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.

您好，歡迎參加 Microsoft 2020 財年第四季度收益電話會議。

(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, Mike Spencer, General Manager and Investor Relations for Microsoft.

現在我很高興向您介紹主持人 Mike Spencer，他是微軟的總經理兼投資者關係部。

Thank you.

謝謝你。

Sir, you may begin.

先生，您可以開始了。

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; Frank Brod, 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； Frank Brod，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 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.

在 Microsoft 投資者關係網站上，您可以找到我們的收益新聞稿和我們的財務摘要幻燈片，這些幻燈片旨在補充我們在今天的電話會議中準備的評論，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 fourth quarter performance in addition to the impact these items and events had 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第四季度的業績。

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

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 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.

我們還將在可能的情況下以固定貨幣提供增長率，作為評估我們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.

在本次電話會議中，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 section 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 表格以及向證券交易委員會提交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。

Good afternoon, everyone.

大家下午好。

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.

我們在商業雲的支持下，在本財年取得了創紀錄的業績，收入首次超過 500 億美元，同比增長 36%。

The last 5 months have made it very clear that digital tech intensity is key to business resilience.

過去 5 個月已經非常清楚地表明，數字技術強度是業務彈性的關鍵。

Organizations that build their own digital capability will recover faster and emerge from this crisis stronger.

建立自己的數字能力的組織將更快地恢復並更強大地從這場危機中脫穎而出。

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.

我們看到企業正在加速從製造到銷售和客戶服務的每個運營部分的數字化，以重新構想他們如何滿足客戶的需求，從零售中的路邊取貨和非接觸式購物到醫療保健中的遠程醫療。

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.

這就是為什麼我們正在構建由雲和 AI 提供支持並以安全性和合規性為基礎的完整現代技術堆棧，以幫助每個組織實現數字化轉型。

Now I'll highlight our innovation and momentum, starting with Azure.

現在，我將重點介紹我們的創新和動力，從 Azure 開始。

Every organization today needs a distributed computing fabric to run essential workloads.

如今，每個組織都需要一個分佈式計算結構來運行基本工作負載。

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.

我們正在將 Azure 打造為世界計算機，以支持他們的數據中心區域——比任何其他提供商都多的數據中心區域，包括截至本季度在意大利、新西蘭和波蘭的新區域。

We have always led in hybrid, and we are accelerating our innovation to meet customers' needs wherever they are.

我們一直在混合動力領域處於領先地位，並且我們正在加速創新以滿足客戶的需求，無論他們身在何處。

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.

Azure Arc 是為多雲、多邊緣世界構建的第一個控制平面，我們正在通過支持 Azure Arc 的 Kubernetes 進一步推動它。

New capabilities in Azure Stack HCI help organizations bring the cloud to their very own data centers.

Azure Stack HCI 中的新功能可幫助組織將雲帶到他們自己的數據中心。

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.

我們對 Affirmed 和 Metaswitch 以及 Azure Edge Zones 的收購將 Azure 擴展到網絡邊緣，從而在電信運營商轉向 5G 時擴大我們的產品範圍。

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.

我們跨雲和邊緣的差異化方法正在贏得各個行業的新客戶，從 Land O'Lakes、澳大利亞國民銀行到約翰霍普金斯醫學，以及包括 Citrix、Fenestra、SAS 和 Workday 在內的領先 ISV。

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.

在數據佈局方面，Azure 是唯一具有無限數據和分析功能的雲，可以為每個組織提供雲原生數據資產。

The combination of SQL Hyperscale, Cosmos DB, Synapse Analytics and the new Synapse Link, which enables live analytics on real-time transactions, differentiate Azure.

SQL Hyperscale、Cosmos DB、Synapse Analytics 和新的 Synapse Link 相結合，可以對實時事務進行實時分析，從而使 Azure 脫穎而出。

In AI, we have the most comprehensive portfolio of tools, frameworks and infrastructure.

在人工智能領域，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.

我們對我們的合作夥伴 OpenAI 所取得的進展感到非常興奮。

Their new GPT-3 model constitutes a new breakthrough in AI, and we trained -- and was trained on our Azure AI supercomputer.

他們新的 GPT-3 模型構成了 AI 的新突破，我們在 Azure AI 超級計算機上進行了培訓。

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.

Azure 認知服務中的新功能使構建能夠自然使用 49 種語言及其變體的應用程序變得更加容易，並從非結構化數據（包括紙質表格和醫療記錄）中生成洞察力。

Microsoft Bot Framework now includes powerful authoring tools to build sophisticated conversational bots with low code.

Microsoft Bot Framework 現在包括功能強大的創作工具，可以用低代碼構建複雜的對話機器人。

And with Azure machine learning, organizations can deploy AI more responsibly and safely.

借助 Azure 機器學習，組織可以更負責任、更安全地部署 AI。

All this innovation is driving usage.

所有這些創新都在推動使用。

In June alone, 13.5 billion transactions were processed in Azure Cognitive Services, 2.5 billion messages sent, 9 million hours of speech transcribed.

僅在 6 月份，Azure 認知服務就處理了 135 億筆交易，發送了 25 億條消息，轉錄了 900 萬小時的語音。

From Bridgestone to UnitedHealth Group to EY, companies are relying on Azure AI to innovate and better meet customer needs.

從普利司通到聯合健康集團再到安永，公司都在依靠 Azure AI 進行創新並更好地滿足客戶需求。

Now to developer tools.

現在到開發者工具。

The role of developers is more important than ever.

開發人員的角色比以往任何時候都更加重要。

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.

從應急響應到恢復再到重新構想世界，我們擁有最常用和最受歡迎的開發人員工具，可以為任何平台構建任何應用程序。

We have seen increased activity across multiple measures, and we are going further with new tools to power secure remote development.

我們已經看到多項措施的活動有所增加，我們正在進一步使用新工具來支持安全的遠程開發。

With Codespaces, we are bringing together the best of GitHub, Visual Studio and Azure to help developers go from code to cloud in seconds.

通過 Codespaces，我們匯集了 GitHub、Visual Studio 和 Azure 的精華，幫助開發人員在幾秒鐘內從代碼遷移到雲。

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.

GitHub 中新的高級安全功能使用語義分析來掃描代碼中的漏洞，GitHub 討論幫助軟件社區在代碼庫之外進行協作。

More than 3 million organizations, including the majority of the Fortune 50, now use GitHub.

超過 300 萬個組織，包括財富 50 強中的大多數，現在都在使用 GitHub。

The State of California is using GitHub and Azure DevOps to power 90% of its digital COVID-19 response infrastructure.

加利福尼亞州正在使用 GitHub 和 Azure DevOps 為其 90% 的數字 COVID-19 響應基礎設施提供支持。

All the 5,000 engineers at Autodesk rely on GitHub to break down silos across the organization.

Autodesk 的所有 5,000 名工程師都依賴 GitHub 來打破整個組織的孤島。

And at Etsy, developers are using GitHub to deploy production -- to production more than 50 times per day.

在 Etsy，開發人員正在使用 GitHub 部署生產環境——每天超過 50 次。

Now to Power Platform.

現在到 Power Platform。

With Power Platform, anyone in an organization can rapidly create an application, build a virtual agent, automate a workflow or analyze data.

借助 Power Platform，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。

Citizen developers and business decision makers at companies like Schlumberger and T-Mobile are using Power Platform to address challenges created by COVID-19.

斯倫貝謝和 T-Mobile 等公司的公民開發人員和業務決策者正在使用 Power Platform 來應對 COVID-19 帶來的挑戰。

Power BI is the clear leader in business intelligence in the cloud and is growing significantly faster than competition.

Power BI 是雲中商業智能的明顯領導者，其增長速度明顯快於競爭對手。

96% of the Fortune 500 now use Power BI to find insights in their data.

96% 的財富 500 強企業現在使用 Power BI 來發現他們的數據中的見解。

More broadly across the Power Platform, we are seeing accelerating usage.

在整個 Power Platform 中，我們看到更廣泛的使用正在加速。

Power Apps monthly active users increased 170% year-over-year.

Power Apps 月度活躍用戶同比增長 170%。

Power Automate is up 75%, and in just 6 months, Power Virtual Agents have already surpassed 6.7 million sessions.

Power Automate 增長了 75%，在短短 6 個月內，Power Virtual Agents 已經超過 670 萬個會話。

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.

就在昨天，我們在 Power Platform 中推出了端到端的重返工作場所解決方案，該解決方案將幫助 CBRE 等組織確保員工返回辦公室時的安全和健康。

And we continue to invest in robotic process automation.

我們繼續投資於機器人過程自動化。

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.

我們對 Softomotive 的收購與 Power Automate 相結合，使包括畢馬威在內的客戶能夠跨傳統和現代應用程序自動化手動業務流程。

Now to Dynamics 365.

現在到 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.

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運營數字化，以便他們能夠快速適應不斷變化的市場條件。

Customer Insights is the fastest-growing Dynamics 365 application ever, helping organizations like Walgreens Boots Alliance and Chipotle offer more personalized customer experiences.

Customer Insights 是有史以來增長最快的 Dynamics 365 應用程序，幫助 Walgreens Boots Alliance 和 Chipotle 等組織提供更加個性化的客戶體驗。

BNY Mellon chose Dynamics 365 this quarter to help investment managers build stronger relations with their customers.

BNY Mellon 本季度選擇 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.

超過 4,500 家組織現在使用 Dynamics 365 商務、財務和供應鏈管理，使其成為同類產品中增長最快的 SaaS 解決方案之一。

FedEx, for example, uses Dynamics 365 to drive more precise logistics and inventory management.

例如，FedEx 使用 Dynamics 365 來推動更精確的物流和庫存管理。

In retail, Dynamics 365 Connected Store now offers in-store traffic analytics and curbside pickup, prioritizing safety as stores reopen.

在零售業，Dynamics 365 Connected Store 現在提供店內流量分析和路邊取貨，在商店重新開業時將安全放在首位。

And we continue to invest in solutions to protect merchants as they process more online transactions.

我們將繼續投資解決方案，以在商家處理更多在線交易時保護他們。

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.

Dynamics 365 Fraud Protection 中的新帳戶保護和防丟失功能有助於保護在線收入，我們正在與 Capital One 等金融服務公司合作，以改進欺詐檢測並確保客戶安全。

Now to LinkedIn.

現在到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.

儘管由於招聘需求減少而導致收入逆風，但隨著 LinkedIn 超過 7.06 億專業人士轉向網絡連接、學習和規劃未來，我們看到了創紀錄的參與度。

Content shared was up nearly 50% year-over-year and LinkedIn Live streams were up 89% since March.

自 3 月以來，共享內容同比增長近 50%，LinkedIn Live 流增長了 89%。

People will increasingly need to move beyond current domain expertise to learn new skills, and they're turning to LinkedIn.

人們將越來越需要超越當前的領域專業知識來學習新技能，他們正在轉向 LinkedIn。

Professionals watched nearly 4x the amount of LinkedIn Learning content in June than they did a year ago.

專業人士在 6 月份觀看的 LinkedIn Learning 內容數量是一年前的近 4 倍。

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.

我們讓他們更容易在他們的工作流程中直接訪問 LinkedIn Learning 的 16,000 多個在線課程。

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.

Teams 中的新學習應用程序將允許組織整合 LinkedIn Learning 以及他們自己的內容，以在工作、技能和員工技能提升和再培訓所需的學習之間創建一個持續的反饋循環。

Now to Microsoft 365 and Teams.

現在到 Microsoft 365 和 Teams。

When, where and how the world works is fundamentally changing.

世界運轉的時間、地點和方式正在發生根本性的變化。

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 365 使人們和組織能夠在適應更流暢的工作和學習方式時提高生產力和安全性。

Microsoft Teams is helping people be together even when they are apart.

Microsoft Teams 正在幫助人們在一起，即使他們分開。

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.

它是唯一一個在安全、集成的用戶體驗中提供會議、通話、聊天、內容、與 Office 協作以及業務流程工作流的解決方案。

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.

我們正在通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，以幫助人們感覺更緊密地聯繫並減少認知負擔。

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.

我們擴展了 Teams 中的畫廊視圖，以便人們一次可以看到多達 49 名參與者並與之互動，分組討論室和實時反應將幫助人們在虛擬世界中建立社會資本。

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 和 Power Platform 之間的更深入集成帶來了集成數據平台 Microsoft Dataflex，可以更輕鬆、更快地創建和部署應用程序，從而在 Teams 中啟用新類別的企業網格應用程序和聊天機器人。

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.

隨著客戶加速將語音轉移到雲端，Teams 正迅速成為通信骨幹，我們正在將 Teams 擴展到工作場所之外，讓您可以輕鬆地在移動設備上添加個人 Teams 帳戶，這樣您就可以在工作中與朋友和家人保持聯繫以及您的生活。

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.

本季度，Teams 用戶在一天內產生了超過 50 億次會議分鐘，隨著人們在 Teams 中交流、協作和共同創作內容，我們看到整個平台的使用強度有所增加。

69 organizations now have more than 100,000 users of Teams, and over 1,800 organizations have more than 10,000 users of Teams.

69 個組織現在擁有超過 100,000 名 Teams 用戶，超過 1,800 個組織擁有超過 10,000 名 Teams 用戶。

We are working alongside educators as they prepare for remote hybrid and in-person scenarios this fall.

我們正在與教育工作者一起為今年秋天的遠程混合和麵對面場景做準備。

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.

現在，全球有超過 1.5 億學生和教師依靠我們的工具（包括 Teams、Stream、OneNote 和 Flipgrid）來優先考慮學生參與和學習成果。

Our new Microsoft Cloud for Healthcare is helping providers schedule, manage and conduct virtual visits using Teams and engage with patients using Dynamics 365.

我們新的 Microsoft Cloud for Healthcare 正在幫助提供商使用 Teams 安排、管理和進行虛擬訪問，並使用 Dynamics 365 與患者互動。

In healthcare, there were more than 46 million Teams meetings this past month.

在醫療保健領域，上個月有超過 4600 萬次 Teams 會議。

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.

英國 NHS 選擇 Microsoft 365 為其 120 萬員工提供最新的生產力和協作工具，以提供更好的患者治療效果。

More broadly, we are seeing increased usage of Microsoft 365 and larger strategic agreements.

更廣泛地說，我們看到 Microsoft 365 和更大的戰略協議的使用增加。

Alcoa and Telstra are empowering their entire workforce, including first-line employees, with Microsoft 365 and Teams.

Alcoa 和 Telstra 正在通過 Microsoft 365 和 Teams 為其整個員工隊伍（包括一線員工）提供支持。

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.

在各行各業，3M、CenturyLink、GE 和 Providence 等客戶越來越多地選擇我們的 Microsoft 365 高級產品，以實現差異化的安全性、合規性、語音和分析價值。

Our Microsoft 365 E5 user base more than doubled year-over-year.

我們的 Microsoft 365 E5 用戶群同比增長了一倍多。

People are turning to Windows PCs more than ever, with minutes spent in Windows 10 up more than 55% year-over-year.

人們比以往任何時候都更多地轉向 Windows PC，在 Windows 10 上花費的時間同比增長超過 55%。

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.

我們擴展了 Surface 設備和配件系列，以幫助人們在任何地方工作、學習和連接，因為我們創建了有利於整個 OEM 生態系統的新類別。

Now on to security and compliance.

現在談談安全性和合規性。

Remote everything continues to accelerate the need for a Zero Trust security architecture that protects people, devices, applications and data holistically.

遠程一切繼續加速對零信任安全架構的需求，以全面保護人員、設備、應用程序和數據。

And we are the only company with an integrated end-to-end capability informed by more than 8 trillion signals each day.

我們是唯一一家擁有集成端到端能力的公司，每天接收超過 8 萬億個信號。

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.

Azure Active Directory 現在在 200,000 多個組織中擁有超過 3.45 億月活躍用戶，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.

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 now has more than 6,500 customers.

Azure Sentinel 現在擁有 6,500 多個客戶。

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.

各行業加速採用物聯網正在帶來新的安全挑戰，我們本季度收購 CyberX 將有助於保護客戶的物聯網部署。

Finally, we are helping customers protect their more sensitive information.

最後，我們正在幫助客戶保護他們更敏感的信息。

Microsoft Information Protection is enabling companies, such as Siemens AG, to protect sensitive data wherever it exists.

Microsoft 信息保護使 Siemens AG 等公司能夠保護任何存在的敏感數據。

And new Microsoft 365 Records Management helps customers govern data and reduce risk.

新的 Microsoft 365 記錄管理可幫助客戶管理數據並降低風險。

Now on to gaming.

現在開始遊戲。

It is simply a breakthrough quarter for gaming.

這只是遊戲的一個突破性季度。

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.

隨著世界各地的人們轉向遊戲以與他人聯繫、社交和玩耍，我們看到了由控制台內外的實力所引領的創紀錄的參與度和貨幣化。

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.

退一步說，我們正在擴大我們的機會，讓全球 20 億遊戲玩家能夠隨時隨地在任何設備上玩遊戲。

Xbox Game Pass has seen record subscriber growth across both console and PC and now includes content from more than 100 studios.

Xbox Game Pass 在主機和 PC 上的用戶增長都創下紀錄，現在包括來自 100 多個工作室的內容。

Our xCloud gaming service is already live in 15 countries.

我們的 xCloud 遊戲服務已經在 15 個國家上線。

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.

就在上週，我們宣布將 xCloud 引入 Xbox Game Pass，以便訂閱者可以將游戲流式傳輸到手機或平板電腦，並與全球近 1 億 Xbox Live 玩家一起玩。

In content, we are delivering differentiated first- and third-party content to attract and retain gamers.

在內容方面，我們提供差異化的第一方和第三方內容來吸引和留住遊戲玩家。

Xbox Series X launched this fall with the largest launch lineup for any console ever.

Xbox Series X 於今年秋季推出，擁有有史以來任何遊戲機的最大發布陣容。

And Minecraft reached a new high of nearly 132 million monthly active users during the quarter.

Minecraft 在本季度達到了近 1.32 億月活躍用戶的新高。

In closing, we are expanding our opportunity and investing across the full modern technology stack.

最後，我們正在擴大我們的機會並在整個現代技術堆棧中進行投資。

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.

在接下來的十年中，技術支出佔 GDP 的百分比預計將翻一番，我們有能力通過創新和定義關鍵技術來參與這一增長，這些技術使地球上的每個人和每個組織都能夠建立更多自己的東西技術強度。

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

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

Thank you, Satya, and good afternoon, everyone.

謝謝你，Satya，大家下午好。

This quarter, revenue was $38 billion, up 13% and 15% in constant currency.

本季度收入為 380 億美元，按固定匯率計算分別增長 13% 和 15%。

Gross margin dollars increased 10% and 12% in constant currency.

按固定匯率計算，美元毛利率分別增長 10% 和 12%。

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.

按固定匯率計算，營業收入增長 8% 和 12%，每股收益為 1.46 美元，在調整與 19 財年第四季度無形資產轉讓相關的淨稅收優惠後，按固定匯率計算分別增長 7% 和 9% .

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.

在我們今年最大的季度，我們的銷售團隊和合作夥伴再次取得了強勁的業績，其中許多趨勢與第三季度末相似。

In our commercial business, increased usage, consistent execution and continued demand for our differentiated, high-value cloud services drove another strong quarter.

在我們的商業業務中，對我們差異化的高價值雲服務的使用增加、持續執行和持續需求推動了另一個強勁的季度。

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.

在我們的消費者業務中，對在家工作、學習和娛樂場景的需求增加再次使我們的遊戲、Surface 和 Windows OEM 非專業業務受益。

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.

我們還看到中小型企業採購疲軟，這主要影響了我們的事務性 Office 和 Windows OEM Pro 業務，並推動我們的 Office 365 商業付費席位增長有所放緩。

And in our search business, though rates stabilized through the quarter, we saw a continued reduction in advertising spend on our platform.

在我們的搜索業務中，儘管整個季度的費率保持穩定，但我們看到我們平台上的廣告支出持續減少。

Moving to our overall results, customer commitment to our cloud continues to grow.

轉向我們的整體結果，客戶對我們雲的承諾繼續增長。

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.

在 20 財年，我們達成了創紀錄數量的價值數百萬美元的商業雲協議，其中超過 1000 萬美元的 Azure 合同數量大幅增長。

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.

在與去年同期相比強勁的情況下，商業預訂增長超出預期，同比增長 12%，這得益於持續的續訂執行和大型長期 Azure 合同數量的增加。

As a result, commercial remaining performance obligation increased 23% to $107 billion.

因此，商業剩餘履約義務增加了 23%，達到 1070 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.

未來 12 個月，大約 50% 的餘額將在收入中確認，同比增長 21%，這反映了我們核心年金銷售計劃的一貫執行。

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.

剩下的 50% 將在未來 12 個月後得到認可，同比增長 25%，突顯了客戶對我們雲平台日益增長的長期承諾。

And this quarter, our annuity mix increased 4 points year-over-year to 94%.

本季度，我們的年金組合同比增長 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.

按固定匯率計算，商業雲收入增長 30% 和 32%，達到 143 億美元，本財年超過 500 億美元。

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.

儘管收入組合轉移到 Azure 以及大量客戶參與和使用以支持遠程工作場景，但商業雲毛利率百分比增長 1 個百分點至 66%。

In line with expectations, FX reduced revenue growth by approximately 2 points and COGS growth by approximately 1 point.

與預期一致，FX 將收入增長降低了約 2 個百分點，將 COGS 增長降低了約 1 個百分點。

FX had no impact on operating expense growth, slightly less favorable than expected.

外匯對運營費用增長沒有影響，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.

我們本季度的利潤率反映了在這一充滿挑戰的環境中為提供更大的客戶價值而進行的投資，從而加強了我們的長期競爭地位。

We invested in capacity for cloud infrastructure usage, free trial offers for critical remote work scenarios and flexible financing options across the ecosystem.

我們投資了雲基礎設施使用能力、關鍵遠程工作場景的免費試用服務以及整個生態系統的靈活融資選項。

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.

此外，我們重新設想了我們的零售店戰略，因為我們始終專注於增加對未來這些戰略性高增長機會的投資。

As a result, company gross margin percentage was down 2 points year-over-year to 68%, with additional impact from lower-margin sales mix.

因此，公司毛利率同比下降 2 個百分點至 68%，並受到利潤率較低的銷售組合的額外影響。

Operating expense grew 13%, including a $450 million charge related to the realignment of our retail store strategy.

運營費用增長了 13%，其中包括與調整零售店戰略相關的 4.5 億美元費用。

And operating margins declined 2 points year-over-year to 35%.

營業利潤率同比下降 2 個百分點至 35%。

Now to our segment results.

現在來看我們的細分結果。

Revenue from Productivity and Business Processes was $11.8 billion, increasing 6% and 8% in constant currency.

生產力和業務流程的收入為 118 億美元，按固定匯率計算分別增長 6% 和 8%。

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.

商業——辦公室商業收入增長 5% 和 7%（按固定匯率計算），受到前面提到的中小型業務放緩以及強勁的上年可比性的影響，其中 4 個增長點來自更高的合同組合。期內確認。

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.

Office 365 商業收入按固定匯率計算分別增長 19% 和 22%，符合預期，並再次受到所有工作負載和客戶群的安裝基數增長以及更高的 ARPU 的推動。

Demand for our high-value security and voice components drove strong upsell to Office 365 and Microsoft 365 E5.

對我們高價值安全和語音組件的需求推動了對 Office 365 和 Microsoft 365 E5 的強勁追加銷售。

Paid Office 365 commercial seats increased 15% year-over-year, slightly below prior quarter trends.

付費 Office 365 商業席位同比增長 15%，略低於上一季度的趨勢。

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.

這反映了我們為使客戶能夠快速適應所需的遠程工作場景而提供的免費試用服務的大力採用，以及一線員工和中小型企業產品的增長放緩。

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.

Office 消費者收入增長 6% 和 7%，因 Office 365 消費者訂閱增長強於預期被交易疲軟部分抵消。

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.

因此，我們看到 Office 365 消費者訂閱者的季度環比顯著增長，增長超過 300 萬，達到 4270 萬。

Dynamics revenue grew 13% and 15% in constant currency driven by Dynamics 365 growth of 38% and 40% in constant currency.

在 Dynamics 365 增長 38% 和 40% 的推動下，Dynamics 收入增長了 13% 和 15%。

This fiscal year, total Dynamics revenue surpassed $3 billion with over 60% from Dynamics 365.

本財年，Dynamics 總收入超過 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.

LinkedIn 收入增長了 10% 和 11%，因為疲軟的就業市場對我們人才解決方案業務的年度預訂產生了重大影響，儘管使用率仍然很高。

Segment gross margin dollars were relatively unchanged and increased 3% in constant currency, and gross margin percentage decreased 4 points year-over-year.

分部毛利率相對不變，按固定匯率計算增長 3%，毛利率同比下降 4 個百分點。

Operating expense increased 10% and 11% in constant currency and operating income decreased 9% and 5% in constant currency.

營業費用按固定匯率計算分別增長 10% 和 11%，營業收入按固定匯率計算分別下降 9% 和 5%。

Next, the Intelligent Cloud segment.

接下來是智能雲部分。

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.

收入為 134 億美元，按固定匯率計算分別增長 17% 和 19%，略高於預期，這得益於客戶對我們差異化混合產品的持續需求。

On a significant base, server products and cloud services revenue increased 19% and 21% in constant currency.

在顯著基礎上，服務器產品和雲服務收入按固定匯率計算分別增長了 19% 和 21%。

Azure revenue grew 47% and 50% in constant currency, in line with expectations, driven by continued 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 47% 和 50%，符合預期。

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.

在我們的每用戶業務中，鑑於我們的企業移動安裝基數增長 26% 至超過 1.47 億個席位，增長繼續放緩。

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.

在強勁的續訂執行和對我們的混合和高級解決方案的持續需求的推動下，我們的本地服務器業務相對沒有變化，按固定匯率計算增長 1%，超出預期。

Enterprise Services revenue was relatively unchanged and grew 2% in constant currency as growth in premier support services offset consulting delays.

由於主要支持服務的增長抵消了諮詢延遲，企業服務收入相對不變，按固定匯率計算增長了 2%。

Segment gross-margin dollars increased 19% and 21% in constant currency, and gross-margin percentage increased 1 point year-over-year.

按固定匯率計算，分部毛利率分別增長 19% 和 21%，毛利率百分比同比增長 1 個百分點。

Operating expense increased 19% and operating income grew 19% and 22% in constant currency.

按固定匯率計算，營業費用增長 19%，營業收入增長 19% 和 22%。

Now to More Personal Computing.

現在到更多的個人計算。

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.

收入為 129 億美元，按固定匯率計算分別增長 14% 和 16%，所有業務的表現都好於預期，因為我們繼續受益於在家工作、學習和玩耍的場景。

In Windows, overall OEM revenue grew 7%, benefiting from improved supply in April that met unfulfilled Q3 demand.

在 Windows 中，整體 OEM 收入增長了 7%，這得益於 4 月份供應的改善，滿足了未滿足的第三季度需求。

In OEM Pro, this benefit was more than offset by the impact from small and medium businesses in May and June.

在 OEM Pro 中，這一優勢被 5 月和 6 月中小型企業的影響所抵消。

And in OEM non-Pro, the benefit from work- and learn-from-home scenarios continued but did moderate through the quarter.

在 OEM 非專業人士中，來自工作和在家學習場景的好處繼續存在，但在整個季度中有所緩和。

Inventory levels ended the quarter in a normal range.

庫存水平在本季度末處於正常範圍內。

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.

在 Microsoft 365 和對我們高級安全解決方案的持續需求的推動下，Windows 商業產品和雲服務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.

在 Surface 方面，按固定匯率計算，收入增長了 28% 和 30%，在消費和商業領域都表現強勁。

Search revenue ex TAC declined 18% and 17% in constant currency driven by the trends noted earlier.

在前面提到的趨勢的推動下，不包括 TAC 的搜索收入按固定匯率計算分別下降了 18% 和 17%。

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.

在遊戲領域，按固定匯率計算，收入增長了 64% 和 66%，大大超出預期，家庭遊戲場景的持續收益推動了整個平台的參與度和貨幣化水平以及遊戲機銷量的顯著增長.

Xbox content and services revenue increased 65% and 68% in constant currency with strong growth in third-party transactions, Game Pass subscribers and Minecraft.

Xbox 內容和服務收入以固定匯率計算分別增長 65% 和 68%，第三方交易、Game Pass 訂戶和 Minecraft 的強勁增長。

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.

以固定匯率計算，分部毛利率分別增長 12% 和 15%，隨著業務組合轉向博彩，毛利率百分比同比下降 1 個百分點。

Operating expense increased 10%, including the retail stores charge, and operating income grew 15% and 19% in constant currency.

包括零售店費用在內的營業費用增長了 10%，按固定匯率計算，營業收入增長了 15% 和 19%。

Now back to total-company results.

現在回到總公司的結果。

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.

與預期一致，包括融資租賃在內的資本支出為 58 億美元，同比增長 8%，以支持不斷增長的雲服務使用和需求。

Cash paid for PP&E was $4.7 billion.

為 PP&E 支付的現金為 47 億美元。

Cash flow from operations was $18.7 billion and increased 16% year-over-year driven by healthy cloud billings and collections.

運營現金流為 187 億美元，在健康的雲計費和收款的推動下同比增長 16%。

And free cash flow was $13.9 billion, up 16%.

自由現金流為 139 億美元，增長 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.

在本財年，我們創造了超過 600 億美元的運營現金流和超過 450 億美元的自由現金流，這得益於一年來提高我們業務的利潤率和運營槓桿。

In other income and expense, interest income, net gains on derivatives, investments and foreign currency remeasurement were mostly offset by interest expense.

在其他收入和支出中，利息收入、衍生品淨收益、投資和外幣重估大部分被利息支出抵消。

Our effective tax rate was slightly below 17%, lower than expected due to the geographic mix of revenue.

由於收入的地域組合，我們的有效稅率略低於 17%，低於預期。

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.

最後，我們通過股票回購和分紅向股東返還 89 億美元，同比增長 16%，使我們在整個財年向股東返還的現金總額超過 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.

現在，在我們轉向展望之前，我想向您介紹一下會計估計的變化，即我們雲基礎設施中服務器和網絡設備資產的使用壽命。

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.

自 21 財年伊始，我們將這些資產的折舊年限延長至 4 年，這將適用於我們截至 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。

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.

這一變化不會影響歷史折舊費用、資產壽命期內的總折舊費用或現金流量，但會影響這些資產未來折舊費用的時間安排。

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.

因此，根據截至 6 月 30 日的未償餘額，我們預計 21 財年第一季度的營業收入將受到約 9 億美元和整個財年約 27 億美元的有利影響。

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.

這已包含在我們將在今天的電話會議上提供的指導中，您將找到有關我們收益材料變化機制的更多詳細信息。

Now let's move to our next-quarter outlook.

現在讓我們轉向下一季度的展望。

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.

在我們的商業業務中，鑑於我們在增長市場中的差異化地位，我們預計將繼續致力於我們的雲平台以及強勁的使用和消費增長。

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.

在我們的消費者業務中，我們預計遊戲和 Surface 的在家工作、學習和遊戲場景將繼續受益，儘管速度會有所放緩，因為全球許多地方的居家指導方針有所放寬。

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.

然而，我們預計我們在第四季度看到的中小企業疲軟將繼續，這將影響交易銷售，主要是在 Office 和 Windows OEM 中。

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.

在商業預訂方面，增長應該再次健康，但我們將受到去年同期強勁可比和第一季度到期基數低增長的影響。

Commercial cloud gross margin percentage will increase approximately 4 points year-over-year from the accounting estimate change noted earlier.

商業雲毛利率將比之前提到的會計估計變更同比增長約 4 個百分點。

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

排除這種影響，Azure IaaS 和 PaaS 毛利率的持續改善將大部分被收入組合轉移到 Azure 所抵消。

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.

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。

Next, to FX.

接下來，到外匯。

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.

根據目前的費率，FX 應該會降低公司總收入、生產力和業務流程以及智能雲收入增長約 1 個百分點，並且對更多個人計算收入、公司總銷貨成本和運營費用增長沒有影響。

Now to the segment guidance.

現在進行細分指導。

In Productivity and Business Processes, we expect revenue between $11.65 billion and $11.9 billion.

在生產力和業務流程方面，我們預計收入在 116.5 億美元至 119 億美元之間。

In Office Commercial, on a strong prior year comparable, revenue growth will again be driven by Office 365 with continued upsell opportunity to E5.

在 Office Commercial 方面，與上一年的可比強勁相比，Office 365 將再次推動收入增長，並有繼續向 E5 追加銷售的機會。

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.

但是，由於前面提到的中小型企業交易疲軟，我們的本地業務下降約 30% 將影響增長。

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.

在 Office Consumer 方面，我們預計收入同比將保持相對不變，因為訂閱增長將被我們交易業務的下降所抵消。

In LinkedIn, we expect low to mid-single-digit revenue growth, primarily from weak bookings and, therefore, revenue growth in the Talent Solutions business.

在LinkedIn，我們預計收入將出現中低個位數增長，這主要是由於預訂量疲軟，因此人才解決方案業務的收入增長。

And in Dynamics, continued Dynamics 365 momentum from our modern and intelligent solutions will drive revenue growth in the low double digits.

在 Dynamics 方面，我們現代智能解決方案帶來的 Dynamics 365 持續發展勢頭將推動收入以兩位數的低位增長。

For Intelligent Cloud, we expect revenue between $12.55 billion and $12.8 billion.

對於智能雲，我們預計收入在 125.5 億美元至 128 億美元之間。

In Azure, revenue growth will again be driven by our consumption-based business.

在 Azure 中，收入增長將再次受到我們基於消費的業務的推動。

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.

在我們的每用戶業務中，我們預計 Microsoft 365 套件的勢頭將繼續受益，儘管增長將再次受到安裝基數不斷擴大的影響。

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.

在我們的本地服務器業務中，與上一年的可比數據相比，我們預計收入將在我們的混合和高級年金產品的持久價值的推動下同比略有增長。

In Enterprise Services, we expect revenue to be relatively unchanged year-over-year, similar to last quarter.

在企業服務方面，我們預計收入將與去年同期相比保持相對不變，與上一季度相似。

In More Personal Computing, we expect revenue between $10.95 billion and $11.35 billion.

在更多個人計算方面，我們預計收入在 109.5 億美元至 113.5 億美元之間。

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.

在我們的 Windows OEM 業務中，我們預計收入將在十幾歲以下的範圍內下降，這受到了強勁的上一年可比性的影響，這得益於對 Windows 7 的支持的結束以及中小型企業的持續放緩。

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 Windows 商業產品和雲服務方面，我們預計 Microsoft 365 的持續發展勢頭和我們高級安全產品的價值將實現兩位數的健康增長。

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.

在 Surface 方面，受產品生命週期轉換影響的去年同期較低的可比需求的強勁需求應該會推動 10 歲左右的增長。

In Search ex TAC, we expect revenue to decline in the low 20% range.

在 Search ex TAC 中，我們預計收入將在 20% 的較低範圍內下降。

And in Gaming, we expect revenue growth in the high teens with continued strong user engagement across the platform.

在遊戲方面，我們預計隨著整個平台用戶持續強勁的參與度，青少年收入將增長。

Now back to overall company guidance.

現在回到整體公司指導。

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.

我們預計 COGS 為 107.5 億美元至 109.5 億美元，運營費用為 107 億美元至 108 億美元，持續投資與我們重大的長期目標相悖。

Other income and expense should be negative $50 million as interest expense is expected to more than offset interest income.

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。

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.

最後，鑑於我們第一季度的股權歸屬量，我們預計第一季度的稅率約為 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.

最後，我們致力於幫助客戶在這些充滿挑戰的時代取得成功，並致力於管理公司以實現長期增長和盈利。

We will continue to expand our cloud infrastructure to support the growing customer usage and demand across our differentiated cloud offerings.

我們將繼續擴展我們的雲基礎設施，以支持我們差異化雲產品中不斷增長的客戶使用和需求。

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.

鑑於我們在高增長領域的強大執行力和不斷增長的競爭優勢，我們將繼續致力於投資應對我們面前的長期機遇。

Now before turning to Q&A, I have one special thank you.

現在在轉向問答之前，我要特別感謝您。

Frank Brod, our Chief Accounting Officer, will soon be retiring.

我們的首席會計官 Frank Brod 即將退休。

And on behalf of the entire company, thank you for your significant impact and close partnership over the years.

並代表整個公司，感謝您多年來的重大影響和密切的合作夥伴關係。

You played a key role in our success.

您在我們的成功中發揮了關鍵作用。

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.

我想歡迎多年來與我和弗蘭克一起工作的 Alice Jolla 擔任我們新的首席會計官。

Alice, we look forward to having you in this position.

愛麗絲，我們期待您擔任這個職位。

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。

A very nice quarter.

一個非常好的季度。

Satya, I was hoping you could help us with your view of what the enterprise spending environment looks like through this difficult period.

Satya，我希望你能幫助我們了解企業支出環境在這個困難時期的樣子。

On one side of the equation, we have very good secular trends that are still very well in place.

在等式的一方面，我們有非常好的長期趨勢，這些趨勢仍然很好。

And like you said, digital transformation is accelerating.

正如您所說，數字化轉型正在加速。

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.

但另一方面，我們確實有困難的宏觀條件，我們在 SMB 等地方看到了它。

Can you help us understand how that's splitting out on the ground in terms of your customers?

你能幫助我們了解你的客戶是如何分裂的嗎？

Are you still able to get those big deals over the line?

您仍然能夠獲得那些大筆交易嗎？

And how do you see that playing out through the rest of the fiscal year?

您如何看待本財年剩餘時間的表現？

Like, how should we think about those impacts through FY '21?

比如，我們應該如何考慮到 21 財年的這些影響？

Thank you, Keith, for the question.

謝謝你，基思，這個問題。

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.

我想說，在過去的 5 個月裡，至少我們了解到的是，數字技術不再被視為只是新項目的開始，它可能正在成為業務彈性的最關鍵。

Business continuity obviously is a board-level discussion everywhere.

業務連續性顯然是無處不在的董事會級別的討論。

But I don't think digital tech as sort of being key to business resilience was the #1 priority whereas now it is.

但我不認為數字技術作為業務彈性的關鍵是第一要務，而現在它是。

So I think that that's, I think, what -- when I think about digital transformation now, I break it into 2 things.

所以我認為這就是，我認為，當我現在考慮數字化轉型時，我將其分為兩件事。

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.

我想到了彈性和微軟可以做的所有事情來幫助任何企業變得更有彈性，無論是遠程的一切，無論是他們模擬任何事情、自動化一切的能力，這些都是我認為將會增加的事情。

Then, of course, there is how you readjust to what is going to be an increased e-commerce, contactless, reimagined world, reconfigured supply chain.

然後，當然，還有你如何重新調整以適應日益增長的電子商務、非接觸式、重新構想的世界、重新配置的供應鏈。

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.

因此，這兩者都是長期的順風，但沒有人可以擺脫 GDP 將是負數的事實。

So that's why I think you're going to see lots of ins and outs.

所以這就是為什麼我認為你會看到很多細節。

But digital technology by -- and digital transformation itself is going to be pretty key.

但是數字技術——以及數字化轉型本身將是非常關鍵的。

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.

因此，我們非常專注於提升我所描述的堆棧的每個部分的價值主張，並確保我們在客戶度過這些艱難時期時為他們服務。

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.

基思，也許只是補充一點，我認為你在我們本季度的預訂量增長中看到了這一點，而且我認為人們也將開始越來越關注剩餘的履約義務。

You're starting to see this commitment both in the next 12 months and then in the 12 months past that.

您將在接下來的 12 個月和之後的 12 個月中開始看到這一承諾。

And so we are -- obviously, you'll see some volatility in that from the longer-term larger contracts we had talked about.

所以我們 - 顯然，你會從我們討論過的長期大合同中看到一些波動。

But we did, in Q4, have more of that closed than we anticipated.

但我們確實在第四季度關閉了比我們預期的更多的東西。

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。

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?

我只是想知道，Satya 和 Amy，剛剛考慮到你們在擴大客戶足跡方面所取得的成功，你們有什麼感覺可以[填補]我們 - 有些人談論淨擴張率，對嗎？

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.

只是想知道你們是否有辦法幫助投資者考慮現有客戶每年的淨擴張率，因為你們在 Azure 混合收益和遷移到雲等方面取得了成功。

So any way for us to help think through that would be really helpful.

因此，任何幫助我們思考的方法都會非常有幫助。

Amy, maybe I'll start and then you can add.

艾米，也許我會開始，然後你可以添加。

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.

我的意思是至少我們思考核心的方式，Heather，就我們如何構建我們在這裡所做的事情而言，這就是為什麼我什至按照我構建它們的方式來構建我的評論的原因之一，這是每個這些層顯然是為了加強另一層而建造的。

But each layer is independent.

但是每一層都是獨立的。

It's -- and we recognize that enterprises are very heterogeneous.

這是——而且我們認識到企業是非常多樣化的。

They're going to choose multiple layers from multiple vendors, and interoperability will be key.

他們將從多個供應商那裡選擇多個層，互操作性將是關鍵。

But we have a very differentiated value proposition.

但我們有一個非常差異化的價值主張。

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.

我的意思是即使在本季度，如果您考慮一下從 Teams 開始、構建 Power 應用程序、實際上在該代碼庫之上擁有 Azure、GitHub、Power DevOps，然後在一個解決方案中使用 Azure Synapse 的客戶數量。

So you can see that power of our stack.

所以你可以看到我們堆棧的力量。

So each layer is architected such that it reinforces the other, and we see increasing adoption, including all of these layers.

因此，每一層的架構都是為了加強另一層，我們看到越來越多的採用，包括所有這些層。

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.

但我認為在數字中，當我們談論每個數字和每個數字的增長率時，這在某種意義上展示了這一點。

But maybe, Amy, you want to add more to that.

但也許，艾米，你想添加更多。

Yes.

是的。

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.

我認為換一種方式來考慮，Heather，我們確實，我知道，每個季度都會討論一下，我們在這裡非常關注兩個主要動議：第一，我們是否增加了新客戶；第二，我們是否在客戶內部增加了工作負載。

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.

而且我認為您會越來越多地聽到我們談論購買多個雲組件的客戶數量，無論是 Microsoft 365、Azure、剛剛談到的 Power Platform Satya、開發人員 SaaS 或 GitHub，然後是 Dynamics 中的眾多雲機會365.

So I think the way I tend to think about it is, is revenue per customer going up?

所以我認為我傾向於考慮的方式是，每位客戶的收入是否會增加？

Yes.

是的。

And are we adding new customers?

我們是否在增加新客戶？

Yes.

是的。

And do we feel like we still have room to add additional clouds?

我們是否覺得我們仍有空間添加額外的雲？

I think that will be sort of the language you'll hear us talk through this year.

我認為這將是你今年會聽到我們談論的語言。

Our next question comes from Mark Moerdler with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Mark Moerdler。

Congrats on the quarter.

祝賀本季度。

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.

Amy，運營現金流一直是整個軟件行業關注的一個領域，一些公司報告付款延遲、延期付款請求等。

This quarter, your CFO was a strong standout.

本季度，您的首席財務官表現出色。

What do you think is the reason for the strength?

你覺得實力的原因是什麼？

Is this a function of the channel or enterprise exposure or something else?

這是渠道或企業曝光的功能還是其他什麼？

Any data, any information will be appreciated.

任何數據，任何信息將不勝感激。

Thanks, Mark.

謝謝，馬克。

We did have, as you saw -- and we have had very consistent performance in our cash flow from operations.

正如你所看到的，我們確實有——而且我們在運營現金流方面的表現非常一致。

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.

正如你所指出的，我認為這在很大程度上與這種力量的來源有關，即總體而言，它是雲計費、使用量、基於消費的增長。

We do have, as you noted, a lot of exposure to enterprise.

正如您所指出的，我們確實對企業有很多了解。

That has tended to perform quite well.

這往往表現得很好。

And we did extend, and I mentioned it in our call in the prepared remarks, a lot of financing options to customers as well.

我們確實擴展了，我在準備好的評論中的電話會議中提到了它，也為客戶提供了很多融資選擇。

So I feel like we are taking an appropriately balanced approach here and really focusing more on customer enablement.

所以我覺得我們在這裡採取了適當平衡的方法，並真正更加關注客戶支持。

And so we could see some impact, but I think the broad portfolio, Mark, and broad geographic exposure probably has benefited us on CFO.

所以我們可以看到一些影響，但我認為廣泛的投資組合、馬克和廣泛的地理風險可能使我們在首席財務官方面受益。

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

從廣義上講，我們將非常優化以幫助我們的客戶度過這段時期和我們自己的份額。

Yes.

是的。

Our next question comes from Kirk Materne with Evercore ISI.

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

Amy and Satya, you noticed the strong growth in the E5 SKU around Office 365 over the last year.

Amy 和 Satya，你們注意到去年圍繞 Office 365 的 E5 SKU 的強勁增長。

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?

您能否更具體地談談 Teams 如何更廣泛地改變圍繞生產力的討論，當客戶開始考慮這種協作方式將如何改變時，這可能如何從戰略角度進一步提升您的形象新世界，無論是短期還是長期？

Sure, Kirk.

當然，柯克。

The approach we took with Teams always was to not just think of this as just a chat application, right?

我們對 Teams 採取的方法始終不僅僅是將其視為聊天應用程序，對嗎？

I mean we thought about messaging obviously is important.

我的意思是我們認為消息傳遞顯然很重要。

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.

但是我們說，好吧，我們必須重新想像人們如何使用聊天和視頻進行交流，然後，最重要的是，人們如何在會議、會議之外、之前和之後進行協作。

So that's sort of the second element.

這就是第二個要素。

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.

第三，考慮在 Teams 腳手架內占主導地位的業務流程和工作流，然後使用與 Microsoft 365 相同的合規性和安全基礎來構建它。

So yes, absolutely.

所以是的，絕對的。

So first of all, Microsoft 365 has entered many new categories.

所以首先，Microsoft 365 進入了很多新的品類。

They're all part of our Microsoft 365 value.

它們都是我們 Microsoft 365 價值的一部分。

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.

因此，有了 Microsoft 365 的架構一致性，因為在某種意義上，複雜性、安全風險、管理成本，這些對於企業來說都是真實的事情，特別是如果你必須遠程處理所有事情。

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.

所以我覺得我們在客戶最迫切需要遠程辦公的時候為他們提供了一個很好的價值主張，他們在混合工作時需要這種靈活性，但他們想要低成本的管理以及高安全性和合規性.

So I think we have a differentiated offer there.

所以我認為我們在那裡有一個差異化的報價。

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

如果她也想添加任何東西，我會把它交給艾米。

No.

不。

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.

實際上，我認為我要提到的另一個組件 Satya 確實是我們所看到的從 Office 365 E5 到具有全部價值主張的 Microsoft 365 E5 的轉變。

This, I think, has been a pivotal year.

我認為，今年是關鍵的一年。

And again, in Q4, we saw even more transition in the SKU mix to the Microsoft 365 SKU than just simply the Office SKU.

同樣，在第四季度，我們看到 SKU 組合向 Microsoft 365 SKU 的轉變不僅僅是 Office SKU。

Our next question comes from Gregg Moskowitz with Mizuho.

我們的下一個問題來自瑞穗的 Gregg Moskowitz。

I have one for Satya.

我有一個給薩蒂亞的。

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.

我很好奇您將如何評估當前環境對 Azure 的淨影響，包括受高度影響的行業中潛在的較低消費增長，當然還有 EMS 中的每座緩和，被更廣泛的數字化轉型的一些加速所抵消在其他客戶中。

In addition, I was curious if you're seeing more pay-as-you-go-type arrangements for Azure than you were previously.

此外，我很好奇您是否看到比以前更多的 Azure 即用即付型安排。

Thanks for the question.

謝謝你的問題。

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?

總的來說，正如我所說，即使在受到經濟影響的行業中，其中一件事是——進入雲經濟的新有效前沿是他們在進入時做得更好的一種方式。恢復，對吧？

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.

因此，事實上，我們看到的其中一件事是加速擺脫舊事物並進入有效前沿，以便它們能夠更快地恢復。

That doesn't mean that some places where there is absolute real shutdown of economic activity, there isn't a slowdown.

這並不意味著在某些經濟活動絕對真正關閉的地方，沒有放緩。

But where people are looking to say using even that as an opportunity to come out stronger, we do see that.

但是，人們甚至希望將其作為一個變得更強大的機會，我們確實看到了這一點。

For sure, pay-as-you-go on Azure is going to increase and is increasing.

可以肯定的是，Azure 上的現收現付將越來越多。

And we are fundamentally focused on wherever people want to have those long-term commitments as well as pay-as-you-go customers.

我們從根本上關注人們希望獲得這些長期承諾的地方以及現收現付的客戶。

So we don't, in some sense, discriminate between the two.

因此，在某種意義上，我們不區分這兩者。

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.

我們希望能夠專注於通過為客戶的數字化轉型項目增加價值來實現季度消費增長。

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.

格雷格，我想補充一點，可能是在今年的大部分時間裡，我們一直在看到向現收現付的過渡，而不是說它最近才剛剛成為一種趨勢。

So I wanted to make sure to decouple those a teeny bit.

所以我想確保將它們解耦。

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.

我認為總的來說，對於我們來說，本季度的消費模式實際上與我們的預期非常非常相似，正如 Satya 所說，我認為，轉移到這個新領域的壓力確實是人們最關心的問題，遠遠超過關於每個用戶影響的討論。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

You've continued to show great top line double-digit growth and margin improvement.

您繼續表現出出色的收入兩位數增長和利潤率改善。

And many are asking, is that same framework in place in this environment, showing this same double-digit growth with margin improvement?

許多人都在問，在這種環境中是否存在相同的框架，顯示出同樣的兩位數增長和利潤率提高？

Or do things change and you need to invest in new areas that could potentially stall out margins as we go through the cycle?

還是情況發生了變化，您需要投資新的領域，這些領域可能會隨著我們的周期而停滯不前？

Brent, I'll start, and Amy, you can add to this.

布倫特，我開始吧，艾米，你可以補充一下。

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.

布倫特，我想說的方式是我們的重點，特別是考慮到 - 它是什麼，全球 GDP 為負 10%，你可以選擇你的時間框架。

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.

現在，為了我們的長期投資者的利益，我希望我們關注的是，我們如何構建這個現代技術堆棧，以便它能夠真正捕捉到——既幫助客戶轉型，保持彈性，又幫助我們獲得進入新的類別並在這些類別中建立強勢地位。

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.

所以我自己的方法是不要太擔心短期，無論是增長數字，因為當你與GDP相比，健康和有競爭力的增長時，增長數字很高。

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.

我不是試圖匹配一些人為的兩位數增長數字，我們也不是試圖考慮利潤率目標，因為從某種意義上說，從長遠來看，世界需要做得好才能讓我們做得好。

And I think the world will come out of this, and we will be stronger if we invest during this phase.

我認為世界將會擺脫這種局面，如果我們在這個階段進行投資，我們將會變得更加強大。

And I just want to reiterate how important that is.

我只想重申這是多麼重要。

The opportunity that Satya really outlined in his remarks is, I do believe, fundamental.

薩蒂亞在他的講話中真正概述的機會，我相信，是根本性的。

And so you see us continuing to invest.

所以你看到我們繼續投資。

You'll see it in capital expenditure based on demand.

您將在基於需求的資本支出中看到它。

You'll see it in the operating expense line.

您將在運營費用行中看到它。

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.

您將看到的許多利潤率變動實際上將是更多的銷售組合，而不是考慮到特定產品的利潤率下降。

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.

所以對我來說，真正重要的是，我們在每一種產品中都以強勢地位進行投資，對未來有更清晰的看法，從而使我們可以成為每個客戶預算中更重要的一部分。

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.

所以我認為我們對我們擁有的產品、我們擁有的陣容和我們擁有的執行引擎感覺非常好。

And so I think we're far more focused in that way than maybe on a short-term number goal.

因此，我認為我們在這種方式上的關注度要遠高於短期數字目標。

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 Brad Zelnick。

Congrats on the amazing results.

祝賀驚人的結果。

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.

艾米，我相信你在準備好的評論中說過第四季度資本支出符合預期，第一季度應該處於類似水平。

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?

您能否談談雲資本支出的演變、生產力和利用率趨勢、您的容量規劃過程以及支持增量容量的交付週期？

And ultimately, how should we be thinking about the cadence of CapEx going forward?

最終，我們應該如何考慮未來資本支出的節奏？

Thanks, Brad.

謝謝，布拉德。

As you saw, we made great progress this quarter, catching up from supply chain challenges that I think we entered the quarter with.

如您所見，我們在本季度取得了很大進展，迎接了我認為我們進入本季度的供應鏈挑戰。

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.

正如您可以想像的那樣，隨著團隊的激增和使用以及其他工作量的激增，除了 Satya 提到的繼續進入新領域的內容之外，我們期待繼續能夠投資以滿足這一需求。我們看到機會的地區。

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.

所以對我來說，考慮它的方式是你看到雲收入繼續增長，你看到強勁的消費和使用增長，你應該期望雲資本支出在很短的時間內跟進。

The lead times there have gotten tighter over time, and so you can generally think they'll be more correlated.

隨著時間的推移，交貨時間變得越來越緊，因此您通常可以認為它們會更加相關。

But obviously, there's some demand planning that we like to give ourselves ample room.

但很明顯，我們希望有一些需求計劃給自己足夠的空間。

Our last question comes from Raimo Lenschow with Barclays.

我們的最後一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats as well.

也恭喜。

A quick one for me.

對我來說是一個快速的。

Like, can you talk a little bit about gaming?

比如，你能談談遊戲嗎？

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.

所以這個季度有點，我們看到了非常非常強勁的數字，但是 - 之前，因為更艱難的比賽，它稍微弱了一點。

But like, how do you think about that cycle of growth that you get out of Gaming?

但是，您如何看待您從遊戲中獲得的增長周期？

And if we should be getting more stable with more recurring revenue?

如果我們應該通過更多的經常性收入變得更加穩定？

Just talk a little bit about the dynamics there a little bit.

稍微談談那裡的動態。

Sure.

當然。

I'll start.

我會開始的。

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.

我的意思是我們的總體願景，坦率地說，多年來我們一直在談論，特別是我們的遊戲通行證戰略，這就是我們的目標。

This Gaming TAM is much more expansive than what we participated in, even with all of the success we had with Xbox.

這個遊戲 TAM 比我們參與的要廣泛得多，即使我們在 Xbox 上取得了所有成功。

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.

因此，我們認為，通過我們正在採取的方法，Xbox 未來更有能力接觸到超過 20 億的遊戲玩家，而我們正處於構建它的早期階段。

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.

因此，由於許多活動發生的偏遠性質，本季度當然會因為許多原因而脫穎而出。

But -- and also, we have a new console that's very much part of our strategy.

但是——而且，我們有一個新的控制台，這是我們戰略的重要組成部分。

But we go beyond the console to the PC.

但我們超越了控制台，來到了 PC。

We go to mobile and we have the streaming service.

我們去移動，我們有流媒體服務。

So all of these accrue to what we think, in the long run, is going to be a much bigger addressable market.

因此，從長遠來看，我們認為所有這些都將成為一個更大的潛在市場。

And we have a great structural position.

我們有一個很好的結構位置。

We have a social network in Xbox Live.

我們在 Xbox Live 中有一個社交網絡。

Obviously, we have a store that monetizes super well as well as we have the Game Pass subscription.

顯然，我們有一家可以很好地獲利的商店，以及我們有 Game Pass 訂閱。

So Amy, if you wanted to add to that.

所以艾米，如果你想補充一點。

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.

也許只有幾件事，也就是說，當我想到遊戲以及我們目前所處的位置時，它如此令人興奮的原因是因為我認為本季度加強了我們擁有建立在觀點之上的平台實力，我們擁有的支持控制台的粉絲。

We've extended that and begun to extend it to the PC.

我們已經對此進行了擴展，並開始將其擴展到 PC。

We're extending it to mobile.

我們正在將其擴展到移動設備。

That platform strength will drive this more annuity-like behavior that you're thinking about, which is great.

這種平台實力將推動您正在考慮的這種更像年金的行為，這很棒。

And we saw that in the Game Pass subscription growth again this quarter, building on that base.

在此基礎上，我們在本季度再次看到 Game Pass 訂閱增長。

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.

但是第三方遊戲會引發一些波動，但這種波動只是加強了我們的立場，我認為與粉絲的長期關係。

So I think we're all pretty excited.

所以我認為我們都很興奮。

I think Satya called it pivotal.

我認為薩蒂亞稱之為關鍵。

I think it certainly is, and we're certainly looking forward to the next console release as well.

我認為肯定是這樣，我們當然也期待下一個控制台版本。

Great.

偉大的。

Thanks, Raimo.

謝謝，雷莫。

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, and we look forward to speaking with all of you soon.

感謝您加入我們，我們期待很快與大家交談。

Take care.

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.

女士們，先生們，今天的電話會議到此結束。

Once again, we thank you for your participation, and you may disconnect your lines at this time.

再次感謝您的參與，此時您可以斷開線路。