 Game Pass 戰略，這就是我們努力的方向。即使我們憑藉 Xbox 取得了巨大成功，但此次遊戲市場規模仍然比我們之前參與的市場大得多。因此，我們認為，展望未來，憑藉我們正在採取的方法，Xbox 更有能力觸及全球超過 20 億的遊戲玩家，而我們目前還處於建立這一目標的早期階段。當然，由於許多活動都是遠端進行的，因此本季將會因諸多原因而顯得格外突出。但是——而且，我們還有一款新的遊戲主機，它也是我們的策略的重要組成部分。

But we go beyond the console to the PC. We go to mobile and we have the streaming service. So all of these accrue to what we think, in the long run, is going to be a much bigger addressable market. And we have a great structural position. We have a social network in Xbox Live. Obviously, we have a store that monetizes super well as well as we have the Game Pass subscription.

但我們不僅關注遊戲主機，也關注PC。我們轉到手機端，就可以使用串流服務了。因此，我們認為，從長遠來看，所有這些因素加起來將會帶來一個更大的潛在市場。而我們擁有非常有利的結構性優勢。我們在Xbox Live中擁有一個社群網路。顯然，我們的商店獲利能力非常強，而且我們還有 Game Pass 訂閱服務。

So Amy, if you wanted to add to that.

艾米，如果你想補充什麼的話。

Maybe just a few things, which is, when I think about Gaming and where we are at this point, the reason it's so exciting is because I think this quarter reinforces that we have such platform strength built on the view, the support we have of fans of the console. We've extended that and begun to extend it to the PC. We're extending it to mobile. That platform strength will drive this more annuity-like behavior that you're thinking about, which is great. And we saw that in the Game Pass subscription growth again this quarter, building on that base. But then the third-party titles will drive some volatility, but that volatility is just reinforcing of the position we have and I think the long relationship with fans. So I think we're all pretty excited. I think Satya called it pivotal. I think it certainly is, and we're certainly looking forward to the next console release as well.

也許只有幾點，那就是，當我思考遊戲以及我們目前所處的位置時，之所以如此令人興奮，是因為我認為本季度鞏固了我們強大的平台實力，而這種實力建立在遊戲機粉絲的認可和支持之上。我們已經擴展了這項技術，並開始將其擴展到個人電腦領域。我們正在將其擴展到行動端。平台實力將推動您所考慮的這種更像年金的行為，這很好。我們從本季 Game Pass 訂閱用戶的成長中再次看到了這一點，並在先前的基礎上繼續成長。但第三方遊戲的推出會帶來一些波動，但這種波動只會鞏固我們現有的地位，我認為也會鞏固我們與粉絲之間的長期關係。所以我覺得我們都很興奮。我認為薩蒂亞稱之為關鍵事件。我覺得確實如此，我們也很期待下一代主機的發表。

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

偉大的。謝謝你，雷莫。今天的財報電話會議問答環節到此結束。感謝各位的參與，我們期待盡快與大家再次交流。小心。

Thank you, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference. Once again, 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。再次感謝您的參與，您可以斷開線路了。