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 Microsoft 2020 財年第三季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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.

我現在想將會議轉交給您的主持人，微軟投資者關係總經理 Mike Spencer 先生。謝謝你。你可以開始了。

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

下午好，感謝您今天加入我們。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 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 Microsoft 投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，這些幻燈片旨在補充我們在今天的電話會議期間準備的評論，並提供 GAAP 和非 GAAP 財務指標之間差異的對賬。除非另有說明，否則我們將在電話會議上參考非 GAAP 指標。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。除了這些項目和事件對財務業績的影響之外，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三季度的業績。

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，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。我們還提供不變貨幣增長率作為評估基礎業務表現的框架，不包括外幣匯率波動的影響。在固定貨幣增長率相同的情況下，我們將僅指增長率。

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.

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。今天的電話正在網絡直播和錄製。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。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. 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.

在本次電話會議期間，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。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。由於今天的收益新聞稿、本次電話會議期間的評論以及 10-K 表格、10-Q 表格的風險因素部分以及提交給證券交易委員會的其他報告和文件中討論的因素，實際結果可能存在重大差異.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.

有了這個，我會把電話轉給 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，邁克。在我們商業雲實力的推動下，本季度我們再次實現了兩位數的收入和利潤增長。由於 COVID-19 影響了我們工作和生活的方方面面，我們在 2 個月內見證了 2 年的數字化轉型。從遠程團隊合作和學習到銷售和客戶服務，再到關鍵的雲基礎設施和安全性，我們每天都在與客戶一起工作，以幫助他們在遠程世界中保持業務開放。

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.

我們所有的解決方案領域都存在即時激增的需求和系統性結構變化，這將定義我們未來的生活和工作方式。我們多樣化的產品組合、持久的商業模式以及跨雲和邊緣的差異化技術堆棧使我們為未來做好準備。

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.

現在我將強調我們的創新和動力，從現代工作開始。我們正在通過 Microsoft 365 和 Teams 為人們和組織提供安全的遠程工作和學習世界。隨著工作規範的發展，組織意識到他們需要一個綜合解決方案，將通信、協作和業務流程結合在一起，建立在安全和隱私的基礎上。 Microsoft Teams 支持共享工作空間中的多種通信方式。它是唯一一款集會議、通話、聊天、協作於一體的解決方案，並且在單一集成的用戶體驗中具有 Office 和業務流程工作流的強大功能，具有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 將您的所有工作保存在上下文中的通信、對話、文檔、白板和會議記錄中。它可以幫助人們在會議內外進行協作，使他們更高效、更有效，同時減少疲勞。我們正在加速 Teams 創新，每週添加新功能，現在支持各種規模的會議，會議規模從 250 名活躍參與者到多達 100,000 名與會者的現場活動再到流媒體廣播。

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，我們在一天內看到了超過 2 億的會議參與者，產生了超過 41 億分鐘的會議記錄。 Teams 現在每天有超過 7500 萬活躍用戶參與各種形式的溝通和協作，其中 2/3 的用戶共享、協作或與 Teams 上的文件進行交互。在過去 2 個月中，將其第三方和業務線應用程序與 Teams 集成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.

僅在醫療保健領域，過去一個月就有超過 3400 萬次 Teams 會議。新功能使紐約州最大的醫療服務提供商 Northwell Health 等提供商能夠提供一流的遠程醫療服務。英國的 NHS 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.

現在，家庭辦公室作為家庭學校的數量翻了一番，因此教育成果非常寶貴。 OneNote 中的 Teams 和課程以及與 Flipgrid 的社交學習相結合，為教師提供了完整的遠程學習解決方案，從而提高學生的學習成果。現在有超過 183,000 家教育機構依賴於 Teams。在阿拉伯聯合酋長國，超過 350,000 名學生正在使用 Teams。在意大利，博洛尼亞大學選擇 Teams 在短短 3 天內將 80,000 名學生的 90% 課程轉移到網上。

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.

20 家擁有超過 100,000 名員工的組織現在正在使用 Teams，包括 Continental AG、安永、輝瑞和 SAP。就在上週，埃森哲成為第一個超過 50 萬用戶的組織。我們擴大了與 NFL 的合作夥伴關係，將 Teams 包括在內，這為他們的首次虛擬選秀提供了支持。

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，我們繼續看到 Microsoft 365 各組織的發展勢頭。Office 365 現在擁有 2.58 億個付費席位。隨著組織在 Azure 上部署虛擬桌面和應用程序以實現安全的遠程工作，本季度 Windows 虛擬桌面的使用量增加了兩倍。從 Interpublic Group 和 Kohler 到 Vodafone，世界領先的公司都選擇 Microsoft 365 作為他們的生產力雲。我們繼續看到萬事達卡、歐特克、AARP 和可口可樂等客戶對我們的優質產品的強勁需求，這些客戶不僅選擇了 Microsoft 365，而且在 5 年多雲協議中選擇了 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.

我們還通過 Microsoft 365 個人版和家庭版擴大我們與消費者的機會，現在擁有超過 3900 萬訂閱者，我們首次將 Teams 帶給消費者，以便他們可以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 現在每月有超過 10 億台活躍設備，同比增長 30%，我們看到對 Windows 10 PC 的需求從小屏到大屏再到雙屏。

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.

現在談安全。安全仍然是每個組織的戰略重點，而向遠程的轉變只會增加對降低成本和復雜性的集成端到端零信任安全架構的需求。第三方分析師肯定了我們作為唯一一家提供全面身份、安全和合規解決方案的公司的領導地位。本季度，我們推出了新功能來保護客戶數據，無論其位於何處。除了 Windows 和 macOS，Microsoft Defender ATP 現在還支持 Linux，iOS 和 Android 即將推出。 Microsoft 365 中的新內部風險管理可幫助組織檢測和緩解惡意活動。

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 Bridgewater Associates 正在使用 Microsoft 365 中內置的安全服務來保護零信任環境中的員工和核心服務。零售商 ASOS 正在使用 Azure Sentinel 來檢測和緩解威脅。保護遠程身份和訪問管理的需求正在增加對 Azure Active Directory 的需求，現在有 3 億活躍用戶。

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.

現在轉到開發人員工具。我們擁有最完整的開發者工具鏈，獨立於語言、框架或云，從 GitHub 到全球最流行的代碼編輯工具 Visual Studio Code。我們的開發人員相關性正在增加。十多年來，開發人員遠程聚集在 GitHub 上，共同構建全球軟件。截至今天，我們在 GitHub 上擁有 5000 萬開發人員。從 Twilio 到美國退伍軍人事務部，再到戴姆勒的 10,000 多名工程師，GitHub 是開發人員從想法到代碼、從代碼到雲的地方。

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.

開發人員還在關鍵任務項目上進行合作，從跟踪 COVID-19 的傳播到實施接觸者追踪，再到幫助擴大個人防護設備的使用範圍。我們將 GitHub 帶給更多的開發人員，首次為任何規模的團隊免費提供核心功能。我們對 npm 的收購使 GitHub 成為最大的 JavaScript 軟件存儲庫。

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.

現在到 Power Platform。 COVID-19 加速了每個企業在數小時或數天（而不是數週或數月）內創建無代碼、低代碼應用程序和工作流程的迫切需求。 Power Platform 已被超過 340 萬公民開發人員和業務決策者使用。如果您可以創建 Excel 電子表格，則可以創建應用程序、構建虛擬代理、自動化工作流、分析數據並實時分享見解。在短短 2 週內，西雅圖地區最大的非營利性健康服務提供商瑞典健康服務公司就使用 Power Apps 來跟踪關鍵用品。成千上萬的組織依靠 Microsoft Teams 和 Power Apps 之間的新集成來及時共享信息。世界各地的政府都在使用 Power BI 與其公民共享最新的 COVID-19 數據。從全球醫療保健公司葛蘭素史克到可口可樂再到豐田，各個行業的領導者都在使用 Power Platform 來加速他們的自動化。

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.

現在轉到 Dynamics 365。Dynamics 365 正在幫助成千上萬的組織加速數字化轉型，因為他們將其運營的每個部分從製造到供應鏈管理再到銷售和客戶服務，包括路邊取貨、非接觸式購物、遠程客戶協助等新場景和操作。 Patagonia 正在使用 Dynamics 365 Commerce 快速轉向新的、更智能的分銷和履行模式，包括非接觸式購物。我們正在與 American Express 等發卡機構合作，因此使用 Dynamics 365 Fraud Protection 的商家可以在處理更多在線交易時減少欺詐活動。

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.

在現場服務方面，全球最大的商業房地產服務公司 CBRE 正在使用 Dynamics 365 Remote Assist 來幫助其生命科學租戶的實驗室在遠處保持全面運作。由 Tom Siebel 創立的企業軟件公司 C3.ai 在不到 2 週的時間內將其整個銷售團隊轉移到 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.

現在到LinkedIn。在不斷變化的就業市場中，LinkedIn 在為全球勞動力的每一位成員創造經濟機會方面的作用從未像現在這樣突出。 LinkedIn 是超過 6.9 億專業人士聯繫、學習新技能和尋找新機會的地方，為第三季度整個平台的參與度創造了創紀錄的水平。我們通過人才解決方案、人才洞察、Glint 和 LinkedIn 學習組合幫助組織吸引、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，環比增長近 50%。借助 LinkedIn Live，個人和組織可以將視頻內容實時廣播到他們的網絡。自 2 月以來，流媒體增長了 158%。 LinkedIn Sales Navigator 和 Dynamics 365 的結合為銷售專業工具提供了更有效的遠程銷售。

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.

現在開始遊戲。世界各地的人們都在轉向遊戲以在保持社交距離的同時保持人際關係，我們將繼續提供新的、獨家的第一方和第三方內容來吸引和留住遊戲玩家。本季度我們看到了創紀錄的參與度，Xbox Live 的活躍用戶接近 1900 萬，這主要得益於控制台內外的強大。 Xbox Game Pass 擁有超過 1000 萬訂戶，我們看到遊戲內內容和服務的貨幣化程度不斷提高。我們的 Project xCloud 遊戲服務現已在 7 個國家/地區擁有數十萬用戶的預覽版，未來幾週還將推出 8 位用戶。

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.

現在轉到 Azure。現在，組織比以往任何時候都更依賴 Azure 來保持正常運行，從而推動使用量的增加。我們擁有比任何其他雲提供商更多的數據中心區域。本季度，我們宣布了墨西哥和西班牙的新地區。我們是唯一延伸到邊緣的雲，在操作模型、開發環境和基礎架構堆棧之間保持一致。現在，Azure Edge Zones 將 Azure 擴展到網絡邊緣，直接與運營商的 5G 網絡連接，以實現需要超低延遲的沉浸式實時體驗。我們對 Affirmed Networks 的收購將幫助運營商經濟且安全地部署和維護 5G 網絡和服務。

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.

從貝萊德到可口可樂再到 Genesys，各個行業的領先公司都在選擇 Azure。 NBA 正在使用 Azure 和我們的 AI 功能來構建他們自己的直接面向消費者的體驗，而 AB InBev 和 Mars 等世界上最大的公司繼續將其 SAP 工作負載遷移到我們的雲中。在人工智能領域，客戶正在應用全面的工具、服務和基礎設施組合來應對獨特的挑戰，包括由 COVID-19 帶來的挑戰。在醫療保健領域，我們看到計算數據和人工智能結合在一起，有助於加快從測試到治療和疫苗開發的響應。醫療保健提供者使用我們的醫療保健機器人服務創建了 1,400 多個機器人，幫助超過 2700 萬人訪問重要的醫療保健信息。

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.

疾病控制中心正在使用醫療保健機器人來幫助人們自我評估冠狀病毒的症狀。 Adaptive Biotechnologies 正在使用我們的工具來解碼免疫系統對病毒的反應。 ImmunityBio 在我們的雲上使用超過 24 petaflops 的計算能力來幫助研究人員在幾天而不是幾個月內構建模型。

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.

企業正在使用我們的語音服務來管理創紀錄的大量客戶服務查詢，其中包括 Poste Italiane，它每天使用它來自動回复近 170,000 個電話。僅在 3 月，就有 600 萬小時的演講全部被轉錄。

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，我們將繼續與我們的客戶一起工作和創新，作為他們今天的數字第一響應者和他們值得信賴的數字轉型合作夥伴。

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.

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

Thank you, 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 Satya 所討論的，COVID-19 健康危機正在改變我們的員工、客戶、合作夥伴和社區共同生活和工作的方式。在新環境中，我們的團隊很好地解決了激增的使用和遠程業務流程調整問題。因此，在第三季度，收入為 350 億美元，按固定匯率計算分別增長 15% 和 16%。按固定匯率計算，美元毛利率分別增長了 18% 和 20%。按固定匯率計算，營業收入增長了 25% 和 28%。我們的每股收益為 1.40 美元，按固定匯率計算分別增長了 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.

讓我花點時間討論一下 COVID-19 對本季度的影響。在我們的消費者業務中，隨著我們的季度中期指導更新，形勢迅速發展。中國的供應鏈以比我們預期更快的速度恢復正常運行。我們看到工作、娛樂和在家學習場景的需求增加，使 Windows OEM、Surface、Office Consumer 和 Gaming 受益。這部分被廣告支出的顯著減少所抵消，這影響了我們的搜索和領英業務。

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.

在我們 3 月份的商業業務中，我們看到了健康的 Azure 消費，正如 Satya 所提到的，Windows Virtual Desktop、Power Platform 和 Microsoft 365 的使用增加了，特別是在 Teams 和我們的高級安全解決方案中。但是，我們也看到我們的銷售動態發生了一些變化，特別是在受 COVID-19 影響最大的行業和領域。我們看到我們跨部門的交易業務放緩，尤其是在中小型企業。在企業服務中，由於諮詢項目被推遲，增長率放緩。在 LinkedIn 的人才解決方案業務的年度合同中，續約受到就業市場疲軟的影響。

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.

轉向我們的整體結果。在相對較小的到期基數和強勁的上一年可比性的情況下，商業預訂按固定匯率計算分別增長了 7% 和 12%。增長是由強勁的續訂執行推動的，與前幾個季度一致，儘管我們看到了前面提到的銷售動態變化的一些影響。商業剩餘履約義務增加 24% 至 890 億美元。與上一季度的趨勢一致，未來 12 個月將確認大約 50% 的收入。

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.

我們的商業收入年金和組合同比增長 2 個百分點，達到 92%。商業雲收入為 133 億美元，按固定匯率計算分別增長 39% 和 40%。商業雲毛利率同比增長 4 個百分點至 67%。 Azure 毛利率顯著提高，包括從短期利用率收益中獲得的一些好處，因為我們通過與 COVID-19 相關的供應鏈限制工作，而不是抵消了向 Azure 轉移的銷售組合。

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%，同比增長 2 個百分點，這得益於有利的細分市場銷售組合和我們所有三個細分市場的改善。與預期一致，外匯使收入增長減少了 1 個百分點，並且對運營費用增長沒有影響。外匯對銷貨成本增長的影響略好於預期，使增長降低了 1 個百分點。營業費用增長 10%，略低於預期，主要受 3 月份營銷和旅行支出下降的推動。本季度營業費用有所增加——對不起，本季度營業利潤率有所增加，這是由於毛利率提高以及投資於戰略和高增長領域的謹慎決策。

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.

現在來看我們的細分結果。與預期一致，來自生產力和業務流程的收入為 117 億美元，按固定匯率計算分別增長 15% 和 16%。按固定匯率計算，寫字樓商業收入增長了 13% 和 15%。 Office 365 商業版收入增長 25% 和 27%（按固定匯率計算），這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 以及對 E5 的強勁追加銷售的推動。 Office 365 商業版席位增長了 20%，達到近 2.58 億個，其中 Microsoft 365 的組合不斷增加。

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.

受 Office 2019 和 Office 365 訂閱收入增長的推動，Office Consumer 收入按固定匯率計算分別增長 15% 和 17%。 Office 365 Consumer 訂閱者增長到 3960 萬，這得益於前面提到的需求增加。在 Dynamics 365 增長 47% 和 49% 的推動下，Dynamics 收入按固定匯率計算分別增長了 17% 和 20%。 LinkedIn 收入增長 21% 和 22%（按固定匯率計算），因為季度初的勢頭被廣告放緩所抵消。

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，部門毛利率分別增長了 16% 和 18%，毛利率同比增長 1 個百分點，因為 Office 365 和 LinkedIn 利潤率的提高抵消了雲收入組合的增長。由於對 LinkedIn 和雲工程的持續投資，營業費用按固定匯率計算分別增長了 12% 和 13%。營業收入按固定匯率計算分別增長了 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.

接下來是智能雲部分。在客戶對我們的混合產品持續需求的推動下，收入為 123 億美元，按固定匯率計算分別增長 27% 和 29%，超出預期。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 30% 和 32%。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 59% 和 61%。

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.

在我們的每用戶業務中，我們的企業移動安裝基數增長了 34%，達到超過 1.34 億個座位，並繼續受益於 Microsoft 365。我們的本地服務器業務增長了 11% 和 12%，這主要是由於對我們的需求的推動。混合和高級解決方案，並從終止對 Windows Server 2008 的支持中繼續受益。企業服務收入增長 6% 和 7%（按固定匯率計算），因為高級支持服務的增長超過了諮詢延遲。以固定匯率計算，細分市場毛利率分別增長 30% 和 32%，毛利率同比增長 2 個百分點，因為 Azure 毛利率又一個季度的顯著提高抵消了 Azure IaaS 和 PaaS 收入組合的增長。運營費用增長了 19%，主要是由於對 Azure 的持續投資，營業收入增長了 42% 和 46%（按固定匯率計算）。

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.

現在到更多的個人計算。收入為 110 億美元，按固定匯率計算分別增長 3% 和 4%，高於我們對季度中期指引更新的修正預期，因為好於預期的 Windows OEM、Surface 和遊戲收入抵消了低於預期的搜索收入. OEM 和 Surface 收入受益於中國供應鏈的改善、遠程場景需求的增加以及 Windows 7 支持終止的持續動態。在 OEM 非 Pro 中，這些動態被入門級類別的持續壓力所抵消。

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.

Windows 商業產品和雲服務按固定匯率計算分別增長了 17% 和 18%，這再次受到 Microsoft 365 和對我們高級安全解決方案的需求的推動。在廣告支出大幅減少的推動下，不含 TAC 的搜索收入增長了 1%，低於我們的預期。而在遊戲領域，由於用戶參與度高於預期，收入下降了 1%，並且按固定匯率計算相對沒有變化。 Xbox 內容和服務收入同比增長 2%，與 Game Pass 用戶和 Minecraft 的強勁增長相當。

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，分部毛利率分別增長 6% 和 8%，毛利率同比增長 2 個百分點，原因是利潤率較高的銷售組合。由於將工程資源重新部署到更高的增長機會，運營費用下降了 3%。因此，按固定匯率計算，營業收入增長了 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.

現在回到公司的總業績。包括融資租賃在內的資本支出為 39 億美元，同比增長 15%，以支持對我們的雲服務不斷增長的需求，並且由於整個供應鏈與 COVID-19 相關的延誤而低於預期。為 PP&E 支付的現金為 38 億美元。在健康的雲計費和收款的推動下，運營現金流為 175 億美元，同比增長 29%。自由現金流為 137 億美元，增長 25%。其他收入和支出為負 1.32 億美元，低於預期，原因是外匯重新計量和已確認的投資淨損失。提醒一下，我們需要確認我們的股票投資組合的未實現收益或損失。我們的有效稅率略高於 16%，符合預期。最後，我們通過股票回購和分紅向股東返還了 99 億美元，同比增長 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.

現在讓我們轉向展望，從我們對 COVID-19 相關影響的預期開始。在我們的消費者業務中，我們預計 Windows OEM、Surface 和 Gaming 的需求將持續，從轉向遠程工作、在家娛樂和學習。我們的展望假設這種好處在第四季度的大部分時間裡仍然存在，儘管隨著居家指導方針的放寬，增長率可能會受到影響。我們假設 3 月份的廣告支出水平在第四季度沒有改善，這將影響搜索和 LinkedIn。

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.

在我們的商業業務中，我們在持久增長市場中的強勢地位意味著我們期望在龐大的年金基礎上持續執行，並在我們的雲產品中持續使用和消費增長。然而，我們預計 3 月份的銷售動態將繼續，包括就業市場疲軟對 LinkedIn 的重大影響，以及新的較長交貨期交易關閉的波動性增加。

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，第四季度到期基數較大的健康續訂執行的增長將受到上一年的一些大額承諾和前面提到的銷售動態的影響。由於 IaaS 和 PaaS 毛利率的持續改善將被收入組合向 Azure 的轉移所抵消，商業雲的毛利率將逐年發生相對變化。隨著供應鏈限制的緩解，我們預計我們的資本支出將連續大幅增加，以支持對我們雲服務不斷增長的使用和需求。

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.

外匯旁邊。由於美元走強，我們預計會對我們的業績產生更大的影響。根據目前的費率，FX 現在應該將公司總收入、生產力和業務流程以及智能雲收入增長降低約 2 個百分點，並將更多個人計算收入增長以及公司總銷貨成本和運營費用增長降低約 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.

現在來細分指導，考慮到我們業務的不確定性以及更高的季度銷售額和收入確認，其中包括比正常範圍更廣的範圍。在生產力和業務流程方面，我們預計收入在 116.5 億美元至 119.5 億美元之間。大約 80% 的收入來自現有合同和協議續籤的收益。其餘 20% 的收入，主要來自年金協議、交易許可和 LinkedIn，在當前環境下會受到更大的波動。

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.

在商業辦公方面，Office 365 將繼續推動收入增長，並具有強勁的追加銷售機會，尤其是我們的高級安全解決方案。然而，增長將被持續的交易疲軟、上述銷售動態的一些影響以及強勁的上一年可比性所抵消，其中 4 個增長點來自具有更高期內確認的更多合同組合。

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 Consumer 方面，我們預計收入將出現低個位數增長，環比下降，因為訂閱增長被我們 Office 2019 交易業務的放緩所抵消。在 LinkedIn，我們預計該平台將繼續保持強大的參與度。然而，收入的實質性組合是由客戶招聘需求和廣告驅動的。因此，我們預計收入增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 中，我們預計 Dynamics 365 的持續增長勢頭將保持兩位數的低收入增長，但被具有較長交付週期的新項目的放緩所抵消。對於智能雲，我們預計收入在 129 億美元至 131.5 億美元之間。大約 80% 的收入來自現有年金合同、協議續訂和現有 Azure 工作負載的消耗。剩下的 20% 主要由新的年金協議、交易許可和企業服務諮詢收入組成，波動性更大。

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 中，收入增長將再次受到我們基於消費的業務的推動，我們的客戶群將繼續強勁增長，儘管我們預計受影響最大的行業和細分市場會有所放緩。在我們的每用戶業務中，增長將受到安裝基礎規模的擴大以及前面提到的銷售動態的影響。在我們的本地服務器業務中，我們預計收入將比去年強勁的低個位數下降，因為持續的混合需求被一些交易疲軟所抵消。在企業服務方面，由於我們的諮詢業務持續延遲，我們預計收入將出現低個位數的下降。

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.

在更多個人計算方面，我們預計收入在 113 億美元至 117 億美元之間。在 OEM、Surface、搜索和遊戲領域，大約 75% 的收入是在本季度獲得的。在 Windows 中，整體 OEM 收入增長應該是低到中個位數的強勁上一年可比。在 Windows 商業產品和雲服務方面，我們預計收入將實現中個位數增長，但我們的交易業務和前面提到的銷售動態會受到不利影響。

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.

在 Surface 領域，持續強勁的需求應該會推動青少年的收入增長。在 Search ex TAC 中，我們預計收入將下降 20% 左右，與 3 月份相似。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. 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.

現在回到整體公司指導。我們預計銷貨成本為 115.5 億美元至 117.5 億美元，運營費用為 118 億美元至 119 億美元。其他收入和支出應為負 1 億美元，因為預計利息支出將超過利息收入。最後，由於收入的地域組合，我們預計第四季度的有效稅率約為 18%，略高於我們 17% 的全年稅率。

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.

在我們展望第四季度之後進入下一個財政年度時，我想結束分享一些想法。我們的重點仍然是對公司進行長期戰略管理，優化決策以提供更大的客戶價值以及長期財務增長和盈利能力。有了這個，我們將繼續為我們的客戶和合作夥伴提供更多的支持，幫助他們應對不確定的未來，加深我們的參與並增加價值。我們將繼續積極擴展我們的雲基礎設施，不僅支持當今的使用激增，而且支持未來客戶對我們獨特和差異化的雲產品不斷增長的需求。

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.

我們將繼續對 Satya 概述的戰略增長機會進行重大投資，有機地和通過戰略收購，如本季度的 Affirmed Networks。鑑於我們強大的財務狀況和產生自由現金流的能力，我們可以靈活地完成所有這些工作並支持我們對資本回報的承諾。當我們的客戶表現出色時，Microsoft 也會表現出色，而且我們具有獨特的優勢，可以繼續投資並為他們未來的成功做出貢獻。

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

有了這個，邁克，讓我們去問答吧。

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

謝謝，艾米。我們現在將轉到問答環節。 （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 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?

在困難時期非常令人印象深刻的季度，我希望你們所有人和你們的家人都安全健康。 Satya，問你一個問題。您在談論擴展產品組合的效果方面做得非常出色——微軟為市場帶來的真正廣泛的產品組合在危機時期和在組織運營方式發生大量變化的時期為客戶提供了幫助。如果你願意的話，你能和我們談談有多少這樣的幫助，以及你實際上能夠將多少貢獻給收入嗎？其中有多少是你今天可以實際貨幣化的東西，考慮到客戶關係，考慮到對長期的關注，你必須隨著時間的推移逐漸發揮作用，這是關於擴大使用和擴大與您希望在較長時間內支付的客戶？

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.

謝謝你，基思，這個問題。總體而言，我們採取的觀點，我們採取的方法確實是在客戶最迫切需要的時候為他們服務。因此，我們不會帶著這對我們的收入意味著什麼的心態進入那裡。我的意思是，我總是說，當我們的客戶做得好時，我們就會長期做得好，這是我們商業模式的核心。這是我們處理它的核心。

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.

也就是說，Keith，我認為這裡有 3 個階段，並且存在重疊。例如，我們現在主要處於的階段是第一響應空間，從業務連續性的角度來看，人們希望能夠遠程工作，希望能夠進行遠程操作。這就是導致對 Teams 的需求增加或對遠程桌面和安全性的需求增加的原因，你有什麼。所以，我想說，這就是我們所處的廣泛階段。當然，也有某些行業，例如醫療保健行業。甚至顯然還有教育以及一些公共部門組織。它們都有激增的需求，甚至在某些零售領域，也有激增的需求。這就是我們正在擴展以滿足他們的需求的東西。

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.

然後我相信，當我們在這裡鍛煉時，所以如果你考慮下一階段的複蘇，它更像是一個錶盤。經濟活動將開始復蘇，我們將不得不不斷調整錶盤。這種混合工作將伴隨我們一段時間。這就是我們的某些建築產品優勢對我們的客戶非常有用的地方。甚至只帶團隊。不是——Teams 不僅僅是舉行大量的視頻會議。團隊實際上是在會議和視頻是其中一部分的情況下完成工作。因此，例如，它的效用只會增加我們的客戶，因為有些人回來工作，有些人是遠程的，你必須在沒有任何疲勞的情況下進行協作。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.

第三階段是結構性變化。例如，在遠程醫療方面沒有回頭路，對吧？如果你看看第一階段發生了什麼，人工智能機器人為遠程醫療分診提供動力，我認為這將改變醫療保健結果的樣子。教育也是一樣。

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.

數字雙胞胎。這就是我想我可能在上一份財報中談到的事情。這就是——任何擁有數字雙胞胎的人都能夠，首先，遠程控制控制平面，能夠自動化，能夠模擬。對於任何從事製造業或試圖建模和規劃其供應鏈的人來說，這都是巨大的。因此，我認為我們有辦法參與最終將實現生產力增長的過程。但從短期來看，我們主要是建立關係，增加新客戶，增加現有關係的使用強度，從長遠來看，這一切都將對我們產生經濟影響。

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.

也許只是補充一下，你可能會想到的方式，Keith，許多許可協議的第一階段是為我們的許多需要我們剛剛討論的特定內容的客戶提供試用優惠並且，隨著時間的推移，能夠將其轉換為貨幣化引擎，或者，例如，在我們的消費者資產甚至遊戲或 Office 365（現在是 Microsoft 365 for Consumers）中看到我們所看到的一些使用量激增，我認為這裡有很多機會讓我們繼續增加價值。當你增加價值時，長期客戶價值肯定會上升。

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

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

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?

祝賀 Satya 和 Amy，在本季度以及您多年來如何能夠轉變業務以使其在這些困難時期如此定位。我們知道供應鏈問題一直在影響本季度的服務器交付，並且需求的變化是巨大的。我們聽說，在本季度，Azure、Xbox Live 和 Teams 出現了中斷。微軟如何應對這些來自在家工作的突然需求？你有足夠的容量嗎？增加容量的速度有多快？您能否讓我們了解一下您在 Azure 和整個業務方面是如何處理這個問題的？

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。也許我會開始，艾米，你可以補充一下。總的來說，首先，我認為當前的雲架構，無論是在基礎設施級別還是使用 M365 或 Azure 的 SaaS 應用程序，我認為，對於我們能夠作為經濟重心轉向這種新的工作方式，在家工作，遠程處理我們所有的操作。如果您考慮一下，就像我們在使用中看到的數量級增長一樣，在我們自己的應用程序（例如團隊或虛擬桌面）的情況下，這是巨大的。正如我所說，當我們的客戶轉向遠程操作並且在某些情況下正在處理他們自己的激增需求或您在遊戲和其他娛樂類別中看到的情況時，這種情況正在發生在我們的客戶的不同領域。

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.

所以我想說這些架構很好地保留了下來。正如您所提到的，我們確實在本季度遇到了一些供應鏈問題，這些問題基本上已經解決了。但我們的數據中心架構和足跡能夠真正支持客戶對他們所需的需求彈性和合規性的需求。因此，其中一件事是數據主權和安全性永遠不會消失，尤其是在我們生活的地緣政治環境中。如果有的話，對我們來說更重要的是支持人們擴大規模的需求，同時保持他們的合規性.因此，我們對此感到非常滿意。

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

有了這個，我將過渡到 Amy 以進一步添加。

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.

我認為，馬克，在很多方面，你看到容量顯示的方式都在第四季度資本支出指南中。因此，雖然我們在第三季度花費了 39 億美元，但這肯定是很短的，特別是在服務器端，將我們需要的東西帶入數據中心。 3 月份的情況好多了，而且還在繼續好轉。因此，我感覺很好，我們將在第四季度擁有健康的資本支出數字，但更重要的是繼續領先於激增的需求，而且我們看到整個物業的需求持續增長。

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集團的 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?

我實際上為你準備了 2 個。我想知道您是否可以分享 Azure 和 Office 365 中的新徽標增長與淨擴展，只是存在 - 如果您可以就本季度發生的事情給出任何顏色。另外，我想，Satya，你如何看待 Azure 的採用曲線以及未來幾年由於 COVID 可能發生的變化而加速的雲中工作負載？對於您對雲採用的 3 年展望是否由於正在發生的事情而增加，您有什麼想法嗎？

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。也許，艾米，我會先拿第二個，然後你可以拿第一個。我會說——毫無疑問，即使在這樣的時候遷移到公共雲也只是資本效率。如果您考慮任何企業，我們正在進行的對話甚至是針對經濟周期艱難的企業，任何人都可以做的最聰明的事情之一，我們希望在這些對話中非常有幫助，就是過渡到盡快找到有效邊界，這樣他們就可以擁有更多的敏捷性、更大的彈性和更好的單位經濟性，甚至在你處於危機中的時候。所以我認為向雲的遷移絕對是一個長期的轉變。

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.

但與此同時，雲本身的架構將是——擁有云和邊緣。因此，這不僅僅是遷移到外部，而是能夠擁有一個支持需求的架構，其中邊緣計算將變得越來越重要。這就是為什麼我們在邊緣計算上所做的事情，我們對 Affirmed Networks 所做的事情，甚至我們對 Azure Edge Zones 的啟動所做的事情，我認為，所有這些都說明了未來的世俗基礎設施架構將如何發展。

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.

對於您關於真正擴大客戶群與在該客戶群中增加座位或消費的第一個問題，我們實際上在本季度再次看到了這兩種情況，我猜您會在本地辦公商業中看到一點弱點由於交易弱點，也許是 SMB。但除此之外，希瑟，就它們之間的細分而言，它並沒有真正顯示出與我通常預期的不同的模式。

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.

我要說的一個區別只是因為在過去 4 週內完成瞭如此多的部署，尤其是圍繞 Teams 和其他一些工作負載，當然有一個區別，即其中很多是在擴大足跡，而不是更快地部署比我認為許多企業最初計劃這樣做。

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，我很好奇你是否可以分享 Teams 的下一章以及你認為它是什麼樣的，也許可以談談你在產品線的其餘部分中看到的從大採用中分離出來的貨幣化光環，這每次您向我們提供統計數據時，似乎都會翻倍。感謝您在幾週內讓我們的公司加入 Teams。

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。總體而言，我們一直使用 Teams 的方式是作為一種用戶體驗，我想說，腳手架是為了融入現代工作方式。我們一直認為，在某種意義上，我們需要在每種模式中擁有一流的功能，無論是會議還是聊天、協作還是業務流程。但最重要的是將這些結合在一起，以便人們可以完成更多工作，人員和組織團隊可以完成更多工作。如果您仔細觀察，即使在這種大流行中，這就是您所看到的。當然，毫無疑問，會議是最重要的。我們做了很多。

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，會議中發生的事情是不能迷失的重要背景。這就是將具有連續性的東西，無論是您創建的白板，還是您共享的 OneNote，還是您一起編輯的文檔，還是您正在響應的業務流程警報。從整體上考慮是最重要的。這就是我們的重點。事實上，我分享的一些統計數據甚至圍繞著一些正在集成的業務流程應用程序。即使在這次 COVID 響應中也發生了對我來說最令人興奮的事情之一，人們能夠使用 Power Platform 在數小時內構建新的應用程序，將其放入 Teams 中，然後讓他們的一線工作人員能夠跟踪，例如， PPE，因為沒有 ERP 系統可以做到這一點。我認為，這種以高速數字化並在人們如何工作和協作的背景下進行數字化的能力說明了 Teams 平台的力量。當 Teams 表現良好時，所有 Microsoft 365 都會表現良好。

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?

我很高興聽到你們都很好，我希望你們的家人也一樣。 Satya，在你準備好的評論中，你提到了微軟如何繼續擴大與來自 GitHub、Visual Studio、Visual Studio Code、dev ops、dev server 的開發人員的相關性，以及最近顯然是使用 Azure Arc 的多雲基礎架構代碼。關於這個主題只有2個問題。首先，Satya，您如何看待微軟需要直接解決的開發運營生命週期中的多少問題，而不是與第三方合作或開源？

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 真的為雲和數字化轉型創造了某種時代精神的機會，那麼您如何看待您不斷擴大的 CI/CD 管道產品集對 Azure 在近期和長期的競爭地位的影響？

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，我們在收購 GitHub 時總是說，我們希望以開發者工具和開發者服務業務為目的，而不是達到某種目的的手段。這就是我們正在執行的。我們關心這個。畢竟，微軟首先是作為一家開發工具公司創建的，這對我們來說意義重大。所以現在有了 GitHub，我們只是在真正執行那個策略，那就是開始。這意味著您必須忠實於開發人員的選擇。所以這不是說我們有任何同質的東西，而是要真正尊重開發人員的不同選擇。

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.

我們要確保的是，我們將最好的代碼編輯工具帶到 GitHub 作為代碼存儲庫，帶來強大的安全功能，帶來最好的 CI/CD 和開發操作，甚至帶來實時操作，比如 Azure PlayFab，所有這些工具。但這並不是說其他任何人都不能參與。事實上，我們在 Azure 和 GitHub 上都有市場。它將是——它將跨雲工作，因此我們將始終確保它是一個支持所有開發人員選擇的開放社區。同時，我們認為這是 - 我們基本上正在為知識工作者和一線工作者構建我們使用 Microsoft 365 所做的工作。我們使用 Dynamics 365 for BDM 所做的事情，我們希望與開發人員一起做，因為將會有更多的軟件開發人員，他們的工作流程將影響軟件開發之外的更多人。所以對我來說，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 Raimo Lenschow。

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?

希望你們保持安全。我想專注於動力學。這顯然不是微軟最大的部分，但它是一個非常重要的增長部分。在這種存在很多不確定性的環境中，使用 Dynamics，您正在處理一些非常基本的業務應用程序。在這一點上，您認為客戶對此有何興趣？是那種區域嗎？因為與本地相比，它現在是在線的，所以採用率更高，採用速度更快。或者你能談談那裡的趨勢嗎？

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，作為一家企業，能夠以非常敏捷的方式滿足您的業務流程需求，這實際上非常重要。因此，例如，如果您是零售商，並且您現在需要進行非接觸式購物，例如，Dynamics 將支持您使用帶有 AI 模塊的商品相機，以及所有這些幫助建立支持實體店內購物或路邊取貨甚至遠程協助的數據模型。這些是我什至在腳本中使用的一些示例。

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.

所以這就是高優先級。因此，只要像我們這樣的帶有 Dynamics 365 的業務應用程序能夠解決當前的緊迫需求，這些項目就會開始，因為從某種意義上說，這是經濟活動恢復的方式。但與此同時，我認為可能在實施方面領先的業務應用程序可能需要更長的時間，人們可能會花更多時間來決定它。但是，儘管我們認為我們已經做好了捕捉新場景的準備。還有 Power Apps，因為我們將 Power Platform 和 Dynamics 視為我們對業務應用程序所做的事情，並且我們認為這兩者以及 Azure 能夠很好地滿足人們日益增長的數字化需求。沒有幾個月來部署或幾個月來實施。這就是我們閃耀的地方。

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.

而且我認為您會說我們已經在我們的管道中以及在客戶需求場景中看到了這一點。因此，我認為我們所看到的實際上更多的是向這些快速實現價值的部署的轉變，以及那里新的、長交付週期的項目的真正變化，我認為這可能並不奇怪。

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.

還有一件事——我應該提到的一種情況是，對於任何想要說“我如何繼續創造收入？”的人來說。例如，遠程銷售將是一個非常關鍵的場景。沒有比 Dynamics Sales 和 LinkedIn Sales Navigator 更好的解決方案能夠推動 B2B 銷售。因此，這些類型的解決方案在這種情況下將非常相關。

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 Mark Murphy。

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?

我感興趣的是你是否將當前環境視為對 Azure 增長的淨順風或淨逆風，正如我們試圖權衡大流行的想法是一種強制功能，以更快地採用雲計算，而另一方面手，對 IT 預算的潛在經濟壓力。您如何看待預訂和消費之間的平衡？

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.

讓我開始吧，艾米，你可以添加它。正如你所說，這裡有許多不同的來龍去脈。但如果你退後一步問自己，比如說，從現在起 2 年後，“在公共雲或混合雲中會做更多的事情還是更少？”答案是更多，只是因為它更有效率。在這種情況下，這是您獲得業務連續性所需的唯一方法，並且您在數字化進程中的需求將通過給定業務的單價水平上更好的定價和更好的經濟性來滿足。所以這就是我們用來預測我們承諾的東西，包括資本支出、運營支出、創新和客戶參與。

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.

就您的觀點而言，最終，就 GDP 增長而言，微軟並不能倖免於全球正在發生的事情。但與此同時，如果要進行經濟活動，那麼我會聲稱數字作為經濟活動的一個組成部分將會增加。具體來說，我們從基礎設施到 SaaS 應用程序的完整堆棧在這種情況下將非常具有競爭力。

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.

我想對我來說，我們 - 很清楚。我認為我們談論我們的資本投資或我們的世界觀，這在任何很長一段時間內都是順風。 Satya 肯定談到了 2 年或 3 年。而且我認為你在預訂等方面看到的方式可能是，也許你沒有做出那麼大的承諾，你更願意按你想的那樣按需付費當您不想與您的部門進行大量預算對話但您寧願轉向更容易使用並立即付款時，請考慮進行這種過渡。我認為在某些方面，這將與我們已經看到的相同的事情是長期思考的轉變。因此，它會產生一些影響，因為大交易總是對預訂產生或沒有產生影響。所以我會記住這一點。但除此之外，我認為顯然在更長的時間內，這肯定是順風。

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

我們的最後一個問題來自 RBC Capital Markets 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?

很高興聽到你保持安全。 Satya，鑑於您在 Teams 中看到的令人難以置信的飆升以及圍繞遠程工作的更廣泛的 Office 採用，我想可能是首先，鑑於這場危機如何極大地加速了其中一些採用曲線，您如何看待長期增長和貨幣化Teams 和 Office 的軌跡可能與 COVID 之前的水平相比？然後，如果您考慮一下自己的競爭定位，既有機會從生產力的角度解決遠程工作挑戰，又從 Azure 的角度解決基礎設施挑戰，這些組合如何改變目前市場上的一些競爭動態？

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.

謝謝你的問題。首先，正如我之前所說，Teams 和 Teams 的使用增加了 Microsoft 365 的所有內容的強度。關於它是否是 - 並且使用會導致貨幣化。例如，我們至少在問答部分沒有過多討論的一件事是關於安全性。如果您看一看，當人們進行遠程工作時，關鍵考慮因素之一是確保從身份開始，到設備端點、應用程序、應用程序中的信息和應用程序背後的基礎設施，您需要零信任架構。因此，這又是內置於 Teams 本身及其周圍的。

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，我們有 - 在合規方面也有同樣的事情，對吧？因此，擁有 Teams 和遠程工作的人員是一回事。但是，在 Teams 中共享的信息，即您共享的 OneNote，是否帶有為信息保護設置的策略？看，這是我們在架構上的最大優勢，因為所有這些都是使用一組特定的架構原則構建的，因此它們可以在所有這些應用程序中強制執行。我們顯然希望在 M365 的不同訂閱級別上適當地通過這些獲利。所以我們感覺很好。

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.

對於您的第二部分，我們一直這麼說，例如，我們甚至不會將資金用於構建 Azure 或 Dynamics 365 或 Microsoft 365 的雲基礎架構，甚至就此而言，xCloud all作為分開。我們認為這一切都構建在 Azure 中的一個通用平台上。這就是我們對該架構的基本資本效率的來源。是的，從客戶端的角度來看，我們絕對希望根據自己的優點贏得每一層，並且我們將在每一層中保持開放。

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.

但是有很大的好處。可口可樂和本季度的交易就是一個很好的例子，說明有人想要使用我們跨所有這 3 個雲的安全性以及跨所有這 3 個雲的產品。所以這就是我們將越來越多地做的事情，但這也意味著我們希望在每一層都具有競爭力並在每一層開放。

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.

也許要補充一點，我認為 Alex 的問題在某些方面可以追溯到我們認為 Microsoft 365 的價值所在的最開始。但更廣泛地說，雖然我們現在看到 Teams 激增，但6 個月前和之前的 6 個月，安全性和合規性大幅提升。我們已經看到我們產品線中多個產品的使用量有所增加，其中包括 Windows 和 PC。因此，這個非常全面和廣泛的商業機會，而且在許多方面也延伸到我們的消費者機會，是相互關聯的。在這樣的時刻和時期內，所有的東西對於公司能夠從薩蒂亞所說的階段過渡到從幾乎緊急響應的初始階段到混合階段的長期價值來說都很重要最終，我認為我們都相信這是一種非常不同的方式，也是一種共同工作和協作以及推動數字經濟的長期方式。所以我認為在某些方面，這家公司的廣度以及我們在過去幾年中投資的地方，不僅僅是 Teams，也許還有一些產品很好地為我們服務並為我們的客戶提供了良好的服務。

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，亞歷克斯。今天財報電話會議的問答部分到此結束。感謝您今天加入我們，我們期待很快與大家交談。

Thank you all. Thank you, and stay safe.

謝謝你們。謝謝你，並保持安全。

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.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。