微軟 (MSFT) 2020 Q3 法說會逐字稿

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

您好，歡迎參加微軟2020財年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Mike Spencer, General Manager of Investor Relations for Microsoft. Thank you. You may begin.

現在我將會議交給主持人，微軟投資人關係總經理麥克‧史賓塞先生。謝謝。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，感謝各位今天參加我們的電話會議。與我一同參加會議的有：執行長薩蒂亞·納德拉；首席財務官艾米·胡德；首席會計官弗蘭克·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 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 third quarter performance in addition to the impact these items and events have on the financial results.

在微軟投資者關係網站上，您可以找到我們的獲利新聞稿和財務摘要幻燈片，這些資料旨在補充我們今天電話會議上的發言，並說明GAAP和非GAAP財務指標之間的差異。除非另有說明，我們將在電話會議上使用非GAAP指標。所提供的非GAAP財務指標不應被視為替代或優於根據GAAP編制的財務績效指標。提供這些非GAAP財務指標是為了幫助投資人進一步了解該公司第三季的業績，以及這些項目和事件對財務結果的影響。

All growth comparisons we make on the call today relate to the corresponding period last year, unless otherwise noted. We also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we'll refer to growth rate only.

除非另有說明，我們今天電話會議上所有成長比較均與去年同期相關。我們也會提供以固定匯率計算的成長率（如有），以此作為評估我們基礎業務表現的框架，排除外匯匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只提及成長率。

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

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

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of 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，我們將作出前瞻性陳述，這些陳述是對未來事件的預測、展望或其他聲明。這些陳述是基於目前的預期和假設，並受風險和不確定性因素的影響。實際結果可能因今日獲利新聞稿、本次電話會議中的發言以及10-K表、10-Q表和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分所述的因素而與前瞻性陳述存在重大差異。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.

說完這些，我將把電話轉給 Satya。

Thank you, Mike. We delivered double-digit top line and bottom line growth once again this quarter, driven by the strength of our commercial cloud. As COVID-19 impacts every aspect of our work and life, we have seen 2 years' worth of digital transformation in 2 months. From remote teamwork and learning to sales and customer service to critical cloud infrastructure and security, we are working alongside customers every day to help them stay open for business in a world of remote everything.

謝謝你，麥克。本季度，我們再次實現了兩位數的營收和利潤成長，這主要得益於我們商業雲端業務的強勁表現。新冠疫情影響著我們工作和生活的方方面面，短短兩個月內，我們就經歷了相當於兩年才能完成的數位轉型。從遠距團隊協作和學習，到銷售和客戶服務，再到關鍵的雲端基礎設施和安全，我們每天都與客戶並肩作戰，幫助他們在遠距辦公盛行的時代保持業務正常運作。

There is both immediate surge demand and systemic structural changes across all of our solution areas that will define the way we live and work going forward. Our diverse portfolio, durable business models and differentiated technology stack across the cloud and the edge position us well for what's ahead.

我們所有解決方案領域都面臨著迫在眉睫的市場需求激增和系統性的結構性變革，這將重新定義我們未來的生活和工作方式。我們多元化的產品組合、穩健的商業模式以及在雲端和邊緣運算領域差異化的技術架構，使我們能夠更好地應對未來的挑戰。

And now I'll highlight our innovation and momentum, starting with modern work. We are empowering people and organizations for a world of secure remote work and learning with Microsoft 365 and Teams. As work norms evolve, organizations are realizing they need a comprehensive solution that brings together communications, collaboration and business process, built on a foundation of security and privacy. Microsoft Teams supports multiple communications modalities in a shared work space. It's the only solution with meetings, calls, chat, collaboration and -- with the power of Office and business process workflows in a single integrated user experience, with the highest security as well as compliance.

現在，我將重點介紹我們的創新和發展勢頭，首先從現代辦公室開始。我們正在透過 Microsoft 365 和 Teams 賦能個人和組織，打造安全可靠的遠距辦公和學習環境。隨著工作規範的不斷演變，各組織意識到他們需要一個綜合解決方案，將溝通、協作和業務流程整合在一起，並以安全性和隱私性為基石。 Microsoft Teams 支援在共用工作空間中使用多種溝通方式。它是唯一一款將會議、通話、聊天、協作以及 Office 的強大功能和業務流程工作流程整合於單一使用者體驗的解決方案，同時兼具最高的安全性和合規性。

Teams keeps all your work in communication, conversations, documents, whiteboards and meeting notes in context. It helps people collaborate inside and outside meetings, making them more efficient, effective while reducing fatigue. We're accelerating Teams innovation, adding new capabilities each week and now support meetings of all sizes, meetings that scale from 250 active participants to live events for up to 100,000 attendees to streaming broadcast.

Teams 將您的所有工作成果，包括溝通、對話、文件、白板和會議記錄，都與上下文關聯起來。它幫助人們在會議內外進行協作，從而提高效率和效果，並減輕疲勞。我們正在加速 Teams 的創新，每週都會添加新功能，現在支援各種規模的會議，從 250 位活躍參與者的小型會議到多達 10 萬名觀眾的現場活動，再到串流直播，Teams 都能輕鬆應對。

We saw more than 200 million meeting participants in a single day this month, generating more than 4.1 billion meeting minutes. Teams now has more than 75 million daily active users engaging in rich forms of communication and collaboration, and 2/3 of them shared, collaborated or interacted with files on Teams. And number of organizations integrating their third-party and line of business apps with Teams has tripled in the past 2 months.

本月單日會議參與人數超過 2 億，會議長度超過 41 億分鐘。 Teams 目前擁有超過 7500 萬日活躍用戶，他們積極參與各種形式的溝通和協作，其中三分之二的用戶在 Teams 上共享、協作或處理文件。此外，在過去兩個月內，將第三方應用和業務線應用與 Teams 整合的組織數量增加了兩倍。

In health care alone, there were more than 34 million Teams meetings in the past month. New capabilities enable providers like Northwell Health, New York State's largest health provider, to deliver first-class telehealth. And the NHS in the United Kingdom is using Teams to ensure staff have the tools they need to do their vital work.

光是在醫療保健領域，上個月就有超過 3,400 萬次 Teams 會議。這些新功能使像紐約州最大的醫療服務提供者 Northwell Health 這樣的機構能夠提供一流的遠距醫療服務。英國國家醫療服務體系 (NHS) 也正在使用 Teams 來確保員工擁有完成重要工作所需的工具。

Now that home offices are doubling as home schools, educational outcomes are at a premium. The combination of Teams and curriculum in OneNote and social learning with Flipgrid give teachers a complete remote learning solution so that they can improve student outcomes. More than 183,000 educational institutions now rely on Teams. In the United Arab Emirates, more than 350,000 students are using Teams. In Italy, the University of Bologna chose Teams to move 90% of their courses for 80,000 students online in just 3 days.

如今，居家辦公兼作居家學習，教育成果至關重要。 Teams 與 OneNote 中的課程內容以及 Flipgrid 的社交學習功能相結合，為教師提供了一套完整的遠距學習解決方案，從而提升學生的學習成果。目前，已有超過 18.3 萬所教育機構使用 Teams。在阿聯酋，超過 35 萬名學生正在使用 Teams。在義大利，博洛尼亞大學選擇使用 Teams，僅用三天時間就將 8 萬名學生的 90% 課程轉移到了線上。

20 organizations with more than 100,000 employees are now using Teams, including Continental AG, Ernst & Young, Pfizer and SAP. Just last week, Accenture became the first organization to surpass 0.5 million users. And we expanded our partnership with NFL to include Teams, which powered their first-ever virtual draft.

目前已有 20 家員工人數超過 10 萬的企業在使用 Teams，其中包括大陸集團、安永會計師事務所、輝瑞和 SAP。就在上週，埃森哲成為首家用戶數突破 50 萬的企業。此外，我們還擴大了與 NFL 的合作，將 Teams 納入其中，協助 NFL 舉辦了史上首次線上選秀大會。

More broadly, we continue to see momentum with organizations across Microsoft 365. Office 365 now has 258 million paid seats. Usage of Windows virtual desktop tripled this quarter as organizations deploy virtual desktops and apps on Azure to enable secure remote work. From Interpublic Group and Kohler to Vodafone, the world's leading companies are choosing Microsoft 365 as their productivity cloud. And we continue to see strong demand for our premium offerings from customers like Mastercard, Autodesk, AARP and Coca-Cola, which chose not only Microsoft 365 but Dynamics 365 and Azure in a 5-year multi-cloud agreement.

更廣泛地說，我們看到企業對 Microsoft 365 的需求持續成長。 Office 365 目前擁有 2.58 億個付費席次。本季度 Windows 虛擬桌面的使用量增加了兩倍，因為企業正在 Azure 上部署虛擬桌面和應用程序，以實現安全的遠端辦公。從 Interpublic Group 和 Kohler 到 Vodafone，全球領先的企業都在選擇 Microsoft 365 作為其生產力雲端平台。我們也看到 Mastercard、Autodesk、AARP 和 Coca-Cola 等客戶對我們的高級產品需求強勁，他們不僅選擇了 Microsoft 365，還在一項為期 5 年的多雲協議中選擇了 Dynamics 365 和 Azure。

We're also expanding our opportunity with consumers with Microsoft 365 Personal and Family, which now has more than 39 million subscribers, and we're bringing Teams to consumers for the first time so that they can stay connected with family and friends.

我們還透過 Microsoft 365 個人版和家用版擴大了與消費者的合作機會，目前擁有超過 3,900 萬訂閱用戶，並且我們首次將 Teams 帶給消費者，以便他們能夠與家人和朋友保持聯繫。

Windows 10 now has more than 1 billion monthly active devices, up 30% year-over-year, and we are seeing demand for Windows 10 PCs from small screens to large screens to dual screens.

Windows 10 目前擁有超過 10 億台月活躍設備，年增 30%，我們看到從小螢幕到大螢幕再到雙螢幕，市場對 Windows 10 PC 的需求都在增長。

Now on to security. Security remains a strategic priority for every organization, and the shift to remote only increases the need for integrated end-to-end zero-trust security architecture that reduces both cost and complexity. Third-party analysts affirm our leadership as the only company that offers comprehensive identity, security and compliance solutions. This quarter, we introduced new capabilities to protect customer data no matter where it resides. Microsoft Defender ATP now supports Linux in addition to Windows and macOS with iOS and Android to come soon. A new insider risk management in Microsoft 365 helps organizations detect and mitigate malicious activity.

接下來談談安全性。安全性始終是每個組織的策略重點，而向遠端辦公的轉變更凸顯了對整合式端到端零信任安全架構的需求，而這種架構能夠降低成本和複雜性。第三方分析師肯定了我們作為唯一一家提供全面身分、安全和合規解決方案的公司所保持的領先地位。本季度，我們推出了多項新功能，無論客戶資料儲存在何處，都能為其提供保護。 Microsoft Defender ATP 現在除了支援 Windows 和 macOS 外，還支援 Linux，iOS 和 Android 版本也將很快推出。 Microsoft 365 中新增的內部風險管理功能可協助組織偵測和緩解惡意活動。

The world's largest hedge fund, Bridgewater Associates, is using security services built into Microsoft 365 to protect employees and core services in a zero-trust environment. Retailer ASOS is using Azure Sentinel to detect and mitigate threats. And the need to secure remote identity and access management is increasing demand for Azure Active Directory now at 300 million active users.

全球最大的對沖基金橋水基金（Bridgewater Associates）正在利用 Microsoft 365 內建的安全服務，在零信任環境中保護員工和核心服務。零售商 ASOS 則使用 Azure Sentinel 來偵測和緩解威脅。此外，對遠端身分和存取管理安全性的需求不斷增長，使得 Azure Active Directory 的活躍用戶數量已達 3 億。

Now on to developer tools. We have the most complete developer tool chain, independent of language, framework or cloud from GitHub to the world's most popular code editing tool, Visual Studio Code. And our developer relevance is increasing. For over a decade, developers have come together remotely on GitHub to build the world's software. As of today, we have 50 million developers on GitHub. From Twilio to the U.S. Department of Veterans Affairs to more than 10,000 engineers at Daimler, GitHub is where developers go from idea to code and code to cloud.

接下來我們來談談開發者工具。我們擁有最完整的開發者工具鏈，涵蓋從 GitHub 到全球最受歡迎的程式碼編輯工具 Visual Studio Code 的所有平台，不受語言、框架或雲端平台的限制。而且，我們與開發者的關聯性還在不斷提升。十多年來，開發者一直在 GitHub 上遠端協作，共同建立全球軟體。截至目前，GitHub 上已有 5,000 萬開發者。從 Twilio 到美國退伍軍人事務部，再到戴姆勒的 1 萬多名工程師，開發者們都透過 GitHub 將想法轉化為程式碼，再將程式碼部署到雲端。

Developers are also collaborating on mission-critical projects from tracking the spread of COVID-19 to implementing contact tracing to helping expand access to personal protective equipment. We are bringing GitHub to even more developers, making core features free for the first time for teams of any size. And our acquisition of npm makes GitHub the largest software repository for JavaScript.

開發者們也在積極協作開展關鍵項目，從追蹤 COVID-19 的傳播到實施接觸者追踪，再到幫助擴大個人防護裝備的供應。我們正在將 GitHub 帶給更多開發者，首次向任何規模的團隊免費開放核心功能。此外，我們對 npm 的收購使 GitHub 成為最大的 JavaScript 軟體倉庫。

Now on to Power Platform. COVID-19 has accelerated the urgent need for every business to create no-code, low-code apps and workflows in hours or days, not weeks or months. Power Platform is already used by more than 3.4 million citizen developers and business decision-makers. If you can create an Excel spreadsheet, you can create an app, build a virtual agent, automate a workflow, analyze data and share insights in real time. In just 2 weeks, Swedish Health Services, the largest nonprofit health provider in the Seattle area, used Power Apps to track critical supplies. Thousands of organizations are relying on new integration between Microsoft Teams and Power Apps to share timely information. And governments around the world are using Power BI to share the latest COVID-19 data with their citizens. Leaders in every industry, from global health care company, GSK, to Coca-Cola to Toyota, are all using Power Platform to accelerate their automation.

接下來我們來談談 Power Platform。新冠疫情加速了各行各業對創建無程式碼、低程式碼應用程式和工作流程的迫切需求，現在企業需要在數小時或數天內完成，而不是數週或數月。 Power Platform 已被超過 340 萬名公民開發者和企業決策者使用。如果您會建立 Excel 表格，那麼您就能建立應用程式、建立虛擬代理、自動化工作流程、分析資料並即時分享見解。僅兩週時間，西雅圖地區最大的非營利醫療機構 Swedish Health Services 就利用 Power Apps 追蹤了關鍵物資的供應情況。數千家機構正在依靠 Microsoft Teams 和 Power Apps 之間的全新整合來分享及時資訊。世界各國政府也正在使用 Power BI 與民眾分享最新的新冠疫情數據。從全球醫療保健公司葛蘭素史克 (GSK) 到可口可樂再到豐田，各行各業的領導者都在使用 Power Platform 來加速自動化進程。

Now on to Dynamics 365. Dynamics 365 is helping thousands of organizations accelerate digital transformation as they remote every part of their operations from manufacturing to supply chain management to sales and customer service, inclusive of new scenarios like curbside pickup, contactless shopping, remote customer assistance and operations. Patagonia is using Dynamics 365 Commerce to rapidly move to new, more intelligent distribution and fulfillment models, including contactless shopping. And we are working with card issuers like American Express so merchants who use Dynamics 365 Fraud Protection can reduce fraudulent activity as they process more transactions online.

接下來我們來談談 Dynamics 365。 Dynamics 365 正在幫助數千家企業加速數位轉型，實現從生產製造到供應鏈管理，再到銷售和客戶服務等各個環節的遠端運營，包括路邊取貨、非接觸式購物、遠端客戶服務和營運等全新場景。 Patagonia 正在使用 Dynamics 365 Commerce 快速過渡到更聰明的新型分銷和履行模式，包括非接觸式購物。此外，我們也與美國運通等發卡機構合作，協助使用 Dynamics 365 詐欺保護的商家在處理更多線上交易的同時，降低詐欺風險。

In field service, the world's largest commercial real estate services firm, CBRE, is using Dynamics 365 Remote Assist to help keep its life sciences tenants' labs fully operational from afar. And enterprise software company, C3.ai, founded by Tom Siebel, shifted its entire sales force to Dynamics 365 Sales in less than 2 weeks.

在現場服務領域，全球最大的商業地產服務公司世邦魏理仕 (CBRE) 正在使用 Dynamics 365 Remote Assist 遠端協助其生命科學租戶的實驗室，以確保實驗室的正常運作。而由 Tom Siebel 創立的企業軟體公司 C3.ai，也在不到兩週的時間內將整個銷售團隊遷移到了 Dynamics 365 Sales。

Now to LinkedIn. Amidst the changing jobs market, LinkedIn's role in creating economic opportunity for every member of the global workforce has never been more acute. LinkedIn is where more than 690 million professionals go to connect, learn new skills and find new opportunities, contributing to record levels of engagement across the platform in Q3. We are helping organizations attract, retain and develop talent with our portfolio of Talent Solutions, Talent Insights, Glint and LinkedIn Learning.

現在來說說LinkedIn。在瞬息萬變的就業市場中，LinkedIn為全球每位勞工創造經濟機會的角色從未如此重要。超過6.9億專業人士在LinkedIn上建立聯繫、學習新技能、尋找新機遇，這使得該平台在第三季的用戶參與度創下歷史新高。我們透過人才解決方案、人才洞察、Glint和LinkedIn Learning等一系列產品和服務，幫助企業吸引、留住和培養人才。

Professionals watched nearly 4 million hours of content on LinkedIn Learning in March, a nearly 50% increase month-over-month. With LinkedIn Live, people and organizations can broadcast video content to their networks in real time. Streams are up 158% since February. And the combination of LinkedIn Sales Navigator and Dynamics 365 gives sales professional tools for more effective remote selling.

3月份，專業人士在LinkedIn Learning上觀看了近400萬小時的內容，較上季成長近50%。借助LinkedIn Live，個人和組織可以即時向其人脈網路直播視訊內容。自2月以來，直播量增加了158%。此外，LinkedIn Sales Navigator與Dynamics 365的結合，為銷售專業人員提供了更有效率的遠距銷售工具。

Now on to gaming. People everywhere are turning to gaming to sustain human connection while practicing social distancing, and we continue to deliver new, exclusive first- and third-party content to attract and retain gamers. We saw all-time record engagement this quarter, with nearly 19 million active users of Xbox Live, led by the strength on and off-console. Xbox Game Pass has more than 10 million subscribers, and we are seeing increased monetization of in-game content and services. And our Project xCloud gaming service now has hundreds of thousands of users in preview across 7 countries, with 8 more launching in the coming weeks.

接下來談談遊戲方面。在保持社交距離的同時，世界各地的人們都轉向遊戲來維繫人與人之間的聯繫，我們也將繼續推出全新的獨家第一方和第三方內容，以吸引和留住玩家。本季度，我們的用戶參與度創下歷史新高，Xbox Live 活躍用戶接近 1,900 萬，主要得益於主機內外的強勁表現。 Xbox Game Pass 的訂閱用戶超過 1,000 萬，遊戲內內容和服務的獲利能力也不斷提升。此外，我們的 Project xCloud 雲端遊戲服務目前已在 7 個國家/地區擁有數十萬名預覽用戶，未來幾週還將有 8 個國家/地區上線。

Now on to Azure. Now more than ever, organizations are relying on Azure to stay up and running, driving increased usage. We have more data center regions than any other cloud provider. And this quarter, we announced new regions in Mexico as well as in Spain. We are the only cloud that extends to the edge, with consistency across operating models, development environments and infrastructure stack. Now Azure Edge Zones extends Azure to the network edge, connecting directly with the carriers' 5G network to enable immersive real-time experiences that require ultralow latency. And our acquisition of Affirmed Networks will help operators deploy and maintain 5G networks and services cost effectively and securely.

接下來談談 Azure。如今，企業比以往任何時候都更依賴 Azure 來維持業務的穩定運行，這推動了 Azure 使用量的成長。我們的資料中心區域數量超過任何其他雲端提供者。本季度，我們宣佈在墨西哥和西班牙新增資料中心區域。我們是唯一一家能夠延伸至網路邊緣的雲端服務供應商，並且在營運模式、開發環境和基礎架構堆疊方面保持一致性。現在，Azure Edge Zones 將 Azure 擴展到網路邊緣，直接連接到營運商的 5G 網絡，從而實現需要超低延遲的沉浸式即時體驗。此外，我們對 Affirmed Networks 的收購將有助於營運商以經濟高效且安全的方式部署和維護 5G 網路和服務。

From BlackRock to Coca-Cola to Genesys, leading companies in every industry are choosing Azure. The NBA is using Azure and our AI capabilities to build their own direct-to-consumer experiences, and the world's largest companies like AB InBev and Mars continue to migrate their SAP workloads to our cloud. In AI, customers are applying a comprehensive portfolio of tools and services and infrastructure to address unique challenges, including those created by COVID-19. In health care, we are seeing compute data and AI come together to help speed up response from testing to therapeutics and vaccine development. Health care providers have created more than 1,400 bots using our Healthcare Bot service, helping more than 27 million people access critical health care information.

從貝萊德 (BlackRock)、可口可樂 (Coca-Cola) 到 Genesys，各行各業的領導企業都在選擇 Azure。 NBA 正在利用 Azure 和我們的人工智慧功能來建立其面向消費者的直接體驗，而像百威英博 (AB InBev) 和瑪氏 (Mars) 這樣的全球最大公司也在持續將其 SAP 工作負載遷移到我們的雲端平台。在人工智慧領域，客戶正在應用我們全面的工具、服務和基礎設施組合來應對各種獨特的挑戰，包括新冠疫情帶來的挑戰。在醫療保健領域，我們看到計算數據和人工智慧正在融合，以加快從檢測到治療和疫苗研發的反應。醫療保健提供者已使用我們的醫療保健機器人服務創建了 1400 多個機器人，幫助超過 2700 萬人獲取關鍵的醫療保健資訊。

The Centers for Disease Control is using the Healthcare Bot to help people self-assess for coronavirus symptoms. Adaptive Biotechnologies is using our tools to decode the immune system's response to the virus. And ImmunityBio is using more than 24 petaflops of computing power on our cloud to help researchers build models in days instead of months.

美國疾病管制與預防中心正在使用我們的健康機器人來幫助人們進行新冠病毒症狀的自我評估。 Adaptive Biotechnologies公司正在使用我們的工具來解碼免疫系統對病毒的反應。而ImmunityBio公司正在利用我們雲端超過24千萬億次浮點運算的運算能力，幫助研究人員在幾天內而不是幾個月內建立模型。

Enterprises are using our speech services to manage a record influx of customer service inquiries, including Poste Italiane, which is using it to automatically respond to nearly 170,000 calls per day. All of 6 million hours of speech were transcribed in March alone.

眾多企業正在使用我們的語音服務來應對創紀錄的客戶服務諮詢量，其中包括義大利郵政，該公司利用該服務每天自動回覆近 17 萬通電話。光是在三月份，我們就轉錄了 600 萬小時的語音。

In closing, we will continue to work and innovate alongside our customers as their digital-first responders today and as their trusted digital transformation partners going forward.

最後，我們將繼續與客戶攜手合作、銳意創新，不僅是他們當下的數位化優先回應者，也是他們未來值得信賴的數位轉型合作夥伴。

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, and good afternoon, everyone.

謝謝大家，大家下午好。

As Satya discussed, the COVID-19 health crisis is changing the way our employees, customers, partners and communities live and work together. In a new environment, our team addressed surging usage and remote business process adjustments well. Therefore, in Q3, revenue was $35 billion, up 15% and 16% in constant currency. Gross margin dollars increased 18% and 20% in constant currency. Operating income increased 25% and 28% in constant currency. Our earnings per share was $1.40, increasing 23% and 27% in constant currency.

正如薩蒂亞所言，新冠肺炎疫情正在改變我們的員工、客戶、合作夥伴和社區的生活和工作方式。在新環境下，我們的團隊出色地應對了激增的使用和遠端業務流程的調整。因此，第三季營收達350億美元，以固定匯率計算成長15%和16%。毛利以固定匯率計算成長18%和20%。營業收入以固定匯率計算成長25%和28%。每股收益為1.40美元，以固定匯率計算成長23%和27%。

Let me take a moment to discuss the impact of COVID-19 on the quarter. In our consumer business, the landscape evolved quickly following our mid-quarter guidance update. The supply chain in China returned to more normal operations at a faster pace than we had anticipated. And we saw increased demand from work, play and learn-from-home scenarios, benefiting Windows OEM, Surface, Office Consumer and Gaming. This was partially offset by a significant reduction in advertising spend, which impacted our Search and LinkedIn businesses.

我想花點時間談談新冠疫情對本季的影響。在我們的消費者業務方面，隨著我們發布季度中期業績指引，市場格局迅速變化。中國的供應鏈恢復正常運作的速度比我們預期的還要快。我們看到，居家辦公、娛樂和學習的需求有所增長，Windows OEM、Surface、Office 消費者版和遊戲業務都從中受益。但廣告支出的大幅下降部分抵消了這些成長，這對我們的搜尋和 LinkedIn 業務造成了影響。

In our commercial business in March, we saw healthy Azure consumption and, as Satya mentioned, increased usage across Windows Virtual Desktop, Power Platform and Microsoft 365, particularly in Teams and our advanced security solutions. However, we also saw some changes to our sales dynamics, particularly in the industries and segments most impacted by COVID-19. We saw a slowdown in our transactional business across segments but particularly in small and medium businesses. In Enterprise Services, growth rates slowed as consulting projects were delayed. And on annual contracts in LinkedIn's Talent Solutions business, renewals were impacted by the weak job market.

三月份，我們的商業業務中Azure的使用情況良好，正如Satya所提到的，Windows虛擬桌面、Power Platform和Microsoft 365的使用量也有所增長，尤其是在Teams和我們的高級安全解決方案方面。然而，我們也觀察到銷售動態發生了一些變化，尤其是在受COVID-19影響最大的產業和細分市場。我們發現各細分市場的交易業務成長放緩，中小企業尤為明顯。企業服務業務的成長速度也因諮詢專案的延期而放緩。 LinkedIn人才解決方案業務的年度合約續約也受到疲軟就業市場的影響。

Moving to our overall results. Commercial bookings increased 7% and 12% in constant currency on a relatively small expiration base and strong prior year comparable. Growth was driven by strong renewal execution, consistent with prior quarters, though we saw some impact from the previously mentioned changes in sales dynamics. Commercial remaining performance obligation increased 24% to $89 billion. Approximately 50% will be recognized in revenue in the next 12 months, in line with prior quarter trends.

接下來是整體業績。在相對較小的到期基數和強勁的去年同期基數影響下，商業預訂量以固定匯率計算成長了7%和12%。成長主要得益於強勁的續約執行，與前幾季一致，儘管我們也受到了先前提到的銷售動態變化的影響。商業剩餘履約義務增加了24%，達到890億美元。其中約50%將在未來12個月內確認收入，與前幾季的趨勢一致。

Our commercial revenue annuity and mix increased 2 points year-over-year to 92%. And commercial cloud revenue was $13.3 billion, growing 39% and 40% in constant currency. Commercial cloud gross margin percentage increased 4 points year-over-year to 67%. Significant improvement in Azure gross margin percentage, including some benefit from short-term utilization gains as we worked through COVID-19-related supply chain constraints more than offset sales mix shift to Azure.

我們的商業收入佔比和占比年增2個百分點，達到92%。商業雲端收入達133億美元，年增39%，以固定匯率計算成長40%。商業雲毛利率年增4個百分點，達67%。 Azure毛利率顯著提升，部分原因是受新冠疫情相關供應鏈限制的影響，短期內利用率的提高抵消了銷售組合向Azure轉移的影響。

Company gross margin percentage was 69%, up 2 points year-over-year, driven by favorable segment sales mix and improvement across all 3 of our segments. In line with expectations, FX reduced revenue growth by 1 point and had no impact on operating expense growth. The FX impact on COGS growth was slightly more favorable than expected and reduced growth by 1 point. Operating expense grew 10%, slightly below expectations, primarily driven by lower marketing and travel spend in March. And operating expenses expanded this quarter -- excuse me, operating margins expanded this quarter as a result of higher gross margins and disciplined decisions to invest in strategic and high-growth areas.

公司毛利率為69%，較去年成長2個百分點，主要得益於有利的細分市場銷售組合以及三大業務板塊的全面改善。與預期一致，匯率波動使收入成長減少了1個百分點，但對營運費用成長沒有影響。匯率波動對銷售成本成長的影響略優於預期，使成長減少了1個百分點。營運費用成長了10%，略低於預期，主要原因是3月行銷和差旅支出減少。本季營運費用有所成長——更準確地說，是營運利潤率有所成長，這得益於更高的毛利率以及對策略性和高成長領域的穩健投資決策。

Now to our segment results. In line with expectations, revenue from Productivity and Business Processes was $11.7 billion, increasing 15% and 16% in constant currency. Office Commercial revenue grew 13% and 15% in constant currency. Office 365 Commercial revenue grew 25% and 27% in constant currency, again driven by installed base growth across all workloads and customer segments as well as higher ARPU with strong upsell to E5. And Office 365 Commercial seats grew 20% to nearly 258 million, with an increasing mix from Microsoft 365.

現在來看各業務板塊的業績。如預期，生產力和業務流程業務的收入為 117 億美元，以固定匯率計算分別成長 15% 和 16%。 Office 商業版營收以固定匯率計算成長 13% 及 15%。 Office 365 商業版營收以固定匯率計算成長 25% 和 27%，這主要得益於所有工作負載和客戶群的安裝基數成長，以及 E5 升級帶來的更高 ARPU 值。 Office 365 商業版用戶數成長 20%，達到近 2.58 億，其中 Microsoft 365 的用戶佔比不斷提高。

Office Consumer revenue grew 15% and 17% in constant currency, driven by growth in Office 2019 and Office 365 subscription revenue. Office 365 Consumer subscribers grew to 39.6 million, benefiting from the increased demand noted earlier. Dynamics revenue grew 17% and 20% in constant currency, driven by Dynamics 365 growth of 47% and 49% in constant currency. LinkedIn revenue increased 21% and 22% in constant currency as early quarter momentum was slightly offset by the slowdown in advertising.

以固定匯率計算，Office 消費者業務收入分別成長 15% 和 17%，主要得益於 Office 2019 和 Office 365 訂閱收入的成長。 Office 365 消費者訂閱用戶增至 3,960 萬，受惠於前文所述的需求成長。以固定匯率計算，Dynamics 業務營收分別成長 17% 和 20%，主要得益於 Dynamics 365 業務以固定匯率計算分別成長 47% 和 49%。 LinkedIn 業務收入以固定匯率計算分別成長 21% 和 22%，但季度初的成長動能被廣告業務的放緩略有抵銷。

Segment gross margin dollars increased 16% and 18% in constant currency, and gross margin percentage increased 1 point year-over-year as improvements in Office 365 and LinkedIn margins more than offset an increase in cloud revenue mix. Operating expense increased 12% and 13% in constant currency, driven by continued investment in LinkedIn and cloud engineering. And operating income increased 20% and 23% in constant currency.

以固定匯率計算，各業務部門毛利分別成長16%和18%，毛利率年增1個百分點，主要得益於Office 365和LinkedIn利潤率的提升，抵銷了雲端收入佔比上升的影響。以固定匯率計算，營運費用分別成長12%和13%，主要原因是持續投資LinkedIn和雲端工程。以固定匯率計算，營業收入分別成長20%和23%。

Next, the Intelligent Cloud segment. Revenue was $12.3 billion, increasing 27% and 29% in constant currency, ahead of expectations, driven by continued customer demand for our hybrid offerings. On a significant base, server products and cloud services revenue increased 30% and 32% in constant currency. Azure revenue grew 59% and 61% in constant currency, driven by continued strong growth in our consumption-based business.

接下來是智慧雲端業務板塊。該板塊營收達123億美元，以固定匯率計算分別成長27%和29%，超出預期，主要得益於顧客對我們混合雲產品的持續需求。在基數較高的情況下，伺服器產品和雲端服務營收以固定匯率計算分別成長30%和32%。 Azure營收以固定匯率運算分別成長59%及61%，主要得益於我們按需付費業務的持續強勁成長。

In our per user business, our enterprise mobility installed base grew 34% to over 134 million seats, with continued benefit from Microsoft 365. And our on-premises server business grew 11% and 12% in constant currency, driven by the demand for our hybrid and premium solutions and continued benefit from the end of support for Windows Server 2008. Enterprise Services revenue increased 6% and 7% in constant currency as growth in Premier Support Services more than offset the consulting delays. Segment gross margin dollars increased 30% and 32% in constant currency, and gross margin percentage increased 2 points year-over-year as another quarter of significant improvement in Azure gross margins more than offset the growing mix of Azure IaaS and PaaS revenue. Operating expense increased 19%, primarily driven by continued investments in Azure, and operating income grew 42% and 46% in constant currency.

以使用者業務來看，企業行動應用程式安裝基數成長了34%，超過1.34億個席位，這主要得益於Microsoft 365的持續成長。本機伺服器業務以固定匯率運算成長了11%和12%，這主要得益於市場對混合和進階解決方案的需求，以及Windows Server 2008停止支援帶來的持續效益。企業服務收入以固定匯率計算成長了6%和7%，其中高階支援服務的成長足以抵銷諮詢業務的延遲。分部毛利以固定匯率計算成長了30%和32%，毛利率年增2個百分點，主要得益於Azure毛利率連續第二季的顯著提升，足以抵銷Azure IaaS和PaaS營收佔成長的影響。營運支出成長了19%，主要原因是持續投資於Azure；營運收入以固定匯率計算成長了42%和46%。

Now to More Personal Computing. Revenue was $11 billion, increasing 3% and 4% in constant currency, ahead of the revised expectations from our mid-quarter guidance update as better-than-expected Windows OEM, Surface and Gaming revenue more than offset lower-than-expected Search revenue. OEM as well as Surface revenue benefited from the improved supply chain in China, increased demand from remote scenarios and continued Windows 7 end-of-support dynamics. In OEM non-Pro, those dynamics were offset by continued pressure in the entry-level category.

接下來是個人運算業務。營收達110億美元，以固定匯率計算成長3%及4%，高於本季度中期業績指引更新後的預期。 Windows OEM、Surface和遊戲業務營收超出預期，足以抵銷搜尋業務營收低於預期的影響。 OEM和Surface業務的營收受益於中國供應鏈的改善、遠端辦公場景需求的成長以及Windows 7持續停止支援的趨勢。在非專業OEM市場，入門級產品持續承壓抵銷了上述利多因素。

Windows Commercial products and cloud services grew 17% and 18% in constant currency, again driven by Microsoft 365 and demand for our advanced security solutions. Search revenue ex TAC increased 1%, below our expectations, driven by significantly reduced advertising spend. And in Gaming, revenue declined 1% and was relatively unchanged in constant currency, driven by higher user engagement than expected. Xbox content and services revenue increased 2% on a high prior year comparable with strong growth in Game Pass subscribers and Minecraft.

以固定匯率計算，Windows 商業產品和雲端服務分別成長了 17% 和 18%，這再次得益於 Microsoft 365 和市場對我們進階安全解決方案的需求。搜尋收入（不含 TAC）增加了 1%，低於預期，主要原因是廣告支出大幅減少。遊戲收入下降了 1%，以固定匯率計算基本持平，主要原因是用戶參與度高於預期。 Xbox 內容和服務收入在去年同期較高水準的基礎上成長了 2%，這主要得益於 Game Pass 訂閱用戶和 Minecraft 的強勁成長。

Segment gross margin dollars increased 6% and 8% in constant currency, and gross margin percentage increased 2 points year-over-year due to higher-margin sales mix. Operating expense declined 3%, driven by a redeployment of engineering resources to higher growth opportunities. As a result, operating income grew 15% and 17% in constant currency.

以固定匯率計算，分部毛利分別成長6%及8%，毛利率較上年同期成長2個百分點，主要得益於高利潤率銷售組合的提升。由於工程資源重新部署到成長潛力更大的領域，營業費用下降了3%。因此，營業收入以固定匯率計算分別成長了15%和17%。

Now back to total company results. Capital expenditures, including finance leases, were $3.9 billion, up 15% year-over-year to support growing demand for our cloud services and lower than expected driven by COVID-19-related delays across the supply chain. Cash paid for PP&E was $3.8 billion. Cash flow from operations was $17.5 billion and increased 29% year-over-year, driven by healthy cloud billings and collections. And free cash flow was $13.7 billion, up 25%. Other income and expense was negative $132 million, lower than anticipated due to FX remeasurement and net recognized losses on investments. As a reminder, we are required to recognize unrealized gains or losses on our equity portfolio. Our effective tax rate was slightly above 16%, in line with expectations. And finally, we returned $9.9 billion to shareholders through share repurchases and dividends, an increase of 33% year-over-year.

現在回到公司整體業績。資本支出（包括融資租賃）為39億美元，年增15%，以滿足不斷增長的雲端服務需求，但低於預期，主要原因是新冠疫情導致供應鏈延誤。固定資產現金支出為38億美元。經營活動產生的現金流為175億美元，年增29%，主要得益於良好的雲端服務帳單和收款情況。自由現金流為137億美元，年增25%。其他收入和支出為負1.32億美元，低於預期，主要原因是外匯重估和投資淨確認虧損。需要提醒的是，我們必須確認權益投資組合的未實現損益。我們的實際稅率略高於16%，符合預期。最後，我們透過股票回購和分紅向股東返還了99億美元，年增33%。

Now let's move to our outlook, starting with our expectations for COVID-19-related impact. In our consumer business, we expect continued demand across Windows OEM, Surface and Gaming from the shift to remote work, play and learn from home. Our outlook assumes this benefit remains through much of Q4, though growth rates may be impacted as stay-at-home guidelines ease. We assume advertising spend levels from March do not improve in Q4, which will impact Search and LinkedIn.

現在我們來看看展望，首先是新冠疫情帶來的影響。在消費者業務方面，我們預期隨著遠距辦公、娛樂和居家學習的普及，Windows OEM、Surface 和遊戲產品的需求將持續成長。我們假設這種成長動能將持續到第四季的大部分時間，但隨著居家隔離措施的逐步放鬆，成長率可能會受到影響。我們預計第四季度的廣告支出水準不會像三月那樣改善，這將對搜尋和 LinkedIn 業務產生影響。

In our commercial business, our strong position in durable growth markets means we expect consistent execution on a large annuity base, with continued usage and consumption growth across our cloud offerings. However, we expect the sales dynamics from March to continue, including a significant impact in LinkedIn from the weak job market and increased volatility in new longer lead time deal closures.

在商業業務方面，我們在持續成長的市場中佔據強勢地位，這意味著我們預計龐大的年金客戶群將保持穩定的業績，並且我們的雲端產品使用量和消費量也將持續成長。然而，我們預期3月份的銷售動態將持續，包括疲軟的就業市場對LinkedIn業務的顯著影響，以及新交易週期較長帶來的波動性增加。

In commercial bookings, growth from healthy renewal execution on a larger Q4 expiry base will be impacted by some large commitments in the prior year and the previously mentioned sales dynamics. Commercial cloud gross margin percentage will be relatively changed year-over-year as continued improvement in IaaS and PaaS gross margin percentage will be more than offset by revenue mix shift to Azure. And with the supply chain constraints easing, we expect a material sequential increase in our capital expenditures to support growing usage and demand for our cloud services.

在商業預訂方面，第四季到期客戶基數擴大，續約執行率的良好成長將受到上年部分大額訂單以及前文所述銷售動態的影響。由於IaaS和PaaS毛利率的持續提升將被Azure收入結構的變化所抵消，商業雲毛利率同比變化將相對較小。隨著供應鏈限制的緩解，我們預計資本支出將環比大幅成長，以支援不斷增長的雲端服務使用量和需求。

Next to FX. We expect a larger impact to our results due to the stronger U.S. dollar. Based on current rates, FX should now decrease total company, Productivity and Business Processes and Intelligent Cloud revenue growth by approximately 2 points and decrease More Personal Computing revenue growth and total company COGS and operating expense growth by approximately 1 point.

除了外匯波動之外，我們預期美元走強將對我們的業績產生更大影響。根據目前的匯率，外匯波動預計將使公司整體收入、生產力與業務流程以及智慧雲端業務的收入成長下降約2個百分點，並使更多個人運算業務的收入成長以及公司整體銷售成本和營運費用成長下降約1個百分點。

Now to segment guidance, which includes wider ranges than normal given the uncertainty in our business with higher in-quarter sales and revenue recognitions. In Productivity and Business Processes, we expect revenue between $11.65 billion and $11.95 billion. Approximately 80% of this revenue comes from the earnout on existing contracts and agreement renewals. The remaining 20% of revenue, primarily from annuity agreements, transactional licensing and LinkedIn, is subject to more volatility in the current environment.

現在來看分業務指引，鑑於業務的不確定性以及季度內銷售額和收入確認額的增加，我們給出的指引範圍比以往更廣。在生產力和業務流程業務方面，我們預計營收在 116.5 億美元至 119.5 億美元之間。其中約 80% 的收入來自現有合約的獲利支付和協議續約。剩餘的 20% 收入主要來自年金協議、交易許可和 LinkedIn，在當前環境下波動性更大。

In Office Commercial, revenue growth will continue to be driven by Office 365, with strong upsell opportunity particularly to our advanced security solutions. However, growth will be partially offset by continued transactional weakness, some impact from the previously mentioned sales dynamics and a strong prior year comparable, where 4 points of growth were from a greater mix of contracts with higher in-period recognition.

在辦公室商業業務方面，Office 365 將持續推動營收成長，尤其是在高階安全解決方案方面，追加銷售機會強勁。然而，持續疲軟的交易量、前文提及的銷售動態以及去年同期強勁的業績將部分抵消這一成長。去年同期成長的 4 個百分點主要來自更多包含較高期間內確認收入的合約。

In Office Consumer, we expect low single-digit revenue growth, down sequentially, as subscription growth is offset by a slowdown in our Office 2019 transactional business. In LinkedIn, we expect continued strong engagement on the platform. However, a material mix of revenue is driven by customer hiring needs and advertising. Therefore, we expect a significant slowdown to mid-single-digit revenue growth.

在 Office 消費者業務方面，我們預計營收將實現低個位數成長，環比下降，原因是訂閱業務的成長被 Office 2019 交易業務的放緩所抵消。在 LinkedIn 業務方面，我們預期用戶在平台上的活躍度將持續保持強勁。然而，該業務的大部分營收來自客戶的招募需求和廣告收入。因此，我們預期其營收成長將顯著放緩至中個位數。

In Dynamics, we expect low double-digit revenue growth with continued Dynamics 365 momentum, offset slightly by a slowdown in new projects with longer lead times. For Intelligent Cloud, we expect revenue between $12.9 billion and $13.15 billion. Approximately 80% of this revenue comes from the earnout on existing annuity contracts, agreement renewals and consumption from existing Azure workloads. The remaining 20%, which is primarily made up of new annuity agreements, transactional licensing and enterprise services consulting revenue, is subject to more volatility.

在 Dynamics 業務方面，我們預計營收將實現兩位數低段成長，這主要得益於 Dynamics 365 的持續成長勢頭，但新專案交付週期延長導致增速放緩，部分抵消了這一成長。在智慧雲端業務方面，我們預計營收將在 129 億美元至 131.5 億美元之間。其中約 80% 的營收來自現有年金合約的獲利支付、協議續約以及現有 Azure 工作負載的使用情況。剩餘的 20% 主要由新的年金協議、交易許可和企業服務諮詢收入構成，這部分收入波動性較大。

In Azure, revenue growth will again be driven by our consumption-based business, with continued strong growth across our customer base, though we expect some moderation in the most impacted industries and segments. And in our per user business, growth will be impacted by the increasing size of the installed base as well as the sales dynamic noted earlier. In our on-premises server business, we expect revenue to decline low single digits on a strong prior year comparable as continued hybrid demand is more than offset by some transactional weakness. And in Enterprise Services, we expect a low single-digit revenue decline, driven by continued delays in our consulting business.

在 Azure 方面，營收成長仍將主要由按需付費業務驅動，客戶群將持續強勁成長，但我們預計受影響最大的產業和細分市場成長將放緩。在按用戶付費業務方面，成長將受到已安裝用戶群規模擴大以及前文所述銷售動態的影響。在本地伺服器業務方面，由於混合部署需求持續成長，但部分交易業務疲軟，我們預期營收將出現個位數百分比的下滑，而去年同期業績強勁。在企業服務方面，由於諮詢業務持續延遲，我們預期收入也將出現個位數百分比的下滑。

In More Personal Computing, we expect revenue between $11.3 billion and $11.7 billion. Roughly 75% of this revenue across OEM, Surface, Search and Gaming is earned in quarter. In Windows, overall OEM revenue growth should be low to mid-single digits on a strong prior year comparable. In Windows Commercial products and cloud services, we expect mid-single-digit revenue growth with headwinds from our transactional business and the previously mentioned sales dynamics.

在「更多個人運算」業務領域，我們預計營收將在113億美元至117億美元之間。其中，OEM、Surface、搜尋和遊戲業務約75%的營收將在季度內實現。在Windows業務領域，由於去年同期業績強勁，OEM業務的整體營收成長預計在個位數低至中等水準。在Windows商業產品和雲端服務業務領域，我們預期營收成長將達到個位數中等水平，但會受到交易業務和前文所述銷售動態帶來的不利影響。

In Surface, the continued strong demand should drive revenue growth in the low teens. In Search ex TAC, we expect revenue to decline in the mid-20% range, similar to March. And in Gaming, we expect revenue growth in the high teens with continued strong user engagement across the platform.

Surface業務方面，持續強勁的需求預計將推動營收實現兩位數左右的成長。搜尋業務（不含TAC）方面，我們預期營收將下降20%左右，與3月的情況類似。遊戲業務方面，我們預期在平台用戶活躍度持續強勁的推動下，營收將實現接近兩位數的成長。

Now back to overall company guidance. We expect COGS of $11.55 billion to $11.75 billion and operating expense of $11.8 billion to $11.9 billion. Other income and expense should be negative $100 million as interest expense is expected to more than offset interest income. And finally, we expect our Q4 effective tax rate to be approximately 18%, slightly higher than our full year tax rate of 17% due to the geographic mix of the revenue.

現在回到公司整體業績指引。我們預計銷售成本為115.5億美元至117.5億美元，營運費用為118億美元至119億美元。其他收入和支出預計為負1億美元，因為利息支出預計將超過利息收入。最後，我們預期第四季實際稅率約為18%，略高於全年17%的稅率，這是由於收入的地理分佈所致。

I'd like to close sharing a few thoughts as we look beyond Q4 and into the next fiscal year. Our focus remains on strategically managing the company for the long term, with decisions optimized for delivering greater customer value and long-term financial growth and profitability. With that, we'll continue to provide increased support to our customers and partners as they navigate the uncertain future ahead, deepening our engagement and adding increased value. We will continue to aggressively expand our cloud infrastructure to support not only the usage surges of today but the growing customer demand for our unique and differentiated cloud offerings in the future.

最後，我想分享一些關於第四季之後以及下一個財政年度的想法。我們將繼續專注於公司的長期策略管理，優化決策，以期為客戶創造更大價值，並實現長期的財務成長和獲利能力。為此，我們將持續加強對客戶和合作夥伴的支持力度，幫助他們應對未來充滿不確定性的局面，深化合作，創造更多價值。我們將繼續積極擴展雲端基礎設施，不僅是為了因應當前的使用高峰，更是為了滿足未來客戶對我們獨特且差異化的雲端產品日益增長的需求。

We will continue to make significant investments against the strategic growth opportunities Satya outlined, organically and through strategic acquisitions like that of Affirmed Networks this quarter. And we have the flexibility given our strong financial position and free cash flow generation to do all of this and support our commitment to capital return. Microsoft does well when our customers do well, and we are uniquely positioned to continue to invest and contribute to their future success.

我們將繼續增加對薩蒂亞概述的策略性成長機會的投資，包括內生成長和策略收購，例如本季對 Affirmed Networks 的收購。憑藉我們穩健的財務狀況和自由現金流，我們有足夠的靈活性來完成所有這些投資，並履行我們對資本回報的承諾。微軟的成功離不開客戶的成功，我們擁有獨特的優勢，能夠持續投資並協助客戶的未來成功。

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

那麼，麥克，我們進入問答環節吧。

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

謝謝，艾米。現在我們進入問答環節。 （操作員說明）操作員，請您重複您的說明好嗎？

(Operator Instructions) Our first question comes from the line of 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。

Very impressive quarter in a difficult time, and I hope all of you and your families are all safe and healthy. Satya, a question for you. You did a really great job of talking to how well the expanded portfolio -- really broad portfolio that Microsoft brings to the market has helped customers during a crisis period and a period that engendered a lot of change within the way organizations were operating. Can you talk to us a little bit about how much of that sort of assistance and how much of that you were able to actually take to revenues, if you will? How much of that is stuff that you could actually monetize today versus, given the customer relationship, given the focus on the long term, you have to sort of let play out over time, and it's about kind of expanding usage and expanding the relationships with customers that you expect to pay out over a longer period?

在如此艱難的時期，這個季度的業績令人印象深刻，我希望您和您的家人平安健康。薩蒂亞，我有個問題想問你。你剛才非常精彩地談到了微軟擴展後的產品組合——微軟為市場帶來的真正廣泛的產品組合——如何在危機時期以及企業運營方式發生巨大變化的時期幫助客戶。你能否談談，這些幫助中有多少最終轉化為實際收入？其中有多少是可以立即變現的，又有多少是考慮到客戶關係和長期發展，需要時間慢慢顯現，需要拓展用戶使用範圍，並深化與客戶的長期合作關係，才能最終獲得收益？

Thank you, Keith, for the question. Overall, the perspective we take, the approach we take is really to be there for our customers at their time of most acute need. So we don't go in there with the mindset of what does it mean for our revenue. I mean this thing that I'd always say which is when our customers do well, we'll do well on a long-term basis, that's at the core of our business model. That's the core of how we approach it.

謝謝基斯的提問。總的來說，我們秉持的理念和方法是，在客戶最需要幫助的時候伸出援手。所以我們不會抱著「這對我們自身收入意味著什麼」的想法去考慮問題。我的意思是，我一直強調，客戶的成功就是我們長期的成功，這才是我們商業模式的核心，也是我們行事方式的核心。

That said, Keith, I think there are 3 phases here, and there's overlap. For example, the phase we are mostly in right now is that first response space, where from business continuity perspective, people want to be able to work remotely, want to be able to conduct remote operations. That's what's leading to increased demand in Teams or increased demand in remote desktop and security and what have you. So that's sort of, I would say, the phase we are in broadly. And of course, there are certain sectors like the health care sector. There is even education obviously as well as some of the public sector organizations. They all have surge demand or even in some segments of retail, there is surge demand. And so that's something that we are scaling to meet their needs.

話雖如此，基思，我認為這裡有三個階段，而且各個階段之間有重疊。例如，我們目前主要處於第一響應階段，從業務連續性的角度來看，人們希望能夠遠端辦公，能夠進行遠端營運。這導致了對Teams、遠端桌面和安全等方面的需求增加。所以，總的來說，我認為這就是我們目前所處的階段。當然，某些特定行業，例如醫療保健行業，以及教育行業和一些公共部門機構，也存在需求激增的情況。甚至零售業的某些領域也存在需求激增的情況。因此，我們正在擴大規模以滿足他們的需求。

Then I believe, as we work out here, so if you think about the next phase of recovery, it's more like a dial. Things will start coming back in terms of economic activity and we'll have to keep adjusting the dial. This hybrid work is going to be there with us for a period of time. That's where some of the sort of architectural product strength of ours will be very useful to our customers. Even just take Teams. It's not -- Teams is not just about having lots and lots of video meetings. Teams is about actually getting work done where meetings and video is one part. So that's, for example, something the utility of it will only increase for our customers as some people come back to work, some people are remote, you have to collaborate without any fatigue. So that's that second phase.

我認為，正如我們在這裡所做的那樣，如果你思考下一階段的復甦，它更像是一個旋鈕。經濟活動會開始恢復，我們需要不斷調整這個旋鈕。這種混合辦公模式將會持續一段時間。屆時，我們的一些架構產品優勢將對我們的客戶非常有用。就拿 Teams 來說，它不僅僅是進行大量的視訊會議。 Teams 的核心在於實際完成工作，而會議和視訊只是其中的一部分。例如，隨著一些人重返辦公室，有些人遠距辦公，Teams 對我們的客戶來說只會越來越有用，因為大家需要高效協作，避免疲勞。這就是第二階段。

And then the third phase is where there is going to be structural change. There's no turning back, for example, in telemedicine, right? If you look at even what has happened in this first phase with AI bots powering telemedicine triage, that's going to change, I think, what health care outcomes look like. Same thing in education.

第三階段將會出現結構性變革。例如，遠距醫療領域就已不可逆轉，對吧？即使只是看看第一階段人工智慧機器人輔助遠距醫療分診的進展，我認為這也將改變醫療保健的現狀。教育領域也是如此。

Digital twins. This is something I think I talked about maybe in the last earnings even. This is what -- anybody who has a digital twin is able to, first, remote the control plane, is able to automate, is able to simulate. That's huge for anybody who's into manufacturing or is trying to model out and plan their supply chain. So I think that there are ways for us to participate in what ultimately will be productivity growth. But immediate term, we are mostly building out the relationships, adding new customers, adding intensity in usage in existing relationships, which all, in the long term, will play out in terms of economics for us as well.

數字孿生。我記得上次財報電話會議好像也提到過這件事。擁有數位孿生的人首先可以遠端控制生產環境，實現自動化，並進行模擬。這對任何從事製造業或試圖建構和規劃供應鏈的企業來說都意義重大。所以我認為，我們可以透過一些方式參與最終的生產力成長。但就目前而言，我們的主要工作是拓展客戶關係，增加新客戶，並加強與現有客戶的互動。從長遠來看，所有這些最終都會為我們帶來經濟效益。

And maybe just to add on to that, the way you might think about that, Keith, is the first stage for many of the licensing protocols was to include trial offers for many of our customers who were in need of the specific things we just discussed and, over time, being able to convert that into a monetization engine or, for example, to take some of the usage surge we've seen even across our consumer properties or even in gaming or Office 365, which is now Microsoft 365 for Consumers, I think there's a lot of opportunity here for us to continue to add value. And when you add value, long-term customer value certainly goes up.

或許我還可以補充一點，基思，你可以這樣理解：許多許可協議的第一階段都是為那些需要我們剛才討論的特定功能的客戶提供試用版，隨著時間的推移，我們可以將其轉化為盈利模式，例如，利用我們在消費者產品、遊戲或 Office 365（現在是面向消費者的 Microsoft 365）等領域看到的用戶激增。我認為這裡有很多機會讓我們繼續創造價值。而當你創造價值時，顧客的長期價值自然也會提升。

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

我們的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

Congratulations, Satya and Amy, on the quarter and how you've been able to shift the business over many years to position it so well into these difficult times. We understand there are supply chain issues that have been impacting server deliveries in the quarter, and the changes in demand have been massive. During the quarter, there were disruptions in Azure, Xbox Live and Teams, we heard. How is Microsoft coping with these sudden demands from work from home? Do you have enough capacity? How quickly can you add capacity? Can you give us a sense of how you deal with that on the Azure and the overall business side?

Satya 和 Amy，祝賀你們本季取得的佳績，以及多年來你們如何成功地調整業務方向，使其在當前充滿挑戰的時期保持如此良好的發展勢頭。我們了解到，本季伺服器交付受到供應鏈問題的影響，需求變化也十分巨大。我們還了解到，Azure、Xbox Live 和 Teams 在本季都出現了中斷。微軟是如何因應居家辦公帶來的這些突如其來的需求的？你們的產能是否足夠？產能提升的速度如何？能否請你們談談在 Azure 和整體業務方面，你們是如何應對這些挑戰的？

Yes. Maybe I'll start, and Amy, you can add to this. Overall, first, I think I would say the current cloud architecture, whether it's at the infrastructure level or the SaaS applications with M365 or Azure, have been, I think, very, very helpful in us being able to all as an economy pivot to this new way of working, working from home, remoting all of our operations. If you think about it, like the orders of magnitude increase we've seen in usage, in our own case with our applications such as Teams or virtual desktop, have been tremendous. And that's happening, as I said, in different segments with our customers as they move to remote operations and are dealing, in some cases, with their own surge demand or what you've seen even in gaming and other entertainment categories.

是的。也許我先說，艾米，你可以補充。總的來說，首先，我認為目前的雲端架構，無論是基礎設施層面還是基於 M365 或 Azure 的 SaaS 應用，都對我們整個經濟轉型到這種新的工作方式——居家辦公、遠端營運——起到了非常非常大的作用。想想看，我們看到的使用量出現了數量級的增長，就我們本身而言，像 Teams 或虛擬桌面這樣的應用的使用量增長非常驚人。正如我所說，這種情況正在我們不同的客戶群中發生，他們正在轉向遠端辦公，在某些情況下，他們自身的需求也在激增，甚至在遊戲和其他娛樂領域也是如此。

So I would say these architectures withheld well. We did have, as you mentioned, some supply chain issues coming into the quarter, which have largely worked themselves out. But we have a data center architecture and a footprint that really supports our customers' needs for both the elasticity of demand they need but also compliance. So one of the things is data sovereignty and security is not going to go away ever, especially in the geopolitical environment we live in. If anything, it's going to be more important for us to support this need for people to scale while keeping them compliant. And so we feel well positioned for that.

所以我認為這些架構表現良好。正如您所提到的，本季初我們確實遇到了一些供應鏈問題，但這些問題大多已經解決。我們的資料中心架構和規模能夠真正滿足客戶對需求彈性和合規性的需求。資料主權和安全永遠不會消失，尤其是在我們所處的地緣政治環境下。如果有什麼變化的話，那就是滿足客戶在合規的前提下擴展業務的需求將變得更加重要。因此，我們對此充滿信心。

With that, I'll transition to Amy to add further.

接下來，我將把麥克風交給艾米，讓她繼續補充。

I think, Mark, in many ways, the way you see that capacity show up is in the Q4 CapEx guide. And so while we spent $3.9 billion in Q3, that was certainly short, in particular, on the server side in terms of getting what we need into the data centers. Things got a lot better in March, and they're continuing to get better. And so I feel good that we'll have a healthy CapEx number in Q4 but more importantly continue to get ahead of the surge demand and also there's the continuing demand growth we're seeing across the properties.

馬克，我認為，從很多方面來看，產能的提升都反映在第四季的資本支出指南中。雖然我們在第三季投入了39億美元，但這顯然還不夠，尤其是在伺服器方面，我們無法滿足資料中心的需求。 3月情況好轉了很多，而且還在持續改善。因此，我對第四季度健康的資本支出數據充滿信心，更重要的是，我們能夠繼續提前應對激增的需求，同時我們也看到各個數據中心的需求持續增長。

Our next question comes from the line of Heather Bellini with Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

I actually had 2 for you. I was wondering if you could share new logo growth in Azure and Office 365 versus net expansions, just that there was -- if there's any color you could give on what happened in the quarter. And also, I guess, Satya, how do you think about the adoption curve of Azure and the workloads in the cloud accelerating over the next few years as a result of the changes that may occur from COVID? And any thoughts on if your 3-year out view of cloud adoption is increasing as a result of what's going on?

我其實有兩個問題想問你。我想請你分享一下Azure和Office 365的新用戶成長情況，以及與淨成長相比的情況——如果你能具體說明一下本季的情況就更好了。另外，Satya，你如何看待Azure的普及曲線以及未來幾年雲端工作負載因新冠疫情可能帶來的變化而加速成長？你認為未來三年雲端採用率是否會因為這些變化而成長？

Yes. Maybe, Amy, I'll take the second one first and then you can take the first one. I would say the -- there is no question that moving to the public cloud even at a time like this is just capital efficient. If you think about for any business, the conversations we're having is even for businesses that are having tough economic cycles, one of the smartest things that anyone can do, and we want to be very helpful in those conversations, is to transition to the efficient frontier as quickly as possible so that they can have more agility, more elasticity and better unit economics coming out of this or even while you're in this crisis. So I think the migration to the cloud is absolutely a secular shift.

是的。艾米，或許我可以先選第二個，然後你再選第一個。我認為——毫無疑問，即使在當前這種時期，遷移到公有雲也是一種高效的資本利用方式。想想看，對於任何企業來說，我們正在討論的，即使是那些正經歷艱難經濟週期的企業，最明智的做法之一（我們也希望在這些討論中發揮積極作用）就是盡快過渡到高效的前沿，這樣他們才能在危機過後，甚至在危機期間，擁有更高的敏捷性、更強的彈性和更好的單位經濟效益。所以我認為，遷移到雲端絕對是長期趨勢。

But at the same time, the architecture of the cloud itself is going to be -- have the cloud and the edge. So it's not just about migrating off-premise, but it's going to be able to have an architecture that supports the needs, where edge compute is increasingly going to be very important. That's why even what we are doing on our edge compute, what we did with Affirmed Networks, what we did with even the launch of Azure Edge Zones, all speaks to, I think, what is going to be the secular infrastructure architecture going forward.

但同時，雲端架構本身也將是──雲與邊緣並存。因此，這不僅僅是遷移到雲端，而是要建立一個能夠滿足各種需求的架構，其中邊緣運算的重要性將日益凸顯。正因如此，我們在邊緣運算所做的一切，包括我們與 Affirmed Networks 的合作，以及 Azure Edge Zones 的發布，我認為都預示著未來基礎設施架構的發展方向。

And to your first question on really expanding the customer base versus adding seats or consumption within that customer base, we actually saw both this quarter again, the way you would have seen a little bit of weakness, I guess, in on-premises Office Commercial due to transactional weakness and maybe SMB. But outside of that, Heather, it didn't really show a different pattern than I would have normally expected in terms of a breakdown between those.

關於你提出的第一個問題，即真正擴大客戶群還是增加現有客戶群內的席位或消費量，我們本季實際上兩者都有所體現。正如你可能已經注意到的，由於交易量疲軟以及中小企業業務可能受到影響，本地部署的辦公商業業務出現了一些疲軟。但除此之外，Heather，就兩者之間的組成而言，並沒有呈現出與我預期不同的模式。

The one difference I will say is just because there was so much deployment done in the past 4 weeks, especially around Teams and some of the other workloads, there's certainly a distinction that a lot of that was expanding the footprint as opposed of deployment much faster than I think many enterprises had initially planned to do so.

我要說的唯一區別是，由於過去 4 週進行了大量的部署，尤其是在 Teams 和其他一些工作負載方面，這其中肯定存在一個區別，那就是很多部署是在擴大覆蓋範圍，而不是像許多企業最初計劃的那樣快速部署。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Satya, I was curious if you could share on the next chapter of Teams and what you think it looks like, and maybe speak to the monetization halo that you're seeing with the rest of the product line spinning off of the great adoption, which seems to be doubling every time you give us the stats. Thanks for getting our firm up on Teams basically in a couple of weeks.

Satya，我很好奇你能否分享一下Teams的下一步發展方向，以及你對它未來前景的看法。另外，能否談談你觀察到的其他產品線也受益於Teams的巨大用戶成長帶來的商業化效應？每次你公佈數據，用戶成長似乎都在翻倍。非常感謝你在短短幾週內就幫助我們公司完成了Teams的部署。

Thanks, Brent. Overall, the way we've always approached Teams is as a user experience and, I would say, a scaffolding was to sort of incorporate what's a modern way of working. We always felt that we needed to have, in some sense, best-in-class functionality in each of the modalities, right, whether it's meetings or chat, collaboration or business process. But the most important thing is to bring these together so that people can get more done, teams of people and organizations can get more done. And that's what you see play out even in this pandemic, if you look at it. Of course, there's no question, meetings are most important. We do a lot of them.

謝謝，布倫特。總的來說，我們一直以來都將 Teams 視為使用者體驗的基石，我認為它就像一個鷹架，旨在融入現代工作方式。我們始終認為，無論在會議、聊天、協作或業務流程方面，都需要具備一流的功能。但最重要的是將這些功能整合起來，讓個人、團隊和組織都能完成更多工作。即使在疫情期間，我們也能看到這一點。當然，毫無疑問，會議是最重要的。我們確實召開了很多會議。

But at the same time, what is happening in a meeting is the important context that can't get lost. That's what's going to have continuity, whether it's the whiteboard you created, it's the OneNote you shared, it's the document you edited together, it's a business process alert that you are responding to. Thinking that through holistically is the most important thing. And that's where our focus will be. In fact, some of the stats I shared even around some of the number of business process applications that are getting integrated. One of the most exciting things to me that happened even in this COVID response, people were able to use Power Platform to build new applications in hours, put that into Teams and then get their first-line workers to be able to track, say, PPE because there was no ERP system that did that. That ability to digitize at high rates and do it in the context of how people work and collaborate, I think, speaks to the power of the Teams platform. And when Teams does well, all of Microsoft 365 does well.

但同時，會議中發生的一切才是至關重要的背景，不容忽視。無論是你創建的白板、你共享的 OneNote、你共同編輯的文檔，還是你正在響應的業務流程警報，這些背景資訊都至關重要，它們將保持連貫性。從整體思考這些問題才是最重要的，也是我們工作的重點。事實上，我分享的一些數據甚至涉及正在整合的業務流程應用程式的數量。在應對新冠疫情的過程中，最令我興奮的事情之一是，人們能夠利用 Power Platform 在幾個小時內構建新的應用程序，並將其集成到 Teams 中，然後讓一線員工能夠追踪個人防護裝備（PPE）等信息，因為當時沒有 ERP 系統可以做到這一點。我認為，這種在人們工作和協作方式的背景下快速實現數位化的能力，充分體現了 Teams 平台的強大之處。 Teams 的成功，也帶動了整個 Microsoft 365 系統的成功。

Our next question comes from the line of Phil Winslow with Wells Fargo.

我們的下一個問題來自富國銀行的菲爾溫斯洛。

And I'm glad to hear that you all are well and I hope the same for your families. Satya, in your prepared remarks, you mentioned how Microsoft continues to broaden its relevancy with developers from GitHub, Visual Studio, Visual Studio Code, dev ops, dev server and most recently, obviously, multi-cloud infrastructures code with Azure Arc. Just 2 questions on this topic. Firstly, Satya, how do you think about how much of that dev ops life cycle Microsoft needs to address directly versus partnering with third parties or maybe open source?

很高興聽到你們一切安好，也祝福你們的家人一切安好。薩蒂亞，你在事先準備好的演講稿中提到，微軟透過 GitHub、Visual Studio、Visual Studio Code、DevOps、Dev Server，以及最近推出的 Azure Arc 多雲基礎設施程式碼，不斷擴大其在開發者群體中的影響力。關於這一點，我有兩個問題。首先，薩蒂亞，你認為微軟應該直接負責 DevOps 生命週期中的哪些環節，又該與第三方或開源軟體合作？

And then secondly, for both Satya and Amy, if COVID-19 is really creating sort of a zeitgeist opportunity for the cloud and digital transformation, how are you seeing your broadening CI/CD pipeline product set impacting Azure's competitive position near and longer term?

其次，對於 Satya 和 Amy 來說，如果 COVID-19 真的為雲端運算和數位轉型創造了一種時代精神機遇，那麼你們認為不斷擴展的 CI/CD 管道產品集將如何影響 Azure 的近期和長期競爭地位？

Yes. First thing, we have always said when we acquired GitHub that we want to be in the developer tools and developer services business as an end, not as a means to some end. And so that's what we're executing on. We care about this. After all, Microsoft was created as a dev tools company first before anything else, and that means a lot to us. And so with GitHub now, we're just really executing on that strategy, which is to start. And that means you have to be true with the developer choices. So this is not about us having anything homogenous from us but to really respect the heterogeneous choices of developers.

是的。首先，自從收購 GitHub 以來，我們就一直強調，我們希望將開發者工具和開發者服務作為最終目標，而不是將其作為實現其他目標的手段。因此，我們正在實踐這項理念。我們非常重視這一點。畢竟，微軟原本就是一家開發者工具公司，這對我們來說意義重大。所以，現在收購 GitHub，我們正是在實際執行這項策略，也就是從零開始。這意味著我們必須尊重開發者的選擇。我們不會推出任何同質化的產品，而是要真正尊重開發者多樣化的選擇。

All we want to make sure is we bring the very best of our code editing tools to GitHub as the code repository, bring great security capabilities, bring the best of CI/CD and dev ops, bring even live ops, something like Azure PlayFab, all of those tools. But it's not to say that anyone else can't participate. In fact, we have marketplaces on Azure as well as on GitHub. It will be -- it will work across cloud, so we will always ensure that it's an open community that supports all of the developer choices. At the same time, we think of this as -- we're building essentially what we did with Microsoft 365 for knowledge workers and first-line workers. What we are doing with Dynamics 365 for BDMs, we want to do with developers because there are going to be more software developers, and their workflows are going to impact more people outside of software development. So to me, this is a very important SaaS category to be in for its own sake.

我們只想確保將我們最優秀的程式碼編輯工具、強大的安全功能、一流的持續整合/持續交付 (CI/CD) 和開發維運 (DevOps) 以及即時運維（例如 Azure PlayFab）等所有工具都帶到 GitHub 上。但這並不意味著其他人不能參與。事實上，我們在 Azure 和 GitHub 上都有應用程式市場。它將跨雲端運行，因此我們將始終確保它是一個開放的社區，支援所有開發者的選擇。同時，我們認為我們正在建構的本質上是面向知識工作者和第一線員工的 Microsoft 365。我們為業務拓展經理 (BDM) 打造的 Dynamics 365，我們也希望為開發者打造，因為軟體開發者的數量將會越來越多，他們的工作流程將影響到軟體開發之外的更多人。因此，在我看來，這是一個非常重要的 SaaS 類別。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的雷莫·倫肖。

Hope you guys are staying safe. I wanted to focus on Dynamics. It's obviously not the biggest part of Microsoft, but it's a very important growth one. In this sort of environment where there's a lot of uncertainty, with Dynamics, you're addressing some very fundamental kind of business apps. What do you see there in terms of customer appetite to kind of go for this at this point? Is that kind of an area? Because it's now online compared to on-premise, that is seeing more adoption, fast adoption. Or can you talk a little bit about the trends there?

希望大家一切安好。我想重點談談 Dynamics。它顯然不是微軟最大的業務板塊，但卻是成長最快的板塊之一。在當前充滿不確定性的環境下，Dynamics 能夠解決一些非常基本的商業應用問題。您認為目前客戶對 Dynamics 的需求如何？它是否是一個熱門領域？因為與本地部署相比，Dynamics 現在採用的是線上部署，所以線上部署的採用率更高，而且採用速度更快。您能否談談這方面的趨勢？

Sure. I think it's actually very important to have the ability in a very agile way as a business to be able to move on your business process needs. So for example, if you're a retailer and you now need to do contactless shopping, that is something that, for example, Dynamics is going to support for you to be able to use even commodity cameras with AI modules, with all of it helping with a data model that supports shopping inside of physical stores or curbside pickup or even remote assistance. These are some of the examples I even used in my script.

當然。我認為，對於企業而言，能夠靈活應對業務流程需求至關重要。例如，如果您是一家零售商，現在需要開展非接觸式購物，Dynamics 可以為您提供支持，讓您能夠使用配備 AI 模組的普通攝像頭，並藉助數據模型支持實體店購物、路邊取貨甚至遠程協助等服務。這些正是我在腳本中舉出的一些例子。

So this is what is sort of going to be high priority. So as long as business applications like ours with Dynamics 365 address the immediate pressing needs, these are project starts that will happen because, in some sense, that's the way for economic activity to return. But at the same time, I think business applications that perhaps are -- have longer lead in terms of implementation, people are probably going to take some more time to decide on it. But whereas we think we are well positioned to capture the new scenarios. And Power Apps, because we think about Power Platform and Dynamics as both what we do with business applications, and we feel that between these 2, along with Azure, are well positioned to address what are going to be increasing digitization needs, where people don't have months to deploy or months to implement. And that's where we shine.

所以，這將會是我們的首要任務。只要像我們基於 Dynamics 365 的業務應用能夠滿足當前迫切的需求，這些項目就會啟動，因為從某種意義上說，這是經濟活動復甦的途徑。但同時，我認為那些實施週期較長的業務應用，人們可能需要更多時間來做決定。而我們認為我們已做好充分準備，能夠應對新的應用場景。 Power Apps，因為我們將 Power Platform 和 Dynamics 都視為我們開發業務應用的基礎，我們認為這兩者加上 Azure，能夠很好地滿足日益增長的數位化需求，尤其是在人們沒有幾個月時間進行部署或實施的情況下。而這正是我們的優勢所在。

And I think that you would say that we've seen that in our pipeline and really in the customer demand scenarios. So I think what we've seen is really more of a shift to some of these quick time-to-value deployments and a real change in terms of new, long lead time projects there, and I think that's probably not surprising.

我認為，我們在產品線和客戶需求方面都看到了這一點。我們看到的實際上是向快速實現價值的部署模式轉變，以及在新的、週期長的專案方面發生的真正變化，我認為這可能並不令人意外。

And the one thing -- one scenario I should mention is, for anyone who's looking to say, "How do I continue to generate revenue?" Remote sales, for example, is going to be a very critical scenario. And there's no better solution than the combination of Dynamics Sales and LinkedIn Sales Navigator to be able to drive especially B2B sales. So those are the types of solutions that are going to be very relevant in times like this.

還有一點需要特別說明——對於任何正在思考「如何持續創造收入？」的人來說，遠距銷售將是一個非常關鍵的場景。而要推動B2B銷售，沒有比Dynamics Sales和LinkedIn Sales Navigator的組合更好的解決方案了。因此，在當前形勢下，這類解決方案將顯得尤為重要。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

I'm interested in whether you see the current environment as a net tailwind or a net headwind on Azure growth, just as we try to weigh the idea of the pandemic as a forcing function to adopt cloud a little more rapidly versus, on the other hand, potential economic pressure on IT budgets. How do you think that, that balances out for bookings and for consumption?

我想了解您認為當前環境對 Azure 的成長是利好還是利空，就像我們試圖權衡疫情是否會加速雲端採用，以及疫情可能對 IT 預算帶來的經濟壓力一樣。您認為這兩種因素對預訂量和消費量的影響如何？

Let me start, and Amy, you can add to it. There are, as you said, many different ins and outs here. But if you step back and ask yourself, say, 2 years from now, "Is there going to be more being done in the public cloud or hybrid cloud or less?" The answer is more, just because it is more efficient. It is the only way for you to have even the business continuity required in times like this, and your needs going forward of increasing digitization are going to be met with better pricing, better economics at a unit price level for the given business. So that's sort of what we use to forecast out what we commit, both in terms of CapEx, OpEx, innovation and customer engagement.

我先來，艾米，你可以補充。正如你所說，這裡面有很多門道。但如果你退後一步，問問自己，例如兩年後，「公有雲和混合雲的使用量會更多還是更少？」答案是更多，因為它效率更高。在當前情況下，這是確保業務連續性的唯一途徑，隨著業務數位化程度的提高，未來企業將以更優惠的價格和更經濟的單位價格水準來滿足自身需求。這就是我們預測投入的依據，包括資本支出、營運支出、創新和客戶互動等面向。

To your point, ultimately, Microsoft's not immune from what's happening broadly in the world in terms of GDP growth. But at the same time, if there is going to be economic activity, then I would claim that digital as a component of that economic activity is going to increase. And specifically, the full stack we have from infrastructure to our SaaS applications are going to be very competitive in that context.

沒錯，微軟最終也無法免受全球GDP成長整體趨勢的影響。但同時，如果經濟活動持續進行，我認為數位化作為經濟活動的重要組成部分，其成長動能將會更加強勁。具體而言，從基礎設施到SaaS應用，我們擁有的全端解決方案將使微軟在競爭中脫穎而出。

And I think for me, we -- it's so clear. I think we talk about our capital investment or our world view, that it's a tailwind over any long period of time. Satya talked about 2 years or 3 years for sure. And I think the way you're seeing it in something like bookings, for example, would be, maybe you don't make as large of a giant commitment, and you're more willing to do pay as you go as you just think about making that transition when you don't want to have a giant budget conversation with your department but you'd rather move to an easier use and pay in the moment. And I think in some ways, that will be the same thing that we were already seeing is a transition in terms of thinking about that for long term. And so it will have some impact as big deals always did or didn't on bookings. And so I would keep that in mind. But other than that, I think obviously over any longer period of time, it's certainly a tailwind.

我覺得對我來說，這一點非常明確。我們談論資本投資或世界觀時，都認為從長遠來看，這無疑是一股順風。薩蒂亞肯定也提過兩三年。我認為，以預訂為例，你可能不會做出那麼大的投入，而是更願意按需付費，因為你不想和部門就預算問題展開冗長的討論，而是更傾向於使用更便捷的即時付費方式。我認為在某種程度上，這和我們已經看到的長期思維轉變是一致的。因此，它會對預訂產生一定的影響，就像大額交易一直以來都會對預訂產生影響一樣。所以我建議你記住這一點。但除此之外，我認為從長遠來看，這無疑是一股順風。

Our last question comes from the line of Alex Zukin with RBC Capital Markets.

最後一個問題來自加拿大皇家銀行資本市場的 Alex Zukin。

And glad to hear you're staying safe. Satya, given the incredible spike you're seeing in Teams and broader Office adoption around remote work, I guess maybe first, given how this crisis has dramatically accelerated some of these adoption curves, how do you think about the longer-term growth and monetization trajectory on Teams and Office maybe versus pre-COVID levels? And then if you think about your competitive positioning, having both the opportunity to solve remote work challenges from a productivity standpoint and infrastructure challenges from an Azure standpoint, how does the combination of those change some of the competitive dynamics in the market right now?

很高興聽到你一切安好。 Satya，鑑於Teams和Office在遠距辦公領域的使用量出現了驚人的增長，我想首先，考慮到這場危機極大地加速了這些產品的普及，你如何看待Teams和Office的長期增長和盈利軌跡，以及它們與疫情前相比的變化？其次，考慮到你們的競爭定位，你們既有機會從生產力角度解決遠距辦公的挑戰，又有機會從Azure的角度解決基礎設施方面的挑戰，這兩種優勢結合起來，會如何改變當前的市場競爭格局？

Thank you for that question. First of all, as I said a little earlier, Teams and the usage of Teams is something that increases the intensity across all of what's Microsoft 365. And to your point about whether it's -- and usage leads to monetization. Now for example, one of the things that we didn't talk as much at least in the Q&A section is on security. If you look at one of the key considerations, as people go remote work, is to ensure, starting with the identity, to the device endpoint, to the application, to the information in the application and the infrastructure behind the app, you need that zero-trust architecture. So that's, again, built in to and in around Teams itself.

感謝您的提問。首先，正如我之前提到的，Teams 及其使用情況將提升整個 Microsoft 365 生態系統的活力。至於您提到的使用情況是否會帶來獲利，我們不妨探討一下。例如，在問答環節中，我們討論得不夠深入的一個面向是安全性。隨著遠端辦公的普及，一個關鍵的考慮因素是確保從身分、裝置終端、應用程式、應用程式中的資訊以及應用程式背後的基礎架構等各個環節的安全，都需要零信任架構。而這正是 Teams 本身及其相關組件所內建的。

So to me, we have -- and same thing with compliance, right? So it's one thing to have Teams, people working remotely. But information being shared in Teams, that OneNote you share, does it carry the policies that were set for information protection? See, that's the big advantage we have architecturally in terms of all this having been built with one particular set of architectural principles so that they can be enforced throughout all of these applications. And we'll obviously want to monetize these as appropriate at different levels of subscription we have for M365. And so we feel well positioned on that.

所以對我來說，合規性也是一樣，對吧？使用 Teams 讓大家遠距辦公是一回事，但在 Teams 中共享的訊息，例如你共享的 OneNote，是否遵循了資訊保護策略？你看，這就是我們在架構上的最大優勢：所有功能都是基於一套特定的架構原則建構的，因此這些原則可以在所有應用程式中強制執行。當然，我們也會根據 M365 的不同訂閱級別，酌情實現盈利。所以我們在這方面很有信心。

And to your second part, we've always said this, which is we don't, for example, even allocate our capital in building out our cloud infrastructure for Azure or Dynamics 365 or Microsoft 365 or even, for that matter, xCloud all as separate. We think of this as all being built on one common platform in Azure. And that's where our fundamental capital efficiency of that architecture comes from. And yes, from a customer end perspective, we absolutely want to win each layer based on its own merits, and we will have openness in each layer.

關於您的第二點，我們一直堅持這個觀點：例如，我們不會將資金分別用於建置 Azure、Dynamics 365、Microsoft 365 甚至 xCloud 等雲端基礎架構。我們認為所有這些都建構在 Azure 這個通用平台上。這正是我們架構資本效率的根本。當然，從客戶的角度來看，我們絕對希望憑藉每一層自身的優勢贏得客戶，並且我們會在每一層都保持開放的態度。

But there are great benefits. And Coca-Cola and the deal this quarter is a great example of someone who wants to use, in fact, our security across all these 3 clouds and the products across all these 3 clouds. So that's what we will increasingly do, but that also means we want to be competitive in each layer and open in each layer.

但這樣做的好處也很大。可口可樂和本季達成的協議就是一個很好的例子，它表明客戶希望在所有這三大雲平台上使用我們的安全技術和產品。因此，我們將越來越多地這樣做，但這同時也意味著我們希望在每一層都保持競爭力，並且保持開放性。

And maybe to add that I think in some ways speaks in Alex's question goes back to the very beginning of how we feel the value sits in that Microsoft 365. But even more broadly is that while we've seen a surge in Teams now, there was a lot of surging in security and compliance 6 months ago and 6 months before that. We've seen increased usage across multiple products in our line, and that includes Windows and the PC. And so this very holistic and breadth commercial opportunity, but also that extends, in many ways, to consumer opportunities for us as well, is connected. And that breadth, in a moment and a period like this, all the pieces are important to value long term here to a company being able to transition through the phases that Satya talked about, from this initial phase of almost emergency response to a hybrid phase to ultimately what I think we all believe is a very different way and a long-term way of working and collaborating together and driving a digital economy. So I think in some ways, the breadth of this company and where we've invested over the past few years, it's not just Teams but maybe a few products that have served us well and served our customers well.

或許我想補充一點，我認為Alex的問題在某種程度上也觸及了我們對Microsoft 365價值的最初理解。更廣泛地說，雖然我們現在看到Teams的使用量激增，但早在六個月前以及更早的六個月，安全性和合規性方面的使用量就已經大幅增長。我們看到我們產品線中的多個產品，包括Windows和PC，都出現了使用量的成長。因此，這種全面而廣泛的商業機遇，以及在許多方面也延伸到我們面向消費者的機遇，都是相互關聯的。在當下這個特殊時期，所有這些方面對於公司的長期價值都至關重要，它能幫助公司順利完成Satya提到的各個階段的過渡，從最初的近乎緊急響應階段，到混合模式階段，最終達到我們都認為的截然不同的、長期的工作和協作模式，從而推動數位經濟發展。所以我覺得，從某種程度上來說，這家公司的廣度和我們過去幾年的投資方向，不僅是 Teams，還有一些產品也為我們和我們的客戶帶來了良好的服務。

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

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

Thank you all. Thank you, and stay safe.

謝謝大家。謝謝，請注意安全。

Stay safe. Thanks.

注意安全。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以斷開線路了。感謝您的參與。